Read about it on the Foundation Website
"Application of knowledge from other fields" is explicitly called for. Bill looks for "attributes that increase ease-of-use" and designs that make it "easier to properly apply" a preservative.
Of course I HAD to come forth and help the visionary billionaire on his lofty quest. Therefore, this video brings to you the world's first condom applicator slingshot gun!
See for yourself.
Please keep in mind this is comedy and NOT a serious project. :)