In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews Nick Kokonas, co-founder of Alinea, Next, The Aviary, and Tock. Kokonas shares his entrepreneurial journey from philosophy major and derivatives trader to the restaurant and hospitality industries. They discuss the importance of owning something, making decisions with measurable outcomes, and being right just over half the time. Kokonas emphasizes running a restaurant as a business first, focusing on fun and delicious experiences, and innovating through ticketing and dynamic pricing. He highlights Tock's origin as a solution to the limitations of existing restaurant software, focusing on direct customer relationships and variable pricing for time-slotted businesses. The conversation covers Tock's response to COVID-19, the shift to carryout, and the broader lessons about revenue diversification, knowing your customer, and adapting to change. Kokonas also shares insights into the publishing industry and the importance of direct communication with customers.
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