The deadline for startup applications is April 16. And interested startups need to be headquartered in Canada, “have reached post-product market fit or very well-funded to be able to scale quickly,” and be available to participate in the pitch competition, accelerator program, and demo day that L’Oreal Canada is running in conjunction with the challenge.
L'Oréal Canada sets 3 challenges for tech and retail visionaries
“With this new open innovation challenge, we want to co-create the future of beauty,” says Frank Kollmar, President and CEO of L'Oréal Canada, in a company media release announcing the open innovation challenge. “And,” he emphasizes, “new technologies will be pivotal to define the beauty experience and services of tomorrow,”
“The crisis has accelerated the trend to a seamless Phygital world for consumers, retailers and brands,” says Kollmar. “We want to collaborate with creative talent and tomorrow's entrepreneurs who are leading this exciting transformation of the beauty industry.”
The challenge set by L'Oréal Canada fall under 3 headings: ecommerce acceleration, tech for good, and new channels and business models.
The open innovation challenge benefits big beauty and startup leaders alike
Startups that participate could end up doing business with L’Oréal Canada, picking up financial support to fund proof of concept, and will get access to L’Oréal leaders—decision makers in the consumer beauty industry.
“Open Innovation at L’Oréal is a dynamic mix of bringing external and internal ideas to transform the way consumers interact with beauty,” explains a quote from the L’Oréal Canada open innovation team featured on the challenge site (which is hosted by Bonjour Startup Montreal). “This means establishing lasting connections with beauty & tech startups. Together we want to create a new generation of innovative beauty products, devices and digital services.”
And Roberto Beredo, Chief Digital Officer of L'Oréal Canada, shares his enthusiasm for this latest startup challenge, telling the press, that “engaging consumer experiences are the cornerstone of our digital acceleration….There is no better place to find innovative solutions, and explore new technology than in Canada[, a country with] a very special, connected, and collaborative start-up ecosystem with some of the best talent in the world.” Find more information and links to apply for the current L'Oréal Canada open innovation challenge online here.