Freshmax Group has revealed more details about its new intellectual property subsidiary Innovar.
As reported by Asiafruit earlier this month, Innovar has transitioned from a dedicated division within the group into an independently incorporated commercial organisation.
The new entity will retain its well-recognised brand name – a hybrid of the words innovation and variety – and its leadership, with Simon Gillett set to take on the role of Innovar CEO.
Joining Gillett on Innovar’s next phase of growth will be Australian-based Andrew Maughan and Matthew Crouch, along with New Zealand-based Rene Hylkema and Tania McAnearney.
The small team will operate as a services business, offering solutions that include; the establishment of commercial and royalty models; the roll out of license structures; outreach and appointment of partners across the world; development and ongoing governance of brands; and the provision of ‘take to market’ services to support in-market partners in getting brands off the ground.
The Innovar team will be free to explore IP opportunities across the globe with partners of all shapes and sizes, not just the Freshmax Group.
“By granting Innovar more autonomy and independence, we afford it the freedom to build new and interesting partnerships and joint ventures with large scale produce organisations across the globe, who previously may have seen a partnership with Freshmax as a conflict,” Gillett said.
“With a number of these partnerships already in negotiation, Innovar’s new phase of growth is already underway.”
Freshmax currently holds more than 20 IP varietal and brand licenses across Australia and New Zealand with more than A$150m in annual revenues forecasted at full production.