New York University has announced a $10 million grant from the D.C.-based Catherine B. Reynolds Foundation to establish a program in social entrepreneurship.

The grant will be used to create fellowships for twenty-three graduate students and twenty juniors and seniors. Undergraduates will receive $20,000 a year during their junior and senior years, support for a public-interest internship during the summer between their junior and senior years, and access to a special NYU course on social entrepreneurship. Graduate students awarded fellowships will receive full scholarships, as well as the opportunity to develop customized courses of study and participate in new cross-disciplinary courses.

"This is a remarkable gift, one that fits superbly with this university, which has the motto 'a private university in the public service,'" said NYU president John Sexton. "It holds the breathtaking prospect of creating nothing less than the next generation of social problem solvers and leaders."