The task of sifting and assessing the Millennium Technology Prize nominations falls to the Selection Committee whose members have access to all materials prepared by the nominators and who carry out additional research on the most promising candidates.

The Selection Committee members are selected by the Board of Technology Academy Finland based on proposals made by Aalto University. The term of each Selection Committee member is eight years at maximum i.e. four rounds.

The Selection Committee members represent a wide range of technology related disciplines and include eight eminent scientists from academia and industry. In addition to broad scientific knowledge, they are selected for their individual special research areas which include: life sciences; material technologies; information and communications technology and digitalization; energy, environment and water.

The Board of Technology Academy Finland appointed four new Selection Committee members in October 2016: Dr. Päivi Törmä (the Chair of the Selection Committee), Dr. Jonathan Knowles, Dr. Tero Ojanperä and Dr. Hanna Viertiö-Oja.