For a competition such as 100&Change, the high volume of meaningful solutions proposed is exciting. The public searchable database provides a valuable resource for the participants, other grant makers, as well as society as a whole. As great ideas continue to become available to the public, hopefully more of these impactful ideas can be turned into reality.
Prize competitions have the ability to provide a fair, open, and transparent process for everyone throughout the competition and not just after winners have been selected. The appreciation for fairness, openness, and transparency allows competition participants to clearly understand what the application requirements are, how their submission will be scored, and who the judging panel will include.
While traditional grantmaking generally includes little opportunity for collaboration, prize competitions offer community engagement directly within the competition itself. Through a collaborative and interactive competition website, it is possible to create community forums and group discussions and facilitate team formation within the group of participants. Additionally, competitions can also use Peer-to-Peer Review, opening up the door for a robust evaluation process consisting both of chosen Evaluation Panel judges as well as those directly participating in the competition.
Promoting collaboration by bringing an unfamiliar community of people together, prize competitions help identify and mobilize new talent. Sometimes, thinking outside of the box is precisely what helps drive innovation and spark new ways of thinking. Prizes strengthen community, whether it be a long-standing community of cohorts in a specific field or a brand new collaboration between disciplines.
100&Change seeks to make measurable progress toward solving a significant problem. There will only be one grand prize winner selected to receive $100 million to help solve one significant problem. However, the 100&Change competition, as does any prize competition, provides numerous ways to successfully deliver real and effective positive change across many different aspects of society.
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