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The Massachusetts-based nonprofit MassChallenge has launched the world's largest global startup competition, with $1 million in no-strings-attached prize money for the winning entrants.

The annual contest will award at least 12 cash prizes of $50,000 or more to help entrepreneurs get their small business ideas off the ground.

John Harthorne, CEO and co-founder of MassChallenge, said that the contest will be great news for entrepreneurs looking for a chance to turn their idea into a reality. "The results of our competition will be immediate and far-reaching," he said.

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Author: Resources for Entrepreneurs Staff