L’Oréal seeks data, formulation and medical tech expertise from SAPMENA start-ups
13 Jun 2024 --- L’Oréal is recruiting beauty companies for its Big Bang Startup Fostering Program, which targets digital and research innovation.
The program was initially launched four years ago in China and has since extended to the South Asia Pacific, Middle East, and North Africa (SAPMENA) regions. The initiative is the largest open innovation competition within the beauty industry.
“Asia and the Middle East are young, vibrant markets with a strong and dynamic start-up ecosystem and growth opportunities. Leveraging Beauty Tech, L’Oréal wants to uncover better and more novel ways of connecting with consumers and answering unmet needs through beauty innovations,” says Vismay Sharma, president of L’Oréal SAPMENA Zone.
The program is promoted in collaboration with the South Korean Ministry of Small and Medium Enterprises and Startups.
Innovation focus
L’Oréal is seeking digital innovation with solutions such as automated data-driven advertising, content search services for video and images and conversational AI for text generation.
“We are on the lookout for unique solutions that leverage data and tech — we believe augmented tech, online platforms and digital services have great potential to elevate the consumer experience,” explains Sharma.
In the field of research innovation, the beauty giant is looking for companies with new ingredients or formulation technologies for skin and hair care alongside medical-related technologies that can be incorporated into beauty products.
The Big Bang Startup Fostering Program allows start-ups to connect with commercial and digital leaders, strategic partners and mentors. Selected companies will have the opportunity to collaborate with L’Oréal’s relevant teams.
They can access insights to test new ideas and scale innovations. The start-ups will also take on one or more of five challenge themes: consumer experience, content, media, new commerce, and tech for good.
After evaluation, they can participate in the South Korean Ministry of SMEs and Startups’ global corporate collaboration program, accessing commercialization funds of up to ₩200 million (US$145,507) and specialized programs.
“L’Oréal is committed to supporting this ecosystem, fostering collaboration, and seeking opportunities with innovative start-ups to shape the future of beauty,” concludes Saloni Shah, chief digital and marketing officer, L’Oréal India.
By Sabine Waldeck
