eBay has introduced the Circular Fashion Fund, with a primary focus on promoting the circular economy by supporting innovations that extend the lifespan of clothing. This fund is designed to back start-ups that are actively reshaping customer behaviour within the fashion industry.
The competitive grant program includes a substantial AUD$100,000 cash investment for the winner, while each of the two runner-up winners will receive AUD$50,000 for their business.
- Applications open September 25, 2023, and close November 10, 2023.
- Shortlist announced November 17, 2023.
- Shortlisted applicants will have the opportunity to present their proposals to a panel of experts and eBay leadership during the week starting November 27, 2023.
- The three finalists will embark on a comprehensive program comprising mentoring, training, and networking opportunities, culminating in a showcase event to announce the overall winner during the week commencing February 26, 2024.
Applications will be evaluated based on the following criteria:
- The ability to leverage emerging technologies to create products or services which advance the fashion circular economy.
- Having a unique value proposition that has game-changing advantages over other alternatives.
- The business model is commercially viable and economically desirable.
- The business or its created works or services addresses a need and solves a problem.
- The business has an immediate and longer-term positive impact on people and the planet.
Innovations dedicated to improving clothing’s longevity, reusability, and recyclability could be a game-changer in waste reduction. The Australian Fashion Council estimates that an average Australian buys 27 kilograms of new clothing each year while disposing of a staggering 23 kilograms.
Businesses investing in reshaping the future of fashion and sustainability can submit their applications here!
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