Forecasting challenges, in concert with increased data availability from observational networks, have the potential to galvanize the ecological forecasting community by providing a focal point for developing forecasts using a diversity of approaches. To this end, the Ecological Forecasting Initiative Research Coordination Network is hosting the National Ecological Observatory Network (NEON) Ecological Forecasting Challenge. The Challenge provides protocols, standards, and cyberinfrastructure for submitting and evaluating forecasts of population, community, and ecosystem processes that are measured by NEON. We highlight how such challenges can advance our synthetic understanding of predictability while also formalizing best practices that maximize forecast utility for society.