Casey Winters: belief

Transcript context

…Maybe explain what it was initially, the SaaS tool versus a financial marketplace. Oh, sure. OpenTable promised both a SaaS tool that would help you understand what tables are open and where to seat people, so for the host in the front of the house in a restaurant, but also bring in additional reservations to fill up your restaurant. Because I think what people misunderstand about restaurants is they're, "Oh, these restaurants are these incredibly low-margin businesses. " It's like, yeah, they are because they're paying the rent no matter what. Once you're already paying the rent no matter what happens, you're incentivized to pump as much food out the kitchen and to get as many people seated in-house as possible. People would say like, "Oh, Grubhub and DoorDash are charging too much." It's like, no, delivery orders and catering orders are basically pure margin to restaurants. The chefs are already there. The rent is already being paid. "The more things we pump out of the kitchen, the more money we make," which is why restaurants are willing to pay higher fees. These restaurants are not stupid. They're not being misinformed. OpenTable, well before there were any delivery startups, was like, "We're going to fill up your tables, and we're going to give you software that helps you manage your tables most effectively to make the most profit." Got it. Okay, great. If you've got-…

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