Money Matters - Simplified

X Prize Foundation announces $1.4mn oil clean up contest

As per the details posted on the official website of the competition, people have till April 2011 to submit their idea/solutions on how to combat the world’s largest ocean water oil spill in the Gulf of Mexico.

A nonprofit prize institute, the X Prize Foundation, on Thursday in a press conference at Washington D.C. announced 1.4-million-dollar contest to motivate people to come up with better and workable ideas/solutions to clean-up oil spill from the Gulf of Mexico.

The year-long competition is inviting research teams, inventors, scientists, and regular people alike to register their ideas/solutions for oil clean up. The contest closes on April 2011.

The oil clean up contest is dubbed as ‘The Wendy Schmidt Oil Cleanup X Challenge’ after Google CEO Erich Schmidt’s wife and president of Schmidt Family Foundation Wendy Schmidt, who’s contributing major share ($1 million) to the prize money.

"I got involved in this challenge because I felt it was the most constructive thing I could do. We have a responsibility to clean up the mess that we're making,” said Wendy after announcing the contest.

The year-long competition is inviting research teams, inventors, scientists and regular people alike to register their ideas/solutions for oil clean up. The contest closes on April 2011.

She further added that "we need to come up with better ways to respond quickly and to minimize the harm we are causing to marine life, coastal wetlands and beaches, and to our livelihoods."

It’s the sixth major incentive competition being held by the foundation that always states that its main aim is “to bring about radical breakthroughs for the benefit of humanity.”

Terms and conditions of the contest
As per the details posted on the official website of the competition, people have till April 2011 to submit their idea/solutions on how to combat the world’s largest ocean water oil spill in the Gulf of Mexico.

Website clearly states that first place will go to "the team that demonstrates the ability to recover oil on the sea surface at the highest oil recovery rate and the highest Recovery Efficiency.”

A panel of experts will be evaluating the entries, and teams will also be required to give demonstration of how their idea/solution/technology could help in cleaning-up oil tainted water.

These tests will be performed at the National Oil Spill Research and Renewable Energy Test Facility in New Jersey.

The winning entry will take away the prize money of $1 million, while second and third place entries will get $300,000 and $100,000 respectively.

Founders looking for long-term solutions
Peter Diamandis, founder and CEO of the X Prize Foundation, revealed said that through this initiative they are looking for solutions that would be helpful in future too.

"The fact of the matter is there are thousands of deep sea platforms. There are hundreds of thousands of miles of old pipelines, and billions of barrels of tankers. There's going to be more spills. Until we transition to solar or other alternative energy, we have to use the best tech to watch guard and clean up when these disasters hit, because it is not the last one," he said.