The N-Prize (the "N" stands for "Nanosatellite" or "Negligible Resources".) is an inducement prize contest to stimulate innovation directed towards obtaining cheap access to space. The competition was launched in 2008 by Cambridge biologist Paul H. Dear, and is intended specifically to spur amateur involvement in spaceflight.
The challenge posed by the N-Prize is to launch a satellite weighing between 9.99 and 19.99 grams into Earth orbit, and to track it for a minimum of nine orbits. Most importantly, though, the launch budget must be within £999.99 (about $1500) - and must include the launch vehicle, all of the required non-reusable launch equipment hardware, and propellant. According to the full rules of the N-Prize, it is "intended to encourage creativity, originality and inventiveness in the face of severe odds and impossible financial restrictions" and "is aimed at amateurs, enthusiasts, would-be boffins and foolhardy optimists."
In order to be eligible for the awards, the winning team must complete the challenge before 19:19:09 (GMT) on 19 September 2013. Doing so will earn the winning team a prize of £9,999.99.