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The New York brand announced the Tom Ford Plastic Innovation Prize, a competition that challenges entrepreneurs and inventors to come up with an idea to help end plastic waste. The luxury house reminds us that throwing plastic in the correspondent bin is not enough, since some of that plastic will never be recycled.
According to Tom Ford, 11 million metric tons of plastic waste float in the ocean. 46% is thin – film plastic, the one used for storage bags, sandwich bags, polybags etc. that often go unnoticed. It is expected that the number of wastes will triple to 29 million over the next 20 years. Thus, the competition aims to find the most sustainable and affordable solution.
Sustainability is a key critical issue in our lives now," said designer and CFDA president Tom Ford in a statement released by his brand. The contest will run for two years, and prize will consist of 1.2 million dollars followed by three years of support for the finalists. Entries to take part in the Tom Ford Plastic Innovation Prize are open until 24 October 2021.
The panel will work with a Scientific and Tech Advisory Board in association with experts in raw materials, development and ocean health. Extensive laboratory and field testing will be carried out with the collaboration of the Bioseniatic Laboratory at the UGA New Materials Institute.
Matt Grossman, investor and chairman of the Tom Ford Plastic Innovation Prize will be one of the advisors. Technology and business experts specialising in venture capital, finance, impact investing, marketing and technology commercialization will join him. They will provide guidance on the business models, market viability and financing of the finalists.
It will also be attended by the fashion designer Stella McCartney, the actor and director Don Cheadle, actress producer and director Trudie Styler and the Musings Magazine and documentary filmmaker, Susan Rockefeller.