How did a $10 million prize leverage $100 million in private sector investment? How did a mining company tap global expertise to increase gold production by 900% in four years? How has Ashoka Changemakers used competitions to not only source ideas but also create collaborations and drive investment into the most promising social-change investments around the world?
Answers to these and other tantalizing questions about the value of prizes, challenges, and related incentives as catalysts for innovation were entertainingly answered on April 30th, when private-sector leaders descended on Washington to tell their stories of success and of lessons learned. They told their stories of inspiration to nearly 150 public-sector innovators from more than 35 Federal agencies, who have themselves wanted to explore this new terrain but have had questions about how, exactly, to do it.
Hosted by OSTP, the Domestic Policy Council, and the Case Foundation, this public-private strategy session (pdf) showcased more than 25 private-sector case studies. Now we at OSTP want to make this rich content available for all to mine:
We think you will agree that the “power of the prize” is great, and that waves of creativity can be generated simply by challenging people to tackle something tough.