Last week, I covered some of the challenges that Impossible Foods faces as it seeks to supplant established players in the meat industry and become a dominant player in the market. Today I will focus on what makes Impossible well positioned for future success. Of all Impossible’s demonstrated capabilities, I wager that the one that currently serves it best is its ability to effectively apply its R&D efforts. The best example of this is its signature product, the Impossible Burger.
When developing the Impossible Burger, Impossible did not set out to make a product that was healthier than meat. In fact, the first iteration of the Impossible Burger actually had more saturated fat and sodium than a traditional beef patty (something that they have improved upon in the most recent iteration). Impossible simply sought to mimic meat to the greatest extent possible using only plant ingredients. This is what led to its use of heme and the widespread adoption of its products in a very short span of time. The Impossible Burger’s heavy presence in both restaurants and grocery store shelves across the country makes it easy to forget that it was only released in 2016.
It is clear from their actions that Impossible is in no way oblivious to how pivotal R&D is to their future success as in 2021 they made efforts to double the size of their R&D team. Even more revealing is their launching of the “Impossible Investigator” program. Billed as an alternative to an academic career, engineers and scientists hired into the program are given a significant degree of autonomy in finding creative solutions to Impossible’s challenges.
Impossible also looks to benefit in the long-term not only from its R&D efforts, but also from the fact that said efforts will likely be difficult to replicate. Its history and current actions demonstrate that it places great emphasis on scientific inquiry, particularly the act of questioning established facts, and taking a fundamental, creative approach to problems. This type of culture makes it very easy to attract and retain scientific talent and can be very hard to replicate as it has evolved organically over time. Also of great significance is the massive war chest of intellectual property in the form of more than 250 patents and patents pending that Impossible has amassed. This will further help cement its position in the immediate future.
Despite the many challenges it faces, Impossible has been able been able to carve out a favorable position for itself given its relative youth through its exceptional ability to direct R&D to the correct areas. If its leadership team doesn’t forget what has gotten it to this point, there is a very good chance that this trend will continue.
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Notes:
https://impossiblefoods.com/blog/sodium-and-the-impossible-burger