Necessity is the mother of invention, and as demand for plant-based products continues to rise, companies like Modern Plant-Based Foods are innovating to evolve the sector. Spurring this process, its portfolio company Modern Meat recently received a government grant for research and development costs toward its new vegan seafood project.
"We have had great confidence in our products since inception and it is amazing to see that the government shares the same outlook for our products. We are determined to continue forward with our business objectives and this achievement is a preview to our plans for 2023. Achieving government grants is not a simple process, and we have had to consult with industry contacts in order to successfully obtain these funds," said Avtar Dhaliwal, Chief Executive Officer. "This will alleviate the majority of overhead costs for the initial project, and the Company intends to continue using all resources possible to maintain efficiency to move forward with our growth plans, including the continual application for additional grants for future projects."
Modern has been in the research and development phase with the co-packer for several months, a release stated. This has been to ensure the facility is able to produce the quality needed for the supplier’s offerings, specifically for unique items like its Modern Crab Cake.
The IRAP Funding that Modern Meat received contributes up to 60–80 percent of internal technical labor and subcontractor expenses toward a specific innovation project. This organization provides funding to incorporated, profit-oriented, small or medium-sized businesses with 500 or fewer full-time equivalent associates that plan to pursue growth by developing and commercializing innovative, technology-driven, or improved products.
With this new funding, it is only a matter of time before Modern Plant-Based Foods’ vegan lineup takes to retail. Will your store be one to carry the innovative offerings?
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