Father and son team John and Tyler Richards — veteran entrepreneurs, venture investors, mentors, and educators — discuss all things entrepreneurship and venture capital.
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Father and son team John and Tyler Richards — veteran entrepreneurs, venture investors, mentors, and educators — discuss all things entrepreneurship and venture capital.
Andrew Smith: From Tech to Restaurants, Problem Hunter Building a Food Empire, Scaling & Investing
Startup Ignition Podcast
1 hour 5 minutes
5 months ago
Andrew Smith: From Tech to Restaurants, Problem Hunter Building a Food Empire, Scaling & Investing
In this episode of the Startup Ignition Podcast, hosts John and Tyler sit down with Andrew Smith, the managing partner of Savory Fund and a serial entrepreneur defined as a true "problem hunter." Andrew shares his incredible journey, starting in the tech world during the dot-com boom with a revolutionary streaming media company. He details the highs of a near-IPO and the crushing lows of the bubble bursting, and how he pivoted to create two more successful tech companies by solving problems he encountered in his own life. The conversation then shifts to his unexpected entry into the restaurant industry, sparked by his wife's dream, and how the resilience of their first Kneaders franchise during the 2008 financial crisis revealed a massive opportunity. Andrew explains how he applied sophisticated, tech-style management to the food sector, scaling his operations from a single restaurant to a massive portfolio, eventually leading to the creation of the private equity firm Savory Fund.
(00:00:00) The Dark Nights of a True Entrepreneur (00:02:11) Introducing Andrew Smith: Operator, Investor, and Problem Hunter (00:04:03) Icebreaker: A Food & Tech Brand Blitz (00:09:02) First Venture: Putting Jaguar Commercials on the Internet in 1998 (00:13:53) The Dot-Com Bubble Bursts: Missing the IPO Window (00:17:42) Building and Selling Two More Tech Companies (00:20:46) A Leap of Faith: “I want to open a restaurant.” (00:23:25) Surviving the 2008 Crash and Discovering the Power of Food (00:28:26) Scaling Up: From One Kneaders to 50 Locations (00:30:57) Owning the IP: The Shift from Franchisee to Franchisor (00:34:15) Navigating the COVID-19 Pandemic as a Restaurant Operator (00:36:19) Why Companies That Survive Recessions Emerge Stronger (00:38:33) Why 2024 Was a Harder Year Than 2020 (00:43:54) The Birth of Savory Fund on a Racetrack (00:47:31) Why Now is the Best Time to Invest (00:50:33) Applying Tech Sophistication to a "Mom and Pop" Industry (00:51:33) What Makes a Promising Brand Worth Investing In (00:54:13) The One That Got Away: A Missed Opportunity with Crumbl (00:56:24) A Lesson for Every Founder: Good Times and Bad Times Will Pass (01:01:04) Final Advice for Young Entrepreneurs (01:02:39) The Danger of Skipping Steps
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Father and son team John and Tyler Richards — veteran entrepreneurs, venture investors, mentors, and educators — discuss all things entrepreneurship and venture capital.
