It’s not just a good idea - it’s an XPRIZE competition. Sizzle is the undeniable sweet spot where your prize idea has instant, near-universal resonance. The Prize Concept provides a template for you to cook up your prize idea into something amazing.
To do so, Open the Prize Concept template, download the documents and share your vision. When you’re done, upload it to your submission for as a .pdf.
Prize Concept Checklist:
- Title - Give your challenge idea a short, engaging name that describes the goal of the challenge.
- Prize Amount - How much money do you think is necessary to incentivize breakthroughs?
- Recommended Duration - How long should your challenge run for to allow innovators to craft their breakthroughs? Maybe it’s only five months, or maybe it’s five + years!
- 30-Second Pitch - The pitch is a clear, concise description of the challenge. Anyone reading this sentence should have an instant understanding of what the challenge is about and what it takes to solve the challenge.
- Guidelines - What needs to be done to win the challenge? The guidelines should provide clear, objective, and measurable goals.
- Problem - What’s in the way of achieving your vision? Where the challenge is the solution, the problem statement is the motivation statement for what is “broken” or needs fixing with a challenge.
- Value of the Breakthrough - Assuming the challenge is won, and a breakthrough is achieved, what changes?
- Structure - Will your challenge have multiple phases? How long will your challenge be? Perhaps it’s an ideation challenge or there’s an elimination phase? Check out the CHIME National Patient ID Challenge, IGNITE, and the Autism Speaks House to Home Prize for three of the many ways to structure a challenge.