In 1976, The Rolex Awards for Enterprise were launched to celebrate the 50th Anniversary of the legendary Rolex Oyster. The Rolex Awards is a series of biennial awards "aimed at fostering a spirit of enterprise around the world", promoted by the Swiss wristwatch company Rolex. The awards recognize outstanding achievement, particularly in the areas of science and medicine, technology and innovation, exploration and discovery,; the environment, and cultural heritage. The awards are given to five Laureates and five Associate Laureates for pioneering efforts to expand knowledge and improve human life. Laureates receive US$100,000 each; the Associate Laureates, US$50,000. As of 2011, 115 laureates have been selected since the awards were established in 1976. Judging is done by world-famous experts. All Laureates and Associate Laureates apply on their own behalf.