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Can a Prize Bring About New Innovations in Sexual Health?

Can a Prize Bring About New Innovations in Sexual Health?. A prize is an ‘Arthurian romance’ that makes people feel that they can participate in the quest for a solution. Geoffrey Moore, Author Crossing the Chasm. What’s your Holy Grail?. “Skill-Based” competition = a challenge

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Can a Prize Bring About New Innovations in Sexual Health?

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  1. Can a Prize Bring About New Innovations in Sexual Health?

  2. A prize is an ‘Arthurian romance’ that makes people feel that they can participate in the quest for a solution. Geoffrey Moore, Author Crossing the Chasm What’s your Holy Grail?

  3. “Skill-Based” competition = a challenge that requires intellectual agility (vs. physical talent or chance-to-win) Raw Refined Skill Time + Concepts or Ideas Prototypes Products & Services Conceptual Framework

  4. Prize: • $25,000 • ($290K today) • Sponsor: • Raymond Orteig • Target : • Anyone brave enough to try Goal: Stimulate long-distance passenger air travel Results: • More than $400,000 in investment (16x) • Underdog Charles Lindberg wins • Within 18 months of his flight: • Passenger air travel increased 30x • Licensed aircraft increased 4X • Aviation stocks soared Historical Analog: The Orteig Prize (1919)

  5. Prize: • $10,000,000 • Sponsor: • X PRIZE Foundation • Target : • Aerospace Engineers Goals: Jumpstart private commercial spaceflight Results: • 26 teams from 7 nations • More than $100 million invested • 5.5B media impressions worth > $120M • Changed the paradigm that space is only for governments • Public excitement & awareness • Drove regulatory reform Ansari X PRIZE: Catalyst of the Prize Renaissance

  6. Prize: • $300,000 • Sponsor: • HopeLab • Target: • Sedentary Tweens Goals: • Innovative products to increase physical activity among middle-school kids • Shifting the public discourse Results: • 400+ entries • 37 countries, 42 US states • 6 patents filed • Distributed network of more than 300 judges • Recognized by President Obama as an innovative, high-impact solution Ruckus Nation: Your idea could start a movement

  7. Prize: • $150,000 • 6-month contract • Sponsor: • Tourism Queensland • Target : • Open to anyone with • a sense of adventure Goals: Tourism & publicity Results: • 34,000 applicants from around the world • Compelling web-optimized content • Global exposure, millions of media impressions • Promotion for Australia tourism • High ROI: $150k award + operational costs Best Job in the World

  8. 400 350 300 250 200 150 100 50 0 1970 1975 1980 1985 1990 1995 2000 2005 Aggregate prize purse, prizes over $100,000 U.S. $ Millions Source: McKinsey dataset of 227 prizes worth $100,000 or more Recent Surge in Prize Funding

  9. Source: McKinsey & Company Seven Ways that Prizes Deliver Change

  10. Can a Prize Bring About Radical Innovations in Sexual Health? Why not?

  11. A successful prize gets people to do what they want to do anyways – it just helps them to do it more successfully. Robert Sutton Behavioral Psychologist Thank You! Ryan Wilson ryan@ideacrossing.com

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