In this discussion, Ben Leventhal, CEO of BlackBird and former founder of Resy and Eater, shares his entrepreneurial journey in food tech. He dives into his vision for transforming the restaurant experience and the importance of metrics versus feelings in defining success. Leventhal also contrasts 'wartime' and 'peacetime' leadership styles, emphasizing trust and communication. He offers insights on building effective teams, achieving product-market fit, and creating a thriving restaurant marketplace, all while stressing the importance of innovation and resilience.
Ben Leventhal highlights the crucial role of technology in enhancing consumer experiences within the restaurant industry.
Establishing a strong brand identity through effective storytelling is essential for building loyal customer relationships.
Navigating a two-sided marketplace demands a balance between understanding restaurant needs and driving consumer engagement.
Deep dives
Ben Leventhal's Entrepreneurial Journey
Ben Leventhal, the founder and CEO of Blackbird, emphasizes the importance of passion and persistence in his entrepreneurial journey. Starting with Eater in 2005, he identified a gap in food media and seized the opportunity to create content that resonated with restaurant enthusiasts. After successfully scaling Eater and selling it, he transitioned to Resi, a platform that effectively transformed restaurant reservations. Throughout this evolution, his focus remained on blending technology with the restaurant industry to create rewarding consumer experiences.
Blackbird's Unique Value Proposition
Blackbird aims to fundamentally change the relationship between restaurants and their guests by addressing common deficiencies in the existing technology ecosystem. Leventhal points out that many restaurants lack a comprehensive understanding of their guests, making it difficult to nurture customer loyalty. By providing tools that give restaurants direct access to guest data and insights, Blackbird empowers them to build lasting relationships with patrons. The aim is to create a restaurant economy where businesses can engage customers on their terms and benefit from their loyalty.
The Role of Branding in Consumer Engagement
Establishing a strong brand identity is crucial for both Blackbird and previous ventures like Resi, emphasizing the necessity of storytelling in building customer relationships. Leventhal believes that understanding the target audience is fundamental to creating a compelling narrative that resonates with consumers. By aligning branding efforts with the values and passions of the target demographic, companies can foster deeper connections and cultivate a loyal following. Regular communication of brand values ensures that consumers understand what a brand stands for, paving the way for growth and recognition.
Navigating the Challenges of a Two-Sided Marketplace
In the context of Blackbird, navigating a two-sided marketplace means carefully balancing the needs of both restaurants and consumers. Leventhal notes that while driving consumer engagement can be challenging, understanding the restaurant partners' problems allows for tailored solutions. The learning curve associated with it includes implementing strategies that resonate with both segments while achieving product-market fit. Success depends on continuously adapting and ensuring that offerings deliver immediate value to both restaurants and their guests.
Effective Leadership and Team Dynamics
Effective leadership requires a balance between intensity and trust, crucial for navigating the ups and downs of entrepreneurship. Leventhal stresses that building a strong team involves trusting their capabilities while also being transparent about challenges. He learned from past experiences that intentional team building and clear communication of goals foster an environment of collaboration and resilience. Ultimately, empowering the team to contribute broadly while refining the company vision leads to sustained success and growth.
Welcome to web3 with a16z. How many of you are regulars at a favorite cafe, bar, or dinner spot? Probably a lot of you — but if you’re not, well, our guest today aims to make you one.
This episode features Ben Leventhal — the founder and CEO of BlackBird, and formerly the founder of Resy and Eater. In it, he shares his journey as a serial entrepreneur in conversation with a16z crypto General Partner Arianna Simpson.
Ben shares hard-won lessons learned in company-building, including navigating in wartime; the difference between measuring vs feeling when it comes to defining success; and more.
Today’s conversation originally took place in the fall at our CSX Crypto Startup Accelerator in New York. We're currently accepting applications for our next cohort in the spring in San Francisco. Visit a16zcrypto.com/csx for more information and to apply.
As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.
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