Date: December 1, 2015 through December 10, 2015
Venue: Technology Incubation Centre (TIC) and CIPS, NUST
The HULT Prize Competition 2016:
The HULT prize competition is a joint initiative by the HULT International Business School and Clinton Global initiative. It is the world’s largest start-up challenge that brings together brightest minds from around the globe to solve the world’s most pressing issues. TIMES magazine has listed the HULT prize competition among the top five ideas changing the world. It provides the students with necessary funding and mentorship to develop their idea into a social enterprise. The HULT Prize foundation aims to launch the next generation of social entrepreneurs.
The event starts with local competitions where teams from different schools of the same university compete. The winners of the local competition then move onto the regional finals. There are six regional finals held at six different campuses of HULT International Business School. The six regional finalists attend the HULT prize accelerator which is a six week mentorship program. During this program, the teams attend extensive entrepreneurship seminars and hone their idea into a bankable enterprise under the mentorship of world class entrepreneurs. The teams have 24 hour access to all the resources and facilities that the accelerator has to offer.
Following the conclusion of HULT prize accelerator program, the regional finalists attend the global finals held in New York. The teams present their ideas in front of world class audience. The winning team is selected by Bill Clinton and other judges and is awarded a US$ 1 million seed funding. The global champions get to launch their enterprise under continued mentorship ad support from the HULT prize accelerator.
This Year’s Challenge:
The challenge for this year was to tackle the problem of crowded urban spaces and to present a sustainable, scalable and a fast growing model of a social enterprise that double the income of people residing in crowded urban spaces, by better connecting people, goods, services and capital.
HULT at NUST:
National University of Science and Technology was the only university in Pakistan chosen to host the HULT Prize completion in Pakistan. A staggering number of 72 teams participated in the completion from NUST alone. The organizing committee worked hard right from the start to make the event a success. It was due to their efforts that this year NUST was among the top 5 universities globally to have received the largest number of registrations.
The Chief Guest:
Miss Bella Evidente, country program manager UN Habitat Pakistan, was the chief guest of the ceremony and also a member of the panel of judges. Ms. Bella, a Philippine national, started her career in the UN System in 1996 with UNDP working on poverty reduction and HIV/AIDS portfolios in the Philippines and in Cambodia. She has worked with UN habitat Kenya and UNOPS Afghanistan before being appointed Country Program Manager and Representative for UN Habitat Pakistan.
The distinguished panel further consisted of Mr. Malik Asghar Naeem, head of urban and regional planning department of SCEE, NUST and Mr. Adnan Faisal, general manager Technology Incubation Center (TIC), NUST. TIC is the largest tech incubator in Pakistan and boasts multiple startups valued above million dollars. Possessing expertise in fields of technology entrepreneurship, sustainability and social policy, the committee ensured that the winning ideas were innovative and viable.
The Winning teams:
Team Catalyst II stood third with their idea of developing a value based services institute.
Securing second place, team Molecule’s idea was to divide the society in multiple tiers, each having different functions.
The winners of HULTt Prize at NUST and regional qualifiers for the next round were team Lyon from College of Electrical and Mechanical Engineering (CEME). Their idea, ‘The Eato Initiative’, is based on cost effective availability and accessibility of food and aims to serve the less privileged masses by decreasing their monthly food expenditure.
The team believes a large portion of the monthly income of urban poor is spent on food which forces them to compromise other basic necessities of life. Team Lyon intends to curb poverty by making a food enterprise in the crowded urban areas.
HULT prize at NUST was backed by Askari cement Limited. Askari cement are the country’s leading cement manufacturers. With two operational plants, it is supports a large pool of employees. HULT Prize at NUST collaborated with NUST Media Club (NMC). NMC was the official media partner and was responsible for event coverage. The contributions of the sponsors and collaborators led to the successful execution of the event.
Contributed By: Hamza Abid
Edited by: Kiran Ashraf