The luxury watch brand Rolex is inviting young visionaries from across the globe to apply for the 2014 Rolex Awards for Enterprise. Entrants aged 18-30 are invited to submit their new or ongoing projects focused on delivering profound positive change to the world around.

Until May 31, 2013, the company is accepting applications in five major fields including applied technology, cultural heritage, environment, exploration and discovery, science and health. The brand notes that initiatives in other fields can be also accepted for the competition if they have a big potential. Applicants are invited to show how they will use a Rolex Award to leverage the impact of their projects to benefit mankind.

Rolex will award each winner with grants of 50,000 Swiss francs as well as with a Rolex chronometer. The important condition is that the grants must be used to complete projects, not for covering personal expenses.

The legendary watches brand launched the Rolex Awards for Enterprise back in 1976, but the first set of awards for younger visionaries and activists was introduced just four years ago, in 2009.