Established in 1996, it aims to promote the advancement of knowledge in entrepreneurship and to encourage research efforts in the field.

The primary criterion for receiving the award is exceptional scientific achievement in entrepreneurship theory, methodology, and/or empirical research.

[11] The evaluation considers the following aspects: Each year, leading entrepreneurship scholars worldwide are invited to nominate candidates.

A Prize Committee, consisting of six to eight members who are full professors at Swedish universities working on small business and entrepreneurship issues, selects the winner.

[12] The award was founded two non-profit research organizations, the Swedish Entrepreneurship Forum and the Research Institute of Industrial Economics (IFN)[1] Vinnova, the Swedish governmental agency responsible for promoting innovation was added later as an award sponsor.