Food was an ubiquitous touch point in the start-up world, and I don’t mean the free lunches or the sprawling canteens that you get in larger locations to keep the start-up staff in place but also to focus on building without to leave the building.
There are hundreds, maybe even thousands, of companies that grew out of the idea of making it easier and faster (but maybe not cheaper) to get the food you want to eat or cook. and there are also hundreds of business ideas that have sprung from the idea of using technology to create new types of food to eat and prepare.
Too Good To Go is a different type of bird. It’s a grocery startup that’s really all about finding a landing spot for groceries that apparently no one wanted in the first place, and the lower burden on your conscience is offset by prices that put less pressure on your wallet.
Mette Lykke, The startup̵
Her track record gives her a great perspective. Before taking the helm at Too Good To Go, she was a co-founder of Endomondo, the fitness tracking app that was eventually acquired by Under Armor. This was part of a bigger move by the fitness apparel company into devising a bigger strategy around quantified self and what you do when you put on your fitness gear.
Exercise, staying healthy, saving money, and eating better are all things that have been on many people’s minds lately. We are experiencing a global health pandemic that has hit us in many different ways, but for many of us one of the good things that came out of it was a series of stellar insights into how best to stay in shape the time we have to use, to eat better, and to care for ourselves and our planet in general more conscientiously.
A third of the food produced today is either lost or wasted, says Mette. This offers a ripe opportunity to tap into some of that waste to reduce its financial and environmental impact, and that is exactly what Too Good To Go set out to do.
The company is set up as a two-way marketplace where food suppliers (e.g. restaurants and producers) contribute surplus food which “buyers” (e.g. consumers) can then browse, buy and then pick up at reduced prices. A ministry that now lives in 10 countries, she said.
However, as might be expected, TGTG has definitely seen a huge impact from the pandemic when the basic business model took off when people were told to stay home and many restaurants and others were closed simply because they were just for The service remained open Few customers who went to take away just made no sense. As a result, the company saw a 62% drop in sales.
Over time, however, ways to work with suppliers have developed that even enabled some to connect with customers when they had no other means to do so.
This included working with more suppliers whose customers (often restaurants) disappeared. and providing temporary takeout services to restaurants where they did not already exist to provide food to people. It has also worked “pro bono” and waived its commission so that customers can only stay afloat and work with TGTG.
It’s not entirely normal now – it’s probably too early to say how many companies will emerge intact from Covid-19, and in the meantime, they may be getting much more nervous about the idea of cannibalizing their businesses with cuts – Price goods.
Still there is hope. Too Good To Go notes that there is still definitely an appetite (no pun intended) to buy groceries at lower prices that serves a good cause: tackling food waste at a time when many are more concerned about How Their Basic Consumer Choices Can Make a Decision for Good or Bad.
While fighting food waste and staying in shape (and fighting fit) don’t seem to have much in common – aside from naturally focusing on the role of food as something that affects both – there is actually one interesting one Thread that connects them: both focus on activities that consumers can do to improve themselves and feel better.
There was a time when this type of space might not have had much impact with financiers as solid business ideas: idealism (if it ever was) often quickly gives way to the bottom line. But Mette’s success as an entrepreneur in Europe is a sign of how things are going.
“A lot of things are starting to happen,” she said of both social goodstartups and her prospects at VCs. This is an interesting finding, considering that she also invests occasionally. “I would love to see more social enterprises scale [even if] We’re probably still in the early days. “
Listen below to learn more about their findings.