A $1 million prize is being offered to the person that can come up with the best way to combat the so-called "dead zones" in the world's lakes and oceans.

The prize, announced by Tulane University in New Orleans, is a response to the Obama administration's 21st Century Grand Challenges initiative. Grand Challenges, according to the official website, "are ambitious but achievable goals that harness science, technology and innovation to solve important national or global problems and that have the potential to capture the public's imagination."

Tulane's move to offer a cash prize to resolve the dead zone issue is a direct response to President Barack Obama's call to companies research universities, foundations and philanthropists to come together in identifying and pursuing today's most pressing issues.

The dead zone problem, also known as hypoxia, results in water systems being depleted of oxygen, mainly as a result of excessive agricultural runoff seeping into waterways.

"I am excited to see the investment that is being made in the development of innovative technologies that could possibly address nutrient challenges in the basin," said Mike Strain, Louisiana Commissioner of Agriculture and Forestry. "We are in the 'golden age of agriculture' and we must have our best and brightest minds at the table to move us into the future."

Tulane's $1 million prize is financed by Phyllis Taylor, president of the Patrick F. Taylor Foundation.

"Tulane has long been a leader in social innovation. This competition advances that mission while strengthening Tulane's leadership in water law and policy and coastal research," Taylor said in a statement emailed to reporters.

The statement said that the grand prize will be awarded for "a testable, scaled and marketable operating model that significantly, efficiently and cost effectively reduces hypoxia."

The competition will begin with a 30-day period to submit comments regarding the prize and letters of interest to compete at: https://tulane.edu/tulaneprize.