Rethinking Labels

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Friends of Branded!

Happy Saturday and I hope you had a great week!

The hospitality industry conference circuit is picking up steam and if the Prosper Forum last week and the QSR Evolution and co-located event, NextGen Restaurant Summit are any indications, our brothers and sisters in the industry are hitting the road b/c these events have been loaded with participants and energy.

While I’m kicking off this week’s edition of the H^2 with an acknowledgment of the robust conference schedule, the theme of this week’s Top of the Fold, labels (and our need to rethink them), is not remotely limited to conferences.

At one conference I recently attended, a friend was telling me about her discussion (negotiation) with the event organizer and the rate she would need to pay to attend b/c she’s a “consultant.” The rate offered to my friend was different than the stated rate for “operators,” as were the rates for “investors,” “technology providers,” “suppliers,” etc.? There was a rate for each category or vertical that a person or a company was assigned at the discretion of the event organizer.

As readers of the H^2 know well (or at least I hope you do), I’m a free markets person, so everyone should manage, organize, and run their business as they feel is appropriate and that absolutely includes conference organizers assigning different rates for the many constituents that wish to attend these important events (and if you want to put labels on people, I’m happy to lend you my label maker…which unlike the one given to Tim Whately, mine works!). ??

It should go without saying that my belief in free markets doesn’t mean I’d accept, as a hairline challenged left-handed person, that I should be charged a higher price than, for example, a right-handed person with flowing locks (and you can take a few liberties and extrapolate from that what I believe most people would find unacceptable distinctions and pricing policies), but away from that, run your business!

As I wrote above, this is not about conferences and events, but how our industry puts labels on all aspects of the participants that its comprised of (and to be clear, such labeling isn’t, of course, limited to our industry).

In a world where being agile and integrated have become incredibly important, I think the lines are being wonderfully blurred, which makes these labels somewhat antiquated, and I dare say even archaic.

I know not all readers of the H^2 are sports fans but think about the game of basketball and specifically the role of the center (aka the “BIG,” or the “FIVE,”) in the NBA.

Back in 2013, Forbes ran an article titled “NBA Centers Face Extinction.” And according to a Wikipedia page on basketball centers (yes, there’s a Wikipedia page for pretty much everything), “with the addition of a three-point field goal for the 1979–80 season, NBA basketball gradually became more perimeter-oriented and saw the importance of a traditional center diminish. Modern day big men include elite playmakers and passers such as Nikola Jokic and elite versatile scorers such as Joel Embiid.”

My last basketball comment (for this edition of the H^2), the Portland Trailblazers, in 1984, with the No. 2 pick in the NBA draft, selected Sam Bowie over Michael Jordan. The Houston Rockets had the first pick and selected Hakeem Olajuwon (and won 2 championships with this Hall of Famer). The Trailblazers, wanting a center, selected Sam Bowie and passed on Mr. Jordan b/c the position (label) he played (shooting guard) was already filled (by a most talented and Hall of Famer, Clyde Drexler). There’s plenty to debate about the 1984 draft, but that’s a topic for the Thanksgiving dinner table or any night out with your friends.

My point, things change, positions change, the needs of organizations or ways to win (in any sport or business) change. Labels, classifications, or compartmentalizing certainly have the potential to bring order to chaos, but a reliance on them can also create unnecessary limitations, restrictions, and inefficiencies.

On s most personal note (yes, its business, but it’s also personal), people have tried to put a label on Branded since we first launched our platform and have at times expressed their frustration that we’re not easily put in a box, a single lane or can easily be labeled.

We’re operators (with a portfolio of 20 restaurants in New York City), we’re investors (52 portfolio companies (and counting) with 48 in the B2B technology & innovation space), we’re advisors (we have a robust go-to-market suite of services and aim to help navigate and chaperone our clients on their journey in the hospitality industry); and we have a most meaningful marketing & media offering (that includes over a 100,000 listeners to our weekly podcast, (Hospitality Hangout), and I’m grateful for the number of folks that engage weekly with this newsletter).

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I’ve been using the Shoutout section to give some attention some of the Branded portfolio companies that doing great things in the industry (and b/c it’s fun to give a little boost or boast about these friends and partners).

This week’s shoutout goes to a good friend of Branded and a company we feel is one to watch (and engage with).

I’ve written about Mr. Gregg Majewski, Founder & CEO at Craveworthy Brands, a dynamic company that is fueling the next generation of fast casual restaurant brands.

But this shoutout is not remotely arbitrary and is completely tied to the theme from the Top of the Fold.

Try to put a label on Mr. Majewski and his company. Seriously, try!

This is a company that in a short period of time has not only acquired or developed 14 brands (since launching in 2023) and has over 200 units on its platform, but has created a most innovative and shared resource model (which VERY much includes its commitment to being a tech-forward operator) making this one of the most supercharged restaurant groups capable of harnessing the best brands of tomorrow.

We all know the guests are important (seriously, try running a successful restaurant without them), but I love how Craveworthy has built a foundation which creates purchasing power (read: supply chain) thanks to some amazing and longstanding partners of Mr. Majewski.

Add to that Craveworthy’s commitment to leveraging both best-in-suite AND best-in-class technology (it’s never one or the other), and this is why Branded cares and is so enthusiastic about this company.

And I almost forgot, Craveworthy has an awesome podcast! Yes, Gregg is a podcaster!

“Birds of a feather flock together” and the Branded Team has a big love of the Craveworthy Team b/c how they too embrace being an agile & integrated company (and maybe also b/c they too have the ethos of 'why walk, when you can run')!

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New Release:

Join Michael Schatzberg, “The Restaurant Guy,” and Jimmy Frischling, “The Finance Guy,” as they chat with Noah Glass, founder and CEO of Olo, he shares his journey in revolutionizing the restaurant industry through technology. With a diverse background from Political Science at Yale to tech startups, Noah launched Olo to streamline digital ordering and delivery. Under his leadership, Olo has integrated both digital and traditional payment systems, improving customer experiences. Tune in to hear Noah discuss Olo’s latest innovations, how data-driven decisions are transforming restaurants, and the balance between in-person and digital transactions. Plus, enjoy fun segments like “What’s Hot and Not” and “Trivia Tuesday” with Jimmy and Schatzy!

Tune into the episode and subscribe to our channel here: Hospitality Hangout Episode With Noah Glass

Re-Run of the Week:

Throw back to an exciting episode of Hospitality Hangout as Michael Schatzberg and Jimmy Frischling bring you the best insights from FSTEC 2023 in Dallas! In honor of seeing you all at FSTEC 2024 next week....They sit down with industry leaders John Pepper of 211VC, Emily Williams Knight, CEO of the Texas Restaurant Association, Angela Leet, CEO of QSR Automations, and Dawn Gillis, CIO of Golden Corral. Dive into John Pepper's journey from restaurant startups to tech innovation, Emily Williams Knight's leadership insights from the Texas Restaurant Association, Angela Leet's future-focused discussion on quick-service automation, and Dawn Gillis’s transformative tech initiatives at Golden Corral.

This episode is packed with engaging conversations and playful segments like "The Spice is Right," offering a fun and informative look at the latest trends and challenges in the hospitality industry. Whether you’re a restaurant professional or a tech enthusiast, tune in to discover the future of restaurant tech and enjoy a carnival of insights and entertainment! Don’t miss out!

Tune into the episode and subscribe to our channel here: Hospitality Hangout FSTEC 2023

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Apple Podcasts: Click Here

Watch on Youtube: Click Here

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Who made the B List?

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Unlocking the Power of Online Communities: Strategies for Engagement and Growth

By: Seth Temko, Solutions Services Partner at Branded Hospitality Ventures

Building your own online business community promotes relationships, creates meaningful value and gives remarkable business insights.

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BIGGEST TAKEAWAYS: QSR Evolution Conference 2024

By: Rev Ciancio, Head of Revenue Marketing at Branded Hospitality Ventures

The QSR Evolution Conference just concluded in Atlanta, GA. This event was a??3-in-1?as it was paired with the NextGen Restaurant Summit and Pizza Power Forum. There was A LOT to learn.

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That’s it for today!

See you next week, (about the) same bat-time, same bat-channel.

It takes a village!

Jimmy Frischling Branded Hospitality Ventures [email protected] 235 Park Ave South, 4th Fl | New York, NY 10003

Branded Hospitality Ventures ("Branded") is an investment and advisory platform at the intersection of food service, technology, innovation and capital. As experienced hospitality owners and operators, Branded brings value to its portfolio companies through investment, strategic counsel, and its deep industry expertise and connections.

Learn more about Branded here: Branded At-A-Glance