1809 Capital 2024 LP Meeting

Last week 1809 Capital hosted its annual Limited Partner Meeting at Miami’s Lee and Rosemary Fisher Innovation College@Elm center.  Thank you to those that were able to attend!

Mark Richey opened by stating this LP Meeting marked an important milestone.  The fund has succeeded in building a unique alumni-supported venture platform that leverages a Miami alumni network for access to exceptional deal flow for financial return. 1809 Capital has executed on its vision for fund I, which includes more than 80 alumni LPs, access to deal flow from a network of more than 30 venture capital funds across the country, and now includes 11 portfolio companies. In addition, the fund leaders have collaborated with Miami faculty and administration to support the Miami mission. We highlighted the success in executing the strategy introduced three years ago and concluded by previewing the roadmap to significantly scale the platform in 2025 and beyond. We prefaced fund-specific updates with insightful remarks from Jenny Darroch, Dean of Miami University Farmer School of Business and Entrepreneurship Program updates from Tim R. Holcomb Ph.D., Chair of Miami Department of Entrepreneurship and the  John W. Altman Institute for Entrepreneurship. We then covered a dynamic agenda, featuring:

• 1809 Capital business updates (Partners Kimberly Walker and Kevin Mendelsohn):   Kevin highlighted current venture asset class performance metrics and benchmarked  1809 Capital’s investing activity, its portfolio status, as well as the fund’s current performance relative to its peers and top-tier funds.  Kim and Mark provided a summary portfolio update and discussed the compelling value drivers for the most recent portfolio additions

• Portfolio updates from our most recent portfolio companies:  CEO presentations from Rusty Ralston (Loft Orbital), Michael Markesbery (Oros/Solarcore), Ameesh Divatia (Baffle), and Walter Rogers (MontyCloud). 

• 1809 Capital Student Intern Program update (current and former interns Katherine McIntosh, Stella Fiscus, and Jack Marks): Mark highlighted 1809 Capital’s commitment to support Miami’s educational mission by discussing the impact of its internship program through the Department of Entrepreneurship and RedHawk Ventures, emphasizing that 40% of the management fee is invested in the Intern Program providing talent, operational capacity and yearly Miami impact (experiential learning).

• Venture Capital Trends Panel Discussion: 1809 Capital Partner, John Gardner, moderated an expert panel engaging Greg Barnes (Hyde Park Ventures), Emily L. Easley (Cintrifuse), and Steve Berg (Lytical Ventures) on current trends in the venture capital landscape, including perspectives on investing trends, valuation, and areas of opportunities across technology innovation. 

• Closing remarks: President Gregory Crawford shared Miami University’s long-term strategic vision, THRIVE, sharing the vision for how the university will continue to transform it’s educational mission to align with the changing landscape of secondary education.

The day wrapped up with a post-meeting reception, co-hosted with the Miami University Foundation Board of Directors. It was a day filled with learning, meaningful connections, and inspiring discussions, all reinforcing our commitment to alumni engagement, impact, and entrepreneurship at Miami University!

It was a day filled with learning, meaningful connections, and inspiring discussions, all reinforcing our commitment alumni engagement, impact and entrepreneurship at Miami University!

Here’s to another year of growth and impact!

For more information, visit LinkedIn

Dr. Tim R. Holcomb Ph.D. Will be Leaving Miami University

Department of Entrepreneurship Chair and John W. Altman Institute for Entrepreneurship Director Dr. Tim R. Holcomb Ph.D. will be leaving Miami University at the end of the year for the CEO role at Embarc Collective, a Tampa-based tech innovation leader ranked as the top incubation program in North America by UBI Global - Community For Business Incubators & Accelerators and considered one of the world’s leading startup hubs for early-stage tech entrepreneurs. 

The lead role “aligns perfectly with Tim’s passion, expertise and experience,” said Dr. Jenny Darroch, dean of the Miami University Farmer School of Business. "Tim will leave a tremendous legacy, having built the John W. Altman Institute for Entrepreneurship and Entrepreneurship Department into one of the most successful in the world, and with graduates whose achievements are eclipsed only by the strong bond they maintain with the school."

“Under Tim’s leadership, the entrepreneurship program has become a major force for good, touching thousands of students across the university and setting them up for success," added John Altman MU '60, the first professor of entrepreneurship at the Farmer School of Business. "I am proud that the Institute carries my family’s name, and I thank Tim for his insight, drive, and dedication to excellence.” 

Best wishes Tim. 1809 Capital would not exist without your inspiration, guidance, collaboration and support. You were the catalyst. It's been a blast to develop a national strategic network of Miami alumni entrepreneurs, Founders and VCs to support Miami's entrepreneurship mission. We look forward to continuing collaboration and further building the country's best undergrad entrepreneurship platform!

For more information, visit: https://lnkd.in/gK_8Zp5F.

Brian Niccol, Miami '96 Takes Over at Starbucks

The coffee chain has tapped Chipotle CEO and corporate fix-it man Brian Niccol to be its new chairman and CEO, effective September 9.

Niccol, who will be Starbucks’ fourth CEO in just two years, has been leading the Mexican-inspired food chain since 2018. Starbucks said he has set “new standards in the industry and driven significant growth and value creation,” pointing to its revenue growing nearly 800% during his tenure.

“Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth,” said Mellody Hobson, Starbucks’ new lead independent director, in a release. “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.”

Starbucks’ (SBUX) stock soared nearly 19% at the open, while Chipotle’s (CMG) dipped 9%. Tuesday’s announcement wiped away Starbuck’s year-to-date losses and the stock is on track for the biggest one-day percentage gain on record since it went public in 1992.

Who is Niccol?

Niccol joined Chipotle in February 2018, helping turn around the chain from an E. coli nightmare that hospitalized 22 people. He’s expanded the menu, improved its digital ordering plus rewards program and its stock is up more than 800%.

Niccol said that “it’s hard to leave such a great company and all of the talented people I’ve had the pleasure to work with, but I depart knowing the business is in great shape and poised for growth with a strong, experienced leadership team.”

Niccol has a rich background in fast food, including a stint as CEO of Taco Bell from 2015 to 2018, prior to joining rival Chipotle. He’s also held various executive positions at Pizza Hut, another chain owned by Yum! Brands, before joining Taco Bell.

His “ability to drive visits was apparent during his time at both Taco Bell and Chipotle, spurred by new menu innovations, engaging marketing campaigns, and improved restaurant operations,” R.J. Hottovy, head of analytical research at Placer.ai, said in a note.

“Chipotle has outperformed the quick-service restaurant space the past several years, and we’d expect new products and advertising campaigns to be a focus early in his tenure at Starbucks,” Hottovy said.