This is an era of innovation and technology. The beauty industry stands at the cusp of a transformation. L’Oreal has recognized the potential of startups that can drive change in the segment. It has launched the Big Bang Beauty Tech Innovation Program in South Asia Pacific, Middle East and North Africa (SAPMENA) regions. India is included in the South Asia Pacific region.
The initiative was unveiled on May 23 and marks a significant step in the commitment of L’Oreal in strengthening innovation as well as collaborating with others.
The competition will span across 35 markets in the SAPMENA region. It is inviting startups to participate in five challenge themes. These are Consumer Experience, Content, Media, New Commerce and Tech for Good. Startups need to innovate and address critical aspects of the beauty industry.
The program is said to emphasis on collaboration and co-creation. The selected startups will receive support and mentorship from L’Oreal. They will also from program partners.
L’Oreal SAPMENA Zone President Vismay Sharma believes that Asia and the Middle East offer fertile ground for beauty tech innovation. They have a keen focus on utilizing data and technology. L’Oreal aims to uncover novel ways of connecting with consumers.
Saloni Shah, Chief Digital and Marketing Officer, L’Oreal India highlighted the vibrant startup ecosystem of India and advanced digital landscape as conducive to innovation in beauty tech. They are seeking to strengthen collaboration and seize opportunities with innovative startups.
Significance of the program extends beyond competition. It reflects a broader trend of corporations. With the startups, it will drive innovation and stay ahead in a rapidly evolving beauty market. It is looking ahead to discover groundbreaking solutions. It is simultaneously looking ahead to enrich its own innovation pipeline.
