Thursday, April 24, 2008

The Power of the Prize

This month's Fast Company magazine is running a feature article on the subject and benefit of prize philanthropy called the Power of the Prize.

Were you aware....

Scaled Composites LLC

...that each of these above items was created because of a prize.

It is humbling to think of the power and limitations of Prizes and the way in which the they are growing in popularuty.

One of Local Motors advisors, Karim Lakhani, is featured in the article. He explains that prizes cannot make up for everything, but that they are an excellent way of drawing out new talent from people. I agree. He also explains how they can energize people to participate from non-interested groups because the real contest is made to be accessible to a wider audience than just the experts.

All of this is music to our ears? After all the best ideas are already coming to competitions from the most unlikely partners

In the meantime, this subject of prize money is an interesting one and it is potentially great enough to allow us to consider deeply the $$ and prizes that we are offering. Stand by for more updates.


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