Prize competition

A prize competition is a structured contest where individuals or teams submit solutions to a specific problem or challenge, often under defined rules and criteria. Participants compete to develop the best idea, product, or method, and the winner receives a prize, such as money, recognition, or opportunities. These competitions encourage innovation and problem-solving by motivating creative efforts, often in fields like technology, science, or business. They are widely used to generate new ideas, advance research, and solve complex issues by harnessing diverse talent and perspectives.