X Prize: $100 Million for Clean Fuels

[phantom power]

The X Prize Foundation made its name handing out $10 million awards for cutting-edge innovation in promising but thinly financed fields of research. But now the Santa Monica (Calif.) foundation is targeting one of the most-crowded contests in technology: the race to discover clean alternatives to fossil fuels.

http://www.businessweek.com/bwdaily/dnflash/content/apr2008/db20080428_278185.htm?chan=top+news_top+news+index_news+%2B+analysis

[Zachstar]

1. Prizes spurred some of the best advancements in history.

The Spirit of St Louis

SpaceShip 1 (First to break the sound barrier under nonemergency conditions for a civilian craft)

For some of the well known examples.

And if you think about it Contracts also lead to MANY advancements.

Both the YF-16 and YF-17 competed for a massive contract that gave us one of the best attack fighters we have today. And the research done with the YF-17 led to the awesome FA-18

So much raw research comes from prize contests that overall they SERIOUSLY aid in the advancement of mankind.

So I am VERY VERY happy to see this!