Singhal travels to Boston for the Hult Prize Competition

Graduate research assistant, Astha Singhal, along with her University of Iowa team, attended the regional finals of the fifth annual Hult Prize in Boston, MA on March 7 and 8, 2014.  The annual competition for the Hult Prize aims to identify and launch the most compelling social business ideas—start-up enterprises that tackle grave issues faced by billions of people. The 2014 Hult Prize focused on solving non-communicable disease in the urban slum—a challenge specifically chosen by former President Bill Clinton.

This year, more than 10,000 applications from over 350 colleges and universities in over 150 countries were submitted for the Hult Prize.  The University of Iowa was one of top 300 start-ups from around the world that were selected to travel to one of the six global locations to pitch their idea.  Along with Boston, pitches were given in San Francisco, London, Dubai, Shanghai, and Sao Paulo.

Representing the University of Iowa were Singhal, Karthik Iyappan Gunasekaran (Henry B. Tippie School Of Management), Mitul Sarkar (team lead and alumnus, Neuroscience Graduate Program), Sandeep Bodduluri (College of Engineering) and Simrit Kaur Sodhi (Carver College of Medicine).  Their start-up platform took an innovative approach to providing better access to affordable medicine for slum dwellers.  Their start-up was called “AMAN: Affordable Medicine Action Network”—Aman is Hindi for peace.  Their business plan examined how they could cut the costs of medicine, make it readily available, and still remain sustainable.  Additionally, they incorporated handheld cellular devices, becoming common in many slums, to readily access their costumers and keep an open line of communication.

University of Iowa team gave their pitch on Saturday, March 8, and results were announced later that evening.  Only one team was selected from each region to move into the summer business incubator, where they will receive mentorship, advocacy and strategic planning as they create prototypes and set up to launch their new social business.  Although the University of Iowa team did not make it through regionals, their success highlights the true dedication, inspiration, and passion that exist within the team and the University of Iowa.

The Clinton Global Initiative, at its annual meeting in September, will host a final round of the Hult Prize and one team will be awarded $1 million in start-up funding to launch a sustainable social venture.