The first stage in food product development is ideation. What are the current trends in the food sector? Is there a market need or business opportunity? Product validation and market research will help to validate ideas generated. As an entrepreneur, you should be using lean market validation principles to ensure you have a viable business idea. It is important at this stage to ensure you have a clearly defined target customer, a clear understanding of the problem you are trying to solve and a clear vision of how your business or product will solve that problem.

Business Development Streams

Business Management

As you move from ideation to business startup, there are several things to consider and steps that will need to take place, including choosing and registering your business name, business licensing and doing an entrepreneurial skills and financial needs assessment.

Product and Process Development

As a food entrepreneur, you will be analyzing your recipe formulation, your product and the process development required to commercialize your food product. The production, processing and labelling of food is regulated by provincial and federal governments. Ensuring that your food business has the necessary permits, licenses, food safety and labelling requirements in place is an important operational step.

Market Development

Moving from ideation to startup requires market research and lean market validation. What are the consumer trends in the food sector? Is there market demand for your food product and are consumers willing to pay the price required for business profitability? Ensure that your product pricing is set at a price point where your customers see value and where you will earn a profit. Where and how will you reach your customers? What is your unique value proposition? The market research and analysis phase should include market testing with your target customer.