what? L’Oréal is teaming up with the South Korean government to launch the L’Oréal Big Bang Startup Incubation Program, an initiative aimed at fostering digital and innovative technology startups in the beauty industry.
detail The program is part of L’Oréal’s open innovation strategy in Northeast Asia and covers two main areas: digital and research innovation. Digital startups are being asked for solutions such as automated data-driven advertising, video and image content search services, and conversational AI for text generation.
The research and innovation areas focus on new ingredients and formulations for skin and hair, as well as medical-related technologies for beauty products. Selected startups will receive mentoring, consulting, marketing and networking support, as well as the opportunity to collaborate with relevant teams at L’Oréal.
Additionally, they will be able to participate in the ministry’s Global Corporate Cooperation Program for SMEs and venture businesses and have access to up to 200 million won (US$146,000) in commercialization funding and specialized programs.
why? The program aims to foster innovation and digital transformation in the beauty industry, in line with L’Oréal’s strategy to leverage cutting-edge technology and support the growth of emerging startups. By working with the Ministry of Small, Medium and Small Businesses, L’Oréal aims to build a strong ecosystem for beauty tech innovation both in Korea and abroad.
