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 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 1.5 million krona; Technology and progress - cash prize of 1.5 million krona; Society - cash prize of 1.5 million krona; Motivation - cash prize of 500 thousand krona. 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.