New Zealand dairy company Fonterra has launched a new online platform that will invite anybody – from individuals to multinational corporations – to submit ideas for innovative technologies and new ways of doing business.
In fact, the Fonterra Ventures Co-Lab will accept ‘any kind of disruptive innovation’ from new business models and services to technologies or processes.
The group admitted that there was ‘no set formula’ for the type of relationship that it wants to emerge as a result of the incubator, but said that it hopes to build long-term partnerships with companies that are keen to work in synergy with Fonterra.
Judith Swales, Fonterra’s chief operating officer and head of innovation, said: “Fonterra is fortunate to partner with some brilliant businesses in New Zealand and across the globe and we’re looking to join forces with them in increasingly innovative ways to accelerate growth and ultimately return more value to our farmers.
“We’re also actively looking outside our organisation and are open minded as to where that could lead us. Through Ventures Co-Lab, we want to collaborate with innovators to think big and win big, together.”
Fonterra has assembled a team specially for Fonterra Ventures, including general manager Komal Mistry (far left)
Fonterra Ventures, led by general manager Komal Mistry, will ‘constantly look for new ways to meet the needs of future consumers and customers’. In addition to looking externally for innovative ideas, Fonterra will cultivat a culture of entrepreneurship, internally through programmes like Disrupt.
Disrupt harnesses talent within the organisation to create innovative businesses models. Staff are given the opportunity to submit ideas, proceed to a 12-week accelerator and potentially land a new day job if their concept is implemented within the business.
“We know that innovation and disruption can come from anywhere,” added Swales.
“We invite people to join us on the journey and radically change the way things are done.”
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