This is a special episode where I’ve had the opportunity for some students to ask me some questions. I’ve had many, but I chose these two episodes as great examples of the advice I give to students.
So first up is Weslie Khoo, a PhD student who wants to know more about Product Developemnt and stuff like that. I do my best answering them and talk about my experience.
List of questions
After you test flavors, do you launch all at once or one at a time?
How startups can collect market research
When am I sharing too much information before launch?
Why would you go with a copacker?
How to find copackers?
Why do grocery stores private label?
Do you argue a lot with copackers?
Is there anything between a copacker and a incubator?
What is a Pilot?
How to get Packaging
What startup resources do you like?
How do you get a product out there?
If you guys have any problems with the audio, let me know. Weslie’s audio is a bit hard to listen to, and if it bothers you, let me know through podcast@myfoodjobrocks.com or linkedin. I’ll have a replacement episode with my audio switched out.
Sponsor – FoodGrads
If you are even just a little bit interested in a career in food & beverage, you should join FoodGrads. It’s an interactive platform where you can hear about different careers, hear from your peers, have a voice and share your story as well as ask specific questions and get feedback from industry experts across the sector.
You can create a profile, add your resume and search for co-op, internships and full time opportunities just for Food Grads. Employers can find you too, they can recruit you for jobs and projects they need help with to give you the relevant industry experience you need.
Join FoodGrads today! Just go to Foodgrads.com
Sponsor – ICON Foods
Big announcement from our friends at Stevivia. They now go by ICON Foods and you’re seeing a rebranding in action which I find really exciting. Their vision is brighter, their strategy is stronger and their all-natural, clean-label product portfolio is ever growing. So why are they doing this? Even though stevia is an amazing product, there are just so many sweeteners coming up and it’s becoming a bit overwhelming.
Monkfruit, Allulose, Agave, you name it. This is what ICON Foods is here for: to help you find sweetener solutions so you can focus on other challenges in the product development process.
For more information, visit ICON foods at ICONfoods.com
Housekeeping
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Question Summary
Just collect data for sensory. More data the better
How do you know a product is good? Seth Godin: If ten people tell ten friends about your product, it’s a good product
Am I sharing too much information before launch?: You should be as transparent as possible, because people want transparency. If you put in more effort, then most people won’t copy you until you get big
Legal disputes can be important regarding how products work
Why would you go with a copacker?: Upfront cost of manufacturing is huge
When do you engage with a co-packer?: When you validate your product will work. One example is getting Whole Foods to demand your product, then you need to get product fast
Cottage Industry Permit
How to find copackers?: Word of Mouth, Google, some websites do this, Copacker websites suck, go to trade shows, Private Label Manufacturer Association, also friends with someone who sells a lot of things, any book that talks about making your own product
Why do grocery stores private label?: It gives higher margins
Do you argue a lot with copackers?: Yes, but you have to be competent
Is there anything between a copacker and a incubator?: Commercial kitchen or your basement
How to get Packaging: Ask the copacker to see what they recommend. Also go to Pac Expo
How do you get a product out there?: You have to go there and talk to people. Who you’re targeting, why, what they really want
Give away your product for free
Taste wins, having it healthy is better
You can have a bad tasting product, and be healthy, and it will sell, but you won’t be the best
The best Food Scientist have a mix of science or art, and it’s the consumer opinion that matters
What startup resources do you like?: Good Food, Great Buisnesses, Conferences, Fancy Food Show
Other Links
Examples of strategic market launches
Halo Top
Taco Bell
The first “health” bar
Hershey Chocolate Bar
Examples of Target Marketing
Niching – Super specifying your target market
Paleo bar – I should only focus on paleo people, nothing else matters
Keto bar
Quest Bars
Soylent
Hampton Creek
Beyond Meat
Airbnb
Examples of startup research
Susie Wyshak – Good Food Great Buisness
Fancy Food Show
The Lean Startup by Eric Ries
Who Private Labels?
Private Label vs Contract Manufacturing
Costco
Safeway
Target
CVS