Open Innovation refers to the relationship that exists between startups and corporations in order to accelerate innovation within companies and to react in a more agile and efficient way to meet the needs of end consumers. This innovation allows for the generation of high value since it offers a different competitive advantage compared to other companies that simply operate on their own terms with a closed business vision.
Open innovation is a formula that is gaining increasingly more strength and traction as a model for attracting talent, technology and disruptive business models. By embracing open innovation companies can tap into new powers to transform their organizations, chasing objectives that would otherwise be unattainable without the use of these methodologies.
One of these methodologies is what we call Corporate Venturing, the streamlining of innovation processes within larger corporations, through the introduction of agile startups in the development of new products. It offers larger teams the opportunity to closely understand the needs and demands of consumers and provide untouched know-how for a more flexible and efficient adaptation to said needs, in both production and distribution capacities.
We held our own webinar on Open Innovation with our partners Eatable Adventures, who invited some of the leading companies in the industry such as Mondelēz International and Sainsbury’s. In the insightful webinar episode Gil Horsky, Innovation Director of SnackFutures from Mondelēz International, and Milena Lazarevska, Head of Future Brands at Sainsbury´s explained the advantages of working with startups from their direct experiences. Horsky acknowledged that “working with startups is very important,” adding that within the last few years it has been growing as a “top priority”. Lazarevska agreed, stating that establishing agreements with startups allows corps to gain a quicker turn around on product tweaks and consumer needs.
Watch the full video here.
At Food Entrepreneurs we understand the importance of open innovation and would like to delve further into this topic to gain even more insight into the impact of corps working with startups and vice-versa. Our partners at Eatable Adventures have the pleasure of working with two of the largest corporations in the food sector: Alianza Team® and Calidad Pascual.
Alianza Team and their experience in the lipids sector
Alianza Team®, a leading Colombian company in the food sector, is committed to the well-being and future of food and works to develop lipid-based food-tech products and solutions with high nutritional components for a range of food spaces like bakeries and restaurants.
Alianza Team® aims to nurture a better future and has established three main business units: Team Foods, Team Solutions and Breden Master. Located in Colombia, Alianza Team® also boasts a significant presence in Chile and Mexico while working on developing ambitious expansion to wider markets. They are currently launching their next mission in a call for projects; Hack the Food System, which focuses on seeking the most disruptive foodtech startups across the lipids ecosystem which are capable of providing innovative responses to the new challenges we face in the food system, including new processes and technologies for nutrition improvements, food functionality and production sustainability.
Alianza Team® invests in startups through albora ™; its corporate private equity fund.
Calidad Pascual: building the future of food
Calidad Pascual aims to “Give their all for the future of food”. A company with a strong family essence, led by solid values and a certain sense of transcendence, which provides consumers with food products and services that help improve the well-being of their society.
Pascual Innoventures is a Pascual Quality open innovation vehicle to immerse yourself in the entrepreneurial ecosystem and create alliances with startups that share their philosophy, all while anticipating global food needs. For them, this philosophy is fundamental, a culture that begins with the premise of creating value wherever they can. Its about giving the consumer a memorable experience and, at the same time, contributing to the survival of our planet.
*CALLING ALL SPANISH SPEAKERS* In Eatable Adventures next webinar “Accelerating the growth of the Food Industry: The power of open innovation”, which takes place next Thursday June 18th at 5:00 p.m. CET, we will be joined by Sejal Ravji, Open Innovation Director from Calidad Pascual; María Paula Ríos, Innovation & Strategy Director at Team Foods and José Luis Cabañero, CEO & Founder of Eatable Adventures, to share their companies experiences in open innovation.
Sign up here!