The Kansas City-based Ewing Marion Kauffman Foundation has awarded the first Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship to Scott Stern, a Northwestern University professor and researcher.

The prize, which includes a $50,000 award, will be given every two years to a scholar under the age of forty whose research has made a significant contribution to entrepreneurship. This year's winner was recognized for his research into the idea marketplace, which facilitates the development of new market approaches that enable entrepreneurs to better produce and sell their intellectual property.

"Entrepreneurship is central to the American economy, fueling innovation, productivity, and growth," said Kauffman Foundation president and CEO Carl J. Schramm. "Yet, relative to the important role it plays, the entrepreneurial process is not well understood. The Kauffman Prize Medal underscores the importance of the scholarly study of entrepreneurship and aims to inspire promising young scholars to contribute new insight to the field."