BA4137 14/04 Guest Speaker MALTY

Introduction

In this section, the speaker introduces themselves and expresses their excitement to hear more about the details of the entrepreneurship program.

• The speaker has heard many short stories about entrepreneurship programs that start with a lot of budgets but end up not being successful.

• The speaker has been following Multi for a long time and is excited to hear more about their story and pitch.

Introductions

In this section, each co-founder introduces themselves and shares their background before starting Multi.

• Each co-founder briefly introduces themselves and shares their previous work experience.

• They founded Multi as an entrepreneurship project aimed at upcycling waste food products.

• They have been working on Multi for approximately two years.

Pitch

In this section, the co-founders present their pitch for Multi.

• Multi aims to solve the problem of food waste by upcycling waste food products.

• The world is facing a huge food problem, with 22% of global carbon emissions originating from the food industry.

• Approximately 30% of food produced is wasted, with examples such as 20% of beer production resulting in wasted food products.

• Multi's solution is to use waste foods again because they are produced for human consumption.

Upcycling Food Waste for Healthier Snacks

In this section, the speaker discusses the need for healthier snack options and introduces two projects focused on upcycling food waste to create nutritious and responsible foods.

Health Snacks Market

• Eight percent of people eat only snacks per day, indicating a need for healthier snack options.

• The health snacks market is rapidly growing, making it a promising area to focus on.

• The speaker's company is a food tech company that produces innovative and functional foods with an emphasis on nutrition and sustainability.

Market Snacks Project

• The first project is the Market Snacks project, which aims to create healthy snacks that can replace missed meals.

• Malted grains are added to the healthy snacks to make them more filling. This simple innovation makes just 25 grams of snack more satisfying when missing meals.

Upcycling and Sustainability Project

• The second project focuses on upcycling food waste from the beer industry. Specifically, they use brewer's spent grain (BSG), which is typically discarded after brewing beer.

• BSG is a valuable ingredient because it contains no gluten or sugar and has better nutritional value than barley. However, it is currently underutilized as human food.

• By using BSG in their products, the company saves water by reducing the amount of barley needed. One tonne of BSG saves approximately 15 hectoliters of water.

• A small package of their product includes 15 grams of BSG and saves 19 liters of water per package.

Conclusion

The speaker emphasizes that their projects combine nutrition and sustainability to create innovative and responsible foods. They are focused on upcycling food waste, particularly BSG from the beer industry, to create healthier snack options that can replace missed meals.

Sustainable Packaging and Marketing

In this section, the speaker discusses the importance of sustainable packaging and marketing for FMCG products. They explain that consumers want to buy products that meet their needs and are healthy, so it's important to include information about nutrition, sustainability, and ingredients on the package.

Importance of Sustainable Packaging

• Upcycling projects and sustainable little projects are not enough for FMCG products.

• Consumers want to buy products that meet their needs, such as healthy snacks.

• Sustainability is important but should be added to the package in a way that doesn't overwhelm or confuse consumers.

R&D Projects

• The speaker discusses R&D projects focused on creating raw materials from coffee and using different parts of plants.

• There are only a few competitors in the world working on similar projects.

Marketing Approach

• The speaker emphasizes the importance of marketing approach in telling a brand's story, identity, vision, target audience, and purpose.

• Clarifying target audience is crucial for evaluating interest persons who can pay money for your product.

Conclusion

• The speaker concludes by thanking listeners for hearing them out despite not being able to see their reactions.

Introduction to the Company

In this section, the speaker provides a brief history of the company and its work.

Generalist vs. Specialist

• The speaker discusses the difference between being a generalist and a specialist.

• They mention working with top-notch designers.

Becoming an Entrepreneur

In this section, the interviewer asks about the speaker's journey to becoming an entrepreneur.

Starting as a Corporate Worker

• The interviewer asks if the speaker started working for a corporate company before becoming an entrepreneur.

• The speaker talks about their position in innovation at Honolulu FS.

Entrepreneurship Program

• The speaker explains that they applied for an entrepreneurship program called "Investigation Authorious Entrepreneurship Program."

• They chose 10 ideas from their team to work on during the program.

Creating MVP and Selling Products

• After choosing three ideas, they worked on creating MVPs for each product.

• Due to struggles during the pandemic, selling products was difficult.

• Only one project continued after evaluation with investors.

Returning to Turkey as an Entrepreneur

In this section, the speaker discusses their decision to return to Turkey and become an entrepreneur.

Dreaming of Being an Entrepreneur in Turkey

• The speaker dreamed of returning to Turkey and becoming an entrepreneur.

• They believed there were many opportunities in Turkey for entrepreneurship due to its changing nature.

Working in Corporate Career

• Although they returned to Turkey, they initially started working in a corporate career.

• They worked for four years at Archery Group as a global company before transitioning into entrepreneurship.

Entrepreneurship and Corporate Careers

In this section, the speaker talks about their background in entrepreneurship and innovation. They discuss a project they worked on to create entrepreneurs within a company and how it led to them starting their own company. The speaker also discusses the decision between pursuing entrepreneurship or a corporate career.

Pursuing Entrepreneurship vs Corporate Career

• The speaker chose to pursue a Master's Degree in Innovation and Entrepreneurship.

• After working on a project to create entrepreneurs within a company, the speaker and their team decided to start their own independent company.

• The decision between pursuing entrepreneurship or a corporate career can be difficult as there are pros and cons to both options.

• While corporate careers offer stability and routine, entrepreneurship can have a greater impact on one's life.

Trying Out Ideas

• If someone is unsure whether to pursue entrepreneurship or a corporate career, they can try out their ideas freely before making a decision.

• For example, if someone has an idea for a product, they can design it with free tools from the internet and create an Instagram page to showcase it.

Overall, the speaker shares their experience with entrepreneurship and provides insights into the decision-making process between pursuing entrepreneurship or a corporate career.

Entrepreneurship vs Corporate

In this section, the speakers discuss the advantages and disadvantages of being an entrepreneur versus working in a corporate environment. They also mention how there is no longer a clear distinction between the two.

Entrepreneurship vs Corporate

• Being an entrepreneur allows for quick money-making opportunities from projects, but there is also a risk of failure.

• There is no clear answer as to whether entrepreneurship or corporate work is better. Nowadays, it's possible to switch between the two and gain valuable experience from both.

• Corporations are now more open to hiring individuals who have failed at their own startups because they bring a different perspective and experience.

• Working in a corporate environment after trying entrepreneurship can be beneficial because it provides a different view of companies and how they operate.

The Importance of Entrepreneurial Mindset

In this section, the speakers discuss the importance of having an entrepreneurial mindset regardless of whether you work in a corporate environment or as an entrepreneur.

The Importance of Entrepreneurial Mindset

• Having an entrepreneurial mindset is important regardless of whether you work in a corporate environment or as an entrepreneur.

• People with an entrepreneurial mindset are problem solvers who are motivated to make progress.

• Working with big companies can still involve people with an entrepreneurial mindset who are passionate about solving problems.

Testing MVP during Pandemic

In this section, the speakers discuss testing MVP during pandemic times and how they focused on solving a problem related to consumption of quick meals.

Testing MVP during Pandemic

• The speakers focused on solving a problem related to the consumption of quick meals due to lack of time.

• They talked with many people and identified a target persona named "Giza egg" who struggles with consuming healthy snacks during busy times.

• The speakers are looking into snack products as a solution for this problem.

Creating and Testing the Product

In this section, the speaker talks about how they created their product and tested it in coffee shops and sports clubs.

Creating the Product

• The team created 10-30 pieces of handmade bars.

• They packaged the bars with craft paper and took them to coffee shops in Kadikoy.

• They put the bars near the cash register and waited for people to check them out.

Testing the Product

• When someone checked out their product, they talked to them to understand why they were interested in buying it.

• They showed photos of their product as it was their first type of product.

• They focused on white-collar workers who were working types rather than sports clubs because they realized that there were differences between consumers.

Customer Development by Book

In this section, the speaker talks about customer development by book and how entrepreneurship is different from innovation management.

Customer Development by Book

• The speaker mentions that he doesn't see well-planned customer development very often in entrepreneurship.

• He says that instead of asking for permission, it's easier to apologize if something goes wrong.

• He quotes John Danner saying "It's easier to ask forgiveness than to ask for permission."

Entrepreneurship vs Innovation Management

• The speaker mentions that entrepreneurship is different from innovation management.

• He says that innovation managers hate him because he believes in not asking for permission but apologizing later if necessary.

Targeting Different Consumers

In this section, the speaker talks about targeting different consumers based on their preferences.

Weight Lifters' Preferences

• Weight lifters care more about protein content than taste when it comes to nutrition bars.

Other Consumers' Preferences

• Other consumers don't want to eat the same thing as weight lifters because they think it's not as healthy.

• The team realized that they needed to choose one type of consumer to focus on, and they chose white-collar workers who were working types.

Market Analysis

In this section, the speaker talks about market analysis and shares some insights on how to make a good presentation.

Tips for Making a Good Presentation

• Avoid using full sentences or paragraphs on slides. Instead, use pictures and bullets.

• Use the Tam Sam concept when presenting an entrepreneurship idea. This stands for Total Available Market, Specific Addressable Market, and Share Market.

How to Conduct Market Analysis

• Start by focusing on your first MEPS (Minimum Enjoyable Product Segment).

• Look at the general snack market in Turkey as it is several times larger than the snack bar market.

• Consider whether customers care more about taste or health when developing a product.

Competitor Analysis

In this section, the speaker discusses competitor analysis and how to identify competitors.

Identifying Competitors

• When identifying competitors, consider that anything that goes through a customer's mouth or throat can be considered competition.

• Don't assume that healthy snacks are your only competition; other factors such as price may also be important to customers.

Expanding Your Potential Market

• Consider expanding beyond just healthy snacks to capture a larger market share.

Importance of Key Partners in Business Model Canvas

In this section, the speakers discuss the importance of key partners in a business model canvas and how being part of a larger company can be beneficial.

Starting with Immigrants and Moving to Supermarkets

• Started with immigrants then moved to selling on car for on getter and different supermarkets.

• Selling products under the same parent company made it easier to sell in other supermarkets but competition authority was an issue.

Difficulty Getting onto National Chain Shelves

• It is typically difficult and expensive to get onto shelves of national chains.

• Started selling at macro centers before getting into Migros. Carrefour also accepted them but it was a long process due to not being part of the same company.

Premium Products Focusing on Healthier Claims

• Focusing on healthier claims such as high fiber content makes their product more premium.

• Micro Center is important checkpoint for what they want to do or talk with consumers. They are starting with premium points in every area.

Other Topics Discussed

• The difficulty of finding phone numbers when trying to contact companies outside your own.

• The benefits and negatives of competition regulations.

• Discussion about how smaller markets may be easier for testing new products.

Choosing the Right Selling Points

In this section, the speaker discusses how they chose their selling points and why it is important to choose the right ones.

Choosing Selling Points

• The company started with 20 pharmacies in Nishantech as their selling points.

• They expanded to premium hotels and supermarkets with Micro Center to reach potential customers.

• The selling points must be premium and imported, but the product should still look like a snack.

• They also sell their products in healthy restaurants and opened migrant shelters for commercial purposes.

Brand Identity and Product Name

In this section, the speaker talks about brand identity and product naming.

Naming the Product

• A participant suggests adding an "H" between "multi" to emphasize that it's a healthy product.

• The speaker agrees that it's a good idea but explains that they need a simple name that can be easily remembered by consumers.

• They want a name that is not more than five letters long so consumers can learn it quickly.

Investment Process and Company Structure

In this section, the speaker talks about investment process and company structure.

Company Structure

• The company has 25% shares for another FS when they become independent.

• Benchmarking was done with other companies who had similar structures.

• Nowadays, they suggest starting from 10% or 15% instead of 25%.

Investment and Evaluation

In this section, the speaker discusses the investors involved in their project, the evaluation of their project, and their investment goals.

Investors

• The VC and Angela investors combined for VCS and Angela investors.

• Lima Ventures has 7.5% while Angelo investors have 4.5%.

• Some Angel Investors are previous CEOs of course on holding.

Evaluation

• The evaluation was one million dollars when they started the project.

• Nowadays, they think it's approximately five million dollars evaluation.

Investment Goals

• Their aim is to invest in an upcycling product and sell approximately 1000 points.

• They priced their potential selling points based on what others have priced.

Production Process

In this section, the speaker talks about how they manage production for their upcycling product.

Production Management

• They buy raw material from FS Factory (Brewers pant grain).

• They go to other factories to produce raw material from Rivers plant green to upcycled mod fiber.

• They use another producing place to produce end products.

• They generally work with production partners because they did not invest in a factory.

Packaging Options

In this section, the speaker discusses packaging options for sustainable products.

Packaging Options

• Recycled options are very limited globally especially in Turkey.

• They continuously look for options but haven't found enough good ones yet.

• Packaging is important for preserving the product as it is the only way of preservation.

Coffee Consumption

The speaker discusses their coffee consumption habits and how it affects their productivity.

Coffee Intake

• The speaker cannot function without coffee.

• They can consume up to seven or eight cups of coffee a day.

Eating Habits

The speaker talks about their eating habits and how they fit meals into their busy schedule.

Breakfast

• The speaker doesn't have time to make breakfast.

• They eat a lot of snacks throughout the day instead.

Lunch and Dinner

• The speaker eats lunch and dinner as normal.

• If they feel hungry, they will eat more snacks.

Health Benefits

The speaker discusses the benefits of working for a health company.

Working for a Health Company

• It's good that they work for a health company.

• There are many benefits associated with working for such a company.

Conclusion

The speaker thanks the audience for attending and provides some final thoughts on the presentation.

Final Thoughts

• The presentation was informative and fun.

• The audience provided additional teaching points that will be useful in future presentations.

• Multi will be added to the business model slide in future presentations.

Thank You

• The speaker thanks everyone for attending the presentation.

• Unfortunately, due to being online this semester, miniature versions of posters could not be given out but maybe next time.

• They invite everyone to connect with them on Instagram or LinkedIn.