Food Season at the Business & IP Centre
With the British Library’s Food Season coming to a close, we take a look back at the past few months and the events the Business & IP Centre has celebrated with, including panel talks, inventors’ club, speed mentoring, workshops and one-to-ones for budding foodie entrepreneurs, or those who wanted to grow their existing business.
The UK’s food and drinks sector going from strength to strength. In 2017, consumer spending in the sector exceeded £219 billion with food and drinks exports worth more than £22 million to the economy. With almost 7,000 micro, small and medium businesses active in the sector last year, there’s no shortage of brands eager to take a bite out of the market.
Expert Impact’s Profit with Purpose: The Tastemakers II heard how Rubies in the Rubble (Innovating for Growth: Scale-ups alumni), LEMONAID, The Dusty Knuckle Bakery and Ben & Jerry’s became successful social enterprises. Here’s a little taster of the evening…
Our own Inspiring Entrepreneurs: Recipes for Success followed with the founders and co-founders of Eat Natural, Riverford and Pip & Nut, moderated by food journalist Victoria Stewart. Here are some highlights from the Q&A, with questions from audiences both in London and around our National Network, as well as those watching via our live webcast.
With work/life balance being a main motivator for a lot of entrepreneurs (whether or not that ends up being the reality), finding a happy medium between business and non-work time can be challenging. Pip Murray, founder of Pip & Nut still struggles, even with products in over 5,000 stores in four and a half years, “The first couple of years I was like a headless chicken. It’s inevitable it [the business] will take over everything. Since building the team, it’s given me headspace to enjoy my weekends. There’s only so much you can keep going at that pace and something needs to give. I’m very much involved in everything. There’s still an element that sucks you in, but you just need regular breaks.”
Guy Singh-Watson, founder of Riverford, decided to make the company employee owned and he became one of 650 co-owners. Guy said, “I strongly believe in giving people as much autonomy about how their day goes, what they’re doing and how they do it. Giving them the ability to grow and get better at it. The third motivator is purpose. In agriculture, the work is very very demanding, and I think fewer and fewer people are going to want to do it and we have to make sure we keep the best ones.”
The panel of founders also highlighted the need to not being afraid of trying things, not waiting for perfection and just going for it. Praveen encourages, “If you have an idea, just go for it. You don’t know what’s going to happen until you speak to consumers. If you believe in it, you have to give it a go. We love failing – it happens all the time.”
The panel finished with their most rewarding moments in business…
- Riverford - the day we became employee owned 👥
- Pip & Nut - seeing our products on the supermarket shelves for the first time 🥜
- Eat Natural - getting the first crop of honey from our own beehives 🍯🐝
You can see all speakers’ videos and the Q&A on our YouTube channel, including questions on influencers, ethics, marketing and getting into supermarkets.