To stay competitive in today’s market you have to stay on your toes. For many of our industry’s food giants, this means upping the ante on innovation and shaking up old product lines. Nestlé is just one of these food giants implementing a new strategy to make sure it keeps up in an ever-evolving market.
Specifically, the brand monger has created a new company structure—very much like what popular television show Shark Tank has dubbed a “shark tank”—in which employees can apply for funding to develop new products. Startups and even students can also partake in Nestlé’s new shark tank format by collaborating with the company’s internal science and resource teams.
“We’re inaugurating three accelerators this year, one in each geographical zone, and are working on two others as well. We should have five to six at the end of the year,” said Stefan Palzer, Chief Technology Officer, according to Reuters. “We already launched 10 products in this way. In 12 months, we want to see a launch, that’s the only condition.”
One product that has come about because of this strategy is Nestlé’s plant-based burgers, an innovation that is definitely trendy and different from some of the brand’s more traditional products.
What other new products will Nestlé debut as a result of its latest strategy? Only time—and Deli Market News—will tell.