Incentive prizes — also known as prize competitions or challenges — are increasingly being used to spur innovation and address key challenges by public agencies at the federal, state and local levels. A recent report published by Deloitte Consulting, The Craft of Incentive Prize Design: Lessons from the Public Sector, provides insights and advice, including discussing six main outcomes, or goals, that different incentive prizes are designed to address: 1) attract new ideas; 2) build prototypes and launch pilots; 3) stimulate markets; 4) raise awareness; 5) mobilize action; and 6) inspire transformation.
Joining us to discuss the report is one of its co-authors, Jesse Goldhammer. He is a Principal with Deloitte Consulting.
Web extras: Jesse Goldhammer discusses how incentive prizes are used to mobilize action [click here] and inspire transformation [click here]. He also provides advice about crafting incentive prizes [click here].
Additional resource: In a related Gov Innovator interview, Jenn Gustetic of NASA discusses that agency’s use of prizes and challenges [click here].