By Victor Waldenström, Frankly Foods

Food tech companies, food focused VC’s and other actors within the international food tech and startup community gathered in Reykjavik this week for Iceland Innovation Week. The event “OK, Bye” marked the culmination of the week and was centered around the future of food. OK, Bye is not like any other average conference. Named after the first Icelandic glacier to melt away due to climate change, it is described as a “climate theatre” where the arts and sciences are intertwined in an electric atmosphere. Since it is impossible to convey the musical and  theatrical side of OK, Bye in this format we will focus on topics and ideas that stood out.

Here are our main take aways:

The work of the Icelandic Ocean Cluster showcases how a collaborative approach can be massively impactful. Thor Sigfusson also stressed the need for solutions that make better use of waste streams within the food industry whereas much as 50% of a fishes’ biomass is more or less thrown away.

Intersting work is being done by ORF Genetics and their barley based growth factor for cultivated meats. China is now adopting a new food strategy where cultivated meats are projected to make up for approximately 25% of meat consumption in the near future. Where does legislation (and consumer acceptance) stand in the European context?

On the other end of the spectrum Maria Smith and Chef Steph Baryluk advocated a common sense approach and to put ancestral wisdom to as much use as possible. Respecting the produce and minimising waste being one area where this perspective is especially relevant.

The VC side being represented by Arnaut Dijkhusen and Ragne Maasel concluded that investing in food is hard due to its many nuances and complexity.

To summarise, one main message is that food and food tech really sits at the intersection between both commercial and public interest. Food is not like any other tech product neither for founders or investors and can be (and perhaps should be) looked at from the perspective of impact, resilience and national security.

To quote Eric Archambeau from the fund Astanor, “The current system is over optimised to deliver food at a very low price and governments underestimate the fragility of our food system.”

The closing of the Strait of Hormuz and its direct effect on the supply of fertiliser make this point painfully obvious.

OK, Bye and the bustling energy in the Icelandic startup community showed that there are plenty of solutions on the table and that actors from all parts of the ecosystem are participating.