A number of distinguished entrepreneurship scholars are invited in May–June every year to nominate candidates. The invitation is extended to:
- All previous Award Winners;
- The editors and the members of the editorial boards of the journals in entrepreneurship and small business research included in the Social Sciences Citation Index: Journal of Business Venturing, Entrepreneurship Theory and Practice, Small Business Economics, Entrepreneurship and Regional Development, Journal of Small Business Management and International Small Business Journal;
- Present and past members of the Scientific Forum of Swedish Entrepreneurship Forum who also hold or have held positions as full professors.
Self-nominations are disallowed, but members of the Prize Committee have the right to nominate candidates. These nominations provide the first step in the creation of a list of potential candidates considered by the Prize Committee. It is at the discretion of the Committee to decide which candidates should be targeted for a more thorough evaluation. A candidate can be short-listed for several years and therefore during that time be regarded as a potential candidate for the Award.