The X PRIZE Foundation is an educational nonprofit organization whose mission is to create radical breakthroughs for the benefit of humanity thereby inspiring the formation of new industries, jobs and the revitalization of markets that are currently stuck. Today, it is widely recognized as the leader in fostering innovation through competition.
The $30 million Google Lunar X PRIZE is an unprecedented international competition that challenges and inspires engineers and entrepreneurs from around the world to develop low-cost methods of robotic space exploration. The $30 million prize purse is segmented into a $20 million Grand Prize, a $5 million Second Prize and $5 million in Bonus Prizes.
To win the Grand Prize, a team must successfully soft land a privately funded spacecraft on the Moon, rove on the lunar surface for a minimum of 500 meters, and transmit a specific set of video, images and data back to the Earth. The Grand Prize is $20 million until December 31st 2012; thereafter it will drop to $15 million until December 31st 2014 at which point the competition will be terminated unless extended by Google and the X PRIZE Foundation.