L’Oréal Big Bang Beauty Tech Innovation Program Drives Next-Generation Beauty
SINGAPORE, October 24, 2024 /PRNewswire/ — The L’Oréal Big Bang Beauty Tech Innovation Program has announced its winners for the South Asia Pacific, Middle East & North Africa (SAPMENA) region. This competition, the largest of its kind in the area, saw three startups from Singapore and India emerge victorious.
The winning teams, Creatively Squared (Singapore), Live2.ai (India), and NeuralGarage (India), will now have the chance to collaborate with L’Oréal on commercial pilot projects involving one of the Group’s 37 international brands. They’ll also gain potential exposure in 35 markets across the SAPMENA region and participate in a year-long mentorship program led by senior executives from L’Oréal and its program partners.
The L’Oréal Big Bang Beauty Tech Innovation Program aims to foster innovation in the beauty industry.
“We believe the South Asia Pacific, Middle East & North Africa region holds significant potential to become a hub for beauty tech innovation, shaping the future of the industry,” noted Vismay Sharma, President of L’Oréal SAPMENA Zone. “This region boasts a vibrant startup ecosystem and some of the world’s most tech-savvy consumers, offering tremendous opportunities for groundbreaking innovations that enhance the consumer beauty experience. In this inaugural edition of the Big Bang Beauty Tech Innovation Program, we’ve already seen some incredibly promising ideas and look forward to working with our three winning tech startups to nurture their innovations for the beauty world. By collaborating with strong partners, we aim to accelerate the pace and significance of our beauty tech innovations for the consumers of SAPMENA.”
The selected startups and their innovative solutions include:
- Creatively Squared (Singapore): This platform streamlines the production of original, high-quality digital photos and videos for brands.
- Live2.ai (India): This SaaS platform delivers interactive video solutions, including shoppable video technology for Connected TV (CTV) and brands’ websites and apps, enabling direct purchases within video content.
- NeuralGarage (India): Utilizing Generative AI, NeuralGarage addresses the challenge of awkward dubbing in entertainment, synchronizing actors’ lip movements with dubbed audio for a more natural viewing experience while preserving original cinematic quality.
Launched in May 2024, the inaugural L’Oréal SAPMENA Big Bang Beauty Tech Innovation Program attracted hundreds of startups from across the region, including teams from Singapore. The competition lasted for five months, culminating in the Grand Finale on October 23rd in Singapore. The participating startups presented solutions addressing challenges in Consumer Experience, Content, Media, New Commerce, and Tech for Good.
“We are incredibly proud and excited about our partnership with L’Oréal and the wider ecosystem to drive innovation, elevate consumer experiences, and redefine the standards of the beauty industry,” said Ng Wee Wei, Senior Managing Director and Southeast Asia Market Unit Lead of Accenture, a judging panel member. “Witnessing participants push the boundaries with bold, creative solutions that seamlessly merge human ingenuity with cutting-edge technology was truly inspiring, setting the stage for the future of beauty tech. Congratulations to L’Oréal, all the participants, and the winners for their exceptional efforts and contributions.”
L’Oréal has a strong commitment to innovation. Fast Company recently recognized L’Oréal in its Top 50 2024 Best Workplaces for Innovators list, winning the Beauty and Fashion category, highlighting the company’s focus on encouraging and developing innovation across all levels.
About the Big Bang Beauty Tech Innovation Program in SAPMENA
The program is designed to discover, support, and nurture promising startups throughout the South Asia Pacific, Middle East, and North Africa regions. Winners gain opportunities to further develop their beauty tech solutions within the areas of Consumer Experience, Content, Media, New Commerce, and Tech for Good.
The program includes three regional semi-finals – GCC, India, and Southeast Asia – before the SAPMENA Grand Finale. Judging panels include senior executives from L’Oréal, Accenture, Google, and Meta.
The top three winners of the SAPMENA Grand Finale receive commercial pilot opportunities funded by L’Oréal, as well as a year-long mentorship with L’Oréal and program partners. Successful pilot programs in SAPMENA may also open doors for global collaboration with L’Oréal. The region, home to 40% of the world’s population, provides startups with access to an extensive network of partners and market insights.
The SAPMENA zone, with its young, digitally engaged consumer base (average age of 28 years, and over 60% make weekly online purchases), offers a significant opportunity for innovative e-commerce and social commerce business models. The startup ecosystem across Southeast Asia, India, and the Middle East boasts over 40,000 startups and more than 180 unicorns, with deal flow reaching $20 billion last year.
For more information, visit http://bigbang.lorealsapmena.com/.
