How does FuturePrize work?
Tell the World
Use FuturePrize to describe the invention, product, service, software, research, discovery, action, art, company, non-profit, etc. you want to see created. Just give us a brief, convincing overview of exactly what it is you want to see get done, along with some concrete goals that prize donors can use to help them decide on the winning team.
You'll also need to come up with a name for your prize, and determine how long you want the competition to run for. When setting the competition length, please try to keep in mind that you'll need to allow enough time for sufficient donations to accumulate to attract teams to the prize. You'll also have to allow for research and development time for those teams to either achieve the prize's goals, or for them to put together a convincing case that they will be able to do so.
Optionally, you can also make a brief YouTube video (5 minutes or less is recommended) to help sell your idea, and upload an image or two to help paint the picture. Finally, you'll need to decide if you intend on keeping a small percentage of the prize (between 0-10%) for yourself. You can read more about that down here.
The World Chips In
People from all over the world can then contribute prize money. The prize donors are not charged until after 50% of the donors vote for the winning team and the prize is officially awarded.
Teams then apply for the prize, providing either proof to donors that they have accomplished the prize's goals, or a detailed proposal on how they intend to achieve them. In some cases, teams may also choose to respond with proposed rewards that they intend to give donors for various donation amounts. Teams can also provide a minimum prize amount, in order to set a minimum amount they'll need to receive in order to deliver on their promises in the prize application. Teams can choose to change their minimum prize amount as the prize deadline nears.
Prize donors vote on which team should win the prize, with their votes counting in proportion to the dollar amount they pledged. For example, a $20 donor's vote would count twice as much as a $10 donor's vote. Donors can change their vote as often as they would like, and will be notified by email of new prize applications as they are posted. If no single team has 50% of the vote at the prize deadline, there is then a final up or down vote on the leading team. If they get 50% of the vote, then they win the prize.
Also, the prize creator can call for an early final vote before the prize ends, as long as the leading team approves and already has 50% of the vote.
Take Your Cut
If you feel that you're bringing a lot to the table, you can elect to keep a small percentage of the prize for yourself - between 1 and 10%. If you are keeping more than a few percent, then you really ought to be bringing significant contributions to the project, such as CAD files, source code, in-depth planning, schematics, a very novel idea, etc. If potential donors feel that you are keeping an excessive amount of the prize for yourself, your prize will be much less likely to receive donations, and therefore less likely to be won.
Prize applicants may choose to offer "rewards" to the prize donors - gifts that the donors will receive if they donate a certain amount or more. If the applicant who wins the prize promised any rewards to the prize donors, they will be shipped or sent after their win, as specified in the applicant's rewards description. If a prize donor sees a reward that they want, but it's at a higher amount than they originally donated, they can simply donate again to make up the difference. For example, if a donor contributed $20, but the reward they want is at the $30 level, they can simply donate an additional $10 and they will be eligible for the reward.
Change the World
From the first solo transatlantic flight, to the XPRIZE, to the Netflix Prize, incentivized prize competitions have been proven to be one of the most effective ways to change the world. FuturePrize seeks to democratize prize competitions, by allowing anyone with a great idea to get it out into the world.
FuturePrize typically keeps a fee of 3% of the prize amount if a prize is officially awarded to a winning team. However, in some cases FuturePrize will choose to waive our fee for certain prizes. These prizes would typically be related to scientific research or nonprofits/charities. FuturePrize Causes designation is at the sole discretion of FuturePrize, but prize creators can suggest it when they are creating their prize.