The Elektor Foundation is founded in 2008 on occasion of the opening of The Elektor House. The Foundation mission is "To generate, on a global scale, free publicity and goodwill for projects and people who have accomplished extraordinary achievements towards technology and electronics".
An important activity of The Elektor Foundation is the organization of the yearly Elektor Foundation awards.

The premiere presentation of the awards has taken place on November 21, 2009, during the ELEKTOR LIVE! event in Eindhoven, The Netherlands.