Non-profit OSMO and L’Oréal Canada announced, on Thursday, the launch of an open innovation program focused on growing the Montreal startup ecosystem.
“New technologies…open up new horizons to beauty and a partnership like the one with OSMO.”
L’Oréal Canada, which called itself a leader in technological beauty, stated that the goal of the partnership is to bring it closer to the startup ecosystem, partnering with startups, in order to implement innovative technological solutions within its operations and help it optimize its customer experience.
“Digital technology has radically transformed L’Oréal in the world and in Canada. New technologies, on the other hand, open up new horizons to beauty and a partnership like the one with OSMO, will contribute greatly to the achievement of our goal of being a pioneer, champion, and leader of Beauty Tech,” said Frank Kollmar, CEO of L’Oréal Canada.
This partnership is part of OSMO’s vision, which is to develop opportunities for local startups and in the process ensure that Montreal is in the top 20 of the global business ecosystem. OSMO looks to connect local entrepreneurs with global corporations in order to make this happen.
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OSMO noted, “this new open innovation program with L’Oréal Canada strongly affirms this strategic vision. On the one hand, the program enables Montreal and Canadian entrepreneurs to benefit from L’Oréal Canada’s extensive resources and access to a major customer potential. In return, L’Oréal Canada benefits from the opportunity of working with technology entrepreneurs.”
L’Oréal called the partnership part of its own digital strategy, with its goal of “always be[ing] on the lookout for, and at the forefront of, technological innovations.”
Application deadlines for the program and open innovation challenge are May 10. The program will begin July 2, with its demo day in September. The challenge will focus on three main areas: beauty tech services, predictive intelligence, conversational ai. According to the program website startups that develop a proof of concept with a concrete use case could receive a financial contribution of up to $25,000.
“Entrepreneurs and large organizations definitely have an interest in working hand in hand. OSMO’s goal is to bring big companies closer to the startup ecosystem in the next few years. We are very proud to count on the support of L’Oréal Canada as one of our main partners,” stated Patrick Gagné, CEO of OSMO.
Feature image courtesy CNW Group and L’Oréal Canada.