The award was given to note his outstanding contribution to the development of Russian business and entrepreneurship.

The decision to give away the award was made by the Expert and Presidential councils of the Russian Academy of Business and Entrepreneurship upon voting by 77 members of the Presidium and 17 members of the Grand Panel of Media Judges.

This award was established in 1995 with view to popularize achievements of Russia businessmen, who have contributed in a major way to developing its economic potential.