Challenge grants: frightening, frustrating, and fruitful

Purpose – The purpose of this paper is to provide an overview of the challenges and benefits of a challenge grant. Design/methodology/approach – The paper explains the University of Waterloo Library's first‐hand experiences in seeking and acquiring a challenge grant from the Kresge Foundation. Findings – The challenge grant can provide libraries with a unique opportunity to raise their profiles, enlist the support of key leaders, generate excitement about their organizations' work and future plans, and raise additional funds. Originality/value – The paper provides practical suggestions that offer incentive and encouragement to seek a challenge grant due to the many benefits that accrue to a library development program.