World-renowned entrepreneur Marc Lore shares his wisdom with Jim Moran College of Entrepreneurship

Connecting students to accomplished entrepreneurs like Marc Lore aligns with FSU’s strategic plan of building on the university’s research and entrepreneurial excellence.

Marc Lore, founder of Wonder Group and a leading entrepreneur, participated in a fireside chat hosted by the Jim Moran College of Entrepreneurship (JMC) at Florida State University last week. The well-attended video chat, moderated by JMC Dean Susan Fiorito, offered students a chance to learn from Lore’s extensive business experience.

The college is known for hosting a variety of workshops, challenges, seminars, receptions and other events that provide students with a next-level educational experience that develops their professional skills. This was another event where JMC fulfilled its mission of giving students the best real-world entrepreneurial experience possible.

“We were so excited to have Marc Lore join us for an incredible fireside chat. His stories about taking risks, thinking big, and pushing the limits of innovation truly resonated with our students and community,” Fiorito said. “Marc’s journey is a testament to the power of perseverance and bold ideas, and we’re grateful he took the time to share his wisdom with us.”

Besides being the founder, chairman and CEO of Wonder Group — a company that is reinventing the at-home dining experience — Lore is also the newest National Basketball Association (NBA) owner. In the spring 2021, he purchased the Minnesota Timberwolves and Minnesota Lynx with friend and business partner, Major League Baseball legend Alex Rodriguez.

The moderated discussion with Fiorito featured pre-submitted questions, followed by a live question-and-answer session. Students gained valuable insights from Lore on various key topics, including his entrepreneurial journey, the lessons he has learned and his expectations for the future.

Lore spoke about his partnership with Rodriguez, highlighting the complementary skills they bring to the table — Rodriguez’s championship experience and Lore’s entrepreneurial background. Their shared values of honesty and transparency, he believes, are key to their successful collaboration.

When asked about his vision on the creation of Wonder Group, Lore explained that he observed ways he could expand on what was already a strong market in food delivery.

“I think there’s the current vision and then there’s the much bigger long-term vision,” Lore said. “While I was at Walmart doing e-commerce — and had been doing that for a while, I watched food delivery explode around the world. People don’t want to cook anymore. They love the convenience of eating at home.”

He continued by explaining that there needed to be a breakthrough in integrating food delivery by owning restaurants, cooking and managing delivery to enhance customer value.

“Doing the delivery in a fully integrated way to elevate the customer value prop. That was the initial thinking and the kernel of the idea which has grown much more ambitious over time.”

Lore has started and sold four companies, most recently Jet.com which was acquired by Walmart in 2016 for $3.3 billion. He was also the co-founder and CEO of Quidsi, the parent company of e-commerce websites Diapers.com, Soap.com, Wag.com and more. The company was sold to Amazon in 2011 for $550 million.

Lore often referred to the term “eating glass” when talking about overcoming challenges. This phrase encapsulates the difficulties he faced during the early days of Jet.com and Quidsi, highlighting his resilience and determination.

When asked what he felt was the most important element in scaling a business from an idea to an acquisition-worthy entity, Lore emphasized the significance of having a clear vision, securing the necessary capital and attracting the right people.

“I always talk about VCP: vision, capital, people,” he said. “Those are the three core tenets of what it takes to scale a business. I spend 90% of my time on vision, capital and people. When I say vision, I mean having a crystal-clear vision of what you want to be in 10, 15, 20 years from now.”

When discussing the foundational elements of scaling a business, Lore emphasized the importance of a strategic approach.

“Developing a comprehensive capital plan early in the company’s lifecycle is crucial,” he said. “It involves determining the amount of capital required for each round of financing over time, leading towards an eventual exit, such as an IPO or sale. Equally important is creating a culture that attracts top talent and enables them to perform at their highest potential.”

The hour-long event concluded with approximately 20 minutes of questions from students in the audience on topics ranging from updates on his latest ventures, job inquiries and advice, the concept of thinking big and the steps needed to become a successful entrepreneur.

Lore shared his thoughts on the essential skills he believes every aspiring entrepreneur should develop.

“I want to teach people how to assess and take risks,” he said. “Also, how to create an effective pitch deck that tells a compelling story. There’s a big difference between just making a pitch deck and creating one that tells a story. Storytelling is crucial for recruiting, fundraising and conveying vision and strategy.”

Lore also discussed his next venture, which involves creating an AI-generated meal-time app. This app aims to tailor food service to individual eating habits and manage health data, offering a personalized approach to nutrition and wellness.

One of the most significant impacts AI can have, according to Lore, is in food technology. He sees a transformative potential in bridging food and health, a vision that Wonder Group aims to realize.

“I think it has the ability to be transformational in a way that it’s not likely to be in other verticals,” Lore said. “This idea of food and health and how that comes together, that goes to happiness, health span and goes to overall well-being.”

For job seekers, Lore’s advice was to focus on crafting a strong résumé. He believes that while job interviews are important, they don’t always predict workplace success. A competitive résumé, in his view, remains a crucial indicator of a candidate’s potential.

“People that are the top 5%, top 10%, they all exhibit a very similar pattern of behavior on their résumé,” Lore added. “If they don’t have that pattern, I don’t even look at the résumé.”

Ranked as the top undergraduate school for entrepreneurship programs in Florida, JMC’s programming builds impactful relationships with some of the top entrepreneurs in the world. The college continues to aid its students by providing them with top-notch insight while building professional skills for the future.

About the Jim Moran College of Entrepreneurship
The revolutionary and highly experiential Jim Moran College of Entrepreneurship at Florida State University is dedicated to teaching those who wish to embark on an entrepreneurial journey. The Jim Moran College (JMC) attracts students across disciplines and provides them with the education and skills they need to become entrepreneurs. JMC offers students three undergraduate majors, five graduate majors, 10 minors and a vast array of extracurricular opportunities, to inspire innovation, instill compassion and ignite an entrepreneurial mindset in the next generation of leaders.

For more information, visit jimmorancollege.fsu.edu.

About the Jim Moran Institute for Global Entrepreneurship
The Jim Moran Institute for Global Entrepreneurship, housed in the Jim Moran College of Entrepreneurship at Florida State University, cultivates, trains and inspires entrepreneurial leaders through world-class executive education, applied training, public recognition and leading-edge research. The Jim Moran Institute comprises a dedicated team of entrepreneurship professionals, academic scholars and staff who foster the entrepreneurial spirit by helping to organize, expand and promote the knowledge and practice of entrepreneurship to facilitate new business and further the goals of established businesses.

For more information, visit jimmoraninstitute.fsu.edu.

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