Applications are open for the Hult Prize Challenge, which is aimed at reshaping the global fashion industry. If you’re an aspiring entrepreneur with eyes on transforming fashion, here’s your opportunity to do so, while positioning yourself for $1 million in seed funding.
The Hult Prize Challenge aims to make the fashion industry more eco-friendly and conducive for the millions of people who work in it (about 80% of them are women). Presently, Fashion contributes a substantial portion of environmental pollution across the world. If it is not reimagined, it could threaten the realization of the Sustainable Development Goals, which are supposed to be met by 2030.
Would-be fashion entrepreneurs—or anyone with a solution that makes a segment of the value chain less exploitative or polluting –can enter this competition for a chance to showcase their solution to the world and get the funding they need to build and scale it.
Persons or teams who the competition’s organizers accept into the contest will benefit from it in the following ways:
- Get the chance to plan, design, and develop their solution
- Receive potential global exposure for the solution they devise
- Stand the chance to win $1 million in seed funding
Applicants should meet these conditions:
- The solution must align with one of the Sustainable Development Goals (SDGs)
- It should be designed to make a positive impact on (a segment of) the fashion industry’s value chain
- The team should have a business plan and pitch ready
How The Competition Will Unfold
The competition will play out in multiple stages, with teams progressing through to the finals which will take place in Paris, France.
Stage 1: Applicants will either compete with other teams at their university or apply independently via the General Application.
Stage 2: Winning teams from the first stage will compete in cities across the world in June and July 2023, for a place in a Global Accelerator Program.
Stage 3: At the Global Accelerator (which is slated for September 2023), the teams will receive intensive mentorship, and will develop their ideas into investment-ready social ventures.
Stage 4: Teams that emerge from the third stage will pitch their solution to a panel of renowned judges in Paris, for the chance to win the grand prize.
Applications will remain open until October 31, 2022.
If you would like to apply for the 2023 Hult Prize Challenge, click here.Featured Image Source: Opportunities for Africans
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