Covid has moved life and shopping online, and retailers are in a hurry to adapt new technologies and work with start-ups.  

But, unless you prepare to work with a start-up, the investment could be wasted and the retailer's reputation could take a hit. The good news is, getting it right isn't that hard.

Here are four strategies retailers should adapt to work with start-ups effectively.

1. Before working with a start-up, establish one or two problems you want to solve
2. Once you have decided your key priorities, set them a time, a budget, a hierarchy of decision making, and an area you want to experiment in.
3. Beware of innovation consultants who have never worked in a start-up. They will waste your money.
4. When negotiating with a start-up, go beyond money.

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The New York Fashion Tech Lab has been at the centre of innovation in fashion and retail since 2014. The NYFTL's accelerator program connects startups to venture capitalists and major brands and retailers. 

We spoke to Jackie Trebilcock, the Managing Director of the NYFTL, for the Fashion Tech Podcast just before the application deadline for this year's cohort. Applications close on 31 January 2021, so listen to this if you want to apply!

Learning notes from this episode:

• The NYFTL works with B2B fashion tech startups led by female founders and connects them to brands and retailers in their annual accelerator program.
• Retailers have moved quickly to adapt new technologies during the pandemic, so fashion tech is an area of optimism in 2021.
• Some of the fashion tech trends Jackie sees growing now include virtual fitting rooms (AR / VR), contactless commerce and social shopping. 

Listen here on Apple Podcasts. 

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