Nesta and the Cabinet Office are seeking ideas to tackle isolation in old age and reduce waste through volunteering and giving, with winning projects being awarded £50,000.

The competition called “The Giving Challenges” is being launched today at Nesta’s offices. It is inviting people to submit ideas in two areas - reducing the isolation and increasing the mobility of vulnerable older people; and reducing waste through prevention, reuse and recycling. Each idea must create opportunities for people to give time, skills and resources.

The Giving Challenges have been set to encourage community innovation in the giving of time, skills and resources for social good. They are funded by the Cabinet Office and will see one idea from each of the challenges awarded £50,000.

Minister for civil society Nick Hurd said: “We want to make it easier and more compelling for people to get involved in their communities. That’s why we set up challenge prizes to give organisations an exciting opportunity to come with ideas to solve social issues such as tackling isolation in older people or helping reduce waste in our communities. We want to hear about ideas that make a difference but also mobilise people to get involved.

“These new projects will complement the Innovation in Giving Fund and the Social Action Fund, already set up to encourage giving.”

For each challenge, 25 entries will be shortlisted and given the support and opportunity to develop a detailed plan for their idea. Five concepts for each, with the potential for sustainability and scale, will then receive up to £10,000 and professional advice to set up and test their projects before a winner for each challenge is selected in September 2013 and awarded £50,000.

The challenge is open to not-for-profit, private and public sector organisations, as well as non-constituted groups and partnerships who are coming together for the first time to develop their ideas. Entry is via online application and the deadline is noon 14 September 2012.