Shiseido's innovation program targets Chinese start-ups

On September 15, Shiseido China announced that the open innovation project "Fibona" of Shiseido R&D Center has recently officially landed in China.

In 2019, with the full operation of Shiseido Global Innovation Center (GIC) in Yokohama, Japan, Shiseido began to cooperate with start-up companies, and the "Fibona" fibona project was born.

In the "Fibona" project activities, the "Start-up Co-creation Plan" is an important part, which is committed to combining the innovative ideas and technologies possessed by start-ups with Shiseido's own products, technologies and services. Respond more quickly to consumer needs and market trends, and provide consumers with unprecedented beauty experience and services.
"Fibona" landed in China for the first time

Shiseido Global Innovation Center's open innovation program Fibona has launched three phases since 2019. In the third phase, Shiseido selected 2 Korean start-ups that are good at innovating in the field of aesthetic medicine.

The fourth phase of Fibona came to China, which is also the first time the project has landed in China.

According to reports, the event has two themes of "Beauty of Medicine" and "Beauty of the Whole". Shiseido joins hands with Puryue China, a global technology innovation platform leader, to jointly launch startup recruitment in China to find "medical beauty technology" for China Provides solutions for the "high-efficiency" beauty that consumers seek.

It is reported that after preliminary screening, several start-ups stand out, and will work with Shiseido R&D Center to verify the feasibility of the project in the next 100-day challenge period by means of prototype design, monitoring and testing. In the final selection in December, Shiseido will select outstanding start-ups from multiple dimensions to carry out new cooperation and create more new value for Chinese consumers.

Fibona is backed by the Shiseido Global Innovation Center, an urban open laboratory where GIC supports and facilitates comprehensive communication and collaboration with consumers, researchers, business partners and experts in Japan and abroad to achieve new, flexible and diverse to transform the way we work and stimulate the creativity and imagination of researchers through state-of-the-art technology.

Through "fibona", Shiseido combines the unique ideas and technologies of external partners with Shiseido's experience and expertise in beauty and science, challenging to create new value that will inspire and inspire the world.

Not long ago, BASF just announced a strategic investment in a Chinese local cosmetic botanical raw material startup, aiming to use BASF's expertise to apply the startup's products in personal care product formulations and introduce these products to customers around the world.

Why are beauty giants eyeing startups? According to industry insiders, from the perspective of the international beauty market, compared with flexible and open start-ups, traditional giants have rare opportunities in new tracks, new fields and new technologies. The giants transform and deploy emerging fields by investing in start-ups, and use others' strengths to make up for their own shortcomings through investment, build barriers, and maximize profits.

On the other hand, it is related to the promotion of localization strategies by multinational giants, and cooperation with local startups can accelerate the localization process. At present, the needs of global consumers for beauty are increasingly diversified and personalized, which leads to giants who must approach the terminal market and gain insight into consumers in order to meet consumer needs. In this context, it is imperative to deepen localization.

In fact, in the process of localization, Shiseido has always been ahead.

Shiseido set up Shiseido (China) R&D Center in Beijing 20 years ago to develop localized products suitable for Chinese consumers. In 2019, Shiseido set up the China Business Innovation Investment Office to further explore the strategic path to deeply participate in local innovation, and actively deepen local innovation while introducing global innovation.

From localized production to localized R&D, giants are launching a new round of localization movement. Unilever, Beiersdorf, L'Oreal, BASF and other international giants are betting on local startups. Among them, L'Oreal in China has held the Beauty Technology Entrepreneurship Challenge for three consecutive years.

In fact, it is not only international giants who are optimistic about innovative start-up companies, but many local companies, including Shanghai Jahwa, Bloomage Bio, and Bethany, have also made arrangements through investment and other means.