This is a good outline of the major challenges for cultivated meat and one reason why we’ve had difficulty finding investable opportunities in this space. I do

This is a good outline of the major challenges for cultivated meat and one reason why we’ve had difficulty finding investable opportunities in this space. I do expect plant-hybrid will be necessary and can significantly bring down the cost. Customers are concerned with taste, texture, cost, convenience, and health. Some plant-based alternatives are already challenging taste and cost (we’re an investor in Black Sheep, and I think it tastes better than the animal analog) and cell based hybrids may be able to make additional improvements. On the need for hormones, we invested in Japanese company, integriculture, because it solves this problem by coculturing organ cells (like liver and pancreas) that product these hormones natively. As far as go to market, I expect there will be better opportunities with cosmetics where you could sell something for $1,600/lbs while volumes are still low.