PARIS — L’Oréal said it has teamed with Hello Tomorrow Challenge 2016, the global competition for scientific and technological innovations.
The beauty company described Hello Tomorrow as “an international, nonprofit initiative devoted to promoting early-stage scientific startups that are solving the world’s major industrial and societal challenges.”
“What attracted L’Oréal to this challenge was the idea of creating products and services jointly with one-of-a-kind partners,” the company stated. “Promoting high-potential innovations, developed by start-ups from around the world, and showing that beauty challenges are technological ones, are important objectives for L’Oréal. Moreover, start-up flexibility has the capacity to reduce product development times.”
L’Oréal is to work with Hello Tomorrow to evaluate the latest trends and define the beauty and well-being category’s scope in the contest.
Involved are more than a dozen emerging scientific and technological fields, including 3-D printing, artificial intelligence, robotics, machine learning and nanotechnology.
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“This multidisciplinary approach allows new solutions beyond conventional cosmetic approaches to invent new products that can dramatically change the world of beauty and well-being,” stated L’Oréal.
Contestants can apply to the challenge until June 17. An international jury will select winners in October during a global summit. The grand prize is 100,000 euros, or $113,340 at current exchange. L’Oréal will award 15,000 euros, or $17,000, to the laureate of the beauty and well-being category.
L’Oréal said the competition provides young start-ups financial support, mentoring and visibility with experts and leaders. The company added it will lend its scientific expertise to high-potential startups, so they get the support needed to accelerate their product development.
Hello Tomorrow’s semifinalists have raised more than 60 million euros, or $68 million, since the competition began in 2014. Startups have received mentorship and guidance from more than 150 entities.