1
00:00:02,520 --> 00:00:06,320
Speaker 1: This is Bloomberg Business Week from Bloomberg Radio. I'm Jason

2
00:00:06,400 --> 00:00:08,800
Speaker 1: Kelly and I'm Carol Master. Welcome to the Bloomberg Business

3
00:00:08,800 --> 00:00:11,480
Speaker 1: Week Extra. It's our weekly podcast bring you an in

4
00:00:11,520 --> 00:00:14,319
Speaker 1: depth interview you will not hear anywhere else. Remember the

5
00:00:14,320 --> 00:00:17,280
Speaker 1: Bloomberg Fifty We were celebrating that in just the past

6
00:00:17,320 --> 00:00:20,000
Speaker 1: couple of weeks. Well, we caught up with one of

7
00:00:20,280 --> 00:00:23,439
Speaker 1: the members of that list, the CEO and co founder

8
00:00:23,480 --> 00:00:26,920
Speaker 1: of Beyond Meat, Ethan Brown. So Barkley's forecast that meat

9
00:00:26,960 --> 00:00:29,400
Speaker 1: alternatives will be a hundred and forty billion dollar market

10
00:00:29,440 --> 00:00:32,200
Speaker 1: worldwide in the next decade. And Jason, this may explain

11
00:00:32,320 --> 00:00:34,760
Speaker 1: why when Beyond Meat debut as a public company in

12
00:00:34,760 --> 00:00:37,200
Speaker 1: May of this year, share sword making it the best

13
00:00:37,240 --> 00:00:39,840
Speaker 1: ip of since the financial crisis, it really took off.

14
00:00:40,000 --> 00:00:42,080
Speaker 1: It's also why the company and its CEO makes the

15
00:00:42,080 --> 00:00:45,360
Speaker 1: Bloomberg fifty list this year, and that aforementioned CEO also

16
00:00:45,400 --> 00:00:47,600
Speaker 1: the founder and president of Beyond Meat, Ethan Brown. He

17
00:00:47,680 --> 00:00:51,320
Speaker 1: joins us from Los Angeles. Ethan. First of all, congratulations

18
00:00:51,400 --> 00:00:53,840
Speaker 1: and thank you for joining us. I appreciate being here.

19
00:00:53,880 --> 00:00:56,160
Speaker 1: Thank you. All Right, so let's do a little bit

20
00:00:56,160 --> 00:00:58,920
Speaker 1: of a look back on twenty nineteen, because it feels

21
00:00:58,960 --> 00:01:02,600
Speaker 1: like there were seven roll big inflection points as you

22
00:01:02,680 --> 00:01:05,839
Speaker 1: look back, even going beyond the I p O, which

23
00:01:05,880 --> 00:01:08,800
Speaker 1: I know everyone loves to talk about, what were the

24
00:01:08,800 --> 00:01:11,640
Speaker 1: business inflection points for you? You You know, if you look

25
00:01:11,640 --> 00:01:14,280
Speaker 1: at the growth of the business from two thousand nine

26
00:01:14,319 --> 00:01:16,720
Speaker 1: to today, we've always had the same goal in mind,

27
00:01:16,760 --> 00:01:20,080
Speaker 1: which is to become a company that can provide protein

28
00:01:20,160 --> 00:01:22,840
Speaker 1: for the center the plate for the mainstream consumer. And

29
00:01:22,880 --> 00:01:25,240
Speaker 1: so if you look at particularly our third quarter this year,

30
00:01:25,640 --> 00:01:29,600
Speaker 1: whether it's the McDonald's tests we announced, the subways um

31
00:01:29,760 --> 00:01:33,480
Speaker 1: or KFC or Duncan, all four of those were really

32
00:01:33,480 --> 00:01:35,440
Speaker 1: important to us in terms of being able to communicate

33
00:01:35,440 --> 00:01:38,000
Speaker 1: the message that we have, which is you can build

34
00:01:38,000 --> 00:01:40,240
Speaker 1: a piece of meat directly from plants, you can provide

35
00:01:40,280 --> 00:01:43,280
Speaker 1: it to consumers where they enjoy eating their food, and

36
00:01:43,319 --> 00:01:44,880
Speaker 1: you can do so in a way that enables them

37
00:01:44,920 --> 00:01:46,960
Speaker 1: to continue to eat what they love, giving them the

38
00:01:47,080 --> 00:01:49,840
Speaker 1: more nutritious something it's better for their bodies and better

39
00:01:49,840 --> 00:01:51,840
Speaker 1: for the earth, and doing it in the formats that

40
00:01:51,880 --> 00:01:55,080
Speaker 1: they're familiar with. What about this year surprised you the most?

41
00:01:55,120 --> 00:01:58,480
Speaker 1: What was the most challenging? You know, it always is

42
00:01:58,520 --> 00:02:01,200
Speaker 1: around continue to educate not only the consumer of the

43
00:02:01,240 --> 00:02:05,040
Speaker 1: media around just how healthy and how much our company

44
00:02:05,080 --> 00:02:07,480
Speaker 1: is driven by the human health imperative. If you look

45
00:02:07,520 --> 00:02:11,200
Speaker 1: at the products we're creating, take the Duncan sausage for example,

46
00:02:11,480 --> 00:02:14,680
Speaker 1: that product has fifty percent less fat, It has percent

47
00:02:14,800 --> 00:02:18,640
Speaker 1: less saturated fat, is less sodium, and has more protein

48
00:02:18,680 --> 00:02:20,600
Speaker 1: and more iron. So when you're beginning with a blank

49
00:02:20,680 --> 00:02:22,600
Speaker 1: canvas and you're able to build a piece of meat

50
00:02:22,639 --> 00:02:24,959
Speaker 1: directly from plants, you can leave out a lot of

51
00:02:25,000 --> 00:02:26,600
Speaker 1: the things that you wouldn't want to be consuming on

52
00:02:26,600 --> 00:02:29,200
Speaker 1: a daily basis, such as cholesterol, and you can lower

53
00:02:29,240 --> 00:02:31,960
Speaker 1: things like saturated fat, and you can provide the consumer

54
00:02:32,040 --> 00:02:34,000
Speaker 1: with a very healthy product that they get to enjoy.

55
00:02:34,520 --> 00:02:36,840
Speaker 1: Yet continue to move the ball forward year every year

56
00:02:36,880 --> 00:02:39,040
Speaker 1: and making the products healthier and healthier. So as we

57
00:02:39,080 --> 00:02:42,280
Speaker 1: get into you'll see us continue to drive toward goals

58
00:02:42,320 --> 00:02:44,320
Speaker 1: that will enable the consumer to eat what they love,

59
00:02:44,320 --> 00:02:45,799
Speaker 1: but do it in a way that's healthier for them.

60
00:02:45,840 --> 00:02:48,000
Speaker 1: We'll talk about that because I feel like that comes

61
00:02:48,080 --> 00:02:51,760
Speaker 1: up often about maybe this becoming even a healthier product

62
00:02:51,760 --> 00:02:53,560
Speaker 1: because there is still a fair amount of sodium and

63
00:02:53,560 --> 00:02:55,880
Speaker 1: so on in it. Do you guys think about doing

64
00:02:55,919 --> 00:02:59,320
Speaker 1: some kind of reformulating to lower calories. Are a lower

65
00:02:59,360 --> 00:03:02,160
Speaker 1: sodium amoun is that kind of in the future. So

66
00:03:02,280 --> 00:03:03,799
Speaker 1: if you look at the DNA of the company, we

67
00:03:03,840 --> 00:03:07,040
Speaker 1: are an innovation driven company. We produce all of our

68
00:03:07,080 --> 00:03:10,120
Speaker 1: products here in the US, and we have our our

69
00:03:10,160 --> 00:03:13,440
Speaker 1: innovation center here in Los Angeles. We call that Innovation

70
00:03:13,440 --> 00:03:15,720
Speaker 1: Center in the Manhattan Beach Project. We do that because

71
00:03:15,720 --> 00:03:18,320
Speaker 1: we're near Manhattan Beach. But more importantly, weren't evoke that

72
00:03:18,400 --> 00:03:21,400
Speaker 1: sense of urgency and scale that occurred in the Second

73
00:03:21,400 --> 00:03:24,040
Speaker 1: World War with the Manhattan Project itself. Were brought together

74
00:03:24,040 --> 00:03:26,480
Speaker 1: the very best scientists, the best engineers, the best managers

75
00:03:26,480 --> 00:03:28,160
Speaker 1: and gave him a clear goal, which is to build

76
00:03:28,200 --> 00:03:30,880
Speaker 1: meet directly from plants. Now, when you're doing that, you're

77
00:03:30,919 --> 00:03:35,000
Speaker 1: always improving, and we have these parameters we call the fat, flavor, aroma, puters,

78
00:03:35,000 --> 00:03:38,360
Speaker 1: and texture were constantly driving toward making the products better

79
00:03:38,400 --> 00:03:40,640
Speaker 1: in each area and nutrition would of course be part

80
00:03:40,680 --> 00:03:42,720
Speaker 1: of that. But it's also about marketing and helping people

81
00:03:42,800 --> 00:03:44,960
Speaker 1: understand the products. So if you look at it beyond

82
00:03:45,400 --> 00:03:49,480
Speaker 1: Burger for example, that has sixteen percent daily value of sodium,

83
00:03:49,520 --> 00:03:52,880
Speaker 1: not sixty but sixteen, which is well within reason for

84
00:03:53,000 --> 00:03:55,400
Speaker 1: many many meals that folks will consume, such as two

85
00:03:55,400 --> 00:03:58,200
Speaker 1: flower tortillas or half a couple of mari narrow sauce, etcetera.

86
00:03:58,400 --> 00:04:01,360
Speaker 1: So a lot of it is just separating the misinformation

87
00:04:01,400 --> 00:04:04,160
Speaker 1: and hype from reality. This product has an extremely healthy product.

88
00:04:04,160 --> 00:04:06,720
Speaker 1: It's one that I consume almost daily. It's something I

89
00:04:06,720 --> 00:04:08,960
Speaker 1: feel very good about giving to my own children. And

90
00:04:09,000 --> 00:04:12,200
Speaker 1: so it's really about let's educate consumers about the health

91
00:04:12,320 --> 00:04:14,560
Speaker 1: of our products and about the process. We're very proud

92
00:04:14,640 --> 00:04:16,479
Speaker 1: of our process. If you look at how we produce

93
00:04:17,000 --> 00:04:19,919
Speaker 1: meat from from plants. Instead of running a lot of

94
00:04:19,920 --> 00:04:23,080
Speaker 1: plant material through animals and the antibiotics that go without

95
00:04:23,120 --> 00:04:25,919
Speaker 1: other hormones depending on the species of veterinary drugs, et cetera,

96
00:04:26,279 --> 00:04:29,120
Speaker 1: what we're doing is taking that protein directly from the plant.

97
00:04:29,360 --> 00:04:31,400
Speaker 1: We're running it through heating, cooling, and pressure, and that

98
00:04:31,480 --> 00:04:33,919
Speaker 1: resets the bond so that they take on that fibrous

99
00:04:33,960 --> 00:04:36,640
Speaker 1: texture of muscle. That's it for me. That's a much

100
00:04:36,720 --> 00:04:38,560
Speaker 1: better process than one that we can be proud of.

101
00:04:38,960 --> 00:04:41,279
Speaker 1: We offer complete transparency. You'd be welcome to come to

102
00:04:41,279 --> 00:04:43,400
Speaker 1: our facilities, knock on the door, and we give you

103
00:04:43,440 --> 00:04:46,560
Speaker 1: a tour people should be able to see where and

104
00:04:46,560 --> 00:04:48,400
Speaker 1: how their food is made. And we believe very strong

105
00:04:48,400 --> 00:04:51,320
Speaker 1: in that principle, and so Ethan, speaking of a different

106
00:04:51,320 --> 00:04:54,479
Speaker 1: sort of process, walk us through the process of assessing

107
00:04:54,520 --> 00:04:56,960
Speaker 1: these partnerships. You know, you name checked some of the

108
00:04:57,000 --> 00:04:59,919
Speaker 1: best known when it comes to you know, fast food.

109
00:05:00,040 --> 00:05:03,120
Speaker 1: You've also got some partnerships in casual dining. How does

110
00:05:03,200 --> 00:05:06,880
Speaker 1: that work? Because pun intended, it feels like everybody wants

111
00:05:06,880 --> 00:05:09,360
Speaker 1: a piece of this market right now, right so you

112
00:05:09,360 --> 00:05:11,599
Speaker 1: always want to align yourself with the marquee players. And

113
00:05:11,600 --> 00:05:13,520
Speaker 1: that's what we've done from the beginning of the company.

114
00:05:13,560 --> 00:05:16,440
Speaker 1: So when we decided to go into retail way back

115
00:05:16,440 --> 00:05:19,320
Speaker 1: in two thousand nine, the first company we called was

116
00:05:19,360 --> 00:05:20,919
Speaker 1: Whole Foods, and then we've been able to cliff right

117
00:05:20,960 --> 00:05:23,360
Speaker 1: out through Kroger, et cetera. But when then you look

118
00:05:23,400 --> 00:05:26,240
Speaker 1: at our venture history, the first venture firm we worked

119
00:05:26,279 --> 00:05:27,560
Speaker 1: with the client of Perkins, and now we have a

120
00:05:27,600 --> 00:05:31,159
Speaker 1: great list including Great Point Ventures and many others. Um

121
00:05:31,240 --> 00:05:34,680
Speaker 1: But if you're now looking at the fast food space

122
00:05:34,760 --> 00:05:36,680
Speaker 1: or a quick serve restaurant space, you also want to

123
00:05:36,680 --> 00:05:39,880
Speaker 1: adopt the same philosophy. Who are the marquee players? And

124
00:05:39,920 --> 00:05:42,760
Speaker 1: how do you become UH of service to them. And

125
00:05:42,760 --> 00:05:45,800
Speaker 1: that's what we're able to do. Whether it's McDonald's, whether Subway,

126
00:05:46,400 --> 00:05:50,360
Speaker 1: whether it's KFC or Duncan. We're constantly looking Carl's Jr. Hearties, etcetera.

127
00:05:50,400 --> 00:05:54,120
Speaker 1: We're constantly looking to serve the very best partners in

128
00:05:54,200 --> 00:05:56,800
Speaker 1: the space so we can grow with them. What's the focus?

129
00:05:56,839 --> 00:05:58,680
Speaker 1: Is it retail or food service or will it be

130
00:05:58,680 --> 00:06:02,480
Speaker 1: a split going forward? Our focus is entirely on the consumer.

131
00:06:02,520 --> 00:06:04,680
Speaker 1: It's our relationship with the consumer that makes the business

132
00:06:04,760 --> 00:06:06,760
Speaker 1: so special. We listen to what they say. They told

133
00:06:06,800 --> 00:06:09,240
Speaker 1: us no GMOs, they told us nothing artificial, they said

134
00:06:09,320 --> 00:06:11,800
Speaker 1: keep everything natural. So that's what we do UM and

135
00:06:11,800 --> 00:06:13,200
Speaker 1: that makes it harder. By the way, we will be

136
00:06:13,279 --> 00:06:16,560
Speaker 1: much easier genetically modified plant material to make it UH

137
00:06:16,680 --> 00:06:20,559
Speaker 1: take on the texture and appearance and aroma of of

138
00:06:20,560 --> 00:06:23,120
Speaker 1: of animal protein. But we won't do that, and so

139
00:06:23,240 --> 00:06:25,840
Speaker 1: we're constantly focused on what the consumer wants. We'll need

140
00:06:25,839 --> 00:06:28,159
Speaker 1: to consumer where they are, so if it's if it's UH,

141
00:06:28,279 --> 00:06:30,520
Speaker 1: it's quick ser of restaurants will be there for them.

142
00:06:30,520 --> 00:06:33,400
Speaker 1: If it's retailed before them. Right now, it's about and

143
00:06:33,400 --> 00:06:35,320
Speaker 1: the market will tell us which directions. Okay, so it

144
00:06:35,320 --> 00:06:38,720
Speaker 1: could change going forward, right and so Ethan, when you

145
00:06:38,760 --> 00:06:41,520
Speaker 1: think about the test, let's just talk about McDonald's for

146
00:06:41,520 --> 00:06:44,320
Speaker 1: a second. What have you learned so far? Because obviously

147
00:06:44,839 --> 00:06:48,599
Speaker 1: that's from a volume perspective, but also from a brand perspective,

148
00:06:49,080 --> 00:06:52,800
Speaker 1: something that everyone investors included have been looking at very closely.

149
00:06:52,920 --> 00:06:55,479
Speaker 1: What have you taken away from that test? So I

150
00:06:55,520 --> 00:06:58,640
Speaker 1: had a great privilege of being up in the Ontario

151
00:06:58,720 --> 00:07:01,120
Speaker 1: area a couple of weeks ago, and I drove out

152
00:07:01,200 --> 00:07:05,400
Speaker 1: to McDonald's there and I went to three different stores

153
00:07:05,440 --> 00:07:08,200
Speaker 1: and had the burger in each each location, and they

154
00:07:08,200 --> 00:07:12,360
Speaker 1: were identical and delicious. It was a fantastic experience for

155
00:07:12,440 --> 00:07:15,360
Speaker 1: me and one that was very satisfying. It's a goal

156
00:07:15,400 --> 00:07:17,760
Speaker 1: I've had for a very long time to be of

157
00:07:17,760 --> 00:07:20,680
Speaker 1: service to McDonald's. UM, it's going very well. I think

158
00:07:20,680 --> 00:07:23,600
Speaker 1: you heard the CEO of McDonald's Canada say that we

159
00:07:23,640 --> 00:07:26,200
Speaker 1: can't comment further than what they've said publicly, but I'm

160
00:07:26,280 --> 00:07:28,760
Speaker 1: very enthusiastic about the relationship and our ability to grow

161
00:07:28,760 --> 00:07:32,400
Speaker 1: the partnership. Does it expand into the United States, that's

162
00:07:32,440 --> 00:07:34,600
Speaker 1: up to them, UM, But what you want is a

163
00:07:34,600 --> 00:07:36,880
Speaker 1: great test, and I think we have every sign that

164
00:07:36,880 --> 00:07:39,160
Speaker 1: that's the case. All right, So let's talk about some

165
00:07:39,200 --> 00:07:41,800
Speaker 1: of the different products, because there was a lot of excitement,

166
00:07:42,200 --> 00:07:44,840
Speaker 1: including in my household when you got to Duncan. We're

167
00:07:45,040 --> 00:07:49,120
Speaker 1: big mobile app users there, And obviously that's a different

168
00:07:49,280 --> 00:07:51,360
Speaker 1: sort of approach in some ways, not the least of

169
00:07:51,360 --> 00:07:55,400
Speaker 1: which just because you're talking sausage instead of Burger's. The

170
00:07:55,520 --> 00:07:59,440
Speaker 1: sausage market, as it were, has been described as a

171
00:07:59,560 --> 00:08:03,400
Speaker 1: really huge opportunity for you and for others. Why is

172
00:08:03,480 --> 00:08:05,360
Speaker 1: that and what are you seeing as you look at

173
00:08:05,360 --> 00:08:08,880
Speaker 1: the sort of the different modalities of beyond. Yeah, so

174
00:08:09,360 --> 00:08:11,239
Speaker 1: I thank you for asking that question. It's a really

175
00:08:11,240 --> 00:08:13,080
Speaker 1: important one, not only to our business, but to the

176
00:08:13,120 --> 00:08:16,920
Speaker 1: global protein supply. Um. You know, I came out of

177
00:08:17,240 --> 00:08:21,000
Speaker 1: the fuel cell industry, and the primary focus of the

178
00:08:21,000 --> 00:08:23,640
Speaker 1: business that I was with I was around automotive and

179
00:08:23,640 --> 00:08:26,400
Speaker 1: it was around replacing the internal combustion engine. And what

180
00:08:26,520 --> 00:08:30,520
Speaker 1: you find what's happening today, uh, in the protein industry

181
00:08:30,600 --> 00:08:34,120
Speaker 1: is that one of the core sources of protein from

182
00:08:34,200 --> 00:08:37,600
Speaker 1: animals has taken a severe supply hit. And so if

183
00:08:37,600 --> 00:08:40,400
Speaker 1: you look at the Chinese market, I think it's about

184
00:08:40,400 --> 00:08:42,679
Speaker 1: fifty of the herd is going to be destroyed based

185
00:08:42,720 --> 00:08:47,600
Speaker 1: on the the flu virus. And so if you think

186
00:08:47,640 --> 00:08:50,319
Speaker 1: about that, if that had happened, and that's about the

187
00:08:50,320 --> 00:08:53,280
Speaker 1: world supply, if that had happened in the automotive sector,

188
00:08:53,320 --> 00:08:56,880
Speaker 1: where all of a sudden of the internal combusting engine

189
00:08:56,920 --> 00:09:00,079
Speaker 1: manufacturing capability went down overnight, you would have seen in

190
00:09:00,120 --> 00:09:02,880
Speaker 1: the U. S. Department Energy and many other world energy

191
00:09:02,920 --> 00:09:05,760
Speaker 1: agencies go after with a concerted plan about how to

192
00:09:05,800 --> 00:09:08,839
Speaker 1: bring forward some of these alternative technologies. We are doing

193
00:09:08,880 --> 00:09:12,160
Speaker 1: that today with my company in this industry. If you're

194
00:09:12,200 --> 00:09:14,199
Speaker 1: such a supply shock, we should be able to take

195
00:09:14,200 --> 00:09:16,760
Speaker 1: advantage of that. So we are very focused on pork,

196
00:09:17,040 --> 00:09:19,480
Speaker 1: not only here in the United States, but globally. Let's

197
00:09:19,480 --> 00:09:21,560
Speaker 1: talk a little bit more about China. China accounts for

198
00:09:21,559 --> 00:09:25,640
Speaker 1: about twenty seven of the world's meat consumption by volume. Um.

199
00:09:25,679 --> 00:09:28,640
Speaker 1: They already eat a lot of plant proteins, and they

200
00:09:28,720 --> 00:09:30,240
Speaker 1: kind of look at meat as a bit of a

201
00:09:30,240 --> 00:09:35,679
Speaker 1: status symbol there. What's your approach, what's your expectations for China?

202
00:09:36,320 --> 00:09:39,000
Speaker 1: You'll see us be very aggressive there. We are aggressive

203
00:09:39,000 --> 00:09:41,120
Speaker 1: in each market that we occupy, whether here in the

204
00:09:41,200 --> 00:09:46,800
Speaker 1: United States. Mentioning again those partners just McDonald's, KFC, Duncan, Subway, etcetera. UM,

205
00:09:47,400 --> 00:09:51,000
Speaker 1: you'll see us move with speed, um and exploit the

206
00:09:51,000 --> 00:09:53,800
Speaker 1: first mover advantage we have globally in terms of building

207
00:09:53,840 --> 00:09:56,480
Speaker 1: the brand that's most closely associated with the plant based

208
00:09:56,480 --> 00:09:59,880
Speaker 1: meat movement. UM. So I can't disclose anything particular, but

209
00:10:00,160 --> 00:10:02,960
Speaker 1: you can guess that we're very excited about that market

210
00:10:03,200 --> 00:10:06,000
Speaker 1: UM and very active in our plans. All right, let's

211
00:10:06,000 --> 00:10:08,640
Speaker 1: talk a little bit about chicken if we can big

212
00:10:08,720 --> 00:10:11,480
Speaker 1: chicken fans here as well, kind of hungry. I'm just

213
00:10:11,480 --> 00:10:15,000
Speaker 1: going to tell you seriously, I mean the KFC test

214
00:10:15,120 --> 00:10:18,000
Speaker 1: as it were, uh down in Atlanta, I believe is

215
00:10:18,000 --> 00:10:22,200
Speaker 1: where that was, it went gangbusters. How soon can you

216
00:10:22,240 --> 00:10:25,160
Speaker 1: sort of get into that market in a meaningful way.

217
00:10:25,480 --> 00:10:27,760
Speaker 1: So you'll see some exciting things from us in the

218
00:10:27,760 --> 00:10:33,280
Speaker 1: poultry space. I can't name specific partners or developments, but UM,

219
00:10:33,320 --> 00:10:36,520
Speaker 1: you know, we look at three core platforms with beef, pork,

220
00:10:36,640 --> 00:10:39,240
Speaker 1: and poultry, and you can see consumers pulling off very

221
00:10:39,320 --> 00:10:42,760
Speaker 1: quickly of beef and pork. And you're also starting to

222
00:10:42,800 --> 00:10:47,679
Speaker 1: see some pressure around the poultry industry. So UM, we

223
00:10:47,840 --> 00:10:50,320
Speaker 1: we've done a lot of work there you'll see the

224
00:10:50,320 --> 00:10:54,240
Speaker 1: fruits of that, Hey consolidation. I'm just curious because I

225
00:10:54,240 --> 00:10:57,920
Speaker 1: feel like, you know, this market went from nobody talking

226
00:10:57,920 --> 00:11:00,280
Speaker 1: about it to Bam, you guys have your eye po

227
00:11:00,360 --> 00:11:02,720
Speaker 1: and then all of a sudden, it seems like smaller players,

228
00:11:02,800 --> 00:11:05,600
Speaker 1: larger players, everybody is getting involved in it. How do

229
00:11:05,640 --> 00:11:07,160
Speaker 1: you see this market kind of play out? Is it

230
00:11:07,200 --> 00:11:10,360
Speaker 1: like a coke and pepsi market going forward? You know

231
00:11:10,440 --> 00:11:13,240
Speaker 1: what I am most focused on, and this is something

232
00:11:13,400 --> 00:11:16,120
Speaker 1: that we had to repeat quite a bit throughout the

233
00:11:16,120 --> 00:11:19,720
Speaker 1: the I P O Road Show. Uh, is there's nobody

234
00:11:19,840 --> 00:11:23,000
Speaker 1: in the world who wants to replace beyond meat products

235
00:11:23,000 --> 00:11:25,800
Speaker 1: on the shelf more than me. UM. You know, we

236
00:11:25,880 --> 00:11:29,920
Speaker 1: have an appetite for innovation UM that I think is

237
00:11:29,960 --> 00:11:33,440
Speaker 1: barned on. The goal is every year to replace the

238
00:11:33,440 --> 00:11:36,199
Speaker 1: current products we have with new, improved versions, whether the

239
00:11:36,679 --> 00:11:39,400
Speaker 1: flavor of rome, appearance, text, or the health claims, etcetera.

240
00:11:39,840 --> 00:11:42,800
Speaker 1: And so while we are aware there is competition out

241
00:11:42,840 --> 00:11:45,959
Speaker 1: there and that many many partners are companies rather or

242
00:11:46,080 --> 00:11:49,320
Speaker 1: entering the market, our focuses on that true north of

243
00:11:49,400 --> 00:11:52,520
Speaker 1: building meat directly from plants and doing it perfectly. And

244
00:11:52,520 --> 00:11:54,520
Speaker 1: we're getting closer every year. We've been at it eleven

245
00:11:54,600 --> 00:11:56,920
Speaker 1: years now, and we'll get closer in our twelfth year

246
00:11:56,920 --> 00:11:59,720
Speaker 1: and the thirteenth year, etcetera. Um, you know, but I

247
00:11:59,760 --> 00:12:01,600
Speaker 1: do think it's important to note, and there's been a

248
00:12:01,600 --> 00:12:03,520
Speaker 1: lot of discussion in the media about this, that just

249
00:12:03,600 --> 00:12:06,360
Speaker 1: because a large company intends to come in and capture

250
00:12:06,400 --> 00:12:09,800
Speaker 1: significant market share does not necessarily mean that's going to happen.

251
00:12:09,800 --> 00:12:13,360
Speaker 1: And I think history is replete with examples where there

252
00:12:13,360 --> 00:12:16,280
Speaker 1: have been those fears when disrupters coming along and they

253
00:12:16,320 --> 00:12:18,320
Speaker 1: haven't panned out. And so we are very focused on

254
00:12:18,320 --> 00:12:21,320
Speaker 1: executing against our mission. Uh and I think the rest

255
00:12:21,320 --> 00:12:24,440
Speaker 1: will take care of itself. Ethan elsewhere on the Bloomberg

256
00:12:24,640 --> 00:12:28,000
Speaker 1: fifty list, there were some notable influencers, as it were,

257
00:12:28,160 --> 00:12:30,480
Speaker 1: very influential people out in the world. You guys have

258
00:12:30,640 --> 00:12:35,079
Speaker 1: leaned into this notion of influential folks kind of signing

259
00:12:35,080 --> 00:12:37,400
Speaker 1: on the Go Beyond campaign, I believe is what it

260
00:12:37,440 --> 00:12:41,319
Speaker 1: was called launched earlier this year, help us understand what's

261
00:12:41,440 --> 00:12:45,640
Speaker 1: underneath that, especially at a time when people love this

262
00:12:45,679 --> 00:12:49,199
Speaker 1: notion of authenticity, they want to make sure that their

263
00:12:49,280 --> 00:12:53,400
Speaker 1: values aligned with the people who they are following, quite literally,

264
00:12:53,840 --> 00:12:55,559
Speaker 1: and I just gotta throw out some names because Bill

265
00:12:55,600 --> 00:13:00,560
Speaker 1: Gates has been a backer. Leonardo DiCaprio, UM. Former McDonald's

266
00:13:00,559 --> 00:13:03,440
Speaker 1: CEO Don Thompson. I mean you've had incredible people and

267
00:13:03,440 --> 00:13:06,520
Speaker 1: then a lot of celebrities as well. Yeah, it's it's

268
00:13:06,559 --> 00:13:11,680
Speaker 1: been very purposeful. If you look at the history of

269
00:13:11,679 --> 00:13:14,120
Speaker 1: the company. When I was growing up, they Got Milk

270
00:13:14,120 --> 00:13:16,040
Speaker 1: campaign was a very big deal, and I had some

271
00:13:16,080 --> 00:13:20,800
Speaker 1: exposure to the dairy industry as a kid. Um and uh,

272
00:13:20,920 --> 00:13:23,880
Speaker 1: you know that was around Bo Jackson, Derek Deeter, etcetera.

273
00:13:23,880 --> 00:13:25,720
Speaker 1: And the message there was to parents that if you

274
00:13:25,840 --> 00:13:28,959
Speaker 1: feed your if your children are consuming milk, they'll grow

275
00:13:29,000 --> 00:13:32,240
Speaker 1: to be strong, healthy, etcetera. UM, And in my case,

276
00:13:32,720 --> 00:13:36,160
Speaker 1: with our products, that is true that you you can

277
00:13:36,240 --> 00:13:38,280
Speaker 1: and if you look at movies like Game Changers, etcetera,

278
00:13:39,080 --> 00:13:43,600
Speaker 1: you can affect even individual day performance from a student athlete,

279
00:13:43,640 --> 00:13:46,920
Speaker 1: for example, through the consumption of our products over over

280
00:13:46,960 --> 00:13:49,440
Speaker 1: animal protein. And so what we wanted to do was

281
00:13:49,480 --> 00:13:53,120
Speaker 1: convey the message that you can not only flourish with

282
00:13:53,280 --> 00:13:58,000
Speaker 1: our our products, uh, but you can over a longer

283
00:13:58,000 --> 00:14:02,080
Speaker 1: period of time, avoid some of the chronic disease that

284
00:14:02,200 --> 00:14:04,839
Speaker 1: is so prevalent in our in our communities, and so

285
00:14:05,000 --> 00:14:07,920
Speaker 1: we wanted to get athletes out there who obviously depend

286
00:14:07,920 --> 00:14:10,240
Speaker 1: on their bodies for their paychecks and for their day

287
00:14:10,280 --> 00:14:12,640
Speaker 1: to day performance and have them tell the story. And

288
00:14:12,640 --> 00:14:17,400
Speaker 1: so I hired Jeff Manning, who was the principal at

289
00:14:17,679 --> 00:14:20,480
Speaker 1: the California Milk Board who kicked off the original got

290
00:14:20,520 --> 00:14:23,560
Speaker 1: Milk campaign many many decades ago. UM and then a

291
00:14:23,600 --> 00:14:26,000
Speaker 1: woman in Beth Moscowitz came and joined our company and

292
00:14:26,320 --> 00:14:30,680
Speaker 1: brought in UH the the ability to tap into this

293
00:14:30,760 --> 00:14:33,000
Speaker 1: intersection sports and culture, which is so important to us.

294
00:14:33,280 --> 00:14:35,840
Speaker 1: We believe that our products will make you feel better,

295
00:14:36,080 --> 00:14:38,400
Speaker 1: perform better, and have a longer term health prospect, and

296
00:14:38,440 --> 00:14:42,320
Speaker 1: we wanted to have the very best of our communities

297
00:14:42,360 --> 00:14:45,720
Speaker 1: in terms of athletes, convey that message and the notion

298
00:14:45,760 --> 00:14:48,960
Speaker 1: about something being genuine is so important. Right. We don't

299
00:14:49,000 --> 00:14:51,600
Speaker 1: just take anybody who comes into our influencer program. We

300
00:14:51,640 --> 00:14:54,160
Speaker 1: really look to see are they living a lifestyle? Do

301
00:14:54,200 --> 00:14:56,080
Speaker 1: they believe in in what we're doing. They don't have

302
00:14:56,120 --> 00:15:00,120
Speaker 1: to be vegan, but having them UH lean into this

303
00:15:00,200 --> 00:15:02,960
Speaker 1: dive and the principles behind it is really important. And

304
00:15:03,000 --> 00:15:05,800
Speaker 1: once you do that, you don't have to create deals

305
00:15:05,840 --> 00:15:09,520
Speaker 1: that have UM milestones etcetera. You just let them go

306
00:15:09,680 --> 00:15:12,520
Speaker 1: do what they do best and they bring us along

307
00:15:12,560 --> 00:15:17,080
Speaker 1: with them. And so, whether it's Kyrie Irving, UM, Chris Paul, etcetera.

308
00:15:17,120 --> 00:15:20,200
Speaker 1: So many of these terrific athletes, they're adopting our products

309
00:15:20,520 --> 00:15:23,840
Speaker 1: in their training regimes and they're seeing great results along

310
00:15:23,880 --> 00:15:25,760
Speaker 1: the way, and so then they go out there and

311
00:15:25,800 --> 00:15:27,720
Speaker 1: speak about it. That's the best way, in my view,

312
00:15:28,040 --> 00:15:29,880
Speaker 1: to market is find people who believe in what you're

313
00:15:29,920 --> 00:15:32,200
Speaker 1: doing and work with them to tell the story. All right, Either,

314
00:15:32,360 --> 00:15:34,600
Speaker 1: one last question for you before we let you go.

315
00:15:34,720 --> 00:15:37,800
Speaker 1: You know, you've talked throughout this interview in a very

316
00:15:37,840 --> 00:15:40,280
Speaker 1: personal way, and you talk about what you feed your kids,

317
00:15:40,320 --> 00:15:42,400
Speaker 1: and even when you're talking about the folks that you're

318
00:15:42,400 --> 00:15:45,400
Speaker 1: working with from a partnership perspective, this does feel like

319
00:15:45,400 --> 00:15:48,440
Speaker 1: a very personal mission. I do wonder what you've learned

320
00:15:48,480 --> 00:15:52,440
Speaker 1: along this very interesting year as a CEO and as

321
00:15:52,440 --> 00:15:55,880
Speaker 1: a leader of a company that really is about a

322
00:15:55,920 --> 00:15:59,640
Speaker 1: lifestyle and sort of who we are. You know, I'm

323
00:15:59,760 --> 00:16:02,560
Speaker 1: very grateful to be in the position that I'm in. UM.

324
00:16:02,560 --> 00:16:05,560
Speaker 1: This is much more than a business. UM. It's something

325
00:16:05,680 --> 00:16:09,840
Speaker 1: that helps people lead healthier lives. UM. It helps UH

326
00:16:09,920 --> 00:16:14,160
Speaker 1: I think address some of our largest environmental problems globally. Um.

327
00:16:14,200 --> 00:16:15,400
Speaker 1: And so to get up every day and be able

328
00:16:15,440 --> 00:16:17,840
Speaker 1: to go into an office and work on issues that

329
00:16:17,880 --> 00:16:20,520
Speaker 1: are so important not only meat personally, but to the

330
00:16:20,560 --> 00:16:24,000
Speaker 1: world as a privilege and so uh. This year, I

331
00:16:24,000 --> 00:16:27,840
Speaker 1: think we were recognized by the markets for what we're doing. Um.

332
00:16:27,880 --> 00:16:31,160
Speaker 1: You know, and we don't believe that this is a

333
00:16:32,080 --> 00:16:36,160
Speaker 1: short lived trend. Uh. This is something that has very

334
00:16:36,200 --> 00:16:38,600
Speaker 1: long legs to it. Um. If you think about what

335
00:16:38,640 --> 00:16:41,720
Speaker 1: we're doing, we're not suggesting that people don't eat meat.

336
00:16:41,800 --> 00:16:43,480
Speaker 1: We think that'd be a big mistake. You know, I

337
00:16:43,520 --> 00:16:45,600
Speaker 1: grew up eating need to love meat. I love fried chicken,

338
00:16:45,600 --> 00:16:49,360
Speaker 1: I love burgers. The idea behind the company is to

339
00:16:49,760 --> 00:16:53,000
Speaker 1: provide a better form of meat. Right, to provide meat

340
00:16:53,200 --> 00:16:57,040
Speaker 1: that provides all of the delicious, satiating experience that we've

341
00:16:57,040 --> 00:17:00,000
Speaker 1: come to love, but does so uh in a way

342
00:17:00,040 --> 00:17:03,040
Speaker 1: healthy for your bodies and healthier for the earth. Um.

343
00:17:03,200 --> 00:17:05,040
Speaker 1: You know, if you look at what the mobile phone

344
00:17:05,280 --> 00:17:07,720
Speaker 1: did in relation to the landline, nobody had to denigrate

345
00:17:07,800 --> 00:17:10,000
Speaker 1: the landline. And we don't think we have to denigrate

346
00:17:10,080 --> 00:17:13,240
Speaker 1: animal protein. We simply have to provide the consumer with

347
00:17:13,440 --> 00:17:16,960
Speaker 1: a new and better choice and let them make the decision.

348
00:17:16,960 --> 00:17:19,240
Speaker 1: And if we're successful, more and more will sign on

349
00:17:19,359 --> 00:17:22,320
Speaker 1: with this, And that's beyond me CEO Ethan Brown. Look,

350
00:17:22,440 --> 00:17:24,719
Speaker 1: this is a company that is in the middle of

351
00:17:24,800 --> 00:17:27,760
Speaker 1: so many mega trends. It's essentially a lifestyle brand. Yeah,

352
00:17:27,760 --> 00:17:29,880
Speaker 1: and this is why he's part of the Bloomberg fifty list.

353
00:17:29,920 --> 00:17:31,520
Speaker 1: But I also think this is gonna be a big

354
00:17:31,560 --> 00:17:34,879
Speaker 1: story for as well. You've been listening to Bloomberg Business

355
00:17:34,920 --> 00:17:37,080
Speaker 1: Week Extra, be sure to tune into Bloomberg Business Week

356
00:17:37,160 --> 00:17:39,800
Speaker 1: Radio Live Monday through Friday at two pm Wall Street Time.

357
00:17:39,800 --> 00:17:42,560
Speaker 1: I'm Bloomberg Radio. I'm charl Messer, and I'm Jason Kelly.

358
00:17:42,640 --> 00:17:43,520
Speaker 1: This is Bloomberg