The California Milk Advisory Board (CMAB) announced that it will be setting off on a quest. A quest for innovation, that is. For the fourth year in a row, the Board will be hosting its annual dairy innovation competition, Real California Milk (RCM) Excelerator, created in partnership with VentureFuel. This competition will seek to bring a new, expansive focus to accelerate any dairy-based product and will award up to $500,000 in prizes.
"Real dairy provides a package of functional and practical benefits that's hard to replicate. We're seeing an increase in unique products that leverage these benefits emerging in the market. By expanding the competition to all new dairy-based products, versus a specific category, we're creating more opportunity to make a meaningful difference in consumers' lives and in the utilization of milk from California's family dairy farms," said John Talbot, Chief Executive Officer of the CMAB. "With the Excelerator platforms we've established over the past four years, we will be able to support companies as they innovate and establish these products in the market."
The 2022 Real California Milk Excelerator encourages open innovation and for participants to tap into dairy's versatility when it comes to benefits and functionality, a press release stated.
This competition will select eight early-state, high-growth potential applicants with a 50 percent cow's milk-based product or working prototype to join the RCM Excelerator program. Each will be given a stipend and network of resources to help refine and scale their product and business. They will also participate in the CMAB/VentureFuel Mentorship Program offering counseling from successful founders, investors, executives, and experts.
"Each year, we tap into our global network of investors, founders, academics, and idea generators to maximize collective opportunities," said Fred Schonenberg, Founder of VentureFuel. "Innovation continues to accelerate in product volume and the speed from idea to market. Now, we are matching the most promising companies with capital to be deployed intentionally, and with significant near-term, tangible impact."
This year, up to four of the eight participants will walk away with $50,000 to grow and expand their product in California. One of the companies will earn an additional $100,000 grand prize by establishing its presence in the state and exhibiting the most promising growth within the 12 months after the finals.
To learn more about the competition and to apply, click here. The deadline is July 17, 2022.
Who will end up taking home the prizes in this exciting competition? Stay tuned to Deli Market News to find out.