Hult Prize Challenge 2023 on Redesigning Fashion
Suitably qualified applicants in the fashion industry who are looking to create a profit social venture in the fashion industry are invited to submit application for the 2023 Hult Prize Challenge on Redesigning Fashion worth US$1 Million in seed capital to make their idea a reality.
The Hult Prize Challenge believes that the fashion industry is huge and it’s the world’s third-largest manufacturing sector, contributing to about $2.4 trillion to the global economy. Because the fashion industry is responsible for up to 8% of the world’s greenhouse gas emissions in more than all international flights and maritime shipping combined, the challenges gives selected applicants the opportunity to be awarded US$1 Million in seed capital to make their fashion idea a reality. Over 150 billion articles of clothing are produced each year as fashion employs approximately 300 million people across its value chain in a sixth of the world’s workforce which must result to a necessary change in the industry if not, the United Nations has little hope of meeting its Sustainable Development Goals by the 2030 deadline. It’s time to rethink every stage of the fashion industry’s ecosystem, from how textiles are being sourced to manufacture garments to how they are being bought and disposed.
One would ask what the Hult Prize is all about? Well, it challenges young people around the world to solve the planet’s most pressing issues through social entrepreneurship in the fashion industry which must create a measurable positive impact on people and the planet and support the United Nations in meeting its SDGs by the 2030 deadline.
Method of Application for the Hult Prize Challenge 2023 on Redesigning Fashion:
Interested applicants are to submit application for the challenge using the following steps below:
- Step 1: Align with one or more of the United Nation’s Sustainable Development Goals.
- Step 2: Choose an area of impact in the fashion industry’s value chain that you feel passionate about.
- Step 3: Build your team.
- Step 4: Explore your idea with Design Thinking.
- Step 5: Develop your Step
- Step 6: Create your pitch or business plan.
- Step 7: Submit your compete application.
Application Deadline: October 31, 2022.