Accelerating the growth of the food industry: The power of open innovation

For several weeks now, the coronavirus pandemic has been disrupting the global economy and almost all businesses in each facet of our lives. 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 that were already taking place; I.e. as a catalyst for innovation. Not only in the economy, but also in the food industry.

Once again startups are demonstrating their ability to be leaders of change, and corporations have recognized the need to collaborate with them in order to really embrace innovation. 

Some corporations, such as AB Inbev, which have already collaborated with startups through their investment arm ZX Ventures, which boasts a $1 billion investment, have already felt the improvement of working with startups during a crisis, including being able to adapt with agility and focus more on the consumer. 

How can startups work effectively with corporations?

  • Corporate challenges:

Corporate challenges are calls launched by companies that pose challenges detected in your company. Startups must present solutions to these challenges using the advantages of their products and/or services and those that offer the most effective solutions will win economic or other prizes including access to facilities and training and so on… These challenges offer the unique opportunity to understand the needs that large industries have nowadays as well as how to adapt our product and/or service in order to provide relevant solutions. 

  • Corporate Acceleration Programs:

In corporate acceleration programs, companies are involved in training startups. Throughout these programs, startups are provided will all the needs necessary to develop their products and/or services and have the opportunity to prepare themselves to adapt their offer to the markets.

  • Corporate Venture Capital:

A process in which large corporations invest in startups that not only respond to the challenges they have as a corporation but also share the same philosophy, too. 

Our Eatable Adventures partners work in synergy between startups and large corporations.

The key to these collaborations is to combine the agility and flexibility of the startup world, with the experience and resources of corporations. Our partner Eatable Adventures work with corporations to understand the complexity of startups and select the best approach for successful partnerships.

In our next webinar “Accelerating Food Industry Growth: The power of Open Innovation” taking place on May 21st, we will speak with pioneering companies in the Open Innovation space such as Mondèlez who will tell us all about their experience of working with startups and what they have learnt. Interested? Secure your place now and sign up here.

 

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