Prizes can spur all types of innovation and R&D, and the use of prize challenges to accelerate R&D is experiencing a boom. Many organizations and governments around the world are launching prizes to accelerate R&D, and it’s a tool used by the likes of Forbes, Coca-Cola, Toyota, NBC, Facebook, Shell, NextEra Energy, and NASA, to just name a few. While these major companies have teams of people to handle such activities, Chris Frangione broke down for us the key elements of how anyone can organise a successful prize challenge.
There are also a growing number of organizations that can help you design and operate your prize challenge, such as HeroX. Though with the best will in the world, some platform(s) you talk to might offer solutions and a challenge format that suit them better than they suit you. Our aim in this article is to help you with some preparation before you start talking with them.
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