Beyond Meat vs Impossible Burger | Flame Broiled | 2 AI transcript and summary - episode of podcast Business Wars
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Episode: Beyond Meat vs Impossible Burger | Flame Broiled | 2
Author: Wondery
Duration: 00:31:03
Episode Shownotes
It’s 2016 and both Pat Brown’s Impossible Foods and Ethan Brown’s Beyond Meat are cooking up plant-based burgers for mass consumption. Ethan tries to woo Whole Foods executives to carry his Beyond Burger in their stores from coast-to-coast. Pat’s taking a different route. He’s asking celebrity chefs to put his
Impossible Burger — a plant-based meat that bleeds — on their menus. Soon enough, fake meat gets truly famous. But as Beyond Meat tries to cash in on Wall Street and as Impossible Foods gets its patties into Burger King, meat-raising ranchers in America’s heartland are on the attack. Listen to Business Wars on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial today by visiting wondery.com/links/business-wars/ now.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Summary
In this episode of Business Wars, titled 'Beyond Meat vs Impossible Burger | Flame Broiled | 2,' we delve into the competitive dynamics of the plant-based burger market in 2016. Pat Brown of Impossible Foods declines a $200 million offer from Google Ventures, emphasizing the mission to revolutionize the food industry. The launch of the Impossible Burger at Momofuku Nishi marks a strategic collaboration with chef David Chang, while Beyond Meat secures a partnership with Whole Foods. The episode also highlights backlash from traditional meat producers leading to legislative challenges. As both companies navigate rising demand and production hurdles, the future of plant-based meats hangs in the balance.
Go to PodExtra AI's episode page (Beyond Meat vs Impossible Burger | Flame Broiled | 2) to play and view complete AI-processed content: summary, mindmap, topics, takeaways, transcript, keywords and highlights.
Full Transcript
00:00:00 Speaker_13
Wondery Plus subscribers can binge all episodes of Business Wars Beyond Meat vs. Impossible Burger early and ad-free right now. Join Wondery Plus in the Wondery app or Apple Podcasts. It's a chilly June morning 2015 in Redwood City, California.
00:00:24 Speaker_13
Bill Marris pulls into the parking lot of Impossible Foods headquarters. The 40-year-old, who runs Google's venture capital business, steers his car into a space between two electric vehicles.
00:00:34 Speaker_13
Hopping out, Marris zips up his hoodie, walks past a full bicycle rack, and heads inside. There he finds Pat Brown, Impossible Foods' 60-year-old CEO and founder, taking notes, as he watches a burger patty cooking on a griddle.
00:00:50 Speaker_13
It's a little early for lunch, isn't it, Pat? I'm not sure you'd want to eat this thing, Bill. Our recipe for plant-based meat isn't perfected yet. But it does look just like beef, and we're getting closer to the right taste and texture.
00:01:03 Speaker_13
Oh, and check this out. Pat grabs a spatula and flips the burger over. He presses the spatula gently on top of the patty. Red juice flows out onto the griddle. Whoa, the burger is bleeding. How did you make it do that? I can't tell you, Bill.
00:01:19 Speaker_13
It's a trade secret. Well, that's why I came here today, Pat. As you know, we invested in your company last year. We're fans. And now I want to buy your secrets. Google Ventures wants to buy this whole company. Pat's surprised.
00:01:34 Speaker_13
He founded Impossible Foods four years ago and has racked up $75 million in venture capital funding, including an investment from billionaire Bill Gates, who has also put his cash into another plant-based meat company, Beyond Meat.
00:01:49 Speaker_13
Despite his war chest, though, Pat still doesn't have a viable commercial product. Pat scrapes the bleeding burger off the griddle and flips it into a nearby trash can. Pat points the spatula at Maris.
00:02:02 Speaker_13
Why would Google Ventures want to buy our whole company? Because I like your style, Pat. Everybody in Silicon Valley is talking about what you're trying to do here. You want to beat the beef industry into submission and change the world.
00:02:14 Speaker_13
We're doing the same thing at Google Ventures. We've put money into 300 companies already, and all of them are trying to make money while making the world a better place. So Impossible Foods is a perfect fit.
00:02:26 Speaker_13
Pat turns his back on Maris and walks over to a small refrigerator. He pulls out another burger patty. It looks just like raw ground beef, even though it is made from potato protein, coconut oil, and genetically modified yeast.
00:02:41 Speaker_13
Pat slaps it on the griddle and turns back to his guest. How much are you offering? 200 million, maybe more. Pat rubs his chin. No. Sorry, Bill, but I'm not selling. Come on, Pat. You only thought about my offer for five seconds. That's all I need.
00:03:00 Speaker_13
Bill, I have a serious mission here, and I don't want this company to just be one in your suite of nifty projects. Pat turns back to the griddle and presses the patty down with a spatula. Plant blood oozes from the fake meat.
00:03:14 Speaker_13
Without turning back to Maris, he firmly rejects Google's offer.
00:03:18 Speaker_13
Listen, I don't know what your other investments are going to do for the planet, but I know that Impossible Foods is going to change the world, and that makes us worth a hell of a lot more than a couple of hundred million bucks. So my answer stands.
00:03:31 Speaker_13
It's a no. Maris dejectedly heads back to the parking lot while Pat gets back to work Pat's convinced that his company is on its way to making a global impact.
00:03:42 Speaker_13
But when he turns up the heat on both his own company and on the beef industry, it's Pat that's going to get burned. Now streaming.
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00:04:34 Speaker_13
From Wondering, I'm David Brown, and this is Business Wars. In our last episode, scientists at both Impossible Foods and Beyond Meat found venture capitalists willing to help them crack the code for making plants taste like meat.
00:05:11 Speaker_13
At Impossible Foods, founder Pat Brown placed his bets on a secret ingredient, a molecule called heme, that he plans to produce through genetic modification.
00:05:22 Speaker_13
Meanwhile, at Beyond Meat, founder Ethan Brown crafted a simpler recipe that got his Beast Burgers to market first. Now, both companies will find increasing success in tempting the taste buds of consumers and investors.
00:05:36 Speaker_13
But as their rivalry heats up, the beef industry will bite back. This is Episode 2, Flame Broiled. It's 2015 in Palm Springs, California. Pat Brown has just taken the stage for a presentation at the annual TEDMED conference.
00:05:59 Speaker_13
He's wearing a nerdy combination of a gray v-neck sweater over an orange t-shirt and sporting round glasses.
00:06:05 Speaker_13
At a table behind him, Pat's wife, Sue Clapholz, who's also a company employee, places a plant-based burger in the middle of an electric griddle. This is the first time his company's impossible burger has left Pat's research lab.
00:06:19 Speaker_13
And while the burger sizzles, a nervous Pat is slow to warm up. What you're going to be watching Sue cook over the next five minutes probably will look to you like just a humble burger.
00:06:30 Speaker_13
According to the International Livestock Research Institute, in 2001, 45% of Earth's entire land surface, which corresponds to the land area of North America, South America, Australia and Europe combined, was actively in use, raising animals to satisfy the world's skyrocketing appetite for meat.
00:06:49 Speaker_13
And that appetite for meat is the main reason behind an ongoing wildlife holocaust. Sue slaps the top and bottom of a bun on the griddle and arranges bowls of condiments. There's lettuce in one. In another, tomatoes marinate in balsamic vinegar.
00:07:05 Speaker_13
Just behind Pat, there's also a plastic mock-up of the heme molecule, the secret ingredient in the burger Pat has spent years developing.
00:07:13 Speaker_13
Pat grabs a small vial from the table with red liquid inside, swishing it around as he holds it up for the audience. To make our burger, we isolate heme from yeast. Here it is.
00:07:24 Speaker_13
It looks like blood, it tastes like blood, and it's what gives our burger its red color and beefy taste. Sue takes the burger and buns off the grill. She stacks them together with lettuce, tomato, and a bit of vegan butter.
00:07:37 Speaker_13
Then, Pat finally shakes off his nerves and declares that Impossible Foods plans to destroy the beef industry.
00:07:45 Speaker_13
I know it sounds insane to replace a deeply entrenched trillion-dollar-a-year global industry that's been part of human culture since the dawn of human civilization, but it has to be done. And here's the thing.
00:07:57 Speaker_13
Cows aren't getting any better at turning plants into meat. We're getting better at it every day, and we're going to keep getting better. Pat ends his presentation by asking a volunteer from the audience to taste what Sue has been cooking.
00:08:13 Speaker_13
The volunteer bites into the Impossible Burger and immediately declares it to be so good. But the beef industry won't share that sentiment. And in Washington, D.C., Pat's declaration of war on the industry is about to trigger a counter-strike.
00:08:36 Speaker_13
It's March 2016, Redwood City, California. In Impossible Foods headquarters, Pat Brown's office line is ringing. Impossible Foods, this is Pat.
00:08:45 Speaker_13
The caller is a friend of a friend who Pat barely knows, a Washington lobbyist, and he's got disturbing news. Just months after Pat used a TedMed talk to declare war on the beef industry, plant-based meat has a target on its back.
00:09:00 Speaker_13
So Pat, here's what I've heard. Someone in the beef industry has been instructed to take you down. They may go through the USDA or FDA or maybe through Congress to do that. I don't know because I'm not sure yet where this attack is coming from.
00:09:13 Speaker_13
Pat slides his round-framed glasses off and sets them on his desk. He rubs his eyes. I will admit that the whole point of our product is not to be successful as a new product. but to be successful at the expense of the incumbent industry.
00:09:27 Speaker_13
But I gotta tell you, I'm surprised that Big Beef is already scared of us. We don't even have a product on the market yet. Well, this is how it works in Washington, Pat.
00:09:36 Speaker_13
When you have a disruptor like yourself trying to shake up an established industry, the establishment fights back, even if that means killing you in your infancy. Well, what do I need to do to stop them?
00:09:47 Speaker_13
Well, you better be able to prove your products are safe. I know they've got some unusual chemicals in there. That comment irks Pat. He holds his hand in the air as if to silence the caller. But hold it right there.
00:10:00 Speaker_13
If by chemicals you mean the heme that makes our burgers bleed, then you should know that heme is found in every living plant and animal. It's not unique to meat.
00:10:09 Speaker_13
Yes, we've made genetic modifications to produce heme, but GMOs are present in hundreds of safe foods.
00:10:15 Speaker_13
Now, Pat, I'm just telling you that you better be ready to explain that publicly, because the beef industry can make some powerful people start asking you some difficult questions. Pat puts his glasses back on and takes a deep breath. Okay, fine.
00:10:32 Speaker_13
Thanks for the call. I'll be ready to fight back. Well, good luck, Pat, because you need to know one more thing. The rumor is that whoever's coming for you has an essentially unlimited budget to ruin your company.
00:10:45 Speaker_13
Pat hangs up the phone and distractedly returns to his research work. He knows that if Big Beef is trying to bury plant-based meats, then both Impossible Foods and Beyond Meat have a very big problem. So he resolves to fight fire with fire.
00:11:08 Speaker_13
It's April 2016 in Northern California. Ethan Brown and four members of his Beyond Meat team sprint out the front door of a Whole Foods store.
00:11:17 Speaker_13
They've just left a successful meeting where Whole Foods buyers agreed to stock their newest product, the Beyond Burger. Huddling in the middle of the parking lot, they excitedly exchange high fives.
00:11:29 Speaker_13
Ethan, the 44-year-old captain of the Beyond Meat team, jumps into the middle of the huddle.
00:11:34 Speaker_10
Let's go! Let's go, dudes! How electric were we in there? We crushed it. For a year, our burger patties have been sold out of the freezer cases in these stores.
00:11:43 Speaker_10
It's like we've been stuck in the penalty box, sitting there alongside boring black bean burgers. But now... Big smile comes across Ethan's bearded face. Now we're going to sell our Beyond Burger right from the meat case.
00:11:57 Speaker_10
We're going to be right next to ground beef and steaks. Now we're a legitimate competitor to beef.
00:12:03 Speaker_13
Ethan puts his hand in the air.
00:12:05 Speaker_10
Bring it in!
00:12:06 Speaker_13
The team members raise their hands too. They close the circle around it. This is just the beginning for us.
00:12:12 Speaker_10
Yeah? Just the beginning. Give me a Beyond on three. One, two, three. Beyond!
00:12:19 Speaker_13
But days later, the cheers turned to tears. A high-ranking executive at Whole Foods has vetoed Beyond Burger's placement in the meat case. Down but not out, Ethan launches a desperation shot.
00:12:33 Speaker_13
He offers a new taste test to any Whole Foods executive anywhere in the country to try and prove the Beyond Burger belongs beside beef. He gets just one response.
00:12:49 Speaker_13
A couple weeks later, Ethan is standing over an electric griddle in the store manager's office at a Whole Foods in Boulder, Colorado. One by one, Ethan tosses six Beyond Burger patties onto the grill.
00:13:01 Speaker_13
He's about to serve them up to some store staffers and to a Whole Foods regional vice president who can make or break Beyond Meat's chances of getting into the meat case.
00:13:11 Speaker_10
So what you all are going to see as these patties cook is that they'll turn from something that looks exactly like raw beef into a firm, browned patty, just like a burger would.
00:13:20 Speaker_13
The Whole Foods vice president listens and watches intently. He's Tom Rich, a fit, avid outdoorsman with a scruffy beard and a thinning head of hair. Rich oversees 32 stores in the Rocky Mountain region. He's also a vegetarian.
00:13:34 Speaker_10
What do you like on your burger, Tom? I've got lettuce, tomato, some vegan mayo.
00:13:39 Speaker_13
Give me all three. Ethan assembles one of the burgers and hands it to Rich. As he preps the other burgers for the remaining Whole Foods staffers, Ethan watches Rich out of the corner of his eye. Rich takes one bite. He chews slowly.
00:13:55 Speaker_13
Then he grabs a napkin and dabs a bit of mayo off his mouth. Ethan, this is so close to beef that it's incredible. I think this is going to be a killer product for us. But is it killer enough to stock in the meat case? Hell yeah it is.
00:14:08 Speaker_13
Ethan holds his hand up, inviting a high five from Rich. Beyond Meat's best product will get the chance to challenge real meat in a head-to-head contest.
00:14:18 Speaker_13
And when the Boulder store receives its first shipment of Beyond Meat burgers, they sell out within hours. Weeks later, Whole Foods stores nationwide will agree to carry Beyond Burgers in their meat cases too. The product is an instant national hit.
00:14:35 Speaker_13
But Impossible Foods is about to cook up a sensation of its own.
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00:17:00 Speaker_13
It's July 2016. Inside a steel-walled kitchen in Manhattan's trendy Chelsea neighborhood, a team of chefs is hustling to get ready for the afternoon lunch crowd. Behind you. 90 minutes to doors opening, everyone.
00:17:14 Speaker_13
Hey, how we coming on that pickled beef broth? It'll be ready in 15 minutes, chef. OK, thank you.
00:17:20 Speaker_13
Impossible Foods CEO Pat Brown is in a corner of the kitchen trying to keep his cool, but he's standing next to a cooktop where eight gas burners are all cranked to high.
00:17:29 Speaker_13
Pat uses the sleeve of his blue button-down shirt to wipe some sweat from his forehead. Chef David Chang approaches. The 38-year-old Chang is one of the most famous chefs in America, and he runs this place called Momofuku Nishi.
00:17:43 Speaker_13
Chang yanks a white towel off the back of his apron and tosses it at Pat.
00:17:48 Speaker_12
Use this for that sweat, Pat. And maybe we should move away from the stove. The reporters will be here any minute.
00:17:54 Speaker_13
It's a big day for Pat. After five years of development, his impossible burger is about to be offered to paying customers for the first time. It's on the menu of Momofuku Nishi and will soon roll out to other swanky eateries across the country.
00:18:09 Speaker_13
And the debut of Pat's bleeding burger has attracted plenty of media attention and a hungry crowd. Buttoning up his white chef's coat, Chang leads Pat to a cooler spot by the restaurant's front window. He points to a line of people outside.
00:18:24 Speaker_12
They just told me that the crowd has already lined up around the block, Pat. We're gonna sell a lot of burgers today.
00:18:29 Speaker_13
Moments later, several reporters are let inside. They surround Pat and Chang. Pat, your competitors are beyond meter in grocery stores around the country. Why'd you decide to put the Impossible Burger in restaurants?
00:18:42 Speaker_13
Well, working with chefs like David Chang gives our burger credibility. It delivers a message to consumers when well-known chefs think the Impossible Burger is delicious enough to be served in a restaurant.
00:18:52 Speaker_13
And soon, chefs in restaurants in Los Angeles and San Francisco will also have us on the menu. Chef Shang, the ingredients that make the Impossible Burger possible are complex.
00:19:05 Speaker_12
How do they all come together to taste like meat? Well, I didn't go to Stanford, so I'm not sure I understand the science, but I know that it just works. The first time I tasted it, my mind exploded.
00:19:15 Speaker_12
It's bloody and has a texture like beef, plus it is way better for the planet. I think it is a game changer. What are you charging for it? Twelve bucks, and that comes with a side of fries.
00:19:25 Speaker_13
Pat glances at the growing line outside. He's still nervously clutching the kitchen towel Chang tossed him minutes ago.
00:19:33 Speaker_12
He leans over and whispers in Chang's ear, Chef, are we going to have enough burgers to feed all these people? Nope. But in the restaurant business, the harder it is to get something from reservations to burgers, the more people are going to want it.
00:19:47 Speaker_13
Minutes later, the doors open and dozens of hungry diners file in. Before the lunch shift is over, the Impossible Burger has sold out.
00:19:55 Speaker_13
A year after Beyond Meat first brought a beef-like plant burger to consumers in stores across America, Impossible Foods has finally rolled out its answer.
00:20:05 Speaker_13
And the burgers Pat has cooked up are already leaving a bad taste in the mouth of his biggest competitor. It's 2018 in New York City.
00:20:20 Speaker_13
On a September evening, Ethan Brown and Pat Brown are standing shoulder to shoulder on the stage of a decked out ballroom. Well, shoulder to top of head anyway. Six-foot-five Ethan towers over Pat.
00:20:32 Speaker_13
But tonight, both these competitors in plant-based meats are equals in one respect. Tonight, the United Nations is presenting both men with an award, naming them two of the year's Champions of the Earth.
00:20:44 Speaker_13
The event's host, actor and environmentalist Alec Baldwin, steps away from the podium as Ethan steps up for his award.
00:20:51 Speaker_10
First and foremost, thank you to the UN Environment for this recognition and honor.
00:20:57 Speaker_10
I also want to thank the many women and men throughout the country who work for Beyond Meat, from the fundamental research scientists all the way through to the production line, our funders, and our board of directors for believing in this vision.
00:21:11 Speaker_13
While Ethan speaks, Baldwin heads to the back of the stage and chats with Pat, who's standing with his hands in the pockets of his maroon pants. You guys seem awfully friendly for business competitors.
00:21:22 Speaker_13
Well, I don't think of Beyond Meat as our competition. We don't accomplish anything from an environmental standpoint by stealing customers from Beyond Meat, but I don't really see Beyond Meat as our competition.
00:21:33 Speaker_13
In fact, I wish him nothing but success. Baldwin smiles and shuffles back to his place behind the podium as Ethan's speech concludes.
00:21:41 Speaker_10
I hope you'll join us in making the more sustainable and more humane choice of making meat from plants. Thank you.
00:21:48 Speaker_13
As the event wraps up, Pat, Ethan, and other 2018 winners take photos together. But Ethan moves far away from Pat during the shoot. As it turns out, the good feelings Pat has aren't entirely mutual.
00:22:03 Speaker_13
Exiting the stage, Ethan is approached by another Beyond Meat executive.
00:22:07 Speaker_10
How'd it go with Pat up there? It was okay, I guess. And I guess it's okay having them in this plant-based space with us. But I just think their use of genetically modified ingredients isn't necessary or good for the plant-based meat business.
00:22:20 Speaker_10
It unnecessarily burdens communication with the consumer.
00:22:24 Speaker_13
That night, Ethan celebrates the award with his colleagues. But after he returns to his company's California headquarters, he gets back to an intense phase of work. He's already beaten Impossible Foods to the supermarket meat case.
00:22:38 Speaker_13
Now, he's preparing to beat them to a different kind of market, Wall Street. It's January 2019, Tylertown, Mississippi.
00:22:53 Speaker_13
Out on his family's farm, 72-year-old Bill Piggott is walking toward a barn when an unexpected visitor pulls into Piggott's driveway. As a member of Mississippi's House of Representatives, some of Piggott's neighbors are also his constituents.
00:23:07 Speaker_13
And constituents sometimes have requests. Okay, let's see what these fellas want. Two members of the Mississippi Cattlemen's Association hop out of a pickup and tip the brim of their cowboy hats toward Piggott.
00:23:20 Speaker_13
Hey Bill, sorry to drop in on you at the ranch. We need to talk with you about some cattlemen's business. Piggott grabs a rag out of the back pocket of his faded jeans and wipes sweat from his forehead. Okay, shoot.
00:23:32 Speaker_13
Well, Bill, have you seen all this news about fake meat? This stuff is everywhere now. They're even selling fake burgers in the meat cases at the supermarket. They can barely keep them in stock. Yeah, I've heard all about it.
00:23:44 Speaker_13
Doesn't sound like the kind of thing I'd want to eat. Yeah, us neither. But plenty of people are giving this fake meat a try, and the Cattlemen's Association thinks it's unfair fake meat's being labeled as meat that's made from plants.
00:23:57 Speaker_13
Plants aren't meat. One of the cattlemen points to a nearby cow who's chomping on a mouthful of grass. That cow over there, that's real meat. And he looks like he's gonna grow up to be delicious. Yeah, but that's our problem, Bill.
00:24:11 Speaker_13
These fake meat companies don't want us to get the chance to turn that cow or any others into steaks and burgers. They don't want us to make money off beef anymore. They're out there saying they want to destroy the cattle business.
00:24:22 Speaker_13
That'd be a real problem for us in Mississippi. We got 15,000 cattle farms here. The cattleman removes his cowboy hat and turns it over.
00:24:31 Speaker_13
So Bill, I'm here literally hat in hand to ask you, on behalf of the Cattleman's Association, if you'd sponsor some legislation that'll make it illegal to label plant products as meat. Bill leans against his truck and ponders the request.
00:24:47 Speaker_13
You know, I've got a bunch of dairy cows out here on the ranch, and it sticks in my craw how these vegan milk producers have cut into the dairy business. Almonds don't produce milk. They shouldn't be able to call that stuff almond milk.
00:25:01 Speaker_13
I don't want that to happen to beef. So yeah. Yeah, I'll sponsor the legislation. A month later, Mississippi's House of Representatives passes Piggott's bill, calling for a prohibition on stores selling plant-based items if they're labeled as beef.
00:25:17 Speaker_13
More than a dozen other states are considering similar legislation. And that's creating a big problem for Beyond Meat and Impossible Foods, just as one of those companies is about to launch the biggest synthetic burger in history.
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It's early April 2019 in Redwood City, California. Pat Brown sits at his desk with a group of Impossible Foods executives standing behind him. They're all hungrily eyeing the boss's iPad as Pat hovers his finger over the play button on a video file.
00:28:00 Speaker_13
Is everybody ready? The video's part of a series of brand new Impossible Foods TV ads that will air nationally in a few months to promote the upcoming rollout of its Impossible Burger in all 7,200 of Burger King's national franchises.
00:28:15 Speaker_13
Okay, here we go.
00:28:17 Speaker_04
Introducing the Impossible Whopper with a patty made from plants, no beef. No beef. I've never had a plant taste like beef before. Tastes like a Whopper. Tastes like a Whopper. Tastes like a beef burger. Lies!
00:28:27 Speaker_04
Introducing the Impossible Whopper, available nationwide only at Burger King.
00:28:34 Speaker_13
When the cheers subside, Pat calls up a second video. It depicts a blind taste test of the Impossible Whopper.
00:28:41 Speaker_04
We fed beef lovers a Whopper with no beef. You can't imitate beef, it just tastes better. Turns out these beef lovers love plants too.
00:28:48 Speaker_05
That's an Impossible Whopper?
00:28:49 Speaker_04
I'm a damn fool. Impossible Whopper with a patty made from plants. Only at Burger King.
00:28:56 Speaker_13
Pat stands up and congratulates his staff. The Impossible Whopper, as you all know, has been months in the making. It builds off our Impossible Burger 2.0, which we released earlier this year and is now available in restaurants across the country.
00:29:10 Speaker_13
But getting our patties into all the Burger King franchises, which happens in August, will be the biggest thing we've ever done. So, let's go make some Whoppers!
00:29:19 Speaker_02
Nice! Excellent!
00:29:22 Speaker_13
Pat and the team head out to Impossible Foods' production facility in Oakland, 45 minutes away on the other side of San Francisco Bay.
00:29:29 Speaker_13
The company has just four months to ramp up production so it can keep supplying its current clients and get the Impossible Whopper to Burger King in time for its August rollout. But that effort will falter, and some customers are about to go hungry.
00:29:51 Speaker_13
It's late April in Manhattan's Nolita neighborhood. Restaurant owner Tim Sykes is sitting at a small table inside his Australian-themed cafe.
00:29:59 Speaker_13
The Australian native takes a sip from a steaming hot cup of coffee as a waiter navigates tables during the breakfast rush. The waiter delivers plates of Vegemite toast and ricotta hotcakes. Here you go, guys. Cheers.
00:30:12 Speaker_13
Then he heads over to Sykes and whispers in his ear, An exasperated Sykes pulls a cell phone out of the pocket of his blue suit jacket. But I'll handle it.
00:30:28 Speaker_13
The Impossible Burger 2.0 has been a huge hit for Sykes' Little Ruby's Cafe, and for other eateries around the country. But that's created a problem for Impossible Foods.
00:30:39 Speaker_13
It can't keep up with demand from local restaurants like Little Ruby's, and from chain restaurants like Red Robin and Fatburger, and the handful of Burger King locations that are test-marketing its Impossible Burger ahead of its August national rollout.
00:30:53 Speaker_13
Sykes hangs up his phone, slides away from the table, and walks into the kitchen. The curly-haired Sykes bursts out the door and walks briskly down Mulberry Street. He crosses through Little Italy and then into the Lower East Side.
00:31:14 Speaker_13
Ten minutes later, he arrives at another Australian eatery called Dudley's, where he finds the restaurant's manager. Sykes steps outside and makes another call to the only other impossible burger distributor he knows. This time, he gets an answer.
00:31:40 Speaker_13
And his burgers. You say you have 11 cases? That's great, I'll take them all. That's only enough to keep my restaurant supplied for a month, but I think you might have the last 11 cases in America.
00:31:53 Speaker_13
Sykes heads back to his restaurant and considers whether he, too, should switch to Beyond Meat's burgers. Back in California, the shortage hits impossible foods like an earthquake.
00:32:04 Speaker_13
Desperate to ensure his deal with Burger King doesn't spoil, Pat Brown personally asks Impossible Foods research and development staffers if they'll volunteer to pick up shifts making burger meat at the new Oakland production plant. 100 sign up.
00:32:19 Speaker_13
That may avert the crisis, but it won't stop Beyond Meat from making their biggest move yet. It's May 2019, New York. Ethan Brown and a team of Beyond Meat executives and investors ring the bell to open trading at the Nasdaq Stock Exchange.
00:32:44 Speaker_13
After months of preparation, Beyond Meat has made an initial public offering available to investors. The stock shoots up. It opens at $25 a share and almost immediately rises to $46. When the closing bell rings, the stock is at $66.
00:33:02 Speaker_13
A Wall Street reporter pulls Ethan aside to get a comment. Ethan, your shares were up 163% today. That's the best performing public offering in two decades among U.S. companies raising more than $200 million. How do you account for the success?
00:33:17 Speaker_10
I think what we just saw with the investors is the same thing we've seen with consumers. Consumers love our product, and they love the good it can do for our planet.
00:33:25 Speaker_13
Ethan places a hand over his heart. He's wearing a black t-shirt with a green logo that depicts a cow wearing a cape.
00:33:31 Speaker_10
We're grateful to the people who love what we make at Beyond Meat.
00:33:35 Speaker_13
Ethan turns and starts to head back to a celebratory group of Beyond Meat employees, but the reporter stops him. One more thing, Ethan. Your Beyond Meat products are sold in 30,000 locations now, everything from grocery stores to restaurants.
00:33:48 Speaker_13
But despite that, in this big day on Wall Street, your company is very unprofitable. You lost $30 million last year alone. How are you going to turn that around?
00:33:58 Speaker_10
Honestly, I'm less concerned with profitability than I am with the responsibility of keeping up with consumer demand.
00:34:05 Speaker_13
But as the celebrations continue that night at a vegan restaurant that serves Beyond Burgers, he starts to worry. His Beyond Burgers are getting closer to the taste and texture of real meat, but they aren't perfect yet.
00:34:17 Speaker_13
And Ethan now asks himself, just how much debt can Beyond Meat pile on before its burger business gets flattened? On the next episode, when the beef industry launches a barrage of anti-plant advertising, Impossible Foods fights back.
00:34:36 Speaker_13
Meanwhile, as Beyond Meat's stock rises, a noted foodie sours on its products. If you like Business Wars, you can binge all episodes early and ad-free right now by joining Wondery Plus in the Wondery app or on Apple Podcasts.
00:34:55 Speaker_13
Prime members can listen ad-free on Amazon Music. Before you go, tell us about yourself by filling out a short survey at wondery.com slash survey. From Wondery, this is episode two of Beyond Meat versus Impossible Burger for Business Wars.
00:35:12 Speaker_13
Quick note about recreations you've been hearing. In most cases, we can't know exactly what was said at the time, those scenes are dramatizations, but they're based on historical research.
00:35:21 Speaker_13
And if you'd like to check out additional information, look up a story on these companies by Tad Friend in the New Yorker. Can a burger help solve climate change? Also, Monica Burton for Eater, an article called Mission Actually Impossible.
00:35:34 Speaker_13
I'm your host David Brown. Joseph Guinto wrote this story. Our producers are Emily Frost and Grant Rudder. Sound design by Josh Morales. Voice acting by Kieran Regan and Bobby Foley. Back checking by Gabrielle Drolet.
00:35:45 Speaker_13
Our senior producers are Karen Lowe and Dave Schilling. Our managing producer is Desi Blaylock. Our senior managing producer is Ryan Lohr. Our executive producers are Jenny Lauer Beckman and Marshall Louis for Wondery.
00:36:07 Speaker_07
In the Pacific Ocean, halfway between Peru and New Zealand, lies a tiny volcanic island. It's a little-known British territory. called Pitcairn and it harboured a deep, dark scandal.
00:36:22 Speaker_06
There wouldn't be a girl on Pitcairn once they reached the age of 10 that was still a virgin. It just happens to all of us.
00:36:30 Speaker_07
I'm journalist Luke Jones and for almost two years I've been investigating a shocking story that has left deep scars on generations of women and girls from Pitcairn.
00:36:39 Speaker_00
When there's nobody watching, nobody going to report it. people will get away with what they can get away with.
00:36:46 Speaker_07
In the Pitcairn Trials, I'll be uncovering a story of abuse and the fight for justice that has brought a unique, lonely, Pacific island to the brink of extinction. Listen to the Pitcairn Trials exclusively on Wondery Plus.
00:37:00 Speaker_07
Join Wondery Plus in the Wondery app, Apple Podcasts or Spotify.