Scientists compete for award dubbed the ‘Nobel Prize of tech’ with huge cash reward up for grabs
Scientists are now competing for one of the world’s more prestigious awards for technology, often dubbed as the ‘Nobel Prize of tech’.
The Millennium Technology Prize is awarded every two years and comes with a huge cash reward of around €1 million ($1,147,580).
The award is organized by Technology Academy Finland and celebrates new innovations that have real-world impact.
Having first started in 2004, its first winner was British computer scientist Sir Tim Berners-Lee for inventing the World Wide Web.
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Winners of the Millennium Technology Prize are often scientists, inventors and engineers who have gone on to have major breakthroughs in technology through their work.
The award cycle for 2027 has now officially opened after Minister for Foreign Affairs of Finland Elina Valtonen spoke at the launch event last Wednesday (March 25).
In her speech, she said: “Today, we celebrate the beginning of a new chapter for one of the world’s most prestigious recognitions in science and technology - a prize that, for more than two decades, has told a powerful story about Finland.
“The Millennium Technology Prize is much more than an award. It is a global emblem of Finland’s excellence in technology and our belief that innovation must serve humanity. When the world sees this Prize, it sees progress and a country that values science, invests in knowledge, and consistently delivers solutions for a better future.
“In a world where talent, capital, and research partnerships are increasingly mobile, Finland’s consistent investment in science and technology is our stronghold. With the Millennium Technology Prize we aim to further strengthen Finland’s position as an attractive destination for people to choose for investing, building their careers and pursuing their dreams.”
This prize was launched by Finland with the aim to highlight the importance of advancing tech in society and to promote the creation of innovations that can solve issues on a global scale.
Valtonen went on to add that the renewed prize ‘reflects the evolving landscape of global innovation and the increasing need for technological solutions to address complex global and societal challenges’.
She continued: “As we launch this new award cycle, it is worth emphasizing that the Prize is more than a recognition of individual achievement. It serves as a platform for international collaboration - a meeting point for scientists, engineers, innovators, investors, and policymakers. It encourages curiosity, builds partnerships, and brings global visibility to solutions that strengthen societies and improve lives.”
The 2027 Millennium Technology Prize will be awarded in May 2027.