US-based food company General Mills has embarked on a new journey with the launch of its 301 Inc., a new business venture unit that will focus on building partnerships with emerging food brands to come up with groundbreaking innovation in food sector.
Through the new venture, entrepreneurs and food start-ups will gain access to capital and insightful knowledge and expertise of General Mills to develop and expand their business.
The company has derived the name of the new unit from the address of the original Pillsbury A Mill in Minneapolis. The company seeks businesses that have showed promise in the marketplace with product offerings and strong brand potential.
301 Inc., was initially a business development team created by General Mills in 2012, which worked on developing and launching new business models for growth of the company. Within the company boundaries, the team worked as entrepreneurs innovating products such as Progresso and Nature Valley Bistro Cups, the first products made with a single cup coffee brewer, Pillsbury Pancake Batter, that can be put in the refrigeration section in grocery store, and nibblr which is a subscription-based snack delivery service.
301 Inc., vice president and general manager John Haugen said: "It has helped us to more clearly define the role 301 INC can play moving forward. We believe we can meet consumer needs faster than ever by combining the vision and passion of entrepreneurs with General Mills extensive capabilities."
With a combined industry experience of 185 years, the 301 Inc., team spans expertise across supply chain, sales, finance and marketing, to handle General Mills' expansive portfolio that exceeds 25 product categories ranging from cereal to snacks and meals.
General Mills has not confirmed whether it has already made investments in the new venture capital unit. However, it is known that the company has made a pilot run with a minority stake in Beyond Meat, a plant-based food maker, reported Fortune.
Image: General Mills offers breakfast cereals as part of its product category. Photo: Courtesy of joephotostudio/FreeDigitalPhotos.net.
