Mimoona is approaching emerging designers to get their feedback through this campaign.
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Crowd-funding Mimoona developed and launched a beta version tool that enables emerging designers and brands to test the demand for their garments before production. Mimoona is now launching its own crowdfunding campaign, aiming to verify the demand for its new solution. Blending concepts from Kickstarter, Groupon and Gilt Groupe, this next generation crowdsourcing tool will, for the first time ever, enable fashion designers to improve cash flow and reduce risk by testing the demand for their designs, colors and sizes before production.
Founded by the team who launched the largest crowdfunding platform in Israel, and recently graduated from one of the top startup incubators in the world, Mimoona released a beta version of its fashion demand testing solution at the end of August.
Aiming to help fashion designers and brands decide what to produce, in what quantities, colors and sizes, Mimoona enables fashion designers to showcase different designs they are CONSIDERING to produce on their website, setting minimum amounts of orders for each design. These minimums must be reached in order for the design to be worth producing. Customers express interest in the designs they like by pre-ordering them. If the design is popular enough (i.e. reaches this minimum amount to make it worthwhile to produce), the fashion brand will produce it and their customers will be charged. If not, the customers will not be charged and the brand will not spend time and money over redundant production, and can instead focus on other designs.
“With a reliable testing solution, ” says Arik Marmorstein, Mimoona’s co-founder, “emerging designers can worry less about cash flow simply because they are saving money on redundant production, producing more of their successful designs and getting funding for production before production. Mimoona also developed a unique built-in affiliation program to help designers drive traffic to their website and get new ambassadors to help market the design by incentivizing them to spread the word and tracking how many new customers the ambassadors attracted. According to Marmorstein, some of Mimoona’s beta users have already met with top ambassadors (influencers) after discovering their ability to market the brand’s designs and bring multiple sales. These are influencers these brands did not know about before using Mimoona’s tool.
With great traction from tech media after launching its beta version and with the feedback of its beta customers, Mimoona now aims to expand, make adjustments according to beta users’ feedback and of course, verify the demand for its service. Nadav Trenter Moser, Mimoona’s co-founder, says, “Before working with investors, we want to do exactly what fashion designers should do: develop a sample and verify the demand for our product and service through a crowdfunding model. During our campaign, we hope to obtain new customers and funding for our activity and strengthen our grasp of the fashion industry.”
Mimoona will be running this campaign for just over a month, offering to its potential backers benefits that, according to Trenter Moser, “reflect our great appreciation to early adopters who believe in us. Mimoona usually charges a fixed monthly fee ($49-$399) plus commission sales (1-3.5%), but as campaign rewards, we are offering packages that any fashion designer can afford without thinking twice, starting from a one-time $25 fixed fee for early birds through $60 and up to thousands of dollar packages that even include trips to Israel. We are doing this campaign because the feedback we will get from the market is invaluable, just like the feedback fashion designers can get before mass production by using our solution.” Mimoona also offers to US accredited investors equity in the company, with accordance to public offering under the new rule 506(c) of Regulation D
Mimoona founded and operates the largest crowdfunding platform in Israel. The team recently graduated from DreamIt Venture’s NYC, one of the top startup incubators in the world.