Map human genome, win $10 million

You may recognize the X prize from its latest contest to spur private space travel and tourism. Building on the success of that project, the X Prize Foundation has announced the creation of a $10 Million prize to the research team that can significantly reduce the cost of mapping a human genome. The societal benefit being rapid advancement towards personalized medicine. Details on the project should be available October 4th.

This model is certainly not new. The $25,000 Orteig Prize that Charles Lindbergh claimed after flying across the Atlantic Ocean in 1927, generated international attention as well as breaking a significant barrier in travel at the time. Only two years ago, engineer Burt Rutan won the $10 million Ansari X Prize when his privately developed SpaceShipOne flew a repeat flight 62 miles into space. Less known, but equally as important are the Millennium Prize problems in mathematics.

Is a $10 million prize enough to make a significant impact in genomics? Do these competitions spur on innovation?? Based on their track record, they certainly seem like an effective mechanism to expedite innovation and stir public interest. Though I suppose the winner-take-all model may cause some problems for those who come in second place. Hopefully the attention generated by the competition is enough to compensate for the investment in the project.

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Tags: awards & competitions, biotechnology, Kevin Downing, life sciences