Horizon Prizes

Horizon Prizes are challenge prizes (also known as inducement prizes) offering a cash reward to whoever can most effectively meet a defined challenge. The aim is to stimulate innovation and come up with solutions to problems that matter to European citizens. First a technological or societal challenge, for which no solution has been found, is defined. An award is promised for the delivered breakthrough solution. The award criteria give information about what the solution must be capable of proving the means to reach the solution are not prescribed, leaving contestants total freedom to come up with the most promising and effective solution. Horizon Prizes provide a way to advance innovations that would not ordinarily develop through traditional routes such as grants or procurement attracting a wider range of innovators, not the 'usual suspects', because they have low entry barriers including not requiring a track record and because they are often exciting and inspiring. They provide an opportunity for innovators to take a risk and to forge new partnerships. They lead to sustainable new products and services. They spur interest in a particular issue.

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