Do not index
Do not index
500 creatives, 8 weeks, 10 sessions, Endless Possibilities
Imagine a class of 500 youth chosen out as the very best African Fashion creatives – surreal, huh.
This was where I found myself. For 8 weeks I joined the Fashionomics Africa Incubator program for young fashion creatives, fronting WARDO TENGO. to vie for the top 3 spots desiring to win US$20,000 towards their business
The competition served 10 class sessions, an assessment, and business evaluation segment, where the 500 were pruned into 25 participants that went on to access the pitch training, and stand a chance to win the prize money.
Overview of the Incubator Program
The program was delivered and facilitated by EyeCity Solutions and Impact Lab, and was intended to follow this order:
- Onboarding
- Live Classroom Training
- Pitch Training for top 25 participants
- Mentorship and Coaching for top 12 participants
- Live Pitch/Demo Day for top 12 participants
- Award Ceremony for top 3 prize winners.
Live Classroom Training Sessions
Alongside the Live Classrooms, we had sessions for discussion and peer-to-peer learning, often after each session on the WhatsApp group that all participants had joined. It was also where we learned more about each other’s business.
The high-points of these sessions were undeniably the diversity of facilitators/speakers convened for the training, particularly of notice was that female entrepreneurs were prominently featured, and all speakers African.
Here’s a quick look at the content of each session:
Session 1. The Basics of Setting up a Fashion Business – Rhoda Aguonigho
- Why start a fashion business
- Understanding the global fashion industry
- Identifying fashion business opportunities
- Basics of setting up a fashion business
- Fashion product knowledge and development
- Technology tools for fashion entrepreneurs and business
Session 2. Market Analysis and Brand Positioning – Mfonobong Ekpo
- Understanding market research and analysis
- Market segmentation
- Defining your target market: customer persona
- Market sizing: TAM, SAM and SOM
- Marketing mix: product, price, place and promotion
- Introduction to brand identity and originality
- Defining your brand purpose
- Competitive brand positioning
- Growing a great fashion brand
Session 3. Hacking Growth for a Fashion Business – Adetokunbo Morenike Amosu
- Understanding business model using lean model canvas
- Defining and understanding the customers needs
- Defining your unique selling proposition and solution
- How do you make money - revenue and cost structure
- Identifying and measuring key success metrics
- Writing a bankable business plan
Session 4. How to Build a Business for Scale – Salma Kabbaj
- Thinking about your scale strategy
- Is your business model ready for scale
- Understanding the challenges of scale
- What model for scale is right for me
- Identifying, attracting and retaining the right partners for scale
- Exploring different revenue models to capture more value
Session 5. Recruiting and Setting up your team for Success – Omotayo Abraham
- Building culture and organisational structure for SMEs
- Growing your fashion business beyond you - process, systems, and structure
- Sourcing and recruiting the best-fit talents
- Building board for your fashion business
- Economics of human capital development
- Leadership and productivity measures for team success
- Fallback, appraisals, and rewards
Fun fact: Omotayo later went on to stand-in as host on a later session, as a substitute for Tobilola
Session 6. Getting and Retaining Customers - Digital Marketing for Fashion Businesses, E-commerce and Customer Service for Fashion Businesses – Peace Ugwuja
- Talking your first step in marketing - defining customer and promotion strategy
- Understanding the touch points of your customer journey
- Positioning your business online - web, search, social media, and emails
- Utilising content, storytelling, and ads for customer acquisition
- E-commerce for fashion businesses
- Building loyal customers and brand advocates - customer service strategies
- Marketing and customer service tools for SMEs
- Customer metrics that matter to fashion businesses
Session 7. Sustainability and Circular Economy Actions – Dr. Olamide Shittu
- Eco-Innovation: UN Environment Programme
- Value chain thinking
- Identify sustainability hotspots across the value chain: life cycle thinking
- Business model canvas
- SWOT analysis
Session 8. Selling in Emerging International Markets – Tina Mbachu
- Understanding international trade (trends, policy changes and trade relations)
- Harnessing the international market through the fashion value chain
- Getting started with exporting pt 1 - brand positioning and licensing
- Getting started with exporting pt 2 - export merchandising and marketing
- Selling through international B2B platforms
- Remittance for international trade
Session 9. Selling in Emerging International Markets – Salma Kabbaj
- Understanding international trade (trends, policy changes and trade relations)
- Harnessing the international market through the fashion value chain
- Getting started with exporting pt 1 - brand positioning and licensing
- Getting started with exporting pt 2 - export merchandising and marketing
- Selling through international B2B platforms
- Remittance for international trade
Session 10. Accounting & Financial Modelling for Fashion Businesses – Akinwale Oluronke
- Understanding finance and accounting terms
- Getting it right with accounting for your fashion business
- Financial statements - cashflow, income statement, and balance sheet
- Pricing, unit economics, and cost of sales
- Making sales and paying bills (cash versus accrual accounting)
- Debits, credits, and double-entry bookkeeping
- Payrolls, journals, and general ledger
- Understanding fixed assets and depreciation
- Keeping your books with the aid of software
- Budgeting and financial projections
- Financial modelling - understanding the basics
- Auditing and taxation
Fun fact: Kitambaa, a made-up fashion marketplace was used during all presentations as a case study
Fashion can be used as a cultural translator and a tool against colonisation; it re-establishes the balance between symbols, stories and different worlds through style.
End.
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