New York City Economic Development Corporation (NYCEDC) and the Fashion Institute of Technology (FIT) began accepting applications for the 2nd Annual Design Entrepreneurs NYC program, a free, intensive, classroom-style “mini-MBA” program that equips select New York City-based fashion designers with the skills needed to successfully run a fashion label.
Classes will again be taught by FIT faculty and other industry professionals and will focus on fashion business marketing, operations, and financial management. The program will culminate with each participant writing and refining a business plan with the help of industry experts. Participants who successfully complete the program will have the opportunity to present their plans to and receive feedback from a panel of influential fashion leaders. The inaugural year of Design Entrepreneurs NYC resulted in 165 applicants for only 35 spots.
“We are excited to bring back Design Entrepreneurs NYC, which, in its first year, assisted more than thirty New York City fashion designers as they learned critical business skills,” said New York City Economic Development President Seth W. Pinsky. “The return of this program will further the careers of even more fashion design entrepreneurs, further helping New York City to strengthen its standing as the fashion capital of the world.”
“FIT is pleased to partner with the New York City Economic Development Corporation once again on this important program,” said Dr. Joyce F. Brown, President of FIT. “Design Entrepreneurs NYC gives our City’s emerging designers the opportunity to learn the business practices that are a critical component of creative success. We applaud the Mayor for his ongoing support of the City’s fashion industry.”
Up to 35 applicants will be accepted to the Design Entrepreneurs NYC program. To be eligible, the designer’s business must be based in New York City and have been open for at least one year. Applications are due no later than March 31, 2013. The application form is available online at www.designentrepreneursnyc.com.
The program will kick off with an orientation on May 30, 2013, followed by three intensive weekends of instruction – Saturdays & Sundays, from June 1 – 16, 2013. Between June and September, participants will formalize their business plans with the assistance of instructors, ending the program with a live presentation of their business plans to a panel of industry leaders.
Additionally, Design Entrepreneurs NYC participants will have free access to a number of FIT programs, including workshops, personal tours of The Museum at FIT, and lectures by iconic fashion figures.
Jeanette Nostra, president of G-III Apparel Group, will serve as FIT’s industry liaison for the program. Drawing on her wide-ranging experience, Ms. Nostra will act as a mentor to the program’s students, reviewing the curriculum, bringing in guest speakers, and hosting program events.
Design Entrepreneurs NYC is one of six initiatives that resulted from Mayor Bloomberg’s Fashion.NYC.2020 plan, which is designed to sustain and grow the fashion industry in New York. The fashion industry employs 173,000 people in New York City, accounting for 5.7 percent of the City’s workforce, and generating nearly $2 billion in tax revenue annually.
In addition, the City is home to one of the world’s largest wholesale fashion markets, which attracts more than 500,000 visitors a year to its trade shows, showrooms and retail stores. The FashionNYC2020 initiatives address the industry’s challenges in two ways: by further positioning the City as a hub of innovation for emerging designers as well as specialty and multi-channel retail, and by attracting the next generation of design, management and merchant talent.
The industry chairs for FashionNYC2020 are Diane von Furstenberg, Chairman and Founder, Diane von Furstenberg Studio L.P., and President, Council of Fashion Designers of America; Terry Lundgren, Chairman, President and CEO of Macy’s, Inc.; Andrew Rosen, CEO of Theory; and Kevin Ryan, CEO of Gilt Groupe.
