San Diego-based Prize Capital said today it has entered the final phase of creating a $10 million prize to encourage advances in algae biofuels technologies.
As part of the final planning process, Prize Capital founder and chairman Lee Stein convened a workshop of 26 leaders to draw up rules and other criteria for what Stein calls the $10 million Algae Fuel Prize. The group met for much of the day at UC San Diego’s Scripps Institution of Oceanography.
In the algae competition, Prize Capital proposes to:
—Create a prize focused in an area that has been fully vetted, so that the competition can both accelerate innovation and create investment opportunities.
—Form a master limited partnership to fund teams.
—Reach agreements with teams that accept funding that include terms for subsequent investment rounds as competitors succeed in advancing their technologies.
—Allow teams to opt out of the investment rights.
Investors will own a percentage of equity in all direct competitors supported by Prize Capital. The firm says its investment model mitigates risk and enables investors to share in the success of multiple companies beyond the competition by spurring the development of commercial applications from multiple teams, and not just the winner.
As part of the final planning process, Prize Capital founder and chairman Lee Stein convened a workshop of 26 leaders to draw up rules and other criteria for what Stein calls the $10 million Algae Fuel Prize. The group met for much of the day at UC San Diego’s Scripps Institution of Oceanography.
In the algae competition, Prize Capital proposes to:
—Create a prize focused in an area that has been fully vetted, so that the competition can both accelerate innovation and create investment opportunities.
—Form a master limited partnership to fund teams.
—Reach agreements with teams that accept funding that include terms for subsequent investment rounds as competitors succeed in advancing their technologies.
—Allow teams to opt out of the investment rights.
Investors will own a percentage of equity in all direct competitors supported by Prize Capital. The firm says its investment model mitigates risk and enables investors to share in the success of multiple companies beyond the competition by spurring the development of commercial applications from multiple teams, and not just the winner.
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