Challenge Prizes landscape review

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Challenge prizes, also called 'inducement' prizes, offer a reward to whoever can first, or most effectively, meet a defined challenge. They act as an incentive for meeting a specific challenge, rather than an award for past achievements (prizes that do this are referred to as 'recognition' prizes).

Famous examples of challenge prizes include the Ansari X-Prize for manned private spaceflight, the 18th century Longitude Prize to help British navigators, or the 20th century Schneider Trophy for aviation, which inspired the Spitfire.

This review looks at the landscape for challenge, or 'inducement', prizes.