Rizal Philippines
May 20, 2017
To really produce new products and encourage entrep students practice tinkering and experimenting with new ideas, the easiest route/medium is food. That is why I had sort of iron chef competition in the class where they have their own menu and make their pitches (they have to do a sales talk to entice buyers/customers)
Food is also the greatest family expenditure consuming more than 50% of the GDP. This runs into trillion.
It is no wonder that the food industry has its biggest share of winners (and losers.) Innovation here is short lived, sometimes with the same life span of a vegetable in the refrigerator. Food taste rapidly and some restaurants, change their menu and format every quarter. Otherwise, you will not survive.
Customer needs change rapidly
Some notable foodstuff innovation that I saw:
1. Brewed coffee in a tea bag. An entrepreneur experienced that brewing coffee takes time . So why not do it the teabag way. All you have to do is boil water and put the tea bag in.
Brewed coffee in a tea bag
2. The boodle fight restaurant in Navotas. Price ranges from P499 for four and up to P799 for eight people. There are lot of customers Pias boodle fight resto in Navotas
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