Peter Diamandis i2i Presentation 2009
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  • 1. “The best way to predict the future is
    to create it yourself.”
    incentive2innovate – June’09
    Peter H. Diamandis, MD
    Chairman/CEO, X PRIZE Foundation
    310-741 4880
    Revolution Through Competition
  • 2. 1927 Orteig Prize: New York - Paris
    “First team to fly non-stop between NY and Paris”
    • Orteig puts up $25,000
    • 3. 9 Teams spend $400,000
    • 4. Lindbergh, 25 year old underdog wins!
    • 5. Results:
    Top media story of the century
    Transformed public’s view of Aviation
    6,000  180,000 passengers (18 mths)
  • 6. Ansari X PRIZE
    “First team to fly 3 people to space, twice within 2 weeks”
    Rules:
    $10 Million prize purse
    Privately funded teams
    3 person reusable spaceship
    100 km altitude
    Two flights within 2 weeks
  • 7. Competing Teams
    ARCA
    Space Transport
    Rocketplane
    Canadian Arrow
    DaVinci Project
    Pablo DeLeon
    Scaled Composites
    26 Teams, 7 Nations
    $100 million spent
    StarChaser
    Armadillo Aerospace
    Multiple approaches tried by many teams
  • 8. … >6 Billion Media Impressions Worth in Excess of $120 Million
  • 9.
  • 10. Hallmarks of an Incentive Competition
    • Highly leveraged: typically 10 – 40x
    • 11. Efficient: only pays the winner
    • 12. Sparks new industrydevelopment
    $1B+
    Industry start
    $100M
    Teams’ spend
    $10M - Purse
    Ansari Family
    $2.5M - Start-up
    St. Louis
  • 13. Four X PRIZE Groups
    FPO
    Life Sciences
    Exploration
    Energy &
    Environment
    Education &
    Global Development
  • 14. Active X PRIZES
  • 15. Incentive Prize (X PRIZE) Design Attributes
    • Target area that is ‘stuck’; market failure
    • 16. Clear, objective & simple rules
    • 17. Hard but attainable
    • 18. Can be won in 3 - 8 years
    • 19. Define a problem, not a solution
    • 20. Proper size/type of incentive
    • 21. Multiple purses & bonuses
  • Incentive Prize (X PRIZE) Design Attributes
    • Launching above (Super-Credibility)
    • 22. Persistent media exposure
    • 23. Assure there is a “back end business”
    • 24. Open to teams worldwide
    • 25. Telegenic
    • 26. Use of deadlines to drive action
    • 27. Ownership of IP & Media Rights
  • Incentive Prize (X PRIZE) Results
    • Attracting new capital
    • 28. Attract maverick doers
    • 29. Crowd sourcing genius
    • 30. Overcoming existing constraints (psychological & regulatory)
    • 31. Creating new regulatory framework
    • 32. Increased public awareness - educate & excite the public
  • Incentive Prize (X PRIZE) Results
    • Make heroes of the teams
    • 33. Create global media events
    • 34. Encourage taking intelligent risk
    • 35. Encourage cross disciplinary solutions
    • 36. Launch an industry
    • 37. Driving real-world deployment
    • 38. Change the paradigm