Artificial Intelligence and Robotics brings an immense potential across many sectors for improved standards of living, safer mobility, better healthcare, new jobs, or the personalization of public services. However, it presents huge challenges, especially regarding trust and performance reliability, that prevents the wide uptake of these technologies. There is an urgent need to establish a participatory methodology that can bring together industry, academia, and society to make noteworthy scientific advancements in key AI domains and to guarantee the widespread adoption of these advancements to enhance Europe's competitiveness. Open innovation competitions have been proven to be successful in promoting innovation, attracting new talent, and securing capital in various fields. However, the main problems with the European open innovation landscape include a) High Fragmentation: initiatives and organizations operating independently; b) Isolated initiatives: lack of collaboration between stakeholders; c) Lack of sustainable funding models for open innovation: challenge for the long-term viability of these initiatives and the results uptake; c) Lack of a sound impact measurement methodology: challenge to demonstrate the value of these initiatives to stakeholders. The goal of the AIBOOST project is to establish a prominent open challenge prize program that will serve as a benchmark for the European artificial intelligence (AI) community aimed at achieving these impacts: I1) Enabling scientific breakthrough in major AI areas by attracting the best research teams to join forces.; I2) Contributing to the effort of unlocking AI, robotics and data innovations uptake across several sectors and applications through collaboration and co-creation.; I3) Boosting AI talent uptake by EU industry engaging in the competitions students and new rising starts, I4) Increasing private investment in AI research providing attractive and sound approaches.