New York Fashion Tech Lab is a new accelerator for start-ups in the fashion industry.
The accelerator is a collaborative effort between major fashion retailers and serial technology entrepreneurs. What’s different about this accelerator is that it’s funded mostly by retailers, whereas other accelerators tend to be funded by venture capital firms looking to get a return on their investment, according to Lisa Morales-Hellebo, founder and executive director of NYFTL. There is some backing from VCs, such as Springboard Enterprises and the Partnership Fund for New York City, specific for running the back-office operations. The purpose of NYFTL is to pair fashion-tech start-ups with mentors from sponsor firms such as Ann Inc., the Estée Lauder Cos. Inc., J. Crew Group Inc., Kate Spade & Co., Macy’s Inc. and the Ralph Lauren Corp.
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