An initiative of the African Development Bank, the Fashionomics Africa Incubator Program is a comprehensive training program delivered by EyeCity and Impact Lab. The program is designed to improve the success of early-stage African textiles and fashion entrepreneurs by providing them with the necessary skills and knowledge to improve their business models, increase their marketability, and access funding for future development. In this case study, we will examine the various stages of the Fashionomics Africa incubation program, the impact it had on the African textile and fashion industry, and how it empowered women entrepreneurs.
Program Overview:
The Fashionomics Africa incubation program is a comprehensive course that covers various aspects of running a successful fashion and textile business. The program is divided into several stages, starting with a call for applications, followed by virtual training and an intensive mentorship program.
Virtual Training:
The virtual training phase of the Fashionomics Africa incubation program was designed to provide participants with the necessary skills and knowledge to improve their business models, increase their marketability, and access funding for future development. The training covered various aspects of running a successful fashion and textile business, including strengthening business and financial models, investment readiness, branding, marketing, digitization, sustainability and circular economy, and fund raising. Participants were assessed on their progress throughout the virtual training, and the top entrepreneurs were shortlisted for an intensive mentorship program.
Mentorship Program:
The mentorship program was a crucial stage of the Fashionomics Africa incubation program. The entrepreneurs received intensive mentorship from industry experts, who helped them refine their business models, pitch to investors, access markets, and network. The mentorship program was designed to provide entrepreneurs with the necessary support and guidance to develop sustainable businesses.
Demo Day:
The final demo day of the Fashionomics Africa incubation program was a showcase event where the top 12 entrepreneurs pitched their businesses to a panel of industry experts. The demo day provided entrepreneurs with the opportunity to showcase their businesses and secure funding for future development.
Impact
2000+ Entrepreneurs trained, 43 Africa Countries represented, $60,000 in grant funding
The Fashionomics Africa incubation program contributed to the development of the African textile and fashion industry providing entrepreneurs with the necessary skills and knowledge to improve their marketability, and the coaching and mentorship services provided helped them to develop sustainable businesses.