fibona's first overseas startup selections held for co-creation with Korean startups
2022.02.10“Co-creation with startups," one of the activities of the Shiseido Research Institute's open innovation program "fibona", aims to create innovation by fusing the novel ideas and unique technologies of startup companies with the knowledge, technologies, and services of our research. The goal of the program is to create innovations. Unlike the first time in 2019 and the second time in November 2021, which targeted domestic companies, this was an attempt to target startups in Korea.
On December 6th 2021, the final presentation screening was held online with the aim of collaborating with startup companies for "medical beauty.” By combining advanced technology, in the beauty field in which Korean companies piorneers, with Shiseido's science and knowledge, the project takes on the challenge of creating value in the form of unprecedented beauty experiences and services.
About 60 applications were received through “Innobranch,” an open innovation platform owned by the Korea International Trade Association (KITA). Five companies were selected through a document screening process to participate in the final online presentation screening.
Connecting Japan and Korea, the first online screening
This final screening, held online between Korea and Japan, consisted of seven judges. The judges included Hidefumi Araki, Director of the R&D Strategy Department, who has served as a judge for all previous startup selections; Yoshiaki Okabe, Chief Brand Innovation Officer; Katsunori Yoshida, Chief Technology Officer; Kiyoshi Sato, Director of the Business Core Technology Center; Carol Zhou, Head of Business Innovation COE, China Business Creation Investment Office; Takuya Saiwaki, Director of Value Creation Planning, Shiseido (China) R&D Center, Co.; Tomo Osawa, Director of the Shiseido Asia Pacific Innovation Center. (*Positions are as of the time of the final screening.)
Each company had five minutes to make a presentation. Each section was followed by a Q&A session from the judges, judges asked broad perspective questions about the characteristics of each company's strength in technology.
There were questions like:
“What advantages does it have over conventional materials?"
“Do you have data on human skin penetration?"
“Similar technology is already available at Shiseido; are there any differences?"
Questions about regulations in various countries were also raised in the final screening, and discussions were conducted with a focus on global market expansion.
The latest technology from a Korean startup pioneering the future of beauty
After intense presentations by five companies, LABnPEOPLE was selected as the first overseas co-creation partner for fibona's initiative.
LABnPEOPLE has been actively developing microneedles (microscopic protrusions) utilizing magnesium, a metal that can be absorbed by skin. Through microneedle which thinner than a hair, the company is developing patches and other products to improve skin’s condition. Utilizing this technology, the company has developed a skincare brand called “Snow2+”, which was patented in Japan in 2021.
Mr. Cho Sung Youn, CEO of the company, proposed the concept of a solution that further applies this technology. “It's safe and performs well. We plan to expand this technology to Europe, Singapore, Malaysia, and the United States in the future," he said, presenting the potential of the product to fulfill various aesthetic purposes.
Since the launch of hyaluronic acid microneedles in 2011, Shiseido has conducted research on the effects of microneedles on the skin. In addition, past academic findings have revealed a relationship between ions in the epidermis and the functions of the skin, and Shiseido has been working to clarifythis mechanism.
This co-creation aims to develop new solutions by combining LABnPEOPLE's magnesium microneedle technology with Shiseido's skin-related research knowledge and base agent technology.
Toward co-creation with overseas startups
It is not easy to innovate at a speedy pace individually in the unpredictable time. Also, even if you have a great idea or technology, it is difficult to spread it quickly if you cannot reach the market or consumers.
Knowledge of dermatological science cultivated by Shiseido research institute, and microneedles developed using the latest LABnPEOPLE technology. A large company and a startup; Japan and Korea. What kind of chemical reactions can be created when both companies combine their strengths?
Expect to see new beauty innovations through collaboration between Japan and Korea.
(Text: Hanae Abe, Edit: Kaori Sasagawa)
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Co-creation with startups
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