Creativity and Capitalism

Learning notes from this episode:   For fundraising, knowing how to grow a community and stay resilient them is vital. Pree believes her political campaigning days, when she had to literally knock on doors and had them shut in her face, gave her the skills she needed.  Pree suggests that aspiring founders work at another start-up before they found their own. This is a good way to learn about start-ups in a less risky way. I did this, and am very glad. Outsourcing technology and design is a good option, especially when you are bootstrapping. Do not get put off by investors who insist you hire tech teams in house from the start.    If some of the tech terms confused you, or if you’re an aspiring non-technical founder, check out the Tech for Non-Techies podcast next.

If you want to apply to co-host The Fashion Tech podcast, email sophia@enty.app and tell us why you want to do this and where you would like to take the show.   Sign up to Enty Insight mailing list to get info on our upcoming masterclasses and meet-ups.  Say hi to Sophia on Twitter. Follow Enty on Facebook and Instagram. 

Learning notes from this episode: Before working with a start-up, establish one or two problems you want to solve Once you have decided your key priorities, set them a time, a budget, a hierarchy of decision making, and an area you want to experiment in. Beware of innovation consultants who have never worked in a start-up. They will waste your money. When negotiating with a start-up, go beyond money. Sign up to Enty Insight mailing list to get info on our upcoming masterclasses and meet-ups.  Say hi to Sophia on Twitter and LinkedIn. Follow Enty on Facebook and Instagram. 

Learning notes from this episode:   Covid has been the accelerator of trends for the fashion industry: fashion events and retailers have been forced to move online and adapt technologies in a way they thought impossible previously Cold emails to influential people and celebrities can work, as long as you do them with heart, not with corporate speak Partnerships are a good way to grow your business and brand, and can be cheaper than advertising. Successful partnerships are mutually beneficial, even if one partner is much larger.   Fashinnovation will be open to all on 11 February 2021. Follow them on Instagram here.   Sign up to Enty Insight mailing list to get info on our upcoming masterclasses and meet-ups.  Say hi to Sophia on Twitter. Follow Enty on Facebook and Instagram. 

Learning notes from this episode:   The NYFTL works with B2B fashion tech startups led by female founders and connects them to brands and retailers in their annual accelerator program. Retailers have moved quickly to adapt new technologies during the pandemic, so fashion tech is an area of optimism in 2021. Some of the fashion tech trends Jackie sees growing now include virtual fitting rooms (AR / VR), contactless commerce and social shopping.  Sign up to Enty Insight mailing list to get info on our upcoming masterclasses and meet-ups.  Say hi to Sophia on Twitter. Follow Enty on Facebook and Instagram.

Learning notes from this episode:   The further East you move from Silicon Valley, the more investors expect to see revenue before they invest. Remember that your first revenue sources are not necessarily going to be those that help your company scale or get funding.  Charging for a product or service helps you learn what people are willing to pay for and might help you pivot in a profitable direction. Read Sophia's interview with High Snobiety founder David Fischer in Forbes: Highsnobiety: From Niche Blog To The Height Of Hype If you want to go deeper, join our Fashion Tech Funding Masterclass this Wednesday. Register here. Sign up to Enty Insight mailing list to get info on our upcoming masterclasses and meet-ups.  Say hi to Sophia on Twitter.  

Learning notes from Malcolm Guy, founder of the Re-Assurance Network: The supply of workers in factories has been shrinking in recent years: fewer people now want to work in garment manufacturing than before. This means that competition for labour is increasing. VC investment into sustainability tools for the fashion industry has been relatively low.  Opportunities for fashion tech innovation lie in building transparency into the fashion supply chain.    You can learn more about Malcolm's work on the Re-Assurance Network's website. Sign up to Enty Insight mailing list to get info on our upcoming masterclasses and meet-ups.  Say hi to Sophia on Twitter.

Learning notes:   The three pillars of fashion tech investing are:   Consumer behaviour: do people already exhibit this behaviour or are you going to have to teach them something new? Technological trends: is the necessary technology advanced enough or proven? Economic trends: what kind of economic reality does the product or innovation need to thrive?   Sign up to the Enty Insights mailing list to get invitations to fashion tech masterclasses and community meet-ups. Say hi to Sophia Matveeva on Twitter.  

Learning notes from this episode:   Pre-Covid, retailers were often slow to adapt new technologies and tech innovations were often gimmicks that got press coverage but no sales The human brain craves newness, which is the fuel of the fashion industry “Experiential retail is a system of exposing people to brands and products that is flexible & channel agnostic” - Doug Stephens, Retail Prophet Technologies that enable discovery and connect consumers to retailers, such as live shopping and visual search, have flourished in the pandemic.   Sign up to the Enty Insights mailing list to get invitations to fashion tech masterclasses and community meet-ups. Say hi to Sophia Matveeva on Twitter.

Learning notes from this episode:   As long as you are wearing clothes, you are participating in the fashion industry. That means you are making choices, consciously or unconsciously, about how you want to be perceived, and how you perceive others. Artificial Reality can be a victim of its own success in fashion. Using AR to create avatars could misfire because people do not like seeing true representations of themselves, but often prefer idealised versions. Human behaviour is nuanced and difficult to predict, and this is true about how we decide what to wear. Algorithms cannot cope with nuance and often get it wrong.  Segmentation by age alone does not give a complete enough picture of human behaviour differences. Instead, Prof Mair suggests studying other variables and seeing how they connect to each other.  Humans crave novelty, whether it is for clothes or food or even people. Fashion can fulfil that craving.    You can say hi to Prof Carolyn Mair on Twitter here. Sign up to the Enty Insights mailing list to get invitations to fashion tech masterclasses and community meet-ups. Say hi to Sophia Matveeva on Twitter.

Learning notes from this episode:   Live shopping is a form of entertainment commerce, which combines live video streaming, community interaction and shopping. Smaller brands can begin experimenting with live shopping on Facebook and Instagram, but bigger companies want to have their own channels. Retail assistants often make the best live shopping presenters. You don't need to rent a studio or hire talent, just use what you've already got, because audiences prefer authenticity to gloss.   You can learn more about LiSA live shopping here. Sign up to the Enty Insights mailing list to get invitations to fashion tech masterclasses and community meetups. Say hi to Sophia Matveeva on Twitter.

Learning notes from this episode:   Having active social media channels is a form of legitimacy. When consumers find out about a new brand, they search for it. Not having any social presence raises red flags. Facebook and Instagram are still the most effective ways to target consumers with spending power. Twitter is great for engaging with journalists. Consistent and beautiful imagery is vital for fashion and beauty brands, so make sure to incorporate good design into your social media management.   Say hi to Khaleelah Jones on Instagram.   Sign up to the Enty Insight mailing list.   Say hi to Sophia Matveeva on Twitter.

Learning notes from this episode:   A Harvard study from 2017 showed that women who wore make up to take an exam performed better than those who did not. (Here's the link to the study). This shows that the main audience the consumer needs to impress is themselves. Wearing something changes their view of who they are and boosts confidence. In economics, the lipstick effect describes the fact that consumers buy small luxury items even during an economic downturn. These psychological and economics insights are great for brands and retailers in a pandemic because even in lockdown and during a recession, consumers still want to buy fashion and beauty. But, the product and marketing message must give consumers a feeling of transformation, and not focus on image alone.   Get access to live masterclasses, business coaching and a lively fashion tech community on Enty Insight.    Say hi to your host Sophia Matveeva on Twitter

Learning notes from this episode:   Focus on the product from the start and make sure it's great. Learn how it gets made and become obsessed with it. Fundraising for e-commerce is different than for software because the margins and risks are different. If you want to get investment for your online business, don't just look to stories out of Silicon Valley. Experiment with the marketing mix: digital advertising is important, but campaigns in print or on the subway can also drive sales.   Say hi to Ashleigh Hinde on Twitter.   Get access to live masterclasses, business coaching and a community of founders building their fashion businesses on Enty Insight.    Say hi to your host Sophia Matveeva on Twitter

Learning notes from this episode:   Trends used to be set by taste makers like designers and fashion editors. Now, trend setting has become democratised as social media has given everyone a voice. A trend is an investment that a brand chooses to make. Timing that investment is key to success. The unicorn trend shows how nostalgia for an innocent era led to the creation of a pervasive visual trend, used by consumer brands from Starbucks to hair dye companies.    You can say hi to Andi Hadisutjipto and ask her about Riviter here. Say hi to host Sophia Matveeva on Twitter.  Sign up to our mailing list on Enty Insights.   

Learning points from this episode:   There are three stages to surviving a crisis: respond, react, rebuild The first stage is focussed on communications: respond with empathy and openness, acknowledge reality The latter two stages are focussed on action. There is no point communicating well if the actions don't back it up Remain true to the brand's mission, e.g. Heineken campaign supports pubs   To join future events and ask your questions, sign up to the Enty Insights mailing list.   Say hi to host Sophia Matveeva on Twitter

Learning notes from this episode:   Now is the time to begin experimenting with TikTok campaigns for brands and retailers, while cost is still much lower than Instagram, but reach is growing Content has to be made for TikTok: short, light hearted videos without heavy editing or filters like Instagram While the audience on TikTok is mainly Gen Z, large luxury brands including Gucci are already working with TikTok influencers   To learn more about Yoke, go here. Check out Louise’s TikTok account here. Sign up to Enty Insights to participate in future live events and ask your questions here. Say hi to host Sophia Matveeva on Twitter

Key learning points from this episode: - Sustainability continues to be a growing trend in fashion and beauty - Brands are using personalisation to create products, service, experiences and business models - Successful e-commerce is evolving into to entertainment, community and live shopping If you want to join Enty Live events and ask your questions live, join our mailing list on https://www.enty.app/insight Say hi to Sophia on Twitter

Key learning points: - Amazon is a search engine: great for convenience, not for discovery - Data is the biggest obstacle to creating a successful fashion AI - Stylists are imperative to survival in fashion - 3D garment design is the future, both for designers and for virtual fitting rooms To join Enty Live events, sign up to our mailing list on https://www.enty.app/insight Say hi to Sophia on Twitter

To join Enty Insights events, just sign up to our mailing list on https://www.enty.app/insight