Episode
#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
1:53:04
Published: Wed May 06 2020
Description
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 KokonasNick 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.This episode is brought to you by ShipStation. Do you sell stuff online? Then you know what a pain the shipping process is. Whether you’re selling on eBay, Amazon, Shopify, or over 100 other popular selling channels, ShipStation was created to make your life easier. ShipStation lets you access all of your orders from one simple dashboard, and it works with all of the major shipping carriers, locally and globally, including FedEx, UPS, and USPS. The Tim Ferriss Show listeners get to try ShipStation free for 60 days by using promo code TIM. There’s no risk and you can start your free trial without even entering your credit card info. Just visit ShipStation.com, click on the microphone at the top of the homepage, and type in TIM!This podcast episode is also brought to you by Helix Sleep! Helix was selected as the #1 best overall mattress pick of 2020 by GQ Magazine, Wired, Apartment Therapy, and many others. With Helix, there’s a specific mattress for each and everybody’s unique taste. Just take their quiz—it takes just two minutes to complete—that matches your body type and sleep preferences to the perfect mattress for you. They have a 10-year warranty, and you get to try it out for a hundred nights, risk free. They’ll even pick it up from you if you don’t love it. And now, to my dear listeners, Helix is offering up to 200 dollars off all mattress orders and two free pillows at HelixSleep.com/TIM.***If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests.For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Interested in sponsoring the podcast? Please fill out the form at tim.blog/sponsor.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Chapters
Ship Station brings all your orders from various platforms into one simple interface, making it easy to manage and streamline shipping processes.
00:00 - 03:00 (03:00)
Summary
Ship Station brings all your orders from various platforms into one simple interface, making it easy to manage and streamline shipping processes. As a user, you can access discounted shipping rates, instantly rate shop with your favorite carriers, and utilize self-serve portals for tracking and returns.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Nick Kokonas, co-founder of the Alinea group of restaurants, shares his innovative approach to the business of restaurants and how he and his team have adapted and innovated during the COVID-19 pandemic.
03:00 - 11:16 (08:15)
Summary
Nick Kokonas, co-founder of the Alinea group of restaurants, shares his innovative approach to the business of restaurants and how he and his team have adapted and innovated during the COVID-19 pandemic. From contingency planning to frameworks, there is much to be learned from their strategies and tactics.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Nick Kokonas defines asymmetric bets or opportunities as situations where the potential reward greatly outweighs the potential risk.
11:17 - 18:31 (07:14)
Summary
Nick Kokonas defines asymmetric bets or opportunities as situations where the potential reward greatly outweighs the potential risk. He explains how he made an asymmetric bet on an investment in Ford and how it ultimately paid off for his company.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
The conversation highlights how the speaker foresaw a possible pandemic and its likely implications on restaurants and other businesses, causing them to take measures to mitigate potential losses.
18:31 - 26:26 (07:55)
Summary
The conversation highlights how the speaker foresaw a possible pandemic and its likely implications on restaurants and other businesses, causing them to take measures to mitigate potential losses.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
As a former trader, David Chang emphasizes the importance of making quick and effective decisions in times of crisis.
26:26 - 34:22 (07:55)
Summary
As a former trader, David Chang emphasizes the importance of making quick and effective decisions in times of crisis. By preparing and implementing contingency plans ahead of time, businesses can better handle unexpected events and minimize negative outcomes.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Danny Meyer, founder of Union Square Hospitality Group, discusses his leadership approach to the hospitality business during trying times, such as the pandemic.
34:22 - 46:21 (11:59)
Summary
Danny Meyer, founder of Union Square Hospitality Group, discusses his leadership approach to the hospitality business during trying times, such as the pandemic. He emphasizes the importance of taking care of employees and creating a unique environment and experience for guests, and shares how he implemented plans to support his staff during the pandemic.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Alinea, a high-end restaurant known for its gastronomic experience, had to shift to takeout during the pandemic.
46:21 - 55:50 (09:29)
Summary
Alinea, a high-end restaurant known for its gastronomic experience, had to shift to takeout during the pandemic. They kept up their standards by creating identical beef wellington dishes with precise components and a contactless pickup system.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Chef Grant Achatz discusses how he had to pivot Alinea's dining experience to a takeout and delivery model in response to the COVID-19 pandemic.
55:50 - 1:01:09 (05:18)
Summary
Chef Grant Achatz discusses how he had to pivot Alinea's dining experience to a takeout and delivery model in response to the COVID-19 pandemic. He also shares how he is working to keep all employees on staff and the struggles of navigating government aid during this time.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
CEO David Chang discusses the scrappy approach his team at Momofuku is taking to navigate the pandemic, and stresses the importance of resilience and adaptation in the industry.
1:01:09 - 1:12:30 (11:21)
Summary
CEO David Chang discusses the scrappy approach his team at Momofuku is taking to navigate the pandemic, and stresses the importance of resilience and adaptation in the industry. He also shares his thoughts on the types of restaurants that will make it through and the innovative approaches he's seen, such as offering virtual classes and making donations to those in need.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Nick Kokonas, co-owner of The Alinea Group, discusses the challenges faced by the restaurant industry amidst the pandemic, criticizes the concept of gift certificates and gofundme, and gives insight into their strategy of prepaying vendors to negotiate discounts.
1:12:30 - 1:23:46 (11:15)
Summary
Nick Kokonas, co-owner of The Alinea Group, discusses the challenges faced by the restaurant industry amidst the pandemic, criticizes the concept of gift certificates and gofundme, and gives insight into their strategy of prepaying vendors to negotiate discounts.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
Chef and restaurateur Nick Kokonas highlights the importance of constantly reassessing and adapting business strategies, even during times of success.
1:23:47 - 1:36:19 (12:32)
Summary
Chef and restaurateur Nick Kokonas highlights the importance of constantly reassessing and adapting business strategies, even during times of success. He also discusses the potential consequences of not having fiscal caution and intelligence during uncertain times.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
RESY, a hospitality reservation and payment processing platform, shares how they adapted their dynamic and variable pricing for the restaurant industry to cater to other businesses such as furniture stores and grocery stores with time-slotted operations during the pandemic.
1:36:19 - 1:45:28 (09:08)
Summary
RESY, a hospitality reservation and payment processing platform, shares how they adapted their dynamic and variable pricing for the restaurant industry to cater to other businesses such as furniture stores and grocery stores with time-slotted operations during the pandemic. The adjustments have resulted in increased productivity for their team, and they are receiving positive feedback from businesses using their product.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
This podcast episode features a conversation with Nick Kokonas where they talk about a sense of purpose and supporting local restaurants in your area.
1:45:29 - 1:50:31 (05:02)
Summary
This podcast episode features a conversation with Nick Kokonas where they talk about a sense of purpose and supporting local restaurants in your area. Also, Tim Ferriss speaks about Helix sleep and Ship Station.
Episode#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
PodcastThe Tim Ferriss Show
ShipStation is a platform that brings all your orders from various selling places and carriers into one simple interface that you can manage from any device.
1:50:31 - 1:52:57 (02:25)
Summary
ShipStation is a platform that brings all your orders from various selling places and carriers into one simple interface that you can manage from any device. Use code “tim” and get a ShipStation free trial for 60 days, with no risk to your business.