Verum Ingredients Attends Entrepreneurship Training Program by Fapesp

During April and May, the team at Verum Ingredients participated in the 14th Edition of theTechnological Entrepreneurship Training Program promoted by Fapesp (Research Funding Agency of Sao Paulo). The course was offered to 21 technology startups whose R&D projects are sponsored by the Agency. The Closing Ceremony was broadcast by the Fapesp Channel on You Tube (https://www.youtube.com/watch?v=31Bw_sg1CIo).

This training was an opportunity to shape Verum’s businesss model associated with the Small Business Innovation Research grant (PIPE Program) currently funded by Fapesp: “Development of prebiotic products derived from Brazilian agricultural byproducts”. The training methodology was Steven Blank’s I-Corps, renowned for relying on the Lean Startup and Customer Development approaches. Another important feature of the training was the intensive use of the Canvas, a business model development tool, whereby the startup participants could explore the match between the products they envisage developing and customer needs and expectations, and also enhance product competitiveness on a global level.

During nine weeks lessons and interviews were performed remotely, as the schedules coincided with the social distancing rules in place due to Covid-19. The interactions allowed Verum to improve its business plan focused on the development of proprebiotic fiber products. The major outcomes of the training program were the acknowledgement of the multiple stakeholders involved in the business, better understanding of the regulatory scenario, and the outlook for a shortened Time to Market of one of the products under development.

“We are confindent in our capacity to combine management skills and scientific knowledge to successfully reach new markets” says Dr. Ricardo Dias, Verum’s CEO.