Think about it, once the restaurants get a star, they are rigorously held up to impossible standards and graded annually.
Similarly, startups that IPO, now have to be public about everything they do, profits, losses, any funny business they do will be scrutinised.
Of course Michelin Starred restaurants don’t have to share financial information but they are put under a pressure cooker and eyeballed by everyone incessantly.
“Singapore now has a third three-star Michelin restaurant, along with five two-stars and 41 one-star establishments, the most accumulated stars the city-state has ever been awarded since the guide started ranking here in 2016.”
Breakdown of Michelin restaurants in Singapore:
3 Stars: 3
2 Stars: 5
1 Star: 41
Singapore officially has three 3-stars restaurants: Odette, Les Amis and Zen.
Apparently, they are assessed annually.
Can you imagine the amount of stress and pressure to retain the stars?
Everything, from silverware, cleanliness, quality of ingredients, customer service and even waiting times are factored in.
One can argue that losing a star is even worse than not getting one.
Besides the passion, I cannot comprehend why anyone would put themselves through such a arduous and challenging process.
Perhaps its the legacy you create once you hit the coveted 3 stars.
The prestige and fame that comes with it.
But ask any chef and they will tell you it’s not any of those that they care about.
They care about pure creation, the love for cooking and they see food as powerful way to express themselves and their imagination.
The thousands of hours of blood, sweat, tears and experiences.
So naturally, you pay for the sacrifice and time they put in for their craft.
Why are the costs typically so high for Michelin Starred restaurants?
Well, for one, the ingredients are costly.
Flown from all around the world and stored, packaged, transported properly to ensure the freshest state and highest quality.
By themselves, wild sturgeon caviar, Alaskan King Crabs and wild truffles just cost a bomb.
Add them to any dish and watch the price skyrocket.
There are costs for high-end equipment, salaries, utilities and so on.
Most restaurants don’t seat too many customers, making it harder to cover costs with lesser headcounts.
Now you know why your Boston Lobster paste that comes in a syringe, injected delicately onto a plate of A5 Wagyu, smoked with apple-wood and tossed lightly in a bed of foie gras and cauliflower crunch costs $250.
I would argue that getting the almost impossible 3 Michelin Stars in the restaurant industry is equivalent of achieving IPO for tech startups.
It takes brilliant ideas, mastery of your craft, lots of hard work and of course lady luck smiling upon you.
But it is also a long, difficult process that many will never achieve.
Got to respect the people behind the Michelin Stars, cooking and creating masterpieces from their passions and bare hands.
Here’s to every one of you out there in the restaurant / food business striving hard.
We appreciate.
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