The XPrize is a highly sought-after award that is given when seemingly unsolvable goals are incentivized to change the world for the better. Associations of nearly every kind make several of the same mistakes that lead to market failure, and one of those mistakes is not addressing an issue when it’s thought to be impossible.

According to XPrize’s mission statement, “We believe that challenges must be audacious, but achievable, tied to objective, measurable goals. And understandable by all. We believe that solutions can come from anyone, anywhere and that some of the greatest minds of our time remain untapped, ready to be engaged by a world that is in desperate need of help.” Anyone, no matter the background or training, can participate in helping to make achieving the goals of XPrize a reality.

India is the second most heavily populated nation in the entire world as well as a leader in innovation, so it’s no surprise that there are already two confirmed donors. Gregory S. Thomas of the Deccan Herald reports, “Besides Coca-Cola, the Motwani-Jadeja Foundation is another [donor]. But the latter is at a much [more] preliminary stage, with Asha Jadeja, wife of late Professor Rajeev Motwani, a mentor to Google founders Sergey Brin and Larry Page, merely expressing her intent to fund another Grand Challenge on the theme of women and girls.”

Zenia Tata, representative for and Program Director of XPrize, announced the contest last month. It focuses on the theme of water; she says that it “will completely change perceptions on where water comes from and how you can use it.”

But the global nonprofit hopes to also take its incentivized prize model a step further and solve other challenges that India, along with other developing countries, has faced. These include improving energy consumption and sourcing, education, healthier lifestyles, shelters, social justice, waste and global connectivity.

With these goals in mind, XPrize hopes to expand and bring its methods to other developing countries across the globe to inspire others to help create a healthier and more sustainable world.

– Anna Brailow

Sources: Deccan Herald, XPrize 1, XPrize 2, XPrize 3
Photo: Indie Gogo