September Gap Funding 2018: Slate Milk
Slate Milk founders Josh Belinsky and Manny Lubin launched their company to offer real milk drinkers and dairy alternative drinkers alike a new option. Now, after being awarded Gap Funding from IDEA during the September round of the bimonthly process, they will be able to support a Kickstarter that will introduce their product to the world.
So what is Slate Milk? Belinsky describes it as a “lactose free, ultra-filtered chocolate milk company” that boasts 50 percent less sugar than a glass of skim milk and 50 percent more protein than a glass of whole milk. Lubin has personal connections to the company’s mission — he is somewhat lactose intolerant and found that the lactose-free options were limited. But now, Belinsky says, the lactose-free milk market has grown 81 percent in the past five years, setting the stage for the launch of their product.
“There are a lot of dairy alternatives — pea milk, cashew milk, macadamia nut milk, etcetera,” Lubin said. “Now, Slate is hoping to swing people back towards real dairy milk with their superior product, that will be opening up for orders in 2019.”
The co-founders say they plan to split the Gap Funding between digital efforts and hosting in-person tastings. From grocery stores to college campuses, they hope to test their products in a lot of places. The founders have already done their research as to why many people they surveyed couldn’t recall the last time they drank chocolate milk. One common response is that it is often branded in one of two ways: As a kid’s drink or as a drink for bodybuilders. Belinsky and Lubin hope to push their product to the active millennial.
“We are these consumers and we know them better than any other target,” Belinsky said.
Belinsky and Lubin share a long history with IDEA. Belinsky developed venture Eat Your Coffee while Lubin worked on Reppr through IDEA. Despite this history, the two agree that applying for Gap Funding is not easy.
“It’s not soft; it’s tough. Pitching to IDEA is not as easy as one may think; it’s just like pitching to a traditional investor,” Lubin said.
However, with the grant, they will be able to boost their presence locally and hire micro-influencers to spread the word. They will continue to shape and optimize their marketing efforts. And perhaps most importantly, they will flesh out their on-the-market strategy to prepare for the first batches of orders.
“Forcing the entrepreneur to go through each stage of IDEA and end on the formal pitch, really forced us shape every single dollar that we would be spending,” Belinsky said.
In the long term, Belinsky and Lubin hope to change the perception around their product and how it fits into the industry. Chocolate milk can offer great replenishment after a workout, restoring the body with electrolytes and proteins. But that isn’t its only application. A primary focus for the co-founders is taste, as they find that some “good-for-you” drinks sacrifice good taste. Their product aims to fuse both. In an industry that is largely vertical, the co-founders hope to instill lasting change.
“The world’s spinning, people are changing their ways. Every industry needs innovation to stay alive,” Lubin said.
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IDEA Gap Funding is a non-equity educational grant available to ventures in the GO stage of IDEA’s process. Applicants may apply on a bi-monthly basis where their business plans are reviewed by IDEA’s student Investment Committee upon being selected to pitch plans to IDEA’s Advisory Board. Applicants may receive up to $10,000 in funding.
