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.
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.
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.