Meta and L’Oreal Announce Metaverse Starter Program

MetaversePlanet October 25, 2022

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The growing Metaverse ecosystem necessitates significant collaborations to facilitate a smooth transition for companies into the virtual realm.

In line with this objective, L’Oreal, Meta, and the French Business School HEC Paris are joining forces to promote creativity within the Metaverse. Additionally, they have initiated a startup accelerator program aimed at fostering innovation in this domain.

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Meta and L’Oreal’s Startup Accelerator Program!

As part of its commitment to bolster emerging platforms, Meta has embarked on a collaboration aimed at onboarding five startups specializing in various Metaverse-related fields.

These startups encompass areas such as 3D technology, virtual reality (VR), augmented reality (AR), and avatar development, among others. Importantly, this initiative is not limited solely to the beauty industry, even though it involves L’Oreal as a key partner. The accelerator program will be situated within the Meta environment in the 13th district of Paris, recognized as the largest startup hub in the world.

According to official statements, applications for the program will open on November 20th. The selection panel will comprise experts from Meta, L’Oreal, and HEC, alongside members from the entrepreneurship and investment community who will participate in the startup selection process in December.

The program is scheduled to commence in January and will conclude in June 2023. Successful applicants can expect to receive mentoring, access to experts, and opportunities to connect with potential investors as part of their package.

As per Asmita Dubey, the Marketing Manager at L’Oreal, the future is poised to unfold in the digital realm. Dubey notes that young talents are increasingly drawn to such initiatives, recognizing their potential to shape the future through their abundant energy and creativity. Additionally, this event will serve as a valuable component of L’Oreal’s international direct marketing strategy.

Laurent Solly, Vice President of Southern Europe at Meta, expressed Meta’s excitement about partnering with L’Oreal. Solly emphasized that their ambitious Metaverse project will pave the way for a collaborative, innovative, and inclusive virtual ecosystem while providing support to the French startup ecosystem.

Web3 Keeps Moving!

Despite the crypto industry’s early-year setbacks, there is a prevailing belief that the excitement surrounding Web3, NFTs, and the Metaverse is here to stay. This sentiment is reinforced by the active participation of fashion, luxury, and beauty brands in expanding the virtual realm.

Major brands such as Nike, Giorgio Armani, Louis Vuitton, and Adidas have embarked on digitizing their product portfolios as a means to engage a wider customer base. Notably, Farfetch recently unveiled an acceleration program featuring eight selected initiatives. This program is designed to expedite the luxury fashion industry’s transition into the Metaverse while facilitating the adoption of various Web3 technologies to enhance their operations.