In November 2020, prompted by recent developments and interest in computational methods, including deep learning, as well as the challenges in identifying the best performing methods, ~80 scientists from industry, academia, and funding agencies met virtually to consider potential areas of drug discovery that might benefit from coordinated benchmarking. Of the many areas that were identified, the group prioritized hit-finding -identification of a small molecule that binds a targeted protein with high enough affinity to qualify as a credible starting point for a drug discovery projectas particularly suitable and practical, and an excellent area to begin. To advance the idea, a set of ~30 representatives developed a draft concept for CACHE in four working groups, which focused on: 1) Target selection and prioritization; 2) Virtual library construction; 3) Measuring outcomes; and 4) Governance. Here we present these groups' ideas for the CACHE project.