Public-Private Partnerships for Organizing and Executing Prize-Based Competitions

Prizes can be effective tools for finding innovative solutions to the most difficult problems. While prizes are often associated with scientific and technological innovation, prizes can also be used to foster novel solutions and approaches in much broader contexts, such as reducing poverty or finding new ways to educate people. Now that the America COMPETES Reauthorization Act has given all government departments and agencies broad authority to conduct prize competitions, agencies may find themselves looking for resources to learn about prizes and challenges. This paper describes how government agencies can design, build, and execute effective prizes – though these models can easily be adapted to meet the needs of foundations, public interest groups, private companies, and a host of other entities with an interest in spurring innovation.