Our Hult Prize 2024 is designed to be a fair, inclusive, and comprehensive competition. Our selection process balances rigorous evaluation with a strong commitment to diversity, aiming to foster impactful and innovative social enterprises. Below is a high-level overview of how winners are selected at each competition phase, the progressive selection criteria, and what we do to ensure diversity.

Selection Process Overview

Our streamlined selection process aims to ensure consistency worldwide, giving each team an equal chance to demonstrate their potential in social entrepreneurship. Here's a breakdown of how we prepare our judges and a sneak peek at what will happen behind closed doors in the judges' rooms during the 2024 Hult Prize:

1. Independent Panels of Judges: The central pillar of our selection process is the independent panels of judges. These committees, composed of experts from various fields and backgrounds, bring impartiality and diverse perspectives to the evaluation process. Judges are provided with training to help them make the best decision.
2. Scorecard – A Guiding Tool: A key component in our process is the scorecard, a guiding tool for our judges. This grid, detailing the criteria and metrics for evaluation, will be made available to competitors at each phase. This transparency ensures that all participants understand the benchmarks against which they are being assessed.
3. Decision-Making Process:
   • Pitch: Teams either present live or submit their pitches for asynchronous review. Q&A and callback sessions might be added to provide judges with further information.
   • Scoring: Judges individually score each pitch based on the scorecard of the relevant competition's stage.
   • Deliberation: Judges engage in discussions, deliberating on each pitch's scores and qualitative aspects. At this stage, diverse opinions and insights come together to form a more holistic view of each team's potential.
   • Decision: The decision-making process strives for consensus, valuing collective agreement. In cases where consensus isn't reached, a majority vote decides the outcome, ensuring a fair and democratic process.

Progressive Selection Criteria

Our selection criteria evolve as teams advance, ensuring relevance throughout the competition. This adaptive approach allows us to assess each team's growth and development at various stages, focusing on both foundational and advanced aspects of their social enterprise ventures.

A. Universal Criteria (Applicable at All Stages):

• Team: We assess the team's commitment, diversity, and clarity in roles and responsibilities. In the early stages, the focus is on team composition and pitch quality. As the competition progresses, the existence of legally binding founders agreements and the presence of advisors and mentors becomes increasingly essential.
• Idea: Understanding the problem, the audience, and the solution's sustainability is critical. Initially, we look for basic conceptual clarity, which evolves into a more in-depth analysis and refinement of the idea in later stages.
• Impact: Teams are evaluated on their alignment with at least one UN Sustainable Development Goal (SDG) and potential for significant impact by 2030. Early on, the emphasis is on conceptual alignment, advancing to a requirement for clear Key Performance Indicators (KPIs) for impact measurement in the later stages.
• Business: We examine the development of the business model, pathways to financial sustainability, and scalability potential. We later focus on detailed financial projections, gross margins, revenue stream, and viability assessments.

B. Stage-Specific Criteria (Introduced in Advanced Phases):

• Product-Market Fit (Summits): The focus here is on how well the product or service aligns with market needs and demands.
• Go-To-Market Strategy (Summits): This involves assessing the startup's plan for market entry and its strategy for generating initial revenue.
• Traction (Accelerator): Criteria under this category will include the successful execution of pilot projects, revenue generation, customer acquisition, and developing strategic partnerships.
• Scaling (Finals): We look at how the Hult Prize investment will scale the venture's potential for growth within its current market. We assess the company's ability to replicate success in new markets and evaluate strategies for overcoming barriers and achieving economies of scale.

Commitment to Diversity