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It was first formally announced by Peter Diamandis of the X Prize Foundation and James P. Clark of the World Technology Network on October 7th at the WTN's 2004 World Technology Summit & Awards. A series of X-Prizes are planned inspired by the Ansari X-Prize but tackling other areas in science and technology. In the next 6 months the prizes will be chosen (the public can submit ideas at their website). They will be based upon pressing global needs that can be realistically solved in the next 5 - 10 years. Prizes are expected to be in the tens of millions of dollars.