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Cash prizes are not a good way of funding most things. If you can't afford to spend time on something that will most likely fail, a cash prize won't change that
by vintermann 3y ago
Cash prizes are not a good way of funding most things. If you can't afford to spend time on something that will most likely fail, a cash prize won't change that.
Also, if the cash prize is what motivates people, they'll be less willing to cooperate and share progress.
- flir 3y agoTo be honest I think the prestiege and the CV line item is the main motivation for the kids that solve these problems (beyond it just being an interesting problem of course). The existence of the cash prize probably works more as cheap PR, making sure news of the competition reaches them. (I'm saying "$10k to your favourite charity" would work almost as well as "$10k for you").