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Challenge Prizes Landscape Review

Challenge Prizes Landscape Review

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Published by Nesta
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.
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.

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Categories:Types, Research
Published by: Nesta on Jun 08, 2012
Copyright:Attribution Non-commercial

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02/07/2014

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1 / Challenge Prizes landsCaPe review
 
Challenge PrizeslandsCaPe review
 
2 / Challenge Prizes landsCaPe review
what is aChallenge Prize?
Q:
What do the ollowing have in common:margarine, precision clocks, commercialspaceight and plastics?
a:
They were all developed with the help ochallenge prizes.
Challenge prizes, also called ‘inducement’ prizes, oer a reward towhoever can frst, or most eectively, meet a defned challenge. Theyact as an incentive or meeting a specifc challenge, rather than an awardor past achievements (prizes that do this are reerred to as ’recognition’prizes). Famous examples o challenge prizes include the Ansari X-Prizeor manned private spaceight, the 18
th
century Longitude Prize to helpBritish navigators, or the 20
th
century Schneider Trophy or aviation,which inspired the Spitfre.
Prize money
(Adjusted to 2012 value)£0 to £99,999£100,000 to £999,999£1 million to £9,999,999£10 million+
1567
Spanish Longitude Prize
1714
British Longitude Prize
1734-1761
Premium or anInvention to stop theprogress o fres
 
3 / Challenge Prizes landsCaPe review
Past experience and extensive research shows that challenge prizes can:
Attract new innovators to meet a challenge and harness reshthinking.
 
Focus attention and eort on challenges that have been neglected,or that have proved difcult to solve through mainstream researcheorts.
 
Capture public imagination and generate widespread interest in anew feld o endeavour.
 
Foster innovation in a wide range o dierent sectors. Prizes haveocused on traditional technological challenges like spaceight,multiaceted issues like global security, and social issues such ascommunity energy use.
 
Encourage dramatic advances by setting ambitious goals.
 
Generate commercial activity.
 
Limit fnancial risk by awarding a prize only when the challenge issuccessully met.Challenge prizes can be particularly eective when a goal can be defnedin concrete terms, and the means or achieving that goal are unknown ortoo speculative or a traditional research programme, grant programmeor procurement.
1795-1810
Napoleon’s Preservation Prize
1823-1827
Turbine Prize
1829
Army Corps oEngineers NavigableRiver Prize

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