According to the company, the entry judged to be the winner could have the opportunity to be plucked form relative obscurity into mass marketing distribution channels backed up by a multimillion-dollar promotional campaign.
Product Partners is primarily concerned with the distribution of wellness products and says that a significant percentage of its portfolio it falls into the beauty category. Its sales are derived from direct response television commercials and internet sites.
The company's vice president of beauty, Marina Randolph, says that she is looking for any innovation that will benefit the beauty consumer, with an emphasis on breakthrough skin care and cosmetic products.
"The marketplace is loaded with 'me too' claims," Randolph said. ""We are focusing on products that deliver results. We want to uncover the best-kept beauty secret and the product no one should live without."
The company has been developing its Beachbody brand since 1998 and says it is now looking for a product that might prove to be a natural extension of its success.
The company says that the winner of Breakthrough in Beauty will probably be marketed using 30-minute infomercials and cross-promoted to the company's existing customer base, as well as TV ads, catlogs, the internet and other retail distribution outlets.
Ultimately the aim is build the chosen product into a brand with sales in excess of $100m a year, Randolph claims.
The company says that its beauty product promotions have had particularly strong results in the past, with 11 per cent of all total promotions being beauty focused products.
"The solutions we select will be transformation products that women need and are not harmful to them in any way," said Product Partners CEO Carl Daikeler.
Companies can submit their products to Product Partners through the website www.breakthroughinbeauty.com.
"We're seeking innovative and effective skin care products," Randolph said. "We're especially interested in ideas that are beyond the conceptual stage and either in limited distribution or ready to be brought to market quickly."
Beauty product submissions will receive a product performance review by company' experts with product development experience, who will evaluate business plans and provide feedback to further improve on the product.