The use of special prizes to fuel global innovation

February 13, 2007 Two heads are better than one. Six billion are even better. In solving big problems, you need a lot of brain power and the opportunity now exists via this wonderous global network to pour cubic brainpower on problems we need to solve. Tens of millions of scientifically trained minds all thinking about the same problem ensures that if there’s a way, we’ll find it. In terms of setting the global scientific agenda and stimulating innovation, nothing seems to work quite as well as a clearly defined challenge and a big fat prize. It immediately gives that limitless source of human intelligence out there a focal point – throughout history, such prizes have consistently proven to be the most effective method of fast forwarding development of enabling technologies, opening new vistas of human endeavour and solving key society-enabling problems. In announcing the Virgin Earth Challenge, Branson showed he had been an attentive student of innovation history when he said, “History has shown that Technology Prizes have been invaluable in encouraging technological advancements and innovation in many, many areas of science and industry.” History has indeed given us many big thinkers who have left massive legacies – people whose macro perspective on the world is such that they can identify a seemingly insurmountable societal problem and set in motion the process of solving it with an audacious stroke and a lot of money. In recent times we have seen DARPA’s Grand Challenge which gave us the world’s first truly autonomous vehicle inside a few years and for just a few million dollars. The Ansari X Prize fast-forwarded space development by decades. The British government offered the first prize of this type for a device capable of accurately measuring longitude in 1714. The prize was claimed 59 years later when clock maker, John Harrison (pictured) was awarded UKP 20,000 for devising an accurate and durable chronometer and it transformed our ability to sail the seas. The French have often used prizes as an incentive to fuel innovation, with a 100,000 franc prize in 1775 resulting in an artificial form of alkali being produced and hence began the French chemical industry. Napolean is best known for his battlefield genius but a 12,000 francs he offered in 1810 resulted in the first vacuum sealed food. A newspaper prize catalyzed the first flight across the English channel in 1909 and reset human boundaries as to what was possible with powered flight.

« Back to The use of special prizes to fuel global innovation