EarlyBirds Writes About Transforming the Food Industry
Open Innovation Ecosystem creator EarlyBirds has published a post about how actionable innovation can transform the food industry. Technology has long had a role in transforming and modernizing the agriculture and food industries, allowing them to produce more food while enhancing sustainability goals and finding greater efficiency. This has resulted in the growth of investment in FoodTech, driven by digitalisation across the food and agriculture industries and fueled by new consumer demands. The intersection is between food, which is essential to all human life, and the technology specifically designed to improve agriculture, food production, the supply chain, and distribution channels.
A 2021 Foresight report from Lux Research suggested, “Digital tools are key to weathering disruptions in the food and agriculture value chain. The agrifood ecosystem is experiencing a phase of rapid, intense change, where most of the growth in the space in recent years has gone to companies outside the top 20 players. As smaller and more agile brands meet consumer demand for personalisation, larger brands will need to look for innovative solutions to regain lost ground and get ahead.” (Quote from Joshua Haslun, PhD and senior analyst at Lux Research). This means that larger companies, that may have a more established market share and customer base in the food industry, will need to adopt new ways of working and be open to new technologies if they are going to stay relevant in the food industry.
The pandemic uprooted many of the established patterns in the food industry after restaurants were forced to close for 'in-house' dining for an extended period of time, and many people had to contend with cooking at home far more than they were used to. This raised demand for creative solutions to make cooking at home easier for everyone, and kick started a wave of innovation trends that continue to shape the industry. As the population becomes more concerned about climate change and food waste, companies will have more incentive to find innovations that will allow less food to go to waste and end up creating methane in the landfill. Supply chain challenges and increased consumer awareness about where their food comes from means technologies and programs allowing people greater access to locally produced food can help both consumers struggling with rising food prices and farmers who are taking home less and less money than ever after covering their costs of operation. These are just some of the trends likely to be shaping the food industry in 2022 and beyond.
Large companies in the food industry will want to adopt a range of technologies to address FoodTech challenges that cover things like raw material acquisition, processing, improved food safety, efficient production processes, supply chain management, and meeting sustainability goals and Net Zero energy and waste targets. Additional disruption from robotics and automation and increased consumer demands for the freshest produce and better visibility of the food supply chain is resulting in changes and a need for innovation to solve the problems of today with a modernized food and agriculture industry.
Companies in the food industry that want to get ahead of the changes in the food and agriculture industries can use EarlyBirds’ Open Innovation Ecosystem to find innovators and subject matter experts who can help them solve their business challenges with creative solutions without wasting time in complicated procurement process that can take ages. EarlyBirds also has their Explorer and Challenger programs which go further to connect companies with the people they need to help them innovate their products, systems and company processes, whether they’re looking for ongoing solutions or assistance solving just one technical or business challenge at a time. Those interested in finding out more about what EarlyBirds can do for them can visit the company’s website at earlybirds.io to find out about all of the many industries their platform serves, and how working with innovators to adopt new technologies can help their company thrive.
For more information about EarlyBirds, contact the company here:
Mr Kris Poria and Mr Jeff Penrose
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