In an effort to meet the growing demand for incentive, prize-based business models spurred on via open innovation, XPRIZE, an organization that aims to solve the world’s “Grand Challenges” by creating and managing incentivized prizes, introduced on March 17 its new for-profit venture, HeroX.
HeroX is a new economic engine meant to generate radical business as well as technological and social innovation. The venture also hopes to help create new industries and catalyze markets, according to a press release in advance of its March 27th launch event.
The HeroX platform echoes XPRIZE’s vision for large-scale, high-profile prizes by spurring a number of small challenges open to a larger pool of competitors. With plans to encourage innovation and incentivize competition, HeroX acts as an extension of XPRIZE to draw out the problem solvers and innovators of the world.
According to the press release, HeroX started as a “skunk works” project, or a project developed by a small and loosely structured group of people for radical innovation. It was then made a standalone company in 2013.
For those interested in learning more about the HeroX platform, the company will hold an informational launch Webcast on March 27 at 11:30 a.m. PT. Visit www.HeroX.com to register.
