Gulf investors in talks over 'world changing' contest

GLOBAL CHALLENGE: Gulf investors are being sought to fund $100 million contests to tackle world changing issues. (Getty Images)

Gulf investors are in talks over a series of $100 million contests that will aim to foster “world-changing” breakthroughs in fields such as space exploration and life sciences.

Negotiations planned for February could see a total of $1 billion being offered to encourage inventors to tackle some of the world’s most pressing challenges.

Peter Diamandis, chairman of the US-based X-Prize Foundation, which would manage the scheme on behalf of the investors, told CEO Middle East: “The amount of wealth that is concentrated in the hands of individuals is growing extremely rapidly, and what we want to do is offer them a different tool for changing the world for the better.

"We are now beginning discussions with companies and individuals in the Middle East."

Launched in 1996, the X-Prize Foundation is credited with helping to kickstart the commercial space industry through the Ansari X-Prize — a $10 million competition won by the Paul Allen-backed SpaceShipOne vehicle in 2004.

The organisation’s largest existing purse is the $30 million being offered via the Google-sponsored Lunar X-Prize, which was set up to encourage exploration of the moon’s surface.

Diamandis said the GCC plan would help attract more significant investment from entrepreneurs globally, as well as bringing a large amount of cachet to organisations that brand the contests.

"A large enough prize with high enough visibility changes what people think is possible. The conversation goes from ‘can it be done?’ to ‘when will it happen?’."

Diamandis said he planned to hold further talks with Saudi Arabian investors in February, before travelling to the UAE later in 2009.

“Large prizes like these will focus people on the big issues, rather than making incremental improvements. My belief is that there are a lot of brilliant people out there. Prizes like these give people permission to dream, to refocus their life’s work and organise themselves with similarly-minded people," he added.

The last year has seen Diamandis seeking to expand the X-Prize Foundation’s international reach, agreeing corporate partnerships with the likes of British Telecom and planning the establishment of offices outside the US.

He said: “The majority of teams and philanthropists have been domestic so far, and my goal is to take the foundation more onto a global stage.”

Diamandis said future contests may focus on mapping the ocean floor, boosting food production, and a concept he called ‘Human 2.0’ — where, for example, “a person who is severely handicapped from spinal cord injuries could be given the ability to regain their functionality”.

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