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.
Competitions, challenges and contests can be used in so many positive ways. As a matter of fact, we outlined a few of them in our white paper "8 Ways a Challenge Can Boost Your Business."
Clearing up what an innovation challenge can or should be
To Encourage Innovation, Make It a Competition
The competition format has fueled major successes in business. Fortune 500 companies like AT&T and American Express often sponsor online creativity contests to inspire innovation among their customers, while Kickstarter and other crowdfund platforms have ideas compete to win funding. And organizations can also use competitions to drive innovation...