Food Business Incubation Background
Business incubation is a globally proven model for accelerating the successful development of start-up companies, by providing entrepreneurs with an array of targeted resources and services. The National Business Incubation Association (NBIA) (www.nbia.org) estimates that there are about 7,000 business incubators that exist worldwide, however only a very small percentage (an estimated 1-2%) focus on the food industry.
Food business incubators, however, have a number of unique challenges. Collectively, our clients include startup food companies and entrepreneurs, farmers, agricultural cooperatives, farmer’s markets, retail and foodservice establishments, raw material and ingredient suppliers, and domestic and international food processors. Our clients need:
- Information on business planning, market research, capital access, corporate governance, local/state/federal regulatory and permitting requirements, product and process development, food technology selection, food safety and HACCP systems, nutrition labeling, packaging, marketing and sales strategy, distribution channels
- Training and workforce development on best practices in quality assurance and food safety
- Assistance in development of value-added differentiatedproducts, in order to compete in an increasingly complex retail and foodservice environment, which is undergoing significant industry consolidation
- To reduce startup expense associated with new product development, equipment costs, and market entry
- To safely and legally produce products in an FDA, and potentially a USDA inspected facility
Business incubators and innovation centers provide the solutions that our clients need, but the amount of expertise that is needed to manage these programs is significant. Hopefully, FoodBIN will be of value to your new or existing incubator program.
