When most people think of corporate innovation, they imagine slow-moving committees and risk-averse executives. Sip Ventures, the corporate venture studio of Asahi Beverages, is anything but that.

Over the past 3.5 years, this Melbourne-based innovation engine has been quietly rewriting the rules of how a legacy beverage company approaches the future — from developing tools for Gen Z social connection to transforming brewing waste into sustainable products.

Perhaps nothing better exemplifies Sip Ventures' approach than Y Milk, an innovative product that turns a brewing byproduct into a sustainable solution. The product utilises yeast, a natural byproduct of the brewing and baking process, to create alternative milk. It’s emblematic of how Sip Ventures considers circular economy opportunities within Asahi's existing operations.

"We're always trying to find ways to disrupt ourselves as an organisation, and that includes thinking about our waste streams differently," said Hinda Crosbie, head of disruption at Sip Ventures.

The world is moving at a lightning pace, and consumers are evolving with it. Sip Ventures has a simple philosophy: consumer first (always), ideate wide, validate quickly and fail fast when necessary.

It's a stark departure from traditional corporate R&D cycles that can drag on for years. This approach has allowed the team to explore everything from consumer-based hardware products to digital experiences that meet younger drinkers where they are.

Now, Sip Ventures is taking its innovation mandate external.

Sip Ventures is inviting the broader innovation ecosystem to bring fresh thinking to Asahi Beverages. The program offers up to $150,000 in equity-free funding to businesses that enhance the enjoyment of Asahi's products, whether at home, in retail, at venues or digitally.

"This isn't an accelerator program," the team emphasises. Each collaboration will be assessed on a case-by-case basis, with customised support tailored to each successful applicant's unique needs.

"The ecosystem is ripe with such amazing talent. We're really excited to meet these founders and their cutting-edge startups to see what we can create together," Crosbie said.

The focus areas are deliberately broad but strategically aligned.

At home, they're interested in smart home integration and subscription services. In retail, frictionless checkout and circular packaging solutions. At venues and events, everything from predictive staffing technology to smart dispensing systems. And across digital channels, payments, rewards, gamification and personalisation platforms.

It's a comprehensive view of the entire beverage consumption journey, recognising that innovation can improve many of Asahi's touchpoints.

For startups from Australia or New Zealand with proven market traction, the opportunity is significant. Up to three businesses will be selected to run 12-20 week commercial pilots with Asahi Beverages, gaining access to the company's extensive network of brands, categories and supply chain.

The funding is non-dilutive — meaning founders keep their equity — and comes as a combination of cash and in-kind support. More importantly, successful applicants gain a direct pathway to one of the region's largest beverage networks, with the potential to scale their solutions across retailers, venues and digital platforms.

What sets Sip Ventures apart is its stated commitment to "co-create, not command." The team positions itself as supporters of founders and founding teams, not corporate overlords looking to dictate terms or absorb startups into bureaucracy.

This approach reflects the studio's own operational DNA. Having spent years building ventures internally, the Sip Ventures team understands what founders need: speed, flexibility and real commercial opportunities to test and prove their solutions.

The Sip Ventures model represents something larger than just one corporate innovation program. It's a blueprint for how established companies can genuinely partner with startups — not through token investments or pilot programs that lead nowhere, but through time-boxed, commercially focused collaborations with real skin in the game.

As the application deadline will be extended by an extra week to midnight on the 4th of November, the Australian and New Zealand startup communities have a unique opportunity to work with a corporate partner that genuinely understands innovation from the inside out - cheers to that! 🍻

Applications are open now at sipventures.com.au.