Creating X Prize
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Sam Parr tells a story about Peter Diamandis and the X Prize, which helped spur innovation in private spaceflight.
"Inspired by the Orteig Prize, Peter Diamandis created the X Prize. He offered $10 million to anyone who could fly a rocket into space, bring it back down, and two weeks later send it right back into space. The goal was to create reusable rockets.
Elon Musk, when SpaceX was only two years old, said the X Prize basically helped create the commercial space industry. It showed that you didn't have to be a giant aerospace company to make progress in space, and it definitely influenced the direction he took with SpaceX.
The genius of the X Prize was that by putting up $10 million for the prize, 20 teams would each invest $2 million in trying to develop the technology to win. So you'd get $40 million invested for a $10 million prize. It was a genius way to spur innovation and investment."
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.