International food and drink group Princes has launched a £5 million investment over three years in order to redesign its innovation strategy.
The company has formed a partnership with Cubo, a newly created innovation agency, which it hopes will merge consumer communities, the knowledge of Cubo and the portfolio of national brands in Princes Group to create innovation.
An innovation kitchen has also been unveiled following extensive construction at the company’s headquarters at the Royal Liver Building in Liverpool.
Six new full-time employees, including Kevin Evans, head of innovation and NPD and Simon Stokes, senior development chef, will integrate across the business. The team will also deliver innovation projects focused on brand creation, product design and development, packaging, commercialisation and channel strategy with Cubo.
Princes says the move will deliver rapid growth through impactful innovation through its advanced approach, which it has branded ‘Innov8 by Princes’. Innov8 will have four key areas of business focus – research and insight, product development, process and packaging and new category development. Existing new product development teams across the Group will also be supported by Innov8.
“Indeed, the coronavirus pandemic has drastically altered consumer behaviour and shopping patterns, so now is the time to listen and innovate as quickly as possible to respond to the changing needs of shoppers.”
As well as delivering projects for the company’s branded portfolio, which include Napolina, Princes, Batchelors and Branston Beans, Innov8 will also provide support to Princes’ customers.
Alan Eriksen, marketing director at Princes Group, said: “Along with all other food and drink businesses, we are adapting to constantly evolving consumer needs. We’ve changed the way our brands look and feel. We’ve invested in our sites to build for the future. And now we’re reimagining our innovation and NPD process, and putting it right at the heart of our business.
“Innov8 by Princes, and the Cubo partnership, will deliver strategic food and beverage blue sky innovation. It is an industry first initiative and we expect this will redefine how we approach innovation and new product development. It will see our business adopt a new, agile approach to inspiring change, challenging the norm and driving success. Crucially, we’ll amplify the voice of consumers, who sit right at the heart of all the NPD decisions we take.
“Indeed, the coronavirus pandemic has drastically altered consumer behaviour and shopping patterns, so now is the time to listen and innovate as quickly as possible to respond to the changing needs of shoppers.”
Mike Faers, founder and managing director at Cubo, said: “Coupling our ground-breaking approach to innovation and product development with our rapid consumer co-creation communities with the power of the Princes Group brands will deliver exceptional products that have mass consumer appeal and are commercially powerful.
“This approach to Innovation is unique within the industry and does not exist anywhere else – it is innovation fit for the 2020s as we lean into a new set of rules which we do not fully understand as yet. So flexibility and agility will be key to winning in food and beverage innovation.”
