To spur the next era of beauty, L’Oréal has launched the Big Bang Beauty Tech Innovation Program in the South Asia Pacific, Middle East and North Africa (SAPMENA) region, including Malaysia. The biggest open innovation competition of this scale for the beauty sector, the programme offers promising startups the chance to develop their innovation in a commercial pilot and potential exposure to 35 markets of the SAPMENA region.
The competition emphasises the co-creation and co-development of innovative beauty technology and marketing solutions. Startups will address one or more of the five challenge themes: Consumer Experience, Content, Media, New Commerce and Tech for Good. Through their participation, startups will have the opportunity to connect with commercial and digital leaders, including strategic partners and mentors who can offer insights to test new ideas and potential to scale.
“We are truly thrilled by the prospect of introducing the Big Bang Beauty Tech Innovation Program in Malaysia. Malaysia boasts an abundance of untapped talents, and initiatives like this provide the opportunity for Malaysians to unlock their full potential. Through this programme, L’Oréal hopes to elevate emerging innovators and also foster a culture of collaboration and mentorship,” said Tomas Hruska, Managing Director of L’Oréal Malaysia.
“Winners will have the invaluable chance to learn directly from L’Oréal’s senior executives, gaining insights and guidance that can propel their ideas to new heights. We extend an open invitation to all individuals who are eager to make a meaningful impact in the beauty industry to join us on this transformative journey,” he added.
First launched in China in 2020, the competition now extends across Asia and MENA, tapping into the dynamic startup ecosystem and immense consumer potential of these regions. From a handful of investors and companies a little over a decade ago, these regions today have grown into a dynamic hub with increasing deal flow within the global startup ecosystem.
Home to 40 per cent 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 per cent 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 South East Asia, India and the Middle East, the combined startup ecosystem includes over 40,000 startups, with more than 180 unicorns (startups valued USD1 billion+) and a deal flow that reached USD20 billion last year.
Vismay Sharma, President of L’Oréal SAPMENA Zone, said, “Asia are young, vibrant markets with a strong and dynamic startup ecosystem and opportunities for growth. Leveraging Beauty Tech, L’Oréal wants to uncover better and more novel ways of connecting with consumers and answering unmet needs through beauty innovations. 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.”
The Big Bang Beauty Tech Innovation Program
The Big Bang Beauty Tech Innovation Program regional open innovation competition seeks to discover, support and nurture promising startups from across the South Asia Pacific, Middle East and North Africa region, from countries including the United Arab Emirates (UAE), Saudi Arabia, India, Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam.
These startups will be given the opportunity to develop their pilots in Beauty Tech innovation in one of five challenge themes: Consumer Experience, Content, Media, New Commerce and Tech for Good.
The top three SAPMENA Grand Finale winners will win a L’Oréal-funded commercial pilot opportunity and a year-long mentorship programme with senior executives from L’Oréal and the programme partners including Accenture, Google and Meta.
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.
The three regional online semi-finals for the GCC, India and Southeast Asia will culminate in an in-person SAPMENA Grand Finale. The three winners from each of the regional semi-finals will vie for the top prizes at the Grand Finale in Singapore on 23 October 2024. Judges will comprise senior executives from L’Oréal and the programme partners.
Key dates:
Submission deadline: 13 July 2024
India online semi-final: 11 September 2024
Southeast Asia online semi-final: 30 September 2024
SAPMENA in-person Grand Finale in Singapore: 23 October 2024
Startups passionate about creating the future of the beauty industry with L’Oréal are encouraged to apply now on the competition website by the submission deadline of 13 July 2024.
Source: L’Oréal (Press Release)
