We were very happy to attend the London FashTech Summit this week. Insightful conferences and very inspiring speakers! As official media partners of the event, we gathered the best insights from day 2, just for you!
Key learnings on investment & funding could save a lot of time to many startups:
- The three main reasons why start-ups fails are: 1) The don’t have enough cash 2) They don’t have enough skills 3) Their idea is just bad
- The following three projects are the ones investors are likely to bet on nowadays:
- A start-up who offers disruption in traditional production (answer to a very specific problematic with very effective answers);
- A start-up who builds bridges between high technology and industrial design. That means giving a purpose to high technology in day to day goods;
- A start-up that brings new tech for consumer fashion. For example doing smart data treatments to reveal new use for fashion brands.
- To be investable, start-ups needs to do at least 1 million revenue per year and be money ready to spread internationally. To raise funds before that point, ones needs to turn to crowdfunding or love money. Crowdfunding is more about the product than the business.
- And always remember, a great team is more valuable than a great project!
On how correct branding online can become a competitive advantage
- People need to be talk as individuals and not as an audience, so we need to use programmatic possibilities and use social networks or platform DNA (such as publishers) to personnalize our brand experience and target very qualified consumers;
- Adblock is going to stop some of the omni-channel business, so brands need to think of native advertising and content publishing more than sheer advertising online campaigns;
- CondéNast is already offering their publisher experience to create adapted online experience for brands, but could they really replace advertising companies?
- If you had to copy one brand for its online branding, it has to be Burberry, the true leader of digital storytelling.
Other smart insights
- On smart data, Amy Nicholson, Microsoft Technical Evangelist, showed us how to transform data into smart data. She talked about using the power of cloud computation to visualise smart data and instantly understand insights from it.
- On delivery, GlossyBoxUk said that customers are willing to pay more for better deliveries, but they are expecting the best services. In order to improve delivery, data analytics and customer comments help taking better decisions.
- On sustainability in fashion, Sasha Ternent, sustainable fashion entrepreneur, told us that sustainability needs to be led by a decrease in consumption, that is to say consumer driven. The role of education and great marketing of sustainable brand is crucial on this point. The better their storytelling is, the more powerful they will be in changing consumer habits.
- On creativity management, John Vary, Innovation manager at John Lewis gave us a few valuable advices:
- Let your team experiment without KPI’s or fear of failing so they become bolder,
- Enhance them to make stuff more than think about stuff (let them do rapid prototyping) because we learn by making,
- Work with startups so they fuel your team with energy and creative thinking.