Evaluate the feasibility of launching a Food Truck at ISU. Assess all factors associated with it such as cost to purchase a truck, capabilities needed, target audiences, inputs to make food, cost to operate and any additional expenses both short and long term, branding and marketing, among other factors. Recommendations on who “owns” (manages) the truck should be part of this analysis. The second part of the project is to evaluate the strategic fit for a pre-identified major grocery chain to sponsor the food truck. What is the scope and duration of this sponsorship and how would both ISU and the grocery chain benefit from this association? Assess all factors including intellectual property, risk management, among others.
What are the potential uses for the truck throughout the entire year (prioritized)? What types of food items should be considered? Who are the likely target audiences for its services? How could ISU and the grocery chain each benefit? What food preparation protocols/regulations are applicable and what system is recommended to ensure these are followed? How would raw materials make food items be sourced? Which entity on campus would “own” the Food Truck? What is the likely or recommended reporting (management) structure? What are the risks associated with the purchase and management of a food truck and how can these be mitigated? How could ISU and the grocery chain each benefit from sponsorship by grocery chain of Food Truck?
Cost to purchase a new and a used food truck for purposes of cost comparison. What regulations and start-up expenses are necessary? What ongoing operational expenses are expected? Develop a short and medium-term set of relevant financial statements. Who are the likely target audiences for its services? How would raw materials make food items be sourced? What intellectual property issues are relevant and how to address those? What are likely target audiences for use of truck? How could ISU and the grocery chain each benefit from sponsorship by grocery chain of Food Truck? What are the risks associated with the purchase and management of a food truck and how can these be mitigated?
Conduct an extensive assessment of all risks associated with owning and operating a food truck.
Teams (food and business) meet periodically (about every 2 weeks) to share their insights and will present to clients ONE integrated presentation (PPT).
Department of Family and Consumer Sciences at ISU
- Matthew Horton (Executive Chef, Event Management, Dining, and Hospitality at ISU)
- Andrew Bordewick, an ISU alumnus, has 13 years of experience in the financial services industry with work focused on marketing and product development. He has an MBA from Illinois State University and has consulted with primary and secondary schools on marketing, advancement, and development efforts. Other interests include playing music, running, and coaching junior high cross country.
- Jim Jones
Competencies needed by students involved
- Interest in culinary
- Business start-ups and strategy
- Business operations and finance