Fiona Murray

Cambridge, Massachusetts, United States Contact Info
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About

Fiona Murray works with a range of entrepreneurs and policy-makers designing and building…

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Experience & Education

  • NATO Innovation Fund (NIF)

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Volunteer Experience

  • Prime Coalition Graphic

    Board Member

    Prime Coalition

    - Present 10 years 3 months

    Science and Technology

    PRIME Coalition is a nonprofit that builds new investment funds to connect philanthropists, family offices and other LPs to high-risk, high-reward investment opportunities that address climate change. PRIME's mission is to build the field of catalytic capital and to serve as a fund of funds to encourage and drive patient investment into early-stage climate change technology ventures that would not otherwise be funded at the scale and pace of urgency of today's challenges.

Publications

  • A New Vision for Funding Science

    Stanford Social Innovation Review

  • Grand Innovation Prizes: A theoretical, normative, and empirical evaluation

    Research Policy

    Abstract
    This paper provides a systematic examination of the use of a Grand Innovation Prize (GIP) in action – the Progressive Automotive Insurance X PRIZE – a $10 million prize for a highly efficient vehicle. Following a mechanism design approach we define three key dimensions for GIP evaluation: objectives, design, and performance, where prize design includes ex ante specifications, ex ante incentives, qualification rules, and award governance. Within this framework we compare observations…

    Abstract
    This paper provides a systematic examination of the use of a Grand Innovation Prize (GIP) in action – the Progressive Automotive Insurance X PRIZE – a $10 million prize for a highly efficient vehicle. Following a mechanism design approach we define three key dimensions for GIP evaluation: objectives, design, and performance, where prize design includes ex ante specifications, ex ante incentives, qualification rules, and award governance. Within this framework we compare observations of GIPs from three domains – empirical reality, theory, and policy – to better understand their function as an incentive mechanism for encouraging new solutions to large-scale social challenges. Combining data from direct observation, personal interviews, and surveys, together with analysis of extant theory and policy documents on GIPs, our results highlight three points of divergence: first, over the complexity of defining prize specifications; secondly, over the nature and role of incentives, particularly patents; thirdly, the overlooked challenges associated with prize governance. Our approach identifies a clear roadmap for future theory and policy around GIPs.

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