What is Entrepreneurship & Innovation?
ENTREPRENEURSHIP IS THE ACT OF SOLVING REAL PROBLEMS IN A NEW, VALUABLE WAY.
WHICH FASHION BRAND DO YOU LOVE AND WHY?
WHAT MAKES THAT BRAND DIFFERENT?
INNOVATION = A NEW WAY TO CREATE VALUE
THE BABSON FRAMEWORK: HOW ENTREPRENEURS
BUILD IDEAS
RECOGNIZE OPPORTUNITY- TO SEE A GAP OR UNMET NEED
CHANEL: Launched modern Suit / Trousers for ladies
NIKE: Created Flyknit (Revolutionary lightweight knitting).
DEVELOP IDEA - TURN INSIGHT INTO A REAL CONCEPT
ARMANI: Made unstructured suits that redefined elegant comfort.
TEST FEASIBILITY-
CHECK IF THE IDEA CAN WORK IN REAL LIFE
ZARA: Fast fashion-turnaround from idea to store
BUILD
THE BUSINESS MODEL-DEFINE HOW TO DELIVER VALUE AND EARN MONEY
UNIQLO: Global supply chain & affordable price
LAUNCH,
GROW,
AND ADAPT-ENTER MARKET, SCALE AND RESPOND TO CHANGE
LUI VITTON: From luggage to global fashion
GUCCI: Rebranded under direction to capture Gen Z.
WHAT MAKES FASHION DIFFERENT?
FASHION = EMOTION + IDENTITY + CULTURE
Clothes are communication – not just function
Entrepreneurial Lesson:
Nike combined: Technology + Sustainability + Athlete need to create game-changing product (Flyknit) - revolutionary shoe technology in 2012
TYPES OF INNOVATION
OECD - Organisation for Economic C0-operation and Development
Its a group of 38+ developed countries created international standard as Oslo Manual - to help businesses measure and improve performance. Help define what counts as Innovation - from products to business models.
Product Innovationlaunching a new product:
Nike Flyknit
Business Model Innovation - a new way of earning money: Shein’s trenddriven cycle, real-time data from TikTok to spot trends)
Process Innovation: Zara's rapid supply chain
Marketing Innovation - a new way of promoting:
Off-White's hype and social media storytelling
BUSINESS MODELS OF REAL BRANDS
Branding Strategy: Start With Why?
SIMON SINEK’S Golden Circle model:
“People don’t buy what you do, they buy why you do it!”
WHY: PURPOSE, BELIEF, MISSION
HOW: Your unique process
WHAT: The product you sell
FASHION BRANDS LEADING WITH PURPOSE: THE POWER OF WHY
Brand
Patagonia Save the planet
WHY (Purpose)
Fenty Inclusive beauty for all
Result
Loyal eco-conscious customers
Global love from underrepresented communities
Nike Empower every athlete Emotional connection through storytelling
Gucci Self-expression and boldness in fashion
Louis Vuitton The art of travel and status
Adidas Uniting through sport
H&M Sustainable fashion for all
Uniqlo Innovative functionality
Zara Democratization of fashion
Attraction of young audience seeking uniqueness
Symbol of prestige and longevity
Global community transcending boundaries
Mass adoption of eco-friendly fashion
Loyalty to high-quality basics
Mass access to real-time trends
Off-White Blurring lines between street and high fashion Cult status among fashion and art enthusiasts
«Lean Canvas» Ash Maurya
Use free Lean Canvas online tool to plan your fashion start up.
Visit: www.leanstack.com It’s one page business plan test created by Ash Maurya. It’s perfect because: Fast: Takes 20-30 min to fill out Visual: You can see your whole business at a glance
Easy to revise TASK: Get printed Lean Canvas sheets or use LeanStack.com/ break in 3-5 groups / Fashion Challenge: “Launch a Gen Z Eco t-shirt brand/ 15 min/ Pitch 1 min for group
“The Best way to predict the future is to DESIGN it”
Buckminster Fuller
You are your own BRAND. Build it with purpose every single day!
“Clothes mean nothing until someone lives in them.”
Marc Jacobs
Believe in yourself - the next big brand could begin with your story which was enspired today!
Watch the video
