Hult Prize Foundation Terms & Conditions

See below for the Hult Prize Foundation Terms & Conditions. If you have any questions, please reach out to hello@hultprize.org.

Terms and Conditions

 

The Hult Prize Competition includes the OnCampus local competitions, the Summits, 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.

 

Hult Prize reserves the right to amend these rules, as well as the rules and requirements of each phase of the competition, at any time and if it does so, will post an update on its website.

 

Terms and Conditions

 

  • Eligibility

    • The Hult Prize Competition is open to teams of minimum three or maximum five members who are currently actively enrolled, full- or part-time undergraduate or graduate students. 

 

  • General Terms

    • There is no entry fee.

    • The team will represent their university, so team members must be enrolled at the same university. However, teams have the option to include one single team member from a different university. 

    • All team members must individually be enrolled in a higher education course of studies  at the time of the application and be able to provide an acceptable student status confirmation document.

    • All team members must be listed on the official registration. Any changes to team members must be in writing, unanimous, and approved by Hult Prize Foundation at its sole discretion. Students can only be registered in one team at a time.

    • 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.

    • All submissions from startups must be in English, and all official competition phases will be held in English.

  

  • Competition & Selection Process

    • In addition to participating in Hult Prize competition events, teams must complete mandatory milestone submissions in order to advance to the next phase of the competition. 

    • Teams may be asked to provide convincing evidence of all claims made during any phase of the competition in order to be eligible for advancement.

  • Judging Panel and Selection Procedures

    • Startups participating in Hult Prize pitching events will deliver a four-minute pitch. In addition, they may be asked to participate in a live public Q&A, a longer individual “call-back” discussion, or other additional selection processes. Hult Prize Foundation utilizes judging panels comprising experts and other third parties to select top-performing entries, teams, and participants (the “Judging Panel”). From time to time, and at its sole discretion, Hult Prize may also utilize other methods for selecting winners, such as audience or peer vote. All decisions made by any such Judging Panel and/or alternative selection method are final and binding. 

    • Hult Prize 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.

 

  • Dates

    • 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.

 

  • Plagiarism

    • 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.

 

  • Intellectual Property

    • 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.

 

  • Prize Distribution

    • 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 USD 1M prize money or any smaller award, to require the winning company(ies) 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 20% of the company’s fully-diluted equity (or a lesser percentage as decided by Hult Prize Foundation at its sole discretion) 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.

 

  • Privacy Policy

    • Please read our Privacy Policy, which tells you how we use any personal information we may collect about you by entering the competition. It can be found here.

    • Hult Prize Foundation reserves the right to amend these rules at any time. Any and all updates can be found at www.hultprize.org.

  • Trademark and Copyright Use

    By participating in any program of the Hult Prize Foundation, you commit to the following terms with Signum International AG, a company duly incorporated and organized under the laws of Switzerland, having its registered address at Haldenstrasse 4, CH-6006, Lucerne, Switzerland (Signum).

    1. Amendments

    Signum may at any time revise these Terms and Conditions without notice.


    2. Definitions

     

    “Hult Prize Copyright” means any work of art, design, scripts, shapes or images, computer software or literary and artistic works protected by copyright law owned by a Signum or a Signum Associated Company.

     

    “Hult Prize Trademarks” means trademarks, service marks, or logos which are protected, used and owned by Signum or a Signum Associated Company.

     

    “Purpose” means the purpose of creating promotional and/or printed material to promote any Hult Prize Foundation program.

     

    “Related Agreement” means the service agreement entered into and between you and  Signum or a Signum Associated Company.

     

    “Signum Associated Company(ies)” means any other other company(ies) within the group to which Signum belongs from time to time as well as its ultimate beneficial owner(s) and any and all companies directly or indirectly wholly or partly owned or controlled by such ultimate beneficial owner(s) and/or directly or indirectly associated or affiliated with Signum.

     

    “Website ” means the Digital platform where You are authorized to use Hult Prize Trademarks and Hult Prize Copyrights namely https://drive.google.com/drive/folders/1wf9yFMJ8YCp8p1vMHiOr2OI3b97kOH0f .

     

    3. Grant of License

    Subject to the terms and conditions herein, Signum hereby grants You a limited, non-exclusive, non-transferable, non-assignable, non-sublicensable and revocable license to use Hult Prize Trademark and Hult Prize Copyright on the condition that You represent and warrant the following:

     

    a) Not to modify or alter the Hult Prize Trademark and Hult Prize Copyright in any way.

    b) Not to combine the Hult Prize Trademark and Hult Prize Copyright with other works or trademarks unless agreed in the Related Agreement or approved by Signum. 

    c) Not to use the Hult Prize Trademark and Hult Prize Copyright in connection with any activity that is unlawful, libelous, defamatory, obscene, or that disparages Signum, Signum Associated Company or any Signum Associated Company 's products or services.

    d) Not to use Hult Prize Trademark and Hult Prize Copyright in any way that infringes or is likely to infringe intellectual property or other rights of any third party.

    e) Not to use Hult Prize Trademark or any word or logo confusingly similar thereto as, or as part of your corporate or trading name. You shall clearly identify yourself in your, promotional materials, on any other printed material, and on your website;

    f)  Not use or display Hult Prize Trademark and Hult Prize Copyright on your invoices, shipping, memos, websites or by any other means claiming a representation or affiliation with Signum unless specifically agreed and duly authorized in writing by Signum or a Signum Associated Company;

    g) Only to use Hult Prize Trademark and Hult Prize Copyright in connection with products or services manufactured and/or supplied by a Signum Associated Company.

    h) Not to remove any copyright or trademark notices attached to Hult Prize Trademark and Hult Prize Copyright.

     

    4. Sublicence

    The right to download and use Hult Prize Trademark and Hult Prize Copyright is personal to You and You may not grant any sub-licenses under this agreement nor assign, transfer, mortgage, charge, declare a trust of or deal in any other manner with any of the rights or obligations You have under these Terms and Conditions.

     

    5. Goodwill

    Pursuant to these Terms and Conditions all goodwill arising by reasons of the use of Hult Prize Trademark and Hult Prize Copyright shall accrue for the benefit of Signum and no rights or interest therein will belong to You.

     

    6. Infringements

    You shall indemnify, keep indemnified and hold Signum and each Signum Associated Company harmless against any and all claims, actions, or demands relating to your business activities for the use of Hult Prize Trademark and Hult Prize Copyright in breach of these Terms and Conditions.

     

    7. Relationship

    You agree that nothing in these Terms and Conditions is intended to, or shall be deemed to, establish any partnership or joint venture between You and a Signum Company nor authorize You to make or enter into any commitments for or on behalf a Signum Company.


    8. Conflicting law

    To the extent these Terms and Conditions or any revisions thereof are in conflict or inconsistent with the Related Agreement, the terms of the Related Agreement shall prevail.

     

     

    9. Term

    These Terms and Conditions become effective from the earliest date of Hult Prize participation and shall, subject to the termination provision below, continue in force for the duration of the Related Agreement.

     

    10.  Termination

    Signum has the right to terminate these Terms and Conditions for convenience at any time with immediate effect upon written notice, in its sole discretion and without compensation to You.


    11.  Effect of Termination

    Upon termination, You shall immediately stop the use of Hult Prize Trademark and Hult Prize Copyright in whatever medium such copies are, and You shall notify Signum in writing when this has been accomplished.

     

    12.  Governing Law

    These Terms and Conditions shall be governed by and construed in accordance with the law stated in the Related Agreement. Where no such agreement exists, these Terms and Conditions shall be governed by and construed in accordance with the laws of Switzerland without regard to any conflict of laws principles.


    Any disputes or claim arising out of, or in relation to these Terms and Conditions, including the validity, invalidity, breach, or termination thereof, shall be subject to the relevant terms set out in the Related Agreement. Where no such agreement exists, the disputes shall be finally settled by arbitration under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said rules. The arbitration shall be held in Lucerne, Switzerland, and be conducted in English.


    If you have any questions, please reach out to hello@hultprize.org.