In a bid to create a coffee cup that is fully recyclable and compostable, coffee giant Starbucks is committing $10 million to the effort.

In partnership with Closed Loop Partners' Center for the Circular Economy, the company announced an initiative called the NextGen Cup Challenge where inventors can attempt to create a greener coffee cup for the company

Grants could be awarded to inventors with solutions for keeping the cups out of landfills and giving them a second life as some other product (think another cup, a napkin or maybe a chair).

“Through this partnership, the Challenge will enable leading innovators and entrepreneurs with financial, technical, and expert resources to fast-track global solutions, help get those solutions to shelf, through the recovery system and back into the supply chain" said Rob Kaplan, managing director of Closed Loop Partners.

Currently, Starbucks paper cups are manufactured with 10 percent post-consumer recycled fiber while the inside of the cup is coated with a liner that is meant to meet quality and safety standards. However, Starbucks’ R&D team is experimenting with a new bio-liner that is partially composed of plant-based material.