The deputy prime minister launched a competition this week to find the school that is using the pupil premium to educate its poorest pupils most effectively.
In collaboration with TES, Nick Clegg has created the Pupil Premium Awards, which will recognise the schools that have made best use of the additional money, with cash prizes of up to #163;10,000 on offer.
The pupil premium is one of the Liberal Democrats' flagship policies, giving schools an additional #163;600 for each pupil who has received free school meals in the past six years, rising to #163;900 per pupil in 2013-14.
Mr Clegg said he hoped the competition would "reward and celebrate" the improvement in young people's life chances.
"The pupil premium is designed to close gaps in educational attainment, and that is what the awards will recognise and celebrate," Mr Clegg told TES. "The awards will showcase schools that have done the most to boost the performance of their poorest pupils and to narrow the gap with their better-off peers.
"It will be particularly interesting to hear from schools about how these great things have been achieved: we all want to see creative, innovative and constructive examples of what works."
The best schools in their regions will be announced on 17 May and will then be asked to attend the prize-giving ceremony in London in June, when the overall winners will be announced.
By 2015 the government will be providing #163;2.5 billion of pupil premium funding each year to nearly two million pupils.
TES editor Gerard Kelly said he hoped the competition would provide innovative schools with the credit they deserved.
"We are delighted to be co-sponsoring this competition, recognising those schools that have made the best use of pupil premium money to improve the life chances of some of the least well-off children in the country," Mr Kelly said.
For more information and to enter the competition, go to www.tes.co.ukppawards. The closing date is 17 April.