2 / Challenge Prizes landsCaPe review
what is aChallenge Prize?
What do the ollowing have in common:margarine, precision clocks, commercialspaceight and plastics?
They were all developed with the help ochallenge prizes.
Challenge prizes, also called ‘inducement’ prizes, oer a reward towhoever can frst, or most eectively, meet a defned challenge. Theyact as an incentive or meeting a specifc challenge, rather than an awardor past achievements (prizes that do this are reerred to as ’recognition’prizes). Famous examples o challenge prizes include the Ansari X-Prizeor manned private spaceight, the 18
century Longitude Prize to helpBritish navigators, or the 20
century Schneider Trophy or aviation,which inspired the Spitfre.
(Adjusted to 2012 value)£0 to £99,999£100,000 to £999,999£1 million to £9,999,999£10 million+
Spanish Longitude Prize
British Longitude Prize
Premium or anInvention to stop theprogress o fres