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Prizes and the US innovation policy
Interestingly, prizes are suggested as “high-risk, high-reward policy tools to solve tough problems” in the white paper A Strategy For American Innovation: Driving Towards Sustainable Growth And Quality Jobs (which describes the new President Obama's innovation agenda). However, prizes are not widely used yet. Targeted federally-funded prizes have offered total rewards worth only about $50 million since 2004, first year of prize implementation for US agencies (see Federally Funded Innovation Inducement Prizes). That figure may increase notably in the future if, besides those targeted prizes, prizes with purchase commitment are used.
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