eBay is looking for applicants who can revolutionize the fashion industry by making it more “circular” – a term that refers to making products that are more sustainable through reuse and recycling, for example.
“The Circular Fashion Fund is seeking businesses eager to challenge the norm with innovative technologies and circular practices that can revolutionize the fashion industry,” eBay said in announcing the fund.
Applications will be reviewed against the following areas:
The ability to leverage emerging technologies to create products or services which advances fashion’s circular economy.
Have a unique value proposition that has game-changing advantages over other alternatives.
The business model is commercially viable and economically desirable.
The business not only addresses a need, but also solves a problem.
Has an immediate and longer-term impact on people and the planet.
Quality and completeness of the application form.
eBay will give the winner $50,000 and will give two runner ups $25,000 each. The winner and runner ups will also receive access to workshops and a mentoring program with industry experts for three months.
The winner will then compete at a global judging panel with the winners selected from the Circular Fashion Fund of Germany, Australia, and the United Kingdom; eBay will give the global winner $300,000.
Among the criteria for entry are the following:
- The applicant’s business should be based in the United States, registered with a United States Business Number, and can be a charity, social enterprise, or registered company.
- Applicants should be trading for a minimum of 6 months and a maximum of 6 years.
Among the questions applicants must answer are the following:
- What need are you trying to address and what is your proposed solution?
- What is your vision to grow your business over the next 2-3 years?
- What makes your business different?
- How does your business support the circular economy and fashion shoppers?
- How does this support the eBay fashion customer?
Businesses must apply by November 15, 2024. Shortlisted applicants will be invited to pitch their proposals to a panel committee consisting of industry experts and eBay leadership on December 5, 2024.
