Booth Advances to Regional Finals for the Hult Prize
By Vanessa Xu '14 | february, 2013, Issue 1
Chicago Booth's Hult Prize team members include Felipe Rocha (Sao Paulo, Brazil), Otto Gryschek (Piracicaba, Brazil), Vanessa Xu (New York, USA) and Thiago Brando (Rio de Janeiro, Brazil).
The Hult Prize recently announced that Chicago Booth has advanced to the regional finals of the 4th Annual Hult Prize. The Hult Prize is the world's largest student competition and crowdsourcing platform for social good, recently named one of the top five ideas changing the world by former President Bill Clinton and TIME Magazine. In partnership with the Clinton Global Initiative, the innovative crowdsourcing platform identifies and launches disruptive and catalytic social ventures that aim to solve the planet's most pressing challenges. Student teams compete in five cities around the world for a chance to secure $1 million in start-up funding to launch a sustainable social venture.
The 2013 Hult Prize focuses on global food security and how to get safe, sufficient, affordable and easily accessible food to the 200 million people who live in urban slums – a challenge personally selected by former President Clinton. The Hult Prize was founded in 2009 by Hult International Business School Alumnus Ahmad Ashkar. This annual challenge is the world's largest student competition and one of the world's leading crowdsourcing platforms for social good.
"We feel personally motivated to use all of the entrepreneurial and finance strategies learned at Booth to tackle this worthwhile challenge," said team member Felipe Rocha '14.
Each team was chosen from more than 10,000 applications received, representing more than 350 colleges and universities in over 150 countries. The Hult Prize regional competitions will take place on March 1 and 2 on the Hult International Business School's five campuses in Boston, San Francisco, London, Dubai and Shanghai. Chicago Booth will compete in Boston.
Following the regional finals, one winning team from each host city will move into a summer business incubator, where participants will receive mentorship, advisory and strategic planning as they create prototypes and set-up to launch their new social business. A final round of competition will be hosted by the Clinton Global Initiative (CGI) at its annual meeting in September, where CGI delegates will select a winning team to be awarded the $1 million prize by former President Bill Clinton. To date, CGI members have made more than 2,100 commitments to improve the lives of nearly 400 million people in more than 180 countries. When fully funded and implemented, these commitments will be valued at $69.2 billion.