In 2023 the theme of the Hult Prize was “Redesigning Fashion,” which inspired teams to make the clothing and fashion industry more sustainable. The winning team, Banofi Leather from Yale University, submitted their idea for alternative plant-based leather using the waste from harvesting bananas. The production of Banofi Leather is vegan, sustainable, cruelty-free and benefits local farming communities, as well as the environment.

Jinali Mody, founder of Banofi Leather, was inspired to address farmer challenges in India, where four tons of crop waste are created for every ton of bananas produced. Banofi Leather’s solution purchases this leftover crop waste and puts it to good use. As a result, farmers earn additional income while supporting better environmental practices. Compared to traditional leather production, Banofi Leather also reduces water usage, carbon emissions and for many, represents a more ethical solution to animal-sourced leather.

Since its founding in 2009 by a group of Hult International Business School students, the Hult Prize has inspired thousands of young people worldwide to innovate for good through social entrepreneurship. With each challenge, students from 120 countries create social startups on themes ranging from food insecurity to fashion, youth unemployment to climate change.

The entire process acts as an entrepreneurial incubator. Hult Prize mentors and staff help students imagine, test, and refine their ideas, and ultimately, bring them to life. As a result, and through the exposure gained in the competition, many Hult Prize alumni go on to launch high-impact businesses that have transformed their communities in significant and meaningful ways.

For 2024, the Hult Prize challenge is “Unlimited,” meaning teams can submit any idea they have for a world-changing social enterprise that aligns with at least one of the UN’s Sustainable Development Goals. We can’t wait to see what these brilliant entrepreneurs come up with.