Hult Prize Foundation Terms & Conditions
See below for the Hult Prize Foundation Terms & Conditions. If you have any questions, please reach out to firstname.lastname@example.org.
Terms and Conditions
The Hult Prize Competition includes the OnCampus Program, the Regional Finals, the Global Accelerator, and the Global Finals (the “Hult Prize Competition”). The following Terms and Conditions apply to the Hult Prize Competition (the “Competition Terms”) and will be supplemented by the rules and requirements of each phase of the competition which can be found at www.hultprize.org. The Hult Prize Competition is hosted and organized by Hult Prize Foundation, Inc. (“Hult Prize Foundation”).
By entering the Hult Prize Competition, entrants acknowledge and accept these Competition Terms, together with the rules and requirements and any other specific instructions and terms which may be communicated to entrants. The Hult Prize Foundation reserves the right to disqualify any entrant who fails to comply with all official Competition Terms.
Terms and Conditions
The Hult Prize Competition is open to teams of minimum 3 or maximum 4 members who are currently full- or part-time undergraduate or graduate students enrolled at a higher education institution.
There is no entry fee.
All team members must be enrolled in the same university system.
All team members must be listed on the official registration. Any changes to team members must be in writing and approved by Hult Prize Foundation.
All costs related to participating in the Hult Prize Competition or any other Hult Prize Foundation program, including transportation, meals and accommodation are the responsibility of the participant.
Business ideas/proposals must be the original work of entrants, and only one business idea can be proposed per team.
Entrants agree that content, images, representations, and ideas presented during any stage of the Hult Prize Competition may be published by Hult Prize Foundation and shared with strategic partners without limitation.
Hult Prize Foundation utilizes judging panels comprised of experts and other third parties to select top-performing entries, teams, and participants (the “Judging Panel”). All decisions made by any such Judging Panel are final and binding. The Judging Panel reserves the right to disqualify any entry that, in its sole judgment, violates the letter or the spirit of the competition guidelines, processes, the Hult Prize Code of Conduct or rules of the Hult Prize Competition.
The opening and closing dates and times for entries are as indicated in each competition or program. The Hult Prize Foundation reserves the right to vary and/or amend any of these opening or closing date(s), at any time without notice.
By entering the Hult Prize Competition, you represent and warrant to the Hult Prize Foundation that you have the undisputed right, title and/or interest in the content presented in private or public for the Hult Prize Competition or any other Hult Prize Foundation-related program, and the information it contains is accurate and complete. You agree that you are not and will not be violating any contract or third-party rights including any patent, copyright, trade secret, proprietary or confidential information, trademark, publicity, or privacy rights.
Use of Name and Likeness
By entering the Hult Prize Competition, entrants grant to Hult Prize Foundation the absolute and irrevocable right and unrestricted permission to use and publish their image, or likeness, without compensation, for commercial, advertising, editorial, or any other purpose; and in any manner and medium, whether now known or hereafter devised; and to alter and composite the same without restriction and without inspection or approval. Entrants release and discharge Hult Prize Foundation from and against any and all claims, liabilities, costs, damages and expenses of any kind arising out of or relating to the use by Hult Prize Foundation of their image or likeness.
Protection of sensitive materials such as intellectual property, copyright, patents, or confidentiality is the sole responsibility of the individual or team participating in the competition. Non-Disclosure Agreements will not be signed by judges, mentors, other third parties or any Hult Prize staff associated with the competition.
Compliance with Laws
Entrants shall comply at all times with any and all state, federal or local laws that might relate to their participation in the competition, including any laws related to owning and operating any business associated with their participation in the competition.
Payment of prize money will be based on predetermined milestones achieved by the winning organization(s) which must be agreed to by Hult Prize Foundation. Funding milestones will be reviewed and approved on an ongoing basis, and may be modified if approved in writing by Hult Prize Foundation. The Hult Prize Foundation reserves the right, at its indisputable discretion, to withhold or terminate the funding of any winning company for any reason without limitation.
The Hult Prize Foundation reserves the right, as a condition of funding the prize money, to require the winning company to issue a warrant to Hult Prize Foundation (or its affiliated designee). The warrant would have a nominal exercise price and be exercisable solely in the event the company achieves a valuation equal to or exceeding US$10 million within 7 years of the warrant issuance date. The warrant would be exercisable for such number of shares of common stock (or similar class of equity) as equals 10% of the company’s fully-diluted equity of as of the date of satisfaction of the valuation milestone. In the event that, prior to funding, Hult Prize Foundation determines that a warrant structure is not optimal due to tax, jurisdictional or other reasons, the winning company shall issue equity to Hult Prize Foundation using such structure as shall be reasonably determined by Hult Prize Foundation, it being the intent to mirror the financial terms described herein as closely as reasonably practicable.
Code of Conduct
All participants shall comply with the Hult Prize Code of Conduct which can be found here.