In this phase you will begin to think through the problem you’re trying to solve, estimate the necessary resources and partnerships and determine if a challenge is the appropriate tool for addressing your goals. This process will help you identify the goals and desired outcomes of your efforts and lead you to the most impactful result.
In this phase you will determine the prize competition structure and implementation timeline. During this critical step, you’ll work with internal groups to establish eligibility and submission requirements, terms and conditions, and judging criteria, and connect with your communications team to outline your announcement and ongoing outreach strategy to engage your solver pool.
In this phase you will put your plans into action, rolling out your communications plan, accepting solutions, and interacting with solvers to continue to generate interest and enthusiasm. As submissions close, you will begin to evaluate entries, select winners and verify winner eligibility. Successful execution of this phase is critical in maintaining the credibility of the competition and your agency.
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.
In this phase you will analyze and document the results, outcomes and impact of your incentivized competition. You will evaluate avenues for remaining engaged with your solvers as well as and next steps for high-potential solutions, whether moving them into an “accelerator” or exploring other channels for transitioning prize solutions to procurement.