Plant-Based Entrepreneurship and Innovation

This issue of?Social Innovation?is focused on the growing trend of innovations and entrepreneurship in the plant-based sector, which is one of the most interesting themes I have learned about during my research for?Better Business: How the B Corp Movement is Remaking Capitalism, and the more recent articles I have published on?Forbes?and?Medium.

Overall, the social entrepreneurs I have met during this research are creating some of the most innovative and creative businesses I have encountered in my 20-year career as a business school researcher and in these newsletters, my goal is to connect the dots between the different innovative and influential practices I have been seeing.?

Thank you for reading! Future issues of the newsletter will focus on topics such as new human capital strategies, universal ownership, and supply chain environmental management. Please let me know if there are other topics you know of that I should investigate!?

The Opportunity of Plant-Based “Better Businesses”

The success of companies like Impossible Foods and Beyond Meat has drawn significant attention to the plant-based protein sector. For instance, recently?Bill Gates said?that because of the climate effects of beef production, wealthier countries should completely shift to plant-based synthetic beef.?

This movement signals a significant shift in the way people are eating and understanding the relationship between their food choices, their own health, and the health of the planet at-large. As we learn more about the impact our dietary choices have on the resources that sustain us—water, land and climate—opportunities for companies that specialize in plant-based products have opened up. In March 2020,?over 9.7 Million Americans?reported following plant-based diets, compared to just 290,000 in 2004. And since March 2020, over 2 million new shoppers in the plant-based category have created a massive demand for innovative products that speak to their needs—better-for-you, convenient, plant-based alternatives that fuel a healthy lifestyle. The plant based protein market is?projected to reach $15.6 Billion by 2026.

Entrepreneurs at the Forefront

I have interviewed many entrepreneurs who have sensed this opportunity and created unique businesses. For instance, I recently talked to Jenny Goldfarb, founder of?Unreal Deli, which produces vegan Corn’d Beef, Roasted Turk’y and now their brand-new Steak Slices. She was was recently on Shark Tank and received a $250,000 investment from Mark Cuban who commented “Every great company starts with a great CEO, but needs great products to really succeed. Unreal Deli has both.” You can read my Forbes interview with Jenny?here.

Another example is Brad Charron, CEO of?ALOHA,?an employee-owned plant-based food company that also prioritizes creating the healthiest products possible. As Brad told me when I?interviewed him for Forbes:“We only do plant-based, only high protein/low sugar, only USDA organic, Non-GMO Project Verified, gluten and soy free, only premium ingredients, no sacrifices, no shortcuts, no trade-offs, no bullsh*t. From the ground up, this is a company constructed around good, healthy, plant-based food.”?

It is important to recognize that this movement is not just about vegetarians and vegans. For instance, Sam Dennigan, founder and CEO of Irish plant-based food company?Strong Roots?who?told me that is a focus of his venture, “we believe that better food should be available to everyone. We’re not looking to only feed vegans or strict plant-based practitioners that can afford a premium. We want to be a brand for everyone- our recent expansion into Walmart means we’ll be bringing our plant-based range to aspiring flexitarians, families looking to make dinner healthier, and the everyday consumer, as well as vegans.

Global Changes for the Planet

This trend is thus truly a global phenomenon. On my?China-focused podcast China Corner Office?for instance, I interviewed Tao Zhang, the co-founder of?Dao Foods International, a cross-border impact venture that invests in eco-friendly, plant-based, and alternative meat in China. Tao discussed why the plant-based sector is essential for China’s environmental future, the innovative products of the companies Dao Foods invests in, and the growing acceptance of these foods among the younger generation of Chinese consumers.

And another example of the global reach of this trend is vegan meal kit brand?Simple Feast?who aims to address the massive environmental impact of meat production by championing regenerative farmers and focusing on waste minimization. The company was founded in Denmark and?I recently interviewed CEO?Jakob J?nck, right before they entered the US market.?

It is clear that one company can have a big impact. For instance, Simple Feast calculates they save 2,235 lbs of CO2 and 60.5 gallons of water per meal compared to an average meat diet. Based on these figures, in January, 2021 alone, the company helped save a total of 13,362,147 gallons of water and 493,341 pounds of CO2.?

Imagine the impact if we all ate more plant-based meals!

Please Stay in Touch!

Thanks for reading and don’t hesitate to be in touch with any comments, suggestions or questions!

If you are interested in keeping up to date on such innovations, please check out my regular articles on?Forbes?and?Medium.