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Michigan food tech attracts new business owners

Identifying and meeting the demand of Michigan consumers in the marketplace is a cornerstone of an effective business plan for a new venture. This is true for any type of business, no matter what the product or service a new business offers.

Currently, there is a demand among local consumers for food that is fresh, local, and grown without the use of dangerous chemicals. However, there is also a demand for better technology to help distributors in this industry do business more efficiently, which is what some new local businesses are attempting to fulfill.

One of these new start-ups in the local food tech industry is Local Orbit. The company's owner says she is trying to get in on the ground floor of what she sees as an emerging trend. She cites increases in local food sales, which have been increasing by 18 percent every year for the last decade. This is significant, especially since all other food sales have only increased by one percent in comparison.

Although the industry has just started, it only makes sense that food tech will be a fast growing industry in Michigan. The state is second in the nation for agricultural diversity with more than 200 commodities being produced commercially. Agriculture accounts for $71.3 billion every year to Michigan's economy, making agriculture the second largest industry in the state.

In order for a new business to capitalize on the emerging food tech market in Michigan, it would be advisable to formulate a comprehensive business plan. This will allow the new business owner to visualize his or her goals and possibly foresee and avoid pitfalls along the way. A good business plan should also leave enough flexibility for a business to adapt to any unforeseen circumstances.

Source: Xconomy, " Food Tech Startup Trend Takes Hold in Michigan ," Sarah Schmid, July 20, 2012

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