How to enter Elon Musk's $100 Million Competition

Elon Musk who is the CEO of Tesla and SpaceX had recently announced a new competition on the World Earth Day which is on 22 April 2021. The competition is hosted by XPrize and Elon Musk had entered as the chairman of XPrize in order to announce about the competition. Let’s look at what exactly is the competition about and How to enter the competition.

About Elon Musk
The Musk Foundation
Elon Musk's $100 million competition
Evaluation of the competition
Awards
XPrize Foundation
FAQ

About Elon Musk

Elon Musk is one of the richest people in the world. He was born in 1971 in South Africa. He is an engineer, industrial designer and a business magnate. He is the founder of SpaceX, The Boring Company, and X.com. He is the co-founder of Neuralink, OpenAi and Zip2. He is the CEO of Tesla and the chairman of Solar City.

The Musk Foundation

The Musk Foundation is a private grant-making foundation. It was founded in the year 2002 by Elon Musk and his brother Kimbal Musk. They provide grants for renewable energy research, science, and engineering education, human space exploration research, the development of safe Artificial Intelligence to benefit humanity, and pediatric research.

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Elon Musk's $100 million competition

On World Earth Day, Elon Musk had announced about a USD 100 million competition which is based on Carbon Removal. The main aim of the competition is to motivate innovators around the globe to come up with an idea to seize the carbon durably and sustainably.

According to the competition’s website, they require the innovators to come up with a large-scale project that will pull the Carbon-di-oxide directly from the atmosphere and oceans and should be able to seize it in a durable and sustainable manner. The competition is for the time frame of 4 years.

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Evaluation of the competition

The winners of the projects will be based on proving by the team that their project can remove at least around 1,000 tones of carbon-di-oxide yearly and model their costs on a scale of 1 million tones on a yearly basis.

The teams will also have to show a way to achieve a scale of gigatons on a yearly basis in the future. The eligibility criteria for the competition are that the project should be based on any carbon negative solutions according to Elon Musk and the Musk foundation as the competition is funded by them.

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Awards

The judges will review the submissions within one year of the competition and award up to 15 prizes with the prize money of up to USD 1 million each. The judges will later select one grand prize winner after four years who will receive an amount of USD 50 million. The judges will also select 3 runners up and they would receive an amount of USD 30 million each.

XPrize Foundation

XPrize Foundation is a non-profit organization. The organization was founded in the year 1994 and is located in California, the United States. The organization was founded by Peter Diamandis. Some of the notable trustees of the organization are Larry Page, James Cameron, Ratan Tata, and many more.

The Foundation designs and hosts public competitions. The main aim is to encourage technological development which is focused on benefitting humanity.

Marcius Extavour who is the Vice President of Climate and environment at XPrize said that climate change poses a greater threat in 2021 and it should be very clear to everyone that our Carbon-di-oxide emissions are the major reason for the cause.

He added saying that the prize is about the development and deployment of solutions that can be carbon negative as the race is to get to net zero.

You can visit XPRIZE's Website to register for this competition.

FAQ

What was Elon Musk's first project?

Elon Musk founded X.com in 1999 (which later became PayPal), SpaceX in 2002 and Tesla Motors in 2003.

What is the net worth of Elon Musk?

The net worth of Elon Musk is 17,260 crores USD as of 2021.

Does Elon Musk drive a Tesla?

Musk is usually seen driving around in his Tesla Model S or the Tesla Model X

Conclusion

The main aim of the competition will be to remove carbon-di-oxide from the atmosphere and to turn the theoretical ideas into practical solutions. This will be a great platform for the innovators to showcase their ideas and towards making them practically possible.