The significance of the award is as follows:
IR stands for Industrial Research. (This award does not deal with basic research.)
52 means 52 weeks per year, namely one item every week.
Jang Young-Shil was one of the greatest inventors in the Korean history.
The award was established in 1991 to honor and encourage engineers who accomplished a prominent job in technologically innovative activities of private companies, result of which was successfully commercialized into a new product or process during the last two years.