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Horizon Prizes are 'challenge' prizes (also known as 'inducement' prizes) offering a cash reward to whoever can most effectively meet a defined challenge.
The aim is to stimulate innovation and come up with solutions to problems that matter to European citizens.
This is how the Horizon Prizes work:
- first a technological or societal challenge, for which no solution has been found, is defined;
- an award is promised for the delivered breakthrough solution;
- the award criteria give information about what the solution must be capable of proving;
- the means to reach the solution are not prescribed, leaving applicants total freedom to come up with the most promising and effective solution.
Horizon Prizes are different from prizes such as the Nobel Prize or the Sakharov Prize which celebrate outstanding achievements performed in the past.

The Prizes:
- Better use of antibiotics: launched in February 2015
- Breaking the optical transmission barriers: published in January 2015
- Materials for clean air: launched in the first quarter of 2015
- Collaborative spectrum sharing: published in January 2015
- Food Scanner: launched early in 2015

Further Information:
http://ec.europa.eu/research/horizonprize/index.cfm?pg=about