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Exclusive: Senators propose cash prizes for AI innovation

Apr 30, 2024
Illustration of a robot hand holding up a beaker to the light with a glowing liquid inside.

Illustration: Aïda Amer/Axios

Sen. Cory Booker is gearing up to unveil a bipartisan bill aimed at incentivizing AI innovation for prizes of $1 million or more.

Why it matters: Prize competitions have long helped spur innovation to accelerate research in science and technology.

What's inside: Sens. Mike Rounds and Martin Heinrich are co-sponsors of the AI Grand Challenges Act.

  • It would use prizes to incentivize researchers, entrepreneurs and innovators to address challenges in specific sectors such as health or national security.
  • The program would also address challenges related to quantum computing, disaster preparedness and supply chain resilience, according to an announcement shared exclusively with Axios.
  • Breakthroughs in cancer detection and treatment would carry a prize of $10 million or more.
  • NSF would create the program and administer the prizes.
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