5 key characteristics of challenge prizes, from the Innovation Caucus

11 January 2024

Vidal Kumar

Home » News » 5 transformative characteristics of challenge prizes, from the Innovation Caucus

Types and characteristics of innovation prizes was the focus of a recent report from the Innovation Caucus. Jointly funded by Innovate UK and the ESRC, this initiative uses academic expert insights to support a thriving and inclusive innovation ecosystem in the UK. Leading researchers from across the social science community have collaborated to publish a wide range of reports on the innovation landscape, and the initiative has since expanded into a new UKRI investment; the Innovation & Research Caucus.

The types and characteristics of innovation prizes was the focus of a recent report from the Innovation Caucus – an initiative jointly funded by Innovate UK and the ESRC to use academic expert insights to support a thriving and inclusive innovation ecosystem in the UK.

Studies on prizes are an evolving field, so Challenge Works is always looking to integrate new findings into our thinking. This study shines a light on the transformative potential of innovation prizes – or ‘Challenge Prizes’, as we at Challenge Works refer to them.. It offers a nuanced take into how they can act as catalysts for breakthroughs in technology and social advancements, supported by real-world case studies that bring to life the impact of a range of different prizes.

Here are five take-home points from the report:

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1. Diversity supports impact

The report showcases a variety of innovation prizes, tackling specific technological or societal problems, exploring how prizes can apply to a wide range of sectors and challenges. The impact of this diversity is significant; innovation prizes not only generate a multitude of solutions but also promote the intersection of concepts and approaches, encouraging more comprehensive outcomes.

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2. Beyond monetary rewards

Innovation prizes aren’t just about the money. They often include additional benefits like publicity, mentorship, and other valuable non-financial support, providing a broader boost to winning projects, teams and organisations.

3. Governance matters

There are intricacies of prize governance that are unique to the method and effective management is key. The report emphasises the importance of transparent, well-structured governance in administering prizes, to ensure fairness and maximise their impact; something Challenge Works take pride in prioritising.

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4. A catalyst for wider and cumulative innovation

Innovation prizes are more than a competition; they often act as a springboard for wider and cumulative innovation by spotlighting and supporting novel ideas and shaping future trajectories. A challenge prize may have been ‘completed’, but it’s likely not ‘over’!

5. The path ahead

The report charts a course for future research on prizes, underlining a need for further empirical evidence to refine and enhance our understanding of how innovation prizes foster breakthrough innovations.

Overall, the Innovation Caucus’s report is a useful read for anyone interested in understanding more about innovation prizes and how they fit into a vibrant and well-rounded innovation landscape. At Challenge Works, we’re excited to see how these insights will shape future initiatives.

The report provides a clear call to action for innovation prizes to be strategically utilised as part of a broader innovation support ecosystem. They can also be combined with other financial and non-financial support to achieve wider innovation goals and outcomes. Challenge Works is a willing collaborator here and is open to exploring strategic partnerships with further organisations and foundations interested in understanding how prizes might support their innovation missions. From a research perspective, we’re equally willing to work with and learn from others to build on the findings of this report, and other work in the field, to help provide even more comprehensive statistics into the scientific impact of innovation prizes.

Challenge prizes incentivise innovators from unlikely places to use technology or other solutions to solve serious problems.

Interested in supporting transformative innovation for public good? Partner with us! Our experts are here to help bring your ideas to life.

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About the author

Vidal Kumar is an Evaluation Manager at Challenge Works. He has extensive experience as a researcher in roles spanning the civil service, charities and the private sector, and completed his research degree at Leeds University Business School.