The British government is thinking about introducing prize competitions as a way to spur breakthrough innovation: “A future Conservative government may offer prizes for companies that come up with innovative answers to difficult problems - like a workable system of wave power. The prize scheme would mean reviving a former practice, which in the 18th century produced a breakthrough in global navigation by determining longitude…” The innovation prizes would become part of a broader effort by the government to “encourage more innovation in the UK, discourage the shift of highly skilled jobs to rival foreign states, and promote a positive and inspiring vision of what science can do for society.” While all plans are still tentative, one idea that has been discussed is a £10 million prize for the first company or organization that can produce a workable system of generating power from waves.

Not coincidentally, the $10 million X Prize competition in the U.S. led to the creation and development of the first-ever manned commercial spacecraft, SpaceShipOne, in October 2004.

Tags: British UK innovation prize

[image: The winner of the 1714 British longitude prize competition]