Baruch Colleges Lawrence N. Field Center for Entrepreneurship has launched its application for a university-wide competition to qualify for the 2023 Hult Prize.
The Hult Prize is an annual, year-long competition that challenges university students around the world to develop a for-profit business. Describe as a Nobel Prize for students, the competition is organized in collaboration with the Clinton Foundation, a non-profit organization headed by former US President Bill Clinton.
The upcoming contest charged entrepreneurial students with the redesign of fashion to make it more sustainable. Clinton announced the topic during the final round of the 2022 contest, saying that clothes are a basic need.
The former president added that the fashion industry is the third largest manufacturing sector in the global economy, generator $2.4 trillion in revenue. But he Noted that manufacturing garments has a high environmental and social cost, due to the pollution it emits and the poor working conditions of factory workers.
The good news is that there are already forward-thinking members of the fashion industry doing great work and inspiring others, Clinton said in part. There is a lot more important work going on in this area, and I know the teams across this year’s competition will make a big contribution.
Student ideas must align with at least one of the 17 United Nations Sustainable Development Goals. Some of the goals to understand climate action, decent work and economic growth, gender equality, innovative and sustainable infrastructure, reducing inequalities and responsible consumption and production.
Each company must also address an area of impact in the fashion industry value chain, which includes manufacturing, distribution and consumption.
It’s not just about clothes, style and the latest trend, Hult Prize campus director Muhammad Elbadri said during a Nov. 16 briefing. There are so many different areas in the fashion value chain where you can create innovation.
Even if the students don’t have an idea for the competition yet, Elbadri advises them to choose a part of the fashion industry value chain that they are passionate about.
Elbadri invites students from all CUNY campuses to submit registrations for the competition until February 25th. Students must form teams of three to five members before registering. Only one person should submit the application for the entire team.
The most important thing is really trust and just finding team members who you think are focused on the mission, whatever that may be for you, he said.
The Field Center will host the in-person qualifying competition on February 28, where each team will submit a business plan for their business. The center will also host an event on January 31 to prepare students ahead of time.
Although one team wins, Elbadri said it will be an amazing experience for all competitors.
The winning team will be sent to the regional round in Boston, where the Hult Prize Foundation is headquartered. Teams that win the regional competition will complete a four-week Global Accelerator mentorship program over the summer.
Selected teams will move on to the final stage in Paris, where judges will choose which students will receive a $1 million grant to pitch their idea.
CUNY students can Lily more information about the Baruch event on its official website.
Don’t worry too much about a quick turnaround as long as you think you can get this product out in the next one to two years, Elbadri said. Either way, don’t limit yourself to trying to cut costs and overhead.
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