CHICAGO — The 2023 Marcum Food & Beverage Summit took place Sept. 7 at the Convene Conference Center in Midtown Manhattan. The annual event brings together Marcum’s accountants and advisers, along with investors and entrepreneurs, to explore the evolving food and beverage marketplace and identify opportunities for all participating parties. An emphasis this year was on the growing role of “smart” technology.
“At a time when the industry is facing challenges in efficiency, profits and supply chain interruptions, customers are looking for more engaging and efficient experiences,” said Louis Biscotti, national food and beverage services leader at Marcum. “More and more food and beverage companies are looking at smart technology, like artificial intelligence and machine learning, to modernize their systems, help overcome operational obstacles and increase profitability.”
Richard’s Rainwater, Austin, Texas, one of 10 companies competing to be Marcum’s Most Innovative Emerging Company of the Year at the Summit, relies on smart technology to source its renewable bottled drinking water that is captured from rain. The company uses meteorological technology to place collection sites where the most abundant rain falls, and it collected about four million gallons of rainwater from two locations in the United States in 2022, which was then filtered and packaged in bottles and cans.
“Our planet is facing a water scarcity crisis,” said Taylor O’Neil, chief executive officer. “Efficiently capturing and purifying rain for drinking water is a true solution that is net positive and is better for the environment than drinking from other water sources. We have perfected that process, pioneering technology to access the sky’s infinite water supply and we’re scaling that system to hydrate change across the globe.”
By bottling the rain with a closed loop system, Richard’s Rainwater delivers more of the water collected into the drinking water system than any alternative process, according to the company.
Such use of technology attracts investors, as it prevents copycats. It also contributes to a product’s story.
“Entrepreneurs who are looking to grow their business with investors should have a great story,” Mr. Biscotti said. “The history of the company and the products, along with the management team, should be compelling. Be sure to put that story in a great format.”
Part of that story may include an authenticity claim. The winner of this year’s competition features such a claim. Jamaica Choice Foods LLC, Lynbrook, NY, manufactures NormDe branded Jamaican frozen meals, which replicate entree applications from the island.
“Our fully prepared meals are ready in the microwave in minutes,” said Norman Bowen, president and CEO. “Our meals are made with authentic Jamaican spices and served in smart portion sizes, with each under 500 calories.”
The company made its debut with four varieties, including beef oxtail stew, brown stew chicken, curry chicken, and curry goat. Each of the meats are bone-in cuts, “because that’s the way we eat in Jamaica,” Mr. Bowen said. The meals include a side of sauteed cabbage, and either white rice or rice with peas simmered in coconut milk.
Other startups at the Summit included Sibahle Teas, New York, a loose-leaf tea company that sources and imports tea from farms in Africa.
“Our mission is to introduce the rich flavors and diverse cultural experiences of Africa to a wider audience while ensuring that local communities on the continent are compensated and empowered,” said Regina Brewton, founder and CEO. “Each of our tea blends takes you on a cultural journey.”
Nina Lombardo, founder and CEO of Nina’s Fresh Batch LLC, East Northport, NY, said, “Consumers are seeking out new and different flavors from around the globe.”
That is why she created O’ts oatmeal cookies, which also competed in the event. Varieties include chai spice espresso, Turkish Aleppo pepper dark chocolate chip and Sicilian sea salt.
“The cookies are unique and something of a disrupter in the cookie aisle,” Ms. Lombardo said. “We infuse our crispy oatmeal cookies with global flavors from around the world with the intent of elevating the cookie aisle to meet demands of the adventurous consumer.”