They’re winning breakthrough ideas

THE PRINCIPLE

One way to get great ideas is to create a contest

In 1996 the California-based X Prize Foundation offered a $10 million prize for the first successful private space flight. It was won by SpaceShipOne. In 2008 they added further prizes of up to $30 million for solutions to problems relating to energy, the environment and education, among others.

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The Foundation’s chairman and CEO, Peter H. Diamandis, told the Harvard Business Review that with a contest the entrants are not only after the money, they also enjoy the thrill of the chase, the potential fame and the benefits to humanity. And companies or rich individuals who sponsor a prize get to put their money to good use.

The Foundation is after big breakthroughs and considering big prizes for things like a programme that can boost a child’s reading level by two years in the space of six months. For most of the prizes anybody can enter, which ensures that even people who have ‘crazy’ ideas can get them considered.

Of course, not many people or organisations can afford those kinds of prizes, so the Foundation is exploring a way to create smaller rewards, of between $10,000 and $1 million, to tackle local problems.

You can take this even lower in terms of the level of financial reward. You might be surprised by how little it takes (financially) to get people coming up with ideas to help you solve your challenges, as long as there is some recognition for the winners. It could be a great way to harness the power of some fellow creative thinkers and offer a win–win outcome for everyone.

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