New GoFly Prize, announced on September 26, 2017, promises $1 million for developers of the jetpack that can be “used by anyone, anywhere“. The competition will last for 2 years and will distribute the prize fund of $2 million in total.

According to GoFly‘s organizers, the competition aims to incentivize teams of students, engineers, and inventors to develop a vertical take-off and landing device that is safe, quiet, ultra-compact, and capable of carrying a single person 20 miles or more without refueling or recharging. Organizers expect that participant will develop a jetpack that can be “used by anyone, anywhere,“ the Verge reports.

„Our goal is not only build this revolutionary technology but also help the teams to build revolutionary new companies“ , says CEO of Go Fly Prize Gwen Lighter to CNET . „We are at the brink of a legitimate shift in the way we travel from one place to another.“ 

The competition will operate in three phases. Firstly, teams will submit a written report and a preliminary design by April 18, 2018. 10 winners will get $20.000 prize each. For the second phase participants should write a report and make a vertical takeoff demonstration until February 6, 2019. The four best entries will earn $50.000 each. According to the rules, teams don’t have to win in the first phase to be eligible for the second one. They also don’t have to win in the second phase to compete in the third one. In October 2019 there will be the final “fly off”. An overall winner will be chosen based on safety, size, noise, and speed. Winning team will get $1.000.000. The competition is sponsored by Boeing.

Competitors will be given mentors’ assistance. Also professionals from different fields relevant to aerospace will give monthly talks on technical topics. 

GoFly's organizers inform that  engineers, academics, entrepreneurs, and other innovators from all over the world can  form a team and register to compete. To participate, each team may organize their own members, recruit additional experts to join them, and add new members at any time throughout the competition.