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Next X-Prize — $10M For a Brain-Computer Interface
The first X-Prize was about reaching space. Now, reader destinyland writes "This time it's inner space, as Peter Diamandis holds a workshop at MIT discussing a $10 million X-Prize for building a brain-computer interface. This article includes video of Ray Kurzweil's 36-minute presentation, 'Merging the Human Brain with Its Creations,' and MIT synthetic neuroscientist Ed Boyden also made a presentation, followed by discussion groups about Input/Output, Control, Sensory, and Learning. Besides the ability to communicate by thought, the article argues, a Brain-Computer Interface X Prize 'will reward nothing less than a team that provides vision to the blind, new bodies to disabled people, and perhaps even a geographical 'sixth sense' akin to a GPS iPhone app in the brain.'"
A $10 million prize is absolute peanuts compared to the obvious commercial value of a usable, non-invasive (or at least low-risk) BCI. Just for starters, an effective BCI would largely solve some of the major side effects of a stroke. That right there is a massive, multi-billion dollar market. Another $10 million is not going to substantially stimulate research and development in this area. It's like offering $10 million for a cure for cancer.
Furthermore, this is an invention with applications in dozens of areas. The company or individual that invents it would be swamped with licensing offers.
Compare this to the original X-Prize. There a prize was useful because there was no substantial pre-existing market for the technology being developed and there were relatively few areas of application for the technology. Under those circumstances a prize model makes sense.
But for situations like this one we already have a prize; it's called a patent. Even better, the value of the prize is determined by the market, so there's less of a risk of under or overvaluing the invention.