The nominations for the academy awards are usually dominated by all the massive productions that have been fuelled with hundreds of millions of dollars and most of which end up spending more on advertising than the entire budget of some films on this list. The main objective for any film is to make back the investment and then a profit, however when a film uses a massive budget, obviously there's more to get back. However, the underdogs still have a chance as money does not always necessarily equal quality! Great acting, writing and directing are what make the quality, not loads of money blown on a massive explosion(*hint, hint Michael Bay*)
This list contains a few examples of those underdogs snatching victory, even on a pretty low budgets compared to the other nominations. (No particular order).