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Summit will launch X Prize
Monday November 17th 2008. Posted: 15:38
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The X Prize seeks to explore new ways of tackling poverty
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BT India chairman Arun Seth will promote BT’s corporate social responsibility programme at the inaugural summit of the X Prize Foundation global development advisory board in New Delhi this week.
It takes place on Wednesday (19 November) immediately after the World Economic Forum’s 24th India Economic Summit in the Indian capital, which Arun is also attending. BT signed a three-year, $7million (£4.6m) sponsorship agreement with the X Prize Foundation last June. The foundation is a USA-based not-for-profit organisation that aims to bring about radical breakthroughs for the benefit of humanity. It is in the process of developing a $10 million (£6.6m) prize that aims to encourage people to explore new ways of addressing the needs of the poor in the developing world by revolutionising current methods for alleviating poverty, improving people’s quality of life and generating wealth for the poorest people. The prize will be awarded to the first team to achieve a specific goal, set by the X Prize Foundation, which has the potential to benefit humanity. The foundation says that, rather than awarding money to honour past achievements or directly funding research, the X Prize incites innovation by tapping into people’s competitive and entrepreneurial spirit. Three planning summits are being organised prior to the launch of the prize - the event in New Delhi being the first, and at which Arun will be accompanied by two of BT’s local customers. Arun said: "The fact that the prize we are helping to create will have such a positive effect on communities in need around the world is truly inspiring."
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Last updated:
12:56