X Prize Foundation will crowdfund three new prizes. How it's a game-changer.
The X Prize Foundation announced this week that it will launch three new prize competitions before 2020. All of them, for the first time ever, will be crowdfunded, a possible game-changer in how the foundation's projects are selected.
The X Prize Foundation announced this week that it will launch three new prize competitions before 2020.
The announcement comes just one month after the foundation said it would launch the $2 million Wendy Schmidt Ocean Health X Prize for the development of a pH sensor to measure ocean acidification, and the three new projects will also be ocean-oriented.
But the exact goals of the new competitions, and the amount of cash that the winners will receive, is unknown – because it’s all up to the public.
“The grand challenges are problems of big importance for humanity,” says Paul Bunje, Senior Director of Oceans at X Prize, in an interview with the Monitor. “It’s critical for us that we are involving as much of a swath of humanity as possible.”
This is the first time that the X Prize Foundation, famed for its generous cash prizes to the winners of its competitions pursuing scientific breakthroughs, will crowdsource its prize purses and competition goals. Concurrent with the announcement of the new prizes, the foundation also launched the Ocean Ambassadors Program, though which participants can access educational content from the foundation and, in the future, contribute both dollars and ideas to X Prize.
The program will help the foundation to better outline which scientific problems are the most pressing and what form solutions to these problems should take, says Dr. Bunje.
“Innovation can come from anywhere,” says Bunje, “and the intelligence to design these prizes can also come from anywhere.”
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