06.16.23
L’Oréal announced at Viva Technology 2023, Europe's biggest startup and tech event, its launch of the “Big Bang Beauty Tech & Innovation Challenge” in North Asia — the first regional open innovation initiative focused on driving co-creation and co-development of innovative beauty products and experiences across China, Korea and Japan.
The initiative will discover, support and nurture promising start-ups and companies with beauty tech and innovative sciences that can be scaled regionally and globally. L’Oréal Groupe signed an MOU with Korea Ministry of SMEs and Startups on partnership for the Big Bang Program in Korea. In Japan, J-Startup, government project supporting entrepreneurs operated by Ministry of Economy, Trade and Industry (“METI”) and JETRO, will support the initiative.
The Unique Innovation Ecosystem of the 'C-J-K Beauty Triangle'
After a successful three-year pilot in China, the latest expansion to Korea and Japan marks a significant milestone to leverage and activate the unique innovation ecosystem of the “C-J-K Beauty Triangle” in North Asia via cross-market and cross-sector collaboration for beauty innovation.
“At L’Oréal, we embrace and nurture innovation, and believe in open innovation through partnerships,” said Barbara Lavernos, deputy CEO of L'Oréal Groupe in charge of research, innovation and technology. “Therefore, we work with innovative start-ups, small and medium businesses, institutions and governments to inspire and be inspired. The signing of 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 Program, and to scale up creativity and innovation from North Asia globally.”
Launch of the Big Bang Program in North Asia leverages the valuable experience from its successful pilot in China as the market’s first startup challenge tailored for China’s beauty tech ecosystem. Through the partnership with Oriental Beauty Valley and Business France, the Big Bang China Program has attracted over 1,500 Chinese startups and incubated over 50 projects in the past three years. In 2023, Big Bang China Program is in full swing with upgraded designs and resources.
In Korea, L’Oréal will partner with MSS to further expand and support promising Korean SMEs and startups with innovative digital and beauty tech technologies that can be scaled globally. Specifically, the Big Bang Korea Program will focus on beauty devices, beauty tech, skin diagnosis and delivery systems enabled by digital and AI technologies, leveraging the unique strengths of Korea’s beauty eco-system.
In Japan, L’Oréal will partner with J-Startup and Hello Tomorrow to support Japanese startups and cross industry collaborators through the Big Bang Japan Program for open innovation and co-development opportunities. Leveraging Japan’s unique strengths in biotechnology, material science and environmental- friendly technologies, the Japan Program will focus on sustainable beauty and green sciences.