H&M has announced the opening of the application period for its Global Change Award (GCA), which invites entrepreneurs and innovators to submit applications for a chance to earn a part of a one million euro grant.

Finalists will be chosen from five, and each will get a grant from the H&M Foundation, in addition to access to the company's GCA Impact Accelerator for a year.

Since it was first introduced in 2015, the prize has helped a number of prior winners expand up their businesses since they are given the flexibility to work together and aim to bring about a significant industry change, according to a release from H&M.

The shop claimed that for 2023, its focus had been expanded to include more areas, and the winning inventions or solutions will fall into one of three categories: regenerate, repurpose, or reimagine.

The H&M Foundation, Accenture, KTH Royal Institute of Technology, The Mills Fabrica, and an additional international jury will all have specialists on their panels that will choose the winners.

The panel's participating organizations will also spearhead the GCA program and help the winners grow their enterprises.

The deadline for applications is December 8, and the awardees will be revealed in June 2023.