There are six weeks left to enter the World Beverage Innovation Awards 2016, which will be presented at a special ceremony as part of BrauBeviale in November.
Now, two more of the judges from this year’s awards – Lemonaid’s Julian Warowioff and Distill Ventures’ Shilen Patel – tell us what they’re looking for from entrants.
Julian Warowioff Managing director, Lemonaid Beverages
There are five things that I’m looking for from entries in the World Beverage Innovation Awards.
Relevance: first and foremost you will need to be able to demonstrate why your product is needed in an already saturated and highly competitive market. Statistically, 85% of all new consumer goods fail within the first two years – often because they simply lack the relevance needed in a marketplace where both stockists and consumers already have an overwhelming choice of products to choose from.
Quality: secondly, in order to build a genuine and authentic brand, your ingredients have to live up to the promises on the packaging. Wishy-washy statements with bloated adjectives are easy to come up with; the real challenge lies in the creation and formulation of a product that is truly superior in terms of taste and quality, if you don’t just want to sell a nice bottle.
Health: the first question every consumer is going to ask you these days is how much sugar is in your product. Not just in prospect of the new tax, there is also a massive shift towards healthier drinks choices. Can your product live up to that? Also it will be relevant what sweeteners are used, and that you’re honest and truthful about any potential health claims you might make.
Ethics: besides your commercial mission, does your product also contribute to a higher cause or have any social or ethical credentials? For instance, do you work directly with suppliers, source locally or from smallholder farmers or plan to actively manage your supply chain? This can be supported by independent certifications or seals of quality, like organic and Fairtrade, to increase the credibility towards consumers though a recognised label.
Packaging: to create a strong curiosity and interest on first customer interaction, your product should demonstrate a compelling brand identity with an outstanding product design, packaging and story behind it. Your application will be judged on the basis of whether the identity is genuine and new to the market, recognisable by the consumer and supportive of the product you are trying to sell.
Shilen Patel CEO of Distill Ventures
First and foremost, I am looking for innovations that are genuinely solving a need. Call me old-fashioned but I’m a big believer that innovations should start with a clear sense of the problem they are trying to solve for consumers. The truth is that too many innovations start from attempting to solve a business problem.
Ideally entrants should also be extremely clear on why this product will solve this challenge better than any competitor; what’s the clear point of differentiation? Are they able to articulate both the challenge and the brilliance of the their specific antidote in their entries? Are they able to explain why this will win where others have failed?
I’ll also be looking for genuine disruption. I know it’s a bit of a buzzword but given the sheer scale of change going on in most categories right now, it’s really only the truly disruptive stuff that is likely to win. Simply put, innovation is rational whereas disruption is irrational. For example, Hailo applied technology using a very rational set of rules to achieve innovation, whereas Uber’s irrational mind-set asked, “what if I could get everyone in London to be a taxi driver?”
I’ll probably be reviewing people’s entries through the lens of a good “pitch”. Good pitches are really clear, easy to understand and tell an engaging story – perhaps with a great and intriguing opening, a solid and robust middle and a compelling end that leaves one wanting to know more…
Finally, the most important question I’ll be asking myself is “why?”. Why does this innovation exist? Why did they set out on this particular mission – is it a passion? Was this entry driven by a deep-seated need to make something genuinely better?
Micah Cravalho Generosity Water
I have my eye on a few categories.
First, I’m looking for a sustainable company. Being excellent in one category of business is fantastic, however, it is the brands with untapped potential that are acutely special. These are the ones I look to first. Two, I’m looking for millenial appeal. As one of the largest buying segments in existence today, it is important that brands connect with this specific audience for future success. Three, transparency in the product. At Generosity Water, we pride ourselves in offering a water that has a perfect pH balance with all natural ingredients. Any brand that places importance on societal health is one I admire. Four, the ability to market. An idea must have the ability to translate well in the digital and traditional space. It must be interesting enough to be effectively communicated so the company can continue to grow. Five, I want to hear the story. There may be similar ways of doing business, but everyone has a unique story. As a company that helps fund wells in Haiti, we are very accustomed to hearing amazing stories. Thus, a brand willing to share what is unique about them can be be a great way to get noticed. Six, an isolated target market that still appeals to the masses. Knowing one’s target market is key, but being able to scale it across new audiences is crucial. Having an awareness towards this will help me know this particular brand has long terms goals in mind. These are just a few points that I look forward to seeing from the competitors.
You can enter the World Beverage Innovation Awards at any time until 23 September by clicking here.
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