Last weekend at the 2006 International Genetically Engineered Machines Competition (iGEM 2006), Microsoft announced a Request For Proposals related to Synthetic Biology.  According to the RFP page:

Microsoft invites proposals to identify and address computational challenges in two areas of synthetic biology. The first relates to the re-engineering of natural biological pathways to produce interoperable, composable, standard biological parts. Examples of research topics include, but are not limited to, the specification, simulation, construction, and dissemination of biological components or systems of interacting components. The second area for proposals focuses on tools and information repositories relating to the use of DNA in the fabrication of nanostructures and nanodevices. In both cases, proposals combining computational methods with biological experimentation are seen as particularly valuable.

The total amount to be awarded is $500,000.