Ultimately successful, his invention was utilized in steel factories all over the world, bringing him considerable wealth.

The Foundation began its activities in 1976, with an initial endowment fund of ten million dollar donated by the Wolf family.

In accordance with the Law mentioned above, the Minister of Education and Culture acts as Chairman of the Council.

The Foundation Trustees, Council and Committee Members, Prize Juries, and Internal Auditor perform their duties on a voluntary basis.

It is awarded in six fields: Agriculture, Chemistry, Mathematics, Medicine, Physics, and an Arts prize that rotates annually between architecture, music, painting and sculpture.