The award has been granted since 1989 in recognition of those making a significant contribution to the promotion of export trade and acquisition of foreign currency. The award accounts for the growth in export value, the share of exports in total sales, marketing in emerging markets, and more.

Iceland’s Innovation Award is presented to companies that have excelled in developing a new product or service based on research and scientific work and have achieved success in the marketplace.

Orðstír is an honorary award for translations of Icelandic literature into foreign languages. The award goes to individuals who have excellently translated Icelandic works into another language with such success that they have increased the reputation of Icelandic culture abroad. The award is given biennially and was first awarded in 2015.

Orðstír is supported by Business Iceland, the Centre for Icelandic Literature, the Association of Translators and Interpreters, the Office of the President of Iceland, and the Literature Festival in Reykjavík.