The H&M Foundation is offering a €1m (£0.8m) grant to five innovations that can minimise the fashion industry’s impact on the environment.
The second Global Change Award opens today and follows last year’s programme, which saw winners such as clothing made of citrus by-products, microbes that digest waste polymer and an online marketplace for textile leftovers, all sharing the €1m (£0.8m) prize.
This year’s programme seeks developments in three categories:
- Circular business models
- Circular materials
- Circular processes
The finalists are selected by a judging panel, and the public decide how the prize pot is divided up through an online vote.
In addition to the grant, the winners gain a year’s access to an innovation accelerator programme, organised by the H&M Foundation, in partnership with Accenture and KTH Royal Institute of Technology in Stockholm.
Neither the H&M Foundation, nor the H&M group, take equity or intellectual property rights in the innovations of the winners as the aim of the programme is to influence the fashion industry as a whole.
The H&M Foundation is a non-profit movement privately funded by the Stefan Persson family, founders and the main owners of H&M.