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The Ellen MacArthur Foundation, set up by long distance yachtswoman Dame Ellen in 2010, has partnered with The Schmidt Family Foundation, a US charity created by Google chairman Eric Schmidt and his wife Wendy, to launch the Schmidt-MacArthur Fellowship which will award ?14,000 to students at 10 partnering universities.

The students must be studying design, engineering or business at one of the institutions, and must also identify an academic from their university to oversee their work. They will be expected to submit their ideas for developing ¡°creative and innovative thinking around the circular economy¡±, and if successful, will attend a London summer school in June.

Ms Schmidt, president of The Schmidt Family Foundation,?said: ¡°In an era of higher energy costs and diminishing resources - including precious metals and fresh water - we need programmes to encourage students to break out of the models established by the first industrial revolution and develop new tools, materials and techniques that shift the way we deliver progress and prosperity.¡±??

Dame?Ellen added: ¡°We are thrilled to launch this fellowship programme together, and are convinced it will play a key role in helping rethink the future.¡±

The fellowship has funding for at least three years, and will increase the number of students funded from 10 this year to 25 in 2014 and 2015.

chris.parr@tsleducation.com