BigCarrot launched its website that enables anyone to create, contribute to and participate in inducement prizes. Founded on the principle that people with common interests can come together and pool their contributions to create an inducement prize, BigCarrot is leading the way for consumers and organizations alike to utilize these incentives and resources to help facilitate innovation and change.

BigCarrot uses a concept called “crowdsourcing” to allow anyone to create and fund an inducement prize. Prize categories include: computers, electronics, environment, mathematics, household, medicine, science, society and sports. Anyone can start a prize—from large social issues to smaller personal pursuits—and anyone with the ability to claim the prize can submit a solution.

To initiate a prize, the user simply clicks on the “Start a Prize” button on the home page and drafts the rules for the proposal. Next, the BigCarrot community helps revise and improve on the prize rules. Once the rules are defined, the prize is opened for financial contributions from the public. Finally, when someone submits a claim for the prize, all contributors get to vote on whether to award it.

Multiple participants can pursue an objective simultaneously without increasing the cost to the contributors. Although only one participant will claim the prize, the others often benefit from the increased development of the field and the attention inducement prizes typically generate.

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