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McKinsey Report on Prizes
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- Expressiveness - Prizes embody aspirations, priorities, values, and a commitment to desired changes.
- Flexibility - At their best, prizes inspire people and teams to push their efforts beyond conventional limits.
- Openness - Prizes attract diverse groups of experts, practitioners, and laypeople—regardless of formal credentials—to attempt to solve difficult problems.
- Success-contingent rewards
Prizes shift risk from prize sponsors to competitors (or their sponsors) by only paying for successful achievement of a defined goal.
Learn more about:
- THE POTENTIAL OF PRIZES TO ACHIEVE SOCIETAL BENEFIT - Read about the origins of prizes for social benefit and their modern renaissance.
- DEVELOPING AND DELIVERING EFFECTIVE PRIZES - A framwwork for prize development and design, goal setting, building a prize strategy, creating and executing an effective prize process, and driving impact, legacy and improvement.
- THE FUTURE OF PHILANTHROPIC PRIZES - A promising future for using prizes as powerful tools for change in philanthropy and government.