Archer Daniels Midland Company (ADM) and National Foodworks Services (NFS) have launched the first Food Innovation Challenge—a contest designed to provide new food entrepreneurs with access to resources and industry mentors to evaluate their product ideas. The winner will receive $50,000 in seed funding and $50,000 of in-kind services to bring their product to market.
The contest is open this year to entrepreneurs aspiring to sell their new baked goods, snack-type bars or condiments in retail food channels. Applicants must be 18 years of age and a legal resident of Illinois or one of the surrounding states (Indiana, Iowa, Kentucky, Michigan, Missouri, or Wisconsin). First and second round finalists will have the opportunity to work with mentors in the areas of production, accounting, marketing, and more to help develop a business model. Food research and product development experts will also help contestants finalize a scalable food product.
Applications will be accepted at www.foodinnovationchallenge.com until May 16, 2016.