JAKARTA – The Ministry of Tourism and Creative Economy / the Tourism and Creative Economy Agency (Kemenparekraft) is again holding the “Modest Fashion Founders Fund 2021 (ModestFFFUND)” program which will provide assistance brand modest fashion (Muslim clothing) in developing business, including capacity building and access to capital.
This program will select the 20 best modest fashion brands to participate in creative workshops with mentors from within and outside the country, as well as the opportunity to get financing / capital through pitching to funding institutions and investors.
Deputy for Industry and Investment of the Ministry of Tourism and Creative Economy / Baparekraf, Fadjar Hutomo, in his statement regarding the launch of the “Modest Fashion Founders Fund (ModestFFFUND) 2021”, Tuesday (23/2/2021), explained that the program, which was first implemented in 2019, includes capital accelerator activities and capacity building for Modest Fashion brand founders.
“Modest fashion is one of the creative economy sub-sectors which has so far contributed greatly to the economy. We understand that with a pandemic, brand-brand really needs support from all sides. Through this program, the Directorate of Access to Finance, Deputy for Industry and Investment, Kemenparekraf tries to support in terms of access to finance and investment, “said Fadjar Hutomo.
At the launch event, an online talkshow was also held which further discusses the “Modest Fashion Founders Fund (ModestFFFUND) 2021”. The talkshow presented a number of speakers, namely Director of Access to Finance Kemenparekraf / Baparekraf Hanifah Makarim, Co-Founder of Modest Fashion Week & #Markamarie Franka Soeria, Founder & CEO of ElCorps Elidawati Ali Oemar, and Micro Banking Group Head of Bank Syariah Indonesia, Mohammad Isnaeni.
Director of Access to Financing of the Ministry of Tourism and Creative Economy / Baparekraf, Hanifah Makarim, explained that this program helps prepare the foundation brand, modest fashion, to be ready to be glimpsed by potential investors or funding institutions.
Through this activity, the perpetrators / designers of the modest fashion are expected to get better knowledge in managing their creative endeavors. Furthermore, it can support the realization of Indonesia as the center of the world’s modest fashion.
In 2019, ModestFFFUND has produced the Top 20 which consists of brand modest fashion that are strong in business. Among them are Dresssofia, Swimsweets, WGB, Monika Jufry, Meeta Fauzan, Nonns, WAD Studio, Hannie Hananto, and many more.
“We want to produce more brand modest fashion that are strong in business and financial terms. The implementation of this program will involve various mentors from fashion, finance, digital marketing to Islamic banking and adventure capital,” explained Hanifah Makarim.
Financial literacy, said Hanifah, is one of the things that business actors must understand in order to develop their business in the future. Such as company money management, including financial records that must be recorded properly.
There are still many business actors, especially those who are new to this world, who still mix corporate finance with personal finance. In fact, financial recording is one of the important factors seen in access to capital.
“But not only that, there are still many other topics that we will provide such as branding, the business itself. So we want to provide holistically. The goal is to create a strong modest fashion brand, not only leading in Indonesia but also able to export. To get there. brands need a lot of preparation, so we involve experts in their fields, “said Hanifah.
Meanwhile, Franka Soeria added that she was interested in being involved because this program focused on fashion, especially Muslim clothing as a business and economic driver. In contrast to many programs that focus on design.
When a brand wants to increase capacity by trying to connect to the financial sector, it must ensure the health of their business and knowledge from upstream to downstream regarding the business ecosystem.
“Our focus is fashion as a business and economic driver. Therefore, we open the widest possible opportunity for all modest fashion founders, both seniors, newbies, brand online, and modest fashion entrepreneurs indiscriminately. Even so, they must have a solid foundation. I am serious about doing business, have owned a company for at least one year, have financial reports and other legal aspects that a business should have, “said Franka Soeria.
On the same occasion, ElCorps Founder & CEO, Elidawati Ali Oemar, said that capital is indeed the biggest challenge for business actors, especially MSMEs when they want to increase capacity. Therefore increasing understanding through ModestFFFUND 2021 is very important for business actors to follow.
“Apart from that, how can an entrepreneur align creativity with business. This is important because as fashion people, they will certainly always be creative. But how can these creations be accepted in business and market terms. For that, it needs to be supported by good organizational completeness and assistance from professional like this event, “said Elidawati.
Meanwhile, the Micro Banking Group Head of Bank Syariah Indonesia, Mohammad Isnaeni, said that his party supports this program and is ready to provide access to capital. Modest fashion is one of the most promising industries. Many Muslim fashion brands need support and are very worthy of funding.
“Maybe they lack access all this time. Therefore, through this event we hope to find hidden gem, find a brand that we are ready to support,” said Isnaeni. The stage of “ModestFFFUND 2021” begins with online registration from February 23 to March 13, 2021. This is followed by the Top 100 selection stage, Top 20 selection judging, Creative Workshop, Mentoring Pitching, Pitching, Final Fashion Show, Online Bazaar in Marketplace, and Post-Event Mentoring. ***
By Igo Kleden