Mondelēz International is launching an innovation hub called SnackFutures that focuses on changing consumer trends and emerging growth opportunities in snacking around the world.
On October 30, the company announced the hub, which will bring together internal talent and external partnerships.
Funding will be dedicated across three integrated mandates – invention of new brands and businesses in key strategic areas, reinvention of small-scale Mondelēz brands with large-scale potential, and venturing with start-up entrepreneurs.
Mondelēz International is targeting SnackFutures to contribute $100 million to revenue growth by 2022.
Mondelēz International executive vice president and chief growth officer, Tim Cofer, said discovering and unleashing innovative ideas in snacking that will delight consumers and drive growth is a key element of the company’s new strategy.
“We are launching SnackFutures, a new forward-thinking innovation hub, to capitalise on new trends, and mobilise entrepreneurial talent and technologies to build and grow small brands with large-scale potential.
“SnackFutures will unlock snacking growth opportunities around the world that respond to emerging trends and changing consumer preferences,” said Cofer.
It will officially launch in November 2018, with a cross-functional team of leaders with targeted expertise in brand marketing, consumer insights, research and development, innovation and corporate development.
SnackFutures is seeking creative, entrepreneurial individuals and partners with great snacking-related ideas or capabilities to join them.
The program’s initial innovation projects will seek entrepreneurs, suppliers, nutritionists, food and technology engineers and other potential partners to collaborate on opportunities in three key strategic areas:
- Well-being snacks and ingredients
- Premium snacks and ingredients
- Digital platforms and capabilities
SnackFutures’ mission is aligned with Mondelēz International’s purpose of empowering people to snack right by offering the right snack, at the right time, in the right way.