Candidates must meet four criteria to be eligible for the award:
- Must be under 35 years old at the time of the award (March 2025). The age limit of 35 years can be extended by up to 3 years, i.e., 38 years, for documented career interruptions such as parental leave, clinical training, prolonged illness, or military/civil service
- Have Norwegian citizenship or be a foreign researcher at Norwegian research institutions
- Have documented outstanding talent, originality, and effort
- Have achieved exceptionally good results within their fields
The prize amount is NOK 75,000, and is funded by the I. K. Lykke's foundation. The award is presented at DKNVS' annual celebration in March.