By Team Lounge
The India Fashion Awards has announced the launch of a venture studio aimed at supporting emerging fashion and lifestyle entrepreneurs of the country.
Called the “Fashion Entrepreneur Fund", the initiative will invest ₹20 crore in fashion and lifestyle start-ups, which will be selected based on their business accumen and creativity by a group of panellists from the fashion and business industries. The Fashion Entrepreneur Fund will also offer mentorship to the winning businesses, who will be given money depending on their need and the scale of their business.
“I believe that every person needs a fighting chance, a launchpad to reach their true potential," says Sanjay Nigam, the founder of Fashion Entrepreneur Fund and India Fashion Awards. “Blending creative vision with the nitty-gritty of business is no easy feat. Building connections and communicating effectively with partners can be a test of patience. And while staying small can be a strategic move, it comes with its own unique set of challenges. These are the very struggles that have fuelled the creation of the Fashion Entrepreneur Fund. Our ultimate goal is to shape the future of fashion and lifestyle by nurturing talent, fostering originality, and promoting craftsmanship and entrepreneurial spirit."
Applications to apply will be open soon, according to Nigam.
The Fashion Entrepreneur Fund is backed by industralists like Vagish Pathak, Gaurav Dalmia, Naveen Jindal, Robin Raina, J.K. Lalwani, Sandeep Jain, Vinod Dugar and Samir Modi, and filmmaker Karan Johar.
The entire selection process will be curated into content for a OTT webseries, which will be presented by Johar.
“Young entrepreneurs in India's fashion and lifestyle realm are igniting a global movement, reshaping entire industries with their innovative ideas. With this venture studio, we're not just writing cheques, we're shaping dreams. By providing both financial support and essential mentorship, we're empowering the next generation to confidently make their mark with authenticity," said Johar. “To all the budding trailblazers stepping on to the Indian business stage: Embrace your unique vision, infuse it with authenticity, and fearlessly sculpt a radiant future ahead."
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- FIRST PUBLISHED01.09.2023 | 05:00 PM IST