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Moreover, the role of prizes is changing: nearly 80 percent of those announced since 1991 have been designed to provide incentives for specific innovations rather than to reward excellence in general. An understanding of the characteristics of effective prizes and of how they are evolving would be useful for not only philanthropists but also public- and private-sector players hoping to harness their potential for innovation.
McKinsey & Company has recently published a report with the title "And the winner is..." reviewing the current academic and business literature on prize-based innovation. The report is also partly based on a number of case studies from companies and governmental organization practicing such strategies in different forms.
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