Snackcelerator 2020 launched in California
With $450,000 in awards, the Real California Milk Snackcelerator taps into the $605bn global snack food market. The competition aims to inspire innovation and investment in dairy-based snack products, packaging and capacity within California by connecting the dots between processors, producers, investors, ideas and entrepreneurs.
Research shows that consumers are snacking more than ever before. According to Mondelez International, 59% of adults worldwide prefer snacking to meals, with that number increasing to 70% for millennials.
“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,” said John Talbot, CEO of the CMAB.
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.
“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 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 startups will receive $10,000 worth of support each, to develop an edible prototype, while receiving resources including graphic design, lab or kitchen time and 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.
Competition rules and application documents are available online and the deadline for entries is August 28, 2020.
