12/21/2010 05:06:00 PM
The legislation actually allows for a few different types of prizes:
- Point Solution Prizes - "rewards and spurs the development of solutions for a particular, well-defined problem"
- Exposition Prizes - "helps identify and promote a broad range of ideas and practices that may not otherwise attract attention, facilitating further development of the idea or practice by third parties"
- Participation Prizes - "create value during and after the competition by encouraging contestants to change their behavior or develop new skills that may have beneficial effects during and after the competition"