Allergan Aesthetics is once again looking to back the most promising beauty startups.
For the second year in a row, the company has partnered with University Lab Partners (ULP) to host the Golden Ticket Pitch competition, where beauty industry startups can pitch their business ideas for the opportunity to receive both operational and mentorship support.
Companies’ proposals will be ranked by the competition’s judges based on criteria such as the science of the concept, unmet need, market size and CEO readiness.
The winner will receive a year of lab bench and mentorship from Allergan leaders and will have access to the ULP’s state-of-the-art facilities and equipment.
Beauty startups interested in the competition have until July 8 to submit their application.
“We are pleased to be working with AbbVie to bring this technology to market,” said Chinmay Kanuga, senior director and head of Allergan Aesthetics Search, Evaluation and S&E Operations at AbbVie. M+M The competition aims to foster innovation in the fast-growing beauty sector by supporting promising start-ups with novel scientific approaches to address unmet needs in the market.
He added that the competition highlights the importance of strong science, safety and efficacy for potential therapeutics in space.
Around 20 to 30 companies are expected to take part in the competition, and Kanuga said he believed last year that the most successful companies tended to focus on solving problems from an aesthetic perspective.
“At the same time, companies that are willing to accept advice and feedback from companies like Allergan and their leaders are typically more successful and able to pivot more quickly,” he said.
Through its Golden Ticket contest, the AbbVie subsidiary continues its efforts to support promising organizations in the beauty industry and use its name recognition to address long-standing challenges.
Last year, Allergan supported Project Accelerate, which aims to advance girls’ careers through high school and college, particularly into career leadership in STEM fields, marking an expansion of its partnership with the nonprofit organization Girls, Inc.
A year ago, Allergan partnered with Skin Better Science and Shutterstock to launch the Advancing Racial Equity in Aesthetic Medicine (DREAM) initiative to eradicate systemic racism in the industry and make beauty products more inclusive to an increasingly diverse consumer base.
For its DREAM initiative, Shutterstock has created a royalty-free image gallery showcasing the beauty of different racial backgrounds.
Allergan also runs the Limitless initiative in partnership with the American College of Surgeons and the American Academy of Aesthetic Surgery.
