Jul 11, 2017 | By WGSN Insider
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Crowdfunding is not necessarily a new strategy; numerous platforms followed Kickstarter’s lead (known as the father of crowdfunding, the site launched in 2009) and enable artists and creatives to get financial backing for their creative endeavours. I’ve personally donated and supported campaigns ranging from clean water supplies in Africa to Pyropet candles, as well as supporting a friend’s fund to attend college. Many people come up with innovative ideas on a daily basis but 99% of the time, what stops people from moving from concept-to-creation is the lack of cold hard cash.
Coming from a creative background myself, it’s inspiring to see my peers fund projects that they are so passionate about; a passion that often goes viral thanks to the support, click-and-share capabilities that crowd-funding sites offer.
Another key component to the crowd-funding craze is the experience of being part of something bigger – your contribution has the power to change lives and impact the design world. Not a bad thing for people who can’t draw to save their life.
I sat down with Helena Murphy, Marketing and PR Manager for well-known girls fashion company, ilovegorgeous to discuss their latest venture into the crowdfunding fashion world.
Why would an established brand with dedicated shoppers try crowdfunding? Because sometimes the strongest design voice is the voice of the people.
After launching a successful girls line, the brand has been toying with the idea of boyswear for some time – but there were some challenges. Murphy says, “everything is very ethereal and there’s a lot of pink involved, so we knew it would be a challenge to appeal to boys with our current branding.”
Enter Crowdcube.com, the platform they selected to raise £300,000 for their impending boyswear line and all the costs that are associated with a fashion launch. Trust me, it costs more than you think!
According to Murphy,
“The beauty of crowd-funding is that the investors are often ordinary people who are willing to give you their hard-earned cash and savings so that you can do the extraordinary and grow a business. They do this because they believe in you, your product and vision and they are backing you and the team, which I think is really rather special.”
Considering the company has raised £615,850 of their £300,000 target, this is a strong proof-of-concept that established brands can try new business plans.
Business as usual isn’t always a good thing.
More companies could benefit from taking chances and breaking (some of) the rules. Want to be a rulebreaker? You still have 4 days to help ilovegorgeous reach their goal.
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