The Canadian early-stage investment platform, CULT Food Science Corp., launched a competition prize of $1M this week to help develop the future of lab-grown foods around the globe.
CULT wants to encourage food producers to create clean and sustainable lab-grown food that can help the agricultural industry move away from damaging methods of factory farming and fishing by offering more ethical and eco-friendly solutions to consumers.
The CULT Prize aims to encourage innovation and more collaborative research globally to advance lab-grown foods. The competing groups will create brand new cell lines, scaffolding and growth media, while also demonstrating how their manufacturing uses less carbon emissions than current meat producing technologies.
The candidates will also need to show how their research initiatives can bring something new to the lab-grown food market, showing a development in pace, efficiency and safety in manufacturing that makes their product suitable for distribution everywhere.
CULT hopes that this new initiative will help bring significant changes to the food supply available and will help to improve food security around the world.
Chief Executive Officer of CULT, Dorian Banks said: “We are tremendously proud to officially launch the CULT PRIZE which we hope will act as a catalyst for marked advancements across cellular agriculture, with a specific focus on cell lines, scaffolding and growth media.
“Demonstrated by the Company’s seven unique cellular agriculture investments to date, our streaming portfolio of intellectual property that is currently under development, and now the launch of the CULT PRIZE, we at CULT Food Science are focused on revolutionizing food production and supporting a novel method to provide compassionate, ethical and highly nutritious products,” he added.
Lab-grown products are set to have a significant role in the meat alternatives market in the future. WildType are currently in discussions with the Food and Drug Administration to launch their lab-grown sushi grade salmon in sushi restaurants in the US by the end of this year. Eat Just Inc. has also been the first restaurant in the world to have their lab grown meat sold in a restaurant in Singapore.
CULT Food Science currently hold a portfolio containing several big food and food tech names including Eat Just Inc. and Biftek.
Companies of all sizes are encouraged to apply. The deadline for application is January 15 2022.
The winners of the prize will be announced towards the end of 2023.