![Luca Ferrari - Building Bending Spoons - [Invest Like the Best, EP.446]](https://image.scripod.com/https://megaphone.imgix.net/podcasts/b29cbd80-b93a-11f0-a1b7-2b977c9469a2/image/39f7864ea628f71a81b94662bd4a86df.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress)
Luca Ferrari - Building Bending Spoons - [Invest Like the Best, EP.446]
Luca Ferrari - Building Bending Spoons - [Invest Like the Best, EP.446]
Luca Ferrari - Building Bending Spoons - [Invest Like the Best, EP.446]
In this episode, we dive into the story of Bending Spoons, a company redefining the intersection of technology and private equity. Its CEO, Luca Ferrari, shares insights on building a high-performance organization from the ground up in Europe, challenging conventional models of acquisition and growth. Rather than chasing trends, Bending Spoons focuses on long-term value creation through operational excellence, disciplined investing, and a unique cultural ethos.
Bending Spoons combines tech innovation with private equity strategy to acquire and transform digital companies like Evernote, Meetup, and AOL. Starting with just €40,000 after a near-failure, the team developed a repeatable playbook focused on optimizing product, pricing, and marketing across acquired businesses. They prioritize predictable, scalable companies with untapped potential, often revitalizing underperforming brands through rapid execution and technical overhaul. The firm finances growth via cash flow and debt, minimizing equity dilution while attracting strategic investors. A culture of high talent density, intrinsic motivation, and long-term thinking drives performance—rejecting KPI-based incentives in favor of integrity and ownership. Luca emphasizes disciplined valuation, probabilistic decision-making, and the importance of identifying overlooked opportunities in overhyped markets. AI is seen as an efficiency amplifier, not a disruptor, aligning with their focus on sustainable improvement. Based in Europe, Bending Spoons aims to build a lasting tech institution by proving that world-class companies can thrive outside Silicon Valley.
06:06
06:06
Bending Spoons aims to be a defining institution in European tech like Berkshire Hathaway.
10:19
10:19
Building a remarkable business in Europe has extra significance due to fewer successes and can inspire local talent.
22:43
22:43
The jobs we offer are the most important product.
31:57
31:57
Evernote was acquired by paying 50% more than the next best offer, securing a win-win deal.
36:00
36:00
Retention improved after a 60% price increase on Evernote, defying conventional wisdom.
40:37
40:37
It's unwise to offer the highest or lowest price; a fair price upfront is preferred.
41:20
41:20
Debate assumptions without looking at model outputs to avoid bias.
45:48
45:48
Capital increases caused only about 10% dilution to bring in high-quality international investors.
46:34
46:34
Being paranoid about user acquisition sources is crucial for acquisition success
53:17
53:17
Great investors assess each business on its fundamental merits, not just patterns.
56:10
56:10
Early Amazon investors succeeded by recognizing Jeff Bezos' rational thinking and leadership
1:00:56
1:00:56
Hiring and coaching are critical for growth
1:05:10
1:05:10
Most people they talked to were raising equity capital, not debt.
1:09:09
1:09:09
AI will be mostly positive for Bending Spoons due to its diversified model and focus on functional efficiency.
1:11:08
1:11:08
AI will widen the gap between Bending Spoons and other companies.
1:18:25
1:18:25
Two classmates helped me overcome extreme shyness at the teacher's request, which changed my life.
