HULT Prize Foundation is a start-up accelerator where young entrepreneurs from universities worldwide get together to compete. The HULT-powered event is the world’s largest student competition and is aimed towards using these young brains to solve the toughest of global challenges.
HULT Prize Competition 2016 at NUST
The HULT Prize Competition recently concluded at NUST (National University of Science and Technology). The event, which started on 1st December 2015 and ended on 10th December 2015, was held at Technology Incubation Centre (TIC) and CIPS, NUST. NUST was the only university from Pakistan chosen to host the competition.
The NUST organising committee worked hard to ensure high participation and make the event a success. The HULT event received a positive response and, an impressive, 72 teams took part in the competition. Due to such a massive response, NUST was ranked amongst the top 5 universities in the world in terms of registration requests.
What is HULT Prize Foundation
HULT Prize has been named as one of the top five ideas to change the world by TIME Magazine. The platform provides students with mentorship and funding to cultivate their ideas. In other words, HULT Prize aims to help promote the next generation of social enterprises.
Each year, the event starts with local teams from departments of every university which has been chosen to take part in the competition. The winners of these local competitions then progress to the regional competitions. In total, six regional competitions are held at HULT International Business School’s six different campuses.
This Year’s HULT Prize Competition
This year’s challenge was that participants try and tackle the problem of crowded urban areas with their ideas and present a sustainable and scalable model of a social enterprise which will help increase people’s income.
The competition was judged by Miss Bella Evidente, country program manager UN Habitat Pakistan. She was also the chief guest for the event. Additional judges for the event included Mr. Malik Asghar Naeem, Head of Urban and Regional Planning Department of SCEE, NUST and Mr. Adnan Faisal, General Manager Technology Incubation Centre (TIC), NUST.
The top spot in this competition was scored by Team Lyon. Their idea “The Eato Initiative” is based on cost effective food enterprise. The team believes a large portion of urban population’s income is spent on food, leaving little for other necessities of life.
What’s Ahead for the Regional Qualifier Teams
During the regional competitions, participants attend a six week mentorship programme. During the programme, teams take part in several entrepreneurship seminars which help them hone their ideas into proper business solutions. The participants are assisted by world class entrepreneurs and they are also given a 24-hour access to all the service and facilities on offer at the accelerator centres.
After the HULT prize accelerator programme, regional finalists attend global finals in New York. Participants’ ideas are presented in front of an audience and the winning team is selected by Bill Clinton and other judges. The winners are awarded US$ 1 million in seed funding. The winners get to work under the mentorship of HULT mentors and continued support from HULT Prize accelerator.