L’Oréal Canada has announced the five finalists of its corporate accelerator program, part of the company’s new Open Innovation Program.
The program was created in collaboration with the OSMO Foundation, which acted as L’Oréal’s startup ecosystem partner, with the five finalists having been chosen following a two-month long scouting mission.
The startups are Blutag AI, Live Scale, Faimdata, Vantage Ai, and Youneeq AI, which were chosen from a range of 41 applications who pitched their ‘innovative technological solutions that could be implemented during the accelerator program.’
Frank Kollmar, President & CEO of L’Oréal Canada, said, “Digital technology brings a major shift to the world of beauty, offering us new opportunities to innovate and interact with our consumers. L’Oréal leverages technology and digital to shape tomorrow’s “limitless beauty” for all. “We profoundly believe in ‘open innovation’. By combining our innovation potential with those of start-ups, we will co-create the future of beauty.”
Valérie Forget, Program Director of the OSMO Foundation, continued, “The startups will also receive support from OSMO to develop a business proposal and to create a scaling plan for a potential larger implementation throughout the L’Oréal brands. Our goal is to facilitate and accelerate the L’Oréal-startups collaboration process by initiating a win-win relationship.”
L’Oreal has been rolling out numerous initiatives as part of its open innovation strategy, having recently signed a partnership with Partech Africa and created BOLD (Business Opportunities for L’Oréal Development), an ‘investment fund designed to take minority shares in innovative start-ups with strong growth potential.’