The World Bank estimates the amount of municipal solid waste will increase from 1.3 to 2.2 billion tons per year by 2025, with most of this increase coming from cities in developing nations. According to the Ellen MacArthur Foundation, in the consumer goods sector alone about 80 percent of the USD 3.2 trillion value is irrecoverably lost annually. The linear take-make-waste industrial model is no longer viable in the face of rapid population growth, resource constraints, climate change, urbanization, water insecurity and other trends.

New business models that foster repairing, reuse and sharing, are an essential part of the Circular Economy. To support innovative ideas that tackle the challenge of resource and economic transition specifically in European cities EIT Raw Materials calls on SMEs, start-ups and organisations to submit their business model ideas.

The best ideas are awarded with a prize of €30,000 and support for implementing the new business model. Deadline for submissions is May 31, 2020. The prize is awarded in collaboration with ICLEI Local Governments for Sustainability.

For more information on how to apply go to the EIT Raw Material’s website.