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The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.
FashionStake
This innovation initially came to life when…
…two Harvard Business school students met and exchanged ideas about whether crowdsourcing could be applied to the fashion industry. We identified a way to leverage the internet to connect independent fashion designers with customers around the world, and have the crowds curate the marketplace.
WHAT & HOW
The purpose of this innovation is to…
…become the #1 marketplace for independent fashion.
It does this by…
…connecting independent designers with customers from around the world and leveraging the power of crowds to curate the best looks and pieces.
PURPOSE & BENEFITS
This innovation improves on what came before because…
…instead of one or two people making buying decisions, we’re tapping into hundreds of thousands of people’s brains to make those decisions. The result is better merchandise as measured by higher sell-through rates.
Its various benefits to the customer/end-user include…
…being able to quickly see the top trending independent designers from around the world and buy their collections.
COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Its predecessors/competitors include…
TARGET MARKET
It is made for…
…women between 25-39 years of age. We have an extremely broad target audience due to the sheer volume and turnover of the merchandise on our site.
DISTRIBUTION STRATEGY
It is available for sale through…
Our marketing strategy is to…
…continue to acquire customers through referrals and word-of-mouth with very limited paid advertising and brand marketing campaigns.
SUPPORTING IMAGES
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