If you take Kaggle as a well known example of data science competition size, how do you know what is an adequate budget for the cash prize size? At least to determine an order of magnitude, given I am not able to study all previous competitions, cluster them by this factor and assess driving factors? irony - could be a competition itself?
I've also looked up the Q&A page at Kaggle and have found more or less same question but without answer yet:
We would like to understand:
- What is the minimum prize pool that starts capturing your attention?
- Open-ended question - could you give us idea on what are the most important things you take into account before deciding to participate are not?