At fashion lab, tech startups are pointed toward success
Some of America's leading names in fashion aren't just thinking about what's in season, they also have an eye toward the future, CBS News correspondent Vinita Nair reports.
New York City is arguably the fashion capital of the world, and the brains behind a new mentorship program would like to see it become the fashion tech capital of the world, as well, fostering a new generation of retail-focused startups.
Jared Schiffman, the founder of Perch technology, was creating interactive installations for museums. Then he realized his technology could be used to sell products. His company adds interactive displays to retail items; when you pick up an item, you can click through an interface to see available colors, sizes and reviews.
"Everything you see on the table is actually created by this technology that lives above the table. We project down onto the table, and that's how we create the imagery..." Schiffman said. "If you're holding a product, actually you're a lot more likely to buy it."
Perch is one of eight companies hand-picked for the New York Fashion Tech Lab, a 12-week program in which tech startups are paired with retail giants such as Macy's, Kate Spade, J.Crew and Ralph Lauren. With half of all new businesses failing after five years, the non-profit lab is designed to help the startups beat the odds.
The Partnership Fund for New York City and Springboard Enterprises run the program.