Hult Prize at RMU

Hult Prize

The Hult Prize is the world's largest student social entrepreneurship competition. The Competition was held in collaboration with the United Nations and received support from prominent figures, including former President Bill Clinton. It was established in 2010 by Swedish entrepreneur Bertil Hult, founder of the Hult International Business School. This Competition is a Student team from universities from across the world competing to solve a pressing social issue such as poverty, education, healthcare, or climate and also includes United Nations Sustainable Development Goals (SDGs); students develop an innovative business idea that addresses a specific issue and has the potential for scalable, sustainable social solutions and makes a positive impact on society. The best team winning the Hult Prize receives a USD 1 million prize, which serves as seed capital to launch their social enterprise. The Competition seeks to foster creativity, entrepreneurship, and social responsibility among the world's future leaders.

Mission

The mission of the Hult Prize is to empower and mobilize the next generation of social entrepreneurs to address the world's most pressing challenges. The organization aims to provide a platform for young changemakers to develop their ideas, connect with like-minded individuals, and gain the necessary resources and support to turn their visions into reality.

Vision

The vision of the Hult Prize is to establish a society in which each person has the opportunity to prosper and lead a life of dignity. The organization sees social entrepreneurship as a potent force for good in the future, one that is acknowledged and encouraged. By providing them with the skills, knowledge, and expertise required to tackle the most important global issues, the Hult Prize seeks to inspire and enable every young person from all backgrounds to become a changemaker.

Hult Prize 2024: UNLIMITED!

Former US President Bill Clinton recently unveiled the 2024 Hult Prize Challenge at our Global Finals event in Paris, kicking off our 15th anniversary competition with a groundbreaking twist: this year's topic is UNLIMITED!

Create the world you want to see

This year, you can pitch any idea you have for a social enterprise, as long as it is world-changing and aligned with at least one of the United Nations Sustainable Development Goals (SDGs). You get to decide what problem you want to solve, as well as the business idea to solve it.

Understanding the Hult Prize Contest

(I) Qualifier

The Hult Prize competition starts with the OnCampus Program and the Open Application. In the OnCampus Program, student volunteers known as Campus Directors organize training sessions and community events at their universities that focus on the specific Challenge of the year. The winners of the qualifying OnCampus programs will represent their universities at the Summits. Alternatively, teams may apply directly through Open Application. Only 900 teams will be chosen to advance to the next round from over 20,000.

(II) Summits

The Hult Prize will hold live Global Summits in eight different places across the globe. Expert panels will hear pitches from thousands of competitors about their social entrepreneurship concepts. Each Summit's winning teams will get a position in the Global Accelerator, along with four other startups chosen through the Second Chance Round.

(III) Global Accelerator

Our twelve semi-finalist teams will get in touch with Hult Prize mentors and curriculum in July in order to enhance their pitches and advance their businesses. They will go to London, UK, in August for our Global Accelerator, where they will work and learn for two weeks with coaches and experts from around the globe. Six teams will be selected at the end of the Accelerator to take part in our Global Finals!

(IV) Global Finals

Six teams compete for the chance to win the US $1,000,000 Hult Prize by pitching their social businesses to a panel of renowned judges at the Global Finals.

Getting Started at Hult Prize

Forming Team:

Reach out to personal networks, such as classmates: his collaborative mindset and indomitable desire to create diverse, innovative solutions.

Identifying the Challenge:

Understand the specific social challenges presented for this year and understand the nuances, complexities, and potential for sustainable impact.

Brainstorming:

Encourage your team to utilize open and innovative discussions. Analyze diverse ideas, points of view, and potential solutions to the given Challenge.

Implementation Planning:

Create a comprehensive plan to set your project apart from the Competition. Consider profitability, potential challenges, and strategies for long-term success.

Registration:

Visit the official Hult Prize website and register your team. Ensure you understand the competition guidelines, deadlines, and any specific requirements for the year.

Creating Business Models:

Develop a robust and scalable business model for your social impact project, considering project sustainability, profitability, and potential for mass implementation.

Pitch Development:

Create a compelling pitch that effectively communicates your solution, its impact, and the feasibility of implementation: clarity and a strong focus on action.

Why is it Necessary to Join the Hult Prize Competition?

The Hult Prize competition empowers university students to tackle global challenges such as poverty, healthcare, education, and the environment. It provides for students to make meaningful real-world issues. Participants have the opportunity to gain valuable entrepreneurial experience, from the initial concept to the implementation phase, enabling them to understand the process of making their ideas viable. Moreover, the competitors have a sense of responsibility and encourage active participation, creating meaningful and sustainable impact. It helps participants' actions with a purpose, ultimately building global leadership capabilities.

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