Prize philanthropy

From Wikipedia, the free encyclopedia

Prize philanthropy is a term used to define individuals and foundations that provide the financial support to create and run inducement prize competitions. Inducement prize competitions have been gaining popularity because of the leverage they provide to find solutions in specific areas of discovery. The notion is that instead or in addition to supporting research, philanthropists earmark their money to supporting transformational prizes that will result in real breakthroughs for humanity. Prize philanthropy can be made at all levels of giving. From multi-million dollar title sponsorships, to small individual grassroots donations.

The term Prize philanthropy was first coined in 2004 by Dr. Peter H. Diamandis and Keith Adam Powers at the X PRIZE Foundation.