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 (“Competition”) is operated by the Hult Prize Foundation, Inc. (“Hult Prize Foundation”), and is open to teams of a minimum of three and maximum of five members (individually, each a “Participant” and collectively a “Team”) consisting of full- or part-time university undergraduate or graduate students enrolled in a degree program and aged 18 years of age or older. Participants must be able to provide an acceptable student status confirmation document. The Competition is void where prohibited by law. Employees of the Hult Prize Foundation, Inc, its affiliates, subsidiaries, advertising and promotional agencies, and suppliers, (collectively the “Employees”) are not eligible to participate in the Competition.
Additionally, Participants engaged in organizing local events are not eligible to compete in those events.
2. Agreement to Terms and Conditions of Entry and Code of Conduct
a) By entering and/or participating in the Competition, the Participant (“You”, “Your”) agree to be fully and unconditionally bound by these Terms and Conditions of Entry and the Hult Prize Code of Conduct published at https://www.hultprize.org/code-of-conduct/ as updated from time to time, and You represent and warrant that You meet the eligibility requirements. You agree to accept all decisions of the Hult Prize Foundation related to this Competition as final and binding.
b) Hult Prize Foundation reserves the right to disqualify any entry, Participant or Team that, in its sole discretion, violates the letter or the spirit of the these Terms and Conditions of Entry, reasonable instructions from the Hult Prize Foundation and its representatives and agents, competition guidelines, processes, or the Hult Prize Code of Conduct, as well as for any conduct that may bring the Competition or the Hult Prize Foundation into disrepute.
3. General Terms
a) There is no entry fee.
b) Each Team will represent their university, thus Participants must be enrolled at the same university. However, Teams have the option to include one single Participant from a different university.
c) All Participants must be listed on the Team’s official registration. Any changes to a Team must be in writing, unanimous, and approved by Hult Prize Foundation at its sole discretion. Participants can only be registered on one Team at a time.
d) All costs related to participating in the Hult Prize Competition or any other Hult Prize Foundation program, including but not limited to transportation, meals and accommodation, are the responsibility of the Participant.
e) All submissions must be in English, and all official competition phases will be held in English.
4. Competition Process
a) Further details about the Competition process will be shared with Participants prior to and throughout the Competition and may be published at https://www.hultprize.org/how-it-works. Such Competition process details may be updated from time to time.
b) In addition to attending and/or participating in designated Competition events, Teams must complete mandatory milestone submissions in order to advance to the next phase of the Competition.
c) Teams may be required to provide convincing evidence of all claims made during any phase of the Competition in order to be eligible for advancement.
5. Judging Panel and Selection Procedures
Teams participating in Competition pitching events may be asked to 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, and/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 Foundation 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.
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) or to cancel or postpone the Competition, at any time without prior notice.
7. Plagiarism & Content
The Hult Prize Foundation does not tolerate plagiarism and reserves the right to report incidents of plagiarism to Participant’s university. All sources referenced in Team submissions must be cited in accordance with the citation style of Team’s university. Business ideas/proposals must be the original work of Participants, and only one business idea can be proposed per Team.
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.
8. Use of Name and Likeness and Release
By entering the Competition, You understand and agree that the Hult Prize Foundation, anyone acting on behalf of the Hult Prize Foundation, and Hult Prize Foundation’s licensees, successors, and assigns, shall have the right, to the full extent permitted by law, to photograph, audiotape and/or video record Participants and to print, publish, broadcast, distribute, and use in any media now known or hereafter developed, in perpetuity and throughout the World, without limitation, your entry, name, portrait, picture, voice, likeness, image, statements about the Competition, and biographical information for news, publicity, information, trade, advertising, public relations, and promotional purposes without any further compensation, notice, review, or consent. Participants 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.
9. Intellectual Property
a) Protection of sensitive materials such as intellectual property, copyright, patents, or confidentiality is the sole responsibility of the Participant or Team participating in the Competition. Non-Disclosure Agreements will not be signed by judges, mentors, other third parties or any Hult Prize Foundation staff or representatives associated with the Competition.
b) Participants agree to the Terms and Conditions of Trademark and Copyright Use set forth in ANNEX A hereto.
10. Compliance with Laws
Participants 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.
11. Prize Distribution
a) ANY VIOLATION OF THESE OFFICIAL TERMS AND CONDITIONS OF ENTRY BY ANY PARTICIPANT (AT HULT PRIZE FOUNDATION’S SOLE DISCRETION) WILL RESULT IN THE DISQUALIFICATION OF PARTICIPANT AND PARTICIPANT’S TEAM AS THE WINNER OF THE COMPETITION, AND ALL PRIVILEGES AS WINNER WILL BE IMMEDIATELY TERMINATED AND/OR REVOKED.
b) No prize transfer is permitted. All taxes, fees (including bank fees), and surcharges on the prize are the sole responsibility of the winning Participants/Team.
c) Prior to being eligible to receive any prize money, the winning Participants/Team must register a company entity, open a company bank account, and have a validly executed and legally binding founders’ agreement. Payment of prize money will be contingent on the achievement of predetermined milestones by the winning Participants/Team(s) which must be agreed to by Hult Prize Foundation. Funding milestones shall include requiring the winning Participants/Team to demonstrate a compelling and sustainable business model, which may include evidence of cash-flow positivity. Funding milestones will be reviewed and approved on an ongoing basis and may be modified if approved in writing by the Hult Prize Foundation. The Hult Prize Foundation reserves the right, at its indisputable discretion, to withhold or terminate the funding of any winning Participants/ Team for any reason without limitation.
d) The Hult Prize Foundation reserves the right, as a condition of funding the USD 1M prize money and any smaller awards, to require the winning Participants/Team and/or the associated company entity to issue a warrant to Hult Prize Foundation (or its affiliated designee). The warrant will have a nominal exercise price and be exercisable as soon as the full amount of prize funding has been paid.
For the USD 1M prize, the warrant will be exercisable for such number of shares of common stock (or similar class of equity) as equals 15% of the company’s fully-diluted equity as of the date of the final funding payment.
For the USD 100K prizes, the warrant will be exercisable for such number of shares of common stock (or similar class of equity) as equals 8% of the company’s fully-diluted equity as of the date of the final funding payment.
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.
12. Privacy & Data Protection
13. Release of Liability and Indemnification
By entering the Competition, You agree to release, indemnify, hold harmless and covenant not to sue the Hult Prize Foundation and its parents, subsidiaries, affiliates, successors, and assigns, along with its and their advertising and promotion agencies, partners, representatives, agents, employees, officers, directors, volunteers, and contractors (collectively, the "Released Parties") from and against any and all claims, costs, expenses, losses, or liabilities (including reasonable attorneys’ fees) arising from or related in any way, directly or indirectly, to Participant’s participation in the Competition, including, but not limited, to claims of negligence or wrongful death, breach of contract, breach of express or implied warranties, or any statutorily based claim to the full extent permitted by law. Participant further agrees that this Release of Liability and Indemnification agreement applies to and binds Participant along with Participant’s family, heirs, executors, assigns, executors and personal representatives.
14. Cancellation, Termination, Modification or Suspension
If, for any reason, the Competition is not able to run as planned, including without limitation events of force majeure, infection by computer virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the control of Hult Prize Foundation which corrupt or affect the administration, security, fairness, integrity or proper conduct of this Competition, Hult Prize Foundation reserves the right at its sole discretion to cancel, terminate, modify or suspend the Competition. Hult Prize reserves the right, in its sole discretion, to disqualify any Participant or Team who tampers or attempts to tamper with the entry process or the operation of the Competition.
15. Governing Law & Disputes
The Competition’s terms and conditions and Participant’s participation in the Competition shall be governed by the substantive laws of the Commonwealth of Massachusetts without regard to conflict of law provisions or doctrines. As a condition of participating in the Competition, Participant agrees that any and all disputes that cannot be resolved between the parties, and causes of action arising out of or connected with the Competition, including these terms and conditions, shall be resolved individually, without resort to any form of class action, exclusively before a court located in the Commonwealth of Massachusetts having jurisdiction. Further, in any such dispute, under no circumstances shall participant be permitted to obtain awards for, and hereby waives all rights to, punitive, incidental, or consequential damages, including reasonable attorney’s fees to the maximum permitted by law.
If any of these Terms and Conditions of Entry or Competition rules or requirements are deemed to be illegal, invalid, or unenforceable, in whole or in part, then the affected rules or terms (or portion thereof) shall be deleted from these Terms and Conditions of Entry but the remaining Terms and Conditions of Entry or Competition rules shall continue in full force and effect.
If you have any questions, please reach out to email@example.com
ANNEX A - Terms of Trademark and Copyright Use
By participating in a Competition carried out by the Hult Prize Foundation, You commit to the following terms and conditions (“Terms of Trademark and Copyright Use”)
“Hult Prize Copyright” means any work of art, design, scripts, shapes or images, computer software or literary and artistic works protected by copyright law to which Hult Prize Foundation holds the necessary rights to use and grant rights herein.
“Hult Prize IP” means together the Hult Prize Trademarks and Hult Prize Copyright
“Hult Prize Trademarks” means trademarks, service marks, or logos which are protected under trademark law and, to which Hult Prize Foundation holds the necessary rights to use and grant rights herein.
“Purpose” means the purpose of participating in a Hult Prize Foundation Competition
“Related Agreement” means the Terms and Conditions of Entry.
2. Authorization to Use
Subject to the terms and conditions herein, You are granted a limited, non-exclusive, non-transferable, non-assignable, non-sublicensable and revocable authorized right to use Hult Prize IP to carry out the Purpose and on the condition that You represent and warrant the following:
a) Not to modify or alter the Hult Prize IP in any way.
b) Not to combine the Hult Prize IP with other works or trademarks unless agreed in the Related Agreement.
c) Not to use the Hult Prize IP in connection with any activity that is unlawful, libelous, defamatory, obscene, or that disparages the Hult Prize Foundation's, or any associated entities’, products or services.
d) Not to use Hult Prize IP 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 IP on your invoices, shipping, memos, websites or by any other means claiming a representation or affiliation with the Hult Prize Foundation unless specifically agreed and duly authorized in writing;
g) Only to use Hult Prize IP in connection with products or services supplied by the Hult Prize Foundation.
h) Not to remove any copyright or trademark notices attached to Hult Prize IP.
i) not to claim any right or ownership or to file for protection or registration of any Hult Prize trademark or similar trademark, any Hult Prize Copyright, or domain names containing Hult Prize trademarks, or other intellectual property or assets, owned by the Hult Prize Foundation or the owner of the Hult Prize IP.
Pursuant to these Terms of Trademark and Copyright Use all goodwill arising by reasons of the use of Hult Prize IP shall accrue for the benefit of Hult Prize Foundation and the owner of the Hult Prize IP and no rights or interest therein will belong to You.
You shall indemnify, keep indemnified and hold the Hult Prize Foundation and the owner of Hult Prize IP and or any associated entities harmless against any and all claims, actions, or demands relating to your use of Hult Prize IP in breach of these Terms of Trademark and Copyright Use.
You agree that nothing in these Terms of Trademark and Copyright Use is intended to, or shall be deemed to, establish any partnership or joint venture between You and Hult Prize Foundation or any or any associated entities.
6. Conflicting Terms
To the extent these Terms of Trademark and Copyright Use or any revisions thereof are in conflict or inconsistent with the Related Agreement, the terms of the Related Agreement shall prevail.
These Terms of Trademark and Copyright Use become effective from the earliest date of Competition participation and shall, subject to the termination provision below, continue in force for the duration of the Related Agreement.
Hult Prize Foundation has the right to terminate these Terms of Trademark and Copyright Use for convenience at any time with immediate effect upon written notice, in its sole discretion and without compensation to You.
9. Effect of Termination
Upon termination, You shall immediately stop the use of Hult Prize IP in whatever medium such copies are, and You shall notify Hult Prize Foundation in writing when this has been accomplished.
10. Governing Law
These Terms of Trademark and Copyright Use shall be governed by and construed in accordance with the law stated in the Related Agreement.