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 Thailand. The biggest open innovation competition of this scale for the beauty sector, it 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 emphasizes 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.
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% 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.
Vismay Sharma, President of L’Oréal SAPMENA Zone, said, “Asia and the Middle East 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.”
Patrick Girod, Managing Director of L’Oréal Thailand, said, “We are very excited about the incredible opportunity for startups in Thailand to participate in our Innovation Competition. Thailand’s startup ecosystem is full of potential and talented entrepreneurs and innovative ideas. Through this competition, these startups can showcase their capabilities and disrupt and revolutionize the beauty landscape. By collaborating with these aspiring entrepreneurs, we can collectively shape the future of the industry and create meaningful connections with our customers.”
Big Bang Beauty Tech Innovation Program in SAPMENA
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 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 program with senior executives from L’Oréal and the program 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. Up to ten startup finalists across SAPMENA 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 program 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.
TikTok Shop highlights new business opportunities can happen together through Live Commerce.
BPP reports strong Q1/2024 results. US and China power plants drive stable revenue growth
