The X PRIZE Foundation, an educational non-profit that designs and administers competitions with prizes of $10 million or more, is launching a $25,000 video contest on YouTube sponsored by Prize Capital, LLC.
The $25,000 will be awarded for the best video proposing a new, world-changing X PRIZE in the field of Energy and the Environment.
Contestants will be asked to submit a 2-minute video via www.youtube.com/xprize to enter. Entrants will be narrowed down to 3 finalists by the X PRIZE Foundation. Once the 3 finalists are identified, XPRIZE.org users will vote to determine the winner. The winner will be announced on XPRIZE.org in December 2008.
The winning video must answer the following three questions:
1. What is the specific prize idea?
2. What is the Grand Challenge or world-wide problem that you are trying to solve?
3. How will this prize benefit humanity?
Dr. Peter H. Diamandis, Chairman & CEO of the X PRIZE Foundation, said, "X PRIZE wants to know what young future leaders have to say. To solicit global input, we are launching a $25,000 contest on YouTube to get suggestions on what future Energy and Environment X PRIZEs should be designed and launched."
The X PRIZE Foundation is focused on educating the public about major challenges and solutions in several areas including the energy and environment sector. Following the launch of the Progressive Insurance Automotive X PRIZE, which seeks to inspire ultra-efficient passenger vehicles, the X PRIZE Foundation has been developing additional prizes that will make a positive impact on the environment.
The Foundation is looking for breakthroughs in clean fuels, renewable energy, energy efficiency, energy storage, carbon reduction and sustainable housing. To develop future energy and environment X PRIZEs, the X PRIZE Foundation is convening leading subject matter experts from across the globe. It has been working with Prize Capital, LLC to develop a prize in the area of renewable energy.
In addition to the experts, the X PRIZE Foundation has turned to the young minds at MIT by hosting the X PRIZE Lab @ MIT, which will focus on the energy & environment sector this Fall. The semester-long X PRIZE Lab class is asking students to conceive potential X PRIZEs that could help solve aspects of global warming and resource depletion. Last semester, the X PRIZE Lab @ MIT focused on healthcare. Students in the class proposed a Tuberculosis (TB) Diagnostics X PRIZE that would have the potential to save more than 1.6 million lives per year. The TB Diagnostics prize proposal was awarded a grant and is now being developed into an official X PRIZE.
"Prize Capital is proud to sponsor this contest to encourage creative thinking and provide open access to anyone around the globe to propose a prize challenge. Our Earth 2.0 Fund will provide capital for prizes to solve the most pressing energy and environmental challenges. We hope it may include one of the ideas proposed through this ground-breaking contest and the X PRIZE Lab @ MIT," said Lee Stein, Chairman and Founder of Prize Capital, LLC.
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