In this issue:
Morgan Stanley’s Multicultural Innovation Lab with Carla Harris
Global Deal Syndication:
Neuro20 Efficient Health
Beckoning the Lactose-Intolerant Consumer Back to Ice Cream
HBSAA Global Angels News
Upcoming Virtual Events
Morgan Stanleys' Multicultural Innovation Lab February 24, 2021 2:30 pm Pacific, 5:30 pm Eastern, 10:30pm London, 11:30pm Continental Europe
RATE: $15 Early Bird and $25 after February 5th
Panel: Carla Harris MBA'87, Alica Vilma MBA'07 Moderator: Betsy Odita MBA'98
Global Syndication Investment Presentation
NEURO20 Efficient Health February 11, 2021 8:00 am Pacific, 11:00 am Eastern, 4:00pm London, 5:00pm Continental Europe RATE: Complimentary for HBS Alumni Angels Members Presenters: Dennis Schmitt, CEO/Founder of NUROTECH and Christian Schweizer, GMP'16, HBSAA South Florida
Beckoning the Lactose-Intolerant Consumer Back to Ice Cream Everyone should have the chance to experience delicious ice cream. This is what inspired Beckon Ice Cream co-founders Katy Flannery and Gwen Burlingame to make a lactose-free version of this timeless treat while preserving the taste and texture of traditional premium ice cream. Based in Allston, Massachusetts, nestled between Boston University and Harvard, Katy and Gwen began their quest by hand making and packaging 3 quarts of lactose-free ice cream at a time in CommonWealth Kitchen, a farmers market and food incubator, and selling at SOWA, a farmers market in the South End of Boston. Today, Beckon produces a minimum of 1,500 gallons of their ice cream at a time and can be found on the shelves of grocers nationwide like Whole Foods Market and Sprouts. Beckon is able to preserve the taste and ingredients of traditional premium ice cream through the addition of a lactase enzyme. This enzyme breaks down lactose, the sugar found in milk, allowing dairy to remain the key ingredient. To shield this process and build a barrier into this space, Beckon was granted a utility patent for the process and recipe of their lactose-free ice cream. Beckon’s target customer base is large and growing. According to the NIH, almost 25% of Americans deal with some sort of lactose-intolerance. Lactose-intolerance is genetic and is more prevalent in minority groups such as Asian-Americans, Hispanics, and African Americans which are continuing to grow in the United States. Because Beckon is able to keep the taste and texture of traditional premium ice cream, they also aim to serve the family and friends of their lactose-intolerant customers which enlarges their base. This customer base is relatively underserved. Major ice cream competitors like Lactaid and Breyers have low price lactose-free dairy products; however, Beckon is the only natural and premium lactose-free dairy ice cream product in the market. Beckon is shelved next to other premium ice cream and non-dairy options, and their premium taste and ingredients are reflected by their higher price point compared to the economy lactose-free dairy products of their competitors. Because the big food companies have become largely risk-averse in their new product development, if Beckon is able to build a meaningful customer base, they become a visible M&A target for the likes of Ben & Jerry’s, Talenti, and Halo Top. According to Burlingame, “We are the best of both worlds. You get the creamy taste experience and traditional ice cream ingredients of a traditional premium, but you also get the functional benefits and lactose benefits of a non-dairy.” By producing a natural and premium lactose-free ice cream, Beckon is pioneering a niche in the ice cream market, giving them a first mover advantage. Their position in this space is somewhat protected thanks to the utility patent. In combination, Beckon’s product quality, patent protected process and large and growing customer base give them significant opportunities for continued growth and M&A potential. Beckon received investment from members of HBS Alumni Angels in Boston and expanded their offering through an HBS Angels Syndication Call.
NEWS FOR THE GLOBAL ANGEL NETWORK Seeking New VP!
HBS Alumni Angels is looking seeking an incredible individual to fill a key roll at the global level: VP CORPORATE PARTNERSHIPS