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L'Oréal Big Bang Beauty Tech Innovation Program driving the next generation of beauty tech through collaboration and open innovation
SINGAPORE, Oct. 24, 2024 /PRNewswire/ -- Three startups from Singapore and India have emerged as winners of the L'Oréal Big Bang Beauty Tech Innovation Program for the South Asia Pacific, Middle East & North Africa (SAPMENA) region, the biggest Beauty Tech open innovation competition of this geographical scale.
Creatively Squared (Singapore), Live2.ai (India), and NeuralGarage (India) emerged as winners of the 2024 L'Oréal Big Bang Beauty Tech Innovation Program for SAPMENA
The three teams – Creatively Squared (Singapore), Live2.ai (India), and NeuralGarage (India) – have won the opportunity to work with L'Oréal in a commercial pilot with one of the Group's 37 international brands, tap into potential exposure in 35 markets across the SAPMENA region, and embark on a year-long mentorship program with senior executives from L'Oréal and the program partners.
Vismay Sharma, President of L'Oréal SAPMENA Zone, said, "We believe the South Asia Pacific, Middle East & North Africa region has the potential to become a hotbed for Beauty Tech Innovation that will shape the future of beauty. This region has a very dynamic startup ecosystem and some of the most tech-savvy consumers in the world, which presents tremendous opportunities for game-changing innovations that elevate the consumer beauty experience. In this inaugural edition of the Big Bang Beauty Tech Innovation Program, we've already seen some incredibly promising ideas and look forward to partnering with our three winning tech startups to nurture their innovation for the beauty world. By collaborating with strong partners, we aim to accelerate the pace and significance of our beauty tech innovations for the consumers of SAPMENA."
The three winning startups of the 2024 L'Oréal SAPMENA Big Bang Beauty Tech Innovation Program are:
Launched in May 2024, the inaugural L'Oréal SAPMENA Big Bang Beauty Tech Innovation Program attracted hundreds of startups from across the SAPMENA region, including teams from Singapore. These innovators participated in a highly competitive five-month competition, culminating in the Grand Finale on 23 October in Singapore.
Offering innovative solutions to key challenges with the beauty industry, these startups addressed one or more of five challenge themes: Consumer Experience, Content, Media, New Commerce, and Tech for Good. Through their participation, startups had the opportunity to connect with commercial and digital leaders, including strategic partners and mentors who offered insights to test new ideas and potential to scale. The judging panel comprised of senior executives from L'Oréal, Accenture, Google, Meta and Veros Ventures.
Ng Wee Wei, Senior Managing Director and Southeast Asia Market Unit Lead of Accenture, said, "We're incredibly proud and excited about our partnership with L'Oréal and the wider ecosystem to drive innovation, elevate consumer experiences, and redefine the standards of the beauty industry. Witnessing participants push the boundaries with bold, creative solutions that seamlessly merge human ingenuity with cutting-edge technology was truly inspiring, setting the stage for the future of beauty tech. Congratulations to L'Oréal, all the participants, and the winners for their exceptional efforts and contributions."
L'Oréal is dedicated to fostering a culture of innovation. Fast Company recently named L'Oréal in its Top 50 2024 Best Workplaces for Innovators list and winner of the Beauty and Fashion category, in recognition of its commitment to encourage and develop innovation at all levels.
About the Big Bang Beauty Tech Innovation Program in SAPMENA
The Big Bang Beauty Tech Innovation Program is a regional open innovation competition that seeks to discover, support and nurture promising startups from across the South Asia Pacific, Middle East and North Africa region. These startups will be given the opportunity to further innovate their solutions in Beauty Tech for one of five challenge themes: Consumer Experience, Content, Media, New Commerce and Tech for Good.
The three regional semi-finals for the GCC, India and Southeast Asia culminate in an in-person SAPMENA Grand Finale. Judges comprise senior executives from L'Oréal and the program partners including Accenture, Google and Meta.
The top three SAPMENA Grand Finale winners win a L'Oréal-funded commercial pilot opportunity and a year-long mentorship program with senior executives from L'Oréal and the program partners. Startups who prove successful pilots in SAPMENA could have the opportunity to work with L'Oréal globally. With L'Oréal SAPMENA as a launchpad, startups could tap into an extensive network of partners and market insights.
Home to 40% of the world's population, the SAPMENA region covers 35 markets including many of the world's fastest growing, most populous and young markets. Its consumers are young digital natives, having an average age of 28 years (compared to the global average of 33 years) and with more than 60% purchasing online every week. Innovative e-commerce and social commerce business models and technologies are needed to reach and engage these consumers, who are leading the beauty acceleration with diverse beauty ideals and a dynamic digital culture of on-demand, always-connected and hyper social. Across Southeast Asia, India and the Middle East, the combined startup ecosystem includes over 40,000 startups, with more than 180 unicorns (startups valued US$1 billion+) and a deal flow that reached US$20 billion last year.
For more information, visit http://bigbang.lorealsapmena.com/.
About L'Oréal South Asia Pacific, Middle East, and North Africa (SAPMENA) Zone
Home to 3 billion people and 40% of the world's population, the South Asia Pacific, Middle East & North Africa (SAPMENA) Zone is a major growth engine for L'Oréal and a global talent hub. The SAPMENA Zone was formed in 2021 to drive focus on consumer needs and growth in many of the world's most populous, young and fast-growing economies. Across 13 entities and 35 markets spanning New Zealand to Morocco, the L'Oréal SAPMENA Zone is reinventing beauty experiences for our consumers through a portfolio of over 30 international brands and game-changing Beauty Tech innovations. Our business model is built on responsible and sustainable growth, with commitments which focus on three key areas – the planet, the people and our products.
About L'Oréal
For 115 years, L'Oréal, the world's leading beauty player, has devoted itself to fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 international brands and ambitious sustainability commitments in our L'Oréal for the Future program, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.
With more than 90,000 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2023 the Group generated sales amounting to 41.18 billion euros. With 20 research centres across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 6,400 Digital talents, L'Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.
More information on https://www.loreal.com/en/mediaroom
