This week the 2021 FoodTech500 list was announced, and we had spring in our step after learning that from over 2,250 applications from companies spanning 85 countries, Light Science Technologies had landed the 300th spot. You could argue that technically, we’ve made the 2021 FoodTech300, which sounds even better!
So what exactly is the Food Tech500? Inspired by the Fortune500, the FoodTech 500 showcases selected international AgriFoodTech startup and scaleup companies that are acting as a force of good by creating impactful solutions to better the global food system. 2021 marked its third edition and undoubtedly, we faced some stiff competition from an international hotbed of emerging ‘foodpreneurs’, all focused on bringing about much-needed change, through innovation and technology, for the good of the planet.
But what mechanism does it leverage to create a definitive list of what it terms “the most ground-breaking global businesses at the intersection of food, technology and sustainability”? The data is very interesting, as it not only gives us an insight into our own standing as well as that of our competitors, but it enables us to see, moving forward, where we can improve specific areas to align with our commitment to sustainable practices. Besides, of course, to aim for a higher ranking in the fourth edition!
FoodTech 500’s ranking methodology involves processing the data from each company application by using a unique set of algorithms, courtesy of the FoodTech Data Navigator, to provide a score for both business size and digital footprint.
It then assesses each business about its sustainability, using data from a self-assessed questionnaire devised by sustainability experts from the academic world, which takes into account each Sustainable Development Goal the companies are contributing to achieve.
The final ranking is determined by an aggregate of the three individual scores (business size, digital footprint, sustainability score), giving each finalist a score out of 300.
To justify our placement of 300, we scored 64/18/87. But how did this fare against our key fellow industry players, a UK collective of leading AgTech pioneers and innovators? For a start-up established three years ago, not too shabbily, we think. IGS scored an impressive 74/63/80 to grab 94th place, while Vertical Future at 70/51/91 and LettusGrow at 65/85/62 proudly sit at 106 and 107 in the list respectively, followed by Jones Food which ranks at no. 243 with a notable score of 73/23/84.
In comparison, we sit fairly closely on business and sustainability scoring, and with some more work on our digital footprint, who knows what 2022 will bring? We’re extremely proud of what we’ve achieved to date, and to be one of the few homegrown businesses to make a global list of industry talent that will be responsible for shaping the future of food is incredibly exciting, and spurs us on even more in our journey to become a major contributor to that narrative.