L'Oréal continues to lay the groundwork for establishing a competitive edge for Web3, partnering with Meta and French business school HEC Paris to launch a metaverse accelerator that will support creative start-ups.

"It brings a lot of young talents together. They're the future. Imagine the massive creative energy that it generates," says L'Oréal Chief Digital and Marketing Officer Asmita Dubey. "The benefit for us is that we can use that creativity for our DMI [international marketing direction] and brands. So, of course we will leverage that."

At least five start-ups specializing in 3D production, augmented reality (AR), virtual reality (VR), mixed reality, avatar creation, portability in user experience, token economy, or other topics related to the metaverse and Web3 will be part of the first cohort. The businesses do not have to be related to the beauty industry.

Meta Vice President for Southern Europe Laurent Solly says: "We are proud to associate ourselves with L'Oréal thanks to this ambitious project, which aims to support the French startup ecosystem that will have a key role in the building of a shared, creative and inclusive metaverse.”

Applications for the program will be accepted until November 20. A jury of Meta, L'Oréal, and HEC members, as well as entrepreneurs and investors, will determine the first cohort in December. The program will run from January to June 2023 and include mentorship and access to experts and investors. The accelerator will be located in the Meta space within Station F, the largest start-up campus in Paris with 1,000 start-ups, 30+ programs, and a full range of services.