L’Oréal and Founders Factory help start-ups
Big businesses often team up with smaller, independent start-ups, to help them overcome problems, learn and grow in all aspects. This happens all the time in different industries from banking to supermarkets to technology firms, and now L’Oréal are following suit.
The French beauty giants are involved in all areas of beauty, hair and skincare under different brands and divisions. And, they have now launched their accelerator program, alongside Founders Factory, which will see them work with five specially selected beauty start-ups.
Founders Factory invites promising early-stage tech companies to collaborate with them, as they provide support, assistance and a partnership to help them kick on. So, it seems as if they are just the kind of company to work with L’Oréal and their extensive beauty resources and knowledge, to provide these expertise through the program.
The five companies that have been selected to participate in the program are: InsitU, Preemadonna, Talify, Veleza and Cosmose, with them covering a range of areas including: skincare, customisable nail design and an app which helps brands connect with social influencers.
Check out this promotional video, produced by L’Oréal.
Rachel Arthur, writing in Forbes, has reported: ‘Over a six-month period, the group will receive intensive support from the Founders Factory in-house operations team as well as deep scientific insights from L’Oreal, alongside access to their marketing, research and innovation departments.’
As you would expect, competition for places on this program was fierce, with ove 180 applicants.
Henry Lane Fox, co-founder and chief executive of Founders Factory, said: “We are only accepting five startups to join our program per year and so competition is fierce. We understand how incredibly hard it is to build a successful business and know that every founder feels the strain in terms of capital, time and resource. By coupling the expertise of our operating team with the knowledge and scale of L’Oréal, we provide an unrivalled platform for startups looking to make global impact.”
Dominion holds L'Oréal in its Global Trends Luxury Fund.
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