Impact of the Prize
To understand the impact of the grants and the support we provided to the finalists, we set out three impact categories.
1. Breakthrough innovations: The Prize incentivized, attracted, and enabled the development of innovative solutions to provide LMI based careers’ information advice and guidance to the programme beneficiaries.
The Prize was successful in attracting new innovators – over half (61%)the Prize finalists had not provided careers information, advice and guidance (CIAG) to the programme beneficiaries prior to participating in the Prize, and 39% had not provided any CIAG before entering the Prize.
2. Helping innovators thrive: The Prize mobilised innovators, prompted collaborations and partnerships and built skills and capabilities.
67% of finalists felt that the Prize helped them to secure valuable commercial partnerships
77% of finalists formed new partnerships and collaborations directly because of the Prize (both during the Prize and in order to enter it)
3. Systemic change: The Prize is generating key insights into the opportunities and challenges of existing LMI. We hope that these and other insights gained will be useful to future policies and interventions.
At least three finalists have been able to secure external investment with the help of the Prize, and several more are preparing for future funding rounds.