Sean ‘Diddy’ Combs was born in Harlem, N.Y., worked a couple of newspaper routes as a kid, and climbed the corporate ladder rung by rung in the music business. Now, the Grammy Award-winning music mogul is giving back to ambitious and innovative inner city youth.

Earlier this fall, Combs -- also known as Puff Daddy and P. Diddy -- was the guest of honor at the awards ceremony in New York City for the 2013 National Youth Entrepreneurship Challenge, a business contest for kids in low-income communities. He donated $250,000 to the organization behind the competition, the Network for Teaching Entrepreneurship. Jesus Fernandez and Toheeb Okenla from South Holland, Ill., were honored at the competition for their invention of innovative socks designed to protect soccer players' shins.

Here's a look at what Combs had to say about giving back.

Related: From Paper Boy to Music Mogul: Entrepreneurship Lessons from Sean 'Diddy' Combs