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How Prize Challenges Can Change the World
Tia Ghose, LiveScience Contributor
Date: 11 September 2012 Time: 09:55 AM ET

While scientific discovery may be its own reward, the lure of prize money has fueled many a new innovation.

In addition to quantity, prize challenges draw unconventional people into a field, while the thrill of competition drives people to share ideas and think in novel ways, said Neta Zach, the scientific director of Prize4Life Inc., an organization that offers money for medical breakthroughs. “It’s part of the psychology of prizes,” Zach said. “If you give them a prize, they try to outsmart themselves and come up with new solutions, and are also more willing to venture into new fields.”

Here are some of the notable scientific contests and their resulting innovations.

Read more: How Prize Challenges Can Change the World | LiveScience

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