The University of Chittagong recently concluded the Hult Prize 2023 on Monday, June 19th, with great success. The Hult Prize is a prestigious business case competition for university students that focuses on social entrepreneurship and tackling pressing social issues. This year’s challenge was centered around the theme of ‘Redesigning Fashion’. The event witnessed the participation of around 100 teams, each presenting their innovative business ideas to a panel of judges. After rigorous evaluation, Team Chroma emerged as the champions of the On-Campus Round of the Hult Prize, and this accomplishment marks a significant milestone for the University of Chittagong and demonstrates the students’ dedication and entrepreneurial spirit.
The Hult Prize, also known as the Nobel Prize for students, is a renowned international competition that challenges young entrepreneurs to address contemporary social issues through social entrepreneurship and collaborative team building. Each year, the Hult Prize focuses on a specific theme that requires participants to devise innovative solutions and create positive social change. This year’s challenge, ‘Redesigning Fashion’, aimed to explore sustainable and transformative ideas to revolutionize the fashion industry and mitigate its negative impacts on society and the environment.
The Hult Prize provides a platform for university students from around the world to unleash their creativity, problem-solving skills, and business acumen. It encourages participants to think critically and develop viable business models that not only generate economic value but also contribute to social welfare.
The On-Campus Round of the Hult Prize at the University of Chittagong witnessed the participation of approximately 100 teams. These teams showcased their business ideas to a distinguished panel of judges, presenting their vision for sustainable fashion and addressing the challenges associated with the industry. Each team brought forth their unique perspectives, creativity, and strategic thinking, making the competition fierce and inspiring.
“Team Chroma” emerged as the champions of the On-Campus Round, impressing the judges with their innovative solutions and entrepreneurial acumen. Their remarkable achievement showcases their commitment to reimagining the fashion industry and aligning it with sustainable practices.“Team Finance Wizards” secured the first runners-up position, presenting a compelling business idea that addressed key issues within the fashion industry. Their solution demonstrated a deep understanding of the social and environmental impacts of fashion and proposed effective strategies to mitigate them. “Team Phoenix”, the second runners-up, showcased their entrepreneurial prowess by presenting a visionary concept that aimed to disrupt the fashion industry’s traditional supply chain and promote ethical production and consumption practices.
Mr. Anamul Haque, Assistant Professor of the Banking and Insurance Department at CU, acknowledged the hard work of the organizing committee from the University of Chittagong and praised the participants for their dedication. He emphasized that the Hult Prize is a transformative platform for university students, enabling them to develop innovative ideas, engage in social entrepreneurship, and contribute to positive change. The global champion team of the Hult Prize will have the opportunity to present their visionary idea to world leaders at the United Nations headquarters and receive a significant $1 million incentive to bring their idea to life and make a profound social impact.