Several hundred people heard Wednesday from food industry entrepreneurs and business executives on technology, social media, success and more at The Exchange 2015, an annual Chicagoland Chamber of Commerce tradeshow representing small, mid-size and enterprise companies in Chicago.
Blue Sky reporter John Carpenter moderated a “Made in Chicago” panel discussion that included Bob Jensen, co-founder and owner of Argus Brewery; R.J. Melman, managing partner of some Lettuce Entertain You Enterprises restaurants; Marc Schulman, president of Eli’s Cheesecake; and Alejandro Silva, CEO and chairman of Evans Food Group.
The event, which took place at the Hilton Chicago, featured about 100 exhibitors.
These are among the topics discussed.
Adapt and expand
Panelists talked about the importance of adaption in this time of constant innovations.
“You have to adjust — hire new services, bring in new menus and change things,” Melman said. “And if you’re not doing those things all the time, then you’re probably on the wrong path.”
Schulman said Eli’s Cheesecake, which his father started, originally sold only four flavors. Now, the food chain offers an array of flavors including wildflower honey and tiramisu cheesecakes, in addition to non-cheesecake desserts such as macaroons and apple Bavarian tart. Schulman also expanded his business’s outreach by partnering with and providing products for companies such as Mariano’s, Jewel Osco and United Airlines.
Technology and social media
Panelists also emphasized technology and the emerging digitization of commerce.
“The way that people use their cell phone now, it’s going to replace your wallet and computer,” Melman said. “It would be foolish to believe that technology won’t make it easier to make reservations, to pay for your meal.”
Melman said that in order to excel, business pioneers must work to integrate technology into the restaurant industry.
Schulman discussed the power of social media in terms of brand recognition and telling people who you are. He urged businesses to stay on platforms such as Twitter and Yelp to maintain good relationships with customers.
“Now all of us are in the moment, and you better be prepared to respond,” he said. “And coasting usually means failure.”
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As for technology in commerce, Melman suggested the phrase “check please” could be gone in five years, when most restaurants will have fully integrated payment technology, allowing customers to walk in, order and walk out without fishing for a wallet or signing the bill.
The power of failure
Panelists agreed that small and substantial failures decorate their success.
When he realized that he overestimated the popularity of high-end French restaurant Paris Club Bistro and Bar, Melman downsized it and reallocated resources to create Ramen-san, a simple noodle shop that he built next door to Paris Club. In such a way, he said, he learned from a wrong decision and turned it into a right one.
“Now I have a great French bistro that’s smaller in size, and I have a ramen shop that is doing really well,” Melman said.
He added: “One thing that we say is it’s OK to be a horrible failure, it’s OK to be a great success, but being in the middle is the worst. If you go limping along, thinking, I guess it’s going in the right direction, that’s the worst place to be.”
Schulman said he also believes that failure always accompanies success. “I think the strongest drive to succeed sometimes is the fear of failure.”