X Prize Foundation Promoting Virtuous Cycle

The pace at which philanthropy is evolving boggles the mind. Consider the newest example from yesterday's Wall Street Journal:

"The X Prize Foundation, sponsor of the widely noted 2004 award for developing a reusable rocket suitable for private space travel, says it is now teaming with a wealthy Canadian geologist to offer $10 million to any team that can completely decode the genes of 100 people in 10 days."

Apparently, such capacity would be pretty valuable to humankind because, ""If patients knew their genetic makeup, doctors could help them decide what medicines to take or to determine what diseases they are at risk for. And databases teeming with genetic code could speed the search for new treatments."

Lest any good deed go unpunished, this challenge is sure to promote grousing from cynics. Many will come from traditional philanthropy with no clue that a.) Philanthropy is so boring as to be invisible and b.) Boring is bad when comes to inspiring hope and progress.  The folks at X Prize apparently don't know how to mind their p's and q's with a crazy motto like, "Revolution Through Competition" and a tagline like, "Radical breakthroughs for the benefit of humanity." 

Like it or not, The X Prize Foundation has sex appeal that its founders are translating into eyeballs for social innovation like nobody else. Again from WSJ:

The prize is also expected to draw huge media attention. The previous space award, claimed by Mr. Allen's SpaceShip One, generated 5.5 BILLION (awed emphasis mine) ’Äòmedia impressions' valued at more than $120 million in advertising according to Ian Murphy, a communications official with the foundation. "We're going to spotlight the competitors and turn them into heroes," says Mr. Daimandas.

In charitable terms, that $120m is called ’Äòearned income' and it can be used to fuel more innovation and inspire more inventors and philanthropists. Talk about a virtuous cycle.

Susan Herr