Prince Albert Powers Next Generation of Stars in Mother Princess Grace's Name: She Knew the 'Struggle' (Exclusive)

Prince Albert of Monaco is carrying the torch forward for his late mother, Princess Grace, by championing emerging artists through the Princess Grace Awards, which are part of her namesake foundation.

In an exclusive interview with PEOPLE about the 2024 Princess Grace Awards Gala at The Pierre Hotel in N.Y.C. on Oct. 23, the royal shares that his mother, who left her mark on Hollywood as Academy Award-winning actress Grace Kelly, would be overjoyed by the lasting impact the awards have made over the past 40 years. Since their creation in 1984, Princess Grace Foundation-USA has awarded more than $19 million to over 900 recipients in theater, dance and film.

"I think she would be incredibly proud and thrilled that her legacy has continued this way, and that the foundation and its awards has had a tremendous life-changing impact on these artists," Prince Albert, 66, says of the 40th anniversary event, which was attended by PEOPLE. "They've all expressed that. The appreciation by these young artists is really touching — it creates a community. We stay in touch with our alumni to see how they're doing, and it's an incredible satisfaction to see that they are still connected to the foundation and are thankful for what the foundation has brought to them."

Established in 1982 by Prince Rainier, the Princess Grace Foundation-USA aims to support aspiring talent in the arts. Unbeknownst to many, Princess Grace, who died in 1982 at the age of 52 in a car accident after suffering a stroke, secretly supported and mentored emerging artists who were brought to her attention by friends in Hollywood, Broadway and Paris. She provided not only financial aid but also personal guidance. To honor her legacy, Prince Rainier started the foundation to continue her compassionate efforts. 

Two years later, the foundation launched the Princess Grace Awards to support and elevate aspiring talent in the arts. Notable previous winners include luminaries such as Leslie Odom Jr, Oscar Issac, John M. Chu, Stephen Hillenburg and ​​Chinonye Chukwu.

"It's a great satisfaction, and it's also inspiring to see that my father's commitment to carry on my mother's legacy and her passion to support the arts community has impacted so many lives," Prince Albert tells PEOPLE.

"My mother really wanted to recognize young talent in these fields and help them because it's never easy at the beginning of a career in the arts. It's a long road to success, and it's a struggle. She knew that, and she wanted to help these young emerging talents."

"A lot of our Princess Grace Award winners over the years have gone on to incredible success in their different fields. There are some Pulitzer Prizes, some Emmy Award winners and some Oscar winners. So it's a great satisfaction for all of us at the foundation to see that happen," says the royal.

The Princess Grace Awards also celebrates artists who are dedicated to giving back to their communities. This year, the prestigious Prince Rainier III Award was given to two-time Academy Award winner Michael Douglas in recognition of his charitable contributions and commitment to the arts. The award was presented by Prince Albert, following a heartfelt tribute from former Prince Rainier III Award recipient Bernadette Petters.

Speaking to PEOPLE at the awards gala, Douglas says, "It's a great opportunity to raise money for new artists." Of his own award, he adds, "I’m honored because I knew Grace Kelly when I was a young man. I remember her quite well, and she was a stunning person. She had an inner flame — she shined from the inside out."

In his speech, he called Prince Albert "an incredibly wonderful friend," adding that receiving the award was "humbling."

"It connects me to a tradition of inspiring artists and a mission that uplifts the next generation of talent. And it began with Princess Grace's own belief in the power of art in transforming lives, a belief that the foundation continues to embody today," Douglas said.

Prince Albert says artists who give back to their communities inspire others who are just beginning their journeys.

"That's why also it was important to recognize someone like Michael Douglas, who is not only a tremendous actor and a great friend of my family, but also a philanthropist. He's engaged in many different causes, some very worthwhile causes," he says. 

"That's an inspiration for young artists. I hope that my children will get to understand that and be inspired by all of that," he says.

Albert is the father of 9-year-old twins, Prince Jacques and Princess Gabriella, with his wife, Princess Charlene, who the royal says remained home in Monaco with their kids during his quick trip to N.Y.C. He also has a son, Alexandre Grimaldi, and a daughter, Jazmin Grace Grimaldi (from previous relationships). Jazmin attended the event and joined Albert on the red carpet, posing together for photos.

Princess Grace began her acting career in 1950 at age 20 in New York City, making New York a fitting place to commemorate the 40th anniversary of the awards.

According to her son, what the Philadelphia-born princess loved most about New York was its energy. 

"She loved the atmosphere. Of course, it probably has changed a lot since when she was a young actress, trying to land different roles in theater, film and television," Prince Albert tells PEOPLE. "She loved, for instance, walking in the park, which [I] did yesterday with my relatives."

"She would point out different points of interest when we were there with her. The theaters up Broadway and different iconic landmarks. She just loved to reconnect, once in a while, with New York and the incredible artistic and cultural scene," Prince Albert says. "It's always been a feature of that great city."

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Thinking about the future of the Princess Grace Foundation, the prince tells PEOPLE that what excites him most is "the recognition of talent. The breadth of creative artists — from animators, theater directors, designers, playwrights, choreographers, dancers, and filmmakers. We cover the whole spectrum of performance-based creations."

"It's working very well and has worked over the past 40 years with an amazing track record," he says. "We will continue in this way and in this vein to keep identifying the promising talents of tomorrow and to get them on their way. I think there's a very good future, and we have a very good team at the foundation that's very dedicated. There is no reason why it should not continue to go from strength to strength and from success to success."