A top university and a leading bank have joined hands calling for innovation and technology talent to help imagine the future of the fashion industry with a “sustainability-centric” mindset. The Hong Kong Polytechnic University and the Hang Seng Bank have teamed up to launch the Hang Seng x PolyU Sustainable Future Challenge: Textile and Fashion.
The Challenge: The Sustainable Future Challenge is an ideation and entrepreneurship competition for tertiary students, researchers, industrialists, and all like-minded innovators in Hong Kong to connect and co-innovate impactful innovations and business ideas to address the world’s pressing sustainability issues. The theme of this cohort is 'Textile and Fashion'
- The Challenge is looking for innovations and sustainable approaches for the textiles and fashion industry to reduce environmental damage and develop more sustainable business models and practices. Examples: green manufacturing process, digital solutions, eco-friendly/reusable materials, recycling/upcycling, sustainable product designs, inventory management, etc.
How it will work: The Challenge comes in two categories – Tertiary Student Category and Open Category. All participants will go through a series of “ideation galas” during which they will further develop their ideas and connect with other individuals to form a team.
- Then, 16 teams will be shortlisted and receive a few weeks of training and mentorship from industry professionals.
- Via proof-of-concept programmes and market validation training, the ideas of the shortlisted teams will be fully developed into practical business proposals. These proposals will be presented at a Grand Finale event.
- Applications can be made from now until 12 October 2022 for the Tertiary Student Category and until 31 October 2022 for the Open Category.
- There would be five ciriteria for assessment: Innovativeness 20%; Relevancy & Uniqueness 20%; Commercial Viability 20%; Impact on Society & Solution Effectiveness 20%; and, Team Background & Strength 20%.
The prizes: The top three winning teams will receive cash awards ranging from HK$100,000 to HK$300,000 to finance their start-ups.
- Teams in the Tertiary Student Category will also be eligible for the Tertiary Student Innovation Awards, which provide additional cash awards ranging from HK$5,000 to HK$10,000 for the top three teams.
- Subject to certain eligibility requirements, the winning teams may also be provided with further funding and other entrepreneurship support from PolyU.
What they said:
As a part of PolyU’s innovation and entrepreneurship development framework, the University is organising a series of thematic ideation competitions with the aim of addressing the ever-changing challenges encountered by various industries. We are honoured that Hang Seng is joining efforts with us to host the first Sustainable Future Challenge in Textile and Fashion, through which the participants can co-create and explore solutions to further enhance sustainability of the industry through innovation and technology. The Challenge will also allow the community to learn more about sustainable production and consumption in the textile and fashion industry. PolyU is committed to nurturing innovation and technology talents and encouraging young people to embrace innovative and entrepreneurial mindset to drive change for social good and societal impact.
— Miranda Lou
Executive Vice President
PolyU
Successfully addressing climate change will require creative ‘out-of-the-box’ thinking and the active participation of individuals and organisations across our community. The Challenge aims to encourage this by providing incentives and support to turn great ideas into real-world actionable realities. The winning teams will be awarded funding to kick start the development of their ideas for creating a more sustainable textile and fashion sector, as part of the bigger societal goal of a greener future for everyone.
— Betty Law
Head of Communications and Corporate Sustainability
Hang Seng Bank
