Loral Launches Largest Beauty Tech Startup Competition in Asia and MENA Beauty to Identify Marketing Innovations for Digital Natives

Innovators from the region's dynamic startup ecosystem will compete for a Loral-funded commercial pilot opportunity 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.

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

First launched in China in 2020, the competition has now spread across Asia and MENA to tap into the immense potential of these regions' dynamic startup ecosystems and consumers. Founded by a handful of investors and companies just over a decade ago, these regions have now grown into dynamic hubs with increasing deal flows 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 youngest markets. Consumers are young, digital natives, with an average age of 28 (vs. global average 33), and over 60% shop 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 acceleration of beauty with diverse beauty ideals and a dynamic digital culture that is on-demand, always-connected and hyper-social. The combined startup ecosystem in Southeast Asia, India and the Middle East includes over 40,000 startups, with over 180 unicorns (startups valued at over USD 1 billion) and reached USD 20 billion in deal flow last year.

Vismay Sharma, President, Loral SAP MENA Zone, said, “Asia and the Middle East are young, vibrant markets with a strong, dynamic startup ecosystem and opportunities for growth. Loral is looking to leverage beauty tech to find better and new ways to connect with consumers and address their unmet needs through beauty innovation. We are looking for unique solutions leveraging data and technology, and we see huge potential in augmented technologies, online platforms and digital services to enhance the consumer experience.”

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Singapore Economic Development Board (EDB) Executive Deputy Director-General Chan Yi-ming said, “Rooral's decision to implement the Big Bang Beauty Tech Innovation Program here is a testament to the strength that Singapore offers to consumer sector companies and start-ups. We look forward to seeing promising entrepreneurs with innovative breakthroughs benefit from Rooral's deep expertise and extensive network.”

About SAPMENA’s Big Bang Beauty Tech Innovation Program

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 – GCC, India and Southeast Asia – will culminate in the in-person SAPMENA Grand Finale. Up to 10 SAPMENA startup finalists will compete for the top prize at the Grand Finale in Singapore on 23 October 2024. The judging panel will consist of senior executives from Loral and program partners.

Key dates:

Submission Deadline: July 13, 2024

India Online Semi-Finals: September 11, 2024

Southeast Asia Online Semi-Finals: September 30, 2024

SAPMENA Grand Finale to be held in Singapore: October 23, 2024

Startups who are passionate about creating the future of the beauty industry with Loral are encouraged to apply now via the competition website before the submission deadline of July 13, 2024.

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

About Loral 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 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, the Loral SAPMENA Zone is reinventing the consumer beauty experience through a portfolio of over 30 international brands and groundbreaking beauty tech innovations. Our business model is based on responsible and sustainable growth with a commitment to focus 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 over 90,000 dedicated employees and a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), the Group generated sales of 41.18 billion euros in 2023. With 20 research centers in 11 countries worldwide and a dedicated research and innovation team of more than 4,000 scientists and 6,400 digital talent, Loral is focused on inventing the future of beauty and becoming a leading beauty tech company.

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

L'Oral (PRNewsfoto/L'Oral)

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