Since my first post on Fashion and Tech, Gilt Groupe raised an additional $138 million in financing, for a total of $221 million, and commands a present valuation near $1 billion. The “internet gold rush of the east” is official, according to a recent Wall Street Journal article, as “would-be entrepreneurs ditch Wall Street or Madison Avenue careers to set up companies in New York-centric industries such as fashion, retail, finance and media.” You may have heard of other promising young startups from New York, too: Foursquare, Tumblr, SecondMarket, and up and comers Warby Parker, Etsy, GroupMe, and Kickstarter.

The phrase “New York-centric industries such as fashion, retail, finance and media” caught me, particularly as Indy appears to be redefining what sort of industries are central to our own city. As part of its commitment to advance new business and maintain existing businesses, Develop Indy is paying attention to our own high growth IT startups, and perhaps more surprisingly, has recognized fashion and food as emerging industries.

As Indy throttles forward, we are faced head-on with the need to retain native talent, and perhaps more importantly, import new talent. An integral element of a modern employer’s allure is the lifestyle and culture of the surrounding city. Today’s talent isn’t just interested in a good wage; they are just as concerned about the community they are plugging into, inside and out of the office. A recent Indy Star article by Erika Smith corroborates just that:

“Gen Y’ers gravitate toward neighborhoods where they can walk or bike to work, the grocery store, bars and coffee shops…Sharing also is important to them. So is being kind to the environment…After all, we want to have a life, not just a job.”

The resurgence of food as a lifestyle, not just a necessity, is a natural step for our city, so rich in agriculture history and resources. We have amazing access to fresh, local ingredients, and world-class chefs leading the charge, showing us how to fully enjoy Indiana produce. And with the ever quickening rate of new concept restaurants, food trucks, markets, and even farms, the entrepreneurial energy of this (re)emerging industry is alive and well.

However, fashion seems to be something a little harder for us to try on. In fact, Hoosiers are often the brunt of sartorial jokes. So how do we grow this industry? The freshly minted Indianapolis Fashion Collective is trying to do exactly that, as they work to “to Unite, Empower, Showcase, and Grow the Indianapolis area fashion industry through collaboration, education, and awareness… exploring Indy as a fashion destination; marketing and events; mentoring and funding new talent; procuring manufacturing and sourcing for our members and Indianapolis as a whole; and partnerships with the community and other fashion-related businesses.”

As Indy looks at our own strengths, we realize that out of the gate our designers may not be recognized at next year’s CFDA Awards, and we may never have New York’s Garment District. What we do have, is excellence in distribution & logistics and a strong manufacturing base. As shopping online increases, and new store models like Gilt Groupe and Rent the Runway pop up, Indianapolis has a strong bid to handle their logistics: experienced talent, comprehensive & central transportation infrastructure and favorable sales tax structure (that’s how we gained a third center for Amazon). I also think we can look to our IT industry to sweep up the fledgling fashion community in its momentum, especially as the intersection of fashion & tech start to form real pathways. A couple of companies already in this space include: iGoDigital, with its suite of personalization & recommendation tools that allow the in-store experience to be replicated online; and Fifth Gear, who offers pick/pack/ship operations for a variety of industries, including fashion & retail, and ecommerce solutions as well.

As we look at improving our city’s lifestyle through food and fashion, and continue to grow information technology – I look forward to the ideas that abound from cross-pollinating these industries and developing new lifestyle technologies.

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