How This Entrepreneur Reworked His Business Idea in the Face of Financial Armageddon
The financial crisis of 2008 changed everything. Michael Dorf, who founded legendary New York City rock venue the Knitting Factory in 1986, was just three months away from opening a combined winery and music club in Manhattan that would feature visible steel fermenting tanks and a refined dining experience. Dorf anticipated bankers buying wines by the barrel.
But the subprime mortgage crisis doused those expectations. "We were not only in financial Armageddon, but there was such a reversal in big spending and ostentatious behavior," Dorf says. "It became taboo."
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