Crowdsourced Technology Prizes by Dennis Peterson
grout Jul 21, 2014 11:00
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Therefore, a company/inventor/team that is developing a solution would not have to wait for
contributors but could bet on themselves (if they have funds) and multiply their available
cash ten-fold? Or are they just using the prize as a carrot to dangle in front of investors
but still have to raise their orininal funds on their own?
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Dennis Peterson Jul 21, 2014 02:17
Member
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Prize is a carrot, just like the X-Prize. If the goal is too big for inventors to raise the funds they need, break it up into smaller subgoals with their own prizes.
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Dennis Peterson Jul 22, 2014 02:53
Member
| Proposal contributor
Here's a $1 million prize for a smaller power inverter, suitable for home solar systems: https://www.littleboxchallenge.com/
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Dennis Peterson Jul 28, 2014 10:50
Member
| Proposal contributor
The X-Prize Foundation has started crowdsourcing and crowdfunding new prizes, though without the betting component described in this proposal.
https://herox.com/
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grout Jul 28, 2014 11:09
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I like it. The ability as an individual to make a larger impact with my donation is great. Also, rather than donate to one company who may or may not succeed, I like that I am contributing to an idea, thus making it more likely to be achieved.
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Climate Colab Aug 13, 2014 04:21
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In many respects the more difficult part is to define the specific challenge, which when solved, could have a meaningful impact on clean energy production. There are many options for funding prizes for a worthwhile competition that don't have the legal challenges associated with on line gambling. For example, seeking commercial sponsors, getting government support, raising private funds through crowd sourcing venues, purchasing an insurance policy, etc. In my view, the proposal did not demonstrate that the benefits on an online gambling fund raising mechanism would be more effective than the alternatives.
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