Challenges, Prize Programs, & the Opportunity for Government

How can governments rectify the problems and market failures that exist within the innovation system by implementing a system of Challenges and prize competitions?

Challenges and prize competitions are a severely underused tool that should be systematically instituted by governments in order to rectify the considerable problems and market failures that exist within the innovation system. This white paper presents common errors and examples of government and public sector Challenges, presents two case studies of successfully executed Challenges, and then makes a strong argument for outsourcing Challenges to experts.

Why Use Prizes and Challenge Driven Innovation?

Inside, you’ll find:

• How governments can implement prizes and challenge driven innovation
• How to design and avoid implementation errors
• The importance and value of well-designed innovation Challenges
• Multiple case studies detailing the process used by the US Office of Naval Research Global and local governments

Who Should Read This White Paper?

If you’re a senior leader with managerial oversight or influence over your organization’s innovation initiatives or R&D function, this guide will provide you with fresh, new ideas and methods for tackling complex business problems and innovation challenges.