Pursuing the idea of “revolution through competition” via huge-purse prizes was inspired for Peter Diamandis by reading about the Orteig Prize. In 1927 $25,000 was offered to the first person to fly non-stop from New York to Paris. Nine teams spent $400,000 in the competition. A 25-year-old named Lindbergh won the prize. Within 18 months air passengers had multiplied 30-fold from 6,000 to 180,000, the number of aircraft increased four-fold, and aviation stocks soared.
A lifelong space nut, Diamandis created out of thin air the Ansari X Prize. $10 million would go to the first team to make a 3-person reusable space vehicle that could reach 100 kilometers in altitude twice in two weeks…
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