With roughly one third of food being wasted globally and 60% of food thrown out in the UK, food wastage rates are pretty worrying to say the least. Solveiga Pakštaitė is on a mission to reduce unnecessary food waste and revolutionise the way we determine expiry dates. As an Inventor, founder and Director of Mimica she has developed a biologically accurate food spoilage indicator that determines food freshness by using temperature: the labels will turn from smooth to bumpy if the product is spoiled. Not only will this reduce wastage and improve safety, it will help those with sight loss to independently determine the expiry date of food.
For the first few years after incorporation, Mimica was completely funded through £250k worth of grants. According to Solveiga, things got tougher when it came to raising equity finance. Having raised just over £200k in seed funding, Solveiga brought in Laurence Kayson as Mimica’s CEO, due to his proven track record in building businesses in the food waste and smart packaging space. To date, Mimica has secured £1.38m. It may not be long before we see the Mimica labels on the highstreet, with the company’s initial plans to launch their labels on juice bottles, followed by an expansion into milk and meat packaging.
Indeed, Solveiga’s invention has already received widespread press attention, industry recognition and numerous awards. In 2017 she was listed featured in MIT Technology Review’s 35 Innovators Under 35 Europe. In 2018 she was named Social Entrepreneur of the Year by Barclays and given the People’s Choice Award by FoodBytes!. In 2019 Mimica was a double winner at the Cannes Lions International Festival of Creativity.
Reflecting on her business success, Solveiga told us: “I never thought I’d start a company, but it was market pull that made it an exciting opportunity. We are lucky to have had many successes at Mimica: we have developed ground-breaking scientific technology, we have wonderful continuous support for our mission from the general public and from other organisations who want to help, and created a world-class business that’s rooted in our values, creates great jobs, lending a hand when we can, delivering with kindness and decency. What’s not to love about all that?”
Solveiga is also the founder and Director of her own freelance design studio ‘Design By Sol’, and is a visiting lecturer at University College London delivering talks on Transformative Entrepreneurship. Solveiga is also a Board Member on Fast Forward 2030, a network of entrepreneurs who promote models of enterprise for Sustainable development.
Closing thoughts
From revolutionising the feminine hygiene industry to building a global standard for human interaction with automated mobility, there is no denying that these entrepreneurs are changing the world as we know it. Despite the shocking statistics we’ve seen, it’s encouraging to see that many have had positive experiences securing fundraising, which seems to have been aided by investor’s awareness of the gendered issues facing the high-growth industry.