Requires the Director of the National Science Foundation (NSF) to carry out a pilot program for awarding innovation inducement cash prizes in any area of research supported by NSF.
Instructs the Director, in identifying topics for prize competitions to be held under such program, to: (1) consult widely within and outside of the federal government; (2) give priority to high-risk, high-reward research challenges and to problems whose solution could improve the economic competitiveness of the United States; and (3) give consideration to the extent to which the topics have the potential to raise public awareness about federally sponsored research.
Sets forth provisions with regard to the types of contests, advertising and announcements, funding, and eligibility for prizes competitions under this Act.
Authorizes the Director to: (1) announce up to five prize competitions through FY2013; (2) set the amount of each prize award based on the prize topic; and (3) convene an expert panel to select the winners of prize competitions.
Allows the Director to enter into an agreement with a private, nonprofit entity to administer a prize competition.