I decided to organize GGC Fash&Tech concerning fashion startups for two reasons. I wanted to show they could play a very important role in making fashion more socially responsible. Clothes; however, can have more functions than only look nice on you or make you feel warm.
Corporations are not able to provide that. They are too large, they transform too slowly and are dependant on numerous factors in order to make some positive changes. The changes we have been observing until now include increase of work, number of shops and manufactured clothes. Even agile companies, like Zara aim to maximize production, as well as profit without taking into consideration the consequences (although Zara is supposedly going to become a more socially responsible company).
However, the new type of fashion brands has to from the very beginning include an activity which is socially reponsible, local and directed to generation Z. To achieve this, it is essential to establish cooperation with fashion startups, new, small companies and people who are able to provide individual, local, ethical and more intelligent level of fashion.
That is why, we do need fashion startups.
Startup – what is it?
Startup is a dynamic formation with far-reaching vision which still keeps searching for its business path. Startups often use external sources of finance during the process of development. They are the driving force for developing business and democratisation, as well as sensitizing business for the sake of civilization. We very often associate startups with technology companies but in my opinion, a startup is a person who wants to change something. Over the years, the meaning of the word ‘startup’ has changed. It became to be associated with huge risk and young people (hipsters) who desire to become next Steve Jobs or Mark Zuckerberg, with people who do not earn money and waste millions of dollars from VCs. Those companies which are going to be successful (supposedly 1 out of 10) will probably have to exit: sale or go public.
What are fashion startups?
A fashion startup is a kind of startup which is dedicated to fashion industry or related and is influential in this field. A very popular fashion startups are: Farfetch or Misfit (acquired by Fossil Group). Other startups which can be considered as fashion ones are Estimote or Instagram (acquired by Facebook). They are not dedicated to fashion as far as their names are concerned; however, they have had a major impact in this field or in the future they are going to influence its development.
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How many fashion startups are there and what does this market look like?
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