Baking & Snack - September 2020 - 23

SMALL BUSINESS
CONFIDENCE
GROWS
of small business
owners now believe
they can stay in business more
than a year under current
economic conditions.
say they expect
their company's
revenue to head higher over the
next 12 months.
suggested that
COVID-19 safety
efforts are cutting into their profits.
Source: Q3 CNBC|SurveyMonkey Small Business Survey of
2,040 small businesses nationwide, July 20-27.

"An accelerator has already done its proof of concept and selling its products at a local Whole Foods and
needs a higher level of expertise," Mr. Weck said. "The
company has graduated in some ways to the next level.
The business is not a part-time hobby or someone who
does jams and jellies in their garage and needs a more
legitimate place to produce."
Working with accelerator brands, Ms. Cristadoro
added, means selecting startups that are stakeholders in
their companies and providing dedicated resources to
boost their presence in the market and attract additional
financing to take the business to another level.
"We determine what the right mix of services are and
the funding and vetting of the client ahead of time to ensure when the accelerated brands get to the finish line
and people want to invest in them for the long run," she
said. "It's not about throwing cash at a product concept.
It's about education and pulling everything together, including the brand and the company, and ensuring that
the products and their ingredients are value-added and
novel. If you have just a good product, you will not succeed. You need a lot more behind it than that."
With $250 million in investible capital, Ms. Herman
noted, Factory acquires meaningful equity stakes in smaller brands and collaborates with founders to innovate and
scale them more rapidly than most could do on their own.
Ideally, she added, the firm requires at least a senior
member of a partner company, and hopefully the whole
founding team, to work at its 40,000-square-foot facility in
Bethlehem to be part of its collaborative community.
"It's like college," Ms. Herman said. "You're in residence for four years, learning and growing, but instead
of earning a diploma, you hopefully 'graduate' with a
successful exit. "

Picking up the pace
While the pandemic and subsequent recession have
pushed many consumers into comfort and value-added

baked goods, HighKey's long-term focus hasn't changed.
"Our job is to continue to help consumers evolve their
eating habits and drive carbohydrates and sugar out of
their diets," Mr. Ens said. "We are increasing our pace
of innovation because we see ourselves as an ally to consumers pre-, during and post-COVID."
Shopping habits will also change, such as buying
direct-to-consumer, using click-and-collect and exploring a greater number of online options beyond Amazon.
Online selling has also become easier and more affordable. Ms. Herman routinely relies on Instagram to scout
out the latest in new product activity from incubators
and emerging brands.
"If you're a startup and not burdened with a ton of debt
or not worried about co-manufacturing, you can buy an
ad on Instagram, rent some commercial space and sell direct to consumer," she said. "There's obviously a lot less of
that than there was 12 months ago, but it's there. It's exciting to see that there are still entrepreneurs with energy
who are creating opportunity even during this time."
Eventually, old-fashioned trade shows will return
where buyers can meet and sample products in person.
"This face-to-face interaction is vital for smaller companies trying to gain a foothold in the market, and this
has been wiped out due to COVID-19," Mr. Vierhile
said. "Virtual trade shows have become a substitute, but
this substitute does not seem to be nearly as effective in
closing sales."
Mr. Weck suggested that entrepreneurs do a little soul
searching before plunging into the market.
"If you're happy selling your product at a farmers
market and to friends and family, that's one thing," he
said. "If you really want to penetrate the market, that's
a completely different scenario. We want to make sure
the key principals are ready for what they are about
to undertake."
That's one way new brands can take the time today to
prepare for the best of times - when they return.

HighKey has thrived
during the pandemic with
its best-selling cookies,
brownie bites and readyto-eat cereal.
HighKey

*

www.bakingbusiness.com / September 2020 Baking & Snack 23


http://www.bakingbusiness.com

Baking & Snack - September 2020

Table of Contents for the Digital Edition of Baking & Snack - September 2020

editorial - When 'unprecedented' becomes the status quo
newsfront
In brief/people
trends snapshot news
Special report: Incubators -- A brand-new beginning
Operations: Muffin Town -- New rules for schools
Trends: Pretzels -- back in the spotlight
Formulation: Fats & oils -- Dialing into functionality
Formulation: Sourcing & Supply Chain -- Global web of ingredients
Equipment: Pizza tech -- Piling it on
Equipment: Mixing -- Keep your cool
Equipment: Finishing -- Seeking the perfect touch
Operations: Augmented & virtual reality -- Playing pretend
Equipment: Bottlenecks -- Breaking the bottleneck
Events
Innovations
Featured technical expert
Ingredients & formulating
Equipment & packaging
Patents
New on the shelf
New product spotlight -- A change of pace
Baking & Snack - September 2020 - 1
Baking & Snack - September 2020 - 1
Baking & Snack - September 2020 - 2
Baking & Snack - September 2020 - 3
Baking & Snack - September 2020 - 4
Baking & Snack - September 2020 - 5
Baking & Snack - September 2020 - 6
Baking & Snack - September 2020 - 7
Baking & Snack - September 2020 - 8
Baking & Snack - September 2020 - 9
Baking & Snack - September 2020 - editorial - When 'unprecedented' becomes the status quo
Baking & Snack - September 2020 - 11
Baking & Snack - September 2020 - newsfront
Baking & Snack - September 2020 - 13
Baking & Snack - September 2020 - 14
Baking & Snack - September 2020 - 15
Baking & Snack - September 2020 - In brief/people
Baking & Snack - September 2020 - trends snapshot news
Baking & Snack - September 2020 - Special report: Incubators -- A brand-new beginning
Baking & Snack - September 2020 - 19
Baking & Snack - September 2020 - 20
Baking & Snack - September 2020 - 21
Baking & Snack - September 2020 - 22
Baking & Snack - September 2020 - 23
Baking & Snack - September 2020 - Operations: Muffin Town -- New rules for schools
Baking & Snack - September 2020 - 25
Baking & Snack - September 2020 - 26
Baking & Snack - September 2020 - 27
Baking & Snack - September 2020 - 28
Baking & Snack - September 2020 - 29
Baking & Snack - September 2020 - 30
Baking & Snack - September 2020 - 31
Baking & Snack - September 2020 - 32
Baking & Snack - September 2020 - 33
Baking & Snack - September 2020 - 34
Baking & Snack - September 2020 - Trends: Pretzels -- back in the spotlight
Baking & Snack - September 2020 - 36
Baking & Snack - September 2020 - 37
Baking & Snack - September 2020 - 38
Baking & Snack - September 2020 - 39
Baking & Snack - September 2020 - 40
Baking & Snack - September 2020 - 41
Baking & Snack - September 2020 - 42
Baking & Snack - September 2020 - Formulation: Fats & oils -- Dialing into functionality
Baking & Snack - September 2020 - 44
Baking & Snack - September 2020 - 45
Baking & Snack - September 2020 - 46
Baking & Snack - September 2020 - 47
Baking & Snack - September 2020 - 48
Baking & Snack - September 2020 - 49
Baking & Snack - September 2020 - 50
Baking & Snack - September 2020 - Formulation: Sourcing & Supply Chain -- Global web of ingredients
Baking & Snack - September 2020 - 52
Baking & Snack - September 2020 - 53
Baking & Snack - September 2020 - 54
Baking & Snack - September 2020 - 55
Baking & Snack - September 2020 - 56
Baking & Snack - September 2020 - 57
Baking & Snack - September 2020 - 58
Baking & Snack - September 2020 - Equipment: Pizza tech -- Piling it on
Baking & Snack - September 2020 - 60
Baking & Snack - September 2020 - 61
Baking & Snack - September 2020 - 62
Baking & Snack - September 2020 - 63
Baking & Snack - September 2020 - 64
Baking & Snack - September 2020 - 65
Baking & Snack - September 2020 - 66
Baking & Snack - September 2020 - 67
Baking & Snack - September 2020 - 68
Baking & Snack - September 2020 - Equipment: Mixing -- Keep your cool
Baking & Snack - September 2020 - 70
Baking & Snack - September 2020 - 71
Baking & Snack - September 2020 - 72
Baking & Snack - September 2020 - 73
Baking & Snack - September 2020 - 74
Baking & Snack - September 2020 - 75
Baking & Snack - September 2020 - 76
Baking & Snack - September 2020 - 77
Baking & Snack - September 2020 - 78
Baking & Snack - September 2020 - Equipment: Finishing -- Seeking the perfect touch
Baking & Snack - September 2020 - 80
Baking & Snack - September 2020 - 81
Baking & Snack - September 2020 - 82
Baking & Snack - September 2020 - 83
Baking & Snack - September 2020 - 84
Baking & Snack - September 2020 - 85
Baking & Snack - September 2020 - 86
Baking & Snack - September 2020 - Operations: Augmented & virtual reality -- Playing pretend
Baking & Snack - September 2020 - 88
Baking & Snack - September 2020 - 89
Baking & Snack - September 2020 - 90
Baking & Snack - September 2020 - Equipment: Bottlenecks -- Breaking the bottleneck
Baking & Snack - September 2020 - 92
Baking & Snack - September 2020 - 93
Baking & Snack - September 2020 - 94
Baking & Snack - September 2020 - 95
Baking & Snack - September 2020 - Events
Baking & Snack - September 2020 - 97
Baking & Snack - September 2020 - 98
Baking & Snack - September 2020 - Innovations
Baking & Snack - September 2020 - Featured technical expert
Baking & Snack - September 2020 - 101
Baking & Snack - September 2020 - Ingredients & formulating
Baking & Snack - September 2020 - 103
Baking & Snack - September 2020 - Equipment & packaging
Baking & Snack - September 2020 - 105
Baking & Snack - September 2020 - 106
Baking & Snack - September 2020 - 107
Baking & Snack - September 2020 - 108
Baking & Snack - September 2020 - Patents
Baking & Snack - September 2020 - New on the shelf
Baking & Snack - September 2020 - 111
Baking & Snack - September 2020 - 112
Baking & Snack - September 2020 - 113
Baking & Snack - September 2020 - 114
Baking & Snack - September 2020 - 115
Baking & Snack - September 2020 - 116
Baking & Snack - September 2020 - 117
Baking & Snack - September 2020 - 118
Baking & Snack - September 2020 - 119
Baking & Snack - September 2020 - 120
Baking & Snack - September 2020 - 121
Baking & Snack - September 2020 - New product spotlight -- A change of pace
Baking & Snack - September 2020 - 123
Baking & Snack - September 2020 - 124
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