L’Oréal has introduced the Big Bang Beauty Tech Innovation Program, the largest beauty sector startup competition across South Asia Pacific, Middle East, and North Africa (SAPMENA). This initiative aims to discover and nurture marketing innovations tailored for digital natives, with the potential to impact 35 markets in the region, including India.
This expansive open innovation competition focuses on the co-creation and development of cutting-edge beauty technology and marketing solutions. Participating startups are challenged to innovate within five key themes: Consumer Experience, Content, Media, New Commerce, and Tech for Good. Successful startups will have the opportunity to collaborate with commercial and digital leaders, strategic partners, and mentors, gaining insights to test new ideas and scale their innovations.
Originally launched in China in 2020, the competition now extends its reach to the dynamic startup ecosystems and vast consumer bases of Asia and MENA. These regions, which have rapidly evolved from a handful of investors and companies into bustling hubs with significant deal flow, represent a rich opportunity for innovation in the beauty sector.
The SAPMENA region is home to 40% of the world’s population, with 35 markets that include some of the globe’s fastest-growing, most populous, and youthful economies. The average age in this region is 28 years, compared to the global average of 33, and over 60% of these consumers purchase online every week. To engage these young, digitally-savvy consumers, innovative e-commerce and social commerce models and technologies are essential.
Vismay Sharma, President of L’Oréal SAPMENA Zone, commented, “Asia and the Middle East are vibrant markets with a strong, dynamic startup ecosystem. Leveraging Beauty Tech, L’Oréal aims to discover novel ways of connecting with consumers and addressing unmet needs through beauty innovations. We are seeking unique solutions that utilize data and tech, believing that augmented tech, online platforms, and digital services have great potential to enhance the consumer experience.”
Saloni Shah, Chief Digital and Marketing Officer of L’Oréal India, added, “India’s thriving startup ecosystem, marked by its vibrant energy, entrepreneurial spirit, and advanced digital landscape, is a hotbed for innovation. L’Oréal is committed to fostering collaboration within this ecosystem and partnering with innovative startups to shape the future of beauty.”
The Big Bang Beauty Tech Innovation Program aims to identify and support promising startups from the SAPMENA region, encompassing countries like the UAE, Saudi Arabia, India, Singapore, Malaysia, Indonesia, Thailand, the Philippines, and Vietnam. These startups will develop pilots in Beauty Tech innovation across the five challenge themes. The top three winners of the SAPMENA Grand Finale will receive a L’Oréal-funded commercial pilot opportunity and a year-long mentorship program with senior executives from L’Oréal and program partners including Accenture, Google, and Meta.
Successful startups may have the chance to collaborate with L’Oréal globally, leveraging the extensive network and market insights provided by the SAPMENA zone.
The competition will feature three regional online semi-finals for the GCC, India, and Southeast Asia, culminating in an in-person SAPMENA Grand Finale. Up to ten startup finalists will compete for top prizes at the Grand Finale in Singapore on 23 October 2024. Judges will include senior executives from L’Oréal and program partners.