The Innovation Award, sponsored by Specsavers, will be one of seven handed out at October's Community Awards.
'With many charities under increasing pressure to secure funding, and to do more with less, an innovative approach to everything from fundraising to service delivery is vital,' said Jim Roberts, chief executive of the Guernsey Community Foundation.
'In the context of this award, "innovation" can mean charities working in partnership with each other, or with the private or public sectors.
'It can mean new ways of raising money, or the launch of a unique project, or an inventive approach to delivering a service. In keeping with the spirit of the award itself, we've tried not to be too prescriptive.
'Our message to charities is: if you're doing some new and different, tell us about it.
He hoped the new award would encourage charities to share ideas.
'It's likely that a new approach that's worked well for one charity will work well for others.'
Specsavers' co-founder Dame Mary Perkins said innovation was critical to any business.
'But it's just as important in the charitable sector. I'm excited to see what nominations come through.'
Nominations for the awards open later this month. Details about the event and all of last year's winners can be found at www.communityawards.gg.
