what is hult prize

The Hult Prize is an annual competition for college students that challenges them to create innovative social ventures that solve pressing social issues such as food security, water access, energy, and education. The prize is named after Bertil Hult and is often referred to as the "Nobel Prize for students". Former U.S. President Bill Clinton selects the challenge topic and announces the winner each September, with the selected idea receiving US$1 million in seed capital to be launched into a social enterprise. The Hult Prize has partnered with organizations such as the United Nations and Water.org to address global issues. The competition has challenged students to solve issues such as clean water, global youth unemployment, and the environment. The theme of the 2023 Hult Prize competition is "Redesigning Fashion," which challenges participants to launch an innovative, for-profit social venture in the clothing and fashion industry to make it more sustainable. The winning team receives $1 million in funding, and for the first time in the competitions history, each runner-up will receive $100,000 in funding, bringing the total annual prize pool to $1.5 million.