As Freshers Week took place at Caledonian University the 24-year-old was preparing to launch her social networking site, impossible.com, which will allow users to meet each other and share their skills
She said she was attracted to the university for its social values and described its chancellor, Nobel Peace Prize winner and global anti-poverty campaigner Professor Muhammad Yunus, as a true inspiration.
They met at the Davos World Economic Forum last year.
Lily was awarded an honorary doctorate from the university for her contribution to humanitarian and environmental causes earlier this year.
She said: "Impossible has been my passion project for around two years. It is about building a giving and receiving culture. You can make a wish for help, such as learning a language and people can offer their skills in return.
"I asked for a blanket once and I gave away stuff when I was moving out of my house. The only premise of the space is that it is done for the love of it. It's not done for money.
"Impossible is about the spirit of community.
"Money of course is a very helpful medium but I feel it has become such a dominant part of our culture. It has become the only reason someone will do anything."
Impossible, which includes Wikipedia founder Jimmy Wales and economist Hazel Henderson among its advisers, is in its final development stage.
Students at the university will help test the site which is due to launch in the near future.
Lily's other projects include North Circular, which commissions skilled hand knitters to produce garments, plus a jewellery range which aims to help save one billion trees in the Amazon rainforest by using sustainable rubber.
While the face of choice for fashion houses such as Chanel and Lacroix, she graduated in 2011 with a double first in history of art from King's College, Cambridge.
To register your interest in Impossible go to www.impossible.com