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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Obama touts healthcare reform benefit to business | Video 4:04am EDT Business loan demand drops, defaults rise 01 Apr 2010 New website brings crowd sourcing to fashion 4:05am EDT In working couples, women's careers still take backseat: study 01 Apr 2010 U.S. court rejects Microsoft patent case appeal 4:03am EDT Obama touts healthcare reform benefit to business | Video 4:04am EDT Business loan demand drops, defaults rise 01 Apr 2010 New website brings crowd sourcing to fashion 4:05am EDT In working couples, women's careers still take backseat: study 01 Apr 2010 U.S. court rejects Microsoft patent case appeal 4:03am EDT entrepreneur's edge Can a cell block drug counterfeiters? In Nigeria 80 percent of over-the-counter medication is fake. Entrepreneur Ashifi Gogo has a solution whereby consumers use their cellphones to check if their drugs are genuine. Will he get a call from investors? Full Article | Video More entrepreneur profiles New website brings crowd sourcing to fashion Edward Krudy NEW YORK Fri Apr 2, 2010 4:05am EDT Related News Facebook veterans in venture capital spotlight Wed, Mar 31 2010 NY's Silicon Alley humming despite slow economy Tue, Mar 30 2010 NY's Silicon Alley humming despite slow economy Tue, Mar 30 2010 Luxury M&A set for boost, predators eye deals Tue, Mar 30 2010 ANALYSIS-Luxury M&A set for boost, predators eye deals Tue, Mar 30 2010 A model walks the runway during New York Fashion Week February 3, 2008. Credit: Reuters/Lucas Jackson NEW YORK (Reuters) - An Internet startup called Fashion Stake launching in coming weeks aims to shake up the fashion industry, just as peer-to-peer file sharing changed the music industry. Technology | Media Fashion Stake will allow customers to directly fund fashion designers by browsing on-line collections and buying a stake in a collection in return for credits to buy clothes. Patrons can also share ideas with designers and vote on collections. The model, inspired by Internet-based social media networks like Twitter and Facebook, taps into a growing business model called crowd sourcing where entrepreneurs go directly to customers for content, funding, and distribution. Daniel Gulati, the firm's chief executive and a student at Harvard Business School where the project was born, says creative, high margin industries are moving away from a "gatekeeper" model where executives decide what the public consumes. "We think this can be a real game changer," he said. "What we're basically doing is redirecting the margin to fans and cutting out the retailer altogether." Advocates of crowd sourcing say it offers consumers a cheaper, more flexible alternative and frees artists from having to get past big corporations. New York-based designer Althea Harper says the new model could help her find funding, scarcer after the financial crisis, as well as bypass buyers at retail outlets. "It's hard getting the retailers to trust in you as a new designer," she said. "I've seen them pick up horrible lines from more established houses just because they've got the reputation." Olga Vidisheva, a former model and Goldman Sachs equity analyst, who is Gulati's classmate at Harvard, is looking forward to using Fashion Stake. "You usually don't have access to the starting designers. There's a lot of pain that they go through until they can sign with Saks or Bloomingdales, said Vidisheva, who spends "several thousand" dollars a year on clothes. POWER TO THE CROWD! Recent years have seen a rapid growth in interactive business models and Internet-based social media, or so-called Web 2.0. Global communities centered around services like Facebook and Twitter are millions strong. Peer-to-peer lending, linking individual lenders with borrowers, has taken off in the U.S. through companies like Prosper, while so-called open innovation companies like NineSigma allow corporations to outsource problems to networks of innovators. "You can crowd source, you can crowd fund, you can get economies of scale, and you can customize the output to deal with local markets," said Alec Karys, a consultant advising Fashion Stake. Gulati, a former analyst at investment bank Macquarie, sees creative industries, such as publishing and journalism, with strong fan bases, as a prime target for crowd sourcing. He points to Spot.Us, a website that allows users to select and fund journalistic work that conventional media might overlook. "Why should we leave it up to just a couple of people to decide what the public wants? Let's actually just go straight to the crowd," he said. "It's a two way conversation between brands and their fans. It's not a one way type of logic anymore." Harvard Professor Thomas Eisenmann, who studies platform-based businesses that exploit network effects, says the trend toward interactive business models is accelerating. "You've got a whole bunch of businesses that worked well in Web 1.0, and those businesses either need to add social media - social networking functionality - or they're at risk of getting leapfrogged by newcomers that do this," he said. However, Eisenmann says crowd funding has limits where curatorial choice is still desirable, for example at certain newspapers and media organizations that people turn to for editorial insight. "I don't think the old models are going away," he said. "I think you'll see a lot of incumbent players add (network) functionality as an option." (Editing by Mark Egan and Alan Elsner) Technology Media Add a Comment More from Reuters Obama touts healthcare reform benefit to business PORTLAND, Maine (Reuters) - President Barack Obama on Thursday touted the immediate benefits small businesses will receive from his healthcare reforms, in his second speech this week promoting the sweeping plan to a skeptical public. | Video Business loan demand drops, defaults rise New website brings crowd sourcing to fashion In working couples, women's careers still take backseat: study U.S. court rejects Microsoft patent case appeal Startup helps inner-city businesses find funding » More Top News Special Report: iPad striptease: A peek inside Apple doesn't want you to know what's inside its new gadget, but two guys armed with heat guns and suction cups have other ideas. Reuters joins the race to break open the iPad. Full Article Reviews praise battery life, ease of use Want to see the iPad? Join the club Publishers place blind bet on iPad Will you buy the iPad? Apple iPad Special Report: Foreclosing on God Churches couldn't resist the temptation of few-questions-asked loans. Now they're paying for their sins. Inside the congregations that can't pay the bills. Full Article Thrifty faithful hurts churches FaithWorld: Charities hit by recession U.S. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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