About this episode
Ben & David "pour over" the 1992 IPO of the legendary Seattle coffee company with the help of Dan Levitan, who served as lead investment banker on the IPO and who would later co-found the venture capital firm Maveron with Starbucks’ CEO Howard Schultz.
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Topics covered include:
- The original Starbucks’ founding as a coffee bean roaster, started by three disciples of the legendary coffee roaster Alfred Peet
- Howard Schultz’s introduction to Starbucks, his joining the team as director of marketing, and inspiration behind his “third place” coffee shop vision
- Howard’s departure from the original Starbucks, founding of Il Giornale, and subsequent of acquisition the Seattle Starbucks stores
- Starbucks’ incredible growth following the acquisition and expansion beyond Seattle
- The state of raising private capital in the 1980’s/90’s, and the decision to go public (link to the S-1)
- Howard’s ambitious goals for the roadshow and investor participation, and subsequent stock performance after the IPO
- The narrative and evolution of Starbucks as a technology company, or a consumer company that leverages technology very effectively
The Carve Out:
- Ben: Dan Primack’s new daily newsletter, Pro Rata
- David: The Wizard and the Bruiser podcast
- Dan: The Man in the Glass
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