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The Blavatnik Awards for Young Scientists was established in 2007 through a partnership between the Blavatnik Family Foundation, headed by American industrialist and philanthropist Len Blavatnik (Russian: Леонид Валентинович Блаватник), chairman of Access Industries, and the New York Academy of Sciences, headed by president and CEO Mr. Ellis Rubinstein. The awards have been given annually to selected faculty and postdoctoral researchers age 42 years and younger who work in the life and physical sciences and engineering at institutions in the New York tri-state area. The first Blavatnik Awards were given in New York City on Monday, November 12, 2007. On June 3, 2013, the Blavatnik Family Foundation and the New York Academy of Sciences announced the expansion of the faculty competition to include young scientists from institutions throughout the United States. On March 20, 2017, the Blavatnik Awards for Young Scientists launched in Israel, with all Israeli research universities, including the Technion and the Weizmann Institute, becoming eligible to nominate candidates for the awards. The New York Academy of Sciences collaborates with the Israel Academy of Sciences and Humanities in administering the Awards.

U.S. Regional Postdoctoral Competition
The regional program will continue to recognize postdoctoral researchers working at institutions in the New York tri-state area. The regional program accepts nominations for scientists working in the life sciences, physical sciences, mathematics, and engineering. Nominations are accepted from institutions in New York, New Jersey, and Connecticut. Submissions for the regional program are reviewed by a Judging Panel of senior scientists, science editors, and past Blavatnik winners from the Mid-Atlantic area. As of 2013, winners of the postdoctoral competition receive US$30,000 and finalists receive US$10,000, each in unrestricted cash prizes.

U.S. National Faculty Competition
Beginning with the 2014 awards cycle, the national faculty competition accepts nominations for scientists working in three disciplinary categories: Life Sciences, Physical Sciences & Engineering, and Chemistry. Nominations are accepted from institutions throughout the United States. Members of the Awards’ Scientific Advisory Council may also submit nominations. Submissions are reviewed by a Judging Panel of senior scientists and past Blavatnik Awards winners. The awards will be conferred annually with one winner (“Laureate”) from each disciplinary category selected each year (for a total of three Laureates per year). Each Laureate will receive a US$250,000 unrestricted cash prize and be honored at a ceremony in New York City every fall.

Israel Faculty Competition
In 2017 the Blavatnik Awards launched a national competition in Israel modeled on the U.S. Faculty awards. The first awards were granted during a ceremony held at the Israel Museum in Jerusalem on February 4, 2018.

United Kingdom (UK) Faculty Competition
In 2017 the Blavatnik Awards launched a national competition across the United Kingdom modeled after the U.S. Faculty awards. The first awards were granted during a ceremony held at the Victoria and Albert Museum in London on March 7, 2018.