To quote there Prize Page:
We’ll all be facing a lot of problems in the next few decades, whether they’re from rising costs and consumption of oil, droughts, access to food, demographic shifts in populations, or increasing health care costs. These problems need to be dealt with, and there’s no better time than right now to start working on solutions.
What do we want from you? We want you to identify the greatest problems faced by humanity in the next few years and come up with a solution. This can be anything from better, lower-cost solar power components, inexpensive ultrasound machines, better ways to store drugs, more advanced ways of measuring farm production, or cheaper, more sustainable smartphones to bridge the digital divide. The world is full of problems, but if there’s one thing hackers have taught us, it’s that there are more than enough people willing to find solutions.