The aims of the prize are to promote technological research and Finland as a high-tech Nordic welfare state.

[2] The idea of the prize came originally from the Finnish academician Pekka Jauho, with American real estate investor and philanthropist Arthur J Collingsworth encouraging its establishment.

[4] The Prize celebrates innovations that have a favorable and sustainable impact on quality of life and well-being of people.

[6] Universities, research institutes, national scientific and engineering academies, high-tech companies, and other organizations around the world are eligible to nominate individuals or groups for the award.

[5] In accordance with the rules of the Technology Academy Finland, a proposal concerning the winner of the Millennium Technology Prize is made to the board of the foundation by the eight-member international selection committee, and the final decision on the prize winner is made by the board of the foundation.