Frequently Asked Questions.
- 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 applying for the Porter Prize, it is hoped that the company/business unit will become more attuned to the principles of competitive strategy. The prize process can serve as an impetus to rethink the current strategy or to pave the way for implementing distinctive strategy in the future. In addition, applicants can attend a special seminar that will be held during Professor Porter's visit to Tokyo in early December.
The application process, itself, forces companies to ask questions like:
Are we delivering a unique value proposition that is different from others?
Have we maintained strategic continuity over time?
Have we innovated in ways that enable the strategy?
Have we sustained superior profitability?
- What are the benefits of being a winner?
- A: In addition to being recognized as a leader in strategy and receiving increased publicity and recruiting exposure, the winners will be written up in a case study series for the Hitotsubashi Business Review (published by Toyo Keizai Inc.) and in other publications.
- Can a company or a business unit that has received other prizes in the past apply for the Porter Prize?
- How much is the application fee?
- It is free.
- 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, by all means. The committee encourages companies to reapply.
- Can the Porter Prize winners apply again?
- The single-business company winner and the business-unit winner cannot apply for the prize for five years after receiving the award. However, a different business unit within the same company can apply for the prize.
- 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?
- No. 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.