The Estée Lauder Companies' New Incubation Ventures has launched The Catalysts program in partnership with TikTok to celebrate beauty founders who excel at storytelling, community building, and shaping consumer movements and trends.
The focus on TikTok is significant; as of December 2023, 81% of dollar sales sold through TikTok Shop were in the health and beauty sector.
“Today, founding a beauty brand takes more than traditional business acumen; it's about crafting narratives, building communities, and shaping not just trends but also broader conversations and movements," said Shana Randhava, senior vice president, New Incubation Ventures. "Founders are storytellers, cultural ambassadors, filmmakers, designers, gamers, and artists. Their visions of beauty — expressed via product, retail experiences, films, content—continue to fuel growth in the beauty sector. We set out to create a program to identify and elevate these visionaries as they continue to drive innovation and push the conversation forward.”
Under The Catalysts program, applicants will have the chance to win up to $250K in financial backing as well as mentorship and project assistance; applications are open until August 4, 2024 at 11:59 p.m. Eastern time.
Applicants will have access to 10 masterclasses to learn "what it takes to build the next great brand," per NIV.
The program's panel of experts will "select two winners who are reshaping the future of beauty through innovative branding, product development and storytelling," per an official announcement. Experts include:
- Shana Randhava
- Vanessa Craft
- Michèle Lamy
- Fabien Baron
- Craig McDean
- Carlos Nazario
- Eugene Souleiman
- Hung Vanngo
- Ruba Abu-Nimah
- Julia Sarr-Jamois
- Thomas Roussel
- Violet Chachki
- Drew Elliott
- Courtney McHugh
- Andreas Neophytou
- Francisco Costa
- Celia Ellenberg
- Hanna Hanra
- Sallyann Houghton
- Mitchell Halliday
- Grace Choi
Winners will be announced in October 2024 at a final event in Paris.
"We've witnessed the evolution of beauty firsthand on TikTok, not just through how products are shared and discovered, but how they are experienced,” said Vanessa Craft, global head of partnerships at TikTok. “We're proud to have created a space where everyone is able to explore the diversity and inclusivity of beauty—driven by our incredible community of creators and brands who enable enthusiasts to be a part of something and see how beauty products perform on people that look like them. We are delighted to be joining The Estée Lauder Companies in finding and nurturing future pioneers of the beauty industry."
