On May 29, 2019, the National Academies of Sciences, Engineering, and Medicine, in cooperation with the Laboratory for Innovation Science at Harvard (LISH), convened a workshop in Washington, D.C. on the role of inducement prizes to spur American innovation. Unlike prizes that recognize past achievements, these inducement prizes are designed to stimulate innovative activity, whether it be the creation of a desired technology, orienting research efforts toward designing products that are capable of being used at scale by customers, or developing products with wide societal benefits. Workshop participants explored how prizes fit into federal and non-federal support for innovation, the benefits and disadvantages of prizes, and the differences between cash and non-cash prizes. Other discussion topics included the conditions under which prizes are most effective, how to measure the effectiveness of prizes, and the characteristics of prize winners. This publication summarizes the presentations and discussions from the workshop.
National Academies of Sciences, Engineering, and Medicine. 2020. The Role of Inducement Prizes: Proceedings of a Workshop–in Brief. Washington, DC: The National Academies Press. https://doi.org/10.17226/25892.
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