By: Inside Retail Asia
Non-profit H&M Foundation has opened the fifth round of its innovation challenge Global Change Award.
The award is an attempt to move the needle in a space where global consumption of textiles and shoes are on track to increase by 65 per cent on 2015 levels by 2030. Organisers believe that creativity and innovation can flip the numbers in the planet’s favour and help enable great transformations in the fashion industry.
The Global Change Award was initiated in 2015 by the H&M Foundation in collaboration with Accenture and KTH Royal Institute of Technology. It has received more than 14,000 entries from 182 countries. Named the Nobel Prize of fashion, it aims to reduce fashion’s impact on the planet and our living conditions by helping groundbreaking ideas move from tissue-sketch to market.
Several of the previous winners have on-going co-operations and pilot projects with the industry, and some are already on the market.
Perhaps more important than the €1 million grant, the five winners will embark on a one-year Innovation Accelerator Program taking them to Stockholm, New York and Hong Kong. In the accelerator, H&M Foundation, Accenture and the KTH Royal Institute of Technology support the winners in taking their ideas to the next level, with guidance on how to scale up quickly and maximise their impact on the industry.
Submission deadline is October 16, and the five winners are crowned at the Grand Award Ceremony in Stockholm City Hall in April 2020.
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