Sephora is launching a new program aimed at supporting beauty startups that are founded and run by women. The Sephora Accelerate program will slate 10 female-led startups to join a year-long curriculum that helps them advance their businesses.
In a press release from Sephora, the brand lays out plans to “teach the necessary skills to run and build their businesses” giving them access to an exclusive mentorship program comprised of Sephora’s network of beauty industry leaders.”
Despite the fact that more women, as opposed to men, purchase beauty products, startups led by men earn 85% of backing from b from venture capitalists. In response to this statistic, Sephora hopes its new program will shift those numbers by developing 50 women-led beauty startups by the year 2020.
As opposed to competition, the beauty brand would prefer to foster a collaborative environment in which all of the startups can succeed. Sephora’s first Accelerate program will announce its initial 10 startups in March.
Also, Sephora announced the creation of Sephora Stands Together, a fund that will provide employees with assistance during times of hardship, another do-good moment for the cosmetic powerhouse.
Find out more about Sephora Accelerate HERE