Mondelēz International announced on Tuesday that it will launch a forward-thinking innovation hub called SnackFutures to capitalize on changing consumer trends and emerging growth opportunities in snacking around the world.
SnackFutures will be uniquely structured to bring together internal talent, an ecosystem of external partnerships and dedicated funding 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 to seed new businesses.
Mondelēz International is targeting SnackFutures to contribute $100 million to revenue growth by 2022.
“Discovering and unleashing innovative ideas in snacking that will delight consumers and drive growth is a key element of our new strategy,” said Tim Cofer, Executive Vice President and Chief Growth Officer of Mondelēz International. “We are launching SnackFutures, a new forward-thinking innovation hub, to capitalize on new trends, and mobilize 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.”
SnackFutures will officially launch in November 2018 with a cross-functional team of leaders, led by Cofer, 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 in this endeavor. For the program’s initial innovation projects, SnackFutures 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.