Authenticity in Scaling the Vision: Defining Boundaries in the F&B Entrepreneurship Development...
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Authenticity in Scaling the Vision: Defining Boundaries in the Food and Beverage Entrepreneurship Development Cycle
The Food and Beverage Entrepreneurship Roundtable brought together over 30 food and beverage industry leaders, entrepreneurs, faculty, and students at the School of Hotel Administration at Cornell University in October. Five topical discussions revolved around entrepreneurship in the food and beverage industry, including development, intrapreneurship, operational efficiency, product development (beverage management), and technology. The roundtable began with presentation of a five-point framework on food and beverage venue development. The first three phases focused on the launch of a venue, including how to define the guest experience; create operational functionality by strategically planning out the design, flow, and efficiency of a defined space; and develop capacity. The remaining two points of the framework focused on post-opening considerations including operational systems and culture development.
Participants discussed the tipping point of the growth of a business—noting that intrapreneurship needs to be fostered in the culture of an organization and in an educational curriculum for those who are coming into the industry, so that ideas can be turned into successful businesses.
Participants also discussed the function of time and the rapidly changing needs of target markets. The highlight of this session addressed the fine balance between setting expectations for an experience and subsequently being able to maintain this experience in a fast changing environment, even if that means learning to say no to customers.
A discussion on the beverage industry focused on how to distribute products and featured comments about how to ensure that the product gets into the hands of the consumers by face-to-face sales.
Finally, the participants discussed technology adoption, specifically considering perspectives about the point at which technology detracts from experience and how to layer technology integration into an operation to minimize operational risk and maximize adoption rates by consumers.
About the Center for Hospitality Research
The purpose of the Center for Hospitality Research is to enable and conduct research of significance to the global hospitality and related service industries. CHR also works to improve the connections between academe and industry, continuing the School of Hotel Administration's long-standing tradition of service to the hospitality industry. Founded in 1992, CHR remains the industry's foremost creator and distributor of timely research, all of which is posted at no charge for all to use. In addition to its industry advisory board, CHR convenes several industry roundtables each year for the purpose of identifying new issues affecting the hospitality industry.
Center Members: Accenture, Access Point Financial, Cvent, Inc., Davis & Gilbert LLP, Deloitte & Touche USA LLP, Denihan Hospitality Group, Duetto, Four Seasons Hotels and Resorts, Fox Rothschild LLP, Hilton Worldwide, Host Hotels & Resorts, Inc., Hyatt Hotels Corporation, Infosys Limited, Intel Corporation, InterContinental Hotels Group, Jumeirah Group, Marriott International, Inc., NTT Data, priceline.com, PwC, The Rainmaker Group, RateGain, ReviewPro, Sabre Hospitality Solutions, SAS, STR, Taj Hotels Resorts and Palaces, Talent Plus, Inc., Tata Consultancy Services Ltd., TripAdvisor, Wipro EcoEnergy, and Wyndham Hotel Group