Cosmetic Industry Information to Benefit You!
A Word from Cosmetic Cluster Founder
I have participated in Open Innovation since 2016. The first time I was involved with Open Innovation was in 2016. I was searching for events online to get involved with Cosmetic Innovation. I was fresh in the industry and eager to get involved. My first meeting was with Chanel Beauty. It was a great experience to meet the top cosmetic players and to learn from them. Over the years, I had the pleasure of meeting with companies like L’Oreal, LVMH, Yves Rocher, Puig and COTY. I found very little resources or advice to help me prepare for my first meeting Open Innovation Meeting. I wanted to share some tips on how to best prepare yourself for open innovation meeting. Even if the product is not the right fit for the company or companies – this experience will leave you with a much better understanding of the industry and make you a better professional.
My Advice for Open Innovation is the following;
Share Your Most Commerical Innovation
All applicants have the option of submitting multiple projects to Open Innovation. The more commercial the idea or concept, the easier it will be for an established company to implement it. Established companies are always looking for fresh ideas and many companies like LVMH have an entire division dedicated to Outsourcing. Focus on your most promising aspects. Also applying with a project that you would like more support on is a great way to get assistance in finishing it. Do you have a prototype that you cant finalize? Open Innovation might connect you with someone who will open your eyes to the pros and cons of your design. Comments that point of the flaws in a project can be more powerful than positive ones. They can show you the weakness in your project at an early stage.
Research the Companies Before Your Meet
Researching the companies that are participating in Open Innovation. Research their history and company values. This will help you tailor your pitch to the company that you will be presenting your concept to.
Have a concrete business plan
Present as much detail about all aspects of operations as possible. This will help you when you present your project to the company. Established companies want an idea to go to market as quickly as possible as well as Consider the document below to help organize your project. Prepare to give samples of your concept or products. Most companies will ask for the official samples to be sent to their sourcing departments.
Be Open-Minded and Enjoy the Experience
When speaking to established companies that have experience and rich history in the cosmetic industry, it is beneficial to soak up as much as the knowledge as possible. Be open-minded to suggestions for improvement. Sometimes individuals get emotionally attached to their project. Cosmetics should not be reflections of ourselves. They should be reflections on current market opportunities and potential revenue.
Canadian Cosmetic Cluster Team
Uniting Canadian Cosmetics and Bringing it to the World