Report

The Great Innovation Challenge: How challenge prizes can kick-start the British economy

The government’s ambitious plans to boost science and innovation are a golden opportunity for bold, game-changing investments.

Challenge prizes are a tried and tested method for incentivising and supporting innovation, and for ensuring that R&D is responsive to the needs and aspirations of our society. While the UK was a pioneer in using challenge prizes, including the Longitude Prize of 1714, it is now the US that leads in their use.

In this paper, Nesta sets out how an ambitious programme of challenge prizes could play a vital role in the revitalised UK innovation funding system envisioned in the government’s R&D Roadmap.