L'Oreal USA Announces Partnership With Grand Central Tech To Support Startup Community And Drive Innovation In New York City

Beauty Leader Joins Forces with Technology Accelerator to Provide Resources and Foster Diversity Among Entrepreneurs

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Mar 03, 2015, 02:00 ET

NEW YORK, March 3, 2015 /PRNewswire/ -- L'Oreal USA today announced a partnership with Grand Central Tech, New York City's flagship tech accelerator, whose mission is to inspire greater collaboration between established institutions and the burgeoning New York startup scene. Together, L'Oreal USA and Grand Central Tech will work to further establish and grow this entrepreneurial community, focusing on professional development, diversity, and unique access to the New York technology community.

A departure from the typical accelerator model, Grand Central Tech provides best in class startups with the resources needed to build and scale their business through a yearlong program, while charging no rent and taking no equity.

"We invest in entrepreneurs both in and outside of the company and believe that with diversity of people comes diversity of ideas," says Rachel Weiss, L'Oreal USA's Vice President, Digital Innovation and Entrepreneurship. "This partnership aligns perfectly with L'Oreal's vision for innovation and our dedication to supporting entrepreneurs and start-ups in the tech community and inspiring them to become leaders in this space. Grand Central Tech is doing great work to reach those who have the potential to build the future of digital, by providing those companies with the tools and connections to thrive and grow with the New York tech community."

L'Oreal USA will collaborate with Grand Central Tech to help select the 2015/2016 class of startups. As part of the partnership, all female-founded companies that are accepted into the program will be automatically considered for L'Oreal USA's annual Women in Digital NEXT Generation Awards which provides standout female entrepreneurs with the opportunity to launch and scale their new technology within the L'Oreal portfolio.

"New York's competitive advantage compared with other startup ecosystems is the density of top-tier global corporations that call New York home. With Grand Central Tech, we aim to bring that advantage to bear and, in so doing, generate greater efficiency from all of the creative energy being poured into New York's tech scene," said Matthew Harrigan, Co-Founder; Managing Director of Grand Central Tech. "Emerging companies can considerably benefit from the accumulated wisdom of L'Oreal USA. With GCT, we've created a model to help them do just that."

As a member of the founding class of partner organizations, L'Oreal USA will be joined by Google, Intuit, Microsoft, IBM, JP Morgan Chase, and PepsiCo Americas Beverages to create a stronger network between New York companies and startups by offering mutual access to mentorship, professional development, product integrations, talent, growth and networking opportunities.

Grand Central Tech is now accepting applications for its 2015/2016 class. For more information please go here http://bit.ly/GCTechApply.

About L'Oreal USA
L'Oreal USA is the largest subsidiary of the L'Oreal Group, the worldwide leader in beauty. L'Oreal USA manages a portfolio of 30 iconic beauty brands, including Clarisonic, Essie, Garnier, Giorgio Armani Beauty, Kerastase, Kiehl's, Lancôme, L'Oreal Paris, Matrix, Maybelline New York, NYX, Redken, Soft-Sheen Carson, Urban Decay and Yves Saint Laurent Beaute. In addition to its corporate headquarters in New York City, L'Oreal USA has research, manufacturing and distribution facilities across 13 other states including Arkansas, California, Florida, Kentucky, New Jersey, Ohio, Texas and Washington with a workforce of more than 10,000 employees. For more information, visit www.LorealUSA.com or follow on Twitter @LOrealUSA.

About Grand Central Tech
About Grand Central Tech Grand Central Tech (GCT) is New York City's flagship technology accelerator, designed to support startups and entrepreneurial ambition by leveraging the city's competitive advantages through relationships with corporate and education partners to build a diverse and inclusive culture of innovation. Overlooking Grand Central Terminal from Facebook's former New York headquarters, GCT shortens the path to success and sustainability for the city's premier startups and generates lasting benefits for the broader economy. To learn more, http://grandcentraltech.com and follow us on Twitter at: @GCTech.

SOURCE L'Oreal USA