AvePoint CEO Tianyi Jiang: Tech is a journey of continuous innovation and evolution

Tianyi Jiang has run the same company for 25 years

On the morning of September 11, 2001, Tianyi Jiang was standing on the Jersey City waterfront trying to figure out how to get across the river. He worked on the 40th floor of the North Tower for Lehman Brothers. From the west side of the Hudson, the first strike did not look catastrophic. Then he watched the second plane hit the South Tower.

Everyone on his floor survived. He put a colleague in the first taxi he could find and started walking home. Pagers were going off with news about the Pentagon and a plane down in Pennsylvania. An F-15 passed overhead.

"I was walking back home, and then I started to see people crying, and then I turned around, and the first tower was gone," he told the CEO.com Podcast in 2023. "That was an incredible experience to see something that I'd just taken for granted for all this time can just disappear in a blink of an eye."

He left Wall Street for a PhD program at NYU. He also co-founded a company.

That company is AvePoint. Jiang co-founded it in 2001, served as COO until 2009, ran it as co-CEO with Kai Gong until 2020, and has been sole CEO since. Twenty-five years at one company puts him in a very small group of enterprise software founders who have held the wheel through CDs, on-premises servers, cloud, and whatever we are calling the current moment.

The library

Gong had just been laid off from Lucent Bell Labs, where the two men met on Jiang's first job out of Cornell. They worked out of the Somerset Public Library in New Jersey. Gong had a desk there, the same one every day. Everyone who worked at the library knew him. Years later, the company's own merger filing would describe AvePoint's origin as two coders in a Somerset, New Jersey library.

They built email backup software for Microsoft Exchange, a crowded category, and gave it away to anyone who tried it. For three years they made no money.

The break came in 2003. Microsoft shipped a second version of SharePoint with a data format completely different from the first: flat files replaced by a SQL relational database, and no migration path. Dell and HP had already deployed version one. At Microsoft's TechEd conference, in a workshop where Microsoft told the room there was no path forward, AvePoint raised its hand and said it had one.

It did not have one. It built the product over that weekend, and Gong carried a desktop tower onto the cheapest available double-hop flight from Newark to Seattle to demo it in Redmond. Microsoft started referring customers.

"We were always known to be a company that bites off the toughest bone," Jiang said.

Eight years of growth followed. Then he made the call that actually separated the company.

Why he wanted to be public

In 2011, Jiang stood on stage at a Microsoft partner conference in Washington and told the room that cloud was real, and they should get comfortable making a dollar per user per month. Ballmer was still CEO. Microsoft stock had been flat for a decade. Salesforce and NetSuite were the only notable SaaS companies in the world, and Salesforce had traded at 1.25 times revenue at the bottom of the recession.

By his own account, the industry did not come around until 2015 or 2016.

His explanation for why that transition broke so many companies is about cash, not technology. Under a perpetual license, most of the money arrives up front. Under a subscription, the same contract value arrives in thirds. The costs do not move. Salespeople still expect commissions. Companies borrowed to cover the gap, and the public ones got punished for it. AvePoint made the switch while private and has never taken on debt.

Then it went public anyway. The November 2020 announcement valued the combined company at roughly $2 billion, with about $352 million in the Apex Technology Acquisition Corporation trust and a fully committed $140 million PIPE. Apex was run by former Oracle CFO Jeff Epstein and Brad Koenig, formerly head of global technology investment banking at Goldman Sachs. Jiang says there were zero redemptions. AvePoint began trading on Nasdaq in 2021.

He has no interest in defending the vehicle. "SPAC itself is a dirty word," he said. A friend at Fidelity told him he would be wearing a two-year scarlet letter.

What he defends is being public, and his reasoning runs against nearly everything founders say about staying private. It is not about capital. It is about who feels a bad quarter. In a private company, that pressure stops at the board and the leadership team. In a public company, every employee holds stock and watches the market react within minutes of the release.

"That scenario you cannot be war-gamed as a private company," he said. His stated regret is not going public 10 years sooner.

The trust layer, and the math

AvePoint now calls itself the unifying trust layer for AI in its own press releases. Jiang has made the argument himself in print, writing in May that agentic AI has opened a trust gap between more efficient workflows and less reliable outputs, and that monitoring tools bolted on after the fact give a fragmented view of risk.

The commercial version of that argument is working. Second quarter 2026 revenue was $124.5 million, up 22%, with annual recurring revenue of $465.1 million, up 27%. SaaS revenue was $98.5 million. Cash from operations for the first half nearly doubled to $40.2 million, and the company holds $417.3 million in cash. On the earnings call, CFO Jim Caci added that net new ARR hit a record $29.9 million, that 911 customers now spend more than $100,000 a year, and that trailing twelve-month free cash flow has passed $100 million at a 22% margin. Jiang closed by saying conviction in the path to $1 billion in ARR has never been stronger.

The same two documents contain the parts that complicate the story. Gross retention is 89%, meaning AvePoint loses 11 cents of every recurring dollar annually before expansion, which Caci attributes largely to lower-retention migration products. Net retention is 111%, against a long-term company target of 115% that has not moved in two quarters. Non-GAAP operating margin fell to 16.3% from 18.4%. And the guidance is a genuinely odd shape: AvePoint raised its ARR outlook, then disclosed that currency headwinds more than offset both that raise and the quarter's outperformance. The company has spent $121.5 million buying back its own shares this year.

The competitive question is not hypothetical either. On that call, William Blair's Jason Ader asked Jiang directly how AvePoint positions against Agent 365, Microsoft's own agent governance product, which is included in Microsoft's E7 license. Jiang said AvePoint goes a level deeper, works across clouds, and that not every seat in an enterprise upgrades to E7. That is the whole bet, stated plainly.

His case is that governance was always the business. AgentPulse, which went generally available in the first quarter and standalone in July, discovers unknown AI agents, flags risky permissions, retires unused ones, and tracks what they cost. Jiang says the average AgentPulse customer manages well over 5,000 agents, and that number is doubling every three months.

His framing of the risk is narrower than usual. He is not worried about doomsday scenarios. He is worried about developers accepting generated code they cannot evaluate, and about token bills nobody budgeted for. "Damages are being done now at machine speed; recovery has to be done at machine speed."

Much of the next phase is being built outside New Jersey. AvePoint has been in Singapore since 2009, and it is now the company's Asia headquarters and international R&D hub. The company has a S$100 million investment behind it, an AI Lab opened in 2024, and Jiang lives there with his wife and five children. In September 2025, AvePoint became the first company dual-listed on both Nasdaq and SGX, with a secondary offering oversubscribed more than three times.

Asked who gave him a chance, Jiang went back to his first Wall Street job, at Deutsche Bank. The manager hired him on the spot and his salary tripled. On his first day, he had a window view of the golden globe in the World Trade Center plaza, and he was, in his words, smug. He had arrived in New York as an 11-year-old immigrant kid who looked up at those buildings like they touched the sky.

His boss told him not to feel so good about himself. The janitor also worked in that building.

"It doesn't really matter where you work; it's what you do with your work that really matters," Jiang said. "Ever since then, I don't care where I work. I can work in a trailer park, I can work at a library, I can work in basements."

00:00:00 Surviving 9/11 at the World Trade Center
00:01:42 Leaving Wall Street to Found AvePoint
00:04:58 The SharePoint Migration Breakthrough
00:08:54 Betting Early on the Cloud
00:12:08 Cash Flow Challenges of SaaS Transition
00:16:24 AI, Data, and Business Readiness
00:18:11 Debunking AI Doomsday Fears
00:21:08 Deciding to Take AvePoint Public
00:23:29 Navigating the SPAC Process
00:25:44 Lessons Learned From SPACs
00:28:02 The Benefits of Being Public
00:31:50 Balancing Long-Term Vision With Execution
00:34:04 Evolving Leadership in Fast-Moving Times
00:37:41 The Chance That Shaped His Career

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Absolutely.

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Can<00:03:21.147> just<00:03:21.323> disappear<00:03:21.884> in<00:03:22.141> a,<00:03:22.461> in<00:03:22.606> a,<00:03:22.846> you<00:03:22.926> know,<00:03:23.071> blink<00:03:23.263> of<00:03:23.471> an<00:03:23.632> eye.

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So<00:03:24.449> yeah,<00:03:24.754> it's<00:03:25.074> a,<00:03:25.170> it's<00:03:25.315> a<00:03:25.491> life-changing<00:03:25.956> experience,<00:03:26.773> uh,<00:03:27.190> for,<00:03:27.415> for<00:03:27.559> me<00:03:27.735> personally,<00:03:28.697> and,<00:03:28.922> um,<00:03:29.643> that<00:03:29.755> sets<00:03:30.124> on<00:03:30.156> my<00:03:30.300> journey<00:03:30.621> for<00:03:30.797> entrepreneurship.

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And<00:03:32.865> you<00:03:32.945> started<00:03:33.330> AvePoint<00:03:33.987> that<00:03:34.147> same<00:03:34.468> year,<00:03:34.708> right?

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That's<00:03:36.247> right,<00:03:36.776> around<00:03:37.033> the<00:03:37.113> same<00:03:37.273> time.

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Um,<00:03:38.091> so<00:03:38.475> we—<00:03:39.357> my,<00:03:39.822> uh,<00:03:40.223> very<00:03:40.399> dear<00:03:40.624> friend,<00:03:41.024> uh,<00:03:41.345> and<00:03:41.826> co-founder<00:03:42.387> at<00:03:42.547> AvePoint,<00:03:42.804> Kai,<00:03:43.349> uh,<00:03:43.685> Kai<00:03:43.846> Gong,<00:03:44.086> we<00:03:44.246> met<00:03:44.551> at<00:03:44.807> Lucent<00:03:45.064> Bell<00:03:45.272> Labs.

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That<00:03:45.673> was<00:03:45.833> my<00:03:45.929> first<00:03:46.170> job<00:03:46.394> out<00:03:46.491> of<00:03:46.555> Cornell<00:03:46.987> engineering.

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Um,<00:03:48.879> and<00:03:49.136> he,<00:03:49.456> uh,<00:03:49.841> like<00:03:50.001> many<00:03:50.177> people,<00:03:50.658> you<00:03:50.755> know,<00:03:50.899> got<00:03:50.995> laid<00:03:51.203> off<00:03:51.700> around<00:03:52.005> that<00:03:52.342> time,<00:03:53.385> thousands<00:03:53.771> of<00:03:53.803> people.

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And,<00:03:56.179> you<00:03:56.211> know,<00:03:56.821> he<00:03:56.982> also<00:03:57.480> wanted<00:03:57.785> to<00:03:57.881> do<00:03:58.026> something<00:03:58.283> different,<00:03:58.748> you<00:03:58.845> know,<00:03:58.925> instead<00:03:59.246> of<00:03:59.326> being<00:03:59.487> a<00:03:59.567> cog<00:03:59.904> in<00:03:59.985> a<00:04:00.113> large<00:04:00.370> company<00:04:00.691> and<00:04:00.771> don't<00:04:00.932> know<00:04:01.654> what<00:04:01.735> happened<00:04:02.056> to<00:04:02.522> your<00:04:02.682> own<00:04:03.244> kind<00:04:03.421> of<00:04:03.485> life.

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Things<00:04:04.689> are<00:04:04.721> decided<00:04:05.107> by,<00:04:05.990> you<00:04:06.070> know,<00:04:06.231> the<00:04:06.311> fortune<00:04:06.696> of<00:04:06.777> the<00:04:06.857> company.

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He<00:04:08.414> started<00:04:08.719> the<00:04:08.800> business<00:04:09.201> and<00:04:09.763> pulled<00:04:09.924> me<00:04:10.148> in.

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So<00:04:10.807> we<00:04:10.967> co-founded<00:04:11.449> Appoint<00:04:12.155> back<00:04:12.557> around<00:04:12.878> 2000,<00:04:14.002> end<00:04:14.098> of<00:04:14.179> 2001.

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That's<00:04:15.945> the<00:04:16.041> start<00:04:16.410> of<00:04:16.491> the<00:04:16.587> business.

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Oh,<00:04:22.115> it<00:04:22.195> was<00:04:22.436> a<00:04:23.015> B2B<00:04:23.433> software<00:04:23.883> company.

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Back<00:04:24.461> then<00:04:24.606> you<00:04:24.686> had<00:04:24.783> to<00:04:24.863> deliver<00:04:25.201> software<00:04:25.506> on<00:04:25.602> CD.

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Yeah,<00:04:26.663> for<00:04:26.792> the<00:04:26.872> first<00:04:27.113> 3<00:04:27.354> years,<00:04:27.676> uh,<00:04:27.997> we<00:04:28.142> got<00:04:28.736> zero<00:04:29.106> revenue,<00:04:30.247> uh,<00:04:30.568> trying<00:04:30.745> to<00:04:30.874> give<00:04:31.019> this,<00:04:31.854> uh,<00:04:31.934> we<00:04:32.079> were<00:04:32.191> in<00:04:32.481> the<00:04:32.882> email<00:04:33.139> backup<00:04:33.525> space<00:04:34.569> and<00:04:34.666> back<00:04:34.891> then<00:04:35.148> Exchange<00:04:35.549> backup<00:04:35.887> is<00:04:36.031> already<00:04:36.208> a<00:04:36.272> very<00:04:36.578> crowded<00:04:36.915> of<00:04:37.011> a<00:04:37.060> space.

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We<00:04:38.265> were<00:04:38.425> just<00:04:38.682> giving<00:04:38.988> people<00:04:39.309> free<00:04:39.502> software<00:04:39.968> to<00:04:40.048> try<00:04:40.530> and<00:04:40.659> try<00:04:40.853> to<00:04:40.998> use.

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Um,<00:04:42.615> Kai<00:04:42.857> was<00:04:43.019> working<00:04:43.278> full-time<00:04:43.763> in<00:04:44.183> Somerset,<00:04:45.076> public<00:04:45.332> library.

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Everybody<00:04:47.176> there<00:04:47.416> knows<00:04:47.721> him.

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So<00:04:56.714> those<00:04:56.874> were<00:04:57.018> tough<00:04:57.259> years.

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We<00:05:09.442> decided<00:05:09.682> to<00:05:09.778> cover<00:05:09.955> SharePoint<00:05:10.500> in<00:05:10.564> the<00:05:10.644> first<00:05:10.965> version<00:05:11.686> because<00:05:11.926> it<00:05:12.006> happened<00:05:12.279> to<00:05:12.407> use<00:05:12.503> the<00:05:12.584> same<00:05:12.824> data<00:05:13.048> format<00:05:13.609> as<00:05:13.786> the<00:05:14.347> backup<00:05:15.485> for<00:05:15.613> Exchange.

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And<00:05:17.216> then<00:05:17.377> the<00:05:17.457> second<00:05:17.793> version<00:05:18.018> of<00:05:18.114> Microsoft<00:05:18.819> did<00:05:18.916> not<00:05:19.076> have<00:05:19.252> a<00:05:20.519> migration<00:05:20.984> path<00:05:21.240> because<00:05:22.362> back<00:05:22.603> then<00:05:22.715> Microsoft's<00:05:23.661> first<00:05:23.965> version<00:05:24.302> of<00:05:24.430> software<00:05:25.008> is<00:05:25.344> not<00:05:25.569> that<00:05:25.793> great.

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So<00:05:27.092> the<00:05:27.188> second<00:05:27.492> version,<00:05:27.893> it's<00:05:28.134> a<00:05:28.198> significant<00:05:28.775> upgrade<00:05:29.320> and<00:05:29.416> the<00:05:29.496> data<00:05:29.721> format<00:05:30.025> is<00:05:30.138> completely<00:05:30.699> different<00:05:31.083> from<00:05:31.324> flat<00:05:31.500> file<00:05:31.677> format<00:05:32.061> to<00:05:32.286> then<00:05:32.430> SQL<00:05:33.023> relational<00:05:33.424> database.

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So<00:05:34.546> that<00:05:34.706> migration<00:05:35.187> path<00:05:35.444> is<00:05:36.133> quite<00:05:36.374> difficult.

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And<00:05:37.191> we<00:05:37.512> were<00:05:37.897> always,<00:05:39.099> you<00:05:39.131> know,<00:05:39.339> known<00:05:39.516> to<00:05:39.612> be<00:05:39.740> a<00:05:39.756> company<00:05:40.141> that<00:05:40.398> bite<00:05:40.622> off<00:05:40.862> the<00:05:41.359> toughest<00:05:41.680> bone.

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And<00:05:42.305> we<00:05:42.466> decided<00:05:42.882> to<00:05:43.764> be<00:05:43.924> the<00:05:44.005> first<00:05:44.309> one<00:05:44.469> to<00:05:44.630> actually<00:05:44.950> cover<00:05:45.688> that<00:05:45.928> solution<00:05:46.393> that<00:05:46.634> put<00:05:46.794> us<00:05:47.115> on<00:05:47.195> the<00:05:47.227> map.

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And<00:05:48.575> allow,<00:05:49.217> you<00:05:49.313> know,<00:05:49.779> everyone<00:05:50.164> to<00:05:50.485> come<00:05:50.661> to<00:05:50.806> us<00:05:51.608> as<00:05:51.946> a<00:05:51.962> vendor<00:05:52.186> of<00:05:52.283> choice.

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The<00:05:52.989> story<00:05:53.230> was<00:05:53.390> actually<00:05:53.631> quite<00:05:53.856> funny.

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Microsoft<00:05:55.140> do<00:05:55.236> this<00:05:55.397> TechEd,<00:05:56.023> which<00:05:56.199> is<00:05:56.263> their<00:05:56.424> biggest<00:05:56.761> technology<00:05:57.467> trade<00:05:57.644> show<00:05:57.965> every<00:05:58.190> year,<00:05:58.912> where<00:05:58.960> they<00:05:59.072> announced<00:05:59.409> the<00:05:59.490> second<00:05:59.811> version.

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And<00:06:00.758> at<00:06:00.854> the<00:06:00.934> migration<00:06:01.496> workshop,<00:06:01.897> Microsoft<00:06:02.251> said<00:06:02.604> that<00:06:02.780> there's<00:06:03.021> no<00:06:03.182> migration<00:06:03.647> path<00:06:03.904> because<00:06:04.064> they<00:06:04.225> thought<00:06:04.546> the<00:06:04.690> first<00:06:04.947> version,<00:06:05.654> there<00:06:05.734> were<00:06:06.071> not<00:06:06.247> enough<00:06:06.472> customers.

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Of<00:06:07.499> course,<00:06:07.676> their<00:06:07.837> biggest<00:06:08.142> partner<00:06:08.479> and<00:06:08.864> customers<00:06:09.281> like<00:06:09.586> Dell<00:06:10.004> and<00:06:10.630> HP<00:06:11.930> were<00:06:12.090> up<00:06:12.235> in<00:06:12.395> arms<00:06:12.652> because<00:06:13.134> they<00:06:13.278> actually<00:06:13.519> used<00:06:13.840> the<00:06:13.920> first<00:06:14.177> version.

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And<00:06:18.511> we,<00:06:18.976> posted<00:06:19.233> flyers<00:06:19.699> everywhere<00:06:20.197> around<00:06:20.357> the<00:06:20.438> trade<00:06:20.614> show.

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In<00:06:21.626> fact,<00:06:21.963> we<00:06:22.107> didn't<00:06:22.348> have<00:06:22.461> a<00:06:22.525> product<00:06:22.926> ready.

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We<00:06:23.970> developed<00:06:24.307> the<00:06:24.436> product<00:06:24.853> over<00:06:25.014> the<00:06:25.094> weekend,<00:06:26.603> and<00:06:26.684> then<00:06:27.085> the<00:06:27.326> head<00:06:27.486> of<00:06:27.984> Microsoft<00:06:28.466> SharePoint,<00:06:28.867> Jeff<00:06:29.044> Teper,<00:06:29.349> came<00:06:29.510> to<00:06:29.590> our<00:06:29.815> booth<00:06:30.409> and<00:06:30.473> said,<00:06:30.634> do<00:06:30.698> you<00:06:30.730> have<00:06:30.890> a<00:06:30.955> product?

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We<00:06:31.372> say,<00:06:31.581> of<00:06:31.677> course<00:06:31.902> we<00:06:31.998> do,<00:06:32.223> we<00:06:32.303> can<00:06:32.705> show<00:06:32.962> it<00:06:33.042> to<00:06:33.267> you.

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Over<00:06:34.086> a<00:06:34.166> weekend<00:06:34.407> we<00:06:34.487> developed<00:06:34.872> it,<00:06:35.129> and<00:06:35.210> then<00:06:35.354> we<00:06:35.450> flew<00:06:35.836> over<00:06:36.093> to<00:06:36.880> Redmond<00:06:37.152> to<00:06:37.602> actually<00:06:38.244> showcase<00:06:38.726> the<00:06:38.806> solution<00:06:39.850> on<00:06:39.946> a<00:06:40.043> desktop.

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Kai<00:06:41.215> had<00:06:41.391> to<00:06:41.472> carry<00:06:41.793> his<00:06:42.114> desktop<00:06:42.531> tower<00:06:43.302> all<00:06:43.334> the<00:06:43.479> way.

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Booking<00:06:44.586> the<00:06:44.682> cheapest<00:06:45.067> possible<00:06:45.387> flight<00:06:45.707> from<00:06:46.044> Newark<00:06:46.444> to<00:06:46.781> Seattle,<00:06:48.271> double<00:06:48.527> hop<00:06:48.944> to<00:06:49.072> get<00:06:49.248> there,<00:06:50.370> and<00:06:50.466> then<00:06:50.546> showcase<00:06:51.011> to<00:06:51.075> Microsoft.

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From<00:06:51.732> then<00:06:51.956> on,<00:06:52.356> they<00:06:52.533> refer<00:06:52.933> a<00:06:53.173> customer<00:06:53.494> to<00:06:53.638> us,<00:06:53.814> and<00:06:53.975> that<00:06:54.199> really<00:06:54.375> puts<00:06:54.615> on<00:06:54.760> the<00:06:54.792> map.

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And<00:07:11.438> then<00:07:11.614> since<00:07:11.919> then,<00:07:12.079> we<00:07:12.159> never<00:07:12.383> looked<00:07:12.559> back.

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We<00:07:12.944> had<00:07:13.184> 8<00:07:13.216> straight<00:07:13.585> years<00:07:13.905> of<00:07:14.563> exponential<00:07:15.125> growth<00:07:15.542> in<00:07:15.751> on-prem<00:07:16.072> world,<00:07:16.811> and<00:07:16.891> then<00:07:17.052> we<00:07:17.132> shifted<00:07:17.790> in<00:07:17.871> the<00:07:17.999> cloud<00:07:18.256> world.

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Now<00:07:19.123> we're<00:07:19.284> the<00:07:19.525> largest<00:07:20.584> B2B<00:07:20.921> SaaS<00:07:21.869> data<00:07:22.094> management<00:07:22.752> and<00:07:23.153> governance<00:07:23.555> provider<00:07:24.020> in<00:07:24.117> the<00:07:24.197> Microsoft<00:07:24.598> cloud<00:07:24.775> space,<00:07:25.947> and<00:07:26.284> now<00:07:26.429> we're<00:07:26.525> public.

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So<00:07:27.232> it's<00:07:27.489> been<00:07:27.665> a<00:07:27.794> long<00:07:28.115> 20-plus<00:07:28.597> year<00:07:28.757> journey.

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Yeah,<00:07:29.720> it's<00:07:29.817> an<00:07:29.897> incredible<00:07:30.459> journey.

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And<00:07:31.262> to<00:07:31.406> get<00:07:31.583> that<00:07:31.824> blessing<00:07:32.290> from<00:07:32.546> Microsoft<00:07:34.152> must<00:07:34.457> have<00:07:34.618> just<00:07:34.875> been<00:07:35.581> game-changing.

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I<00:07:36.577> mean,<00:07:36.721> what<00:07:36.882> did<00:07:37.026> that<00:07:37.203> feel<00:07:37.428> like?

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All<00:07:37.749> of<00:07:37.781> a<00:07:37.845> sudden,<00:07:38.086> like,<00:07:38.247> Microsoft<00:07:38.712> is<00:07:38.809> like,<00:07:39.049> hey,<00:07:40.236> everyone<00:07:40.733> use<00:07:41.518> AvePoint<00:07:42.816> to<00:07:42.912> solve<00:07:43.217> this<00:07:43.377> problem,<00:07:44.098> that<00:07:44.338> must<00:07:44.515> have<00:07:44.643> been<00:07:44.739> incredible.

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Well,<00:07:46.726> that's<00:07:46.902> just<00:07:47.367> the<00:07:47.543> very<00:07:47.783> early<00:07:47.959> days,<00:07:48.248> right?

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In<00:07:48.985> the<00:07:49.225> software<00:07:49.866> space,<00:07:51.453> everything<00:07:51.709> moves<00:07:52.013> very<00:07:52.190> fast.

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I<00:07:53.055> often<00:07:53.311> say<00:07:54.096> in<00:07:54.128> the<00:07:54.208> software<00:07:54.513> space,<00:07:54.914> a<00:07:55.058> year<00:07:55.458> is<00:07:55.554> eternity.

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So<00:07:57.301> yes,<00:07:57.557> in<00:07:57.718> the<00:07:57.878> beginning,<00:07:58.358> Microsoft<00:07:58.775> said,<00:07:59.080> hey,<00:07:59.464> you<00:07:59.576> know,<00:08:00.185> there's<00:08:00.762> no<00:08:01.147> other<00:08:01.403> vendor<00:08:01.723> that<00:08:01.884> covers<00:08:02.188> this<00:08:02.348> functionality.

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There's<00:08:03.454> a<00:08:03.566> little<00:08:04.223> Somerset,<00:08:04.720> New<00:08:04.768> Jersey<00:08:05.088> company<00:08:05.393> called<00:08:05.713> AvePoint<00:08:06.274> that<00:08:06.370> does<00:08:06.835> this.

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But<00:08:07.556> obviously<00:08:08.038> leveraging<00:08:08.455> that,<00:08:08.696> we<00:08:08.840> have<00:08:09.017> to<00:08:09.081> expand<00:08:09.563> very<00:08:09.740> rapidly<00:08:10.141> into<00:08:10.366> many<00:08:10.623> other<00:08:10.719> things.

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So<00:08:11.522> today<00:08:11.811> we're<00:08:11.907> a<00:08:11.987> platform<00:08:12.453> provider,<00:08:12.870> right?

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We<00:08:13.256> do<00:08:13.368> the<00:08:13.577> end-to-end<00:08:14.074> lifecycle<00:08:14.524> management<00:08:15.182> of<00:08:15.519> business<00:08:15.824> data.

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Migration,<00:08:16.964> it's<00:08:17.141> only<00:08:17.366> the<00:08:17.446> beginning<00:08:17.815> of<00:08:17.847> the<00:08:17.992> journey.

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Um,<00:08:19.051> and<00:08:19.196> then<00:08:19.308> of<00:08:19.453> course<00:08:19.678> after<00:08:19.918> that,<00:08:20.175> we<00:08:20.320> do<00:08:20.737> also<00:08:20.994> data<00:08:21.219> backup,<00:08:21.765> data<00:08:22.086> archiving,<00:08:22.969> compliance,<00:08:23.627> data<00:08:23.868> privacy,<00:08:24.911> and<00:08:24.992> then<00:08:25.136> we<00:08:25.233> then<00:08:25.538> get<00:08:25.698> into,<00:08:26.421> uh,<00:08:26.613> the<00:08:26.742> whole<00:08:26.918> vertical<00:08:27.320> solution<00:08:27.705> space.

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So<00:08:28.684> it's,<00:08:28.909> it's<00:08:29.022> a<00:08:29.086> journey.

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But<00:08:29.792> yes,<00:08:30.370> we<00:08:30.467> got<00:08:30.643> our<00:08:30.836> first<00:08:31.093> break<00:08:31.333> with<00:08:31.558> one<00:08:31.719> product.

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But<00:08:32.843> in<00:08:32.939> the<00:08:33.019> software<00:08:33.324> space,<00:08:33.678> if<00:08:33.822> you<00:08:33.902> only<00:08:34.127> rely<00:08:34.528> on<00:08:34.609> that<00:08:34.769> one<00:08:34.930> product,<00:08:35.267> very<00:08:35.427> quickly<00:08:35.829> other<00:08:35.989> people<00:08:36.311> will<00:08:36.776> overtake<00:08:37.193> you<00:08:37.738> and<00:08:37.995> quickly<00:08:38.315> commoditize<00:08:38.876> your<00:08:39.037> offering.

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So<00:08:40.304> that<00:08:40.560> actually<00:08:40.801> sets<00:08:41.185> off<00:08:41.442> a<00:08:41.522> journey<00:08:42.003> of<00:08:42.484> continuous<00:08:43.446> innovation<00:08:44.152> and<00:08:44.328> evolution,<00:08:45.354> and<00:08:45.451> we<00:08:45.611> actually<00:08:45.852> have<00:08:46.076> to<00:08:46.397> cannibalize<00:08:47.551> our<00:08:48.000> own<00:08:48.161> product<00:08:48.577> over<00:08:48.802> time<00:08:48.978> to<00:08:49.075> time,<00:08:49.299> especially<00:08:49.780> this<00:08:49.940> transition<00:08:50.421> to<00:08:50.502> cloud,<00:08:51.287> in<00:08:51.384> order<00:08:51.560> to<00:08:51.881> stay<00:08:52.265> relevant,<00:08:52.971> in<00:08:53.067> order<00:08:53.228> to<00:08:53.308> matter.

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Yeah,<00:08:54.510> I<00:08:54.671> want<00:08:54.799> to<00:08:54.831> talk<00:08:55.072> about<00:08:55.216> the<00:08:55.296> transition<00:08:55.729> to<00:08:55.793> cloud<00:08:56.034> because<00:08:56.258> that<00:08:56.418> was<00:08:56.515> a<00:08:56.739> big,<00:08:56.996> big<00:08:57.300> thing.

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Um,<00:08:58.904> what<00:08:59.144> are<00:08:59.321> we<00:08:59.465> thinking,<00:08:59.641> like<00:08:59.866> 2012,<00:09:01.004> 2013,<00:09:01.806> that<00:09:01.950> really<00:09:02.127> became<00:09:02.448> a<00:09:02.464> thing,<00:09:02.688> or<00:09:02.768> what<00:09:02.993> were<00:09:03.089> you<00:09:03.169> guys<00:09:03.394> thinking<00:09:03.506> about<00:09:03.666> it<00:09:03.730> before<00:09:04.051> then?

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We<00:09:05.657> started<00:09:06.123> in<00:09:06.155> 2010.

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So<00:09:07.809> the,<00:09:08.452> you<00:09:08.484> know,<00:09:08.628> there<00:09:08.773> are<00:09:08.853> things<00:09:09.110> in<00:09:09.335> life<00:09:09.576> where<00:09:09.753> that's<00:09:10.058> also<00:09:10.780> happy<00:09:11.102> accidents,<00:09:11.519> right?

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So<00:09:12.804> because<00:09:13.109> we<00:09:13.206> were<00:09:13.286> in<00:09:13.447> the<00:09:13.527> SharePoint<00:09:13.912> space<00:09:14.475> and<00:09:14.571> SharePoint<00:09:14.892> is<00:09:15.037> enterprise<00:09:15.438> content<00:09:15.695> management,<00:09:16.193> it's<00:09:16.498> very<00:09:16.739> heavy<00:09:17.864> and<00:09:18.185> customers<00:09:18.602> are<00:09:18.747> government<00:09:19.293> and<00:09:19.550> very<00:09:19.775> large<00:09:20.257> banks<00:09:20.835> and<00:09:21.156> manufacturing<00:09:22.281> regulated<00:09:22.682> industry.

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We<00:09:23.549> had<00:09:23.646> to<00:09:23.710> expand<00:09:24.047> globally.

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So<00:09:24.850> before<00:09:25.413> cloud,<00:09:26.216> we<00:09:26.360> were<00:09:26.601> already<00:09:27.019> in<00:09:27.099> these<00:09:27.340> major<00:09:27.661> markets,<00:09:28.288> that's<00:09:28.464> tier<00:09:28.689> 1<00:09:28.866> B2B<00:09:29.187> markets<00:09:29.572> like<00:09:29.733> Japan,<00:09:30.776> UK,<00:09:31.433> Australia,<00:09:32.138> Germany,<00:09:33.436> France,<00:09:34.398> Nordics<00:09:35.583> in<00:09:35.680> person<00:09:36.160> with<00:09:36.625> our<00:09:36.785> local<00:09:37.266> teams<00:09:37.667> and<00:09:38.244> local<00:09:38.548> hires.

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So<00:09:39.606> that<00:09:39.830> was<00:09:40.471> a<00:09:40.551> fateful<00:09:40.872> decision,<00:09:41.208> one.

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And<00:09:41.897> then<00:09:42.009> two<00:09:42.250> is<00:09:42.410> 2010,<00:09:42.971> Microsoft<00:09:43.435> start<00:09:43.676> to<00:09:44.012> have<00:09:44.173> BPOS,<00:09:44.814> which<00:09:44.990> is<00:09:45.919> a<00:09:46.095> precursor<00:09:46.736> to<00:09:47.041> today's<00:09:47.922> Office<00:09:48.082> 365,<00:09:48.579> M365<00:09:49.364> cloud.

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And<00:09:51.608> we<00:09:51.784> were<00:09:52.265> investing<00:09:52.730> there<00:09:53.387> and<00:09:53.467> people<00:09:53.627> were<00:09:53.787> thinking<00:09:54.188> we<00:09:54.332> were<00:09:54.492> crazy,<00:09:55.293> our<00:09:55.390> investor<00:09:55.790> at<00:09:55.934> the<00:09:55.966> time,<00:09:57.136> which<00:09:57.313> is<00:09:57.345> Series<00:09:57.633> A,<00:09:57.714> some<00:09:57.938> of<00:09:57.970> the<00:09:58.018> partners,<00:09:58.339> they<00:09:58.435> say,<00:09:58.579> hey,<00:09:58.755> Microsoft,<00:09:59.541> you<00:09:59.637> recall<00:10:00.118> back<00:10:00.375> then<00:10:00.855> Steve<00:10:01.160> Ballmer<00:10:01.545> was<00:10:01.593> still<00:10:01.865> the<00:10:01.945> CEO,<00:10:02.843> and<00:10:02.987> under<00:10:03.180> Steve<00:10:03.404> Ballmer,<00:10:03.725> Microsoft<00:10:04.110> stock<00:10:04.318> didn't<00:10:04.510> move<00:10:04.751> for<00:10:04.847> 10<00:10:05.071> years.

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So<00:10:06.690> a<00:10:06.771> lot<00:10:07.011> of—<00:10:07.091> there<00:10:07.235> were<00:10:07.316> a<00:10:07.332> lot<00:10:07.556> of<00:10:07.732> naysayers<00:10:08.614> on<00:10:09.480> what<00:10:09.656> Microsoft's<00:10:10.121> future<00:10:10.361> would<00:10:10.538> be<00:10:11.243> and<00:10:11.644> what<00:10:11.820> the<00:10:11.964> cloud<00:10:12.285> would<00:10:12.381> be.

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At<00:10:12.862> that<00:10:13.167> point,<00:10:13.984> the<00:10:14.209> only<00:10:14.385> SaaS<00:10:14.689> company,<00:10:15.427> notable<00:10:15.779> SaaS<00:10:16.052> company<00:10:16.549> in<00:10:16.613> the<00:10:16.693> world,<00:10:16.934> were<00:10:17.094> Salesforce<00:10:18.296> and<00:10:18.873> NetSuite.

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So,<00:10:20.236> and,<00:10:20.861> and<00:10:21.102> they<00:10:21.262> were<00:10:21.422> also<00:10:21.663> trading<00:10:21.935> not<00:10:22.304> very<00:10:22.705> high<00:10:22.881> multiples.

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I<00:10:23.442> think<00:10:23.666> at<00:10:23.698> the<00:10:23.859> depth<00:10:24.628> of<00:10:25.045> 2008-2009<00:10:26.151> recession,<00:10:27.385> Salesforce<00:10:27.930> was<00:10:28.075> trading<00:10:28.347> at<00:10:28.636> 1.25x<00:10:29.760> revenue.

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So,<00:10:30.884> you<00:10:30.965> know,<00:10:31.366> if<00:10:31.607> you<00:10:31.719> start<00:10:32.185> thinking,<00:10:32.506> looking<00:10:32.747> backwards,<00:10:33.534> there<00:10:33.630> were<00:10:33.695> a<00:10:33.775> lot<00:10:34.016> of,<00:10:34.337> you<00:10:34.433> know,<00:10:35.317> essentially<00:10:36.521> the<00:10:36.666> despair,<00:10:37.148> right?

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Valley<00:10:37.565> of<00:10:37.645> despair<00:10:38.448> before<00:10:38.994> technology<00:10:39.428> really<00:10:39.653> take<00:10:39.878> off.

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So<00:10:40.600> we<00:10:40.761> were<00:10:41.163> in<00:10:41.500> early<00:10:41.725> days<00:10:42.126> because<00:10:42.463> we<00:10:42.608> were<00:10:42.704> technologists<00:10:43.652> at<00:10:43.732> the<00:10:43.812> heart.

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All<00:10:44.294> of<00:10:44.792> me<00:10:45.113> and<00:10:45.258> my<00:10:45.354> co-founder<00:10:45.981> were<00:10:46.157> all<00:10:46.880> developers<00:10:47.362> and<00:10:47.522> tech<00:10:47.763> people.

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We<00:10:48.887> talk<00:10:49.064> to<00:10:49.193> customers<00:10:49.610> all<00:10:49.690> the<00:10:49.755> time,<00:10:50.349> so<00:10:50.493> we<00:10:50.654> know<00:10:50.959> where<00:10:51.136> the<00:10:51.923> real<00:10:52.180> needs<00:10:52.485> are,<00:10:52.661> where<00:10:52.806> the<00:10:52.886> market<00:10:53.143> trends<00:10:53.384> are.

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So<00:10:53.705> we<00:10:53.786> say,<00:10:53.930> hey,<00:10:54.091> this<00:10:54.267> cloud<00:10:54.492> thing<00:10:54.669> is<00:10:54.813> real.

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And<00:10:55.632> we<00:10:55.792> need<00:10:55.952> to<00:10:56.033> invest<00:10:56.690> into<00:10:56.978> it<00:10:57.074> now.

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I<00:10:57.731> still<00:10:57.907> remember<00:10:58.580> I<00:10:58.677> was<00:10:58.901> at<00:10:59.061> a<00:10:59.318> Microsoft<00:11:00.199> partner,<00:11:00.664> global<00:11:01.000> partner<00:11:01.385> conference<00:11:02.202> in<00:11:02.362> DC<00:11:03.083> in<00:11:03.163> 2011.

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I<00:11:04.221> was<00:11:04.365> on<00:11:04.445> stage<00:11:04.766> and<00:11:04.846> telling<00:11:05.166> everyone,<00:11:05.551> hey,<00:11:05.727> this<00:11:05.952> cloud<00:11:06.288> thing<00:11:06.512> is<00:11:06.609> real<00:11:07.314> and<00:11:07.410> be<00:11:07.490> prepared<00:11:07.891> to<00:11:08.035> make<00:11:08.371> $1<00:11:08.596> a<00:11:09.012> user<00:11:09.333> a<00:11:09.477> month,<00:11:09.974> you<00:11:10.054> know,<00:11:10.198> that<00:11:10.358> kind<00:11:10.471> of<00:11:10.535> paradigm<00:11:11.336> to<00:11:11.432> transition<00:11:11.897> your<00:11:11.977> revenue.

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And<00:11:13.082> a<00:11:13.115> lot<00:11:13.275> of<00:11:13.323> people<00:11:13.499> think<00:11:13.675> I<00:11:13.707> was<00:11:13.964> crazy<00:11:14.445> as<00:11:14.701> well<00:11:14.941> because<00:11:15.502> back<00:11:15.743> then,<00:11:15.983> you<00:11:16.063> know,<00:11:16.367> everybody<00:11:16.880> sells<00:11:17.169> software<00:11:17.489> as<00:11:17.665> perpetual,<00:11:18.547> right?

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A<00:11:18.931> large<00:11:20.229> bucket<00:11:20.454> of<00:11:20.534> money<00:11:21.111> and<00:11:21.191> then<00:11:21.870> maintenance,<00:11:22.391> right?

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Annual<00:11:23.336> maintenance,<00:11:23.776> 15%,<00:11:24.412> 20%,<00:11:24.689> etc.

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So<00:11:25.976> people<00:11:26.156> are<00:11:26.302> not<00:11:26.628> thinking<00:11:27.019> about<00:11:28.013> subscription<00:11:28.966> consumption-based<00:11:29.872> business<00:11:30.195> model.

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Yeah,<00:11:32.620> that<00:11:32.798> is<00:11:33.008> fascinating.

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And<00:11:33.752> then<00:11:34.722> did<00:11:35.110> it<00:11:35.288> really<00:11:35.530> start—<00:11:35.837> the<00:11:36.015> industry<00:11:36.419> really<00:11:36.662> start<00:11:36.888> to<00:11:36.985> recognize<00:11:37.454> that<00:11:37.551> you<00:11:37.600> were<00:11:37.782> right,<00:11:38.797> what,<00:11:39.029> like<00:11:39.212> 2<00:11:39.378> or<00:11:39.462> 3<00:11:39.628> years<00:11:39.877> later?

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No,<00:11:42.254> I<00:11:42.415> think<00:11:42.639> it's<00:11:43.041> more<00:11:43.459> around<00:11:44.005> 2015,<00:11:45.210> 2016<00:11:46.093> time<00:11:46.222> frame.

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Oh<00:11:46.591> wow.

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Yeah,<00:11:47.636> people<00:11:47.876> start<00:11:48.117> to<00:11:48.198> see<00:11:48.519> it.

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It's<00:11:49.901> for<00:11:50.109> us,<00:11:50.447> we're<00:11:50.672> lucky<00:11:50.929> we<00:11:51.057> undergo<00:11:51.507> this<00:11:52.586> transition<00:11:54.110> as<00:11:54.287> a<00:11:54.367> business<00:11:54.832> and<00:11:54.944> as<00:11:55.105> a<00:11:55.169> technology<00:11:55.714> platform<00:11:56.228> early.

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And<00:11:58.040> because<00:11:58.698> if<00:11:58.842> you<00:11:58.938> think<00:11:59.179> about<00:11:59.436> it,<00:12:00.462> Provo,<00:12:01.906> the<00:12:02.050> business<00:12:02.387> transition,<00:12:03.013> it's<00:12:03.173> much<00:12:03.414> harder<00:12:03.815> to<00:12:03.975> do<00:12:04.553> for<00:12:04.713> perpetual<00:12:05.515> software<00:12:05.836> company<00:12:06.478> because<00:12:06.799> it<00:12:06.863> comes<00:12:07.103> down<00:12:07.264> to<00:12:07.344> cash<00:12:07.601> flows.

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So<00:12:08.788> if<00:12:08.964> you<00:12:09.125> were<00:12:09.221> to<00:12:09.429> buy<00:12:09.830> a<00:12:09.927> perpetual<00:12:10.392> license,<00:12:10.969> you<00:12:11.114> get,<00:12:11.595> you<00:12:11.675> know,<00:12:11.916> you<00:12:12.573> buy<00:12:12.814> the<00:12:12.894> software,<00:12:13.295> right,<00:12:13.536> upfront<00:12:13.857> payment<00:12:14.659> and<00:12:14.739> plus<00:12:15.044> the<00:12:15.124> first<00:12:15.381> year<00:12:15.525> maintenance.

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Let's<00:12:16.407> say<00:12:16.488> the<00:12:16.568> software<00:12:16.889> is<00:12:16.953> $100<00:12:17.707> and<00:12:17.787> then<00:12:17.931> the<00:12:18.011> maintenance<00:12:18.428> $20<00:12:19.086> each<00:12:19.215> year.

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3-Year<00:12:20.113> contract,<00:12:20.499> $60,<00:12:21.077> right?

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Total<00:12:21.639> $160<00:12:22.201> million—<00:12:22.987> $160<00:12:24.127> TCV,<00:12:24.609> total<00:12:24.850> contract<00:12:25.171> value.

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Upfront<00:12:26.215> payment<00:12:26.552> is<00:12:26.680> $120.

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That<00:12:28.527> same<00:12:28.848> $160<00:12:29.571> in<00:12:29.747> the<00:12:29.908> subscription<00:12:30.406> model<00:12:30.711> would<00:12:31.016> be<00:12:31.176> divided<00:12:31.449> by<00:12:31.610> 3.

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So<00:12:32.798> every<00:12:33.023> year<00:12:33.264> you<00:12:33.296> receive<00:12:33.681> $50,<00:12:34.564> right?

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So,<00:12:37.037> so<00:12:37.535> $53.

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So<00:12:38.883> all<00:12:38.980> of<00:12:39.205> a<00:12:39.237> sudden<00:12:39.462> your<00:12:39.686> year<00:12:39.943> 1<00:12:41.131> cash-in,<00:12:42.095> it's<00:12:42.432> $120<00:12:43.235> in<00:12:43.379> the<00:12:43.540> old<00:12:43.636> model<00:12:43.957> versus<00:12:44.359> $53.

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And<00:12:45.868> yet<00:12:46.028> as<00:12:46.141> a<00:12:46.205> software<00:12:46.510> company,<00:12:47.072> all<00:12:47.168> the<00:12:47.313> costs<00:12:47.714> still<00:12:47.955> there,<00:12:48.067> right?

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The,<00:12:48.613> the,<00:12:48.774> the<00:12:49.255> people,<00:12:49.978> the<00:12:50.138> G&A,<00:12:51.021> the<00:12:51.246> infrastructure<00:12:51.728> costs,<00:12:52.209> all<00:12:52.305> of<00:12:52.386> those<00:12:52.707> don't<00:12:52.867> just<00:12:53.124> magically<00:12:53.670> go<00:12:53.895> away.

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And<00:12:54.778> the<00:12:54.858> salespeople<00:12:55.420> also<00:12:55.741> expect<00:12:56.078> to<00:12:56.560> continue<00:12:56.961> to<00:12:57.105> make<00:12:57.748> commission,<00:12:58.486> right?

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Not<00:12:59.128> just<00:12:59.353> their<00:12:59.610> base<00:12:59.883> salary.

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So<00:13:00.653> that<00:13:01.199> cash<00:13:01.536> crunch<00:13:02.323> is<00:13:02.580> what<00:13:02.901> most<00:13:03.944> companies<00:13:04.346> that<00:13:04.506> go<00:13:04.731> through<00:13:04.908> this<00:13:05.213> SaaS<00:13:05.566> subscription<00:13:06.657> are<00:13:06.754> really<00:13:06.914> challenged<00:13:07.556> with.

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So<00:13:08.215> it's<00:13:08.359> not<00:13:08.520> just<00:13:08.760> a<00:13:08.841> technology<00:13:09.627> upgrade<00:13:10.109> of<00:13:10.607> putting<00:13:10.831> your<00:13:10.944> software<00:13:11.489> in<00:13:11.570> the<00:13:11.650> cloud.

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And<00:13:12.853> let<00:13:13.013> alone<00:13:13.157> you<00:13:13.238> talk<00:13:13.430> about<00:13:13.975> DevOps,<00:13:14.536> continuous<00:13:15.498> integration,<00:13:15.979> continuous<00:13:16.460> deployment,<00:13:17.101> cloud<00:13:17.422> operation,<00:13:17.902> cloud<00:13:18.063> security.

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That's<00:13:18.960> a<00:13:19.025> whole<00:13:19.281> set<00:13:19.570> of<00:13:19.986> discipline<00:13:20.451> you<00:13:20.628> have<00:13:20.948> to<00:13:22.231> kind<00:13:22.471> of<00:13:22.631> undertake<00:13:23.273> and<00:13:23.433> become<00:13:23.737> good<00:13:23.978> at.

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But<00:13:24.699> also<00:13:24.940> from<00:13:25.132> a<00:13:25.340> fundamental<00:13:26.062> cash<00:13:26.318> flow<00:13:26.543> management<00:13:26.879> perspective,<00:13:27.665> it's<00:13:27.761> a<00:13:27.905> very<00:13:28.146> different<00:13:28.386> problem<00:13:28.578> set.

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So<00:13:29.364> this<00:13:29.428> is<00:13:29.588> why<00:13:29.701> it<00:13:29.765> takes<00:13:30.069> companies<00:13:30.727> a<00:13:30.791> long<00:13:30.967> time<00:13:31.512> to<00:13:31.608> transition.

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A<00:13:32.506> lot<00:13:32.650> of<00:13:32.714> companies<00:13:33.035> have<00:13:33.131> to<00:13:33.211> borrow<00:13:33.452> money<00:13:33.836> to<00:13:33.917> transition,<00:13:34.510> especially<00:13:35.039> a<00:13:35.119> company<00:13:35.391> in<00:13:35.455> the<00:13:35.616> public<00:13:36.000> world,<00:13:36.417> right?

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Like<00:13:36.898> Splunk,<00:13:38.100> they<00:13:38.245> went<00:13:38.341> through<00:13:38.485> some<00:13:38.661> really,<00:13:38.838> really<00:13:38.998> tough<00:13:39.158> time.

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So<00:13:40.729> it's,<00:13:41.371> and<00:13:41.531> of<00:13:41.627> course<00:13:41.851> being<00:13:42.012> public<00:13:42.284> is<00:13:42.429> unforgiving,<00:13:42.990> right?

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When<00:13:43.326> you<00:13:43.454> do<00:13:43.615> that<00:13:43.663> such<00:13:44.032> transition.

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So<00:13:45.155> we<00:13:45.315> did<00:13:45.476> it—<00:13:45.556> luckily<00:13:45.877> we<00:13:46.021> did<00:13:46.181> it<00:13:46.358> while<00:13:46.599> private,<00:13:47.144> and<00:13:47.240> we<00:13:47.401> never<00:13:47.722> borrow<00:13:48.027> money.

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So<00:13:48.668> we<00:13:48.829> also<00:13:49.567> exercise<00:13:50.128> extreme<00:13:50.610> fiscal<00:13:51.315> discipline.

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Uh,<00:13:52.615> to<00:13:52.856> date,<00:13:53.257> the<00:13:53.401> company<00:13:53.658> has<00:13:53.818> never<00:13:54.059> borrowed<00:13:54.284> money,<00:13:54.765> and<00:13:54.861> we<00:13:55.006> have<00:13:55.198> a<00:13:55.342> great<00:13:55.567> balance<00:13:55.840> sheet<00:13:56.450> generating<00:13:56.851> cash.

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So<00:13:57.605> it's<00:13:57.765> a<00:13:57.829> very<00:13:57.990> good<00:13:58.150> position<00:13:58.551> to<00:13:58.631> be<00:13:58.792> in.

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Did<00:14:00.236> Steve<00:14:00.477> Ballmer<00:14:00.797> ever<00:14:01.038> dance<00:14:01.455> or<00:14:01.600> scream<00:14:02.001> in<00:14:02.065> front<00:14:02.257> of<00:14:02.402> you?

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We<00:14:05.209> saw<00:14:05.434> him<00:14:05.675> dance<00:14:05.931> and<00:14:06.012> scream<00:14:06.333> on<00:14:06.413> stage.

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We<00:14:07.776> were,<00:14:08.418> uh,<00:14:08.883> in<00:14:09.204> the<00:14:09.766> audience.

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But,<00:14:10.761> uh,<00:14:11.707> if<00:14:11.852> that<00:14:11.964> counts,<00:14:12.349> sure.

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He's<00:14:14.193> actually<00:14:14.434> an<00:14:14.530> incredible<00:14:15.075> leader.

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I<00:14:15.395> don't<00:14:15.540> know,<00:14:15.796> did<00:14:15.892> you<00:14:16.021> get<00:14:16.181> to<00:14:16.213> know<00:14:16.437> him<00:14:16.662> at<00:14:16.742> all<00:14:17.704> through<00:14:18.121> that<00:14:18.361> thing?

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Unfortunately,<00:14:20.589> we<00:14:20.669> were<00:14:20.846> too<00:14:21.022> small<00:14:21.487> to<00:14:21.583> matter<00:14:21.984> to<00:14:22.208> Microsoft<00:14:22.753> at<00:14:22.849> that<00:14:23.074> time,<00:14:23.731> but<00:14:23.811> I<00:14:24.052> did<00:14:24.276> get<00:14:24.436> to<00:14:24.533> meet<00:14:24.789> recently<00:14:25.254> with<00:14:25.655> Satya<00:14:26.072> in<00:14:26.296> a<00:14:26.312> very<00:14:26.536> small,<00:14:27.258> like<00:14:27.482> a<00:14:27.562> 5-partner<00:14:28.380> meeting<00:14:28.797> scenario.

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So<00:14:29.967> I<00:14:30.063> get<00:14:30.223> to<00:14:30.368> meet<00:14:30.528> the<00:14:30.688> new<00:14:30.800> leadership<00:14:32.147> much<00:14:32.387> more,<00:14:32.788> you<00:14:32.852> know,<00:14:32.948> in<00:14:33.109> tune<00:14:33.494> with<00:14:33.670> the<00:14:34.568> leaders<00:14:34.952> of<00:14:35.577> US,<00:14:36.074> APAC,<00:14:36.635> and<00:14:36.796> Satya<00:14:37.196> now<00:14:37.597> than<00:14:38.238> the<00:14:38.319> Ballmer<00:14:38.623> days.

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Yeah,<00:14:39.264> yeah,<00:14:39.697> we've<00:14:39.906> had<00:14:40.066> both<00:14:40.242> Ballmer<00:14:40.643> and<00:14:40.803> Satya<00:14:41.108> at<00:14:41.268> some<00:14:41.364> events,<00:14:41.701> and<00:14:41.845> both<00:14:42.022> of<00:14:42.086> them<00:14:42.246> are<00:14:42.326> just<00:14:42.567> incredible<00:14:43.047> leaders.

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Ballmer,<00:14:43.993> obviously<00:14:44.330> his<00:14:44.490> passion<00:14:44.987> is<00:14:45.196> is<00:14:46.021> well<00:14:46.263> known,<00:14:46.813> let's<00:14:46.991> say<00:14:47.153> that,<00:14:47.558> well<00:14:47.719> known.

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Hey,<00:14:50.230> so<00:14:51.002> cloud<00:14:51.340> was<00:14:51.501> a<00:14:51.582> big<00:14:51.727> deal<00:14:51.904> and<00:14:51.984> you<00:14:52.081> saw<00:14:52.386> that<00:14:52.612> coming<00:14:52.885> in<00:14:53.014> 2010.

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I<00:14:53.738> wonder<00:14:54.785> at<00:14:54.881> what<00:14:55.042> point<00:14:55.348> were<00:14:55.380> you<00:14:55.589> thinking<00:14:55.911> like,<00:14:56.088> hey,<00:14:56.314> this<00:14:56.636> AI<00:14:56.893> thing's<00:14:57.199> gonna<00:14:57.376> be<00:14:57.521> real?

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You<00:15:00.541> know,<00:15:00.654> my<00:15:00.881> background<00:15:01.287> is<00:15:01.611> data<00:15:01.854> mining,<00:15:02.097> machine<00:15:02.421> learning.

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So<00:15:03.783> it's<00:15:03.961> been<00:15:04.204> my<00:15:04.431> passion<00:15:05.501> around<00:15:06.473> leveraging<00:15:07.608> algorithms<00:15:08.418> to<00:15:09.083> make<00:15:09.310> things<00:15:09.472> more<00:15:09.618> efficient.

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And<00:15:10.529> we're<00:15:10.708> in<00:15:10.773> the<00:15:10.854> business<00:15:11.260> of<00:15:11.342> data<00:15:11.569> management.

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Since<00:15:12.787> day<00:15:13.028> one.

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So<00:15:14.167> that<00:15:14.327> means<00:15:14.712> in<00:15:15.033> access<00:15:15.306> control,<00:15:15.771> that<00:15:15.867> means<00:15:16.076> lifecycle<00:15:16.525> management,<00:15:17.278> who<00:15:17.439> has<00:15:17.679> access<00:15:17.936> to<00:15:18.161> what,<00:15:18.401> where,<00:15:18.722> when,<00:15:18.995> uh,<00:15:19.524> and<00:15:19.845> how<00:15:20.005> do<00:15:20.101> people,<00:15:20.727> um,<00:15:21.689> uh,<00:15:21.785> share<00:15:22.106> data.

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So<00:15:23.069> this<00:15:23.309> became<00:15:23.694> a,<00:15:23.935> uh,<00:15:24.496> uh,<00:15:24.656> to<00:15:24.817> the—<00:15:25.170> so,<00:15:25.410> so<00:15:25.555> that's<00:15:25.859> always<00:15:26.180> been<00:15:26.276> our<00:15:26.421> business<00:15:26.902> and<00:15:27.255> our<00:15:27.383> customer<00:15:27.784> always<00:15:28.041> worried<00:15:28.281> about<00:15:28.923> data<00:15:29.147> estate,<00:15:29.709> data<00:15:29.901> sovereignty,<00:15:30.527> and<00:15:30.671> how<00:15:30.864> data<00:15:31.249> are<00:15:31.393> passing,<00:15:32.291> uh,<00:15:32.532> in<00:15:32.772> between<00:15:33.093> companies,<00:15:33.558> between<00:15:33.895> partners,<00:15:34.360> and<00:15:34.456> between<00:15:34.777> borders.

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So<00:15:35.739> that's<00:15:35.900> something<00:15:36.205> that's<00:15:36.686> always<00:15:36.926> near<00:15:37.071> and<00:15:37.183> dear<00:15:37.408> to<00:15:37.504> my,<00:15:37.744> our<00:15:37.905> heart.

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And<00:15:38.787> this<00:15:39.011> thing<00:15:39.172> really<00:15:39.348> come<00:15:39.589> forward<00:15:40.086> during<00:15:40.311> COVID<00:15:41.449> So<00:15:41.737> when<00:15:41.834> COVID<00:15:42.154> first<00:15:42.395> happened,<00:15:43.116> everyone<00:15:44.639> worked<00:15:45.024> from<00:15:45.200> home.

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And<00:15:46.066> in<00:15:46.178> order<00:15:46.322> to<00:15:46.418> scale,<00:15:47.845> enterprises<00:15:48.310> have<00:15:48.422> to<00:15:48.502> go<00:15:48.630> to<00:15:48.727> cloud<00:15:49.111> in<00:15:49.192> a<00:15:49.272> hurry.

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So<00:15:50.249> a<00:15:50.266> lot<00:15:50.474> of<00:15:50.570> enterprise,<00:15:50.907> especially<00:15:51.291> in<00:15:51.516> APAC,<00:15:52.494> that's<00:15:53.135> behind<00:15:53.792> North<00:15:54.033> America<00:15:54.658> and<00:15:54.818> Western<00:15:55.123> Europe<00:15:55.379> in<00:15:55.459> cloud<00:15:55.700> adoption,<00:15:56.485> they<00:15:56.581> were<00:15:56.662> still<00:15:56.902> using<00:15:57.142> VPN<00:15:57.960> and<00:15:58.024> quickly<00:15:58.585> realized<00:15:58.970> VPN,<00:15:59.787> which<00:15:59.964> is<00:16:00.092> virtual<00:16:00.348> private<00:16:00.589> networks,<00:16:01.150> does<00:16:01.326> not<00:16:01.471> scale<00:16:02.272> to<00:16:02.897> everyone<00:16:03.218> working<00:16:03.458> from<00:16:03.619> home.

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So<00:16:04.436> going<00:16:04.677> to<00:16:04.821> cloud<00:16:05.302> using<00:16:05.542> SaaS<00:16:05.975> solutions<00:16:06.905> is<00:16:07.145> the<00:16:07.225> only<00:16:07.466> way.

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So<00:16:08.668> there,<00:16:09.005> a<00:16:09.069> lot<00:16:09.309> of<00:16:09.710> folks<00:16:10.031> jumped<00:16:10.367> onto<00:16:10.544> Zoom<00:16:10.832> calls,<00:16:11.329> on<00:16:11.393> the<00:16:11.489> team<00:16:11.794> calls<00:16:12.131> very<00:16:12.291> quickly.

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And<00:16:13.076> the<00:16:13.157> enterprise<00:16:13.493> say,<00:16:13.718> hey,<00:16:14.054> we<00:16:14.199> need<00:16:14.311> to<00:16:14.439> govern<00:16:14.760> this<00:16:14.888> stuff<00:16:15.176> because<00:16:15.417> we<00:16:15.737> really<00:16:15.962> have<00:16:16.122> no<00:16:16.202> idea<00:16:17.004> what<00:16:17.100> people<00:16:17.501> are<00:16:17.581> sharing<00:16:17.982> with<00:16:18.142> each<00:16:18.302> other<00:16:18.543> when<00:16:18.687> they're<00:16:18.847> working<00:16:19.088> from<00:16:19.264> home<00:16:19.841> and<00:16:19.969> when<00:16:20.066> they're<00:16:20.290> working<00:16:20.611> remotely.

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So<00:16:21.989> that,<00:16:22.230> that<00:16:22.438> also<00:16:22.630> became<00:16:22.887> a<00:16:22.935> very,<00:16:23.191> very<00:16:23.416> hot<00:16:23.544> topic.

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And<00:16:24.153> it<00:16:24.217> was<00:16:24.378> also<00:16:24.570> during<00:16:24.794> that<00:16:24.955> time,<00:16:25.115> during<00:16:25.275> COVID<00:16:25.580> times,<00:16:25.836> we<00:16:25.917> went<00:16:26.077> public,<00:16:26.622> right?

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So,<00:16:27.520> of<00:16:27.600> course,<00:16:28.081> this<00:16:28.385> AI<00:16:28.706> revolution,<00:16:29.924> we<00:16:30.068> were<00:16:30.165> not<00:16:30.822> surprised<00:16:31.287> at<00:16:31.431> it.

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We've<00:16:31.687> been<00:16:32.072> a<00:16:32.232> longtime<00:16:32.633> consumer<00:16:33.595> of<00:16:33.755> Azure<00:16:33.996> Cognitive<00:16:34.397> Services<00:16:35.054> and<00:16:35.294> OpenStack<00:16:35.775> AI<00:16:36.112> for<00:16:36.272> a<00:16:36.400> long<00:16:36.496> time.

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And<00:16:37.779> we<00:16:38.003> built<00:16:38.981> vertical<00:16:39.318> solutions<00:16:40.328> in<00:16:40.408> education<00:16:40.905> space<00:16:41.851> and<00:16:42.091> in<00:16:42.331> government<00:16:42.668> solutions<00:16:43.454> in<00:16:43.630> document<00:16:44.015> management,<00:16:44.544> management,<00:16:44.913> knowledge<00:16:45.153> management<00:16:45.410> space<00:16:46.116> for<00:16:46.244> a<00:16:46.340> while.

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So<00:16:47.142> this<00:16:47.463> AI<00:16:47.720> acceleration,<00:16:48.843> what<00:16:48.971> it's<00:16:49.388> only<00:16:49.501> strengthens<00:16:50.030> our<00:16:50.142> story<00:16:50.688> of<00:16:51.233> AI-ready<00:16:51.875> information<00:16:52.276> management<00:16:53.014> because<00:16:53.880> when<00:16:54.121> you<00:16:54.233> talk<00:16:54.522> about<00:16:54.778> AI,<00:16:55.885> it's<00:16:56.543> built<00:16:56.864> on<00:16:57.024> data,<00:16:57.666> right?

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So<00:16:58.452> every<00:16:58.693> business<00:16:58.933> is<00:16:59.110> racing<00:16:59.495> towards<00:16:59.751> building<00:17:00.056> their<00:17:00.152> own<00:17:00.313> proprietary<00:17:00.955> data<00:17:01.195> models<00:17:01.981> on<00:17:02.077> top<00:17:02.254> of<00:17:02.334> the<00:17:02.462> foundational<00:17:02.960> data<00:17:03.200> model.

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And<00:17:04.708> that<00:17:04.885> means<00:17:05.206> you<00:17:05.302> need<00:17:05.526> to<00:17:05.912> actually<00:17:06.633> leverage<00:17:07.034> your<00:17:07.291> legacy<00:17:07.837> domain-specific<00:17:08.719> data<00:17:09.697> to,<00:17:09.922> to<00:17:10.082> make<00:17:10.355> it<00:17:10.499> more<00:17:10.740> impactful.

00:17:11.767 --> 00:17:19.342
So<00:17:11.863> ChatGPT<00:17:12.650> is<00:17:12.762> a<00:17:12.971> very<00:17:13.228> powerful<00:17:13.693> tool,<00:17:14.351> but<00:17:14.736> if<00:17:14.832> you<00:17:15.057> use<00:17:15.298> it<00:17:15.699> for<00:17:15.860> your<00:17:15.956> domain-specific<00:17:17.063> knowledge,<00:17:17.882> it's<00:17:18.428> like<00:17:18.620> a<00:17:18.684> summer<00:17:19.102> intern.

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It's<00:17:19.583> a<00:17:19.712> very<00:17:19.888> smart<00:17:20.209> summer<00:17:20.546> intern,<00:17:21.252> but<00:17:21.317> it<00:17:21.397> has<00:17:21.654> no<00:17:22.039> domain-specific<00:17:22.921> knowledge<00:17:23.579> or<00:17:23.660> company-specific<00:17:24.462> knowledge<00:17:25.104> to<00:17:25.249> really<00:17:25.505> be<00:17:25.650> helpful<00:17:25.987> to<00:17:26.067> your<00:17:26.212> customers<00:17:26.709> and<00:17:26.854> partners<00:17:27.191> and<00:17:27.255> internal.

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And<00:17:28.218> what<00:17:28.298> companies<00:17:28.603> are<00:17:28.635> doing<00:17:28.940> are<00:17:29.101> racing<00:17:29.422> towards<00:17:29.743> building<00:17:30.064> a<00:17:30.304> layer<00:17:30.978> of<00:17:31.043> proprietary<00:17:32.086> model<00:17:32.808> that<00:17:32.968> leverages<00:17:33.514> internal<00:17:33.996> decades<00:17:34.397> worth<00:17:34.573> of<00:17:34.718> internal<00:17:35.071> data,<00:17:35.922> emails,<00:17:36.564> files,<00:17:37.542> trouble<00:17:37.847> tickets,<00:17:38.569> workflows,<00:17:39.050> etc.,<00:17:39.868> to<00:17:39.948> actually<00:17:40.189> generate<00:17:40.654> actionable<00:17:41.231> AI.

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So,<00:17:42.514> but<00:17:43.076> if<00:17:43.220> the<00:17:43.316> data<00:17:43.637> that<00:17:43.862> use<00:17:44.439> have<00:17:44.664> to<00:17:44.760> be<00:17:44.985> clean,<00:17:45.385> have<00:17:45.626> to<00:17:45.722> be<00:17:46.268> relevant,<00:17:47.070> otherwise<00:17:47.406> it's<00:17:47.567> a<00:17:47.631> trash<00:17:47.888> in,<00:17:47.968> trash<00:17:48.273> out<00:17:48.353> problem.

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So<00:17:49.235> AI<00:17:49.491> is<00:17:49.524> something<00:17:49.876> that<00:17:50.438> we<00:17:50.598> have<00:17:50.759> always<00:17:51.095> been<00:17:52.443> very<00:17:52.763> familiar<00:17:53.180> with<00:17:53.357> on<00:17:53.501> data<00:17:53.678> mining<00:17:53.998> side.

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And<00:17:54.624> now,<00:17:54.784> of<00:17:54.945> course,<00:17:55.105> with<00:17:55.266> generative<00:17:55.731> AI,<00:17:56.212> it<00:17:56.308> adds<00:17:56.469> that<00:17:56.693> human<00:17:57.014> element<00:17:57.335> to<00:17:57.447> it.

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We're<00:17:58.393> very,<00:17:58.634> very<00:17:58.778> excited<00:17:59.035> about<00:17:59.259> it.

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In<00:17:59.500> fact,<00:18:00.238> we're<00:18:00.703> here<00:18:00.863> in<00:18:00.959> DC.

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We,<00:18:02.162> we,<00:18:02.403> 2<00:18:02.563> days<00:18:02.820> of<00:18:02.948> Shift<00:18:03.205> Happens<00:18:03.927> industry<00:18:04.247> conference<00:18:04.632> that<00:18:04.729> we're<00:18:04.809> hosting<00:18:05.130> starting<00:18:05.370> tomorrow.

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We're<00:18:06.092> gonna<00:18:06.237> announce<00:18:06.574> a<00:18:06.638> slew<00:18:07.056> of<00:18:07.216> new<00:18:07.361> capabilities<00:18:08.260> around<00:18:08.565> that<00:18:08.741> exact<00:18:09.063> topic.

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That's<00:18:10.829> incredible.

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So<00:18:12.017> when<00:18:12.177> you<00:18:12.274> hear<00:18:12.434> people<00:18:12.691> say<00:18:12.836> like,<00:18:13.077> hey,<00:18:13.462> AI,<00:18:13.960> like<00:18:14.184> the<00:18:14.345> doomsday<00:18:14.923> sayers,<00:18:15.485> or<00:18:15.549> like<00:18:15.790> AI<00:18:16.047> could<00:18:16.272> like<00:18:16.609> destroy<00:18:17.091> us<00:18:17.315> and<00:18:17.412> destroy<00:18:17.717> the<00:18:17.797> world,<00:18:18.921> what<00:18:19.017> do<00:18:19.162> you<00:18:19.274> think<00:18:19.740> when<00:18:19.884> you<00:18:19.981> hear<00:18:20.222> that?

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Like<00:18:20.623> when<00:18:20.767> I<00:18:20.864> hear<00:18:21.089> that,<00:18:21.474> my<00:18:21.747> follow-up<00:18:22.068> question<00:18:22.389> is<00:18:22.774> always<00:18:23.176> how,<00:18:24.236> and<00:18:24.380> I<00:18:24.412> never<00:18:24.798> get<00:18:25.038> like<00:18:25.215> a<00:18:25.343> good<00:18:25.504> answer<00:18:26.082> to<00:18:26.387> how<00:18:26.885> that<00:18:26.965> would<00:18:27.110> happen.

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Yeah.

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Yeah.

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That's<00:18:29.390> a<00:18:29.454> great<00:18:29.759> question.

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I<00:18:30.337> think<00:18:30.578> there's<00:18:30.883> a<00:18:31.043> lot<00:18:31.204> of<00:18:31.284> hype<00:18:32.007> around<00:18:32.328> AI.

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I<00:18:34.173> talked<00:18:34.414> to—<00:18:35.072> so<00:18:35.297> we're<00:18:35.377> actually<00:18:35.698> in<00:18:35.875> the<00:18:35.955> process<00:18:36.292> of<00:18:36.356> creating<00:18:36.838> a<00:18:38.186> research<00:18:39.149> lab,<00:18:40.369> industry<00:18:40.754> corporate-sponsored<00:18:41.316> research<00:18:41.653> lab<00:18:42.279> in<00:18:42.359> collaboration<00:18:42.840> with<00:18:43.081> Cornell,<00:18:43.996> New<00:18:44.124> York<00:18:44.445> University,<00:18:45.007> as<00:18:45.103> well<00:18:45.906> as<00:18:46.532> National<00:18:46.789> University<00:18:47.190> of<00:18:47.254> Singapore.

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I<00:18:48.538> actually<00:18:48.875> talked<00:18:49.036> to<00:18:49.116> a<00:18:49.180> lot<00:18:49.341> of<00:18:49.437> AI<00:18:49.678> experts,<00:18:50.239> academics<00:18:50.881> in<00:18:50.962> the<00:18:51.042> field.

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We<00:18:52.246> are<00:18:52.342> still<00:18:53.193> a<00:18:53.754> long<00:18:53.995> way<00:18:54.252> off<00:18:54.637> from<00:18:54.990> sentient<00:18:55.680> AI,<00:18:56.001> general,<00:18:56.483> true<00:18:56.820> general<00:18:57.301> AI.

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Today's<00:18:58.730> AI<00:18:59.147> is<00:18:59.292> really<00:19:00.014> purpose-built.

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Machines.

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They<00:19:02.659> do—<00:19:02.995> there's<00:19:03.299> really<00:19:03.556> no<00:19:03.940> reasoning.

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It's<00:19:04.661> all<00:19:04.854> statistic-based<00:19:06.680> approaches.

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Therefore,<00:19:08.988> you<00:19:09.084> know,<00:19:09.228> you<00:19:09.308> have<00:19:10.526> ChatGPT<00:19:11.167> answers<00:19:12.112> that<00:19:12.368> are<00:19:12.529> just<00:19:12.769> called<00:19:12.929> hallucinations,<00:19:13.730> right?

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They're<00:19:14.291> not<00:19:14.676> real<00:19:14.868> facts.

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They're<00:19:15.637> statistical-based<00:19:16.775> guesstimates,<00:19:18.137> right?

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So,<00:19:19.114> so<00:19:19.338> far,<00:19:19.579> I<00:19:19.739> think<00:19:20.043> AI<00:19:21.517> is<00:19:21.662> a<00:19:21.726> tool.

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It's<00:19:22.799> a<00:19:22.863> tool<00:19:23.120> just<00:19:23.328> like<00:19:23.504> any<00:19:23.665> other<00:19:23.825> tool<00:19:24.065> that<00:19:24.161> humankind<00:19:25.651> has<00:19:25.828> invented<00:19:26.228> throughout<00:19:26.533> history<00:19:27.334> to<00:19:27.574> aid<00:19:27.766> our<00:19:27.911> productivity.

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We<00:19:29.033> see<00:19:29.274> that<00:19:29.900> leveraging<00:19:30.318> AI<00:19:30.719> for<00:19:31.040> ideation,<00:19:32.742> for<00:19:33.207> automated<00:19:33.641> simple<00:19:34.010> tier<00:19:34.315> 1<00:19:34.476> support<00:19:35.439> and<00:19:35.616> internal<00:19:36.322> onboarding<00:19:37.767> education,<00:19:38.586> it's<00:19:38.810> fantastic<00:19:39.324> tool.

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But<00:19:40.833> when<00:19:40.930> it<00:19:40.994> comes<00:19:41.187> to<00:19:41.315> decision-making,<00:19:42.439> when<00:19:42.599> it<00:19:42.664> comes<00:19:42.920> to<00:19:43.065> really<00:19:43.322> mission-critical<00:19:44.927> education<00:19:45.634> information,<00:19:46.677> you<00:19:46.838> have<00:19:47.271> to<00:19:47.400> have<00:19:47.560> a<00:19:47.592> human<00:19:47.962> actor<00:19:48.459> who<00:19:48.540> is<00:19:48.764> expert,<00:19:49.503> who<00:19:49.583> are<00:19:49.808> able<00:19:50.145> to<00:19:51.574> really<00:19:51.831> validate<00:19:53.019> what<00:19:53.436> the<00:19:53.661> AI<00:19:53.854> is<00:19:54.544> generating.

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Another<00:19:56.147> good<00:19:56.308> example<00:19:56.804> is<00:19:57.606> GitHub<00:19:58.327> Copilot,<00:19:58.888> which<00:19:59.064> is<00:19:59.208> Microsoft's<00:19:59.689> tool<00:20:00.410> to<00:20:00.555> help<00:20:00.795> developers<00:20:01.372> generate<00:20:02.237> automatic<00:20:02.654> routines<00:20:03.199> and<00:20:03.439> algorithms<00:20:04.337> to<00:20:04.641> ease<00:20:04.754> their<00:20:04.978> work.

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We<00:20:05.779> found<00:20:06.020> that<00:20:06.484> this<00:20:06.661> type<00:20:06.901> of<00:20:06.965> thing<00:20:07.158> is<00:20:07.286> really,<00:20:07.542> really<00:20:07.767> good<00:20:08.007> for<00:20:08.584> experts,<00:20:09.209> senior<00:20:09.481> developers.

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Junior<00:20:10.828> developers,<00:20:11.357> they<00:20:11.389> have<00:20:11.565> no<00:20:11.709> idea<00:20:12.030> how<00:20:12.190> to<00:20:12.414> understand<00:20:13.071> what's<00:20:13.312> being<00:20:13.456> generated.

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So<00:20:14.354> that's<00:20:14.578> actually<00:20:14.818> very<00:20:14.995> dangerous<00:20:16.277> in<00:20:16.357> terms<00:20:16.661> of—<00:20:16.838> not<00:20:16.998> in<00:20:17.078> terms<00:20:17.479> of<00:20:18.200> the<00:20:18.280> security<00:20:18.985> or<00:20:19.258> those<00:20:19.482> type<00:20:19.722> of<00:20:20.444> doomsday<00:20:20.844> scenarios.

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They're<00:20:21.822> dangerous<00:20:22.223> in<00:20:22.367> terms<00:20:22.623> of<00:20:22.848> inefficiency<00:20:23.649> and<00:20:23.793> actually<00:20:24.194> fundamentally<00:20:24.675> flawed<00:20:25.476> routines<00:20:26.375> because<00:20:26.761> in,<00:20:27.082> in<00:20:27.178> cloud<00:20:27.563> world,<00:20:28.061> in<00:20:28.141> the<00:20:28.286> world<00:20:28.463> we<00:20:28.623> live<00:20:28.848> in,<00:20:29.089> everything<00:20:29.410> has<00:20:29.522> a<00:20:29.586> cost.

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GPU<00:20:30.694> has<00:20:30.855> a<00:20:30.935> cost.

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CPU<00:20:32.235> has<00:20:32.412> a<00:20:32.476> cost.

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Bandwidth,<00:20:33.359> storage,<00:20:33.921> everything<00:20:34.146> has<00:20:34.258> a<00:20:34.322> cost.

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So<00:20:35.446> if<00:20:35.591> you're<00:20:35.671> not<00:20:35.832> careful,<00:20:36.249> the<00:20:36.410> automated<00:20:36.795> generated<00:20:37.196> routines<00:20:37.517> will<00:20:37.614> be<00:20:37.774> very<00:20:38.015> costly,<00:20:38.657> costly<00:20:39.203> and<00:20:39.299> prohibitive.

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Uh,<00:20:40.487> it<00:20:40.568> will<00:20:40.728> run<00:20:40.889> your<00:20:40.985> business<00:20:41.306> to<00:20:41.451> the<00:20:41.531> ground.

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So<00:20:42.831> that's<00:20:43.056> why<00:20:43.217> you<00:20:43.377> have<00:20:43.779> to<00:20:43.875> have<00:20:44.100> experts<00:20:44.662> who<00:20:44.822> actually<00:20:45.079> look<00:20:45.240> at<00:20:45.320> this<00:20:45.512> stuff<00:20:46.187> to<00:20:46.347> make<00:20:46.508> sure<00:20:46.829> that<00:20:47.086> it's<00:20:47.407> indeed,<00:20:48.290> uh,<00:20:48.675> good<00:20:48.948> solutions.

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But<00:20:50.136> it's<00:20:50.281> great,<00:20:50.843> uh,<00:20:51.019> ideation<00:20:51.501> tool.

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So,<00:20:52.210> in<00:20:52.307> fact,<00:20:52.533> I'm<00:20:52.694> actually<00:20:52.921> much<00:20:53.179> more<00:20:53.292> hopeful<00:20:54.390> about<00:20:55.149> the<00:20:55.359> advent<00:20:55.617> of<00:20:55.762> this<00:20:56.005> new<00:20:56.118> technology<00:20:57.232> than<00:20:57.555> being<00:20:57.878> depressed<00:20:58.265> about<00:20:58.459> it.

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Yeah,<00:21:00.386> that,<00:21:00.645> that's<00:21:00.887> good<00:21:01.049> to<00:21:01.129> hear.

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That,<00:21:02.082> that<00:21:02.260> feels<00:21:02.567> good.

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Somebody<00:21:03.310> with<00:21:03.536> your<00:21:03.713> background<00:21:04.262> and<00:21:04.343> your<00:21:04.505> expertise<00:21:05.070> there,<00:21:05.474> that,<00:21:05.651> that,<00:21:05.894> that<00:21:06.120> feels<00:21:06.297> good.

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Um,<00:21:08.511> at<00:21:08.593> what<00:21:08.691> point<00:21:08.937> did<00:21:09.101> you<00:21:09.182> decide,<00:21:09.903> hey,<00:21:10.083> we're<00:21:10.164> going<00:21:10.328> to<00:21:10.394> take<00:21:10.574> this<00:21:10.803> thing<00:21:10.966> public?

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And<00:21:11.539> why<00:21:11.719> did<00:21:11.883> you<00:21:11.965> decide<00:21:12.358> to<00:21:12.439> take<00:21:12.636> it<00:21:12.701> public?

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Ah,<00:21:15.374> that's<00:21:15.617> a<00:21:15.861> great<00:21:16.186> question.

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Um,<00:21:17.241> if<00:21:17.338> you<00:21:17.403> ask,<00:21:17.972> ask<00:21:18.150> me<00:21:18.313> now,<00:21:18.637> I,<00:21:19.108> I<00:21:19.189> would<00:21:19.287> say<00:21:19.514> my<00:21:19.757> only<00:21:19.936> regret<00:21:20.358> is<00:21:20.521> not<00:21:20.667> to<00:21:20.829> take,<00:21:20.910> uh,<00:21:20.975> Appen<00:21:21.073> public<00:21:21.348> 10<00:21:21.413> years<00:21:21.527> earlier.

00:21:23.610 --> 00:21:35.504
But<00:21:23.786> anyway,<00:21:24.267> we<00:21:24.764> decided<00:21:25.004> to<00:21:25.068> go<00:21:25.229> public<00:21:25.565> during<00:21:26.190> the<00:21:26.351> midst<00:21:26.607> of<00:21:26.751> COVID<00:21:28.130> When<00:21:28.290> COVID<00:21:28.531> first<00:21:28.915> happened,<00:21:29.396> I<00:21:29.493> was<00:21:29.717> as<00:21:29.877> nervous<00:21:30.294> as<00:21:30.518> any<00:21:30.775> other<00:21:31.015> business<00:21:31.336> owners<00:21:31.737> and<00:21:31.977> anyone<00:21:33.003> who<00:21:33.324> are,<00:21:33.660> you<00:21:33.741> know,<00:21:33.885> quarantined<00:21:34.302> at<00:21:34.382> home<00:21:34.799> and<00:21:34.943> cannot<00:21:35.199> go.

00:21:36.209 --> 00:21:39.319
And<00:21:36.626> I've<00:21:36.786> been<00:21:37.508> on<00:21:37.588> the<00:21:37.668> phone<00:21:38.053> all<00:21:38.149> the<00:21:38.229> time<00:21:38.469> with<00:21:38.630> our<00:21:38.774> global<00:21:39.014> leaders.

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We're<00:21:39.559> in<00:21:39.672> 18<00:21:39.912> countries,<00:21:40.457> so<00:21:41.114> we<00:21:41.195> see<00:21:41.371> signal<00:21:41.916> across<00:21:42.237> the<00:21:42.317> world.

00:21:43.182 --> 00:21:55.429
I<00:21:43.278> still<00:21:43.455> remember<00:21:44.561> this<00:21:44.801> was<00:21:45.988> December<00:21:46.949> 2019<00:21:48.488> because<00:21:48.793> we<00:21:48.889> have<00:21:49.113> offices<00:21:49.514> in<00:21:49.675> Asia<00:21:50.556> and<00:21:51.213> they<00:21:51.598> have<00:21:51.839> lockdown<00:21:52.175> first<00:21:52.640> and<00:21:52.736> then<00:21:52.881> they<00:21:52.977> propagate<00:21:53.538> to<00:21:54.580> Europe<00:21:55.125> and<00:21:55.301> US.

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Us.

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I<00:21:56.183> say,<00:21:56.328> hey<00:21:56.424> guys,<00:21:56.889> get<00:21:57.002> ready,<00:21:57.290> winter's<00:21:57.611> coming.

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I<00:21:58.269> still<00:21:58.831> remember<00:21:59.151> that<00:21:59.472> very<00:21:59.938> vividly.

00:22:00.820 --> 00:22:03.724
And<00:22:00.900> of<00:22:00.996> course,<00:22:01.237> you<00:22:01.317> know,<00:22:01.558> January,<00:22:01.879> end<00:22:01.975> of<00:22:02.055> January,<00:22:02.521> everything's<00:22:02.825> locked<00:22:03.066> down.

00:22:04.702 --> 00:22:11.521
So<00:22:05.890> we<00:22:06.146> see<00:22:06.371> that<00:22:06.531> coming<00:22:06.997> and<00:22:08.521> we<00:22:08.601> were<00:22:08.697> very<00:22:08.938> nervous,<00:22:09.259> but<00:22:09.355> then<00:22:09.580> very<00:22:09.740> quickly<00:22:09.981> we<00:22:10.125> realized<00:22:10.703> business<00:22:11.088> have<00:22:11.200> to<00:22:11.328> move.

00:22:12.050 --> 00:22:17.858
And<00:22:12.387> of<00:22:12.467> course,<00:22:12.708> government<00:22:13.189> is<00:22:13.350> helping<00:22:14.312> businesses<00:22:14.794> move<00:22:15.099> with,<00:22:15.740> you<00:22:15.837> know,<00:22:16.077> in<00:22:16.238> America<00:22:16.639> we<00:22:16.719> have<00:22:16.799> the<00:22:16.879> PPP<00:22:17.361> fund,<00:22:17.666> right?

00:22:17.922 --> 00:22:20.184
If<00:22:18.067> you<00:22:18.099> remember,<00:22:19.366> so<00:22:19.591> the<00:22:19.671> stimulus.

00:22:21.147 --> 00:22:27.290
So<00:22:21.291> all<00:22:21.837> of<00:22:21.869> a<00:22:21.885> sudden<00:22:22.158> everybody<00:22:22.816> is<00:22:23.201> using<00:22:23.457> technology<00:22:24.115> in<00:22:24.179> the<00:22:24.259> best<00:22:24.564> way<00:22:24.661> they<00:22:24.821> know<00:22:25.286> how<00:22:25.943> to<00:22:26.168> collaborate<00:22:26.825> and<00:22:27.049> work.

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And<00:22:28.604> so<00:22:28.845> the<00:22:29.069> use<00:22:29.374> of<00:22:29.454> technology<00:22:30.031> just<00:22:30.223> skyrocketed,<00:22:30.833> right?

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You—<00:22:31.458> everyone<00:22:31.794> saw<00:22:32.981> the<00:22:33.061> birth<00:22:33.398> of<00:22:33.638> Zoom<00:22:34.183> effectively<00:22:35.321> through<00:22:35.498> that<00:22:35.706> process,<00:22:36.123> and<00:22:36.203> they<00:22:36.363> went<00:22:36.524> public.

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So<00:22:37.870> all<00:22:38.030> tech<00:22:38.207> companies<00:22:38.672> that's<00:22:38.928> associated<00:22:39.473> with<00:22:39.810> online<00:22:40.195> collaboration,<00:22:41.734> teamwork,<00:22:42.535> which<00:22:42.711> include<00:22:43.080> us,<00:22:44.058> became<00:22:44.539> a<00:22:44.795> massive<00:22:45.421> beneficiary<00:22:47.008> of<00:22:47.408> this,<00:22:48.867> you<00:22:48.947> know,<00:22:49.412> very<00:22:49.669> disruptive<00:22:50.727> scenario<00:22:51.416> where<00:22:51.512> it<00:22:51.657> encouraged<00:22:52.298> online<00:22:53.019> collaboration<00:22:53.516> and<00:22:53.676> technology<00:22:54.222> work<00:22:54.478> from<00:22:54.638> home.

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So<00:22:55.680> because<00:22:56.017> of<00:22:56.081> that,<00:22:56.706> our<00:22:57.444> investors<00:22:58.021> and<00:22:58.118> our<00:22:58.246> board<00:22:58.486> decided,<00:22:58.967> hey,<00:22:59.192> we<00:22:59.272> should<00:23:00.491> look<00:23:00.651> at<00:23:00.731> going<00:23:00.892> public<00:23:02.094> because<00:23:02.415> we're<00:23:02.575> a<00:23:02.640> company<00:23:02.960> that's<00:23:03.137> 20<00:23:03.377> years,<00:23:03.938> and<00:23:04.484> we<00:23:04.580> should<00:23:04.724> have<00:23:04.804> gone<00:23:04.965> public<00:23:05.285> 10<00:23:05.382> years<00:23:05.606> earlier.

00:23:06.488 --> 00:23:07.450
Now<00:23:06.520> is<00:23:06.664> a<00:23:06.680> good<00:23:06.857> time<00:23:06.969> to<00:23:07.065> do<00:23:07.210> that.

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And<00:23:08.653> we<00:23:08.733> have<00:23:08.893> very,<00:23:09.230> very<00:23:09.390> predictable<00:23:10.192> revenue<00:23:10.593> streams,<00:23:11.138> and<00:23:12.213> 60%<00:23:12.533> of<00:23:12.822> our<00:23:13.063> customers<00:23:13.463> are<00:23:13.784> government-regulated<00:23:14.682> industry,<00:23:16.045> so<00:23:16.270> highly<00:23:17.392> resilient<00:23:18.354> to<00:23:18.531> these<00:23:18.707> type<00:23:18.948> of,<00:23:19.573> you<00:23:19.637> know,<00:23:19.797> economic<00:23:20.294> or<00:23:20.375> exogenous<00:23:21.321> shocks.

00:23:22.123 --> 00:23:23.405
So<00:23:22.235> it<00:23:22.283> actually<00:23:22.475> made<00:23:22.620> sense<00:23:23.004> for<00:23:23.101> us<00:23:23.245> to<00:23:23.325> do<00:23:23.357> it.

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So<00:23:23.903> we<00:23:24.047> decided<00:23:24.336> to<00:23:24.368> do<00:23:24.465> that.

00:23:25.187 --> 00:23:29.344
And<00:23:25.267> at<00:23:25.347> the<00:23:25.428> time,<00:23:25.893> we<00:23:25.973> actually<00:23:26.230> did<00:23:26.471> a<00:23:26.695> traditional—<00:23:27.610> started<00:23:27.899> off<00:23:28.011> as<00:23:28.156> a<00:23:28.220> traditional<00:23:28.862> IPO.

00:23:29.681 --> 00:23:35.587
We<00:23:29.761> put<00:23:29.921> together<00:23:30.226> a<00:23:30.242> syndication<00:23:30.981> of<00:23:31.350> Goldman<00:23:33.035> as<00:23:33.195> well<00:23:33.292> as<00:23:33.324> Citi,<00:23:34.014> Evercore,<00:23:34.656> and<00:23:34.800> a<00:23:34.816> bunch<00:23:35.041> of<00:23:35.121> other<00:23:35.298> banks.

00:23:36.100 --> 00:23:42.456
But<00:23:36.566> as<00:23:36.662> you<00:23:36.742> recall,<00:23:37.368> also<00:23:37.609> at<00:23:37.705> the<00:23:37.785> time,<00:23:38.331> 75%<00:23:38.845> of<00:23:39.134> our<00:23:39.230> IPOs<00:23:39.551> were<00:23:39.695> done<00:23:40.257> via<00:23:40.433> this<00:23:40.899> vehicle<00:23:41.396> called<00:23:41.717> SPAC,<00:23:42.343> right?

00:23:42.504 --> 00:23:45.649
Special<00:23:42.841> Purpose<00:23:43.306> Acquisition<00:23:44.237> Vehicle,<00:23:44.510> which<00:23:44.622> is<00:23:44.767> basically<00:23:45.056> a<00:23:45.088> reverse<00:23:45.328> merger.

00:23:46.275 --> 00:23:52.759
And<00:23:46.612> we<00:23:46.757> checked<00:23:47.014> out<00:23:47.110> that<00:23:47.640> option<00:23:48.217> and<00:23:48.362> we<00:23:48.442> decided<00:23:48.683> to<00:23:48.763> go<00:23:48.859> with<00:23:49.068> that<00:23:49.244> option<00:23:50.304> because<00:23:51.090> this<00:23:51.411> was<00:23:52.133> October.

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November<00:23:53.113> 2020.

00:23:54.622 --> 00:23:58.654
If<00:23:55.024> your<00:23:55.201> audience<00:23:55.442> recall,<00:23:56.164> this<00:23:56.550> was<00:23:56.727> before<00:23:57.048> the<00:23:57.208> election,<00:23:58.397> right?

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A<00:23:59.040> month<00:23:59.297> before<00:23:59.602> the<00:23:59.698> election<00:24:00.485> between<00:24:00.726> Biden<00:24:01.047> and<00:24:01.144> Trump,<00:24:02.027> and<00:24:02.429> the<00:24:02.509> vaccine<00:24:02.975> was<00:24:03.232> nowhere<00:24:03.489> in<00:24:03.617> sight<00:24:03.890> despite<00:24:04.420> Operation<00:24:04.902> Warp<00:24:04.999> Speed.

00:24:05.946 --> 00:24:09.769
So<00:24:06.123> there<00:24:06.284> were<00:24:06.509> a<00:24:06.669> lot<00:24:06.910> of<00:24:07.167> uncertainty<00:24:07.649> and<00:24:07.729> volatility,<00:24:08.211> much<00:24:08.516> more<00:24:08.613> so<00:24:08.854> than<00:24:08.998> today,<00:24:09.576> right?

00:24:10.524 --> 00:24:27.392
And<00:24:12.146> with<00:24:12.307> a<00:24:12.323> SPAC<00:24:13.592> structure,<00:24:14.154> and<00:24:14.315> we<00:24:14.540> were<00:24:14.877> able<00:24:15.134> to<00:24:16.242> pick<00:24:16.724> the<00:24:16.804> best<00:24:17.383> tech<00:24:17.849> SPAC<00:24:18.089> sponsor,<00:24:19.519> the<00:24:19.680> key<00:24:19.792> sponsor<00:24:20.258> were<00:24:20.402> Jeff<00:24:21.542> Epstein,<00:24:21.927> who's<00:24:22.103> the<00:24:22.344> ex-CFO<00:24:23.081> of<00:24:23.145> Oracle,<00:24:23.946> as<00:24:24.187> well<00:24:24.267> as<00:24:24.427> Brad<00:24:24.652> Koenig,<00:24:25.148> who<00:24:25.309> made<00:24:26.014> Goldman<00:24:26.270> Tech<00:24:26.495> Banking<00:24:26.815> what<00:24:26.928> it<00:24:27.056> is<00:24:27.152> today.

00:24:28.114 --> 00:24:31.159
Brad's<00:24:28.434> first<00:24:28.675> IPO<00:24:29.460> at<00:24:29.717> Goldman<00:24:29.957> Sachs<00:24:30.278> was<00:24:30.422> actually<00:24:30.662> Microsoft.

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So<00:24:32.361> these<00:24:32.522> two<00:24:32.666> gentlemen<00:24:33.147> were<00:24:33.724> the<00:24:34.060> sponsors,<00:24:34.765> and<00:24:34.990> we<00:24:35.887> decided<00:24:36.352> to<00:24:36.993> partner<00:24:37.234> together.

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In<00:24:38.196> a<00:24:38.212> matter<00:24:38.436> of<00:24:38.532> 4<00:24:38.853> weeks,<00:24:39.398> we<00:24:39.574> were<00:24:39.654> able<00:24:39.911> to<00:24:40.792> set<00:24:41.177> a<00:24:41.241> fixed<00:24:41.754> valuation,<00:24:42.379> which<00:24:42.475> is<00:24:42.603> $2<00:24:42.780> billion,<00:24:43.725> and<00:24:43.805> then<00:24:43.982> set<00:24:44.206> a<00:24:44.222> fixed<00:24:45.569> funding,<00:24:46.065> which<00:24:46.306> is<00:24:46.450> $350<00:24:47.107> million<00:24:47.332> in<00:24:47.428> the<00:24:47.508> trust,<00:24:48.149> and<00:24:48.229> we<00:24:48.374> raised<00:24:48.598> $140<00:24:49.175> million.

00:24:50.331 --> 00:24:52.060
In<00:24:50.397> the<00:24:50.478> private<00:24:50.967> investment<00:24:51.620> called<00:24:51.799> PIPE.

00:24:52.598 --> 00:24:55.044
So<00:24:52.696> together,<00:24:53.022> $490<00:24:53.740> million,<00:24:54.327> and<00:24:54.408> we<00:24:54.474> had<00:24:54.571> zero<00:24:54.816> redemption.

00:24:55.920 --> 00:25:03.826
So<00:24:55.984> that<00:24:56.032> kind<00:24:56.193> of<00:24:56.257> certainty,<00:24:56.916> that<00:24:57.012> kind<00:24:57.237> of<00:24:57.559> economic<00:24:58.025> outcome<00:25:00.194> made<00:25:00.371> perfect<00:25:00.692> sense<00:25:01.255> in<00:25:01.432> such<00:25:01.737> time<00:25:02.042> of<00:25:02.781> high<00:25:03.264> uncertainty.

00:25:04.372 --> 00:25:05.771
So<00:25:04.549> we<00:25:04.694> did<00:25:04.855> it<00:25:04.887> that<00:25:05.080> way,<00:25:05.594> right?

00:25:05.852 --> 00:25:12.209
So<00:25:06.061> now,<00:25:06.238> of<00:25:06.383> course,<00:25:06.560> 2<00:25:06.721> years<00:25:06.882> plus<00:25:07.107> out,<00:25:08.008> we're<00:25:08.250> being<00:25:08.411> recognized<00:25:09.843> for<00:25:10.020> our<00:25:10.406> great<00:25:10.680> execution,<00:25:11.388> and<00:25:11.549> we're<00:25:11.710> doing<00:25:11.935> well.

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We<00:25:12.740> got<00:25:13.061> good<00:25:13.142> support.

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So,<00:25:14.940> you<00:25:15.060> know,<00:25:15.667> It's<00:25:15.988> really<00:25:16.245> ultimately<00:25:16.630> focusing<00:25:17.208> on<00:25:17.369> execution<00:25:17.995> as<00:25:18.091> a<00:25:18.155> public<00:25:18.396> company<00:25:18.653> going<00:25:18.813> forward.

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Yeah.

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What<00:25:20.178> do<00:25:20.242> you<00:25:20.338> think,<00:25:20.643> like,<00:25:20.980> the<00:25:21.141> way<00:25:21.302> SPACs<00:25:21.847> are<00:25:21.928> being<00:25:22.104> talked<00:25:22.361> about<00:25:22.650> now?

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Because<00:25:23.212> I<00:25:23.228> remember<00:25:23.613> when<00:25:23.774> they<00:25:23.854> were<00:25:23.966> being<00:25:24.191> talked<00:25:24.448> about<00:25:24.817> when<00:25:25.315> you<00:25:25.475> did<00:25:25.572> it,<00:25:25.620> it<00:25:25.700> was<00:25:25.861> like,<00:25:26.037> this<00:25:26.214> is<00:25:26.374> a<00:25:26.519> really<00:25:26.760> great<00:25:26.984> way<00:25:27.081> to<00:25:27.241> do<00:25:27.402> this.

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And<00:25:28.606> now<00:25:28.846> I<00:25:28.927> think<00:25:29.103> it<00:25:29.168> might<00:25:29.392> be<00:25:29.489> a<00:25:29.553> bit<00:25:29.665> of<00:25:29.745> a<00:25:29.810> mixed<00:25:30.291> bag<00:25:30.853> in<00:25:30.998> terms<00:25:31.270> of<00:25:31.656> whether<00:25:33.165> investors<00:25:33.983> in<00:25:34.128> the<00:25:34.224> public<00:25:34.545> market<00:25:35.027> and<00:25:36.070> companies<00:25:37.018> look<00:25:37.194> at<00:25:37.274> that<00:25:37.451> as<00:25:37.595> a<00:25:37.676> real<00:25:37.900> option.

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What<00:25:38.639> did<00:25:38.799> you<00:25:39.024> learn<00:25:39.281> in<00:25:39.361> that?

00:25:39.747 --> 00:25:42.251
And<00:25:39.843> what<00:25:40.019> advice<00:25:40.405> do<00:25:40.469> you<00:25:40.549> have<00:25:40.726> for<00:25:40.806> people<00:25:41.111> about<00:25:41.352> SPACs<00:25:42.010> today?

00:25:44.362 --> 00:25:46.020
Um,<00:25:44.866> it's<00:25:45.110> not<00:25:45.272> just<00:25:45.451> a<00:25:45.516> mixed<00:25:45.825> bag.

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You're<00:25:46.247> too<00:25:46.394> kind.

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I<00:25:47.076> know,<00:25:47.385> I<00:25:47.466> know,<00:25:47.857> I<00:25:47.970> know.

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I'm<00:25:48.685> just<00:25:48.799> like,<00:25:49.319> that's<00:25:49.742> a<00:25:49.758> dirty<00:25:50.051> word.

00:25:51.873 --> 00:25:57.394
Uh,<00:25:54.068> so<00:25:54.520> yeah,<00:25:54.876> it's,<00:25:55.085> um,<00:25:55.828> we,<00:25:56.070> we<00:25:56.457> learn<00:25:56.700> a<00:25:56.716> lot<00:25:57.039> from<00:25:57.281> it.

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Obviously,<00:25:57.991> as<00:25:58.088> I<00:25:58.152> mentioned,<00:25:58.717> you<00:25:58.798> know,<00:25:59.056> we,<00:25:59.282> we<00:25:59.379> did<00:25:59.605> it,<00:25:59.928> uh,<00:26:00.251> just<00:26:00.493> because<00:26:00.977> it<00:26:01.252> made<00:26:01.478> sense<00:26:01.962> for<00:26:02.124> us<00:26:02.527> at<00:26:02.608> the<00:26:02.689> time.

00:26:03.641 --> 00:26:14.099
Um,<00:26:04.206> and<00:26:06.628> it's—<00:26:07.291> if<00:26:07.436> you<00:26:07.517> actually<00:26:07.759> look<00:26:07.920> at<00:26:07.953> the<00:26:08.017> average<00:26:08.340> SPAC<00:26:08.744> right<00:26:08.905> now,<00:26:09.051> I<00:26:09.147> think<00:26:09.470> the<00:26:09.697> average,<00:26:10.365> uh,<00:26:10.594> the,<00:26:10.936> the<00:26:11.262> companies<00:26:11.669> that<00:26:12.272> that's<00:26:12.673> got<00:26:12.849> a<00:26:12.913> target<00:26:13.378> and<00:26:13.474> de-SPAC'd.

00:26:14.660 --> 00:26:19.162
I<00:26:14.676> think<00:26:14.900> the<00:26:15.076> average<00:26:15.333> stock<00:26:15.877> price<00:26:16.278> right<00:26:16.374> now<00:26:16.534> is<00:26:16.598> something<00:26:16.903> like<00:26:17.159> $1.50<00:26:18.185> or<00:26:18.441> something<00:26:18.746> less<00:26:18.906> than<00:26:19.002> $2.

00:26:19.339 --> 00:26:20.428
It's<00:26:19.627> ridiculous,<00:26:20.204> right?

00:26:21.326 --> 00:26:36.420
You<00:26:21.502> have<00:26:21.806> Nikola,<00:26:22.591> you<00:26:22.752> have<00:26:24.995> Virgin<00:26:25.316> Galactic,<00:26:26.357> you<00:26:26.389> know,<00:26:26.437> all<00:26:26.629> these<00:26:26.854> pre-revenue<00:26:27.479> companies<00:26:28.056> want<00:26:28.216> to<00:26:28.296> go<00:26:28.440> public,<00:26:30.539> completely<00:26:31.164> ruined<00:26:32.302> that<00:26:33.279> instrument<00:26:33.920> at<00:26:34.065> that<00:26:34.161> segment<00:26:35.170> as<00:26:35.987> a<00:26:36.052> vehicle.

00:26:36.805 --> 00:26:42.116
So<00:26:37.285> yeah,<00:26:37.894> it's<00:26:38.231> not<00:26:38.391> a<00:26:38.455> good<00:26:39.551> So<00:26:39.777> today,<00:26:40.325> you<00:26:40.358> know,<00:26:40.826> we<00:26:40.971> have<00:26:41.068> shaken<00:26:41.455> off<00:26:41.616> the<00:26:41.858> tint.

00:26:42.342 --> 00:26:50.440
I<00:26:42.439> remember<00:26:43.245> at<00:26:43.326> the<00:26:43.407> time,<00:26:43.971> one<00:26:44.116> of<00:26:44.149> my<00:26:44.278> good<00:26:44.374> friends<00:26:45.487> at<00:26:45.665> Fidelity<00:26:46.052> was<00:26:46.149> telling<00:26:46.375> me,<00:26:46.955> if<00:26:47.117> you<00:26:47.262> do<00:26:47.681> SPAC,<00:26:48.101> remember,<00:26:48.472> it's<00:26:48.972> a<00:26:49.052> 2-year<00:26:49.472> scarlet<00:26:49.843> letter<00:26:50.021> you<00:26:50.166> have<00:26:50.263> to<00:26:50.327> wear.

00:26:50.521 --> 00:27:00.104
So<00:26:51.311> now<00:26:51.473> we're<00:26:51.618> past<00:26:52.199> our<00:26:52.925> 2-year<00:26:53.409> time<00:26:53.812> as<00:26:53.877> a<00:26:53.973> public<00:26:54.199> company,<00:26:54.554> and<00:26:54.700> we<00:26:54.796> are<00:26:54.942> known<00:26:55.087> as<00:26:55.248> the<00:26:55.345> best<00:26:55.619> SPAC<00:26:55.813> company<00:26:56.152> out<00:26:56.313> there,<00:26:57.023> although<00:26:57.184> I<00:26:57.281> don't<00:26:57.507> really<00:26:57.701> want<00:26:57.910> to<00:26:58.007> be<00:26:58.104> associated<00:26:58.652> with<00:26:58.814> that<00:26:59.298> term<00:26:59.685> anymore.

00:27:01.701 --> 00:27:03.508
We<00:27:01.798> just<00:27:02.024> want<00:27:02.105> to<00:27:02.201> be<00:27:02.605> viewed<00:27:02.927> as<00:27:03.089> execution.

00:27:03.895 --> 00:27:10.460
But<00:27:04.041> yeah,<00:27:04.702> as<00:27:04.863> a<00:27:04.928> concept,<00:27:05.347> it<00:27:05.412> is<00:27:05.492> a<00:27:05.573> good<00:27:05.751> one<00:27:06.073> because<00:27:06.718> it<00:27:06.799> does<00:27:07.057> give<00:27:07.267> certainty<00:27:07.848> and<00:27:08.074> also<00:27:08.682> the<00:27:08.746> investors<00:27:09.323> do<00:27:09.467> have<00:27:09.627> the<00:27:09.707> right<00:27:09.884> to<00:27:10.108> redeem.

00:27:10.829 --> 00:27:16.052
Um,<00:27:11.261> so<00:27:11.390> a<00:27:11.470> lot<00:27:11.646> of<00:27:11.726> broken<00:27:12.046> SPACs<00:27:12.511> are<00:27:12.591> 100%<00:27:13.424> redemption,<00:27:13.889> very<00:27:14.065> high<00:27:14.209> redemption,<00:27:14.594> so<00:27:14.754> there's<00:27:15.010> no<00:27:15.251> money<00:27:15.491> to<00:27:15.571> be<00:27:15.731> raised.

00:27:16.677 --> 00:27:24.175
Um,<00:27:16.917> so<00:27:17.093> those,<00:27:17.574> those<00:27:17.894> were<00:27:18.055> the<00:27:18.359> ways<00:27:18.695> to<00:27:18.792> kind<00:27:19.080> of<00:27:19.561> help,<00:27:20.121> you<00:27:20.202> know,<00:27:21.003> um,<00:27:21.499> the,<00:27:21.740> the<00:27:21.900> investors<00:27:23.182> from<00:27:23.342> going<00:27:23.582> to<00:27:23.662> a<00:27:23.742> bad<00:27:23.983> deal.

00:27:24.688 --> 00:27:27.187
But<00:27:24.784> nonetheless,<00:27:25.409> it<00:27:25.489> just—<00:27:25.745> there's—<00:27:26.066> there<00:27:26.210> were<00:27:26.306> so<00:27:26.482> much<00:27:26.706> abuse.

00:27:27.411 --> 00:27:31.369
Um,<00:27:27.892> it<00:27:28.132> just—<00:27:28.469> it's<00:27:28.725> not<00:27:28.965> a<00:27:29.430> viable<00:27:29.911> option<00:27:30.231> anymore<00:27:30.776> for<00:27:30.936> going<00:27:31.096> public.

00:27:32.154 --> 00:27:45.936
Well,<00:27:32.234> at<00:27:32.378> this<00:27:32.554> point,<00:27:32.939> uh,<00:27:33.275> for,<00:27:33.596> for<00:27:34.076> a<00:27:34.141> company<00:27:34.381> like<00:27:34.621> AvePoint,<00:27:35.038> it<00:27:35.182> gets<00:27:35.422> you<00:27:35.518> public,<00:27:36.015> so<00:27:36.223> you're<00:27:36.400> public,<00:27:36.880> and<00:27:37.024> like<00:27:37.201> now<00:27:38.306> none<00:27:38.419> of<00:27:38.483> that<00:27:38.643> really<00:27:38.899> matters,<00:27:39.444> but<00:27:39.605> moving<00:27:39.989> forward,<00:27:40.342> it<00:27:40.406> probably<00:27:40.663> doesn't<00:27:40.887> make<00:27:41.112> a<00:27:41.128> lot<00:27:41.288> of<00:27:41.320> sense<00:27:42.234> for<00:27:42.394> people<00:27:42.650> to<00:27:42.795> use<00:27:42.955> SPAC<00:27:43.275> as<00:27:43.372> a<00:27:43.388> vehicle,<00:27:43.981> at<00:27:44.013> least<00:27:44.253> as<00:27:44.333> it's<00:27:44.494> currently<00:27:44.814> constructed,<00:27:45.295> to<00:27:45.375> go<00:27:45.536> public.

00:27:46.417 --> 00:27:48.325
But<00:27:46.513> for<00:27:46.722> you<00:27:46.914> now,<00:27:47.379> you're<00:27:47.539> public,<00:27:48.084> right?

00:27:48.405 --> 00:27:55.073
And<00:27:48.966> you<00:27:48.998> said<00:27:49.222> something<00:27:49.463> interesting<00:27:49.799> a<00:27:49.864> little<00:27:50.104> bit<00:27:51.162> earlier<00:27:52.108> that<00:27:52.252> you<00:27:52.428> wish<00:27:52.733> you<00:27:52.893> would've<00:27:53.134> gone<00:27:53.390> public<00:27:54.031> 10<00:27:54.272> years<00:27:54.592> before.

00:27:55.153 --> 00:27:55.746
Why<00:27:55.394> is<00:27:55.554> that?

00:27:55.859 --> 00:27:57.477
I<00:27:55.891> don't<00:27:56.035> know<00:27:56.195> that<00:27:56.275> I've<00:27:56.436> ever<00:27:56.660> heard<00:27:56.820> anybody<00:27:57.093> say<00:27:57.317> that.

00:27:57.942 --> 00:28:01.982
I've<00:27:58.103> always<00:27:58.359> heard,<00:27:58.824> "Man,<00:27:59.064> stay<00:27:59.241> private<00:27:59.625> as<00:27:59.722> long<00:27:59.946> as<00:28:00.042> possible."<00:28:01.629> Yeah.

00:28:02.527 --> 00:28:05.059
So,<00:28:03.328> that's<00:28:04.611> a<00:28:04.627> great<00:28:04.835> question.

00:28:05.557 --> 00:28:11.615
It's<00:28:06.537> because<00:28:07.260> now<00:28:07.421> that<00:28:07.646> we're<00:28:07.807> public,<00:28:09.173> we<00:28:09.494> recognize<00:28:10.233> the<00:28:10.394> benefit<00:28:10.956> of<00:28:11.101> being<00:28:11.278> public.

00:28:12.242 --> 00:28:23.939
So<00:28:12.627> it's<00:28:12.949> very<00:28:13.286> hard<00:28:13.688> to<00:28:13.848> be<00:28:13.993> a<00:28:14.073> public<00:28:14.314> company<00:28:15.037> compared<00:28:15.311> to<00:28:15.841> being<00:28:16.002> a<00:28:16.082> private<00:28:16.419> company<00:28:17.865> in<00:28:18.010> that<00:28:18.749> you're<00:28:19.054> literally<00:28:19.537> under<00:28:19.858> the<00:28:20.356> intense<00:28:21.722> scrutiny<00:28:22.991> of<00:28:23.152> the<00:28:23.393> public<00:28:23.650> market.

00:28:24.518 --> 00:28:30.415
And<00:28:24.839> every<00:28:25.096> 3<00:28:25.337> months,<00:28:26.205> it's<00:28:26.767> equivalent<00:28:27.249> to<00:28:27.426> doing<00:28:27.828> a<00:28:28.069> final<00:28:29.579> project<00:28:29.836> report,<00:28:30.238> right?

00:28:30.543 --> 00:28:37.230
Taking<00:28:30.865> a<00:28:30.881> final<00:28:31.603> where<00:28:32.548> you're<00:28:32.661> being<00:28:32.869> questioned<00:28:34.472> by<00:28:35.033> all<00:28:35.450> the<00:28:35.610> smartest<00:28:36.492> Wall<00:28:36.653> Street<00:28:36.957> analysts.

00:28:37.294 --> 00:28:42.360
We<00:28:37.390> have<00:28:38.192> 7<00:28:38.560> coverage<00:28:38.817> analyst<00:28:39.298> firms,<00:28:39.538> including<00:28:39.843> Goldman,<00:28:40.276> Citi,<00:28:40.901> Evercore,<00:28:41.366> et<00:28:41.398> cetera.

00:28:42.680 --> 00:28:50.857
So<00:28:43.001> they<00:28:43.450> all<00:28:43.610> have<00:28:44.171> a<00:28:44.348> great<00:28:44.989> detailed<00:28:45.550> data<00:28:45.791> model<00:28:46.256> on<00:28:46.416> your<00:28:46.576> business,<00:28:48.179> and<00:28:48.436> everyone<00:28:48.821> holds<00:28:49.221> you<00:28:49.414> accountable<00:28:50.039> for<00:28:50.344> what<00:28:50.504> you<00:28:50.536> say.

00:28:50.985 --> 00:28:56.869
You<00:28:51.065> cannot<00:28:51.402> just,<00:28:52.107> you<00:28:52.187> know,<00:28:52.348> talk<00:28:52.588> about<00:28:53.951> growth<00:28:54.752> projections,<00:28:55.730> profitability<00:28:56.452> willy-nilly.

00:28:56.933 --> 00:28:58.856
You<00:28:57.077> have<00:28:57.253> to<00:28:57.414> back<00:28:57.718> up<00:28:57.895> with<00:28:58.119> actual<00:28:58.376> performance.

00:28:59.241 --> 00:29:08.238
And<00:28:59.337> the<00:28:59.434> moment<00:28:59.818> that<00:29:00.283> any<00:29:00.540> one<00:29:00.716> of<00:29:00.844> your<00:29:00.941> metrics<00:29:01.728> are<00:29:01.760> not<00:29:01.986> meeting<00:29:02.453> Wall<00:29:02.566> Street<00:29:02.775> expectations,<00:29:04.161> the<00:29:04.339> street<00:29:04.790> will<00:29:04.967> penalize<00:29:05.434> you<00:29:06.417> with<00:29:07.046> a<00:29:07.078> stock<00:29:07.787> performance.

00:29:08.810 --> 00:29:19.189
And<00:29:08.923> what's<00:29:09.392> really<00:29:09.586> important<00:29:10.200> is<00:29:10.298> that<00:29:10.783> that<00:29:11.899> result,<00:29:12.481> that<00:29:12.707> every<00:29:12.950> 3-month<00:29:14.179> final<00:29:14.567> exam<00:29:14.923> score,<00:29:16.185> it's<00:29:17.010> being<00:29:17.252> viewed<00:29:17.495> by<00:29:17.802> everyone<00:29:18.206> in<00:29:18.689> my<00:29:18.866> company.

00:29:19.285 --> 00:29:22.780
So<00:29:19.994> everyone<00:29:20.316> feels<00:29:20.702> it<00:29:20.799> whether<00:29:21.041> we<00:29:21.202> perform<00:29:21.524> well<00:29:22.104> or<00:29:22.249> not<00:29:22.490> well.

00:29:23.924 --> 00:29:28.512
Every<00:29:24.165> employee<00:29:24.568> have<00:29:25.148> stock<00:29:25.566> in<00:29:25.776> Appoint<00:29:26.500> and<00:29:26.597> they<00:29:26.758> see<00:29:27.642> seeing<00:29:27.662> the<00:29:27.823> market<00:29:28.143> reaction.

00:29:29.025 --> 00:29:32.682
So<00:29:29.170> I<00:29:29.346> think<00:29:29.747> in<00:29:30.052> that<00:29:30.228> sense,<00:29:31.335> it's<00:29:31.575> highly<00:29:32.153> motivating.

00:29:33.179 --> 00:29:38.696
It's<00:29:33.580> a<00:29:33.676> unifying<00:29:34.157> factor<00:29:34.478> to<00:29:34.622> have<00:29:34.895> everyone<00:29:35.376> in<00:29:35.424> the<00:29:35.504> company<00:29:36.627> to<00:29:36.787> work<00:29:36.964> together<00:29:37.605> to<00:29:37.765> row<00:29:38.022> in<00:29:38.086> the<00:29:38.166> same<00:29:38.327> direction.

00:29:39.113 --> 00:29:44.629
When<00:29:39.273> we<00:29:39.305> were<00:29:39.433> private,<00:29:40.331> yes,<00:29:40.572> there<00:29:40.716> were<00:29:40.812> quarters<00:29:41.518> that<00:29:41.694> we<00:29:41.855> didn't<00:29:42.416> meet<00:29:43.282> our<00:29:43.458> performance<00:29:43.956> expectations.

00:29:44.982 --> 00:29:52.936
Yes,<00:29:45.367> you<00:29:45.463> know,<00:29:45.928> I<00:29:46.024> get<00:29:46.265> a<00:29:46.329> lot<00:29:46.505> of<00:29:46.650> heat<00:29:46.746> from<00:29:46.970> the<00:29:47.067> board,<00:29:47.853> and<00:29:48.013> of<00:29:48.109> course,<00:29:48.494> our<00:29:48.670> senior<00:29:48.991> leadership<00:29:49.392> team<00:29:49.953> feels<00:29:51.637> the<00:29:51.862> underperformance,<00:29:52.744> right?

00:29:53.321 --> 00:30:08.358
But<00:29:54.427> The<00:29:54.523> difference<00:29:55.165> is<00:29:55.549> in<00:29:55.646> private<00:29:55.950> is<00:29:56.111> that<00:29:56.287> only<00:29:56.463> the<00:29:56.591> senior<00:29:57.233> leadership<00:29:57.634> level<00:29:58.611> that<00:29:58.836> receives<00:29:59.285> the<00:29:59.397> pressure,<00:29:59.718> that<00:29:59.814> feels<00:30:00.279> the<00:30:00.375> day-to-day<00:30:00.776> pressure<00:30:01.417> versus<00:30:01.802> the<00:30:01.898> entirety<00:30:02.459> of<00:30:02.523> the<00:30:02.619> company<00:30:03.341> that<00:30:03.565> actually<00:30:03.822> feels,<00:30:05.104> you<00:30:05.184> know,<00:30:05.329> the<00:30:05.425> performance<00:30:06.210> of<00:30:06.306> your<00:30:06.451> company<00:30:07.108> through<00:30:07.429> the<00:30:07.509> reaction<00:30:07.894> of<00:30:07.974> the<00:30:08.070> market.

00:30:08.855 --> 00:30:13.007
That<00:30:09.032> kind<00:30:09.416> of<00:30:10.491> scenario,<00:30:11.260> you<00:30:11.356> cannot<00:30:11.597> be<00:30:11.821> wargamed<00:30:12.238> as<00:30:12.398> a<00:30:12.462> private<00:30:12.703> company.

00:30:13.745 --> 00:30:14.963
So<00:30:13.905> that's<00:30:14.146> why<00:30:14.322> I<00:30:14.402> appreciate<00:30:14.899> it.

00:30:15.027 --> 00:30:27.657
It<00:30:15.124> keeps<00:30:15.508> us<00:30:15.845> very,<00:30:16.085> very<00:30:16.310> focused,<00:30:16.807> laser<00:30:17.111> focused<00:30:17.993> on,<00:30:18.330> on<00:30:19.774> the<00:30:19.998> health<00:30:20.496> of<00:30:20.641> the<00:30:20.817> business,<00:30:21.845> very<00:30:22.086> disciplined<00:30:23.209> on<00:30:23.306> the<00:30:23.450> direction,<00:30:24.574> and<00:30:24.895> also<00:30:25.393> get<00:30:25.554> the<00:30:25.618> entire<00:30:26.035> company<00:30:27.063> to<00:30:27.223> act<00:30:27.384> together.

00:30:27.882 --> 00:30:36.520
So<00:30:28.026> this<00:30:28.106> is<00:30:28.203> why<00:30:28.363> I<00:30:28.508> wish<00:30:28.684> we<00:30:28.781> had<00:30:28.925> done<00:30:29.150> 10<00:30:29.311> years<00:30:29.487> earlier<00:30:30.033> when<00:30:30.434> right<00:30:30.611> before<00:30:30.916> we<00:30:31.012> got<00:30:31.799> to<00:30:31.976> this<00:30:32.201> whole<00:30:32.313> SaaS<00:30:32.522> subscription,<00:30:33.341> because<00:30:33.565> we<00:30:33.726> were<00:30:33.822> growing<00:30:34.946> for<00:30:35.251> 8<00:30:35.283> straight<00:30:35.572> years<00:30:35.829> of<00:30:35.893> exponential<00:30:36.375> growth.

00:30:36.873 --> 00:30:38.575
We<00:30:37.017> had<00:30:37.258> the<00:30:37.338> revenue<00:30:37.740> level<00:30:37.981> to<00:30:38.077> go<00:30:38.237> public.

00:30:38.976 --> 00:30:45.061
So<00:30:39.426> had<00:30:39.602> we<00:30:39.747> done<00:30:39.923> that,<00:30:40.646> we<00:30:40.790> will<00:30:40.887> be<00:30:41.111> able<00:30:41.208> to<00:30:41.368> access<00:30:41.689> capital<00:30:41.946> markets<00:30:42.492> much<00:30:42.717> more<00:30:42.894> earlier<00:30:43.520> and<00:30:43.600> we<00:30:43.680> can<00:30:43.777> move<00:30:44.098> things<00:30:44.740> earlier.

00:30:45.366 --> 00:30:51.630
Because<00:30:45.638> during<00:30:46.023> the<00:30:46.103> transition,<00:30:46.599> as<00:30:46.744> I<00:30:46.760> mentioned,<00:30:47.881> as<00:30:47.961> a<00:30:48.025> private<00:30:48.282> company,<00:30:49.451> we<00:30:49.531> all<00:30:49.627> decide<00:30:50.445> to<00:30:50.669> not<00:30:50.829> take<00:30:51.069> on<00:30:51.230> any<00:30:51.390> debt.

00:30:52.047 --> 00:30:58.760
So<00:30:52.351> effectively,<00:30:52.912> we<00:30:53.136> were<00:30:53.537> very,<00:30:53.777> very<00:30:53.937> fiscally<00:30:54.434> disciplined,<00:30:55.459> but<00:30:55.652> at<00:30:55.716> the<00:30:55.796> same<00:30:55.972> time,<00:30:56.581> we<00:30:56.917> were<00:30:57.142> going<00:30:57.334> slower<00:30:57.959> than<00:30:58.183> we<00:30:58.279> needed<00:30:58.584> to.

00:30:59.561 --> 00:31:05.633
So<00:30:59.945> I<00:31:00.042> think<00:31:00.426> now<00:31:00.602> being<00:31:00.827> public,<00:31:01.628> have<00:31:01.804> access<00:31:02.124> to<00:31:02.269> capital<00:31:02.477> markets,<00:31:03.470> and<00:31:03.967> be<00:31:04.143> able<00:31:04.367> to<00:31:04.608> move<00:31:04.848> much<00:31:05.152> faster.

00:31:05.713 --> 00:31:07.636
For<00:31:05.825> example,<00:31:06.210> we<00:31:06.354> did<00:31:06.514> 4<00:31:06.755> acquisitions<00:31:07.251> last<00:31:07.492> year.

00:31:07.732 --> 00:31:09.110
We<00:31:07.876> never<00:31:08.132> done<00:31:08.357> acquisitions<00:31:08.773> before.

00:31:09.959 --> 00:31:13.356
That<00:31:10.199> allow<00:31:10.536> us<00:31:10.696> to<00:31:10.840> actually<00:31:11.096> grow<00:31:11.257> faster<00:31:11.817> and<00:31:12.202> in<00:31:12.298> a<00:31:12.378> very<00:31:12.699> disciplined<00:31:13.163> way.

00:31:13.820 --> 00:31:20.681
I<00:31:13.900> think<00:31:14.125> that<00:31:14.541> those<00:31:14.830> All<00:31:14.942> those<00:31:15.086> factors<00:31:15.487> combined<00:31:16.705> is<00:31:16.946> what<00:31:17.090> I<00:31:17.186> think,<00:31:17.571> you<00:31:17.603> know,<00:31:17.811> being<00:31:17.988> public,<00:31:18.469> it's<00:31:18.613> a<00:31:18.933> very,<00:31:19.190> very<00:31:19.430> good<00:31:19.591> experience<00:31:20.216> for<00:31:20.376> companies.

00:31:21.595 --> 00:31:29.626
Do<00:31:21.659> you<00:31:21.755> find<00:31:22.059> yourself<00:31:22.460> like<00:31:22.621> the<00:31:23.502> reverse<00:31:23.919> of<00:31:23.983> that<00:31:24.079> is<00:31:24.224> people<00:31:24.432> say,<00:31:24.576> man,<00:31:24.881> you<00:31:24.977> have<00:31:25.121> to<00:31:25.266> think<00:31:25.442> really<00:31:25.682> short<00:31:25.923> term,<00:31:26.244> you<00:31:26.308> have<00:31:26.404> to<00:31:26.484> think<00:31:26.708> in<00:31:26.789> these<00:31:26.965> 3-month<00:31:27.430> windows,<00:31:27.831> you<00:31:27.927> can't<00:31:28.344> take<00:31:28.632> this<00:31:28.873> long-term<00:31:29.450> view.

00:31:30.331 --> 00:31:32.255
It<00:31:30.412> sounds<00:31:30.556> like<00:31:30.732> you<00:31:30.957> are<00:31:31.213> taking<00:31:31.534> a<00:31:31.614> long-term<00:31:32.095> view.

00:31:32.335 --> 00:31:40.623
I<00:31:32.351> mean,<00:31:32.576> in<00:31:32.736> order<00:31:33.041> to<00:31:34.259> do<00:31:34.403> 4<00:31:34.660> acquisitions,<00:31:36.167> that,<00:31:36.311> I<00:31:36.327> mean,<00:31:36.471> that's<00:31:36.584> a<00:31:36.728> long-term<00:31:37.626> view<00:31:38.892> of<00:31:39.052> like<00:31:39.229> the<00:31:39.309> company<00:31:39.710> and<00:31:39.838> how<00:31:39.950> to<00:31:40.014> integrate<00:31:40.415> all<00:31:40.495> that.

00:31:40.992 --> 00:31:41.890
So<00:31:41.136> what<00:31:41.217> do<00:31:41.249> you<00:31:41.329> say<00:31:41.553> to<00:31:41.697> that?

00:31:41.938 --> 00:31:48.213
Like<00:31:42.098> those<00:31:42.339> who<00:31:42.435> say<00:31:42.595> like,<00:31:42.836> man,<00:31:43.028> I<00:31:43.044> don't<00:31:43.236> want<00:31:43.381> to<00:31:43.477> be<00:31:43.637> like<00:31:43.862> beholden<00:31:44.359> to<00:31:44.583> every<00:31:44.840> 3<00:31:45.064> months<00:31:45.481> when<00:31:45.625> I<00:31:45.705> want<00:31:45.801> to<00:31:45.850> be<00:31:45.966> thinking<00:31:46.216> about<00:31:46.465> like<00:31:46.648> 5,<00:31:46.965> 10<00:31:47.214> years<00:31:47.481> down<00:31:47.714> the<00:31:47.797> road?

00:31:50.210 --> 00:31:58.617
Yeah,<00:31:50.404> so<00:31:50.646> it's,<00:31:51.115> it's<00:31:51.277> a<00:31:51.438> balance<00:31:52.020> between<00:31:52.586> long-term<00:31:53.055> view<00:31:53.540> as<00:31:53.702> well<00:31:53.783> as<00:31:54.187> short-term<00:31:54.834> execution<00:31:55.884> and,<00:31:56.208> and,<00:31:56.547> uh,<00:31:56.952> this<00:31:57.259> whole,<00:31:57.744> you<00:31:57.776> know,<00:31:58.164> performance.

00:31:59.361 --> 00:32:01.818
Uh,<00:31:59.522> I<00:31:59.619> think<00:31:59.862> that<00:32:00.104> balance<00:32:00.735> is<00:32:00.912> also<00:32:01.155> very<00:32:01.365> important.

00:32:02.513 --> 00:32:12.597
Um,<00:32:03.159> it's,<00:32:03.402> it's,<00:32:03.806> it's<00:32:03.967> a<00:32:04.371> very<00:32:04.775> rigorous<00:32:05.180> process<00:32:06.085> to<00:32:06.230> ensure<00:32:06.570> that<00:32:06.958> you—<00:32:07.281> our<00:32:07.442> business<00:32:07.798> executes,<00:32:08.978> um,<00:32:10.109> per<00:32:10.513> Wall<00:32:10.626> Street,<00:32:11.095> uh,<00:32:11.499> you<00:32:11.579> know,<00:32:11.757> expectations.

00:32:12.953 --> 00:32:14.472
That's<00:32:13.179> also<00:32:13.422> communication,<00:32:14.003> very<00:32:14.149> important.

00:32:14.520 --> 00:32:29.531
So<00:32:14.601> a<00:32:14.634> new<00:32:14.666> job,<00:32:14.811> I,<00:32:14.957> I<00:32:14.973> recognize,<00:32:15.215> uh,<00:32:15.248> now<00:32:15.296> being<00:32:15.442> a<00:32:15.490> public<00:32:17.750> company<00:32:18.038> CEO<00:32:18.968> is<00:32:19.064> that<00:32:19.288> now<00:32:19.368> I<00:32:19.465> have<00:32:19.625> a<00:32:19.689> new<00:32:19.849> job<00:32:20.250> on<00:32:20.731> investor<00:32:21.308> relations<00:32:22.430> as<00:32:22.735> well<00:32:23.135> as<00:32:23.376> market<00:32:24.017> messaging<00:32:24.819> to<00:32:25.059> keep<00:32:25.235> that<00:32:25.380> transparency<00:32:26.518> and<00:32:26.758> the<00:32:26.983> high<00:32:27.239> cadence<00:32:28.121> of<00:32:28.201> messaging<00:32:28.666> where<00:32:28.778> the<00:32:28.906> company's<00:32:29.307> moving.

00:32:29.964 --> 00:32:40.896
And<00:32:30.108> when<00:32:30.204> you<00:32:30.589> properly<00:32:31.006> message<00:32:32.112> this<00:32:32.433> well,<00:32:33.475> it's<00:32:33.891> important<00:32:34.356> for<00:32:34.549> shareholders<00:32:35.574> to<00:32:35.895> understand<00:32:36.937> and<00:32:37.177> to,<00:32:38.299> you<00:32:38.380> know,<00:32:38.556> they're<00:32:39.325> more<00:32:39.486> forgiving,<00:32:39.902> right,<00:32:40.127> when<00:32:40.223> you're<00:32:40.367> messaging<00:32:40.784> well.

00:32:41.281 --> 00:32:44.775
So<00:32:41.409> I<00:32:41.489> think<00:32:41.666> that's<00:32:41.970> also<00:32:42.211> fundamental<00:32:43.509> to<00:32:43.669> the<00:32:43.749> success<00:32:44.311> of<00:32:44.471> a<00:32:44.551> company.

00:32:45.256 --> 00:32:49.216
Having<00:32:45.449> said<00:32:45.673> that,<00:32:45.833> we<00:32:46.058> of<00:32:46.154> course<00:32:46.699> are<00:32:46.939> looking<00:32:47.276> at<00:32:47.436> the<00:32:47.597> long-term<00:32:48.062> health<00:32:48.318> and<00:32:48.398> growth<00:32:48.655> of<00:32:48.783> the<00:32:48.879> business.

00:32:49.745 --> 00:32:54.265
I've<00:32:49.825> been<00:32:49.921> doing<00:32:50.065> this<00:32:50.242> business<00:32:50.562> for<00:32:50.642> 20-some<00:32:51.107> years<00:32:51.444> and<00:32:51.765> I'm<00:32:51.909> still<00:32:52.069> in<00:32:52.165> my<00:32:52.310> late<00:32:52.486> 40s,<00:32:52.806> very,<00:32:53.448> very<00:32:53.752> energetic.

00:32:54.313 --> 00:32:55.564
I'm<00:32:54.474> more<00:32:54.634> excited<00:32:54.955> than<00:32:55.115> ever<00:32:55.291> before.

00:32:56.013 --> 00:33:01.831
We<00:32:56.157> think<00:32:56.798> the<00:32:56.894> next<00:32:57.599> decade<00:32:57.856> plus<00:32:58.161> will<00:32:58.241> be<00:32:58.577> fantastic,<00:32:59.219> tremendous<00:33:00.244> J-curve<00:33:00.421> growth<00:33:00.966> for<00:33:01.447> the<00:33:01.543> company.

00:33:02.344 --> 00:33:06.079
We're<00:33:02.505> in<00:33:02.569> the<00:33:02.649> right<00:33:02.825> place<00:33:03.146> at<00:33:03.290> the<00:33:03.370> right<00:33:03.547> junction<00:33:05.086> of<00:33:05.358> market<00:33:05.631> conditions.

00:33:06.769 --> 00:33:17.253
So<00:33:07.057> we<00:33:07.218> are<00:33:07.314> thinking<00:33:07.666> long-term<00:33:08.436> and<00:33:08.580> we<00:33:08.676> are<00:33:08.837> thinking<00:33:09.157> about<00:33:10.343> responsible<00:33:11.786> expansion<00:33:12.508> of<00:33:12.604> our<00:33:12.764> portfolio<00:33:13.309> to<00:33:13.405> help<00:33:13.582> our<00:33:13.710> customers,<00:33:14.463> especially<00:33:15.185> in<00:33:15.313> times<00:33:15.665> of<00:33:15.810> high<00:33:16.275> disruption<00:33:16.740> like<00:33:16.868> this,<00:33:17.173> right?

00:33:17.333 --> 00:33:24.039
Clint,<00:33:17.718> you<00:33:17.814> talked<00:33:18.055> about<00:33:18.761> AI,<00:33:19.258> you<00:33:19.403> talk<00:33:19.659> about,<00:33:20.381> you<00:33:20.462> know,<00:33:20.622> we<00:33:20.783> also<00:33:21.007> obviously<00:33:21.312> have<00:33:21.424> climate<00:33:21.809> change,<00:33:22.547> we<00:33:22.692> have<00:33:22.948> anti-globalization.

00:33:24.473 --> 00:33:28.724
There's<00:33:24.858> a<00:33:25.195> lot<00:33:25.499> of<00:33:25.981> volatilities<00:33:26.879> and<00:33:27.104> uncertainties<00:33:27.922> in<00:33:28.002> these<00:33:28.243> climates.

00:33:29.607 --> 00:33:49.993
But<00:33:29.767> now<00:33:29.928> for<00:33:30.168> business<00:33:30.569> that<00:33:30.666> can<00:33:30.762> move<00:33:31.115> agile,<00:33:31.933> that<00:33:32.077> has<00:33:32.318> global<00:33:32.896> footprint,<00:33:33.441> track<00:33:33.698> record,<00:33:34.019> history,<00:33:34.965> and<00:33:35.126> trust—<00:33:36.185> this<00:33:36.971> concept<00:33:37.308> of<00:33:37.372> social<00:33:37.709> trust<00:33:38.094> and<00:33:38.270> data<00:33:38.511> trust<00:33:39.249> is<00:33:39.458> more<00:33:39.714> important<00:33:40.260> than<00:33:40.324> ever<00:33:40.436> before<00:33:41.303> because<00:33:41.559> we<00:33:41.640> have<00:33:41.800> now<00:33:41.960> tech<00:33:42.475> tech<00:33:42.684> that<00:33:42.846> can<00:33:43.072> actually<00:33:43.330> confuse<00:33:43.733> people<00:33:44.201> and<00:33:44.298> give<00:33:44.459> misinformation,<00:33:45.734> or<00:33:45.831> even,<00:33:46.460> you<00:33:46.557> know,<00:33:46.718> tech<00:33:47.202> that<00:33:47.428> actually<00:33:48.009> gives<00:33:48.315> hallucinations<00:33:49.461> as<00:33:49.703> answers.

00:33:51.090 --> 00:33:57.801
So<00:33:51.186> these<00:33:51.509> are<00:33:51.606> very,<00:33:51.767> very<00:33:51.945> interesting<00:33:52.413> times<00:33:53.058> that<00:33:53.219> calls<00:33:53.623> for<00:33:53.703> leadership<00:33:54.575> and<00:33:54.655> responsible<00:33:55.397> guidance,<00:33:56.269> uh,<00:33:56.672> towards<00:33:57.156> AI<00:33:57.479> usage.

00:33:58.237 --> 00:34:01.316
So<00:33:58.382> these<00:33:58.624> are,<00:33:58.931> uh,<00:33:59.254> you<00:33:59.286> know,<00:33:59.496> we—<00:33:59.689> it<00:33:59.738> forces<00:34:00.222> us<00:34:00.383> to<00:34:00.560> think<00:34:00.690> long-term<00:34:00.994> as<00:34:01.130> well.

00:34:02.910 --> 00:34:04.083
Yeah,<00:34:03.006> that's,<00:34:03.263> that's<00:34:03.440> super<00:34:03.745> interesting.

00:34:04.147 --> 00:34:06.285
What<00:34:04.244> have<00:34:04.324> you<00:34:04.453> learned<00:34:04.613> about<00:34:04.790> leadership<00:34:05.369> in<00:34:05.498> your<00:34:05.594> 20<00:34:05.980> years?

00:34:06.382 --> 00:34:14.755
Like,<00:34:07.266> um,<00:34:07.523> in<00:34:07.668> 2001,<00:34:08.889> you're<00:34:09.050> building<00:34:09.355> this<00:34:09.597> thing,<00:34:10.175> like<00:34:10.336> you're<00:34:10.481> talking<00:34:10.674> about,<00:34:10.818> you<00:34:10.963> have<00:34:11.140> paid<00:34:11.445> your<00:34:11.858> you're<00:34:12.115> actually<00:34:12.437> like,<00:34:12.775> it's<00:34:13.001> physical<00:34:13.403> software,<00:34:13.950> all<00:34:14.031> this<00:34:14.128> type<00:34:14.369> of<00:34:14.401> stuff.

00:34:15.335 --> 00:34:17.186
What<00:34:15.432> have<00:34:15.512> you<00:34:15.641> learned<00:34:15.802> about<00:34:15.979> leadership<00:34:16.446> from<00:34:16.687> then<00:34:16.864> to<00:34:16.961> now?

00:34:17.911 --> 00:34:23.850
And<00:34:17.991> maybe<00:34:18.233> even<00:34:18.539> from<00:34:18.716> like<00:34:19.038> being<00:34:19.279> a<00:34:19.424> private<00:34:19.907> company<00:34:20.970> to<00:34:21.131> being<00:34:21.293> a<00:34:21.376> public<00:34:21.857> company,<00:34:22.272> what<00:34:22.439> is<00:34:22.605> the<00:34:22.688> difference<00:34:23.053> in<00:34:23.186> leadership<00:34:23.618> there?

00:34:25.760 --> 00:34:27.729
Wow,<00:34:26.039> that's<00:34:26.876> a<00:34:27.023> big<00:34:27.187> question.

00:34:30.098 --> 00:34:33.835
I<00:34:30.114> think,<00:34:30.276> Clint,<00:34:31.554> leadership<00:34:32.120> fundamentally<00:34:32.783> doesn't<00:34:33.107> change,<00:34:33.430> right?

00:34:34.158 --> 00:34:38.024
You<00:34:34.239> know,<00:34:34.401> some<00:34:34.627> of<00:34:34.724> the<00:34:34.886> best<00:34:35.129> leadership<00:34:35.533> training<00:34:36.342> come<00:34:36.568> out<00:34:36.730> of<00:34:37.070> military<00:34:37.410> schools,<00:34:37.863> right?

00:34:38.105 --> 00:34:38.526
West<00:34:38.348> Point.

00:34:38.607 --> 00:34:41.434
And<00:34:38.752> these<00:34:38.930> are<00:34:39.060> fundamental<00:34:39.580> principles<00:34:39.889> of<00:34:39.938> leadership,<00:34:40.068> of<00:34:40.101> trust,<00:34:40.702> of<00:34:40.784> cohesion,<00:34:41.190> of<00:34:41.223> teamwork.

00:34:43.391 --> 00:34:43.567
Right?

00:34:44.192 --> 00:34:46.517
Fundamentally,<00:34:45.074> those<00:34:45.395> things<00:34:45.699> do<00:34:45.812> not<00:34:46.036> change.

00:34:47.383 --> 00:34:49.387
And<00:34:47.543> of<00:34:47.703> course,<00:34:48.024> you<00:34:48.104> know,<00:34:48.585> act<00:34:48.761> by<00:34:48.922> example.

00:34:50.845 --> 00:35:01.282
But<00:34:51.471> what<00:34:51.647> you<00:34:52.112> also<00:34:52.433> talk<00:34:52.673> about<00:34:53.026> is,<00:34:53.394> you<00:34:53.426> know,<00:34:53.635> what<00:34:53.795> we<00:34:53.891> discuss<00:34:54.372> all<00:34:54.517> the<00:34:54.597> time<00:34:54.853> is<00:34:56.056> we<00:34:56.216> do<00:34:56.440> live<00:34:56.841> in<00:34:57.178> a<00:34:57.659> new<00:34:58.043> paradigm<00:34:58.845> of<00:34:59.823> we<00:34:59.967> have<00:35:00.144> the<00:35:00.224> millennials,<00:35:01.089> right?

00:35:01.346 --> 00:35:08.736
We<00:35:01.490> have<00:35:01.667> the<00:35:01.747> new<00:35:01.987> generation<00:35:03.510> of<00:35:03.606> folks<00:35:04.232> who<00:35:04.616> are<00:35:05.658> much<00:35:05.995> more<00:35:06.251> socially,<00:35:07.261> environmentally<00:35:08.480> aware.

00:35:09.801 --> 00:35:21.857
So<00:35:10.011> we<00:35:10.108> talk<00:35:10.334> about<00:35:10.528> diversity<00:35:11.060> inclusion,<00:35:11.964> we<00:35:12.109> talk<00:35:12.367> about<00:35:12.690> having<00:35:13.013> diversity<00:35:13.594> in<00:35:13.658> the<00:35:13.804> workforce<00:35:14.627> to<00:35:14.788> understand<00:35:15.272> the<00:35:15.417> various<00:35:15.837> factors<00:35:16.402> that<00:35:16.466> are<00:35:16.644> impacting<00:35:17.112> us<00:35:17.612> in<00:35:17.693> different<00:35:17.935> countries,<00:35:18.645> in<00:35:18.710> different<00:35:18.995> geos,<00:35:20.970> in<00:35:21.082> different<00:35:21.405> industries.

00:35:22.390 --> 00:35:24.552
So<00:35:22.922> the<00:35:23.083> world<00:35:23.406> is<00:35:23.503> becoming<00:35:23.842> more<00:35:24.052> complex.

00:35:25.036 --> 00:35:38.996
So<00:35:25.343> Clint,<00:35:25.585> that<00:35:25.698> was<00:35:25.907> actually,<00:35:26.311> you<00:35:26.343> know,<00:35:26.553> maybe<00:35:26.795> the<00:35:26.892> question<00:35:27.376> I<00:35:27.440> have<00:35:27.618> for<00:35:27.699> you,<00:35:28.409> you<00:35:28.909> know,<00:35:30.103> if<00:35:30.200> somebody<00:35:30.507> asks<00:35:30.767> you<00:35:30.994> what<00:35:31.108> the<00:35:31.238> future<00:35:31.481> is<00:35:31.579> going<00:35:31.725> to<00:35:31.757> be<00:35:31.969> like,<00:35:32.472> what<00:35:32.569> the<00:35:32.651> next<00:35:32.878> 5<00:35:33.122> to<00:35:33.186> 10<00:35:33.365> years<00:35:33.511> will<00:35:33.609> be<00:35:33.690> like<00:35:33.787> in<00:35:33.852> 2010,<00:35:35.508> you<00:35:35.540> know,<00:35:35.749> would<00:35:35.862> your<00:35:36.006> answer<00:35:36.312> be<00:35:36.408> different<00:35:36.730> than<00:35:37.437> today,<00:35:38.803> right?

00:35:39.060 --> 00:35:40.828
Yes,<00:35:39.703> yes,<00:35:40.266> for<00:35:40.410> sure,<00:35:40.587> right?

00:35:41.069 --> 00:35:48.013
So<00:35:41.294> you<00:35:41.326> can—<00:35:41.953> but<00:35:42.130> because<00:35:42.516> by<00:35:42.677> 2010,<00:35:43.384> you<00:35:43.544> can<00:35:43.882> sort<00:35:44.302> of<00:35:44.512> know<00:35:45.076> what<00:35:45.173> things<00:35:45.431> are<00:35:45.496> going<00:35:45.674> to<00:35:45.738> be<00:35:46.061> like<00:35:46.464> 20,<00:35:47.029> you<00:35:47.093> know,<00:35:47.190> 5,<00:35:47.497> 10<00:35:47.658> years<00:35:47.820> from<00:35:47.916> now.

00:35:48.868 --> 00:35:53.776
Honestly,<00:35:49.288> today<00:35:49.853> in<00:35:49.933> 2023,<00:35:50.724> I<00:35:50.740> have<00:35:50.837> no<00:35:51.063> idea<00:35:51.369> what<00:35:51.531> next<00:35:51.708> 5<00:35:51.950> to<00:35:52.031> 10<00:35:52.192> years<00:35:52.596> going<00:35:52.741> to<00:35:52.822> be<00:35:52.983> like<00:35:53.398> from<00:35:53.596> now.

00:35:55.202 --> 00:35:59.970
I,<00:35:55.525> you<00:35:55.606> know,<00:35:55.768> it's,<00:35:56.075> it's<00:35:56.155> scarily—<00:35:57.852> things<00:35:58.030> are<00:35:58.095> moving<00:35:58.370> so<00:35:58.822> fast,<00:35:59.711> right?

00:36:00.455 --> 00:36:06.099
You<00:36:00.535> talk<00:36:00.778> about<00:36:01.170> So,<00:36:01.603> you<00:36:01.667> know,<00:36:01.828> ChatGPT<00:36:02.550> getting<00:36:02.952> 100<00:36:03.450> million<00:36:03.771> users,<00:36:04.156> active<00:36:04.477> users<00:36:05.296> in<00:36:05.392> a<00:36:05.457> couple<00:36:05.778> months.

00:36:07.127 --> 00:36:08.764
Things<00:36:07.367> are<00:36:07.399> moving<00:36:07.721> so<00:36:08.267> fast.

00:36:09.310 --> 00:36:10.659
We<00:36:09.455> have<00:36:09.615> to<00:36:09.712> remain<00:36:10.097> very<00:36:10.418> agile.

00:36:10.755 --> 00:36:19.779
So<00:36:11.157> there,<00:36:11.879> I<00:36:11.960> think<00:36:12.120> the<00:36:12.200> leadership<00:36:12.602> change<00:36:13.003> comes<00:36:13.870> of<00:36:14.513> you<00:36:14.673> really<00:36:14.930> have<00:36:15.267> to<00:36:15.412> be,<00:36:16.921> have<00:36:17.098> your<00:36:17.242> fingers<00:36:17.724> on<00:36:17.820> the<00:36:17.884> ground,<00:36:18.141> have<00:36:18.318> a<00:36:18.382> pulse<00:36:19.265> on<00:36:19.346> the<00:36:19.426> market.

00:36:19.827 --> 00:36:21.754
This<00:36:19.875> is<00:36:19.988> why<00:36:20.148> I<00:36:20.229> travel<00:36:20.791> so<00:36:21.112> much,<00:36:21.497> right?

00:36:22.139 --> 00:36:25.688
I<00:36:22.236> go<00:36:22.396> to<00:36:22.782> Europe,<00:36:23.199> I<00:36:23.279> go<00:36:23.440> to<00:36:23.825> Asia,<00:36:24.644> I<00:36:24.901> stay<00:36:25.190> in<00:36:25.287> US.

00:36:27.277 --> 00:36:34.129
I<00:36:27.357> have<00:36:27.614> to<00:36:27.775> talk<00:36:28.079> to<00:36:28.160> customers,<00:36:28.641> have<00:36:28.802> to<00:36:28.834> talk<00:36:29.058> to<00:36:29.203> partners<00:36:30.198> and<00:36:30.278> talk<00:36:30.502> to<00:36:30.567> our<00:36:30.743> teams<00:36:31.850> and<00:36:32.492> really<00:36:32.669> figure<00:36:32.990> out<00:36:33.150> where<00:36:33.311> the<00:36:33.391> market<00:36:33.631> is<00:36:33.792> moving.

00:36:35.380 --> 00:36:38.782
So<00:36:35.701> I<00:36:35.782> think<00:36:36.022> today<00:36:36.440> more<00:36:36.680> than<00:36:36.841> ever,<00:36:37.065> leadership<00:36:37.563> means<00:36:37.884> hands-on<00:36:38.365> leadership.

00:36:39.328 --> 00:36:42.056
You<00:36:39.408> can't<00:36:39.793> be<00:36:39.970> just<00:36:40.210> thinking<00:36:40.531> pure<00:36:40.756> strategy,<00:36:41.318> armchair<00:36:41.655> general.

00:36:42.441 --> 00:36:43.837
You<00:36:42.537> have<00:36:42.842> to<00:36:42.906> know<00:36:43.243> your<00:36:43.404> customer.

00:36:44.222 --> 00:36:48.715
This<00:36:44.302> is<00:36:44.447> why<00:36:44.607> tech<00:36:44.767> companies<00:36:45.827> with<00:36:45.971> tech<00:36:46.773> founders<00:36:48.073> are<00:36:48.153> so<00:36:48.314> important.

00:36:49.196 --> 00:37:06.264
I<00:36:49.276> see<00:36:49.437> so<00:36:49.565> many<00:36:49.758> tech<00:36:49.982> companies<00:36:50.384> that<00:36:50.496> get<00:36:50.640> bought<00:36:50.865> by<00:36:51.025> private<00:36:51.266> equity<00:36:52.085> that<00:36:52.229> are<00:36:52.486> run<00:36:52.726> by<00:36:52.887> CFOs<00:36:53.545> or<00:36:53.673> run<00:36:53.850> by<00:36:54.010> Harvard<00:36:54.411> Business<00:36:54.716> graduates<00:36:55.214> that<00:36:55.599> just<00:36:55.920> really<00:36:56.401> Excel<00:36:57.059> masters,<00:36:57.604> black<00:36:57.845> belts,<00:36:58.564> that<00:36:59.208> kind<00:36:59.385> of<00:36:59.595> detached<00:37:00.980> from<00:37:01.302> the<00:37:01.689> actual<00:37:02.188> technology<00:37:03.703> and<00:37:03.864> business<00:37:04.138> environment,<00:37:04.927> that's<00:37:05.346> a<00:37:05.410> dangerous<00:37:05.877> thing<00:37:06.055> to<00:37:06.200> be.

00:37:06.844 --> 00:37:16.848
I<00:37:06.925> feel<00:37:07.086> leadership<00:37:07.489> today<00:37:08.554> need<00:37:08.796> to<00:37:08.941> be<00:37:09.038> far<00:37:09.361> more<00:37:09.587> hands-on,<00:37:10.394> far<00:37:10.588> more<00:37:10.878> domain<00:37:11.281> knowledge<00:37:11.943> specific<00:37:14.525> to<00:37:14.912> really,<00:37:15.413> you<00:37:15.510> know,<00:37:15.655> matter<00:37:16.381> to<00:37:16.446> the<00:37:16.526> company.

00:37:18.459 --> 00:37:20.955
Finally,<00:37:18.781> T.J.,<00:37:19.119> and<00:37:19.280> again,<00:37:19.586> thank<00:37:19.747> you<00:37:19.779> so<00:37:19.940> much<00:37:20.166> for<00:37:20.246> taking<00:37:20.488> the<00:37:20.569> time.

00:37:21.358 --> 00:37:22.582
This<00:37:21.519> has<00:37:21.615> been<00:37:21.760> a<00:37:21.776> fascinating<00:37:22.324> conversation.

00:37:22.662 --> 00:37:23.999
I<00:37:22.743> could<00:37:22.823> talk<00:37:22.984> to<00:37:23.033> you<00:37:23.129> for<00:37:23.210> like<00:37:23.323> another<00:37:23.612> 3<00:37:23.854> hours.

00:37:24.843 --> 00:37:27.500
But<00:37:25.169> I<00:37:25.251> want<00:37:25.365> to<00:37:25.430> be<00:37:25.511> respectful<00:37:26.799> of<00:37:26.897> your<00:37:27.060> time<00:37:27.386> here.

00:37:29.430 --> 00:37:33.846
Um,<00:37:29.704> at<00:37:29.802> CEO.com,<00:37:30.432> we<00:37:30.513> believe<00:37:30.821> the<00:37:30.902> chances<00:37:31.387> one<00:37:31.629> gives<00:37:31.904> are<00:37:31.969> just<00:37:32.212> as<00:37:32.293> important<00:37:32.616> as<00:37:32.762> the<00:37:32.843> chances<00:37:33.247> one<00:37:33.425> takes.

00:37:34.800 --> 00:37:39.625
And<00:37:34.945> I<00:37:35.107> wonder<00:37:35.366> when<00:37:35.592> you<00:37:35.754> hear<00:37:36.159> that,<00:37:37.510> who<00:37:37.542> comes<00:37:37.849> to<00:37:37.929> mind<00:37:38.252> as<00:37:38.285> someone<00:37:38.575> who<00:37:38.753> gave<00:37:39.060> you<00:37:39.173> a<00:37:39.238> chance?

00:37:41.822 --> 00:37:42.678
That's<00:37:41.999> a<00:37:42.064> great<00:37:42.226> question.

00:37:43.017 --> 00:37:46.448
Um,<00:37:44.067> I<00:37:44.083> would<00:37:44.180> say<00:37:44.390> my<00:37:44.487> first<00:37:44.810> boss,<00:37:45.294> uh,<00:37:45.375> on<00:37:46.070> Wall<00:37:46.119> Street.

00:37:46.596 --> 00:37:52.898
Um,<00:37:47.912> so<00:37:48.472> I,<00:37:48.883> I<00:37:48.982> was<00:37:49.163> at<00:37:49.295> work<00:37:49.459> at<00:37:49.541> Lehman<00:37:49.882> Lucid,<00:37:50.604> first<00:37:50.828> year<00:37:51.245> job<00:37:51.550> out<00:37:51.646> of<00:37:51.887> Cornell<00:37:52.448> Engineering.

00:37:53.812 --> 00:38:06.099
Sorry,<00:37:54.052> I<00:37:54.133> was<00:37:54.277> working<00:37:55.159> at<00:37:55.256> Bell<00:37:55.416> Labs,<00:37:55.881> and<00:37:56.138> at<00:37:56.395> that<00:37:56.603> time,<00:37:56.956> it<00:37:57.405> was<00:37:57.501> '97,<00:37:58.704> Bell<00:37:58.865> Labs<00:37:59.105> was<00:37:59.266> the<00:37:59.346> most<00:37:59.587> commonly<00:37:59.891> held<00:38:00.004> stock<00:38:00.325> in<00:38:00.373> America<00:38:01.736> because<00:38:01.993> of<00:38:02.057> Lucid,<00:38:02.474> which<00:38:02.699> is<00:38:02.859> the<00:38:03.276> crown<00:38:03.581> jewel<00:38:03.998> of<00:38:04.078> AT&T<00:38:04.720> research,<00:38:05.426> if<00:38:05.747> you<00:38:05.827> recall.

00:38:06.869 --> 00:38:10.495
I<00:38:08.072> went<00:38:08.233> there<00:38:08.345> and<00:38:08.490> quickly<00:38:08.746> realized<00:38:09.227> it's<00:38:09.757> just<00:38:09.885> another<00:38:10.174> telco.

00:38:10.575 --> 00:38:13.591
It's<00:38:10.735> not<00:38:10.912> a<00:38:10.976> great<00:38:11.201> place<00:38:11.457> for<00:38:11.698> young<00:38:11.922> engineers<00:38:12.420> to<00:38:13.061> develop<00:38:13.382> careers.

00:38:13.703 --> 00:38:16.975
So<00:38:14.906> 2<00:38:15.066> years<00:38:15.371> in,<00:38:15.949> I<00:38:16.189> decided<00:38:16.478> to<00:38:16.510> go<00:38:16.606> to<00:38:16.735> Wall<00:38:16.895> Street.

00:38:18.417 --> 00:38:21.221
First<00:38:18.658> interview,<00:38:19.411> first<00:38:19.875> job,<00:38:20.677> Deutsche<00:38:20.917> Bank.

00:38:22.022 --> 00:38:23.320
I<00:38:22.775> got<00:38:22.920> the<00:38:23.000> job.

00:38:24.185 --> 00:38:27.262
The<00:38:24.522> manager<00:38:24.858> at<00:38:25.003> the<00:38:25.067> time,<00:38:25.467> you<00:38:25.547> know,<00:38:26.060> said,<00:38:26.220> hey,<00:38:26.428> you're<00:38:26.525> hired<00:38:26.989> right<00:38:27.149> there.

00:38:27.486 --> 00:38:30.706
Then<00:38:28.287> my<00:38:28.463> salary<00:38:29.633> in<00:38:29.729> that<00:38:29.953> instant<00:38:30.370> tripled.

00:38:31.395 --> 00:38:32.341
I<00:38:31.475> was<00:38:31.812> over<00:38:31.972> the<00:38:32.052> moon.

00:38:33.030 --> 00:38:34.632
I<00:38:33.046> don't<00:38:33.318> know<00:38:33.414> what<00:38:33.558> to<00:38:33.590> do<00:38:33.719> with<00:38:33.879> myself.

00:38:34.840 --> 00:38:39.406
They<00:38:35.000> gave<00:38:35.129> me<00:38:35.321> the,<00:38:35.721> you<00:38:35.801> know,<00:38:35.898> trust<00:38:36.202> to<00:38:36.619> take<00:38:36.843> this<00:38:37.003> kid<00:38:37.243> out<00:38:37.356> of<00:38:37.420> New<00:38:37.564> Jersey<00:38:38.445> and<00:38:38.525> then<00:38:38.621> go<00:38:38.766> to<00:38:38.846> Wall<00:38:39.022> Street.

00:38:40.784 --> 00:38:51.107
And,<00:38:41.105> you<00:38:41.185> know,<00:38:41.345> my<00:38:41.505> career<00:38:42.210> really<00:38:42.531> hasn't<00:38:42.723> been<00:38:42.867> the<00:38:42.947> same<00:38:43.204> since,<00:38:44.213> operating<00:38:44.614> at<00:38:44.710> a<00:38:44.774> completely<00:38:45.271> different<00:38:45.655> cadence<00:38:45.960> person<00:38:46.858> level<00:38:47.980> that<00:38:48.541> deserves<00:38:48.894> that<00:38:49.023> kind<00:38:49.199> of,<00:38:49.359> you<00:38:49.440> know,<00:38:50.739> salary.

00:38:51.188 --> 00:38:54.122
But<00:38:52.647> what<00:38:52.888> he<00:38:52.984> taught<00:38:53.208> me<00:38:53.449> though<00:38:53.754> is<00:38:53.914> this.

00:38:54.956 --> 00:38:58.500
First<00:38:55.213> day<00:38:55.373> I<00:38:55.453> was<00:38:56.720> in<00:38:56.881> office<00:38:57.153> is<00:38:57.362> World<00:38:57.458> Trade<00:38:57.618> Center<00:38:57.843> 5<00:38:58.100> at<00:38:58.180> the<00:38:58.244> time.

00:38:59.783 --> 00:39:04.579
I<00:38:59.848> had<00:38:59.944> a<00:39:00.024> window<00:39:00.425> view<00:39:00.826> of<00:39:01.066> the<00:39:01.564> fountain<00:39:02.253> in<00:39:02.414> the<00:39:02.574> World<00:39:02.670> Trade<00:39:02.814> Center,<00:39:03.071> that<00:39:03.312> big<00:39:03.472> globe,<00:39:03.857> the<00:39:03.953> golden<00:39:04.258> globe.

00:39:04.995 --> 00:39:11.859
And<00:39:05.140> I<00:39:05.220> was<00:39:05.380> feeling<00:39:05.621> very<00:39:05.733> smug<00:39:06.118> because<00:39:06.423> as<00:39:06.519> an<00:39:06.663> immigrant's<00:39:07.064> kid,<00:39:07.305> when<00:39:07.417> I<00:39:07.481> first<00:39:08.026> went<00:39:08.187> to<00:39:08.251> New<00:39:08.283> York<00:39:08.427> City<00:39:08.668> when<00:39:08.780> I<00:39:08.828> was<00:39:08.941> 11,<00:39:09.791> I<00:39:09.871> looked<00:39:10.111> up,<00:39:10.272> all<00:39:10.368> the<00:39:10.448> skyscrapers<00:39:11.025> seemed<00:39:11.250> to<00:39:11.330> touch<00:39:11.555> the<00:39:11.587> sky.

00:39:12.000 --> 00:39:14.600
And<00:39:12.500> working<00:39:12.840> in<00:39:13.020> World<00:39:13.040> Trade<00:39:13.180> Center<00:39:13.400> was<00:39:13.640> a<00:39:13.800> dream<00:39:13.980> come<00:39:14.220> true.

00:39:14.600 --> 00:39:15.550
I<00:39:14.601> feel<00:39:14.780> very<00:39:15.000> smug.

00:39:15.880 --> 00:39:17.400
And<00:39:15.900> he<00:39:15.999> said,<00:39:16.180> well,<00:39:16.260> don't<00:39:16.380> feel<00:39:16.560> so<00:39:16.680> good<00:39:16.820> about<00:39:17.000> yourself.

00:39:17.400 --> 00:39:20.390
You<00:39:17.401> know,<00:39:17.600> the<00:39:17.640> janitor<00:39:17.940> also<00:39:18.200> works<00:39:18.480> in<00:39:18.640> this<00:39:18.780> building,<00:39:19.740> in<00:39:19.760> World<00:39:19.900> Trade<00:39:20.040> Center.

00:39:20.920 --> 00:39:31.340
So<00:39:20.940> not<00:39:21.720> to,<00:39:21.920> you<00:39:22.020> know,<00:39:22.320> belittle,<00:39:22.940> uh,<00:39:23.620> the<00:39:23.760> janitorial<00:39:24.240> job,<00:39:24.700> but<00:39:24.740> what<00:39:25.060> he's<00:39:25.260> trying<00:39:25.380> to<00:39:25.540> say<00:39:25.660> is<00:39:25.920> that,<00:39:26.160> you<00:39:26.280> know,<00:39:26.620> it<00:39:26.660> doesn't<00:39:26.880> really<00:39:27.120> matter<00:39:27.480> where<00:39:27.680> you<00:39:27.820> work,<00:39:28.620> it's<00:39:28.720> what<00:39:28.840> you<00:39:28.960> do<00:39:29.360> with<00:39:29.660> your<00:39:29.860> work<00:39:30.160> that<00:39:30.440> really<00:39:30.640> matters.

00:39:31.440 --> 00:39:33.520
Ever<00:39:31.680> since<00:39:31.900> then,<00:39:32.280> I<00:39:32.281> don't<00:39:32.480> care<00:39:32.680> where<00:39:32.940> I<00:39:33.080> work.

00:39:33.520 --> 00:39:37.400
I<00:39:33.521> can<00:39:33.680> work<00:39:33.840> in<00:39:33.980> trailer<00:39:34.260> park,<00:39:34.700> I<00:39:34.720> can<00:39:34.840> work<00:39:35.060> on<00:39:35.220> library,<00:39:35.740> I<00:39:35.760> can<00:39:35.920> work<00:39:36.100> in<00:39:36.360> basements,<00:39:36.960> I<00:39:37.040> don't<00:39:37.180> care.

00:39:37.742 --> 00:39:39.155
It's<00:39:37.983> what<00:39:38.304> I<00:39:38.465> feel<00:39:38.706> passionate.

00:39:39.252 --> 00:39:42.335
I<00:39:39.348> feel<00:39:39.493> I'm<00:39:39.750> making<00:39:40.055> a<00:39:40.071> difference,<00:39:41.435> do<00:39:41.596> the<00:39:41.741> things<00:39:41.917> that<00:39:42.078> I<00:39:42.222> do.

00:39:42.800 --> 00:39:48.998
So<00:39:42.945> I<00:39:43.041> think<00:39:43.266> that's<00:39:43.587> a,<00:39:43.924> that's<00:39:44.149> a<00:39:44.245> very<00:39:44.743> important<00:39:45.193> piece<00:39:45.434> of<00:39:45.466> advice<00:39:45.915> this<00:39:46.092> person<00:39:46.397> gave<00:39:46.574> me<00:39:47.842> on<00:39:47.938> my<00:39:48.083> first<00:39:48.340> job<00:39:48.516> on<00:39:48.645> Wall<00:39:48.757> Street.

00:39:50.186 --> 00:39:51.198
TJ,<00:39:50.507> thank<00:39:50.732> you<00:39:50.764> so<00:39:50.925> much.

00:39:51.471 --> 00:39:52.145
That's<00:39:51.712> incredible.

00:39:52.595 --> 00:39:53.510
Talking<00:39:52.900> to<00:39:52.932> you<00:39:52.996> has<00:39:53.141> been<00:39:53.253> incredible.

00:39:53.558 --> 00:39:56.384
Congrats<00:39:53.976> on<00:39:54.040> everything<00:39:54.361> you've<00:39:54.506> done<00:39:54.682> over<00:39:54.827> the<00:39:54.907> past<00:39:55.068> 20<00:39:55.308> years<00:39:55.710> with<00:39:56.031> AvePoint.

00:39:56.448 --> 00:40:02.004
Enjoy<00:39:56.850> Washington,<00:39:57.332> D.C.<00:39:58.054> and<00:39:58.134> this<00:39:58.295> conference<00:39:59.001> that<00:39:59.162> you're<00:39:59.258> going<00:39:59.579> to<00:40:00.222> over<00:40:00.382> the<00:40:00.447> next<00:40:00.703> 2<00:40:00.864> days<00:40:01.410> and<00:40:01.506> we'll<00:40:01.651> be<00:40:01.747> in<00:40:01.827> touch.

00:40:02.068 --> 00:40:02.678
Thank<00:40:02.245> you<00:40:02.325> so<00:40:02.486> much.

00:40:03.767 --> 00:40:04.387
Thank<00:40:03.930> you,<00:40:04.012> Clint.