L’Oréal and Meta launch Metaverse startup accelerator
Cosmetics L’Oréal and Meta announced they are teaming up to launch a startup acceleration program to bolster creativity in the Metaverse.
The programme will support at least five startups that specialise in 3D production, augmented reality (AR), virtual reality (VR), mixed reality, avatar creation, user experience portability, token economy or other topics related to the metaverse and Web3.
The startups are not required to belong to the beauty sector to be eligible to join.
The programme will take place from January to June 2023 in Meta’s space at the startup campus, Station F, in Paris. Applications are open from now until November 20 this year. A jury composed of L’Oréal, Meta, HEC Paris, and investors will select the startups.
Selected startups will gain access to Meta’s AI research and Reality Labs teams as well as experts and guidance from within L’Oréal.
The application site reads, ‘Our goal is to help you build the present of metaverse, with the resources and exposure you need.’
Asmita Dubey, L’Oréal’s chief digital and marketing officer said, ‘It brings a lot of young talents together. They’re the future. Imagine the massive creative energy that it generates.’
She added that it would benefit L’Oréal to use that creativity for international marketing direction and brands.
In September, L’Oréal appointed Camille Kroely to the role of chief Metaverse and Web3 officer to guide the brand into Web3 responsibly.
In June 2022, L’Oréal-owned NYX cosmetics entered the Metaverse via a partnership with The Sandbox and People of Crypto (POC) to launch an avatar collection featuring diverse traits such as different color shades, ethnicities, sexual orientation, and gender identification, as well as different makeup looks to celebrate Pride month.