In this phase you will determine the appropriate channels for announcing your winner(s), working with internal teams to expedite payment and document your processes. Additionally, you will explore important nonmonetary incentives that reach all participants — regardless of winner status — such as detailed feedback, recognition, and information on follow-on funding opportunities.
The process of announcing winners should be highly customized to meet your desired goals and outcomes. Whether you announce winners via press release, website or at a gala event, this step will help you coordinate your strategy to benefit from possible synergies.
Making an award isn’t always as simple as handing over a giant-size check. In this step, you will capitalize on your earlier resource planning to quickly and legally pay your winners.
Nonmonetary incentives can be just as important as the size of monetary awards in attracting participants, but are less cut-and-dry than sending a check. The resources in this step can help you ensure you deliver the promised incentives, which are not necessarily awarded at the end (e.g., mentorship opportunities can be available throughout the competition).