Fonterra trims board size
Fonterra’s board has been reduced to nine - comprising six farmer-elected and three appointed directors.
The open platform – www.fonterraventures.com – provides the opportunity for anyone, anywhere to collaborate with Fonterra on disruptive ideas for mutual benefit.
Individuals, small businesses or large corporates around the world can submit game-changing concepts that the Fonterra Ventures team will review and then potentially partner on to scale and succeed together. Submissions could relate to any kind of disruptive innovation such as new business models, services, technologies or processes.
Last week’s launch event at the Fonterra Centre in Auckland, New Zealand, was attended by key stakeholders including representatives from around 80 major partners and suppliers.
“Fonterra is fortunate to partner with some brilliant businesses in New Zealand and across the globe and we’re looking to join forces with them in increasingly innovative ways to accelerate growth and ultimately return more value to our farmers,” says Judith Swales, chief operating officer velocity & innovation.
“We’re also actively looking outside our organisation and are open minded as to where that could lead us. Through Ventures Co-Lab, we want to collaborate with innovators to think big and win big, together.”
There is no set formula for the type of relationship to come out of Ventures Co-Lab, but the ultimate goal is to build long-term partnerships with companies that will work in synergy with Fonterra.
Successful applicants can tap into the co-op’s global reach and know-how at every step of the supply chain, while also getting support from a dedicated team whose sole focus is to drive disruptive innovation.
Fonterra Ventures, led by general manager Komal Mistry, is a passionate group of entrepreneurial enablers constantly looking for new ways to meet the needs of future consumers and customers.
In addition to looking externally for innovative ideas, Fonterra is cultivating a culture of entrepreneurship internally through programmes like Disrupt.
Disrupt harnesses the curiosity and talent of people within the organisation to create innovative businesses models. Staff are given the opportunity to submit ideas, proceed to a 12-week accelerator and potentially land a new day job if their concept is implemented within the business.
“We know that innovation and disruption can come from anywhere,” added Swales. “We invite people to join us on the journey and radically change the way things are done.”
