This research study contributed to a DFID Business Case establishing a prize to stimulate innovations in low carbon and adaptation technologies in climate change.
In the past few decades, research grants have become the primary means of governments to stimulate and invest in new technologies. Yet, the prize market is huge and widely used in the private sector in order to crowdsource ideas and innovations. Furthermore, prizes have the potential to become a form of of ‘paying for results’ with prize money only being paid out upon successful delivery. Our research consisted of a literature review, mapped out a typology of prizes, and reviewed case studies to demonstrate their effectiveness and value for money using a Cost Benefit Analysis. Dr. Chris Barnett provided methodological and peer review support to the research study. An article was later produced for the MIT Innovations journal.Image © Landscape_Itad