Eric Jenkusky is the CEO and co-founder of Matrix F.T. Throughout his almost 30-year career, Eric has worked in 42 countries around the globe and has been instrumental in supporting all aspects of business, from multinational publicly traded companies to start-ups.
Russ Alan Prince: Talk to us about Matrix F.T. and the role your firm plays in the world of cultivated meat, or as the layperson says, lab-grown meat.
Eric Jenkusky: It was almost 100 years ago that Sir Winston Churchill predicted where we are right now when he famously said, “we shall escape the absurdity of growing a whole chicken in order to eat the breast or wing, by growing these parts separately under a suitable medium.”
Cultivated meat is the future and will be one of the primary ways we deliver the protein the world needs. As the global population continues to climb, and with finite land, water, and other resources, the laws of supply and demand are at play. The millennia-old industry of raising full livestock for slaughter is simply unsustainable. Moreover, animal agriculture is one of the major causes of the world’s most pressing environmental problems, including land degradation, loss of biodiversity, global warming, and air and water pollution.
The technology driving this industry allows us to drastically mitigate those effects by growing the meat we’ve come to love in a lab, and Matrix F.T. plays an important role in that process. Founded in 2019, Matrix F.T. custom engineers customizable, edible scaffolds and microcarriers, free of all animal byproducts, for some of the world’s most recognizable names in cultivated meat production. Our technology is entirely plant-based and gives these producers the ability to scale production while growing meat cells with the same structure, texture, and taste as traditionally harvested meat.
Prince: How big of a sector is this?
Jenkusky: Cultured meat is a massive industry right now that is on the cusp of explosive growth. According to McKinsey, by the end of this decade, the market for cultivated meat has the potential to reach $25 billion. That of course depends on a range of issues, from consumer acceptance, regulation, and cost.
A few years ago, this was a sector that was a mere sci-fi fantasy. In 2013, the world’s first cultivated beef burger was taste tested on live television in London, mystifying the world. It took two years to produce the patty and cost over $300,000. Fast-forward to today, and the growth the sector has experienced is unprecedented. There are now over 120 companies in the world working to manufacture cultivated meat, and the costs and time it takes to grow the protein have become more realistic. Production time is now a mere few weeks and some producers have claimed to reduce these costs to just several dollars a pound thanks to the enabling technology such as Matrix F.T. provides.
Prince: How has the current pace of events as of late impacted growth?
Jenkusky: Traditional animal agriculture is deeply beholden to the supply chain. We’re seeing this right now as consumers are feeling the impact of “meatflation”— as it’s been dubbed—at the grocery store. The COVID-19 pandemic was the proverbial stone cast into the pond, with the ripple effects felt across all aspects of our personal lives and industry. These effects were exacerbated even further by rising energy costs, diseases such as the Avian Flu, droughts, heatwaves, and even the impact of the conflict in Ukraine—factors that have unfortunately led to the skyrocketing costs for meat that we’re seeing right now.
The cultivated meat industry is not beholden to these factors and could combat rising meat prices by cutting out supply chain obstacles and restrictions. This industry could help lead to the decentralization of the food system as it exists today, transforming it into one which is more resilient and sustainable.
Prince: Why should investors be paying closer attention to cultivated meat?
Jenkusky: Investors are starting to notice the incredible opportunities afforded by cultivated meat, both from an ROI perspective and the world-changing potential it brings to the table. Over the past two years alone, the sector has taken in over $2 billion of investments, highlighted by recent headline-grabbing raises including the likes of Upside Food’s $400 million Series C earlier this year. It’s not a matter of whether cultivated meat will be a reality as the industry is well beyond a proof of concept. We find ourselves on the precipice of significant growth, and this is an opportunity for investors to literally be part of history, ensuring their dollars are put to work helping solve what is one of the greatest challenges ahead for the entire world.
RUSS ALAN PRINCE is the Executive Director of Private Wealth magazine (pw-mag.com) and Chief Content Officer for High-Net-Worth Genius (hnwgenius.com). He consults with family offices, the wealthy, fast-tracking entrepreneurs, and select professionals.