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Looral hosts largest beauty tech startup competition for the beauty industry in Asia and MENA to unearth marketing innovations for digital natives

Looral hosts largest beauty tech startup competition for the beauty industry in Asia and MENA to unearth marketing innovations for digital natives

 


Innovators from the region's dynamic startup ecosystem will compete for Loral-funded commercial pilot opportunities and a one-year mentorship program

SINGAPORE, May 23, 2024 /PRNewswire/ — To power the next era of beauty, Loral launches its Big Bang Beauty Tech Innovation Program in the South Asia Pacific, Middle East and North Africa (SAPMENA) region, including Singapore It has started. The largest open innovation competition of this size in the beauty sector offers promising start-ups the opportunity to develop their innovations in commercial pilots and potential exposure to 35 markets in the SAPMENA region.

LOral launches the Big Bang Beauty Tech Innovation Program to provide promising startups with a platform to accelerate innovation in marketing technology. (PRNewsfoto/L'Oral)

The competition focuses on the co-creation and co-development of innovative beauty technologies and marketing solutions. Startups will address one or more of his five challenge themes: consumer experience, content, media, new commerce, and technology for social good. Participating in the competition gives startups the opportunity to connect with commercial and digital leaders, including strategic partners and mentors, who can provide insights to test new ideas and scaling possibilities.

First launched in China in 2020, the competition has now expanded across Asia and the MENA region to tap into these regions' dynamic startup ecosystems and vast consumer potential. What began with a handful of investors and companies a little over a decade ago has today 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. Consumers in the region are young digital natives, with an average age of 28 (compared to the global average of 33), and over 60% shop online every week. Innovative e-commerce and social commerce businesses can reach and engage these consumers who are leading beauty acceleration with diverse beauty ideals and a dynamic digital culture that is on-demand, always-on, and hyper-social. We need models and technology. The startup ecosystem across Southeast Asia, India and the Middle East includes over 40,000 startups, with over 180 unicorns (startups valued at over USD 1 billion) and deal flow reaching USD 20 billion last year. .

Vismay Sharma, President of L'Oral SAPMENA Zone, said: “Asia and the Middle East are young and vibrant markets with a strong and dynamic startup ecosystem and growth opportunities. L'Oral is leveraging beauty technology to “We want to discover better, more innovative products.” We seek ways to connect with consumers and address unmet needs through beauty innovation, and believe that augmented technology, online platforms, and digital services have great potential to improve the consumer experience, and we believe that data We are looking for unique solutions that leverage technology. ”

“Looral's decision to base its Big Bang Beauty Tech Innovation Programme here strengthens the strong innovation ecosystem and digital capabilities Singapore offers to enterprises and startups in the consumer sector. We look forward to promising entrepreneurs with innovative breakthroughs benefiting from Looral's deep expertise and extensive network,” said Chan Yi Ming, Executive Deputy Chief Executive of the Singapore Economic Development Board (EDB).

About Big Bang Beauty Tech Innovation Program at SAPMENA

The Big Bang Beauty Tech Innovation Program's regional open innovation competition aims to discover, support and nurture promising startups from across the South Asia Pacific, Middle East and North Africa region, and countries such as the United Arab Emirates (UAE), Saudi Arabia, India, Singapore, Malaysia, Indonesia, Thailand, Philippines and Vietnam. These startups will be given the opportunity to develop beauty tech innovation pilots in one of five challenge themes: consumer experience, content and media, new commerce, and tech for good. The top three winners at the SAPMENA Grand Finale will win a commercial pilot funded by Loral and a one-year mentorship program with senior Loral executives and program partners such as Accenture, Google and Meta.

Start-ups with successful pilot projects in SAPMENA will have the opportunity to work with Loral around the world. Starting with Loral SAPMENA, startups can benefit from an extensive partner network and market insights.

The three regional online semi-finals of GCC, India and Southeast Asia will culminate in the in-person SAPMENA Grand Finale. Up to 10 startup finalists from SAPMENA will compete for the top prize at the grand finale to be held in Singapore on October 23, 2024. The jury will consist of senior executives from Loral and our program partners.

Key dates:

Submission Deadline: July 13, 2024 India Online Semi-Final: September 11, 2024 Southeast Asia Online Semi-Final: September 30, 2024 SAPMENA In-Person Grand Finale in Singapore: October 23, 2024

Start-ups who are passionate about creating the future of the beauty industry with Loral are encouraged to apply now on the competition website by the July 13, 2024 submission deadline.

About the Loral South Asia Pacific, Middle East and North Africa (SAPMENA) Zone

Home to 3 billion people – 40% of the world's population – the South Asia Pacific, Middle East and North Africa (SAPMENA) Zone is Loral's key growth engine and global talent hub. The SAPMENA Zone was established in 2021 to focus on consumer needs and growth in many of the world's most populous, youngest and fastest growing economies. Spanning 13 entities and 35 markets from New Zealand to Morocco, Loral SAPMENA Zone is reinventing the consumer beauty experience through a portfolio of over 30 international brands and groundbreaking beauty technology innovations. Our business model is built on responsible and sustainable growth, with our efforts focused on three key areas: planet, people and products.

About Loral

For 115 years, Loral, the world's leading beauty company, has been dedicated to fulfilling the beauty aspirations of consumers around the world. Our purpose to create beauty that moves the world defines our approach to beauty as essential, inclusive, ethical, generous, and committed to social and environmental sustainability. With a broad portfolio of 37 international brands and an ambitious sustainability commitment through our Loral for the Future program, we are committed to providing quality, efficacy, safety, integrity and responsibility to everyone around the world. We offer the best in the world and celebrate beauty in its infinite variety.

With more than 90,000 dedicated employees, a balanced geographical coverage and sales across all distribution networks (e-commerce, mass merchandisers, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), the Group achieves sales of €41.18 billion in 2023. With 20 research centers in 11 countries around the world and a dedicated Research and Innovation team of more than 4,000 scientists and 6,400 digital talents, Loral is focused on inventing the future of beauty and becoming a Beautytech powerhouse.

For more information, please visit https://www.loreal.com/en/mediaroom.

Source Loral

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