Evaluating the value for money of Ideas to Impact’s innovation inducement prizes
This paper outlines the approach to the VFM assessments and consolidates the associated results
Abstract
From 2014 to 2019, the Ideas to Impact action-research programme, funded by the UK Department for International Development (DFID) and delivered by an IMC Worldwide-led consortium, designed, implemented and tested a series of innovation inducement prizes. Their aim was to induce innovative solutions to development challenges in climate change adaptation, water, sanitation and hygiene and energy access.
As the evaluation and learning partner for the programme, Itad is supporting Ideas to Impact to understand if these prizes worked as intended, and when and where prizes could be useful as a funding mechanism for international development, compared to other forms of funding, such as grants.
This latter point is a particular point of interest for DFID. One of the key evaluation questions for the Ideas to Impact prizes was: Does the prize offer value for money when compared to alternative funding modalities? To respond to this, we applied a value for money (VFM) assessment to several of Ideas to Impact’s prizes, that explore the VFM against original expectations for the prizes, as well as against grant-based comparator projects. The outcomes of these assessments provide insight into the VFM of the Ideas to Impact prizes, and the reasons why funders may choose to run a prize as opposed to a grant-based research or technical assistance programme.
This paper outlines our approach to the VFM assessments and consolidates the associated results. In doing so, it provides suggestions on the relative added value of using a prize.
Citation
Stott, C., and Gould, C. 2020. Evaluating the value for money of Ideas to Impact’s innovation inducement prizes. Ideas to Impact, UK.
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