We have loved Sephora for years now. From the days of our teens to now as young looking adults with a family, a career and a whole lot of responsibility to shoulder, Sephora has been our go-to station for the best in beauty products. It may be more expensive, but the quality there is superb. We have spent many an hour browsing through the aisles of products available, from the makeup to the perfumes, the brushes to the creams and everything else in between. Now, we are given even more of a reason to love the business, as Sephora launches a new program that is meant to help women’s startups in the beauty sector take off and get going. It is called the Sephora Accelerate program and is going to be a chance for businesses run by a female lead to take an opportunity, where Sephora spends a full year helping develop the brand.
According to Sephora itself, it will be doing its best to teach the skills that are necessary to run a successful business, from the startup point to running it for years on end. Not everyone is cut to be a businessman, but with the right training and the mentoring necessary to gain the knowledge, each individual can keep that business going, and prospering along the way. This particular program will allow for that mentorship and networking with the industry’s top leaders, while also receiving the amount of $2500 in seed money from the get-go.
Why would such a program be necessary though? Do we not have enough people in the industry already? Truth be told, we can always use new and innovative products. For example, there are organic eyeshadows, lipsticks and the like these days. Someone had to create them. Furthermore, the number of female entrepreneurs is staggeringly low, with 85% of startups receiving backing from venture capitalists having been found to be men. It is not that women do not have ideas or they lack the ability to run a business, but oftentimes there is not enough support for them to get out there and do things their own way.
The Sephora Accelerate program is meant to change up these numbers and allow for a better balance in the industry, aiming to develop 50 women-led startups by the end of 2020. It will be interesting to see exactly what new businesses come about through the efforts of the brand as it strives to push for collaboration instead of competition, creating an environment in which all startups they take under their wing can succeed. The first members of the program are due to be announced during the month of March.
Furthermore, a fun is being created that is called “Sephora Stands Together” for the provision of assistance to employees in times of hardship, a program piloted after Hurricane Sandy’s devastation that is now blooming in full.
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