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.
This guide has been developed to help you think about whether and how to develop a prize. We hope that it will help you ask the critical questions required to maximise the value of your challenge prize and incentivise the right innovators to participate.
