How Nestlé is Leveraging Open Innovation
To get some fresh thinking from outside the company food giant Nestlé USA launched the Terra Scheme last year. This is an open innovation accelerator program that supports start-ups in the food and agricultural sectors and may lead to new products and brands to keep up with consumer demand.
Now the multinational has revealed that as part of this program it is working with three start-ups focused on plant-based nutrition, simple labels and fresh ingredients.
The three companies are:
- A manufacturer of cold-pressed juices, dips, spreads and salad dressings.
- Miyoko, a company that makes vegan cheese and butter from plants.
- Jacksons Honest, a company that produces tortilla chips and potato crisps.
"These companies represent the future of food," said Ashlee Adams, Nestlé head of open innovation. "Our open innovation efforts are focused on meeting companies where they are in their stage of growth and designing win-win partnerships that accelerate that growth.
"We look forward to working with these companies to share learnings, develop new capabilities and create something better together as we bring people more options in categories that are in high demand – healthy snacking and plant-based foods."
Swifter Responses to Consumer Shifts
In recent times - according to reports - Nestlé has come under increasing pressure to overhaul its business and respond in a much quicker way to shifts in consumer behavior.
The multinational is therefore hoping that through its open innovation activities and approaches it will be able to achieve a number of objectives related to what it is able to offer consumers. These include breathing new life into base brands, launching new products quickly via internal incubation models and forming strategic partnerships with emerging growth brands. The aim is to create a win-win-win scenario for the company, its open innovation partners and consumers.
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