When looking to invest in charitable causes, philanthropists have no lack of good opportunities to choose from. There are many worthy fields that all need assistance, and all of them have an impressive volume of groups interested in doing their part to help the needs in their given area. So how does a rich, charitable investor know which group can best use the donation? Which group can get the best effect for the money? The X Prize Foundation offers an interesting solution to this predicament.
The X Prize Foundation focuses on a given issue plaguing humanity, and reaches out to an interdisciplinary group of knowledgeable professionals to do together what none of them have the skills alone to do. What’s more, as many teams are looking to solve the given problem, the prize money fuels many different teams, each of which are striving for a huge cash prize. It means that while philanthropists and investors are only paying for one team’s results, the collective effort of every entrant in the X Prize competition is striving to reach the given goal.
The X prize foundation is fundamentally changing the way philanthropists invest their hard earned income. Instead of guessing which charitable foundation will get you the results you need, organizations must now achieve the needed results to win the cash prize. This will be a great step forward for any field the X Prize focuses its attention on, making this foundation a great boon to humanitarian causes everywhere.