The use of prizes — and the money and glory that come with them — is undergoing a “renaissance” in the nonprofit world, helping spark innovative approaches to solving social problems, says a new report.
Prizes for philanthropic-minded efforts are increasing not only in their number, but also in the size of the cash awards they convey, and are being applied by an ever-expanding list of sponsors to a broader range of issues than in the past.
But the report, issued by McKinsey & Company’s Social Sector Office, warns that this growth has also resulted in “many overlapping prizes and growing clutter,” and that quantity doesn’t always signal quality.
The authors attribute this proliferation to several factors, including the creation of prizes by venture philanthropists, companies, and others who feel that advocacy and grants have not been sufficient to solve certain social problems and take advantage of opportunities.
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