In this episode, Andreas Munk Holm talks with Kasper Hulthin, co-founder of Kost Capital and Future Five, to unpack what it takes to build food startups that change the system. Kasper argues that creating better food is not about crafting the perfect health product for the elite, but about designing for impact, scale, and real-world distribution.
They explore why traditional VC models often fail food startups, how founders can balance purpose with platform thinking, and what it means to move beyond “more alternatives” into a world of more and better.
Here’s what’s covered:
00:45 – Why “more” food options doesn’t always mean “better”
03:30 – Why optimizing for Whole Foods isn’t a scalable strategy
06:20 – The ketchup analogy: exclusive vs. inclusive innovation
10:15 – Scaling challenges: distribution, regulation, perception
14:05 – What founders miss about consumer routines
17:50 – Building platforms, not just products
21:10 – The role of storytelling in transforming food narratives
25:00 – What “better” really means: nutrition, access, equity
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
✍️ Show Notes
More, Better: Rethinking Food Startup Goals
Kasper makes a compelling case that the food startup ecosystem is too focused on “better-for-you” products for affluent consumers. Instead, we need solutions that reach the many, which means optimizing for affordability, access, and adoption.
The Luxury Ketchup Fallacy
Drawing on a vivid analogy, Kasper explains why aiming to make the world’s best ketchup for the most exclusive supermarket is the wrong goal. The real challenge is making good-enough, healthier food products that everyone can access.
What Founders Overlook
From logistics and regulation to the psychology of food choices, Kasper walks through the overlooked systems food founders must navigate — and why success is more about distribution and habits than product innovation alone.
Platform Thinking Meets Purpose
This episode is also a call for founders to stop thinking in siloed SKUs and start building food platforms. Kasper outlines how true food innovation is a systems challenge — and why the next generation of founders must play the long game.
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