SunRice team from the University College of London with its rice drying model based on Vietnam’s rice grain drying technology has won the first place of the Hult Prize competition for start-ups.
The global finals of the Hult Prize – the world’s biggest engine for the launch of start-ups emerging from university, took place at the United Nations Headquarters on September 15, with the participation of six teams.
A member of SunRice Kisum Chan said the team’s technology is based on the rice grain drying technology of Vietnam, which has been handed over to Myanmar, then improved to suit local agriculture.
SunRice’s business model aims to reduce the amount of wasted rice during the drying process and benefit rice farmers in Southeast Asia, which helps to ensure food security in the future.
The model bridges the gap between off-the-shelf rice drying technology and rice farmers that could not afford it thus making the drying technology more accessible for poor farmers.
The ninth annual Hult Prize attracted more than 100,000 university students from 121 countries and territories worldwide. This year’s theme is “Harnessing the power of energy to transform the lives of 10 million people”.
The Hult Prize is the biggest and most prestigious start-up event in the world, and awards millions of US dollars in investment to young budding entrepreneurs, including a grand prize of 1 million USD.
It is run in partnership with the United Nations and support of former US President Bill Clinton. Each year the Hult Prize provides one million dollars in seed capital to the winning impact enterprise of its flagship programme. Funding is also available through national programs which have a similar structure.
National Director of Hult Prize Vietnam Ho Quang Hung said the competition holds huge potential which will contribute to Vietnam’s educational and economic and social development.