The Estée Lauder Companies (ELC) is putting out a search for the next generation of beauty innovators. As Fashionista reports, through its “The Catalysts” program, new and aspiring founders and creatives in the beauty space can have a chance at a “trajectory-altering” grant and mentorship experience.
“At the heart, Estée Lauder Companies is a brand-building powerhouse,” Shana Randhava, global head of venture investments and incubation at The Estée Lauder Companies, tells Fashionista. “We’ve been able to see all the factors that could affect the growth of a business and [can] help the founders anticipate and navigate around these [factors].”
The Catalysts will bring ELC’s breadth of experience, resources and skillsets to two of beauty’ next big names in the form of yearlong mentorship from ELC leaders and financial resources of up to $250,000 each. TikTok will also offer winners $150,000 in ad credits to advance their market reach. “In an industry that some would say is saturated, we’ve found that there are so many unmet needs, whether it be in terms of connection or products that address a problem,” says Randhava.
In searching for the next generation of industry “catalysts,” Randhava and the other jury members are looking for new insights, innovative solutions to industry pain points and ideas that serve underrepresented community groups in the beauty space. The aim of the program will be to then “scale [insight] in a long-term, profitable way.”
The jury of experts — which includes Randhava alongside Vanessa Craft, global head of content partnerships at TikTok; Drew Elliot, senior vice president of MAC Cosmetics and strategic creative advisor for Too Faced; and other creators, investors, entrepreneurs and experts spanning fashion, beauty and music — will select two winning “catalysts” from the pool of applicants. “Once the judges found out about what we were doing with Catalysts and what it was, they jumped on board,” Randhava says. Applications are open here until 11:59:59 p.m. ET on Aug. 11, 2024.
While ELC hopes to find its next portfolio brands through The Catalysts, Randhava adds that there are no strings attached for the winners at the outset. “Eventually, when they’re ready, [we’d] explore an investment opportunity,” she says. “We don’t see this relationship as only a year-long. Our ambition is that it continues to grow into the future, dictated by the needs and wants of the founders.”
The Catalysts website is also home to 10 free masterclasses by industry-leading founders, storytellers and creatives. The series includes classes on brand strategy, financial management, building community and more. Winners will be announced at a Paris closing event in October.
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