The players in food tech space need to keep in mind that ‘food-tech’ is ultimately about ‘food’ and successfully challenging the quality and taste offered by the traditional market effectively is the only way they will succeed.
Entrepreneur.com: What’s Troubling Food Tech Startups
2 thoughts on “Innovation Insight #2: What’s Troubling Food Tech Startups?”
Quite interesting, considering that competition in the food industry is… Well, that industry is already dominated by fast food giants (I’m looking at you, McDonald’s), so I’m surprised that food tech managed to grab the spotlight for a while (o.o)
I converted Rs 500 to my local currency, and wow. For a single purchase by the consumer, it might not seem like much, but if this is the average price of obtaining a single customer for your start-up, that is not exactly a pretty number (^_^;) And besides, a lot of folks probably couldn’t even afford to pay that much for the three meals you’d have everyday if they’ll avail of those services
With the way tech is already quite consumer-oriented and accessible, I can see why food tech presents potential, though it’s expensive (but then again, what isn’t these days?). Businesses like these would need lots of staffing to cater for many consumers, not to mention have some people to monitor quality, logistics, and all the nitty-gritty of business-ing. Let’s not forget anyways, who doesn’t love traditionally/home-cooked food? ❤ Now that's tough competition
That aside, while this is not yet available in my area, it sounds pretty exciting! As long as the market doesn't mess it up, I think this might as well be the next big thing 😀
Thanks Cossette!! I truly appreciate the insight. I think you will find it interesting to note that the Food-Tech startups have also made quite an advancement in terms of cost effectiveness. They have managed to mechanize the entire process of boxing (ie packaging), logistics and the process of production thereby subduing their staffing requirements and further luring profits & investors. I totally agree with the fact that no meal served can be as perfect as the home-cooked food but I must say, in India, most of the app-based food-tech startups have surprisingly great quality of food save for a few, who in the rush & heat have doubled down on quality. And I am sure whenever any of the food-tech corporation lands in your area, you will absolutely relish the experience. Thanks once again! And stay tuned…