AgFunder News reports that Food-X, an international food business accelerator backed by venture-capital firm SOSV, revealed its fifth round of food innovators. Each of the eight startups will receive $50,000, expert counseling, and opportunities to collaborate.
The winners come from around the globe and are undertaking a variety of projects, from reducing food waste to fostering relationships between food-loving strangers. Several of the winners have the potential to disrupt how the food industry disposes of food waste. For example, RISE converts spent beer brewing grains into flour.
Notably, Food-X saw a record number of applications this round: more than 500. This suggests that more and more entrepreneurs are turning to the food and beverage industry to launch their businesses.
While SOSV touts Food-X as being the first accelerator of its kind, similar opportunities for food innovators have been sprouting up in recent years. Food+Tech Connect published lists of food accelerators and corporate incubators for food innovators that appeared in 2013 and 2014.
Also notably, most of the recipients of Food-X prizes pair their food businesses with food policy. This season’s cohort includes four companies addressing nutrition and health and three companies addressing food waste and food recovery. Similarly, past winners have done the same.
Undoubtedly, funding your startup can be the single most challenging step in starting your food business. Thankfully, the success of the food and beverage industry has inspired venture capitalists to invest in food entrepreneurs, offering not only cash, but expertise, counseling, and networking, as well, especially to those interested in confronting some of society’s greatest challenges.