THE WHAT?  L’Oréal, in collaboration with the South Korean government, is launching the L’Oréal Big Bang Startup Fostering Program. This initiative aims to incubate digital and innovative tech startups within the beauty industry.

THE DETAILS  The program, part of L’Oréal’s open innovation strategy in Northeast Asia, targets two main areas: digital and research innovation. Startups in the digital field are sought for solutions like automated data-driven advertising, content search services for video and images, and conversational AI for text generation.

In the research innovation field, the focus is on new ingredients or formulation technologies for skin and hair, as well as medical-related technologies for beauty products. Selected startups will receive mentoring, consulting, marketing, and networking support, along with opportunities to collaborate with L’Oréal’s relevant teams.

Additionally, they can participate in the Ministry of SMEs and Startups’ global corporate collaboration program, gaining access to commercialization funds of up to 200 million won (US$146,000) and specialized programs.

THE WHY?  This program aims to foster innovation and digital transformation in the beauty industry, aligning with L’Oréal’s strategy to leverage cutting-edge technologies and support the growth of emerging startups. By collaborating with the Ministry of SMEs and Startups, L’Oréal aims to create a robust ecosystem for beauty tech innovation in South Korea and beyond.