Capitalist for Capitalism Magazine | September Edition by Alexander McCobin

Meet the Nominees for the 2025

Liam

Michael

FROM THE EDITOR

Dear Readers,

The principles of a free society are under attack from all sides right now The original version of this letter was going to focus on the importance of capitalism and the threats it faces from socialists on the left and national conservatives on the right; however, in the wake of the assassination of Charlie Kirk, the emphasis here must change

Charlie was a tireless advocate for liberty, and many in our network knew him personally. He was a friend, a partner, and a voice who reminded us that the fundamental principles of a free society entail both free markets and free speech. These go hand in hand. An economy cannot be truly free if voices are silenced, nor can speech be free without the independence and prosperity created by markets. Our hearts, prayers, and deepest sympathies are with Charlie’s family in this time of grief. Members of our community have already stepped forward in support, with one launching a fundraiser for Charlie’s wife and children. We encourage everyone to contribute if they are able: https://www givesendgo com/CharlieKirk/donate This heinous act should not only be condemned by all who believe in a free society, but also be a call for us all to do more to embody those principles and stand up for them against those working against a free society.

Capitalism is not just an abstract system to be defended in books and policy debates Nor does it exist in a vacuum - free markets are one component of a free society. Freedom of speech is another critical tenet we are striving for These principles must be lived, practiced, and embodied by those who carry its banner: the capitalists themselves. The daily choices of investors, executives, and entrepreneurs determine whether capitalism is understood as a force for good or maligned as a tool for exploitation Principles must be practiced and not just proclaimed.

As we mourn Charlie, let us honor his life by lifting up those who continue to live out the principles of capitalism in their own work That is why we are proud to sponsor the Principled Business Awards at the upcoming New York Principled Business Summit These awards celebrate the men and women who prove, through their actions, that principled capitalism creates lasting value for individuals, companies, and communities alike

FROM

THE EDITOR

The Principled Investor of the Year Award recognizes those who allocate capital with both discipline and vision. These nominees understand that money is not neutral; how it is directed shapes the future. By supporting principled companies and entrepreneurs, they are building the next generation of leaders who will carry forward the legacy of free markets.

The Principled Executive of the Year Award honors operators of established companies who demonstrate how capitalism is best put into practice at scale These leaders are, of course, responsible for growing their businesses, but also for ensuring that those businesses embody the principles of consent, voluntary exchange, and respect for individual agency.

The Principled Entrepreneur of the Year Award highlights those who embody the spirit of creation itself These founders are starting new ventures that bring the best of capitalism into the world companies with missions rooted in innovation, freedom, and value creation

Finally, The Principled Ambassador of the Year Award which recognizes the leaders who help grow and strengthen the Principled Business movement by organizing events, teaching peers about the principles of capitalism, and developing their own leadership so as to serve as an exemplar to others

In an age when capitalism and liberty face so many challenges, it is important now more than ever, to recognize and celebrate those who live them out authentically Their work reminds us that capitalism and freedom are inseparable, and that the best defense of both is the example of principled capitalists who show the world what they look like in action.

This issue of Capitalists for Capitalism is dedicated to that spirit.

RIP Charlie Kirk.

Executive Roundtable with Verne C. Harnish

Get Tickets

rk - Octuber 16, 2015

Capitalism is one of the greatest forces for good in human history The Awards Dinner shines a spotlight on principled leaders creating real value, empowering others, and driving prosperity.

Values Celebrated:

Real Value Creation

Meritocratic Opportunity

Respect For Individual Agency Bottom-Up Experimentation

Voluntary Cooperation

Ticket sales are donation-deductible in the U S Principled Business is a 501(c)(3) nonprofit.

Nominate Someone

Liam Krut: From Late-Night Friedman Clips to Investor of the Year Nominee

Written by: Michelle Bernier

Liam Krut’s belief in capitalism began in high school. He started to notice some cracks between his Christian faith and Republican party ties So on searching for a better framework, He ended up finding this in The Road to Serfdom, recommended to him by his Democrat history teacher, Mark Spinola This led to him binge watching Milton Friedman videos late into the night and eventually by college, Liam opted to studying Austrian Economics at Grove City College under the mentorship of Dr Jeff Herbener. That was where theory moved beyond politics and where free markets and individual liberty became a calling for him

Today, Krut calls himself a ‘Voluntaryist’, someone whose political compass rests on the non-aggression principle, spontaneous order, and the decentralized innovation that free markets unleash.

That philosophical standpoint runs through his work as a venture capitalist for Reinforced Ventures Each deal review begins with the following simple filter: “What would this look like in a truly free market?”

Using Ludwig von Mises’ ideas from economic calculation to human action, Liam evaluates businesses by testing whether they solve real problems in a way the market itself would demand

Reinforced Ventures backs startups that sidestep unnecessary regulations, chip away at legacy markets, and increase autonomy of the individual Liam believes that demand signals must come from users who pay, not from subsidies or lobbying

While Reinforced Ventures isn’t explicit on its stated purpose, the ethos is unmistakable in that every act of technological innovation contains a spark of rebellion against centralized control

Readers who manage capital should borrow from Liam’s playbook by asking whether the product wins without subsidies; whether users switch for lower transaction costs or more freedom; whether the team prices risk honestly under constraints created by rules and moats; and whether distribution survives without permission from gatekeepers.

On October 16, the Principled Business Awards Dinner in New York will honor those who approach capitalism as a discipline Among them is Liam Krut, nominated for Investor of the Year His journey illustrates how a single book recommendation from a teacher can evolve into a career grounded in principle, conviction, and measurable impact.

From Louisiana Roots to Free Market Advocacy: The Journey of Justin Callais

Written by: Michelle Bernier

Justin Callais traces his belief in capitalism back to the bayous of southeast Louisiana Growing up, he saw family lineages go from starvation levels of poverty that only spoke Cajun French to families that were able to create opportunities for themselves and the broader community That shift fascinated him If progress was possible in one of the nation’s poorest states, he reasoned, it had to happen elsewhere

Curiosity led him to study economics, where he explored the institutional foundations behind growth. What began in classrooms and libraries became a real-world lesson: markets are not abstract systems but part of the real-world human experience. For Justin, capitalism represents empowerment - the ability for people to improve their circumstances through voluntary exchange and innovation.

The Case for Free Markets

Justin sees capitalism as the most effective framework for enabling mobility and prosperity It rewards entrepreneurship, gives people freedom to pursue their goals, and sustains value creation for society Beyond efficiency, he emphasizes its ethical dimension Free markets, he argues, recognize human dignity by allowing individuals to experiment, specialize, and discover what they do best

This philosophy guides both his work and his life. As an economist, Justin highlights the link between free markets and human liberty In his personal choices, he prioritizes responsibility and long-term vision In business, he engages directly with startup ecosystems, helping founders refine their strategies and build enterprises designed for lasting value for customers.

Justin is not content to leave his convictions in books or classrooms He advances capitalism on 3 levels: research, communication, and practice.

Through research, he examines how excessive regulation stifles opportunity In communication, he brings these insights to the public. In his Substack, op-eds, and podcasts interviews, he works to make the ideas of freedom accessible to wider audiences.

Lastly, he also brings those ideas into practice Justin has advised early-stage companies, invested in local ventures, and revitalized vacant real estate into projects that now contribute to community life. “Advocacy”, he says, “is not just words or just action It’s demonstrating that the two align, and illustrating the importance that more people should have access to the opportunities free markets provide”.

At the core of Justin’s outlook is a conviction that capitalism is not simply about transactions. It is about unlocking human potential on a broad scale He firmly believes that by allowing people to exchange, innovate, and take responsibility, capitalism fuels progress that benefits individuals and communities alike

From his Louisiana roots to his work as a researcher and advocate, Justin has lived the principles of capitalism. His story shows how free markets create value for individuals and communities He is a nominee for the Principled Business Awards, recognized for advancing freedom, entrepreneurship, and prosperity

Advocacy Through Ideas and Action

A Model for Leadership

Michael Gibson: Betting on Talent Before Credentials

Written by: Michelle Bernier

Michael argues that American universities no longer serve as engines of innovation In his book Paper Belt on Fire, he described degrees as costly credentials marketed as guarantees of success but ill-suited for preparing entrepreneurs or builders He contends that universities too often stifle initiative under bureaucracy rather than accelerating progress.

The Thiel Fellowship offered proof Vitalik Buterin, founder of Ethereum, and Ari Weinstein, whose app Workflow was acquired by Apple, both bypassed the conventional track. Their success reinforced Michael’s belief that skill and determination matter more than formal credentials

Launching

1517 Fund

Michael Gibson, co-founder and General Partner of the 1517 Fund, is questioning one of America’s most entrenched beliefs that a college degree is the key to success His work is rooted in the conviction that the best ideas often come from people unwilling to wait for permission.

From

Academia to Silicon Valley

Michael’s career began at New York University and continued at Oxford, where he pursued a Ph.D. in philosophy before walking away Academia, he realized, rewarded conformity more than creativity That choice led him to Silicon Valley, where he joined Peter Thiel’s investment team and later helped select fellows for the Thiel Fellowship, a program offering $100,000 to young people who skipped or left college to pursue ambitious projects.

In 2016, Michael partnered with Danielle Strachman to launch the 1517 Fund named after Martin Luther’s challenge to the Catholic Church The fund seeks to disrupt higher education in much the same way, backing young founders with technical ability and drive

1517 Fund backs founders who are often overlooked by conventional venture capital Its portfolio includes frontier technology ventures in biotech, software, and more, often led by dropouts or self-taught entrepreneurs Michael says the priority is technical competence, grit, and the relentless drive to solve problems

Rethinking Higher Education

Michael’s critique extends beyond universities. He argues that institutions across society rely on paperbased systems that protect themselves instead of rewarding accountability. For Michael, government bailouts create moral hazards by insulating organizations from failure

At 1517 Fund, he pushes founders to prioritize service and responsibility over prestige Success, he insists, comes from building products and services that people value and adopt, not from chasing titles or status

Looking Ahead

Michael sees science and technology as the frontier for human progress He points to energy creation, water scarcity, and other pressing challenges as areas where innovation must accelerate. To prepare the next generation, 1517 Fund is developing summer programs and apprenticeships to expose teenagers to frontier technologies early.

For those who want to pitch him, the advice is simple: align with the thesis. Show technical skill, commitment, and the courage to go against the grain. A degree is optional Proof of ability is not

Through 1517 Fund, he is showing that entrepreneurship and innovation thrive when individuals are free to pursue ideas without waiting for permission. He is a nominee for the Principled Business Awards, recognized for advancing capitalism by backing those willing to take risks and create new value

Written by: Michelle Bernier

At the 2024 Principled Business Summit in New York, Joe Lonsdale was recognized as the Principled Business Leader of the Year for his work in building institutions that defend free enterprise and strengthen civil society

As founding partner of 8VC, Joe led the close of Fund VI, a $1 billion vehicle backing ambitious founders driving innovation in defense, biotech, AI, and beyond The fund reflects his belief in entrepreneurship as the engine of the next great American century

Joe also helped launch the University of Austin (UATX), a first-of-its-kind university with a merit-first admissions process which welcomed its first class in the fall of 2024 The institution positions itself as a challenger in higher education, emphasizing excellence and intellectual integrity

Through the Cicero Institute, Joe has advanced policy reform across nearly three dozen states. In 2023 alone, Cicero supported 38 laws aimed at restoring government accountability and improving outcomes for communities across the country.

Joe has also used his voice to defend liberty and capitalism. In national media and platforms like X, he warned of anti-growth policies and highlighted the stakes of the 2024 elections His podcast, American Optimist, has reached thousands of listeners with arguments for entrepreneurship, innovation and free markets

In accepting the award, Joe urged business leaders to take a more active role in civic life:

"It's time to get in the fight The Founders trusted the American people to elevate its top talent to lead an effective, principled government Of course, there will be blowback, but if you ' re not being attacked or criticized, you ' re probably not doing much to protect and advance our civilization, and the values that make us free and prosperous "

Joe embodies principled leadership and he believes that this includes standing publicly in defense of capitalism even if criticism follows His career offers a blueprint for leaders seeking to grow enterprises and strengthen the foundations of a free society.

Lessons for Values-Aligned Investors: Insights from Larry Berlin at the Liberty Ventures Investor Summit

Written by: Michelle Bernier

Larry Berlin, long-time investor and mentor at the University of Chicago’s Polsky Center, brought a seasoned perspective to the Liberty Ventures Investor Summit at the University of Illinois Chicago His talk cut through the noise of venture investing to focus on what matters most for values-aligned investors: management, discipline, and clarity.

Larry has spent nearly two decades as a General Partner at First Analysis, leading private equity funds and covering financial technology, bank technology, and marketing Over the years, he has invested in dozens of companies, advised startups, and taught entrepreneurship. His career carries both wins and misses, but more importantly, it has yielded hard lessons that he shared openly with investors looking to align capital with principles

The Primacy of Management

Larry insists that leadership is the single most decisive factor in determining whether a business can scale Technology and markets influence outcomes, but weak or dishonest management has derailed more ventures than poor timing or flawed products Dysfunction among founders, shortcuts in diligence, and breakdowns in trust between teams and investors are especially damaging. For values-aligned investors, this means spending time with management beyond the boardroom Conversations over dinner or meetings with the broader team often reveal issues that pitch decks conceal

Numbers That Matter

Numbers matter as much as people. Larry identified the lifetime value to customer acquisition cost ratio as the single most important metric to examine If a company cannot profitably attract and retain customers, no amount of market enthusiasm will save it. He advised investors to double-check discounted cash flow models, test assumptions behind addressable market estimates, and ensure that sales quotas match realistic growth patterns. Product-market fit is often overlooked, he warned, with investors getting caught up in financial projections and forgetting to ask whether customers truly want the product

When to Walk Away

Larry also explained why he has walked away from deals when, for example, he has seen founders misrepresent market size, exaggerate traction, or bring in co-investors who create unnecessary risk. Excessive capital expenditures without a clear path to profitability remain another red flag At the same time, he acknowledged misses, such as Farmers Fridge and SpotHero, where strong businesses emerged despite early doubts These examples reinforced his point that discipline sometimes means passing on opportunities, and that good investing requires humility as well as conviction.

Separating Judgment from Sentiment

Successful investing requires a mindset that treats investments as investments, as Larry put it Entrepreneurs may feel like family, but investors must remember that their role is different. Sentiment should not override judgment. Larry encouraged investors to pay close attention to legal and regulatory details, which often make or break companies more than financial engineering.

Investing with Integrity

For values-aligned investors, Larry’s message carried special weight Integrity in management is not optional. Sound numbers, not hype, should guide decisions Long-term value creation outweighs shortterm gains And the partners you choose, from coinvestors to board members, should reflect the same principles you stand for.

Larry closed by reminding the audience that nothing is truly new, but new approaches to old problems are worth backing The job of a principled investor is to identify those approaches, support honest teams, and stay disciplined in execution That is how capital grows and serves society.

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Brett Hurt: Building a Future Where Technology Meets

Purpose

Brett’s fascination with technology began when he was just 7 years old, convinced that it could reshape the world That belief became the throughline of a career marked by bold ventures. He founded Coremetrics, one of the first companies to bring advanced analytics to the web through software-as-a-service With Bazaarvoice, he revolutionized digital commerce by popularizing online customer reviews, and eventually guided the company to a $1 billion IPO in only 6 years. Later came data.world, a platform designed to harness the power of data and AI, which was acquired by ServiceNow Alongside these ventures, Brett has invested in more than 140 startups and dozens of funds, weaving together an ecosystem of innovation

The Henry Crown Fellowship deepened his sense of mission. Inspired by Henry Crown’s story as a Jewish immigrant who built and gave back, Brett found himself surrounded by peers equally committed to creating impact It was a transformative experience that led to lifelong friendships and sharpened his vision of what business could achieve for communities. His own writing reflects that ethos. The Entrepreneur’s Essentials, dedicated to his mother and his wife, channels his learnings into practical wisdom, with proceeds donated to support women entrepreneurs at the Kendra Scott Women’s Entrepreneurial Leadership Institute

Yet Brett’s story is not one of linear success After the Bazaarvoice IPO, he tried to retire, taking his parents’ advice to embrace simplicity He traveled the world, embraced material comfort. Yet when standing in awe of New Zealand’s natural beauty, he felt a deep internal void Retirement, he realized, was not his path and instead, he discovered that his purpose was to create, and through creation, to find meaning

This search led him on an introspective path. He studied Vedanta in India, learning the discipline of mastering the mind and living in the present Psychedelic experiences gave him a profound sense of connection to God, to himself, and to others. Thinkers like Viktor Frankl, Eben Alexander, and the novel The Celestine Prophecy shaped his conviction that every human being carries a divine purpose. For Brett, today’s epidemic of loneliness and depression is the result of people failing to discover that calling His involvement with Kinship, a startup focused on combating isolation, reflects his commitment to healing this modern challenge.

Love, in his view, is the essence of existence Family, friends, and community surround him with it, and he sees every human as a fragment of an infinite love, which he identifies with God. He believes that science and spirituality, often treated as opposites, should be understood as intertwined forces, like the serpents on the caduceus symbol

Brett Hurt: Building a Future Where Technology Meets

Purpose

Brett’s fascination with technology began when he was just 7 years old, convinced that it could reshape the world. That belief became the throughline of a career marked by bold ventures He founded Coremetrics, one of the first companies to bring advanced analytics to the web through software-as-a-service With Bazaarvoice, he revolutionized digital commerce by popularizing online customer reviews, and eventually guided the company to a $1 billion IPO in only 6 years Later came data world, a platform designed to harness the power of data and AI, which was acquired by ServiceNow Alongside these ventures, Brett has invested in more than 140 startups and dozens of funds, weaving together an ecosystem of innovation.

The Henry Crown Fellowship deepened his sense of mission Inspired by Henry Crown’s story as a Jewish immigrant who built and gave back, Brett found himself surrounded by peers equally committed to creating impact It was a transformative experience that led to lifelong friendships and sharpened his vision of what business could achieve for communities His own writing reflects that ethos The Entrepreneur’s Essentials, dedicated to his mother and his wife, channels his learnings into practical wisdom, with proceeds donated to support women entrepreneurs at the Kendra Scott Women’s Entrepreneurial Leadership Institute.

Yet Brett’s story is not one of linear success After the Bazaarvoice IPO, he tried to retire, taking his parents’ advice to embrace simplicity He traveled the world, embraced material comfort Yet when standing in awe of New Zealand’s natural beauty, he felt a deep internal void Retirement, he realized, was not his path and instead, he discovered that his purpose was to create, and through creation, to find meaning

This search led him on an introspective path He studied Vedanta in India, learning the discipline of mastering the mind and living in the present. Psychedelic experiences gave him a profound sense of connection to God, to himself, and to others Thinkers like Viktor Frankl, Eben Alexander, and the novel The Celestine Prophecy shaped his conviction that every human being carries a divine purpose For Brett, today’s epidemic of loneliness and depression is the result of people failing to discover that calling. His involvement with Kinship, a startup focused on combating isolation, reflects his commitment to healing this modern challenge

Brett’s outlook extends to technology’s future He envisions AI, quantum computing, and robotics as catalysts for abundance, able to replace scarcity with possibility In 2025, he plans to launch his seventh venture, fittingly dubbed “Lucky Seven ” It will be the culmination of his life’s work and aims to blend technology, spirituality, and human purpose to build a more loving, just, and abundant world.

In a recent podcast appearance, Brett described capitalism itself as one of humanity’s great inventions, a force that has lifted millions out of poverty and expanded freedom across the globe To him, technology amplifies this power, making abundance possible; however, at the heart of his philosophy lies individual freedom and the belief that each person must chart their own course, even when it diverges from expectations

For Brett, life is what he calls “Earth school,” a place where love and consciousness expand through experience Technology is not an end in itself, but a tool to accelerate that expansion. His story is a reminder that purpose is not found on a distant beach, but in the work of building, creating, and connecting

Mark Bailey: A Life Shaped by Work, Principle, and Capitalism

Mark Bailey grew up in a household shaped by resilience and perseverance His father grew up poor in an orphanage, never adopted, while his mother came from a low-income farm family. His parents married at 18, worked tirelessly, and built successful lives together For Mark, their story was a guiding light and instilled in him that hard work and integrity could overcome hardship, and that capitalism provided the framework where such stories were possible

That determination has since guided him throughout his career Mark points to both the evidence and his own experience in concluding that, while imperfect, capitalism is unmatched in its ability to generate opportunity and reward initiative He sees it as a system that must constantly evolve, and he invests in that evolution by learning from communities like Liberty Ventures, which challenge leaders to strengthen and refine the practice of free enterprise

As a business leader, Mark lives these values daily. His personal mission is “to positively impact people’s lives and their thinking,” a principle that directs his decisions both in life and in business. He applies it not only in how he cares for his family, friends, and community, but also in how he leads companies Among his ventures is founding The Original Pancake House in Dallas, a business that reflects his ability to build enduring enterprises rooted in quality and consistency For Mark, profitability and growth are inseparable from creating a culture where people feel supported and inspired to achieve more.

Additionally, Mark defines capitalism as a journey of continual improvement. He actively seeks out peers and mentors who push him to refine his approach and deepen his impact Among these, Liberty Ventures has become a place where he finds both challenge and inspiration. This willingness to keep learning, paired with his focus on principle and results, has earned recognition beyond his immediate circle

Mark’s story reminds us that capitalism lives in the values handed down through family, and in the pursuit of purpose We are pleased to announce his nomination for the Principled Business Award for Executive of the Year. The recognition underscores a career defined by building successful companies and by demonstrating how capitalism can uplift lives and strengthen communities

Brian Schultz: Reinventing the Movie Experience

Brian Schultz grew up in Chicago and Los Angeles before heading to UC Chico, where he studied finance and musical theater That mix of disciplines gave him both a head for numbers and an eye for storytelling. Early on, politics seemed like his path when he worked as an aide to U S Senator Arlen Specter; however, a chance visit to Bethesda Cinema‘N’Drafthouse planted a different seed. Seeing movies paired with dining felt transformative to him. Soon, he was working at Dallas’ Granada Theater, learning firsthand the intricacies of managing cinema operations and delighting audiences.

In 1993, Brian founded Studio Movie Grill, one of the first companies to bring the dine-in movie concept nationwide Over the years, the business grew to 25 locations and more than 350 screens across 10 states Recognition soon followed with Inc magazine naming it one of the ‘fastest growing private companies’ for 3 consecutive years, as well as Box Office magazine ranking it 11th on its ‘Giants of the Industry’ list in 2019. The concept for Studio Movie Grill was focused on quality customer experience, combining premium food, craft beverages and superior theater technology, thus creating a space where people wanted to spend an evening.

Then came March 2020 when COVID-19 closures forced Brian to furlough 7,200 employees Brian pivoted quickly by reducing his team to just 34 employees and introducing to-go food orders. He was attempting survival despite his depleted inventory. Unfortunately, by October 2020, the company filed for Chapter 11 bankruptcy. For Brian, though, the filing was a way to rebuild, not an ending His restructuring plan ensured future reopening and a return for his staff Brian’s commitment remained anchored in the mission he often repeated “open hearts and minds, one story at a time.”

Out of that turbulence came a new chapter in LOOK Dine-In Cinemas With 10 locations already open, 8 of which were once Studio Movie Grill sites, the company reflects everything Brian has learned about resilience, design, and audience needs LOOK Cinemas’ theaters emphasize immersive sound, crystal-clear projection, and an experience free of distractions The menu which includes American favorites made from scratch, cocktails, and desserts, is priced to stay affordable, while theaters are versatile enough to host concerts, lectures, and community events Indeed, Principled Business hosted its New York Summit’s opening night at Look Cinemas in 2024. Expansion is already underway, with a dozen more sites on the horizon

Brian’s entrepreneurial drive has always been paired with a belief in conscious capitalism He has insisted on fair wages, encouraged employee growth, and created a culture where people stay for decades. During the pandemic, his radical transparency, be it with weekly town halls, one-on-one conversations with staff, and open communication with vendors and landlords, showed a kind of leadership that valued honesty and compassion Even when jobs were lost, employees knew he was doing everything he could to support them.

For Brian, entrepreneurship is less about chasing profits and more about shaping experiences that bring people together He recognizes that today’s competition isn’t just other theaters, but the comfort of the living room sofa. His answer has been to elevate every detail of the outing, turning movie night into an occasion worth leaving home for Blending innovation, community focus, and an unshakable sense of purpose, Brian continues to prove that cinema can evolve while still keeping its heart

Rob Connelly: Leadership, Capitalism, and Shared Prosperity

When Rob joined Henny Penny Corporation in 2005, he stepped into a company already known for innovation in commercial kitchen equipment What he brought was a vision for how capitalism could take root inside the organization itself Rising from Vice President of Marketing to President, then CEO, and now Executive Chairman, he guided the Ohio-based manufacturer through a period of growth that saw revenues climb nearly 50% between 2019 and 2022 and the workforce expand by more than half

A defining moment came in 2014, when Henny Penny became 100% employee-owned through an ESOP model. For Rob, this structure represents the best expression of free enterprise Ownership, he argues, transforms employees into true stakeholders, linking their daily work to long-term prosperity In his view, it is a model that generates both freedom and loyalty, creating resilience in good times and stability in crisis

That commitment to shared success is reflected in decisions across his leadership The company has never conducted mass layoffs in its 66-year history, and under Rob’s tenure, it invested directly in employee well-being by opening an onsite medical clinic in 2020 and developing a wellness center in 2023 For him, the ESOP is not just a financial tool but a safeguard for the security of every team member, aligning enterprise growth with human flourishing

The COVID-19 pandemic tested these principles. As President of the North American Association of Food Equipment Manufacturers, Rob had to oversee difficult industry-wide calls, including the cancellation of the 2021 trade show. At Henny Penny, however, the employee-ownership model proved its strength The company weathered early challenges, recovered quickly, and even shared additional financial returns with its people, reinforcing trust when it was needed most

In 2024, Rob transitioned into the role of Executive Chairman while a new CEO stepped in to lead day-to-day operations This planned succession ensures continuity while allowing him to focus on strategy and governance His approach blends free-market entrepreneurship with a deep sense of responsibility, showing that when ownership and trust are placed in the hands of employees, performance and purpose can grow together

For Rob, capitalism is about creating systems that align individual freedom with collective success, a philosophy he has put into practice for nearly two decades at Henny Penny

John Cochrane and the Future of Senior Living

As CEO of HumanGood, John Cochrane leads one of the nation’s largest nonprofit providers of senior housing With nearly 100 properties and 5,000 employees, the organization serves residents across a wide spectrum, from luxury retirement living to deeply subsidized affordable housing Its very name is a challenge and a promise: Are we willing to live up to HumanGood?

The Forgotten Middle

John points to a missing piece in the current model At one end of the spectrum, affluent retirees have access to high-end communities At the other, low-income seniors are supported through public programs Between those poles lies the “forgotten middle” consisting of teachers, firefighters, and lifelong workers who do not qualify for subsidies yet cannot afford premium housing For John, addressing this gap is both the industry’s greatest challenge and its most compelling opportunity “Everybody is paying attention to this market nobody has quite figured out how to address it”, he says.

Rethinking Health and Technology

When it comes to health, John believes the future lies in integrating housing with health in more sophisticated ways He emphasizes predictive and preventive tools that go well beyond the basics of telemedicine Platforms that measure balance and stability can help prevent falls, the leading source of medical costs for older adults Early detection systems for depression or dementia can guide tailored interventions before problems escalate. These innovations promise not only a better quality of life but also a sustainable financial model

Leadership and Resilience

When it comes to health, John believes the future lies in integrating housing with health in more sophisticated ways. He emphasizes predictive and preventive tools that go well beyond the basics of telemedicine Platforms that measure balance and stability can help prevent falls, the leading source of medical costs for older adults. Early detection systems for depression or dementia can guide tailored interventions before problems escalate These innovations promise not only a better quality of life but also a sustainable financial model

Capitalism, Freedom, and Choice

John’s thesis on leadership weaves together market access, freedom of choice, and social impact He argues that the middle market cannot be solved with a single model. Instead, it requires modular solutions such as ‘affordable housing-plus’ intergenerational models, and deeper use of local ecosystems By doing so, costs can be reduced without diminishing the resident experience.

This thinking underpins HumanGood’s decision to join the Perennial Consortium, which owns a Medicare Advantage network owned by operators. By linking benefits to health outcomes (e g rental subsidies in certain plans), the consortium aligns market incentives with social impact John also serves on its board, helping to drive a model where shared risk and coordinated care support both residents and operators

Living the Mission

At the heart of John’s philosophy is a simple conviction: the work matters The mission of HumanGood is not only about providing housing but about shaping lives with dignity, autonomy, and opportunity From high-end communities to affordable housing, and especially in addressing the neglected middle, John is pushing the industry toward a future where innovation and purpose go hand in hand.

Sol Rashidi on AI and Elevating Human Potential

Written by: Camilla Chellapermal

At a time when conversations around artificial intelligence often default to fear and displacement, Sol Rashidi stands apart A veteran of data and AI leadership roles at IBM, Sony, Merck, and Estee Lauder, she has built her career at the intersection of technology and business transformation

Reflecting on her recent participation at the 2025 Principled Business Summit on Necker Island, Sol described the experience as both intellectually and personally invigorating Surrounded by entrepreneurs, investors, and thought leaders, she emphasized the unifying theme as coined by fellow Liberty Ventures member, Lars Mapstead: “Capitalism breeds excellence, but principled capitalism breeds an excellent world ” For Sol, the focus is on aligning purpose with profitability and on ensuring that innovation serves both companies and communities.

Her own path into the technology sector was anything but linear A former rugby player on the U S women’s national team, Sol didn’t expect to become one of the most recognizable names in enterprise AI. What began as project management and data roles evolved into leadership positions where she helped launch IBM Watson and advised some of the world’s largest enterprises on how to build meaningful AI strategies. By 2016, she was already serving as one of the first Chief Data and Chief AI Officers in the Fortune 100

Despite her résumé, Sol resists the label of futurist Instead, she frames her mission in practical terms: deploying AI as a tool to “amplify our greatest investment, which is human capital ” She challenges the default corporate mindset that equates efficiency with downsizing. “If I give you back 18% capacity on a team of 22 people, your job is not to replace 5 of them,” she said “Your job is to take that extra capacity and get those people in a room to solve the next business problem that you have not been able to solve over the past few years”

This philosophy underscores her broader advocacy for conscious capitalism In her view, technology is a means to elevate - never diminish - human capability Her ‘AI Discernment Model’ illustrates this point, offering leaders a framework for deciding when AI should lead, when humans should lead, when AI should lead with human input, and when humans should lead with AI input. Whether helping a healthcare provider rethink oncology diagnostics or showing executives how to integrate AI tools without eroding trust, her advice is rooted in the principle that value creation should strengthen both the company and its people

In her recent book Your AI Survival Guide, Sol expands on these themes, arguing that technology adoption fails because of bad integration and lack of employee buy-in The solution, she believes, lies in transparency, upskilling, and reframing efficiency as empowerment. As she put it, “These tools are all meant to elevate our inherent and natural abilities and to strengthen cognitive muscles, not weaken them.”

For leaders navigating AI adoption, Sol’s voice is both pragmatic and principled Her career embodies the belief that capitalism works best when it is conscious of its impact, and her philosophy reframes AI as a driver of human progress rather than a replacement for it As she continues to shape how enterprises deploy transformative technologies, Sol remains steadfast in her conviction that profitability and purpose can, and should, advance together.

William Steele Turns Small-Town Hustle Into Supply Pay’s Global Growth

Written by: Michelle Bernier

At the core of William’s philosophy is the principle of voluntary exchange and value creation He sees capitalism as the engine that rewards problem-solvers, not necessarily for the most technically complex solutions but for finding real ways to make life better Supply Pay reflects this principle with the company helping businesses manage cross-border payments with transparency and speed By solving a pain point for exporters, importers, and their service providers, Supply Pay delivers measurable value.

He practices these principles every day through leadership. William sees his role as being mindful of all stakeholders. That includes investors, employees, customers, and partners such as CPAs and customs brokers Every transaction requires coordination across multiple players. His goal is to ensure each one has a positive experience For him, capitalism in practice means paying attention to every detail in those relationships and leading with discipline.

William Steele’s path into capitalism began in the most unassuming way: a middle school lawn care business What started as mowing yards for neighbors soon expanded into something larger. Those early summers were about building trust, forming relationships, and discovering that commerce was as much about connection as it was about service That early business sparked a lifelong interest in entrepreneurship. Today, William is co-founder of Supply Pay, a cross-border payments platform serving entrepreneurs around the world.

William graduated from the second cohort of the Principled Business Accelerator. He attended the first Principled Business Summit in New York as an early participant, won a scholarship to pitch on Necker Island alongside Sir Richard Branson and John Mackey, and later took first place at the Principled Business Pitch Competition at FreedomFest in Palm Springs Supply Pay is also one of the companies backed by Liberty Ventures.

Advocacy is also central to his work William speaks often about the value of capitalism, both in personal and professional circles He and his wife, also an entrepreneur, are open about the benefits and lessons of capitalism, whether in conversations with peers or in mentoring students He believes exposure to real-world entrepreneurship inspires the next generation to participate By staying in the arena, building companies, and leading teams, he shows what capitalism looks like in action.

Supply Pay’s success is evidence of this approach Winning at FreedomFest and securing investment from Liberty Ventures Network members are milestones More importantly, the company continues to expand its reach, providing crossborder payment solutions to a growing set of entrepreneurs. Each win reinforces William’s belief that disciplined markets, where accountability is clear, are the best drivers of progress

His nomination for the Principled Business Awards underscores a journey that began with neighborhood lawn care and now extends to global finance. William has demonstrated how capitalism recognizes initiative, ingenuity, and steady leadership His path is a reminder that disciplined entrepreneurship has the power to generate prosperity while driving meaningful progress

Caroline Carralero Builds Daily Nouri on Capitalism and Consumer Trust

Written by: Michelle Bernier

Caroline Carralero is the founder and CEO of Daily Nouri, one of the first companies backed by Liberty Ventures Fund Her company is built on a simple idea with sweeping impact that microbiome health matters, and capitalism is the best vehicle to bring credible, innovative solutions to consumers

Caroline’s capitalism origin story began with a fascination for how businesses turn ideas into products that improve lives That curiosity soon sharpened into a focus on health and wellness, specifically the overlooked role of the gut microbiome in supplements Spotting a gap in the market, she created Daily Nouri to deliver the transparency and innovation consumers were demanding. With venture support, a skilled team, and disciplined execution, she launched products that hadn’t existed before

For Caroline, capitalism is accountability in action. She sees it as a framework that rewards innovation and value creation Profit is important, but never the sole measure Each business decision at Daily Nouri reflects that balance of addressing consumer needs, generating returns, and building a company that lasts

Day to day, that philosophy translates into rigor From negotiating with suppliers to scaling distribution, Caroline applies market logic to every move and her discipline has paid off with Daily Nouri products now sitting on the shelves of Walmart and Kroger, proof that execution and consumer trust fuel growth At the same time, she invests in people, building a team culture rooted in mentorship and shared purpose, i e her version of capitalism applied to human capital

Beyond her company, Caroline publicly advocates for capitalism She speaks candidly about the grit and resilience required to build a business, presenting Daily Nouri as both a health brand and a case study in how markets solve problems By supporting other founders and sharing her lessons, she makes the case for capitalism practiced with integrity.

The results are hard to ignore Daily Nouri is serving a growing health-conscious base, winning partnerships with major retailers, and expanding its influence in the wellness space Caroline’s leadership underscores how entrepreneurship and capitalism can deliver innovation that benefits consumers and creates lasting value.

Her nomination for the Principled Business Awards reflects her role as both entrepreneur and advocate and is a recognition of an idea she embodies: capitalism produces innovation that benefits consumers and creates long-term value

Victor Cho on Building Capitalism With Stakeholder Balance

Written by: Michelle Bernier

Victor Cho decided in high school that he wanted to be a CEO, even before he fully understood what the role entailed To Victor, the chief executive was like a “general” of a business Intuitively, Victor knew that what mattered to him was to bring people together to build something valuable for society that people would pay for That instinct shaped his career as he spent decades in roles across startups, turnarounds, and hyper-growth companies. Each step built the skills needed to lead at scale

Over the last 30 years, Victor has been an executive and has seen capitalism take great positive strides away from pure shareholder maximization as the driving ethos He points to the data that today, over 78% of the top 250 largest companies in the world have embraced some form of stakeholder balance and transparent reporting This trend is slowly spreading beyond multinational firms to smaller businesses. For Victor, this evolution represents capitalism at its best: an organizing framework that can elevate human achievement He also adds that capitalism grounded in stakeholder balances ensures that the positive impacts of the business are not outweighed by unintended second order impacts

Victor argues that a business is in many ways, a living participant in society with obligations that extend beyond shareholders Having seen stakeholder management firsthand at Microsoft and Intuit, he made it a permanent part of his leadership philosophy that he calls the “Business Citizen ethos” Since the mid-1990s, every company he has led or founded has incorporated explicit metrics and transparent reporting designed to track performance against all four stakeholder groups, namely shareholders, customers, employees and society at large Victor’s goal is durability: building enterprises that endure because they respect the full ecosystem in which they operate

His advocacy takes the form of publishing, sharing and promotion of a more operational framework for shareholder balance in terms of the societal stakeholders, which he calls the “4th Stakeholder” Victor’s leadership highlights a practical lesson for executives and entrepreneurs: a business that ignores society risks its license to operate A business that accounts for all stakeholders builds the foundation for long-term growth

Additionally, Victor publishes and speaks about the model to provide business leaders with operational tools, not theory His aim is to help capitalism evolve into a system that generates both growth and responsibility

For Victor, capitalism has always been the best organizing construct for progress It mobilizes people to innovate, compete, and create value at scale; however, he believes the future of capitalism depends on balance. Profit must remain central, but it must not overwhelm responsibility

His nomination for the Principled Business Awards reflects a career built on this belief From his teenage decision to become a CEO to his decades of leadership, Victor has argued for and practiced a capitalism that creates value and preserves trust. For him, stakeholder balance is not a slogan It is the path to building businesses that last

Why Yagub Rahimov Says Capitalism Is the Only Framework for Trust in AI

Written by: Michelle Bernier

Yagub Rahimov grew up in Azerbaijan in the uncertain years that followed the collapse of the Soviet Union. He saw how communism destroyed initiative and left entire generations behind His outlook shifted when he earned a U S State Department FLEX scholarship and moved to California for high school. Living with American families exposed him to a system where capitalism and freedom were daily realities

That spark grew brighter in 2006, when he attended a libertarian summer camp in Bakuriani, Georgia Mentors like Ken Schoolland and Lobo Tigre helped him see how voluntary exchange and free thought could do what central planning never achieved: organize people and drive prosperity Three years later, Yagub launched his first venture, a machine learning-powered social trading platform that connected rookie investors with verified professionals He quickly learned that price signals and competition are teachers far more effective than any theory. Two more bootstrapped companies followed, and the lesson deepened: success required putting skin in the game, listening to customers, and keeping feedback cycles tight

Today, as CEO and founder of Polygraf AI, Yagub applies those same principles to the frontier of artificial intelligence The company develops locally deployed, explainable small language models that enforce privacy, integrity, and accountability. The business reflects his philosophy Trust is earned by solving the hardest problems, and customers pay for what works.

Yagub’s alignment with capitalism is both practical and personal In business, it means competing on value, keeping promises enforceable, and iterating based on what clients actually use In life, it means supporting independent education, investing in nonprofits aligned with his values -

- and joining forces with leaders who share a pragmatic commitment to freedom and innovation At Polygraf AI, these principles guide everything. Hiring is based on ownership, not credentials Products are designed with privacy first, giving customers more control Success is measured by what people use, renew, and recommend

Advocacy for capitalism, Yagub believes, is less about strategy and more about living fully within one’s values His recent work with Bill Kline and the Academy for Capitalism in Chicago reflects this After hearing Yagub’s talk at the 2024 Principled Business Summit in New York, Bill invited him to address students at the Academy where Yagub’s message of integrity, competition, and purpose matter more than slides, resonated and led him to join the Academy’s board Yagub now helps prepare our future leaders.

For Yagub, the United States remains the best environment for business to thrive. As an immigrant entrepreneur and someone who has lived in many parts of the world, Yagub sees the U S as unmatched in its ability to welcome immigrants, enable them to build companies, create wealth, and feel at home within a few short years. That possibility exists, he argues, because of the founding vision of liberty, justice, and capitalism, a vision that continues to make equality and opportunity real.

Diana Tan: Building Brief, Building Freedom

Written by: Michelle Bernier

Diana Tan’s entrepreneurial path began with a middleschool book assignment. Her teacher challenged her to read all 1,100 pages of Atlas Shrugged for an Ayn Rand essay contest While she didn’t win, the experience changed her life. It introduced her to libertarian philosophy, to the power of individual freedom, and to the discipline of responsibility Those ideas still shape her approach as a founder.

For Diana, capitalism matters because it aligns freedom with accountability As she explains, no one grants you permission to start a company. You test your idea in the market and customers give the verdict If the product creates value, it survives If not, you adapt or close That process keeps entrepreneurs focused, efficient, and grounded In her view, capitalism is not about theory but about action, discipline, and fairness

as Founder Mode

Diana views entrepreneurship as capitalism in practice Value has to be earned and risk and reward sit squarely on the founder’s shoulders. She embraces that pressure because it forces resilience and humility. Even competition, she argues, is motivation Every day, someone can build a better product That keeps her close to customers and focused on solving problems Diana considers capitalism the most honest framework for building and improving

The Origin of Brief

Her current venture, Brief, began with a personal story. Diana’s father ran a small shop and often signed documents he did not fully understand. Those documents carried real financial risks. Inspired by that problem, Diana started Brief as a contract redlining tool The concept resonated with customers, but the business model didn’t stick Small businesses and consumers simply didn’t sign enough contracts to sustain growth.

Listening to users led to a discovery into a deeper problem Across industries, employees were wasting hours hunting for documents. On average, it took 3 tries and 20 minutes to locate a single document, thus over a year, adding up to 150 hours of lost productivity. In order to solve this issue, Diana and her team pivoted Brief into an AI-powered platform that organizes information across tools, making it instantly findable, and eliminating bottlenecks of fragmented systems

Why Brief Matters

Diana argues that knowledge is one of the most valuable assets a company owns, yet it’s often buried, locked, or slowed by bureaucracy Brief restores control, enabling teams to act immediately with accurate data In competitive markets, she says, that difference can define who wins

Capitalism

Lessons from the Journey

If there’s one lesson Diana emphasizes, it’s the importance of people The wrong hires stall progress but the right ones accelerate it She takes pride in watching colleagues flourish, whether co-founders who stayed or interns who moved onto companies like Microsoft. For her, Brief’s legacy will be measured in the entrepreneurial journeys it inspires.

The

Road Ahead

Diana’s vision is ambitious: she wants Brief to become the invisible backbone of organizational knowledge Starting with real estate and construction, the platform integrates with existing tools and builds a trusted system of record. Over time, she sees Brief evolving into the operating system of work itself

The goal is simple but demanding: to give organizations the freedom to act at the speed of thought.

Why Patrick McLaughlin Says Markets Deliver Prosperity Better Than Regulators

Written by: Michelle Bernier

Patrick McLaughlin stands at the intersection of scholarship, entrepreneurship, and advocacy for free enterprise A graduate of the first Principled Business Accelerator cohort, Patrick built RegBot.ai, pitched it at last year’s New York Summit, and achieved an exit within 12 months His journey reflects both intellectual rigor and practical execution.

Patric’s introduction to capitalism began with a high school fascination for liberty-focused ideas He subscribed to a libertarian newsletter and later pursued economics in college with the intent of working at the World Bank Exposure to Hayek, Friedman, and Sowell shifted his trajectory. The evidence they marshaled convinced him that free enterprise, with clear rules but limited regulation, drives prosperity This tenet became the foundation for his career.

Patrick describes capitalism as more than just an economic system He calls it a framework that aligns human potential with incentives. Markets, he argues, reward innovation and punish inefficiency They solve problems without central coordination His work, whether academic or entrepreneurial, emphasizes vigilance against policy risks and the importance of keeping markets open and competitive

At Stanford University’s Hoover Institution, where he serves as a Research Fellow and the Pacific Legal Foundation, where he is a Visiting Research Fellow, Patrick leads projects such as RegData and QuantGov These initiatives measure the impact of regulation and provide tools for businesses, policymakers, entrepreneurs, and executives to navigate a landscape too often clouded by bureaucracy The work affects how businesses allocate resources and how regulators shape policy. The tools he develops help identify barriers to growth and point to where reform is needed

Entrepreneurship is not separate from this mission Patrick co-founded RegBot.ai, a startup designed to improve communication between businesses and regulators Vulcan Technologies acquired the startup in 2024, a move that validated the value of data-driven regulatory tools. He continues to advise Vulcan and other ventures in the regulatory technology space, extending his influence from research to market-based solutions that solve tangible problems.

Patrick’s advocacy reinforces his academic and entrepreneurial efforts. He has published widely, from peerreviewed journals to major newspapers He has briefed lawmakers at state and federal levels He has testified before Congress, presenting evidence on how deregulation expands opportunity. Patrick’s message is consistent: excessive regulation hinders growth, while market freedom enables it

Patrick’s achievements are measurable His research platforms are used by hundreds of analysts and policymakers worldwide His startup exit shows how regulatory technology is a growing market His testimony has informed policy debates on issues ranging from occupational licensing to environmental regulation. Each step ties back to the same principle: capitalism works

Patrick’s nomination for the Principled Business Awards reflects both his track record and his alignment with the values of principled business. He embodies a rare combination of intellectual depth, entrepreneurial drive, and public leadership Patrick has shown that capitalism remains the strongest driver of human progress

A principled path for founders building scalable businesses.

The Liberty Ventures Founder Fellowship is a unique program for pre-seed to Series A startup founders. Unlike traditional accelerators, LVFF is an ongoing relationship providing long-term strategic guidance, advisors, investor access, and a supportive community. In exchange for up to 5% advisory equity, founders gain access to Liberty Ventures' vast network and resources.

Dustin Palmer: Carrying forward a 50-year family business with purpose and profit

Written by: Zussel Ramos

In Houston, Dustin carries forward his family’s 50-yearold business, Creative Blinds. He sees it as a responsibility to honor what was built before him while continuing to serve the customers and employees who make the company thrive. Profit and purpose are part of the same legacy he is committed to sustaining

Beyond the business, Dustin also makes a point of advocating for capitalism. For nearly a dozen years, he has been a vocal promoter of capitalism among friends, colleagues and now within the Liberty Ventures and Principled Business communities where the system’s merits are openly discussed “Authentically, it is one of the most important conversations of today,” he says

For Dustin, the heart of capitalism lies in liberty, freedom, and the relationships built through voluntary exchange That’s what makes him not just a businessman, but also a Champion of Capitalism.

For Dustin Palmer, capitalism is a way of life that has guided him since his early childhood

His capitalist journey began on the golf course. By the age of 3, Dustin was already swinging a club on the green, surrounded by entrepreneurs and business leaders. His uncle and father, both entrepreneurs, showed him not just the risks of running a company but also the sense of adventure it brought Through their games and conversations, Dustin came to see business as a world of challenges, recoveries, and relationships that last far beyond the balance sheet From that early age, he was hooked

Today, Dustin defines capitalism in clear terms: “True Capitalism to me stands for liberty and freedom When engaged in a voluntary and free market transaction, value is inherently created.” That principle guides how he works and lives

Champion of Capitalism: Adam Karl

Written by: Zussel Ramos

Adam Karl has built his career on the conviction that capitalism is not only an economic model but also a catalyst for progress. From his formative years to his current ventures, Adam has positioned himself as both a practitioner and advocate of free-market principles

The roots of his outlook go back to family and education Raised by parents and guided by high school teachers who all had a strong grasp of economics, Karl says he was taught early on about capitalism’s role in shaping prosperity and the dangers inherent in its alternatives His views solidified while studying Thomas Sowell, Milton Friedman, and Henry Hazlitt, whose writings connected economic freedom to prosperity, responsibility, and individual dignity

That foundation informs his perspective today “Capitalism is the most powerful force for human prosperity in history, driving innovation, opportunity, and widespread economic growth,” he says.

Adam’s professional path reflects those convictions. Through his involvement with Liberty Ventures and Principled Business, he is helping build a network of leaders who align principle with action His collaborations with policy-focused organizations, including the Manhattan Institute and the Adam Smith Society, extend his advocacy into the intellectual and civic arena, where he promotes free-market values and ethical business practices

In reality, this means weaving economic philosophy into his ventures. Adam explains that he seeks opportunities to work with partners who share a commitment to open markets and personal enterprise, believing that such alliances amplify the case for economic freedom.

Adam acknowledges that promoting capitalism can be contentious, but he sees this as a necessary challenge Whether in boardrooms or public forums, he says he is committed to countering misinformation and demonstrating that free markets remain the most effective framework for progress.

Johnathon Bush: Built from Scratch

Written by: Zussel Ramos

For Johnathon, the draw of capitalism began long before he entered the world of business leadership At just 13, he launched his first venture, inspired by a love for desserts and a determination to work. That early taste of entrepreneurship set the stage for a lifelong commitment to the principles of enterprise and personal drive.

What began as a personal passion turned into Not Just Cookies, a growing wholesale bakery serving retailers and institutions nationwide. Today, Johnathon continues to see capitalism as a force for impact. In his view, the system rewards effort, creativity, and persistence - values that he strives to embody both professionally and personally Johnathon works to demonstrate the influence of capitalism through concrete results, making his businesses a living case study of the principles of capitalism in action.

At the core of his work is a dedication to customers By aiming to exceed expectations and deliver outstanding value, he sees every transaction as an opportunity to affirm the benefits of free enterprise Within his team, Johnathon emphasizes culture as much as output, fostering an environment built on trust, responsibility, and shared standards that ripple into the wider industry

Beyond his own ventures, Johnathon is active in advancing the conversation about capitalism As the leader of the Chicago Chapter of America’s Future and a Principled Business Ambassador, he organizes events and creates platforms for dialogue around liberty, entrepreneurship, and opportunity For him, advocacy is about defending capitalism, but also about inviting others to experience how it empowers individuals and strengthens communities

From a teenage startup to leading efforts that highlight the role of enterprise in society, Johnathon’s story reflects the enduring appeal of capitalism as both practice and principle. His path shows how early curiosity can grow into a career defined by dedication to freedom, innovation, and the pursuit of value.

From Ecuador to the World: Building Prosperity Across 3 Generations

Written by: Zussel Ramos

Julio Clavijo traces his entrepreneurial spirit back to his grandfather, Julio Medardo Clavijo Sánchez, who left his rural hometown of Tisaleo, Ecuador, with little more than determination and a grasp of basic math In Guayaquil, he began selling textiles, sleeping alongside his inventory in a rented warehouse. His relentless drive led him to source better fabrics from Panama, then Miami, and eventually New York, where he won the confidence of suppliers by repaying a $500,000 shipment within a single month His ventures expanded into electronics and other goods, helping shape Ecuador’s early path in international trade.

The next generation carried that momentum forward Julio’s father became the first in the family to attend university, studying in Kentucky before returning to Ecuador to build a business importing chemicals for textile finishing. Julio himself, the third generation in this lineage, pursued a Master’s in Economics at the University of Manchester, England on a Chevening Scholarship, focusing on international trade and economic growth.

A Modern Vision of Capitalism

For Julio, capitalism is a system that channels individual initiative into prosperity for families and communities He describes it as a framework for resilience and opportunity, where reinvestment in people and global connections sustains growth beyond a single lifetime

Living the Principles

That perspective shows up in his work Julio leads cross-border ventures in software consulting, recruitment, and reskilling through Awana, a U S -based company He also teaches economics at UDLA University in Quito, blending empirical evidence with lived conviction that capitalism and international commerce are powerful drivers of personal and national development. His commitment to economic inclusion extends into public service as well: as Ecuador’s Vice Minister of Economic Inclusion, he has worked to strengthen economic assistance programs for vulnerable groups, including single mothers and children in rural areas

Carrying the Story Forward

Julio is also a vocal advocate for capitalism He shares his family’s three-generation story of entrepreneurship, teaching students to see global trade as a path to growth, and mentoring professionals to think beyond borders. His goal is to spark a virtuous cycle in which each generation can access the same opportunities to thrive in a free and competitive marketplace

The story that began with a textile merchant in Guayaquil now spans decades, industries, and borders. For Julio, that legacy is not only about family achievement but also about showing how capitalism can change the course of a household as well as a nation

Free to Fail

Written by: Michael Angelo Zervos

Just 2 months ago, I completed a 499 day journey to visit 195 countries and in doing so, broke the Guinness World Record for being the fastest human to visit every sovereign nation on our planet.

Since finishing, many have come up to me to commend my bravery, to praise me for doing something they only wish they could’ve done. While nodding and thanking them for their congratulations, I reflected with some amusement on an alternative reality where I failed That same bravery would now be considered a special kind of idiocy - the kind we’d read while drinking our morning coffee and scrolling the web You know the type: some famous TikToker filming a dance trend in Iran or a backpacker bringing drugs into China. We’d raise our eyebrows with feigned surprise and mutter “idiot” under our breath and move on

Though at times I was a hair’s breadth away from that alternative fate, I managed to complete this journey with only the occasional detainment by corrupt cops, a night in jail, an encounter with mob justice, and a deportation However, my failures in my life have taught me to accept the outcome of failure and made me fearless in the potential of not meeting my lofty goals. Truth be told, I attribute my success this time to the fact that I failed so many times before

It would’ve been impossible to have visited countries as far-flung as Tuvalu, as isolated as North Korea, and as war-torn as Palestine without bringing something back with me. Instead of typical souvenirs like t-shirts or magnets, I opted for something less tangible, yet infinitely more impactful I’m a professional storyteller, having worked for the last 13 years as a director in film and television Naturally then, I returned with storiesthousands of them

Since I couldn’t parade down the streets of Tripoli or Mogadishu with an entire film crew, I armed myself with only a cell phone and one deceptively simple question: “What is the happiest moment of your life?” Whether it be an hour, a day, month, or year of someone’s life, my goal was to uncover a story about a single moment that stands above all, in the lives of others. Never did I define happiness, but instead, I allowed each subject to embed their own philosophy of happiness within their responses

The answers were as varied as the human experience itself Sometimes the answers were funny, other times thoughtful. Tragic. Dramatic. Subdued. Confusing. Erotic (yes, really!) Relatable Predictable Some truly blew my mind

One woman from Kyrgyzstan said her happiest moment was when she lost 80kg of dead weight, i.e. her exhusband Another in Lesotho got into university the very same day her father suddenly dropped dead A boy in Jordan wrote a letter to NASA and got a reply. A girl in Moldova had a surprise COVID birthday party A Marshallese recalled bedtime stories with her grandmother. An elderly Tunisian regaled me with times of his rakish youth.

The more responses I collected, the more I realized the sheer variety of stories was a deep reflection of our equally voluminous wants and needs as humans Right in front of me, hiding one layer underneath my question, was a fundamental defense of a marketbased economy If the pursuit of the happiness experience, however it was defined by others, was motivation for action, those actions were then enabled or enriched by an environment of maximal freedom. That’s because such limitless paths could never be anticipated and managed top-down Only by an equally flexible and diverse system of fulfillment could such demands be met And it wasn’t about getting more stuff for people who already had a lot of stuff It was about freeing people to fail.

Happiness is our most elusive emotion, an assumption embedded in the phrase “pursuit of happiness”. Ironically, happiness isn’t hard to achieve, gained by the most trivial things, as well as the most monumental It’s just hard to keep So many anecdotes I’ve collected about long-lasting happiness are rooted in the fertile soils of purpose Those people who have expressed a strong purpose in life have continuously found reasons to appreciate all seasons of their lives and as one man in the Dominican Republic put it, “enjoy happiness and sadness equally” I might actually call this joy, but that’s a subject for a different time

The point is that while someone can regularly stumble into happiness, purpose comes from an extensive search wrought with many, many failures To understand this underappreciated consequence of a market-based system, one only looks at the most insidious consequence of closed systems and the crushing of human potential

Across the world I’d encounter frustratingly talented people who would be shackled to ruinous labor from here to the day they died People like Zakariah, who once had a purpose helping entrepreneurs establish companies in Kabul but since the Taliban’s return to power, he now huffs soldered metal in a dim alleyway, putting cell phones back together Or Julie, a once dutifully-employed Burmese teacher, who now lives in a fear-induced paralysis brought about by her own government It broke my heart to leave the company of people like this because, as we said our goodbyes and I turned to go, their eyes pleaded for me to spirit them away to a place they might be more productive, to use their abilities to make themselves and others around them better off. They were not free to fail, they were destined for it

As advocates for free markets, our hardest battles in developed nations are not often won by rational discourse No one knows this better than storytellers, who observe the desperate economist collect numbers and figures only to be ignored by the crowd’s growing discontent It’s hard to see the totality of the effects of a developed free market because of how diffused its benefits can be: try telling the fish of the importance of the water in which it’s swimming

Markets are an extension of our limitless capacity to dream, an imperfect consequence of limited knowledge, scarce resources, and shifting demands It harnesses the very best of our tendencies, exploits the very worst of them, and harmonizes them in a way that no other conceivable system has done to this day Of anything else, they offer the most direct path to elevated living conditions of any system, but the free exchange of goods and services does not de facto give purpose to others. Instead it lays the groundwork to discover it by relieving us of the natural state of poverty, building infrastructure for exploration, and the capacity to choose The freedom to choose means freedom to fail

When markets are being attacked by both the American right and left, to rely on assertions of the superiority of capitalism to provide goods and services without an acknowledgement of the underlying consequences of the freedoms is the equivalent of rolling over So while people in the developed world may not be moved by the abundance of soap brands on the shelf, the pursuit of purpose may speak to people everywhere.

In pursuit of purpose, we may rise high into the heavens only to be struck down in hubris in a spectacular blaze of glory Our story may generate memes and mockery, but most of the rest of the world would gladly trade the possibility of this fate, than to slowly wither on the vine and die. This is something that I continue to remind myself when I recall my past failures and entertain future ones, how fortunate I am to be free to fail at all in service of a purpose.

My book Happiest, a collection of the stories I’ve personally curated from every country in the world, will be due Q3 of next year from Penguin Random House.

Lexandria's Unique Educational Entrepreneurship

Written by: Richard Lorenc

Entrepreneurship is lauded as a heroic undertaking in most quarters these days. After all, who doesn’t want to invent something, make a great living, and “be your own boss?” Yet few know that the term, which derives from the French for “undertaker,” is a contested subject with numerous specific definitions.

For example, Austrian economist Joseph Schumpeter, famous for the term “creative destruction,” argued that entrepreneurship is a disruptive innovation The Chicago economist Frank Knight defined an entrepreneur as a risk taker, someone who bears the risk of her undertaking and benefits from the rewards if her choices were prudent And Israel Kirzner, the 95year-old economist, argues that the entrepreneur has alertness to otherwise unnoticed opportunities. Professor Pete Boettke likens this to an entrepreneur “picking up $100 bills that others ignore ”

This discovered money is the basis for profit, which is a crucial byproduct of successful entrepreneurship After all, a business without revenue that exceeds expenses cannot sustain itself for long at all.

Despite the mismatch of terms, profit in the sense of financial sustainability serves as a signal of valuable service even for nonprofit businesses My colleague Josh Sanders doesn’t like the term nonprofit, preferring instead “not-for-equity enterprise” because nonprofits, legally, have no equityholders who receive dividends In this context, all earnings are reinvested into the business.

When I consider my ‘not-for-equity’ enterprise Lexandria, I can relate it to a number of theories of entrepreneurship, but the most salient definition is Kirzner’s alertness to unnoticed opportunities

Lexandria is an educational platform that empowers teachers to bring pro-liberty enrichment materials into their social studies classrooms measurably It is a spinoff of Certell, which, for 10 years, has built technology and content for teachers to teach important American Principles in their classrooms

When I walked into Certell last fall, I saw immediately that the platform could be much more valuable if it were to open itself to content from other organizations.

Not only does Lexandria solve classroom access problems, but it also solves the problem of quantifying impact and understanding “what moves the needle” on students’ understanding of the ideas of a free society

We are launching Lexandria this fall with our 5 social studies books - US History (2 volumes), World History, Economics, and Civics - as well as partner courses with FEE and the Emergent Order Foundation.

Also this fall, we will be debuting the premiere 3-classperiod course on the American Founding entitled “The American Experiment: 250 Years of Enduring Principles” by Sean Malone This special initiative is designed to deepen students’ understanding and appreciation of America’s foundational ideals as our country commemorates its 250th anniversary next year

I’m often asked who the 4,200 teachers using Lexandria currently are and what they need from enrichment materials that Lexandria offers, beyond their district mandated textbooks These are teachers who need both more relevant content than their standard textbooks provide, and help in navigating our era’s difficult conversations

Some have compared our enrichment content strategy to that employed by The 1619 Project Indeed, 165,000 high school social studies teachers seeking to go beyond their textbooks may be similar, but that is where the similarities end Whereas The 1619 Project centers slavery and systemic racism as foundational to America’s national identity, Lexandria’s content emphasizes American history as shaped by broad struggles toward universally aspirational values we call ‘American Principles’

Take this example from Volume One of our Poptential US History course:

“The fulfillment of [recognizing each person’s unalienable rights] often came with violent struggle, profound social and cultural discord, and disturbing social injustice. In this conflict, there was surprising agreement that democracy, the rule of law, religious toleration, and individual rights were good things ”

Lexandria highlights shared agreement on principles, even amid historical conflicts and injustices, rather than centering on racial issues.

Empowered with an ever-growing library of excellent, pro-liberty content, our goal is to grow the number of teachers using Lexandria actively from 4,200 today to 65,000 by 2030 This 40% market penetration will help millions of students to discover the American Spirit at a pivotal moment for our republic.

This undertaking requires disruptive creativity in the mold of Schumpeter, risk-taking as described by Knight, and noticing the invisible opportunities as Kirzner asked us to do Entrepreneurship takes many forms, and remains, as always, one of the most important things a person can do both for themselves and to improve the state of humanity as a whole

The Grocery Store Mirage: Why Government Can't Stock the Shelves

Written by: Ann Marie Miller

New York is about to make a $65 million mistake Assemblymember Zohran Mamdani is campaigning on creating 5 state-run grocery stores in underserved communities, promising affordable food where private markets have allegedly failed

In reality, this experiment will burden taxpayers across the state, drive out existing local businesses, and ultimately leave vulnerable communities worse off than they started It's a solution that ignores the economic signals that created food deserts in the first place.

As a Chicago native, I've seen this movie before My city recently flirted with the same well-intentioned but economically unsound idea that would burden taxpayers, undermine existing businesses, and ultimately leave vulnerable communities worse off than before. After months of feasibility studies and grand proclamations, Chicago quietly abandoned the plan in early 2025, shifting to smaller community markets instead

Mamdani's proposal sounds compassionate on the surface. But like most ideas born from central planning, it ignores both how markets function and how we got here in the first place

The Signals We Can't Afford to Ignore

When a neighborhood lacks grocery stores, that's not market failure. It's market communication. Prices and profits are signals, transmitting complex information that no central planner can fully comprehend As Friedrich Hayek explained in his work on the knowledge problem, markets coordinate the dispersed knowledge of millions of individuals making decisions based on their unique circumstances.

When major chains exit certain neighborhoods, they're responding to these signals: thin margins made unsustainable by higher security costs, inventory shrinkage, or lower sales volumes. Government stores won't face these constraints initially because they'll operate with artificial advantages such as subsidized real estate, tax exemptions, and taxpayer backstops for losses

However, these advantages merely mask the signals and they don't address them.

Consider the cautionary tales of Whole Foods and Walmart, two retail powerhouses with vastly different business models who both tried to make urban food deserts work. Whole Foods opened with great fanfare in Chicago's Englewood neighborhood in 2016, receiving $10 7 million in city subsidies to establish a foothold in the underserved South Side By 2022, they closed the location, unable to make the economics work despite their expertise and the government assistance.

The Historical Ledger

Walmart, with its legendary supply chain efficiency and everyday low pricing strategy, has similarly retreated from urban locations in Chicago and other cities If these retail giants with their economies of scale, sophisticated inventory management, and deep pockets couldn't create sustainable operations in these areas, what makes anyone think government bureaucrats can succeed where market experts failed? We needn't speculate about the outcomes. History has run this experiment repeatedly.

The Soviet Union's bread lines weren't caused by a lack of wheat but by the absence of market signals to efficiently allocate resources Venezuela, once the wealthiest country in South America, saw grocery stores emptied after price controls and nationalization destroyed the incentive structure that keeps shelves stocked. Cuba's food rationing system has persisted for decades, creating chronic shortages despite fertile agricultural land

Even in America, we ' ve seen this play out on smaller scales. Baldwin, Florida opened a city-run market in 2019 with great fanfare, only to face the same economic realities that challenge private stores

In Erie, Kansas, the story is particularly instructive. When the town's only grocery store closed in 2016, city officials stepped in to create a municipal grocery store. Despite initial enthusiasm, the store struggled with the same challenges that drove out private operators: high operating costs, thin margins, and limited customer base By 2020, the city was subsidizing the store with approximately $1,000 per week from taxpayer funds

The Erie experiment highlights a crucial reality about the "fairness" narrative that proponents like Mamdani advance There's nothing fair about forcing all taxpayers to subsidize an enterprise that private companies with their expertise and resources have determined cannot be sustained Every dollar spent maintaining these stores is diverted from other public needs or taken from taxpayers' pockets. The rent, utilities, labor costs, inventory, and inevitable losses are all borne by citizens who had no say in this misallocation of resources.

Frédéric Bastiat taught us to look beyond the immediate, visible effects of economic policies to their long-term, unseen consequences. The visible: a new store with affordable groceries The invisible: what happens next

The most troubling scenario is entirely plausible: government-run stores operate for a period with their artificial advantages, driving out the bodegas, corner stores, and small ethnic grocers that previously served these communities Then, when budget priorities shift or operational challenges mount, the government store closes, leaving the neighborhood with fewer food options than before the intervention

More critically, government competition drives out the very businesses that managed to survive in challenging environments Fernando Mateo of United Bodegas of America recently warned that government grocery stores would threaten immigrant-owned shops that have served communities for generations These small entrepreneurs understand their customers' needs in ways no government manager could.

These municipal grocery experiments consistently demonstrate that government ownership doesn't solve the underlying economic challenges It simply obscures them temporarily through subsidies and special treatment, until reality eventually reasserts itself

The Market Alternative

Investors and business leaders understand that innovation thrives when entrepreneurs have the freedom to experiment with different models Across America, markets are already solving food access challenges through innovation:

Mobile markets in Memphis bring fresh produce directly to underserved neighborhoods Workerowned cooperatives like Oakland's Mandela Grocery create sustainable models that keep economic value within communities. Delivery startups have made inroads where brick-and-mortar stores couldn't survive

These solutions work precisely because they respond to market signals rather than suppressing them They adapt to local conditions, scale appropriately, and evolve based on customer feedback.

gins of 1-3%, among the thinnest in retail. Success requires exquisite inventory management, labor optimization, and loss prevention Government agencies, insulated from profit discipline and market feedback, simply cannot match this efficiency

When we allow markets to function, resources flow to their highest-valued uses. When we override market signals, we get shortages, surpluses, and waste This isn't just economic theory It's the practical reality that every successful business leader has experienced.

New York shouldn't repeat Chicago's mistake Instead of government grocery stores, we need policies that reduce barriers to entrepreneurship, lower compliance costs, and improve security, allowing markets to solve the very problems government intervention would perpetuate.

The lesson is clear: We can't stock shelves by ignoring the very signals that tell us what should be on them.

Capitalism, Small Business, and Startups

Written by: Joshua Oriyomi

Capitalism is discussed as if it were a jargon for huge businesses. That is the incorrect perspective. If you look closely at Main Street and Shopify businesses, you'll notice what capitalism does: it allows people to attempt. It allows a barista to become a café owner, or a developer to transform a weekend project into a SaaS product Capitalism at its core allows individuals the chance to test ideas in the marketplace and lets customers select which ones should endure.

The backbone of the U S economy is built on smaller enterprises. The country counts more than 34.8 million of them, employing 46% or nearly half of all workers According to new data from the SBA's Office of Advocacy, small businesses created 2.6 million net new jobs, accounting for nearly 80% of the total job growth That is meaningful employment and produces tangible value for communities

Startups represent a special subset of small businesses designed from the start with growth in mind. For years, the Kauffman Foundation has stated that young enterprises consistently drive the majority of net new jobs While many ventures fail, the outliers make up for it: a small number of high-growth companies provide a disproportionate share of job opportunities If you want dynamism, create new firms Business applications have been rising since 2020, and the Census Bureau’s Business Formation Statistics highlight this momentum Even as of July 2025, projections show nearly 28,500 employer startups expected to emerge within four quarters of application. Each figure represents people willing to take the leap, and the data confirms that appetite for building remains strong

For investors and founders, venture outcomes follow a power-law curve Most investments return modest amounts or nothing at all, while a few exceptional companies dominate returns. Correlation Ventures has demonstrated how heavily skewed the distribution is Good portfolios expect a small number of companies to dominate returns, and the goal is to win the right to back those companies early

Venture-backed firms also produce large-scale economic effects NVCA data shows most jobs created by VC-backed companies are located outside ‘the 3 coasts’, i e California, Massachusetts, and New York During periods of stress, such as the Great Recession, these firms expanded hiring while the broader private sector contracted Capital inflows do not just build apps; it also for R&D, new categories, and the next generation of jobs

Now, the setting is not always pleasant Input costs, regulation, and laws hit small businesses more than giants with financial reserves Surveys regularly show small business owners wrestling with margin pressures and uncertainty This is where policy and principle intersect: open markets and reliable access to capital matter most for entrepreneurs who need room to adapt

So, where does Liberty Ventures fall into all of this? We regard startups as the current expression of small business. They often begin scrappy and local, but they’re designed from the outset to service a larger market. Our goal is to support principled entrepreneurs who provide value that customers want Practically, this means a couple things:

1.For founders, capitalist discipline is a competitive advantage rather than a limitation. If you can run lean and iterate faster than the big boys, you can outperform entities that are slower and less hungry If you create something better, people may select you tomorrow

2.For investors, the benefit is as obvious. A strong capitalist ecosystem generates a long tail of experiments and a short head of category definers The tail represents the process of discovery Every small business that achieves product-market fit and every startup that grows sends a signal about what customers want and where funding should be directed next

3.For communities, the impact is tangible. Small businesses hire locally, spend locally, and, when successful, help to enhance neighborhoods Startups add a second gear: they hire people and build supply chains that did not exist previously

Capitalism thrives on feedback Every purchase, every customer decision serves as a signal to that and the ensuing feedback loop is what drives businesses to improve This is why defending capitalism isn't about defending large firms but also about preserving unfettered opportunity. Capitalism protects the right to compete, as well as the ability to capitalize on the value created in order to reinvest and grow. Capitalism, at its best, is a system that rewards performance rather than promises It allows small firms and startups to prove themselves, while also providing investors with a reason to continue investing the next opportunity Liberty Ventures is committed to maintaining the cycle of principled entrepreneurs, creating genuine value, and compounding outcomes.

Tokenization Is Bringing Investment in the Future to the Masses… And It’s About Time

Written by: Michelle Ray

Real world assets (RWA) are making their way to the blockchain in the form of digital representation That now includes shares, or fractional shares, of stock in publicly traded companies such as Tesla and Nvidia in the form of tokens. In brief, the ownership of tokenized shares may not (and, currently, does not) represent actual ownership of company equity and tokenized stock markets are ambitiously feeling their way through global regulatory hurdles; however, these markets open a pathway to huge potential for innovation, capitalization, and investment for companies and investors of all stripes who are bullish on this marriage of TradFi and DeFi

Some of the world’s largest retail trading and blockchain companies have made their entrance into tokenized stock offerings in the last year While risks may currently be significant for investors, most of the emerging leaders in the space are leveraging their established reputations as fintech leaders in both the crypto and traditional finance industries and working with regulators around the world to clarify and comply with legal guidelines Outside of the United States, some tokenized stock products are already available to accredited investors

In the existing world of investment finance, shares can only be owned and traded by most investors in companies that are publicly listed on a stock exchange Tokenization offers a future where even privately held companies can offer shares, derivatives, and even dividends without participation in existing stock markets and without the requirement of accreditation. Tokenizing shares also offers the benefits of 24/7 trading, fractional share ownership, instant settlement, global investment, fast capital and liquidity, and almost any other financial perk or restriction that a company wants to code into their blockchain-based offering These digital representations of real-world assets are intended to mirror global market price movements for publicly traded shares but can also be created as entirely new ‘packages’ of incentives, based on the public or private company’s desire for issuing them

While technological and security challenges remain in launching tokenized stock products, the real behemoth in the way is the regulatory monster in the United States Applications and opportunities for RWA tokenization, including real estate, equities, and derivatives are already launching or available in countries with less stringent financial regulations and less established fintech infrastructure, enabling emerging economies to get way ahead of U S innovation. U.S. adoption of tokenized assets is likely to be much slower, restricting access to capital and profit for established and new companies and investors, alike More than just technology, Web3 / Layer 3 applications are tearing down the gates that have kept investment in emerging global markets the playground of accredited investors and granting access to financial opportunities to anyone in the world with access to the internet

Tokenization of assets may well be the next logical marriage of TradFi and DeFi, but regulatory anchors on financial products, investment vehicles, and crossborder money movement are already weighing down what is projected to be a multi trillion-dollar market in the next 10 years

Business Judgement, not Monetary Technocrats, Should Set Interest Rates

Written by: Peter C. Earle, Ph.D

Friedrich Hayek once remarked that economics is a science that teaches us about the limits of design - the unintended consequences that emerge when governments attempt to engineer outcomes in a complex world That lesson is especially relevant today, as the Federal Reserve weighs how high or low to set interest rates in an economy burdened by inflationary pressures (i.e. tariffs, bottlenecks, and fiscal expansion) on one side, and a weakening labor market, marked by slower job growth and rising underemployment, on the other Both issues stem from government interventions from protectionism and welfare statism to minimum wage policies, occupational licensing, and other impeditive measures.

The difficulty is not merely that the dual mandate regularly produces conflicting aims, forcing policymakers to privilege one objective over the other It is that central banking itself constitutes central planning, prone to error, inefficiency, and corruption. In a bona fide capitalist system, money markets should reflect market-discovered prices and interest rates, not administered targets The rate of interest coordinates household time preferences with firms’ capital requirements The manipulation of rates, a primary tool of central banks, distorts those signals Near-zero policy rates after the global financial crisis misallocated capital into wasteful projects, while the subsequent sharp hiking cycle imposed devastating adjustment costs No panel of administrators, however flush with data, computing resources, and academic firepower, can set - let alone determine - the market-clearing price of credit in a dynamic economy

If interest rates arose from the borrowing and lending decisions of entrepreneurs and business managers, capital would be allocated far more efficiently The enormous resources now squandered parsing Fed statements, gaming policy probabilities, and constructing elaborate positioning strategies could be redeployed into enterprise, innovation, and risk-taking. The opportunity cost of “Fed watching” is immense: intellectual and financial capital that might otherwise be invested productively is consumed by guessing at the next policy turn. Market-driven rates would eliminate this waste and anchor credit to authentic commercial fundamentals

In a genuine free-market order, the cost of capital would be set in a broad, competitive marketplace where individuals, firms, financial institutions, and organizations all play a role in borrowing and lending. Entrepreneurs would seek credit to expand production lines, retailers to finance inventory, and technology firms to fund R&D. Lenders from regional banks to institutional investors would compete to supply those funds Interest rates would constantly adjust as millions of transactions registered new information about risks, opportunities, and time preferences. Individuals would see this in everything from overnight borrowing to mortgages and bond yields This dynamic, decentralized process would be far more efficient than the pronouncements of a central committee, and far less prone to mistakes and volatility

Amid the squabbling over what the Fed will do in September in the face of higher prices and sagging employment, Hayek’s adage is instructive Designing a monetary order from the top down is not only hubristic but counterproductive A free-market economy best provides the most fertile conditions for entrepreneurship and productivity functions when its monetary foundations (like its goods, labor, and capital markets) are shaped by competitive discovery and voluntary exchange, not bureaucratic pronouncements.

Fred LeFranc on Conscious Leadership: Turning Fear into Energy and Culture into a Competitive Edge

Written by: Camilla Chellapermal

When Fred LeFranc gave his talk at the 2025 Principled Business Summit on Necker Island, he brought with him the candor of a seasoned consultant, the resilience of a cancer survivor, and the pragmatism of someone who once ran a bakery through a pandemic This was Fred’s second Necker Summit and his latest talk built on his now well-known story of “Cancer, COVID, and croissants”, a phrase he coined after being diagnosed with prostate cancer in January 2020, undergoing surgery at the beginning of the COVID-19 pandemic in April 2020, and then unexpectedly taking over a commercial bakery in Atlanta that June!

What was supposed to be a one-and-a-half-year assignment turned into three and a half years of highstakes leadership. “The beginning of COVID was a s**t show - excuse me,” Fred said with a wry smile, earning laughs before pivoting into the deeper lessons he wanted to share

From Consultant to Conscious Leader

For decades, Fred has been a consultant to the hospitality industry, primarily restaurants Alongside that work, he immersed himself in the Conscious Capitalism movement after reading John Mackey’s book of the same name and attending a summit in 2014. “I found my tribe and said, oh, this is fantastic,” he recalled Over the years, he introduced more than 20 restaurant CEOs to the community

However, applying Conscious Capitalism as a CEO himself was different from advising others “While I was a big believer, at times I faced a lot of skepticism and cynicism,” Fred admitted. “People don’t adopt it just because you do because they have a tendency to see that what the CEO comes back with is just the flavor of the month.”

Central to Fred’s philosophy is the idea that leadership requires more than IQ Drawing on principles from John Mackey’s Conscious Capitalism, he emphasized the need for system intelligence, emotional intelligence, intelligence quotient, and spiritual intelligence alongside traditional metrics.

“In times of great change - which we’re going through, right? We’re a tweet away from disaster - change challenges our integrity,” Fred said. But he reframed the biggest disruptor, fear as energy “Fear can be very paralyzing because it’s energy contained within your body. If you learn to face that, release it, and channel it toward positive things, amazing things can occur ”

He also advised leaders: “hold on loosely. “Don’t grip things Don’t try to force things Go with the energy that’s being given to you ”

The Four Intelligences of Leadership

Embracing the Paradox of Leadership

Fred urged executives to resist false choices. “The paradox is two opposing forces. We try to pick one over the other profit versus experience, left versus right But the goal of management is not to choose one, it’s to embrace both ”

He called this the paradox of leadership: balancing integrity with the ability to harness fear and uncertainty for meaningful change For Fred, principles and practices anchor leaders through disruption “Practices need to change all the time,” he explained, “but your principles should be enduring.”

Culture as the Secret Weapon

If there is one lever Fred believes leaders cannot afford to ignore, it’s culture. “Culture is the secret weapon in all companies,” he asserted. “During COVID, the companies with the best cultures thrived. The toxic ones did not.”

To illustrate, he compared culture to a swimming pool: “All of us are standing in the same pool It’s our job as individuals, every stakeholder, to keep the water pure and clean. There’s no clean section of the pool. Whatever you do goes everywhere ”

Culture, Fred stressed, inevitably reflects its leaders. “All the strengths and weaknesses of a leader are forced on their culture When I work with leaders, I help them uncover their light and their shadow and see how that impacts everything around them ”

Leading Through Integrity

Fred closed with a call to action asking fellow Necker Summit attendees to lead with integrity, embrace paradox, and treat fear as energy that can be redirected. “Conscious leaders focus on principles, not just practices,” he said. “And your integrity sits at the fulcrum of it all ”

His message was one forged through personal battles with illness, the chaos of COVID, and the unforgiving realities of running a business in crisis For Fred, leadership is about persistence, adaptability, and staying true to core values, even when cynicism and fear run high

EVENTS REVIEW

Liberty Ventures Pickleball Open Play

Written by: Alexka Medina

For decades, the classic image of business has been associated with boardrooms, tailored suits, and strategic discussions around a polished table Yet in today’s world where innovation, collaboration, and trust are more valuable than ever, perhaps it’s time to rethink that setting So what happens when leaders step away from formality and meet in a completely different space like, for example, a pickleball court?

That was the spirit behind a recent gathering organized by Liberty Ventures in Los Angeles Instead of a seminar or a panel, members met through one of the fastestgrowing sports in the United States: pickleball Beyond the game itself, the goal was to foster an environment where investors, executives, and founders could connect more organically without the usual barriers of corporate structure

Amid the rhythm of paddles and bursts of laughter as well as the friendly competition, something far more valuable was taking place: relationship building Instead of pitching investment rounds or dissecting financial projections in front of a screen, conversations flowed spontaneously between games, reminding us that the best business opportunities often emerge from genuine trust between people

This event reflected Liberty Ventures’ broader mission of cultivating an ecosystem where innovation thrives not only through the capital invested, but also through the quality of relationships among those who fund, lead, and build Community is created by opening spaces where ideas circulate freely and professional ties are strengthened on a deeply human level In this case, pickleball became an unlikely but perfect catalyst

The lesson is clear: not all meaningful connections require a suit or a packed schedule of presentations Sometimes they emerge on a court, and by seeing one another as teammates rather than counterparts Far from weakening business relationships, informality can give them a more authentic and lasting foundation.

For Liberty Ventures’ members, these experiences reaffirm that the leadership of the future extends beyond strategic decisions; it also demands the ability to create environments where people feel at ease and ideas move freely. At that intersection of the human and the professional, the groundwork for transformation takes shape.

Liberty Ventures Webinar - Resilient Leadership: A Holistic Blueprint for a Beautiful Life

Written by: Alexka Medina

What does success really mean? For Charlotte Gustavsson, a seasoned CEO and founder of Global Heart Leaders, it is less about titles or wealth and more about alignment with values, resilience in the face of hardship, and the courage to lead authentically Speaking at a recent Liberty Ventures webinar, she urged professionals to break free from autopilot and redefine achievement on their own terms

Charlotte’s career stretches across global broadcasting, professional sports leadership, and executive boardrooms Yet the defining moments came not through victories, but through personal trials, including most notably a cancer diagnosis that forced her to pause and reconsider everything. Out of that crucible emerged her belief that true and lasting success rests on a bedrock of resilience and authenticity.

One exercise she shared with attendees illustrated this point She asked them to write a bucket list but from the vantage point of their teenage selves. Revisiting those youthful dreams revealed how much has been achieved and where current choices may be out of sync with deeper aspirations For Charlotte, realizing how many early goals she had already fulfilled became both a source of strength during her illness and a redefinition of resilience itself not only as a survival mechanism but also a leadership necessity.

This theme of authenticity resonated strongly throughout her talk In an era of curated images and constant posturing, Charlotte argued that what people crave most from leaders is something real “You can smell a real person from miles away,” she told attendees. Leaders who know their values and act on them build teams that trust, commit, and perform beyond any organizational mandate

She also cautioned against the toll of misalignment. Professionals often burn out not because of external demands, but because they operate in cultures that conflict with their principles Charlotte herself built collaborative environments marked by trust and creativity, yet even she found herself depleted when fighting against organizational silos THer conclusion was clear: when values and environment align, growth feels natural rather than forced.

Perhaps most compelling was Charlotte’s reframing of resilience To her, it is not about stoic endurance, but about constructing strong foundations (relationships, meaningful work, and self-awareness) that enable leaders to recover from inevitable setbacks and return stronger That resilience, in turn, shifts focus from ego to legacy, allowing leaders to empower others and create lasting impact

Charlotte closed with a call to action: pause the autopilot, rediscover your values, and ask not only “what do I want to achieve?” but also “how do I want to be remembered?” For many attendees, the webinar offered leadership insights and most of all, a blueprint for cultivating heart-centered resilience in both life and work

In Charlotte’s words, success is not a finish line but an ongoing alignment of values, vision, and authenticity In a world that craves genuine leadership, that alignment may be the greatest achievement of all

Liberty Ventures Dinner in Houston

Written by: Alexka Medina

On a warm evening in Houston, a dinner table became the stage for ambition Khalil Vinson, founder of Tech Fest Live, spoke about leading his nonprofit with the same precision and entrepreneurial spirit of a startup. His mission is to expand economic mobility for students by harnessing technology, and blending education with workforce opportunity Midway through the evening, Khalil was introduced to the organizer of a major sports event, a connection that may change the trajectory of his work Reflecting on the moment, he said: “Connections like this only happen when we say yes and show up - and when Liberty Ventures brings great people together.”

That exchange captured the essence of the Houston meetup: ideas crossing paths, lives intertwining, and opportunities taking shape

The event also spotlighted another remarkable journey. Entrepreneur Eniade Onipede emigrated from Nigeria to Houston and built a thriving company, Socialyte Her story underscored the resilience of entrepreneurship and the transformative power of capitalism in creating prosperity and independence Narratives like Eniade’s resonate far beyond a single evening They embody the immigrant spirit that fuels cities like Houston, reminding us how entrepreneurship is both personal and collective

For Liberty Ventures, the dinner reflected our mission to connect investors, executives, and founders who are not merely building businesses, but also committed to the principles of capitalism This smaller forum allowed for authentic exchanges. Attendees left with new contacts and with a sense of alignment, i e values matching vision, ambition meeting opportunity

As one participant remarked, the experience felt less about networking and more about “building the scaffolding for future possibilities ” Those possibilities multiply when the right people are brought together

The Houston dinner proved that when investors, entrepreneurs, and changemakers gather with intention, the outcomes ripple far beyond the room and the next event promises more of the same with perhaps, like Khalil or Eniade, the spark of a story that changes everything

Liberty Ventures Webinar: Who are patents for and why?

Written by: Alexka Medina

For many founders, patents feel like a later-stage consideration something to pursue after launch, after customers, after revenue. Yet according to Gaurav Goel, an intellectual property expert speaking at a Liberty Ventures webinar, waiting too long can be a costly mistake

Gaurav addressed an audience of investors, executives, and entrepreneurs, unpacking the intricate, often misunderstood world of patents where the stakes are high, the rules opaque, and the payoff potentially transformative.

“It’s very easy to get a patent on something with no real value,” Gaurav cautioned, highlighting that patents are not automatically assets Their value depends on carefully written claims, enforceability, and foresight that stretches decades ahead. For technology founders in particular, that rigor can determine whether an innovation is protected or merely symbolic

He pointed to recent shifts in U.S. law as evidence of how quickly the landscape is moving. For instance, a recent U.S. court ruling has changed the way AI-related inventions must be described in technical details, effectively shutting the door on vague “black box” claims As Gaurav explained, entrepreneurs who fail to adapt risk losing patent protections entirely.

Beyond the legal mechanics, Gaurav emphasized the business strategy behind patents Strong protection can deter rivals, reassure investors, and form the basis for licensing or litigation One of his clients, he noted, secured a valuation above $270 million on just two patents. Another group abandoned their filings and forfeited an opportunity of similar scale

Practical concerns dominated the ensuing Q&A. Software can indeed be patented, Goel explained, provided it is defined as a technical improvement to a computer system International markets pose another challenge: rights are jurisdictional, but global filings may be essential for companies with cross-border ambitions

The session underscored a broader theme that patents are levers of capital, growth, and competitive advantage For founders navigating competitive markets, Gaurav’s message was clear that they should act early, act strategically, and act with expertise.

This webinar captured what Liberty Ventures does best: elevating dialogue around entrepreneurship and capitalism The discussion was less about legal formalities and more about equipping founders to transform vision into enduring value

Liberty Ventures Webinar: Weathering Storms and Thriving in the Age of AI

Written by: Alexka Medina

Artificial intelligence is often discussed in sweeping terms, either as a savior of industries or a harbinger of existential risk. Yet in a recent Liberty Ventures webinar, entrepreneur and technologist Kishan cut through the abstraction with a grounded view of what AI means for business leaders today He explored how businesses can not only withstand the disruption AI brings, but actually thrive because of it.

Kishan framed AI as a “double-edged sword”, a powerful yet unforgiving force. Done well, it can transform organizations; done poorly, it drains resources and credibility To frame the opportunity, he outlined 3 pathways for adoption The first involves generic AI: offthe-shelf tools that make everyday processes faster and cheaper From marketing automation to content creation, these are the entry points for businesses of any size The second, industry-specific AI, requires deeper integration but offers a sharper competitive edge in fields such as healthcare, finance, and telecommunications The third, business-specific AI, is the most ambitious. These bespoke systems can reshape entire enterprises, but they demand clean data, disciplined execution, and long-term commitment

For executives eager to move quickly, Kishan cautioned that AI adoption starts with intent and preparation Companies must define their objectives, whether immediate efficiency gains or broader transformation They need to engage employees early, showing how AI enhances rather than eliminates roles. And they must ensure data is accurate, reliable, and accessible Without this foundation, investments risk becoming costly experiments with little return

Perhaps most striking was his emphasis on culture. AI, he argued, is not just a technological shift but a test of leadership. Organizations that treat the technology as a shortcut or replacement tool risk alienating teams and eroding trust Those that approach it with transparency, integrity, and a focus on human potential can unlock creativity and growth In that framing, AI is not about sidelining people but freeing them to innovate, build relationships, and pursue the work machines cannot replicate.

For all the complexity AI introduces, Kishan closed with a pragmatic blueprint: walk, run, soar Start small, expand what works, and keep refining as conditions evolve. It is measured advice, but also optimistic. For leaders willing to pair vision with discipline, AI offers more than disruption It provides a path to resilience and long-term advantage

Liberty Ventures MeetUp – San Francisco

Written by: Alexka Medina

When Liberty Ventures and CPA Dude, led by Eldar Souliaev, hosted an exclusive meetup in San Francisco, the subject was urgent: understanding the implications of the Big Beautiful Bill (BBB) tax reforms for 2025 The session was designed to help founders, investors, and executives understand how the law translates into real-world business strategy..

The reforms reach across the spectrum from capital gains treatment to small-business incentives For entrepreneurs, these provisions dictate how to time fundraising, structure equity, and plan expansion For investors, they change the calculus on risk, portfolio allocation, and long-term positioning.

What set this event apart was not just the explanation of individual clauses but the framework it gave attendees to act on them For example, understanding the nuances of newly expanded tax credits allowed founders to make immediate operational choices whether to hire now or defer, how to structure stock options to retain talent, or where to allocate capital for maximum leverage Investors, in turn, gained foresight into which sectors or company strategies might outperform under the new rules, informed by more than just headlines

Attendees explored broader patterns: how policy changes ripple across entrepreneurial ecosystems, influence venture formation, and shape strategic partnerships. By connecting these dots, the event underscored how navigating legislation isn’t a passive task and is in fact a proactive tool to accelerate innovation and preserve competitive advantage.

Our approach of curating intimate, mission-aligned gatherings, amplifies this effect Participants, in turn, leave with actionable insight and the perspective to make informed, strategic decisions It’s a reminder that thoughtful dialogue between investors, experts, and entrepreneurs can transform compliance into opportunity

Thanks to Eldar Souliaev and the CPA Dude team for hosting a space where policy, entrepreneurship, and strategy intersected For those seeking a vantage point on the forces shaping business today, these gatherings are essential.

Written by: Alexka Medina

This year, Liberty Ventures opened its doors to a select group of founders to Founders Camp. The atmosphere hummed with candid exchanges, and every conversation had the potential to alter a company’s path

This was a working forum where founders dissected what makes a pitch resonate: opportunity, differentiation, and personal credibility One founder mapped out TAM, SAM, and SOM while another listened closely, realizing that scale requires more than ambition. TAM excites, SAM provides context, but SOM proves feasibility That balance determines whether a pitch hits or misses

Across the room, a conversation sparked about risk versus opportunity One founder admitted, “I wanted to talk about the upside, but all the investors wanted to discuss the risks.” This is the reality of raising capital. Leading with risk mitigation while demonstrating the size of the opportunity and the uniqueness of your solution becomes a precision exercise, tailoring your story to the audience who’s listening.

Yet numbers and strategy alone don’t close the gap The camp reminded everyone that investors bet on people, not just ideas. A founder’s presence (the conviction in tone, the steadiness in delivery) shapes whether they inspire confidence or raise doubt Watching peers refine that presence challenged every participant to raise their own standard

The most memorable moments came when personal stories anchor professional ambitions Michelle, who grew up in Venezuela amid blackouts and the looming threat of nationalization, spoke about how those experiences forged her commitment to defending economic freedom. Her story made clear that authenticity is the differentiator that connects, persuades, and endures

Practical lessons in sales and execution unfolded in real time. Founders tested ways to transform every call into a discovery conversation, filtering prospects carefully to protect time and focus They explored how to scale effectively with contractors, showing that reliability and execution matter more than organizational structure What investors ultimately reward is clarity of vision backed by discipline and results

By the close of Founders Camp, participants left with more than frameworks. They carried sharpened pitches, deeper insight into their markets, and a renewed understanding of themselves as leaders Just as valuable was the sense of community, a recognition that they were among peers who share the same weight of building with intention

This now annual gathering reminded us that the difference isn’t just in what you build, but in how, why, and with whom For those who attended and for those dreaming of joining the next camp, the question lingered: are you ready to take your company where only the most visionary dare to go?

Mountain

Liberty Ventures hosted its exclusive annual convening of investors, executives, and founders for Mountain Madness, a weekend that blends challenge, reflection, and connection in the Pennsylvania outdoors

The agenda is deliberately unconventional. Attendees found themselves navigating obstacle courses or tackling endurance challenges that demand focus and composure

Written by: Alexka Medina

The goal is not recognition or awards but to expose the instincts that emerge when conditions turn demanding and unpredictable

Conversations flowed naturally here, on trails, over campfire dinners, or in the quiet between activities Founders trade lessons on scaling companies and confronting uncertainty, while investors and advisors weigh in with perspective only when it’s relevant. There are no staged presentations or rehearsed pitches; the exchanges are unfiltered, informed by the realities of building and backing ambitious ventures.

Evenings at Mountain Madness carry their own rhythm

Around the fire, laughter and reflection intermingle. You head about breakthrough deals, lessons learned from failures, and the quiet persistence that drives each founder forward The setting in the fading light over the ridges, the scent of pine in the air, made the lessons stick. It was a reminder that progress often comes from moments outside the office, in spaces where challenge meets contemplation.

By the end of the weekend, the impact was evident as attendees left with new connections or stories to tell, with renewed energy, sharper focus, and the confidence from having faced challenges head-on Mountain Madness recalibrates your mindset, reminding you why you started and how far you can go.

Attendance is by invitation only, a safeguard to ensure each participant comes ready to contribute fully. For those who make the cut, the experience is less an event and more a proving ground: a place where courage, candor, and ambition converge

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

Camilla Chellapermal

Graziano Creperio

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