The X PRIZE Foundation and communications services provider, BT (News - Alert), have announced their partnership in an effort to combat some of the world’s biggest challenges, such as disease, poverty and energy efficiency.
X PRIZE Foundation is an educational non-profit that designs and administers competitions with prizes of $10 million or more. The foundation currently has three active competitions.
These competitions are the $10 million Archon X PRIZE for Genomics; the $10 million Progressive Insurance Automotive X PRIZE; and the $30 million Google (News - Alert) Lunar X PRIZE to send privately funded rovers to the Moon.
Over the course of a three-year partnership, BT Global Services (News - Alert) will provide $7 million in operating funds to the Foundation. The X PRIZE Foundation plans to launch 12 or more new prizes over the next five years.
According to BT’s officials, this partnership represents the largest sponsorship BT Global Services has ever provided an organization in North America.
These funds will allow the X PRIZE Foundation to focus on developing new prizes to “solve some of the greatest challenges of our time.” This investment in the X PRIZE model of philanthropy, BT believes, will help accelerate innovation to benefit humanity.
“These prizes could have a combined purse total of over $300 million,” said officials.
BT's expertise in communications will be a valuable resource for the Foundation and prize competitors to mobilize ecosystems of innovators and scientists around the world to collaborate.
“X PRIZE Foundation is extremely selective when deciding to partner with an organization, and we were delighted to find in BT a group that shares our values: global vision, collaboration, rapid innovation,” said Brent Kocher, senior vice president of partnerships and marketing at the X PRIZE Foundation.
“BT is a worldwide leader in technological innovation and collaboration. Their expertise and global reach will give the X PRIZE Foundation an even greater impact in the areas that are in desperate need of a breakthrough,” added Dr. Peter Diamandis, chairman and CEO of the X PRIZE Foundation.
Francois Barrault, CEO at BT Global Services, said: "This partnership is the latest step in BT's long legacy of innovation. We believe the X PRIZE Foundation is a valuable demonstration of how collaboration and global networks, both human and technological, can create positive change for business and society.”
Anshu Shrivastava is a contributing editor for TMCnet. To read more of Anshu’s articles, please visit her columnist page.