Decentralized autonomous organizations come in all shapes, sizes, and tastes. Speaking of tastes, FriesDAO announced today that Kory Spiroff, a former vice president of Domino's Pizza, has joined the group as an advisor.
Launched in December 2021 by Launch Code Capital partner Bill 'Swo' Lee and Brett Beller, co-founder of online retailer Drizly, FriesDAO aims to give the crypto community the chance to participate in community-governed restaurant franchises. The decentralized autonomous organization is using its Ethereum-based FRIES token for the DAO's governance.
FriesDAO says the funds raised by the community treasury will be used to acquire and operate fast food restaurant brands. It also says that while the particular restaurant controls its profits, DAO governance can influence them to improve or expand to additional locations.
"Members have already started conversations with franchisees looking to sell their existing stores, as well as development agents from brands," Lee tells Decrypt. "We anticipate 3-4 months for the first store."
Lee says that FriesDAO is looking to partner with any brands that are particularly open to innovation. At the moment, Lee says the DAO has its eyes on Subway, Burger King, Popeye's, and of course, Domino's Pizza.
Spiroff's time with Domino's goes back to 1985 when he was hired to deliver pizzas. By 2008, he had worked his way up to vice president of the company's Europe, Middle East, and Africa division. In 2013, Spiroff became head of Alamar Foods Company, which holds Domino's Pizza's franchise rights in the Middle East, North Africa, and Pakistan.
Spiroff told Decrypt FriesDAO is onto something because the restaurant industry has to continuously evolve to stay relevant.
"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."