PURCHASE, N.Y., Dec. 5, 2019 /PRNewswire/ -- PepsiCo (NASDAQ: PEP) today announced the launch of its second PepsiCo Greenhouse program in North America, an innovation initiative designed to support emerging entrepreneurs and brands in the food and beverage industry. The 2020 program seeks to collaborate with purpose-driven brands at the forefront of transformative trends that are changing the way consumers eat and drink.
"As part of our vision to be the 'Global Leader in Convenient Foods and Beverages by Winning with Purpose,' we are integrating purpose into the core of our business and our brands," said Jim Andrew, PepsiCo Executive Vice President, Corporate Strategy and Chief Venturing Officer. "Since its inception, the PepsiCo Greenhouse has been a great source of ideation, talent development and agility, while also providing an opportunity to collaborate with like-minded, mission-driven entrepreneurs as they develop and scale their innovative ideas that look to improve the way we shop and eat, offer new choices to consumers and solve the needs of our communities."
Issuing an open call today through January 6, 2020, PepsiCo is seeking 10 start-ups based in the U.S. or Canada whose businesses or brands integrate purpose into their offering, meeting the needs of current and future consumers, communities and/or our planet. The selected start-ups are granted $20,000 in funding and will participate in a six-month business optimization program designed to accelerate growth. The program includes personalized mentorship with experts across PepsiCo functions and from some of its leading and emerging brands, such as Stacy's, IMAG!NE and KeVita, to help address critical early-stage business operations like strategic planning, corporate structuring and fundraising. Guidance on brand optimization, product development, supply chain management, customer acquisition and distribution will also be provided.
At the end of the program, one start-up will be awarded an additional $100,000 in funding to continue its expansion, and an opportunity to continue partnering with PepsiCo to further their growth.
PepsiCo first launched its Greenhouse program in Europe in 2017 and expanded the program to North America in the fall of 2018, awarding Austin, Texas-based Hapi Drinks, a sugar-free kids drinks company founded with the mission to fight childhood obesity, as the winning brand. Collectively, the 10 participating companies in the inaugural North America class grew average revenues of 200 percent through the six-month duration of the program, with other successes including the launch of new product lines and digital campaigns that have driven sales and new customer acquisitions.
For applicant information and additional detail on this year's PepsiCo Greenhouse program, please visit www.greenhouseaccelerator.com.
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $64 billion in net revenue in 2018, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. "Winning with Purpose" reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of the business. For more information, visit www.pepsico.com.
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SOURCE PepsiCo, Inc.