The University of Iceland's Science and Innovation Award has been held for over two decades and is a competition for innovative ideas that may contribute to the society or industry regardless of whether the idea has a financial benefit.

The competition is open to all students and staff at the University of Iceland and prizes will be awarded for the best idea in four categories:

Health and well-being - cash prize of 1,5M króna 💰
Technology and progress - cash prize of 1,5M króna 💰
Society - cash prize of 1,5M króna 💰
Motivation - cash prize of 500Þ króna 💰

The overall winner in the competition, from one of the above mentioned categories, receives an additional cash prize of 1 million krona. Please note that the ceremony is held in Icelandic.