Industry Insight: Three Trends from Fast Company Innovation Festival 2023
By: Lilly
You know an industry event is powerful when you walk away feeling like you have a supercharged dose of creativity. That’s how I felt after attending the Fast Company Innovation Festival 2023; coming together with thousands of makers and innovators from across the globe, I got an incredible pulse on how companies are building for the future.
When it comes to capturing the tone of the festival, Tracee Ellis Ross, founder of PATTERN Beauty and actor, said it best in her session: “In order to have a lucrative business that is purpose driven, you have to do it with your heart open.” I couldn’t help but think of Cutline clients immediately: brands bringing people and technology together to make an impact.
As I walk away inspired as ever, here are three more takeaways I’m still thinking about.
Sustainability is business-imperative, not a buzzword
The trend: “You can’t convince consumers of an idea until you make it affordable and desirable,” reminded Mary Yap, co-founder and CEO of Lithos Carbon, in her session “World Changing Ideas.” According to Mary, today’s consumers believe the onus is on companies to solve and pay for climate change issues, with only 6% willing to pay a premium for more sustainable options.
The brands doing it: Cited as an example, IKEA is a brand dedicated to sustainability across their business, from addressing customer pain points with more sustainable materials to halving food waste issues at their restaurants (including making their iconic meatballs plant-based).
The takeaway: Brands that center their efforts on sustainability now will build consumer trust and loyalty in the long-run — especially as it becomes an expectation, rather than a nicety. Cutline clients are already leading the way with sustainability, from Joby Aviation, pioneering electric aircraft to create a faster, cleaner, and smarter way to carry people through their lives, to Chargepoint, creating the world’s largest and most open EV charging network.
AI is becoming a table stakes tool for creativity
The trend: Chances are, you've been hearing about AI. With tools like ChatGPT and Bard, we're all exploring new ways to create content and share information. This year's event highlighted how AI is making it possible for people to come together in exciting new ways. AI tools are also providing a new level of access to an exciting world of creation.
The brands doing it: Cutline client Roblox is a leading innovator and early adopter of AI. As captured in their session, “How AI Is Rewriting the Rules of Gaming and Animation”, Roblox uses generative AI to empower people to create rich immersive worlds, digital fashion and experiences that foster connection. Roblox sees AI breakthroughs as an enormous opportunity to increase efficiency for more experienced creators and to enable even more people to bring great ideas to life on Roblox.
The takeaway: AI is not about replacing people — it’s about equipping them to unlock their creative potential and removing barriers like inefficiency along the way. It’s also an incredible tool for accessibility. On Roblox, a 15-year-old can start a coding career, opening up doors to innovative and lucrative professional opportunities.
The Values Vow: people over profit
The trend: The current social landscape is demanding authenticity and corporate responsibility from brands. As a result, brands are reflecting on their values and standing their ground despite potential backlash.
The brands doing it: ZOLA, an online wedding registry, planner, and retailer, is an inspiring example of a brand committed to using their scale and voice for the greater good. In response to the resurgence of ant-LGBTQ+ legislation and sentiment in the U.S., ZOLA released an op-ed on the issue, and asked vendor partners to confirm their vow of inclusivity. Unwilling vendors were removed from the platform. “You can’t be everything for everyone,” said Victoria Vaynberg, CMO at ZOLA, during her session “Brands That Matter: Companies That Dare to Care”. “We told those vendors, ‘If you don’t believe in equality, you can go somewhere else’. We are totally fine with that.”
The takeaway: Corporate companies can and should develop points of view on real-world issues. Not only is taking a stand and sharing values good for the world, it’s also good for business.
Attending Fast Company Innovation Festival 2023 was an inspiring experience and I’ll be thinking about these learnings through the rest of the year. I can’t wait to return next year!