Billionaire offers millions for solutions to the world's problems

STOCKHOLM, Sweden (KTRK) -- A Swedish billionaire is offering up millions of dollars to people who come up with ideas to solve the world's biggest problems.

Laszlo Szombatfalvy created the Global Challenges Foundation in 2012. He is asking for submissions to pressing problems like conflict, climate change and poverty.

The competition is open to anybody, but submissions must be less than 9,250 words.

A panel of judges will evaluate the entries, and $5 million in prize money will be distributed to those who make the winning submissions. The best entry will receive $1 million.

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