Hult Prize Foundation Terms & Conditions

1.   Eligibility & General Terms of Entry

a) 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 two and a maximum of four university student members (individually, each a “Participant” and collectively a “Team.”) 

b) Teams may enter the Competition either by registering for participation in events organized at the local level by volunteers or independent third parties (including, without limitation, university partners or entrepreneurship centers) or by participating in online rounds administered by Hult Prize. Such local events are organized and conducted independently of Hult Prize. Hult Prize disclaims any and all responsibility or liability for the quality, integrity, or execution of these local events and for any acts or omissions of their organizers.

c) In the event a local event is available within a Team’s university, region, or country, such Team is required to register and compete through that local event. Any exceptions to this requirement, including the option to compete through online rounds if a local event exists, must be approved in writing by Hult Prize.

d) A “Participant” is considered a university student if and only if they are, at the moment of the Team registration, enrolled as a full-time or part-time student in any higher education level, including undergraduate, graduate, or PhD/DPhil degree program and aged 18 years of age or older as of February 28, 2025. Participants must be able to provide an acceptable student status confirmation document. 

e) Each Team will represent a single university. Participants in a team may be enrolled at different universities; however, the team must select one university to which a Participant is enrolled to represent.

f) Hult Prize is open to receiving applications from teams presenting business concepts and ventures at any stage of development, including both early-stage ideas and fully operational startups. There are no restrictions based on industry, prior funding, or level of business maturity. Startups run by eligible Teams that have raised capital and/or secured grants before entering the Competition are eligible to participate. Non-profit organizations are not allowed to enter the Competition.

g) All Participants must be listed on the Team’s official registration. Any changes to a Team must be signed by all Team participants in writing, and approved by Hult Prize at its sole discretion. Participants can only be registered on one Team at a time, and only one business idea can be presented per Team.

h) 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, including Campus Directors and National Coordinators, are not eligible to compete in those events.

i) There is no entry fee. 

j) All costs related to participating in the Hult Prize Competition or any other Hult Prize program, including but not limited to transportation, meals, and accommodation, are the responsibility of the Participant.

2.  Team Composition

a)  Each team must have a designated CEO who is a Participant in the competition and meets all eligibility criteria. The CEO must be listed as a member of the company on the Hult Prize application and must play an active role in the leadership and decision-making processes within the team.

b)  At least 51% of the equity of the company competing in the Hult Prize must be owned by team members listed on the application who meet all of the Hult Prize eligibility requirements. This is to ensure that the core team driving the business forward has the decision-making and voting power necessary to execute the company’s vision and strategy.

c) If the Team is not yet incorporated at the time of the Competition application, Hult Prize reserves the right, at its sole discretion, to request a written agreement (such as a letter of intent or memorandum of understanding) outlining the intended equity structure. Failure to provide such documentation, if requested, or to maintain the required ownership structure may result in disqualification or termination of the Team’s eligibility.

d) It is acknowledged that startups or teams competing in the Hult Prize may have additional members (e.g., employees, volunteers, interns) who are not listed as participants in the competition. This is permissible, provided that any team members who are not co-founders or equity holders but are listed as participants must have a formal legal relationship with the company. This could be in the form of an employment contract, internship agreement, or volunteer agreement, ensuring a clear and legally recognized connection between the listed team members and the company they represent.

3.  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. 

b)  You agree to accept all decisions of the Hult Prize Foundation related to this Competition as final and binding.

c)  Hult Prize reserves the right, in its sole discretion, to deny entrance to any entry, Participant or Team and to ask anyone to leave Competitions. This may include but is not limited to cases of violating the letter or the spirit of these Terms and Conditions of Entry, failing to comply with reasonable instructions from the Hult Prize, its representatives or agents, or breaching 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 into disrepute.

4.  Competition Process & Dates

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)  The opening and closing dates and times for entries are as indicated in each competition phase or program. The Hult Prize 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.

c)  To participate in any in-person phase of the competition, including but not limited to the Global Accelerator and Global Finals, all team members listed on the Team’s official registration must be present. An exception can be made for one single Participant who may be unable to attend. In the event that more than one member is unable to attend in-person, the team may be withdrawn from the in-person event.

5.  Competition Submissions

a) All submissions must be in English, and all official competition phases will be held in English.

b) In addition to attending and/or participating in designated Competition events, Teams must complete mandatory 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.

d) Each Participant hereby jointly and severally represents, warrants and covenants to Hult Prize that all information and materials previously provided, or to be provided, by the Participants to HPF, including without limitation (i) the information submitted on the Hult Prize online registration form, (ii) any information and materials provided to Hult Prize Foundation in connection with Hult Prize’s due diligence, and  (iii) any other application materials, are true, correct and accurate in all respects.

e) By entering the Competition, 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.

f) Business proposals and submissions shall be the original work of the Participants. The Hult Prize does not tolerate plagiarism and reserves the right to report incidents of plagiarism to Participant’s university. All sources referenced in submissions must be cited following an appropriate and globally accepted citation style.  

6.  Selection Process and Judging Panel

a) Hult Prize employs a standardized global scorecard, accessible at hultprize.org/scorecard, to guide all selection processes at every stage of the Competition. This scorecard sets forth the criteria and metrics used by the Judging Panel, internal selection processes, and any alternative methods employed. In the event Hult Prize Foundation updates or modifies the selection criteria, such changes will be reflected on the scorecard page of its website.

b) Teams participating in the Competition pitching events may be asked to deliver a pitch. They may also be asked to participate in a live public Q&A, a longer individual “call-back” discussion, and/or other additional selection processes.

c) 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.

d) In addition to the foregoing reserves the right, at its sole discretion, to select winners through internal processes without the involvement of any external judges. Details regarding the selection processes, shall be communicated to participants prior to the start of the relevant phase of the Competition.

e) All decisions made by any such Judging Panel and/or alternative selection method shall be final and binding.

 7.   Prize Distribution

a) Hult Prize reserves the right, as a condition to and in consideration of funding the USD $1,000,000 prize money, to require the winning Participants/Team and/or the associated company entity to issue a warrant to Hult Prize (or its affiliate or designee) at any time, in substantially the same form as provided to the Participants/Team prior to payment of the prize money (the “Warrant”) or such other form as The Hult Prize Foundation may approve . The Warrant will have a nominal exercise price and be exercisable as soon as the full amount of prize funding has been paid.

b) The Warrant will 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 as of the date of the final funding payment. In the event that, prior to funding, Hult Prize Foundation (in its discretion) determines that a Warrant structure in the form provided to the Participants/Team 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 and the economic benefit of the Warrant as closely as reasonably practicable.

c) 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. 

d) 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.

e) ANY VIOLATION OF THESE OFFICIAL TERMS AND CONDITIONS OF ENTRY BY ANY PARTICIPANT (AT HULT PRIZE’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.

8.  Use of Name and Likeness and Release

a) 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.

b) 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. 

b) Non-Disclosure Agreements will not be signed by judges, mentors, other third parties or any Hult Prize staff or representatives associated with the Competition.

c) Participants agree to the Terms and Conditions of Trademark and Copyright Use set forth in ANNEX A hereto.

10.  Compliance with Laws

a) The Competition is void where prohibited by law.

b). 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. Privacy & Data Protection

a) All processing of personal information in connection with the Competition is subject to the Hult Prize Privacy Policy available on the hultprize.org website. Please read our Privacy Policy, which tells you how we use any personal information we may collect about You by entering the Competition.

b). We use cookies and similar technologies to analyze usage, improve user experience, and deliver relevant content. For more information about the cookies we use and how you can manage your cookie preferences, please see our Cookie Policy available on hultprize.org.

12. Release of Liability and Indemnification

a). By entering the Competition, You agree to release, indemnify, hold harmless and covenant not to sue Hult Prize and its direct and indirect shareholders, members, 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.   

13. Cancellation, Termination, Modification or Suspension

a) 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 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. 

14. Governing Law & Disputes

a) 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.

15. Severability

a) 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 hello@hultprize.org 

ANNEX A - Terms of Trademark and Copyright Use

By participating in a Competition carried out by the Hult Prize, You commit to the following terms and conditions (“Terms of Trademark and Copyright Use”)

1. 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 to which Hult Prize 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 holds the necessary rights to use and grant rights herein.

• “Purpose” means the purpose of participating in a Hult Prize 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'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 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.

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 or the owner of the Hult Prize IP.

3. Goodwill

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 and the owner of the Hult Prize IP and no rights or interest therein will belong to You.

4. Infringements

You shall indemnify, keep indemnified and hold the Hult Prize, its shareholder(s)/member(s) and the owner of Hult Prize IP and 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.

5. Relationship

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 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.

7. Term

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.

8. Termination

Hult Prize 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 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.