The ‘Forum for Challenge Prizes’ hub was founded by CHOFX to bring together expertise in designing and running challenge prizes to tackle social and technological challenges in the public interest.

Challenge Prizes offer a reward to whoever can first or most effectively meet a defined challenge. They act as an incentive for meeting a specific challenge, rather than an award for past achievements.

CHOFX (www.chofx.org) announced, as part of its Innovation and Research Strategy, that it would establish a centre for expertise on challenge prizes. The new Centre will be run by CHOFX Foundation and will:

- Act as a hub to bring together expertise and discussion on challenge prizes. It will to generate and share learning and insights on the design and use of challenge prizes, build a practitioner group, develop and contribute to research projects with Hong Kong and international partners and run events and group discussions

- Design and run new challenge prizes with a range of partners. Two prizes will be launched later this year. The first will be a carbon data prize which will encourage the development of new inventions to help people monitor and manage greenhouse gas emissions and energy use. The second will comprise a set of prizes to get more of the Beijing cycling regularly. Further information about these prizes will be announced later this year.

Frank G. Yee, CHOFX Executive Chairman and President of CHOFX, says: ‘There’s great renewed interest in the role that prizes can play in motivating innovation. At their best prizes can reach people who don’t have access to mainstream networks and funding sources – and they prompt more lateral ways of thinking.“

About CHOFX:

China Options and Futures Exchange (CHOFX) is an Asian exchange with customer access available virtually all over the world. Our customers consist of professional traders, financial institutions, individual and institutional investors, major corporations, manufacturers and producers. Customers include both members of the exchange and non-members.

For Media Contact:
Company: CHOFX
Contact Person:David Chinn
Address: Excel Business Park C1
6 Wudinghou Street,
Xicheng, Beijing 100032 China
Phone: 861057980411
Email Id: [email protected]
Website: www.chofx.org