This past Tuesday, I attended the Schreyer Honors College’s “Shaping the Future Summit” to hear a talk by Dr. Peter Diamandis. Dr. Diamandis has led a fascinating life starting with graduating from Harvard Medical School, founding several space related companies, becoming a world-renowned author, and founding XPrize. In his talk, Dr. Diamandis explained his inspiration for XPrize came from the Orteig Prize. The Orteig Prize was the famous $25,000 reward for the first aviator to fly from New York to Paris won by Charles Lindbergh. This $25,000 reward induced over $300,000 in private funding from various competitors. Dr. Diamandis’ saw the potential in a prize “system” and founded the XPrize Foundation to address the world’s most pressing problems. People in the Penn State community may be familiar with the Google Lunar XPrize since Penn State’s very own Lunar Lion team is attempting to land on the moon, but there are several different XPrizes covering various industries.
On their website, the XPrize foundation lists the 5 main categories their prizes fall under:
- Energy and Environment
- Exploration
- Global Development
- Learning
- Life Sciences
The prizes for the winners vary from around $1 million to $10 million depending on the nature of the challenge. Some current and past XPrizes include the Google Lunar XPrize awarded to the first private team to create a moon-landing craft, The Qualcomm Tricorder XPrize awarded to the team who creates a palm sized device capable of collecting basic health metrics and diagnosing at least 15 diseases, and the Wendy Schmidt Oil Cleanup XChallenge awarded to the team that designs a more efficient and cheaper method of cleaning up oil spills. These various XPrizes have followed the Orteig Prize in inspiring investments several times that of the value of the prize itself. It’s an incredible display of how human ingenuity and competitiveness can be used to benefit everyone.
Dr. Diamandis was very passionate in his speech when discussing how major problems can be addressed by smaller groups of people, not just huge companies and governments. With the rise of several technologies including the internet and 3D printing, individuals have more power than ever. We have access to such an incredible breadth of knowledge at our fingertips that unlocks a huge amount of potential. Dr. Diamandis ended his speech by explaining that with over 6 billion people on this earth who all think uniquely, there is almost no problem humans can’t solve. His favorite part of XPrize is seeing the “underdog” team win the prize. He mentioned the one tattoo artist from Las Vegas who came up with the second best design for the Oil Cleanup challenge despite virtually no experience in the field. Dr. Diamandis vision of the XPrize shows that everybody has the potential to make revolutionary change, it just has to be unlocked.
Dr. Diamandis’ speech resonates deeply with the power of individual innovation and grassroots problem-solving. It’s refreshing to hear a prominent figure highlight the potential of smaller groups and individuals, especially considering the dominance of large corporations and governments in tackling major challenges.
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