The modern wonder of technology powered crowdfunding has given us everything from frivolous potato salad to revolutionary virtual reality. While its easy to joke about crowdfunded potato salad and other even more ridiculous concepts crowdfunding has been an incredibly democratizing force. Generally, it democratizes access to new ideas and concepts. In the business context it enables often remote entrepreneurs access to capital and investors socially validated new opportunities. Crowdfunding has been a boon to the independent and emerging fashion design community. Featured designer Shana Luther said about Kickstarter, “Yes, Kickstarter was great for me! It helped me get my brand out there and gave me the funding to get my collection off the ground. Without the funding from Kickstarter, it would have taken me much longer to get my first collection to production.”
Our founding principle, that opportunities in the fashion industry need to be more accessible, has been greatly helped by the rise of crowdfunding. If an emerging designer has an idea they can post their designs to any number of sites and then draw on their social currency to raise both funds and awareness of their new endeavor. Two of our featured designers Shana Luther and Monica Noh have both utilized crowdfunding for their businesses. In fact, Ms. Noh’s Carte Blanche features the “crowd” heavily in its strategy. While we think that they would have been successful no matter what, the ability to raise capital this way certainly made that journey a little easier. By making fashion more accessible crowdfunding has and will continue to enable more creative voices and give more choices to the consumer. We think this is a great thing and are excited to support those new creative voices.
Image ©James Cridland on Flickr (CC by 2.0)