The food tech industry is taking off, especially when it comes to time and convenience. What are people looking for and which type of companies are investors interested in?
According to a recent article on cbinsights.com, the food industry is really taking off with startups and investors, with the most popular being those companies offering the most convenience and the shortest waiting times. This is generally regarding online food delivery and restaurant services, but also includes some companies trying to make nutritious food more common and easily available, such as Soylent, offering easy-to-prepare food (ready in minutes), great prices and all the nutrients you need. They even deliver! At the moment, they are top in convenience and time, which is making them extremely popular with individuals and investors.
Online food delivery and new products often take a while for people to try and get used to. This is why time and convenience are such important factors in these startups. People have to know the benefit to themselves for trying a new product. New services and foods have to be better than what we currently have in order to succeed.
If a delivery company for groceries can only deliver to my area on certain days, that isn’t convenient for me. If I have to seek out nutritious food or use several devices to prepare them, this is also not convenient.
In this Internet age, we want things quickly. Also, with the world opening up, our tastes are more varied and cultured and if we plan to spend money, it needs to be the best in flavor and presentation. There’s too much competition to let any of these things fly by the wayside. The companies who work hard on all aspects are obviously the ones most likely to succeed and to get investors. Some examples of successful food startups, according to the cbinsights.com article, are Munchery, SpoonRocket, and Sprig. Muchery offers fresh ingredients and prepared meals right to your door. SpoonRocket offers fast delivery of fresh food ingredients, and Sprig offers freshly prepared meals delivered within 15 minutes. These companies have the right formula and know what the people want.
The competition is high for customers and investors, but if you have the right “ingredients” (fast, fresh and convenient), you might have the key to a successful food startup.
Heather Jonasson is an authentic Texas girl, who values her time and isn’t the best cook in the world – thus an excellent candidate for food delivery. She is the twitter expert at Feeding The Accelerator. You can follow her at @FeedAccelerator and @heatheraudrey