Innovators from the region's dynamic startup ecosystem to compete for a L'Oréal-funded commercial pilot opportunity and a year-long mentorship programme
SINGAPORE, Oct. 10, 2024 /PRNewswire/ -- Four Singapore startups are making their mark on the regional stage, securing their places in the Grand Finale of the L'Oréal Big Bang Beauty Tech Innovation Program for the South Asia Pacific, Middle East & North Africa (SAPMENA) region. The four teams – Ai Palette, Creatively Squared, EVOV AI and OwlySearch – will be joined by other leading innovators from India and United Arab Emirates as the top 10 startups competing in the Grand Finale in Singapore on 23 October.
Launched in May, the L'Oréal Big Bang Beauty Tech Innovation Program is the biggest open innovation competition of this geographical scale. Promising startups will have the opportunity to work with L'Oréal in a commercial pilot with one of the Group's 37 international brands, tap into potential exposure in 35 markets across the SAPMENA region, and embark on a year-long mentorship program with senior executives from L'Oréal and the program partners.
Lex Bradshaw-Zanger, Chief Marketing & Digital Officer for L'Oréal SAPMENA, said, "As the world's leading beauty player, we are committed to partnering dynamic startups through initiatives like the Big Bang Beauty Tech Innovation Program, providing them access to resources and mentorship to scale their businesses regionally and connect with industry leaders. Congratulations to these innovative startups for being top disruptors in the SAPMENA region and qualifying for the Grand Finale. We are excited to accelerate their growth and shape the future of beauty together."
The 10 startups heading into the Grand Finale were chosen after a rigorous selection process that evaluated their innovative solutions to key challenges within the beauty industry. These startups addressed one or more of the five challenge themes: Consumer Experience, Content, Media, New Commerce and Tech for Good. Through their participation, startups had the opportunity to connect with commercial and digital leaders, including strategic partners and mentors who offered insights to test new ideas and potential to scale.
L'Oréal is dedicated to fostering a culture of innovation. Fast Company recently named L'Oréal in its Top 50 2024 Best Workplaces for Innovators list and winner of the Beauty and Fashion category, in recognition of its commitment to encourage and develop innovation at all levels.
10 Grand Finalists of the SAPMENA Big Bang Beauty Tech Innovation Program
1. Ai Palette (Singapore): Ai Palette's AI-powered consumer insights platform helps brands to drive innovation and product development.
2. AIM Technologies (United Arab Emirates): AIM Technologies delivers multilingual AI-powered consumer and market intelligence which deciphers complex data, enabling consumers to transform their business strategies according to the ever-changing landscape.
3. Creatively Squared (Singapore): Creatively Squared is a visual content production platform that enables brands to efficiently produce original digital photos and videos that are on-brand, high quality and effective.
4. Digital Rocket IO (United Arab Emirates): Digital Rocket IO's AI platform empowers marketers to achieve unprecedented results by simplifying complex processes, enhancing productivity, and driving growth with Codeless AI solutions.
5. EVOV AI (Singapore): EVOV's AI-powered platform analyses market trends, viewer behaviour, and engagement metrics to provide marketers with actionable insights that drive high-performing short video content strategies.
6. FluxGen Sustainable Technologies (India): FluxGen uses Generative AI-powered analytics and predictive alerts to help businesses take control of their water footprint – identifying inefficiencies, automating monitoring, and detecting leakages and wastage in their water network to reduce water consumption by up to 30%.
7. Live2.ai (India): Live2.ai is a SaaS platform offering interactive video solutions, focusing on shoppable video technology for Connected TV (CTV) and brands' websites and apps. It enables businesses to create engaging videos where viewers can make purchases directly within the video content.
8. NeuralGarage (India): NeuralGarage uses Generative AI to solve the problem of awkward dubbing in entertainment, with technology that syncs actors' lip movements with dubbed audio to create a natural viewing experience that preserves the cinematic feel of the original content.
9. OwlySearch (Singapore): OwlySearch transforms data in business intelligence, using its AI-powered search listening platform to convert search behavioural data into business analytics which allows the user to understand real-time consumer behaviours.
10. Rezo.ai (India): Rezo.ai transforms contact centres with AI-powered automation and analytics that enable enterprises to personalize customer interactions in real time.
About the Big Bang Beauty Tech Innovation Program in SAPMENA
The Big Bang Beauty Tech Innovation Program is a regional open innovation competition that seeks to discover, support and nurture promising startups from across the South Asia Pacific, Middle East and North Africa region. These startups will be given the opportunity to further innovate their solutions in Beauty Tech for one of five challenge themes: Consumer Experience, Content, Media, New Commerce and Tech for Good.
The three regional semi-finals for the GCC, India and Southeast Asia culminate in an in-person SAPMENA Grand Finale in Singapore on 23 October 2024. Judges will comprise senior executives from L'Oréal and the program partners including Accenture, Google and Meta.
The top three SAPMENA Grand Finale winners will win a L'Oréal-funded commercial pilot opportunity and a year-long mentorship program with senior executives from L'Oréal and the program partners. Startups who prove successful pilots in SAPMENA could have the opportunity to work with L'Oréal globally. With L'Oréal SAPMENA as a launchpad, startups could tap into an extensive network of partners and market insights.
Home to 40% of the world's population, the SAPMENA region covers 35 markets including many of the world's fastest growing, most populous and young markets. Its consumers are young digital natives, having an average age of 28 years (compared to the global average of 33 years) and with more than 60% purchasing online every week. Innovative e-commerce and social commerce business models and technologies are needed to reach and engage these consumers, who are leading the beauty acceleration with diverse beauty ideals and a dynamic digital culture of on-demand, always-connected and hyper social. Across Southeast Asia, India and the Middle East, the combined startup ecosystem includes over 40,000 startups, with more than 180 unicorns (startups valued US$1 billion+) and a deal flow that reached US$20 billion last year.
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About L'Oréal South Asia Pacific, Middle East, and North Africa (SAPMENA) Zone
Home to 3 billion people and 40% of the world's population, the South Asia Pacific, Middle East & North Africa (SAPMENA) Zone is a major growth engine for L'Oréal and a global talent hub. The SAPMENA Zone was formed in 2021 to drive focus on consumer needs and growth in many of the world's most populous, young and fast-growing economies. Across 13 entities and 35 markets spanning New Zealand to Morocco, the L'Oréal SAPMENA Zone is reinventing beauty experiences for our consumers through a portfolio of over 30 international brands and game-changing Beauty Tech innovations. Our business model is built on responsible and sustainable growth, with commitments which focus on three key areas – the planet, the people and our products.
About L'Oréal
For 115 years, L'Oréal, the world's leading beauty player, has devoted itself to fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 international brands and ambitious sustainability commitments in our L'Oréal for the Future program, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.
With more than 90,000 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2023 the Group generated sales amounting to 41.18 billion euros. With 20 research centres across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 6,400 Digital talents, L'Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.
More information on https://www.loreal.com/en/mediaroom