CULT Food Science Corp has announced that it will join Newlab Cellular Agriculture Venture Studio in New York City as a partner and advisor to identify key opportunity areas for new businesses to address significant industry challenges in the cellular agriculture space.
“The Venture Studio with Newlab provides a unique model that fits well with the overall strategy of CULT Food Science – it provides an avenue for new ideas and intellectual property to be developed from the ground up, with skilled experts and an eye for really pushing the boundaries of what has been done to date globally,” said CULT CEO Lejjy Gafour in a statement.
“Between CULT and Newlab, we will be working hard to become a driving force for new innovations in the industry over the coming years,” he added.
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CULT said the first-of-its-kind Venture Studio is seeking people who fit a broader vision of who a venture founder can be: a scientist, inventor or operator interested in building in a highly collaborative environment.
“Up to three people will have the opportunity to work directly together with the Newlab team over three-to-five months to identify, validate and prioritize businesses,” the company said.
Entrepreneurs-in-Residence who are selected to join the Venture Studio will be provided with a stipend, strategy and design programming, office space and community lab for a three-to-five month term, while the top business(es) will receive funding and support from CULT and Newlab to launch and grow to the next stage of funding.
“CULT is truly a forward-thinking company and we're thrilled to partner with them to build businesses that will further scale the important work of cellular agriculture,” said Clair Purcell, Newlab’s chief venture builder.
“The scale of their network, resources and initiatives in the space are strong assets that will guide the Venture Studio's entity creation toward truly impactful and highly successful opportunities,” Purcell added.
Contact the author at jon.hopkins@proactiveinvestors.com