The article quotes Jewell as saying, "The award is definitely something the genre needs, and more importantly is something the reader needs. People say 'chick lit' and what they mean is 'crap'."
I'm sure most spec fic writers could empathize. And unlike the Hugo, which is nice but comes with just a statue, this award comes with £5,000 (about $10,000 USD, these days). Not that I'm sneering at the Hugo, but extra bucks to go along with the honor never hurts.