A pre-planning committee consisting of Rector Eberhard Becker, University of Dortmund, Rector Magnificus Frans van Vught, University of Twente, and Vice-rector Fernando Marques from the University of Aveiro prepared the suggestions for prize topics for the ECIU board meeting in June 2003. It was then decided to focus the prize on Research for Innovation and Entrepreneurship: Challenges in the Academic Community or Wider Society for Industrial Design & Manufacturing, Technology Management & Entrepreneurship.

After the 2004 Prize was awarded, the ECIU Executive Board took the decision to use the funding otherwise set aside for the ECIU Young Researcher Prize and to spend the funds on activities within the ECIU core areas. There will consequently not be future awards of the ECIU Young Research Prize.