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Unlocking Innovation: The Power of Prizes in Inspiring Change

Explore the transformative impact of prizes in fostering innovation across various industries through historical examples and modern success stories. Discover how engaging in intellectual challenges can lead to groundbreaking advancements and societal shifts. Learn about how prizes can drive creativity, investment, and awareness, ultimately driving change for the better.

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Unlocking Innovation: The Power of Prizes in Inspiring Change

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  1. Can a Prize Bring About New Innovations in Sexual Health?

  2. A prize is an ‘Arthurian romance’ that makes people feel that they can participate in the quest for a solution. Geoffrey Moore, Author Crossing the Chasm What’s your Holy Grail?

  3. “Skill-Based” competition = a challenge that requires intellectual agility (vs. physical talent or chance-to-win) Raw Refined Skill Time + Concepts or Ideas Prototypes Products & Services Conceptual Framework

  4. Prize: • $25,000 • ($290K today) • Sponsor: • Raymond Orteig • Target : • Anyone brave enough to try Goal: Stimulate long-distance passenger air travel Results: • More than $400,000 in investment (16x) • Underdog Charles Lindberg wins • Within 18 months of his flight: • Passenger air travel increased 30x • Licensed aircraft increased 4X • Aviation stocks soared Historical Analog: The Orteig Prize (1919)

  5. Prize: • $10,000,000 • Sponsor: • X PRIZE Foundation • Target : • Aerospace Engineers Goals: Jumpstart private commercial spaceflight Results: • 26 teams from 7 nations • More than $100 million invested • 5.5B media impressions worth > $120M • Changed the paradigm that space is only for governments • Public excitement & awareness • Drove regulatory reform Ansari X PRIZE: Catalyst of the Prize Renaissance

  6. Prize: • $300,000 • Sponsor: • HopeLab • Target: • Sedentary Tweens Goals: • Innovative products to increase physical activity among middle-school kids • Shifting the public discourse Results: • 400+ entries • 37 countries, 42 US states • 6 patents filed • Distributed network of more than 300 judges • Recognized by President Obama as an innovative, high-impact solution Ruckus Nation: Your idea could start a movement

  7. Prize: • $150,000 • 6-month contract • Sponsor: • Tourism Queensland • Target : • Open to anyone with • a sense of adventure Goals: Tourism & publicity Results: • 34,000 applicants from around the world • Compelling web-optimized content • Global exposure, millions of media impressions • Promotion for Australia tourism • High ROI: $150k award + operational costs Best Job in the World

  8. 400 350 300 250 200 150 100 50 0 1970 1975 1980 1985 1990 1995 2000 2005 Aggregate prize purse, prizes over $100,000 U.S. $ Millions Source: McKinsey dataset of 227 prizes worth $100,000 or more Recent Surge in Prize Funding

  9. Source: McKinsey & Company Seven Ways that Prizes Deliver Change

  10. Can a Prize Bring About Radical Innovations in Sexual Health? Why not?

  11. A successful prize gets people to do what they want to do anyways – it just helps them to do it more successfully. Robert Sutton Behavioral Psychologist Thank You! Ryan Wilson ryan@ideacrossing.com

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