The Global Shapers Community, set up by the World Economic Forum in 2011 with the aim of engaging young people as active agents of change, is also supported by DST Global Advisors and Reliance Industries.
The funding is offered in a competition aimed at more than 1,700 entrepreneurs, social activists and "positive disruptors" who make up the 'Global Shapers Community', WEF said in a release.
"It will provide seed financing for Shapers' projects that address some of the most pressing problems in their communities," it said.
Muhtar Kent, Chairman and CEO of Coca-Cola Company said a challenge to spark and expand innovative ideas from the young leaders is what the world needs.
"With more than half of the world's population under age 27, it is clear that solving current and future challenges is dependent upon involving the ideas and energy of the millennial generation," he said.
To win, the release said, Shapers must demonstrate the benefits of their initiatives over the next 12 months.
The winning project will be granted USD 50,000 to expand its reach, while five additional projects will each be granted USD 10,000 to sustain and expand their efforts.
Global Shapers are 20 to 30 years of age, with exceptional potential for future leadership roles in all sectors of society.
