University College Cork
Ended on 04-04-2021
The World's First 100% Open Innovation Whiskey Lab The Problem The whiskey consumption landscape has seen significant disruption in recent years and the industry has yet to adapt. Whiskey is no longer a drink for older affluent men, where 22 - 38 year old male and female consumers are the fastest growing demographic globally. These new era whiskey consumers derive value from sustainable practices, transparency, interesting flavour profiles, and most of all - having their say. However, significant barriers to entry for these new consumers exist favouring Big Alcohol and the traditional consumer including large capital outlay requirements and isolated knowledge residing with 'Master Distillers' and their organisations. We will harness our knowledge, the expertise of a partner network, and the precision of modern technological advancements to democratise and disrupt the creation process to match the way whiskey is being consumed by a new generation. The Solution The world's first 100% open innovation whiskey lab. Individuals can create their own crowdsourced campaigns choosing source farms, barley, yeast, distillation methods, maturation, and finishes before they are voted on by the crowd. The winning campaign is produced, the creator rewarded, and sold via the same platform. After each release we will engage with our customers through digital channels to review the product and listen to how they experienced and consumed the product, and ascertain what they would like to see in the next expression development. A New Era is coming - and we want you to be a part of it. Target Market Our target market is the affluent professional 25-38 year old demographic who live in urban areas, work in tech, consulting and other similar high-earning roles. They are willing to pay a premium in order to differentiate and excite. As explorers, they seek new experiences and choose products that not only please their pallet but also represent their core values. They do not necessarily value Irish Whiskey brands that are named after geographical regions, historical events, families, or myth; rather they seek to understand the products they consume and expect information such as provenance, suppliers, ingredients, and flavour profile are accessible. Our target market long to identify with a product and being part of the development process is an attractive proposition. There is currently not a product or platform on the market that satisfies this need. The Team Fionn is a masters student in UCC and a recent food marketing graduate. With a passion for Irish whiskey he has developed numerous strategies targeting experiential millennials. He brings the food marketing experience and a deep understanding of the target market. Brian built his own Whiskey Still from scratch out of copper and has been researching and experimenting within the category for 10 years. Working in tech he also understands the power of open sourced ideas and the value of the Predict - Measure - Repeat philosophy. He brings the industry knowledge. Cormac, is the CEO of his own digital communications company and is a chartered accountant with years of experience in start-up financing. He understands the crowd funding model better than anyone else.