Beyond funding: The Mills Fabrica's unique ecosystem that empowers clean tech startups | KrASIA
The concept of a startup accelerator running a physical shop is quite unusual, but that is precisely what The Mills Fabrica has accomplished.
Located on Pak Tin Par Street in Tsuen Wan, Hong Kong, you will find The Mills. This unique establishment has been transformed from an old texture mill into a retail and cultural hub. Amongst its offerings is Fabrica X, an impact retail store managed by TMF. These three entities, Fabrica X, The Mills, and TMF, are interconnected as they all fall under Hong Kong's Nan Fung Group conglomerate.
TMF created Fabrica X as a hub for startups in the textiles, food, and agriculture industries to display their goods. However, according to Cintia Nunes, TMF's general manager and head of Asia, the store serves a purpose beyond that.
According to Nunes, operating a retail store enables us to assist new businesses and creative thinkers at every stage of their development, from creating prototypes to bringing their products to market. The store serves as a venue for displaying their merchandise and obtaining important input from customers. Moreover, Fabrica X serves a larger function beyond generating sales. It functions as an educational branch of our organization, striving to promote and educate the public about the social and environmental effects.
The main goal of establishing Fabrica X is to provide startups with an opportunity to present their products. However, the selection process also takes into consideration the interest and desires of consumers.
"We operate on a consignment method to assist these brands while also collecting valuable information on consumer preferences. Our primary obstacles involve conducting in-depth investigations to ensure the accuracy of the information we furnish. We monitor our influence through surveys and evaluations to consistently enhance our services. In essence, the objective is to change consumer outlooks and promote mindful purchasing through our retail store encounter," Nunes explained.
Fabrica X is just one of the ways that TMF is trying to encourage sustainable practices. TMF has created a lively system to support and encourage the growth of new businesses, including shared workspaces, places to hold events, labs to create prototypes, and other resources. Furthermore, TMF also arranges practical activities and workshops to facilitate meaningful conversations among businesses, investors, schools, and individuals.
Nunes stated that TMF aims to extend this idea to other places apart from Hong Kong, reaching a larger audience and promoting the importance of individuals making informed decisions about their food, beverages, and clothing.
Focus On Southeast Asia
Despite the fact that a substantial portion of TMF's portfolio companies come from the United States and Europe, Southeast Asia has caught its attention due to the rise of fresh technology and advancements.
"Nunes expressed that in Southeast Asia, there is a general consensus among different groups involved on the impact of climate change on food security and durability. Given the region's substantial manufacturing sector, particularly in areas like textiles, food, and agriculture, it holds a significant level of importance. Our understanding is that it is crucial to expand our influence in Asia in order to effectively cater to the entire process of production and distribution, encompassing manufacturing and logistics."
Nunes envisions TMF creating a system that links Asia with worldwide markets, encompassing the US and Europe. The goal is to foster the advancement of startups in both impact and business sectors. As the region witnesses a surge in clean technology advancements like groundbreaking animal feed, alternative proteins, and intelligent farming methods, Nunes remains optimistic about the potential growth of clean tech startups in the foreseeable future.
According to Nunes, adopting a cooperative strategy enables us to utilize the skills and abilities of different parties rather than creating isolated areas. We place significance on the idea of cooperation and joining forces with other entities, municipalities, and nations in order to collectively promote beneficial transformations.
