X PRIZE Foundation and Progressive Insurance jointly announced the $10 million dollar Progressive Insurance Automotive X PRIZE. "Let the race begin!" said X PRIZE Chairman and CEO Dr. Peter Diamandis. Complete details here.
People love their cars. They are vital links to our jobs, our community, ourselves. For everything we love about them, cars are chained to the most severe global crises of our time: oil dependence and climate change.
Through an exciting partnership with Progressive Insurance, the newly renamed Progressive Insurance Automotive X PRIZE invites teams from around the world to focus on a single goal: design viable, clean and super-efficient cars that people want to buy.
This will be a race for the ages, with major publicity and $10 million waiting for the champions… and perhaps our future hanging in the balance.
Numerous suggestions have been served up to succinctly state just what America ‘needs’. To Hoover, it was a chicken in every pot. To Marshall, it was a good 5 cent cigar. Today some say it’s a government bailout or perhaps just good cell reception. But leave it to the venerable X Prize foundation to suggest it’s a 100 MPG car- and to put their money where their mouth is by offering the $10 million Progressive Insurance Automotive X PRIZE. Fear not if you don’t have your own huge testing facility in some far corner of Michigan, as the organizers expect to attract a wide range of teams, from students to start-up companies to large manufacturers. With venture capitalists, angel investors, sponsors, governments and others waiting to back them. Though the 100 MPG stipulation is most notable, there are other requirements relating to factors such as greenhouse gas emissions, seat capacity, safety, range and mass manufacturing potential. The overall goal is quite simply to create clean, super-efficient cars that people want to buy. This can’t come a day too soon.
We expect and hope that a wide range of teams, from students to start-up companies to large manufacturers will want to enter the Progressive Automotive X PRIZE competition. Below you will find some initial information for potential teams.
If you represent a team interested in joining the Progressive Automotive X PRIZE, check out our Letter of Intent Program.
$10 MILLION PRIZE PURSE
Winners of the Progressive Automotive X PRIZE will split a $10 million dollar purse.
INTENSE MEDIA SPOTLIGHT
The Ansari X PRIZE generated more than five billion earned media impressions – the space between the ads. The Progressive Automotive X PRIZE expects to generate significantly more publicity and media exposure. This competition offers you a unique platform to build your brand and prove your technology to the public, media, investors and decision makers.
GLOBAL COMPETITION FOR THE AGES
Nothing drives innovation and discovery like competition. You will collaborate and compete with inspired teams from around the world to work on this grand challenge: create viable, production-capable vehicles that are super-efficient and meet the needs of consumers.
The X PRIZE Foundation conducts a careful screening of all entrants. Only teams that demonstrate a legitimate chance of winning are accepted, which lends your team instant credibility. We hold our entrants to a very high standard because we need teams that have the fortitude and integrity necessary to achieve breakthroughs that benefit humanity.
SPONSORSHIP AND INVESTOR LEVERAGE
Having a viable opportunity to win a multi-million prize stimulates investment in competing teams. This investment may come from venture capitalists, angel investors, sponsors, governments and others.
START A REVOLUTION
Be part of the solution by creating a super-efficient vehicle that people want to drive! Teams that enter the Progressive Automotive X PRIZE can help reduce our addiction to oil and stem the effects of climate change.