Iovine and Dre recently parlayed their Beats headphone and music service into a $3 billion buyout from Apple. The award recognized their achievements in creating the hybrid wearable/streamable company and the subsequent formation of the USC Jimmy Iovine and Andre Young [Dre's given name] Academy for Arts, Technology and the Business of Innovation, now being funded with profits from their Apple sale.

According to social media from the event, Eminem was on hand to give Dre the entrepreneurship award. Though it's unknown what all he said, one telling quote is clear on Dre and Iovine: "They saw my potential," he said.