Nick Nanakos is the Founder and CEO of TruckBux, a full-stack online ordering platform for food truck owners and their customers. While studying Finance and Real Estate at Drexel University, Nick worked part-time & in internships at several large firms such as J.P. Morgan, Investors Capital, Balfour Beatty, and Ameriprise Financial. He founded the Drexel University Real Estate Club and made a ton of connections, amassing knowledge in the sector. However, Nick found himself immensely unhappy on this corporate path—and truthfully, unhappy was an understatement. He then began building TruckBux and this energized him beyond imagination.
Nick noticed an absurd amount of food trucks appearing at his university, neighboring campuses, and major cities that he traveled to. While the growth fascinated him, he also recognized some major problems that were holding back the industry’s full potential due to a lack of innovation. Nick worked relentlessly towards his vision, launched TruckBux, and eventually dropped out of school at 22-years-old to be all in.
Nick comes from a background of highly-talented restaurant entrepreneurs and has worked in every angle of food—from waiting, to cooking, to managing, to bringing technology into his family’s restaurants. Ironically enough, his grandfather immigrated from Greece to the US with $8 and worked with a street food cart in Manhattan. This gave him a chance to observe other apps go-to-market and product functionality, dissecting all of them with the knowledge that he would create something far more powerful for food trucks. Once his restaurant intuition aligned with his observations of the fast-growing food truck space, his focus shifted to food tech. In all pursuits, Nick’s mentality is high-conviction, non-consensus, and irrationally optimistic.
In this episode…
When Nick Nanakos decided to start his business in the food industry, he knew that there were already big players dominating the field. But from his research and intuition, he knew that there were gaps he could fill with a little innovation. Coupled with his desire to be his own boss, he developed an app that has since revolutionized the food truck business.
TruckBux, Nick's app, was started through bootstrapping and has been going strong despite all the challenges it has faced. TruckBux helps food truck entrepreneurs grow their businesses, and unlike the bigger food delivery apps, TruckBux takes a smaller percentage from orders, helping these businesses grow and reach a wider market.
In this week's episode of Elevate Hire, Greg Toroosian is joined by Nick Nanakos, the Founder and CEO of TruckBux, to talk about Nick's journey in entrepreneurship and his process building an app for food truck businesses. Nick explains why he chose to enter a competitive market dominated by big industry players, how his company is being impacted by the coronavirus pandemic, why he chose to bootstrap his business, and common challenges faced by food truck business owners.