X Prize Foundation

XPRIZE is a non-profit organization that designs and manages public competitions intended to encourage technological development that could benefit mankind. Their Board of Trustees include Elon Musk, James Cameron, Larry Page, Arianna Huffington, Ratan Tata among others.

The XPRIZE mission is to bring about “radical breakthroughs for the benefit of humanity” through incentivized competition. It fosters high-profile competitions that motivate individuals, companies and organizations across all disciplines to develop innovative ideas and technologies that help solve the grand challenges that restrict humanity’s progress.

The most high-profile XPRIZE to date was the Ansari X Prize relating to spacecraft development awarded in 2004. This prize was intended to inspire research and development into technology for space exploration.

Background

The first XPRIZE – the Ansari XPRIZE – was inspired by the Orteig Prize, a $25,000 prize offered in 1919 by French hotelier Raymond Orteig for the first nonstop flight between New York City and Paris. In 1927, underdog Charles Lindbergh won the prize in a modified single-engine Ryan aircraft called the Spirit of St. Louis. In total, nine teams spent $400,000 in pursuit of the Orteig Prize.