L’Oréal, in partnership with the South Korean government, has announced the launch of the L’Oréal Big Bang Startup Fostering Program, an initiative designed to nurture digital and innovative tech startups within the beauty industry.
As part of L’Oréal’s open innovation strategy in Northeast Asia, the program focuses on two key areas: digital and research innovation. Startups specializing in digital solutions such as automated data-driven advertising, content search services for video and images, and conversational AI for text generation are encouraged to participate. In the research innovation field, the program seeks innovations in new ingredients or formulation technologies for skin and hair, as well as medical-related technologies applicable to beauty products.
Selected startups will benefit from comprehensive support including mentoring, consulting, marketing, and networking opportunities with L’Oréal’s relevant teams. They will also have access to the Ministry of SMEs and Startups’ global corporate collaboration program, which provides commercialization funds up to 200 million won (approximately US$146,000) and specialized programs.
The initiative aims to drive innovation and digital transformation within the beauty industry, aligning with L’Oréal’s strategic vision to harness cutting-edge technologies and foster the growth of emerging startups. By collaborating closely with the Ministry of SMEs and Startups, L’Oréal intends to establish a thriving ecosystem for beauty tech innovation in South Korea and beyond.
Related Topics:
