New Brunswick Startup Accepted Into Sephora’s Beauty Accelerator
FREDERICTON – A New Brunswick biotech startup will be participating in an accelerator program run by one of the world’s leading beauty retailers.
Chionova Bioworks has been selected for the Sephora Accelerate, a program aiming to build a community of innovative female founders in the beauty industry.
The company has developed a natural preservative extracted from mushrooms that can be used in cosmetics and beauty products. This preservative prevents bacteria, yeast and mould. It can also be used to replace ingredients like sulfates, surfactants and parabens. It is the only Canadian company accepted into the latest cohort.
“It feels amazing to be a part of Sephora program! I’m really excited to be a part of the Sephora network and connect with the top female leaders and experts within the beauty industry,” said Chinova Bioworks CEO Natasha Dhayagude, in an email to Huddle. “Our company employs 90 per cent women in STEM fields and learning how to build a successful business and brand from entrepreneurs that understand what it takes will really help us meet our key milestones and goals as a company.”
Sephora Accelerate gives its participants a one-week boot camp where founders “acquire the necessary skills to create a successful business”, according to its website.
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This boot camp includes helping founders structure their business model, market analysis, growth plan, and funding strategy. They also receive one-on-one mentorship from beauty industry leaders and Sephora leaders.
Companies also receive a monetary grant and may be eligible for additional funding, alongside two all-expense paid trips to San Francisco for program events. At the end of the program, the startups will pitch in a demo day event to industry experts, potential venture partners, and senior leaders within Sephora.
“Being a part of Sephora Accelerate will allow us to gain insight into the world of vendors, retailers and consumers,” said Dhayagude. “Sephora is a household name within the cosmetics industry and we choose to pursue this program as it provides an incredible opportunity to understand the market and be connected to the top beauty experts internationally. We are excited to provide natural, clean label beauty solutions that consumers want and producers need.”
The Sephora Accelerate programs begin May 5 with the one-week boot camp and wrap up in the fall with the Demo Day event in San Francisco.