The Kellogg School of Management was selected to host a local round of the Hult Prize competition, which offers a $1 million prize to a student team as funding for a social venture.

The Hult Prize Foundation, a start-up accelerator for social entrepreneurs, chose crowded urban spaces as this year’s competition topic. The competition is a collaboration of the Hult Prize Foundation and the Clinton Foundation.

The round at NU will be held Dec. 4. Its winner will advance to one of five regional finals — in Boston, Dubai, London, San Francisco and Shanghai.

Graduate student Roshni Khurana, the director of the competition at NU, said the regional finals will be held in March 2016.

“It’s not everyday that you have an opportunity to change the world,” Khurana said in a news release. “This is our chance to show the world that our institution is dedicated to impact.”

Each of the five cities will select one team to participate in a business accelerator program in the summer of 2016. The teams will work with mentors as they prepare to launch a new social business.

In September 2016, the Clinton Global Initiative will host a final round of the competition, where representatives of the organization will select one team to receive the $1 million prize.

“The Hult Prize is a wonderful example of the creative cooperation needed to build a world with shared opportunity, shared responsibility, and shared prosperity, and each year I look forward to seeing the many outstanding ideas the competition produces,” former President Bill Clinton said in a news release.

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Twitter: @peterkotecki