Prize Innovation

  • Ian E. Maxwell

The offer of substantial prizes for achievements in specific areas can provide a powerful stimulus to innovation. A competition launched in the 17th century, for example, resulted in the creation of a method to accurately estimate longitude. This innovation business model has recently been reinvigorated with a wide range of new prizes being offered for achieving well defined and, often, very challenging technical goals. Many of these prizes target technology solutions to major global issues.


Bodies offering prizes include both private and governmental organizations. One of the largest is the X PRIZE Foundation that “creates and manages prizes that drive innovators to solve some of the greatest challenges facing the world today”. This novel foundation, which was founded by Dr Peter Diamandis, is a non-profit, educational organization which stimulates competition to create innovative breakthroughs for the benefit of mankind. Notable Google is a partner of the foundation and...


Lunar Surface Business Model Innovation Cash Prize Autonomous Ground Vehicle Personal Genetic Information 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Copyright information

© Ian E. Maxwell 2009

Authors and Affiliations

  1. 1.Maxco Consulting GroupTakapuna 0740New Zealand

Personalised recommendations