The Rethinking Parks programme is open to any individual or organisation with an innovative idea and grants of up to £100,000 per project plus a package of non-financial assistance will be awarded.
Funded by Nesta, the Heritage Lottery Fund and the Big Lottery Fund, the programme has been set up to deal with a projected 60 per cent drop in public sector funding for non-statuatory services over the next decade.
Rethinking Parks director Vicki Sellick said: "Parks have an inherent value in providing space for rest, relaxation and to connect with nature. But with public subsidies diminishing, public parks could easily become overlooked.
"We need new ways of generating income for parks, new ways of getting communities involved and new ways of getting under-used green spaces used again. We need to rethink parks."
A Nesta report launched at the same time as the funding initiative called Rethinking Parks:Exploring New Business Models for Parks in the 21stCentury outlines areas where Nesta believes changes could be made to save money and maintain standards in parks including supporting changes in parks management and maintenance systems, encouraging new organisational partnerships, and exploring new uses and activities within parks.
Those interested in the grant are being encouraged to take part in workshops that will be held around the country and online in January, to help develop ideas and the successful applicants will be announced next summer.