X Prize Foundation to Start New Competitions

The X Prize Foundation, which is known for its $10-million prize for the first privately supported rocket into space, is setting its sights closer to home, reports The Los Angeles Times.

The Santa Monica, Calif., nonprofit group wants to offer prizes to people working to improve public schools, relieve global poverty, develop faster and more-affordable DNA sequencing technology, and create a car that gets 100 miles per gallon.

Panels of experts will meet next week to discuss how X Prize will offer prizes and evaluate results for these efforts.

The group will soon start a fund-raising campaign to garner $50-million for the creation of 10 to 15 new X Prizes over the next five years. It also wants to develop a television show based on one of the X Prize competitions.

Read The Chronicle of Philanthropy’s article about Tom Vander Ark, the new leader of the foundation.

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