Puri: Incentive prizes drive competitor investment far beyond the prize bounty
Shaan Puri · Building A 100+ Year Legacy + Peter Thiel’s Fellowship + Bomb Hiring Questions · Aug 28, 2024 · at 7:41
Shaan Puri and Sam Parr analyze the economic mechanism and leverage of incentive bounties like the XPRIZE compared to direct charitable funding.
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“And now the genius of the XPRIZE was that you, by putting up ten million, and I think it became twenty million for the prize, people would like a bunch, 20 teams would invest two million each in trying to develop the thing to win the ten million dollar prize. And so you would get forty million invested for a ten million prize. So it was a kind of genius way to spur innovation and investment. So not just people who want to win the prize, because that's obvious, put a prize up, people will try to go win it. But actually in the act of winning it, more dollars got poured in because they saw a clear return and the math worked out where, oh wow, I get leverage. My 10 actually becomes a hundred invested in this mission if I get enough interest around it.”
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