How to get inspired by FoodTech startups?

Published on June 7, 2019

Hi,

I had the opportunity to do a lot of talks about FoodTech trends in the past month, both for clients and at public events. And no matter the audience or the country, one question was recurring: “ok, really inspiring talk, but what can I do to take profit of this emerging ecosystem?” (that’s the good question, the bad one is “why should I care, Food will never get disrupted”, but we covered that here).

Good question indeed, and as you can see below in our mapping of the various means a corporate can put in place to work with startups, it’s not only a question of money but also of involvement. It requires time, energy and a good strategy.

DFL - mapping how to work with startups

At DigitalFoodLab, we have developed a toolkit to help corporates and scale-ups maximise the profit they can take from the ecosystem.

First is the inspiration you can take from the ecosystem. For that we provide:

– free and premium reports (see below for our last updates)

– talks at public and private events

– executive briefings, a 4-times a year, C-level oriented, 2 hours live briefing of the last relevant FoodTech news and a deep dive into a trend

Then there is action where we work with you on 5 questions:

– what are the startups that could be a threat or an opportunity for my business? (e.g. vertical brands)

– how startups are approaching a specific technology? (e.g robots in Foodservice)

– what is the best startup to work with? (scouting)

– what business opportunities startups have explored in other markets?

– what are the innovation strategies of my competitors in relation to startups which one should I build?

Working with us is not a requirement to reach success when building an innovation strategy (you can still contact us here), but asking and looking for answers on the above questions is!

Have a great week!

Matthieu


Get inspired!

A great way to learn how to work with startups is to learn about the ecosystem. And we also have the solution for that with the great content we have released and updated recently our:

– Report on Seeds&Chips 2019 is available here for all of you that didn’t get the chance to participate

– FoodTech trends report for 2019 to discover the next hot trends in FoodTech

– French FoodTech report and comprehensive list of all active startups which we updated just a month ago

– Free Unicorns report. We had the opportunity to talk about it at BFM Business TV last week, you can have a look at the replay here.

Matthieu Vincent- DigitalFoodLab on TV - unicorns

We know that your needs are specific, that’s why we mostly work on dedicated reports for our clients! Contact us for any inquiry.


News

 

Alternative meat to become a $140B market in the next decade. Some may wonder why Beyond meat has reached such a high valuation in just a few weeks (above 4 billion). It seems that investors want to bet on the future of plant-based meat and that their options are not numerous. A study shows that the potential market for such products could reach $140B in just 10 years! Combine both information and you’ll understand why food giant Nestlé is developing its own fake meat.

CNBC

Ben&Jerry’s plan to do CBD-infused ice-cream. CBD (cannabis extract) isn’t still legalized in food & beverages. However, giants such as Coca-Cola are looking closely at what’s happening there and Ben&Jerry’s announced its intention to launch as soon as its get legalised its CBD ice-cream.

The Guardian

 

You're in a good company

Join the 60+ clients of Digital FoodLab: leading agrifood companies, retailers, banks, investors, startups, and public organisations.

Use case: project for a global F&B company looking to map its AgTech innovation ecosystem and the best startups to partner with

What we did:

  • Mapping of the AgTech ecosystem: startups, research regulators, and other leading companies.
  • Discussion to select areas to focus on.
  • Analysis of the information to reveal the trends and a model to analyse eventual partners.
  • A workshop to validate the opportunities based on our recommendations.
  • Scouting of relevant partners followed by introductions.

Results:

  • Mapping the different categories of innovations in AgTech that should be considered now to create long-term benefits for the business.
  • Identification of key partners (an incubator and a couple of startups).

Use case: project for a CPG company on the healthy ageing ecosystem

What we did:

  • Education of the board through a couple of workshops to define the perimeter
  • Identification of key opportunities and threats created by long-term evolutions (technologies, business models, behavioural changes).
  • Deep dives on each of the priority categories.
  • Co-construction of a vision on how the company should address these challenges.
  • Identification of partners (startups, incubators, funds) to move forward.

Results:

  • Creating a consensus on which categories to prioritise and how to address them.
  • Implementation of an open innovation strategy through the development of partnerships.

Use case: project for a global CPG company to develop a strategy on the healthy ageing ecosystem

What we do (ongoing mission on a subscription model):

  • Kick-off where we present an overview of the AgriFoodTech ecosystem to select with the client the categories to cover and for each, the level of information required.
  • Monthly newsletter: each month we send a newsletter with the articles that we have gathered ranked by relevance, their summaries, and a layer of analysis.
  • Database: we set up a personalised database that will be filled month after month with the information gathered on the companies identified for the watch.
  • Workshops: twice a year with the client’s innovation team and other “innovation curious” team members, we present an overview of the evolutions, key trends and a dashboard of the topics followed by the watch.

Results:

  • A clear, regular and evolutive tool to follow what is happening in terms of innovation on key topics.
  • A forum (through the workshops) to discuss innovation trends and new opportunities.

Use case: opportunity screening for an ingredient company

What we did:

  • Kick-off to define the perimeter of the ecosystem studied.
  • Mapping of the different trends shaping the innovation ecosystem of the client.
  • Analysis of the trends on DigitalFoodLab’s trend curve and other relevant frameworks.
  • Workshop to discuss DigitalFoodLab’s recommendations on key trends to prioritise

Results:

  • Shared view of the innovation ecosystem for the client with a view of the trends to prioritize.
  • Clear document (personalised trend curve) that can be easily shared internaly to explain the company’s innovation choices and which can be then updated each year.

Use case: scouting for an agriculture coop

What we did:

  • Kick-off to define the perimeter of the client, the goals of the scouting (partnerships) and the criteria on which startups should be evaluated.
  • Set-up scouting: we selected the first batch of 20+ key startups following the criteria of the client.
  • On-going scouting: then we set up a quarterly scouting of about ten startups.
  • For each scouted startup, we created an ID card with key information such as the business and technological maturity, funding, and corporate partnerships. We also added an explanation of why we selected this startup.

Results:

  • An ongoing and evolutive scouting are matching the client's criteria and its capabilities in terms of deal flow.

Use case: working on an acquisition process for a CPG company

What we did:

  • Kick-off to define what the client is seeking, notably in terms of maturity.
  • Workshop with the client based on a mapping of the different innovation ecosystems adjacent to its activities to select some priorities and discuss inspiring examples of startup acquisition stories.
  • Identification of 20+ targets.
  • Workshop to select the most relevant to engage with.
  • DigitalFoodLab worked as a sparing partner during the acquisition process, notably to help design how the acquired startup could be integrated into the overall company’s strategy.

Results:

  • Different results from traditional M&A processes with a focus on the client’s innovation strategy.
  • Identification of a good match for an acquisition.

Use case: market due diligence on sugar alternatives

What we did:

  • Kick-off with the client to discuss its interest on this category, its expectations and existing level of information (notably on the target company).
  • Mapping of the ecosystem to analyse the different existing alternatives and technologies to compare them.
  • Interview (calls) with relevant startups made by our internal biotechnology expert.
  • Recommendation on whether to invest or not.

Results:

  • Clear view of the ecosystem and of the reasons to believe (or not) in each sub-category.
  • Enforceable recommendations based on facts and expertise.