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Peter Diamandis: The X-prize Foundation

In economics, a powerful way to increase research, development and science, are patents. Since patents creates incentives for companies to invest in R&D to be able to reach the benefits of the limited time monopoly it implies. Government allowances to found basic research is another way to increase innovation and research. But there is a third way for society to encourage investments in invention and dissemination – namely prizes.

Prizes such as the X-Prize Foundation and e.g. the “Ansari X Prize”, that was a space competition in which the X Prize Foundation offered a 10,000,000 prize for the first non-government organization to launch a reusable manned spacecraft into space twice within two weeks.