The Millennium Technology Prize ( Finnish : Millennium-teknologiapalkinto ) is one of the world's largest technology prizes. It is awarded once every two years by Technology Academy Finland , an independent foundation established by Finnish industries, academic institutions, and the state of Finland . The patron of the prize is the President of Finland . The Millennium Technology Prize is Finland's tribute to innovations for a better life. The aims of the prize are to promote technological research and Finland as a high-tech Nordic welfare state . The prize was inaugurated in 2004.
4-487: 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. The Prize celebrates innovations that have a favorable and sustainable impact on quality of life and well-being of people. The innovations also must have been applied in practice and stimulate further research and development. Compared to
8-522: Is awarded by Technology Academy Finland (formerly Millennium Prize Foundation and Finnish Technology Award Foundation), established in 2002 by eight Finnish organisations supporting technological development and innovation. The prize sum is 1 million euros (~US$ 1.3 million). The Millennium Technology Prize is awarded every second year and its patron is the president of Finland . Universities, research institutes, national scientific and engineering academies, high-tech companies, and other organizations around
12-612: The Nobel Prize the Millennium Technology Prize is a technology award, whereas the Nobel Prize is a science award. Furthermore, the Nobel Prize is awarded for basic research, but the Millennium Technology Prize may be given to a recently conceived innovation which is still being developed. The Millennium Technology Prize is not intended as a reward for lifetime achievement. The Millennium Technology Prize
16-488: The world are eligible to nominate individuals or groups for the award. Nominations are accepted from any field except military technology. 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
#878121