So you want to start a fashion tech company… but how? Being an entrepreneur in any industry can be a daunting undertaking, but perhaps none more so than in fashion. Here are some useful tips to consider before launching your brand:
- Have a great idea.
- Solve a problem.
Do extensive market research.
- How big is the market for that particular problem? Who is the demographic? Where are they? What current options do they have to solve this problem / who is your competition?
Build a team.
- You’ll need to find experts that can help fill in any gaps you might have in knowledge and/or experience. They can be a technical co-founder, a marketing guru or a manufacturing expert.
Form an advisory board.
- These are generally very experienced individuals who have accumulated success within your field. They’ve gained a lot of wisdom over the years and they’re willing to share it with you to help you succeed. These can be CEO’s of other fashion companies, lawyers, investment bankers, techies, professors, etc.
These are the basic steps involved with starting a fashion tech company. While it may seem overwhelming at first, if you take it one step at a time and be as thorough as possible, you will be well on your way to blazing an exciting trail within the fashion industry.
Cassie Betts, Founder and CEO of District2.Co, highlights best practices when launching a fashion tech company based on a great idea.