Adam Maxwell

We need to empower consumers to make informed choices about the products they purchase if we are to truly have mass adoption of alternative proteins. The USDA's recent update on meat label guidelines is a significant step forward in ensuring transparency and accountability in the food industry. By requiring evidence-based claims for terms like 'climate-friendly' and 'humanely-raised,' this policy change not only helps combat greenwashing but also incentivizes innovation in sustainable and ethical meat production practices. I really believe the future of food depends on our commitment to transparency and accountability. It will be interesting to see how this sparks the industry. I liked this overview analysis in the Green Queen: https://lnkd.in/eZHJGpcG #agrofoodtech #sustainability #ClimateTech #USDA #MeatLabels

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For founders, the number of companies that will shut down after a few years shouldn't be "jaw dropping" at exit, but something that should be known or expected at the outset. I don't think this is even unique to plant based companies, but any food brand. Let's be honest: the system is not designed for all to win. Our consolidated food system is designed only for a small handful of winners, determined by how much shelf space is available, and therefore creates mostly losers. It has little to do with how good the product is (although that plays a part) but is really a numbers game. VCs know that 9 out of 10 companies will fail, and hope that one of them makes it big. This is something founders should also know. You are one of those 10 companies spinning the wheel. I liked Akua -- I participated in the crowdfunding because I liked the ingredients and wanted to support women founders (I liked many other companies as well that have disappeared). But the reality is this: over the decades, the food system has become increasingly consolidated, with big retailers largely controlling the conversation. They don't care about you, the founder, or even the product. They care about margins, efficiency, velocity. And they are only going to allocate so much shelf space to a category. So if a retailer wants to carry only 4 brands of burgers and there are 100 out there (I remember hearing from a retailer that they had been pitched by over a hundred vegan cheese brands one season), then it literally boils down to relationships, marketing, and dollars. In the "good old days," individual stores, even those that were part of a chain, had more autonomy and could order what they liked. I used to deliver my vegan cakes to stores all over the Bay Area out of the back of my Volvo stationwagon. There were also dozens of small, independent distributors that carried local or regional brands. You could actually make a living -- maybe not a killing, but a living -- with a small brand. Not now -- you have to shoot for the stars to get one of those coveted spots on the shelf. You either go big or go home. I'm not sure that's the future I want to see. I don't want to see the same brands in every part of the country. I want to taste the regional flavor (if any remains), see what small producers are doing, what variety I can find. Retailers and distributors couldn't care less about that. At the outset of the "plant based revolution," there were high hopes of quickly taking over supermarket shelves. Everyone thought they had a chance, and greedy investors partly drove the craze. We thought there would be massive expansion of shelf space, and while it has expanded, it has not kept up with the number of brands. We literally need to redesign the market if we want small producers and startups to have a chance. I have a lot more to say about this but am out of space.

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This resonates and is a terrific introspective piece by Andre Menezes. Love that he ends on an ambitious note: 🌱🍽️ "By focusing on addressing genuine consumer needs, fortifying health claims, and cultivating sustainable demand, the plant-based food industry can chart a course toward resilience and resurgence." 👉🏽As an early investor in both wins and losses in this space, I believe there is much more to come for alt proteins, and a resurgence is around the corner. #AlternativeProteins #Sustainability #FoodInnovation #FutureOfFood #ClimateAction #GlobalFoodSecurity https://lnkd.in/g8FwTivt

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I love the protein bar category. We've seen significant consolidation over the past few years, but it's still as competitive as ever (see the timeline below). While we often talk about the challenges of going up against the big players, the data tells a different story. Shout out to the privately-owned protein bar brands, Robert Irvine, Barebells, IQBAR, Clio Snacks, Power Crunch, GoMacro who continue to grow the category and drive innovation. Also kudos to the financial wizards Bain Capital and 1440 Foods Lets go! 🔥 It's been a challenging time for Mondelēz International , Mars and Kellogg Company Below is a quick timeline for the sake of posterity. Also I took the liberty to add Mars as the owner of RXBAR and Special K due to the Mars purchase of Kellenova (please be easy on me on in the comments) October 2017: RxBar acquired by Kellogg’s for $600 million. July 2019: Perfect Bar acquired by Mondelez International for $340 million. August 2019: Quest Nutrition acquired by Simply Good Foods Co. for $1 billion. November 2020: Kind Bar fully acquired by Mars, Inc. for an estimated $5 billion. August 2022: Clif Bar acquired by Mondelez International for $2.9 billion. August 2024: Kellanova (Kellogg's Snack Division) acquired by Mars, Inc. for an estimated $36 billion. #SnackWars #ProteinPowerPlays #BarFight #SnackAttack #BigSnackEnergy

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I undertand everyone wants to increase profits in the CPG but at what cost? Working with large natural food distributors like KeHE and UNFI can feel like a double-edged sword for emerging and independent brands. On one hand, they offer the reach and shelf space that smaller players desperately need. On the other, their fees and markups—sometimes 30% or more—can create serious challenges. Does a distributor really need to make a 30% markup just to move a box to a retailer they’re already servicing? Consider this: If their load for a single drop-off is valued at $1,000 or more, slapping on a 30% markup means tacking on an extra $300 to the cost—well above what it might actually take to cover the delivery expenses (often closer to $150 or so). That difference doesn’t just vanish; it ultimately shows up on the consumer’s receipt and squeezes margins for small brands. When the media talks about inflation, they often gloss over how many layers of corporate markup are built into the grocery supply chain—layers that can include sheltered income streams, administrative fees, and other hidden costs. If we want a healthier and more transparent grocery landscape, we need to shine a light on these markups. Supporting local supply chains, demanding fair distribution policies, and insisting on clearer pricing structures can help remove these unnecessary barriers. Otherwise, small brands and consumers alike will continue to pay the price of an overly complex—and often inflated—system. Share your thoughts and lets start a conversation to make it better for everybody. Is the system broken? #NaturalFoods #FoodIndustry #SmallBusiness #Distribution #CorporateGreed #GroceryIndustry #Transparency #Inflation Alex BayerMatt Weiss, CFAKenny HausmannWayne WuSteven KaplanJohn ForakerPeter GialantzisAdam SiskinAdam LejaChris RobbStephen GaitherBrenda SteeleJim SimonPeter RahalMelanie KahnWill NitzeAlan MurrayWade Yenny

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How did jackfruit become a plant-based success? It took strategy, innovation, and understanding consumer drivers: taste, health, and sustainability. The Jackfruit Company shows how combining natural benefits with market insights can break barriers. Can jackfruit inspire more breakthroughs in sustainable food systems? https://lnkd.in/eJaF_Jgc

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🚀 The rise of functional beverages is more than just a trend—it's a movement reshaping how we think about what we drink. 📖 Great piece by Keren Landman at Vox on why the better-for-you beverage category is surging, with the market set to surpass $200 billion by 2027. Millennials are leading the charge, consuming these beverages at twice the rate of other age groups.   🌱 This is just the beginning. The rapid innovation and demand we’re seeing are a testament to consumers seeking healthier, more mindful alternatives to traditional drinks.   🌵 We look forward to continuing to pave our own unique path forward for MAGIC CACTUS and provide consumers with a refreshing, healthier beverage that can be enjoyed by a broad base of drinkers nationwide. ✨   Link to full article below:

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Why we invested: Gratsi Wine 🍷💸 We led the seed round of Gratsi back in November of '22. At the time, they had zero distribution and their ecommerce revenue was modest. But we were blown away and ultimately decided to partner with the team for a few key reasons: 1. Metrics and efficiency: the underlying metrics of the business were unlike anything we've seen in the space. Gratsi's ability to acquire and retain customers (online and in retail) is unrivaled. 2. Potential for premium boxed wine: we remain convinced that premium boxed wine will continue to become one of the most important categories in the wine space. The volume, margin, and customer experience implications are massive. 3. Founder vision and execution: Stephen Vlahos has been executing relentlessly against his vision since day 1. As we met and got to know Stephen in the early days, it quickly became obvious to us that he would stop at nothing in his mission to build one of the most important wine companies in the world. It's been an amazing two years for Gratsi since we invested and I'm incredibly proud of what the team has accomplished. But I'm perhaps even more excited for the years to come. This team is truly just getting started. Exciting times ahead for Gratsi and the team! cc: Top Shelf Ventures Noah Slakter Jason Sherman

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🌱 Nutrition Transparency: A Must for the Future of Food 🌱 As consumer demand for healthier options grows, a call for consistent nutrition disclosure is louder than ever. The Access to Nutrition Initiative (ATNI) is urging manufacturers to make transparent nutrition reporting a standard practice. 📊 Despite progress, inconsistencies in how companies disclose nutrition data make it difficult for consumers and regulators to trust what’s on the label. This isn’t just about compliance—it's about trust and accountability. Brands that lead in transparency will ultimately build stronger, long-lasting consumer relationships. 🔍 So the question is: How committed is your brand to authentic transparency? #NutritionTransparency #FoodInnovation #ConsumerTrust #HealthandWellness

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 Exposing the Dark Side of CPG Brokers: Time for Accountability I’ve seen too many small and emerging brands in the Consumer Packaged Goods (CPG) space fall prey to unscrupulous brokers. These self-proclaimed “connectors” promise vast retail distribution, big buyers, and exponential growth—yet, all too often, they deliver nothing but broken promises What Goes Wrong? Lack of Transparency: They withhold critical market insights, limiting your ability to make informed decisions. Limited Effort Post-Contract: After signing, their enthusiasm and support often evaporate, leaving small businesses stranded. No Long-Term Strategy: Instead of building sustainable relationships, these brokers opt for quick wins that rarely benefit the brand. Why It Matters For startups and small businesses, every dollar counts. Wasted resources on poor brokerage services can make or break a fledgling CPG brand. On top of that, unethical practices hurt the broader industry by eroding trust and creating barriers to entry. A Call for Accountability Ask for References: Don’t just rely on a broker’s flashy pitch. Reach out to brands they’ve represented for honest feedback. Require Transparency: Make sure every fee, deliverable, and timeline is spelled out in writing. Build a Support Network: Whether it’s through LinkedIn groups, industry forums, or fellow entrepreneurs, lean on your community to stay informed. Speak Up: If you’ve had a bad experience, share your story. Accountability starts with visibility. Join the Conversation Have you or someone you know dealt with a “bad broker” experience? What red flags do you look out for before signing a deal? Drop your insights below and let’s help each other navigate the CPG landscape more responsibly. Let’s raise our collective voice to ensure that integrity wins out and that deserving small businesses get the representation—and respect—they merit. Share this in your network: Adam Siskin Scott Glassman Russell KohnAlex Bayer Stephen Gaither Scott Lerner Eric Skae Wade Yenny Bert Cohen Chris RobbAlan Murray Maya French Shibani BalujaAdam ButlerKim Oster-HolsteinPete Maldonado

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The time is NOW for food traceability! With the FDA Food Traceability Rule set to take effect in January 2026, food industry leaders are being urged to prioritize transparency and consumer safety. This is exactly where Starfish—the newest addition to Branded Hospitality Ventures portfolio—comes in. Starfish is on a mission to revolutionize food safety and transparency by enabling real-time traceability across the entire food supply chain. Their innovative technology ensures that food products can be tracked from farm to table, improving safety, efficiency, and accountability. We’re proud to support Starfish as they lead the way in providing the tools companies need to meet and exceed these traceability standards. The future of food safety is here, and we’re excited to be part of it. Learn More: https://lnkd.in/gfzhhN6X Food Dive Brian Ronholm #FoodSafety #FDA #Traceability #FoodTech #Transparency #FSMA #FoodIndustry Hospitality Hangout Podcast Wiggs Civitillo 史美凡 Jimmy Frischling Mark Garbin, CFA, PRM Mackenzie Mikkelsen Alex Pomerenk

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When investing in CPG products, taste is important. But even more important is realizing that YOUR taste is not necessarily the right taste. There's a ton of products I've tried and can't stand that are incredibly successful. Similarly, there are plenty of products I personally love that don't ever go mainstream or grow beyond a small niche. My job as an investor in the space is NOT to invest in the things I like to drink- it's to find the businesses that have the best chance at extreme growth and success. The best indicator of this potential is not whether or not I like the drink- it's how the market responds and what the data shows. Velocity is king! PS- yes, we of course try every product we invest into Top Shelf Ventures. More often than not, we end up really loving the products we invest into. And it's always fun when we happen to really enjoy the product. But it's not a prerequisite to us getting involved!

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Should CPG food and beverage startups be focused on getting in restaurants? Should restaurants be focused on partnering with CPG food and beverage startups? Yes! Less competition drives more trials, increased sales velocity, and higher margins. This week in "Retail Is Not Dead?" I covered Chipotle Mexican Grill adding Open Water and poppi to their menu, and how to replicate that strategy. Also covered Mattel, Inc. and Whole Foods Market doubling down on experiences, June's strong eGrocery month, how to manage cash flow as a brand in retail, the shifting timeline of back to school, and how to use Sutro Software to build apps. Read more here: https://lnkd.in/g3KDzhh5

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I must admit, I had to wait until my team could try Jack & Annie's products. How did we meet Annie? through... Adesuwa Okunbo Rhodes! all the way from Lagos. and we then introduced her to my friends VCs in.... India, where she sources the main ingredient, Jackfruit. Opening doors and making connections is one of the many ways that we add value to our portfolio companies or those that we connect with. #connections #collaboration #investments

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Did we just uncover a major gap in the functional food, beverage, and supplement industry? YUP. We think … no, we KNOW, that we have. Because of my team’s collective food, retail, and consumer experience, we have identified a MAJOR disconnect between science-backed ingredients, independent retailers, and health-conscious consumers. In a nutshell: - Everyone struggles to know which ingredients and products are truly essential for everyday health - Which ingredients and products would complement those essentials for a person’s unique functional needs - And how to get those products to market quickly and efficiently to help individuals live better and businesses operate better Everything we’ve worked on over the past few years has been to solve this disconnect. In January, we’ll be launching our exclusive black label program - Wellwerks™ & Nuwerks™ - that will be sold through an established network of retailers. This program solves challenges for: 1.      Independent retailers – offering premium, science-driven products under a control or private label option at low volumes priced to move 2.      Ingredient companies – showcasing innovative ingredients to the right market 3.      Consumers – helping them find premium, essential, functional solutions aligning what's truly essential and what's new Stay tuned! Over the next few weeks, we’ll explore how this program connects the dots for each of these audiences. Want to hear more before then? Reach out and let’s start a conversation. #Innovation #Wellness #ExclusiveBlackLabel #Wellwerks #StepChangeInnovations #Retail #IngredientInnovation

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Interested in starting or scaling your CPG brand? I’m offering an exclusive opportunity to work 1:1 with me on building and scaling your CPG business — and 100% of proceeds will be donated to The Entrepreneurial Spirit Fund, a program that has already donated over $350,000 in grants to minority small business owners. As the founder of SIA Scotch Whisky, I built and scaled a  one-employee company from a Kickstarter campaign to an exit in just 6 years. Now, I’m excited to share my playbook with you. The @Intro team has invited me to try out their new subscription feature, and I’m offering 5 exclusive mentorship slots. Here’s what we can cover together: ✔️ Brand building and product differentiation. ✔️ Retail distribution strategies for the spirits industry. ✔️ Early stage growth, PR, and preparing for acquisition. ✔️ Unlimited chat and 30-minute monthly video calls for hands-on support. $600/month — all proceeds go to The Entrepreneurial Spirit Fund. Honored to be featured on Intro alongside other CPG Experts like Ariel Kaye (Founder of Parachute Home), Vanessa Dew (Founder of Health-Ade Kombucha), Nik Sharma (CPG Investor in brands like Feastables and Juneshine), Ben Zises (Founding Advisor for quip and Caraway), and Melanie Masarin (Founder and CEO of Ghia). Comment “interested” to secure your spot: intro.co/carin

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We’re onto something BIG at Step Change Innovations... Navigating the functional food and supplement space is overwhelming. It’s fragmented and frustrating for science-backed ingredient companies and independent retailers alike. Here’s what we’ve noticed: ⛔ Independent retailers are stuck with outdated, cookie-cutter private-label programs that fail to connect with wellness-focused consumers ⛔ Science-backed ingredient companies struggle to secure early wins, often stuck in lengthy enterprise CPG launches that slow momentum What if we could fix this together? These challenges are two sides of the same coin, creating an opportunity for something bold: ✨ Exclusive black label innovation ✨ This isn’t about the tired, "me-too" private-label programs of the past. It’s a new solution, focused on wellness powered by science backed ingredients and structured with purpose: ✅ For Retailers: On-trend, value-driven products to meet growing wellness demand, faster and with less complexity ✅ For Ingredient Companies: A platform to showcase your technology and connect with consumers and retailers who care Introducing our WellWerks / NuWerks line and program launching nationwide in January 2025. This isn’t just about selling products. It's about creating real connections and driving meaningful differentiation. More announcements around this launch are coming. Trust me, if you are an ingredient company or independent grocer this is a movement you’ll want to be part of. #Innovation #ControlLabel #RetailTrends #Wellwerks #StepChangeInnovations #PLMA #privatelabel #ingredients #sciencebackedingredients #storebrands #independentgrocery #progressivegrocer #naturalproducts

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🚨 Join the Food is Health Revolution 🚨 We have a bold vision: to eliminate the $1.9 trillion annual healthcare cost of poor nutrition. The pathway? A reimagined food system that prioritizes affordable, quality food over ultra-processed products—rooted in innovative policy, corporate action, and investment. Our Food is Health Substack is the definitive anchor point for this critical conversation, bringing together: ✅ Investors seeking transformative opportunities. ✅ Policymakers ready to champion better food systems. ✅ Industry leaders driving change toward affordability and health. We’re asking for your support to fuel this movement: 🌟 Subscribe for free, or $100/year to help us grow an editorial team laser-focused on educating the world. 🌟 Invite your network—because every voice counts in reshaping America’s food and health landscape. 🌟 Supply content—insights, research, and ideas that amplify the cause. Together, we’re building the foundation for a healthier America. 🌱💪 Join a network of people like you who care about reshaping our nation's health. Let’s build a future where food heals, taste rules, and sustainability thrives. Subscribe now and be part of the change. #FoodIsHealth #RegenerativeFarming #MAHA #HealthcareCosts #NutritionMatters https://lnkd.in/gC_EPBi3

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Forget about plant based meats - CPGs are jumping on the GLP-1 bandwagon and creating food to support GLP-1 users, focused on weight management. Technically it's nothing new but shows how new gen weight loss drugs are potentially threatening food manufacturers as people eat less (processed) foods: "Nestlé is introducing Vital Pursuit, a new line of foods intended to be a companion for GLP-1 weight loss medication users and consumers focused on weight management. The products are high in protein, a good source of fiber, contain essential nutrients, and they are portion-aligned to a weight loss medication user’s appetite. The new line is also well-suited to support a balanced diet for anyone on a weight management journey. Vital Pursuit is the first food brand from Nestlé intended for GLP-1 users with the goal of complementing the eating habits of millions of Americans who are currently prescribed a weight loss medication or actively working to manage their weight." https://lnkd.in/gqC5XdJq

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