SF Fashion Investors

The future of Fashion tech has arrived, technology’s impact on the fashion and retail sectors has been difficult to ignore. The shift from in-store retail shopping to the world of e-commerce has forced traditional retailers to rethink business strategies and adapt to rapid changes in technology and consumer preferences. Yet, many overlook the endless opportunities to integrate technology into apparel products other than health and fitness wearables. As one of the leading San Francisco and Silicon Valley Intellectual Property, Startup and Fashion Tech law firms we have been watching this trend emerge. As in other sectors, new technologies have begun to revolutionize how businesses in the fashion industry operate. Brands are using Artificial Intelligence to incorporate custom shopping experiences based off of social media tools and platforms, to better impact purchasing decisions. And, some brands are integrating technology features into their designs to help you shine like a diamond in a crowd. New technologies are not only changing how the modern fashion industry functions, but also how its products interact with a consumer whose purchasing behavior is constantly reshaping. In light of growing industry demand for new solutions, tech entrepreneurs have been quick to respond with innovative products to help propel the $2.4 trillion fashion sector well into the 21st century. Accordingly, Fashion Technology, or Fashion Tech, has become a rapidly growing and vibrant ecosystem. In 2009 total investments in Fashion Tech totaled $50 million; by 2014 the number had risen to $2.8 billion. Continued demand for Fashion Tech has led to the creation of our newest (invite-only) pitch event, San Francisco Fashion Investors, whose focus is to identify, guide, and develop the next...

HOW TO WRITE A STATEMENT OF WORK FOR CONSULTING SUCCESS

Paperwork Before you start a project there are two main documents you want to have ready,  a “Consulting Agreement” and “Statement of Work”. The consulting agreement should be “standard paperwork”. While it is important, the more important and interesting piece of the puzzle that you need to put a lot of effort into is the “Statement of Work” (SoW), which is what we’ll focus on here. Your lawyer should be able to give you a consulting agreement template, often for free. But in my experience, the clients usually push for their version of it to keep things uniform, save lawyer fees, and avoid surprises. Either should be fine as long as your lawyer reviews it. Not getting your lawyer to review your paperwork is false economy. I’d suggest that you too read the agreement thoroughly, though you may think it is boring. You’ll be able to ask your lawyer well informed and incisive questions as a result. Importance of SoW If you draft the SoW well, you’ll give both you and your client a lot of clarity on what exactly to expect. This is a vital precondition to the success of the project. You can’t exceed nebulous expectations. Our primary goal is to get clarity on requirements, payment, and schedule. Sections I’d suggest including at least the following sections in your SoW: Requirements A brief description of the project Technology Architecture / Designs / Mockups Resources Out of Scope Cost and Schedule Estimates Project Deliverables Acceptance Procedure Example Statement of Work Acme Corp Marketplace Project 1. Requirements Build a single-page web application and backend that functions as a marketplace...