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Innovators from the region’s dynamic startup ecosystem to compete for a L’Oréal-funded commercial pilot opportunity and a year-long mentorship program
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, 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.
"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 program, 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% 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 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.”
