Maesa backs BIPOC+ beauty entrepreneurs and calls for “deep structural changes” in industry
22 Aug 2024 --- As diversity-driven innovations gain momentum, some BIPOC+ beauty entrepreneurs believe key hurdles still make it challenging to excel in the industry. Personal Care Insights speaks with Maesa CEO Piyush Jain and CMO and CBO Oshiya Savur to learn more about challenges that include lack of access to capital and mentors and how they are pushing ahead.
Maesa says it is the world’s number one beauty incubator in mass as it supports “meaningful, innovative” brands and provides accessibility to prestige beauty.
Its portfolio includes actress Taraji’s TPH, Drew Barrymore’s Flower Beauty, celebrity hairstylist Kristin Ess’s brand, Ashley Tisdale’s Being Frenshe and YouTuber Mindy McKnight’s Hairitage.
Maesa also produces private labels for beauty retailers such as ICI Paris and Sally Beauty and brands like Elizabeth Arden and Pat McGrath.
Citing a strong foundation in viral and celebrity brands, Jain and Savur are now focusing on diversity. They share how Maesa’s #MaesaMagicIncubator breaks down barriers for BIPOC+ entrepreneurs, providing the “essential support” needed to foster authentic representation and drive innovation in the beauty industry.
What unique challenges do BIPOC+ beauty entrepreneurs face, and how does Maesa plan to help overcome them?
Jain: Entrepreneurship is a difficult journey for all. It is an uphill, often lonely battle with significant challenges and unexpected hurdles. That said, founders from underrepresented backgrounds may find some of these hurdles even more compounded for them. Access to capital and mentorship continues to be challenges that can be exasperated for this subset of entrepreneurship. According to the Kauffman Foundation, women (of all backgrounds) and entrepreneurs of Black and Hispanic origin receive less than 3% of venture capital funding despite countless studies showing the financial return of management teams with gender and racial diversity.
Savur: The #MaesaMagicIncubator program is cognizant of these challenges. It is crafted to meet entrepreneurs from these backgrounds exactly where their brands are to offer comprehensive support to provide them with the business foundation and tangible skill set required to scale. This program is our way of trying to be a part of the solution by delivering mentorship and capital toward ideas that will improve the industry for all of us.
Kauffman Foundation reveals women (of all backgrounds) and Black and Hispanic entrepreneurs receive less than 3% of venture capital funding.
How can the industry ensure “diversity” is not used as a marketing scheme but truly grows representation?
Jain: The industry must focus on creating meaningful and sustained opportunities for underrepresented voices. This means initiatives and programs like the #MaesaMagicIncubator that give back are designed to empower entrepreneurs with ideas to change the world and make leadership in the industry reflect what our communities look like. At Maesa, we constantly look to redefine beauty and possibilities through brands that break barriers. We believe we have a responsibility to support diversity because we know the best innovation is born out of this diversity.
Savur: Diversity in talent leads to diversity in ideas and thoughts, which is how we win. The industry must commit to supporting diverse talent not just at the surface level but through deep, structural changes that allow for true representation in leadership, product development and brand creation. At Maesa, we are dedicated to this mission, and through our incubator, we are working to foster real change by providing the tools and opportunities necessary for underrepresented entrepreneurs to succeed and make a lasting impact on the beauty and wellness industry.
How does Maesa’s initiative aim to address the current lack of diversity in the beauty industry?
Jain: The #MaesaMagicIncubator offers an unprecedented opportunity to underrepresented communities that often face barriers to entry. By providing access to resources, mentorship and funding, we aim to empower founders to develop and launch products that truly reflect their unique perspectives and the diverse needs of consumers. Our mission goes beyond brand creation — it’s about giving every dream, regardless of its size or origin, a chance to shine. We hope to create a more inclusive and representative beauty industry by fostering these voices and ideas.
How does Maesa ensure that the products developed through this incubator reflect the needs and preferences of diverse consumers?
Savur: Maesa is always at the forefront of disrupting the beauty industry by identifying white spaces and creating new, meaningful and culturally relevant brands. Our deep understanding of the constantly changing needs of the consumer allows us to create beauty brands that are newer, better, different and desirable to consumers — that’s the Maesa Magic. It’s about redefining what’s possible in beauty — it lies in creativity and innovation and our ability to identify and meet consumer needs through creativity in unique ways. In an industry where less than one out of ten beauty launches succeed, Maesa’s success rate is better than two out of three, thanks to our Maesa Magic.
Jain: We work closely with the founders to understand their target audiences and validate their product concepts through market research and consumer testing. By providing hands-on education and mentorship, we equip these entrepreneurs with the knowledge and tools to create products that resonate with and meet the needs of a broad and inclusive customer base. Our commitment is to help founders develop products that are not only innovative but also deeply attuned to the diverse beauty and wellness needs of today’s consumers.
The #MaesaMagicIncubator offers an unprecedented opportunity to underrepresented communities that often face barriers to entry.
What is Maesa’s goal, and how does it plan to support BIPOC+ beauty founders in developing innovative products?
Savur: Maesa’s goal through the #MaesaMagicIncubator is to bridge the entrepreneurial access gap by empowering and amplifying early-stage, underrepresented voices in the beauty and wellness sectors. Our mission transcends merely creating brands — we aim to empower individuals with unique ideas and help redefine what’s possible in the industry. We provide underrepresented beauty founders with a holistic curriculum and initial funding, ensuring they have the resources and support needed to bring not only their innovative product ideas to life but also their dreams. By connecting them with industry experts and offering tailored guidance, we help transform their visions into desirable, scalable brands that resonate with diverse consumers.
What criteria does Maesa use to select recipients for the Maesa Magic Incubator grants?
Jain: The #MaesaMagicIncubator is designed to be accessible to underrepresented communities at the pre-launch or early launch phase, including women, BIPOC, LGBTQIA+, differently-abled individuals, seniors above 65 and those from low-income households. Recognizing that many existing industry programs require a level of readiness that can exclude emerging entrepreneurs, our selection criteria focus on early-stage businesses that can articulate why their brand exists and how it solves an unmet need for consumers. Successful applicants are those with a clear, passionate vision for their brand, an understanding of their consumers, and an articulated plan for how they can scale — particularly with our help. Our goal is to support founders who may not yet have significant revenue or be shelf-ready but have the potential to make a transformative impact with the right support.
By Venya Patel
