Tyson Foods is teaming up with entrepreneurs in a bid to speed up the pace of innovation, embrace emerging technologies and become more agile in its pursuit of sustainable growth.
The company has announced an agreement to work with two business incubators – Plug and Play, and 1871 – that will connect it to the start-up communities of Silicon Valley and Chicago.
Tyson said that it is a unique opportunity that will combine its expertise in the food industry with with the energy, innovation and entrepreneurialism of start-up culture.
Founded in 2016, Plug and Play is a global innovation platform based in Silicon Valley. It will match Tyson Foods with promising new businesses in the start-up community. Through the collaboration, Tyson aims to fuel new discoveries in food and find new solutions to meet business needs.
Located in Chicago, digital start-up incubator 1871 is the home of nearly 500 early-stage, high-growth digital start-ups and Tyson aims to profit from access to a community of entrepreneurs who are working toward building a better and more sustainable future.
Sally Grimes, Tyson Foods group president of prepared foods, said: “Our collaboration with Plug and Play and 1871 are examples of how we are adopting new growth models to innovate faster than consumers and markets are changing.
“By partnering with these organisations and combining Tyson Foods’ resources, capabilities and team members with the energy and innovation coming out of Silicon Valley and Chicago, we can have a positive impact on the industry and the food system.”
Plug and Play chief revenue officer Michael Olmstead said: “Working with Tyson Foods means that we can create greater collaboration opportunities for food start-ups with an emphasis around solutions that have a positive impact on our food system.
“The Tyson Foods team brings depth and breadth of experience that entrepreneurs will value, and together they will look toward solving for the future of food.”
1871 CEO Howard Tullman added: “Our corporate partners play a major role in supporting 1871’s mission to serve Chicago’s entrepreneurs and elevate its economy.
“We look forward to working with Tyson Foods to foster greater innovation within Chicago’s entrepreneurial ecosystem. This partnership speaks highly to its ongoing commitment to drive real growth and encourage new thinking.”
Earlier this month, Tyson Foods, through its corporate venture subsidiary Tyson Ventures, invested in Tovala, a Chicago-based food start-up that makes smart countertop steam ovens with ready-to-cook meals.
Other food and beverage companies that have launched similar start-up incubators recently include PepsiCo, Chobani and Fonterra.
© FoodBev Media Ltd 2024