Decentralized autonomous organizations (DAOs) are known for their diversity in size, form, and focus. Illustrating this variety, FriesDAO has announced the addition of Kory Spiroff, former Vice President of Domino’s Pizza, as an advisor.
FriesDAO, which was launched in December 2021 by Launch Code Capital partner Bill ‘Swo’ Lee and Drizly co-founder Brett Beller, is aimed at offering the crypto community opportunities to be involved in community-led restaurant franchises. The DAO uses its Ethereum-based FRIES token for governance purposes.
According to FriesDAO, the funds accumulated in the community treasury will be allocated towards acquiring and managing fast food restaurant brands. While the profits are controlled by the individual restaurant, DAO governance can influence decisions regarding expansion or improvement of existing locations.
“Members have already started conversations with franchisees looking to sell their existing stores, as well as development agents from brands,” Lee said “We anticipate 3-4 months for the first store.”
Lee indicates that FriesDAO is keen on collaborating with any brands that demonstrate a strong willingness to innovate. Currently, the DAO has set its sights on partnering with brands like Subway, Burger King, Popeye’s, and notably, Domino’s Pizza.
Spiroff’s association with Domino’s dates back to 1985 when he joined as a pizza delivery person. By 2008, he had climbed the ranks to become Vice President of Domino’s Europe, Middle East, and Africa division. In 2013, he took the helm of Alamar Foods Company, the holder of Domino’s Pizza’s franchise rights in the Middle East, North Africa, and Pakistan.
“I’ve been involved with building restaurant businesses all over the world, often having to overcome significant challenges along the way,” he said. “FriesDAO in my mind is an opportunity to explore the next frontier, the next great evolution. I want to be a part of that.”
Spiroff affirmed the potential of FriesDAO’s model, stating that constant evolution is crucial for the restaurant industry to remain relevant.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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