PRNewswire
Mumbai (Maharashtra) [India], September 19: To spur the next era of beauty, in May 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. Following the India regional semifinal round on 11 September, four innovative Indian startups have now qualified for the Grand Finale to be held in October in Singapore. The Big Bang Beauty Tech Innovation Program is the biggest open innovation competition of this geographical scale; and offers promising startups the opportunity to work with L'Oréal in a commercial pilot within the SAPMENA region.
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The judging panel included senior executives of L'Oréal India, Accenture, Google India, and Invest India (India's national investment agency under the Ministry of Commerce and Industry). Each participating team presented innovative beauty technology and marketing solutions addressing one or more of the five challenge themes: Consumer Experience, Content, Media, New Commerce and Tech for Good. Through their participation, startups had the opportunity to connect with commercial and digital leaders, including strategic partners and mentors who offered insights to test new ideas and potential to scale.
Shri Sanjiv Singh, Joint Secretary, Startups, ONDC Department for Promotion of Industries and Internal Trade, Ministry of Commerce & Industry, said, "I am incredibly excited to see Indian startups embracing the opportunity to redefine the future of beauty through the L'Oréal Big Bang Beauty Tech Innovation Program. Their innovative spirit and dedication to pushing technological boundaries are truly inspiring. This spirit of innovation is something the Government of India and DPIIT are deeply committed to nurturing through initiatives like Startup India. We are committed to providing these visionary entrepreneurs with the resources and support they need to succeed on a global stage. I commend L'Oréal for creating this platform that empowers and celebrates the ingenuity of startups. To all the participating teams, your passion and drive are truly remarkable. I am confident that you will make India proud in Singapore and, through your achievements, contribute significantly to our nation's long-term growth. I extend my best wishes to all the finalists and look forward to witnessing their continued success."
Saloni Shah, Chief Digital and Marketing Officer, L'Oréal India, said, "India's dynamic and rapidly evolving digital landscape has been a fertile ground for groundbreaking innovations in beauty tech. The India semi-final round of the Big Bang Beauty Tech Innovation Program was an inspiring experience, with each of the participating startups displaying exceptional creativity. We are thrilled to support these visionary startups and look forward to seeing their impact on the global stage."
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 at US$1 billion+) and a deal flow that reached US$20 billion last year.
About the Big Bang Beauty Tech Innovation Program in SAPMENA
The Big Bang Beauty Tech Innovation Program is a regional open innovation competition that seeks to discover, support and nurture promising startups from across the South Asia Pacific, Middle East and North Africa region. These startups will be given the opportunity to further innovate their solutions in Beauty Tech for one of five challenge themes: Consumer Experience, Content, Media, New Commerce and Tech for Good.
The three regional semi-finals for the GCC, India and Southeast Asia 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.
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.
For more information, visit http://bigbang.lorealsapmena.com/.
About L'Oréal South Asia Pacific, Middle East, and North Africa (SAPMENA) Zone
Home to 3 billion people and 40% of the world's population, the South Asia Pacific, Middle East & North Africa (SAPMENA) Zone is a major growth engine for L'Oréal and a global talent hub. The SAPMENA Zone was formed in 2021 to drive focus on consumer needs and growth in many of the world's most populous, young and fast-growing economies. Across 13 entities and 35 markets spanning New Zealand to Morocco, the L'Oréal SAPMENA Zone is reinventing beauty experiences for our consumers through a portfolio of over 30 international brands and game-changing Beauty Tech innovations. Our business model is built on responsible and sustainable growth, with commitments which focus on three key areas - the planet, the people and our products.
About L'Oréal
For 115 years, L'Oréal, the world's leading beauty player, has devoted itself to fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 international brands and ambitious sustainability commitments in our L'Oréal for the Future program, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.
With more than 90,000 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2023 the Group generated sales amounting to 41.18 billion euros. With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 6,400 Digital talents, L'Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.
More information on https://www.loreal.com/en/mediaroom
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