A Big Cash Prize is a Great Motivator

A business plan competition for 'young' (under 36) scientists by Oxford Biotech Roundable and GSK figures out how to motivate scientists to come out to bat:

Our fundamental challenge was to generate enthusiasm for a biotech business plan competition and get people excited about entrepreneurship in a sector and region not known for its risk-taking culture. But we also knew that the caliber of researchers and students we sought to engage would need an attractive value proposition to incentivize them to invest their time and energy. In this respect, the grand prize (£100,000 or about $180,000) provided an attractive reason for entrants to engage with the competition rather than pursue more established career trajectories.

The rest of the article includes many other bits of useful knowledge, like the main obstacles young researchers face when considering entrepreneurship (think networks and poor mentors), but the importance of setting the value of prize, grant, or fellowship is clear: If you want quality applicants, the chance of getting a prize must be worthwhile.