JULY 25, 2017:
More and more brands are giving their money away… Bet that got your attention – but it’s not for just anybody. Fashionista explains: ‘The newest fad among large, profitable, well-known apparel and beauty companies? … They have adopted very like-minded incubator or accelerator-like programs for up-and-coming entrepreneurs.’ But what does that mean and how can that help you if you have a startup or small business?
Here is how three companies are supporting the next generation of beauty innovators and starting a shift towards rewarding (rather than acquiring) entrepreneurship in the industry.
For Celebs & Influencers: Seed Beauty
This accelerator marks The New Wave of niche influencer-backed brands in the industry, and currently owns two big names: ColourPop and Kylie Cosmetics. ‘Seed can take a product from concept to consumer in just five days,’ writes Business of Fashion. Last year, for example, they collaborated with beauty YouTuber KathleenLights on an idea, and took it from concept to launch, and shipping to customers in under a week.
Their strategy is different, because they look at businesses from a social-media perspective: How will this new brand translate into Facebook, Instagram, Snapchat, and Twitter? The results speak for themselves – Kylie Cosmetics boasts an unmatched year-on-year Earned Media Value growth of 620.87%, according to marketing technology firm, Tribe Dynamics.
For Tech Entrepreneurs: L’Oréal
In partnership with startup incubator, Founders Factory, L’Oréal is on the lookout for tech entrepreneurs wanting to realize innovative, new beauty ideas. Its first ‘class’ graduated at the start of the year, and included made-to-measure natural skin care label, InsitU; nail art app/printer company, Preemadonna; beauty industry social platform, Tailify; expert advice app, Veleza; and marketing platform/experience facilitator Cosmose.
Each company selected for the program receives six months of meetings, lab access and advice on marketing and consumer insights, plus the benefits of L’Oréal and Founders Factory’s little black book of beauty and tech connections. L’Oréal even plans on creating two startups of their own each year. So, if you’re a beauty entrepreneur, you’ll want to get involved with this one.
For Product Designers: Nordstrom
The superstore’s SPACE LAB is a program designed to nurture emerging design talents, unable to fulfill the demands of a department store business. Fashion brands Eckhaus Latta and A.W.AK.E. are among the first participants, with five new designers taking part each season. Meanwhile, The Outposts furthers this store-within-a-store idea, showcasing under-the-radar beauty brands, including Canadian natural cosmetics startup, Plume Science.
Are you interested in starting your own makeup or beauty line, or have launched one? Share in the comments!
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