A new science award has been announced by a group of elite Chinese scientists and business leaders on Sunday. The award is said to be based on the most coveted science award, The Nobel Prize. 

Founders of The Future Science Awards include Shi Yigong, who is currently an academian at the Chinese Academy of Sciences; President of life sciences of Peking University, Rao Yi; Robin Li  Yanhong, the Chairman and CEO of Baidu; and Lenovo CEO Yang Yuangqing.

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The announcement of the new award was held during the 2016 Future Forum Annual Conference in Beijing this past Sunday. The theme for this year's is "Bridging Disciplines: Human Cognition for A New Century."

Unlike the Nobel Prize, which has several categories including Chemistry, Literature, Peace and Physics, The Future of Science Awards will only be comprised of two categories, namely The Life Science Award and The Materials Science Award.

Aside from the prestige, winners of The Future of Science Award will also receive $1 million each, which will help them further advance their research. Nobel Prize winners are given $1.2 million each.

Past winners of the Nobel Prize include Al Gore, Malala Yousafzai and Albert Einstein. 

The Future of Science Awards will not be handed out until 2017. Some pundits have highlighted the similarities between this award and the Nobel Prize, such as the fact that it is awarded to those who are making changes and furthering the advancement of sciences, it is also being funded by a private sector and not by the government. 

Tagsnobel prize, Chinese Scientists, The Future of Science Awards