Favoom - Eugenie Schraufnagel

Hone Program 2

8 May 2023

Introduction

Originally from Dallas, Texas, Eugenie Shraufnagel relocated to Melbourne to pursue a degree in food science and nutrition at RMIT University. Her academic journey was further enhanced by her participation in the Farmers2Founders (F2F) Hatch program in 2022. A practising vegan, Eugenie observed the escalating trend towards plant-based diets and identified an associated need for dietary supplements. Favoom is an innovative, gut-friendly savoury protein blend designed to enhance meals while also promoting satiety and digestive comfort. This unique product utilises fava beans as its primary ingredient due to their high protein content and rich sources of copper, manganese, and folate.

Hone Journey

Upon successful completion, Eugenie transitioned into the Hone program with the objective of refining her value proposition, gaining a comprehensive understanding of her business model canvas, and enhancing her financial acumen. During her journey through the Hone program, Eugenie has made considerable strides in developing and implementing a robust content marketing strategy across digital platforms. She successfully launched her website landing page, which has already attracted significant attention. Prospective customers are showing keen interest in Favoom, with inquiries regarding product availability and even a job request. Eugenie has refined her value proposition, designed her business model canvas, and made impressive progress towards creating her Minimum Viable Product (MVP). She has meticulously developed a comprehensive recipe and ingredient brief, which serves as a guide as she collaborates with food science experts and contract manufacturers. This research process aims to identify a feasible production method for Favoom blends. Eugenie has also embarked on early-stage MVP development, taking the initiative to experiment with flavour profiles at home. She invested in a dehydrator to test and enhance the product's taste, intending to provide a detailed flavour brief to food scientists in the future. Simultaneously, Eugenie is diligently working on financial projections based on her research, while also exploring potential options for packaging and supply chain management.

“I enjoyed going to Brisbane for the Hone Bootcamp as this gave all founders an opportunity to network in person and participate in engaging activities for three days in a row.”

What's Next?

In the forthcoming 6-12 months, Eugenie intends to persistently fine-tune her Minimum Viable Product (MVP) within her domestic kitchen setup. This involves conducting systematic product testing with targeted customer groups and continuously integrating their feedback to perfect the flavour profile. Concurrently, she plans to maintain an active presence across her social media platforms to heighten awareness and stimulate further interest in the Favoom brand. Furthermore, Eugenie aims to advance her discussions with food scientists and manufacturing professionals to obtain a deeper understanding of potential collaborations and realistic production possibilities. A key milestone in her immediate plans is securing an investment partner, a crucial move that would enable the development of her early-stage prototype and ensure a smooth market entry. This upcoming phase is critical in Favoom's growth trajectory and promises significant strides towards achieving Eugenie's business objectives.