General Mills to invest in food startups
General Mills announced 301 INC, the company’s new business development and venturing unit, will embark on a new strategy that will focus on building partnerships with emerging food brands to create innovations in the food industry.
Through 301 INC, General Mills says entrepreneurs and early stage food companies will have access to capital and the deep knowledge and expertise of General Mills to develop, grow and expand their businesses.
“The rapidly evolving consumer landscape is dramatically changing the game in the food industry,” said John Haugen, vice president and general manager of 301 INC. “Tremendous opportunity exists outside of General Mills to partner with and foster emerging food brands. Through these partnerships we will help entrepreneurs scale their vision by providing them with a combination of capital and the capabilities that General Mills has built over the past 150 years in the food industry.”
301 INC, which takes its name from the address of the original Pillsbury A Mill in Minneapolis, is seeking businesses that have demonstrated early success in the marketplace, have a remarkable product offering and a strong, expandable brand.
Originally cast as a new business development team by General Mills in 2012, 301 INC was charged with developing and launching new business models to generate growth for General Mills. This team worked as entrepreneurs within the walls of General Mills, bringing to market products including Progresso and Nature Valley Bistro Cups, the first food products made with a single cup coffee brewer, Pillsbury Pancake Batter, an innovation that put pancakes in the refrigerated section of the grocery store, and nibblr, a customizable subscription-based snack delivery service.
More information can be found be visiting www.301inc.com.