Fashion Week Holds Clues to How to Innovate.

Bruce Nussbaum

Now that you're tired of watching the Superbowl ads again and again, turn your attention to what's happening in NYC as Fashion Week unfolds. I've always thought that the fashion industry, like the movie industry, held many lessons for CEOs and managers throughout the business community.

What are some of these lessons?

People come together as teams to work on projects that last only a season--6 months. Then move on. There isn't much of a bureaucratic structure in fashion.

Creative people lead the teams but must work with business people who know the market and prices. That creative-business dyad is critical. Getting that chemistry right is the key to success.

Fashion is consumer driven and often co-created. Lots of those very, very rich, smart women who wear those very, very expensive dresses have huge input into their design. Fashion designers listen to them intently. These dresses are then made for the mass market where all the profit is made.

There are many more lessons to be learned from the fashion industry. Here's another great site to get insight into design trends--PSFK.

    Before it's here, it's on the Bloomberg Terminal. LEARN MORE