Bug bounties have seen a 40% growth in engagements over the last year, indicating their increasing importance as a necessity rather than a nice-to-have. A successful engagement starts before its launch and is a continuous process that requires knowledge of core concepts and fundamentals to run it effectively. To achieve success, one must get buy-in early from internal stakeholders, own the engagement by investing in its success, consider the power of scope and rewards, set clear expectations, and have a plan in place for various scenarios. By following these tips, organizations can create a well-run bug bounty engagement that attracts researchers and encourages repeat participation.