The Tim Ferriss Show

#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing

May 6, 2020

Nick Kokonas, co-owner of the renowned Alinea Group and CEO of Tock, shares his innovative approach to the restaurant industry. He discusses how Alinea thrived amid the pandemic by transitioning to a successful carry-out model. Kokonas dives into concepts like asymmetric risk and the importance of financial adaptability in challenging times. He emphasizes the need for creativity and emotional connection in dining experiences, while highlighting his journey as an entrepreneur eager to challenge norms in hospitality.

01:49:39

Episode guests

Nick Kokonas

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Highlights

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Restaurants should innovate in menu offerings and safety protocols to thrive during uncertain times.

It is crucial for restaurants to prioritize employee well-being and support, fostering loyalty and teamwork.

Restaurants must tap into creativity by exploring new revenue streams and adapting to changing consumer needs.

Establishing transparency, communication, and trust with customers can build lasting relationships even in challenging times.

Deep dives

Adapting to the Changing Landscape

During the COVID-19 pandemic, many restaurants have faced immense challenges. To survive and thrive in this uncertain time, restaurants need to adapt and innovate. This includes finding new ways to generate revenue, such as offering takeout or delivery services. By modifying their menus and pricing structures, restaurants can provide affordable and comforting food options that appeal to customers. Additionally, by implementing strict safety protocols, restaurants can ensure the health and well-being of their staff and customers. The ability to quickly pivot and make necessary changes will be crucial for restaurants to survive and succeed in this new landscape.

Proactive Planning Despite Uncertainty

01:49

Clarification on the Fyre Festival and Clearing Firms

00:44

Changes in Linea Linea and Finding a Solution

00:55

Intro

4min

Custom Sleep Solutions and Nutritional Essentials

2min

Exploring the Benefits of Five Bullet Friday and Its Creator's Journey in the Restaurant World

2min

Innovative Strategies in Hospitality During Crisis

3min

Navigating Asymmetric Opportunities

5min

Navigating Asymmetric Risks in Restaurant Investments

25min

Adapting Alinea: Dining Innovation Amidst Challenges

22min

Resilience in the Restaurant Landscape

30min

Innovative Solutions in Education and Hospitality

13min

10.

Conclusion and Sponsorship Highlights

6min

Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing | Brought to you by ShipStation and Helix Sleep. More on both below.

"It remains to be seen, of course, whether or not this works. But what I didn't want to do was wait to see what happened." — Nick Kokonas

Nick Kokonas (IG: @nkokonas, TW: @NickKokonas) is the co-owner and co-founder of The Alinea Group of restaurants, which includes Alinea, Next, The Aviary, Roister, St. Clair Supper Club, and The Aviary NYC.

Alinea has been named the Best Restaurant in America and Best Restaurant in The World by organizations and lists as diverse as The James Beard Foundation, World's 50 Best, TripAdvisor, Yelp, Gourmet Magazine, and Elite Traveler. His restaurants have won nearly every accolade afforded to them.

Nick has been a subversive entrepreneur and angel investor since 1996. He spent a decade as a derivatives trader, has co-written three books, and believes in radical transparency in markets and business. As an outsider to the restaurant industry, Nick's approach to the business of restaurants is markedly innovative, and he has been featured in Businessweek, Fast Company, The New York Times, Forbes, and Crain's Chicago Business, among other publications. He has given talks on innovation, entrepreneurship, and experience design across the country.

He is also the founder and CEO of Tock, Inc, a reservations and CRM system for restaurants with more than 10M diners and clients in more than 30 countries. Tock also recently launched a to-go platform, which has helped restaurants pivot to fulfill pickup and delivery orders.

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