Early-Stage Investor: Technology Is Eating Restaurants and the First Course Is QSRs
The General Partner at Bowery Capital enumerates tech's influence on the restaurant industry
Technology is completely reinventing the modern dining experience, and the days of the luddite restaurateur are numbered. Startups are enabling certain parts of the restaurant industry to be faster on their feet and more aware of the behaviors of both consumers and employees. We see the most pronounced movements in the QSR (Quick Service Restaurant) industry–logically so due to the character of the business: high customer frequency and lower emphasis on human service.
To segment this discussion, we can segment the restaurant business into two regions of activity separated by the counter, and three moments in time: before the visit, during the visit, and after the visit. This makes six elements of the restaurant experience that are truly changing in various ways due to the influence of technology. These changes are reflected in both B2C evolution and enterprise B2B developments.