05/03/2012 06:16 pm ET

Geoffrey Fletcher, Oscar-Winning Screenwriter, Starts Imagination Series Filmmakers Competition

Geoffrey Fletcher's exemplary writing for the 2009 drama "Precious" scored him an Oscar for Best Adapted Screenplay, making him the first African-American screenwriter to win in that category.

And now in an effort to help spark the imaginations of aspiring filmmakers, Fletcher recently launced with the Tribeca Film Festival and Bombay Sapphire the Imagination Series filmmakers competition.

Beginning May 8 filmmakers around the world will have the chance to submit their very own short film based on a short screenplay written by Fletcher.

“We’re looking for inspiration and passion above all," Fletcher told The Huffington Post.

"Spending a lot of money [on a production] never guaranteed any inspiration from the heart on any project,” he added. "We really want to make it known that the greatest investment in this piece should be oneself."

"At the end of the day that's what resonates and inspires any audience," Fletcher said.

Five winning entries will be chosen by Fletcher and the Tribeca Film Festival, with the five filmmakers going on to direct and produce their own films; these will debut at an international movie premiere in 2013.

A Harvard graduate, Fletcher aims to inspire participants to become more creative in their everyday lives as well to encourage risk taking on projects.

"I would like to see studios take chances," Fletcher said. "We had so many great films from the 1970s because of that spirit, but I also realize that the stakes are very high today."

"It takes a lot of money to put a film out. And there are fears and pressures, certainly. But it would be great to operate as much or more from a place of desire," Fletcher said.

"There is so much talent out there and not quite as much opportunity. So hopefully we’ll find some fantastic new voices and at the same time we’re excited about people involving more creativity in their everyday lives. And perhaps they’ll make more films or approach their work differently or inspire someone else to create and imagine.”

Find out more information about the film competition, at this website.