By: Victoria Hoppe
On June 19th we hosted David Koretz as part of our monthly Brainfood Speaker Series. As CEO and Founder of Plum, he created a company truly dedicated to giving wine lovers and businesses a perfect glass wine with every pour. Plum’s innovative machine boasts two individualized chambers, where the wine’s integrity is preserved. Through a motorized needle, the machine pierces the cork or cap and preserves the wine with argon gas, thus extending the bottle’s shelflife from days to weeks. With this technology there is no more pouring down the drain or feeling as if you need to have a glass too many so that the bottle doesn’t go to waste. Useful to wine connoisseurs, hotels, and restaurant chains alike, this invention has proved a huge success.
The triumph of Plum began simply, as many young businesses do. As an entrepreneur, Koretz had explored different paths prior to the one he is on now, including running very accomplished software companies, BlueTie Inc. and Mykonos Software. Koretz was always drawn to the wine industry, even at a young age, recalling tales of meeting with Asian Pacific investors and ordering wine over dinner at 17 years old, hoping not to get caught.
One thing that attributed to his success in Plum, was his decision to focus on working with investors that were genuinely interested in his business over those with the right price tag. This is a strategy he encourages other startups to use, as well as creating an equity plan that will also give his employees opportunities for success. Koretz asks himself certain questions like, “Can we find our path?” and “Will my employees become CEO’s?” as a means of keeping himself on track to do the right thing both for his company and the greater good.
Koretz also had valuable advice for the Miami market, speaking on the importance of exits for many local companies. He also underscored the value of government and state investments in promoting computer science in schools, as well as keeping this talent from moving internationally. As far as new technology worth investing in, self driving cars and technologically advanced kitchens are on his radar, noting that convenience is in the forefront of growth in the industry.