A new wave of accelerator programs is stepping up to solve some of the industry's biggest, most destructive pain points.
When the Council of Fashion Designers of America announced its Fashion Incubator in 2009, it was with the intention to create a blue-chip support system for the next generation of American designers. For nearly a decade, the initiative handpicked fledgling labels to complete a two-year residency program, offering mentorship opportunities, business advice and perhaps most alluringly, subsidized studio space in Manhattan's Garment District.
"Covid-19 has quickened the success or the failure of a company," says Pano Anthos, founder and managing director of XRC Labs, an accelerator for disruptors in retail technology and consumer goods. "If they were headed toward failure anyway, they just move there faster. If they were headed toward success, they're accelerating their success. It clarifies whether this product, and its technology for that matter, has legs or not.
"We're so far behind the curve," says Anthos. "We're doing something the same old way over and over again, expecting a different result. And that's the definition of insanity." NYFTLab has found success in its hyper-specificity, focusing on proprietary technology that could benefit retailers and brands. But despite its narrow focus, there's much variety to the types of companies the group supports. Visual search, AR and consumer analytics are all on the table. So is fit technology, the likes of which many retailers scrambled to assemble in March when their brick-and-mortar locations began to close.
One way fashion can commit to removing that rot is by amplifying those voices that have long been stifled across both race and class lines, and sweepingly so. From the late 19th century through the end of World War II, Saint Louis was second only to New York in garment manufacturing. One stretch of the city's Garment District, Washington Avenue, once claimed more shoe manufacturers than any other street in the world. SLFF co-founder Susan Sherman likes to say that fashion is as important to the fabric of Saint Louis as baseball and beer.
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