Read Lauren's Interview from the 6th Annual Industrializing Cultivated Meat & Seafood Summit
Following the highs of 2021 and 2022, the past 2 years have presented funding challenges for cultivated meat and seafood. Why are you still confident of its potential in the future of food?
Push and pull forces are undeniable in the cultivated meat space and are necissitating change in how protein is manufactured. Though recent challenges in funding cultivated meat advancements are very real for pioneering companies, it doesn’t mean this method of protein production isn’t viable, scalable, or better, for a whole host of reasons.
The growing appetite for food that ensures environmental sustainability and agricultural land conversion, supports animal welfare, and reduces antibiotic use, are key priorities for governments, industry titans, and consumers alike. Food, agriculture, and climate change are inextricably linked, and not only is the sector one of the largest contributors to greenhouse gas emissions, but conversely, climate change will have a detrimental impact on food production in many regions of the world. Today, we have the technology and tools to produce food differently, more sustainably, more efficiently, and in ways that consumers are open to. Research has shown that consumers are willing to try novel proteins, and decades of behavioral science show that there is promising potential if the introduction of such proteins is done with care and consideration.
I am 100% confident that consumers will be eating, and enjoying, cultivated meat, and other cultivated foods, in the future. It is going to take time though, and perhaps longer than environmentalists or investors would like, for this new industry to reach a meaningful scale, but how exciting is it to watch a whole new sector in the food industry develop in our lifetime?
The Branchfood community can use code BRFICMS10 for 10% off ticket prices.
Do you feel there is a disconnect between food techs and investors? If so, how can this be overcome?
The global food industry is complex. There are aspects of it that are outdated and others that are incredibly efficient. Some processes make sense, while others are ripe for disruption. The whole system is intricately connected to ensure that food grown around the world makes it to consumers, who in many cases, live thousands of miles away from where that food was harvested or produced. Changing any one part of a $10 trillion industry built to serve the 8.1 billion people living on our planet today takes more than an idea and a minimum viable product. This complexity, scale, lack of certainty, special interests, and the pressure of time have resulted in a more complex path to success than the traditional venture capital investment community is used to, or comfortable with. We’ve found that developing a strong conviction in making an investment in foodtech requires as much knowledge of industry trends, technical advancements, and consumer psychology, as it does confidence in the capabilities of the founding team. Successful companies don’t just happen, they are built, and we’ve found that to ensure meaningful progress on the path to success for entrepreneurs and investors alike, both must be laser-focused on developing a strong value proposition, maintaining consistent communication, and being forthcoming with expectations.
From your perspective, what is the most commercially viable go-to-market strategy for cultivated meat and seafood products?
Longstanding behavioral science shows that people are skeptical, and even fearful, of new foods. Approaching the introduction of cultivated meat to the masses will take a multi-pronged strategy to ensure all stakeholders in the food supply chain are on board. From leveraging science and technology to ensure taste, texture, and mouthfeel are at parity with consumer expectations, to commuting the benefits of this method of protein production, and working with skilled marketers to address any consumer concerns will all be necessary.
A phased approach targeting high-end restaurants and specialty food markets initially can create a premium brand image and generate buzz. As production scales and costs decrease, brands might expand into retail and broader foodservice channels and partner with established food brands. The more companies that achieve market penetration, the greater the groundswell effect will be for the entire industry. At the end of the day, people need to just try it! Finding ways consumers can try it, even for free, will be critical to overcoming the barrier of purchasing for fear they won’t like it and their money will be wasted.
What is the benefit of investing in early-stage start-ups?
Investing in disruptive products, technologies, and services poised to transform the global food industry offers the potential for impact and significant returns to investors, particularly ones that invest at the company’s earliest phases of development. Early-stage startups often have the potential for rapid growth. If the company succeeds, early investors can see substantial returns on their investment, often much higher than more established companies. Investing in early-stage startups can also be a way to support innovation and new ideas.
This can be personally rewarding and align with the investor’s values or interests and we often see this among investors in our community. Despite the benefits, it's important to note the risks involved. Startups have a high failure rate, and it's possible to lose the entire investment. Therefore, it's crucial to conduct thorough due diligence and consider these investments as part of a diversified portfolio to ensure impact and a strong return on investment is reached.
What are you hoping to get out of the 6th Industrializing Cultivated Meat & Seafood Summit this August?
Success of the cultivated meat and seafood industries will take a community, and I’m looking forward to meeting and collaborating with that community at the Summit. This sector is evolving quickly and the event offers a great opportunity to hear about the latest technological developments, regulatory updates, and commercialization strategies companies are thinking about for the future. Also, as a Boston-industry enthusiast, I’m looking forward to speaking about, and hearing from, my local collaborators on their great work leading the future of cultivated protein.