{"id":42583,"date":"2022-10-11T11:30:39","date_gmt":"2022-10-11T11:30:39","guid":{"rendered":"https:\/\/www.msmehub.org\/?p=42583"},"modified":"2022-10-11T11:48:52","modified_gmt":"2022-10-11T11:48:52","slug":"redesigning-fashion-2023-hult-prize-challenge-1million-seed-funding","status":"publish","type":"post","link":"https:\/\/msmehub.org\/staging\/6671\/redesigning-fashion-2023-hult-prize-challenge-1million-seed-funding\/","title":{"rendered":"Redesigning Fashion: 2023 Hult Prize Challenge ($1Million Seed Funding)"},"content":{"rendered":"\n<p><em>Redesigning fashion: Launch an innovative social venture in the clothing and fashion industry to make it more sustainable.<\/em><\/p>\n\n\n\n<p>Today\u2019s fashion industry is huge. It\u2019s the world\u2019s third-largest manufacturing sector, contributing $2.4 trillion to the global economy. Over 150 billion articles of clothing are produced each year. Fashion employs 300 million people across its value chain\u2014a sixth of the world\u2019s workforce. Unfortunately, all this comes at a terrible environmental and social cost. <\/p>\n\n\n\n<p>So, the industry must change. If not, the United Nations has little hope of meeting its <a href=\"https:\/\/sdgs.un.org\/goals\">Sustainable Development Goals<\/a> by the 2030 deadline. <strong>Innovation is the answer.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/msmehub.org\/staging\/6671\/wp-content\/uploads\/2022\/10\/Redesigning-Fashion.jpeg\" alt=\"\" class=\"wp-image-42585\"\/><\/figure>\n\n\n\n<p><strong>What to do?<\/strong><\/p>\n\n\n\n<p>Create a for-profit social venture in the fashion\/clothing industry. Your idea must be geared towards redesigning the fashion industry, and creating measurable, positive impact on people and the planet, thereby supporting the United Nations in meeting its Sustainable Development Goals by the 2030 deadline. Below are the steps to follow: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Step 1<\/strong>: Align with one or more of the United Nation\u2019s Sustainable Development Goals<\/li><li><strong>Step 2:<\/strong> Choose an area of impact in the fashion industry\u2019s value chain that you feel passionate about. The fashion value chains are: consumption, disposal, circularity, sourcing, manufacturing, distribution and marketing. <\/li><li><strong>Step 3:<\/strong> Build your team.<\/li><li><strong>Step 4:<\/strong> Explore your idea with Design Thinking.<\/li><li><strong>Step 5: <\/strong>Develop your <a href=\"https:\/\/msmehub.org\/staging\/6671\/wp-content\/uploads\/2021\/04\/business-plan-guide.pdf\">business plan<\/a>.<\/li><li><strong>Step 6<\/strong>: Create your pitch.<\/li><li><strong>Step 7: <\/strong>Compete: You\u2019ll need to make it through three qualifying rounds to compete at the Finals in Paris for the $1million prize.<\/li><\/ul>\n\n\n\n<p><strong>Bonus Tip<\/strong>: Ensure that your idea is relevant, practical, focused, profitable and measurable. The Hult Prize judges specifically look out for these. <\/p>\n\n\n\n<p>Download this <a href=\"https:\/\/a.storyblok.com\/f\/133195\/x\/6d9c7349c1\/2023-hult-prize-challenge.pdf\">Hult Prize resource<\/a> to learn more about this challenge or visit the Hult&#8217;s Prize official website <a href=\"https:\/\/www.hultprize.org\/2023-hult-prize-challenge\/\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Redesigning fashion: Launch an innovative social venture in the clothing and fashion industry to make it more sustainable. Today\u2019s fashion industry is huge. It\u2019s the world\u2019s third-largest manufacturing sector, contributing $2.4 trillion to the global economy. Over 150 billion articles of clothing are produced each year. Fashion employs 300 million people across its value chain\u2014a sixth of the world\u2019s workforce. Unfortunately, all this comes at a terrible environmental and social cost. So, the industry must change. If not, the United Nations has little hope of meeting its Sustainable Development Goals by the 2030 deadline. Innovation is the answer. What to do? Create a for-profit social venture in the fashion\/clothing industry. Your idea must be geared towards redesigning the fashion industry, and creating measurable, positive impact on people and the planet, thereby supporting the United Nations in meeting its Sustainable Development Goals by the 2030 deadline. Below are the steps to follow: Step 1: Align with one or more of the United Nation\u2019s Sustainable Development Goals Step 2: Choose an area of impact in the fashion industry\u2019s value chain that you feel passionate about. The fashion value chains are: consumption, disposal, circularity, sourcing, manufacturing, distribution and marketing. Step 3: Build your team. Step 4: Explore your idea with Design Thinking. Step 5: Develop your business plan. Step 6: Create your pitch. Step 7: Compete: You\u2019ll need to make it through three qualifying rounds to compete at the Finals in Paris for the $1million prize. Bonus Tip: Ensure that your idea is relevant, practical, focused, profitable and measurable. The Hult Prize judges specifically look out for these. Download this Hult Prize resource to learn more about this challenge or visit the Hult&#8217;s Prize official website here.<\/p>\n","protected":false},"author":1307,"featured_media":42584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[364,305],"tags":[392,743,414,415,551],"class_list":["post-42583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fashion","category-financing","tag-entrepreneurs","tag-funding","tag-msme","tag-msmes","tag-small-businesses"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redesigning Fashion: 2023 Hult Prize Challenge ($1Million Prize)<\/title>\n<meta name=\"description\" content=\"Create a for-profit social venture in the fashion industry. 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