The Premier's Catalyst Awards help build a culture of innovation and entrepreneurship in Ontario by recognizing excellence and leadership in innovation. The Catalyst Awards provide five awards of $200,000 for developing a commercially successful new, or significantly improved, product or service based on a breakthrough technology. Innovations must have the potential to impact Ontario's economy, society and/or sustainable development.

There are five categories: The Best Young Innovator Award; The Innovator of the Year Award; The Lifetime Achievement in Innovation Award; The Start-up Company with the Best Innovation Award; and The Company with the Best Innovation Award.