Kroger will fund entrepreneurs making repurposed food.
The Kroger Co. intends to provide $2.5 million in combined grants to entrepreneurs that promote innovative methods for producing, processing, or distributing repurposed consumer food products through its Zero Hunger/Zero Waste Foundation.
The store referred to repurposed food as “the next frontier” and asked candidates to submit ideas supporting a business plan that calls for obtaining excess food or food waste and turning it into new items aimed at consumers. The selected candidates will get an upfront seed grant financing of $100,000. Following that, according to Kroger, the chosen businesses will take part in a virtual workshop with an emphasis on technical skill development, investment preparation, and networking with a community of mentors and investors in and around the food chain.
Innovators may also qualify for a further $100,000 grant in the event that certain programme milestones are met. Two firms will be chosen at the conclusion of the six-month milestone development period to have the chance to receive an additional $250,000 in investment.
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According to Denise Osterhues, president of The Kroger Co. Zero Hunger/Zero Waste Foundation, “The Kroger Co. Zero Hunger/Zero Waste Foundation is committed to helping build a more efficient and resilient food system and charitable food system in the US and beyond.” “Following the COVID-19 pandemic and its economic ramifications, we are more committed than ever to directing as much food towards its ultimate goal: feeding people.” In our current food system, we cannot afford to squander excess food at any level.