L’Oréal Innovation Runway looks for startups from the many fields of deep tech and various industries to shape the future of beauty together. It is a great opportunity for startups in Korea to collaborate with a global beauty brand like L’Oréal. L’Oréal Innovation Runway reaches out to startups because they understand innovation is essential for businesses to grow. Startups that apply to the program do not need to be beauty startups. Any deep-tech startup looking to transform the industry with scalable, sustainable, and environmentally-friendly technologies can apply to the program. Therefore, this can be an excellent opportunity to enter the beauty industry with your technology.
L’Oréal Innovation Runway – SLINGSHOT
L’Oréal is leading the movement of corporations working with startups to find new ways to work together. This is why back in 2020, they partnered with SLINGSHOT, Asia’s biggest deep tech startup competition for SLINGSHOT 2020. SLINGSHOT is known for bringing in startups from around the world to compete in their many challenges/competitions and win prizes. L’Oréal Innovation Runway was a partner competition at SLINGSHOT. Together they brought in innovative startups to collaborate with. Furthermore, they provided funding, exposure, and support to help bring solutions beneficial to people and the environment.
What is L’Oréal Looking for?
L’Oréal is looking for solutions to improve its products in these four categories.
Protect
Startups with solutions for broader and superior protection against external aggressors and lifestyle stressors. For example, protection from environmental elements like the sun or prevention of the skin/hair from pollutants. In addition, technologies provide prevention through connected detection and diagnosis.
Cleanse
Startups with solutions for robust and natural cleansing systems to simplify one’s routine. Therefore startups can provide a new approach to cleansing or hygiene. In addition, they are looking for technologies that help reduce water usage.
Repair & Enhance
Startups with technologies that can repair damaged skin/hair and transform the quality of skin/hair. Some innovative solutions for the instant and simple masking/removal of imperfections (“eraser”), creating instant and durable physical transformation (smooth skin, eliminate wrinkle or sagging skin), and the locking of color or shape of the hair fiber reversibility. In addition, startups can restore the hair fiber’s natural integrity, texture, and shine.
New Ingredients & Materials
L’Oréal seeks opportunities to develop disruptive products based on technical functionalities outside the beauty industry. Such as…
- Tunable optical effects
- Deposition, adhesion, and film-former
- Permanent bond to skin and hair surface
- Biotechnologies
Who Can Join L’Oréal Innovation Runway?
L’Oréal is eager to receive ideas from different industries and technology verticals. Some of these verticals can be food, agriculture, biotech, film/photography, smart materials, and AI, just to name a few. They are open to imperfect minimum viable products (MVP) for piloting and learning. They understand that they can learn from startups about breakthrough product innovation, just as startups can learn from corporate about successfully handling large processes and assets that stand behind products at scale. Therefore, startups that can join need to at least have an MVP to showcase.
10 Reasons Why You Should Join L’Oréal Innovation Runway
- Opportunities for conducting a pilot study with L’Oréal hubs.
- A chance to develop long-term strategic partnerships.
- Each winner will receive a prize award of $5,000 (Two selected). No equity will be taken.
- A chance to win a $30,000 Startup SG grant sponsored by Enterprise Singapore.
- Winners will be fast-tracked to the Top 100 Qualifying Round of Slingshot 2020 powered by Startup SG.
- 1 to 1 pre-competition mentorship session with L’Oréal members for the Top 20 selected startups.
- A 3-day Gear Up pre-competition mentoring workshop for the Top 10 finalists.
- A chance to pitch to top L’Oréal management and a wider global audience.
- Gain a faster understanding and unique insights into the industry’s challenges and needs.
- Increase prospects for co-creation and co-development activities.
Are you ready to take your project to the next level?
