Solve Problems With Big Prizes

A prize, unlike a research grant, goes to someone who solves a problem, rather than just working on it.

That's just one of the virtues of multi-million dollar incentive prizes according to Peter Diamandis, the founder of the X PRIZE Foundation. His $10 million Ansari X PRIZE went to the SpaceShipOne team, when it made two manned flights into suborbital space in 2004.

We think these prizes can definitely be useful. Not so sure about his awkward new term "philanthropreneurs."

The next multi-million dollar X PRIZEs go to the team that can sequence 100 human genomes in 10 days and the team that builds a marketable 100mpg car.

Better get cracking...