The "Staatspreis Innovation", which is an Innovation Award in Austria, is awarded for more than 25 years. Thus, the most innovative companies are rewarded for specific innovation performance with the economic price annually. The rewarded companies are role models and should encourage other local companies to develop new technologies and to introduce innovative products on the market. Criteria used in the selection process are the degree of innovation, the entrepreneurial skills and the effects of the innovation. In this thesis, the effects and benefits of the Innovation Award on the development of the company were examined. For this purpose, the potential effects were identified, based on a literature review, and classified in general effects (e.g. reputation and marketing), economic effects (e.g. increase in sales or increase in the workforce), structural effects (e.g. top management commitment) and internal effects (e.g. motivation of the employees). These effects were operationalized, using a questionnaire answered by 89 former participants of the national Innovation Award. The responses were statistically analysed, evaluated and differentiated regarding to factors such as the year of participation, the size of the company, the industry and the participation category. In summary it can be stated that the companies rated the internal impact and also the external effects as very high. The evaluation of the reputation of the price has even increased in recent years, according to the valuation of the companies surveyed. The national Innovation Award has by no means lost its importance considering the background of new (social) media, the general increased awareness of innovation in business and society, the long tradition of the award and a supposedly associated decreasing novelty value as well as a variety of other prizes. The "Staatspreis Innovation" is an important instrument of the Austrian innovation policy, it pays tribute to the risk appetite of the companies and enables many innovative companies to develop further.