The David Prize is an annual initiative that awards five New Yorkers $200,000 each to support their visionary ideas aimed at improving New York City. It is open to individuals who live or work in the five boroughs, with no specific limitations on background, age, or profession. The Prize emphasizes bold ideas that tackle urgent issues, aiming to foster positive change in communities and contribute to the city’s future. Winners receive the funding with no strings attached, distributed over two years, to implement their innovative projects​​.

The Prize seeks to support individuals with a demonstrated track record of impactful work and a compelling vision for New York City. It focuses on transformative ideas across various fields, such as arts, economic development, civic engagement, and environmental sustainability. The ideal candidates exhibit resilience, creativity, and a capacity to address challenges while inspiring others​​.

Eligibility criteria include being a New Yorker with a project or idea that directly impacts the city. Applicants must show the potential for meaningful contributions to NYC and how the Prize could advance their goals. Notably, the Prize is tailored to individuals rather than teams or well-established entities. Applicants with significant prior funding, high-profile recognitions, or projects already scaled beyond New York are less likely to be considered​.

Applications are submitted through a multi-step process. It begins with an optional nomination followed by a Step 1 submission, which collects basic information. Selected applicants move to Step 2 for a more detailed review, culminating in a diligence phase involving interviews and references. Finalists undergo an additional round of meetings before the winners are chosen by the Prize Committee​​.

The next cycle of submissions opens in Fall 2025, but nominations are accepted year-round. Individuals or their nominators can submit applications through the Prize’s online platform. Selected winners receive recognition as well as financial and logistical support to actualize their projects, contributing to the Prize's mission of celebrating New York’s creativity and diversity​​.