FUL: Future-Proofing Nutrition Using Microalgae

Spirulina, a microalgae, has many beneficial nutritional and environmental properties, but is not widely used as an ingredient because of its unusual taste and short shelf life. Sara Guaglio, Cristina Prat and Julia Streuli saw this as a business opportunity: if they could improve the taste and shelf life, they could perhaps turn spirulina into the next matcha. The case describes how the trio went from exploration during their MBA programme in 2019 to the successful commercialization of spirulina-based drinks.
By 2022 they faced a new challenge: should they focus on expanding their B2C line of drinks or pursue potentially lucrative B2B opportunities with large food and beverage (F&B) companies? Each option had its trade-offs. B2C would give them direct control over the brand but was expensive, while B2B promised scalability but they risked losing the brand’s identity and its emphasis on sustainability. Moreover, this option entailed long and costly development timelines.

This case raises questions about a firm’s boundaries and innovation ecosystem in the context of a new green technology. Key issues include the tensions between financial and sustainability goals and how they play out in shaping a young firm’s ecosystem (and growth) strategy