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On August 31st, the streets of Shoreditch, London, will be overrun by adults on kids’ tricycles as part of a new annual race to benefit local charities and social entrepreneurs. Thirty teams of up to three adults each will be invited to compete in the Shoreditch Grand Prix, based on the level of sponsorship they can raise by Aug. 14 on behalf of a charity or social project. Using supplied vehicles, they’ll then race to be first to complete the 5-lap course through the city streets some two weeks later. In the words of the event’s sponsors, “it’s a pedal powered race of epic proportions, mixing the glamour of Monaco, the endurance of Le Mans and the idiocy of adults attempting a street race on children’s toy tricycles.” 😉 The race is the brainchild of UnLtd, a charity that helps nearly 1,000 budding social entrepreneurs each year with a mix of cash, development support and networking, as well as creative agency Thin Martian and UnLtdWorld.com, a social network for social entrepreneurs. The aim is to run the event on a yearly basis in London, and then replicate it across the UK and eventually license the format globally, its organizers say. Corporate entry packages for the race start at GBP 1,000. An additional five trikes designed by artists will also be auctioned on eBay, which is one of the event’s sponsors. Whereas most fundraising events are tailored to established charities, the Shoreditch Grand Prix takes a different twist—and a refreshingly lighthearted approach—by focusing its efforts on diverse social entrepreneurs, social businesses and individuals running community projects. It’s a localized way to support the efforts of those working for local social change—one that can be licensed and copied in communities around the world. (Related: New brand for a new sport.)