The contest has discovered many popular and successful light novelists, like Kouhei Kadono and Yashichiro Takahashi.
Originally called the Dengeki Game Novel Prize, the name was changed in 2003.
In addition to the money received, the winning novelists get their work published under Dengeki Bunko with the addition of an artist for the illustrated aspects of the light novels.
[1] Often, the name of the novel series is changed from what it was originally titled when it won the prize.
There are over 5,000 submissions annually since 2011, and it is considered the largest prize for light novels.