X Prizes are incentive-based competitions designed to encourage innovation and technological advancements. They offer substantial monetary rewards to individuals or teams that can achieve specific goals, often in fields like space exploration, healthcare, and energy. The concept aims to stimulate creativity and problem-solving by challenging participants to develop groundbreaking solutions. The first X Prize, the Ansari X Prize, was awarded in 2004 for the first privately funded spacecraft to reach suborbital flight. Since then, various X Prizes have been established, including those focused on clean water, artificial intelligence, and sustainable energy, promoting progress in critical global challenges.