PepsiCo Nurtures Innovation and Empowers Hispanic-Owned Businesses
PepsiCo, the global food and beverage giant, has been a household name for decades. With a portfolio of iconic brands enjoyed by consumers more than one billion times a day in over 200 countries and territories, PepsiCo continues to captivate taste buds worldwide. In 2022 alone, the company generated a staggering $86 billion in net revenue. From Lay's to Gatorade, Pepsi-Cola to Quaker, PepsiCo's diverse range of products resonates with consumers and generates over $1 billion in estimated annual retail sales for many of its iconic brands.
But PepsiCo is not just about mass appeal and financial success. The company is actively involved in fostering innovation and supporting the growth of emerging businesses. This commitment is exemplified by the Greenhouse Accelerator Program: Juntos Crecemos Edition, where selected Hispanic-owned companies have been chosen to participate in a six-month business mentoring program.
The finalists of the Greenhouse Accelerator Program represent a dynamic mix of emerging businesses in various categories, including consumer-packaged goods, beverages, market analytics and technology, sustainable packaging solutions, and environmental impact and waste reduction. These forward-thinking entrepreneurs come from different parts of the United States, including California, New York, Florida, Illinois, and Arizona.
Partnering with PepsiCo Juntos Crecemos, a platform dedicated to supporting Hispanic small businesses, the Greenhouse Accelerator aims to provide short and long-term assistance to these promising ventures over five years. Through a meticulous selection process, these businesses were chosen for their potential to introduce innovative packaged goods and transformative solutions that enhance the consumer experience, promote sustainability, and improve efficiency in the food and beverage industry.
At a launch event in Plano, Texas, the finalists were introduced to PepsiCo executives and experts from various functions within the company. Each entrepreneur had the opportunity to present an overview of their business and was assigned a mentorship team from PepsiCo, consisting of professionals from research and development, supply chain, and design. This six-month accelerator program is designed to provide guidance, resources, and invaluable mentorship to help these businesses thrive.
Esperanza Teasdale, Vice President and General Manager of the Hispanic Business Unit, PepsiCo Beverages North America, expressed her excitement about supporting these Hispanic small businesses. She highlighted how the Greenhouse Accelerator Program aims to fuel their growth not just through financial assistance but also by providing them access to top-notch mentorship and business resources. PepsiCo is committed to helping these businesses grow faster and sustain long-term performance.
In addition to the $20,000 grant and mentorship, the finalists will have an opportunity to secure further funding later this year. In August, they will showcase the progress made during the program via a virtual event, where an evaluation committee will assess their growth. Furthermore, in November, an expert selection committee will award one business with the highest potential an additional $100,000 to support its expansion and offer exciting opportunities to collaborate with PepsiCo and Juntos Crecemos.
Antonio Escalona, Senior Vice President and General Manager of the Hispanic Business Unit, PepsiCo Foods North America, commended the selected finalists for embodying the strong entrepreneurial spirit and ingenuity of the Hispanic community. He expressed his anticipation of witnessing the progress made by these businesses throughout their six-month mentorship journey and setting them up for long-term success.
The Greenhouse Accelerator program was initially launched in Europe in 2016 and expanded to North America in 2018. Over the years, the program has evolved to support innovators and entrepreneurs addressing consumer needs, including sustainability and nutrition solutions. With this being the eighth edition of the Greenhouse Accelerator, PepsiCo remains steadfast in its commitment to supporting entrepreneurs in their growth journey.
PepsiCo's engagement in fostering innovation and supporting emerging businesses is a testament to its vision of creating sustainable and impactful solutions within the food and beverage industry. By providing mentorship, financial support, and resources to these Hispanic-owned companies, PepsiCo is not only investing in their success but also contributing to the overall growth and diversity of the business landscape. Through initiatives like the Greenhouse Accelerator Program: Juntos Crecemos Edition, PepsiCo continues to leave a lasting impact on the lives of entrepreneurs, their communities, and the global marketplace.