Mumbai: On May 23, 2024, L’Oréal launched the Big Bang Beauty Tech Innovation Program in the South Asia Pacific, Middle East, and North Africa (SapMena) region, including India. This open innovation competition targets the beauty sector and offers promising startups the opportunity to develop their innovations through commercial pilots, potentially reaching 35 markets within the SapMena region. Successful startups could leverage L’Oréal SapMena's network of partners and market insights.
The program aims to discover and support innovative startups from countries such as the United Arab Emirates (UAE), Saudi Arabia, India, Singapore, Malaysia, Indonesia, Thailand, the Philippines, and Vietnam. These startups will focus on five challenge themes: Consumer Experience, Content, Media, New Commerce, and Tech for Good, and will have the chance to develop their pilots in these areas.
The competition will feature three regional online semi-finals for the GCC, India, and Southeast Asia, culminating in an in-person SapMena Grand Finale in Singapore on October 23, 2024. Up to ten finalists will compete for top prizes, with judges including senior executives from L’Oréal and its partners. The top three winners will receive a L’Oréal-funded commercial pilot opportunity and a year-long mentorship program with senior executives from L’Oréal, Accenture, Google, and Meta.
The competition emphasizes the co-creation and co-development of innovative beauty tech and marketing solutions. Startups will have the opportunity to connect with commercial and digital leaders, gaining insights to test and scale new ideas. Vismay Sharma, president of L’Oréal SapMena Zone, highlighted the region's young, vibrant markets and dynamic startup ecosystem as key opportunities for growth. L’Oréal aims to find unique solutions that leverage data and technology to enhance the consumer experience.
Saloni Shah, chief digital and marketing officer of L’Oréal India, emphasized India's dynamic ecosystem, entrepreneurial spirit, and advanced digital landscape as conducive to beauty tech innovation. L’Oréal is committed to supporting this ecosystem and fostering collaboration with innovative startups.
First launched in China in 2020, the competition now spans Asia and MENA, tapping into the dynamic startup ecosystems and immense consumer potential of these regions. The SapMena region, home to 40% of the world’s population, includes many of the world's fastest-growing, most populous, and youthful markets. These consumers, with an average age of 28 years, are digital natives who frequently purchase online. Innovative e-commerce and social commerce models are needed to engage these consumers, who drive beauty industry acceleration with their diverse ideals and dynamic digital culture. The combined startup ecosystem in Southeast Asia, India, and the Middle East includes over 40,000 startups and more than 180 unicorns, with a deal flow reaching $20 billion last year.
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