Tripp Rackley is the entrepreneurial horse Cox Enterprises Inc. is betting on. And Cox, it seems, is going all in.
The Atlanta-based media conglomerate has set aside a quarter of a billion dollars — its largest outside investment — to help Rackley transform a “stack of ideas” into sustainable companies.
There are three roadblocks to launching companies: finding the big idea, sourcing talent, and raising capital. The Cox deal takes the capital problem off the table.
“If I know that I’m going to build businesses, and I know that I’m going to get to a point where I’m going to (need) capital to scale these business — this is a home-run idea,” the prematurely silver-haired Rackley said in an hour-long interview Wednesday.
Cox’s $250 million deal, which was designed, negotiated, funded and signed in less than a week, comes with few strings attached.
Rackley, who sits on the Cox board, is not required to draw down the money within a specific time period, nor does he have to launch a certain number of companies.
“You cannot force innovation,” Rackley said. “I cannot go into a room, and shut the door, and say ‘OK, I’m going to come up with one company a year for the next five years.’ ”
The 42-year-old entrepreneur has autonomy in deciding which ideas to pursue and does not need to run startup ideas through a phalanx of venture capitalists.
Read more: Atlanta Business Chronicle
