Capitalist for Capitalism Magazine | August Edition

Capitalists Capitalists

Dear Readers,

One of the best pieces of advice I’ve ever received and one that continues to resonate more deeply with each passing year, is this: Business, like life, is a long game.

That may seem obvious in principle, but it’s easy to lose sight of in a world increasingly driven by short-term gains, quarterly returns, and viral metrics. Yet when we look at the kind of business that truly endures (i e the kind that builds wealth across generations, changes industries, and leaves a positive legacy), it’s always rooted in long-term thinking And more often than not, it’s built with people who share your deepest values

This theme of building wealth for and with people who share your values, is one that emerged repeatedly during my recent visit to the Academy on Capitalism and AIER Summer Seminar I was honored to speak at the event and even more inspired by the conversations I had with business leaders, students, and fellow board members throughout the week. Several of them are featured in this month’s issue.

One moment that particularly stood out was during a board meeting I attended alongside Yagub Rahimov, a principled business leader and fellow advocate for capitalism. Yagub recently joined the board of a nonprofit I’ve served on for years and watching him contribute his strategic insight with a clear sense of mission reminded me of why shared values are not just “nice-to-have” but are in fact, a business imperative.

Why? Because shared values do 3 critical things in any long-term endeavor, especially in business

First, shared values guide how you make money and how you’ll use it in the future.

When you’re building a company or an investment partnership with people who share your worldview, you aren’t just solving today’s problems or chasing this year’s revenue targets. You’re aligning on where that money goes next Do we reinvest in growth? Do we fund the next venture? Do we support nonprofits, policy reform, or educational efforts that can strengthen the culture of enterprise? When your partners share your values, these questions become easier to answer and the vision becomes far more expansive

This is precisely what we’re working toward at Liberty Ventures: a platform that connects capital to opportunity but also connects capitalists to each other, including leaders who understand that capitalism is about markets and moral vision Hence why we’re investing in both for-profit startups and nonprofit institutions that help shape the future of principled business

Second, shared values shape how you do business together

It’s one thing to agree on outcomes such as profits, growth, or market share. It’s another to align on the process, i.e. how we treat customers, how we make decisions, how we hire and fire, how we balance risk and integrity.

When you do business with people who believe in the same foundational principles of personal responsibility, voluntary exchange, respect for contracts, and an openness to competition, you can operate with a level of trust and clarity that simply doesn’t exist in values-agnostic partnerships.

This doesn’t mean you’ll agree on everything; however, it does mean you’ll have a common ethical framework to interpret what disagreement means and how to approach it. That brings us to the third point

Third, shared values minimize conflict and make it easier to resolve when it arises.

Business relationships, like all relationships, inevitably involve tension There will be market downturns, product failures, personality clashes, and differences in judgment. Yet when the people around the table are operating from the same foundational worldview, even hard decisions can become more constructive. You’re not battling over first principles and instead, you’re negotiating from them.

During the summer seminar, several of the featured business leaders in this issue echoed that sentiment One noted that every major turning point in his company was less about market strategy and more about cultural alignment, i e finding the right partners and employees who didn’t just want to win, but wanted to win the right way Another emphasized that long-term partnerships only endure when everyone is rowing in the same philosophical direction

That’s exactly what we’re promoting in this magazine, and most of all, through our broader efforts at Liberty Ventures and Principled Business. Our mission is to help principled business leaders do business together, to build companies, invest in ideas, mentor emerging founders, and support nonprofits that advance the moral and economic case for capitalism

We’re not advocating for capitalism in the abstract We’re showing what it looks like in practice: what it means to build wealth with integrity, to resolve disputes with mutual respect, and to use our profits not just for personal gain, but to build institutions that extend freedom and opportunity to others

Whether you’re a founder, an investor, a board member, or a student just beginning your career, I encourage you to think about your work in this broader context. Who you choose to build with and why matter as much as what you build

Find the people who share your values Align not just on what you want to achieve, but on the kind of culture you want to create. In doing so, you’ll not only make more money, you’ll also make a difference.

For Liberty,

Alexander McCobin Editor-in-Chief Capitalists for Capitalism

Who’s Taking the Stage?

By Alexander McCobin, Liberty Ventures

In the heart of Almaty, Kazakhstan, a revolution is taking place, one that combines entrepreneurial ambition, frontier technology, and a commitment to principled business

The 2025 Central Eurasian Venture Forum (CEVF) served as a compelling testament to the fact that the spirit of capitalism is flourishing not only in the global metropolises of Silicon Valley or London, but increasingly in the rising startup ecosystems of Central Eurasia.

The Forum, which gathered more than 800 entrepreneurs, investors, and ecosystem builders from across the region and beyond, spotlighted a clear message: the world is watching, and the entrepreneurial momentum coming out of Central Eurasia is promising, values-aligned, investor-ready, and grounded in the belief that free enterprise is the greatest engine for prosperity and human flourishing

Kazakhstan's Unicorns: Proof That the Model Works

The headline stories of the Forum were Kazakhstan’s growing list of unicorns (startups valued at over $1 billion) that have emerged from an ecosystem once considered nascent just a decade ago Companies like Kaspi.kz, which now rivals global fintech players, and ChocoFamily, a dominant force in e-commerce and digital services in the region, are rewriting the narrative of where high-growth ventures can originate What was striking in the presentations and panels was not merely the valuations or exit strategies, but the mindset behind them These are not copycat companies blindly replicating Western models Instead, they are rooted in local context, solving problems unique to their societies, and scaling with a firm belief in the power of business to uplift lives CEVF served as a platform for these founders to share their journeys which are gritty, resourceful, and often bootstrapped in the early days Their stories are emblematic of a core capitalist ideal that with courage, creativity, and capital, individuals can build something meaningful that serves others and generates wealth for all stakeholders

AI at the Center of Global Competition and Cooperation

Artificial intelligence was another dominant theme throughout the Forum, and for good reason! Eurasian startups are adopting AI as well as helping shape its development, especially in multilingual natural language processing, logistics, and regional financial infrastructure. Panelists discussed how generative AI is transforming everything from agricultural supply chains in Uzbekistan to energy optimization systems in Turkmenistan

Yet what made the discussions unique was the framing. Rather than focusing solely on disruption or regulatory threats, speakers emphasized AI as a tool to augment human capacity and strengthen social trust through transparency and efficiency In a fireside chat with several AI-focused venture funds, the point was made that capitalism thrives when innovation is paired with moral responsibility, a principle increasingly embraced by founders in the region

One of the Forum’s most talked-about sessions featured a cross-border cohort of AI founders, many of whom are building with open-source frameworks and actively collaborating across political borders Their message was clear: capital and talent may be mobile, but values travel just as far. And when aligned around the right incentives, those values can build a better technological future

Bridging Founders and Investors: A Region Ready for Capital

Perhaps the most pragmatic outcome of the Forum was the growing bridge between Eurasian founders and global investors. Sessions designed for investor-founder matchmaking saw a flurry of activity, as venture funds from Europe, the Gulf, and Southeast Asia sought deals with early-stage companies from Central Asia and the Caucasus

Yet what resonated most was how both sides framed the relationship This was not about extractive capital or chasing inflated valuations. Investors and entrepreneurs alike emphasized partnership over patronage. That means more long-term alignment, clearer governance, and a shared belief in value creation over value capture

This was best encapsulated by a quote from one panelist: “We’re not here to build unicorns for ego We’re building for endurance - for companies that outlive their founders because they serve something greater than themselves.” Workshops at the Forum also addressed concrete strategies for investor-readiness in the region - everything from cap table discipline to scalable product-market fit Several accelerator programs and regional angel groups announced new cross-border syndicates, with a focus on founders who can demonstrate not only business acumen but mission clarity.

A Quiet but Steady Rebirth of Capitalism’s Reputation

In a world where capitalism is often caricatured as extractive, exploitative, or elitist, the Forum offered a quiet rebuke to that narrative. The entrepreneurs on stage were not ideologues. They were builders, and their values spoke volumes

They believe that wealth creation is noble. That solving problems at scale is worthy That leadership rooted in integrity can drive not only profits, but peace and progress. And they’re putting those beliefs into practice in countries that, not long ago, were dismissed as too risky, too remote, or too rigid

Capitalism, when grounded in principle and matched with opportunity, doesn’t just survive - it spreads. And what we saw at CEVF is that a new generation of founders is carrying the torch forward with purpose

Bridging Founders and Investors: A Region Ready for Capital

CEVF may not yet rival Davos in scale or hype, but it doesn’t need to. Its strength lies in its authenticity. These are entrepreneurs who are not asking permission to build They are simply building with or without fanfare, and creating the next chapter of capitalism in their image: principled, resilient, and globally connected

As investors, media, and policymakers begin to pay more attention to this region, the lesson from CEVF is simple but profound: free enterprise is alive and well in the heart of Eurasia And the future of capitalism may very well be written by the founders you haven’t heard of yet, but that you soon will.

Why Did Pirates Wear Eyepatches — and Why Should Bitcoiners and Libertarians Do the Same?

Written by Dusan Matuska, AmityAge

For most of my life, I thought the reason pirates wore eyepatches was obvious: they’d lost an eye in battle and covered it to avoid infection or curious stares. Nearly everyone I asked assumed the same; however, as it turns out, the truth is far more fascinating and surprisingly relevant for today’s Bitcoiners, libertarians, and lifelong learners

Pirates weren’t just wild adventurers sailing the seas. They were the original seasteaders, crafting floating societies that functioned entirely without the state They mastered self-governance, behavioral economics, marketing, and reputation management long before these fields had names If you haven’t read The Invisible Hook by Peter T Leeson, do yourself a favor and dive in. It’s an eye-opener.

Among the many things pirates did right, their use of eyepatches was brilliant And no, it wasn’t about injury but about strategy

Pirates often had to fight both on deck and below it, where total darkness reigned So they kept one eye constantly adjusted to the dark by wearing an eyepatch When they rushed below deck or were forced into a tight, dark space, they would flip the patch to the other eye instantly gaining full night vision. While their opponents were fumbling blindly, they could see clearly In those life-or-death moments, a few seconds of vision meant everything

The eyepatch was their edge, their preparation A simple tool that made all the difference when the moment arrived.

We can learn from this.

As students of Austrian economics, Bitcoin, and individual sovereignty, we spend countless hours reading, experimenting with wallets, practicing self-custody, improving privacy, and understanding how decentralized systems work Yet often, we don’t know when we’ll need this knowledge

Some of us live in places where openly using Bitcoin is dangerous Others are fortunate to live in relatively stable environments (for now) Storms can come quickly, bank accounts can be frozen, currencies can collapse, borders can close, and freedoms can vanish overnight.

And when that day comes - when it’s your turn to fight in the dark - all your preparation becomes your greatest asset.

You’ll know how to store your wealth in 12 simple words You’ll know how to cross a border with your net worth in your head You’ll know how to send lightning payments in seconds You’ll know how to be untraceable, unstoppable, and unbreakable

That’s not just knowledge. That’s power. That’s freedom.

So yes, wear an eyepatch. Metaphorically, of course. Be the one who’s ready when others panic Study Bitcoin not just for today’s gains, but for tomorrow’s battles For the day when the lights go out, and only those with trained eyes can navigate the dark.

We don’t prepare because we’re paranoid We prepare because we understand history. We prepare because we believe in the future And when that moment comes, we’ll be ready to protect our wealth, our loved ones, and our liberty.

Until then? Keep stacking Keep learning Keep that eye sharp

Be like the pirates. Wear the eyepatch. Study Bitcoin.

What Birds, Sex & Capitalism Teach Us About Progress

Written by Zussel Ramos, Liberty Ventures

What drives human progress?

For many, the answer is top-down planning, genius inventors, or bold political leadership Yett according to bestselling author Matt Ridley, real innovation works very differently, and much more like nature

In a recent episode of the Liberty Ventures Podcast, Ridley joined host Alexander McCobin to discuss his latest book, Birds, Sex and Beauty, and why innovation is an evolutionary process powered by exchange, decentralization, and freedom, not control

Ridley took the evolutionary metaphor one step further when he described how innovation happens, i.e. not in isolation, but through exchange.

“Innovation occurs when ideas meet and mix,” he said. “It’s not top-down. It’s ideas having sex.”

This provocative and memorable phrase captures the heart of Ridley’s thesis that progress happens when people are free to share, combine, and build on each other’s ideas Innovation emerges from countless decentralized experiments

Ridley’s latest book dives into Darwin’s theory of sexual selection, the idea that many traits evolve not for survival, but for attraction. For instance, a peacock’s tail doesn’t help it outrun predators, but it helps it find a mate.

Similarly, Ridley argued, many of our most celebrated human traits, like music, art, and intelligence, aren’t about survival alone. They’re signals or displays of quality. In evolutionary terms, they help us compete in a world of choice.

This insight reframes beauty and creativity as engines of progress The pursuit of beauty and excellence is fundamental to how we evolve and improve

From agriculture, to aviation, and to AI, breakthroughs have come from open societies where individuals can test, tinker, and trade

Capitalism as Evolution in Action

This evolutionary logic, as Ridley argued, is not isolated to biology but can apply just as powerfully to markets.

“Capitalism,” he said, “is an evolutionary system. It allows trial and error. It allows failure. It rewards adaptation.”

In other words, capitalism is how we discover what works.

What Sexual Selection Tells Us About Innovation

“Ideas Having Sex”

And far from being selfish, Ridley sees markets as deeply cooperative Every transaction is vol t E depends on creating value for other

The Role of AI in Our Future

The conversation also turned intelligence While Ridley acknowled will bring, he’s also cautiously optim AI as a replacement for human cre tool to enhance it

In fact, the rise of AI reinforces R future will belong to syste experimentation and diversity of tho

In a world obsessed with certainty message was a breath of fre unpredictable and that it comes fr things, failing, and trying again

That’s why defending freedom of entrepreneurship is so essential. It position. It’s how we will move forwa

For those who believe in capitalism this episode is a powerful reminder what’s possible when people are fre

Watch the full conversat

To explore more conversations like Liberty Ventures Podcast, where investors, founders, builders, and future through principled business

Why Business Leaders Should Take Seriously the Marxist Threat

Written by Mark Skousen, Eagle Publishing

“The philosophers have only interpreted the world in various ways. The point, however, is to change it.” –Karl Marx

Survey shows that young people are increasingly anti-business and attracted to “democratic socialism” and even radical Marxism. Note the rise in politicians who call themselves “socialists,” including Senator Bernie Sanders, Congresswoman Alexandria Ocacio-Cortez, and probably the next mayor of New York, Zohran Mamdani

Granted, none of them advocate for the old extreme policies of nationalization and abolition of private property Instead, they advocate for “socialist lite” , i e free education, socialized medicine, subsidized transportation, wage and rent controls, trade protectionism, aggressive regulations of business and the environment, mandatory diversity programs, and progressive taxation on the rich to pay for it all. In short: big intrusive government.

So who are the people attracted to socialism and its most advanced ideology, Marxism? It is a growing group of individuals disenfranchised by market capitalism: workers who have been laid off, minorities who have been discriminated against or treated unfairly by an overweening boss, poor and middle class workers who feel trapped by the rising cost of living, privileged youth who are fed up with the “system” and feel guilty being part of the leisurely class, college students who are brainwashed into thinking that economic growth leads to growing poverty and degradation of the environment; and most dangerously, periods of financial crises and deep recessions that leave companies bankrupt and workers unemployed.

Socialists are especially attracted to Karl Marx (1818-1883), the German philosophy and the most vociferous critic of capitalism. Marxists are prominent on college campuses, and have dominated departments in history, political science, sociology, anthropology, English literature, and even business and economics.

What can business leaders do to counter this pro-Marxist and anti-commerce attitude?

First, it needs to educate its employees and future employees (currently in colleges and universities), revealing the defects in socialist policies and the benefits of free enterprise, dispelling the myths about capitalism, and then offer a better alternative to democratic socialism, that is, a successful business that gives all employees a better life

The Fundamental Problem of Socialism

One place to start is by explaining why socialist societies inevitably fail. Defenders argue that the Soviet Union, Cuba, and Venezuela failed because they didn’t pursue the right kind of socialism; however, the real problem with full-blown or even partial socialism is that they lack incentives to perform well, due to high taxes and stifling commercial regulations Even Sweden, often referred to as the poster child of a good socialist country, had to back away from its bloated government in the early 1990s, and has partially privatized its Social Security system, adopted school choice, and lowered taxes It is now ranked #12 in the world in the Economic Freedom Index.

Is Capitalism Any Better?

What complaints do Marxists and other critics make about market capitalism? They include: (1) growing income inequality, (2) damage to the environment, and (3) its alleged crisis-prone instability that can’t guarantee a decent job, wage or living conditions.

It is true that capitalism inherently rewards people who are better educated, work harder and are more entrepreneurial Yet, the American dream is still alive if individuals seek a better education and take responsibility for their own actions Unfortunately, welfare programs and other government policies often hinder the poor and minorities from advancing in society

From the production side, capitalism has created greater quantity, quality and variety of goods and services over time compared to socialist economies which often lack the incentive to create new products “Cheaper and better” should be the motto of all capitalists The fact that everyone - rich or poor - has a smart phone today supports Andrew Carnegie’s statement that “Capitalism is about turning luxuries into necessities ” If you give people more freedom, their fortunes and economies will grow, and poverty will decline As John Mackey, co-founder of Whole Foods Market, states, “Free enterprise capitalism has demonstrably lifted more people out of poverty than any other economic system ” And it has largely done so by improving the condition of all classes, both rich and poor

Regarding the environment, the Economic Freedom Index demonstrates that more advanced capitalist economies suffer from less pollution and environmental damage than socialist countries

Finally, it is true that capitalist nations have produced a boom-bust cycle and financial crises from time to time, but most of the ups and downs of the global economy are due to government mismanagement and unstable monetary policies between tight and easy money If government can maintain a stable, non-inflationary policy, and live within its means, the economy is likely to grow steadily

How do you get rid of a bad idea? With a better idea! What is better than democratic socialism? Democratic capitalism! By that, I mean the “win, win, win” formula of the stakeholder philosophy as advocated by John Mackey and his “Conscious Capitalism” model Under this model, all stakeholders win – customers, employees, executives, investors, suppliers, and the community

One way to benefit workers and reduce their revolutionary zeal to overthrow capitalism, is to engage in profit-sharing plans and stock option programs Henry Ford was the first to counter the Marxist argument that under capitalism, workers are exploited and alienated. In 1914, he announced a profit-sharing plan with his workers, more than doubling their income overnight Workers could now afford to buy a Model T Ford for the first time. It made headlines around the globe The Ford $5-a-day story has done much to repudiate Marxism in the United States

Another way is to build up cash reserves and retained earnings so that when the tough times come and the firm is forced to lay off workers, company officials can offer generous severance packages and help them find other work

It was Peter Drucker, the world’s #1 management guru in the 20th century, who argued that the large corporation is the “ideal social institution” in providing gainful employment, retirement, healthcare, and other benefits, far better than government, churches or non-profits can provide

MIT managerial economist Shlomo Maital summarized it best when he wrote, “The health and wealth of a large number of individual businesses - small, medium and large - determine the economic health and wealth of a nation. When they succeed, managers create wealth, income and jobs for large numbers of people When they fail, working people and their families suffer ”

Despite the lure of socialism, the verdict is in: Democratic socialism is all about sharing the poverty while democratic capitalism is about sharing the wealth. So which would you prefer?

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No Bosses, No Bureaucracy: How Morning Star Proves Self-Management Works

Written by Alexander McCobin, Liberty Ventures

The Foundation: Freedom with Accountability

In a world where org charts resemble pyramids and decisions bottleneck at the top, the Morning Star Company stands as a radical, yet remarkably effective, outlier As the largest tomato processor in the world, Morning Star isn’t just redefining agribusiness but challenging the very idea of what management should look like.

At Morning Star, there are no managers No titles No promotions No central authority telling employees what to do. Instead, every colleague is a selfmanaging professional, responsible for defining their own mission, negotiating their commitments with peers, and holding themselves accountable to the enterprise’s success.

And yet, despite what might sound like organizational chaos, Morning Star generates over a billion dollars in annual revenue, supplies nearly half of the U.S. processed tomato market, and consistently ranks among the most efficient and innovative companies in its field.

This isn’t a utopian experiment: It’s a working capitalist model, built on radical personal responsibility, transparent contracts, and deeply held values.

Founded in 1970 by Chris Rufer, Morning Star’s self-management system wasn’t born from anti-authoritarian sentiment, but from a deeply capitalist conviction that people are more effective when they are free to act in alignment with their personal commitments, rather than orders from above Instead of job descriptions handed down from HR, Morning Star uses what it calls a Colleague Letter of Understanding (CLOU) Each employee writes one, spelling out their mission, responsibilities, and commitments to their peers They negotiate these agreements directly with those who depend on their work The result is a web of mutual accountability, built from the ground up.

Employees decide what tools they need to get the job done If they want to purchase a new piece of equipment or launch a new initiative, they don’t go up a chain of command - they consult relevant stakeholders, gather feedback, and take action. The assumption is that those closest to the work are best positioned to decide how it should be done.

In short, Morning Star practices what might be called “entrepreneurship at every level ” It’s a living proof point that capitalism, at its best, isn’t about centralized control but about unleashing human initiative

Chris Rufer, Morning Star’s CEO

Why It Works

Critics of self-management often assume it leads to anarchy or indecision Yet, Morning Star shows the opposite With the right structure, clear goals, and cultural expectations, self-managed teams outperform traditional hierarchies

These are the 3 key principles make the system work:

1.Clear Purpose: Every colleague has a personal mission that aligns with the company ' s overall goal, here it’s to produce tomato products of the highest quality and value. This shared purpose guides decentralized decisions

2 Radical Transparency: Information on performance, costs, and outcomes, etc. is shared openly. With this transparency, decisions are made based on reality, not politics

3 Peer Governance: Rather than relying on managerial enforcement, Morning Star uses social and contractual norms Accountability is enforced through peer feedback, mutual agreements, and measurable outcomes.

More than asking for permission, colleagues ask, if their decision aligns with the mission? Will it add value? Who will be affected, and have they consulted with them? It’s a mindset that rewards initiative, trustworthiness, and results

Lessons for Other Companies

While Morning Star operates in a specific industry with a unique culture, its model offers the following replicable lessons for other businesses, especially those looking to scale without the drag of bureaucracy:

1 Shift from Control to Commitment: Replace job descriptions with personal mission statements. Encourage employees to co-create roles based on their strengths and what the business needs This creates buy-in from the start

2.Build Systems for Transparency: Decentralization only works if people have access to timely, accurate information Invest in dashboards, open books, and feedback loops that make performance visible to all.

3 Use Contracts, Not Bosses: Borrow Morning Star’s CLOU concept Let employees negotiate responsibilities with each other rather than receive orders from above. These peer-to-peer agreements foster autonomy and accountability

4 Train for Self-Management: Not everyone is used to working without a boss. Provide training in communication, conflict resolution, financial literacy, and decision-making Build a culture where feedback is expected and respected.

5.Start Small, Then Scale: Companies don’t need to scrap their entire hierarchy overnight Try implementing self-management in one team, one department, or one function. Let results speak for themselves and scale what works

Why It Matters Now

As industries evolve and younger generations demand more autonomy and meaning in their work, traditional management structures are being questioned more than ever Bureaucracy slows innovation Micromanagement erodes morale. And in a hyper-connected world, agility trumps rigidity

Morning Star’s model offers a blueprint for what’s possible when people are trusted to act like owners because they are treated as such It demonstrates that capitalism isn’t just about capital. It’s about unleashing human potential. As more companies look for ways to combine high performance with high purpose, Morning Star reminds us that the most powerful systems are those where responsibility is earned and not imposed.

Capitalism with Character

For the readers of Capitalists for Capitalism, Morning Star offers more than a management case study: it’s a philosophical affirmation. It shows that the most moral system is also the most productive, as well as one that trusts individuals, honors voluntary cooperation, and scales freedom through structure.

As Chris Rufer once said, “The organization should be the instrument of the individual, not the other way around.” That’s a revolutionary idea and a deeply capitalist one

What Is the American Dream? Getting Great at Your Craft

Written by Gonzalo Schwarz, Archbridge Institute

As I was founding my nonprofit organization, I was part of a mentorship program geared towards connecting new leaders from younger organizations with established leaders. My mentor for the program was, my now friend, Dr. Arthur Brooks. Arthur is a very accomplished French horn player who left the musician’s life in his early 30s to study economics and earn his PhD After specializing in nonprofit management, and researching philanthropy and happiness, he became the president of a DC think tank, where he helped grow the organization in visibility and impact, doubled their revenue, and conducted a successful capital campaign to buy a building. He then left for Harvard to become a happiness guru, and in between his think tank tenure and his current academic career, Arthur has managed to publish 6 books, the latest one with Oprah Winfrey

That is all very impressive, but what I was interested in most during my mentorship, was finding out from Arthur how he became such a great public speaker If you have ever heard a talk by Arthur or read one of his many books, you’ll understand why I asked that question If you’ve not, make sure to catch his Ted Talk or see his movie, The Pursuit

During our first mentorship meeting, I asked Arthur, “How did you become such a great public speaker?” I wasn’t expecting a silver bullet to make me a miraculous speaker overnight, but I was hoping to get specific information on his process, some gold standards, tips for preparation, coaches I could turn to, etc. However, the response Arthur gave me was simple, humbling, and inspiring He just said, “Practice” that I would become a great public speaker too, if I gave 250 talks a year like he did He said that I should scout out and accept every opportunity to give a talk There was no quick fix.

On one occasion, Arthur was practicing a new talk he was about to give on the speaking circuit He called in a group of colleagues and friends (myself included) to give him feedback I didn’t check back with Arthur afterwards to see how the circuit tour went, but I imagine it went well, as that talk became his bestselling book, Strength to Strength.

I learned that before giving a public talk, Arthur practices over and over in more private settings His “recipe” for perfecting his speeches is practice, trial and error, doing many repetitions, and learning by doing. No shortcuts nor silver bullets

Another, more informal mentor I look up to is economist Tyler Cowen. Tyler doesn’t need any introduction either, but if you want one, I recommend this latest piece The Economist did on him I didn’t ask Tyler for specific mentoring tips, even though he is an academic advisor to the organization I lead, so I certainly consult with him from time to time I learn from him just by observing and studying him as much as I can. What impresses me the most about Tyler is not the accolades he’s received but his consistency, trying to push himself to be the best as a public intellectual, and his sheer curiosity Tyler has always been smart, and I would think it was expected that he would achieve great things

A remarkable fact about him, and relevant to this post, is that for the last 25 years, Tyler has blogged every day Yes, you read that right: he hasn’t missed one day on his blog, Marginal Revolution. He’s blogged about anything and everything. Sharing his knowledge with the world and sharing what others share with him At the same time, along with his blog co-author Alex Tabarrok, he started an online university called Marginal Revolution University Tyler also started a great podcast, Conversations with Tyler, and an amazing grant program to identify young and emerging talent called Emergent Ventures

Tyler and Arthur are getting great at their craft through repetition, consistency, and just sheer hard work. That’s what the American Dream requires If you meet Arthur or Tyler now, given how talented they are, it is unsurprising they would succeed! Yet I think they would be the first to say that to get to where they are they had to do a lot of work, a lot of repetition of speeches, writing, researching, and positioning their outputs in the market - in this case the market of ideas. I don’t know if what they’re doing now is their own American Dream (I should just ask them!), but for me, they’re certainly living the dream in pursuing a life of meaning through their work I’ve always admired them because of that

It came to mind recently when Timothée Chalamet won the Screen Actors Guild Award for his acting in A Complete Unknown, depicting the life of Bob Dylan (who, from what I hear, was also an American Original and dreamer). Chalamet discussed in this acceptance speech the work he needed to do for that movie, highlighting again the same qualities needed to excel at one’s craft.

In his inspirational speech Chalamet said, “I know we’re in a subjective business, but the truth is, I’m really in pursuit of greatness I know people don’t usually talk like that, but I want to be one of the greats. I’m inspired by the greats. I’m inspired by the greats here tonight I’m as inspired by Daniel Day-Lewis, Marlon Brando, and Viola Davis as I am by Michael Jordan, Michael Phelps, and I want to be up there. So I’m deeply grateful. This doesn’t signify that, but it’s a little more fuel It’s a little more ammo to keep going Thank you so much ”

You can go further back and think about classic examples of being great at your craft, and you find the same thing: consistency, repetition, and practice.

Sports are always a good source of these examples and stories, starting with people like Michael Jordan, whom Chalamet highlighted. Jordan always kept track of how many games he lost and shots he missed One of his most famous quotes is this, “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game-winning shot and missed I’ve failed over and over and over again in my life And that is why I succeed ”

This must have been earlier in his career as the total tally came to 12,345 missed shots. One of his iconic ads, and my favorite, highlighted how his achievements started through practice, consistency, and hard work

Similarly for another great, Kobe Bryant who said, “If you really want to be great at something, you have to truly care about it If you want to be great in a particular area, you have to obsess over it. A lot of people say they want to be great, but they’re not willing to make the sacrifices necessary to achieve greatness They have other concerns, whether important or not, and they spread themselves out. That’s totally fine. After all, greatness is not for everybody ”

Changing sports to another great, Tom Brady who has similar thoughts about consistency and practice in his Hall of Fame acceptance speech: “But understand this, life is hard. No matter who you are, there are bumps and hits and bruises along the way. And my advice is to prepare yourself because football lessons teach us that success and achievement come from overcoming adversity, and that team accomplishment far exceeds anyone’s individual goals To be successful at anything, the truth is you don’t have to be special You just have to be what most people aren’t. Consistent, determined, and willing to work for it No shortcuts ”

To become great at their craft, these people needed hard work, repetition, and humility to continue improving That is what I believe is also the essence of the pursuit of the American Dream It is not easy to pursue it, but we all have the agency to try to achieve greatness and achieve our dreams There are no shortcuts to getting great at your craft It doesn’t come without suffering and hard times as well, so all this work and the pursuit of the American Dream is certainly not without a commitment to going through some tough times

Fortunately, examples abound around us all the time of people striving to be great at their crafts. The examples I shared are some of the most well-known ones. But the American Dream inspires millions across the country to just be the best at whatever they want to be: being great parents; pursuing great friendships; trying to help others; being great bakers or florists; or just trying to fix an intractable world problem like water pollution One doesn’t need to think about it as achieving the end goal of being “the greatest” You can just work to improve your craft and pursue it to your fullest human potential one day at a time, without being distraught if you don’t achieve the goal right away, as long as you’re always moving forward

The American Dream is about the journey as much as the destination Regardless of the particular journey or destination, the key thing about the American Dream is that it is only achieved through exercising your agency and pursuing a better, richer, and fuller life - whatever that means to you

Written by Meg Charles, Basswood Counsel

In the last decade, women worldwide have embraced entrepreneurship not just as a career choice, but also as a path to freedom, impact and lasting wealth. Once dominated by deep-pocketed networks, today’s startup world prizes creativity, lean technology and strategic collaboration. No longer sidelined, women now launch nearly half of all U S ventures, up from 29% in 2019 to 49% in 2024, thus proving that when barriers fall, innovation flourishes

A New Era of Access

Smartphones, AI tools and low-code platforms have eliminated the need for corner offices or MBAs With a laptop and a clear vision, you can build a scalable enterprise, lean on digital marketing and automate routine tasks This technology amplifies inherently “female” strengths such as empathy, collaboration and creative problem-solving, and turning them into competitive assets Simultaneously, gender-focused investors and mentorship networks are closing funding gaps and guiding founders through bias and resource hurdles

Trailblazers Lighting the Way

Melanie Perkins persisted through 100 investor rejections to create Canva, a $40 billion platform that democratizes design by prioritizing user experience over complexity.

Sheila Johnson co-founded BET and owns 3 professional sports teams, using resilience and partnership to build generational wealth and diversify culture in male-dominated industries

Grace Wanjiku in Kenya fused mobile tech with agribusiness advocacy to empower small-farm cooperatives.

Camila Farani in Brazil invests in overlooked startups, championing inclusive leadership and narrowing the region’s gender funding gap.

Crafting Multidimensional Freedom

Women entrepreneurs pursue financial freedom, building sustainable, profitable businesses (63% more likely to turn a profit) and generating $0.78 revenue per dollar invested, versus $0.31 for male-led peers. They gain intellectual freedom to follow authentic visions, and spiritual freedom to align work with deeper purpose This holistic approach drives both innovation and profitability, in 4 steps.

Your 4-Step Roadmap from Idea to Impact

1. Unearth Your Unfair Advantages

Inventory your natural attributes - storytelling, pattern-recognition, empathy, analytical thinking or creativity - and brainstorm business ideas that align with your identity and values These “hidden superpowers” will guide your niche and brand voice

2 Forge Strategic Partnerships

Combine collaborative leadership with complementary skills by assembling a diverse team or network Seek mentors and peers who challenge your assumptions, fill your skill gaps and open doors to new markets.

3 Tell Your Story, Build Your Tribe

Authentic narratives attract customers, investors and talent Share insights through blogs, podcasts or panels Engage genuinely on social media, and listen actively in your community Relationships built on trust become your strongest marketing channel

4 Launch, Learn and Scale

Move swiftly from idea to prototype because perfection is a myth Test with real users, gather feedback and iterate Leverage technology (AI, automation, online courses) to free your time for high-impact tasks, while investing equally in personal growth, resilience and well-being

By starting with what you already have, i e your unique skills, experiences and building the right networks, you’ll transform ideas into impact. Confidence comes through action, and every step forward makes the path ahead clearer

The future of entrepreneurship is female - and it’s yours to shape. Take the first step today.

From Cell Block to C-Suite:

Michelle Cirocco’s Mission to Transform Lives… and Business

Written by Camilla Chellapermal, Liberty Ventures

When Michelle Cirocco stepped onto the stage at the 2025 Principled Business Summit on Necker Island, the audience had no idea they were about to hear a story of personal redemption that carries profound lessons for business leaders today

“Thank you,” she began, before asking a question that instantly reframed the room “How many of you have children or grandchildren?” Nearly every hand went up She paused “One thing a child will never say is ‘I want to go to prison ’ But unless we change the trajectory of incarceration in our country, one in 20 of those children will go to prison in their lifetime.”

On May 23, 1997, Michelle became one of them. After what she described as a “misguided entrepreneurial spirit” driven by a desperate desire for upward mobility, she stood in court and heard the words that would shape her life: “I’m sentencing you to 7 years in the Arizona State Department of Corrections.”

She lost everything: her family, her friends, her selfrespect; however, in prison, she made the decision to become a better version of herself

“I had to fix what was wrong in here,” she said, placing her hand on her chest “Mentally, spiritually, emotionally And oh, by the way, I had no job, no education, no skills and now a felony conviction Who was ever going to hire me?”

That’s when she discovered Televerde, a company that partnered with prisons to train incarcerated women in sales, marketing, and lead generation for major global brands like IBM, SAP, Microsoft, Adobe, and Dell “It was my golden ticket,” Michelle said

Founded in 1994, Televerde was purpose-driven, and predicated on the belief that women in prison deserved real jobs that led to meaningful careers “Purpose: that came first,” she emphasized “Before we were even talking about purpose beyond profit ”

Upon her release in 2002, Michelle walked out determined to prove that she was “better than the worst decisions I made on the worst days of my life ” She started as a sales executive, quickly rose to Director of Sales, Vice President of Operations, and finally, became Chief Marketing Officer, a journey she describes as “from cell block to C-suite.”

Yet Michelle didn’t stop there. After 20 years, she began to understand the systemic failure of incarceration in America. “We spend $82 billion a year on incarceration,” she explained. “And yet 82% of people go back to prison within 8 years. That is not a scalable, sustainable solution.”

In contrast, an Arizona State University impact study on Televerde’s model revealed stunning results:

94% employment for its graduates; Salaries four times higher than the national average for formerly incarcerated women; An 11-fold reduction in their children’s risk of incarceration; and, Recidivism rates below 6%.

“We had the special sauce,” Michelle declared. “When you provide jobs, training, and education while people are incarcerated, then give them real opportunities when they’re released, you empower them to become financially independent, take care of their families, and break the generational cycle of poverty and incarceration ”

Her mission is now to inspire businesses to be part of the solution As she tells leaders across industries: “This isn’t charity This is smart business You’re tapping into an overlooked, highly motivated talent pool and transforming lives at the same time ”

Michelle Cirocco’s story is a powerful reminder that leadership is not only about revenue, innovation, or market share, but also about purpose, opportunity, and unlocking potential, even in places we least expect

20K+

800

network Events

1,000 Attendees US Across the US and International

Written by Michelle Bernier, Liberty Ventures

At our Investor Summit in Chicago last month, Matthew Fonte, a proud member of the Liberty Ventures network, introduced his game-changing product to a room of 50 pro-liberty investors: ColdSnap, a sleek, single-serve machine and pod system that creates fresh, frozen desserts in under 2 minutes

The story behind ColdSnap is as inspiring as the product itself Instead of bedtime stories, Matthew and his daughters, Sierra and Fiona, began spending their evenings dreaming up inventions and sketching ideas in journals. One of their favorite ideas quickly rose to the top: a countertop machine that could deliver delicious, personalized ice cream servings quickly and easily.

A seasoned entrepreneur with a background in engineering, Matthew saw the potential. In 2018, he founded ColdSnap with a mission to reimagine the way frozen confections are produced, delivered, and enjoyed, including at home

ColdSnap has since grown from a family brainstorm to a full-scale manufacturing and commercial operation:

October 2018 – ColdSnap is founded in Lexington, MA

June 2020 – The team expands into a 25,000 sq ft facility in Billerica, MA.

2021–2023 – Teams for food science, quality control, and commercialization are established April 2024 – ColdSnap launches to market, offering ice cream, smoothies, frozen cocktails, and protein shakes in convenient pods

Each pod is shelf-stable and easy to insert into the countertop machine, which flash-freezes the ingredients to produce a fresh, smooth frozen treat on demand From Salted Caramel and Vanilla Ice Cream to Passionfruit Mango Smoothies and Chocolate Protein Shakes, ColdSnap delivers variety, convenience, and quality all in one compact system

Recognized as a top innovation at CES 2024, ColdSnap is now gaining traction with consumers and investors alike Its appearance at the Liberty Ventures Investor Summit marked Matt’s first event with the network and it certainly made an impression!

As a member of the Leadership Circle, Matt is connecting with like-minded investors who share a passion for principled innovation and entrepreneurial freedom.

If you ' re interested in meeting Matthew Fonte or learning more about investing in ColdSnap, email michelle@libertyventures xyz And if you ' re a founder looking for this kind of exposure and support, apply to join the Leadership Circle: https://www.libertyventures.xyz/membership

ColdSnap began as a creative family exercise and has grown into a visionary solution for the future of frozen products We’re proud to spotlight Matthew Fonte and his journey as part of the Liberty Ventures community

Built to Last:

Don Altorfer and the Blueprint for a Principled Family Business

Written by Alexander McCobin, Liberty Ventures

In an era of rapid exits, endless buyouts, and founders looking for the next big thing, there’s something quietly radical about staying the course - Don Altorfer has done exactly that

As the second-generation steward of Altorfer Inc , a family-owned Caterpillar dealership founded in 1957, Don has helped grow the company from a regional equipment distributor into a multi-state operation serving agriculture, construction, energy, and marine industries across the Midwest. More than that, he’s cultivated a model of family capitalism that prioritizes people, purpose, and permanence over quarterly wins or fleeting hype.

With more than 60 years of legacy and over 1,300 employees today, Altorfer Inc. is a case study in how values-rooted family businesses can grow, compete, and thrive without losing their soul.

A Legacy of Service and Stewardship

When Don’s father, Edward Altorfer, first opened the doors of the Caterpillar dealership in Cedar Rapids, Iowa, he wasn’t setting out to build an empire but continuing a family tradition of solving problems, serving customers, and supporting the communities they lived in.

That ethos became the foundation of the company’s culture and Don Altorfer took it even further.

Under his leadership, Altorfer Inc expanded into new territories and diversified into additional product lines, including rental services, power systems, and precision agriculture; however, what never changed was the company’s commitment to its people

“We’ve always believed that if you take care of your team, they’ll take care of the customers and the business takes care of itself,” Don has often said It may be a philosophy that sounds simple, but in reality, it requires discipline, patience, and conviction to sustain across decades and generations

That’s what sets Altorfer Inc apart: the company operates like a family and, actually is one.

Family Business, Not Small Business

Too often, “family business” is used synonymously with “small business;” however, that’s a mistake.

Altorfer proves that family ownership is not a constraint and actually, is a competitive advantage.

With no outside shareholders demanding short-term returns, the company invests heavily in training, longterm customer relationships, and reinvestment Decisions are made with a 30-year horizon, not a 3year exit plan And when employees are hired, they know they’re joining something meant to last

That’s not to say family business is easy It comes with its own set of challenges such as succession planning, governance, conflict resolution, and professionalization The Altorfers have tackled those head-on, creating systems and standards that allow the business to grow without diluting its family DNA

At the heart of its DNA is a clear and consistent set of values: integrity, service, humility, and hard work These are lived behaviors, reinforced by leadership and echoed throughout the company’s branches

Lessons for Building a Strong Family Business

For entrepreneurs and founders looking to build a family enterprise that can stand the test of time, Altorfer Inc offers a powerful playbook Here are some of the core principles behind its success:

1 Separate the Family from the Business Without Dividing Them

Family and business can complement each other, but they also need boundaries The Altorfers have formalized roles, responsibilities, and governance processes to ensure that business decisions are made based on merit and strategy, and not on bloodline alone. Family members who join the business are expected to earn their way in, and many work outside the company first to gain broader experience. This preserves both the company’s professionalism and the family’s unity.

2. Define a Clear Purpose Beyond Profit

What keeps a family business resilient is its mission. For Altorfer Inc., the mission is to empower customers with reliable equipment and unwavering service. That mission drives hiring, investment, and strategy. It gives everyone a reason to care. When a family enterprise defines its purpose clearly and lives it consistently, it attracts loyal employees and long-term customers and creates a legacy that matters.

3. Invest in People Like You Plan to Keep Them Forever

From technicians to territory managers, Altorfer Inc invests deeply in talent Training programs, apprenticeships, leadership development, and internal promotions are standard The company’s culture reinforces that employees are partners in the mission This long-term view of talent, combined with stable family leadership, creates a loyalty loop that’s hard for short-term competitors to replicate

4. Grow Strategically, Not Emotionally

Altorfer’s expansion into Illinois, Missouri, and beyond was guided by clear business rationale They grew into adjacent territories and services that aligned with their core competencies, ensuring they didn’t overextend or dilute their culture Family businesses often face pressure to “keep up” with venture-backed competitors; however, sustainable growth comes from knowing who you are, what you do best, and where you add value

5 Plan Succession Early and Often

Don Altorfer didn’t wait until retirement to think about succession Like many successful family business leaders, he began grooming the next generation early by offering mentorship, leadership opportunities, and clear expectations That forward-thinking approach ensures continuity and preserves institutional knowledge. Succession is not a single event but a process. And in family businesses, it’s needs to be above more than just passing the baton and actually about preserving the philosophy.

Capitalism That Cares and Endures

In a time when many corporate giants feel distant, transactional, and temporary, Altorfer Inc. reminds us of capitalism’s more human side. It’s a business built on relationships, not algorithms, on responsibility and not speculation, on staying in the game and not just winning fast.

Family businesses like Altorfer are the backbone of American enterprise, employing nearly 60% of the private workforce and driving innovation in every sector from manufacturing to agriculture Yet they are often overlooked in the startup-obsessed narrative of capitalism

Don Altorfer didn’t just inherit a business: he multiplied it, matured it, and modeled a way forward for other values-aligned families looking to build companies that last

Because in the end, legacy is what you build to outlive you.

Executive Roundtable with Verne C. Harnish

The Liberty Ventures Executive Roundtable is a one-day gathering for CEOs, founders, and senior leaders who are scaling companies with integrity. Hosted at LOOK Dine-In Cinemas in New York City, this summit is for executives who believe that capitalism can drive lasting value for society.

September 17, 2025

1:00 PM – 5:00 PM ET

New York

BUILD RELATIONSHIPS THAT MATTER

Connect with a trusted network of purpose-driven executives and business leaders from across the country.

Gain insights from founders and strategists who’ve scaled companies with integrity and long-term vision LEARN FROM THE BEST

Engage in deep conversations, tackle real challenges, and walk away with practical tools and renewed purpose LEVEL UP YOUR LEADERSHIP

Ownership Is an Act of Dignity: How Henny Penny Built a Billion-Dollar Culture by Giving Employees the Keys

Written by Alexander McCobin, Liberty Ventures

In Eaton, Ohio, a town better known for cornfields than corporate case studies, a quiet transformation has taken place. Henny Penny, the global foodservice equipment manufacturer behind the fryers and heated displays used by companies like McDonald’s and Chick-fil-A, is proving that capitalism’s greatest force isn’t capital itself but ownership. And not just ownership in the abstractemployee ownership

In 2015, under then-CEO Rob Connelly’s leadership, Henny Penny transitioned to 100% employee ownership through an Employee Stock Ownership Plan (ESOP) That decision which was unconventional at the time, unleashed a wave of loyalty, innovation, and performance that has since turned the company into a global powerhouse with over $600 million in annual revenue and a workforce deeply invested in its future.

This change didn’t require subsidies, mandates, or slogans - just trust in a simple but radical idea that when people own what they build, they build it better

Why Ownership Changes Everything

Employee ownership is often talked about in feel-good terms thus creating community, empowering workers, spreading the wealth; however, at Henny Penny, ownership is strategy

“When employees are owners, they start to think differently,” Rob Connelly explained in a keynote shortly before his retirement “They look for waste. They care about quality. They take pride in results That’s not because we tell them to It’s because they understand the consequences.”

That shift in mindset (what economists call the ownership effect) has been studied and confirmed across dozens of ESOP companies; however, Henny Penny makes it tangible with higher productivity, drastically lower employee turnover. Employee engagement is off the charts. And customers have noticed

The company’s Net Promoter Score, a key metric of customer satisfaction, consistently ranks in the top percentile across all industries. And its employee retention rate is over 90%, a rarity in manufacturing

The key isn’t a payout down the line It’s dignity today. Employees feel they matter because they do matter They have skin in the game, and they know that their decisions - from the factory floor to the finance office - contribute directly to their shared future

The Power of Long-Term Thinking

One of the least discussed but most important aspects of employee ownership is how it reorients time horizons In publicly traded firms, executives are often rewarded for quarterly gains In private equity models, the incentive is to strip costs and flip companies within a few years

At Henny Penny, ownership is patient because the people who own the company are the people who work there, so the priority becomes sustainability and not short-term profit maximization

This enables what Connelly has called “stewardship capitalism”, a mindset of leaving the business better than you found it Henny Penny invests heavily in innovation, apprenticeships, and long-term customer relationships. It expands carefully. It resists fads. And it’s weathered global shocks, including COVID-19 and supply chain disruptions, without layoffs or panic

This is a clear example of durable growth Henny Penny has expanded to serve 100+ countries, built a new $50 million innovation center, and reinvests a large share of its profits each year. And as there are no external shareholders demanding dividends, employees see those investments as their own because they are

How to Make Ownership Work

Employee ownership is not a silver bullet Like any system, it depends on execution, leadership, and culture. What sets Henny Penny apart is that it built the ownership culture.

Here’s what that looks like in practice:

Financial Literacy Training: Every employee learns how to read a balance sheet Why? Because owners should understand the business they own

Open-Book Management: Performance metrics are shared transparently thus building trust and drives accountability

Employee Voice in Strategy: From product design to hiring practices, employee feedback is built into decision-making systems.

Values-Based Hiring: Henny Penny hires people not just for skills, but also for alignment with its ownership, values collaboration, initiative, and stewardship.

Perhaps the most important quality of all is humility in leadership. Rob Connelly led as a coach. He saw his role as a steward of the company, not a ruler over it In a famous address to employees, he put it plainly: “This is your company. I just happen to serve it today.”

That tone matters Ownership isn’t just financial: it’s cultural. And leaders must embody the principles they want to scale

The success of Henny Penny is not an anomaly Studies from Rutgers and the National Center for Employee Ownership show that ESOP companies outperform their peers in growth, resilience, and employee satisfaction Yet fewer than 7,000 businesses in the U.S. are employee-owned

That’s starting to change. A growing number of founders, especially in family businesses and mission-driven startups, are exploring employee ownership as a succession strategy or growth model Capital allocators are beginning to support this shift, and bipartisan interest in ownership expansion is on the rise

For companies interested in following Henny Penny’s path, here are some steps to consider:

1 Start with Purpose: Why do you want employee ownership? It works best when rooted in values, not just tax benefits

2 Build a Plan: Talk to ESOP advisors, legal experts, and financial planners. Design a structure that fits your business

3 Invest in Culture: Ownership is a mindset Train people, share information, and model accountability

4.Lead Transparently: Open the books. Share the risks and rewards Treat employees as adults, not dependents

5.Think in Generations: Employee ownership is about legacy Be willing to think beyond your own tenure

A Capitalism That Belongs to Everyone

In an age of rising skepticism about capitalism, Henny Penny offers a powerful rebuttal: capitalism doesn’t need to be overthrown it needs to be owned. By placing ownership in the hands of those who create value, we don’t weaken markets we strengthen them We don't diminish ambition we multiply it. And we don’t retreat from capitalism we fulfill its promise

“Ownership is not just about equity. It’s about respect When people are trusted to own the business, they act like it. And when they act like it, extraordinary things happen ” - Rob Connelly

Henny Penny proves that a business can be both highperforming and deeply human. That ownership isn’t just a financial tool it’s a moral one And that the future of capitalism may well depend on how widely we’re willing to share it.

Written by Alexander McCobin, Liberty

At a time when market skepticism and ideological confusion dominate college campuses, an intellectual revolution is underway In mid-July 2025, more than 30 students gathered in Springfield, Illinois, for a weeklong exploration of the ideas that have shaped free societies and flourishing markets Hosted by the Academy on Capitalism and Limited Government Foundation and the American Institute for Economic Research (AIER), the summer seminar titled “Classical Liberalism and the Market” delivered lectures and fostered a living laboratory for liberty.

Led by Executive Director Dr Bill Kline, the seminar brought together students, entrepreneurs, and leading classical liberal scholars for a deep dive into the philosophical and practical foundations of a free society From property rights and entrepreneurship to public choice theory and the moral case for markets, the week was inspirational.

Why Summer Seminars Matter

In today’s increasingly politicized academic environment, where classical liberalism is often mischaracterized or ignored, seminars like this offer something rare and vital: intellectual honesty, open inquiry, and a principled exploration of freedom

For many students, it’s their first encounter with thinkers like Friedrich Hayek, Deirdre McCloskey, or Ludwig von Mises, names absent from most syllabi It’s also the first time they’re surrounded by peers and mentors who treat liberty as a way of life.

“Seminars like this equip the next generation to think critically and lead responsibly,” said Kline. “It’s not about indoctrination It’s about exposing students to enduring ideas and letting them wrestle with them in real time ”

The result? Better thinkers, but most of all, principled doers, or people who can carry classical liberal values into business, education, public policy, and beyond

Highlights from the Week: Ideas in Action

Day 1 kicked off with an opening reception led by Ryan Yonk and Bill Kline, setting the stage for the week’s focus of understanding liberty not just as a political philosophy, but as a moral and entrepreneurial framework Students quickly connected over their shared curiosity, diving into evening discussions on markets, media, and personal responsibility.

The formal sessions began on Monday, with Yonk’s foundational lecture entitled “What is Classical Liberalism?”, followed by Chris Rufer, founder of Morning Star Company, discussing “The Moral Foundations of a Free Society.” Rufer, a living example of principled business in action, emphasized how free enterprise fosters both human dignity and social cooperation

Bill Kline’s own session, “What is Business?”, reframed capitalism as a system of value creation and mutual benefit He challenged students to see business not just as a career path but as a moral undertaking. This key idea would echo throughout the week.

Rob Connelly, former CEO of Henny Penny, brought theory into practice with “Lessons from the Field,” sharing how employee ownership and values-based leadership drive both profitability and purpose

Thought Leaders and Big Ideas

As the week unfolded, students tackled a range of powerful topics:

Austrian economics and subjective value with AIER’s Pete Earle

Public choice theory and government incentives with economist Ryan Yonk

Mission-driven self-management with entrepreneur Chris Rufer

The virtues that make markets work, including trust, honesty, and humility

The role of the entrepreneur as a driver of innovation, revealed by Don Altorfer and Dave Hebert

These debates were grounded in the lived experience of real-world leaders who showed how classical liberalism works when applied with integrity

The seminar also incorporated interactive sessions like a Trading Game and small-group workshops, where students applied economic principles and negotiation strategies in simulated market scenarios.

Key Takeaways for Students

Far beyond lecture notes, students walked away with the following key lessons:

A coherent worldview grounded in individual liberty, property rights, and voluntary exchange

Practical frameworks for applying classical liberal principles in business and policy

Lifelong connections to a network of mentors, peers, and organizations aligned with liberty

The courage to lead not as technocrats or activists, but as principled builders of free institutions

As one participant put it, “I came here expecting a seminar I’m leaving with a mission.”

The Quiet Power of Ideas

In a world of ideology, polarization, and cynicism, the Classical Liberalism and the Market seminar offered a return to first principles It modeled what true education should be: an open invitation to grapple with ideas that matter, with people who care

For those committed to advancing free markets and human flourishing, summer seminars like this are essential They equip the next generation of capitalists not just to succeed in the market, but also to understand and defend why markets matter.

Thanks to leaders like Bill Kline, AIER, and the Academy on Capitalism, the future of liberty is being nurtured and built.

Written by Michelle Bernier, Liberty

Ventures

The Foundation for Economic Education (FEE), in partnership with Principled Business and FreedomFest, hosted a 3-day hackathon in Palm Springs which brought together bright college students from across the country. Their mission was to explore how to build AI-driven solutions grounded in free-market principles and prove that innovation and liberty are compatible, and essential allies

Held on June 9–11, the FEE Hackathon was a crash course in entrepreneurial problem-solving, ethical tech development, and classical economic thinking Teams of students formed quickly, received mentorship from seasoned tech professionals and policy experts, and set out to tackle realworld challenges through artificial intelligence Along the way, they were pushed to think critically about the systems that shape society and how technology can empower people, not replace them.

The event kicked off with a keynote breakfast talk by CEO of Principled Business and Liberty Ventures, Alexander McCobin McCobin shared practical advice on how to communicate big ideas, pitch with clarity, and build ventures that stand the test of time. His message to the student founders was that purpose-driven capitalism can be the engine for meaningful, scalable change The talk inspired conversations that carried throughout the weekend and beyond.

The FEE Hackathon emphasized the importance of ethical AI, decentralized innovation, and personal responsibility. Students were encouraged to question the role of government regulation in tech, explore alternatives to centralized data systems, and apply market-based frameworks to societal problems

Workshops throughout the weekend focused on practical tools such as building MVPs, integrating APIs, and structuring a startup pitch, as well as principled thinking like “What does it mean to create technology in a free society?” or “How do you design systems that respect individual rights and economic freedom?”

This resulted in innovative prototypes that reflected not only technical ingenuity, but also deep thinking about freedom, fairness, and sustainability. Projects ranged from AI-powered mental health tools to decentralized education platforms, all built with a bias toward empowerment rather than control.

As the final pitch session wrapped up, one thing was clear: these students were building a vision for a future where innovation is unleashed, entrepreneurship is a force for good, and where liberty is the foundation

In an era where discussions about AI often focus on fear and control, the FEE Hackathon was a refreshing reminder that, when rooted in sound values, technology can be one of freedom’s greatest tools.

SecondEdition VirtualJobFair Talent Meets Purpose

Written by Alexka Medina, Liberty Ventures

When Liberty Ventures’ virtual Job Fair wrapped up in April of this year, many attendees came away with the sense that something different had just happened, almost like it was an invitation to look at work through a new lens. More than a fair, it was a gathering of people who believe that work can also be a life project

For 2 hours, we listened to entrepreneurs building businesses with purpose From fresh graduates to former CTOs, one main mission emerged: the search for more purpose, more autonomy, more humanity.

What stood out

Work with purpose, and real action

Director of Mobilization at Young Americans for Liberty, Rachel was inviting people to join the most active youth organization in the U.S. defending individual liberty. “This isn’t just about internships here at YAL, you work on real campaigns that pass real laws,” she shared They were looking for someone creative, with marketing experience and a passion for the cause

The power of storytelling to change the world

Chris Bradford, from Optimize Consulting, explained how fundraising is essentially about telling stories that connect with donors’ hearts. They’re hiring a key account manager to be the face of the company with clients, and copywriters who understand that every word carries a mission to advance liberty “If you love telling stories and want to learn copywriting, this is your place,” he said

Building the future of education

Entrepreneur and founder of FindABetterSchool org, Mariana Davidovic presented a project aimed at revolutionizing how families discover school alternatives in the U S “After fleeing communism, freedom and education are my driving forces,” she shared. Mariana is looking for a tech co-founder, a full-stack developer, and an automation engineer - not just skilled in tech but also aligned with her vision for an open and competitive education market

Organizations that blend mission with structure

Coleman Williamson from the Foundation for Economic Education, spoke about several key roles: from a senior project manager to lead aligned processes, to a high-level donor engagement director, to support roles for student events “We want people who are ready to grow in a mission-driven organization with real impact and clear principles,” he said.

What matters

1 - They’re hiring… but looking for more than résumés Michelle Lagna, co-founder of A Resort, was sharing a vision Her project - a regenerative resort in Papagayo, Costa Rica - aims to transform how we experience tourism. And she’s not just looking for someone “who knows finance,” but someone who wants to build something meaningful

“If you’re looking for a

role that makes you feel alive, this could

2. Companies that care about people grow stronger Eric, from Prialto, made it clear: “We don’t have our values on the wall; we live them every day ” Prialto already coordinates over 350,000 hours of work per year with virtual assistants and now wants to add Engagement Managers to help scale with a human touch What matters most to them are people with initiative, empathy, and vision

3 Leadership starts with trusting others Charlotte Gustavson, former CEO of a Swedish hockey league and now an executive coach, stole the spotlight with her clarity and charisma She shared how she’s led high-impact projects in Ghana, Sweden, and beyond Her philosophy is simple:

be the place” - Michelle Lagna “Hire the best — and help them shine.”

She left behind 3 ideas that still resonate: Connect with generosity;

Give more than you expect to receive; and Use AI to discover the best in you, not to hide behind it

What we’re taking with us

Beyond the job offers, this Job Fair left us with ideas worth chewing on:

Leadership doesn’t need a title. If you see something that’s missing, step up That’s how leaders show themselves

Human connection is still the most valuable thing. The ones who stand out aren’t the ones with the perfect résumé but the ones who reach out, who show up, and who ask.

Remote work is real and the opportunities have no borders If you’re in LATAM, Africa, or Asia, there are open doors if you show up with the right attitude and talent.

This event was just a glimpse of what’s possible when people with principles and vision come together At Liberty Ventures, we believe the future of work isn’t about adapting to what exists but about building something better

If you missed this edition, get ready for the next Job Fair. Maybe you won’t just find a job: maybe you’ll find a cause, a team, a mission

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Liberty Ventures Meet Up in Dallas: Capitalism in Action

Written by Alexka Medina, Liberty Ventures

“Founders and entrepreneurs are just really interesting people.”

That phrase which lingered after our Dallas meetup, was the perfect summary of the evening filled abundantly with deep conversations, bold ideas, and clear convictions

A Different Way of Seeing the World

The entrepreneurial spirit at this Liberty Ventures gathering defied clichés and formulas. We met people building real things from cybersecurity platforms and advanced signal processing tools to new ways of leading, teaching, and launching businesses

These are people who are motivated to moving the needle They are action-oriented, outcome-driven, and, above all, principled.

When the Market Is Not Theory but Practice

Every story shared reinforced a powerful idea: capitalism works when people choose to make it work It’s not just about generating revenue or scaling companies; it’s about solving real problems with responsibility, integrity, and vision

This is the kind of capitalism that Liberty Ventures aims to foster: one that’s not just studied but lived

A Space to Connect, Grow, and Build

Dallas confirmed what we’ve seen in other cities More than funding or exposure, purpose-driven entrepreneurs are looking for community and collaboration as well as finding others who share their values and want to build something bigger than themselves.

At Liberty Ventures, we want to be that bridge Our platform is a commitment to a strong network of values-driven business creation

What’s Next?

Keep connecting the builders of tomorrow Keep betting on a market vision rooted in freedom and responsibility. And keep believing that change doesn’t only come from politics or academia, but most importantly, it comes from those who build with conviction.

Dallas was another inspiring step forward.

Nonprofit Fundraising: Highlights from the Conversation with Optimize Consulting

Written by Alexka Medina, Liberty Ventures

In the world of philanthropy and social entrepreneurship, asking for support can be as intimidating as it is essential. The recent conversation with Tim Bertram, Jessie Markell, and Chris Bradford, co-founders of Optimize, committed to helping nonprofits raise money to fulfill their important work, was a timely reminder that asking when done with purpose, strategy, and passion is a form of leadership

From the outset, the speakers emphasized that effective fundraising is about money but also about relationships, shared vision, and trust built over time Their approach blends the best of digital fundraising with offline engagement, creating an experience that goes far beyond a click or impulsive donation

One of the most memorable moments came from a simple yet revealing exchange:

“Tim, what’s the number one reason people give?”

“It’s because they are asked ”

Jessie followed up with a quote that deeply resonated with attendees:

“There was this really famous guy that once said, ‘Ask and you shall receive.’ His name was Jesus.”

This phrase captured the heart of the event It emphasized that asking isn’t begging and is an invitation to join a mission worth supporting If you don’t ask, the “yes” will never come

They also stressed the importance of asking in person Even in today’s digital world, face-to-face conversations remain more effective Many donors want to give but they also want to be part of something meaningful.

Takeaways That Stick:

1.People give because they are asked. Don’t underestimate the power of a direct, honest ask.

2 Focus on relationships over transactions A good fundraiser is a great connector

They also pointed out that a successful fundraising campaign starts with a clear strategy, i e identifying your audience, understanding their values, cultivating relationships, and maintaining consistent communication. They shared how they’ve helped liberty-minded organizations build sustainable communities of support, rather than relying on luck or viral campaigns.

3 Clarity builds trust Don’t sell desperation communicate purpose

4 Don’t be afraid to talk about money. If your mission matters, so should its sustainability

5 Create experiences, not just campaigns. Fundraising is a long-term narrative, not a one-off event

DC Summer Meet Up –Liberty Ventures x Archbridge x Phaedo Creative

Written by Alexka Medina, Liberty Ventures

Co-hosted by Liberty Ventures, Phaedo Creative, and the Archbridge Institute on July 21st, this gathering brought together a lively crowd of storytellers, policy thinkers, content creators, and valuesaligned professionals for a conversation that was equal parts strategic, personal, and, most of all, authentic

From Policy to Personality

Held in the heart of D C , the evening opened with a brief welcome by Liberty Ventures member and event organizer, Tyler Lowe who also offered an introduction to both Liberty Ventures and Archbridge. But the real action started once the floor opened to the room

Rather than a lecture or panel, attendees launched into an interactive, openended discussion on the challenges and opportunities of communicating liberty in the digital age The group explored questions like:

How do we actually hold someone’s attention in a distracted world? What does Gen Z value, and how do we speak to those values without diluting our message? What’s the ideal format 30 seconds or 4 hours?

And how do we make deeply intellectual or academic content more digestible without losing its substance?

The Room Led the Conversation

One of the event’s most powerful aspects was that it wasn’t scripted The conversation was driven by the attendees themselves many of whom are building newsletters, launching podcasts, creating shortform video content, or translating economic ideas into TikToks and Twitter threads

Some were seeking direction. Others were offering it All were there for the same reason: to explore how the principles of liberty can be communicated with clarity, creativity, and resonance in a world where attention is the rarest currency

A New Kind of Network

The DC Meet Up didn’t just connect professionals it sparked a deeper conversation about how libertyminded creators, thinkers, and leaders can collaborate to build a better cultural narrative As Liberty Ventures continues to grow, events like this remind us that influence isn’t top-down it’s peer-to-peer, storyby-story, platform-by-platform.

“We don’t need to go viral We just need to resonate with the right people at the right time with the right message ”

Three Things We Took Away

1. Gen Z Doesn’t Reject Liberty, They Just Speak a Different Language

Reaching younger audiences is about meeting them where they are. This means mastering new formats, new platforms, and new tones without compromising core values.

2. Substance Can’t Be Substituted, But It Can Be Simplified

Attendees wrestled with the challenge of distilling complex academic content into engaging formats The consensus? Don’t dumb down ideas and instead build bridges between depth and clarity.

3. Community Is the Secret Ingredient

Whether someone had 100k followers or was just launching a blog, everyone brought value to the room. The conversations were humble, honest, and forwardlooking, reminding us that the liberty movement thrives not in echo chambers, but in crosspollinated communities

Written by Alexka Medina, Liberty Ventures

“We invest in people who carry their ideas with principle ” That core belief echoed throughout the Liberty Ventures Investor Summit in Chicago and was heard in hallway conversations, pitch rooms, and every panel on July 21, 2025 The event offered more than presentations; it showcased a shared commitment to capitalism grounded in integrity and long-term purpose

Organized by Liberty Ventures, the full-day gathering brought together over 30 values-aligned investors, executives, and founders to explore the role of principled leadership in shaping capital allocation and business growth.

The Pulse of a Movement

From the opening remarks by Alexander McCobin, it was evident that Liberty Ventures represents more than a business network. With over 20,000 members, it is a growing movement of capitalists committed to advancing free enterprise through action, trust, and values-based leadership Alexander’s welcome set a clear tone: this summit was about building a future through companies that align with enduring values and deliver impact through principle.

The Quantitative Awakening

In the keynote “The Quants Are Coming,” Robert Blackwell addressed the evolving financial landscape As data-driven models and algorithmic tools become increasingly central to capital markets, the role of values becomes even more essential. These tools offer powerful capabilities but it’s human judgment, character, and integrity that determine how they are used

Lessons from Larry Berlin

In the session titled “Beauty or Beast”, seasoned investor Larry Berlin shared candid reflections from decades in the investing world. With no slides or filters, he told stories of risks that didn’t pay off, of founders who defied expectations, and of the moments that revealed just how critical character is in the investing process It wasn’t a playbook it was lived experience.

A Fireside That Ignited the Room

The closing fireside chat between Larry Berlin and Alexander McCobin delivered a clear call to action: the future of markets depends on leaders who act “We need capitalists for capitalism” builders who live out the values they champion, who lead with integrity, and who strengthen the foundations of free enterprise through action and example

Startups That Stand for Something

The summit featured two Deal Flow sessions, where carefully selected founders presented bold ventures rooted in vision and values:

Duddley Fitzpatrick (Cocovibe): Ultraconcentrated coconut water

Randy Tate (iFlip): Protecting and growing wealth with AI

Maximo Gamez (Nibbles): Turning pet care into a financial ecosystem

Tom Schnell (Emovid): Cutting meetings to make room for real productivity

Matthew Blesso (Shift Esperanza): Building sustainable communities

Matt Fonte (ColdSnap): Freezing the future with instant ice cream tech

Brett Pojunis (GPOPlus+): Disrupting supply chains with AI-powered distribution

Each founder brought more than a product they brought conviction The pitches reflected a blend of clarity, ambition, and responsibility that defined the day’s energy

Three Powerful Takeaways

1. Culture Drives Capitalism Forward: Throughout the summit, one truth stood out: building great companies requires more than funding It requires a culture grounded in transparency, long-term thinking, and dignity Free markets thrive when their participants lead with values

2 Integrity Is a Core Investment Metric: Character is foundational As Larry Berlin emphasized, successful investments often come down to leadership Integrity shapes outcomes, builds trust, and sustains momentum especially when challenges arise.

3. Alignment Unlocks Momentum: The standout founders were those whose mission, model, and values moved in sync Their clarity inspired action Investors left with more than financial excitement they left with conviction

An Invitation to Lead Through Capital

This was a cultural summit a coming together of people who believe that capitalism, when led by character and vision, is one of humanity’s greatest tools for flourishing. Liberty Ventures isn’t just organizing events It’s assembling an army of principled builders

And if this summit taught us anything, it’s this: The future will not be built by the loudest voices, but by the clearest values.

Written by Alexka Medina, Liberty Ventures

“We all have a story to tell. But not all of us know how to tell it so that it transforms ”

That opening line from Coury Deeb set the tone for the storytelling workshop hosted by Liberty Ventures. What followed was a eye-opening exploration of how narrative can be used with intention to drive impact, shape perception, and create lasting business value.

Coury Deeb, founder of Nadus Films, brought more than experience. With over 20 years of storytelling across 30 countries and 30 U.S. states, partnerships with companies like UPS and UBS, and Emmynominated documentaries under his belt, Coury shared lessons built on his vast experience.

What made the session remarkable was his grounded and deeply human approach He offered practical tools, shared hard-earned insights, and reminded every participant that storytelling is not merely a performance but a responsibility

The Story Behind the Name

Before diving into the craft of storytelling, Coury shared the origin of his own Nadus is “Sudan” spelled backward This was where he filmed his first documentary. “We learned to tell stories in the African bush, without electricity or scripts, just with the trust of those who let us into their lives,” he said That experience shaped his commitment to authenticity, and the belief that the most powerful stories begin with genuine connection

The Structure of Change

Coury also demonstrated storytelling in real time. Using a live case with Misook, founder of a boutique consultancy for Korean tech startups expanding into the U.S., he helped refine her company’s narrative into something clear, compelling, and actionable

His framework is built around 9 intentional steps: Name, Ache, Roadblock, Resolve, Ally, Tactic, Impact, Vision, and Ending It centers the customer as the protagonist and guides the storyteller to reveal what they do and why it matters.

Want to craft your own story? Here is a worksheet to help you get started:

Three Major Takeaways

1. The Customer Is the Hero

Coury emphasized that every strong narrative begins with the customer’s journey The role of the brand is to serve as the ally and the one who understands the customer’s pain and provides the tools to overcome it

2. Simplicity Builds Power

A compelling story is clear and concise Condensing Misook’s complex business into a single, impactful sentence revealed the power of clarity, both for her and for everyone in the room

3 Storytelling Is Strategy

Storytelling shapes how a company’s purpose, impact, and vision are understood It’s a core tool for building trust, attracting investment, and inspiring action.

An Invitation to Transform Your Narrative

This workshop was a reminder that in a world full of noise, the leaders who tell their stories with truth, clarity, and empathy have a distinct advantage.

As Coury reminded us: “A well-told story doesn’t just sell It inspires It unites And it transforms ”

AUGUST20-24|SULLIVANCOUNTY,PA

FoundersCampistheultimateresetforhighperforminginvestors,executives,andfounderswho wantmorethanjustbusinesswins It’sa5-day immersiveexperiencedesignedtotestyourlimits physically,mentally,andstrategicallythrough endurancechallenges,tacticalteammissions,anddeep conversationsaroundpurposeandperformance Where

Thanks to the Team

This magazine, and more importantly, all of the work that is described in these pages, is thanks to the hard work of a large group of leaders in both Liberty Ventures and Principled Business, working day in and day out to build the movement of capitalists for capitalism.

Liberty Ventures Team

Michelle Bernier

Isabella Castillo

Camilla Chellapermal

Graziano Creperio

Melissa Doolin-Koehne

Dan Garretson

Diego Laurentin

Alexka Medina

Alexander McCobin

Zussel Ramos

Principled Business Ambassadors

Luis Silva-Ball

Magnús Örn

Steve Thomas

Adam Karl

Anar Alizamanli

Dan Garretson

Dustin Palmer

Patrick McLaughlin

Fabricio Antezana

Gabriel Grilli

Igor Zillner

Jason Syversen

Johnathan Bush

Julio Clavijo

João Ferreira

Mischa Kowall

Nolan Lwin

Rajat Vishwakarma

Rodrigo Nuila

Scott Alford

Valera Vasquez

Yoseob Lim

Ali Khan

Brian Bourgerie

Akin Oladosu

Håkon Broder Lund

Eden Eyjólfsdóttir

Pavel Koktyshev

Gustavo Toxzui Xopa

Danny Chen

Prosperine Hollande Nduwayo

Cynthia Reyes

Adolfo Urquizo

Ishmael Amini

Niko Klein

Haukur Ingi Sigrúnar

Jónsson

Jóhann Portal

Clement Ngu

Zachary Silva

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