Lemonade 2: Taking a Look at The Future of Business
In response to the shut down of all industries around the world due to the pandemic, we launched the Recovery Cohort (opens in new window) , an incubator and accelerator program for creatives working towards recovery, rebuilding and reimagining the future. We got the chance to interview a few of our innovators and start-up founders at our Lemonade (opens in new window) innovation showcase, and here are our favourite hot takes when we spoke to them about their experience, expertise, and what they think the next step may be!
The Perception of the Pivot
The massive pivot, from in-person normacy into an online world, calls for many adjustments needed to stay afloat as a business. Nadine Woods, founder of Mayana Geneviére (opens in new window) , believes their company has effectively pivoted in such a short amount of time, adding masks along with their ethically made line of luxury undergarments to their product list. Nadine explains her perspective of how the pivot has changed consumers' buying habits, “People are really starting to wake up with everything that's happening in this world right now. People are not really focused on over consumption at this time, and I think people are really recognizing that they can edit how they consume, whether on social media or how and where products are produced”.
Having a story to tell for these products being produced is crucial and what consumers are starting to look for. At Mayana Geneviére, their ethically made luxury undergarments and focus on postpartum recovery, is the story and purpose that drives their business!
Leveraging Business Opportunities
Although obstacles and feelings of uncertainty were faced by multiple businesses due to the pandemic, it has also allowed for many opportunities to arise. Onilium (opens in new window) ’s Barbara Palacio explains what are the most prominent problems in the fashion industry and how to leverage those into opportunities, “The major problem is fast fashion, but with sustainability and people realizing and embracing sustainable and ethical values, are what I think will be the next step after the pandemic… Also a big heads up, people in Columbia, South America, and India are not well paid! I want to give this opportunity to people that put a lot of effort into my designs, to get paid a fair wage”.
In discussion of leveraging business opportunities, Younes Sadat-Nejad, CEO of Veebar Tech (opens in new window) , explains his view on how the company’s products are adjusting to these opportunities, “So many people are realizing they can live independently. If a lockdown happens, people are not able to visit their grandfathers and grandmothers… and would require technology in order to monitor them without having to be there”. In this way, the opportunities created by the pandemic are not just about leveraging marketing or business opportunities, but also about leveraging opportunities to reach and help as many people as possible that need these products during these difficult times.
Optimism and Next Steps
In the next 3 years, Onilium’s focus would be investing in quality products, growing their digital ecommerce media, and working on brand awareness. This was a common priority for the other panelists, as the next steps for Veebar Tech, other than utilizing all the opportunities the pandemic has created, would be growing their branding. They believe it is crucial to connect with consumers throughout all social platforms to gain a strong online presence. Similarly, Mayana Geneviere, would like to prioritize brand awareness and relationship building as well. With everything being virtual, there is this automatic disconnect where we may not feel the same energy we might from an in person panel. It is so simple, but it is something people are craving, and also free!
With optimism in the air, the panel ended after exploring how all of these amazing panelists made lemonade with all the lemons that were given to them and their companies throughout the pandemic. The future of business truly lies within the ability to pivot, leverage, and optimize all lemon-filled situations!
Watch the full panel session by visiting the DFZ Youtube (external link, opens in new window) !
Want to read more? See our Latest Indigenous Blog (opens in new window) !