Innovation brings new ideas to the table, and the California Milk Advisory Board (CMAB) is hoping to continue that inventive spark with its Real California Milk (RCM) Excelerator event. Taking place October 26–27, CMAB is hosting the virtual semi-finals for its third dairy product innovation competition partnership. Tapping innovation consultant company VentureFuel, the dynamic duo brought 12 entrepreneurs together to pitch their functional dairy products for a chance at a slot in the final competition.
“This is where it all comes together. Our finalists have honed their pitches and will be putting it all on the line to showcase how their products best integrate the natural ingredients, flavor, and nutritional profile of milk and other dairy products to deliver a functional benefit to consumers,” said John Talbot, Chief Executive Officer of the CMAB. “We are excited to see any of these 12 innovative products make it to the final four.”
The 2021 Real California Milk Excelerator taps into the thriving functional foods market—a market that has grown significantly over the past year and is projected to reach over $275 billion globally by 2025 and focused on early-stage, high-growth companies with a cow’s milk-based product that plays a critical role in personal performance and/or recovery, stated the release.
Semi-finalists are competing in four virtual events, leading to the November 18 virtual finals where the first place Excelerator winner will receive up to $150,000 worth of additional marketing support from CMAB to accelerate their product growth in the marketplace. Second place will receive $100,000 of marketing supports from CMAB. The total value of the competition prize accumulates to $650,000.
VentureFuel helps run the program and identified and recruited applicants from its global network of investors, founders, and academics. Semi-finalists receive a $10,000 stipend and support to refine and scale their individual business as well as group resources including the development of sales and marketing tools and a virtual master’s class of mentor and support sessions to refine products, create marketing tools, and hone their presentations for the semi-finals.
“How do you determine if a startup has breakthrough growth potential? You look to see if retailers will shelve it, if consumers will buy it, if reporters will write on it, and if investors will invest in it. Each of our judges has unique vantage points on what’s next that, when combined, gives us a holistic view on what will succeed tomorrow,” said Fred Schonenberg, Founder of VentureFuel.
At this year’s event, 18 industry leaders ranging from Bristol Farms, Mondelēz International, CMAB, and more comprise the 2021 RCM Excelerator mentor team. The judges for the RCM Excelerator semi-finals feature 15 professionals across several sectors from companies like Hershey’s, Nestlé, PepsiCo Ventures Group, and more. This edition’s semi-finalists include:
Four finalists will make their way to the live, virtual final pitch on November 18 before a team of judges representing media, retailers, CPG food and beverage brands, investors, and e-commerce platforms. The final event will be broadcast live for public viewing and will feature eight judges from My/Mochi Ice Cream, Albertsons Companies, 1-800-Flowers.com, Whole Foods Market, and more.
To learn more about the finalists, judges, and the event itself, click here. Registration is still available here, so make sure you get your spot to witness the next all-star product be born!
Deli Market News will keep an eye on the wire, so keep checking back for updates in our industry.
