An urban advocacy group launched a new national competition to increase degree attainment in cities, promising $1 million to the winner.

The Talent Dividend Competition was developed by the President of CEOs for Cities, Carol Colletta, in conjunction with other urban leaders around the country as a way to improve their own economies by encouraging college degree attainment, said CEOs for Cities spokesperson Alaina Beverly.

CEOs for Cities will award the city that increases the number of post-secondary degrees it grants per capita within a four-year period the most, according to a statement from the organization.

Beverly said increasing degree attainment is important in increasing the ability of America’s workforce to compete in a global economy.

Beverly said the competition will also give different cities and CEOs for Cities a better idea about which programs and initiatives work in increasing degree attainment and which don’t.

“We wanted to make sure that there was a carrot out there to spur innovation,” Beverly said.

Bridget Marquis, CEOs for Cities program director, said it makes sense to target cities when trying to boost the economy because much of the population in the United States lives in cities.

“We see cities as the place for the country to start rebooting the economy, and increasing degree attainment is a critical component of doing that,” Marquis said.

Cities will work in conjunction with their colleges, universities and community organizations and foundations to develop plans to increase degree attainment, Beverly said.

CEOs for Cities requires a six to eight-person panel be created to oversee the development and implementation of the plan in each city.

“In order to reach all potential students, you need to have a plan to recruit them and train them for this economy,” Beverly said.

Registration for the competition opened Sunday and will close May 4.

Beverly said CEOs for Cities has heard from many cities that are interested in entering the competition.

Milwaukee and Memphis are the only cities currently registered to compete in the competition, Beverly said.

Madison is eligible to compete but has not signed on to the competition. The mayor’s spokesperson said the city’s economic development division is looking into the competition.