KATHMANDU: The Hult Prize Foundation recently announced the inaugural Hult Prize at School of Management, Tribhuvan University event on December 13, 2017.

According to the press statement by Tribhuvan University the theme for this year is: “Harnessing the Power of Energy to Transform the Lives of 10 Million People”. It invites ideas to harness all types of energy including alternative/renewal energy. The six dimensions ripe for transformation through energy-powered innovation includes: Connectivity, Mobility, Farming, food and agriculture, Water collection, storage and transport, Health and the human experience and Education. All these dimensions are prominent to Nepali Society. This event aims to develop the inner capabilities of the students and transform them into the change makers solving the world’s problem as stated. 

It added that the Hult Prize is the world’s largest student competition and start-up platform for social good. In partnership with former President Bill Clinton, this innovative crowdsourcing platform identifies and launches disruptive and catalytic social ventures that aim to solve the planet’s most pressing challenges. 

Student teams compete around the world for a chance to secure US$ 1 million start-up funding to launch a sustainable social venture. The 2018 Hult Prize will focus on harnessing the power of energy to transform the lives of 10 million people. 

Ahmad Ashkar, CEO and founder of the Hult Prize, attributes the success of the competition to the shift in the global economy and the millennial generation’s refusal to live in a world with inequality.

“We are giving entrepreneurs from around the world a platform to innovate and revolutionize the way we think about servicing the disadvantaged,” Ashkar commented as stated in the press statement.

Hult Prize at SOMTU Final Event is a platform for students of Tribhuvan University to earn their golden ticket to regional finals of the worldwide competition where student entrepreneurs are asked to create viable startup centered on the theme of the Hult and the winning team will be fast-tracked to compete at one of the 15 regional finals events around the world, bypassing the general application which annually receives over 20,000 applicants from more than 350 colleges and universities in over 150 countries. 

The Hult Prize regional competition will take place on March 2018 in 15 different locations. Following the regional finals, one winning team from each host city will attend a summer business accelerator, 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 take place in September 2018, where one winning team will be selected as the winner and will be awarded the US$ 1,000,000.