The Millennium Technology Prize is awarded by the Technology Academy Finland, an independent fund established by Finnish industry and the Finnish state in partnership. The Technology Academy has 14 member organisations and its main financial supporters are the Technology Industries of Finland Centennial Foundation, the Confederation of Finnish Industries and the Finnish state.

The Laureates and the ultimate Winner of the Millennium Technology Prize are selected by an International Selection Committee appointed by the Board of the Technology Academy. A pre-selection group consisting of a network of Finnish and international experts assists the International Selection Committee in its work. Final decisions concerning the Laureates and the ultimate Winner are made by the Board.