L’Oréal on why it pays to speed up innovation in times of crisis
Rather than slashing R&D budgets in response to the pandemic, the vice-president of L’Oréal’s tech incubator believes there is still “so much room” for innovation.
Despite the pressures of the Covid-19 crisis, Guive Balooch, global vice-president of L’Oréal’s technology incubator, is a firm believer that brands should resist the urge to cut their investment in innovation.
In fact, it is during the most challenging times that companies should ramp up their focus on developing new services, he argues. Not only has the crisis put into perspective the way people want to live their lives going forward, but Balooch believes it has made customers more demanding when it comes to brand experiences.
“There’s so much room to innovate for people who want more exciting services at home, but also when they go back to professional areas, like doctors’ offices or salons, they’re going to want an elevated experience,” he says.
“They’re going to be mindful about their environment because we’re in this very mindful state these days, so it creates even more of an importance for companies to continue to invest in innovation. Some companies can do that, others can’t. I’m lucky that I’m part of one that believes we should increase our speed to get innovations on the market during the most difficult times.”