What does it take for a foodtech startup to successfully partner with a major CPG or ingredient company? Innovation leaders from Danone, Nestlé and Ingredion Incorporated joined a MISTA virtual panel that I moderated last month to share their perspectives. Key recommendations were:
- Get to know the innovation strategies of a potential partner: Food and beverage companies are looking for technologies that are particularly relevant to their strategic initiatives. This information is readily available on company websites or in news announcements.
- Look for the sweet spot: Having an existing commercial or brand need can accelerate organizational engagement. Pitching partners should listen for the topics and needs that their potential partner is looking to address.
- Set realistic expectations: Development timelines for products made with emerging technology can take years, especially in Europe. Constraints such as volume considerations and people resources should be addressed early. Having candid discussions throughout the pitch or collaboration process is essential.
- You need buzz: Create the right "FOMO" in the ecosystem for new technology in order to advance innovation and drive adoption. Don’t go it alone. Work with organizations like MISTA or conveners of food systems or technology innovation events or roundtables to work shoulder-to-shoulder with leaders who share a common vision. Also, consider crafting a thought leadership or stakeholder engagement strategy with a messaging consultant.
All-in-all, greater communication and alignment will ensure more timely and meaningful innovation gets to store shelves and restaurant tables.