X PRIZE Foundation: Revolution Through Competition Harvard Case Solution & Analysis

In October 2004, SpaceShipOne rocketed into space, winning the $ 10 million Ansari X PRIZE. This competition for the first privately funded, manned space flight was organized by the X PRIZE Foundation, and attracted 26 competitors, who have spent more than $ 100 million in pursuit of the prize. The success of SpaceShipOne generated intense media and public interest. Many of the competitors for the Ansari X Prize also planned to continue its efforts to develop commercial spaceflight business. After this success, Peter Diamandis, founder and CEO of X PRIZE Foundation is the foundation of the future. He saw three options: close, continuing with a focus on space, or the creation of a "world-class prize institute that uses premium incentive model to solve the great problems of our time." He chose the third option, with a vision of 10-15 contest prize. Foundation chose to work in the fields, including space, medicine and genomics, energy and transport, education and other social problems. Lessons, the Competition prize program Ansari X PRIZE. Discusses the establishment and operation of a successful competition, and the benefits of incentive prizes, including bringing new ideas to bear on complex problems and pay only when an important goal achieved (paying for results, not effort). Creates a number of problems faced by the Fund, as it begins to focus on areas outside the space: the prize competitions may work in fields that are not technology-oriented (such as poverty) to the scale of the organization can support up to 10-15 events, and what area should focus on the foundation. Finally, the model can revolutionize prize philanthropy with financial incentives to encourage investment in key areas, and use charitable dollars, paying only for the result? "Hide
by David W. Hoyt, James A. Phills Source: Stanford Graduate School of Business 31 pages. Publication Date: February 6, 2007. Prod. #: SI90-PDF-ENG

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