//What is a Challenge Prize?

There are many ways to design prizes to generate solutions to complex problems, and the right design decisions for each prize will depend on the specific prize objectives and context. For example, Change makers builds an online international community of people keen to solve social issues, and works with this community and with sponsors to devise challenges. Entries are usually new ideas or existing projects that meet the needs of the challenge. Judges select a shortlist of ideas, projects or organizations and the winners are voted for by the community and the public.

Through the Innovation Challenge, we are targeting a prize with the following defining characteristics to galvanize community-focused innovations that produce impactful and measurable results while also building community awareness about the target challenge and developing local demonstration and early adopter markets for innovators.

1. Challenge Prize: A clearly defined challenge is set and a prize is offered to the most successful solution(s).
2. Outcome Focused: Performance is rewarded. The prize is awarded for solutions that provide themselves successful against measurable criteria.
3. Staged Process: Respondents are taken through clearly defined stages that start very open and then become progressively more demanding. Participants receive non-financial and small financial support at each stage.
4. Not Prescriptive: how competitors solve the problem is their decision. We are genuinely open to not knowing the most effective types of solutions to achieve the targeted results.
5. Open: barriers to entry are low, with eligibility criteria kept to a minimum.

//The Benefits

//What makes a Challenge Ventures Prize Different?

The Challenge Ventures Prize is different for the following primary reasons:

1. Outcome-Oriented: We employ a results-driven approach that supports both technical and social innovations. Our methodology clearly defines measurable objectives to reduce costs, enhance environmental sustainability, and boost operational efficiencies.
2. Open Innovation Model: Our commitment to open innovation ensures broad exposure for innovators, funders, and investors, facilitating a comprehensive understanding of how innovations can tackle critical challenges and drive significant impact.
3. Focus on Scalable Solutions: We encourage innovators to address major challenges with global implications. This not only enhances growth opportunities for both the Prize sponsors and participants but also positions the innovations for international scaling.

// Our Objectives?

1. Drive Ambitious Innovation: We aim to inspire ambitious and creative solutions to challenges, focusing on environmental sustainability and community-driven innovation.
2. Deliver Value: Our goal is to generate substantial value for all stakeholders involved, transforming innovative ideas into practical solutions.
3. Build Lasting Impact: We strive to leave a durable legacy that augments the capacity to innovate and adapt to evolving challenges.

// Critical Design Features

1. Open Innovation: We leverage an open innovation framework to maximize collaboration and idea sharing.
2. Defined Outcomes: Our approach includes clear, multi-dimensional outcome metrics that cover economic, social, operational, and environmental aspects.
3. Staged Implementation: We employ a phased approach to development and implementation, ensuring scalability and adaptability.
4. Resource Efficiency: Our model is designed to be time-efficient and resource-conscious, promoting rapid development cycles and effective use of resources.
5. Innovation Flexibility: We provide a flexible framework that allows innovators to experiment and iterate their solutions effectively.