After creating the global marine waste reduction phenomenon Take 3 for the Sea, Central Coast-based environmental campaigner Tim Silverwood wants to encourage the next generation of innovators and entrepreneurs to follow in his footsteps.
Mr Silverwood has teamed up with entrepreneur Nick Chiarelli to establish Ocean Impact Organisation (OIO).
Part of the initiative is Ocean Impact Pitchfest 2021, a six week global initiative to find, support and accelerate innovative solutions that can transform the health of the ocean.
With $150,000 in cash prizes and $150,000 of additional products and support, startups and entrepreneurs are encouraged to apply for the chance to accelerate their business and improve the health of the ocean.
This year also sees the debut of the HP Generation Impact Incubator, a new program for Australian innovators aged 35 and under.
Last year's inaugural winner was Planet Protector Packaging, an Australian company that uses waste wool to create 'Woolpack', an alternative to expanded polystyrene packaging that has prevented an estimated seven million polystyrene boxes from entering landfill or the ocean.
"People are becoming more aware of the ocean and the challenges of waste. Plastics are one but there are so many more," Mr Silverwood said.
"We can't always rely on society to right the world's wrongs, we need business to take a much more active hand and the idea supporting startups in early stage innovation was really exciting because these are the businesses and entrepreneurs who are going to influence big businesses with their technology,"
Mr Chiarelli said there was "no time to waste" in radically accelerating new innovations, investment and collaboration to help transform ocean health.
"I'd seen all manner of startup accelerators and incubators emerge for specific areas like FinTech, MedTech, RegTech etc. but nothing existed for the ocean," he said.
"Given how fundamentally important a healthy ocean is of our own survival, there was a gaping hole and a huge opportunity for Australia to become a global leader in accelerating scalable ocean solutions."
Mr Silverwood founded Take 3 for the Sea, which encourages people to leave the beach with three pieces of plastic, in Newcastle in 2009.
The initiative has spread to 30 countries.
He said Australia's philanthropic community had played a key role in getting Ocean Impact Pitchfest off the ground.
"Our pitch to philanthropists was to say 'look, we need your support to get this thing started but the future is really about investment," he said.
"We should be judged in future by how much money we have helped go across these ventures that are creating a positive impact on the ocean. Ultimately it's a vehicle to shift a lot of good money into innovations for a better future."
Applications are open until September 21 with the winners announced on November 4.
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