Bluffing Millions in Financial Backing

Peter Diamandis, X PRIZE Foundation

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Inspired by Charles Lindberg's Spirit of St. Louis, X PRIZE founder and space entrepreneur Peter Diamandis explains to interviewer George Zachary of Charles River Ventures that offering a high profile cash reward can often be more financially advantageous - and more aggressive in moving forward a societal push - than simply funding a good idea. Diamandis describes his incredible quest for funding, pitching hundreds of potential benefactors without success. Not to be deterred, he announced the first X PRIZE contest with no competing teams and not a penny of the $10 million  prize money on hand. His unbelievable tale grows even longer as he describes how funding came from a bet placed with a space insurance company, and how he had to scramble for the $50 thousand premium every month.

Apr 23, 2008

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