The European Commission promotes the Horizon Prizes
These prizes are called ‘challenge’ prizes (also known as ‘inducement’ prizes) as, after the identification of a problem for which no solution exists, a challenge is set and a monetary prize offered to whoever finds how to effectively face it.
Through these initiatives the Commission intends to attract a wider range of innovators, provides an opportunity for innovators to take a risk and to forge new partnerships, leads to sustainable new products and services, spurs interest in a particular issue.
Prizes in diverse categories are foreseen, among which the one dedicated to Social Innovation. In this frame the European Commission, in cooperation with the European Investment Bank Institute, plans to launch a € 2 Million Horizon prize on a social challenge chosen by the public, as part of Horizon 2020, the EU's biggest ever research and innovation framework programme.