Hi ibnbatuta,
It's a combination of merit + need. We want to hear a compelling story why you deserve this scholarship. It's structured so that it's similar to the MBA admissions process itself - you could consider it a rehearsal!
We're mainly interested in merit, although don't expect us to favor someone who got straight As over someone who set up a foundations and helped thousands. We want to hear your full story. Also, the need part is sort of a secondary criterion. If you're Bill Gates' son and we'd judge your story to be just as interesting as the story of someone from a developing country, the person with the most need would get the prize. Basically, your story is the most important, but we'll keep need in mind as well.
