The Best of the Best award is designed to recognize the "Best of the Best" entrepreneur from among the award recipients each year. It is the person from among the award recipients that best exemplifies what it means to be an entrepreneur. Each award recipient is evaluated in terms of taking risks and building a successful enterprise that creates jobs and value where none existed before.

The Best of the Best Award is presented towards the conclusion of the Spirit of the Entrepreneur event by representatives from the award sponsor, Best Best & Krieger LLP (BB&K). The award is selected by a special group of judges that includes past Spirit award recipients and a representative from BB&K.