- Ganeden launches what it is calling and industry-first entrepreneur contest. Probiotic Innovation JumpStart invites scientists, entrepreneurs, and inventors to share ideas for probiotic food or beverage products at the company website.
- Three finalists will pitch their concepts to a panel of judges at the Institute of Food Technologies show in July, where the winner will receive $25,000 to utilize GanedenBC30 probiotics. The winner will also get guidance to develop and launch the probiotic product into the retail market.
- The program's intention is to cultivate probiotic innovation in the functional food and beverage market.
There is a growing demand for probiotic products, and according to BCC Research, the global market for probiotics ingredients, supplements and foods will reach $36.7 billion by 2018. Ganeden says recent consumer research found 70% of respondents would consume probiotics in a food or beverage product rather than a supplement.
Ganeden has helped hundreds of companies worldwide develop and market first-of-their-kind probiotic products. "The future of the food and beverage markets is functional foods, and we see this program as a huge opportunity to share our expertise and support the industry by helping others bring their ideas to life and onto shelves," says, Andy Lefkowitz, CEO, Ganeden.
In related startup news, earlier this week, AccelFoods, an accelerator focused on the food and beverage industry, launched a $20 million fund to provide capital assistance to startups from pre-seed through Series B stages. The first investments are in six companies and include makers of on-trend ingredients, which although may seem niche, are in high demand, according to The Wall Street Journal.