Waitr

Business + Innovation

Council approves a new innovation trust, a possible ‘crypteaux’ vehicle

▸ The gist: On Tuesday, the Lafayette City-Parish Council voted to approve the creation of a new public trust, called the Lafayette Public Innovation Alliance, and seat its first trustees. They were approved to serve five-year terms by the City-Parish Council. Future trustees will be nominated by the mayor-president and approved either by the city-parish council or, if the proposed charter amendments pass, by the parish council. Robideaux named Lafayette Parish the beneficiary of the trust.

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▸ The trustees are:

  • Chris Meaux – CEO of Waitr
  • Bruce Greenstein –  EVP, chief innovation and technology officer at LHC Group
  • Mandi Mitchell – assistant secretary of Louisiana Economic Development
  • Ramesh Kolluru – VP for research, innovation and economic development at UL Lafayette
  • Joel Robideaux

▸ Uh, what do they do, exactly? The primary goal of this trust is to produce and attract more technology and software development talent in Lafayette. There are no local public dollars being invested into the trust at this time — although Robideaux did offer to throw in the first $100 if that was required to make it kosher. The intent is to leverage the trustees’ contacts nationwide to find grants and get the trust funded and off the ground.

“Certainly any effort regarding a Lafayette-based cryptocurrency would naturally fit within the goals of the trust as I see them,” Robideaux wrote in an email. “More specific, if Lafayette develops a digital token and that token can generate seed money for the trust, then I would be elated.”

▸ What to watch for: Innovation districts. Robideaux indicated the fund could finance innovation districts that would help the region attract new talent. “We need to produce more talent locally, or implement a strategy to attract talent from other places…specifically technology talent,” he said at the meeting. While there was nothing specific about what that might entail, the idea resembles similar efforts underway in Chattanooga, which claims to be the first mid-sized city to establish an innovation district.

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News + Notes

Waitr affirms commitment to Lafayette after acquisition by a Texas billionaire

The gist: The news broke this week that app-based food delivery service Waitr was acquired by a Texas billionaire in a $308 million deal that will take the company public. CEO Chris Meaux says the company intends to expand operations in Louisiana and will continue to call Lafayette and Lake Charles home.

Meaux tells The Current…“We’re committed to Lake Charles and Lafayette; that’s where the bulk of our employee base is from a corporate perspective. We’re committed to Louisiana. This is gonna remain our home and that was an important factor in this deal.” Waitr’s management staff will remain the same, with Meaux continuing to serve as CEO. He also will be the newly public company’s board chairman.

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You can breathe now: In the immediate wake of the acquisition, it wasn’t particularly clear where Waitr would end up. It’s now owned by Texas billionaire Tillman Fertitta, the CEO of seafood restaurant chain Landry’s. Fertitta also owns the Golden Nugget Casino in Lake Charles.

Waitr is a major success story for Acadiana and Lake Charles. Losing its growing payroll and employment would have been a huge blow for a down and out Lafayette economy. Waitr employs between 400 and 500 people in Acadiana, including drivers, and accounts for roughly $25 million in annual payroll in Louisiana, according to a rough estimate from Meaux.

What to watch for: The acquisition will accelerate Waitr’s growth rapidly. Before the deal, Waitr was projected to double its revenue next year to $250 million. Capital infusion of this scale will put Waitr in the driver’s seat nationally in the app-based food delivery space in secondary markets. Meaux says the company will add three or four new cities to its portfolio per month and begin buying up smaller competitors. The company will continue to emphasize small and mid-size cities in its growth and marketing strategy. Meaux refers to Waitr as a “small town company.”

Locally, Meaux says the company is expanding beyond its offices at The Daily Advertiser building on Bertrand Drive. One possible landing spot is the Lemoine building Downtown. Meaux indicates the company is close to deciding on a site, but would not disclose where it would end up. Meaux says the company will continue to hire more software engineers, customer service reps and restaurant support staff going forward. Lafayette is Waitr’s software engineering hub.

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