Designing Prize Challenges — A Practical Guidebook
What is a Prize challenge? I define it as a structured initiatives that include a predetermined problem statement tied to an incentive such as a cash or publicity. (Think: hackathons, innovation challenges, the recent Earthshot Prize, etc.)
With an effective prize design and challenge execution, a business can achieve objectives that may typically be distributed across marketing, R&D and other departments including: increasing brand awareness, creating new partnerships, building communities or even accelerating parts of an industry.
If you're a business leader looking to learn more about how prize challenges can work for you and your business, this guidebook is for you!
The 90-page guidebook provides an in-depth analysis of prize architecture and a practical, 9-element framework for designing your own prize challenge to meet your specific business objectives — along with various case studies, worksheets, and helpful tips. It will help you decide on running a more product-centric vs. a community-centric prize challenge, how to choose the best incentivize based on your target audience, and how to think about judging criteria, marketing, and recognition ceremonies for your challenge — covering everything from conception to design to execution.
Ultimately, prize architecture is not a ‘one- size-fits-all’ approach where one successful design can be templated to another; Rather, it is a complex combination of prize elements and design decisions that can be used to achieve specific objectives. This guidebook can help you do just that.