Food and beverage companies are facing a challenge to find new growth outside their core business. Traditional innovation methods are not creating new step-out businesses quickly enough. Companies are considering new innovation models that take innovation outside day-to-day ecosystems. Large food and beverage companies have been losing revenue to smaller companies, and more than 15 CEOs of US packaged-food companies have left their jobs since 2016. Companies are setting up incubators and accelerators to leverage the capabilities of start-ups, but results have been limited. Companies need more effective innovation strategies to stay ahead of shifting demands and increase shareholder value.
