At the recent 2-day Future Food Tech Summit in San Francisco, our very own Lauren Abda, Founder & CEO at Branchfood, and Tara Levine, Senior Advisor at Branchfood, joined forces with over 1700 global leaders from 52 countries to discover the latest industry trends, witness incredible start-up pitches, indulge in live cooking demos, and sample innovative products.

This year’s Future Food Tech Summit highlighted the increased need for food tech companies to open up a transparent line of communication with their consumers. Elucidating the benefits of these technologies in addressing consumer needs and mitigating the challenges of our industry is crucial to achieve mainstream adoption of tech-enabled food and beverages, especially as we see improvements in taste and texture of alternative proteins, for example. In the corporate world, balancing renovation with innovation remains a challenge as consumer demands evolve and executives strive to build successful businesses of tomorrow. Collaborating with startups, understanding how novel technologies fit within existing/new business models, and partnering with venture funds would all help alleviate this challenge.

FoodTech advancements are bridging the upstream and the downstream 

If one thing is clear from attending the Future FoodTech Conference each year, it is that foodtech companies, big and small, are increasingly aware of the relevance and power of consumers in ensuring the long-term viability of industry innovations. Consumers have high expectations for products available today - they need to be sustainable, environmentally friendly, offer superior nutrition, offer functional benefits - and the pressure these demands are having on the food system is necessitating supply chain adaptation and change faster than ever before. As we continue to navigate what science can make and what consumers will buy, remaining connected to consumers for iterating and feedback is more important than ever.

FoodTech companies are focusing significantly more attention on consumers, and the product taste and texture show a corresponding improvement.

Science can increasingly make what consumers want to buy, across produce, meat, poultry, seafood, dairy, and sweets. We joined significantly more discussions focused on consumer needs rather than on technology and pricing. We also saw greater awareness of the need to communicate benefits to consumers, rather than technologies. Food is an emotional experience and foodtech growth is dependent on finding a way to consumers' hearts, not just their heads.

Corporate leaders across the food supply chain are grappling with the need to create their "tomorrow" business while they execute against their "today" business.

Virtually every conversation with a company executive highlighted the challenge of delivering the business that they currently have, while allowing innovators to have the resources, time and attention to test and scale future businesses. This includes food and beverage corporations, as well as retailers who are on the front lines of supporting new food technologies while meeting changing consumer demands. A key part of this work is a successful corporate-startup partnership model, like the ones we use used by our Branchfood clients, which is increasingly collaborative and learning-oriented for both parties.

Corporate investment is shifting from direct investment in startups to fund investment providing greater diversity and industry insights.

Direct investing is challenging, particularly given the headwinds of the macro environment and CVCs are increasingly attuned to the uncertain probability that any one company will achieve the financial returns they seek. Leveraging venture funds is the latest focus across CVCs that are looking for greater diversification and superior financial returns, but also insights and startup activities that can inform the innovation team and base business at large. With this focus, investment is shifting from downstream consumer products to enabling technologies.

At Branchfood, we assist corporate leaders with their innovation goals, informing their multi-year growth strategy and immersing them in the world of emerging technologies. From strategic startup introductions and exclusive innovator gatherings, to roundtable discussions with experts in a priority topic, organizational structure support, and thought leadership opportunities, we help you drive positive change within your organization and successfully scale future businesses for the betterment of the industry.

Innovators across the global food supply chain partner with us to gain customized insights, a curated community, and strategy support. You can be one of them. Reach out now to accelerate your growth!