This year, for the fourth edition of the Vogue Singapore Innovation Prize, Vogue Singapore has teamed up once again with luxury manufacturer of automobiles and motorcycles, BMW. Boasting over 30 global production sites and a network that spans more than 140 countries, the company is a pioneer in next generation innovation, paving the way for a future that is uncompromisingly electric, digital, and circular.
Back in 2021, the first iteration of the Innovation Prize saw Singaporean fashion designer Claudia Poh of WEARABLE take home the grand prize with her adaptive fashion solutions for individuals with disabilities. Following that, ProjectEx’s dynamic duo Adrian Furstenburg and Viknish Krishnan-Kutty won with their lab-grown exotic skins that served as a response to the industry’s unending demand for rare leathers. Finally, last year saw research and development company COzTERRA emerge victorious, offering state-of-the-art solutions to combat climate change via carbon capturing technology.
This year, the Innovation Prize expands its reach further, welcoming applications from all across Asia. All shortlisted applicants were invited to join an intensive two-day bootcamp curated by Vogue Singapore, which brought together global leaders lending expertise on experts on pillars such as digital innovation, creative direction, design, media, brand storytelling, marketing and more. Amongst the distinguished speakers were reputable industry heads such as Corey Moran, Head of Industry, Fashion and Luxury at Google, Indian couture designer Gaurav Gupta and Renzo Vitale, Creative Director of Sound Design at BMW.
At the end of the bootcamp, ten of the top businesses were shortlisted. These applicants will move on to the mentorship phase, where they will be evaluated by an international jury on the innovation, execution, design and sustainability of their business. The shortlisted businesses were: Off/Script, Kibo, PAKT, GoPlay Cosmetics, Carl Jan Cruz, FabriX, ANGUS TSUI, Sodhani Biotech, Supermodel and KHAAR.
Below, scroll through the highlights and key takeaways from the two-day bootcamp.
Kicking of the bootcamp was Liz Bacelar, Executive Director of Global Tech Innovation at the lauded Estée Lauder Companies Inc. Speaking on the new retail possibilities of AI and digital tokens, she goes into further detail on how new companies can look to incorporate these tools into their business models.
Following that were presentations from the VP of Global Industry Partnerships at Farfetch, Alexis Bonhomme, and renowned couturier Gaurav Gupta, who shared on the importance of developing a strong brand image over time. They emphasised that new business owners should take the time to understand their brand’s ethos, and focus on building a narrative that resonates with their target demographic.
The second day saw Chief Executive Officer of the Singapore Fashion Council (SFC) Zhang Ting Ting speak on the current landscape of sustainability within fashion, and what creatives and businesses can do from a regional standpoint. Creative Director of Sound Design at BMW Renzo Vitale then shared insights on the process of innovation, recounting personal anecdotes from his careers prior to joining BMW. Referencing his work with acclaimed composer and producer Hans Zimmer in developing the new start/stop sound for the BMW Concept i4, Vitale shares the lessons he learnt along the way, and how the act of unlearning and relearning can lead to a paradigm shift needed for large scale innovation. His session went in-depth on how to catalyse and convince people to take on innovation, citing this collaboration as an example on building a strong emotional experience with the consumer.
Lastly, the bootcamp came to a close with a presentation from VisitMonaco, who shared with all participants what the winner could expect as part of their prize package, in the form of an all-expenses paid trip to Monaco for an innovation-packed itinerary that includes mentorship sessions, workshops, investor meetings, and event.
Day 1 – Key Takeaways
Liz Bacelar: AI tools and digital tokens allow for new retail opportunities; an increase in product-led communities, product usage incentives and tokenised communication are all key for businesses looking to adopt this.
Corey Moran: Creativity is key in effective video storytelling, following the four ABCD principles—Attention, Branding, Connection, and Direction.
Zhang Ting Ting: With material supply chains in crisis, sustainable methods of sourcing are required. Potential solutions include regenerative & organic agriculture, recycling, alternative fibres, and bio-fabrication innovations.
Alexis Bonhomme: Understanding and practising price discipline, volume restriction, and strategic distribution are several key factors in developing a strong brand image and reach.
Leanne Elliot Young: AI-driven softwares can help to generate unique designs, automate repetitive tasks, and improve customer engagement through personalised recommendations.
Gaurav Gupta: Authenticity is key, which can be fostered through streamlining a brand’s values, culture and identity. Social media helps to illustrate this journey, and allows for a brand to create deeper connections with their audience.
Day 2 – Key Takeaways
Nima Abassi: AI helps customise and scale content across multiple platforms, allowing for higher level of efficiency and a shorter time to market. Where it still pales in comparison to humans would be in taste and cultural knowledge, critical skill sets that would be further developed in the years to come.
Dr. Amanda Parkes: A hybrid innovation-driven business model combines research and direct-to-consumer with sustainability at its core, focusing on unique partnerships to help brands scale-up and commercialise.
Deeps De Silva: Engaging storytelling, an acute understanding of one’s market and competition, transparency and setting realistic metrics are all keys to a good elevator pitch when meeting potential investors and securing funds.
Jessica Chapplow: Most buyers are willing to pay more for a better brand experience, so a huge part of luxury retail is evolving to meet the customer’s growing expectations.
Renzo Vitale: Often during the innovation process, forward progress requires us to unlearn and relearn certain concepts or notions. With technology evolving exponentially, it is key that we design products that can stand the test of time, and remain relevant within their time frame.
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