You would think the beauty market since mostly compromised for women would be booming with female entrepreneurs. The sad truth is that we are underrepresented and are at a disadvantage since 85% of venture capital funded start-ups are led exclusively by men, noted the company. For this reason Sephora is launching a program set to change that. Sephora Accelerate is part of the companies larger social initiative, Sephora Stands. The purpose of the program is to help businesswomen with the resources and access to industry leaders that can help them run a successful business.
Sephora Accelerate will put 10 early age startups through a boot-camp in their San Francisco headquarters, provide them with mentorship and give them a stage to present at a demo day in August. Applications were being taken until December 31 and participants will be selected by March.
The program is part of Sephora’s larger social impact agenda, which includes beauty classes for women reentering the workforce or living in transitional housing and shelters (starting in April) and support for employees affected by natural disasters or major life events; and in that vein, it’s requiring that its startup applicants also have a socially minded element in addition to a female founder. That could mean sourcing sustainable materials or donating a portion of revenue to charity — the exact impact will depend on the sort of business at hand, which can range from brands producing physical beauty products to apps and services. -Fashionista.com
This is a great opportunity for women and Sephora is doing a great job in bridging a gap that is far too wide. We will be looking forward to the progress of the participants and see what becomes of the new beauty brands that will hopefully be part of the beauty market. Stay tuned for details as we will report further as information becomes available. Good luck to everyone who entered!