An inducement prize contest
(IPC) is a competition that awards a cash prize for the accomplishment of a feat, usually of engineering. IPCs are typically designed to extend the limits of human ability. Perhaps the most famous IPC was the Longitude prize
, awarded to John Harrison
for his highly-accurate marine chronometer
IPCs are distinct from recognition prizes, such as the Nobel Prize.
Research has show that IPCs can be extremely effective in pushing the advancement of technology. In 2006, there is much interest in prizes for automotive achievement, such as the 250 mpg car.
List of IPCs