Diamandis, founder of the X Prize Foundation, has an important post on prizes and philanthropy over at Huffington Post. Read it (and the comments) here.
The comments are especially worth reading. Here's a sampling of ideas they raise:
- From an employment self-interest standpoint, disease charities have no incentive to actually cure the diseases they support;
- Prizes should be considered against other options for innovation - e.g. state support, corporate R & D, patent offices, Creative Commons, etc.;
- Various ways to use prizes in education;
- The costs and potential returns of prizes