In an era where tech entrepreneurs chase the next cryptocurrency boom or AI breakthrough, Jordan Fried is taking an unexpected turn. The serial entrepreneur and self-described blockchain evangelist is setting his sights on what many would consider a surprising new target: “boring” businesses. After years of riding the volatile waves of cryptocurrency and NFTs, Fried has discovered that sometimes the most lucrative opportunities lie in the most unexpected places.
From Digital Real Estate to Real Value
Fried built his reputation in the digital sphere, where he demonstrated an uncanny ability to spot emerging trends. He purchased the domain NFT.com for $2 million in 2020 before NFTs became mainstream, and acquired valuable digital properties like puertorico.com for $1.1 million and israel.com for $2.5 million. His approach to digital assets was always long-term: “I’ve actually never sold a domain name,” he notes. “I just buy domain names and then I hold them until I figure out what to do with them.”
But now, he’s pursuing a different kind of asset: established, cash-flowing companies that solve real problems. “I feel like the thesis is less good in doing this in the blockchain space and far more validated in just buying cash flowing businesses independent of sector,” Fried explains. His new focus? Finding what he calls the “HVAC plumbing equivalents in the B2B software as a service space.”
This pivot comes after witnessing the volatility of trendy tech investments. Reflecting on the NFT boom and bust, Fried observes, “People just aren’t that excited about spending a hundred thousand dollars for a monkey picture as they were in 2021. And actually that makes a lot of sense… I think that was a phenomenon of zero interest rate environments. Rates were zero, money was free or cheap, and people were just doing a lot of things that they’re not doing when rates are five to 7%.”
The Appeal of the ‘Boring’
For Fried, these seemingly mundane businesses represent something profound: stability and lasting value. “Really great businesses are already really great, and sometimes they just need a nudge in a different direction,” he says. His approach isn’t about radical transformation but rather about identifying companies with proven track records and helping them evolve.
“Those are great businesses. People are still going to be calling their plumbers in 10 years. People are still going to call some HVAC company in 10 years,” Fried notes. While he doesn’t plan to invest in actual plumbing companies, he sees similar potential in B2B software services that are “super sticky” with dependent customers.
His recent investments include email marketing tools and customer relationship management software – businesses that might not make headlines but generate consistent revenue through solving real business problems. These investments have proved his thesis: sometimes the best opportunities aren’t in cutting-edge technology but in fundamental business solutions that companies can’t live without.
A Different Kind of Partnership
Unlike the typical venture capital model that pushes for rapid growth and quick exits, Fried’s approach is more measured. “Our goal is to own these things forever,” he states. “Unlike a venture capital fund, they’re sort of forced to do another round and another round and another round, and eventually IPO or sell the business. That’s not our pressure at all. Our pressure is just keep the company profitable and let’s keep doing what we do best and let’s grow it steadily over time.”
This philosophy extends to how he works with existing business owners. “It’s hard to even call them purchases as much as they are like partnerships,” Fried explains. He often structures deals to allow current owners to maintain significant involvement while providing them with liquidity options. “In many cases, these are people that unfortunately don’t have people to pass these businesses off to… and for us, these boring businesses are really goldmines.”
His partnership approach is particularly resonant with business owners facing succession challenges. “With Gen Z being what Gen Z is, many of them have other hopes and dreams other than taking over their parents or grandparents boring businesses,” he notes. This creates opportunities to provide exit strategies while preserving business legacies.
Learning from Experience
Fried’s pivot comes from deep entrepreneurial roots. Growing up with entrepreneurial parents normalized the idea of starting businesses, making risk-taking feel natural. “My father had started a number of companies before he finally started one that was successful and enabled him to support my family of one of 10 children,” he recalls. This background gave him unique insight into the challenges business owners face.
His approach now focuses on understanding people and their motivations rather than just analyzing balance sheets. “I think business at any size is just about people and understanding people and understanding what people are great at,” he says. This human-centered philosophy shapes how he evaluates potential partnerships and helps companies grow.
“Almost always, I think it’s about understanding someone’s personality, what drives them,” Fried explains. He looks for opportunities to provide value beyond capital, whether it’s strengthening operations or enabling focused growth in specific areas of expertise.
This shift in strategy reflects a broader maturation in Fried’s business philosophy. While blockchain and cryptocurrencies offered exciting opportunities, he’s found that traditional businesses with steady cash flow and loyal customers offer something equally valuable: predictability and longevity.
“I think what I love about private equity unlike VC, is there’s no forced liquidity at the end of it,” he explains. This longer-term perspective allows for more sustainable growth and meaningful partnerships with business owners who care about their legacy.
For Fried, this new chapter represents more than just a business strategy—it’s about building lasting value in an increasingly volatile economic landscape. By focusing on established businesses with proven models, he’s betting that sometimes the most rewarding investments are the ones that seem the least exciting at first glance. In doing so, he’s not just acquiring companies; he’s preserving and growing businesses that form the backbone of the economy.
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