Women-founded companies can apply at www.lorealwomenindigital.com through June 17.
The top three finalists will have the opportunity to present at L'Oréal's Inspiration Day in September to more than 500 marketing executives across the company's portfolio of brands. The grand prize winner will earn the chance to collaborate with a L'Oréal USA brand to pilot their technology.
Additionally, finalists will visit the L'Oréal USA headquarters in New York City, where they will meet with top executives and a professional coach to discuss how to build their businesses.
"L'Oréal is dedicated to creating opportunities for women to shape the direction of the beauty business," said Rachel Weiss, vice president, innovation and entrepreneurship at L'Oréal USA. "We're proud that this program has created a strong pipeline of entrepreneurial talent and a powerful community of more than 2,000 female-operated companies, who now have a platform to network and learn new business acumen to drive their technology forward."
Finalists will be mentored along the way by an advisory board that includes Thrive CEO Arianna Huffington and GE vice chair Beth Comstock, among others.
The Women in Digital program is also launching an alumni group where past winners, finalists and advisory board members can stay in touch and network, both online and in person.
Previous winners of the NEXT Generation Awards include Kathryn Minshew, founder and CEO of The Muse; Bettina Hein, founder and CEO of Pixability; and Rachel Tipograph, founder and CEO of MikMak. The network of more than 15 previous winners has collectively raised more than $350 million in funding since winning the award.