Tastebud Lab: Future food bio-economy buddy

By NUCHARAT SIRIPRAPAWAN, correspondent

IN THE food industry, producers and manufacturers are expected to tread the road to sustainable production, now with more urgency than ever. It is a responsibility to humankind to ensure future generations will enjoy the same products and nourishments that we all do today. The steps toward sustainability may be clear to some, and vague to others – either way, where to begin toward follow-through are not without hurdles.

Understanding this situation companies, especially startups and SMEs go through, Tastebud Lab has made it its mission to guide them in attaining their sustainability goals.  The co-founder and CEO of this company, Santi Abakaz sees it as a solution particularly to fast-track Thailand’s sustainable future food system.

Santi Abakaz, co-founder and CEO of Tastebud Lab

Mr Abakaz has over 18 years of experience in new business & marketing development consulting in the fast-moving consumer goods (FMCG) sector. Also a food expert, his interests lie in creating profit business models, future foods, and a bioeconomy that will serve the gap in the local food value chain. This led him to create TasteBud Lab in 2018.

The company aims to help transform the Thailand’s bioeconomy in partnership with stakeholders including government agencies such as the National Science and Technology Development Agency, venture capitals, business owners/leaders, and a food network with environmental, social, and corporate governance (ESG) that can support foodtech and biotech startups.

Tastebud Lab is the sole future food accelerator organisation promoting future sustainable food system in Thailand, and works with food researchers, and foodtech and biotech startups in the Future Food Network which now has some 6,000 members. They organise programs such as the “Future Food Acceleration Program” and events that focus on knowledge and ideas sharing for the development of future sustainable food system. These events are attended by global food leaders.

A consultant to food manufacturers and enterprises in Thailand, Mr Abakaz has become familiar with the pain points that set back food innovation as well as the wide gap in business opportunity. He talked about this in a presentation at the Sustainable Food Eco-System in APAC 2022.

Referring to data from the PitchBook Report, Q4 2020 Emerging Tech Indicator as well as the 2021 AgFunder AgriFoodTech Investment Report, Mr Abakaz said that agri-food tech venture capital (VC) investments continue to increase from the years 2010-2020 to reach USD 30.5 billion. The growth was driven by underlying trends including climate change, regulatory pressure, and consumer awareness.  

The impact of the COVID-19 pandemic and conflict in Ukraine further revealed the need to increase R&D funding in various agri-food ventures primarily to ensure resilience, food security, and sustainability. As such investment in agrifood technologies is surging. Ventures raised over USD 51.7bn in 2021, an 85% increase from 2020, according to the 2022 AgFunder AgriFoodTech Investment Report.

Tastebud created Bio Buddy as a venture builder that operates through the cooperation of local and international partners. The goal is to scale up global marketing, joint ventures, and fund raising for foodtech and biotech startups, as well as SMEs, providing them solutions, new business development, brand communication and investment strategies for the development of future sustainable food system.   

Bio Buddy helps startups generate sustainable business ideas, build their teams, and match them with the right lead ventures or government agencies that can support their business growth. If for instance a startup requires development in R&D, it is provided a test kitchen lab to design food technology prototypes, consumer testing and market launching as shared services. Consultation and methodological solutions such as 6 to 8 months of incubation programs, outside-in resources and talent are introduced to accelerate them and their performance is monitored throughout (s-curve).

Six pillars in the Future Food System framework

Tastebud Lab’s Future Food System framework on Bioeconomy is based on six pillars that highlight sustainability. Mr Abakaz explained these as:

Innovative practices – Foodtech startup/SMEs initiate their business model and develop products, production processes, and food value chains under the future food and sustainable theme that they intend to launch.

Agri-technological transformation -  In agritech production, zero waste, efficient raw material sourcing, and packaging choices must be considered.

Conservation of water, land & biodiversity – Climate change and biodiversity loss impact the food chain. It is imperative that experts, NGOs and organisations share their knowledge and recommendations in monitoring production systems and conservation of resources.

Responsible sourcing –  Foodtech startups/SMEs support and contribute their effort and business direction to conserve food sources sustainably. Examples of this is managing organic farms without using pesticides, and in fishing to be sure not catch small fish.

Regenerative production and job creation –  In the processed food production & transportation, companies can build green factories and implement Environmental-Social-Governance (ESG) model. This model is measured as non-financial factors by investors to analyse their processes and identify material risks and growth opportunities.

Responsible consumption - Consumers are more concerned about their environmental responsibility such as reusing or recycling product packaging and reducing plastic consumption. 

Living up to its role

Tastebud ensures that it fulfills its three main roles. The first is to act as a future food data provider, to facilitate and create a roadmap for startups. With their source of novel future food information and trends, they are able to help the global food network, ESG leaders, organisations and investors, and partners in their investment strategies.

Second, Tastebud creates acceleration and innovation programs, interfaces and platforms designed to incubate foodtech startups that aims to develop them beyond potential.

Third, Tastebud helps build the future food startup ecosystem. Its international workshops and events connect the local and global food partners into a future food network. Last year, it conducted the event, “Where is the future of future food 2022” in Bangkok. Over 40 global-local leaders from the food system development participated in the workshops, shared their future food experiences, and brainstormed on the future food ideation. Another event, the Future Food System Conference was also conducted during Thaifex Anuga Asia 2023 held in May at the IMPACT Muang Thong Thani.

These efforts are in line with Thailand’s strategy to grow its food systems sustainably, and in particular, the newly established Bio-Circular-Green Economic (BCG).

The BCG is a national strategic policy that aims to drive Thai economics for inclusive and sustainable growth underpin Thailand 4.0. Many SME incubator projects are initiated and supported by grant funds and benefit from new technologies, under such a policy.

Bioeconomy, which is part of BCG, is an economic system that seeks ways to apply innovative biotechnology and biomass to renew and convert biological resources into value added using the most cost-effective production with environmentally friendly methods.