BizFeed: Philly Hosting $1 Million Entrepreneur Competition

Plus: Anthem to buy Cigna; Millennials work during vacation.



1. Forbes Under 30 Summit Giving Away $1 Million

The News: The conference that brings you TED-style presentations from the likes of Monica LewinskyMalala Yousafzai and Mike Tyson is now giving away $1 million to social entrepreneurs.

The Forbes Under 30 Summit is coming to Philadelphia in October and just announced its Change the World competition with a $1 million prize pool. Five semi-finalists will each win $100,000, and the overall winner will receive a $500,000 award. Apply here by August 26.

Why It Matters: It’s a huge amount of money for an entrepreneur and can seriously catapult a winning business to the next level. Last year, the prize pool was just $400,000.

Unlike other contests that ask for a business plan, the Forbes competition “will focus on disruptive and scalable ideas with the potential to change the world,” Forbes said in a statement. Winners will have businesses that are already operating. Applicants will be screened by a team from the Wharton Social Impact Initiative at the University of Pennsylvania. Six semi-finalists will be announced in September.

2. Anthem to Buy Cigna

The News: More health insurance consolidation is on its way. Anthem Inc. is nearing a deal to buy Cigna Corp. for $48 billion or $188 per share, according to the Wall Street Journal. For years, Cigna was based in Philadelphia but moved to Bloomfield, Conn. in 2011. It still remains one the region’s largest health insurers.

Why It Matters: With this deal and Aetna‘s recent $34 billion bid for Humana, the top five health insurers are shrinking down to just three — all with annual revenues over $100 million. The WSJ called it the “rapid-fire reconfiguration at the top of the U.S. managed-care industry.” Of the top five insurers, only UnitedHealth Group has not agreed to a merger (although it had been rumored to have wanted to buy Aetna.)

Do larger players mean less competition and higher premiums? Or are larger health insurers better equipped to provide coverage because they have increased resources and knowledge? We’ll have to wait and see. (Let’s also remember that government regulators need to sign off on both deals before they can go through.)

3. 40 Percent of Workers Don’t Use Vacation Days

The News: Business Insider cites an Alamo Rent a Car poll claiming that 40 percent of American workers don’t use all of their paid time off. Meanwhile 19 percent left five or more vacation days on the table.

Why not use it? Half said they were too busy. But 34 percent Millennials said they frequently work during vacation.

Why It Matters: How typically American is this? Not taking your vacation may (at first) seem like a way to show that you’re a good worker and that you care about your job above all else. But in reality, it’s a sure-fire way to get burned out. Wake up Millennials. Time off is good for you.