Culinology - June 2019 - 16

BUSINESS trends

"Truly
buzzworthy
products combine
great passion,
purpose and
remarkability."

launched by Kellogg
Co., Battle Creek,
Mich., also participated
in the recent funding round
for MycoTechnology.
John Haugen,
"MycoTechnology's innovative
Founder/ Managing Director,
organic technology addresses
301 INC.
growing consumer demand for
products focused on health and susBeyond Meat tainability, and Kellogg is excited to continue
manufactures to partner with the company in a number
plant-based meat of ways," said Gary Pilnick, vice-chairman
alternatives with the of Kellogg.
taste and texture
of conventional A showing of support
products.
Another packaged food brand keen on
supporting start-ups to solve industry challenges is Chobani, Norwich, NY. Barely a decade ago, Hamdi Ulukaya sold his first cup of
Greek yogurt and helped create a multibilliondollar category in the United States. Today,
the founder and CEO of Chobani is helping
others launch food businesses through the
Chobani Incubator.
However, unlike traditional investment
models, Chobani receives no equity in exchange for its investments. Mr. Ulukaya
views the project as an opportunity to "pay it
forward" to other up-and-coming brands in
the industry.
"Our selection criteria for the Chobani
Incubator revolves around 'DNNA,' which
stands for 'delicious, nutritious, natural and
accessible,'" said Zoe Feldman, director of
Chobani Incubator. "Chobani was built on this
idea of democratizing food; making it better
for you and more accessible and affordable,
and we want to help smaller companies that
share our mission achieve their goals."
Launched in 2016, Chobani Incubator
provides $25,000 grants and three to four
months of on-site mentorship programming
with company employees and executives,

16 |

Culinology | JUNE 2019

food industry
thought leaders, retail
partners and program
alumni. Participating
companies have included
Banza, a maker of chickpeabased pasta; Misfit Juicery, a
brand of beverages made with
imperfect produce; and Snow
Monkey, a producer of plant-based
frozen desserts.
"When it comes to the product attributes, we look for entrepreneurs that create
natural foods that share in Chobani's DNNA
and have solid growth potential over time,"
Ms. Feldman said. "The Chobani Incubator is
interested in all categories."
The latest cohort includes The Meat Hook,
a whole-animal butcher shop that sells meat
from farms using regenerative agriculture
practices; Cannonborough Craft Soda, a
brand of sparkling beverages made with
fruits, herbs and spices; and Afia Foods, a
mission-driven maker of frozen falafel and
kibbeh, among others.
"The market is extremely crowded, with an
influx of capital that has entered the packaged food industry over the last three to five
years," Ms. Feldman said. "It is a very exciting
space, and I'm encouraged by the landscape
because so many new companies are bringing exciting innovation to the food and beverage space."
301 INC, the venture and business
development unit of General Mills, Inc.,
Minneapolis, seeks to support companies
that "obsessively put consumer needs first."
Consumers are looking for convenient, nutrient dense foods that may meet a custom
wellness need, such as vegan or plant-based
protein to help fuel a workout, or a probioticsrich snack to promote healthy digestion, according to 301 INC.
"Truly buzzworthy products combine great
passion, purpose and remarkability," said
John Haugen, the founder and managing
director of 301 INC. "We are experiencing the
biggest generational transition in food brand
preferences in our lifetime; we'll look back on
this 10 years from now and remember what
an amazing time is was to be in the food business. We all have a responsibility to take great
ideas and work together to bring them forward, wherever you sit in the ecosystem." *

Culinology - June 2019

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