ITOCHU Announces Open Innovation Initiative of Food Company
June 27, 2018
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter “ITOCHU”) announced today that ITOCHU and Creww Inc. (headquartered in Meguro-ku, Tokyo; Sorato Ijichi, Representative Director; hereinafter “Creww”) will launch ITOCHU Accelerator Program 2018 (hereinafter “the Program”) on July 9, 2018, which will create a new business through open innovation*
1 utilizing the management resources of ITOCHU Food Company jointly with startup companies*
A dedicated website for the Program will be launched on Creww’s website at the time of the launch of the Program. Based on the assumption that the resources of ITOCHU Food Company and its Group companies (hereinafter “ITOCHU Food”) will be used, we will start accepting entries of startup companies with fresh ideas or unique knowhow. ITOCHU and the startup companies will be able to promptly execute steps from synergy discovery to the creation of collaboration business models via an online selection process.
ITOCHU has 108 business bases in 62 countries worldwide. As a major comprehensive trading house, the Company engages in domestic trade transactions, exports/imports, and tri-nation trade transactions in fields such as textiles, machinery, metals and minerals, energy, chemicals, food, general products and realty, ICT, financial and insurance services. The Company operates in an extensive range of businesses, including business investments in Japan and abroad. One of the themes of “Brand-new Deal 2020,” the medium-term management plan announced in 2018, is to aggressively explore next-generation businesses by openly working together with different types of business/venture/startup companies to address changes in technological innovation or people’s value systems and lifestyle environment. The purpose of the Program is that ITOCHU, which has the largest earnings scale in the consumer-related sector as a leading comprehensive trading firm, creates whole new businesses through “Food” jointly with startup companies. ITOCHU aims to achieve a future in which all mankind will enjoy sustainable abundance and healthy lives, and to create new value that will lead to the resolution of the issues of the entire society.
- *1 A mechanism for jointly creating innovative businesses or services by collaborating with the outside
*2 A fast-moving company for growth that creates an disruptive business model with its unique technologies or ideas
A briefing is scheduled regarding the details of the Program. The program details and the outline of the briefing are as follows:
Outline of ITOCHU Accelerator Program 2018
1. Application period: Monday, July 9 through Friday, July 20, 2018
2. Subject company: All startup companies in Japan and abroad, regardless of line of business
3. Purpose: The purpose is to create whole new businesses through “Food” jointly with startup companies, and ITOCHU aims to achieve a future of sustainable abundance and healthy lives and create new value that will lead to the resolution of issues of society.
4. How to make an entry: Make a collaboration proposal on the website especially for the Program, on the website of Creww. https://creww.me/ja/collaboration/itochu-2018-07 *To be launched on July 9, 2018
5. Entry content: Please provide a collaboration proposal with a maximum of 2,500 characters on the form on the special website.
6. Business area for proposals: All business areas from biotechnology to IoT, AI and Fintech, from agriculture to retail and consumers.
7. Briefing on ITOCHU Accelerator Program 2018:
|Time and Date||6:30 p.m. – 8:30 p.m., Monday July 9, 2018|
|Place||dock-Toranomon, Shiroyama Trust Tower 4F, 3-1, Toranomon 4-chome, Minato-ku, Tokyo|
|Content||Outline of ITOCHU Food Group and explanation of the Program|
|Subject companies||Startup companies that are considering entry into ITOCHU Accelerator Program 2018|
|Application||Please make an application on the abovementioned event page.|
|Inquiries||ITOCHU Corporation TEL: 03-3497-3618 Contact: Kasai
Creww Inc. E-mail: firstname.lastname@example.org Contact: Tajiri
Management Resources of ITOCHU Food Company That Startup Companies Can Utilize
Startup companies that wish to enter the Program can make an entry with free planning and
ideas based on the assumption that of the abundant management resources of ITOCHU Food Group in all areas of the value chain from Agriculture to retail and consumers, mainly the resources below will be made available.
(1) A wide variety of Group companies
Collaboration with major subsidiaries and associated companies in the Food Company is possible.
➤FamilyMart UNY / ITOCHU SHOKUHIN / NIPPON ACCESS / Prima Meat Packers / ITOCHU Food Sales and Marketing / Fuji Oil Group / ITOCHU Sugar / ITOCHU Feed Mills / HYLIFE / Dole Group, etc.
(2) Business filed beyond borders
ITOCHU Food Group has extensive business bases in a variety of countries and regions around the world and undertakes trade transactions in over 80 countries and regions. It is possible to use business fields beyond borders.
➤Production of fresh fruits in the Philippines and Thailand / Pig farming in Canada / Grain export terminal in the U.S. / Producing Premium vegetable oil in France and Argentina / export of coffee beans from Guatemala, etc.
(3) Gigantic network
It is possible to use farms or factories and the procurement/sales/distribution network in Japan and abroad in all areas of the value chain.
➤Some 17,000 stores of FamilyMart in Japan / A wholesale and distribution network with the highest domestic transactions of 3 trillion yen / A nationwide distribution network from normal temperature to chilled and frozen / The widest cold chain in Japan / Suppliers / Delivery address / Various factories / Farms / Various lines of merchandise from grain, feed and dairy products to meat, processed food, liquor, etc.
ITOCHU Food Group has a vast quantity of data on products, transactions and markets. It is possible to use a variety of data in each phase of the value chain that organically connect phases starting from customer needs, the development of food resources, raw material supply, manufacturing-processing and distribution to retail.
➤Customer contact point / Production data / Purchase and sales transaction data / Product data / Inventory data / Distribution data / Book-closing data / Market analysis data / Supply and demand projection data / Settlement data, etc.
(5) Human resources, knowhow, technology
It is possible to use professional human resources, knowhow, and technology including business management in all areas of the value chain.
➤Professional human resources and organization (business management, administration, finance, accounting, legal, credit, research and development, food security and safety, quality and sanitary management, factory audit, placing/receiving orders, market/chart/data analysis, farmer support, trade, sales/marketing, production, distribution) / Manufacturing technology and knowhow at each factory / Cultivation and cropping technology and knowhow in each farm / Patents / Brands
(6) Electronic money
It is possible to use electronic money and payment terminals.
Overview of ITOCHU Corporation
|Location||5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo|
|Representative||Yoshihisa Suzuki, President & COO|
|Established||December 1, 1949|
|Capital||253,448 million yen|
|Main business||ITOCHU engages in domestic trade transactions, exports/imports, and tri-nation trade transactions in such fields as textiles, machinery, metals and minerals, energy, chemicals, food, general products and realty, ICT, financial and insurance services. In addition, the Company operates in an extensive range of businesses, including business investments in Japan and abroad.|
Overview of Creww Inc.
|Location||3F, 18-14, Aobadai 1-chome, Meguro-ku, Tokyo|
|Representative||Sorato Ijichi, Representative Director|
|Capital||464.55 million yen (including capital reserve)|
|Main business||Operation of startup communities (Open Innovation Program “creww collaboration” / Open Innovation Community “docks” / Human Resources service “Starboard”)|