{"id":30719,"date":"2023-09-23T16:11:45","date_gmt":"2023-09-23T15:11:45","guid":{"rendered":"https:\/\/www.hult.edu\/blog\/?p=30719"},"modified":"2026-05-06T17:12:20","modified_gmt":"2026-05-06T16:12:20","slug":"banofi-leather-named-winner-of-prestigious-2023-hult-prize","status":"publish","type":"post","link":"https:\/\/www.hult.edu\/blog\/banofi-leather-named-winner-of-prestigious-2023-hult-prize\/","title":{"rendered":"Banofi Leather Named Winner of Prestigious 2023 Hult Prize"},"content":{"rendered":"

Hult Boston Campus Team GRAFF Inc. Receives $100,000 as Hult Prize Finalist<\/strong><\/h3>\n

Banofi Leather, started by student entrepreneurs from Yale University, has won the prestigious $1 million Hult Prize. Banofi converts banana crop waste\u00a0into vegan, sustainable, and cruelty-free leather as a way to bring more sustainability to the clothing and fashion industry, which was the theme of the 2023 Hult Prize. That\u00a0industry is the world\u2019s third-largest manufacturing sector, employs a sixth of the world\u2019s workforce, and is responsible for up to eight percent of global greenhouse gas emissions.<\/p>\n

The\u00a0Hult Prize Foundation awarded this year’s Prize on September 22, 2023 at Le Trianon et L’\u00c9lys\u00e9e Montmartre\u00a0in Paris, France.\u00a0Five runners-up, including startup\u00a0GRAFF Inc.<\/a>, which was founded by students on the Hult International Business School Boston campus, each will receive $100,000 to continue development of their social enterprises. The Hult Prize started at Hult International Business School in 2010 and the school’s pedagogy and commitment to experiential learning remain embedded in how the competition works. The annual Prize is funded by the Hult family, founders and owners of EF (Education First).<\/p>\n

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The annual Hult Prize challenges student social entrepreneurs from around the world to create and launch businesses aimed at tackling some of society\u2019s most pressing issues. Ideas must create measurable positive impact on people and the planet and support the United Nations in meeting the\u00a0Sustainable Development Goals<\/a>\u00a0(SDGs). Each year, different challenges are posed to student participants and past themes have included how to address healthcare, food insecurity, early childhood education, and water access issues.<\/p>\n

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Impressive Finalist Group<\/strong><\/p>\n

Banofi Leather was one of six student teams invited to Paris for the Global Finals. The finalist group also included:<\/p>\n