What is ICE? No, not what is in your freezer. It is the acronym for Innovation, Creativity and Entrepreneurship representing the elements of a successful food venture. Many Universities, Villanova for one, have entire programs that are university wide focusing on ICE programs.
Most new businesses are me-too's, they don't do the leg work required to have a differentiated product and are usually copies of or minimal product line extensions. Most entrepreneurs are mis-defined and are really small businesses. They don't create, innovate or add wealth.
I look at Entrepreneurship as taking and idea, determining if it is an opportunity and then creating a Scalable and Replicable business model that generates wealth over the long run.
Innovation and Creativity in the food business many times happens in "the kitchen". That is the nice thing about a food startup… your product development lab is built into your home. The heavy lifting occurs in the Entrepreneurship phase, transforming the idea into a real opportunity. There are many who want to start a food business. The journey from kitchen to retail shelf to the consumer is a complex one. Far too many food entrepreneurs get stuck in the kitchen and focus on the food. Everyone wants great tasting food but a successful food entrepreneur understands converting their passion for their product into practical passion.
To understand that being creative and being innovative is not enough and to be aware that there is a maximized value waiting to be discovered or created, is what entrepreneurs do best when they plan, then they take action, and finally, they evolve.
Our ICE profiles will focus on businesses that Innovate, build Creativity and then turn those into an Entrepreneurial Venture. This will be series of articles and interviews that features companies exhibiting ICE. I am not reviewing their products. What I am doing is looking at the company from a marketing and entrepreneurship perspective and highlighting what they are doing that you can learn from.
If you know of company that you feel fits into my ICE qualification, drop me a note.