Finding the Next Great Food Product

9/28/2016

The rules have changed. Gone are the days that big food would set up super product development departments and churn out hundreds upon hundreds of new foods to present internally to brand managers, sales folks and CEOs. Some passed the tests and made it to market. But too often, even those failed. The odds for success are unfavorable. Out of an estimated 15,000 new food and beverages introduced each year, far fewer than 10 percent actually make it to the shelves.

Which is why food companies have shifted their approach and set up fully funded food incubators to find the latest and greatest from others outside their four walls.

A new incubator from Chobani earns our respect. They promise serious financial resources, mentorship and programming – without anything in return. The company won’t take a stake in any of the startups, unlike the model that other food companies have followed. Here’s the deal: You have to be a natural food company. According to GrubStreet, Chobani will select six to eight startups for a six-month incubator, which runs from October to March 2017 and includes a $25,000 grant, travel and hotel expenses, and equity-free capital. At the end of the incubator period, the brands will be showcased at Expo West. The incubator is housed at Chobani’s Soho New York City offices, coupled with programming at their manufacturing facilities. The educational courses include branding and marketing, nutrition and labeling, and food quality and safety.

Interested? Log on to the incubator website’s application page. Fill out the form and explain your vision, product and company team. Good luck. And don’t forget to send me your product for review on Phil’s Food Reviews.

Chobani has a longtime charitable history in doing good. Hamdi Ulukaya, the founder, donated $700 million to refugees, and the company gives 10 percent of its profits to charity and invests in the communities they serve. He also gave his full-time employees ownership in the company. This just seems like the next step for a company that wants to do good and change the food world for the better.

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