Banofi Leather has received the $1 million top prize for its plan to turn banana crop waste into a sustainable leather alternative that could help offset the fashion industry’s environmental footprint. The winning streak is continuing for Banofi Leather (a Yale University-based startup) that has won the $1 million Hult Prize 2023 in the world’s largest social entrepreneurship business competition for students.
Banofi was founded by Jinali Moody YSE ’23. And the team also includes Maggie Boreham ’24, Jen Adachi ’24, YSE ’24, and Isobel Campbell YSE ’23.
Fashion designer and environmentalist Stella McCartney awarded the Hult Prize at the close of the year-long competition in Paris on September 22. And Banofi edged out five other finalists.
For the competition, teams are being challenged with creating sustainable ventures for the clothing and fashion industry – which is responsible for 8% of the world’s greenhouse gas emissions. Ventures had to show a positive impact on people and the planet and support the United Nations’ Sustainable Development Goals. Over 40,000 teams from 120 countries submitted ideas.
Last June, Banofi awarded the $30,000 top spot in the prestigious Wege Prize Global Competition.
KEY QUOTES:
“We are so incredibly grateful for all the encouragement the Yale community has given us. When we started working on Banofi, we received the support we needed through TSAI City, SOM’s startup cell, and CBEY. These teams really helped our idea grow.”
- Jinali Moody
“Competing in Hult was a whirlwind, but it’s an experience that none of us will ever forget. We’ve grown closer as a team, and this win means that we’ll now have the resources to scale our operations, boost sales, and continue R&D. We’ve already started having interesting conversations with brands, and we’re so excited for what’s to come!
- Maggie Boreham
“Given the urgency of climate and environmental action, it’s clear that no single individual or company can achieve this alone, so it was truly inspiring to witness the potential of every team involved. For Banofi Leather, winning the $1 million Hult Prize will be a game-changer in our mission to combat the huge environmental impacts of the leather industry.”
- Isobel Campbell
