The broadcaster is linking with D&AD to raise awareness and understanding of the medium and will unveil a competition called "Out of the Box" at a seminar during next week's D&AD Congress.
Sky's competition will offer an interactive TV campaign worth £250,000 to the agency that devises the best use of the medium for a client.
It hopes the competition will counter preconceptions that interactive TV campaigns are based on technology with little creative thought.
The value of the prize will cover production of the ad, Sky Interactive's cost and the interactive airtime premium on Sky's channels.
Sky hopes the competition will result in the most sophisticated interactive ad ever run on Sky. It is also pushing for D&AD to introduce an interactive television award.
Details of the competition will be unveiled on 19 May at the D&AD Congress seminar.