X Prize Foundation

Business type

Crowdsource

Service/product description

The X Prize Foundation is a non-profit prize institute that designs and manages public competitions intended to encourage technological development that could benefit mankind. It aims to foster 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.

What does 'openness' mean in this case?

The X Prize hopes to foster innovation through crowdsourcing via incentivized competition. People are encouraged to contribute to solutions in the form of competition, often listed with great rewards for the winners.