In this phase you’ll determine the appropriate channels for announcing your winners. You’ll work with internal teams to expedite payment and document your processes. You’ll also explore important non-monetary incentives for all participants. These include detailed feedback, recognition and information about follow-on funding opportunities.
You should tailor the process for announcing winners to meet your desired goals and outcomes. Whether you announce winners through a press release, on a website or at an event, this step will help you come up with a strategy to get the most out of your announcement.
Making an award isn’t always as simple as handing over an oversized check. In this step, you’ll capitalize on your earlier resource planning to quickly pay your winners in accordance with law.
Non-monetary incentives can attract participants as much as a cash prize, but they’re not as cut-and-dry as sending a check. The resources in this step can help you deliver the promised non-monetary incentives throughout your challenge, not just at the end.