The University of Calgary is set to host the first-ever Canadian Xprize Hub — marking the nonprofit's inaugural international site. Headquartered in California and established in 1998, Xprize describes its mission as inspiring and empowering "humanity to achieve breakthroughs that accelerate an abundant and equitable future for all."

The organization hosts high-stakes contests (with serious cash prizes) that often span several years and are designed to spark innovative thinking through collaboration and competition. For instance, a current Xprize challenge aimed at improving water desalination technology will run for five years and award $119 million to the winning team.

"Being chosen as XPRIZE's Canada Hub is a testament to our leadership in innovation and entrepreneurial thinking in Canada," said Dr. Ed McCauley, president and vice-chancellor, University of Calgary. "We're excited to see the amazing world-changing ideas and innovations that will come from the hub at UCalgary."

UCalgary has received $1.5 million in funding from Alberta Technology and Innovation, and an additional $1.5 million from the Opportunity Calgary Investment Fund contributing to a five-year initiative to operate the hub.