The Maesa Magic Incubator is back for a second year with even more tools for emerging brands. Maesa created the incubator to empower and amplify early-stage, underrepresented voices in the beauty and wellness sectors.
Women and/or BIPOC founders collectively receive less than 3% of venture capital funding, according to the Kauffman Foundation. Maesa culled from its own entrepreneurial roots to develop an initiative uniquely tailored to support pre-and-early-stage entrepreneurs identifying as women and/or BIPOC, LGBTQIA+, differently-able, and seniors over 65. The program expanded this year to also welcome and encourage founders from low-income households.
CEW talked with Maesa’s CEO, Piyush Jain, and Oshiya Savur, Chief Brand and Marketing Officer, about what’s new this year, how brands can stand out in the application process, and why giving underserved founders is so important to the company.
CEW: What was the impetus for creating Maesa Magic last year?
Piyush Jain: I have a strong belief that companies need to not only produce great brands, but they also need to address unmet consumer needs and have a bigger purpose in life.
Entrepreneurship is at the heart of this company – our founders had a dream to create a company that could change the world of beauty. To celebrate our 25th anniversary last year, we thought there was no better way to pay it forward than to encourage entrepreneurs, particularly from underserved communities, to have the opportunity to bring their dreams to life.
CEW: Who were the winners last year, and what did they receive? What makes Maesa Magic Incubator different than other incubators?
PJ: It was a robust selection process to review about 200 applications. We had many enthusiastic employees who raised their hands to help select the companies –Fuzz Clinic, House of Foster, and Squigs. They were provided personalized mentorships, hands-on training, and access to $35,000 for each winner. We have a partnership with the Emerson Group where the winners were invited to the Future of Commerce and Work (a comprehensive in-person conference that holds interactive case study sessions) where they learned how to build their businesses for the future. It was exciting for them to be on campus at Harvard University.
What’s unique about Maesa Magic is that we can focus on each company’s needs. For example, one brand was undergoing a rebrand and needed design expertise, another required help with supply chain – we tailor the programs for each and that’s important for small companies.
The program culminates in a pitch deck presentation to our advisory board, comprised of Maesa executives, successful beauty and wellness company founders, industry thought leaders, and investors. This year’s advisory board includes Piyush Jain, Scott Kestenbaum, Mindy McKnight, Ashley Tisdale, Liraz Evenor, and Nyakio Greico.
CEW: What enhancements have been made this year?
Oshiya Savur: We expanded our definition of early stage from $100,000 and less to brands with revenues of less than $1 million annually.
We took learnings from last year and integrated them into our curriculum this year. For example, we are expanding the time spent on hands-on learning, which was a big takeaway from entrepreneurs last year.
With a generous gift from Cosmoprof North America, we are giving our winners a fully paid trip to their meeting in Miami in January 2025, which includes admittance to their illustrious Entrepreneur Academy.
CEW: What advice do you have for applicants to stand out?
PJ: Entrepreneurs need to be clear about why their brands need to exist in the world. The barriers to entry have come down, and creating a brand is relatively easy. But developing a brand that thrives is very hard. Not every idea succeeds – in beauty, at most, one out of every 10 succeeds.
The industry doesn’t need me-too brands. Why is it needed in the world? And how you can make an impact on the community you are trying to serve.
And the sharper their focus is on their needs helps us bring in the magic.
CEW: What are some of the major obstacles founders face?
PJ: The amount of capital and mentorship that goes into underserved communities is really low. One of the issues we’ve found is that if you are from an underserved community, it’s unlikely that you have seen someone like you become an entrepreneur. You don’t have role models; you don’t get mentorship. That’s why we designed this program – we wanted to provide mentorship. The three entrepreneurs from last year have become members of the Maesa cohort—even though we don’t take a stake in the company, we hope they will remember what they learned from the incubator, and it becomes part of their future brand DNA. We hope the beauty world looks a little better because of the program.
CEW: How can founders apply?
OS: The process for entry is on our website (https://maesa.com/pages/maesa-magic-incubator) and takes only 30 minutes to complete. There is a small pitch deck and a short introductory video. We are already receiving submissions!
