#digibc

DigiBC would like to thank Nicole Reader from The Modern Mirror for contributing to our members series. If you would like to connect with Nicole, please contact us (Carly [at] digibc [dot] org) and we will be happy to facilitate an introduction.

1. Tell me about yourself and about your company.

I am the CEO and co-founder of The Modern Mirror.  I have a diverse background in the fashion industry ranging from importing luxury goods,  retail sales, visual merchandising, design and pattern making, producing and directing fashion shows and runway modeling.  I’m a huge supporter of women in business as a mentor and consultant to start-ups on the side.

The Modern Mirror is a fashion + tech company specializing in visualization technology.  The Modern Mirror provides consumers the ability to experience how clothing looks feels and wears on their actual image and body type without ever stepping into an ordinary fitting room again.

My goal is to bring back the luxury experience to the fashion industry, which has been lost due to mass production and bottom line.  Fashion continually evolves yet  the process has remained the same for centuries, and it’s time for fashion to embrace the new and exciting technologies being developed.   

  2. What is the most challenging about being an entrepreneur in Vancouver.

Although there are a number of VC funds available in Vancouver, many of them are designated to  specific areas of technology.   Fashion + tech has a lower profile and interest to Vancouver investors.  This is primarily due to fashion + tech being a new industry and a lack of expertise and knowledge in this particular field. 

  3. What inspires you?

As humans, we all face obstacles and challenges in our daily lives, whether it be in business, relationships, financial, or our health.  What inspires me is how we can overcome these obstacles and challenges and thrive while doing so.   Believing in oneself is the most powerful resource …. If we all believed in ourselves we would be unstoppable.

A personal philosophy is that comfort is the breeding ground for mediocrity.  As a result, I like to raise the bar and empower my team members to unleash their greatness and be game-changers.

When I speak with others about our venture, some common reactions are “it’s impossible,” “it’s too difficult,” “it requires too much capital,” and “you are not the calibre of person to take this project on.”  My response has always been “if they put a man on the moon …. I can make this bold vision a reality.”  I do not believe in impossible…I only believe in possible.

  4.What is fashion + tech?

Fashion + Tech = Is the intersection of design and scientific innovation where these two industries cross-over to redefine the way we experience the fashion industry.

5. Where do you see the future of fashion + tech going?

It’s an exciting time witnessing two of the world’s most powerful industries collide.  We’ve experienced a significant influx of new fashion + tech start-ups over the past couple of years and how the fashion industry has embraced such technologies. Third Wave Fashion reported a total of $803.5 million dollars has been invested in fashion + tech start-ups just over the course of the summer. Investors are continuing to seek the next fashion + tech company that will be the big game-changer within the industry. Savvy investors recognize the potential of this industry and are adding to their portfolios to avoid being disappointed and left out.

Historically the fashion industry has been slow to adopt new technologies, however during recent years industry leaders have recognized that technology plays a critical role in their success. The acceptance for technological innovation has grown exponentially and by adopting technologies global fashion leaders have seen significant growth and impact within their companies.  Technology has provided industry leaders the ability to connect with their global customers more effectively and provide a deeper inside look of the brand and it’s legacy.  It has also begun to shape the market and increase the size by providing the global reach between the brands’ and their customers.

Global luxury retailer, Burberry, has proven this theory and has successfully integrated technology to improve operational proficiencies and to provide a luxurious shopping experience for their customers. They are currently recognized as one of the most innovative fashion design companies in the world and are diligent in investing in technologies that significantly impact their “global reach” between their suppliers, stakeholders and customers.  Some of the ways they have integrated technology are:

Transforming Fashion Shows:Burberry has demonstrated innovation and leadership when it comes to introducing their collections. They have utilized technology in various forms from livestreaming their fashion shows to their customers globally, to implementing digital commerce purchase capabilities that allow customers to make purchases right off the runway.  

Retail Theatre: Burberry introduced the concept of “Retail Theatre” where they livestream their runway shows to their retail locations.

Digital Footprint:Burberry is leading the way amongst luxury brands in digital media marketing.  They have over 15 million fans on Facebook, over 2 million followers on Twitter and more than 24 million channel views on YouTube and continue to invest in their digital footprint in order to leverage the greatest exposure.

RFID Mirrors:In some of their locations Burberry has implemented RFID (Radio Frequency Identification) mirrors that convert to screens to showcase their latest merchandise.

Burberry World:  Burberry launched their new .com site, which is transactional in 45 countries and provides a “Click to Chat” and “Click to Call” service for customers in 14 different languages in order to create a more enjoyable online shopping experience.

“Most luxury companies see technology as a cost; Burberry sees it as a key differentiator.” - VERIZON

The fashion + tech industry shows no signs of slowing down anytime soon. There has been a lot of innovation by fashion + tech start-ups that have influenced the fashion industry in terms of design, manufacturing, distribution, sales channels and retail. 

We see these start-ups branching out in many different areas:                                                                                                                                      

E-Retailers (e-commerce)

Augmented Reality

Mobile Apps & Gaming

VTO (Virtual Try-On) Solutions

Social Media & Networking

Discovery Platforms

Digital Marketing

Wearable Technologies

3D Printing

In some of the above-mentioned areas we are beginning to see repetition and duplication amongst fashion + tech companies and their business models.  Areas such as e-retailing (or better known as e-commerce) has a tremendous amount of duplication and is becoming saturated.  What is the key differentiator amongst all these e-retailers? How do they distinguish themselves from the market leader Net-a-Porter, who was one of the first companies to successfully conquer the e-retailing segment of selling luxury fashion goods online?     

There has been a staggering amount of investment injected into selected segments that are oversaturated that I believe investors will have to be very patient before seeing a return. This is due to the fact that many of the companies operating in these segments are overcapitalized and the returns are so unrealistically optimistic that it will be difficult for these companies and shareholders to see sufficient returns. This will lead to a Fashion + Tech Bubble that has the likelihood of bursting if the technology doesn’t evolve and the companies don’t produce substantial gains.  

Investors should not be deterred from making investments in the fashion + tech industry, it is however important for investors to recognize the diverse opportunities and to broaden their scope of investment within different segments of the fashion + tech industry.

There has been an increasing number of accelerators, incubators, forums and organizations forming that are dedicated to connecting entrepreneurs, innovators, investors and industry players together to accelerate the growth and development of the fashion + tech industry.

There has been significant growth and development revitalizing the fashion industry, however this is a mere glimpse of what is possible when fashion embraces the technologies of tomorrow.

  6. What are some the benefits of being a tech entrepreneur in B.C.? Would you ever base your company outside of Vancouver?

B.C. provides various tax incentives as well as a number of programs that assist entrepreneurs to start up technology companies,  gain access to talent and creativity, and has established organizations that offer services to mentor and build networks with other entrepreneurs.  

Vancouver will always be our base, however we do foresee the company opening additional offices in NY, Toronto and Montreal in order to be accessible to our potential customers in our industry.

  7. Does being a female tech entrepreneur help or hurt you?

Over the past several years, my experience as a female tech entrepreneur has been challenging in this traditionally male dominated industry.  I did not fit the typical profile in my 4.5 inch stilettos discussing how I was going to integrate fashion and technology together, therefore I was often overlooked and my credibility was questioned. I was seen to be as foreign to the tech industry as the word “fashion” itself.  Neither “I” nor “fashion” seemed to belong in the tech world.  

More recently, there has been an increasing amount of female tech entrepreneurs entering the industry.  This has increased acceptance, collaboration, mentorship, and networking amongst all tech entrepreneurs and industry service providers.  These initiatives that have taken place have empowered and encouraged more women to enter this field.   It is personally gratifying to see more 4.5 inch stiletto representation at our industry events.

8. Where do you see your company in 5 years? In 10 Years?

In 5 years, we will be established at the forefront of the fashion + tech industry providing innovative solutions to luxury fashion retailers.  We will be recognized as the fashion + tech expert that has the capability of spotting opportunities and trends and offering technology solutions to respond to this potential. 

In 10 years time, we will continue to be a leader in our industry offering a broader scope of products and services in the fashion + tech industry and one of the largest of its kind.  We will be a significant employer in the region playing an important role in the local economy.  Our company will create positive impacts within the environment in which it operates and will contribute to its social responsibilities through philanthropic endeavours. 

  9. How did you get involved with DigiBC?

I was initially invited to a DigiBC event by an industry service provider.  I continued to participate in further meetings and events, which subsequently led us to join the association.  Whitney and Carly were instrumental in our decision to join as they are extremely supportive and genuinely interested in the success of our company.

  10. How have you benefitted from being a DigiBC member?

Have you ever considered becoming a DigiBC member, but weren't sure what all the awesome benefits were? Have some digital media industry colleagues that have decided to become DigiBC members but don't know how your company could benefit? Well we are here to lay it all out for you and tell you why DigiBC membership is worth your money.

Some of the Benefit DigiBC Members Receive:

More opportunities to get connected to the right people. Increased opportunities to network with industry leaders, decision makers and peers.

Tons of chances to meet potential customers, investors, partners and suppliers at our many networking events

Access to the DigiBC Membership Directory and a company profile listing in the directory

Promotion of your company/products through DigiBC's website, e-newsletters, social media and more!

Access to the latest market research, exclusive reports and market intelligence materials.

Access to our impressive board of directors

Discounted event rates to all of our events (and a free networking event ticket(s) when you register for membership!) Save hundreds of dollars a year for events you and your team will want to attend

A chance to support and become a part of the digital media and wireless community in BC. The strength of this community plays a part in our ability to attract and retain talent, investment and innovation

Access to DigiBC staff - have an event you want to hold? Let us help you plan it, send out the invites and more!

Input in public policy. We provide a strong voice for the industry and have an effective process for influencing public policy

Access to member benefit programs. These include discounted health, dental and life insurance benefit plans from BenefitDeck

Starting to sound good? Wait until you see how affordable our annual membership fees are: 

Pretty awesome, right?

Our current membership includes some of the biggest movers and shakers in the industry. We are well connected to all facets of the digital media and wireless industry, locally and abroad and your membership can help you get in on those connections.

As we like to say at DigiBC, you get out of your membership what you put into it. If you have events you would like to see, companies you would like to meet (from Canada or internationally!) or a connection/introduction you need to benefit your company, we are happy to oblige. You just have to not be shy and let us know. We are here for our members and to do our best to make BC the hub for digital excellence in the world. If you would like to discuss membership or are interested to see how DigiBC membership would benefit your company specifically, drop us a line and we would be happy to meet with you to chat!  Please contact either Whitney Donaldson or Carly Graham to set up a no-obligations meeting. You can also learn more here.

If you are already convinced that membership is the way to go (which it is!), you can join here.

DigiBC is proud to have BenefitDeck as our benefits provider. As many of you may not know, becoming a DigiBC member give you access to discounted group health, dental and life insurance plans through BenefitDeck. Donald Chu is a very active DigiBC member and has been fantastic to work with. He has the knowledge and experience in the industry to provide you and your company with a comprehensive benefits plan at a cost you may not be able to negotiate on your own. We would like to thank Donald for contributing to our blog with a little about his involvement with DigiBC so far. 

At our office, we rarely have directives, but at our team meeting a few weeks ago, I casually mentioned: “When Howard Donaldson calls, whatever the request, the answer is yes”. That has been BenefitDeck’s approach in working with DigiBC over the last year. BenefitDeck has worked with many other associations in helping them create affordable, yet competitive employee benefit plans for their members, allowing them to attract and retain talent. 

Any consultant or companies in B2B will tell you that there is such a thing as the best client. In our view, DigiBC is not only a client, but a model of a successful enterprise partnership.

From the start, we asked the question to Howard and the DigiBC board, how can we help DigiBC and the industry grow? The answer of having an affordable benefit program for member companies, regardless of size, has come up. After much due diligence, the board has selected BenefitDeck to be their partner when it comes to providing members with employee benefit programs, and we are honoured to take on that role.

Since one of our goal is to grow with DigiBC, helping their members every step of the way. A big part is to be present, so that the members will find us accessible. That’s why DigiBC members can count on seeing BenefitDeck at every major networking event hosted by DigiBC.

A recap of the last year’s events includes a few highlights: Summer BBQ at EA was a lot of fun, and we’re looking forward to it this year. The first ever DigiBC golf tournament was a great opportunity for members to get out and enjoy the sun. Both of the State of the Industry events have generated some very interesting and relevant discussions. Also, as the year rounded out with DigiBC’s Christmas party, we were pleased to have sponsored an oxygen bar so members can mingle and get refreshed.

It is very nice to see many familiar faces at every event, and to meet new members. The best part for us is to hear the members’ story. Everyone has a story to tell: whether they are a pre-revenue startup with a vision, or a company growing their team by the week, trying to get beta out. I find the story, vision and drive of the founders/entrepreneurs always intriguing. At the next event, if you see me, come by to say hi, I look forward to hearing your story.