Training and Development 24

Founded by Timo Boldt, an alumus of the Executive MBA programme at Cambridge Judge Business School (EMBA 2014), meal kit company Gousto achieved ‘unicorn’ status – a valuation of more than $1bn – after new investment and rocketing sales during the UK’s coronavirus lockdown

Timo is convinced that the boom in his “recipein-a-box” sector is not a temporary blip, but is here to stay. “We believe the shift to online in grocery is permanent and is simply an acceleration of a pre-existing trend,” he says. “Figures from the Office for National Statistics show online food sales accelerating from +85% year-onyear in April 2020 to +99% in October 2020 despite less stringent lockdown measures” following the summer easing of the UK’s initial lockdown.

The latest investment in Gousto comes from existing partners Perwyn and BGF, following a scramble for grocery delivery service subscriptions during the COVID-19 lockdown and a high-profile endorsement by celebrity fitness coach Joe Wicks, known for his workout videos.

The company says the new funds will enable greater investment in technology and fulfilment capacity to better serve its customers. With a 300-person office in west London and two fulfilment centres in Lincolnshire, the company now employs more than 1,000 people. Gousto is opening two further fulfilment centres in Thurrock and Warrington over the next 18 months that it expects to create thousands of more jobs. “Unicorn status is a milestone for the team and something to be proud of, but our focus is firmly on serving customers and building additional capacity,” says Timo, 35, a native of Germany who founded Gousto in 2012 with a mission to become the UK’s “most-loved way to eat dinner.”

After experiencing a surge in registrations during the UK’s first lockdown in March, which saw it briefly halt new registrations to cope with demand, Gousto has gone on to double its monthly meal deliveries, from 2.5m to 5m, over the course of 2020. Timo is confident the company is well-placed to maintain this momentum, even after the hospitality industry and restaurant dining further opens up.

“There are one billion meals eaten each week in the UK and Gousto is just over 1m of them,” he says. “We are just scratching the surface.”

Timo joined the Executive MBA at Cambridge Judge in 2014, graduating in 2016, and is a member of Pembroke College. The programme, which sees executivelevel professionals from different industry sectors all over the world come together to gain an MBA on a part-time basis, was an opportunity for Timo to expand his network and learn from the experiences of others.

“For me it was all about people and I was fortunate to meet some amazing individuals,” says Timo, who worked as a finance professional in London before pivoting to entrepreneurship. “Two people I met subsequently joined Gousto, which was a great outcome.”

Along with rival meal kit delivery companies Hello Fresh and Simply Cook, Gousto is a key UK player in a market that is estimated to reach nearly $20 billion globally by 2027 following a compound annual growth rate of 12.8%.

In such a highly competitive marketplace, Timo says advanced technology is vital to determine and meet demand, minimise food waste and ensure timely delivery – but tech alone is insufficient for success.

“Customer obsession is the most important ingredient,” he says. “Place your focus on customers, not competitors, and obsess about improving their experience. Our focus is on offering our customers the best choice, most convenience and an amazing experience powered by technology and data.”

Gousto founder Timo Boldt. Customer obsession is the most important ingredient. – Timo Boldt

Article reproduced courtesy of University of Cambridge Judge Business School. CAMBRIDGE JUDGE BUSINESS SCHOOL

jbs.cam.ac.uk

HI-TECH SUPPORT FOR LOCAL SUPPLY CHAINS

A new hi-tech partnership aims to help local manufacturers and their supply chains reach full potential.

Cambridge-based (RTO) TWI Ltd and the Smart Manufacturing Alliance (SMA) have joined forces to steer businesses through ongoing challenges thrown up by the pandemic, Brexit, skills shortages and supply chain disruption. They can also advise on strategies and activities to proactively address key changes in the wider operating environment.

The SMA is a joint venture between Opportunity Peterborough and the Cambridgeshire and Peterborough Combined Authority. It aims to develop a world-class manufacturing cluster across Greater Cambridgeshire and Peterborough, currently home to over 3000 manufacturers, specialising in everything from 3D printing to pharmaceuticals, engines and robotics. Members have access to a network of like-minded manufacturers, supported by connections to relevant experts within industry, and across technology development, finance, education and academia.

TWI is an international, industry-focused research and technology organization: its TWI Innovation Network (TWIIN) offers support for innovation through funding, collaborative working, and other dedicated services.

Plus, its Technology Innovation Management team, Innovation Centres and tech experts work closely with SMEs, larges companies and RTOs to help draw up proposals for engineering-tech R&D, and attract public funding from schemes such as Horizon Europe and Innovate UK. The Alliance and TWIIN also run annual events and networking programmes, where manufacturing innovations are shared.