Accelerating Food Industry Growth: The power of Open Innovation
It has been several weeks since the coronavirus disrupted the global economy, and almost all businesses on the face of the earth including all facets of the food industry. There is no doubt that the changes we are experiencing are here to stay. Let’s think of the virus as a catalyst for the transformations already taking place. As a catalyst for innovation. Not only in the economy, but in the food industry, too.
Is your business model going to remain the same even when the pandemic ends? Will the products you market be the same? And the way you market them?
Your action post-crisis have to start taking shape even today. Flexibility, creativity and collaboration should all be part of your strategy, starting yesterday, it might be the glue to keep your company together and help you come out even stronger than before.
What collaborations exist for us as large corporations?
Undoubtedly, there are collaboration with startups. Companies must explore what is called Open Innovation or more specifically Corporate Venturing, where the startup agent is seen as an opportunity rather than a threat. This includes the incorporation of new technologies and external ideas to support your own business and increase your competitiveness in the market. Open Innovation not only encourages creativity within corporations, but also helps reduce internal investment in the R&D process by obtaining new knowledge from external sources.
Some corporations, such as AB Inbev, which have already collaborated with startups from their investment arm ZX Ventures and which boasts a $1 billion investment, already recognizes the great contribution that working with startups can offer, which include greater agility and increased focus on the consumer.
When established corporations form alliances with startups, problems find solutions. Startups are essentially looking for the “pain” point to solve.
At Eatable Adventures we firmly believe in the strong synergy between startups and large corporations. Generating this type of alliance is the best way to drive corporate innovation and keep it alive. Its something fundamental in these times of crisis where only reinvention and innovation remains.
We understand that the key is to combine agility and flexibility and those are characteristics that mold the startup world, together with the experience and vast resources of corporations it’s a win-win for everyone involved. At Eatable Adventures we help organizations understand the complexity of new companies and select the best approach for successful partnerships.
Together with our clients we have managed to reduce their R&D costs, generate better knowledge management, reduce the launch times of new products, reduce manufacturing costs, incorporate new technologies that shorten production processes and open new distribution channels, all while increasing financial performance. We have carried out acceleration, incubation, scouting and Venture Building programs. All the tools that help us drive and sustain innovation over time.
It is clear that the future we imagined is not the future to come, and it is now up to us to create it ourselves There is a phrase that summarizes this article which is: “When there is a storm, the little birds hide, but the eagles fly higher.” .
Don’t miss our webinar on “Accelerating Food Industry Growth: The power of Open Innovation” next May 21st, in which we will discover the power of Open Innovation and the different tools that food companies are promoting and contributing to their growth. Learn from top pioneers of the industry including Sainsburys and Mondelez who will offer us valuable insights into their learnings during this time, we will host Gil Horsky, Director of Innovation SnacksFuture at Mondèlez and Milena Lazarevska, Head of Future Brands at Sainsbury’s who reveal their secrets to the win-win of working with startups, including the tools to help companies boost growth to adapt both quickly and efficiently with ensured optimized visibility for your brand. Dont miss out, sign up
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