(BPT) - The pet care world has seen many dynamic changes over the past few years, such as the growth of the pet supplement category, new pet food niches and high-tech pet-related products. Pets' lives are better because of it, and in turn, that makes humans' lives better, too.
One company leading the charge in pet care innovation is Purina. You probably know this brand for their high-quality pet food, but they also invest ample time and significant funding into numerous programs that pave the way for a bright future for people and their pets.
"At Purina, we ask ourselves on a daily basis 'what's next?' when it comes to finding ways we can improve the relationships between pets and their families, and one of the many ways we pursue the 'next' is through our corporate venturing division, 9 Square Ventures," said David Narkiewicz, chief legal officer for Nestle Purina PetCare North America.
9 Square Ventures brings together the deep expertise that Purina has been developing for more than a century and pairs their resources with emerging pet care businesses to support startups in several ways ranging from mentorship to investment. Here are a few ways they work together to invest in the future of pet care:
Investing capital in startups
Since 9 Square Ventures was founded in 2015, the organization has made capital investments in a portfolio of startups that featured both smart and skilled entrepreneurs and highly relevant innovations in the pet care category.
One of the first investments was in a pet tech company that commercialized a smart cat litter device protected by patents. After several rounds of investments, Purina acquired the entire business and has recently updated and re-launched its technology as Petivity Smart Litter Monitor.
Another notable investment is Bar K, which was driven by Purina's desire to support the successful launch of a truly incredible destination for dogs and their people. Bar K features a fully staffed and thoughtfully designed dog park, modern bar, restaurant and event space all centered around the human-dog bond.
"One of Bar K's three locations can be found right in our backyard in St. Louis, Missouri, and it is a favorite destination for my family and so many members of the Purina family. In fact, USA Today recently named Bar K as the best dog park in America," said Narkiewicz.
Offering mentorship and category expertise
In 2016, Purina created the Pet Care Innovation Prize (PCIP) program to formally engage with pet industry startups. Over the past eight funding cycles, the program has been the catalyst for 40 early-stage start-ups by providing no-strings-attached funding and offering a platform for growth.
Every year, startups from across the U.S. and around the world enter their business to be part of the program and five winners are selected and awarded a cash prize and mentorship from Purina's in-house experts including areas like R&D, marketing, procurement, logistics and operations.
Finalists also come to Purina's HQ campus in St. Louis for a weeklong bootcamp to network, meet with pet industry experts and receive coaching support to prepare for a final pitch to win a grand prize at Global Pet Expo, the pet industry's largest trade show.
Since the program started, several PCIP businesses have been featured on the reality show "Shark Tank" and some have achieved remarkable investments and acquisitions. Purina's commitment to emerging talent is a testament to the company's dedication to nurturing innovation.
Connecting startups to learn, grow and win together
Recognizing the value and importance of connections, Purina also established the Pet Care Innovation Network in 2019. Made up of more than 50 pet care startup companies, this extraordinary community provides a platform for startups to network, share insights and foster collaborations as they work to grow their businesses.
The Pet Care Innovation Network helps like-minded innovators build relationships, think bigger and provide support to each other. Quarterly networking events across the country and a yearly meetup at Purina's St. Louis headquarters enable members to connect with potential investors and each other, amplifying the ripple effect of innovation across the pet care landscape.
Inside-Out Innovation
In addition to inspiring and supporting external initiatives, Purina also has a robust internal R&D program and countless workstreams to drive innovation within the company.
'Our commitment to innovation is not just about creating products; it's about cultivating an ecosystem where creativity and curiosity thrive inside and outside of our walls. Whether it's through driving internal innovation or investing in startups through 9 Square Ventures, we are deeply committed to shaping the future of pet care. It's one of the reasons that my dog, June, and I love coming to work every day," said Narkiewicz.
