While new recycling technologies, reusable solutions, new business models, and policy changes are critical pieces to solving the world’s plastic crisis, we believe the most impactful approach for solving the issues with thin-film plastic is through material innovation.
This is largely because thin-film plastic is a high-volume, low-value product, making many circular economy approaches challenging and the unit economics inhospitable for new recycling approaches
It is unclear how the use of these materials would change behavior. People already have challenges adhering to existing waste management systems and it is not clear that the presence of these materials would make them even more likely to do so.
Also, large portions of the marine plastic problem arise from jurisdictions with ineffective or insufficient waste management systems, so alternative materials are a mitigation strategy for these issues.
52HZ is working closely with marine debris experts to understand the potential for challenges arising from the implementation of new materials, and as a campaign organization will reinforce how waste management is key regardless of end of life performance of the prize materials.
Tom Ford and 52HZ want to ensure that whatever materials are put forth through the competition will actually help solve the issue of thin-film plastic pollution. We know that these materials will end up in our environment, regardless of our best efforts to prevent this from happening. By testing the biological degradation of the materials developed by finalist teams, using rigorous and scientifically valid testing protocols, we can help ensure that the adoption of these materials can actually help reduce the impact of mismanaged waste on our natural environment, rather than creating a whole new set of challenges for our ocean and terrestrial environments.
The grand prize purse is structured as an investment for two reasons:
(1) It increases the tax efficiency of the award because a cash prize would be considered taxable income, and it shifts the taxation burden from the winning team to those funding the prize purse.
(2) It ensures that winning teams continue their innovation journey and are incentivized to continue scaling their technologies.
All individuals and organizations formally engaged as part of the competition process will be required to disclose any potential conflicts of interests, and recuse themselves from decision-making processes if deemed necessary based on these potential conflicts.
All competing teams will solely own all of their intellectual property rights to their technology. Entering the competition does not transfer any right or ownership of any intellectual property to Tom Ford or 52HZ.
All competition materials will remain confidential throughout the course of the competition and beyond.
The Competition Submission Agreement, which is required of all competition entrants, includes robust confidentiality provisions, stipulating that 52HZ “will not disclose, use, or publish any Confidential Information” provided by competition entrants (see section 13 of the agreement for the full text). As such, the provisions of a non-disclosure agreement are already included in the Competition Submission Agreement, so a separate NDA is not required.
Yes. Any changes in a team’s composition or legal status must be communicated within 10 business days.
This is something the prize team will discuss in detail with our legal experts and other partners. We will provide guidance prior to the announcement of competition winners.
Most thin-film plastic materials are made from the same base material, low density polyethylene (LDPE).
However, the focus of the competition is not on a specific type of thin-film plastic alternative, rather the judging criteria are designed to focus on the qualities of these materials (end of life, production impacts, performance, scalability, and cost).
As noted elsewhere, other materials that are not direct substitutes for thin-film plastic are eligible so long as it is clear that these materials can be utilized to meet the primary use-cases targeted by the prize, namely fashion polybags and single-use and resealable plastic sandwich and storage bags.
Yes, the competition is open to other materials that could be utilized in packaging, so long as it is clear that these materials can be utilized to meet the primary use-cases targeted by the prize, namely fashion polybags and single-use and resealable plastic sandwich and storage bags.
We do envision that most submissions to the prize will constitute direct “drop-in” replacements for thin-film plastics, however this is not a requirement for entering the competition.
We would like to be able to highlight participants that complete their applications (so get them in early!), however this is optional and at the discretion of both 52HZ and the competition entrant.
We will conduct a feature campaign showcasing all of the competition finalists to highlight their journey through the competition and their technologies.
This feature work will continue after the winners are announced as we work to support the prize finalists in reaching the necessary market adoption and scale.
The SAFE note for prize winners includes no valuation cap, with a discount rate of 30% for the company’s subsequent equity financing round or liquidity event. Full text of the SAFE agreement is available via a link available in the Competition Submission Agreement (accessed and uploaded via the Competition Submission Portal). If a prize winner is a publicly-traded company, the equity investment will be in the form of a purchase of the prize winner’s publicly traded securities.
Yes, however there is a limit of three submissions per team. In the case of multiple submissions, each submission must involve substantially different technologies or polymers. Teams seeking to submit more than one submission must contact 52HZ by email at email@example.com before doing so.
Note also that no individual person or entity may be a member of more than one team submitting to the competition.