29 July 2019 | News
Rabobank, ScaleUpNation and FoodValley team up
image credit- worldfoodinnovation.com
Rabobank, ScaleUpNation and Foodvalley NL in The Netherlands have announced the launch of ScaleUpFood: a comprehensive support program dedicated to scaling entrepreneurial ventures in food and agriculture.
“Climate change, global population size and waste – are all opportunities for innovative, technology-driven enterprises throughout the value chain”, says Menno van Dijk, founder of ScaleUpNation. “Though many startups are launching and exist for some years, only those that scale will move the needle in terms of impact and economic value creation.” Research by ScaleUpNation shows that less than 1% of early stage companies make it to $10 million annual revenues within 5 years. Scaling can be even more challenging in food and agriculture. The agrifood sector differs from other with respect to innovation speed and implementation due to growing seasons, long sales cycles, conservative customers and complicated regulation.
Though the Netherlands has historically been a center of food innovation, this future is far from guaranteed – investment in innovative early stage companies lags behind other countries and too few of our young, promising food and agri companies manage to scale. “In food and agri the Netherlands has always been scale-up country, testimony our position of 2nd largest food exporter in the world. But many products have commoditized”, says Roger van Hoesel, Director FoodValley. “This partnership will create a new wave of food and agri scale-ups focused on technology and sustainability.”
Anieke Wieringa, Director of ScaleUpFood, explains: “Entrepreneurs who have made it to the scale-up stage in food and agri are the best of the best. But what got them here will not get them to the next level. We’re looking forward to unlocking significant growth opportunities with our first class this fall.”