Sephora is introducing a program to support beauty start-ups established and run by women. The Sephora Accelerate program is introducing to give 10 female-led start-ups the opportunity to sign up with a year-long program that helps them develop their companies.
A news release from Sephora details the brand name's strategies to "to teach the required skills to run and build their businesses." Sephora also boasts that program members will receive "access to a unique mentorship program comprised of Sephora's network of beauty market leaders," and have the chance to get funding from Sephora. Fashionista reports that selected members will get $2,500 in seed money from the get-go.
Sephora has created the program in reaction to the dismal data relating to female business owners. The beauty brand name keeps in mind that 85% of startups that have gotten support from investor are led by guys. The program will want to move those numbers through the Accelerate program, which intends to establish 50 women-led beauty startups through the year 2020.
Sephora also states that instead of a competitor, they wish to create a collaborative environment where all 10 of the selected startups can be successful. The members of Sephora's very first Accelerate program will be announced in March.
Sephora is also producing a fund called Sephora Stands Together that will provide employees with support during times of challenge. The beauty seller piloted the program after natural disasters like Hurricane Sandy and are now fleshing it out completely.