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Industry NewsInvestment firm sets up $1 M prize for food innovation

Investment firm sets up $1 M prize for food innovation


The future of food in grocery stores in Canada could include lab-grown foods following the announcement by Canadian investment platform Cult Food Science of a $1 million prize to accelerate food innovation.

The prize is a two-year global competition designed to incentivize innovative and collaborative research programs for novel technologies in the lab-grown food area. The company says that candidates will need to demonstrate that their research initiatives “have the ability to add unique value to the adoption and commercialization of cellular agriculture, advancing the pace, efficiency, and safety of production for global distribution, which is a crucial step towards addressing food insecurity and revolutionizing the food supply of communities in all corners of the world.”

Dorian Banks, Cult Food Science’s CEO, says the company hopes the competition will “act as a catalyst for marked advancements across cellular agriculture, with a specific focus on cell lines, scaffolding and growth media.” Banks says to date, the company has made seven “cellular agriculture investments” and that its portfolio of intellectual property currently under development, combined with the launch of the prize, will support the production of “compassionate, ethical and highly nutritious products.” 

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