L’Oréal Groupe launches North Asia beauty technology and innovation challenge at Viva Technology

L’Oréal announced this week at Viva Technology 2023 its launch of the Big Bang Beauty Tech & Innovation Challenge in North Asia, focused on driving co-creation and co-development of innovative beauty products and experiences across China, Korea and Japan. 

The aim is to discover, support and nurture promising startups and companies with beauty tech and innovative sciences that can be scaled regionally and globally.

L’Oréal Groupe has signed an MOU with the Korea Ministry of SMEs and Startups on a partnership for the Big Bang Programme in Korea. 

In Japan, J-Startup, a government project supporting entrepreneurs operated by Ministry of Economy, Trade and Industry (METI) and JETRO, will support the initiative.  

This builds on a three-year pilot in China.

Barbara Lavernos, Deputy CEO of L'Oréal Groupe in charge of Research, Innovation and Technology, says: “We embrace and nurture innovation, and believe in open innovation through partnerships.”

“Therefore, we work with innovative startups, small and medium businesses, institutions and governments to inspire and be inspired.”

“The signing of an MOU with Korean MSS is a significant milestone for L'Oréal’s journey in leading open innovation in North Asia. We are excited to collaborate with startups from China, Korea, and Japan through the Big Bang Programme, and to scale up creativity and innovation from North Asia globally.”

Young Lee, Korea Minister of SMEs and Startups, says: “Supporting promising Korean SMEs and startups to play an active role in the global market is a big mission for us at the Ministry of SMEs and Startups.”

“In this sense, collaboration with the global beauty leader L'Oréal Groupe is very meaningful. The ministry will continue to support Korean companies with innovative technologies to collaborate with global companies to strengthen their market competitiveness and expand into the global market."

Dr. Yoshiaki Ishii, Director of Startup and New Business Promotion Office at METI, comments: “The Japanese government is enhancing startup ecosystem to realise social benefit and economic growth and J-Startup is the flagship programme. We believe that collaboration with the L’Oréal Big Bang Programme will make the J-Startup more global and contribute to the better world."

Through a partnership with Oriental Beauty Valley and Business France, the Big Bang China Programme has attracted over 1,500 Chinese startups and incubated 50+ projects in the past three years.

Fabrice Megarbane, President of North Asia Zone & CEO of L'Oréal China, says: “North Asia is the most dynamic beauty market in the world with one third of the global beauty market and five geographically and culturally connected markets.”

“Leveraging the unique ‘Beauty Triangle’ innovation eco-system and our strong Research & Innovation expertise in China, Korea and Japan, we believe the Big Bang Programme in North Asia will unleash the power of co-creation through open innovation on disruptive beauty solutions with startups and partners across China, Korea and Japan.”