New Cancer Ideas Compete for $1 Million

Doctors and hedge fund managers are joining forces to battle cancer with a million-dollar prize for the most imaginative new approach. The Gotham Prize for Cancer Research will be awarded to the most innovative essay—posted to the website—on finding a cure for cancer. Leading medical researchers will judge the submissions at year's end.

Federal funding is failing to generate progress in cancer research because the system favors those who take the fewest risks, says Dr. Gary Curhan, who teamed up with two hedge fund managers to launch the contest. "The goal here is to open up the site to people with ideas," he says. (More hedge fund stories.)