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In 2019, Deependra Pandey founded the Luxury Venture Group (LVG), a first-of-its-kind Swiss incubator dedicated to the collaboration between startups operating in the luxury space, established luxury brands and investors.
LVG’s first global competition for luxury startupers, has just ended in Geneva. Meet the four winners of LVG’s Luxury Innovation AwardTM and the five runner ups.
Everyone knows about the Silicon Valley, the unique ecosystem of established companies, startups, venture capitalists, business incubators and university labs, all focused on tech. Deependra Pandey observed that Switzerland was missing such an ecosystem in the luxury space.
Yet, with its outstanding reputation for high-end mechanical watches, jewellery, leather goods, hospitality, furniture and even private jets, Switzerland is one of the main cradles of luxury brands. Switzerland is also the home of renowned banks and investors, and world-class academic institutions like the Institute for Management Development (IMD) in business, ecal in arts and design, EPFL and ETHZ in engineering and computer sciences.
What was missing though, was a dedicated collaboration venue for startups in the luxury space. Thus, LVG went on a mission to connect entrepreneurs, who hold some of the keys to the future of luxury, with established companies and financiers.
LVG was born from Mr Pandey’s blossoming relationships with artists, who, he says are “very talented, but often lack experience in business and do not necessarily know how to showcase their product or business… That’s how I came up with the idea to build the Luxury Venture Group – as an incubator, accelerator and venture capital company, which offers these creative people an appropriate network, seed investment, and ecosystem to turn their passion into reality – and build a viable business case.”
LVG aims to provide startupers with pre-seed and seed investments. Additionally, its activities like the LVG Bootcamp, Conferences and Luxury Innovation AwardTM aim to strengthen and support LVG’s ecosystem and its players.
Asked how LVG differentiates itself vis à vis other incubators like Station F which, based in Paris, hosts the LVMH Maison des Startups, Pandey emphasizes the independence and neutrality of the initiative, which makes it powerful. He also argues that the competitiveness and international connections of Switzerland make it a unique launchpad for any business.
The Luxury Innovation AwardTMcompetition was entirely free of charge for participants. 149 startups from 34 countries applied across four broad luxury categories.
The four winners have each won US$ 10,000 in seed investment, plus instant visibility to the luxury industry’s leading investors and decision makers via the media. They also received a special trophy – a piece of art in its own right – created by Roger Pfund, the acclaimed designer who fathered the new Swiss passport.
Applicants had to have at least a working minimum viable product or service. They had to supply a description of their business concept, describe who the competitors are, elaborate on their unique selling point, and explain how winning would help them.
After an initial shortlisting by LVG, the rest of the process was entrusted to 21 judges, all experts in their fields. As a member of the jury, it was really interesting to listen to what the co-judges had to ask, including Aurel Bacs, the auctioneer who engineered the world record-breaking sale of the Paul Newman Rolex back in 2017.
The selection criteria included originality in concept, quality of craftsmanship, technological innovation, sustainability, degree of pride in work and what the startup meant for the future of luxury. Two rounds of Zoom-based pitches preceded the final in Geneva.
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