Naveen Jain has joined the Xprize board of trustees to help solve humanity’s grand challenges using incentive prizing.
What is an XPrize?
An XPRIZE is a highly leveraged, incentivized prize competition that pushes the limits of what’s possible to change the world for the better.
It captures the world’s imagination and inspires others to reach for similar goals, spurring innovation and accelerating the rate of positive change.
An XPRIZE must meet the following criteria:
BOLD AND AUDACIOUS GOAL
Pushes the boundaries of human potential by focusing on problems currently believed to be unsolvable, or that have no clear path toward a solution.
TARGET MARKET FAILURE
Targets a range of market failures: (1) no capital is being spent, (2) capital is being spent, but without the desired result, (3) no capital is being spent because nobody knows it’s a problem, (4) the problem is known, but no one can imagine that it’s not already being addressed, (5) No one is addressing because a solution is thought to be impossible.
DEFINE THE PROBLEM VS. THE SOLUTION
Solution-agnostic, defining the challenge and incentivizing teams around the world to find the most effective solutions.
AUDACIOUS, BUT ACHIEVABLE
While a competition must be bold and difficult, it must also be achievable to ensure that teams believe that they can win.
WINNABLE BY A SMALL TEAM
Should be able to be won by teams ranging from industry experts to well-funded high school students who don’t know what they can’t do.
REASONABLE TIME FRAME
Designed to affect the foreseeable future, so a duration of two to seven years is essential to allow teams enough time to succeed, while ensuring momentum and that industry will not outpace the competition Clear, Objective and Simple Rules: Clearly defined finish line with easy-to-understand rules and goals that are measurable and understandable by all.
TELEGENIC AND EASY TO CONVEY
The winning of the competition itself is interesting and compelling, and has innate narratives that are able to be conveyed easily to our audiences.
Provides leverage for a sponsor’s investment by driving additional support of a solution;by shifting risk from sponsors to competitors, prizes attract investments of capital and time from motivated participants, and when prizes produce vetted solutions they can attract further investment.
Enable innovators to attract capital, support and team members Create “Back End Business”: Should give birth to a new industry or transform/revitalize an existing one with long-lasting benefits.
PROVIDE VISION AND HOPE
Inspires hope through our vision of a better future where winning teams are the proof that the world’s seemingly impossible problems can be solved.
Vision + Demonstration of Breakthrough=Hope
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