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 India. 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."
Saloni Shah, Chief Digital and Marketing Officer, L'Oréal India, said, "India is home to successful start-ups that has resulted in an incredibly dynamic ecosystem. The vibrant energy, entrepreneurial spirit, and advanced digital landscape make it conducive for innovation across industries, especially in Beauty Tech. L'Oréal is committed to supporting this ecosystem, fostering collaboration, and seeking opportunities with innovative startups to shape the future of beauty."