Bestowed annually at SPACE from 2002 to 2008 the prize consisted of a $500 cash award and a commemorative plaque. The recipient was chosen by Sim and Gerhard from a pool of submitted works. In 2008, Sim announced he was withdrawing from convention appearances (including SPACE) to concentrate on new work. In addition, Sim announced that, beginning in 2009, the Day Prize was going to be folded into the Joe Shuster Canadian Comic Book Creator Awards. SPACE organizer Bob Corby announced the creation of the SPACE Prize beginning at the 2008 show. Entries for the SPACE Prize are submitted by that year's exhibitors, with a list of finalists selected by Corby. The winner is chosen by a group of judges and SPACE exhibitors. In 2009, the SPACE Prize expanded to include three categories, General, Minicomic/Short story, and Webcomic. In 2013 the SPACE Prize added the Graphic Novel category. In 2016 the SPACE Prize dropped the Webcomic category but added the Junior Category prize.