The Impact of the Purpose Prize™: Exploring a Method to Stimulate Social Entrepreneurship

Abstract

This study explores potential organizational outcomes associated with The Purpose Prize™, a prize designed to recognize the accomplishments of older adult social entrepreneurs. While previous studies have established relationships between social innovation prizes and public attention to different issues, research that has explored the impact of prizes on organizational outcomes is sparse. We present analyses based on surveys of 200 Purpose Prize™ applicants, fellows, and winners. Results suggest that the Purpose Prize™ was related to organizational-level variables, as measured by factors such as changes in budgets and media mentions. Those effects varied by number of issues addressed, whether the organization had a research component, and affiliation with the Purpose Prize™ Network. We discuss the limitations of this exploratory study, and consider the implications and the sustainable impact of prize awards on the organizations that receive them. Finally, we discuss the significance of the Prize's™ focus on older social entrepreneurs.