Cosmetics giant L’Oréal and Meta have revealed a collaboration, involving Incubateur HEC Paris, that will see the release of a startup acceleration program to foster creativity within emerging metaverse environments.
The six-month program will be based in Paris at the Station F startup hub and aims to attract five French startup companies working on Web3 projects containing virtual and mixed reality technologies, avatars, accessibility and the token economy.
The program will run from January to June next year and will provide entry to Meta’s AI research and Reality labs teams, in addition to L’Oréal experts and guidance. Innovations created from participating within Meta and L’Oréal projects are then applied.
According to the program’s site, “Our goal is to help you create the present of metaverse, with the resources and exposure you need.”
“It brings together countless young talents,” L’Oréal chief digital and marketing officer, Asmita Dubey, stated in a report. “They are the future. Imagine the enormous creative energy which it generates.”
He added that the creativity developed could support the company’s international marketing and be used by its brands as well.
This two-step process, will see applicants pitch to executives from both companies, plus HEC Paris professors, entrepreneurs and investors.
Angie Gifford, VP of Meta EMEA, said: “I am proud of this collaboration with L’Oréal Group – a company with an excellent 110-year history which continues to shape the future of beauty. Announcing the news in a LinkedIn post, she added: “Thanks to our partners at Station F, the Incubator HEC Paris, and to the great team at Meta France and Laurent Solly, VP for Southern Europe, who cooperated with L’Oréal to bring this to life”,
The cosmetics company started its exploration of Web 3, at the end of last year, when L’Oréal commissioned five artists to create NFTs promoting gender equality in the cryptocurrency space.
Earlier this year, when L’Oréal-owned brand NYX joined an experience being hosted by another metaverse platform The Sandbox for an activation which aimed to promote diversity and inclusivity. In February, L’Oréal’s US arm registered 16 brand trademarks in the NFT and metaverse categories, consisting of skin care brand Kiehl’s, It Cosmetics and Maybelline.
In September, the business promoted Camille Kroely to senior director of metaverse and Web3 as it aimed to increase its concentration on engagement via emerging virtual technologies.