AI Food Science Platform Announces the Publication of the Ultimate List of Bold Food & Beverage Innovators
MINNEAPOLIS, March 24, 2022—Last week, at Future Food-Tech 2022 in San Francisco, Kishan Vasani, co-founder and CEO of Spoonshot, unveiled the company’s inaugural list of top innovations in the food and beverage space. Leveraging its AI #foodbrain, Spoonshot’s unprecedented report showcases a curated list of game-changing products from companies reshaping the food and beverage industry, including Caju Love, Awsum Chocolate, and The Wild Hare.
“Product innovation is typically measured by commercial success,” said Vasani. “While that’s an important lens, it’s a lagging indicator. Spoonshot wanted to identify and highlight emerging companies that have been courageous in their product development using non-financial signals.”
Spoonshot selected the Game-Changers by examining food and beverage startups, broadly defined as companies that have been in operation for less than five years. None of them have been acquired by any major company or conglomerate and each has fewer than 20 products in their portfolio. Using their proprietary AI platform, Spoonshot examined 7,000 startups across the globe operating in the retail food and beverage space in over 130 categories.
Combining the foresight of AI, the domain knowledge of food science, and huge, high-velocity data pools, Spoonshot measured the “novelty factor” of the products as well as a “consumer acceptance” feature. Data sources include social media, e-commerce websites, brand websites, consumer and business trade press.
Also Read: Role of AI in Food Technology
Measuring “novelty” was achieved by examining product features, including:
- Health benefits
- Associated trends comprising Spoonshot’s curated list of trending “Hot Topics”
Factors used to measure “consumer acceptance” included:
- Social media engagement
- Brand engagement
- Ratings and review
Based on these factors, Spoonshot developed a proprietary score to measure the innovativeness of each brand by combining the novelty and consumer acceptance parameters. The top 25 companies were included in the scoring process. The higher the score, the more innovative the company.
Download a copy of the Game-Changers 2022 Report for FREE here.