Dr. Peter Diamindis is the Founder and Chairman of the X Prize Foundation, an educational non-profit prize institute whose mission is to create radical breakthroughs for the benefit of humanity. He spoke to the Digital Life Design conference in Munich about his organization’s vision for the future.

The X Prize Foundation offers prizes that are intended to spawn competition among innovators in a variety of areas, such as suborbital spaceflight, oil cleanup, fuel-efficiency in automobiles, and even building a viable Star Trek-style tricorder device for medial analysis.

Diamindis says he believes that projects like the X Prizes are leading toward the eventual elimination of all major problems on the planet.

“As a result of the incredible progresses we are seeing, we will soon be able to meet the needs of every man, woman and child on this earth,” he said. “Technology and information can turn something scarce into abundance,” virtually eliminating poverty on earth.

Peter Diamandis has co-written a book about the topic of abundance. Here he tells more about that.