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Over the course of the past two decades there has been a resurgent interest in the use of prizes to spur innovation. Unlike prizes that recognize past achievements, “inducement” prizes are designed to stimulate some activity, whether it be the creation of a desired technology, orienting research efforts toward designing products that are capable of being used at scale by customers, or developing products with wide societal benefits.
Building on previous STEP Board publications that explored the use of prizes, a STEP committee will conduct a study on the role of inducement prizes in spurring American innovation.
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