For years X PRIZE winners have captured imaginations and inspired new generations of entrepreneurs and inventors.
The X PRIZE Foundation works to inspire innovators to great breakthoughs in their fields for the benefit of humanity. X PRIZE categories are typically sponsored by individuals or companies, with the winner receiving a $10 million award. The organization was dreamt into being by Dr. Peter H. Diamandis as a way to make his dream of space travel for private citizens a reality.
Progressive Insurance has made the leap into sponsorship. The are one of the sponsors of the automotive prize which offers 10 million dollars to the team with the best design of a viable, clean and super-efficient car--that people would actually want to buy.
You can read the blog about the competition here.