The US $10,000,000 X PRIZE: The X PRIZE Foundation does not yet have the $10,000,000 prize. The X PRIZE Foundation is currently in discussions with a number of corporations and private individuals who are potential sponsors of the cash purse. It is our hope and expectation that the announcement of a sponsor will take place within 6 to 8 months. The $10 million purse has been carefully sized to represent a balance between a sum large enough to attract competitors and yet small enough to encourage innovative designs from outside the present launch vehicle establishment. Advances demonstrated by the high performance small rocket community and the experimental aircraft community provide convincing evidence that a winning X PRIZE solution can be built and flown for under $10 million. X PRIZE Foundation Operations: During the first six months of 1996, The X PRIZE Foundation raised more than $1 million in contributions from a group of prominent St. Louis business leaders known as the NEW SPIRIT OF SAINT LOUIS Organization, named in honor of the group who backed Charles Lindbergh almost 70 years ago. These funds will support the ongoing educational and community outreach mission of The X PRIZE Foundation, including the NEW SPIRIT OF ST. LOUIS Awards already described.
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