In World War II, Draper invented the first lead-computing gunsights for aircraft, and later applying similar technology to missile guidance systems.

In 1961 Draper and the Instrumentation Lab were awarded the first contract given out for the Apollo program to send humans to the Moon, which was announced by President John F. Kennedy on 25 May of that year.

[6] Draper taught and conducted research at MIT until January 1970, devoting most of his energy during his final decade to completing the Apollo computers and software.

[2] His renown was international, and was recognized by many foreign countries, including France, United Kingdom, Germany, Switzerland, Czechoslovakia, and the Soviet Union.

He was eulogized as "one of the foremost engineers of our time", and Howard Wesley Johnson, Chairman of the MIT Corporation, credited him for creating a "whole new industry in inertial instruments and systems for airplanes, ships, submarines, missiles, satellites and space vehicles".

The prize, which is awarded annually and consists of $500,000 in cash, a gold medallion, and a hand-inscribed certificate, aims to "increase public understanding of the contributions of engineering and technology to the welfare and freedom of humanity".