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Laura Bunt (NESTA) on key learning on challenge prizes

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Laura Bunt (NESTA) on key learning on challenge prizes

  1. 1. Smart incentives for social innovation Some of NESTA’s lessons on challenge prizes
  2. 3. <ul><li>“ None of us is as smart as all of us” </li></ul>
  3. 5. Prospective Retrospective Open Closed
  4. 7. <ul><li>“ A £1 million innovation prize for community-led responses to climate change .” </li></ul>
  5. 8. Source: Smart incentives for people-powered innovation. How to deliver the Big green Challenge prize approach. NESTA The staged process of the Big Green Challenge 1. A challenge prize 2. Outcome-focused 3. Staged process 4. Not prescriptive 5. Open Five Principles
  6. 9. ...THE GREEN VALLEYS 10 finalists 4 winners
  7. 10. … HOUSEHOLD ENERGY SERVICES
  8. 11. <ul><li>At least 10-46% reduction on baseline in the BGC year </li></ul><ul><li>At least 4860 t Co 2 yr* in future years </li></ul>*CO 2 reductions in the Big Green Challenge year were monitored by CRed on behalf of NESTA. This data provides a conservative estimate of reductions achieved by Finalists across the Big Green Challenge year. The emissions reductions achieved, now and in the future, may well be higher than the reductions reported here.
  9. 12. BGC changed behaviour – key to tackling complex social issues
  10. 13. <ul><li>The importance of asking good questions </li></ul>Lessons learned
  11. 14. <ul><li>Reward outcomes not activity </li></ul>Lessons learned
  12. 15. <ul><li>Financial incentives aren’t everything </li></ul>Lessons learned
  13. 16. <ul><li>What issues should we tackle through prizes? What are the best questions? </li></ul><ul><li>What’s the right scale for a challenge prize? How elastic is funding? </li></ul><ul><li>How can we measure outcomes more effectively? </li></ul><ul><li>Who participates in prizes? Can we access new problem solvers? </li></ul>What’s next?
  14. 17. The Big Green Challenge Mass Localism Social Challenge Prize Guide Make It Local Big Green Challenge evaluations Buying Power: SBRI health-check Neighbourhood Challenge 100% Open - Corporate open innovation challenges Practical Policy & Research
  15. 18. <£10k £10m £100m+ Simple, single-product or service Characteristics of different scale inducement prizes Complex, paradigm-shifting inventions Specific groups: eng students, “makers” Individuals Improve one aspect of a product US Air Force helicopter abseiling glove Teams, small businesses Larger communities or businesses Big business or well-financed ventures Heavy tech investment; infrastructure deployment The general public Global audiences; world leading firms Size of prize £100k £1m Omincompete Global Security Challenge NESTA Big Green Challenge Type of challenges Target groups Likely type of entrant Requirements for winning Real-life examples Branson Climate challenge, Saltire prize Gates Foundation malaria vaccine APC, Archon X-P 4

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