Challenge prizes work best when they are carefully constructed to attract and motivate the right talent to address a problem.
Designing a successful prize involves balancing a goal that is challenging enough with incentives and support that motivate teams to ensure the best ideas grow, evolve and make it to the end.
Get these things right and challenge prizes solve both important problems as well as transform, or create entirely new, markets.
We have developed A Guide to Challenge Prizes to help you understand how to develop and run a challenge prize. We hope that it will help you ask the critical questions required to maximise the impact of your challenge prize and incentivize the right innovators to take part.
