Four Ivey MBAs join forces to create a protein-rich snack that does not compromise on taste or nutritious value.
Cassidy Richards, Alexandra MacKinnon, Rachel Dales, and Nicole Di Carlo came into the Ivey MBA Program with a different set of experiences, expertise, and expectations.
For example, Richards was from an entrepreneurial family and was eager to explore business and entrepreneurship as she prepared herself to ultimately take on her parent’s lawn care business in New Brunswick and Halifax.
MacKinnon also came from an extended family of entrepreneurs. She studied entrepreneurship at Wilfred Laurier University and worked to scale start-ups at RBC Ventures before starting her MBA.
Similarly, both Dales’ parents had started their own companies, which meant she was accustomed to being an extra set of hands for stuffing envelopes and doing other odd jobs. She went on to harness her health science background to work in labs testing food safety and even had a stint in Venture Capital to spot intriguing investment opportunities in agriculture, science, and pharmaceuticals.
Before starting her MBA, Di Carlo worked at a prop-tech start-up in Toronto as VP of Marketing. She had also gathered experience working on the agency side of the sports and entertainment space, supporting brand development for professional athletes, properties, and national sporting organizations.
Amidst this wide range of experiences, there was one thing that tied the four of them together; their shared passion for competitive sports and fitness.
Richards went to Yale for Swimming, while MacKinnon, Dales, and Di Carlo, all played high-level hockey.
And that’s where they developed another shared passion; a dislike for chalky protein powders and protein bars.
Protein is an essential part of training for physical performance. And protein-rich snacks, powders, and drinks are a booming industry, not because people love consuming them, but because they have to. And that is something this group of Ivey MBAs is hoping to change with Nosh Protein.
Nosh Protein is paving the way to be the first protein-rich gummy in the marketplace. It is naturally flavoured and offers a convenient and clean protein-rich snack that will allow active individuals to meet their daily protein needs. Taste is a huge consideration as well, and the team is eager to create the perfect blend that helps consumers eliminate unhealthy sugary treats and chalky protein bars and have the best of both worlds.
Executing on the plan
The idea for Nosh Protein came together through the Ivey New Venture Project, an entrepreneurial capstone for students in the Entrepreneurship Stream. Student teams work with Entrepreneurs-in-Residence (EIRs) to build on concepts, transforming them into fully formed business plans and investor pitches.
Many New Venture Projects stop right there, but some ideas escape the confines of the classroom and become real ventures. Recent examples include Marlow, Zenergy, and Apricotton.
“We interviewed athletes and nurses, and everyone was like “wow, this is a great idea,” said MacKinnon.
As their ideas were reinforced by potential consumers, the team’s mindset began to shift from a class project to an actual business.
Richards, MacKinnon, and Dales were part of the original New Venture Team and recruited their friend Di Carlo, whose marketing expertise rounded off the team. While Di Carlo wasn’t part of the initial research, she thoroughly enjoyed the opportunity to bring Nosh Protein to life.
“We’re implementing that work, doing the outreach, creating the website, signing contracts, working on marketing, making those connections… So that’s been exciting!” said Di Carlo.
Since completing NVP, Nosh Protein was accepted into the Western Accelerator’s Winter Cohort, where they are working to launch the final product, which is taking its final form with the help of food scientist Karen Cardona at True Leaves Consulting.
At the Accelerator, they’ve gotten exposed to all the nitty gritty involved in setting up a business.
There are so many little parts of starting a business that you don’t think about because on the outside you see the glamorous side, like the marketing. But then there’s how do ship this product? What shipping do you use? What are taxes like?
Alexandra MacKinnon, MBA ’24
Throughout their journey over the past few months, the team has appreciated the openness and helpfulness of the entrepreneurship community. “Everyone who has been through this path has been super helpful because they know it’s really hard to do this,” said MacKinnon. Being connected to that entrepreneurial ecosystem has expanded the team’s network in different directions according to Richards.
“It will help us in so many different ways going forward, probably in some ways that we don’t even know about yet,” said Richards.
And all that additional input has impacted the team’s original conception of what Nosh Protein should look like. “You can have the perfect business plan on paper, but there’s so many things that come up. So, being steadfast in your vision and your goals, but having that flexibility,” said Dales.
Your business plan should be written in pencil and not pen.
Rachel Dales, MBA ’24
As their accelerator term comes to an end in April, Richards, MacKinnon, Dales, and Di Carlo, are hoping to have a sweet surprise for everyone out there looking for a great-tasting, protein-rich snack.