Applications for the 2017 Rolex Awards for Enterprise are now open and there are some rather juicy prizes on offer for any aspiring entrants.

There are five winning slots up for grabs and each winner will receive 100,00 Swiss francs (that’s roughly R1.3 million at the current exchange rate), which is double the prize money given out in previous contests. They’ll also receive a boatload of publicity and a Rolex chronometer.

Rolex says it’s looking for entrepreneurs who “who have a ground-breaking proposal or initiative that will help to expand knowledge of our world and improve the quality of life on the planet.”

Entrants should concentrate their applications broadly in the areas of environment, applied science and technology or exploration.

“In addition to demonstrating a spirit of enterprise and leadership, candidates must put forward projects or work plans that have a clear purpose, are original and have the potential for significant impact,” the brief reads.

An entrant in last year’s contest was Andrew Bastawrous who helped create a smartphone-based Portable Eye Examination Kit (Peek) that was cheaper than the existing method, as well as easier to use.

Entrants can have to be aged between 18-30 years old. Applications close on June 30th, so you’ve got just over a month to think of something great and enter. If this sounds like a challenge you’re up for, head over the Rolex Award site.