Frequently Asked Questions (FAQs)
Can a company of any size apply for the prize?
The size of a company does not matter. However, the applying company or Business unit needs to be at least five years old in order to demonstrate superior profitability relative to its industry average.
Can private companies apply for the prize?
What is a business unit?
A business unit is equivalent to a segment category reported in your company’s annual report.
What are the benefits of applying for the Porter Prize?
By nominating an organization for the Porter Prize, the organization can become more attuned to the principles of competitive strategy. The prize process can serve as an impetus to rethink about the current strategy or to pave the way for implementing distinctive strategy in the future.
The application process, itself, forces companies to ask questions like:
1. Are we delivering a unique value proposition that is different from others?
2. Have we maintained strategic continuity over time?
3. Have we innovated in ways that enable the strategy?
4. Have we sustained superior profitability?
What are the benefits of being a winner?
In addition to being recognized as a leader in strategy and receiving increased publicity and recruiting exposure, the winners would receive a Benchmarking Report which has a comparative analysis with respect to other organzations who have nominated themselves for #PorterPrize.
Can a company or a business unit that has received other prizes in the past apply for the Porter Prize?
Will the winners receive any prize money?
There is no monetary prize for Porter Prize winners.
Can a company apply again if it does not become a winner this year?
Yes. The committee encourages companies to reapply.
Can the Porter Prize winners apply again?
The single-business company winner cannot apply for the prize for three years after receiving the award.
Do sponsoring companies get involved in the selection process?
No. Selection is the sole responsibility of the Selection Committee.
Do the members of the Advisory Board get involved in the selection process?
Advisory Board members, including Professor Porter, provide only overall guidance.
Can two or more business units of one company apply for the prize?
Yes. Each business unit can send in a separate application form.