An “incentive prize competition” or “incentivized competition” is a type of contest which awards a cash prize for the accomplishment of a feat, usually of engineering. Usually the feat addresses a challenge the organizers find of interest to them, or to the entire world. Such competition, if designed properly, can push the boundaries of what is considered state-of-the-art at the time they are organized. Some famous examples are the Orteig Prize (1927), the Ansari X Prize (1996), the DARPA Grant Challenge, the Netflix Prize (2009), and the MIT Solve.
The HCAP Innovation Challenge is designed by the members of the HCAP Innovation Network in collaboration with MITEF Greece, as a platform to facilitate HCAP portfolio companies in developing, posting and running their own incentive prize competitions for challenges they find worthy of addressing.
The challenges posted on the HCAP Innovation Challenge platform are primarily data driven and have a level of sophistication that requires skills, knowledge and hard team work to be addressed. Through them, the portfolio companies aim to acquire innovative solutions that are hard to specify and hence price, that can add disproportionately high value and efficiency to their operations. In addition, the HCAP Innovation Challenge can serve as a national testbed for the development of innovative, data-driven applications that are built by local and international teams leveraging technologies ranging from big data and machine learning, to IoT and 5G networks.
Once an HCAP portfolio company designs and posts a challenge, the interested parties are able to review the rules and regulations and apply to participate. Although each portfolio company may decide on a different set of rules, the general process involves an application that enables the organizers to review the skillset of the applying team and their general approach to the challenge set. Once the application is accepted, the team receives all the necessary information and data to begin working on the solution. Each challenge may have different time frames but there will be at least two months during which the teams are able to work on their solution and receive mentoring from the staff of the organizer. At the end of the development period, each team submits their solution to the organizer’s committee. Solutions will be tested according to the verification rules and the winners will be announced. The winning teams will receive cash and/or in kind awards and the opportunity for collaboration with the portfolio company that sponsors the particular competition.
More challenges are coming. Stay Tuned!