As mentioned in this new post from Chris Shiflett, an announcement was made at the most recent Columbia PHP meetup by Andrew van der Stock (of OWASP) about an incentive to work in their Spring of Code 2007 competition - a bit of financial reward.

The Spring of Code 2007, an effort that will distribute $100,000 to worthy projects, is divided approximately as follows:

• $20,000 for one lucky project.
• $10,000 for 10 open source projects.
• $40,000 for 8 large projects.
• $22,500 for 9 medium projects.
• $7,500 for an internship.

Chris notes that the projects should be related somehow to web application security and interest was shown in helping out with the security issues that surround PHP (both the language and developing applications in it).