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Love the story 'cause we love the free market here Fox Business a financial incentive.
For a radical breakthrough.
That has always been the goal of the X -- challenge you've heard about this in the past well this year Wendy Schmidt sponsored the oil cleanup challenge.
Asking competitors to find.
Most efficient way to recover oil out of the water in the wake of the BP spill -- the winner and pollute the current standards away.
And won a one million dollar prize He is joining us now along with Wendy -- Wilson is elastic CEO and Wendy Schmidt here with us thank you so very much for being here.
First of all congratulations disagreement about we should tell people about your company elastic founded more than twenty years ago from -- an idea.
And little all car -- Illinois how -- this weekend.
Well we were manufacturing equipment for the oil industry.
And nine minutes drums Cameron and work along with other equipment and one thing led to another and we find herself -- the environmental field now.
When you say you invented.
Can check back to the first thing you started inventing this thing -- I think it's a Latin I think career entrepreneur this is my fifth company.
And we developed a -- to use with other services so it was for our own use and initially became well known in the industry and we started selling -- done that took us to where we aren't doing all Wendy you.
Came up with this idea of the oil recovery solution here obviously it BP must've inspired you to come up with this challenge.
Well that the deep water horizon disaster inspired all of -- I've been working with the X prize foundation for several years.
As a benefactor.
And the opportunity to fund is a relatively modest prize.
Two to unlock innovation.
In the -- oil -- industry was just a tremendous opportunity for me.
-- brought something along today to show you which is oil -- water.
Most people have not seen what this actually looks like this is what we've been recovering.
Out of the gulf this is the stuff that.
It's kinda sticky and kinda strange and what did team elastic do.
That was so impressive that they want because we should mention some 350.
Teams -- here that's competition was stiff.
So how they went.
Well they -- by upping the ante they had a technology they've been using.
With some success right in the gulf and other places.
But if we set numbers for them of recovery rates and efficiency rates that nobody actually thought they could.
Could meet while it was what was that the the number you set and they blew it away progress yes the industry standard was 11100 gallons per minute.
We set a standard of 2500 gallons per minute at a 70% efficiency rate.
These guys blew it out of the water with a 47.
120 gallant from then it.
Rate of recovery and an 89 point 5% efficiency OK so more than 4700.
Gallons of water go through your invention and use -- down about 70% of the.
Oil that was 70 actually we you where are efficiencies were 89% of -- Itself so we did over 4000 gallons and the efficiency was very high 89% the next oil losses chain came from Norway and they want some money as well but you got the million dollar price what we had a moment like for that was terrific.
-- -- They admit that X prize really brought a lot of talent from competitors around the world.
And so well and we you know we've brought a device that we've been working on and it was quite success.
-- money talks mean if you offer people -- financial incentive.
Vs the government handing people something without forcing them to come up with a solution I bring up so -- of because that of course.
They got alone and and they haven't really proven that the business model was sustainable.
Isn't this the way it should work.
I think it's absolutely the way it should.
We're content -- prices are an amazing way to unlock innovation create jobs in this case -- At least four technologies out of this competition that are marketable now.
What is it gonna mean for your company you've got about a hundred employees do you get more business now because we'll get more business yes there will be very busy all -- the world.
We already have clients that are interested in this technology and will be pursuing that you ever taken government money to grow your business I'm not.
Never had an opportunity to start.
It was it took too long so we can move faster than they did so we would never -- never made it well twenty years ago we were having some challenging times in this nation and and and you look at at obviously coming off of difficult times were there moments where He said that -- I do this but you just plowed ahead mean what's your secret sauce.
Never give up.
You know we are always working on solutions end you just continue to work no matter what the channel great to have an inspiration like when -- X prize certainly there and in the past you've had the ten million dollar X prize with the with the aircraft that was able to go into the orbit and come up with ideas when He dangled some money there thank you very much.
And we're thrilled to have -- Wilson who is the winner of this X prize congratulations.
Too much and -- improving the environment all the way good stuff David back to you.