NOIDA- IIM Indore has made its place in 2019 Regional Finals of The Hult Prize competition. The Hult Prize is referred to as a crowd-sourcing platform for the welfare of society. It is featured among the Top Five Ideas bringing Change to the World in TIME Magazine. This exclusive crowd-sourcing platform has a motto to address the most pressing global challenges by discovering and introducing the catalytic and disruptive social ventures.
Hult Prize 2019 aims at exploring the solutions for the innumerable people across the world facing the challenges of unemployment, majorly the young population that is in the dearth of skills and right opportunities to direct their career.
Team Dreamers and Seekers from IIM Indore has been announced as the winning team, which comprises of Aishwarya Gupta (Mumbai), Urvashi Saboo (Sehore), Prateek Kumar (Dehradun), and Kuhu Krishna (Patna).
This team surpassed the competition in the Hult Prize at Indian Institute of Management Indore event on 28th November 2018 and showcased the solution to challenge of this year- Global Youth Unemployment Challenge. The brief of their idea was:
“It is a trend in India that the people with skills in traditional craftsmanship transfer to big cities to earn the labour wages to meet the daily needs of their families. They face struggle on a daily basis and their generation survives with forever poverty even after having a sound knowledge of the traditional art grassroots and finally, they die in the brawl slums of cities. The concept name if IIM Indore team was Dharohar which was built around narrating that India’s glory lies within its culture and heritage.
IIM Indore team said, “We aim to create a multi-faceted platform with two major goals: Upskilling the youth and bridging the gap between the maker and the consumer.”
IIM Indore team will now participate in the Hult Prize regional finals in March 2018 where the teams from 25+ different countries will join to compete.
According to CEO and Founder of the Hult Prize, Ahmad Ashkar, the successful execution of the event was possible because of the global youth revolution. He added, “We continue to be moved by a large number of students from around the world who are capitalizing on the opportunity to develop business models that target those who are in most need. We wish every team the best of luck and thank the Indian Institute of Management Indore for supporting this initiative.”
The winning teams of the regional final from every host city will get the chance to transform their idea into an intensive 8-week summer business incubator. The incubator will be run with the assistance of mentorship, advisory and strategic planning to establish and manage the new social business. Hult Prize 2019 of USD 10, 00,000 will be given to the winning team in the final which will take place in September 2019.
An Overview of Hult Prize Foundation
The Hult Prize was started to encourage social entrepreneurship with start-up accelerator, which is focused for bringing the global students with entrepreneurial mindset together to fight against global pressing issues. This initiative emerges as the world’s largest crowd-sourcing platform where students compete to address social issues. Hult Family has been funding this foundation since 2009.