Tren Griffin @trengriffin I work for Microsoft. Previously I was a partner at Eagle River, a private equity firm established by Craig McCaw. I am on the board of directors of Kymeta. Dec. 25, 2019 1 min read

1/ "Even in San Francisco, home to the oldest Chinatown in the United States, the share of Chinese restaurants shrank to 8.8 percent from 10 percent."  https://news.google.com/articles/CAIiEJ_s5LHeqBA1wBWvDT2Qq_gqFwgEKg8IACoHCAowjuuKAzCWrzwwloIY?hl=en-US&gl=US&ceid=US%3Aen 

2/ "Razor-thin does not even begin to describe just how slender the margins are in the restaurant business. If you’re lucky, small single digits. Like, the smallest single digits. It’s legitimately one of the dumbest businesses you could possibly get into." https://www.google.com/amp/s/25iq.com/2018/04/14/business-lessons-from-david-chang-momofuku-noodle-bar-and-food-television-personality/amp/ 

3/ "The number of restaurants in the United States reached a total of 660,755 in Spring 2018."  https://www.google.com/amp/s/25iq.com/2016/11/18/why-moats-are-essential-for-profitability-restaurant-edition/amp/ 

4/ 25iQuiz: Why should a shared commercial kitchen have any significant pricing power? Is there any significant barrier to entry to creating a a shared food preparation center? What would justify calling the facility a "Cloud Kitchen"?  https://thespoon.tech/market-map-ghost-kitchens-in-2019/ 

5/ "CloudKitchens,” to date has collected $400 million in investor funding by Saudi Arabia’s Public Investment Fund. Kalanick himself invested “several hundred million” in the business."  https://www.reuters.com/article/us-uber-kalanick/brash-uber-co-founder-kalanick-leaves-board-to-focus-on-industrial-kitchens-idUSKBN1YS126 

6/ "You must discriminate between when technology is going to help you and when it’s going to kill you. There are all kinds of wonderful new inventions that give you nothing as owners. All the benefits from great improvements sometimes flow through to customers.”

Charlie Munger

7/ Does a shared industrial kitchen have any attributes of a digital marketplace?  http://abovethecrowd.com/2012/11/13/all-markets-are-not-created-equal-10-factors-to-consider-when-evaluating-digital-marketplaces/ 

Is a shared industrial kitchen likely to be admitted to the 10X revenue club?  http://abovethecrowd.com/2011/05/24/all-revenue-is-not-created-equal-the-keys-to-the-10x-revenue-club/ 

Is a shared industrial kitchen marginal costs with pots and pans?


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