The Role of Inducement Prizes Proceedings of a Workshop–in Brief (2020) / Chapter Skim
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The Role of Inducement Prizes: Proceedings of a Workshop - in Brief
The Role of Inducement Prizes: Proceedings of a Workshop - in Brief
Pages 1-12
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Through a series of meetings, including this public workshop, the committee continues to gather evidence on the effectiveness of inducement prizes and how that can best be measured; how these prizes compare to grants and contracts; the broader benefits, beyond technology development, of holding prize competitions; the characteristics of prize winners and competitors; and how prizes fit into the broader spectrum of federal support for innovation.1 As a key source of information for the committee, the workshop convened experts to address 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.
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Additional discussion included the ability of prize competitions to include more diverse "solvers" when compared to other funding mechanisms -- as prize participants don't necessarily need a specific technical skill or knowledge expertise to contribute to the innovation process, which in turn, helps build a larger community of practice. This was followed by discussion surrounding the disadvantages of prizes, noting the need for more data on the topic to help bridge theoretical and experimental research on prize competitions and their efficacy.
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NESTA Prize competitions require significant advance thinking about project design and typically consist of several stages, with new entrants at various points of entry. In addition to the prize itself, the challenge provides innovators access to information, ideas, profile-raising opportunities, investment, and expertise.
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The EC then included inducement prizes in the Horizon 2020 Framework and included prize designs and award criteria in the Horizon 2020 Work Programme. Under Horizon 2020, the following factors are used to determine whether to use inducement prizes to address a particular topic: • Ease of communication to attract a large number and diverse group of participants; • Achievability within a reasonable time frame; • Sufficient scope and depth to allow for many possible solutions and approaches; and • Sufficiently tailored to allow for verification of results against objective standards.
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5 specific statutory authority to conduct inducement prize competitions, the America COMPETES Reauthorization Act of 2010 provided authority to all federal agencies to award prizes to stimulate innovation with potential to advance the mission of the agency.6 Agencies should first identify problems that need to be addressed and then survey available legal authorities to determine the best pathway to acquire and apply new knowledge.
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With the goal of comparing and contrasting the processes being used by a subset of federal agencies, various speakers discussed each federal agency's use of innovation prizes and provided examples of past or current prize competitions. This included details surrounding the development, approval, and administration of certain challenges, as well as any guidelines or toolkits used by each respective agency -- all within the context of a hypothetical topic involving the possible use of a prize/challenge.
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Following the passage of the America Competes Act in 2011, HHS developed a policy for prizes and hired an open innovation manager to implement the use of prizes at HHS. HHS created a playbook resource for designing a prize and measuring the ultimate impact.8 HHS ran challenge boot camps in 2015 and 2016 for HHS employees, and interested employees have formed a community of practice.
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The interim policy establishes procedures for developing, reviewing, approving, and administering NIH-sponsored challenges, including eligibility requirements, intellectual property allocation, judging criteria, and conflicts of interest. He noted that NIH's prize authority is derived from the America Competes Act of 2010, as modified by the American Innovation and Competitiveness Act (AICA)
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and Title IV of the American Innovation and Competitiveness Act for its authority to conduct prize competitions. NSF is exploring how to use prize competition methods as an option, in addition to contracts, grants, and cooperative agreements, to advance NSF's mission.
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Hoyt Battey, Department of Energy, explained that although DOE has been running prize competitions since 2015, they constitute a small percentage of Department funding. His office on Water Power Technologies ran a Wave Energy Prize in 2015-2016 (which focused on catalyzing the development of wave energy converters with the aim of reducing the cost of wave energy)
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Breakout Group A was moderated by Jack Hughes from Lewis Bay Holdings, and the speakers included James Beck and David Hertz. Breakout Group B was moderated by Anne-Laure Fayard, and the speakers included Marybeth Haneline, Daryl Peace, and Patrick Thompson, all from Nova Labs, Inc.
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The statements made are those of the individual workshop participants and do not necessarily represent the views of all workshop participants, the planning committee, the Laboratory for Innovation Science at Harvard, or the National Academies of Science, Engineering, and Medicine. REVIEWERS: To ensure that it meets institutional standards for quality and objectivity, this Proceedings of a Workshop -- in Brief was reviewed by Cristin Dorgelo, Association of Science-Technology Centers; Georgina Campbell Flatter, Climacell; and Neil Thompson, Massachusetts Institute of Technology.
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