All right, so we're going to talk about what you can learn from the X Prize Foundation. This is where Elon donated over one hundred million dollars to this organization. Funny enough, the founder of Lulu Lemon I think it's named Chip Something. It's not Chip Kelly. Chip Kelly's the coach, but Chips Something. He donated one hundred and one a million dollars just because he wanted to beat Elon. And So, Neil, are you familiar with the X Prize Foundation?

All right, so we're going to talk about what you can learn from the X Prize Foundation. This is where Elon donated over one hundred million dollars to this organization. Funny enough, the founder of Lulu Lemon I think it's named Chip Something. It's not Chip Kelly. Chip Kelly's the coach, but Chips Something. He donated one hundred and one a million dollars just because he wanted to beat Elon. And So, Neil, are you familiar with the X Prize Foundation?

I am.

I am.

Do you want to describe what you think it is?

Do you want to describe what you think it is?

Wait, isn't Sunny part of X Price exactly? Yes. So it's just like a global movement that is just leveraging their power and platform and creating tons of competition to do amazing stuff in the world.

Wait, isn't Sunny part of X Price exactly? Yes. So it's just like a global movement that is just leveraging their power and platform and creating tons of competition to do amazing stuff in the world.

Okay, So I'm going to share a story. And I went to an X Priz thing yesterday and it was our mutual friend Sonny invited and it was nearby inn La, so I went. It was like a ten minute drive for me, so I'm like, okay, why not go? So the high level for the X Prize Foundation is it's a nonprofit organization that designs and hosts public competitions intended to encourage technological development to benefit humanity. Their board of trustees includes James Cameron, Larry Page, Ariana Huffington, and some other people here. So it was found in nineteen ninety six and it was first started. They awarded a ten million dollar prize. Blah blah blah. No, yesterday I went.

Okay, So I'm going to share a story. And I went to an X Priz thing yesterday and it was our mutual friend Sonny invited and it was nearby inn La, so I went. It was like a ten minute drive for me, so I'm like, okay, why not go? So the high level for the X Prize Foundation is it's a nonprofit organization that designs and hosts public competitions intended to encourage technological development to benefit humanity. Their board of trustees includes James Cameron, Larry Page, Ariana Huffington, and some other people here. So it was found in nineteen ninety six and it was first started. They awarded a ten million dollar prize. Blah blah blah. No, yesterday I went.

I went through like good stuff, like I don't know all of them, but I'm making it up, but like things like how to reduce how many forest fires there are, or things that will improve green tech or less pollution or whatever it may be.

I went through like good stuff, like I don't know all of them, but I'm making it up, but like things like how to reduce how many forest fires there are, or things that will improve green tech or less pollution or whatever it may be.

Let me share my story, damnit. So yesterday, So yesterday I walked in and who do I see? The first person I saw is Meta world Peace, the artist formally known as Runar basketball player.

Let me share my story, damnit. So yesterday, So yesterday I walked in and who do I see? The first person I saw is Meta world Peace, the artist formally known as Runar basketball player.

Right.

Right.

I saw Seth Green, Who's entourage, and so I saw some celebrities there basically, but I was more interested in hearing what Peter had to say, and he thanked everyone for being there. And to your point, Neil, the wildfire ones is a big one because the story here is I don't know how much I can share, but let's just put it this way. When you want to stop a wildfire, Neil what's the best time to stop a.

I saw Seth Green, Who's entourage, and so I saw some celebrities there basically, but I was more interested in hearing what Peter had to say, and he thanked everyone for being there. And to your point, Neil, the wildfire ones is a big one because the story here is I don't know how much I can share, but let's just put it this way. When you want to stop a wildfire, Neil what's the best time to stop a.

Wildfire before it starts or.

Wildfire before it starts or.

Right when it starts, right before it starts this idea, but right when it starts. So now there's technology is being created where drones will spot when a wildfire is starting and all the drones will fly there and they'll stop it right And so there's an X prize out there for that. And so to Neil's point, what they do is they create prizes for things that are important in society, so for solving you know, carbon emissions or wildfires, or solving education or hunger, these types of things. Right, And Neil, you know what I didn't realize. What do you think happens. Let's say you created a price for a million dollars? What do you think happens, like, what is required to go win that one million dollars?

Right when it starts, right before it starts this idea, but right when it starts. So now there's technology is being created where drones will spot when a wildfire is starting and all the drones will fly there and they'll stop it right And so there's an X prize out there for that. And so to Neil's point, what they do is they create prizes for things that are important in society, so for solving you know, carbon emissions or wildfires, or solving education or hunger, these types of things. Right, And Neil, you know what I didn't realize. What do you think happens. Let's say you created a price for a million dollars? What do you think happens, like, what is required to go win that one million dollars?

I don't know. I'm assuming you create rules on how people can win the million bucks.

I don't know. I'm assuming you create rules on how people can win the million bucks.

Sorry I didn't phrase that question. Well, what I mean by this is, let's say Neil and I we wanted to give away a marketing price. Maybe in the future we'll freaking do this, right, So we want to give away a million dollar marketing price. What ends up happening inevitably is that it starts to create a lot of fanfare and a lot of activity around that price because everyone starts to go for it. And so if you give away like one hundred million dollar prize for example, to solve like you know, space travel or whatever, right, then you might create six hundred million dollars in activity around it. And so it's actually worth it to create these prices. I didn't think about that. I was like, I'm just going to make all these prizes and what's going to happen. I was very short sighted, right, But it's like, no, if it's actually big problems and it's creating a lot of activity around it, that's actually a good way to move humanity forward. But from a marketing and business standpoint, it's like, Yeah, if you're going to create a price and it's a problem that's important to you and you want to get fanfare around it, it might be a way to go about doing things.

Sorry I didn't phrase that question. Well, what I mean by this is, let's say Neil and I we wanted to give away a marketing price. Maybe in the future we'll freaking do this, right, So we want to give away a million dollar marketing price. What ends up happening inevitably is that it starts to create a lot of fanfare and a lot of activity around that price because everyone starts to go for it. And so if you give away like one hundred million dollar prize for example, to solve like you know, space travel or whatever, right, then you might create six hundred million dollars in activity around it. And so it's actually worth it to create these prices. I didn't think about that. I was like, I'm just going to make all these prizes and what's going to happen. I was very short sighted, right, But it's like, no, if it's actually big problems and it's creating a lot of activity around it, that's actually a good way to move humanity forward. But from a marketing and business standpoint, it's like, Yeah, if you're going to create a price and it's a problem that's important to you and you want to get fanfare around it, it might be a way to go about doing things.

Yep. Look, if you have money to donate, leverage x prize. There's some of the smartest minds in the world that participate in those competitions. I'm not smart enough to participate, but many of you guys maybe or worst case, if you have cash, you get a lot of smart people in this world to help you solve your problems.

Yep. Look, if you have money to donate, leverage x prize. There's some of the smartest minds in the world that participate in those competitions. I'm not smart enough to participate, but many of you guys maybe or worst case, if you have cash, you get a lot of smart people in this world to help you solve your problems.

And you know, I actually asked afterwards. I was like, hey, so we talked to someone that worked there. And so basically, if you actually end up investing in these prizes or putting money into it, you have first DIBs to invest in these companies, and a lot of these are going to be world changing companies. So, for example, they did an X prize for the first private team to fly reusable spacecraft into space within two weeks. That's one. They had a Google Lunar X Prize first team to land a robot on the Moon and travel five hundred meters and they had to oil clean up one. So a lot of cool things. And my point of saying this too is like, maybe you don't need to give away million dollars or one hundred million dollars. Maybe you can just do something for twenty five grand or fifty grand or so to a cause that's important to you, and you can rally fanfare around it, and it's good to rally attention around it, and it might just work. It just depends on the business that you're in. I just think it's important to look at how things are done differently in different settings, different businesses, and then try to mold it to fit into whatever it is your goals are. And it might be good, it might not, but that's why we run experiments at the end of the day. Anything else, Neil.

And you know, I actually asked afterwards. I was like, hey, so we talked to someone that worked there. And so basically, if you actually end up investing in these prizes or putting money into it, you have first DIBs to invest in these companies, and a lot of these are going to be world changing companies. So, for example, they did an X prize for the first private team to fly reusable spacecraft into space within two weeks. That's one. They had a Google Lunar X Prize first team to land a robot on the Moon and travel five hundred meters and they had to oil clean up one. So a lot of cool things. And my point of saying this too is like, maybe you don't need to give away million dollars or one hundred million dollars. Maybe you can just do something for twenty five grand or fifty grand or so to a cause that's important to you, and you can rally fanfare around it, and it's good to rally attention around it, and it might just work. It just depends on the business that you're in. I just think it's important to look at how things are done differently in different settings, different businesses, and then try to mold it to fit into whatever it is your goals are. And it might be good, it might not, but that's why we run experiments at the end of the day. Anything else, Neil.

Nope, that's it. Make sure you review this podcast. We really appreciate it. Give us more five star reviews. We really appreciate you guys taking the time to listen to marketing School.

Nope, that's it. Make sure you review this podcast. We really appreciate it. Give us more five star reviews. We really appreciate you guys taking the time to listen to marketing School.

Yeah, give us those five stars. See you guys later.

Yeah, give us those five stars. See you guys later.