Tuesday, November 24, 2015
General Mills announced the formation of a new business development and venturing unit called 301 INC, designed to help entrepreneurs obtain the capital and resources they need to expand their businesses.
This is a significant move, as it is a recognition from a large food corporation like General Mills that some of the best innovation comes from creative startups. As I've said here many times before, innovation is absolutely essential for the future of the cereal industry, and with this initiative we are seeing lessons being learned from other industries like high-tech where venture capital investing is all the rage.
Over the years we have watched a number of exciting cereal concepts emerge, but few have survived. Sure some reached a point of success that enabled them to be bought out by bigger companies, but many have perished due to lacking the finances needed to get their ideas off the ground.
Hopefully this will foster some exciting new cereal ideas for the breakfast table.