Welcome to the Arena from ICR – Conversations with Today's Innovators & Business Leaders

On Welcome to the Arena, Tom gets to talk to some  of the most impressive people around, and with today's guest, that couldn't be more true.  An added bonus? Their conversation combines two things Tom is a huge fan of: the NHL and Whisky, so this is an extra special episode.

Today we get to hear from Chris Pronger, not just a former professional hockey player, but a Hall of Famer who has been voted one of the NHL's hundred greatest players ever. 

For 19 years, Chris was known as one of the fiercest and most dominant defensemen in the history of the league, and was a four-time All Star, a Norris Trophy winner as the league's best defenseman and a Hart Trophy winner, which is the league's most valuable player, and very rare for a defenseman.

Chris took three teams to the Stanley Cup Finals as Captain and won it all with the Anaheim Ducks. He was a two-time Olympic gold medal winner for Canada and is one of 30 players in the Triple Gold Club IIHF World Champion, Olympic Gold, and Stanley Cup.

Chris is a great family man and a hardworking entrepreneur launching among other businesses, The JRNY, a 100 percent Canadian rye whisky with his brother, Sean. And that's our focus for today's conversation...with a bit of hockey thrown in as well.

Highlights:

• Chris' tells his journey of getting drafted into the NHL (3:14)
• First impressions of the league and Chris' immersion into his first team (4:44)
• Chris describes his time on the Anaheim Ducks (6:13)
• Chris' turn to hold the Stanley Cup (8:24)
• The most skilled player Chris ever played against (9:07)
• The greatest player Chris ever played alongside (10:02)
• Inspiration for founding The JRNY Whisky (11:13)
• How Chris and his brother landed on the name 'The JRNY' (13:58)
• How The JRNY is made and what makes it a premium product (15:53)
• How Chris approached the product's marketing (16:56)
• Approaching the Whisky and Canadian-Whisky marketplace (18:38)
• Where to buy the product and business expansion (19:43)
• Chris' current favorite NHL teams (21:34)
• Chris' role as a defenseman, and how the position has changed over time (24:00)

Links:
ICR X
ICR LinkedIn
ICR Website
Chris Pronger on LinkedIn
The JRNY Whisky on LinkedIn
The JRNY Whisky Website

Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

At a time when customization and a personalized experience have become the expectation, the hospitality industry is racing to keep up with that demand. Our guest today understands that deeply, and he’s driving an innovative business model that is way ahead of the curve. 

We're sitting down with Barry McGowan, the CEO of Fogo de Chão, an international chain of Brazilian Steakhouses. Barry became CEO in 2019, after serving as President from 2013 to 2018. He has over 40 years of experience in the restaurant industry, including more than 10 years with Brinker International, where he served as COO of Macaroni Grill from 2010 to 2013.

Barry also served as President and CEO of Waterloo Restaurants from 2002 to 2010. With his prior experience, Barry brings a broad range of strategic leadership and operational knowledge to Fogo. He holds a B.S. in Hotel Restaurant Management from the University of North Texas, and a Graduate Certificate of Finance from SMU.

Highlights:

• Barry's introduction to the hospitality industry (2:51)
• Barry describes how the Fogo de Chão opportunity was presented to him (4:20)
• Fogo's unique background, history, and approach to service (6:19)
• Fogo de Chão's demographics and how their consumer market has changed over time (8:35)
• Barry describes Fogo's menu and value model (10:56)
• Fogo's labor model and how it contributes to their service approach (13:16)
• Barry explains Fogo's pricing philosophy (16:02)
• Fogo's outlook and goals for the next ten years (18:52)
• The investment partnership between Fogo de Chão and Bain Capital (21:58)
• Fogo's international expansion and growth projection (23:38)
• Barry discusses Fogo's leadership team (25:11)
• How Fogo continues to innovate while staying true to their roots (27:07)
• Barry's favorite items at Fogo de Chão (28:55)

Links:

Barry McGowan on LinkedIn

Fogo de Chão on LinkedIn

Fogo de Chão Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

It's a huge treat to get the behind-the-scenes stories of the crucial transitions and incredible growth of some of the most iconic companies in the world. And that's why our guest today needed a two-part episode.

Last week we shared the first half of my conversation with Ed Garden, Founder of Trian Fund Management and most recently, Garden Investments. Ed was Chief Investment Officer at Trian until May of 2023, and oversaw the company's portfolio management, idea generation, and due diligence activities. He presently serves as a senior advisor.

Ed has extensive experience engaging with public company management teams and boards and currently serves on the board of General Electric. He previously served on the boards of Bank of New York Mellon, Family Dollar Stores, Invesco Janice Henderson Group, Pentair, The Wendy's Company and Triarc Companies earlier in his career. Ed worked at Credit Suisse First Boston as an investment banker and BT Alex Brown, where he was co-head of Equity Capital Markets. Ed has a BA in Economics from Harvard. 

In Part One of our interview, Ed told us how he broke into the investment world, and also shared Trian's origin story. In Part Two, we dive into Garden Investments, as well as Ed's work on various boards, including how he overcame some major challenges at General Electric. 

Highlights:

• Ed's approach to first investments (2:25)
• Reinventing businesses, and Ed's experience on boards, specifically General Electric (5:18)
• Lessons Ed learned from fellow board members (10:15)
• How Ed approaches executive compensation as a board member (14:12)
• Ed's input on the current market and macro environment (16:29)
• Garden Investments' outlook and mission (18:46)
• Investors that inspired and mentored Ed (21:30)
• Garden Investments' values (22:46)

Links:

Trian Fund Management on LinkedIn

Trian Fund Management Website

TSG on LinkedIn

TSG Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Today we're celebrating a big milestone for the show: It's our 100th episode of Welcome to the Arena and we're marking that huge achievement with a 2-part interview with an influential player in the investment world. Our guest today has had an incredible career and our conversation was packed with inspiring stories and insightful advice.

We're sitting down for part one of our interview with Ed Garden, Founder and CEO of Garden Investments. Prior to starting Garden Investments, Ed founded Trian Fund Management in 2005 with Nelson Peltz and Peter May. He was Chief Investment Officer at Trian until May of 2023, and presently serves as a senior advisor.

As Chief Investment Officer, Ed oversaw Trian's portfolio management, idea generation, and due diligence activities. He has extensive experience engaging with public company management teams and boards and currently serves on the board of General Electric. He previously served on the boards of Bank of New York Mellon, Family Dollar Stores, Invesco Janice Henderson Group, Pentair, The Wendy's Company and Triarc Companies earlier in his career. Ed worked at Credit Suisse First Boston as an investment banker and BT Alex Brown, where he was co-head of Equity Capital Markets. Ed has a BA in Economics from Harvard. 

Highlights:

• Ed's upbringing and the role of academia and education (3:17)
• Getting into the job market, and Ed's first position in investment banking (6:18)
• How Ed's work in banking influenced his path to starting an activist firm (10:20)
• Early challenges Ed and his team faced when founding Trian (12:30)
• The investment approach and strategy taken at Trian (16:05)
• What made Trian's investment approach unique (17:28)
• The relationship between capital allocation and capital governance in investing (22:36)
• What CEOs don't understand about their company's value in the stock market (23:53)
• How Ed "de-conglomerated" some companies (25:24)
• What makes investment partnerships difficult in activist investing (28:44)

Links:

Trian Fund Management on LinkedIn

Trian Fund Management Website

TSG on LinkedIn

TSG Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Every successful family business has a good story behind it, but today's guest has an extraordinary one, that's all about innovation, creativity, and loving what they do.

Today we're sitting down with Joe Hand Jr., President of Joe Hand Promotions, the global leader in live sports for bars, restaurants, and cinemas. In his role, Joe focuses on fostering lasting relationships and delivering exceptional experiences for commercial customers, helping them drive revenue for their business.

For over 35 years, Joe has guided the business, which is now the largest independent distributor of closed circuit TV and pay-per-view programming in the world. Prior to joining his father in the family business, Joe began his career in professional sports as a 10th round draft pick of the Philadelphia 76ers.

In 1980, he joined Joe Hand Promotions as a part time team member before going on to create Cable Sports Network, a company that provided fresh sports programming to growing cable systems. He then assumed the role as President of Joe Hand Product Promotions in 1987.

In addition to his role at Joe Hand Promotions, Joe's  distinguished philanthropic work includes opening the Joe Hand Boxing Gym in Philadelphia in 1995. The gym is a nonprofit organization which provides a variety of boxing classes to men and women of all ages and ability levels. They offer programs dedicated to disabled veterans, those diagnosed with Parkinson's disease as well as adults and children with disabilities.

Highlights:

• Joe gives some background on the business, what they do for their clients and how they originally partnered with some of the biggest companies in the business (3:10)
• How Joe Hand Promotions started with Joe Frazier and boxing over 50 years ago (7:09)
• How the company approaches innovation and how it has evolved since 1971 (10:05)
• What Joe Hand Promotions brings to the table for their customers (11:23)
• Analytics and data that help their clients (13:17)
• The bread and butter of their business (14:23)
• Going beyond sports events (15:57)
• How Joe narrows down the events they want to pursue and what their growth strategy should be (17:26)
• How they think about M and A (18:43)
• The other companies they have partnerships with (20:33)
• How COVID affected the business (21:37)
• Joe tells the story of being an NBA draft pick (24:20)
• Joe’s non-profit boxing gym and how and why he started it (26:58)

Links:
Joe Hand Jr. on LinkedIn

Joe Hand Promotions on LinkedIn

Joe Hand Promotions Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

When you're just starting out as a business, getting the right support during those crucial early stages plays a pivotal role in whether a good idea can reach its full potential. Today's guest has been providing that expert guidance for many years.

On this episode we're sitting down with Ross Fubini, founder and managing partner of XYZ Ventures. XYZ was founded in 2017, making investments in 105 companies across seed and growth stages, and as an organization, they look to support founders who have uncovered a unique insight and show immense velocity in their execution.

XYZ is primarily focused on enterprise, FinTech infrastructure, climate, and the public sector. Ross sits on multiple boards, including Sardine and Legion Technologies, and has made several successful early investments currently valued in the billions, including public sector focused Anduril, security provider Verdaka, InsureTech company, and New Front Insurance. 

Previous to XYZ, Ross co founded Village Global and was an investor at Canaan and Kapor Capital. He is currently an advisor to executives at Palantir with XYZ backing over 20 Palantir alumni as founders across the public sector enterprise and fintech. 

Highlights:

• Ross describes where the name 'XYZ' came from (3:05)
• Ross explains how he decided to focus primarily on early-stage companies (4:29)
• Financing and investment sizes behind early-stage startups (8:04)
• Ross describes how XYZ chooses and values companies they invest in (10:02)
• How XYZ approaches and works alongside changing economic environments (13:28)
• The importance of transparency and sharing your story with investors (16:41)
• Current trends in the early-stage start-up market (19:01)
• Ross gives advice to founders raising capital for the first time (22:00)
• Ross describes companies XYZ have invested in whose outcome has surprised him (23:47)
• Lessons Ross has learned from start-ups that didn't reach their full potential (26:36)

Links:

Ross Fubini on LinkedIn

XYZ Ventures on LikedIn

XYZ Ventures Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Embracing a challenge and going after the big prize is something that today's guest knows all about.

We're sitting down with Maud Brown, who is a partner at PAI Partners. PAI is a private equity firm that invests in real economy businesses and manages over 25 billion in assets. Maud heads the firm's U. S. team and oversees investment activity in North America. She's involved in fundraising, deal sourcing, and portfolio company management, including the iconic juice company, Tropicana.

Maud joined PAI in 2019 after 18 years at Investcorp where she was a managing director and a member of the investment committee. While at Investcorp, she led the acquisitions of Pro Unlimited, Nobel Learning, and The Wrench Group,. Maud started her career in M& A at Salomon Brothers and Merrill Lynch in London. She grew up in France and holds a degree in business administration from ESCP Business School and a Master’s in Corporate Law from the University Paris XI.

Highlights:

• Maud's upbringing and path to corporate work (2:38)
• Maud describes what drew her to becoming a professional investor (4:20)
• Her start at Investcorp and experiencing its growth first-hand (5:10)
• Maud explains what drew her to the opportunity at PAI (6:52)
• PAI's history and their mission (10:03)
• Maud discusses the PAI deal with PepsiCo and Tropicana (13:34)
• Growth strategy and plan for the recent PepsiCo deal (16:03)
• Maud expands on a new deal in the Pet sector (18:29)
• Maud's involvement with acquisition pipelines for investments (20:09)
• Maud describes the differences in her approach to her work at PAI vs. Investcorp (21:29)
• PAI's approach to ESG (23:04)
• Maud's outlook on the current exit environment, and the future of the field (24:55)
• Where PAI will continue to invest, and what sectors they hope to expand to (26:39)

Links:

Maud Brown on LinkedIn

PAI Partners on LinkedIn

PAI Partners Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Sometimes the most innovative business concepts are born from immense industry stress. Today's guest created a ground-breaking platform in response to the economic pressure cooker of the 2000's.

On this episode, we're sitting down with Gary Beasley, who is a co-founder and CEO of Roofstock, an award winning real estate investment as a service platform for the 4 trillion dollar single family rental sector. The company is backed by Blue Chip roster investors, including Cosla Ventures, Light Speed Venture Partners, Bain Capital Ventures, and SoftBank. Roofstock has completed over $6 billion worth of transactions since its founding in 2015.

Previously, Gary was the co-CEO of publicly traded Starwood Waypoint Residential Trust, now part of Invitation Homes, and is known as a pioneer in the development of the single-family rental sector as an institutional and asset class. Gary also served as CEO of boutique hotel company Joie De Vivre Hospitality, and award-winning solar technology startup GreenVolts.

Between 2001 and 2007, Gary was the CFO of Zip Realty where he led the internet-based residential brokerage through its IPO before eventually being named its President. Gary also spent six years with KSL resorts where he was instrumental in acquiring and integrating over 800 million worth of resort properties.

Gary earned a BA in economics from Northwestern University and an MBA from Stanford University Graduate School of Business where he serves as a regular guest lecturer.

Highlights:

• What inspired Gary to follow his educational path into business (3:22)
• Gary's first role in the business sector, and how it influenced his outlook (4:23)
• Gary describes what interested him in Stanford University, and his journey to getting there (5:38)
• Gary's first job after business school (6:57)
• Waypoint Homes and how Gary was introduced to the real estate sector (8:47)
• Technology to facilitate the business, and how the industry has become an asset class (10:34)
• Where Gary and his partner saw value in the market, and their approach to starting the business (13:20)
• Roofstock's business model, and how it has changed over time (14:48)
• How Roofstock works together with brokers and agents (17:41)
• Gary explains their proprietary asset management software (19:28)
• How COVID impacted Roofstock's business and business model (21:10)
• How the current economy is influencing their approach to business at Roofstock (22:54)
• Gary explains what drew their impressive group of backers to Roofstock (24:20)
• Gary's thoughts on the company's future market opportunities and the possibilities of going public (27:16)
• Incorporating AI and staying attuned to new tech in real estate (28:30)

Links:

Gary Beasley on LinkedIn

Roofstock on LinkedIn

Roofstock Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Building a thriving business certainly has a lot to do with hard work, but it's just as much about having a strong network and leveraging those relationships. Today's guest has gathered incredible insights and connections in his long career  to build a platform that facilitates these critical partnerships.

Today we sit down with Chad Cardenas, Founder and CEO of The Syndicate Group. The Syndicate Group is pioneering a new evolution of venture capital investing, helping startups scale faster by organizing exclusive investment access for strategics who commit capital, and support a company's go-to-market strategy.

With 25 years in the enterprise technology sector, Chad maintains a wealth of experience in sales, leadership, business transformation, innovation, distribution channels, investing and go-to-market strategies. He previously co-founded Trace3 where he served as President and Chief Innovation Officer studying macro trends and their effects in the IT industry. He helped build the tech reseller and integrator to 400 people and over $500 million in revenue before a private equity event in 2017.

The Syndicate Group was born out of these experiences based on the realization that startup founders need more than just capital. They need partners who can deliver economies of scale by selling or buying the startups, products, and services.

The Syndicate Group aggregates those partners, and gives them skin in the game with pre-IPO investment access. The company's investment portfolio includes high flyers such as AppDynamics, CrowdStrike, Nutanix, Abnormal Security, and Cohesity, where Chad played a key role in driving an aggregate market value of over $30 billion. 

Highlights:

• How TSG developed their unique business model (3:30)
• How The Syndicate Group's network opportunities are valuable to businesses (5:39)
• Chad describes the relationship between TSG and a startup in their network (7:53)
• Chad explains what came first: building syndicate or attracting deal flow (11:52)
• How TSG attracted initial investors to their business (13:15)
• How The Syndicate Group vets their potential investment companies (14:39)
• More about the specific sectors and business TSG focuses their work on (16:21)
• How TSG manages cap tables with startups that have numerous investors (17:53)
• Why investors are attracted to TSG's deal flow (19:52)
• How TSG maintains scaling and growth despite the complexity of the business (21:08)
• The growth and potential of TSG's business model and unique software platform (23:27)
• Chad describes the state of competition in the field (24:21)
• Chad explains the effects of a choppy economy and social climate on business in the VC sector (25:30)
• Up and coming companies in the Syndicate Group portfolio (27:27)
• Future pursuits and goals (28:42)

Links:

Chad Cardenas on LinkedIn

TSG on LinkedIn

TSG Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].

Innovation is about creation, but it's also about finding new spaces where those creations can be used. Today's guest has applied a centuries-old scientific process to solve a global industry problems.

Today's guest is Dr. Jennifer Holmgren, CEO of LanzaTech. Under Jennifer’s guidance, LanzaTech is developing a variety of platform chemicals and fuels, including the world’s first alternative jet fuel derived from industrial waste gases. She is also the Director and Chair of the LanzaJet Board of Directors.

Prior to LanzaTech, Jennifer was VP and General Manager of the Renewable Energy and Chemicals business unit at UOP LLC, a Honeywell Company. While there, she was a key driver of their leadership in low carbon aviation biofuels. Jennifer has authored or co-authored 50 U.S. patents and more than 30 scientific publications and is a member of the National Academy of Engineering.

Jennifer sits on multiple boards and advisory councils, including  the Governing Council for the Bio Energy Research Institute in India, the Board of Directors of the U.S.- India Strategic Partnership Forum, the Advisory Council for the Andlinger Center for Energy and the Environment at Princeton University, the National Academies' Board on Energy and Environmental Systems and the Founder Advisory for The Engine, a venture capital fund built by MIT that invests in early-stage science and engineering companies.

Jennifer holds a B.Sc. from Harvey Mudd College, a Ph.D. from the University of Illinois at Urbana-Champaign and an MBA from the University of Chicago.

Highlights:

• How LanzaTech's biorefinery systems work (3:23)
• LanzaTech's background, and how their investment process has grown over time'(5:02)
• How Jennifer was introduced to LanzaTech, and her work history before joining the company (5:45)
• The science and technology behind LanzaTech, and its protection status (7:35)
• What products LanzaTech produces, and some of their product partners (8:39)
• LanzaTech's addressable market (10:17)
• How LanzaTech's technology differs from other direct air capture technologies (11:00)
• Jennifer describes who LanzaTech's customers are, and where their technology is currently being deployed (12:32)
• Jennifer breaks down how the company's business model works (13:53)
• LanzaTech's expansion plan (17:21)
• Jennifer explains LanzaTech's LanzaJet project, and where the idea came from (18:20)
• LanzaTech's plan to grow their product offerings and develop new systems for different chemical compounds (22:39)
• How the company is managing the fluctuating economy and stock market as a public company (25:44)
• Additional resources for listeners (28:48)

Links:

Jennifer Holmgren on LinkedIn

LanzaTech on LinkedIn

LanzaTech Website

ICR LinkedIn

ICR Twitter

ICR Website

Feedback:

If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].