L'Oreal Teams up with Meta and HEC Paris to Launch Startup Accelerator

The program will take place next year and seeks to support startups specialized in building metaverse-related products.

Oct 25, 2022
by Michael
L'Oreal Teams up with Meta and HEC Paris to Launch Startup Accelerator
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Details of the Startup Program 

Cosmetics giant L'Oréal and Meta have partnered with business school HEC Paris. This partnership has led to the launch of a startup accelerator program to drive creativity within an emerging metaverse environment. The 6-month program aims to recruit at least five startup companies working on Web3 projects. These projects range from 3D production, augmented reality (AR), virtual reality(VR), avatar creation, mixed reality technology, token economy and other related topics.

The program will be based in Paris, at the station F startup hub. Applications for the startup program have been made open from now till the 20th of November. The program will hold between January to June 2023 and provide access to Meta's AI research and Reality Labs team. The participating companies will also be granted access to investors, industry experts and mentorship during the program. In addition, innovations developed from the participating startups will be deployed within Meta and L'Oréal initiatives.

L’Oréal’s Past Exploits in the Metaverse

The cosmetics company began an exploration of Web 3 at the end of last year. They commissioned five artists to create NFTs to promote gender equality within the cryptocurrency space. The French beauty giant L'Oréal filed Web3 trademark applications in February on behalf of 17 of its subsidiaries. Following this event, L'Oréal owned brand YSL Beauty launched a token-gated web page in June. 

Recently, L'Oréal promoted Camille Kroely to the Chief metaverse and web3 officer role to grow the company's focus on engagement through emerging virtual technologies. This is not L'Oréal and Meta's first time teaming up together. Last year they announced a platform integration that uses Modiface, L'Oréal owned AR beauty company. This was in a bid to power Instagram's makeup try-on.

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