By Nathan Moorman
This year marks the seventh annual Hult Prize competition, organized by the Hult Prize Foundation. Offered in partnership with former U.S. President Bill Clinton and the Clinton Global Initiative, the competition aims to create and launch the most compelling social business ideas — namely, startup enterprises that tackle grave issues faced by billions of people.
Each year, teams are tasked with confronting a different global social challenge with this year’s being “Crowded Urban Spaces.” Participants must look for ways to leverage connectivity to improve life for congested urban dwellers with a focus on increasing residents’ income by better connecting them to products, people and services.
Winning the Hult Prize at UCLA automatically advances recipients to a regional competition in which teams get to pitch their startup in front of world-class judges, mentors and advisers. Teams that conquer the regional competition then move to an intensive summer business accelerator program where they’ll move their idea from concept to market-ready. Mentors, market testing and access to state-of-the-art facilities are just a few of the resources that will help teams rapidly prototype and scale their ideas.
The few who make it to the final competition have a chance to win $1 million in seed money for their idea as well as mentorship and advice from the international business community.
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