Hatch Program 2
31 Jan 2022
Sylvia holds qualifications in Zoology and Animal Science came to the Hatch program with the idea of using microalgae as a foodstock booster for the cattle and aquaculture industries. Microalgae present a massive opportunity to serve as feedstock boosters that enhance the health and welfare of livestock and mitigate greenhouse gas emissions. In addition, this creates positive consumer perception and enhances the competitiveness of the Australian red meat industry, which is a win-win result for producers and consumers.
Sylvia was eager to explore their microalgae as feedstock booster idea with the red meat and aquaculture industries and assess business models that ensured financial feasibility for all stakeholders.
Validating the idea
During the Hatch program Sylvia undertook 15 interviews with members of the livestock industry to gain a deeper understanding of this industry as a customer segment. Through these interviews, the team learnt that more research was needed to break into the cattle industry, which is cost-sensitive and needs a stable supply capacity. The livestock industry also focused more on environmental impact than the source of the protein.
Due to the livestock industry requiring much more research data, Sylvia decided to designate this customer group as a ‘long-term’ project and pivot their market to pet food.
The pet food industry is a B2C market which is dependent on the purchase power and the consideration points of individual pet owners. By focusing on pet food as a start, this will provide data to venture into creating foods for other animals, such as livestock.
It was an amazing experience to meet people with different ideas from a range of backgrounds. The information provided during the course was very helpful to narrow down the customer segment and modify our product according to the specific needs of the customers. The advisors were very friendly and helpful and my mentor provided useful comments and direction on my queries.
Sylvia is continuing to work on their microalgae products and goals for the next few months include:
- Purchase test - product mock-up, brochure, website and pitch presentation
- Explore other segments - pet food manufacturers, retailers such as pet shops, supermarkets and vet clinics
- Better understand the customer purchase intention and journey