H&M announced their new design competition for fashion students, aptly named the H&M Design Award, with prizes including €50,000 (that's roughly $63,500), a runway slot at Stockholm Fashion Week, and the opportunity to sell their designs in H&M stores. (If the winners are lucky, their clothes will be modeled on creepy computer-generated models, too.) Students at fourteen fashion schools across Europe are currently in the running. First, candidates will be deemed top of the design pack in their country of study, after which a separate judging panel will pick the overall winner. Starting today, webisodes detailing competing students' progress can be viewed at designaward2012.hm.com; on February 1, the winner's show will debut online.