The NextGen Consortium and Challenge, convened by Closed Loop Partners’ Center for the Circular Economy is launched with Starbucks as its founding member. The consortium is dedicated to finding ways to divert a high percentage of the 600 billion cups distributed globally each year from landfills and give them a second life.
Funding committed to the consortium by Starbucks. The consortium will award accelerator grants to entrepreneurs working on ideas that could lead to the development of more sustainable cup solutions and, invite industry participation and partnership on the way to identifying a global solution.
McDonald's joins the consortium with a commitment of $5 million.
Challenge kick off where innovators, entrepreneurs, industry experts, and recyclers will submit their ideas for the next generation of recyclable and/or compostable cups. Awardees will receive acceleration funding up to $1 million based on key milestones. Up to seven of the awardees will enter a six-month accelerator program to help scale their solutions.
Number of inquiries received from companies and individuals interested in participating in the challenge as of mid Jul, according to Kate Daly, Executive Director of the Center for the Circular Economy at Closed Loop Partners.