The Archon X Prize in genomics began as a joint effort of the X Prize Foundation and the J. Craig Venter Science Foundation. The J. Craig Venter Science Foundation offered the $500,000 (US) Innovation in Genomics Science and Technology Prize in September 2003 aimed at stimulating development of less expensive and faster sequencing technology. To attract even more resources to this goal, Dr. Venter joined forces with the X Prize Foundation, wrapping his competition and prize purse into a later incarnation, The Archon Genomics X Prize presented by Express Scripts.