Farfetch’s all-Web3 accelerator focuses on digital fashion, scale and “next-wave thinking”

The companies that applied provided some key insights indicative of interest in the potential of Web3 tech. Hilsum notes the multitude of Web2 founders moving into the Web3 space. Not only was there a high level of startup experience, but fashion experience as well. “It’s interesting to see people either transition over or be advisors as well,” she says. This is promising, as it’s an indicator of both eagerness to build into the Web3 space and developments in industry understanding.

In a departure from past Farfetch Dream Assembly programmes, Base Camp is fully virtual — a fitting approach for an exclusively Web3-geared offering. Metaverse innovation lacks a centralised hub, illustrated by the global origins of the participating startups, including the US, UK, Hong Kong, France and the Netherlands.

Over 50 mentors will help to educate the companies on all things Web3 and fashion — a “dream group” of experts, Hilsum says. Some are Web3-native digital fashion founders, including The Dematerialised co-founder Karinna Grant, DressX co-founders Daria Shapovalova and Natalia Modenova, and The Fabricant co-founder Adriana Hoppenbrouwer-Pereira. Other mentors include industry leaders such as Megan Kaspar, MD of crypto and blockchain investment and incubation firm Magnetic, and education-focused contributors from Learning Lab Paris and the Edinburgh Futures Institute.

The 12-week accelerator programme will educate startups on the key factors at the intersection of fashion and Web3, such as use case design and token economics and structures, with the view of working closely with them in the future. The accelerator is also designed to get startups investor-ready, helping them to nail down their company stories and pitches.

Industry leaders are keen to help. “Dematerialised was an early mover in the space and we built our business on Marjorie [Hernandez] and I’s intuition and experimentation, as there were no similar companies before us,” Grant says. “The Web3 fashion community is tight and we have always been close to our direct competitors, often helping each other out and collaborating in a way that Web2 businesses just don’t.” Hilsum considers this enthusiasm an exciting signal for the future of innovation and pace within the fashion, tech and Web3 space.

Grant thinks of the programme as a formalised way to facilitate both experimentation and mutual support. Plus, it will benefit veteran Web3 innovators as well. “Because this sector is still relatively nascent, the learnings are two way, which makes it a win-win for both mentors and mentees — as well as for the programme owners,” she says.

Farfetch, says Hilsum, is looking at what comes next. “It’s not enough to just create an NFT,” she says. “We’re really looking for people that are building scalable, long-term projects, so that’s what we were focused on in this cohort.” Scepticism is healthy, she says, in that it’s the industry asking “what’s next?” It’s Farfetch’s hope that this cohort will help to answer that question.

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