L’Oréal has launched the Big Bang Beauty Tech Innovation Program in the South Asia Pacific, Middle East and North Africa (SAPMENA) region, including Singapore 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 five challenge themes: Consumer Experience, Content, Media, New Commerce and Tech for Good innovations from across the South Asia Pacific, Middle East and North Africa region.
The countries include United Arab Emirates (UAE), Saudi Arabia, India, Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam. 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.
Vismay Sharma, President of L’Oréal SAPMENA Zone, said, “Asia and the Middle East 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.”
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. 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. 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.
Chan Ih-Ming, Executive Vice President of Singapore’s Economic Development Board (EDB), said, “L’Oréal’s decision to orchestrate the Big Bang Beauty Tech Innovation Program here reinforces the robust innovation ecosystem and digital capabilities that Singapore offers to corporates and start-ups in the consumer sector. We look forward to seeing promising entrepreneurs with innovative breakthroughs benefit from L’Oréal’s deep expertise and extensive networks.”
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.
The three regional online semi-finals for the GCC, India and Southeast Asia will 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.
Key dates:
- Submission deadline: 13 July 2024
- India online semi-final: 11 September 2024
- Southeast Asia online semi-final: 30 September 2024
- SAPMENA in-person Grand Finale in Singapore: 23 October 2024
Startups passionate about creating the future of the beauty industry with L’Oréal are encouraged to apply now on the competition website by the submission deadline of 13 July 2024.