Technology and invention are prevalent in this period. The beauty business is about to undergo a significant change. L’Oreal is aware of the potential of upstarts to influence the market. The Big Bang Beauty Tech Innovation Program has begun in the regions of South Asia Pacific, the Middle East, and North Africa (SAPMENA). The South Asia Pacific region includes India.
The project, which was introduced on May 23, represents a major advancement in L’Oreal’s dedication to fostering innovation and working with others.
The SAPMENA region’s 35 markets will be included in the tournament. Startups are welcome to take part in any of the five challenge themes. These include media, content, consumer experience, new commerce, and technology for good. Startups in the beauty sector must be innovative and tackle important issues.
It is stated that co-creation and collaboration are prioritized in the program. L’Oreal will provide assistance and mentorship to the chosen entrepreneurs. They’ll be from program partners as well.
According to Vismay Sharma, President of L’Oreal SAPMENA Zone, the Middle East and Asia present a promising field for beauty tech innovation. They are very focused on making use of technology and data. L’Oreal wants to find new methods to engage with customers.
Saloni Shah, Chief Digital and Marketing Officer of L’Oreal India, emphasized that India’s advanced digital landscape and thriving startup ecosystem are favorable to innovation in the beauty tech space. They want to work together more closely and take advantage of opportunities with creative startups.
The program is significant even outside of competition. It’s indicative of a larger corporate tendency. It will spur innovation and maintain its lead in the quickly changing beauty sector with the startups. It is looking forward to finding innovative fixes. It is planning ahead to improve its own pipeline for innovation at the same time.
