X PRIZE, Business - Cambrian House, Home of Crowdsourcing

Summary

Domain:: xprize
Members:: 1; View Original Idea

The X PRIZE Foundation (XPF) is a currently active nonprofit agency (www.xprize.org). However, our model of prize philanthropy is built on launching discreet ventures that act as subsidiary enterprises. With the launch of each new X PRIZE, businesses form within competitions and the oversight of the prize is managed by entrepreneurs who are driven by innovative concepts to benefit humanity. XPF is seeking your help to launch the next round of inducement prizes, each with a minimum prize purse of $10 million or more.

The X PRIZE Foundation does not impose budgets, reporting requirements or overhead because we offer prizes, not grants. We free entrepreneurs from the very constraints they find most limiting, and encourage them to invest every intellectual and financial resource at their command to solve the problem, reach the goal and win the prize.
By nature only one team can win each prize. But society ultimately benefits from all the efforts, many of which may prove to have commercially-viable applications even if they are not the first to reach the finish line (re: the “American Idol effect”).

The concept of prize philanthropy is enormously powerful. The purpose of the X PRIZE is to reinvent the proven model of prize philanthropy with an expanded mission to create substantial breakthroughs, in a wide range of endeavors, for the benefit of humanity.

Larry Page, Co-Founder and President of Google, put it best, “The success that the X PRIZE Foundation has achieved so far with minimal
resources is astounding. It is the kind of leverage that we all look for. The X PRIZE model has huge potential to unlock innovation around the grand challenges that are important to each of us.”

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January 3

Jai has created a new job (Advisor to Prize Development) for the business (X PRIZE) 2:13 PM
Jai has modified the tags (nuv8) for the business (X PRIZE) 2:06 PM