Over on X, Stephen Fleming was talking about the need to get on serious asteroid defense. Quick Aside: if you are serious about space and space exploration/exploitation, you should know and follow Stephen. In response to his post and a number of comments, I made a simple suggestion: X-Prize the mission as NASA is not up to it in my opinion.
In the long run, it will be a lot less expensive and likely to drive development of some key industries — not to mention creating new and innovative technologies and applications — than trying to run it as yet another government program. Make it open ended in all the key details: launch systems undefined, method undefined, tech undefined: the only thing that should be defined is success (asteroid does not hit Earth) and if there are any secondary objectives that need to take place (exploration, detection, etc) at the same time.
Make sure that teams can win rather than an individual company. I can think of some interesting and potentially effective partnerships right off the top of my head. It also has the chance to push the launch industry along and get some real competition to Space-X underway, which would be a good thing.
Also, though it would require some long-overdue revisions to space law/treaties, give the successful company twenty-year (pick a period) rights to that asteroid or to any asteroid that poses a threat and is neutralized. Depending on the type of asteroid, there could be some nice materials to be extracted/exploited. If nothing else, novelty sales could be quite the thing. Think about it, what would you pay to own a knife or other object made from the asteroid that threatened Earth? Again, this is an opportunity to start bootstrapping orbital industry and making needed changes to space treaties/law.
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