12:30pm - 1:00pm Using Data to De-risk Decisions: You Need a New Strategy for Food Innovation
Wednesday Oct 17 - Houo
The process of innovation in the food industry as practiced today is slow and costly, relies on instinct and guesswork, and creates a vicious cycle of reactive decision making based on quickly changing consumer preferences. Legitimately new and promising ingredient discoveries are getting increasingly rare, and consumers are more frequently rejecting the new in favor of the familiar, often for irrational reasons. Rather than carry on with more budget-busting searches for the next perfect ingredient, can we get smart about innovating using existing ingredients and methods? We’ll explore a different approach to food innovation that significantly de-risks those decisions by combining data with instinct, and examine past mistakes to learn from for future success.