Last Updated 27 Mar 2020

Prize Based Challenges

Category Challenges
Essay type Research
Words 1139 (4 pages)
Views 379

A Challenge is a proven approach to solving important problems by leveraging large communities of people who can bring new expertise and diverse perspectives to bear. Challenges are an effective tool for our clients to help foster innovation and solve problems as a pay-for-performance resource coupled with world class technical experts. Executing a Prize Based Challenge Our team often employs a two phase approach to executing Prize Based Challenge efforts for our clients.

This phased approach allows our clients to launch their open innovation efforts rapidly though two initial ideation challenges and use the results to help tailor the more complex Theoretical challenges in subsequent phases. The structure and timeshare of the three phases of execution for this approach are detailed below. PHASE 1: Ideation Challenges (Day 1 - Day 90) Phase 1 consists of training and planning for the overall effort as well as the execution of two ideation challenges.

Ideation challenges are the most basic form of prize based challenges which pose a broad question formulated to obtain access to new ideas. Ideation challenges have been used successfully by NASA, AFAR and other DoD clients. There are few constraints on solver submission format (non-technical and non-exclusive licensing given to Seekers for guarantee of one winner per challenge), prize values are generally small (?$5,000 - $10,000).

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Ideation challenges provide a good opportunity for our clients to at once gather new ideas about an existing problem, familiarize themselves with the challenge process, and create publicity for subsequent follow on challenges. IA - Challenge Development Workshop: Phase 1 will begin with a challenge placement workshop. This day long workshop includes familiarization with the Open Innovation approach, an understanding of the challenge development process and establishing goals/expectations for the challenge outcomes.

It also provides an opportunity for BBC/XX Subject Matter Experts to work together with our clients to brainstorm and formulate the first two Ideation and/or Theoretical (see Phase 2 description of Theoretical) challenges to be launched. Following the workshop the BBC/ICC team will continue to work with the client to finalize the challenge question Roding, make solver channel/publicity decisions, and specify intellectual property treatment for the first challenges.

If during the workshop more important technical (non-alteration) challenges are identified as a priority for DES, the BBC/XX team will prioritize those and make recommendations for advancing these challenges in Phase B - Initial Challenges Launch: Once the decisions noted above are complete, the BBC/ICC team posts, publicizes and hosts the initial challenges for a period of 30-60 days (30 days for Ideation and 60 days for Theoretical/technical challenges) on the XX littoral. During this period, the BBC/ICC team provides constant monitoring of the challenge site for activity and submissions.

The initial ideation challenges generally launch on or about Day 10 after formulation begins. ICC - Evaluation of Submissions: After the 30-60 day posting period, the BBC/ICC team work to categorize, prioritize and rank the solutions submitted by the solver community. BBC/ICC Subject Matter Experts specifically selected for their experience and knowledge of the challenge technical area will evaluate each of the submissions and use criteria established during the Challenge Development Workshop to present a rank ordered set of potential solutions.

Ranked solution sets are provided to our clients on or about Day 45 for Ideation and day 75 for theoretical challenges. ID- Award and Close: Following receipt of the solution sets, our clients generally have a period of 7 days to review and select winning solutions for both challenges and determine prize awards. Ideation challenges carry a guaranteed award starting at $5,000, Theoretical challenges are awarded only if specific success criteria is met. The BBC/ICC team engages the distribution of awarded prizes to selected solvers.

A close out report on each of the challenges is also completed by the BBC/ICC team and provided to the client. This report includes recommendations for subsequent prize competitions that are executed in Phase 2. Award Distribution and final report are completed 30 days following the closeout of the challenge awards, approximately days 75-105 depending on challenge type. PHASE 2: Follow-on Challenges (Day 91 - Day -210) Phase 2 consists of planning and executing multiple challenges including Theoretical Challenges.

Theoretical challenges are a more complex and detailed type of prize based challenge which seeks solutions to more specific technical problems. Theoretical challenges have detailed solution requirements that need to be met for an award and the client evaluates submissions on a theoretical basis. Theoretical challenge awards are traditionally posted at higher dollar value than Ideation challenges and generally start at around $10,000.

Awards for Theoretical challenges are not guaranteed, they are paid based on Solvers meeting specific success criteria posted in the challenge statement. The BBC/ICC team works closely with our clients during the challenge formulation process to determine the appropriate dollar value of the prize for each challenge based on the nature of the challenge itself. AAA - Challenge Formulation: Phase 2 begins with a half day planning meeting between BBC/ICC team and our clients to determine the preferred approach to launching the next set of challenges.

The team will use the knowledge and insight gained from the initial challenges to further customize the second round of challenges to the goals of their overall open innovation effort. Final decisions on the number, timing, challenge type and other organizational requirements will determine the time frame of completion but should be challenge formulation should be complete by Day 100, or 10 days from the beginning of formulation of challenges identified in this Phase. B - Challenges Launch: Following these decisions, the BBC/ICC team posts, publicizes and hosts challenges for a specified period on the XX platform. Because Theoretical challenges are more complex and require more effort from the solver in their submissions, they be hosted for a minimum of 60 days. During this period, the BBC/ICC team will monitor the site activity. Depending on the determinations made during challenge formulation, the challenges can run consecutively or concurrently but Phase 2 challenges should begin launching on or about Day 110. C - Evaluation of Submissions: During and after the posting period, the BBC/ICC team works to categorize, prioritize and rank the solutions submitted by the solver community. BBC/ICC Subject Matter Experts specifically selected for their experience and knowledge of the challenge technical area evaluate each of the bionomist and use criteria established during challenge formulation to present a rank ordered set of potential solutions. Ranked solution sets are provided to the client within 15 days of each challenge close.

The ordering and sequence of the challenges in this phase will determine the final date of completion. AD - Award and Close: Following receipt of the solution sets, our clients generally have a period of 30 days to review and select winning solutions for each Theoretical challenge and determine prize awards. Once the client has determined winners and prize allotments, the BBC/ICC team manages the distribution of awarded prizes to selected solvers.

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Prize Based Challenges. (2018, Oct 01). Retrieved from https://phdessay.com/prize-based-challenges/

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