Challenge prizes offer a reward to whoever can first or most effectively meet a defined challenge. They are a tried and tested way to support and accelerate change in the world. They are also making a comeback, as governments and funders look for better ways to solve problems, create value and exploit the opportunities presented by collaborative technologies.
At Nesta we host the Challenge Prize Centre, an array of prizes using this methodology.
You can also read on for our selection of examples, videos, publications and blogs that explain more about Challenge prizes.
Examples of Challenge Prizes
Selected Innovation Prizes and Rewards Programs KEI Research Note 2008:1 (over 100 examples covering everything from margarine to the moon)
DARPA Grand Challenge (driverless cars)
US Government Webinars on Challenges and Prizes (13 videos)
The Longitude tele-movie (21 x 10min episodes)
Nesta, Social Challenge Prize Guide
Nesta, Mass Localism
Heidi Williams, Innovation Inducement Prizes: Connecting Research to Policy, Journal of Policy Analysis and Management 2012
Joseph E Stiglitz, Scrooge and intellectual property rights BMJ, December 2006
Deborah D. Stine Federally Funded Innovation Inducement Prizes CRS Report for Congress - June 2009
Liam Brunt, Josh Lerner and Tom Nicholas Inducement Prizes and Innovation Centre for Economic Policy Research - Discussion Paper Series No. 6917
Abdullah Gök The impact of innovation inducement prizes, Nesta Working Paper 13/18
Prize and challenge architecture Department of Health & Human Services, basics of designing prize and challenge competitions
Prizes to Pull Innovation into International Development DAI, ideas on prize design
“And the Winner Is…” Summary presentation of McKinsey Report
Challenge Prize Platforms