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.
Now that the prize has been awarded, it is critical to document how well your challenge achieved the intended goals and outcomes established in the Discover and Define phase. This step will help you properly document any relevant metrics, including the data required by the annual COMPETES report.
Wrap up all of what you’ve learned and experienced in a final batch of challenge documentation. This documentation can take many forms, and the resources provided in this step offer some templates and examples.
Good reporting isn’t just useful—it may also be required. Get a head start on your reporting—especially if you use the America COMPETES prize authority—with the resources offered in this step.
It often takes time after a prize has been awarded for impacts to be fully realized. For this reason, this step in the challenge process is critical to maintain an ongoing dialog with winners and other stakeholders to understand the impacts of the challenge over the longer term.
A prize competition can serve many purposes; in some cases you are addressing a specific problem, but you may also have broader goals such as spurring innovation. This step will help you consider options to manage the solutions after the competition is over, whether you are planning to implement them yourself or promote them broadly.
The prizes and challenges community relies heavily on best practices from its members. Compared with other, more established fields, there is relatively little “standardized” knowledge, and the community will benefit greatly from your work during this step.