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Ross M. Brown, entrepreneur, philanthropist, and Caltech alumnus (BS '56, MS '57) established the Brown Investigator Awards in 2020. Caltech's commitment to high-risk, high-reward science is mirrored in the Brown Institute for Basic Sciences support for curiosity-driven basic research in chemistry, condensed matter physics, and atomic physics.

Brown and Caltech have become partners in this effort to invest in and promote basic science. With a $400 million pledge, Brown established the Brown Institute for Basic Sciences at Caltech and entrusted the Institute with oversight of the Brown Investigator Awards program. Caltech will not nominate its own investigators or compete for the awards but will ensure that the program remains true to the vision of the founder. Nominees will be evaluated by an independent scientific review board that will recommend grant winners. A select number of research universities from across the country will be invited to nominate faculty members who are within 10 years of having received tenure and are doing innovative fundamental research in the physical sciences. Restricting the number of invited universities to AAU members ranked by peer review fulfills the original vision of founder Ross Brown. Focusing awards to the early days after tenure provides scientists with an opportunity to frame a new bold problem that will hopefully resulting in new scientific understanding.

Under the new arrangement, Caltech will grant a minimum of eight Brown Investigator Awards per year, each of which will provide the awardee with up to $2 million in research funding over five years. Caltech also hosts an annual symposium for the selected scholars.