Ben Gilbert: evaluation

Transcript context

…So with that, let’s dive in. I’m going to quickly relate the origins of Starbucks because I think it's actually something probably definitely many of our listeners but most people don’t know and then we’re going to dive into the IPO with Dan. But the original Starbucks company, not the Starbucks Coffee Company, but the original Starbucks was founded in Seattle in 1971 by three friends: Jerry Baldwin, Zev Siegl, and Gordon Bowker who had met in San Francisco as students at the University of Francisco. They had become acquaintances of the legendary Berkeley, California coffee roasting entrepreneur, Alfred Peet. Folks might know Peet’s Coffee. The three friends had become sort of disciples of Alfred’s and after college they moved up to Seattle and they wanted to get into coffee roasting themselves. So they started a company, decided to name it after Starbuck from Moby Dick, and they set up shop in Seattle. But they were just a roaster. They roasted beans and they sold beans. They did not brew coffee. And it becomes a nice small local business in Seattle. Then we fast forward 10 years to the early 1980’s. David, it's important to note they didn’t brew coffee. It’s not just because they were drawing some hard line in the sand like you could see today of like we’re not going to be like that every other street corner that you see that has a coffee shop on it where people are brewing coffee and sitting there and drinking. Many of our listeners are familiar with the idea but like that didn’t exist. Yeah, that's right.…

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