The Right Tool at the Right Time: EZ Button or Prize Challenge?

When it comes to sourcing innovation, there are many possible solutions. Sometimes the goal is to cast a wide net, inviting global input and fresh thinking. Other times, the priority is speed, precision, and results you can act on immediately.

Recently we guided a few of our clients through the decision-making process of deciding what tool to use depending on their specific needs. We surprisingly discovered that some of our clients were coming to us with one tool in mind, not realizing that the scenario they were proposing required a completely different approach.

That’s where prize challenges and EZ Button (our agile approach to innovation) each bring distinct strengths.

Prize challenges are a common tool in open innovation, often used to spark creative solutions to tough problems. By offering a clear goal and a reward, organizations can attract diverse solvers—from startups and academics to individual inventors—who might not otherwise engage. They’re particularly effective for sourcing breakthrough ideas, accelerating R&D, or uncovering unconventional approaches that traditional pathways might overlook – though this can take a lot of time and qualification.

EZ Button is yet2’s agile scouting service designed for speed. It quickly uncovers vetted, topic-specific solutions so your team can address near-term needs and keep innovation moving forward—without the burden of a full-scale search.

At yet2, we’ve seen both tools play a vital role depending on the stage of innovation, the urgency of the need, and the clarity of the problem.

Expanding the Possibilities with Prize Challenges

While EZ Button delivers targeted discovery and rapid results, prize challenges create open opportunities for broad community participation. They invite fresh perspectives (sometimes even prompting new solution development) and are well-suited to challenges that benefit from slower, more exploratory input.

Prize challenges are especially valuable when:

• You need novel or crowdsourced approaches to an open-ended problem
• You’re seeking early signals of innovation momentum across industries
• You’re prioritizing exploration over execution

• You want to engage a broader solver community for creative input

When thoughtfully designed, prize challenges can reveal overlooked concepts, open up early-stage partnership opportunities, and highlight emerging technologies. One limitation of crowds is they need to be armed with all of the constraints and practicalities required of any successful solution; however, often the companies leading the challenge can’t share those constraints publicly for strategic/competitive-intelligence reasons.

The Expansive Power of Agile Innovation

When teams need to move fast, access specialized insights, or evaluate a market-ready solution, EZ Button, our near-term topic-specific scouting, offers a direct and agile path. It offers clients immediate access to the full breadth of our capabilities, without the friction of repeated procurement or drawn-out onboarding.

More than just speed, this approach offers:

• Anonymity when exploring emerging players or IP
• Scalability—use only what you need and expand as priorities evolve
• Breadth of services, from deep tech scouting and market landscaping to expert outreach and NDA facilitation
• Procurement simplicity, with one subscription unlocking all of yet2’s innovation support

Clients regularly use EZ Button for decision-enabling reports, market validation, and targeted outreach that fills critical knowledge gaps. With first insights often arriving in just five business days, it’s built to deliver actionable results without slowing momentum.

So, when should you use each? Here’s how they compare:

Curated vs Open Call Prize Challenge Case Study

Two large organizations partnered with yet2 to run prize challenges—one curated with targeted outreach to vetted experts, the other a passive open call. While both sought innovation, their contrasting designs revealed clear insights on curated scouting vs. “build-it-and-they-will-come” approaches.

If you want to know more about these Innovation Insights, sign up for access to the whole case study.

Final Thoughts

Innovation strategy isn’t about picking sides or shoehorning a solution that doesn’t make sense in the context of your specific challenges. It’s about choosing the right tool at the right time, for the right reason. Prize challenges invite ideas from the edges. EZ Button helps make fast, smart decisions. Together, they form a flexible system for companies navigating the questions and answers of innovation.

Thinking about starting a prize challenge but are interested in learning more about how an EZ Button approach can bring faster results? Schedule a free strategy session with us below.

Words by Carlos Pichardo

Image by FreePik