Nestlé and Hatch have signed a MoU to develop open innovation solutions for products that are sustainable, and which use local ingredients to meet local nutritional needs. The two companies will work with local start-ups, entrepreneurs, and Nestlé’s own employees to shape disruptive innovation, with the goal of bringing ground-breaking ideas on nutrition and sustainability to market more quickly.
“For 114 years, we have enhanced Sri Lankan lives with good food and beverages that meet nutritional and lifestyle needs. We want to enhance this positive impact through our partnership with Hatch, which will help us use more local ingredients and offer products that are not just nutritious but also sustainable. We’ll combine the insight and ingenuity of external innovators with our scale and expertise as the world’s largest food and beverage company. Together, we’ll tackle projects that will make a genuine difference” said Fabrice Cavallin, Nestlé’s Managing Director.
“As Sri Lanka’s largest incubator / accelerator space for start-ups, we’re proud to bring large companies and start-ups together to collaborate and grow. Our vision has always been to support innovation and transform the way local businesses work. We look forward to collaborating on projects with the potential to create lasting impact to Sri Lankan consumers” said Jeevan Gnanam, Co-founder of Hatch.
The two companies have just launched a Hackathon challenge, calling on local innovators to submit ideas centered on healthy products and sustainable solutions before 31 December 2020. 12 shortlisted submissions will win cash prizes of Rs.100,000 and the winner will receive Rs. 1 million. More information can be found by contacting 074 093 0973 or visiting https://www.nestle.lk/innovation/innovation-news/open-innovation.