NURTURING ENTREPRENEURSHIP

Shana Randhava, Vice President, New Incubation Ventures, The Estée Lauder Companies, discusses what it takes to nurture early-stage beauty brands, key industry trends and her advice for aspiring entrepreneurs at the Beauty&You Awards in New Delhi.

Created by New Incubation Ventures (NIV), an initiative by the Estée Lauder Companies (ELC), and launched in partnership with Nykaa, BEAUTY&YOU India supports beauty entrepreneurs and awards their efforts. The 2024 programme builds on the success of previous years with the theme of Supercharged Futures.

This year’s programme saw more than 660 applicants from over 50 cities in the categories of skin care, makeup, hair care, fragrance, and storytelling. The four winners of the BEAUTY&YOU Awards were announced at the finale event in Delhi. Shana Randhava, Senior Vice President, NIV, ELC, was one of the esteemed jury members for BEAUTY&YOU Awards.

Excerpts from her exclusive interview with PBHJ:

WHAT KEY FACTORS DO YOU CONSIDER WHILE EVALUATING A STARTUP OR EARLY-STAGE BRAND FOR INCUBATION?

There are three important components we look for. First, the strength of the insight: Are they bringing something differentiated to the marketplace that meets a consumer need—sometimes even before the consumer knows they need it?

Second, the breakthrough factor. This could be in product innovation, consumer engagement, a new business model or technology. Lastly, the strength and passion of the founder. A strong founder is critical to the success of any brand. The combination of these three elements leads to the strongest brands we see.

WHAT IS YOUR OPINION OF THE PARTICIPANTS OF THE CURRENT EDITION OF THE BEAUTY&YOU AWARDS?

What stood out the most was the diversity across the pool of participants. There were innovators and category creators in body care, skincare and more. One participant, for example, embraced a conversation long overdue for innovation in body care. Another was ‘Skin Inspired,’ which focuses on delivering products that instill trust in what’s being brought to the marketplace. We also saw the “Journey of Objects” brand preserving craftsmanship in a way that’s uniquely Indian. It’s remarkable to see this variety of innovation.

AS SOMEONE DEEPLY INVOLVED IN NEW VENTURES, WHAT EMERGING BEAUTY TRENDS DO YOU BELIEVE WILL SHAPE THE INDUSTRY OVER THE NEXT FIVE YEARS? HOW IS NEW INCUBATION VENTURES ALIGNING WITH THESE TRENDS?

One of the most exciting trends we’re seeing is that beauty is becoming hyper-localised. Whether regionally, within local communities, or even on a micro -level, it’s allowing for a diversity of founders to emerge—from clinical spaces to creative ones. You see unique storytellers who are authorities on specific consumer pain points. This localised approach is driving the future of beauty, and we’re excited to support a variety of emerging brands that speak to these hyper-local communities.

HOW DO YOU BALANCE THE NEED FOR INNOVATION WITH THE GROWING DEMAND FOR SUSTAINABLE AND ETHICAL PRACTICES IN BEAUTY?

Sustainability and innovation are no longer separate conversations. Innovation starts with sustainability. It’s part of our foundational approach when considering new brands and products.

WHAT ARE THE PREREQUISITES FOR LONGTERM SUCCESS IN THE BEAUTY BUSINESS?

The strength of the insight is crucial along with the ability of the founder to profitably scale that insight over the long term. A strong insight that resonates with consumers is the foundation for a successful business.

WHAT ARE THE LIKELY MISTAKES THAT ENTREPRENEURS MAKE WHILE GOING FROM STARTUP TO SCALE-UP, AND HOW CAN THEY AVOID THEM?

One of the biggest mistakes is forgetting the power of community. The founder’s journey can be lonely at times, and it’s essential to build an ecosystem of support. With Beauty&You, we aim to create that support system around founders to help them through the challenges they face.

WHAT ADVICE WOULD YOU OFFER TO ENTREPRENEURS CONSIDERING ENTERING THE BEAUTY INDUSTRY?

My advice? Please come. Dare to dream. What you’ve seen with Nykaa and Estée Lauder is that we’ve been ambitious enough to curate. We want to democratise the opportunity for all founders across all spaces and help them achieve their missions.