in college, we saw at the ballpark [that they had concessions] but they didn’t have apple pie. So we contacted Chef Pierre’s Pies, Mrs. Smith’s Apple Pies [Editor’s note: the companies are now owned by Tyson Foods and the Schwan Food Company, respectively.] They were entertained by a freshman in college and signed the [non-disclosure agreements]. We ended up picking Chef Pierre and had individual servings that could be quickly heated in the microwave. We had these specially designed containers, one side kept the apple pie hot, the other side kept the ice cream cold. You had to have a la mode serving. We took it to the University of Texas stadium. They promptly told us they only bought through ARA services, distributors. We didn’t have that relationship.
There’s a company in San Antonio; they were the leaders in some concessions. Frank Liberto, I asked him to sign an NDA—and he signed one! They had Ricos nachos. They now sell more nachos and popcorn than anyone in the world. He said, “Guys, this won’t work.” It was 1986. Back then, there was a $9.36 per patron average. They would get popcorn, which is the salty, wash that down with suds, maybe get a hotdog and wash with suds. Then they want something sweet and maybe they’ll wash it down with one more suds. [He said,] “If I let you sell apple pie a la mode, what do you think somebody wants after that? They want a nap, and they’re not going to buy anything. You would singlehandedly destroy our concession sales and nobody would let that happen. When you graduate, I’d love to give you a job but this is not going to work.”
It was a good lesson to learn about the markets you want to sell in before you develop a product. Before you try to sell it: Does the market want this option?
X: What career advice do you give to new college graduates?
MM: For each one it’s different. It’s really exploring what are the subjects that have truly interested them. What do they like thinking about? Let’s focus on your strengths. We’re not going to make your weakness into a strength so let’s not try.
Nick Elder, he graduated from Rice on a football scholarship. We were discussing this over the course of a lunch and he said, “Believe it or not, I really enjoyed my accounting class. I like the logic and how the numbers work.” I said, “Then you should get a master’s in public accounting.” He got into the Rice program. He just got a job with PwC. It’s the exact applications of his true skill set.
It’s about figuring out what do they enjoy, what are they good at, and what is the kind of position that can really leverage those strengths for the rest of their career.
As long as they enjoy it, the more of an expert they will become in it. You only become world class if that’s something you’re truly passionate about.
X: If you got stranded on a desert island, what’s the one thing you would have to have with you?
MM: I would need some way to get some kind of radio signal. … If I’m stranded, I would need something to let me know what’s happening in the world. Even if I couldn’t communicate back, even just bringing information in and know what’s happening around would be OK.
