Each year, the 43North business competition awards $5 million in cash prizes and services to some of the best and brightest entrepreneurs and startups from around the globe. Awards include a one $1 million grand prize, six $500,000 prizes and four $250,000 prizes.
The use of prizes to drive social change continues to grow in popularity. It also continues to evolve. In more and more cases, prize competitions provide recipients with resources to pursue their work even before they complete a proposed project. Under the right circumstances, argues author, Renya Reed Wasson, this model is superior both to other prize models and to traditional grantmaking.