Chicago is a town known for its good eats. And a new space from Accenture aims to create the next great innovation in food right here in our backyard.
Last week Accenture opened the Extract, an immersive food-focused innovation space located in the consulting giant's Chicago office at 500 W. Madison St.
The Extract is designed to solve the "world's biggest challenges in food," Lee Moore, Accenture’s U.S. Midwest practice lead, said in an interview. The space will bring together large food companies, universities and startups to tackle problems across the food chain, from farming to restaurant food service.
The goal is to develop new products and services, as well as assist food businesses with go-to-market strategies, Moore said.
Accenture, which operates 11 innovation centers across North America, said it chose Chicago for the Extract based on the city's abundance of food businesses, manufacturing, and nearby farming.
"In the Midwest, we truly have the food ecosystem end to end," Moore said. "There are many things that are disrupting the food value system. That creates a problem to solve."
Among the first companies working with the Extract are Keurig, Dr Pepper and AB InBev, which are collaborating on a K-cup style alcohol device that makes ready-to-drink cocktails.
As the coronavirus has forced many Americans to stay home and requires more options for how they feed their families, many food companies are rethinking their businesses and doubling down on efforts like delivery and easy meal prep.
Just this week, Chicago startup Factor75, a ready-to-eat meal delivery service, was acquired by HelloFresh for $277 million.
Moore said the Extract is opening at the right time for food entrepreneurs and corporations looking for innovative ways to feed people during the pandemic and beyond.
