When hedge fund manager Joel Greenblatt launched the Value Investors Club in 1999, the idea was to find the best investment ideas by having members make their case in an online forum and see how the pitches withstood the scrutiny of others.

Membership to the club is limited and admission depends on the submission of a good idea. "It's been a huge success," he said.

But after the mother of his business partner Robert Goldstein died of ovarian cancer, the two looked to the Value Investor Club as a model to spur innovation in cancer research. They joined with Harvard Medical School's Gary Curhan to launch the Gotham Prize for Cancer Research, an annual $1 million bounty awarded to the person who poses the best idea for the prevention, treatment or diagnosis of cancer.

Their new focus stems from the fact that despite billions of dollars invested in cancer research, many promising ideas don't get support. There are a variety of reasons for the cold reception, including the proposals go against the mainstream, there is a lack funding to test them, or that preliminary research isn't shared for competitive reasons. The prize represents the latest efforts from well-heeled individuals whose lives have been touched by cancer to advance novel ideas that might otherwise have difficulty getting funding (see tjols.com commentary from Andrew Rachleff or article on the Canary Foundation).

"This isn't for the completion of task, it's for the best idea," said Curhan, an associate professor of Medicine at Harvard Medical School and a member of the Gotham Prize's advisory board. "The person who submits the idea doesn't have to show it works. The idea is to put the idea out there for anyone to pursue."

Online Review Process

To qualify for the annual prize, individual who participate will have to gain membership by submitting an idea in the form of a short thesis. If the idea is deemed worthy by a panel of cancer experts, the person who submitted it will be made a member. Member must then answer questions about their ideas posed by other members. The online exchange about the idea will be an important part of the review process for the prize. Member postings are anonymous and identities are only made known to the Gotham Prize's advisory board.

There's big money for the winners. Each year, the member who submits the best idea in the area of cancer research as judged by the expert panel will receive the $1 million for personal use. A second prize of $250,000 for the best idea in pediatric oncology is also being offered through the Ira Sohn Foundation.

The Gotham Prize website, though, is also meant to serve as an ongoing forum for cancer researchers to exchange ideas and connect with potential funding sources. As part of the effort, the entire website and all member ideas will be made available to foundations, individuals and groups that fund cancer research. With prior permission, members will be matched with funding sources or other scientists who may be able to support, assist or collaborate on individual projects.

Sparking New Ideas

"The goal here is not to focus on the prize," said Curhan. "Where we see the huge benefit is in the sharing of ideas."

Gotham's Greenblatt said since the announcement of the prize on May 23, hundreds of people have submitted ideas. About 5 to 10 percent of those people have been made members. Even though it's the prize that may initially prompt people to submit ideas, he believes it will lead to some ideas winning funding from unexpected sources or lead to collaborations. He also expects the forum to spark ideas among scientists.

"It's a virtuous cycle," he said. "The benefits will keep getting greater and greater as more people get involved."

Already Greenblatt has gotten a call from someone who has a parent with Alzheimer's disease and is considering replicating what the Gotham Prize is doing to spur research in that area. There's no shortage of disease areas that can use help or places where there is difficulty getting research dollars for novel ideas.