
Peter Diamandis, CEO of the , wants to use our competitive instincts to make the world a better place. After handing out $10 million to the first private team to achieve suborbital space flight, heās extended his X-prize concept into earthly realms such as automotive engineering, genomics and health care. And while he still sends billionaires to the International Space Station as managing director of the firm , heās lately teamed up with futurist Ray Kurzweil to create the , where young entrepreneurs are trained to think about global issues. Ivan Semeniuk spoke with Diamandis about his ongoing ventures on and above the planet.
Why do you think prizes work?
First, as humans, weāre genetically predisposed to compete; we do it in sports and in business. Thatās what encourages us to take risks, which drives breakthroughs. Secondly, if youāre going to try to do something on your own thatās considered audacious or outlandish and you fail, people say, āLook at that stupid idiot who tried that crazy thing.ā However, if a third party puts up, as an objective, a very difficult goal, which you attempt but fail to achieve, then itās, āGood try old chap, too bad you didnāt make it.ā The psychology of the prize changes the way society views you as a risk taker.
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How do you scale up a prize into something thatās useful to society?
When we design a prize, itās really important that the prize deliver a team and technology to a point where a business can then take off. Itās of zero interest to me to have a competition where the result ends up in a record book or on a museum shelf. For us, success means thereās an industry launched on the heels of a very visible achievement.
The Ansari X-prize was intended to launch a space tourism industry. As Apollo fades into history, are you worried that interest in space is diminishing?
I think Iām glad to see Apollo recede into the past because weāve hung our hats on the Apollo legacy for far too long. Itās important to get people to relate to space in an exciting way today. I think that means making space a personal experience, not a third-hand experience. The other thing we need is to have the first āNetscapeā event ā the first company that makes a lot of money at it. That will bring in capital, and capital will fuel additional risk-taking that will drive us forward.
Speaking of risk, your business offers parabolic airplane flights for āspace touristsā who want to experience freefall ā including Stephen Hawking in 2007. What was it like to put Stephen Hawking in zero g?
From the beginning, I thought it was going to be a great opportunity and that everyone would love it. Then I had people come to me and say, āYouāre crazy. Youāre going to kill Stephen Hawking and youāre going to destroy your company.ā But when we did it, we planned it well, it was extraordinarily easy and it was really fulfilling. After the 11 years we worked to get the company operational, that was the payoff.
When is Peter Diamandis going to space?
Thatās my question. When the suborbital flights go, I will hop on one of the first of those. I can afford the $100,000 for that. As for the $40 million to go to orbit ā as soon as I can afford that, Iāll go ā but I canāt yet.
Meanwhile, youāve now set up a . How can you improve health care with a prize?
I was honestly dubious at first. You canāt change what you canāt measure and in health care, there is no real measurement of a communityās health. If you say a community is healthy, how do you know that? So weāve created something called a community health index, which includes things like how many missed days of work, how many hospitalisations, how many deaths ā concrete, objective measurements. What weāre inviting teams to do is demonstrate how they would improve a 10,000-person community health index by 50 per cent or more over a three-year period.
Youāve also started the Singularity University. How is it different from a conventional graduate school experience?
Instead of focusing on a particular DNA sequence or ion channel or piece of computer code, we take you way out of your depth so that youāre looking at global issues. Youāll be exposed to many other disciplines. You learn about AI and robotics and nanotech and human-machine interface. We ran our first class this summer and out of that class the students started six different companies, so itās a real hotbed of entrepreneurship and big-picture thinking.
What do you hope to achieve with SU?
My hope is to create a network of people who are focused on the worldās problems and equip them to make transformational change. I want to spawn a new generation of young entrepreneurs from diverse backgrounds that can approach these problems in ways that traditional institutional groups are not. Ultimately, while the X Prize Foundation sets the objective goals, Iām hoping that the Singularity University will generate the teams to compete for them.
Have you come across any problems that are not amenable to being solved with a prize challenge?
One of the fundamental problems on the planet is inequality. I havenāt figured out a prize for that one yet.