According to the statutes the Award should be given to “a person who has produced scientific work of outstanding quality and importance, thereby giving a significant contribution to theory-building concerning entrepreneurship and small business development, the role and importance of new firm formation and the role of SMEs in economic development.”

Hence, the prime reason for receiving the Award is outstanding scientific achievement. In addition, other aspects may be factored in. The ambition behind the Award is threefold:

(1) to highlight the importance of research produced in the areas of entrepreneurship and small business

(2) to further stimulate and promote research within these fields, and

(3) to diffuse the state-of-the-art research among scholars, policymakers, practitioners, and people involved in small business development.