Fostering innovation and growth in the digital age: the case for challenge prizes in Europe. College of Europe Policy Brief #13.17, December 2017

Mäkelä, Alexander (2017) Fostering innovation and growth in the digital age: the case for challenge prizes in Europe. College of Europe Policy Brief #13.17, December 2017. [Policy Paper]

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Abstract

Executive Summary > The use of challenge prizes has been a success in the United States, and has increasingly also had positive results in the United Kingdom and Sweden. > As an emerging tool, prizes have a strong potential of supporting the ‘Europe 2020’ goals and to bolster the growth of the Digital Single Market. To realize their potential, future national and EU prizes could be made more effective by improving communication and outreach about them as well as conducting systematic impact assessments. > Two policy recommendations in particular would set the stage for a strong European prize sector: > The creation of a European Fund for Challenge Prizes would allow for more stakeholders to use the instrument whilst building capacity. > Establishing a European Challenge Prize Platform would result in a cheap and accessible means of listing public, private, and thirdsector prizes.

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