US$1 Million in Seed Capital Hult Prize Challenge on Redesigning Fashion 2023. The 2023 Hult Prize Challenge is now open for applications to create a for-profit social venture in the fashion/clothing industry. Every year, one team receives $1M USD in funding to make their idea a reality.
Today’s fashion industry is huge. It’s the world’s third-largest manufacturing sector, contributing $2.4 trillion to the global economy. Over 150 billion articles of clothing are produced each year. Fashion employs 300 million people across its value chain*—a sixth of the world’s workforce.
The fashion industry is responsible for up to 8% of the world’s greenhouse gas emissions—more than all international flights and maritime shipping combined. It consumes 215 trillion litres of water a year and accounts for 9% of the microplastics found in our oceans. For the majority of workers, conditions are dangerous and exploitative. Compensation is often below a livable wage, especially for women who comprise 80% of the workforce.
The industry must change. If not, the United Nations has little hope of meeting its Sustainable Development Goals by the 2030 deadline. It’s time to rethink every stage of the fashion industry’s ecosystem, from how we source textiles and manufacture garments to how we buy them and dispose of them.
- Step 1: Align with one or more of the United Nation’s Sustainable Development. Goals
- Step 2: Choose an area of impact in the fashion industry’s value chain that you feel passionate about.
- Step 3: Build your team.
- Step 4: Explore your idea with Design Thinking.
- Step 5: Develop your Step 6: Create your pitch. business plan.
- Step 6: Create your pitch.
- Step 7: Compete!
- Application Deadline: October 31, 2022
You’ll need to make it through three qualifying rounds to compete at the Finals in Paris for the $ 1 million prize.
- Round 1: OnCampus [Year-round] Compete with other teams at your university, or apply independently through the General Application.
- Round 2: Summits [June and July] Campus Finalists choose one of multiple cities worldwide where they compete alongside other teams worldwide for a spot at our 4-week Global Accelerator program.
- Round 3: Global Accelerator [September] Semi-Finalists transform their business ideas into investment-ready social ventures with four
intensive weeks of mentorship and preparation at a thrilling world-class destination.
- Round 4: Finals [September] Only a select few teams will be chosen as finalists to pitch their ideas before globally renowned judges in Paris.
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