Winning a Nobel Prize is a life-changing honor. Whether the laureate is an internationally known figure (such as Mother Teresa, winner of the 1979 Peace Prize) or a scientist plucked from obscurity (like Richard R. Ernst, who won the 1991 prize in chemistry for refinements in nuclear magnetic resonance spectroscopy), the award brings with it worldwide recognition that highlights one's life work and provides the funds to continue and further the mission. For academics and institutions, a Nobel Prize is used to attract the best and the brightest minds, whether students or scholars.

Alfred B. Nobel (1833–1896), the Swedish chemist and engineer who invented dynamite, left $9 million in his will to establish the Nobel Prizes, which are awarded annually, without regard to nationality, in six areas (peace, literature, physics,chemistry, physiology or medicine, and economic science) "to those who, during the preceding year, shall have conferred the greatest benefit on mankind."

At first glance, it seems odd that the inventor of a powerful explosive would endow a group of awards that includes a peace prize. But Nobel was an industrialist with a conscience. He is credited with creating a controllable combustible that made blasting rock and the construction of canals and tunnels a relatively safe process. Nobel also contributed to the inventions of synthetic rubber, artificial silk, and synthetic leather. He held more than 350 patents. His interests were not limited to science. In fact, he was a lover of English literature and poetry and wrote several novels and poems. At his death, he left a library of more than 1,500 books, from fiction to philosophy.

Family members were shocked when they learned that Nobel had dictated that his fortune be used to establish the Nobel Prizes. They contested his will, but his final wishes were executed and the first awards were distributed in 1901, on the fifth anniversary of his death. The prize in economics, however, was established in 1968 by Riksbank, the Swedish bank, in honor of its 300th anniversary. Stockholm's Royal Swedish Academy of Sciences administers the award in physics and chemistry, the Royal Caroline Medical Institute awards the prize in physiology or medicine, and the Swedish Academy oversees the prize in literature. The Norwegian Storting, or parliament, awards the peace prize.