The X PRIZE Foundation is a nonprofit whose mission is simply ”to bring about radical breakthroughs for the benefit of humanity”. By offering a big cash prize for a specific accomplishment, The X PRIZE stimulates competition and excitement around some of the planet´s most important goals.
Peter´s background is in space exploration – before the X PRIZE, he ran a company that studied low-cost launching technologies and another company that took civilians on rides into the upper atmosphere. But though the Foundation´s first US$ 10 million went to a space-themed challenge (2004 winner: SpaceShipOne), Peter´s goal now is to extend the prize into health care, social policy, energy & environment, education and many other fields that could use a dose of competitive innovation.
There are many types of competitions and awards around the world, but an X PRIZE is in a class by itself. What sets them apart from other non-profit organizations is their ability to frame a challenge and incentivize a solution in a way that their efforts and funds are multiplied exponentially by the teams who strive to compete and win the prize.