The Hult Prize is one of the most lucrative awards that college students have the chance to obtain. The objective to win the prize is no easy feat, however, although quite a simple directive: design a business that sets out to take on a global issue. The winner gets $1 million.
The Hult Prize is an annual contest and is also the world’s biggest program dedicated to launching startups that is directed towards college students all over the world. Each year, students from India, China, the United States and the U.K. vie for a shot at the prize of launching their business that will aim to help the world.
The winners of the content are ultimately decided at the Clinton Meetings in New York, where the victorious team takes home the prize money of $1 million in seed funding for their prospective business. “The opportunity for a startup, irrespective of sector, in my opinion is the social development space where you’ve got this massive market, which by 2020 will represent nearly $1.5 trillion of annual spent,” says the CEO of the Hult Prize Foundation, Ahmad Ashkar. He continued by saying, “Actually, bringing innovative products and services to the world’s poorest allows the world’s poorest to get themselves out of poverty. So it’s a win-win for the world.”
Challenges in past years have been the task of a business model for solving the global food crisis, and rectifying the issue of non-communicable diseases. So, as one can see, the challenges laid out are no easy feat and require a great deal of planning. The challenge for 2015 has already been set: Early Childhood Education in the Urban Slum.
In recents years, experts have noted that there have been an increasing number of young people getting excited about making a widespread positive mark on business by way of social entrepreneurship. It will be interesting to see what contestants come up with as a solution for the issue presented for the 2015 contest.