There exist a number of competitions and prizes to reward distinguished contributions and to encourage developments in biotechnology.
The Archon X Prize for Genomics of US$10,000,000 is to be awarded to "the first Team that can build a device and use it to sequence 100 human genomes within 10 days or less, with an accuracy of no more than one error in every 100,000 bases sequenced, with sequences accurately covering at least 98% of the genome, and at a recurring cost of no more than $10,000 (US) per genome."
Illumina iDEA Challenge to develop new visualization and data analysis techniques.
The Gotham Prize for Cancer Research is a US$1,000,000 prize awarded annually to "encourage new and innovative approaches to cancer research by fostering collaboration among top thinkers in the field--with the goal of leading to progress in the prevention, diagnosis, etiology and treatment of cancer."
Gruber Prize in Genetics is a US$500,000 prize awarded annually for distinguished contributions in any realm of genetics research.