Solving a problem takes resources, so once a solution is through the first stage we provide money to help develop the product or idea.
Funding increases as teams progress through each stage, until the grand prize is awarded to our winners.
About challenge prizes
Challenge prizes offer a series of incentives, with a grand prize given to whoever can first or most effectively meet a defined goal
The concept is straightforward: set a goal, offer a reward, attract the best innovators, and support those that make the most progress.
Winners can either be the first to hit the target or, more commonly, they can be those who score best against criteria at the final deadline.
Challenge prizes need to be applied to the right kind of problem. They work well when you are clear about what needs to be solved, but not sure where the best solutions could come from, or what they will look like.
They are also cost-effective, creating a pipeline of new and improved solutions instead of betting on just one. They incentivise action and reward success, rather than paying for untested solutions.
The value of a challenge prize goes beyond the cash awards. Through the competitive process, innovators develop skills and build capacity. This helps to break down barriers to participation and supports innovators’ longer-term success. The attention generated by a challenge prize can also have a much wider systemic impact by raising awareness of a neglected problem and creating learning opportunities that shape policy and regulation.
How does entering a challenge prize work?
Every challenge prize is as unique as the problems it is designed to solve.
We support our problem-solvers every step of the way with access to funding, professional networks and the mentoring needed to succeed.
Entry
First, there’s our entry process, which is managed by our friendly team and overseen by independent judges.
Semi-finalist shortlisting and funding
Our bigger programmes often cast a wide net, offering milestone prizes to a shortlist of promising semi-finalist teams.
Finalist stage and further funding
Judges select a small cohort of high-performing teams who receive funding and support to race for the final goal.
Winner
Our expert judging panel selects the best solution and awards it the grand prize. The team behind it receives cash, prestige, publicity and further support to change the world.
How does Challenge Works support team progress through challenge prizes?
Access changes everything, which is why we work to help give problem-solvers what they need.
If a solution progresses through a challenge prize we’ll help to up-skill teams, make introductions to funders and networks, and support through testing and validation.
By raising the profile of our problem-solvers, we also raise the profile of the problem they’re working on and help them achieve impact.
That’s why when teams progress through a challenge prize, we work closely to increase their visibility with potential funders, industry insiders and bespoke PR.
Read more about the challenge prize method in our free Guide to Challenge Prizes
Take it from our innovators
Szczepan Orlins, CEO of CrossSense Ltd
Longitude Prize on Dementia
“Winning the Longitude Prize on Dementia is a dream come true. As a small team with big ambitions, the prize’s support has accelerated CrossSense in ways that wouldn’t have been possible otherwise. The prize gave us the runway to hire and double down on co-design and evidence-based development, fortify our governance, and build a community-focused growth pipeline. The reputational impact cannot be overstated: it opened doors that had previously been closed to us.” Caroline Plumb, Founder and Chief Executive of Fluidly
Open Up Challenge
“Winning Challenge Works’ Open Up 2018 Challenge was a critical moment in Fluidly’s evolution. It didn’t just give us much-needed financial support at a crucial early stage, it also provided us with invaluable introductions and wider credibility in the nascent open banking sector.” Devrim Celal, CEO of KrakenFlex
Dynamic Demand Challenge
“Without Challenge Works’ early support through the Dynamic Demand Challenge, this global vision would have been unthinkable. Challenge prizes can be the spark that ignites innovation, lighting the way to a better world.” Andrew Slorance, Founder and CEO of Phoenix Instinct
Mobility Unlimited Challenge
“Thanks to taking part in the Mobility Unlimited Challenge, we have successfully transformed the wheelchair from an inanimate device to one that was engaged and reactive, totally in sync with the user.” Dr Emma Hayhurst, Director and CEO of Llusern Scientific Ltd
Longitude Prize on AMR
“The challenge has really helped us attract more funding. We’ve gone on to have investment and grant success. I feel this has been a real impact in participating in the challenge.. Our research is now out there in the real world, making a difference and that’s really exciting. I think if the challenge believed in us, then others will believe in us too.” Mikael Olsson, CEO and co-founder of Sysmex Astrego
Longitude Prize on AMR
“We have already started rolling out the test in Europe, we’re running studies in surgeries across the UK and working with regulators to secure additional approvals. The £8m prize will support us to tailor the test for use with different kinds of UTIs and antibiotics, speeding up access.” 
