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L’Oréal and Meta launch metaverse startup accelerator
The programme, which will support creative startups in fields such as augmented reality and avatar creation, signals L’Oréal’s commitment to carving out a competitive edge in Web3.
L’Oréal, Meta and French business school HEC Paris are joining forces to launch a startup acceleration program dedicated to 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, portability in user experience, token economy or other topics related to the metaverse and Web3. (They do not have to be specifically related to the beauty industry.)
It will be housed in the Meta space within Station F, in the 13th arrondissement of Paris, which bills itself as the world’s biggest startup campus. Applications open until 20 November; a jury composed of Meta, L’Oréal and HEC members as well as entrepreneurs and investors will select the startups in December; and the programme will run from January to June 2023. Successful applicants will be offered mentorship and access to experts and investors.
“It brings a lot of young talents together. They’re the future. Imagine the massive creative energy that it generates,” says L’Oréal chief digital and marketing officer Asmita Dubey. “The benefit for us is that we can use that creativity for our DMI [international marketing direction] and brands. So, of course we will leverage that.”
Meta vice president for southern Europe, Laurent Solly, says: “We are proud to associate ourselves with L’Oréal thanks to this ambitious project, which aims to support the French startup ecosystem that will have a key role in the building of a shared, creative and inclusive metaverse. ”
L’Oréal also remains committed to Web3. Several brands in its stable, including YSL Beauty, Lancôme, Mugler, Armani Beauty and Nyx Professional Makeup have introduced a flurry of Web3 initiatives. “If you look at Web2, live streaming, image recognition, voice, cloud — all of that is very vibrant,” says Dubey. “It's a very charged digital space. Social commerce is booming for us. There is a strong base for Web2 deployment. And we are very excited about Web3 and the metaverse. We are moving from O+O (online + offline), to O+O+O (online + offline + on chain).”