Editing Xprize Foundation (section)

==XPRIZE unifying principles==
XPRIZES are monetary rewards to incentivize three primary goals:

*Attract investments from outside the sector that take new approaches to difficult problems.
*Create significant results that are real and meaningful. Competitions have measurable goals, and are created to promote adoption of innovation.
*Cross national and disciplinary boundaries to encourage teams around the world to invest the intellectual and financial capital required to solve difficult challenges.

Other organizations such as the Nobel Prize committee award prizes and financial rewards to individuals or organizations that produce novel advances in science, medicine and technology. One difference between the XPRIZE foundation and other similar organizations is the awarding of prizes based on the first to achieve objective 'finish line' requirements rather than a selection committee discussing the relative merits of different endeavors. For instance, the [[Archon Genomics XPRIZE]] target was to sequence 100 human genomes in 10 days or less, with less than one error per 100,000 DNA base pairs, covering 98% of the genome and costing less than $10,000 per genome (this prize was canceled because it was outpaced by innovation).

The prize can increase attention to endeavors that otherwise might not receive much publicity. XPRIZE is currently developing new prizes in Exploration (Space and Oceans), Life Sciences, Energy & Environment, Education and Global Development. The prizes will aim to help improve lives, create equity of opportunity and stimulate new, important discoveries.