Business Plan Summary
The Food Theater aims to drive meaningful change by offering university master’s programs, intensive courses, educational workshops, and boot camps designed to develop “Food and Climate Shapers.” Its mission is to foster food innovation as a catalyst for social, cultural, economic, and environmental transformation.
Through interacting with a number of stakeholders, such as recipe makers, food photographers, food reviewers, restaurant raters, food commenters, and food journalists, the theater will obtain vital insights into the most recent culinary trends and developments in Ireland. The market of online education is projected to grow, with an annual rate increase of 9.59%. The overall marketing strategy expenditure will be roughly $50,000. Given the predicted average revenue per user for online learning will be $3,900 in 2023 in Ireland, the organization is expected to be profitable.
The Business
Premises
The Future Food Theater can own or continuously use land, buildings, constructions, housing stock, equipment, inventories, cash in different currencies, stocks, and other property. According to the laws of Ireland, the theater is accountable for any property-related liabilities that may be assessed. The theater’s property consists of cash, shares, other securities, and intellectual property rights, all of which were generated, acquired, or transferred by people and organizations.
The theater possesses, utilizes, and disposes of its premises in conformity with its mission and only for the accomplishment of statutory duties and purposes. The site, which was given to the theater by its founder, is owned by an independent organization. The Founder of the Theater no longer has ownership rights to the property he/she handed to the theater. The founder is not accountable for the organization’s duties, nor is the company responsible for the commitments of its founder.
Organization Chart
Management & Ownership
The autonomous commercial organization, the Future Food Theater – which will be called the theater throughout the proposal – will be founded due to property donations from team members to offer services in the restaurant industry to help citizens plan cultural leisure in Ireland. The Food Theater’s governing bodies consist of the highest governing body, the founder, and the single executive body, the Director. The theater’s top governing authority is the founder, who might be called a team leader. The founder assures the theater meets the objectives for which it was established. The founder’s unique competence extends to the following topics, as shown by the following list:
- Modification of the Theater’s Charter;
- Commitment to the prioritized orientations of the theater’s activities, formation principles, and use of its property;
- Designation and cancelation of power and authority of the Theater Director;
- Confirmation of the annual report and yearly financial reporting declarations of the theater;
- Approbation of the theater’s budget statement and modifications to it;
- Choices on the conception of other legal institutions and participation in them;
- Decisions on the establishment of other legal entities.
The Theater has no other executive body outside the Director. The Director routinely performs the duties that are assigned to him. For a total of five years, the founder will appoint the Director. Without requiring a power of attorney, the Theater Director may transact business on behalf of the theater, make decisions (via the disbursement of an order), represent the theater’s preferences in interactions with individuals and organizations, establish salaries and bonuses, draft and sign contracts and labor agreements, and accept the theater’s budget.
The co-shared governance model is an innovative way to manage a platform, as it allows for a more participatory and equitable decision-making process. This governance model is ideal for the Food Theater platform, as it will involve many stakeholders and give them a voice in its decision-making process. The co-shared governance model will involve three main stakeholders: the platform’s users, developers (“miners”), and administrators – the Founder and the Director (Figure 1).
Key Personnel
The Food Theater platform will be controlled using a co-shared governance approach, in which all platform stakeholders—the Future Food Theater, the Food Theater community, token holders, and investors—will contribute to its success. The Food Theater will determine the platform’s general direction and create and enforce the rules and regulations.
The Food Theater community will contribute comments and recommendations on how to enhance the platform and assist in increasing awareness of it. Token holders can vote on proposed modifications to the platform and offer feedback on its future direction. Lastly, the investors will support the platform financially and counsel the other stakeholders. Several tools will assist communication and decision-making, along with an online forum for the Food Theater community to debate platform-related matters and a voting system for token holders to vote on suggested modifications. In addition, a mechanism will be built to guarantee that token holders’ choices are honored and executed.
Products/Services
A unique theater experience that blends cuisine and entertainment is called the Food Theater. The theater focuses on providing a distinctive and interactive setting and offers a fascinating and original approach to learning about cuisine. The Food Theater will allow customers to learn about food from around the globe with a focus on sustainability and environmental awareness via interactive culinary demos, tastings, and immersive performances. The theater also offers a range of lectures and panel discussions to instruct and motivate guests on food-related subjects. The Food Theater has transformed into an inviting and informative environment for people of all ages by providing a distinctive and new perspective on food and entertainment. Customers may engage in an engaging experience at the Food Theater that they will not find at a conventional restaurant.
Guests may ask the chefs questions, observe the cuisine being prepared in front of them, and learn about various culinary methods. Since it enables diners to develop a closer relationship with the cooks and a deeper knowledge of their cuisine, this eating style is growing in popularity. Customers also get a unique and unforgettable experience that they wouldn’t have at a typical restaurant. Food theaters are growing more and more well-liked since they provide customers with both entertainment and a distinctive eating experience. A chef or group of chefs is often placed in the middle of a food theater, which is set up like a stage. The dish will be crafted by the chefs using various equipment and materials, often artistically and imaginatively.
The primary objectives of the Food Theater are to accelerate positive processes of change through university masters, intensive courses, educational workshops, and boot camps, to form “Food and Climate Shapers,” and to promote food innovation as a lever to generate and accelerate social, cultural, economic and environmental impacts. Theater primarily focuses on young talents, Generation Z, and future generations. They also aim to reach out to entrepreneurs, professionals, farmers, cooks, and other people in the food industry who are making decisions that will affect human health and the environment.
Innovation
Transformation of food systems via government and business cooperation motivated by economic growth will be crucial for the theater. Using prosperity thinking, the Theatrical invention allows constructing a better food system beginning with a common, all-inclusive concept of prosperity that incorporates not just economic development but also social and environmental well-being.
The company’s objective will be to turn a crisis into an opportunity by reinventing food service and delivery while prioritizing experiences, authenticity, and camaraderie. The theater will also cultivate a community that, by sharing their expertise, goods, experiences, and stories, will discover a new method for increasing popularity and profitability. Offering inactive kitchens (hotels, canteens, caterers, etc.) a second chance at life and establishing new business and employment prospects, the initiative strives to revitalize a broken market and transform an unsustainable delivery paradigm. The theater will provide low-risk possibilities for the testing of novel food concepts, which will benefit even the smallest creative food service reality. The theater will deliver experiences and services based on superb cuisine and camaraderie.
The Food Theater is a new initiative that aims to improve how people access and experience food. By the implementation of the initial coin (a cryptocurrency-based payment system), the theater will be able to provide its patrons with a safer, more efficient, and cost-effective method of purchasing meals. Customers would be able to buy concessions at the theater with an initial coin without having to worry about their personal information being hacked or the need to carry cash. This will also give clients without access to regular financial services an alternate payment option. Using an initial coin, the Food theater can give consumers a safe and simple payment experience, as well as a platform to reach new customers and grow its reach.
The first stage in building a business strategy for a worldwide open community and the Theater platform is to create and launch an ICO. This requires the creation of a whitepaper that describes the platform’s aim and objectives, as well as the architecture of the digital currency or tokens. The whitepaper should also include information on the token sale, such as the schedule, price, and maximum number of tickets that may be sold. The approach necessitates token sales, which are fundamental to the economic plan and a basis for the food theater establishment.
Token sale refers to the process of producing and selling tokens, also referred to as coins or digital products, that may be used for platform-based transactions. With tickets, users may purchase and sell goods, services, and tokens inside the forum. The token sale is the primary source of funding for the network, providing the capital required to create the platform’s infrastructure and support its expansion. Moreover, token sales encourage customers to participate in the forum and join the community.
Legal Considerations
The organization’s Charter and the Irish legislation govern the legal position of the Theater, as well as the rights and responsibilities of its founders, to the extent that they are not governed by the Charter that will be developed further. Then, the theater is a corporate entity from the time it is registered in compliance with laws, has independent property and is responsible for the duties associated with this property. The founders of this independent organization may use its resources on an equal basis with other individuals. The theater will possess a seal with its complete name in English and is permitted to use its name on stamps and official documents.
The theater has the authority to create bank accounts in Ireland and abroad in accordance with the approved process, with the exception of situations outlined explicitly by the legislation. The theater is permitted to establish branches and representative offices throughout Ireland that function in accordance with the enacted laws. The theater provides the mentioned brunches with its property, which is recorded on a distinct balance sheet for the divisions and the Theater’s balance sheet. It should also be stressed that the theater is established without a time restriction.
Operations
The theater was created to provide services in the field of organizing cultural leisure for citizens. To achieve the goals, the theater carries out the following activities. The organization will be engaged in the implementation of events in the field of culture aimed at an innovative approach to understanding food and the culinary arts. The theater will create a system of theatrical forms and means for the designated area of activity, using the services of elite representatives of the field. Moreover, some kinds of performances and other forms of public art will be created to promote the ideas of sustainability favorably.
Then, within its competence, the theater will act towards the development and activation of regional cultural potential, including strengthening and expanding the influence of sustainable culinary arts. In this regard, the theater will interact with state and municipal authorities on the implementation of the formulated policy. The organization intends to promote the creation of programs and activities to enhance the role of civil society institutions as subjects of cultural policy.
Sustainability Plan
The existing business-as-usual systems are characterized by a haste towards effectiveness and pragmatism that leaves important components behind. Contemporary society, used to re-acting instead of acting intelligently, has been steadily distancing itself from the intricacies of life and the classical understanding capable of achieving common goals by striking a flawless balance between various interests. The theater seeks to re-establish connections between the many facets of life by demolishing the barriers between science and nature, finance and ethnography, and economics and health. The organization acknowledges the need for interweaving expertise by linking farmers and businesses, manufacturers and consumers, ambassadors and youngsters since people can only successfully address the difficulties that affect everyone if they work together. The theater intends to reintegrate many entrepreneurial areas as an ecosystem in which the interdependence of all aspects is the true source of power.
The theater also aspires to implement regeneration within its sustainability plan. This notion entails going beyond sustainability in order to repair the whole of life’s fabric. It seems reasonable to state that food is a tremendous regenerative lever. Regeneration involves bringing back to people’s tables healthy, wholesome, and environmentally friendly foods that are available to everyone. It comprises developing systems that make supply lines easier and more robust, directing customers’ purchase decisions by keeping them more conscious of the effect their activities cause and recognizing the potential of undiscovered resources.
Such an approach entails a return to a seasonal, organic, and local way of life that actively conserves and revitalizes natural resources. It implies repairing the societal fiber, the convivium, social bonding, inclusion, faith, and traditions that play an essential part in establishing strong ties between individuals. It requires renovating sustainable forms of economics based on respect for the local terrain and territory. Regeneration is a loop that begins with people returning the worth of beauty to the community and the economy, which is essential for the Theater plan.
Food provides life, vitality, and sustenance, yet it is also comprised of love, family, celebrations, adventures, inclusiveness, neighborhood, customs, culture, identity, and rituals. Food can unite and link people, but eating now demands mindfulness and understanding. Given this, Food Theater will exist. It will create an ecosystem comprised of a philanthropic spirit committed to developing new models and perspectives by bolstering scientific studies, boosting training programs, and distributing expertise that continues to feed innovation activities influential in terms of generating positive effects on human and environmental health.
Market Research/Targets
Considering the nature of the Industry, it appears appropriate to evaluate the online education market. This section is described as the self-paced or instructor-led transmission of information or skills through online platforms. This encompasses virtual college Learning, learning networks, and professional certifications. The online education section tracks the revenue and user growth of B2C or a combination of B2C and B2B portals and websites in various verticals.
Online education revenue in Ireland is predicted to reach $275.10 million in 2023 (Statista, 2023). The revenue is anticipated to increase at a pace of 9.59 percent per year from 2023 to 2027, leading to a market value of $396.80 million by 2027 (Statista, 2023). Online university education is expected to be the biggest market category in 2023, with a predicted total market of $233.60 million. The theater’s target market is the $3,900 average income per user for online learning in 2023 (Statista, 2023).
Environmental Analysis
To conduct the environmental analysis, it seems reasonable to appeal to the PESTLE tool. The political climate in the nation of Ireland is stable. Certain Irish firms and corporations are subject to bribery rules and litigation; nonetheless, the nation has no corruption problems. It is important to note that Ireland is collaborating with the United Nations to safeguard global peace. It maintains a position of neutrality in international disputes.
The trained professional workforce in Ireland is a major factor in the country’s economic success, yet the Irish corporation tax rate is 12.5% lower. Irish laws and policies mostly assist enterprises and industries. Thus, many firms refer to Ireland as a “tax haven.” Moreover, the Irish are ambitious and like traveling the globe and spending time with their family. They are kind, adaptable, affable, courteous, and proud to be Irish. They spend their free time and vacations socializing with others over a cup of tea in the neighborhood pubs and bars.
Ireland is among the technologically advanced nations in the world, and Dublin is the center of several IT enterprises. Numerous technology firms, including Intel, Facebook, and Apple, have offices in the nation. Nine out of ten of the world’s major technology businesses have offices in Ireland. Ireland has an abundance of foreign IT expertise and experienced experts. Several tech businesses enter the nation due to the availability of multilingual IT talent. The relationship between tech experts and tech firms is complimentary.
Ireland’s rules and regulations are particularly accommodating to businesses and corporations. The reduction in taxes is one example of supporting Irish policy. Employees, on the other hand, are entitled to public holidays, paternal and maternal vacations, yearly leaves, limited work hours, and standard compensation. No discrimination is permitted under Irish law, and everyone is treated equally before the law.
Ireland also faces environmental issues such as biodiversity loss, greenhouse gas emissions, noise, groundwater, and air pollution. After the United Kingdom in Europe, the government has proclaimed a condition of climate emergency, which has garnered much criticism. Thus, the theater is likely to benefit from launching in Ireland, starting from the necessity of addressing some sustainability issues within the country and ending with favorable legal and political environments.
The Customers
While its primary focus is on young talents, particularly Generation Z and future generations, the initiative also seeks to engage entrepreneurs, professionals, farmers, chefs, and other key players in the food industry whose decisions impact both human health and the environment.
SWOT
Table 1. SWOT Analysis.
The theater will offer flexible certificate courses via satellite sites. These sites will have a system that facilitates the fulfillment of courses and programs. Then, the Food Theater will provide many entertaining courses via online study and assistance available 24 hours daily. Programs will be taught by the restaurant elite of the highest caliber, who will interact directly with students through the related platforms. The theater curriculum will be cutting-edge, enhancing students’ abilities to prosper in their courses and programs. Furthermore, the curriculum is tailored to the demands of professional domains.
However, the leadership of programs at the theater will be excessively decentralized, with rules, directives, and budgets determined at the divisional level. This results in resource rivalry, which weakens cooperation across fields and creates resistance to incentive changes. Then, the programs at the theater are likely to lack the infrastructure assistance that is essential to their success.
Moreover, it will be difficult for the theater to measure the consumer needs for its courses and to react proactively to those requests. In this aspect, the classes may not meet the requirements of prospective students. The theater may also face intense competition for its programs. Several colleges provide low-priced, low-quality programs that may appeal to students desiring a fast and simple degree.
On the other hand, the theater should react positively to the demands of accreditation and evaluation. This would foster a culture of excellence in the application of stringent performance criteria and accomplishment. The Food Theater should separate its programs from low-cost, low-quality, or for-profit programs that are time-based. Instead, the theater should provide high-quality, long-term courses.
Competitors
Among the Food Theater competitors, the universities that offer programs related to culinary affairs can be named. The University of Limerick, University College Dublin, and University College Cork are among them. However, it does not seem that these entities will likely impact the Theater’s success, given its innovativeness and exclusiveness of services. Future Food (The Future Food Institute, 2022) is a similar initiative that can be considered a crucial rival, but it has not developed a significant network in Ireland yet.
Advertising & Sales
The Food Theater will utilize social media to engage its target audience by offering information catering to their interests. This information covers forthcoming events, new projects, and instructional tools. They may keep their fans informed and interested by updating often. In addition, they employ interactive elements such as polls and Q&A sessions to further engage their audience and encourage conversation.
In addition, they use social media to promote their purpose and raise awareness about their cause (Muninger et al., 2019). The Food Theater can reach a large audience, create connections, and promote community through social media. In addition, it will use email marketing to create relationships with its target audience and establish rapport. The emails offer details on future events, new projects, and educational tools. The Food Theater can boost audience engagement and foster stronger ties with its target demographic by delivering this material. This enables businesses to engage with their audience and keep them abreast of the most recent happenings inside their firm.
In addition, by regularly sending out emails, the Food Theater can enhance brand recognition and keep its target audience informed of its projects. This helps them develop a strong presence in the business and generate a reputation. The Food Theater engages and develops connections with its target audience via various activities.
There are seminars, workshops, and boot camps among these events. The purpose of these events is to present projects, generate discourse and discussion, and get feedback from their intended audience. Through these events, the Food Theater may develop connections with its target audience and obtain a deeper understanding of their requirements and how to serve them more effectively. In addition, these events enable the theater to highlight its objectives and their development. These events will allow the theater to establish ties with its target audience and encourage participation in its efforts.
Additionally, the Food Theater will leverage conventional media means to reach its intended audience, disseminate its goal, and build brand recognition. This encompasses radio, television, print, and public relations advertising. Using these strategies, the Food Theater may reach a bigger audience, cultivate connections with those who may not be acquainted with the brand, and increase awareness of the food business and its concerns. In addition, the Food Theater will utilize conventional media means to create material that appeals to its target audience and propagates the message of sustainable food production and consumption.
Finances
Depending on the kind of activity, the budget for the Theater marketing operations will vary. Nonetheless, the total marketing strategy costs will be approximately $50,000. This budget will pay for the design and development of the website, promotional materials, advertising campaigns, and other marketing initiatives. The theater’s marketing operations will be one year. During this stage, most operations will center on website development and the creation of advertising materials.
During the second half of the year, the emphasis will move to executing advertising campaigns and cultivating connections with important food sector players. The effectiveness of the theater’s marketing efforts will be determined by various measures, such as the number of website views, the number of customers, and the number of students enrolled in programs. The Food Theater will also monitor the number of industry relationships developed, the number of media stories published, and the number of speaking engagements acquired.
References
Muninger, M.-I., Hammedi, W., & Mahr, D. (2019). The value of social media for innovation: A capability perspective. Journal of Business Research, 95, 116–127. Web.
Statista. (2023). Online education – Ireland. Web.
The Future Food Institute. (2022). Annual report 2021. Web.
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