THE WHAT? L’Oréal, in collaboration with the South Korean government, is launching the L’Oréal Big Bang Startup Fostering Program. This initiative aims to incubate digital and innovative tech startups within the beauty industry.
THE DETAILS The program, part of L’Oréal’s open innovation strategy in Northeast Asia, targets two main areas: digital and research innovation. Startups in the digital field are sought for solutions like automated data-driven advertising, content search services for video and images, and conversational AI for text generation.
In the research innovation field, the focus is on new ingredients or formulation technologies for skin and hair, as well as medical-related technologies for beauty products. Selected startups will receive mentoring, consulting, marketing, and networking support, along with opportunities to collaborate with L’Oréal’s relevant teams.
Additionally, they can participate in the Ministry of SMEs and Startups’ global corporate collaboration program, gaining access to commercialization funds of up to 200 million won (US$146,000) and specialized programs.
THE WHY? This program aims to foster innovation and digital transformation in the beauty industry, aligning with L’Oréal’s strategy to leverage cutting-edge technologies and support the growth of emerging startups. By collaborating with the Ministry of SMEs and Startups, L’Oréal aims to create a robust ecosystem for beauty tech innovation in South Korea and beyond.
Clinical aesthetics products refer to a category of products used in the field of medical aesthetics or cosmetic dermatology. These products are typically designed and formulated to be used under the supervision of healthcare professionals, such as dermatologists, plastic surgeons, or trained aestheticians. They are distinct from over-the-counter cosmetics in that they often contain active ingredients or formulations that require expertise in their application or administration.
Examples of clinical aesthetics products include:
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Dermal Fillers: Injectable substances used to add volume, smooth wrinkles, and enhance facial contours. Examples include hyaluronic acid fillers like Juvederm and Restylane.
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Botulinum Toxin (Botox): Injectables that temporarily paralyze facial muscles to reduce the appearance of wrinkles caused by repetitive movements, such as frown lines and crow's feet.
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Chemical Peels: Solutions applied to the skin to exfoliate and improve its texture. They can treat acne, pigmentation issues, and signs of aging.
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Laser and Light Therapies: Devices that emit focused light or laser energy to treat various skin conditions, including acne, scars, and signs of aging.
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Prescription Skincare Products: Formulations containing active ingredients like retinoids (vitamin A derivatives), hydroquinone, or prescription-strength antioxidants to address specific skin concerns under medical supervision.
