Global snacking obsession drives California Milk Advisory Board’s second dairy product startup competition
The California Milk Advisory Board (CMAB) announced today the return of its dairy product innovation competition with the launch of the Real California Milk Snackcelerator to inspire new ideas integrating the flavor and functionality of California dairy into snack formulations that meet the needs of today’s consumers.
Research shows that consumers are snacking more than ever before. According to Mondelez International2, 59% of adults worldwide prefer snacking to meals with that number increasing to 70% for millennials. The Real California Milk Snackcelerator aims to uncover healthy, natural options to satisfy these cravings.
“Dairy and snacking are natural partners. Not only do dairy foods make the perfect snack on their own, the flavor, nutritional profile and functionality of milk and other dairy products as ingredients are hard to duplicate. As consumers look for snacking options with natural ingredients that deliver something extra – whether a specific flavor profile or a boost of quality protein or other essential nutrients – product developers appreciate what dairy brings to the table,” said John Talbot, CEO of the CMAB. “The goal of this competition is to tap into our global obsession with snacking to inspire new ideas and help clear the hurdles to bringing these products to market.”
The inaugural Real California Milk Accelerator event in 2019 brought nine innovative fluid milk startup finalists to a live pitch event and built the model for dairy product competitions. The 2019 winner, Bears Nutrition, will launch its ready-to-drink milk-based nutritional shakes for children at retail test markets this fall along with companion “Immunity Nourishment” and “Brain Booster” milk powder-based nutritional shake mixes online.
Through the Real California Milk Snackcelerator, the CMAB is seeking high-growth potential snack product concepts, with cow’s milk dairy as their first ingredient and making up at least 50% of their formula. The startups will need to commit to producing the product in California, with milk from California dairy farms, should they win the competition.
Up to eight (8) startups will receive $10,000 worth of support each, to develop an edible prototype, while receiving a suite of resources including graphic design, lab or kitchen time and elite mentorship from global marketing, packaging, and distribution experts. They also will receive a business development trip (or virtual equivalent) to tour dairy farms and production facilities and to meet with industry leaders to help drive success of their new venture. The winner will receive up to $200,000 worth of additional support to get their new product to market. The value of the competition prize is $450,000.
VentureFuel, Inc., the leading corporate innovation consultancy, is again partnering with CMAB to run the program and to identify the best emerging opportunities from their global network of investors, founders and academics. “Our first program with CMAB proved the value of marrying innovation and dairy as we were able to bring delicious and diverse products to market quickly, while providing founders unprecedented mentorship and access to accelerate their success,” said Fred Schonenberg, Founder of VentureFuel, Inc. “CMAB’s continued commitment to product innovation now will inspire great new snacks for consumers to enjoy and further increase the demand for California Dairy.”
Competition rules and application documents are available at https://www.venturefuel.net/snackcelerator and the deadline for application is August 28, 2020.
About Real California Milk/California Milk Advisory Board
The California Milk Advisory Board (CMAB), an instrumentality of the California Department of Food and Agriculture, is funded by the state’s dairy farm families who lead the nation in sustainable dairy farming practices. With a mission to increase demand for products made with Real California Milk, the CMAB is celebrating 50 years promoting California’s sustainable dairy products in the state, across the U.S. and around the world through advertising, public relations, research, and retail and foodservice promotional programs. For more information and to connect with the CMAB, visit RealCaliforniaMilk.com, Facebook, YouTube, Twitter, Instagram and Pinterest.
VentureFuel helps established companies around the world unlock growth and discover efficiencies by partnering with emerging startups and breakthrough technologies. Our innovation programs solve specific challenges with tangible results, discover first-to-market opportunities and help large organizations develop a repeatable innovation mindset. We are 100% independent, sourcing from our global network of the best investors, scouts, founders and academics. Learn more at: www.venturefuel.net, Linked-In, Twitter and Instagram. You can hear The VentureFuel Podcast on Apple, Spotify or Messy.