Social entrepreneurs from all over the world who meet the selection criteria can qualify for this award granted by the Schwab Foundation, a non-profit organization based in Geneva, Switzerland. The Schwab Foundation works in collaboration with local media partners in order to select social actors whose capacities to identify and apply “practical solutions to social problems by combining innovation, resourcefulness and opportunity” make them stand out as leading social entrepreneurs.

According to Pamela Hartigan, Founding Managing Director and Member of the Board of the Schwab Foundation for Social Entrepreneurship, social entrepreneurs are the architects of a new social economy. These individuals have a mission of transformational social change and their main goal is social value creation.

Last year, 13 for-profit and not-for-profit organizations out of a pool of over 100 candidates were awarded the recognition. Two are based in Africa, six in Asia, four in Latin America and one in the United Stated of America. These individuals and their organizations work in various fields including economic development, health, housing, transportation, microfinance, environment, and trade.

In this 2005 edition, Fast Company and the Monitor Group partner with the Schwab Foundation in The United States to search for and select the 2005 Social entrepreneur. Winners will be invited to attend the World Economic Forum's annual meeting in Davos, Switzerland, in January, 2006.

In order to be eligible, social entrepreneurs shall comply with 5 basic criteria (entrepreneurship, innovation, social impact, aspiration, sustainability) specified in the Foundation´s webpage.