Fashion Stake won the $10,000 Princeton Entrepreneurs Network prize, just announced.
Premise: Young women who spend $5,000 a year on their wardrobe make $50 contributions to an up-and-coming designer and get to vote on style decisions and get other perks. The designer gets 25 percent of the take, the fashionistas get 50 percent, and Fashion Stake keeps 25 percent. The magic word is “crowdsourcing.”
More later… but a side note — in this era of social networking, when the Princeton Entrepreneurs Network launched a social enterprise subsidiary this very afternoon, no one was tweeting this conference. One of the presenters, @romneyw, tweeted it before the conference, as did I. I didn’t tweet at the event because I haven’t loaded the twitter ap on my blackberry.
So to get the results, I had to hoof it up there. Of course it was fun to be onsite but … but…but… In 2010 it’s supposed to work differently!
The three-way faceoff between social enterprise companies was, however, conducted in a 21st century way. The audience texted their favorites, and Virebo (a company that aims to reduce printing costs) won over an online dating site and photo processing software.