September 01, 2020
The Hult Prize Foundation is a not-for-profit organization dedicated to launching the world's next wave of social entrepreneurs. It encourages the world's brightest business minds to compete in teams to solve the planet's biggest challenges with innovative ideas for sustainable start-up enterprises.
The Power of One Idea
In 2009, an enterprising MBA student at Hult International Business School named Ahmad Ashkar had a compelling idea - leverage the crowd to generate startup ideas from young people to sustainably solve the world’s most critical social challenges. Through the help of Hult, he acted on it. Today, the Hult Prize is the world’s foremost platform for the creation and launch of for-good, for-profit startups emerging from university. In nearly a decade, the movement has deployed more than $50M of capital into the sector and mobilized more than one million young people to re-think the future of business as it continues to breed disruptive innovation on college and university campuses across 100 plus countries. The Hult Prize Foundation been called the "Nobel Prize for Students" and has been featured in a TIME Magazine Cover Story highlighting the "Top 5 Ideas Changing the World."
Intersection of purpose and profit
We challenge young people to solve the worlds toughest issues by empowering them to make money, do good and make life better for millions of people through the creation of for good for profit businesses.
Through leveraging human capital, knowledge and the crowd like never before, the Hult Prize has helped launch social enterprises that share the common facets:
- Serve the least fortunate
- Tackle humanity's greatest challenge
- Pursue revenue and sustainability
- Use existing channels
- Create a market efficiency
- Pursue large, untapped markets
The 2019 Hult Prize Challenge as announced by President Bill Clinton at the United Nations is: “For Us, By Us: The Global Youth Unemployment Challenge” We want you, the youth to take on and act to develop a venture that will create 10,000 meaningful jobs for the youth within the next decade – with no restrictions in the industry of where these jobs come from. That is why this challenge, as our 10th Anniversary is so important and unique: it is as broad and as important as ever! That’s what we are solving with this year’s challenge. Good luck!