ISM has begun awarding the Prize of the Istituto di Struttura della Materia (PRISM), aimed at scientists having achieved outstanding breakthroughs in the past five years in the field of Science of Materials. PRISM intends to promote both fundamental and applied research in science and technology of materials, fields in which ISM aims to become a leader at the international level.

Two prize categories are awarded each year:
- PRISM Senior for scientists older than 35 years,
- PRISM Junior for those under 35.

The winners will have the possibility to avail of ISM expertise and infrastructures for their researches. Furthermore the winners are invited to give a seminar during a workshop, conference or school focused on the Prize's scientific topics. Travel expenses are covered by ISM.

For the first years, applicants are proposed by ISM personnel to a commission instituted by the Board of the Institute of ISM. This PRISM commission evaluates the received applications, and makes a ranking list thereby choosing the winners for the two PRISM categories. After the initial period the proposal of applicants will not be confined to the ISM staff.