Johnson & Johnson launched their latest collaborative innovation platform at In-cosmetics in London, Flash Cosmetics Pitch, which allowed contenders to pitch their innovative idea in 3 minutes. This was a brand new, first-time event for J&J. To compete, entrants needed to offer novel, transformative innovation in the beauty technology or cosmetic science arena.
With this platform, J&J has the opportunity to support new startup companies in ways they may otherwise not be able to find on their own—and to give cosmetic credence to beauty technology. Flash Cosmetics Pitch offered a fresh idea for young entrepreneurs that need a place to bring their ideas to life, and an opportunity for J&J to find and collaborate with possible new talent.
Flash Cosmetics Pitch has allowed J&J to identify companies like Nuritas, this year’s innovation winner at In-cosmetics.Nuritas recently introduced a combination of DNA analysis and A.I. to identify bioactive peptides found in plant materials for 1000th of typical costs, facilitating much quicker discoveries than current testing modalities. In fact, one month is all that is needed to identify bioactive markers.
Nuritas will be working on making the technology upstream, while their winnings (5,000 euros and mentoring from Johnson & Johnson innovation) will help support scientific and business solutions along the way for usable consumer end products.
This innovation won a Forbes award in 2015 in the functional foods industry.