An Analysis of the Government's Role in Supporting Inducement Prizes in the Transportation Sector 2005-01-1939
Research in the field of transportation has the ability to accelerate our society and benefit the common good. Because of this, it is important that the federal government continues to fund research in this field. The United States traditionally funds research through three basic methods: grants, procurement contracts and cooperative agreements. With the recent media attention and apparent success of the privately funded Ansari X Prize, the federal government should consider sponsoring similar inducement prizes to promote research and entrepreneurship in the transportation sector. The federal government should also make sure privately funded inducement prizes are safely administered and relatively free of bureaucracy. Inducement prizes can stimulate interest and promote competition towards a goal, and doing so can showcase America's engineering excellence and pioneering spirit.