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New Frontiers of Beauty Powered By North Asia Open Innovation
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00:01Good afternoon and welcome back and welcome to our afternoon segments and we
00:08begin with L'Oréal and lovely to see such a wonderful turnout here. Next beauty
00:17leader L'Oréal presents an insightful conversation on open innovation in North
00:23Asia. We're honored to have guests from our government's partners, the Ministry
00:29of SMEs and startups of Kised from Korea, the Japan External Trade Organization,
00:37the China Council for the Promotion of International Trade, the Hong Kong Science
00:43and Technology Parks and Business France. Also joining us are our panelists of
00:50startups, Venminism, The Sea and Asleep and of course the leaders from L'Oréal.
00:59Now a special guest host will join us today as well so can I please welcome to the stage
01:05deputy CEO of L'Oréal, Baba Lovanos.
01:21Hello everyone, hello ladies and gentlemen and dear partners. Good afternoon, welcome to this session. I'm thrilled to be with
01:33you today.
01:34on this discovery stage of Viva Tech to celebrate, as I said, the open innovation of L'Oréal
01:42with our wonderful North Asia partners. You all know that L'Oréal is born from science and innovation is the
01:52core power engine of every single product, every single experience and services we put on the market to meet the
02:03desires of men and women around the world.
02:06And to continue to push beauty frontiers, we believe deeply in the power of co-creation, collaboration and co-innovation
02:19with the external world.
02:23As a beauty leader, we want to build the most and nothing else than the most powerful ecosystem of partners
02:33in the industry of beauty to create all together with our respective expertise, the beauty that moves the world.
02:44You know, I'm particularly thrilled and excited to be here today to spotlight the flourishing open innovation ecosystem in North
02:55Asia, because we all know it's a dynamic region, obviously, but it's, it's a part of the world with this
03:04unique blend of tradition trends, technological power.
03:09It's a true inspiration for all people within L'Oréal, from Korea's trendsetting K-beauty to China advancement in AI,
03:21obviously, but also in biotech and Japan renown scientific expertise and robustness.
03:28North Asia, as we said, forms a beauty triangle from Korea, Japan and China, driving innovation in speed and at
03:40scale.
03:42L'Oréal Big Bang program that you might have heard about L'Oréal Big Bang program that you might have
03:46heard about is at the heart of our open innovation strategy in North Asia.
03:51I've been personally incredibly impressed by the teamwork in building this powerful engine for beauty innovation.
04:01Starting in China in 2020 and expanding across North Asia in 2023, you know, Big Bang connect us with dynamic
04:10startups, fostering cross-industry collaboration and accelerating the development of disruptive solutions.
04:18I was very honored to represent L'Oréal at Viva Tech 2023, formalizing our partnership with the Korean Ministry of
04:30SMES and startups to further nurture this vibrant ecosystem.
04:37The success of this model of this big bang and this open innovation as an empire, not only to expand
04:43it across North Asia, but in the rest of the world for L'Oréal, South Asia, the Middle East region,
04:52amplifying our open innovation impact globally and connecting with the best startup of the world.
05:00And as it happens some years, as I share with you, I've personally witnessed over those last year, this transformative
05:09power through inspiring interaction from our team with the team of those different startups, because their ingenuity, their passion to
05:20drive and to push the frontiers of beauty are to our teams internal at L'Oréal with their own expertise,
05:27really, really, if I may say, electrifying.
05:32We decided to invest through our corporate venture capital found in some of those companies.
05:41We invested, for example, in Veminsin, and we will have them in stage just next, which is a Chinese biotech
05:49company and a Big Bang winner.
05:52And this startup is extraordinary. It's a revolutionization on sustainable bioactive discovery.
06:02Similarly, our partnership with the Korean startup, Nano and Tech, showcased on our booth, the booth of L'Oréal, it
06:11shows once again the dynamic of the region.
06:13And our collaboration has led us to the development of the groundbreaking innovation, the first longevity devices, L'Oréal cell
06:24bioprint, that once again I invite you to discover on our booth.
06:30I'm personally, and that's why I'm here in person, thrilled to have Veminsin asleep and the sea with us today,
06:40representing the vibrant innovation ecosystem of their respective countries.
06:45These partnerships are very dear to our heart and demonstrate the immense potential of North Asian innovation to shape the
06:56future of the beauty industry.
06:59Because at L'Oréal, we believe that this future of beauty is not just about groundbreaking products or experiences. It's
07:09about groundbreaking collaboration, because this is the birthplace of the best innovation.
07:15We are together architects of an open innovation ecosystem, connecting the brightest minds across industries and disciplines, from sometimes inventors,
07:27individuals, to startup, to establish players sometimes, to push together the boundaries of beauty science powered by technology.
07:36And this to me and to us strive on the perfect mix of L'Oréal internal science, tech and digital
07:46talent, and the best of external dynamics, expertise of our partners.
07:52The three startups with us today are prime examples of this flourishing North Asia ecosystem.
08:01And I will share with you along Giv Balouch, who leads at L'Oréal, the entire global open innovation and
08:10the augmented beauty.
08:11They will share with you their insight and the way we are collaborating, and as said, inventing the future of
08:20beauty.
08:20Thank you for your attention.
08:25Wow, Barbara. Thank you for setting the stage so powerfully.
08:29It's clear that L'Oréal's commitment to open innovation is not just strong, it's strategic.
08:39Because it literally brought me into existence.
08:42I am created by TabCut, one of Big Bang China's winner in 2023, specializing in the e-commerce digital human
08:50live streaming track.
08:51Now, let's zoom in on the incredible engine driving much of this success in North Asia, the ecosystem.
08:57Get ready for some serious deep dive into this vibrant landscape from Zhen Zhen Lan, Chief Corporate Affairs and Engagement
09:03Officer of L'Oréal, North Asia and China.
09:06Welcome.
09:10Hello, everyone.
09:12Thank you very much.
09:13Thank you, Barbara.
09:15And I'm very impressed for the AI-generated MC, which is very nice, very modern, but also facilitated a lot
09:25of our work.
09:26Thank you, Barbara.
09:28Thank you again, Barbara, for your great introduction.
09:32So, I'm Zhen Zhen.
09:34I'm in charge of L'Oréal CNE for China and North Asia.
09:40Really great to see you all together with us for celebrating our North Asia open innovation ecosystem.
09:51And it's a really pleasure to see you all in this special moment of VivaTech.
09:58And I would like to give a special welcome to our partners who come from far.
10:09Barbara has listed already our startups from North Asia.
10:14We truly have a global gathering here today.
10:18I see our government representatives, our business friends, and all from Korea, from Japan, from China, and France.
10:29Thank you very much for being with us.
10:33And with the support of L'Oréal global experts and partners, I'm really honored to be here with you
10:44to celebrate the blossom of the dynamic beauty tech open innovation ecosystem reaching from local to global level.
10:58Our North Asia open innovation ecosystem originated with the big bang that Barbara introduced a lot.
11:06This program pilot back from 2020.
11:12Now, it has been growing in a robust open innovation ecosystem continuously powering our beauty innovation.
11:25First, this ecosystem fosters disruptive innovations which is crucial in North Asia competitive beauty market.
11:36This market, you know, represents a third of global beauty sales and comprise a vibrant startup landscape via our open
11:52innovations program.
11:54Even companies initially outside of their market of beauty industry find a very strong application within our sector.
12:09Asleep, a Korean company, a sleep monitoring AI company from Korea,
12:18and generously integrated into technology into beauty industry.
12:25And cross-border innovation also strives in the ecosystem like the sea.
12:33Asleep, a Japanese company, a Japanese company collaborating with L'Oréal in China.
12:39Actually, it's a Japanese company joined the big bang, collaborating with Chinese.
12:45A team utilizing the Gen AI tech in the vast Chinese ecosystem, e-commerce.
12:53So, I will really let them later on in the panel section to introduce more details.
13:01This year's new sustainable track in the big bang program also features a joint evaluation process across North Asia,
13:13aiming to spark more innovation projects across the market.
13:20So, secondly, the ecosystem-neutral collaborations, of course, our ever-growing partner networking,
13:31really spanning government, industry, academy, and investors together,
13:38offering startups comprehensive support, enable rapid implementation of innovative ideas.
13:49It also provides top-tier opportunities like sponsoring big bang participants,
13:58and startup investors by our VC platform board to the China International Import Expo that you all know,
14:08connecting with them to the Chinese market and facilitating high-level government meetings.
14:16That means many investors have shown keen interest in this emerging tech stock.
14:25So, lastly, the ecosystem drive global impact, and it's facilitated investment and innovation to flourish in our global scale.
14:38In 2023, with support from L'Oreal Global team, the first investment in the big bang partner,
14:48big bang participant was made to the 2022 winner, Shanghai Innovation.
14:56I really want to share also just last month, we invested in Vemisin, which really with a lot of confidence
15:13in their cutting-edge biotech.
15:16A special thanks to Barbara and the global team to come to witness and support us.
15:22So, we have also visited our L'Oreal booth, I hope.
15:30In the L'Oreal booth, the Lancome Nano Resurfacer showcasing at our booth.
15:39It's also a co-creation with the Chinese startup in our ecosystem.
15:45So, the open innovation ecosystem that drives from big bang is now a strong engine that powering the new frontiers
16:00of beauty tech.
16:01Here, I really want to welcome, and also with an open, all the more, all the partners interesting to our
16:13big bang program,
16:15all to our innovative ecosystem to join us and co-create the beauty that moves the world.
16:24Thank you very much.
16:27Thank you, Jen Jen, for brilliantly illustrating how the North Asia ecosystem,
16:32supercharged by the big bang program, is truly fostering that regional and global synergy.
16:37And now, let's bring that innovation to life.
16:41It's time for our power-packed panel discussion.
16:44Guiding this conversation is our moderator, Christina Yan,
16:47Corporate Affairs and Engagement Director for L'Oreal Research and Innovation North Asia and China.
16:53She'll be joined by the trailblazing big bang winning startups from China, Japan and Korea,
16:59plus a L'Oreal representative deep in the trenches of open innovation.
17:03Please welcome our esteemed panelists.
17:05From China, Yufan Li, co-founder and chief operating officer of Veminson.
17:11From Korea, Donghian Li, founder and CEO of ASleep.
17:14From Japan, Yan Jin Li, CEO and co-founder of The Sea.
17:19And representing L'Oreal, Giv Baluch, Global Managing Director of Augmented Beauty and Open Innovation.
17:26Let's welcome them to the stage.
17:49So, welcome to our panel today.
17:53I'm Christina. I'm the moderator for today.
17:56And I'm very excited to be joined by the extreme partners and the L'Oreal Global Leadership Team
18:03for this fast-paced panel discussion today.
18:07So, before we start, I would like to invite all our panelists to spend 30 seconds for a fast self
18:15-introduction.
18:16Let's dive in. Let's start with Veminson.
18:18Okay. Hello, everyone. I'm Yufan Li, co-founder of Veminson.
18:23It's a great honor to be here today, and I sincerely appreciate the invitation from L'Oreal.
18:29Thank you.
18:30And The Sea?
18:32Hello, everyone. My name is Yan Jin Li.
18:34Thank you for inviting us here.
18:36We are a Gen ZVI platform for commercial creatives. Thank you.
18:40And Ace Lee?
18:41We are take responsibility of human sleep care.
18:45So, I'm David Li from Ace Lee.
18:46So, thanks for coming here, and I'm honored to switch my presentation. Thank you.
18:52And lastly, but not least, Giv.
18:53Hi, everyone. I'm Giv Baluch. I run the Open Innovation and Tech Team for research at L'Oreal.
18:59And due to the time constraints, and we are combining the questions that I want to ask in one question.
19:06So, there are several in one question.
19:09So, firstly, I want to know that during your collaboration with L'Oreal, we know that we are a giant,
19:17you know, beauty company, and you guys are startups.
19:20So, I was wondering, during the collaboration journey, were there any aha moments that could shape the company's trajectory?
19:31And what do you perceive the collaboration with L'Oreal from a startup perspective?
19:37And the second part of the question is that you are coming from three distinguished countries, China, Japan, and Korea.
19:46And I was wondering whether your, how you perceive the beauty innovation ecosystem in your country?
19:55And how that inspires your startup, your business?
19:59So, let's start with Benningsen.
20:01Okay. Thank you.
20:03I think that our collaboration with L'Oreal really have been transformative.
20:10It's, L'Oreal showed great respect on our vision and gave us space to explore our own ideas.
20:17And with their support, we've built a database of over 10 billion molecules and developed a molecular docking algorithm to
20:24identify novel bioactive ingredients.
20:26Additionally, we've built a rare plant gene plasm resource bank, balancing innovation with biodiversity protection.
20:35So, looking back, I would say that L'Oreal, what stands out most is that L'Oreal's vision as an
20:44industry leader,
20:45one that fosters a win-win partnership with upstream and downstream interpreters, promoting collective growth beyond a transactional relationship.
20:55And if I have to brag a little, I would say that China constantly provides some of the best solutions
21:02to global challenges across the virus industries and driving innovations for a better future.
21:09So, actually, China's innovation ecosystem is filled by a strong foundation in science and a massive market that's ready for
21:21rapid validation and application.
21:23So, I believe that the innovation in China is not just about technology. Actually, it's for people.
21:34And by combining AI and biotech, we are reimagining beauty in ways that improve people's lives and protect the planet.
21:45So, it's a movement towards a better, healthier, more sustainable future.
21:51So, I believe that we, China, are not just a beauty's future. We are fundamentally enhance the global quality of
22:04life. Thank you.
22:05Wow. Thank you so much for your passion. Thank you. Thank you.
22:09Yes. And now, let's turn to the seat. Yemi, I know that you have a very unique story because you
22:16are Chinese and then you start your company in Japan.
22:19And you joined the Big Bang Challenge in China. So, please share with us your story.
22:25Yeah. Working with L'Oreal is definitely super insightful, super beneficial for us. It's like, you guys are a large
22:32company. We're a small team.
22:33But the dynamic between these actually guide us to sharpen our focus on the product development.
22:38So, I think the true real open innovation happens when you see both sides.
22:44One side, you see the aesthetic culture procession behind the beauty.
22:48The second part is the scalability and structure behind the technology.
22:51And we're like, L'Oreal provides a lot of expertise in the beauty industry.
22:55And we provide a cutting edge of generous AI technology.
22:58Together, we co-build this platform.
23:01It's not only just powerful, but also it's very precise to delivering a lot of visuals at very large scale.
23:07And I would just say from like a uniqueness, I think Japan is very famous for the craftsmanship.
23:13The deep focus, the deep respect on the details, the design integrity.
23:18And I think like we get this DNA from the Japanese craftsmanship and we wanted to embed it into the
23:25China market.
23:25When China market, it's like a more focused on the hyper speed, hyper personalization.
23:30And when these two come together, it's actually putting pressure on us where like we feel like we have to
23:36embed the craftsmanship into the like massive scalability.
23:40And I think this is like what we and L'Oreal together co-build.
23:44I think this is really helpful for us as well.
23:47Wow, what an amazing story.
23:49Thank you.
23:49Thank you for sharing.
23:50And now let's turn to South Korea, A Street.
23:53Yeah.
23:53I know that your company joins the L'Oreal big band for the first year, you know, the first year.
23:59And you're already the winner.
24:00And I also heard that you already have a collaboration with our brand, L'Arche-Posay in South Korea.
24:06So please share with us.
24:08That's great.
24:09Last year, I met Barbara in CES.
24:11So she keynote in beauty tech area.
24:14And I found we can collaborate with sleep and beauty.
24:18So this is starting point.
24:20So I just action.
24:22I have to go to France, Paris, but we don't have money.
24:25So we get supported from government, MSS.
24:29So we exhibited our booth in VivaTech last year.
24:32At that time, we met L'Oreal open innovation team.
24:35And I do my best.
24:38And I persuade him, her.
24:40And finally, we got, okay.
24:43Thank you.
24:45So finally, we got opportunity to start collaboration in North Asia and L'Oreal Korea.
24:50So we are nominated to Sleeping Beauty Advisor with Beauty Genius.
24:56So we suggested this thing.
24:58So basically, we suggest our sleep data to combine beauty data.
25:03So we just measure sleep data and just diagnose it.
25:08Oh, your skin quality is something like hydration or aging based on sleep data.
25:15So we suggest our sleep AI agent to L'Oreal Korea and North Asia programs.
25:21And finally, this year, we opened a project with L'Oreal SuperJay with Sleeping Beauty Advisor in South Korea.
25:29So this is something like agile.
25:31So L'Oreal is a big way, but it takes a year to collaborate with each other.
25:36So this is something like L'Oreal is agile, tech savvy, and the world's largest innovative company.
25:43So this is first sector.
25:44And second sector, in South Korea, it's beauty tech, beauty area.
25:50K-beauty is nowadays influence to Paris and US, China, Japan.
25:55So South Korea is good in beauty area.
25:58And second part is tech.
26:00So 90% of Koreans have their own mobile device.
26:04So they are familiar to tech and applications.
26:07So it is easy to adopt tech.
26:10Third, medical evidence.
26:11L'Oreal is science company.
26:13So it is easy to measure evidence.
26:17So we are now hope of the tech area in South Korea.
26:23Thank you.
26:23Thank you so much.
26:25And now I turn to give because, you know, like after the three passionate startups from North Asia,
26:31I wonder, like hearing your, as your role as the open innovation global leader, how do you perceive the North
26:38Asia innovation ecosystem?
26:40And what's your personal perspective?
26:43Well, first of all, thank you so much for having me.
26:45And you know, you don't need to ask the question.
26:47You can listen to these three founders and you will see the passion that they have and how lucky we
26:51are to be able to partner with the North Asian ecosystem of startups.
26:56But you know, on my perspective today, it's a real exciting time for beauty because beauty is at the edge
27:03of new frontiers that we haven't seen ever before.
27:06Like longevity, like exposome and sleep, like biotech and AI and how to scale and to be very fast and
27:13to also have great performance.
27:15And all the new services that are coming and everything from supplements to medical aesthetics.
27:21These are all new areas that are going to in some way have combinations with beauty.
27:25And in order for us to achieve that, we need to work with startups because startups are going to come
27:31from different parts of these different industries.
27:34And we will provide to them the scale of L'Oréal and the beauty knowledge of L'Oréal while they
27:40bring to us all of these new fields and we find a way to combine with each other.
27:44What I found very unique about the ecosystem in Asia is the fact that there is a real connection between
27:51the creation of innovation and design of innovation to the scale.
27:55It's so interconnected and so well done within that ecosystem.
28:00And this is why when you go to our booth today, you will see, like Barbara mentioned, the Nanomed, the
28:06Chinese startup for Nanoresurfacer or the Korean startup Nanotech for Cell Bioprint or our great partner Veminson, which I don't
28:13need to say more about now.
28:15And we mentioned in a little bit about Shine High doing super molecular work with AI.
28:21And I think, you know, when we look at that and we combine them with our knowledge of beauty, we're
28:26able to create great disruption for the consumers that are demanding so much more performance today, not only in Asia,
28:33but around the world.
28:34So I'm very happy to be able to partner and we feel very lucky. We want to provide to the
28:39startups as much as they provide to us.
28:41And you will see many of my people on my team in open innovation even here today that will be
28:46very, very excited to meet all the startups that are coming around the world, especially in North Asia.
28:52Thank you so much. Thank you so much for your attention and we aim to continue to create the beauty
28:58that moves the world.
28:59And now let's take a group photo together.
29:01Thank you all for being here with us.
29:04Thank you.
29:04Thank you.
29:05Thank you.
29:06Good job.
29:07Good job.
29:08Thank you.
29:08Thank you.
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