New funding for innovative Taiwanese developer

Pictured: Alice Chang, CEO and Founder, Perfect Corp

 

Taiwanese start-up Perfect Corp, a developer of ground-breaking beauty and fashion solutions based on AR and AI, has agreed a merger that gives the company a valuation of over $1bn and will provide funding for diversification into new markets.   

 

The deal with Provident Acquisition Corp, which gives it a Nasdaq listing, along with a concurrent Private Investment in Public Equity (PIPE) transaction, will give Perfect, which is entirely founded and run by women, $335 million to spend on moving into new geographies. The money will also go towards enhancing Perfect Corp’s AR and AI SaaS solutions, extending its reach beyond beauty and fashion.

 

Founded in 2015, Perfect’s applications allow users to analyze the condition of their skin and virtually try out makeup, hair and nail products. Its unique technology has been deployed by over 420 beauty brands in over 80 countries, including Estee Lauder brands Mac and Clinique. It also has partnerships with Meta, Snapchat and Alibaba’s e-commerce operation.

 

“Perfect Corp. is transforming the beauty and fashion industries,” commented Alice Chang, Founder and Chief Executive Officer of Perfect. “We democratize the shopping experience for consumers and brands with our leading AR and AI SaaS solutions. At the same time, we empower brands large and small to provide their customers with an enjoyable, convenient, and personalized omnichannel shopping experience through innovative technologies. Current consumer trends, such as increasing penetration of omnichannel consumption, hygiene awareness, and focus on ESG, provide us with favorable tailwinds to accelerate growth and adoption of our services. By combining with Provident, we expect to not only attain access to the public capital markets, but also attract more world-class investors, enhance our corporate governance, expand our market reach, increase development in AI and AR technology and explore white space, such as adjacent fashion verticals and metaverse applications of our technologies.”

 

The Business Innovation Leaders Forum “Women Business Leaders Award” is open to any CEO or C-Suite woman executive nominated for her exceptional contribution towards business innovation. The award shines a spotlight on these leaders and their potential to inspire a new generation of successful women entrepreneurs.

More info here.

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Book of the Month*

The Serendipity Mindset: The Art and Science of Creating Good Luck

By Dr Christian Busch
Serendipity is an aptitude for making desirable discoveries by accident. To other people it looks like “good luck”, but it is more the ability to recognise and seize an opportunity, rather than have good fortune thrust upon one. Finding a wallet stuffed with money on the conference room floor is good luck, whereas holding it up and asking if anyone has lost their wallet might be the beginning of a valuable friendship – that would be serendipity.

Chance encounters, or strokes of fortune, feature in countless stories of business success. This book looks beneath the surface, reveals and teaches the mindset that can transform pure chance into opportunity. The author is director of the Global Economy Program at New York University’s Center for Global Affairs, and a lecturer at the London School of Economics.

Serendipity is an aptitude for making desirable discoveries by accident. To other people it looks like “good luck”, but it is more the ability to recognise and seize an opportunity, rather than have good fortune thrust upon one. Finding a wallet stuffed with money on the conference room floor is good luck, whereas holding it up and asking if anyone has lost their wallet might be the beginning of a valuable friendship – that would be serendipity.

The author says “This is a book about the interactions of coincidence, human ambition and imagination”. In the above example: finding the wallet is the coincidence; ambition is the desire to make something of the discovery; add imagination and you open up a whole menu of possibilities: from spending spree to earning a reputation for honesty – or even making a wealthy friend.

Business is typically forged on human ambition and imagination, but early success often feeds an appetite for control – and “control freaks” can be blind to the opportunities thrown up by the unexpected. They only see chance events as distractions. If plans go awry, they may blame the failure on “bad luck” rather than admit their own inflexible attitude.

The author himself admits to being “a German who is used to planning” and prone to feel anxious when something unexpected happens. That makes him an ideal teacher, because he has worked hard to discover and analyse the mindset that enables one to “connect the dots” and cultivate serendipity. He presents a goldmine of examples from science, business and life where an apparent mishap or failure lead to a breakthrough.

Indeed, studies suggest that around 50% of major scientific breakthroughs emerge as the result of accidents or coincidences. A well-known example is Alexander Fleming’s discovery of penicillin, launching the whole field of antibiotics. Other examples include X-rays, nylon, microwave ovens, rubber, Velcro, Viagra and Post-it Notes – where would we be without these!

The book goes beyond the ability to recognise and respond to opportunities in chaos, but the subtitle – The Art and Science of Creating Good Luck – is actually a bit misleading. True, he does show ways to develop better fortune, but it would be better to call it “inviting” or “encouraging” good luck. For example, he suggests better ways to start a conversation with a stranger – ways that will make it more likely to lead to chance connections or shared interests.

The publishers may have chosen the word “creating” to make the book appeal to the human desire to control – for control freaks are exactly the readership that would benefit the most from this book’s wisdom and practical advice.

For the rest of us, it offers a great way to rediscover the sense of play that is so important in life – and too often lost in business.

“Following the success of The Serendipity Mindset hardback, a paperback edition has also now been launched under the title “Connect the Dots”.

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