March Recap

March was one of the most exciting months we’ve had at The Food Loft. We welcomed a few more companies into our office, and were able to pass on a lot of new value to members here. Here’s a recap:

After hearing from a number of founders that it’s hard to find mentors in food, we launched the Food Loft Mentor Network. 20 food entrepreneurs and startup service providers from companies like General Mills, Drizly and Silicon Valley Bank have joined to help food businesses work through challenges and grow. You can read more about the network on Bostinno.

We also participated in the Sustainable Business Network's 6th annual Local Food Trade Show at Northeastern University where we networked with food business and wholesale producers. If you haven't been to an SBN event you have to check them out: they have the most fun concepts all to benefit great causes and local producers. Read more about them here

Then it was off to New York! We partnered with Millennial 2020 for their Future of E-Commerce conference and extended passes on to our members. The Food Loft crew zeroed in on the food and beverage stage and learned how to adapt marketing, sales, and company missions to attract millennial consumers. We heard from leaders in food innovation from companies like Chobani, Impossible Foods, Nestlé and Eataly as well as up-and-coming names making big waves in food like Imperfect Produce, Back To The Roots, Banza and Edenworks. The future of food is looking innovative, healthier, and delicious.

Back in Boston, we headed to Hotel Commonwealth for Journee's first conference outside of New York. Their mission is to bring restaurant professionals together to inspire and help them in pursuit of their dreams. They invited Food Lofters and our mentors to join in for free (thank you Sam!) In addition to eating one of the best donuts we’ve ever had, we spent the afternoon hearing from Boston restaurant greats, tasting wine and spices, and connecting with people from all corners of the restaurant community. We ended the day with a conversation on supporting immigrants in our communities both as customers and as food business owners. It was a great way to leave with a to-do that supports our restaurant ecosystem.

We wrapped up back at the office for a legal workshop with Food Loft mentor Cara and her colleague Ed from WilmerHale. We met 8 new food product companies and talked through topics like trademarks, incorporating your business, protecting IP and bring on employees. One thing we love about these workshops is how quick people in the room are to share advice with other entrepreneurs. Earlier stage companies were able to learn from people who were further along and had a lot of the steps to starting a business done already. Thank you both to Cara, Ed, and to everyone who shared their experiences with us - it was really helpful!

We had a lot of fun exploring more of the food world with our members. We’d love to share these opportunities with you, too. Click here to check out ways to get involved in The Food Loft.

We're happy to report that April is looking like it will be just as exciting... stay tuned!

The Food Loft Launches Mentor Network for Boston-Based Food Startups

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Boston is an incredible city for building companies. Many of the greats in tech and healthcare have build their businesses here, and their leadership is active in the community helping entrepreneurs get their ideas off the ground.

We see these groups of mentors come together around places like MassChallenge, The New England Venture Capital Association, TechStars, creating an easy place for entrepreneurs to go for help. As we welcome more and more food companies into the Food Loft community, we've heard that it's harder for food and foodtech founders to find mentors that understand the specifics of the food industry. We set out to change that. 

We're excited to share the launch of The Food Loft Mentor Network, an initiative that connects food business leaders and food startups from across Boston’s innovation, media and investment arenas.  The goal of the mentor network is to provide startups with access to strategic advisement and targeted assistance tackling specific business needs and problems.

Mentors within the network bring expertise in food packaging and design, marketing, e-commerce and direct-to-consumer sales models, fundraising, startup operations, community outreach, restaurant-tech innovation and more.

We received over a dozen enthusiastic yeses for this initial launch, and are excited to watch it grow. We can’t wait to see what these collaborations bring to the food space.

The Food Loft Mentor Network is an open access initiative, meant to engage startups from both within and outside of the Food Loft network. Check out the full list of active mentors here.

If you are a food or foodtech startup interested in access to the Mentor Network, or want to participate as a mentor, please reach out to our Community Manager, Casey for more information:

Planning a Funding Runway

An interesting discussion on Cofounders Lab today that talks about planning a round of fundraising in terms of runway.

"Runway" and "burn rate" are two important factors when considering a fundraising round (and when operating a startup business in general). 

Runway: the amount of time (usually in months) that you have until your company runs out of money.

Burn rate: the amount of money the company spends to operate in excess of income. For early-stage companies the largest contributor to high burn rates is usually salaries.

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Managing Product Lines for Growing Companies

As a new food company, the idea of having to manage (or even cut-back) on multiple SKUs may seem like an issue that is far in the future. But, at some point, your company will inevitably hit the point where there may be half-a-dozen or more products to manage, with associated unit costs and erosion of the cashflow. I've talked with a few startups where the founders were trying to decide whether to start a new production run, realizing that cash was too tight and could jeopardize the company's future. Inevitably, the issue would come back to this core truth: with growth of the top-line comes growth of the product line and associated costs. But as a forward-looking founder, you can keep costs under control and grow your bottom-line by actively managing the products you offer to customers. 

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The Importance of Customer Mapping (and Understanding Product Market Fit)

"Product market fit." As founders, we all want it. We know that it means our product (or service) fills a need with customers and they are willing to pay for it. Oftentimes though, we undertake this exercise in reverse. Envision a need/problem, develop a product/service, take it to market and see if it clicks. 

Gen-Z and Their Impact on Food Startups

Now that the new year's upon us, there's no shortage of prognostications about what the future holds for food, tech and the whole system of procurement, discovery and purchase. Forbes recently featured a fairly wide-ranging top 10 list from Phil Lempert (aka the "Supermarket Guru") that touched on everything from the well-worn (think sustainability) to the cutting edge (digital food landscapes, augmented transparency and more). The article is a quick read and worthwhile for anyone trying to parse where our food system is headed.

Overcoming Confirmation Bias in Pre-Product Startups

Startup operations are inherently risky, and oftentimes entrepreneurs will work to mitigate the risk of their enterprise by asking potential clients (and even friends and family) whether their product or service is something worth building. In my many meetings with entrepreneurs, I'm often surprised to find how much stock founders put in the responses they get from users who have no skin in the game.

Boston Food Gift Guide: Sweet

Boston Food Gift Guide: Sweet

We all know one... that person who is always ready to see a dessert menu after dinner. If you've got that person on your shopping list, here are five locally made gifts that will make their face light up as soon as they open them (even if they only last for a minute.)

Boston Food Gift Guide: Home Cook

Boston Food Gift Guide: Home Cook

Cooking at home seems to have a new benefit revealed every month. Doctors and health groups love it for the health benefits, families love it for the cost-saving benefits, and Michael Pollan even talks about the intellectually engaging and sensually pleasing aspects, as well. 

All of these benefits are getting more people back in the kitchen and learning about new techniques and ingredients. Help your favorite home cook grow their tool kit with these top Massachusetts-made gifts that make cooking easier and way more fun.