Hult Prize: University Students Only?

The Hult Prize is a global student competition that challenges university teams to solve the world's most pressing issues with viable business ideas. The competition is run in partnership with the United Nations and has been featured in a TIME Magazine cover story as one of the top five ideas changing the world for the better. The Hult Prize is open to students from any college or university in the world, with teams of a minimum of two and a maximum of four members. To be considered a student, one must not have graduated at the time of application submission. The competition provides a prize of up to $1,000,000 in funding to the winning team.

Who can enter the Hult Prize?

The Hult Prize is a global student competition that challenges university teams to solve some of the world's most pressing issues with viable business ideas. The Hult Prize Foundation is open to teams of a minimum of two and a maximum of four university student members. Students from any college or university in the world are invited to form teams.

To be considered a student, you must not have graduated at the time of application submission. Alumni and faculty are not allowed to be official team members. Participants must be enrolled as full-time or part-time students in any higher education level, including undergraduate, graduate, or PhD/DPhil degree programs, and be aged 18 or older.

To enter the competition, teams can either register for participation in events organized at the local level or participate in online rounds. Teams that do not win their local Hult Prize On Campus event can still apply to participate in one of the 25+ Regional Summits through the general Hult Prize application window. The Hult Prize is also run in partnership with the United Nations, and student teams from universities from across the world compete to solve a pressing social issue by developing a scalable, sustainable social enterprise.

What is the application process?

The Hult Prize is a worldwide student competition that challenges university teams to solve global issues with viable business ideas. It is open to all university students, including undergraduate, graduate, and postgraduate students. The competition is run in partnership with the United Nations, and students from universities across the world compete to solve a pressing social issue by developing a scalable, sustainable social enterprise.

The application process for the Hult Prize can vary slightly from year to year, but here is a general overview of the typical process:

November - February:

To get started, students must qualify by competing in local competitions through the OnCampus Program or applying online via the open application. The OnCampus Program allows student leaders to organize their own localized version of the Hult Prize at their university, with support from the Hult Prize Foundation. The online application is also an option for students whose universities are not hosting an OnCampus competition.

March - May:

Winners of the local competitions and top startups from the open application will then advance to national events or participate in an equivalent online selection process.

June - July:

In the Digital Incubator phase, leading startups refine their ideas and develop their business strategies. They receive world-class resources, including online workshops and personalized mentorship from social entrepreneurs and industry experts.

August:

The best startups from the Digital Incubator will be invited to the Hult Prize Global Accelerator at Ashridge House outside of London. This immersive program helps teams refine their business strategy, expand their networks, and scale their impact globally.

September:

Finally, six teams are selected to pitch their social ventures at the Global Finals, where they compete to win the US $1,000,000 Hult Prize.

It is important to note that the Hult Prize website will have the most up-to-date information on the application process, deadlines, and requirements for the current year. Interested applicants should refer to the official website for the latest details and guidelines.

What are the rules?

The Hult Prize is a worldwide student competition that challenges university teams to solve some of the world's most pressing issues with viable business ideas. It is the world's largest student social entrepreneurship competition, with participants from over 100 countries.

• The Hult Prize is open to university students only. A "Participant" is considered a university student if they are enrolled as a full-time or part-time student in any higher education level, including undergraduate, graduate, or PhD/DPhil degree programmes, and are aged 18 or older.
• Teams must consist of a minimum of two and a maximum of four university students. Alumni and faculty are not allowed to be official team members.
• Each team will represent a single university. However, participants in a team may be enrolled at different universities, but they must select one university that a participant is enrolled in to represent.
• Teams can enter the competition by registering for participation in events organised at the local level or by participating in online rounds administered by Hult Prize.
• If a local event is available within a team's university, region, or country, the team must register and compete through that local event.
• Business proposals and submissions must be the original work of the participants. The Hult Prize does not tolerate plagiarism and will report incidents to the participant's university. All sources must be appropriately cited.
• The competition is open to receiving applications from teams presenting business concepts and ventures at any stage of development, from early-stage ideas to fully operational startups.
• The competition usually begins with local competitions through the OnCampus Program or online via an open application. Winners of these local competitions and top startups from the open application will then compete in national events or an equivalent online selection process.
• The best startups will then travel to the Hult Prize Global Accelerator, an immersive program designed to accelerate business growth by helping teams refine their business strategy, expand their networks, and scale their impact globally.
• Finally, at the Global Finals, six teams will pitch their social ventures to a panel of distinguished judges, with the hopes of winning the US $1,000,000 Hult Prize.

What do winners receive?

The Hult Prize is a prestigious award for university students, challenging them to solve some of the world's most pressing social issues. The winners of the Hult Prize receive a range of benefits that not only recognise their achievements but also help them further develop their ideas and positively impact society.

Recognition and Prestige

Firstly, the Hult Prize winners gain immense recognition and prestige within the global community. The award shines a spotlight on the winning teams, elevating their profile and providing them with a platform to showcase their innovative solutions to a wider audience. This recognition can open doors to future opportunities, collaborations, and support for their ventures.

Financial Reward

The Hult Prize winners receive a significant financial boost in the form of seed capital. Each year, the winning idea is awarded a substantial cash prize, with sources mentioning US$1 million in seed capital to launch their social enterprise. This financial injection allows the winners to bring their ideas to life, scale their ventures, and create sustainable social impact.

Mentorship and Support

Hult Prize winners also gain access to mentorship and support from industry experts and social entrepreneurs. The Digital Incubator, for instance, offers world-class resources, online workshops, and personalised mentorship to help refine their business strategies, expand their networks, and accelerate their growth. This support system ensures that the winners are not just recognised for their achievements but are also equipped with the tools and connections necessary to succeed and maximise their impact.

Global Network and Opportunities

The winners of the Hult Prize become part of a global network, connecting them with like-minded individuals, industry leaders, and potential partners. This network can open doors to international opportunities, collaborations, and investments. The Hult Prize Global Accelerator, held at the historic Ashridge House outside of London, is one such example where the winners can immerse themselves in a programme designed to help them expand their horizons and scale their impact globally.

Impact and Legacy

Lastly, and perhaps most importantly, the winners of the Hult Prize have the opportunity to create a lasting impact and leave a positive legacy. The competition is centred around solving pressing social issues, and the winners are those who present viable, sustainable solutions. Through their ventures, the winners get to directly address global challenges and positively influence the lives of people around the world, becoming catalysts for change and leaving a mark that extends far beyond the competition itself.

What are the judging criteria?

The Hult Prize is a worldwide student competition that challenges university teams to solve pressing global issues with viable business ideas. It is the world's largest student social entrepreneurship competition, and the winner receives a US$1,000,000 global startup prize.

The judging criteria for the Hult Prize are rigorous and comprehensive, assessing teams on a variety of factors throughout the competition. Here are the key aspects of the judging process:

OnCampus Program and Local Competitions

To initiate their participation in the Hult Prize, students must compete in local competitions through the OnCampus Program or apply online. The OnCampus events are ranked based on four primary criteria:

• Number of Participating Teams: The number of teams that participate in the event is a crucial factor. A higher number of teams indicates greater engagement and interest in the competition.
• Types and Number of Judges Recruited: The diversity and number of judges recruited for the event are considered. The presence of experienced and knowledgeable judges is essential for a successful competition.
• Media Articles: The event's ability to generate media coverage and attract the attention of journalists is evaluated. Media articles help create a buzz around the event and showcase its impact.
• X-Factor Activity: This criterion assesses the event's uniqueness, creativity, and ability to go above and beyond standard expectations. It could include innovative activities, exceptional organisation, or exceptional participant engagement.

National Events and Online Selection

Winners from local competitions and top startups from the online application process advance to national events or an equivalent online selection process. At this stage, the judging criteria become more focused on the teams' business ideas and their potential impact:

• Business Idea Originality: Judges look for innovative and unique business concepts that stand out from existing solutions. Plagiarism is not tolerated, and participants must cite their sources appropriately.
• Scalability and Sustainability: The business idea should address a pressing social issue while being scalable and sustainable. Judges assess the potential for the enterprise to grow and create long-lasting positive change.
• Product-Market Fit: Teams should demonstrate a strong understanding of their target market and how their product or service meets the needs of that market.
• Proof of Concept: Participants are expected to provide evidence supporting their business idea, such as prototypes, pilot studies, or customer feedback.
• Go-to-Market Strategy: Judges evaluate the teams' plans for launching their product or service, including marketing strategies and distribution channels.

Hult Prize Global Accelerator

The best startups from the national events are invited to the Hult Prize Global Accelerator, an immersive program designed to accelerate business growth. At this stage, the judging criteria focus on the refinement of business strategies and the expansion of their global impact:

• Business Strategy Refinement: Judges assess the clarity, feasibility, and effectiveness of the teams' business strategies. This includes evaluating financial projections, operational plans, and revenue models.
• Network Expansion: The ability of participants to expand their professional network and build connections with potential partners, investors, and mentors is considered.
• Global Impact: Judges look for startups that can demonstrate a strong potential to scale their impact globally. This includes assessing the adaptability of their business idea to different markets and cultures.

Global Finals

Finally, six teams are selected to pitch their social ventures at the Global Finals, presenting to a panel of distinguished judges. The judging criteria at this stage are comprehensive, considering all aspects of the teams' business ventures:

• Social Impact: The primary criterion is the potential social impact of the business idea. Judges look for ventures that can create meaningful and sustainable change to address a pressing global issue.
• Innovation: Judges assess the level of innovation in the business idea, rewarding ventures that offer unique and creative solutions.
• Feasibility: The feasibility and practicality of implementing the business idea are evaluated. Judges consider the resources, logistics, and potential challenges of executing the venture.
• Presentation and Communication: The ability of the team to effectively communicate their business idea, including their pitch deck and public speaking skills, is assessed.
• Financial Projections: Judges evaluate the financial viability of the venture, including revenue potential, cost structure, and profitability.

It is important to note that the Hult Prize Foundation maintains the flexibility to utilise alternative methods for selecting winners, such as audience or peer vote, or internal processes without external judges. The specific selection processes and criteria are communicated to participants before each phase of the competition.

Frequently asked questions