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For a world that is safer, cleaner, and fairer
    37 min read

    [S2:Ep #7] Delicious and intriguing food

    Featured Image

    Willing to try edible insects? Up for a full breakfast on the go? Tommaso Di Bartolo, founding partner of Awesm Ventures, along with industry fellows, Joar Nilssen, Startup Analyst | Agri & Food Innovations, Brian West, member of the board of advisors at international foodservice manufacturers association, hosts two passionate game changers in alt-protein: Alejandro Ortega, CEO and Co-Founder at Sibö, and Adrian Massey, Cereal Entrepreneur, Food Consultant, Public Speaker, Editorial Writer, Founder and Managing Director at C’go Drinks.

    TopFloor: Where handpicked startups present sector-specific innovations to a jury of industry fellows

     

     

    In Season 2, recognized world-class Researchers, Scientists, Faculty Members, Senior Executives, Experts, Chefs, Investors and Entrepreneurs from around the globe, engage in strategic exchange of views and share startling intel on viable transformative innovation in Agriculture, Food and Beverage, zooming in the next gen proteins space.

    Topfloor is where inspiring and passionate game changers, visionary entrepreneurs share startlingly impressive intel on food of the future with a panel of experts.

    With Special participation of

     

     

    [Industry Fellows] Topfloor: S2:E7 

    joar

    Alejandro Ortega

    Joar Nilssen
    Alejandro Ortega
    Startup Analyst | Agri & Food Innovations
    CEO and Co-Founder at Sibö || Speaker || US Department of State Alumni || Entrepreneur Saving The World
     
     

    [Startup Entrepreneurs] Topfloor: S2:E7

     

    Adrian Massey

    Brian West

    Adrian Massey
    Brian West
    Cereal Entrepreneur, Food Consultant, Public Speaker, Editorial Writer
    Member Of The Board Of Advisors at International Foodservice Manufacturers Association

     

    Host

    TOMMASO-AVATAR
     
    Serial entrepreneur w/ 2 exits, author, advisor, faculty, investor.
     
    http:///tommasodibartolo.com 
    Tommaso Di Bartolo
     
     

     

    Key points:

    • Crickets: a great horizon of opportunities in a growing market worldwide
    • Standing out in the shelves as “clean protein” is the way to go
    • Innovation and automation are key to promote next gen proteins growth

     

     

    I prefer 📹 watching the episode's video

     

    I want to listen 🎧 to the episode's podcast


    Episode's 🔖 Transcription

    Tommaso: Hello! Good morning for those here from San Francisco, and obviously, good evening, or good afternoon, depending on where you're tuning in from. We already have our participants, our jury and our entrepreneurs with us. Thank you for joining Alejandro, Adrian, Joar and Brian. Awesome...

     

    I would like to kick off things by introducing from left to right, our amazing participants, our great entrepreneurs and startup founders that we have here, let me kick off things with Alejandro Ortega, CEO and Co-Founder at Sibö, and Adrian Massey, Cereal Entrepreneur, Food Consultant, Public Speaker, Editorial Writer, Founder and Managing Director at C’go Drinks;  our jury, with Joar Nilssen, Startup Analyst | Agri & Food Innovations, Brian West, member of the board of advisors at international foodservice manufacturers association. Thanks so much!

    Tommaso: Alejandro, are you ready to rock this stage virtually? Let's do this. 

     

    Alejandro Ortega: Basically, as you said, sharing the stage. This is a new stage, a new era. I think this is something that we didn't think could happen. And but here we are, and talking about subjects that many people didn't think it could happen either. Alternative and Next-Generation Protein so this is something important that we have to take care of. And that's the main reason why at Sibo we create “Thoughtful Innovations” for us thoughtful innovations, or “Innovations with Purpose” to change something, change the status quo. 

     

    So, for us, the status quo is represented by four main points: First, a third of the global food production is going to waste already; Then we have plastic waste, as well, being a great problem: 300 pounds of plastic waste, every year; And then the “Food Industry” in agriculture in general, representing 45% of greenhouse gases as well. The main problem that came to mind to me and my co-Founder - Daniela was in 2014, the saving from foul. That ended the people, by 2015 wouldn't be able to be repeated. 

    So, with all of these other factors, we said okay this is an on efficiency problem. And basically what we are eating is killing us and is killing our planet. So we decided to found Sibo which has a purpose of leading the party industry to a sustainable future. Just because we actually care about the environment, being from Costa Rica and Sibo is actually the name of the main Costa Rican - God who taught native Costa Ricans how to grow and use natural resources in a responsible way. 

    So that's pretty much her purpose. That's her feeling, and from a marketing consultant perspective, and my co-founder and fisheries perspective, we decided to officially launch the company this year to January 17th after I spin off of the previous company we had Costa Ricans companies. Now we have seven full-time members and we have three operational divisions. 

     

    We have been able to raise $70,000 in capital from France, we're actually raising capital right now. 

    With this launch, we're going to be in the European market. We are going to be able to sell goods this first year about $1 million into our productions, and currently we have monthly production capacity which is going to be scaled in a couple months. I see our main customer, we don't have a specific type of customer that we focus on. We focus on stakeholder and stakeholder as a whole, basically the planet, and all the people in it. Basically, that's the main reason that we want to create solutions that tackle the biggest problems - that's our purpose. We use a collaboration strategy by partnering with both Technologies with across World Universities and other manufacturers. 

    We also partner with big corporates like: Unilever  that we are about to start working with in the Netherlands. And basically, we are aligned with the SDGs with eight of the SDGs but our main focus is towards reaching more people and I'm going to tell you a little bit about the insect farming programme we develop. We are developing a solution that is very pragmatic and helps us to reduce co2 emissions and also reduce waste. But the most important part of the things that I want to discuss today is basically the tailored and functional solutions and the total innovations that were developing. 

     

    We need solutions for the Next-Gen Proteins that it just to the industry needs, so we can scale it so we can use it and so it becomes a solution for today, which is the main problem. So basically, as I mentioned we develop our Farming Program from our Agritech Division which is one end, from the equation, where we said okay, how do we scale it, and create a better social impact, reducing the emissions and reducing the environmental impact. Well, so we looked back our own culture here in Costa Rica, and we saw that farming, the usual farming from small communities, was one of the most incredible solutions and revolutionary solutions that at some point we had, and we stopped doing;  so we decided to launch a National Insect Farming Programme now supported by ITT lab, supported by a Public University here in Costa Rica, in San Jose, and of course, us as the centre and coordination of this programme. But this is also a great business strategy because it allows us to scale the production very quickly while having farms or other insect entrepreneurs as we call them (farmers). And with that, we are able to focus on our Food Tech division to create the solutions of the future. And for now, actually, we're creating functional foods and ingredients, using de insect materials from these farmers, is going to be the main revenue driver for the market. 

     

    We have a biotech division, just more research towards those insects separated components, use the protein wisely but also they buy products in a more sustainable, healthy and pragmatic way. So basically, this is how the agritech division works, so far we launched the pilot arm, we launched the Insect Farming programme pilot as well and we are about to launch the National Insect Farming Programme the first in the world to create the cricket pouder and, in the future, they are keeping the extra. Then, for the Food Tech Division, we have a business model which is a little bit different. Actually we partner with manufacturers, so we can provide the solutions, and they can commercialise it in a better way. As I mentioned before, a collaboration strategy is key because we cannot do it all ourselves. So we provide these solutions to other other corporations. We already are launching a Manufacturing Partnership in the UK. We are going to launch our products this year, actually in a couple of months to the European and the UK market. And then we're working on product diversification, specifically to get this protein extract to market, which is the main point, this is basically the biotech division and future between innovations that we're going to be focusing on mostly working on extraction processes, and even from the “Bio Products”, how we call it “Bio Products”, what we call an end of plastic, but that is topic for other conversation. 

     

    Today, our main product, and our key product is the protein extract, which we are extracting in a very pragmatic way and naturally produce from the insects here in Costa Rica the protein quality is incredible. just because we're working with experts in the industry to make sure that this protein is functionally, that is water soluble that it's also not fear and other problems in the world that, either for water usage or for co2 emissions, and we are not generating any waste, which is the primary focus towards our area. We are at a 50% readiness. We are hoping that we can launch it to market next year. 

    But also we are focusing on lunch to market these amazing products, which is something that is not usually related, protein, or to health, right? So, basically we are kind of changing the industry creating a tasty bite, what we call probably “Brownie B Bites”, which is going to be the first product launch for the UK Market as high protein, high fibre and low sugar as well. And this is a byproduct that we're going to be creating as well at the end as I mentioned before, a future solution. 

    Our customers are usually when we call millennial or early young adults all around the world are focusing more towards the European, The Netherlands and the North American market, right now, just because of the price point. We are looking forward to getting the solutions in a more pragmatic way to adjust to the culture in Latin America as well.

     

    Alejandro [continues]: Basically the market, as you know, is really big but we want to translate these into, not only numbers, but also the problem that we have… this is as big as the numbers are for the market opportunity,  this is as big as the problem is, this is the problem that we're having in an industry where people are looking for this type of solutions but they don't have it as insect is not yet a solution just because they're not able to scale it in a affordable way, and low impact way. And that's why we focus on Blueprint Pragmatic, and we have partnered with these people you can see here from Birmingham Enterprise Community, Boston Consulting Group, Accelerate 2030, which is completely focused and aligned we get the STG’s working to the UN dp, and the Impact Hub in Geneva and in Amsterdam and working side by side with International Trade Centre in Sydney were able to make our solution, something, not only for the future but for now. 

     

    Basically, as I mentioned before, Sigo has the purpose of leading the food industry to a sustainable future. And by creating innovative biomaterials. But for us, doing it in  a pragmatic way, and having an influential solution and by partnering with farmers, taking it to a development with the manufacturers, and then thinking about what else can we do with the ways, what else can we do with the product that we're making is a solution that is going to change the world. 

    We are hoping to raise more capital so we can see our solution, and our two main factors that we're hoping with is to stop production for 10 pounds per month. And it's broken extra bits welcome pounds per month to develop our MVP produced by classic MD, having a R&D and AI development. But most importantly, just like in these year we're hoping to get just here in Costa Rica and we have offers from different countries, and we are hoping that in the next few years, we can go over 500 families, which is around, up to 2500 people around the world that are going to be coming out of poverty just because of this problem. And this is the most important point. I want to clarify that sometimes we use too much technology into it and we're forgetting the people that actually need to get. 

    The advantage of the weather, and then natural resources that we have around us, and being a Costa Rican, for me going into the wild and just listening and observing the solutions. 

    I think those are the types of solutions that can change the world looking backward - Before we look forward. So that's why at Sibo we believe that these thoughtful innovations will definitely create the Next-Generation of Protein. Thank you.

     

    Tommaso:  Alejandro thank you so much for your presentation, and congratulations on your endeavour. We are now taking questions and I would like to start with Joar, please.

     

    Joar Nilssen: Definitely. First of all, thank you for the presentation. I think I like the integrated approach that you take to the insect business, and also the origin of the name is quite well founded. 

    Yeah, so I'm wondering, you often talked about your  scalability as one of your beachhead markets. We see here some initiatives or small time farmers who are in the meat industry who can basically keep up. Also get incentivized to transition to different modes of farming. So what is your view on decentralised versus centralised insectary in terms of scalability for the future?

    Alejandro: Well actually, I think we need a combination of both. I don't think one is better than the other. I think it's a matter of the strategy and the conditions that you have available. For us doing it decentralised in a country like Costa Rica, with the conditions, and the availability of resources that they have is better. And there are a lot of organisations focusing on on data on decentralised production, helping more and more people, but as you go to develop countries and, well, you can actually invest further, the technology use has to be different just adapt well with the weather, which is very changing across the seasons and even across the wheat. So, in that case is not so easy for the common farmer to get this type of technology so as we go from one country to another, we just have to find the best solution, and I think COVID-19 has shown us that we need to thinking more pragmatic solutions and ways to solve the food chain in the value chain to impact more to the people that need the most, and to be ready for the uncertainties that life is bringing to us.

     

    Joar: I was wondering if I saw that the approach focuses, At least partially, on crickets. I know that, for example in the Netherlands and in Europe that solidifies the main insect of interest, mostly due to productivity and life cycle. So what is your view as a whole on the use of, you know, do you think there's one type of insect that purely based on productivity will win or do you think there's more also merits for using grasshoppers, buffalo worms, crickets, etc?

     

    Alejandro: Well, that's a great question. I think we are really early on in this industry to actually know which one is the best, or if there is a best insect when so far we have been doing it focusing on, for example, if we want protein and if we want a protein that is really good for the humankind and for extraction, well, then we are using insect: crickets, that's the main one that we're using right now, because, but I think we have to look at the problem first, what do we want to do with each specific insect, and then use the one that is more affordable, more scalable, and and that creates the best solution for each point. But as we have been seen just Mexico has 500 kinds of edible insects, and they research that but in Costa Rica, I don't know if you know has 5% of the world's biodiversity, and we don't have an insect inventory, we are working on that and in order to understand better, because I think that's part of the problem that we don't understand that much about these little insects that are around the world, and that are the main animal in the world actually, this is the world of insects and we didn't even know it.

    Tommaso db: Brian, your thoughts? 

     

    Brian West: Great presentation, Alejandro. Thank you. it's really interesting and intriguing all the innovations that you guys are thinking about.

    I have lots of questions, maybe take some offline with myself and your later. My main question would be around the different global markets, you obviously you're probably starting with markets that are more acceptable off the bat to, you know, insects and those types of proteins but you have plans for the US... How will you be changing the narrative to whom is more informed as except to or less informed about the benefits of insects? 

     

    Alejandro: Well actually, that's a great question! Me as a marketing major, the challenge that I looked at most because we usually say that there are a lot of foods that people that are just going to eat when they are travelling to countries like Mexico and try that kind of food or something like that that you can actually eat on a day to day basis. And when you think about other restaurant chains that are around the world, you don't think about what they are using to produce food. So when I saw that I said okay we have an opportunity.  We have to educate, or we have just changed the narrative, and I think it was both. In some level we have to educate while we have people and universities that are better than us to educate the customer, like the University of Bath or the Earth University that we have here in Costa Rica and other universities across the world that have been really good at informing people, we are launching campaigns to inform people about this situation, but I think one of the best things is creating things that are tasting first that are easy to understand for the customer like our bites, our brownie bites, that's something that people understand that they can eat on a daily basis, and they don't really care too much about what is is made with. They care most about the benefit, first they care about the flavour, the benefit they combined. So that combination of factors is the one that we're using just to maintain as well as you can for now, but for the future we really believe that there is more education needed. 

    Tommaso: How do you plan to enter the EU market with the noval food import regulations currently only allowing three countries outside the EU, do you need the HSCCP gap, GHP etc. standards? 

     

    Alejandro: Well, right now, that's why we are focusing on launch the product in the market in the UK which has been really open about this at the beginning was our main focus was to the Netherlands, but the normal regulation didn't allow it from Costa Rica, that's something that we're working on and we're hoping that other partners to see if we can produce a or replicate this programme in other countries that are allowed by the EU Regulation or even some places that are considered part of these countries like the Netherlands, we have a really good connection with the Holland House here, and one of the possibilities for us is to replicate this programme in the islands of the Caribbean like Aruba, Curassao, and that would be a possibility for us to be dealing with the problem completely. 

    There are also other countries in Europe that we might be able to produce it, but we're working closely with the regulators to find out another type of solution as well. This is something that is one of the main obstacles for everybody, but I think one of the other cases, taking things out of the way and making it about the final product. So making it about the protein, as we're working on in keeping extracting all the types of materials.

    Tommaso: Can you explain what you mean by the “first in the world” with your insect farming?

     

    Alejandro:  Yeah, what I mean is we are the national insect farm programme, this is their first public private Alliance to launch it on a national level where they're focusing towards their farms instead of the companies. So, this is the first fully funded is not funded by us even it's funded by ITT lab and other organisations with no reversible funds, and we're focusing on making pieces solution, a financial solution for the farmers here in Costa Rica which are not common farmers, these insect farmers actually women and families in rural areas of the country that don't have any income, right now, Costa Rica is getting to a 30% unemployment rate, and I across these people in because side of the country is even higher - this is actually unacceptable for us and that's why we wanted to launch it. And we were able to finally sign these agreements during the Covid Crisis, so, we saw these challenges and opportunities and we made it happen.

     

    Tommaso: I have a very last question which is, which is Alejandro when you're showing your slides and you had a couple of facts, there were seven people, right, and $70k raised so far in a gigantic mission to change the world and what I love is really when you compare it with a corporation multi-billion dollars on their bank accounts with a lot of business units and they don't know where to start right where to put their mouth, where to focus on... 

    Do you mind turning on a handle, what is the biggest next milestone, you know that you're trying to achieve once you raise, what was it half a million dollar I think it was right?

     

    Alejandro: Well, one of the biggest milestones is actually working together with these corporates because that's the 

    bridge that we have to reach, just to make it happen globally and just a couple of weeks ago, we've had a really good conversation with Unilever that very openly agreed to corporate, they allowed us to use their pilot planting diversity to work together to keep their research to development, and work together towards the solution - I think that is the main step right now. And the next one is to launch a pilot test to market with them and hopefully with that we're going to be able to solve the two sides of the coin

     

    Tommaso db: And without further ado, let's jump to the next entrepreneur Adrian Massey, who is the CEO at C'go® Drinks...

     

    Adrian Massey: So, an abbreviation of real cereal. So, let me introduce you to C'go® Drinks. Basically what we do at C'go® Drinks we take the UK’s number one breakfast, which is whole grain cereal and milk. And basically what we're doing is we're translating it into an effortless on the go practice solution, and see it was really inspired from two things actually firstly from my son, who was born very prematurely, and during that time he was in hospital fighting for his life I was having to skip breakfast and at that point I think and there's got to be a better way than sourcing these other products, nutritionally really aren't that great. 

     

    From my background expertise in education to PhD level in food science nutrition I have got about 30 patents around the world, and I've launched a number of food products for big brand names around, around the world so I know my stuff when it comes to new product developments that's my expertise. So there's anything that sort of that period of pain that I realised that there's um there's an opportunity here. 

    So yeah, it's the award winning product we've featured on some really quite high profile events around the UK, and we're kind of in a process where we're attracting investments to take the business to the next level. 

     

    So, in terms of our mission really what we're looking to do is to deliver positive nutrition, anytime, anywhere. Based on that, from my own personal circumstances and the appreciation of the fact the world is coming to a different place now, when you consider it took 75 years for the telephone to reach 50 million users. And now you know we get an apple app and it will be in 150 million users in less than 24 hours. So, the world is changing and is continuing to change and will continue to speed up so as products like C’go drinks are really going to be in more and more demand as we move forwards. So our mission really is to become a much sought after enjoyable breakfast drink on the markets. In terms of the problem, luckily the speed of change is not going to be slowing down, it's very much speeding up and basically a third of people are now skipping breakfast, and therefore our home consumption is increasing and will continue to increase but what people aren't guessing is that equivalent nutrition goodness there's normally a gap when they're used to eating their breakfast cereal, at home, so a lot of people are having to compromise on on a daily basis and we're effectively done is just to introduce the product itself. C'go® Drink. are the only products from what I've seen from all the research we've done in the world that can put an entire bottle of multigrain cereal milk and vitamins so it literally screwcap up from the fridge or grabs it from a shop on the go, and off you go. It's very simple. And, you know, obviously we're talking about next-generation here. So, we can obviously claim a source of protein because some cereals for example oats have between 10 to 12 cents protein so it's really a great way of introducing plant-based protein into a product but at a level that's never been achieved before. The product itself goes without saying it's incredibly tasty. I can show you some of the feedback that we've gotten from the trade and what we're doing is we're using cooked finely ground cereals, so you get a very smooth blend of the product. Is clearly very healthy because using three different wholegrain cereals we're using wheat, barley, and we're using 1% of British milk, and a bespoke Blend of several vitamins which brings half of the sugar and enhanced metabolism, it also helps to reduce tiredness, and it is extremely convenient as you don't need any spoon, no mass, no washing up and you can take it when cycle as well. 

     

    We've got three different flavours, vanilla, and banana, which is Ecuador bananas, and we're not just using cocoa powder we are using real Belgium chocolate so it's a premium product for today's millennial consumers. So, in terms of, how does the landscape look so what differentiates us from a lot of the competition and in fact a lot of the competition is the fact that in the UK there is a massive acceptance and expectancy and there's reasons why this is so important. We deliver an entire bowl of multicoat whole grain cereal so you can apportion control as well. It's a very simple formulation with less than 10 ingredients. Some of the cereal bars breakfast best sushi looking at easily 20 to 30 ingredients and just to make it, just to create a product, and just really being really complicated with let's just keep this really simple. We obviously fortify products as well as nutritionally complete, we're offering a source of wholegrain, berries, vitamins and obviously hydration, so we're hitting everything in that one shot. And also, we've been claimed provenance so we're using British milk, British cereals and obviously, Ecuador bananas. So we really have a great history and a great story behind the ingredients and the formulation of the product.

     

    Adrian [continues]: In terms of the market, within the UK, Breakfast it was introduced into the market back in 1902 and expanded massively since then, certainly within the UK is worth 2 billion and that's obviously within the UK alone that's ignoring the States, Canada, which was a huge markets as well as Australia. And what makes it so significant is that over 90% of UK homes have breakfast cereal in their kitchen cupboards, it's a huge number. So that really illustrates the need for a product where they can say that, um, that whole grain cereal and take that in a format that's much more convenient and so today's lifestyles. So the breakfast drink category is growing massively and in Australia exploded probably about 10 years ago, quite 15 years ago, but in the UK, it's probably been about less than five years but it's growing 50% year on year. 

     

    Breakfast almost certainly in terms of meal occasions, it's probably the most stressful for most people, so that's probably why, when you look at the food-to-go market, which is safe to say that is around $21 billion market. Breakfast is the fastest growing meal occasion, and drinking meals is the fastest growing sector all based on convenience. So, within the UK alone, the market for breakfast-to-go is currently 3.4 billion. And overall the food-to-go market is expected to grow at least another 2 billion within the next couple of years. So it's a massive market and 22 billion use occasions in the UK alone so it's a massive market and we know that we have a very unique proposition for the market which I think is great for the UK but also in time for the global rollout as well. 

     

    Just to give a little bit of expertise. I've come from an educational background with my food science and nutrition training, and about 18 years working for some highly innovative companies, the likes of a huge breakfast manufacturer in the UK, McDonald's, McCain's Kraft Foods, working on different sorts of coffees and launching those and as you can see we've got quite a few grants and patents. Now behind me I've got an ex-Managing Director of Sales which again is a large breakfast manufacturer here in the UK. So he's helping from market insight and also we have another that used to work at Monster Energy drinks, and he's basically helping from a business development point of view as well so I've got a very strong team behind me. So, in terms of the traction, that we've achieved so we're in the market. Last year, so we got the world's largest deal on British Airways and what we're doing is we're changing over our manufacturing and we are currently a pasteurised product we're taking into a long life product to take up to 9 to 12 months without any change ingredients at all, we're just using a different processing methods to extend the shelf life without compromising any qualities proposed at all. So as well as the letter of intent and you can see that the great feedback that we've got where we've been compared to some of the market leaders within the UK and thus far superior of the other range of supermarkets  over here saying you've asked in their breakfast on the go and another and another major supermarkets and you got to pick the best breakfast drink on the market by far. So it's, it's a great story and it's clearly building a lot of traction, as well. 

     

    Where do we go from here? Effectively, where once we put the investments consolidated where can be honoured that letter of intent and then growing, because we have a number of like I said, major supermarkets interested in the products, and having continued to build on those and some major food service outlets as well within the UK. We're then looking to expand but expand for a number of different areas. So for product expansion as a whole number of things that could be done around the product. Geographical expansion, whether that's in the States,  Australia, Europe, and we would like to take this into Israel, as well as invest in a whole number of different sectors that we can move into, for example, gyms and schools.

     

    Adrian Massey [concludes]: And, you know, the world is your oyster with a product like that. So, yeah, that's pretty much what they want to share, the product, problem, and how we're solving it. And, and how we're looking to move forward from this point.
     

    Tommaso: First of all, great presentation, and congratulations on the angle that you're taking at C'go® Drinks . Brian, What are your thoughts?

     

    Brian:  This is again a really interesting concept. I do have a few questions. One main question is, Do you have plans to expand your product line to plant-based milks or any other alternatives, besides cow milk? 

     

    Adrian: Sure, absolutely, it is work already in progress in our line of products.

     

    Brian: I know your packaging, when I looked on your website and did some research you had kind of a plastic bottle but I saw in your slides that it was more of a paper based product look like, how is your packaging? How are you looking at sustainability for your packaging?

     

    Adrian: Yes, absolutely. So, the plastic bottle is actually gone, and we're now moving to the fully recyclable catch pack carton, which obviously is colour-based. So the whole unit is 100% recyclable. 

    And we needed plastic to get into the market, according to the market, we share the traction that shows there's a need for the product where to make that shift our metal should also be commercial as the goal was to again extend shelf life as well.

     

    Brian: Awesome. And I'll definitely leave a thought out there for everybody that is thinking this on the call as well. What I love about these collaboration platforms is, when can we see a cricket protein C'go® Drinks?

     

    Adrian:  Exactly.

    Tommaso: Joar, what are your thoughts?

     

    Joar: Interesting presentation, interesting product I think it's highly relevant recently we saw for the huge round that only, only data because 200 million for 2 billion valuation. Yeah, I was also wondering, but you answered at the end like what's our markets because I could see for example NHS, or even the elderly retirement homes as potential markets. What do you perceive as your main hurdle or challenge for now to really get this product worldwide to distribution? 

     

    Adrian Massey: Effectively, the first key step is, is the investment. Just as from the supermarket points of view. Once we have that, we can drive with a new manufacturer, and we've got the marketing behind us, then, you know, that's where things are gonna get very Interesting.

     

    Joar Nielssen: Also, just quickly mentioned if you are looking to enter the Dutch market we can also always have chat rooms from complexity.

    Tommaso: How big is actually the team I saw your advisory board, and who is behind it? 

     

    Adrian: At the moment, it's leading everything moving forwards. And then I've got a team of advisers behind me, and then effectively I've got other strategic partnerships that I have in the background from a distribution point of view, that also assisting with sales so as part of the revenue that we're generating, we're also leveraging the expertise of other outside businesses, and are obviously bringing the investment to bring extra people on board which is already factored into the, into the cash flow statements.

    Tommaso: You were saying that your products are highly accepted in the UK. Can you quantify it? Are you already into revenues? And then I saw Letter of Intent it wasn't it wasn't quite clear what stage you're in right now.

     

    Adrian: Sure. So, the product is widely accepted from the point of view of the amount of whole grain sales eaten within the UK so we actually need more breakfast cereal per person than any other country in the world so your dairy and breakfast cereal is something that's, it's a huge market over here. 

    And what we've done is we've looked at, and we've taken the concept and price out to the public, and got research back to apply to our. Well, probably, 60% of that product pie chart will be preference towards ego, and they'll accomplish a made up competition so from that point of view we know that process is very well accepted within the UK market. And from the point of view of where we are in the markets like so we're on British Airways, we are moving manufacturer so we have a moment there is we're using the letters of intent to say look, you know, we've got revenue, and we've got additional companies that want to get involved and and continues to take C'go® Drinks moving forward.

    Tommaso:  From an investment perspective is it who backs you up on this mission?

     

    Adrian Massey:  At the moment it is self-funded up to this point I have some grants as well. But obviously what we know is that we need the investment to take this concept which has now been proven to a completely new level.

    Tommaso: Is there any specific reason why you are acting and executing differently. Any thoughts on this strategy path?

     

    Adrian: Basically, I was the one with all of the Know-how on how to bring a product to market, and from the experience that I have brought to my 18 years of corporate. I know how to take that product to the market. I guess that probably makes it unique from that point of view because I have so much experience and background, and a whole team, a whole network of people I can tap into to support with the branding and bring people in, as I needed to to get to where I am now.

    Tommaso:  Awesome. So you have the domain expertise, you have the patents as I see and you bringing it as far as possible, and great strategy and congratulations. I mean it takes really some guts to take it as far as you're taking it and thanks also for sharing your endeavour with us. And without further ado, Brian and Joar, what are your thoughts on meeting, Alejandro. Is there any curiosity to have an extra conversation yes or no?

     

    Joar: Yes, definitely

    Tommaso: Brian, what are your thoughts on Alejandro want to follow up and meet up again?

     

    Brian: Yes 100% I mean the global food markets are rapidly changing as both the presenters mentioned so there's big holes in the markets for each of these categories so definitely interested in speaking more on the insect market and just food products that can come from it.


    Tommaso: And this is beautiful to hear because you know and our mission is really to connect the solution, and industry follows and, you know, we have achieved that. Brian, about Adrian?

     

    Brian: I did skip breakfast this morning, so I'm definitely interested in, in talking more, I think, you know, my knowledge and expertise in the US Food and Beverage market so we definitely love our cereal as well as and we're also just as busy as everyone else so definitely an interesting concept to take forward.

    Tommaso: So you heard it Adrian and I were going to have a follow up intro with Brian; and Joran, did you skip breakfast?  Are you curious to have C'go® Drinks too? 

     

    Joar: I never skip breakfast but I’m still interested in definitely getting to know more about the product. I think it's always good to have multiple perspectives and just see how you can help everybody in the space to progress. Yeah, the technologies in the initiative.

     

    Tommaso: That's awesome so Joar and Brian are going also to meet Adrian. 

     

    Tommaso: It was such a pleasure to have the possibility to learn with you, and from you, our intent to create connection with TopFloor. I think we managed that today. 

    I would like to wrap up with my usual quote: 

     

    Tommaso: “Never forget where you come from, it keeps you humble. But where you come from, cannot limit you where you want to go.”

     

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