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Ten years in FoodTech

Hey,

As for many, this is my favorite time of the year. Things will soon start to slow down, and we will enjoy the special spirit of Christmas. It is also enjoyable because it gives you an opportunity to look back at what you’ve done and what you can expect. For us at DigitalFoodLab, this December is a bit special. It is our “10th FoodTech entrepreneurship anniversary”. Then, I would like to share with you our path into FoodTech in the past decade and what we learned along the way.

In 2010, we (same co-founders, Jérémie and me) created our first startup at the end of our studies. In seven years, it went from a cooking companion to help you in the kitchen to a meal planner with nutritional advice from dieticians. FoodTech wasn’t even a word to describe food startups. When used, it referred to equipment used in food processing.

In the next five years, we raised a bit of capital, and at the time, raising almost a million euros was a landmark. Indeed, in 2013, the whole European FoodTech ecosystem raised less than €120M (€25M in France). Back then, delivery wasn’t even a thing (Deliveroo was founded in 2012 and raised significant capital only in 2014).

In 2014, we created the first FoodTech event in Europe. We called them DigitalFoodLab to focus on entrepreneurs providing services for the consumer or the industry. Launching a new food product seemed then overly ambitious and complicated. Retailers were not open to any kind of cooperation with startups (outside some “pitch contest”).

2016 was a pivot year for the European FoodTech ecosystem and us. Delivery startups were raising huge amounts of money, and entrepreneurs were moving more into this space. FoodTech was now a thing, media and larger corporations were talking about (this was the first time we get asked to talk to a board about FoodTech and get paid for it). The scope was broadening with innovations in agriculture, foodscience, and delivery. On our side, we had grown up to a mature team of twelve people, a product working well with many paid subscribers. Pushed by our investors to question what we should do next, we realized that we arrived at the end of a cycle and wondered if we were the best fit to move forward. We moved on to find an acquirer for our startup. With both luck and resilience, we managed to find the right company.

A few years later, fully dedicated to DigitalFoodLab, now a consulting company, we observe and help the European FoodTech ecosystem’s emergence. As large companies are making many acquisitions, we now have many public FoodTech companies (TakeAway, HelloFresh, Beyond Meat, DoorDash…), a growing number of unicorns (even if some may be overvalued), and a maturing ecosystem with innovation all along the value chain.

By working with many CPG companies such as Nestlé, Cargill, big retailers, and startups, we see that the will to innovate is only growing stronger. Each time we dive into a specific ecosystem to understand its trends, where it is going, and how our clients could benefit from it, we get more confident about the ability of entrepreneurs to solve the challenges of our food system. We can’t wait to see what will happen in the ten years to come.

For more information on current trends, look at our 2020 FoodTech trends and FoodTech brands reports. Should you want to discuss these trends (as an entrepreneur or larger company) and see how they could shape your business’s future, please contact us!

Merry Christmas & see you in 2021!

Matthieu

2020 TOP INSIGHTS FROM DIGITALFOODLAB

Here are the links to the top 10 DigitalFoodLab contents of the year (based on the number of view, download, likes, etc.):

YOU LIKE THIS CONTENT? SHARE IT WITH SOMEONE WHO MIGHT LEARN SOMETHING FROM IT!Giphy

We grow with your help. So, if you like this content and feel that it might help someone to understand how Ag, Food, and Retail will be disrupted in the incoming years, share this newsletter or subscribe him or her here!

As you can see, FoodTech is indeed moving faster than ever in 2020. But you are not alone. DigitalFoodLab is here to help you :

  • Stay at the top of your domain. We provide exclusive insights and information through talks and our FoodTech watch.
  • Prepare for the future. We help you make plans for long-term trends and their implications on your business and identify the right startup to work on your current issues.
  • Innovate faster. We work with you to define the innovation strategy fitted to your business means and needs.

No matter if you are a startup or a food giant, we are here to work with you and change the world of food! (contact us).

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

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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).
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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.
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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.
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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.
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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.
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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.
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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.
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