Avery Dennison is launching Cohort 03, a program expansion that incorporates new challenges and a global reach to the rapidly maturing AD Stretch accelerator. Cohort 03 focuses on three challenge areas: the development of next-generation energy storage materials, maximizing consumer experiences, and improving sustainability. The program welcomes startups from across the globe to collaborate in tackling tangible business issues.
AD Stretch is a pilot-based accelerator program for startups with proven sales and go-to-market experience, the ability to innovate, and the vitality to engage with Fortune 500 company Avery Dennison. The accelerator aims to unite the financial, R&D, and vast technical resources of Avery Dennison with startups to create impactful solutions.
Hear from Melissa Tse and Lemuel Lim of the Corporate Venture Capital team at Avery Dennison
We spoke to Melissa Tse, Head of Venture Investments at Avery Dennison, and Lemuel Lim, Venture Associate, Venture Investments at Avery Dennison, about AD Stretch Cohort 03. Read about the workings of the AD Stretch accelerator and explore how you will collaborate with the Corporate Venture Capital team to grow your business.
With the application submission for AD Stretch closing on 17th November, can you introduce Avery Dennison’s Corporate Venture Capital team and its role within the organization?
The Corporate Venture Capital team engages with startups, investors, corporations, and other ecosystem partners to collaborate on opportunities where a Fortune 500 company leverages its scale and capabilities to accelerate novel innovation that addresses global critical needs.
Through partnerships and investments, the team is focused on cultivating strategic relationships that further our enterprise-wide goals, many of which are in focus for this third cohort of AD Stretch.
How will the Corporate Venture Capital team collaborate with and drive value for AD Stretch program participants in the upcoming third cohort?
Given the unique role we play in promoting symbiotic innovation among parties externally in the ecosystem and internally within the enterprise, the Ventures team provides insights into disruptive trends in the market and the sentiments of other corporates, investors, and startups.
With that information, startups can make as informed of a decision as possible while considering their growth trajectory. As these program participants consider their next growth phase and raise outside capital, we are a ready resource to guide them in those fundraising processes.
With collaboration across innovation functions such as AD Stretch and Ventures, Avery Dennison supports program participants throughout the multiple stages of their lifecycle.
With three distinct themes, spanning energy storage materials, customer experiences, and sustainable packaging, why is AD focusing on these diverse challenges?
Today, Avery Dennison has grown to be a global company that has developed products and technologies that people interact with on a daily basis. But innovation is about addressing tomorrow’s ever-evolving needs.
Material science is in our DNA, and as global energy needs become more complex, and as safety and sustainability are valued as much as performance, we are uniquely positioned to promote those value propositions with our technologies and scale.
As our everyday lives become increasingly more digital, we have enabling technologies to bridge the physical and digital worlds. We can create not just products, but connected products. And by doing so, the data we collect can influence how we optimize our supply chains, how we promote sustainability, and how we empower brands to provide more personalized experiences for consumers.
Can you elaborate on a typical day during the Pilot Phase of the AD Stretch accelerator?
Our pilots in AD Stretch are truly diverse in terms of how we collaborate with startups. For some companies, we support R&D and accelerate the product development process. For other companies, we enable product testing and commercialization with our customers and other ecosystem partners.
We focus on what will be most valuable for each startup in AD Stretch and figure out the right structure and framework to execute on that vision.
Would you like to share with potential applicants any fond memories from previous cohorts of AD Stretch?
One of the highlights for me (Melissa Tse) with the AD Stretch program involves one of our recent pilots with Moree.
Moree was a company in our second cohort that developed a reusable packaging solution to replace single-use plastic bags and films. We were able to introduce Moree to one of the companies in our venture capital portfolio, The Modern Milkman, which delivers farm fresh groceries in sustainable packaging to consumers.
Together, The Modern Milkman, Moree, and Avery Dennison were able to test and pilot Moree’s solution with The Modern Milkman’s customers. Finding highly strategic opportunities like this is always so great, especially when everyone at the table is passionate about working and collaborating together! (see Moree’s case study below)
Do you have a personal message to share with innovative companies who are thinking of applying?
I’ve (Lemuel Lim) sat across from and worked alongside entrepreneurs my entire career, and I am incredibly grateful to play my small role in promoting innovation within the ecosystem.
Supporting AD Stretch has been a highlight of my time with Avery Dennison, and it’s due, in large part, to the amazing entrepreneurs we interact with, and the possibilities that we explore together. While I admire the Avery Dennison of today, I also recognize that we were once a startup as well. As we look back on our roots, our humble beginning in 1935 was defined with one bright idea. Fortunately for us, Stan Avery’s idea stuck (no pun intended!).
With AD Stretch, we are channeling our history and supporting entrepreneurs in their own humble beginnings, taking a bright idea and making it something more. With that same spirit in this third cohort of AD Stretch, we are building amazing solutions with lasting impact, and we would love for you to be a part of it.
Key Deadlines & Program Timeline
The application deadline is approaching! Hurry, submit your application by November 17, 2023!
- Startup Selection: January 2024
- Pilot Phase: January – August 2024
- Demo Day: September 2024
Why Join AD Stretch Cohort 3?
AD Stretch partners with entrepreneurs in many ways, including minority equity investments, joint development agreements, non-recurring engineering projects, reseller relationships, and other forms of strategic technical and commercial partnerships. Discover all the benefits of joining the program:
- Pilot Funding: a unique opportunity to experiment with a paid pilot project.
- Rapid Growth: expand your customer base and scale up with a globally recognized leader.
- Material Science Mastery: leverage Avery Dennison’s vast experience in material science leadership to revolutionize your products and solutions.
- Global Network: access a unique network of industry experts and mentors who can turn your startup into a global phenomenon.
- Demo Day: showcase your progress to industry partners, investors, and media in the highly anticipated AD Stretch Demo Days.
Further, AD Stretch does not take equity. The pilots will be funded as per the agreement between you and your program lead. The program will provide you with networks, support, and guidance, and AD Stretch will make introductions to help with your funding and scaling goals.
AD Stretch Boasts a Strong Track Record
In just 18 months, the AD Stretch accelerator program has grown from launch mode to a thriving program that fielded over 500 applications from over 35 countries and created pilot programs for 14 startup businesses. Read more about two pilot examples from previous AD Stretch cohorts:
Cellr unlocks the potential for consumer engagement
Cellr develops a cutting-edge consumer engagement platform. By leveraging digital ID technologies from Avery Dennison, brand owners are now empowered with a user-friendly solution to elevate their strategies and connect with consumers. The consumer engagement tool reimagines access to connected and updatable packaging, personalized interactions, and data-driven insights for smarter strategic decision-making.
Moree helps food brands ditch single-use packaging
Through its reusable packaging system, Moree offers flatpack packaging to brands on a pay-per-use basis and easy returns. It utilizes digital rewards for its customers to enable the reuse model. The startup makes it easy for food companies to switch to reusable packaging with its innovative Reusable Packaging as a Service. Moree also tracks inventory, orders, and environmental savings through its platform. Together with Avery Dennison, Moree will help brands take a big step towards zero waste while encouraging more sustainable lifestyles.
Ready to join AD Stretch and unleash the potential of your innovative business?
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