X Prize

A theory fundamentally ingrained into current economic thought is that a highly competitive environment will produce a socially optimal outcome so long as the agents work within the governing rules of the society. An atmosphere of innovation and invention will flourish accelerating the advancement of technology and best practice. This key principle has given birth to the X Prize created to enhance the development of next generation technologies.

The first incidence of the prize (Ansari Prize) was completed in 2004 and created the first private suborbital spaceflight with a vehicle christened SpaceShipOne, with the maiden flight undertaken by Mike Melvill. A cash prize of $10 million was offered to the first successful flight with over $100 million of investment being generated by the competing entrants.

This concept has since been further developed and brought forward to commercial deployment by the British entrepreneur Sir Richard Branson with his Virgin Galactic venture. SpaceShipTwo is earmarked for its first passenger flight in 2010 with a ticket setting back the budding astronaut $200, 000 for 6 minutes of weightlessness. This illustrates a 6 year innovation and development curve from first successful trail to commercial deployment. This entire concept has been hugely successful and has subsequently been expanded to other sectors including the automotive industry.

The Progressive Automotive X Prize provides a $10 million cash prize for teams who successfully develop a super energy efficient vehicle that will achieve 100 miles to the gallon (or equivalent if utilising a different energy source). 43 teams representing 53 vehicles have made it through to the second round of the competition and have submitted technical packages representing a wide variety of fuels and energy systems.

What also excites me about this undertaking is the attention that has been paid to education by the competition organizers. A standalone website has been developed incorporating teaching aids, ideas, plans and tools for a range of school age groups. It is my opinion that instilling knowledge of environment, energy use and transport options from an early age is critical in developing a positive behavioural change concerning areas essential to climate change mitigation and adaptation. I hope that schools will champion this initiative and incorporate knowledge of sustainable transport into the curriculum.

I will be tracking the progress of this competition and am eager to learn about the trails, tribulations and successes of the entrants. I hope that some new and imaginative ideas will come from this endeavour and if the previous competitions are anything to go by this could prove the beginning of a step change in the automotive market towards a more sustainable future.