Meta and L’Oréal Unveils Metaverse Startup Program

The expanding Metaverse ecosystem calls for major collaborations to enable upcoming companies to have a hassle-free transition to the virtual ecosystem. Accordingly, L’Oréal, Meta, and HEC Paris, the French Business School, are in partnership to launch a startup accelerator program to promote creativity in the Metaverse.

A Metaverse Startup Accelerator Program for Creatives

As part of its support to emerging platforms, the collaboration seeks to onboard five startups from in different fields related to the Metaverse.

Startups that specialize in 3D, virtual reality (VR), augmented reality (AR), and avatar development, among others. Moreover, the startups are not limited to the beauty industry of which L’Oréal is one.

Meanwhile, the accelerator program will be located in the Meta environment around Station F in the 13th arrondissement of Paris. The venue is considered the world’s largest startup space.

Applications for the program are expected to begin on November 20. The panel members consist of experts from Meta, L’Oréal, and HEC. In addition, members from the entrepreneurship and investment community will take part in selecting the startups in December. More importantly, the program will commence in January and ends in June 2023.

For successful applicants, mentorship and access to experts and investors will be part of their winner’s package.

According to Asmita Dubey, L’Oréal’s chief marketing officer, the future of the world is digital. “Young talents are attracted to events like this. They represent the future as they bring with them tons of energy and creativity,” Dubey added.

Furthermore, Dubey noted that L’Oréal can leveraged the event and the mass of creativity for its international direct marketing drive.

Laurent Solly, Meta’s Southern Europe vice president revealed that the company is excited to partner with L’Oréal. “The ambitious Metaverse project will support the French startup business which will pave the way for a collaborative, innovative, and inclusive virtual ecosystem.”

Doubting the Web3 Revolution

Following the crash of the crypto industry at the start of the year, many people believe the hype around Web3, NFT, and the Metaverse will soon fizzle out. However, this was not to be as fashion, luxury, and beauty brands are aiding the expansion of the virtual world. 

The likes of Nike, Giorgio Armani, Louis Vuitton, Adidas, and others have revived the excitement of going digital with their range of products to engage and attract more customers.

Just recently, Farfetch announced the eight startups selected for its accelerator program. The program aims to accelerate the move of the luxury fashion industry into the Metaverse and to help them scale the various Web3 technologies.

For its part, L’Oréal has shown its commitment to the Web3 drive. Several of the firms under its management have announced a flurry of Web3 projects.

Dubey noted that:

“The digital space is very charged and social commerce seems to be expanding with the coming of Web3 and the metaverse. The world is moving from online and offline to online, offline and on-chain”.

L’Oréal is the leading French beauty company. It has recently created a new role for its virtual drive and appointed Camille Kroely as the Chief Metaverse and Web3 Officer.

The beauty giant is to stay true to its excellent service delivery and there is no better way to display this than in the Metaverse. As a result, Kroely’s new role is to ensure a seamless and responsible entry into the virtual ecosystem.

Meanwhile, the French beauty giant intends to leverage the growth of AI-based makeup to attract more consumers.