In my opinion,a prize is great when it represents the acknowledgment of a vision,of an idea,a discovery,that allows to look ahead,to reveal something meaningful for our future.
Prestige is the most important quality of an award.That can mean money, like a university scholarship, but it can also mean the level of competition. For example, nobody receives money for the Oscar, but it is considered the highest prestige award in cinema.Also the level of notoriety. The Nobel prize makes people famous, who would normally remain relatively obscure, doing scientific research.Prestige, competition, and notoriety are important and they can lead to fame, money and better life.