WEBVTT - Businessweek Extra - Beyond Meat CEO

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio. I'm Jason

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<v Speaker 1>Kelly and I'm Carol Master. Welcome to the Bloomberg Business

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<v Speaker 1>Week Extra. It's our weekly podcast bring you an in

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<v Speaker 1>depth interview you will not hear anywhere else. Remember the

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<v Speaker 1>Bloomberg Fifty We were celebrating that in just the past

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<v Speaker 1>couple of weeks. Well, we caught up with one of

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<v Speaker 1>the members of that list, the CEO and co founder

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<v Speaker 1>of Beyond Meat, Ethan Brown. So Barkley's forecast that meat

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<v Speaker 1>alternatives will be a hundred and forty billion dollar market

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<v Speaker 1>worldwide in the next decade. And Jason, this may explain

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<v Speaker 1>why when Beyond Meat debut as a public company in

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<v Speaker 1>May of this year, share sword making it the best

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<v Speaker 1>ip of since the financial crisis, it really took off.

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<v Speaker 1>It's also why the company and its CEO makes the

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<v Speaker 1>Bloomberg fifty list this year, and that aforementioned CEO also

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<v Speaker 1>the founder and president of Beyond Meat, Ethan Brown. He

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<v Speaker 1>joins us from Los Angeles. Ethan. First of all, congratulations

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<v Speaker 1>and thank you for joining us. I appreciate being here.

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<v Speaker 1>Thank you. All Right, so let's do a little bit

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<v Speaker 1>of a look back on twenty nineteen, because it feels

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<v Speaker 1>like there were seven roll big inflection points as you

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<v Speaker 1>look back, even going beyond the I p O, which

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<v Speaker 1>I know everyone loves to talk about, what were the

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<v Speaker 1>business inflection points for you? You You know, if you look

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<v Speaker 1>at the growth of the business from two thousand nine

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<v Speaker 1>to today, we've always had the same goal in mind,

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<v Speaker 1>which is to become a company that can provide protein

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<v Speaker 1>for the center the plate for the mainstream consumer. And

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<v Speaker 1>so if you look at particularly our third quarter this year,

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<v Speaker 1>whether it's the McDonald's tests we announced, the subways um

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<v Speaker 1>or KFC or Duncan, all four of those were really

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<v Speaker 1>important to us in terms of being able to communicate

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<v Speaker 1>the message that we have, which is you can build

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<v Speaker 1>a piece of meat directly from plants, you can provide

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<v Speaker 1>it to consumers where they enjoy eating their food, and

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<v Speaker 1>you can do so in a way that enables them

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<v Speaker 1>to continue to eat what they love, giving them the

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<v Speaker 1>more nutritious something it's better for their bodies and better

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<v Speaker 1>for the earth, and doing it in the formats that

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<v Speaker 1>they're familiar with. What about this year surprised you the most?

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<v Speaker 1>What was the most challenging? You know, it always is

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<v Speaker 1>around continue to educate not only the consumer of the

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<v Speaker 1>media around just how healthy and how much our company

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<v Speaker 1>is driven by the human health imperative. If you look

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<v Speaker 1>at the products we're creating, take the Duncan sausage for example,

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<v Speaker 1>that product has fifty percent less fat, It has percent

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<v Speaker 1>less saturated fat, is less sodium, and has more protein

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<v Speaker 1>and more iron. So when you're beginning with a blank

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<v Speaker 1>canvas and you're able to build a piece of meat

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<v Speaker 1>directly from plants, you can leave out a lot of

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<v Speaker 1>the things that you wouldn't want to be consuming on

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<v Speaker 1>a daily basis, such as cholesterol, and you can lower

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<v Speaker 1>things like saturated fat, and you can provide the consumer

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<v Speaker 1>with a very healthy product that they get to enjoy.

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<v Speaker 1>Yet continue to move the ball forward year every year

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<v Speaker 1>and making the products healthier and healthier. So as we

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<v Speaker 1>get into you'll see us continue to drive toward goals

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<v Speaker 1>that will enable the consumer to eat what they love,

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<v Speaker 1>but do it in a way that's healthier for them.

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<v Speaker 1>We'll talk about that because I feel like that comes

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<v Speaker 1>up often about maybe this becoming even a healthier product

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<v Speaker 1>because there is still a fair amount of sodium and

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<v Speaker 1>so on in it. Do you guys think about doing

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<v Speaker 1>some kind of reformulating to lower calories. Are a lower

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<v Speaker 1>sodium amoun is that kind of in the future. So

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<v Speaker 1>if you look at the DNA of the company, we

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<v Speaker 1>are an innovation driven company. We produce all of our

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<v Speaker 1>products here in the US, and we have our our

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<v Speaker 1>innovation center here in Los Angeles. We call that Innovation

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<v Speaker 1>Center in the Manhattan Beach Project. We do that because

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<v Speaker 1>we're near Manhattan Beach. But more importantly, weren't evoke that

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<v Speaker 1>sense of urgency and scale that occurred in the Second

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<v Speaker 1>World War with the Manhattan Project itself. Were brought together

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<v Speaker 1>the very best scientists, the best engineers, the best managers

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<v Speaker 1>and gave him a clear goal, which is to build

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<v Speaker 1>meet directly from plants. Now, when you're doing that, you're

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<v Speaker 1>always improving, and we have these parameters we call the fat, flavor, aroma, puters,

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<v Speaker 1>and texture were constantly driving toward making the products better

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<v Speaker 1>in each area and nutrition would of course be part

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<v Speaker 1>of that. But it's also about marketing and helping people

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<v Speaker 1>understand the products. So if you look at it beyond

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<v Speaker 1>Burger for example, that has sixteen percent daily value of sodium,

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<v Speaker 1>not sixty but sixteen, which is well within reason for

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<v Speaker 1>many many meals that folks will consume, such as two

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<v Speaker 1>flower tortillas or half a couple of mari narrow sauce, etcetera.

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<v Speaker 1>So a lot of it is just separating the misinformation

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<v Speaker 1>and hype from reality. This product has an extremely healthy product.

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<v Speaker 1>It's one that I consume almost daily. It's something I

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<v Speaker 1>feel very good about giving to my own children. And

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<v Speaker 1>so it's really about let's educate consumers about the health

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<v Speaker 1>of our products and about the process. We're very proud

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<v Speaker 1>of our process. If you look at how we produce

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<v Speaker 1>meat from from plants. Instead of running a lot of

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<v Speaker 1>plant material through animals and the antibiotics that go without

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<v Speaker 1>other hormones depending on the species of veterinary drugs, et cetera,

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<v Speaker 1>what we're doing is taking that protein directly from the plant.

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<v Speaker 1>We're running it through heating, cooling, and pressure, and that

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<v Speaker 1>resets the bond so that they take on that fibrous

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<v Speaker 1>texture of muscle. That's it for me. That's a much

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<v Speaker 1>better process than one that we can be proud of.

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<v Speaker 1>We offer complete transparency. You'd be welcome to come to

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<v Speaker 1>our facilities, knock on the door, and we give you

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<v Speaker 1>a tour people should be able to see where and

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<v Speaker 1>how their food is made. And we believe very strong

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<v Speaker 1>in that principle, and so Ethan, speaking of a different

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<v Speaker 1>sort of process, walk us through the process of assessing

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<v Speaker 1>these partnerships. You know, you name checked some of the

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<v Speaker 1>best known when it comes to you know, fast food.

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<v Speaker 1>You've also got some partnerships in casual dining. How does

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<v Speaker 1>that work? Because pun intended, it feels like everybody wants

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<v Speaker 1>a piece of this market right now, right so you

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<v Speaker 1>always want to align yourself with the marquee players. And

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<v Speaker 1>that's what we've done from the beginning of the company.

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<v Speaker 1>So when we decided to go into retail way back

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<v Speaker 1>in two thousand nine, the first company we called was

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<v Speaker 1>Whole Foods, and then we've been able to cliff right

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<v Speaker 1>out through Kroger, et cetera. But when then you look

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<v Speaker 1>at our venture history, the first venture firm we worked

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<v Speaker 1>with the client of Perkins, and now we have a

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<v Speaker 1>great list including Great Point Ventures and many others. Um

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<v Speaker 1>But if you're now looking at the fast food space

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<v Speaker 1>or a quick serve restaurant space, you also want to

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<v Speaker 1>adopt the same philosophy. Who are the marquee players? And

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<v Speaker 1>how do you become UH of service to them. And

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<v Speaker 1>that's what we're able to do. Whether it's McDonald's, whether Subway,

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<v Speaker 1>whether it's KFC or Duncan. We're constantly looking Carl's Jr. Hearties, etcetera.

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<v Speaker 1>We're constantly looking to serve the very best partners in

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<v Speaker 1>the space so we can grow with them. What's the focus?

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<v Speaker 1>Is it retail or food service or will it be

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<v Speaker 1>a split going forward? Our focus is entirely on the consumer.

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<v Speaker 1>It's our relationship with the consumer that makes the business

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<v Speaker 1>so special. We listen to what they say. They told

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<v Speaker 1>us no GMOs, they told us nothing artificial, they said

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<v Speaker 1>keep everything natural. So that's what we do UM and

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<v Speaker 1>that makes it harder. By the way, we will be

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<v Speaker 1>much easier genetically modified plant material to make it UH

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<v Speaker 1>take on the texture and appearance and aroma of of

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<v Speaker 1>of animal protein. But we won't do that, and so

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<v Speaker 1>we're constantly focused on what the consumer wants. We'll need

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<v Speaker 1>to consumer where they are, so if it's if it's UH,

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<v Speaker 1>it's quick ser of restaurants will be there for them.

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<v Speaker 1>If it's retailed before them. Right now, it's about and

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<v Speaker 1>the market will tell us which directions. Okay, so it

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<v Speaker 1>could change going forward, right and so Ethan, when you

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<v Speaker 1>think about the test, let's just talk about McDonald's for

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<v Speaker 1>a second. What have you learned so far? Because obviously

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<v Speaker 1>that's from a volume perspective, but also from a brand perspective,

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<v Speaker 1>something that everyone investors included have been looking at very closely.

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<v Speaker 1>What have you taken away from that test? So I

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<v Speaker 1>had a great privilege of being up in the Ontario

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<v Speaker 1>area a couple of weeks ago, and I drove out

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<v Speaker 1>to McDonald's there and I went to three different stores

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<v Speaker 1>and had the burger in each each location, and they

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<v Speaker 1>were identical and delicious. It was a fantastic experience for

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<v Speaker 1>me and one that was very satisfying. It's a goal

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<v Speaker 1>I've had for a very long time to be of

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<v Speaker 1>service to McDonald's. UM, it's going very well. I think

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<v Speaker 1>you heard the CEO of McDonald's Canada say that we

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<v Speaker 1>can't comment further than what they've said publicly, but I'm

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<v Speaker 1>very enthusiastic about the relationship and our ability to grow

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<v Speaker 1>the partnership. Does it expand into the United States, that's

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<v Speaker 1>up to them, UM, But what you want is a

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<v Speaker 1>great test, and I think we have every sign that

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<v Speaker 1>that's the case. All right, So let's talk about some

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<v Speaker 1>of the different products, because there was a lot of excitement,

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<v Speaker 1>including in my household when you got to Duncan. We're

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<v Speaker 1>big mobile app users there, And obviously that's a different

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<v Speaker 1>sort of approach in some ways, not the least of

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<v Speaker 1>which just because you're talking sausage instead of Burger's. The

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<v Speaker 1>sausage market, as it were, has been described as a

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<v Speaker 1>really huge opportunity for you and for others. Why is

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<v Speaker 1>that and what are you seeing as you look at

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<v Speaker 1>the sort of the different modalities of beyond. Yeah, so

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<v Speaker 1>I thank you for asking that question. It's a really

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<v Speaker 1>important one, not only to our business, but to the

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<v Speaker 1>global protein supply. Um. You know, I came out of

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<v Speaker 1>the fuel cell industry, and the primary focus of the

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<v Speaker 1>business that I was with I was around automotive and

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<v Speaker 1>it was around replacing the internal combustion engine. And what

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<v Speaker 1>you find what's happening today, uh, in the protein industry

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<v Speaker 1>is that one of the core sources of protein from

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<v Speaker 1>animals has taken a severe supply hit. And so if

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<v Speaker 1>you look at the Chinese market, I think it's about

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<v Speaker 1>fifty of the herd is going to be destroyed based

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<v Speaker 1>on the the flu virus. And so if you think

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<v Speaker 1>about that, if that had happened, and that's about the

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<v Speaker 1>world supply, if that had happened in the automotive sector,

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<v Speaker 1>where all of a sudden of the internal combusting engine

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<v Speaker 1>manufacturing capability went down overnight, you would have seen in

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<v Speaker 1>the U. S. Department Energy and many other world energy

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<v Speaker 1>agencies go after with a concerted plan about how to

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<v Speaker 1>bring forward some of these alternative technologies. We are doing

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<v Speaker 1>that today with my company in this industry. If you're

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<v Speaker 1>such a supply shock, we should be able to take

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<v Speaker 1>advantage of that. So we are very focused on pork,

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<v Speaker 1>not only here in the United States, but globally. Let's

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<v Speaker 1>talk a little bit more about China. China accounts for

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<v Speaker 1>about twenty seven of the world's meat consumption by volume. Um.

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<v Speaker 1>They already eat a lot of plant proteins, and they

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<v Speaker 1>kind of look at meat as a bit of a

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<v Speaker 1>status symbol there. What's your approach, what's your expectations for China?

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<v Speaker 1>You'll see us be very aggressive there. We are aggressive

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<v Speaker 1>in each market that we occupy, whether here in the

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<v Speaker 1>United States. Mentioning again those partners just McDonald's, KFC, Duncan, Subway, etcetera. UM,

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<v Speaker 1>you'll see us move with speed, um and exploit the

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<v Speaker 1>first mover advantage we have globally in terms of building

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<v Speaker 1>the brand that's most closely associated with the plant based

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<v Speaker 1>meat movement. UM. So I can't disclose anything particular, but

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<v Speaker 1>you can guess that we're very excited about that market

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<v Speaker 1>UM and very active in our plans. All right, let's

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<v Speaker 1>talk a little bit about chicken if we can big

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<v Speaker 1>chicken fans here as well, kind of hungry. I'm just

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<v Speaker 1>going to tell you seriously, I mean the KFC test

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<v Speaker 1>as it were, uh down in Atlanta, I believe is

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<v Speaker 1>where that was, it went gangbusters. How soon can you

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<v Speaker 1>sort of get into that market in a meaningful way.

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<v Speaker 1>So you'll see some exciting things from us in the

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<v Speaker 1>poultry space. I can't name specific partners or developments, but UM,

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<v Speaker 1>you know, we look at three core platforms with beef, pork,

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<v Speaker 1>and poultry, and you can see consumers pulling off very

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<v Speaker 1>quickly of beef and pork. And you're also starting to

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<v Speaker 1>see some pressure around the poultry industry. So UM, we

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<v Speaker 1>we've done a lot of work there you'll see the

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<v Speaker 1>fruits of that, Hey consolidation. I'm just curious because I

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<v Speaker 1>feel like, you know, this market went from nobody talking

0:10:57.920 --> 0:11:00.280
<v Speaker 1>about it to Bam, you guys have your eye po

0:11:00.360 --> 0:11:02.720
<v Speaker 1>and then all of a sudden, it seems like smaller players,

0:11:02.800 --> 0:11:05.600
<v Speaker 1>larger players, everybody is getting involved in it. How do

0:11:05.640 --> 0:11:07.160
<v Speaker 1>you see this market kind of play out? Is it

0:11:07.200 --> 0:11:10.360
<v Speaker 1>like a coke and pepsi market going forward? You know

0:11:10.440 --> 0:11:13.240
<v Speaker 1>what I am most focused on, and this is something

0:11:13.400 --> 0:11:16.120
<v Speaker 1>that we had to repeat quite a bit throughout the

0:11:16.120 --> 0:11:19.720
<v Speaker 1>the I P O Road Show. Uh, is there's nobody

0:11:19.840 --> 0:11:23.000
<v Speaker 1>in the world who wants to replace beyond meat products

0:11:23.000 --> 0:11:25.800
<v Speaker 1>on the shelf more than me. UM. You know, we

0:11:25.880 --> 0:11:29.920
<v Speaker 1>have an appetite for innovation UM that I think is

0:11:29.960 --> 0:11:33.440
<v Speaker 1>barned on. The goal is every year to replace the

0:11:33.440 --> 0:11:36.199
<v Speaker 1>current products we have with new, improved versions, whether the

0:11:36.679 --> 0:11:39.400
<v Speaker 1>flavor of rome, appearance, text, or the health claims, etcetera.

0:11:39.840 --> 0:11:42.800
<v Speaker 1>And so while we are aware there is competition out

0:11:42.840 --> 0:11:45.959
<v Speaker 1>there and that many many partners are companies rather or

0:11:46.080 --> 0:11:49.320
<v Speaker 1>entering the market, our focuses on that true north of

0:11:49.400 --> 0:11:52.520
<v Speaker 1>building meat directly from plants and doing it perfectly. And

0:11:52.520 --> 0:11:54.520
<v Speaker 1>we're getting closer every year. We've been at it eleven

0:11:54.600 --> 0:11:56.920
<v Speaker 1>years now, and we'll get closer in our twelfth year

0:11:56.920 --> 0:11:59.720
<v Speaker 1>and the thirteenth year, etcetera. Um, you know, but I

0:11:59.760 --> 0:12:01.600
<v Speaker 1>do think it's important to note, and there's been a

0:12:01.600 --> 0:12:03.520
<v Speaker 1>lot of discussion in the media about this, that just

0:12:03.600 --> 0:12:06.360
<v Speaker 1>because a large company intends to come in and capture

0:12:06.400 --> 0:12:09.800
<v Speaker 1>significant market share does not necessarily mean that's going to happen.

0:12:09.800 --> 0:12:13.360
<v Speaker 1>And I think history is replete with examples where there

0:12:13.360 --> 0:12:16.280
<v Speaker 1>have been those fears when disrupters coming along and they

0:12:16.320 --> 0:12:18.320
<v Speaker 1>haven't panned out. And so we are very focused on

0:12:18.320 --> 0:12:21.320
<v Speaker 1>executing against our mission. Uh and I think the rest

0:12:21.320 --> 0:12:24.440
<v Speaker 1>will take care of itself. Ethan elsewhere on the Bloomberg

0:12:24.640 --> 0:12:28.000
<v Speaker 1>fifty list, there were some notable influencers, as it were,

0:12:28.160 --> 0:12:30.480
<v Speaker 1>very influential people out in the world. You guys have

0:12:30.640 --> 0:12:35.079
<v Speaker 1>leaned into this notion of influential folks kind of signing

0:12:35.080 --> 0:12:37.400
<v Speaker 1>on the Go Beyond campaign, I believe is what it

0:12:37.440 --> 0:12:41.319
<v Speaker 1>was called launched earlier this year, help us understand what's

0:12:41.440 --> 0:12:45.640
<v Speaker 1>underneath that, especially at a time when people love this

0:12:45.679 --> 0:12:49.199
<v Speaker 1>notion of authenticity, they want to make sure that their

0:12:49.280 --> 0:12:53.400
<v Speaker 1>values aligned with the people who they are following, quite literally,

0:12:53.840 --> 0:12:55.559
<v Speaker 1>and I just gotta throw out some names because Bill

0:12:55.600 --> 0:13:00.560
<v Speaker 1>Gates has been a backer. Leonardo DiCaprio, UM. Former McDonald's

0:13:00.559 --> 0:13:03.440
<v Speaker 1>CEO Don Thompson. I mean you've had incredible people and

0:13:03.440 --> 0:13:06.520
<v Speaker 1>then a lot of celebrities as well. Yeah, it's it's

0:13:06.559 --> 0:13:11.680
<v Speaker 1>been very purposeful. If you look at the history of

0:13:11.679 --> 0:13:14.120
<v Speaker 1>the company. When I was growing up, they Got Milk

0:13:14.120 --> 0:13:16.040
<v Speaker 1>campaign was a very big deal, and I had some

0:13:16.080 --> 0:13:20.800
<v Speaker 1>exposure to the dairy industry as a kid. Um and uh,

0:13:20.920 --> 0:13:23.880
<v Speaker 1>you know that was around Bo Jackson, Derek Deeter, etcetera.

0:13:23.880 --> 0:13:25.720
<v Speaker 1>And the message there was to parents that if you

0:13:25.840 --> 0:13:28.959
<v Speaker 1>feed your if your children are consuming milk, they'll grow

0:13:29.000 --> 0:13:32.240
<v Speaker 1>to be strong, healthy, etcetera. UM, And in my case,

0:13:32.720 --> 0:13:36.160
<v Speaker 1>with our products, that is true that you you can

0:13:36.240 --> 0:13:38.280
<v Speaker 1>and if you look at movies like Game Changers, etcetera,

0:13:39.080 --> 0:13:43.600
<v Speaker 1>you can affect even individual day performance from a student athlete,

0:13:43.640 --> 0:13:46.920
<v Speaker 1>for example, through the consumption of our products over over

0:13:46.960 --> 0:13:49.440
<v Speaker 1>animal protein. And so what we wanted to do was

0:13:49.480 --> 0:13:53.120
<v Speaker 1>convey the message that you can not only flourish with

0:13:53.280 --> 0:13:58.000
<v Speaker 1>our our products, uh, but you can over a longer

0:13:58.000 --> 0:14:02.080
<v Speaker 1>period of time, avoid some of the chronic disease that

0:14:02.200 --> 0:14:04.839
<v Speaker 1>is so prevalent in our in our communities, and so

0:14:05.000 --> 0:14:07.920
<v Speaker 1>we wanted to get athletes out there who obviously depend

0:14:07.920 --> 0:14:10.240
<v Speaker 1>on their bodies for their paychecks and for their day

0:14:10.280 --> 0:14:12.640
<v Speaker 1>to day performance and have them tell the story. And

0:14:12.640 --> 0:14:17.400
<v Speaker 1>so I hired Jeff Manning, who was the principal at

0:14:17.679 --> 0:14:20.480
<v Speaker 1>the California Milk Board who kicked off the original got

0:14:20.520 --> 0:14:23.560
<v Speaker 1>Milk campaign many many decades ago. UM and then a

0:14:23.600 --> 0:14:26.000
<v Speaker 1>woman in Beth Moscowitz came and joined our company and

0:14:26.320 --> 0:14:30.680
<v Speaker 1>brought in UH the the ability to tap into this

0:14:30.760 --> 0:14:33.000
<v Speaker 1>intersection sports and culture, which is so important to us.

0:14:33.280 --> 0:14:35.840
<v Speaker 1>We believe that our products will make you feel better,

0:14:36.080 --> 0:14:38.400
<v Speaker 1>perform better, and have a longer term health prospect, and

0:14:38.440 --> 0:14:42.320
<v Speaker 1>we wanted to have the very best of our communities

0:14:42.360 --> 0:14:45.720
<v Speaker 1>in terms of athletes, convey that message and the notion

0:14:45.760 --> 0:14:48.960
<v Speaker 1>about something being genuine is so important. Right. We don't

0:14:49.000 --> 0:14:51.600
<v Speaker 1>just take anybody who comes into our influencer program. We

0:14:51.640 --> 0:14:54.160
<v Speaker 1>really look to see are they living a lifestyle? Do

0:14:54.200 --> 0:14:56.080
<v Speaker 1>they believe in in what we're doing. They don't have

0:14:56.120 --> 0:15:00.120
<v Speaker 1>to be vegan, but having them UH lean into this

0:15:00.200 --> 0:15:02.960
<v Speaker 1>dive and the principles behind it is really important. And

0:15:03.000 --> 0:15:05.800
<v Speaker 1>once you do that, you don't have to create deals

0:15:05.840 --> 0:15:09.520
<v Speaker 1>that have UM milestones etcetera. You just let them go

0:15:09.680 --> 0:15:12.520
<v Speaker 1>do what they do best and they bring us along

0:15:12.560 --> 0:15:17.080
<v Speaker 1>with them. And so, whether it's Kyrie Irving, UM, Chris Paul, etcetera.

0:15:17.120 --> 0:15:20.200
<v Speaker 1>So many of these terrific athletes, they're adopting our products

0:15:20.520 --> 0:15:23.840
<v Speaker 1>in their training regimes and they're seeing great results along

0:15:23.880 --> 0:15:25.760
<v Speaker 1>the way, and so then they go out there and

0:15:25.800 --> 0:15:27.720
<v Speaker 1>speak about it. That's the best way, in my view,

0:15:28.040 --> 0:15:29.880
<v Speaker 1>to market is find people who believe in what you're

0:15:29.920 --> 0:15:32.200
<v Speaker 1>doing and work with them to tell the story. All right, Either,

0:15:32.360 --> 0:15:34.600
<v Speaker 1>one last question for you before we let you go.

0:15:34.720 --> 0:15:37.800
<v Speaker 1>You know, you've talked throughout this interview in a very

0:15:37.840 --> 0:15:40.280
<v Speaker 1>personal way, and you talk about what you feed your kids,

0:15:40.320 --> 0:15:42.400
<v Speaker 1>and even when you're talking about the folks that you're

0:15:42.400 --> 0:15:45.400
<v Speaker 1>working with from a partnership perspective, this does feel like

0:15:45.400 --> 0:15:48.440
<v Speaker 1>a very personal mission. I do wonder what you've learned

0:15:48.480 --> 0:15:52.440
<v Speaker 1>along this very interesting year as a CEO and as

0:15:52.440 --> 0:15:55.880
<v Speaker 1>a leader of a company that really is about a

0:15:55.920 --> 0:15:59.640
<v Speaker 1>lifestyle and sort of who we are. You know, I'm

0:15:59.760 --> 0:16:02.560
<v Speaker 1>very grateful to be in the position that I'm in. UM.

0:16:02.560 --> 0:16:05.560
<v Speaker 1>This is much more than a business. UM. It's something

0:16:05.680 --> 0:16:09.840
<v Speaker 1>that helps people lead healthier lives. UM. It helps UH

0:16:09.920 --> 0:16:14.160
<v Speaker 1>I think address some of our largest environmental problems globally. Um.

0:16:14.200 --> 0:16:15.400
<v Speaker 1>And so to get up every day and be able

0:16:15.440 --> 0:16:17.840
<v Speaker 1>to go into an office and work on issues that

0:16:17.880 --> 0:16:20.520
<v Speaker 1>are so important not only meat personally, but to the

0:16:20.560 --> 0:16:24.000
<v Speaker 1>world as a privilege and so uh. This year, I

0:16:24.000 --> 0:16:27.840
<v Speaker 1>think we were recognized by the markets for what we're doing. Um.

0:16:27.880 --> 0:16:31.160
<v Speaker 1>You know, and we don't believe that this is a

0:16:32.080 --> 0:16:36.160
<v Speaker 1>short lived trend. Uh. This is something that has very

0:16:36.200 --> 0:16:38.600
<v Speaker 1>long legs to it. Um. If you think about what

0:16:38.640 --> 0:16:41.720
<v Speaker 1>we're doing, we're not suggesting that people don't eat meat.

0:16:41.800 --> 0:16:43.480
<v Speaker 1>We think that'd be a big mistake. You know, I

0:16:43.520 --> 0:16:45.600
<v Speaker 1>grew up eating need to love meat. I love fried chicken,

0:16:45.600 --> 0:16:49.360
<v Speaker 1>I love burgers. The idea behind the company is to

0:16:49.760 --> 0:16:53.000
<v Speaker 1>provide a better form of meat. Right, to provide meat

0:16:53.200 --> 0:16:57.040
<v Speaker 1>that provides all of the delicious, satiating experience that we've

0:16:57.040 --> 0:17:00.000
<v Speaker 1>come to love, but does so uh in a way

0:17:00.040 --> 0:17:03.040
<v Speaker 1>healthy for your bodies and healthier for the earth. Um.

0:17:03.200 --> 0:17:05.040
<v Speaker 1>You know, if you look at what the mobile phone

0:17:05.280 --> 0:17:07.720
<v Speaker 1>did in relation to the landline, nobody had to denigrate

0:17:07.800 --> 0:17:10.000
<v Speaker 1>the landline. And we don't think we have to denigrate

0:17:10.080 --> 0:17:13.240
<v Speaker 1>animal protein. We simply have to provide the consumer with

0:17:13.440 --> 0:17:16.960
<v Speaker 1>a new and better choice and let them make the decision.

0:17:16.960 --> 0:17:19.240
<v Speaker 1>And if we're successful, more and more will sign on

0:17:19.359 --> 0:17:22.320
<v Speaker 1>with this, And that's beyond me CEO Ethan Brown. Look,

0:17:22.440 --> 0:17:24.719
<v Speaker 1>this is a company that is in the middle of

0:17:24.800 --> 0:17:27.760
<v Speaker 1>so many mega trends. It's essentially a lifestyle brand. Yeah,

0:17:27.760 --> 0:17:29.880
<v Speaker 1>and this is why he's part of the Bloomberg fifty list.

0:17:29.920 --> 0:17:31.520
<v Speaker 1>But I also think this is gonna be a big

0:17:31.560 --> 0:17:34.879
<v Speaker 1>story for as well. You've been listening to Bloomberg Business

0:17:34.920 --> 0:17:37.080
<v Speaker 1>Week Extra, be sure to tune into Bloomberg Business Week

0:17:37.160 --> 0:17:39.800
<v Speaker 1>Radio Live Monday through Friday at two pm Wall Street Time.

0:17:39.800 --> 0:17:42.560
<v Speaker 1>I'm Bloomberg Radio. I'm charl Messer, and I'm Jason Kelly.

0:17:42.640 --> 0:17:43.520
<v Speaker 1>This is Bloomberg