Together with crowdfunding platform Indiegogo H&M Foundation has initiated a program to showcase the five winners of the early stage innovation challenge. The program puts consumers in the front seat, enabling them to take active part as supporters, backers, and testers of the five innovations. By supporting sustainable ideas that matter to them, and at the same time empowering early innovation, consumers can play an important part in improving fashion’s impact on the planet. With consumer demand for sustainable fashion increasing worldwide, the initiative aims to make backing of pioneering ideas, and the masterminds behind them, available to fashion consumers, innovation seekers and tech enthusiasts.
“The relationship with Indiegogo is exciting as it adds an important element, enabling the consumer to be at the very heart of finding and funding a future for sustainable style.”
Erik Bang, Innovation lead at H&M Foundation
“Creators of early stage ideas often face periods in their product development when funding is hard to find, and that’s why the Global Change Award supports the earliest stage of innovation. The relationship with Indiegogo is exciting as it adds an important element, enabling the consumer to be at the very heart of finding and funding a future for sustainable style. It gives innovators the possibility to connect directly with their future customers getting valuable feedback and validation. Indiegogo’s platform offers a space where anyone from anywhere can try their wings and hopefully also succeed, much like the Global Change Award,” says Erik Bang, Innovation lead at H&M Foundation.
“Receiving funds through crowdfunding would mean that our efforts to create a vegan alternative to leather are being heard. And that people are really feeling the need for change so much that they are willing to invest in our idea and take this next step forward with us. It’s a sign that people are ready for our product”, says Isemar Cruz Loayza, co-founder of Le Qara and one of the five winners of Global Change Award 2019.
“Receiving funds through crowdfunding would mean that our efforts to create a vegan alternative to leather are being heard. And that people are really feeling the need for change so much that they are willing to invest in our idea and take this next step forward with us.”
Isemar Cruz Loayza, co-founder of Le Qara
Funding the biggest obstacle
Among the thousands of entries to this year’s Global Change Award, 45 percent rank “funding” as their biggest obstacle. However, crowdfunding has become much more than a way to raise funds. In recent years, companies around the world have used platforms like Indiegogo to build brand awareness and an audience, generate valuable consumer feedback, and get market validation.
Although there are no guarantees for success, crowdfunding has a fast-growing community of change makers. According to The World Bank Group, over the past decade, crowdfunding has grown tremendously and is now a US$ 16 billion market and growing at 300% per year. Since Indiegogo’s launch in 2008, over $1,6 billion have been raised through their crowdfunding-platform. A support many entrepreneurs could only dream of finding elsewhere.
Explore the winning innovations of global Change Award 2019 and learn how to support them.
