The Arctic Inspiration Prize is by the North, for the North, with the support of the South. It encourages, enables and celebrates the achievements of Northerners. The Arctic Inspiration Prize inspires team building and encourages the development of projects that deliver near-term benefit to Arctic communities. By enabling teams to carry out projects and celebrating their achievements, others can be inspired to do the same. Since its launch in 2012, the Arctic Inspiration Prize has grown to become an annual prize of up to $3 million awarded across three categories: the $1 Million category ($1 million for one team), the AIP category (up to $500,000 each for up to four teams), and the Youth category (up to $100,000 each for up to seven youth teams).