AFB VOL 14 NO 81
EDITOR’S NOTE: Innovation Starts Startups
Startup has become a familiar word for us recently, but how many people really understand what it is? Startups are a kind of business model that has experienced rapid growth in the last few years, especially through the global impact of companies like Facebook, Instagram and Line. However, not all startups are software companies, but rather those that solve problems in everyday life through integrating innovation and modern technology.
Agritech & Foodtech, Healthtech & Meditech, Robotech, Fintech & Edtech, and Designtech & Traveltech are five sectors the Thai government has created as platforms to develop and set goals for creating an innovationdriven economy. To jump from an economy relying on exports of commodities, the government has funded 20 billion baht to support SMEs, as well as startups, with the intention of encouraging new ideas to boost economy.
At present there are many challenges for the global food business, including economic recession and dynamic change in consumer behavior. Consumers today are more and more concerned with health and carefully selecting what they eat to meet their various demands. This has creates a marketing gap and business opportunity from which numerous food startups have been born with the idea of developing food innovations to meet healthy, quality, clean, fresh, and chemical-free demands as alternatives to big brand products.
Potential food startups can even change the way we eat as demonstrated across the world. For example, Edamam shows 1.2 million recipes on its website which can be filtered according to their calorie counts. Memora makes clip-on cameras worn on user’s shirt to monitor their diet. It takes a photo every thirty seconds and determines their consumption habits. Users will then get individual advice for having a better diet. CityVeggy is the first application for fast food delivery of healthy meals within 20 minutes after receiving an order, and customers have various choices to select, order and pay via app, website or social media channels. Beyond Eggs is a knock out product made from plants to imitate eggs while still providing similar nutrition.
The world in next 10 years will likely be totally different from now due to creativity and ideas. It is necessary to keep up with current trends and to go beyond demands to offer consumers unexpected solutions. The only thing needed to get started? Doing.
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