Sheldon Lewis doesn't believe in the SaaSpocalypse

Blueprint Equity opened the data room for its third fund on Monday, January 5. It held a final close on Friday, January 16, at $333 million, oversubscribed. Twelve days, in a market where much of the software investing world has stopped moving.

"If I had to summarize the current market, I'd say a lot of firms are frozen," Sheldon Lewis said on the CEO.com podcast. "There are still trillions of dollars available to invest, so capital will find a home eventually. But many firms are trying to decide whether they should dramatically change their investment strategies or simply wait for more clarity."

Lewis is the co-founder and Managing Partner of Blueprint Equity, a San Diego growth equity firm with more than $600 million under management. He has been investing in software for more than 20 years. "This is simultaneously the most exciting and the scariest time I've ever seen to be a software investor," he said.

The fear has a name now. The SaaSpocalypse theory holds that AI has made software so cheap to build that the companies selling it are doomed. Public SaaS valuations have compressed. Investors have pulled back while they wait to see what survives.

"I think it's massively overblown," Lewis said. "Yes, software is easier to build than ever before. Yes, AI allows people to launch products faster and more cheaply. But nobody is going home tonight and vibe-coding a complete operating system for a construction company."

A software investor arguing that the software apocalypse is overstated is talking his book, and it is fair to say so. It is also fair to say that the people whose money is at stake agree with him. Fund III was backed by endowments, foundations, and hospital systems, and returning investors from the first two funds put in again, among them Accolade Partners, the David and Lucile Packard Foundation, and Makena Capital Management. Whatever the discourse says about software, the institutions closest to Blueprint's returns committed a third of a billion dollars behind the thesis in less than two weeks.

Lewis's case for it starts with what software companies actually do. The code was never the whole product. Vendors handle compliance, implementation, support, and sales, and none of that disappears because a prototype got cheaper. "Software businesses may become leaner, but it's very difficult to build a substantial company as a one-person operation," he said. "The strongest software companies should actually become more profitable if they adopt AI effectively." He does not invest in public markets, and said so, then offered a view anyway: many public SaaS companies now look significantly undervalued to him. "The market had a bit of a collective panic."

Blueprint invests almost entirely at Series A, in companies doing between $1 million and $7 million in annual recurring revenue and growing more than 75% a year. Most are bootstrapped or lightly funded. Blueprint is usually the first institutional money in. Since Lewis and Bobby Ocampo founded the firm in 2018, the thesis has stayed the same: vertical operating systems and systems of record, the software an industry runs on rather than the software it merely uses. Of 26 investments, the vast majority fit that description.

"The closer your software is to a customer's day-to-day operations, the more valuable it becomes," Lewis said. "The more unique data you have, the stronger your long-term competitive advantage."

Develo, a recent investment, builds an AI-native operating system for pediatricians. Notes, prescriptions, insurance. "Pediatricians aren't going to build their own HIPAA-compliant software stack," Lewis said. The rest of the portfolio runs the same direction, into big markets that digitized late: construction, property management, golf courses, pickleball and padel facilities.

AI is already changing how much capital these companies ask for. Founders want less than they did three or five years ago, and Lewis sees a live question about whether some companies can raise one institutional round, grow efficiently, and never need another. "I don't think we're fully there yet. But there's no question companies can accomplish more with less money today." He knows what that question implies for his own industry. If companies need less capital, some investors become unnecessary. His bet is that the first check, the one that professionalizes a bootstrapped business, is the one that survives.

On founders, Lewis used to prize the operator who lived a problem and built the fix. He still values it. Now he cares more about what a founder becomes after the check clears. "We're betting as much on the jockey as we are on the horse," he said. A founder who says they can build to $5 million but will need help beyond it has, in his view, given a good answer.

Most of Blueprint's companies have no formal board when the firm invests, so Blueprint often helps build the first one. Lewis has one rule for making boards work. "Bad news isn't the problem. Surprises are the problem." He tells founders to call each board member a week early and preview anything difficult, so the meeting is spent on solutions instead of reactions.

The firm is staffing up around that model. Blueprint added nine employees between February and August, bringing the team to 21, including a Head of Artificial Intelligence. Lewis said six people at the firm now do nothing but help portfolio companies hire talent, sharpen go-to-market, and implement AI.

Lewis was asked about the growing public anger at AI, the data center protests, the booed commencement speakers. "Honestly, I understand it. If I were graduating college today and struggling to find an entry-level job because AI was automating some of those roles, I'd probably be frustrated too." He believes regulation should come, and that the technology will not be uninvented either way. "AI is disrupting real lives today. And honestly, there's a scenario where all of us are affected in some way. That's reason enough to take it seriously."

Every CEO.com interview ends the same way, with the belief that the chances one gives are just as important as the chances one takes. Lewis pointed first to his parents. His mom was a school nurse. His dad worked several jobs, including ski instructor. Professionally, he named Gavin Turner and Jason Payne of Mainsail Partners, who brought him over from investment banking, and Dave Dutch, a mentor and close friend who officiated his wedding a year ago. "Those people believed in me, invested in me, and gave me opportunities I wouldn't have had otherwise. I owe them a tremendous amount."

His prediction on the panic that named this episode: "My guess is that six to nine months from now, there will be much greater clarity around what AI can and cannot do, and many people will realize it's more complementary than destructive." The clock started in February, when the market froze. Check back in the fall.

00:00:00 Introduction to Blueprint Equity
00:00:50 Blueprint Equity's Investment Focus
00:01:56 The State of SaaS and SaaSpocalypse
00:03:41 Public Market SaaS Companies
00:05:05 Efficiency and AI in Series A Funding
00:08:09 The Future of Venture Capital
00:12:22 The Potential of Software and AI
00:14:08 Exciting Investment Verticals
00:17:10 What Blueprint Equity Looks for in Founders
00:20:29 Effective Board Meetings and Communication
00:23:25 Public Sentiment on AI
00:26:29 A Day in the Life of Sheldon
00:29:00 The Importance of Giving and Receiving Chances

WEBVTT

00:00:00.000 --> 00:00:05.640
Sheldon,<00:00:00.520> welcome<00:00:00.760> to<00:00:00.800> the<00:00:00.920> show.<00:00:01.840> Uh,<00:00:01.960> you<00:00:02.240> are<00:00:02.480> the<00:00:02.760> managing<00:00:03.320> partner<00:00:03.880> of<00:00:04.040> Blueprint<00:00:04.880> Equity.

00:00:05.640 --> 00:00:11.760
Tell<00:00:05.984> us<00:00:06.328> what<00:00:06.672> Blueprint<00:00:07.016> Equity<00:00:07.360> is.<00:00:07.704> <00:00:08.048> Yeah,<00:00:08.392> so<00:00:08.736> Blueprint<00:00:09.080> Equity<00:00:09.424> is<00:00:09.768> a<00:00:10.112> growth<00:00:10.456> equity<00:00:10.800> fund.

00:00:11.760 --> 00:00:20.280
Um,<00:00:12.240> so,<00:00:13.200> uh,<00:00:13.480> similar<00:00:13.960> to<00:00:14.240> a<00:00:14.480> venture<00:00:14.800> capital<00:00:15.240> or<00:00:15.480> a<00:00:15.520> private<00:00:15.880> equity<00:00:16.160> fund,<00:00:17.120> uh,<00:00:17.280> but<00:00:17.400> we're<00:00:17.520> kind<00:00:17.760> of<00:00:17.840> in<00:00:17.920> the<00:00:18.000> middle<00:00:18.520> and<00:00:18.680> I<00:00:18.720> can<00:00:19.000> talk<00:00:19.320> about<00:00:19.520> the<00:00:19.600> differences<00:00:20.120> if

00:00:20.280 --> 00:00:24.880
you<00:00:20.360> want<00:00:20.560> at<00:00:20.640> any<00:00:20.840> point,<00:00:21.200> but,<00:00:21.920> um,<00:00:23.000> uh,<00:00:23.240> but<00:00:23.400> yeah,<00:00:23.720> we're<00:00:24.000> a,<00:00:24.240> a<00:00:24.400> fund.

00:00:24.880 --> 00:00:33.160
We<00:00:24.960> have<00:00:25.040> about<00:00:25.320> 600<00:00:25.760> million<00:00:26.000> under<00:00:26.160> management.<00:00:27.200> Um,<00:00:28.040> uh,<00:00:28.200> lucky<00:00:28.520> enough<00:00:28.800> to<00:00:28.960> invest<00:00:29.480> in,<00:00:30.200> um,<00:00:30.600> great<00:00:31.040> entrepreneurs,<00:00:32.480> uh,<00:00:32.759> and<00:00:32.920> work

00:00:33.160 --> 00:00:41.680
with<00:00:33.320> them<00:00:33.520> to<00:00:33.640> grow.<00:00:34.040> They're<00:00:34.360> mostly<00:00:34.920> B2B,<00:00:36.040> uh,<00:00:36.480> vertical,<00:00:37.680> uh,<00:00:37.960> operating<00:00:38.440> systems,<00:00:39.680> uh,<00:00:40.360> or,<00:00:41.040> uh,<00:00:41.240> vertical

00:00:41.680 --> 00:00:49.280
SaaS,<00:00:42.680> um,<00:00:43.600> uh,<00:00:43.680> systems<00:00:45.040> from<00:00:45.280> one<00:00:45.440> stage<00:00:45.760> to<00:00:45.840> the<00:00:45.880> next<00:00:46.120> stage,<00:00:46.880> uh,<00:00:47.280> and<00:00:47.600> help<00:00:47.840> out<00:00:47.960> quite<00:00:48.120> a<00:00:48.160> bit<00:00:48.320> along<00:00:48.560> the<00:00:48.640> way.

00:00:49.280 --> 00:00:57.520
So<00:00:49.589> <00:00:49.898> Yeah,<00:00:50.208> that's<00:00:50.517> what<00:00:50.826> I'm<00:00:51.135> excited<00:00:51.445> to<00:00:51.754> talk<00:00:52.063> to<00:00:52.372> you<00:00:52.682> about,<00:00:52.991> is<00:00:53.300> it<00:00:53.609> specifically<00:00:53.918> where<00:00:54.228> you're<00:00:54.537> investing<00:00:54.846> right<00:00:55.155> now<00:00:55.465> and<00:00:55.774> kind<00:00:56.083> of<00:00:56.392> the<00:00:56.702> state<00:00:57.011> of<00:00:57.320> that

00:00:57.520 --> 00:01:05.600
market,<00:00:57.920> which<00:00:58.080> is<00:00:58.200> a<00:00:58.280> really<00:00:58.600> interesting<00:00:59.280> and<00:00:59.640> seems<00:00:59.960> to<00:01:00.040> be<00:01:00.480> somewhat<00:01:00.880> volatile<00:01:01.560> and<00:01:01.720> maybe<00:01:02.240> a<00:01:02.320> little<00:01:02.600> bit<00:01:02.960> too<00:01:03.280> crazy,<00:01:03.960> too<00:01:04.120> volatile,<00:01:04.720> honestly.

00:01:05.600 --> 00:01:12.200
Yeah.<00:01:05.920> Uh,<00:01:06.000> which<00:01:06.200> I<00:01:06.280> want<00:01:06.440> to<00:01:06.520> talk<00:01:06.680> to<00:01:06.760> you<00:01:06.800> about,<00:01:07.040> but,<00:01:07.240> but<00:01:07.400> real<00:01:07.600> quick,<00:01:07.840> when<00:01:07.960> you<00:01:08.040> say<00:01:08.160> growth<00:01:08.440> equity,<00:01:08.680> are<00:01:08.760> you,<00:01:08.840> are<00:01:08.960> we<00:01:09.080> talking<00:01:09.440> like<00:01:09.720> Series<00:01:10.200> C,<00:01:10.600> Series<00:01:11.120> D?

00:01:12.200 --> 00:01:14.480
<00:01:12.512> Uh,<00:01:12.824> almost<00:01:13.136> all<00:01:13.448> Series<00:01:13.760> A.

00:01:14.480 --> 00:01:23.600
<00:01:14.833> Series<00:01:15.186> A.<00:01:15.539> Okay,<00:01:15.892> perfect.<00:01:16.245> <00:01:16.598> So<00:01:16.951> we<00:01:17.304> come<00:01:17.657> in,<00:01:18.010> usually<00:01:18.363> businesses<00:01:18.717> are<00:01:19.070> doing<00:01:19.423> 1<00:01:19.776> to<00:01:20.129> 7<00:01:20.482> in<00:01:20.835> ARR,<00:01:21.188> uh,<00:01:21.541> growing<00:01:21.894> north<00:01:22.247> of<00:01:22.600> 75%

00:01:23.600 --> 00:01:26.120
year<00:01:23.760> over<00:01:23.880> year,<00:01:24.720> bootstrapped<00:01:25.320> or<00:01:25.400> capitalized.

00:01:26.120 --> 00:01:31.600
So<00:01:26.280> we're<00:01:26.400> usually<00:01:26.800> leading<00:01:27.160> that<00:01:27.360> first<00:01:27.760> institutional<00:01:28.600> round<00:01:29.120> around<00:01:29.720> or,<00:01:30.040> or<00:01:30.200> that<00:01:30.440> Series<00:01:30.840> A.

00:01:31.600 --> 00:01:37.080
Uh,<00:01:31.880> and<00:01:32.000> our<00:01:32.120> check<00:01:32.480> size<00:01:32.840> can<00:01:32.960> be<00:01:33.080> anywhere<00:01:33.400> from<00:01:34.320> 5<00:01:34.840> to<00:01:35.320> 35<00:01:35.880> million.

00:01:37.080 --> 00:01:39.440
<00:01:37.302> Okay,<00:01:37.524> perfect.<00:01:37.747> Okay,<00:01:37.969> that<00:01:38.191> makes<00:01:38.413> a<00:01:38.636> lot<00:01:38.858> of<00:01:39.080> sense.

00:01:39.440 --> 00:01:42.760
So<00:01:40.320> yeah,<00:01:40.520> you're<00:01:40.800> in<00:01:40.880> an<00:01:41.000> interesting<00:01:41.480> spot,<00:01:42.280> right?

00:01:42.760 --> 00:01:51.080
And<00:01:43.640> you<00:01:43.720> particularly<00:01:44.560> in,<00:01:45.000> uh,<00:01:45.680> investing<00:01:46.280> in<00:01:46.480> B2B<00:01:47.680> and<00:01:48.200> SaaS<00:01:48.960> and<00:01:49.120> you,<00:01:49.280> you<00:01:49.400> know,<00:01:49.520> there's<00:01:49.800> this<00:01:50.000> term<00:01:50.280> that's<00:01:50.440> got<00:01:50.840> some

00:01:51.080 --> 00:01:56.440
attention<00:01:51.480> called<00:01:51.680> the<00:01:51.760> SaaS-pocalypse.<00:01:53.320> Give<00:01:53.520> me<00:01:53.680> your<00:01:53.880> sense<00:01:54.320> on<00:01:55.040> the<00:01:55.160> state<00:01:55.440> of<00:01:55.520> SaaS<00:01:55.880> right<00:01:56.080> now.

00:01:56.440 --> 00:02:04.600
<00:01:56.738> Yeah,<00:01:57.036> uh,<00:01:57.335> definitely<00:01:57.633> have<00:01:57.931> heard<00:01:58.229> that<00:01:58.527> term<00:01:58.825> more<00:01:59.124> than<00:01:59.422> more<00:01:59.720> than<00:02:00.018> once<00:02:00.316> as<00:02:00.615> you<00:02:00.913> can<00:02:01.211> imagine<00:02:01.509> over,<00:02:01.807> over<00:02:02.105> the<00:02:02.404> last<00:02:02.702> few<00:02:03.000> months.

00:02:04.600 --> 00:02:07.960
No,<00:02:04.760> you,<00:02:05.040> you<00:02:05.160> summed<00:02:05.400> it<00:02:05.520> up.<00:02:05.760> It's,<00:02:06.080> it's<00:02:06.360> very<00:02:06.640> volatile.

00:02:07.960 --> 00:02:17.280
Um,<00:02:08.520> the,<00:02:09.240> you<00:02:09.360> know,<00:02:09.479> I'd<00:02:09.640> say<00:02:09.880> it's,<00:02:10.640> you<00:02:10.720> know,<00:02:10.840> for<00:02:11.000> me<00:02:11.880> I've<00:02:12.120> been<00:02:13.160> investing<00:02:13.880> now<00:02:14.200> for<00:02:14.520> over,<00:02:14.959> for<00:02:15.400> about<00:02:15.840> 20<00:02:16.160> years

00:02:17.280 --> 00:02:25.800
and<00:02:18.480> it's,<00:02:18.920> it's<00:02:19.200> the<00:02:19.760> most<00:02:20.000> exciting<00:02:20.520> and<00:02:20.640> the<00:02:20.720> scariest<00:02:21.440> time<00:02:22.360> at<00:02:23.600> the<00:02:23.720> same<00:02:24.040> time<00:02:24.480> to<00:02:24.640> be<00:02:24.959> a,<00:02:25.720> a

00:02:25.800 --> 00:02:34.080
software<00:02:26.240> investor,<00:02:26.640> exciting<00:02:27.120> because<00:02:28.040> we<00:02:28.160> have<00:02:28.280> this<00:02:28.480> new<00:02:29.400> world<00:02:29.920> that's,<00:02:30.440> that's<00:02:30.680> quickly<00:02:31.120> playing<00:02:31.480> out<00:02:31.760> for<00:02:31.920> our<00:02:32.160> eyes<00:02:33.480> and<00:02:33.640> a<00:02:33.680> ton<00:02:33.959> of

00:02:34.080 --> 00:02:40.480
opportunity,<00:02:35.600> scary<00:02:36.160> because<00:02:36.760> the,<00:02:36.840> like<00:02:37.080> you<00:02:37.200> said,<00:02:37.480> everything<00:02:37.840> is<00:02:37.959> changing<00:02:38.480> so,<00:02:39.040> so<00:02:39.280> quickly.

00:02:40.480 --> 00:02:43.520
So,<00:02:41.840> yeah,<00:02:42.000> it's<00:02:42.200> a<00:02:42.240> little<00:02:42.440> bit<00:02:42.600> of<00:02:42.680> both<00:02:43.000> right<00:02:43.200> now.

00:02:43.520 --> 00:02:51.920
I<00:02:43.600> think<00:02:44.080> you<00:02:44.200> know,<00:02:44.320> the,<00:02:45.120> the<00:02:45.240> state<00:02:45.520> of<00:02:45.600> the<00:02:45.640> market<00:02:46.160> if<00:02:46.320> I<00:02:46.400> had<00:02:46.480> to<00:02:46.560> sum<00:02:46.760> it<00:02:46.880> up,<00:02:47.160> not<00:02:47.440> just<00:02:47.720> for,<00:02:48.920> um,<00:02:49.520> for<00:02:49.959> where<00:02:50.120> we<00:02:50.280> sit<00:02:50.560> in<00:02:50.680> kind<00:02:50.840> of<00:02:50.920> the<00:02:51.000> growth<00:02:51.280> equity<00:02:51.600> world

00:02:51.920 --> 00:02:56.680
but<00:02:52.240> Upstream<00:02:52.760> from<00:02:52.959> us,<00:02:53.160> the<00:02:53.280> larger<00:02:53.640> growth<00:02:53.959> equity<00:02:54.240> or,<00:02:54.560> or<00:02:55.040> private<00:02:55.360> equity<00:02:55.640> firms.

00:02:56.680 --> 00:03:04.880
Um,<00:02:57.680> a<00:02:57.800> lot<00:02:58.120> of<00:02:58.240> folks<00:02:58.560> are,<00:02:58.760> are<00:02:58.880> just<00:02:59.040> kind<00:02:59.239> of<00:02:59.880> it<00:03:00.000> seems<00:03:00.280> like<00:03:00.800> almost<00:03:01.120> frozen<00:03:02.080> because<00:03:02.560> they're<00:03:02.800> trying<00:03:03.239> to<00:03:03.320> figure<00:03:03.720> out,<00:03:04.000> hey,<00:03:04.800> you

00:03:04.880 --> 00:03:12.959
know,<00:03:05.239> they<00:03:05.440> still<00:03:05.720> have<00:03:05.920> trillions<00:03:06.480> of<00:03:06.600> dollars<00:03:07.000> to<00:03:07.120> deploy<00:03:08.040> and<00:03:08.239> so<00:03:08.400> they<00:03:08.600> will,<00:03:09.200> you<00:03:09.280> know,<00:03:09.440> find<00:03:09.720> a<00:03:09.760> way<00:03:09.880> to<00:03:10.000> deploy<00:03:10.360> it,<00:03:10.800> but<00:03:10.920> they're<00:03:11.040> trying<00:03:11.280> to<00:03:11.360> figure<00:03:11.600> out,<00:03:12.440> do<00:03:12.720> we

00:03:12.959 --> 00:03:20.840
re-point<00:03:13.234> the<00:03:13.509> cannon<00:03:13.785> a<00:03:14.060> certain<00:03:14.335> direction<00:03:14.610> or,<00:03:14.886> you<00:03:15.161> know,<00:03:15.436> do<00:03:15.711> we<00:03:15.987> just<00:03:16.262> kind<00:03:16.537> of<00:03:16.812> hold<00:03:17.088> for<00:03:17.363> a<00:03:17.638> little<00:03:17.913> bit<00:03:18.189> and<00:03:18.464> wait<00:03:18.739> for<00:03:19.014> the<00:03:19.290> dust<00:03:19.565> to<00:03:19.840> settle.

00:03:20.840 --> 00:03:29.160
Um,<00:03:21.560> but<00:03:22.280> for<00:03:22.519> at<00:03:22.640> least<00:03:23.040> like,<00:03:24.040> you<00:03:24.160> know,<00:03:24.280> since<00:03:24.720> February<00:03:25.239> really,<00:03:25.880> I<00:03:25.920> think<00:03:26.400> most<00:03:27.600> firms<00:03:28.120> have,<00:03:28.920> have

00:03:29.160 --> 00:03:37.840
slowed<00:03:29.560> things<00:03:29.880> down<00:03:30.200> materially<00:03:31.120> to<00:03:31.280> wait<00:03:31.519> until<00:03:31.800> there's<00:03:33.000> a<00:03:33.080> little<00:03:33.280> bit<00:03:33.480> more<00:03:33.720> of<00:03:33.840> a,<00:03:34.800> a<00:03:34.880> calm<00:03:35.400> or,<00:03:35.760> or<00:03:35.920> a<00:03:35.959> little<00:03:36.160> bit<00:03:36.360> more<00:03:36.600> of<00:03:36.760> a,<00:03:37.440> yeah,

00:03:37.840 --> 00:03:41.440
more<00:03:38.040> conviction<00:03:38.720> on<00:03:39.000> which<00:03:39.200> direction<00:03:39.560> they<00:03:39.680> want<00:03:39.840> to<00:03:39.880> take<00:03:40.080> the<00:03:40.160> firm.

00:03:41.440 --> 00:03:47.720
<00:03:41.600> Yeah,<00:03:41.800> does<00:03:41.920> it<00:03:42.160> make<00:03:42.519> sense<00:03:42.680> to<00:03:42.840> you<00:03:43.000> that<00:03:43.120> the<00:03:43.320> term<00:03:43.560> SaaS-pocalypse<00:03:44.120> is<00:03:44.239> being<00:03:45.120> thrown<00:03:45.360> around<00:03:45.880> and<00:03:46.040> some<00:03:46.160> of<00:03:46.239> these<00:03:46.400> companies<00:03:46.760> that<00:03:46.880> are<00:03:46.959> public<00:03:47.480> that<00:03:47.600> are

00:03:47.720 --> 00:03:51.920
SaaS<00:03:47.959> companies<00:03:48.360> and<00:03:48.440> for<00:03:48.560> those<00:03:48.800> listening<00:03:49.160> that<00:03:49.320> means<00:03:49.560> software<00:03:50.160> as<00:03:50.320> a<00:03:50.360> service<00:03:50.800> if<00:03:50.920> you<00:03:50.959> don't<00:03:51.160> know.

00:03:51.920 --> 00:03:58.200
Um,<00:03:52.200> some<00:03:52.440> these<00:03:52.640> SaaS<00:03:52.840> companies<00:03:53.160> that<00:03:53.280> are<00:03:53.360> public<00:03:53.840> are<00:03:54.040> like<00:03:54.240> trading<00:03:54.760> like<00:03:56.240> basically<00:03:56.920> at<00:03:57.080> revenue,<00:03:57.800> right?

00:03:58.200 --> 00:04:01.400
Like,<00:03:58.680> like<00:03:59.240> it's,<00:03:59.520> it's<00:03:59.840> fascinating.

00:04:01.400 --> 00:04:04.040
I<00:04:01.440> don't<00:04:01.680> know<00:04:01.840> that<00:04:01.960> it<00:04:02.080> makes<00:04:02.280> a<00:04:02.320> ton<00:04:02.560> of<00:04:02.680> sense,<00:04:03.680> right?

00:04:04.040 --> 00:04:10.160
Like,<00:04:04.480> but<00:04:04.640> maybe<00:04:04.920> it<00:04:05.040> does,<00:04:05.360> 'cause<00:04:05.560> like<00:04:05.760> people<00:04:06.040> think<00:04:06.280> like<00:04:06.480> you<00:04:06.560> can<00:04:06.720> just<00:04:07.240> spin<00:04:07.520> up<00:04:07.680> a<00:04:07.760> HubSpot<00:04:08.280> in<00:04:08.360> a<00:04:08.400> day,<00:04:08.600> but<00:04:08.720> you,<00:04:08.959> you<00:04:09.080> actually<00:04:09.400> can't,<00:04:09.959> right?

00:04:10.160 --> 00:04:15.320
Like<00:04:10.483> it's<00:04:10.807> really<00:04:11.130> interesting.<00:04:11.453> <00:04:11.777> I,<00:04:12.100> I<00:04:12.423> think<00:04:12.747> it's,<00:04:13.070> it,<00:04:13.393> it's<00:04:13.717> totally<00:04:14.040> overblown.

00:04:15.320 --> 00:04:19.799
Um,<00:04:15.920> like<00:04:16.239> I'm,<00:04:16.519> we<00:04:16.720> obviously<00:04:17.120> don't<00:04:17.600> do<00:04:17.760> anything<00:04:18.079> in<00:04:18.160> the<00:04:18.239> public<00:04:18.560> markets.

00:04:19.799 --> 00:04:28.080
Uh,<00:04:20.100> and,<00:04:20.400> um,<00:04:20.701> you<00:04:21.002> know,<00:04:21.303> you<00:04:21.603> know<00:04:21.904> one<00:04:22.205> should<00:04:22.506> rely<00:04:22.806> on,<00:04:23.107> on<00:04:23.408> my<00:04:23.709> advice<00:04:24.009> for<00:04:24.310> any,<00:04:24.611> you<00:04:24.912> know,<00:04:25.212> public<00:04:25.513> market,<00:04:25.814> uh,<00:04:26.115> stock<00:04:26.415> picks,<00:04:26.716> but<00:04:27.017> <00:04:27.318> But<00:04:27.618> you,<00:04:27.919> you

00:04:28.080 --> 00:04:31.800
hope<00:04:28.280> your<00:04:28.400> companies<00:04:28.760> do<00:04:28.960> go<00:04:29.120> public<00:04:29.480> at<00:04:29.600> some<00:04:29.760> point<00:04:30.040> or<00:04:30.240> get<00:04:30.400> bought<00:04:30.680> by<00:04:30.840> PE,<00:04:31.360> right?

00:04:31.800 --> 00:04:40.280
<00:04:32.155> Yeah.<00:04:32.510> Yeah,<00:04:32.864> exactly.<00:04:33.219> And,<00:04:33.574> and<00:04:33.929> I<00:04:34.283> would<00:04:34.638> say<00:04:34.993> like<00:04:35.348> this<00:04:35.703> is<00:04:36.057> a,<00:04:36.412> to<00:04:36.767> me,<00:04:37.122> a<00:04:37.477> good<00:04:37.831> time<00:04:38.186> to<00:04:38.541> be<00:04:38.896> buying<00:04:39.250> public<00:04:39.605> market<00:04:39.960> SaaS

00:04:40.280 --> 00:04:44.680
companies.<00:04:41.400> Um,<00:04:42.040> because<00:04:42.320> I<00:04:42.400> do<00:04:42.800> think<00:04:43.080> they're<00:04:43.240> so<00:04:43.520> undervalued<00:04:44.320> right<00:04:44.520> now.

00:04:44.680 --> 00:04:50.040
I<00:04:44.760> think<00:04:45.560> you<00:04:45.600> know,<00:04:45.680> the<00:04:45.840> broader<00:04:46.200> market<00:04:46.600> just<00:04:46.840> had<00:04:47.000> this<00:04:47.160> whole<00:04:48.440> kind<00:04:48.560> of<00:04:48.640> freak<00:04:48.919> out<00:04:49.080> moment.

00:04:50.040 --> 00:04:57.680
Y-<00:04:50.320> yes,<00:04:50.880> it<00:04:51.040> is<00:04:51.960> easier<00:04:52.440> to<00:04:52.680> start<00:04:53.200> software<00:04:53.919> companies,<00:04:54.520> easier<00:04:54.800> and<00:04:55.000> you<00:04:55.080> can<00:04:55.200> do<00:04:55.280> it<00:04:55.400> easier,<00:04:55.880> quicker,<00:04:56.200> cheaper<00:04:56.560> than<00:04:56.720> ever.

00:04:57.680 --> 00:05:06.560
But<00:04:58.360> you<00:04:58.440> know,<00:04:58.640> you<00:04:58.880> still,<00:04:59.640> no<00:04:59.760> one's<00:04:59.919> going<00:05:00.040> to<00:05:00.400> vibe<00:05:00.760> code<00:05:01.160> a<00:05:01.240> solution<00:05:01.960> for,<00:05:02.840> you<00:05:03.000> know,<00:05:03.480> uh,<00:05:04.080> you<00:05:04.200> know,<00:05:04.480> we<00:05:04.680> do<00:05:04.880> a<00:05:04.919> lot<00:05:05.240> with<00:05:06.120> SMB,

00:05:06.560 --> 00:05:10.240
mid-market<00:05:07.280> contractors<00:05:08.640> and<00:05:09.000> in<00:05:09.120> the<00:05:09.240> construction<00:05:09.880> space.

00:05:10.240 --> 00:05:13.040
Like<00:05:10.400> they're<00:05:10.560> not<00:05:10.720> going<00:05:10.840> to<00:05:10.880> go<00:05:10.960> home<00:05:11.120> and<00:05:11.280> vibe<00:05:11.600> code<00:05:11.880> their<00:05:12.040> own<00:05:12.200> solution.

00:05:13.040 --> 00:05:18.120
They're<00:05:13.160> not<00:05:13.320> going<00:05:13.440> to<00:05:13.480> stay<00:05:13.720> on<00:05:13.840> top<00:05:14.120> of<00:05:14.240> what's<00:05:14.520> like<00:05:14.720> bleeding<00:05:15.120> edge<00:05:15.840> from<00:05:16.080> a<00:05:16.120> technology<00:05:16.840> standpoint.

00:05:18.120 --> 00:05:23.040
Um,<00:05:18.640> and<00:05:19.600> you<00:05:19.640> know,<00:05:19.760> from<00:05:19.919> a<00:05:19.960> competitive<00:05:20.640> set,<00:05:20.960> like<00:05:21.160> you<00:05:21.280> still<00:05:21.560> need<00:05:21.760> people<00:05:22.120> to<00:05:22.240> sell<00:05:22.480> the<00:05:22.600> product.

00:05:23.040 --> 00:05:30.000
You<00:05:23.120> still<00:05:23.360> need<00:05:23.600> people<00:05:23.880> to<00:05:23.960> service<00:05:24.320> the<00:05:24.440> customers.<00:05:25.480> Like<00:05:26.120> can<00:05:27.120> software<00:05:27.600> businesses<00:05:28.240> be<00:05:28.400> leaner<00:05:29.360> in<00:05:29.480> the<00:05:29.560> future?

00:05:30.000 --> 00:05:38.840
For<00:05:30.200> sure.<00:05:31.240> Um,<00:05:32.000> but<00:05:33.200> yeah,<00:05:33.760> it's<00:05:33.960> going<00:05:34.080> to<00:05:34.160> be<00:05:34.240> really<00:05:34.480> hard<00:05:34.800> to<00:05:34.919> have<00:05:35.200> a,<00:05:36.240> you<00:05:36.320> know,<00:05:36.480> one,<00:05:37.040> one-man<00:05:38.520> or

00:05:38.840 --> 00:05:44.560
or<00:05:38.960> woman<00:05:39.320> show,<00:05:40.360> um,<00:05:40.760> and<00:05:40.919> do<00:05:41.080> everything<00:05:41.640> no<00:05:41.760> matter<00:05:42.000> what<00:05:42.360> and<00:05:42.480> be<00:05:42.600> really<00:05:42.880> successful<00:05:43.480> business.

00:05:44.560 --> 00:05:49.920
Um,<00:05:45.000> especially<00:05:45.480> if<00:05:45.600> you<00:05:45.760> are<00:05:45.919> the<00:05:46.080> operating<00:05:46.600> platform<00:05:47.240> for<00:05:47.440> these<00:05:47.680> companies<00:05:48.200> which<00:05:48.440> we<00:05:48.600> invest<00:05:49.120> in.

00:05:49.920 --> 00:05:58.400
So,<00:05:50.680> yeah,<00:05:51.080> I<00:05:51.160> think<00:05:52.240> it's<00:05:53.080> there's<00:05:53.760> truth<00:05:54.240> to<00:05:54.360> some<00:05:54.640> companies,<00:05:55.280> it's<00:05:55.480> going<00:05:55.640> to,<00:05:56.480> it<00:05:57.040> certainly<00:05:57.800> raised<00:05:58.280> the

00:05:58.400 --> 00:06:06.200
competitive<00:05:58.880> threat,<00:05:59.280> but<00:06:00.080> you<00:06:00.160> know,<00:06:00.280> these<00:06:00.600> are<00:06:01.360> big<00:06:02.160> companies<00:06:02.800> with<00:06:02.960> a<00:06:03.040> lot<00:06:03.320> of<00:06:03.400> money<00:06:04.320> to<00:06:04.520> invest<00:06:05.120> in<00:06:05.280> AI.

00:06:06.200 --> 00:06:11.840
If<00:06:06.360> they<00:06:06.480> do<00:06:06.720> it<00:06:06.920> right,<00:06:07.360> they<00:06:07.520> should<00:06:07.880> be<00:06:08.120> stronger<00:06:08.680> organizations<00:06:09.440> than<00:06:09.600> ever<00:06:09.880> and<00:06:10.000> more<00:06:10.160> profitable<00:06:10.760> than<00:06:10.920> ever.

00:06:11.840 --> 00:06:20.360
Um,<00:06:12.520> so,<00:06:13.680> this<00:06:13.880> is<00:06:14.000> where<00:06:14.120> I<00:06:14.200> kind<00:06:14.360> of<00:06:14.440> think<00:06:14.680> like<00:06:15.000> right<00:06:15.200> now<00:06:16.760> the,<00:06:17.040> the,<00:06:17.520> the,<00:06:17.760> there's<00:06:18.040> still<00:06:18.560> too<00:06:18.720> much,<00:06:19.200> the<00:06:19.320> dust<00:06:19.600> has<00:06:19.760> not<00:06:19.919> completely

00:06:20.360 --> 00:06:28.680
settled,<00:06:20.710> um,<00:06:21.059> but<00:06:21.409> you<00:06:21.758> know,<00:06:22.108> 6<00:06:22.457> to<00:06:22.807> 9<00:06:23.157> months<00:06:23.506> I<00:06:23.856> think<00:06:24.205> people<00:06:24.555> have<00:06:24.904> a<00:06:25.254> lot<00:06:25.603> more<00:06:25.953> clarity<00:06:26.303> on<00:06:26.652> what<00:06:27.002> AI<00:06:27.351> is<00:06:27.701> and<00:06:28.050> isn't<00:06:28.400> and

00:06:28.680 --> 00:06:38.720
how<00:06:28.880> it's<00:06:29.040> going<00:06:29.160> to<00:06:29.200> be,<00:06:30.080> uh,<00:06:30.680> useful<00:06:31.280> to<00:06:31.440> a<00:06:31.520> lot<00:06:31.720> of<00:06:31.800> these<00:06:32.520> existing<00:06:33.080> software<00:06:33.520> companies<00:06:34.080> large<00:06:34.480> and<00:06:34.640> small,<00:06:35.600> um,<00:06:35.840> not,<00:06:36.400> not<00:06:36.640> destructive.

00:06:38.720 --> 00:06:45.400
<00:06:38.993> The<00:06:39.266> companies<00:06:39.539> that<00:06:39.812> are<00:06:40.085> coming<00:06:40.358> to<00:06:40.631> you,<00:06:40.904> uh,<00:06:41.177> looking<00:06:41.450> to<00:06:41.723> raise<00:06:41.997> a<00:06:42.270> Series<00:06:42.543> A<00:06:42.816> are,<00:06:43.089> are<00:06:43.362> you<00:06:43.635> seeing<00:06:43.908> that<00:06:44.181> they<00:06:44.454> need<00:06:44.727> less<00:06:45.000> money?

00:06:45.400 --> 00:06:51.360
Are<00:06:45.520> they<00:06:45.640> asking<00:06:45.919> for<00:06:46.080> less<00:06:46.360> money<00:06:46.560> than<00:06:46.720> maybe<00:06:47.040> 3<00:06:47.280> years<00:06:47.520> ago,<00:06:47.880> 5<00:06:48.160> years<00:06:48.360> ago<00:06:48.600> because<00:06:49.080> of<00:06:49.680> AI's<00:06:50.040> making<00:06:50.320> them<00:06:50.440> more<00:06:50.600> efficient?

00:06:51.360 --> 00:06:59.680
<00:06:51.727> Definitely.<00:06:52.095> Yeah,<00:06:52.462> definitely.<00:06:52.829> Um,<00:06:53.196> and,<00:06:53.564> and<00:06:53.931> it's,<00:06:54.298> it's<00:06:54.665> interesting,<00:06:55.033> like<00:06:55.400> a<00:06:55.767> lot<00:06:56.135> of<00:06:56.502> investors<00:06:56.869> that<00:06:57.236> I've<00:06:57.604> talked<00:06:57.971> to<00:06:58.338> that<00:06:58.705> are<00:06:59.073> upstream<00:06:59.440> from

00:06:59.680 --> 00:07:02.720
us,<00:07:00.200> right?<00:07:01.160> Larger<00:07:01.640> funds.

00:07:02.720 --> 00:07:06.200
Um,<00:07:02.960> they're<00:07:03.160> wondering,<00:07:03.680> "Hey,<00:07:03.840> do<00:07:04.040> we<00:07:04.160> start<00:07:04.480> coming<00:07:04.800> in<00:07:05.280> earlier?"

00:07:06.200 --> 00:07:11.840
And<00:07:07.120> which<00:07:07.320> would<00:07:07.480> mean,<00:07:08.240> you<00:07:08.320> know,<00:07:08.400> potentially<00:07:08.880> more<00:07:09.080> competition<00:07:09.800> for,<00:07:10.280> you<00:07:10.400> know,<00:07:10.520> folks<00:07:10.919> like<00:07:11.120> Blueprint.

00:07:11.840 --> 00:07:16.400
I<00:07:11.919> don't<00:07:12.120> see<00:07:12.240> them<00:07:12.600> doing<00:07:12.880> it<00:07:12.960> anytime<00:07:13.360> soon<00:07:13.720> because<00:07:14.000> their<00:07:14.160> funds<00:07:14.440> are<00:07:14.560> just<00:07:14.760> way<00:07:14.880> too<00:07:15.120> big<00:07:15.320> for<00:07:15.440> it<00:07:15.520> to<00:07:15.600> make<00:07:15.760> sense.

00:07:16.400 --> 00:07:24.520
But<00:07:16.560> I<00:07:16.600> think<00:07:16.840> what<00:07:17.680> they're<00:07:18.560> thinking<00:07:19.000> through<00:07:19.320> is,<00:07:20.080> you<00:07:20.280> know,<00:07:20.720> am<00:07:20.919> I<00:07:21.000> going<00:07:21.120> to,<00:07:21.440> if<00:07:21.640> I<00:07:21.680> don't<00:07:22.120> invest<00:07:22.680> in<00:07:22.800> like<00:07:23.040> a<00:07:23.120> Series<00:07:23.600> A<00:07:23.880> or<00:07:24.440> you

00:07:24.520 --> 00:07:31.360
know,<00:07:24.600> an<00:07:24.720> early<00:07:24.960> round<00:07:25.240> like<00:07:25.440> that,<00:07:26.640> are<00:07:26.800> they<00:07:27.280> ever<00:07:27.480> going<00:07:27.600> to<00:07:27.720> need<00:07:28.200> a<00:07:28.280> B<00:07:28.840> or<00:07:29.080> a<00:07:29.120> C<00:07:29.720> or<00:07:29.919> a<00:07:30.000> D,<00:07:30.880> you<00:07:31.000> know?

00:07:31.360 --> 00:07:39.680
Or<00:07:31.680> do<00:07:31.880> companies<00:07:32.440> now,<00:07:32.720> because<00:07:33.440> you<00:07:33.560> can<00:07:33.880> be<00:07:34.040> so<00:07:34.200> much<00:07:34.440> more<00:07:34.560> efficient,<00:07:35.560> do<00:07:35.720> companies<00:07:36.640> just<00:07:36.840> get<00:07:37.000> that<00:07:37.200> Series<00:07:37.640> A,<00:07:38.440> you<00:07:38.560> know,<00:07:38.680> use<00:07:38.960> it<00:07:39.080> for<00:07:39.240> that<00:07:39.520> kind

00:07:39.680 --> 00:07:48.600
of<00:07:39.760> initial<00:07:40.400> launch<00:07:41.120> growth,<00:07:42.160> um,<00:07:42.840> and<00:07:43.520> then<00:07:44.120> you<00:07:44.200> know<00:07:44.320> get<00:07:44.520> to<00:07:44.600> profitability<00:07:45.320> and<00:07:45.480> self-sustainability<00:07:46.440> and<00:07:46.840> and<00:07:47.600> never<00:07:47.880> need

00:07:48.600 --> 00:07:57.600
those<00:07:48.840> additional<00:07:49.200> rounds<00:07:49.440> of<00:07:49.520> capital.<00:07:50.720> Um,<00:07:51.760> I<00:07:51.840> don't,<00:07:52.080> you<00:07:52.160> know,<00:07:53.240> I<00:07:53.400> don't<00:07:53.560> think<00:07:53.680> it's<00:07:53.800> going<00:07:53.920> to<00:07:54.640> go<00:07:54.840> that<00:07:55.120> extreme<00:07:55.520> anytime<00:07:55.920> soon<00:07:56.240> at<00:07:56.400> all,<00:07:56.880> but

00:07:57.600 --> 00:08:05.960
um,<00:07:57.760> but<00:07:57.920> I,<00:07:58.120> I<00:07:58.320> absolutely,<00:07:59.760> uh,<00:07:59.840> agree<00:08:00.480> that<00:08:01.080> businesses,<00:08:01.880> you<00:08:02.000> can<00:08:02.160> do<00:08:03.280> more,<00:08:03.600> cheaper,<00:08:04.120> quicker,<00:08:05.160> and<00:08:05.360> so<00:08:05.520> of<00:08:05.640> course

00:08:05.960 --> 00:08:09.560
you<00:08:06.080> should<00:08:06.600> have<00:08:06.800> to<00:08:06.920> raise<00:08:07.200> less<00:08:07.480> money.

00:08:09.560 --> 00:08:13.240
<00:08:09.814> You're<00:08:10.069> in<00:08:10.323> an<00:08:10.577> interesting,<00:08:10.831> uh,<00:08:11.086> part<00:08:11.340> of<00:08:11.594> the<00:08:11.849> market<00:08:12.103> too<00:08:12.357> where<00:08:12.611> they've<00:08:12.866> established<00:08:13.120> it.

00:08:13.240 --> 00:08:18.840
They've<00:08:13.440> shown<00:08:13.760> traction.<00:08:14.320> They<00:08:14.480> have<00:08:14.720> customers.<00:08:15.400> They<00:08:15.560> have<00:08:16.240> ARR<00:08:16.919> as<00:08:17.040> you're,<00:08:17.280> as<00:08:17.440> you<00:08:17.560> were<00:08:17.640> saying.

00:08:18.840 --> 00:08:23.040
Um,<00:08:19.212> but<00:08:19.584> still<00:08:19.956> it,<00:08:20.328> you<00:08:20.700> know,<00:08:21.072> everybody<00:08:21.444> talks<00:08:21.816> about<00:08:22.188> the<00:08:22.560> SaaS-pocalypse.

00:08:23.040 --> 00:08:31.320
There<00:08:23.120> might<00:08:23.280> be<00:08:23.400> a<00:08:23.440> bit<00:08:23.600> of<00:08:23.680> a<00:08:23.760> VC<00:08:24.840> apocalypse,<00:08:25.760> you<00:08:25.880> know,<00:08:26.280> given<00:08:26.880> AI<00:08:27.240> might<00:08:27.520> make<00:08:27.720> it<00:08:27.840> a<00:08:27.880> little<00:08:28.120> bit,<00:08:29.040> um,<00:08:29.680> easier<00:08:30.360> to<00:08:30.520> do<00:08:30.800> things<00:08:31.160> with

00:08:31.320 --> 00:08:36.120
less<00:08:31.560> money,<00:08:32.200> right?<00:08:32.840> It<00:08:32.880> might,<00:08:33.320> it<00:08:33.479> definitely<00:08:33.880> is<00:08:34.680> in<00:08:34.800> a<00:08:34.840> lot<00:08:35.039> of<00:08:35.120> businesses.

00:08:36.120 --> 00:08:39.719
So<00:08:36.280> give<00:08:36.440> me<00:08:36.680> your<00:08:36.840> sense<00:08:37.120> for<00:08:37.240> like<00:08:37.680> the<00:08:37.760> state<00:08:38.039> of<00:08:38.120> the<00:08:38.200> venture<00:08:38.640> community.

00:08:39.719 --> 00:08:48.400
<00:08:40.011> Yeah,<00:08:40.303> state<00:08:40.595> of<00:08:40.887> venture<00:08:41.178> generally.<00:08:41.470> <00:08:41.762> Well,<00:08:42.054> so<00:08:42.346> you<00:08:42.638> know,<00:08:42.930> we<00:08:43.222> think<00:08:43.514> we're<00:08:43.805> like,<00:08:44.097> if<00:08:44.389> you<00:08:44.681> go<00:08:44.973> on<00:08:45.265> our<00:08:45.557> website,<00:08:45.849> we<00:08:46.141> say<00:08:46.432> kind<00:08:46.724> of<00:08:47.016> tongue-in-cheek<00:08:47.308> that<00:08:47.600> we're

00:08:48.400 --> 00:08:53.680
tongue-in-cheek<00:08:49.000> that<00:08:49.160> we're<00:08:49.400> anti-VC,<00:08:51.000> um,<00:08:51.600> because<00:08:51.920> I<00:08:51.960> don't<00:08:52.120> really<00:08:52.320> believe<00:08:52.680> in<00:08:52.800> that<00:08:53.040> model.

00:08:53.680 --> 00:09:00.400
Uh,<00:08:53.760> it's<00:08:53.920> a<00:08:53.960> different<00:08:54.240> model<00:08:54.560> than<00:08:54.720> growth<00:08:55.000> equity.<00:08:55.680> I<00:08:55.760> know<00:08:55.880> there<00:08:56.000> are<00:08:56.080> like<00:08:56.280> slight<00:08:56.600> nuances<00:08:57.240> to<00:08:57.520> people<00:08:57.839> who<00:08:57.920> aren't<00:08:58.120> familiar,<00:08:58.600> but<00:08:59.320> venture<00:08:59.640> capital<00:09:00.040> is<00:09:00.160> more

00:09:00.400 --> 00:09:09.320
so<00:09:00.720> like,<00:09:01.400> here,<00:09:01.720> I'm<00:09:01.839> going<00:09:01.960> to,<00:09:02.720> you<00:09:02.760> know,<00:09:03.440> I'm<00:09:03.640> oversimplifying,<00:09:04.560> but<00:09:04.720> I'm,<00:09:04.960> I'm<00:09:05.120> going<00:09:05.240> to<00:09:05.600> make,<00:09:06.520> you<00:09:06.560> know,<00:09:06.720> 30<00:09:07.040> bets,<00:09:07.480> throw<00:09:07.720> 30<00:09:08.040> darts,<00:09:08.680> 27

00:09:09.320 --> 00:09:17.520
of<00:09:09.400> them<00:09:09.960> are<00:09:10.120> going<00:09:10.280> to<00:09:10.360> be,<00:09:11.360> you<00:09:11.440> know,<00:09:11.600> zeros<00:09:12.320> or<00:09:12.440> next<00:09:12.839> to,<00:09:13.320> next<00:09:13.640> to<00:09:13.760> zeros,<00:09:14.240> but<00:09:14.400> I'll<00:09:14.520> have<00:09:14.680> like<00:09:14.920> two<00:09:15.080> or<00:09:15.200> three<00:09:15.520> really<00:09:15.800> big<00:09:16.040> winners<00:09:16.920> that<00:09:17.120> end<00:09:17.240> up<00:09:17.320> being

00:09:17.520 --> 00:09:19.680
unicorns<00:09:18.080> that<00:09:18.200> compensate<00:09:18.760> for<00:09:18.880> all<00:09:19.000> those<00:09:19.200> losses.

00:09:19.680 --> 00:09:25.920
So<00:09:19.800> their<00:09:20.040> loss<00:09:20.360> ratio<00:09:20.760> is<00:09:20.880> like<00:09:21.080> an<00:09:21.280> 80,<00:09:22.000> 80%,<00:09:23.040> but<00:09:23.160> those<00:09:23.320> 20%<00:09:24.160> are,<00:09:24.520> are<00:09:24.640> hopefully<00:09:24.960> very<00:09:25.200> big.

00:09:25.920 --> 00:09:34.720
Ours,<00:09:26.600> it,<00:09:26.960> our<00:09:27.080> strategy<00:09:27.480> is<00:09:27.560> very<00:09:27.800> different<00:09:28.200> where<00:09:28.839> we<00:09:29.040> do<00:09:29.400> focus<00:09:29.839> a<00:09:29.920> lot<00:09:30.200> on<00:09:30.320> the<00:09:30.400> fundamentals<00:09:31.000> of<00:09:31.040> the<00:09:31.120> business,<00:09:31.720> the<00:09:32.680> financials<00:09:33.360> of<00:09:33.440> the<00:09:33.560> business,<00:09:34.640> uh,

00:09:34.720 --> 00:09:40.000
the<00:09:34.800> track<00:09:35.120> record,<00:09:35.440> and<00:09:35.520> even<00:09:35.720> though<00:09:35.800> they're<00:09:36.000> young,<00:09:36.480> I'd<00:09:36.640> say<00:09:36.880> like<00:09:37.080> in<00:09:37.160> their<00:09:37.320> adolescence,<00:09:37.960> they're<00:09:38.080> not<00:09:38.320> brand<00:09:38.640> new<00:09:38.800> businesses.

00:09:40.000 --> 00:09:42.760
Um,<00:09:40.520> we're<00:09:40.680> not<00:09:40.960> just<00:09:41.240> betting<00:09:41.520> on,<00:09:41.760> "Hey,<00:09:41.920> I<00:09:42.000> like<00:09:42.240> this<00:09:42.440> market.

00:09:42.760 --> 00:09:47.280
I<00:09:42.800> like<00:09:43.000> this<00:09:43.240> entrepreneur."<00:09:43.720> We're<00:09:43.880> betting<00:09:44.160> on,<00:09:44.760> "This<00:09:44.960> is<00:09:45.160> a,<00:09:45.640> a<00:09:45.760> solid<00:09:46.240> business."

00:09:47.280 --> 00:09:50.360
Uh,<00:09:47.480> and<00:09:47.600> of<00:09:47.720> course,<00:09:48.080> do<00:09:48.200> we<00:09:48.280> like<00:09:48.520> that<00:09:48.840> the<00:09:48.960> market<00:09:49.280> and<00:09:49.360> the<00:09:49.400> entrepreneur?

00:09:50.360 --> 00:09:53.080
But<00:09:50.480> what<00:09:50.560> we<00:09:50.640> lead<00:09:50.960> with<00:09:51.160> is<00:09:51.360> this<00:09:51.560> is<00:09:51.680> solid<00:09:52.000> business.

00:09:53.080 --> 00:10:01.000
And<00:09:53.240> so<00:09:53.640> our<00:09:54.080> loss<00:09:54.440> ratios<00:09:54.880> are,<00:09:55.080> are<00:09:55.560> should<00:09:55.880> be<00:09:56.280> a<00:09:56.360> lot<00:09:56.640> more<00:09:56.840> like<00:09:58.280> upstream<00:09:58.760> private<00:09:59.080> equity,<00:09:59.400> which<00:09:59.600> is<00:09:59.720> the,<00:10:00.120> the<00:10:00.280> inverse<00:10:00.720> of<00:10:00.840> that.

00:10:01.000 --> 00:10:04.360
It's<00:10:01.280> 80%<00:10:02.320> win,<00:10:02.880> 20%<00:10:03.560> loss.

00:10:04.360 --> 00:10:10.000
So,<00:10:04.649> uh,<00:10:04.939> Sorry<00:10:05.228> for<00:10:05.518> the,<00:10:05.807> the<00:10:06.096> tangent,<00:10:06.386> but,<00:10:06.675> but<00:10:06.965> I<00:10:07.254> want<00:10:07.544> to<00:10:07.833> make<00:10:08.122> sure<00:10:08.412> <00:10:08.701> that's<00:10:08.991> super<00:10:09.280> useful.

00:10:10.000 --> 00:10:18.160
Yeah,<00:10:10.447> that's<00:10:10.893> super<00:10:11.340> useful.<00:10:11.787> <00:10:12.233> uh,<00:10:12.680> So,<00:10:13.127> y-<00:10:13.573> yeah,<00:10:14.020> I,<00:10:14.467> I<00:10:14.913> think<00:10:15.360> So<00:10:15.807> I<00:10:16.253> can<00:10:16.700> say<00:10:17.147> right<00:10:17.593> now,<00:10:18.040> you

00:10:18.160 --> 00:10:27.240
know,<00:10:18.280> we've<00:10:18.440> been<00:10:18.640> fortunate<00:10:19.200> to<00:10:19.280> have<00:10:19.440> some<00:10:19.600> really<00:10:19.800> great<00:10:20.000> investors<00:10:20.600> and<00:10:20.720> some,<00:10:21.280> um,<00:10:21.880> uh,<00:10:22.520> and,<00:10:22.920> and<00:10:23.080> very<00:10:23.320> positive<00:10:23.760> results,<00:10:24.320> which<00:10:24.480> have<00:10:24.600> made<00:10:25.320> getting<00:10:25.560> those<00:10:25.800> investors

00:10:27.240 --> 00:10:30.240
um<00:10:27.560> relatively<00:10:28.200> easy<00:10:28.480> compared<00:10:28.840> to<00:10:28.920> other<00:10:29.120> funds.

00:10:30.240 --> 00:10:39.560
The,<00:10:30.840> I,<00:10:30.960> I<00:10:31.000> would<00:10:31.160> say<00:10:31.360> other<00:10:31.720> funds<00:10:32.120> that<00:10:32.240> have<00:10:32.520> are<00:10:32.720> ra-<00:10:33.080> out-raising<00:10:33.760> right<00:10:34.000> now<00:10:34.720> would<00:10:34.960> say<00:10:35.280> that<00:10:35.680> it's<00:10:36.240> i-<00:10:36.400> i-<00:10:36.720> it's<00:10:37.000> a<00:10:37.080> lot<00:10:37.560> tougher<00:10:37.960> to<00:10:38.200> raise<00:10:38.480> capital.

00:10:39.560 --> 00:10:43.720
Um,<00:10:39.839> especially<00:10:40.600> for<00:10:40.880> those<00:10:41.240> new<00:10:41.520> funds,<00:10:42.400> right?

00:10:43.720 --> 00:10:49.400
Which<00:10:44.000> we<00:10:44.160> were<00:10:44.560> 8<00:10:44.800> years<00:10:45.040> ago<00:10:45.320> and,<00:10:45.640> and<00:10:45.720> we<00:10:45.800> could<00:10:45.960> talk<00:10:46.160> about<00:10:46.360> that,<00:10:46.600> but<00:10:46.760> it,<00:10:46.880> it's,<00:10:47.200> it's<00:10:47.520> never<00:10:47.920> easy<00:10:48.200> to<00:10:48.320> raise<00:10:48.520> a<00:10:48.600> first-time<00:10:49.080> fund.

00:10:49.400 --> 00:10:52.680
I<00:10:49.440> think<00:10:49.680> right<00:10:49.839> now<00:10:50.080> it's<00:10:50.960> next<00:10:51.320> to<00:10:51.440> impossible.

00:10:52.680 --> 00:10:59.520
Um,<00:10:54.360> y-<00:10:54.640> you<00:10:54.760> know,<00:10:54.920> at<00:10:55.120> least<00:10:55.560> within<00:10:56.000> the<00:10:56.240> kind<00:10:56.440> of<00:10:56.520> like<00:10:56.720> software<00:10:57.160> ecosystem<00:10:57.760> because<00:10:58.040> things<00:10:58.280> are<00:10:58.360> changing<00:10:58.880> so<00:10:59.080> quickly.

00:10:59.520 --> 00:11:08.640
There<00:11:00.160> a<00:11:00.240> lot<00:11:00.520> of<00:11:00.640> investors<00:11:01.360> are,<00:11:01.760> you<00:11:01.880> know,<00:11:02.040> fleeing<00:11:02.480> for<00:11:02.680> safety,<00:11:03.240> which<00:11:03.520> is<00:11:04.200> the<00:11:04.320> stateful,<00:11:05.000> the<00:11:05.120> people<00:11:05.440> who<00:11:05.520> have<00:11:05.640> been<00:11:05.839> there<00:11:06.000> for<00:11:06.160> multiple<00:11:06.640> funds<00:11:07.160> and,<00:11:07.920> um,

00:11:08.640 --> 00:11:17.080
and<00:11:08.800> so<00:11:09.000> what<00:11:09.240> will<00:11:09.400> that<00:11:09.640> do?<00:11:10.440> Y-<00:11:10.720> yeah,<00:11:11.320> I<00:11:11.440> think<00:11:11.640> it<00:11:12.160> you'll<00:11:12.560> absolutely<00:11:13.080> see<00:11:13.360> the<00:11:13.480> number<00:11:13.920> of<00:11:14.160> firms<00:11:15.640> decrease.

00:11:17.080 --> 00:11:20.280
Um,<00:11:18.120> but<00:11:18.920> it's<00:11:18.960> not<00:11:19.120> going<00:11:19.240> to<00:11:19.320> happen<00:11:19.600> overnight.

00:11:20.280 --> 00:11:28.920
Like<00:11:20.560> these<00:11:20.760> funds<00:11:21.200> raise,<00:11:21.839> you<00:11:21.920> know,<00:11:22.040> it's<00:11:23.120> you<00:11:23.240> raise<00:11:23.480> a<00:11:23.520> fund<00:11:24.000> and,<00:11:24.320> and<00:11:24.480> you're<00:11:24.640> around<00:11:25.080> for,<00:11:25.640> you<00:11:25.760> know,<00:11:25.880> at<00:11:26.000> least<00:11:26.720> it's<00:11:26.960> usually<00:11:27.280> 10-year<00:11:27.720> fund.

00:11:28.920 --> 00:11:38.240
Um,<00:11:29.240> and<00:11:29.440> so<00:11:30.400> y-<00:11:30.680> you<00:11:30.800> know,<00:11:31.080> even<00:11:31.360> if<00:11:31.520> it's<00:11:31.800> really<00:11:32.920> difficult<00:11:33.480> to,<00:11:34.720> you<00:11:35.080> know,<00:11:35.240> raise<00:11:35.560> an<00:11:35.640> X<00:11:35.920> fund,<00:11:36.960> um,

00:11:38.240 --> 00:11:43.760
for<00:11:38.400> some<00:11:38.680> folks<00:11:39.000> that<00:11:39.160> don't<00:11:39.400> have<00:11:39.560> the<00:11:39.680> results,<00:11:40.360> then<00:11:41.320> yeah,<00:11:41.480> it's<00:11:41.640> going<00:11:41.760> to<00:11:41.840> be<00:11:41.920> a<00:11:41.960> while<00:11:42.360> till<00:11:42.520> you<00:11:42.600> see<00:11:42.800> that<00:11:43.120> that<00:11:43.280> drop<00:11:43.600> off.

00:11:43.760 --> 00:11:52.040
And<00:11:43.880> it<00:11:43.960> could,<00:11:44.080> like<00:11:44.320> where,<00:11:44.480> where,<00:11:44.680> where<00:11:45.040> you'll<00:11:45.240> see<00:11:45.400> it<00:11:45.520> first<00:11:45.880> is<00:11:46.160> like<00:11:46.360> I<00:11:46.440> said,<00:11:46.720> those<00:11:47.000> like<00:11:47.240> first-time<00:11:47.800> funds,<00:11:48.840> um,<00:11:49.880> at<00:11:50.040> least<00:11:50.400> for<00:11:50.560> now<00:11:51.120> are<00:11:51.240> not<00:11:51.440> getting<00:11:51.680> done.

00:11:52.040 --> 00:12:01.600
But<00:11:52.200> again,<00:11:53.120> I<00:11:53.200> don't<00:11:53.440> know<00:11:53.600> how<00:11:53.760> much<00:11:54.040> of<00:11:54.160> this<00:11:54.400> is<00:11:54.560> just<00:11:54.800> a<00:11:54.880> temporary,<00:11:56.200> uh,<00:11:56.680> kind<00:11:56.880> of<00:11:57.280> flight<00:11:57.600> to<00:11:57.720> safety<00:11:58.720> versus<00:11:59.120> a<00:11:59.200> long-term,<00:12:00.720> uh,

00:12:01.600 --> 00:12:10.040
you<00:12:01.720> know,<00:12:01.800> new<00:12:02.040> world.<00:12:02.920> I,<00:12:03.120> I<00:12:03.240> also<00:12:03.560> think<00:12:03.920> like<00:12:04.120> there's<00:12:04.360> going<00:12:04.480> to<00:12:04.560> be<00:12:04.680> a<00:12:04.760> new<00:12:05.080> wave<00:12:06.440> of,<00:12:07.280> of<00:12:07.480> new<00:12:07.680> firms,<00:12:08.840> uh,<00:12:09.200> or<00:12:09.440> of<00:12:09.520> at<00:12:09.640> least

00:12:10.040 --> 00:12:18.160
in,<00:12:10.280> of<00:12:10.440> investment<00:12:11.240> in,<00:12:11.840> like<00:12:12.040> I<00:12:12.080> said,<00:12:12.400> like<00:12:12.640> this<00:12:13.960> opper,<00:12:14.560> you<00:12:14.680> know,<00:12:14.960> it's,<00:12:15.280> it's<00:12:15.520> a<00:12:15.560> scary<00:12:15.960> time,<00:12:16.240> but<00:12:16.360> it's<00:12:16.520> also<00:12:17.000> an<00:12:17.120> exciting<00:12:17.600> time.

00:12:18.160 --> 00:12:27.520
Like<00:12:18.480> there<00:12:18.920> is<00:12:19.200> the<00:12:19.400> opportunity<00:12:20.240> to<00:12:20.360> make<00:12:20.640> more<00:12:20.920> money<00:12:21.680> than<00:12:21.920> ever<00:12:22.600> as<00:12:22.840> a<00:12:22.920> software<00:12:23.440> investor<00:12:24.200> if<00:12:24.360> you<00:12:24.520> do<00:12:24.720> things<00:12:25.080> right<00:12:25.640> because<00:12:25.960> software<00:12:26.600> is

00:12:27.520 --> 00:12:31.320
truly<00:12:28.400> like<00:12:28.720> taking<00:12:29.120> over<00:12:29.360> the<00:12:29.480> world<00:12:30.080> in<00:12:30.200> every<00:12:30.480> aspect<00:12:30.960> of<00:12:31.080> it.

00:12:31.320 --> 00:12:37.760
And<00:12:31.880> no<00:12:32.040> matter<00:12:32.240> where<00:12:32.360> you<00:12:32.480> sit<00:12:32.720> on<00:12:32.880> this<00:12:33.760> from<00:12:34.360> political<00:12:34.760> standpoint,<00:12:35.680> it<00:12:35.839> is<00:12:36.160> taking<00:12:36.960> jobs.

00:12:37.760 --> 00:12:47.640
And<00:12:38.200> the<00:12:38.320> software<00:12:38.920> vertical<00:12:39.360> software<00:12:39.800> market<00:12:40.680> is,<00:12:41.440> you<00:12:41.600> know,<00:12:42.920> 5%<00:12:44.160> of<00:12:44.360> what<00:12:44.760> the<00:12:45.360> potential<00:12:47.440> of

00:12:47.640 --> 00:12:53.760
what<00:12:47.800> it<00:12:47.880> could<00:12:48.000> potentially<00:12:48.520> be<00:12:48.680> in<00:12:48.800> 5<00:12:49.040> to<00:12:49.160> 10<00:12:49.400> years<00:12:49.760> because<00:12:50.440> of<00:12:50.839> all<00:12:50.960> the<00:12:51.080> things<00:12:51.440> that<00:12:51.600> it<00:12:51.720> will<00:12:51.920> be<00:12:52.080> able<00:12:52.280> to<00:12:52.400> do<00:12:52.600> and<00:12:52.760> take<00:12:53.040> over.

00:12:53.760 --> 00:13:02.880
And<00:12:54.440> and<00:12:54.520> again,<00:12:54.720> I'm<00:12:54.800> not<00:12:55.000> saying<00:12:55.200> that's<00:12:55.480> right<00:12:55.720> or<00:12:55.839> wrong,<00:12:56.640> but<00:12:57.680> um<00:12:58.320> but<00:12:58.480> if<00:12:58.640> you're,<00:12:59.040> you<00:12:59.160> know,<00:12:59.320> I<00:12:59.440> think<00:12:59.680> the<00:12:59.839> last<00:13:00.240> thing<00:13:00.400> you<00:13:00.560> should<00:13:00.839> do<00:13:01.320> as<00:13:01.680> a<00:13:01.800> software

00:13:02.880 --> 00:13:11.080
or<00:13:03.120> as<00:13:03.320> an<00:13:03.440> investor<00:13:04.000> in<00:13:04.160> general<00:13:04.760> is<00:13:04.960> to<00:13:05.080> say,<00:13:05.560> oh,<00:13:05.720> I'm<00:13:05.880> not<00:13:06.120> going<00:13:06.240> to<00:13:06.280> invest<00:13:06.640> in<00:13:06.720> software<00:13:07.160> right<00:13:07.320> now<00:13:07.880> 'cause<00:13:08.120> AI<00:13:08.440> is<00:13:08.640> software,<00:13:09.480> you<00:13:09.600> know,<00:13:09.880> so<00:13:10.200> it's<00:13:10.360> like<00:13:10.880> you

00:13:11.080 --> 00:13:20.240
may<00:13:11.520> I<00:13:11.640> you<00:13:11.839> will<00:13:12.120> be<00:13:12.320> missing<00:13:12.720> out<00:13:13.320> on<00:13:14.600> what<00:13:15.200> the,<00:13:15.880> you<00:13:16.000> know,<00:13:16.280> biggest<00:13:17.600> uh<00:13:18.200> investment<00:13:18.720> opportunity<00:13:19.600> since,

00:13:20.240 --> 00:13:23.600
you<00:13:20.400> know,<00:13:21.000> in<00:13:21.160> my<00:13:21.360> opinion,<00:13:22.200> the<00:13:22.400> internet.

00:13:23.600 --> 00:13:32.520
And<00:13:23.800> so<00:13:25.400> So<00:13:25.600> yeah,<00:13:26.040> it's<00:13:26.600> I<00:13:26.800> I<00:13:26.839> know<00:13:27.040> that<00:13:27.160> was<00:13:27.320> little<00:13:27.560> couple<00:13:27.880> different<00:13:28.160> tangents,<00:13:28.680> but<00:13:29.000> it's<00:13:29.280> a,<00:13:29.760> you<00:13:29.880> know,<00:13:30.200> it's<00:13:30.600> it's<00:13:30.840> just<00:13:31.080> a<00:13:31.120> wild<00:13:31.880> time

00:13:32.520 --> 00:13:41.920
and<00:13:32.680> it's<00:13:32.840> going<00:13:32.960> to<00:13:33.840> uh<00:13:34.640> you<00:13:34.760> know,<00:13:35.080> some<00:13:35.720> some<00:13:35.920> firms<00:13:36.320> will<00:13:37.320> hurt<00:13:37.560> from<00:13:37.720> it<00:13:37.840> at<00:13:37.960> least<00:13:38.280> in<00:13:38.360> the<00:13:38.440> short<00:13:38.720> term,<00:13:39.000> but<00:13:39.120> I<00:13:39.160> think<00:13:39.400> in<00:13:39.440> the<00:13:39.560> long<00:13:39.800> term<00:13:40.800> uh

00:13:41.920 --> 00:13:49.040
investors<00:13:42.440> are<00:13:42.520> going<00:13:42.640> to<00:13:42.680> be<00:13:42.760> pretty<00:13:43.000> happy<00:13:43.320> that<00:13:43.520> they<00:13:43.880> they<00:13:44.040> kept<00:13:44.400> their<00:13:45.240> uh<00:13:45.880> the<00:13:46.000> right<00:13:46.360> software<00:13:47.440> GPs.

00:13:49.040 --> 00:13:55.760
And<00:13:49.160> it's<00:13:49.360> it's<00:13:49.560> such<00:13:49.800> a<00:13:50.200> fast<00:13:50.720> shift<00:13:51.040> that<00:13:51.200> happened<00:13:51.520> 'cause<00:13:51.640> I<00:13:51.680> remember<00:13:52.000> like<00:13:52.160> 2021,<00:13:53.280> 2022,<00:13:53.920> like<00:13:54.120> everybody<00:13:54.600> was<00:13:54.760> starting<00:13:55.080> a<00:13:55.120> fund.

00:13:55.760 --> 00:14:02.760
Yeah,<00:13:56.000> yeah.<00:13:56.680> And<00:13:56.760> it<00:13:56.840> was<00:13:56.960> pretty<00:13:57.240> easy<00:13:57.840> to<00:13:57.960> start<00:13:58.200> a<00:13:58.240> fund<00:13:58.680> and<00:13:58.840> now,<00:13:59.160> like<00:13:59.400> you<00:13:59.520> said,<00:13:59.720> it's<00:13:59.880> next<00:14:00.120> to<00:14:00.200> impossible<00:14:01.200> to<00:14:01.320> start<00:14:01.560> a<00:14:01.640> fund.

00:14:02.760 --> 00:14:05.200
And<00:14:02.880> so,<00:14:03.000> it<00:14:03.080> will<00:14:03.240> be<00:14:03.360> interesting<00:14:03.800> to<00:14:03.880> see<00:14:04.200> how<00:14:04.360> that<00:14:04.600> changes.

00:14:05.200 --> 00:14:08.600
What<00:14:05.440> verticals<00:14:05.920> are<00:14:06.040> you<00:14:06.200> super<00:14:06.600> excited<00:14:07.120> about?

00:14:08.600 --> 00:14:14.240
Yeah,<00:14:08.760> we've<00:14:09.040> always<00:14:09.400> liked<00:14:10.040> So,<00:14:10.240> we<00:14:10.520> really<00:14:10.840> like<00:14:11.520> vertical<00:14:12.000> operating<00:14:12.520> systems<00:14:13.040> or<00:14:13.160> systems<00:14:13.720> of<00:14:13.760> record.

00:14:14.240 --> 00:14:21.160
So,<00:14:15.400> um<00:14:16.440> we've<00:14:17.040> oh<00:14:17.240> we've<00:14:17.600> made<00:14:17.840> 26<00:14:18.360> investments<00:14:18.880> now<00:14:19.040> across<00:14:19.680> the<00:14:19.840> three<00:14:20.080> funds.

00:14:21.160 --> 00:14:24.240
Uh<00:14:22.160> all<00:14:22.720> almost<00:14:23.200> all<00:14:23.360> of<00:14:23.480> them<00:14:23.640> have<00:14:23.760> been<00:14:23.960> there.

00:14:24.240 --> 00:14:32.240
We've<00:14:24.400> had<00:14:24.520> a<00:14:24.560> couple<00:14:25.040> horizontal<00:14:26.040> software<00:14:26.480> platforms,<00:14:27.040> but<00:14:27.160> for<00:14:27.280> the<00:14:27.360> most<00:14:27.600> part,<00:14:27.840> they're<00:14:27.960> these<00:14:28.200> vertical<00:14:29.080> mission-critical<00:14:29.960> software<00:14:30.440> platforms<00:14:31.160> to<00:14:31.400> these

00:14:32.240 --> 00:14:36.200
uh<00:14:32.880> uh<00:14:33.120> that<00:14:33.360> sell<00:14:33.640> to,<00:14:34.120> you<00:14:34.360> know,<00:14:34.440> kind<00:14:34.600> of<00:14:34.680> unique<00:14:34.960> industries.

00:14:36.200 --> 00:14:38.680
Um<00:14:36.360> so,<00:14:36.720> we<00:14:36.920> very<00:14:37.240> much<00:14:37.560> like<00:14:37.839> that.

00:14:38.680 --> 00:14:46.920
Uh<00:14:39.560> we<00:14:39.680> liked<00:14:39.880> it<00:14:39.960> before,<00:14:40.920> you<00:14:41.040> know,<00:14:41.160> I'm<00:14:41.680> I<00:14:41.720> think<00:14:41.960> we<00:14:42.080> like<00:14:42.320> it<00:14:42.400> even<00:14:42.640> more<00:14:43.440> in<00:14:43.560> this<00:14:43.760> new<00:14:43.960> world<00:14:44.920> um<00:14:45.400> because<00:14:46.839> you

00:14:46.920 --> 00:14:54.040
know,<00:14:47.040> you<00:14:47.280> want<00:14:47.560> to<00:14:47.640> be<00:14:47.920> in<00:14:48.080> the<00:14:48.200> workflow.<00:14:49.280> Um<00:14:49.560> there's<00:14:49.760> two<00:14:49.960> things<00:14:50.320> and<00:14:50.520> I'm<00:14:50.640> not<00:14:50.839> the<00:14:50.880> only<00:14:51.080> one<00:14:51.200> that'll<00:14:51.400> tell<00:14:51.560> you<00:14:51.640> this,<00:14:51.880> but<00:14:52.440> you<00:14:52.560> want<00:14:52.680> to<00:14:52.760> be<00:14:52.880> in<00:14:52.960> the<00:14:53.040> workflow.

00:14:54.040 --> 00:15:02.480
Um<00:14:54.320> so,<00:14:55.200> um<00:14:56.120> you<00:14:56.320> the<00:14:56.480> closer<00:14:57.040> you<00:14:57.240> are<00:14:57.720> to<00:14:58.080> the<00:14:58.480> like<00:14:58.800> operating<00:14:59.320> system<00:14:59.720> mission<00:15:00.040> criticality<00:15:00.760> key<00:15:02.040> being

00:15:02.480 --> 00:15:08.160
like<00:15:02.960> in<00:15:03.240> the<00:15:03.320> middle<00:15:03.720> of<00:15:04.000> their<00:15:04.360> day-to-day<00:15:05.680> operations,<00:15:07.120> the<00:15:07.200> better.

00:15:08.160 --> 00:15:16.520
Um<00:15:08.680> and<00:15:08.800> then<00:15:08.920> you<00:15:09.000> also<00:15:09.280> want<00:15:09.480> to<00:15:09.560> get<00:15:09.839> access<00:15:10.240> to<00:15:10.400> proprietary<00:15:11.120> data<00:15:11.600> that,<00:15:12.120> you<00:15:12.200> know,<00:15:12.640> the<00:15:12.839> broader,<00:15:13.520> you<00:15:13.640> know,<00:15:13.960> Anthropic's<00:15:14.680> and<00:15:14.800> Claude's<00:15:15.320> don't<00:15:15.640> have.

00:15:16.520 --> 00:15:24.880
And<00:15:16.600> if<00:15:16.720> you<00:15:16.839> have<00:15:17.040> those<00:15:17.280> two<00:15:17.480> things,<00:15:17.960> that<00:15:18.160> starts<00:15:18.520> to<00:15:18.640> build<00:15:18.880> a<00:15:18.960> pretty<00:15:19.680> solid<00:15:20.120> flywheel<00:15:21.320> um<00:15:21.720> for,<00:15:22.280> you<00:15:22.400> know,<00:15:22.520> as<00:15:22.640> far<00:15:22.840> as<00:15:22.960> your<00:15:23.080> moat<00:15:23.760> or<00:15:23.880> your,<00:15:24.400> uh,<00:15:24.720> your

00:15:24.880 --> 00:15:32.200
differentiation.<00:15:26.720> So,<00:15:27.080> that's<00:15:27.480> where<00:15:27.680> we<00:15:28.800> want<00:15:29.040> to<00:15:29.120> continue<00:15:29.560> to<00:15:29.680> play<00:15:30.160> and<00:15:30.440> and<00:15:30.600> we've<00:15:30.960> we've<00:15:31.280> we've<00:15:31.480> liked<00:15:31.760> to<00:15:31.840> invest.

00:15:32.200 --> 00:15:40.240
So,<00:15:32.554> you<00:15:32.908> think<00:15:33.262> of<00:15:33.616> like<00:15:33.970> like<00:15:34.324> we<00:15:34.678> just<00:15:35.032> invested<00:15:35.386> in<00:15:35.740> a<00:15:36.094> business<00:15:36.448> named<00:15:36.802> Develolo,<00:15:37.156> which<00:15:37.510> is<00:15:37.864> an<00:15:38.218> operating<00:15:38.572> system<00:15:38.926> for<00:15:39.280> pediatricians.

00:15:40.240 --> 00:15:44.120
So,<00:15:40.480> it's<00:15:40.680> like<00:15:41.360> an<00:15:41.600> AI<00:15:42.360> native<00:15:43.120> operating<00:15:43.680> system.

00:15:44.120 --> 00:15:51.800
It<00:15:44.240> is<00:15:44.440> their<00:15:44.760> everyday,<00:15:45.840> you<00:15:45.920> know,<00:15:46.040> where<00:15:46.200> they<00:15:46.360> put<00:15:46.560> in<00:15:46.680> all<00:15:46.800> their<00:15:46.960> notes,<00:15:47.400> where<00:15:47.520> they<00:15:48.240> order<00:15:48.480> prescriptions,<00:15:49.440> where<00:15:49.640> they,<00:15:50.400> you<00:15:50.480> know,<00:15:50.600> interact<00:15:51.080> with<00:15:51.280> insurance

00:15:51.800 --> 00:15:54.560
carriers,<00:15:53.040> um,<00:15:53.280> to<00:15:53.400> get<00:15:53.600> paid.

00:15:54.560 --> 00:16:00.520
Um,<00:15:55.320> the<00:15:55.800> you<00:15:55.960> know,<00:15:56.520> that<00:15:56.880> type<00:15:57.200> of<00:15:57.320> a<00:15:57.440> play<00:15:57.760> we<00:15:57.960> feel<00:15:58.240> very<00:15:58.640> good<00:15:58.880> about<00:15:59.600> going<00:15:59.960> forward.

00:16:00.520 --> 00:16:08.600
Pediatricians,<00:16:01.520> they're<00:16:01.680> not<00:16:01.840> going<00:16:01.960> to<00:16:02.000> go<00:16:02.160> buy<00:16:02.440> code<00:16:02.800> a<00:16:02.880> software<00:16:03.360> solution,<00:16:04.320> you<00:16:04.400> know,<00:16:04.520> that<00:16:04.720> is<00:16:04.920> that's<00:16:05.200> HIPAA<00:16:05.480> compliant<00:16:06.240> and,<00:16:07.320> uh,<00:16:07.760> you<00:16:07.880> know,<00:16:08.080> and<00:16:08.240> doing<00:16:08.480> all

00:16:08.600 --> 00:16:18.160
these<00:16:08.800> things.<00:16:09.760> Um,<00:16:10.640> and<00:16:10.840> if<00:16:10.960> we<00:16:11.080> can<00:16:11.280> keep<00:16:11.600> introducing<00:16:12.560> AI<00:16:13.200> into<00:16:13.560> that<00:16:13.840> system<00:16:14.280> to<00:16:14.440> help<00:16:14.760> them<00:16:15.000> do<00:16:15.200> their<00:16:15.360> job<00:16:15.640> better,<00:16:16.560> uh,<00:16:17.080> then,

00:16:18.160 --> 00:16:20.480
um,<00:16:18.640> you<00:16:18.720> know,<00:16:19.440> uh,<00:16:19.560> we<00:16:19.800> we<00:16:19.960> we<00:16:20.120> love<00:16:20.320> that.

00:16:20.480 --> 00:16:29.160
So,<00:16:20.600> we<00:16:20.720> have<00:16:20.960> plays<00:16:21.280> like<00:16:21.480> that.<00:16:21.800> We<00:16:21.920> have<00:16:22.160> a<00:16:22.840> vertical<00:16:23.200> operating<00:16:23.560> system<00:16:24.000> for<00:16:24.520> golf<00:16:24.800> courses,<00:16:25.320> one<00:16:25.560> for,<00:16:26.360> um,<00:16:27.360> pickleball<00:16:27.880> and<00:16:28.000> padel.

00:16:29.160 --> 00:16:32.880
Um,<00:16:29.800> we<00:16:30.000> have<00:16:30.560> a<00:16:30.640> couple<00:16:31.320> in<00:16:31.480> construction<00:16:32.200> tech.

00:16:32.880 --> 00:16:36.160
We<00:16:33.200> we've<00:16:33.360> always<00:16:33.640> liked<00:16:33.960> construction<00:16:34.680> tech<00:16:35.160> and<00:16:35.560> prop<00:16:35.880> tech.

00:16:36.160 --> 00:16:43.839
Those<00:16:36.400> are<00:16:36.520> two<00:16:36.720> big<00:16:36.920> industries<00:16:37.400> for<00:16:37.560> us<00:16:38.120> because<00:16:38.400> they<00:16:38.520> are<00:16:38.680> so,<00:16:39.600> uh,<00:16:39.920> outdated<00:16:40.440> from<00:16:40.600> a<00:16:40.640> technology<00:16:41.200> standpoint,<00:16:42.000> uh,<00:16:42.240> and<00:16:42.400> they're<00:16:42.680> they're<00:16:42.880> very<00:16:43.120> large<00:16:43.400> markets.

00:16:43.839 --> 00:16:50.000
So,<00:16:43.960> a<00:16:44.000> lot<00:16:44.200> of<00:16:44.240> opportunities<00:16:44.839> there.<00:16:45.720> Um,<00:16:45.920> so,<00:16:46.080> things<00:16:46.360> like<00:16:46.520> that<00:16:46.880> are<00:16:47.000> what<00:16:47.480> what<00:16:47.680> we<00:16:47.880> will<00:16:48.120> continue<00:16:48.520> to<00:16:48.600> invest<00:16:49.000> in.

00:16:50.000 --> 00:16:52.839
Is<00:16:50.040> that<00:16:50.160> how<00:16:50.240> you<00:16:50.360> say<00:16:50.520> that,<00:16:50.720> padel?<00:16:51.280> I<00:16:51.360> always<00:16:51.520> thought<00:16:51.680> it<00:16:51.760> was<00:16:51.880> paddle.

00:16:52.839 --> 00:16:55.440
Yeah,<00:16:53.000> I<00:16:53.080> think<00:16:53.320> that's<00:16:53.520> how<00:16:53.720> the<00:16:53.839> Europeans<00:16:54.680> say<00:16:54.920> it.

00:16:55.440 --> 00:16:57.720
So,<00:16:55.880> I<00:16:55.920> don't<00:16:56.120> know,<00:16:56.160> maybe<00:16:56.440> it's<00:16:56.560> just<00:16:56.720> me<00:16:56.839> getting<00:16:57.080> fancy.

00:16:57.720 --> 00:17:00.480
played<00:16:57.960> it<00:16:58.000> yet.<00:16:58.240> I<00:16:58.320> hear<00:16:58.480> it's<00:16:58.600> amazing,<00:16:59.080> though.<00:16:59.520> It's<00:16:59.720> really<00:16:59.960> cool.

00:17:00.480 --> 00:17:03.440
It's<00:17:00.680> really<00:17:00.880> cool.<00:17:01.240> I<00:17:01.280> hear<00:17:01.440> it's<00:17:01.560> even<00:17:01.760> funner<00:17:02.040> than<00:17:02.200> pickleball,<00:17:02.680> which<00:17:02.839> I<00:17:02.920> love.

00:17:03.440 --> 00:17:09.016
Yeah,<00:17:03.960> it's<00:17:04.240> it's<00:17:04.400> a<00:17:04.439> lot<00:17:04.640> funner<00:17:04.839> 'cause<00:17:05.040> you<00:17:05.120> don't<00:17:05.360> spend<00:17:05.600> half<00:17:05.760> the<00:17:05.880> time<00:17:06.120> chasing<00:17:06.480> the<00:17:06.560> ball,<00:17:07.240> you<00:17:07.360> know.

00:17:09.016 --> 00:17:17.439
[laughter]<00:17:10.240> Uh,<00:17:11.040> real<00:17:11.240> quick,<00:17:11.640> when<00:17:12.079> a<00:17:12.199> founder<00:17:12.760> comes<00:17:13.120> to<00:17:13.319> you,<00:17:14.439> um,<00:17:15.000> obviously,<00:17:15.520> you<00:17:15.600> know,<00:17:15.800> they<00:17:15.959> got<00:17:16.079> to<00:17:16.160> be<00:17:16.240> the<00:17:16.319> right<00:17:16.520> vertical,<00:17:17.240> kind

00:17:17.439 --> 00:17:22.439
of<00:17:17.680> meet<00:17:17.920> your<00:17:18.360> investment<00:17:18.920> thesis,<00:17:19.360> but<00:17:19.480> what<00:17:19.600> are<00:17:19.680> you<00:17:19.839> looking<00:17:20.160> for<00:17:20.319> in<00:17:20.400> a<00:17:20.480> founder<00:17:20.880> themselves?

00:17:22.439 --> 00:17:27.760
Yeah,<00:17:23.319> um<00:17:25.760> a<00:17:26.600> couple<00:17:27.040> things.

00:17:27.760 --> 00:17:36.360
One,<00:17:28.720> um<00:17:29.840> So,<00:17:32.240> I<00:17:32.840> historically<00:17:33.680> we've<00:17:34.040> we've<00:17:34.240> been<00:17:34.400> drawn<00:17:34.800> to<00:17:34.920> founders<00:17:35.600> that<00:17:36.240> are

00:17:36.360 --> 00:17:39.480
solving<00:17:36.760> a<00:17:36.840> problem<00:17:37.280> that<00:17:37.400> they<00:17:37.560> lived,<00:17:37.920> so<00:17:38.040> they<00:17:38.160> kind<00:17:38.360> of<00:17:38.440> came<00:17:38.760> from<00:17:39.000> industry.

00:17:39.480 --> 00:17:43.040
They<00:17:39.600> were<00:17:39.720> like,<00:17:40.000> "I<00:17:40.080> recognize<00:17:40.520> this<00:17:40.680> problem.<00:17:41.040> I'm<00:17:41.120> going<00:17:41.240> to<00:17:41.320> go<00:17:41.360> to<00:17:41.480> solve<00:17:41.800> this<00:17:41.960> problem."

00:17:43.040 --> 00:17:46.960
I<00:17:43.120> don't<00:17:43.280> know<00:17:43.400> if<00:17:43.560> I'm<00:17:44.040> that<00:17:44.640> as<00:17:44.960> reliant<00:17:45.720> on<00:17:45.920> that<00:17:46.320> as<00:17:46.520> before.

00:17:46.960 --> 00:17:52.120
I<00:17:47.040> still<00:17:47.280> think<00:17:47.520> it's<00:17:47.880> it<00:17:48.000> can<00:17:48.120> be<00:17:48.240> a<00:17:48.320> plus<00:17:48.800> and<00:17:48.920> it<00:17:49.000> can<00:17:49.120> really<00:17:49.360> help<00:17:49.680> you<00:17:50.280> go<00:17:50.480> from<00:17:50.720> that<00:17:50.880> like<00:17:51.080> one<00:17:51.320> to<00:17:51.400> five<00:17:51.760> million.

00:17:52.120 --> 00:17:54.760
If<00:17:52.240> you're<00:17:52.400> from<00:17:52.720> industry,<00:17:53.240> you<00:17:53.360> have<00:17:53.520> the<00:17:53.640> contacts.

00:17:54.760 --> 00:17:57.560
Like<00:17:54.960> that<00:17:55.200> that<00:17:55.360> is<00:17:55.480> really<00:17:55.640> helpful<00:17:56.000> for<00:17:56.160> that<00:17:56.400> stage<00:17:56.760> of<00:17:56.840> growth.

00:17:57.560 --> 00:18:02.400
I<00:17:57.640> think<00:17:57.880> for,<00:17:58.600> you<00:17:58.720> know,<00:17:58.880> later<00:17:59.200> stages<00:17:59.720> of<00:17:59.800> growth<00:18:00.120> it<00:18:00.320> matters<00:18:00.760> maybe<00:18:01.040> a<00:18:01.080> little<00:18:01.320> bit<00:18:01.480> less.

00:18:02.400 --> 00:18:08.760
Um<00:18:03.680> but<00:18:04.040> what<00:18:04.200> I'm<00:18:04.320> really<00:18:04.480> looking<00:18:04.720> for<00:18:05.000> is<00:18:06.320> uh<00:18:07.360> like<00:18:07.920> intellect.

00:18:08.760 --> 00:18:14.120
Like<00:18:09.000> the<00:18:09.240> the<00:18:09.720> you<00:18:09.960> you<00:18:10.040> know,<00:18:10.160> we're<00:18:10.520> as<00:18:10.680> much<00:18:11.040> betting<00:18:11.960> on<00:18:12.120> the<00:18:12.240> jockey<00:18:13.000> as<00:18:13.280> the<00:18:13.360> horse,<00:18:13.840> right?

00:18:14.120 --> 00:18:18.240
So,<00:18:14.680> we're<00:18:14.840> minority<00:18:16.240> um<00:18:16.480> investors<00:18:17.120> for<00:18:17.200> the<00:18:17.280> most<00:18:17.600> part.

00:18:18.240 --> 00:18:24.160
So,<00:18:18.920> we<00:18:19.280> we,<00:18:20.280> you<00:18:20.440> know,<00:18:20.720> we're<00:18:20.880> banking<00:18:21.400> we're<00:18:21.680> we're<00:18:21.960> betting<00:18:22.320> on<00:18:22.560> you,<00:18:22.800> the<00:18:23.000> entrepreneur.

00:18:24.160 --> 00:18:33.600
And<00:18:25.200> uh<00:18:25.480> so,<00:18:25.680> you<00:18:25.800> know,<00:18:26.160> I<00:18:26.600> am<00:18:26.760> really<00:18:27.000> looking<00:18:27.280> for<00:18:27.440> someone<00:18:27.800> who<00:18:28.000> has<00:18:28.400> like<00:18:28.680> the<00:18:29.560> the<00:18:30.000> capacity<00:18:30.840> to<00:18:31.040> grow<00:18:31.360> as<00:18:31.520> an<00:18:31.640> entrepreneur<00:18:32.920> um

00:18:33.600 --> 00:18:39.360
and<00:18:34.080> take<00:18:34.320> that<00:18:34.520> business<00:18:35.400> not<00:18:35.640> just<00:18:35.880> from<00:18:36.160> one<00:18:36.320> to<00:18:36.400> five,<00:18:36.880> but<00:18:37.080> from<00:18:37.320> five<00:18:37.720> to<00:18:38.120> 20<00:18:38.480> or<00:18:38.600> 25.

00:18:39.360 --> 00:18:46.160
Or,<00:18:40.280> you<00:18:40.400> know,<00:18:40.760> it's<00:18:41.000> not<00:18:41.160> a<00:18:41.240> bad<00:18:41.520> thing<00:18:41.760> and<00:18:41.840> we've<00:18:42.040> certainly<00:18:42.400> had<00:18:42.560> this<00:18:42.680> happen<00:18:43.040> where<00:18:43.160> entrepreneurs<00:18:43.600> come<00:18:43.800> to<00:18:43.920> us<00:18:44.040> and<00:18:44.160> they're<00:18:44.320> like,<00:18:44.880> "Hey,<00:18:45.320> I'm<00:18:45.600> the<00:18:45.840> one<00:18:46.080> to

00:18:46.160 --> 00:18:54.520
five<00:18:46.480> guy<00:18:47.320> and<00:18:48.040> I<00:18:48.760> I<00:18:48.960> know<00:18:49.320> I<00:18:49.440> kind<00:18:49.640> of<00:18:49.720> tap<00:18:50.040> out<00:18:50.400> around<00:18:50.720> this<00:18:50.920> level<00:18:51.240> 'cause<00:18:51.480> I'm<00:18:51.720> not<00:18:52.000> good<00:18:52.200> at<00:18:52.400> X,<00:18:52.600> Y,<00:18:52.800> and<00:18:52.920> Z<00:18:53.640> and<00:18:53.760> I<00:18:53.840> want<00:18:54.000> to<00:18:54.040> focus<00:18:54.400> on

00:18:54.520 --> 00:19:01.200
these<00:18:54.720> other<00:18:54.920> things.<00:18:55.640> Doesn't<00:18:55.880> mean<00:18:56.360> I'm<00:18:56.440> going<00:18:56.560> to<00:18:56.640> leave<00:18:56.840> the<00:18:56.920> business,<00:18:57.400> but<00:18:58.040> help<00:18:58.280> me,<00:18:58.760> you<00:18:58.840> know,<00:18:58.960> find<00:18:59.320> someone<00:18:59.680> great<00:19:00.040> who<00:19:00.160> can<00:19:00.320> come<00:19:00.520> in<00:19:00.600> and<00:19:00.720> take<00:19:00.920> it<00:19:01.040> from

00:19:01.200 --> 00:19:03.800
five<00:19:01.480> to<00:19:01.600> 20."<00:19:01.880> That's<00:19:02.320> a<00:19:02.400> fine<00:19:02.680> answer,<00:19:03.040> too.

00:19:03.800 --> 00:19:12.200
So,<00:19:04.080> looking<00:19:04.520> for<00:19:04.640> someone<00:19:05.240> either<00:19:05.480> way<00:19:05.960> is<00:19:07.080> um<00:19:08.480> you<00:19:08.680> know,<00:19:08.880> is<00:19:09.040> intelligent,<00:19:10.240> um<00:19:11.200> obviously<00:19:11.840> hard

00:19:12.200 --> 00:19:15.480
working,<00:19:12.920> focused,<00:19:14.200> uh<00:19:14.480> is<00:19:14.640> a<00:19:14.720> big<00:19:14.960> thing.

00:19:15.480 --> 00:19:23.840
You<00:19:15.600> know,<00:19:15.880> an<00:19:16.000> entrepreneur<00:19:16.440> who<00:19:16.560> comes<00:19:16.920> in<00:19:17.000> is<00:19:17.120> like,<00:19:18.000> I'm<00:19:18.120> doing,<00:19:19.200> you<00:19:19.320> know,<00:19:20.520> this<00:19:20.840> one<00:19:21.080> thing<00:19:21.320> really<00:19:21.520> well,<00:19:21.720> but<00:19:21.880> I'm<00:19:21.960> also<00:19:22.200> doing<00:19:22.440> these<00:19:22.720> 15<00:19:23.320> other<00:19:23.520> things

00:19:23.840 --> 00:19:29.000
that<00:19:23.920> I<00:19:24.000> want<00:19:24.120> to<00:19:24.200> go<00:19:24.280> to<00:19:24.680> do<00:19:24.840> this<00:19:25.160> and<00:19:25.320> X,<00:19:25.560> Y,<00:19:25.760> and<00:19:25.920> Z<00:19:26.240> and<00:19:26.400> start<00:19:26.640> this<00:19:26.800> new<00:19:26.960> product<00:19:27.440> and<00:19:27.560> go<00:19:27.680> into<00:19:27.800> this<00:19:27.960> new<00:19:28.160> industry.

00:19:29.000 --> 00:19:35.800
You<00:19:29.080> know,<00:19:29.160> that's<00:19:29.400> not<00:19:29.760> as<00:19:29.920> interesting.<00:19:30.400> It's<00:19:30.560> like<00:19:30.720> if<00:19:30.920> you<00:19:31.440> are<00:19:31.560> doing<00:19:31.880> something<00:19:32.320> right,<00:19:32.680> let's<00:19:32.960> stick<00:19:33.240> with<00:19:33.400> that<00:19:33.880> and<00:19:34.000> let's<00:19:34.360> let's<00:19:34.640> really<00:19:34.840> focus<00:19:35.280> on<00:19:35.400> how<00:19:35.560> we

00:19:35.800 --> 00:19:44.360
can<00:19:35.960> be<00:19:36.040> the<00:19:36.120> best<00:19:36.400> at<00:19:36.520> that.<00:19:37.320> Um,<00:19:38.720> and<00:19:38.960> then,<00:19:39.480> you<00:19:39.520> know,<00:19:39.640> someone<00:19:40.080> who<00:19:40.240> has<00:19:40.440> the<00:19:40.520> capacity,<00:19:41.040> I<00:19:41.080> mean,<00:19:41.680> it's<00:19:41.960> okay<00:19:42.400> again<00:19:42.840> in<00:19:42.920> that<00:19:43.120> like<00:19:43.320> one<00:19:43.440> to<00:19:43.560> five<00:19:44.080> growth

00:19:44.360 --> 00:19:52.720
curve,<00:19:44.880> maybe<00:19:45.120> you<00:19:45.200> don't<00:19:45.360> need<00:19:45.520> it<00:19:45.640> as<00:19:45.800> much,<00:19:46.360> but<00:19:46.440> if<00:19:46.520> you're<00:19:46.640> going<00:19:46.760> to<00:19:46.800> grow<00:19:47.000> from<00:19:47.200> five<00:19:47.520> to<00:19:47.640> 25,<00:19:48.520> you<00:19:48.640> really<00:19:48.960> got<00:19:49.120> to<00:19:49.200> be<00:19:49.320> good<00:19:49.560> at<00:19:50.120> uh,<00:19:51.040> at<00:19:51.560> hiring<00:19:52.080> and<00:19:52.200> retaining

00:19:52.720 --> 00:19:57.840
talent.<00:19:53.720> And<00:19:54.200> that<00:19:54.400> almost<00:19:54.840> becomes<00:19:55.400> like<00:19:55.640> your<00:19:56.000> most<00:19:56.320> important<00:19:56.760> job.

00:19:57.840 --> 00:20:04.120
Um,<00:19:58.480> other<00:19:58.720> than,<00:19:59.080> you<00:19:59.160> know,<00:19:59.240> the<00:19:59.360> CEO's<00:19:59.720> job<00:20:00.040> like<00:20:01.080> is<00:20:01.600> number<00:20:01.880> one,<00:20:02.280> make<00:20:02.440> sure<00:20:02.600> you<00:20:02.640> don't<00:20:02.840> run<00:20:03.000> out<00:20:03.120> of<00:20:03.200> money.

00:20:04.120 --> 00:20:12.280
Um,<00:20:04.200> but<00:20:04.400> number<00:20:04.600> two,<00:20:04.960> like<00:20:05.200> make<00:20:05.360> sure<00:20:05.560> you're<00:20:05.720> building<00:20:06.880> a<00:20:07.800> a<00:20:07.920> team<00:20:08.360> around<00:20:08.840> you<00:20:09.120> that<00:20:09.400> can<00:20:09.840> scale<00:20:10.440> and<00:20:10.720> and<00:20:10.880> continue<00:20:11.240> to<00:20:11.320> scale<00:20:11.600> this<00:20:11.760> business.

00:20:12.280 --> 00:20:20.480
And<00:20:12.440> so,<00:20:12.920> that's<00:20:13.120> another<00:20:13.400> thing,<00:20:13.640> like<00:20:13.920> finding<00:20:14.280> someone<00:20:14.600> who<00:20:15.600> um,<00:20:17.000> who<00:20:17.240> can,<00:20:18.200> you<00:20:18.320> know,<00:20:18.680> retain<00:20:19.600> that<00:20:19.880> the<00:20:20.040> talent<00:20:20.360> they

00:20:20.480 --> 00:20:27.680
already<00:20:20.680> have<00:20:21.280> and<00:20:21.440> then<00:20:22.200> is<00:20:22.400> good<00:20:22.520> enough<00:20:22.720> to<00:20:22.800> go<00:20:23.000> out<00:20:23.160> and<00:20:23.280> land<00:20:23.680> the<00:20:23.800> talent<00:20:24.160> they<00:20:24.280> don't<00:20:24.880> for<00:20:25.000> that<00:20:25.200> next<00:20:25.440> phase<00:20:25.680> of<00:20:25.760> growth.

00:20:27.680 --> 00:20:33.320
Uh,<00:20:29.640> from<00:20:29.960> a<00:20:30.600> I<00:20:30.640> mean,<00:20:30.840> at<00:20:30.920> this<00:20:31.120> point<00:20:31.400> they<00:20:31.520> probably<00:20:31.960> have<00:20:32.120> some<00:20:32.360> sort<00:20:32.560> of<00:20:32.680> a<00:20:32.720> board.

00:20:33.320 --> 00:20:40.960
You<00:20:33.520> you<00:20:33.680> probably<00:20:34.120> take<00:20:34.360> board<00:20:34.600> seats,<00:20:34.960> I'm<00:20:35.080> assuming<00:20:35.880> when<00:20:36.120> you<00:20:36.440> So,<00:20:37.160> give<00:20:37.360> everyone<00:20:37.680> a<00:20:37.760> sense<00:20:38.160> who's<00:20:38.360> listening,<00:20:38.800> who's<00:20:38.960> an<00:20:39.040> entrepreneur<00:20:39.880> or<00:20:40.000> founder,<00:20:40.600> kind<00:20:40.840> of

00:20:40.960 --> 00:20:48.880
at<00:20:41.480> like<00:20:41.760> what<00:20:41.960> makes<00:20:42.280> a<00:20:42.400> good<00:20:42.960> board<00:20:43.280> meeting<00:20:43.840> and<00:20:44.080> board<00:20:44.400> updates<00:20:45.120> and<00:20:45.280> communicating<00:20:45.880> with<00:20:46.000> your<00:20:46.160> board<00:20:47.240> and<00:20:47.640> with<00:20:47.800> your<00:20:47.920> investors?

00:20:48.880 --> 00:20:56.560
Yeah.<00:20:49.920> Yeah,<00:20:50.160> so<00:20:50.360> most<00:20:50.680> companies<00:20:51.200> we<00:20:51.320> invest<00:20:51.840> in,<00:20:51.960> I<00:20:52.000> would<00:20:52.160> say<00:20:52.320> more<00:20:52.520> than<00:20:52.680> half<00:20:52.960> actually,<00:20:53.880> don't<00:20:54.160> have<00:20:54.320> a<00:20:54.400> board<00:20:54.920> when<00:20:55.200> we<00:20:55.680> come<00:20:55.920> in.

00:20:56.560 --> 00:20:58.720
So,<00:20:56.680> we<00:20:56.800> are<00:20:56.920> leading<00:20:57.280> that<00:20:57.480> first<00:20:57.840> institutional<00:20:58.400> round.

00:20:58.720 --> 00:21:07.600
So,<00:20:59.800> you<00:21:00.000> know,<00:21:01.040> that<00:21:01.320> maybe<00:21:01.640> they'll<00:21:01.840> have<00:21:02.040> like<00:21:02.280> kind<00:21:02.440> of<00:21:02.560> very<00:21:02.880> informal<00:21:03.920> catch-up<00:21:04.360> calls<00:21:04.840> with,<00:21:05.240> you<00:21:05.360> know,<00:21:05.560> with<00:21:05.720> some<00:21:05.840> of<00:21:05.920> their<00:21:06.040> like<00:21:06.400> angel<00:21:06.800> or

00:21:07.600 --> 00:21:15.760
or<00:21:07.840> seed<00:21:08.200> investors,<00:21:08.920> but<00:21:09.520> a<00:21:09.560> lot<00:21:09.680> of<00:21:09.760> times<00:21:10.000> it's<00:21:10.160> not<00:21:10.360> a<00:21:10.400> formal<00:21:10.840> board<00:21:11.160> and<00:21:11.320> we're<00:21:11.960> we're<00:21:12.760> the<00:21:12.800> majority<00:21:13.160> of<00:21:13.200> the<00:21:13.320> time<00:21:13.560> we're<00:21:13.720> helping<00:21:14.120> them<00:21:14.520> like<00:21:15.040> put<00:21:15.280> together<00:21:15.640> the

00:21:15.760 --> 00:21:20.400
first<00:21:16.080> board<00:21:16.360> deck<00:21:17.880> and<00:21:18.360> kind<00:21:18.520> of<00:21:18.600> guide<00:21:18.880> them<00:21:19.080> through<00:21:19.360> that.

00:21:20.400 --> 00:21:29.360
So<00:21:20.800> it's<00:21:20.920> not<00:21:21.200> that's<00:21:21.680> that's<00:21:21.880> not<00:21:22.040> unusual,<00:21:22.480> but<00:21:23.200> I<00:21:23.240> would<00:21:23.360> say<00:21:23.520> what<00:21:23.920> makes<00:21:24.920> the<00:21:25.400> number<00:21:25.720> one<00:21:25.960> thing<00:21:26.480> I<00:21:26.560> would<00:21:26.720> say<00:21:27.080> the<00:21:27.200> number<00:21:27.400> one<00:21:27.600> thing<00:21:27.800> that<00:21:28.680> derails

00:21:29.360 --> 00:21:38.440
board<00:21:30.000> meetings<00:21:31.360> that<00:21:31.600> I've<00:21:32.000> seen<00:21:32.200> in<00:21:32.280> my<00:21:32.440> career<00:21:34.040> even<00:21:34.280> before<00:21:34.600> BlueVine<00:21:35.520> is<00:21:37.280> surprises.

00:21:38.440 --> 00:21:46.960
And<00:21:38.680> so,<00:21:39.360> you<00:21:39.480> know,<00:21:39.560> for<00:21:39.920> investors<00:21:41.600> um<00:21:42.120> the<00:21:44.240> hopefully<00:21:44.760> you<00:21:44.880> find<00:21:45.240> someone<00:21:46.120> that<00:21:46.440> has,

00:21:46.960 --> 00:21:54.400
you<00:21:47.080> know,<00:21:47.320> is<00:21:47.560> not<00:21:47.760> a<00:21:47.840> hothead<00:21:48.920> and<00:21:49.480> is<00:21:50.000> is<00:21:50.160> an<00:21:50.240> understanding<00:21:51.520> you<00:21:51.680> know,<00:21:52.000> individual<00:21:52.560> someone<00:21:52.840> you'd<00:21:53.080> want<00:21:53.320> to<00:21:53.400> work<00:21:53.720> with,<00:21:54.040> right?

00:21:54.400 --> 00:22:02.640
And<00:21:54.640> and<00:21:54.760> assuming<00:21:55.280> you<00:21:55.560> have<00:21:55.800> that<00:21:56.040> person<00:21:56.400> on<00:21:56.520> your<00:21:56.640> board<00:21:57.560> then<00:21:58.480> they're<00:21:59.160> going<00:21:59.320> to<00:21:59.440> recognize<00:22:00.160> that<00:22:00.680> not<00:22:00.960> every<00:22:01.200> day<00:22:01.440> is<00:22:01.560> a<00:22:01.640> great<00:22:01.960> day<00:22:02.360> and<00:22:02.480> that

00:22:02.640 --> 00:22:09.280
things<00:22:03.000> are<00:22:03.080> going<00:22:03.200> to<00:22:03.280> go<00:22:03.480> wrong<00:22:04.440> and<00:22:04.880> fires<00:22:05.320> happen<00:22:06.200> and<00:22:07.440> bad<00:22:07.720> news<00:22:08.000> happens.

00:22:09.280 --> 00:22:17.680
You<00:22:09.400> hope<00:22:09.720> more<00:22:09.920> good<00:22:10.080> news<00:22:10.320> and<00:22:10.400> bad<00:22:10.600> news,<00:22:10.800> but<00:22:10.960> bad<00:22:11.240> news<00:22:11.520> is<00:22:11.680> part<00:22:11.920> of<00:22:12.040> it<00:22:12.720> and<00:22:13.600> the<00:22:13.720> only<00:22:14.040> time<00:22:14.440> I've<00:22:14.640> really<00:22:14.920> seen<00:22:15.280> board<00:22:15.640> meetings<00:22:15.920> get<00:22:16.160> sidetracked<00:22:16.800> is<00:22:17.000> when<00:22:17.600> the

00:22:17.680 --> 00:22:24.880
board<00:22:18.000> gets<00:22:18.240> hit<00:22:18.520> with<00:22:18.680> some<00:22:19.840> bad<00:22:20.440> surprise,<00:22:21.440> you<00:22:21.560> know,<00:22:21.800> and<00:22:22.000> the<00:22:22.080> first<00:22:22.440> time<00:22:22.600> they're<00:22:22.760> hearing<00:22:23.040> about<00:22:23.280> it<00:22:23.400> is<00:22:23.600> in<00:22:23.760> the<00:22:23.840> board<00:22:24.160> meeting.

00:22:24.880 --> 00:22:33.080
So<00:22:25.080> I<00:22:25.120> was<00:22:25.280> actually<00:22:25.560> just<00:22:25.760> talking<00:22:26.120> to<00:22:26.400> an<00:22:26.560> entrepreneur<00:22:27.000> the<00:22:27.120> other<00:22:27.280> day<00:22:28.720> 'cause<00:22:28.880> this<00:22:29.080> came<00:22:29.360> up<00:22:30.480> and<00:22:30.680> the<00:22:30.760> board<00:22:31.040> meeting<00:22:31.280> kind<00:22:31.400> of<00:22:31.480> got<00:22:31.680> off<00:22:31.800> track<00:22:32.200> and<00:22:32.320> I<00:22:32.600> I<00:22:32.720> called<00:22:32.960> him

00:22:33.080 --> 00:22:41.400
afterwards<00:22:33.640> and<00:22:34.160> he's<00:22:34.360> new<00:22:35.080> in<00:22:35.160> the<00:22:35.240> role<00:22:35.520> and<00:22:35.640> I<00:22:35.680> said<00:22:36.840> um<00:22:37.600> hey,<00:22:37.840> like<00:22:38.040> just<00:22:38.880> just<00:22:39.160> you<00:22:39.320> know,<00:22:39.760> if<00:22:40.120> no<00:22:41.040> I<00:22:41.080> actually

00:22:41.400 --> 00:22:49.840
think<00:22:41.600> it's<00:22:41.760> good<00:22:41.960> cadence<00:22:42.880> for<00:22:43.040> entrepreneurs<00:22:43.760> before<00:22:44.240> like<00:22:44.440> a<00:22:44.520> week<00:22:44.880> before<00:22:45.560> every<00:22:45.840> board<00:22:46.160> meeting<00:22:46.360> if<00:22:46.480> you<00:22:46.640> haven't<00:22:47.000> talked<00:22:47.360> to<00:22:48.240> uh<00:22:49.240> the<00:22:49.560> board

00:22:49.840 --> 00:22:56.640
members<00:22:50.200> like<00:22:50.440> just<00:22:50.640> give<00:22:50.760> them<00:22:50.880> a<00:22:50.920> 30-minute<00:22:51.480> call<00:22:52.440> you<00:22:52.560> know,<00:22:52.680> kind<00:22:52.840> of<00:22:53.400> pre-brief<00:22:54.080> them<00:22:54.560> on<00:22:54.720> what's<00:22:54.960> going<00:22:55.080> to<00:22:55.520> go<00:22:55.720> on<00:22:55.880> in<00:22:55.960> the<00:22:56.040> board<00:22:56.320> meeting.

00:22:56.640 --> 00:23:03.800
So<00:22:56.760> it's<00:22:56.920> not<00:22:57.080> the<00:22:57.200> first<00:22:57.480> time<00:22:58.040> they're<00:22:58.160> hearing<00:22:58.480> it<00:22:58.600> and<00:22:58.680> they<00:22:58.760> can<00:22:58.960> digest<00:22:59.520> a<00:22:59.600> little<00:22:59.840> bit<00:23:00.400> and<00:23:00.560> think<00:23:00.800> about<00:23:01.040> it<00:23:01.200> and<00:23:01.360> come<00:23:01.600> with<00:23:01.840> creative<00:23:02.200> solutions<00:23:02.840> and<00:23:02.960> advice

00:23:03.800 --> 00:23:06.520
instead<00:23:04.160> of<00:23:04.240> like,<00:23:04.520> "Oh<00:23:04.600> my<00:23:04.800> god,<00:23:05.280> how<00:23:05.440> did<00:23:05.640> we<00:23:05.720> not<00:23:05.920> know<00:23:06.040> about<00:23:06.320> this?

00:23:06.520 --> 00:23:15.280
What<00:23:06.640> do<00:23:06.720> we<00:23:06.840> do?<00:23:07.160> I'm<00:23:07.280> freaking<00:23:07.680> out."<00:23:08.600> Um<00:23:09.520> so<00:23:10.560> yeah,<00:23:11.240> uh<00:23:11.520> communication<00:23:12.240> I<00:23:12.280> think<00:23:12.560> just<00:23:12.800> like<00:23:12.960> any<00:23:13.080> good<00:23:13.280> relationship<00:23:14.640> um

00:23:15.280 --> 00:23:23.600
you<00:23:15.360> know,<00:23:15.480> as<00:23:15.600> my<00:23:15.720> wife<00:23:15.920> tells<00:23:16.240> me<00:23:17.000> uh<00:23:17.440> is<00:23:18.040> uh<00:23:18.120> is<00:23:18.320> pretty<00:23:18.560> core<00:23:19.240> uh<00:23:19.400> to<00:23:19.520> making<00:23:19.800> sure<00:23:20.000> things<00:23:20.400> stay<00:23:20.640> stable<00:23:21.520> uh<00:23:21.720> whether<00:23:22.000> it's,<00:23:22.400> you<00:23:22.520> know<00:23:23.240> at<00:23:23.360> home

00:23:23.600 --> 00:23:32.400
or<00:23:23.680> in<00:23:23.760> the<00:23:23.840> board<00:23:24.080> meeting.<00:23:25.440> What<00:23:25.520> is<00:23:25.640> your<00:23:25.760> sense<00:23:26.120> for<00:23:27.080> AI<00:23:27.720> right<00:23:28.040> now<00:23:28.440> and<00:23:28.840> in<00:23:29.000> particular<00:23:29.440> like<00:23:29.640> the<00:23:29.760> public<00:23:30.200> sentiment<00:23:30.720> around<00:23:31.120> AI<00:23:31.800> and

00:23:32.400 --> 00:23:39.000
building<00:23:32.840> data<00:23:33.160> centers<00:23:33.800> and<00:23:34.520> AI<00:23:34.840> being<00:23:35.160> so<00:23:35.440> widely<00:23:35.960> unpopular<00:23:37.240> uh<00:23:37.600> with<00:23:37.920> with<00:23:38.120> the<00:23:38.240> general<00:23:38.560> public?

00:23:39.000 --> 00:23:45.240
I<00:23:39.040> mean,<00:23:39.200> you're<00:23:39.320> seeing<00:23:39.640> like<00:23:40.360> all<00:23:40.520> of<00:23:40.600> these<00:23:40.800> commencement<00:23:41.440> speeches,<00:23:42.520> these<00:23:42.720> speakers<00:23:43.160> getting<00:23:43.440> booed<00:23:43.800> whenever<00:23:44.080> they<00:23:44.200> mention<00:23:44.520> it,<00:23:44.640> things<00:23:44.840> like<00:23:45.000> that.

00:23:45.240 --> 00:23:47.560
Like<00:23:45.960> what<00:23:46.160> why<00:23:46.280> do<00:23:46.360> you<00:23:46.440> think<00:23:46.640> that<00:23:46.840> is?

00:23:47.560 --> 00:23:52.560
How<00:23:47.680> do<00:23:47.800> you<00:23:47.920> think<00:23:48.360> leaders<00:23:49.240> should<00:23:49.520> be<00:23:49.680> approaching<00:23:50.200> that<00:23:50.320> in<00:23:50.440> the<00:23:50.520> tech<00:23:50.760> industry<00:23:51.280> to<00:23:51.600> change<00:23:52.000> that?

00:23:52.560 --> 00:24:01.040
Yeah,<00:23:53.280> that's<00:23:53.600> really<00:23:53.840> good<00:23:54.000> question.<00:23:55.000> Um<00:23:57.240> you<00:23:57.320> know,<00:23:57.480> it's<00:23:59.120> it's<00:24:00.040> it's<00:24:00.200> interesting<00:24:00.720> because

00:24:01.040 --> 00:24:09.280
you<00:24:01.200> know<00:24:02.280> all<00:24:02.600> of<00:24:02.840> the<00:24:03.400> you<00:24:03.520> know,<00:24:03.640> I<00:24:03.680> think<00:24:03.920> a<00:24:03.960> lot<00:24:04.280> of<00:24:04.400> it<00:24:04.520> is<00:24:04.640> coming<00:24:05.120> from<00:24:05.920> Well,<00:24:06.160> I<00:24:06.720> first<00:24:06.960> of<00:24:07.040> all,<00:24:07.280> no<00:24:07.400> matter<00:24:07.560> where<00:24:07.720> it's<00:24:07.880> coming<00:24:08.120> from,<00:24:08.280> I<00:24:08.360> get<00:24:08.600> it.

00:24:09.280 --> 00:24:17.640
Um<00:24:09.960> it's<00:24:11.040> AI<00:24:11.480> is<00:24:12.600> going<00:24:12.960> to<00:24:13.360> continue<00:24:14.040> to<00:24:14.360> disrupt<00:24:15.160> jobs<00:24:15.800> and<00:24:16.160> and<00:24:16.240> when<00:24:16.400> you<00:24:16.480> look<00:24:16.680> at<00:24:16.880> where<00:24:17.280> it's

00:24:17.640 --> 00:24:22.920
disrupting<00:24:18.200> jobs<00:24:18.480> at<00:24:18.560> least<00:24:18.800> right<00:24:18.960> now<00:24:19.840> is<00:24:20.920> you<00:24:21.080> know,<00:24:21.200> those<00:24:21.560> kind<00:24:21.760> of<00:24:21.880> entry-level<00:24:22.520> roles.

00:24:22.920 --> 00:24:31.240
So,<00:24:23.360> you<00:24:23.480> know,<00:24:23.800> the<00:24:24.000> when<00:24:24.160> you<00:24:24.240> talk<00:24:24.440> about<00:24:24.600> commencement<00:24:25.120> speeches,<00:24:25.960> I<00:24:26.040> can<00:24:26.120> tell<00:24:26.320> you<00:24:26.360> if<00:24:26.560> I<00:24:26.720> was<00:24:27.400> in<00:24:27.520> college<00:24:28.160> at<00:24:28.280> a<00:24:28.320> commencement<00:24:28.920> speech<00:24:29.480> and<00:24:29.720> I<00:24:30.520> was<00:24:30.680> having<00:24:30.920> trouble

00:24:31.240 --> 00:24:38.960
finding<00:24:31.560> a<00:24:31.640> job<00:24:32.080> because<00:24:32.760> AI<00:24:33.160> is<00:24:33.440> replacing<00:24:34.000> all<00:24:34.120> those<00:24:34.480> like<00:24:34.760> early-stage<00:24:35.440> entry-level<00:24:35.960> jobs,<00:24:36.760> I<00:24:36.880> probably<00:24:37.280> wouldn't<00:24:37.640> like<00:24:37.880> it<00:24:38.040> either.

00:24:38.960 --> 00:24:47.480
Uh<00:24:39.160> and<00:24:39.320> I'd<00:24:39.440> probably<00:24:39.800> be<00:24:39.960> booing<00:24:40.360> too.<00:24:41.360> Um<00:24:41.920> that<00:24:42.040> being<00:24:42.240> said,<00:24:42.480> I'm<00:24:42.600> sure<00:24:43.000> all<00:24:43.240> of<00:24:43.400> those<00:24:44.680> uh<00:24:45.040> uh<00:24:45.920> those<00:24:46.640> uh<00:24:47.280> young

00:24:47.480 --> 00:24:51.880
adults<00:24:48.800> are<00:24:48.960> using<00:24:49.360> it<00:24:49.800> in<00:24:49.920> their<00:24:50.080> daily<00:24:50.760> life,<00:24:51.360> you<00:24:51.480> know?

00:24:51.880 --> 00:25:00.760
So,<00:24:52.760> um<00:24:54.440> but<00:24:55.000> Uh,<00:24:55.760> you<00:24:56.000> you<00:24:56.160> know,<00:24:56.400> it's<00:24:56.720> replacing<00:24:57.240> there,<00:24:57.400> and<00:24:57.520> then<00:24:57.640> it's<00:24:57.800> replacing<00:24:58.320> those<00:24:58.560> like<00:24:59.200> repetitive<00:25:00.000> tasks,

00:25:00.760 --> 00:25:08.960
right?<00:25:01.120> So,<00:25:01.360> again,<00:25:01.920> maybe<00:25:02.200> those<00:25:02.400> aren't<00:25:02.560> like<00:25:02.720> completely<00:25:03.520> entry-level,<00:25:04.240> but<00:25:05.400> um<00:25:06.440> you<00:25:06.680> know,<00:25:06.800> but<00:25:07.320> that<00:25:08.520> it<00:25:08.760> it

00:25:08.960 --> 00:25:12.720
is<00:25:09.320> taking<00:25:09.800> over.<00:25:10.360> That's<00:25:10.640> a<00:25:10.680> lot<00:25:10.960> of<00:25:11.200> jobs<00:25:11.600> in<00:25:11.720> America.

00:25:12.720 --> 00:25:19.960
And<00:25:14.520> so<00:25:16.560> I<00:25:17.960> you<00:25:18.120> know,<00:25:18.560> it's<00:25:18.640> the<00:25:18.720> reason<00:25:18.960> I'm<00:25:19.080> not<00:25:19.240> in<00:25:19.320> politics.

00:25:19.960 --> 00:25:23.640
I<00:25:20.000> don't<00:25:20.320> I<00:25:20.360> don't<00:25:20.520> know<00:25:20.600> how<00:25:20.720> to<00:25:20.840> answer<00:25:21.800> uh<00:25:21.920> that<00:25:22.200> that<00:25:22.440> type<00:25:22.680> of<00:25:22.760> question.

00:25:23.640 --> 00:25:30.440
I<00:25:23.760> think<00:25:24.720> you<00:25:24.880> know,<00:25:25.000> it's<00:25:25.120> kind<00:25:25.360> of<00:25:25.440> one<00:25:25.560> of<00:25:25.640> those<00:25:25.840> things<00:25:26.120> at<00:25:26.280> this<00:25:26.520> point,<00:25:27.280> like<00:25:27.600> the<00:25:28.160> the<00:25:28.800> the<00:25:29.040> genie's<00:25:29.600> out.

00:25:30.440 --> 00:25:34.800
Um,<00:25:30.880> and<00:25:31.600> so,<00:25:32.680> and<00:25:33.120> you're<00:25:33.240> probably<00:25:33.560> not<00:25:33.720> going<00:25:33.840> to<00:25:33.880> put<00:25:34.000> it<00:25:34.080> back<00:25:34.320> in<00:25:34.400> the<00:25:34.440> bottle.

00:25:34.800 --> 00:25:42.360
I<00:25:34.840> mean,<00:25:35.000> you're<00:25:35.120> not.<00:25:35.640> You<00:25:35.760> can<00:25:36.080> hope<00:25:36.320> for<00:25:36.480> some<00:25:36.640> more<00:25:36.840> regulation,<00:25:37.360> which<00:25:37.520> I<00:25:37.600> think,<00:25:37.960> you<00:25:38.040> know,<00:25:38.160> we<00:25:38.280> should<00:25:38.520> have<00:25:38.760> to<00:25:38.840> make<00:25:39.040> sure<00:25:39.240> that<00:25:39.880> nothing<00:25:40.240> too<00:25:40.880> uh<00:25:41.520> crazy<00:25:42.080> or

00:25:42.360 --> 00:25:47.720
or<00:25:42.480> negative<00:25:42.840> happens,<00:25:43.320> but<00:25:44.080> um,<00:25:45.040> but<00:25:45.200> it's<00:25:45.400> out<00:25:45.600> there,<00:25:46.080> and<00:25:46.680> you're<00:25:46.800> not<00:25:47.000> putting<00:25:47.240> it<00:25:47.320> back.

00:25:47.720 --> 00:25:54.520
So,<00:25:47.920> to<00:25:48.080> me,<00:25:48.360> it's<00:25:48.600> like<00:25:49.280> you<00:25:49.400> got<00:25:49.640> to<00:25:49.760> find<00:25:50.320> a<00:25:50.360> way<00:25:51.000> to<00:25:51.760> work<00:25:52.320> with<00:25:52.640> it<00:25:53.000> or<00:25:53.200> work<00:25:53.440> around<00:25:53.920> it.

00:25:54.520 --> 00:25:59.080
Uh,<00:25:54.800> cuz<00:25:55.280> it's<00:25:55.800> as<00:25:56.000> unpopular<00:25:56.480> as<00:25:56.600> it<00:25:56.720> may<00:25:56.880> be,<00:25:57.440> it's<00:25:57.640> a<00:25:57.680> part<00:25:57.920> of<00:25:58.040> life<00:25:58.320> now.

00:25:59.080 --> 00:26:07.760
And<00:25:59.800> oh,<00:26:00.000> yeah.<00:26:00.600> So,<00:26:01.360> yeah,<00:26:01.800> I<00:26:02.000> I,<00:26:02.200> but<00:26:02.560> I<00:26:02.600> don't<00:26:02.840> know,<00:26:03.560> I<00:26:03.600> don't<00:26:03.720> know<00:26:03.800> what<00:26:03.960> you<00:26:04.080> do<00:26:04.360> to<00:26:05.040> solve<00:26:05.520> the,<00:26:06.600> you<00:26:06.800> know,<00:26:07.160> distaste

00:26:07.760 --> 00:26:11.920
that<00:26:08.160> all<00:26:08.360> those<00:26:08.600> people<00:26:08.920> that<00:26:09.160> are,<00:26:09.800> it<00:26:09.960> is<00:26:10.160> disrupting<00:26:10.760> their<00:26:10.920> life.

00:26:11.920 --> 00:26:20.280
You<00:26:12.160> know,<00:26:12.400> I<00:26:12.680> I<00:26:12.760> get<00:26:12.960> it.<00:26:13.280> Like<00:26:13.600> I<00:26:13.680> would<00:26:13.880> be<00:26:14.040> upset,<00:26:14.480> too,<00:26:14.760> and<00:26:15.520> you<00:26:15.760> know<00:26:16.640> there's<00:26:17.600> you<00:26:17.720> could<00:26:17.920> see<00:26:18.120> a<00:26:18.200> path<00:26:18.600> where<00:26:18.760> we're<00:26:19.080> all<00:26:19.400> all<00:26:19.560> disrupted<00:26:20.160> in

00:26:20.280 --> 00:26:26.040
some<00:26:20.480> way<00:26:20.880> negatively.<00:26:21.480> So,<00:26:22.280> uh,<00:26:22.400> and<00:26:22.640> and<00:26:22.840> somewhere<00:26:23.120> we<00:26:23.240> should<00:26:23.440> all<00:26:23.560> be<00:26:23.680> a<00:26:23.720> little<00:26:23.880> bit<00:26:24.000> scared.

00:26:26.040 --> 00:26:29.640
Uh,<00:26:26.560> what<00:26:26.720> does<00:26:26.840> a<00:26:26.880> typical<00:26:27.240> day<00:26:27.400> look<00:26:27.600> like<00:26:27.760> for<00:26:27.880> you?

00:26:29.640 --> 00:26:37.920
A<00:26:29.840> pretty<00:26:30.200> atypical.<00:26:31.880> It's<00:26:32.200> always<00:26:32.560> different,<00:26:33.280> but<00:26:34.120> uh,<00:26:35.240> I<00:26:35.400> would<00:26:35.560> say<00:26:35.880> I<00:26:35.960> mean<00:26:37.320> you<00:26:37.520> know,<00:26:37.680> I

00:26:37.920 --> 00:26:40.720
I<00:26:37.960> try<00:26:38.160> to<00:26:38.400> I'll<00:26:38.520> start<00:26:38.840> from<00:26:39.240> the<00:26:39.720> the<00:26:39.840> afternoon<00:26:40.360> night.

00:26:40.720 --> 00:26:44.320
I'm<00:26:40.880> a<00:26:40.920> big<00:26:41.160> fan<00:26:41.480> of<00:26:42.160> uh<00:26:42.800> of<00:26:42.960> time<00:26:43.240> blocking.

00:26:44.320 --> 00:26:48.680
Um,<00:26:45.080> and<00:26:45.880> there's<00:26:46.400> the<00:26:46.880> a<00:26:46.920> great<00:26:47.240> book<00:26:47.480> called<00:26:47.680> The<00:26:47.800> One<00:26:48.120> Thing.

00:26:48.680 --> 00:26:56.360
Like,<00:26:49.040> you<00:26:49.160> know,<00:26:49.280> try<00:26:49.480> to<00:26:49.640> find<00:26:50.040> the<00:26:50.120> one<00:26:50.440> thing<00:26:50.720> that<00:26:50.920> really<00:26:51.680> matters<00:26:52.240> to<00:26:52.600> your<00:26:52.840> week,<00:26:53.240> to<00:26:53.360> your<00:26:53.480> month,<00:26:53.880> to<00:26:54.000> your<00:26:54.160> year,<00:26:54.880> and<00:26:55.120> make<00:26:55.320> sure<00:26:55.520> that<00:26:55.680> all<00:26:55.800> your<00:26:55.960> goals<00:26:56.280> and

00:26:56.360 --> 00:26:59.640
objectives<00:26:56.960> are<00:26:57.840> related<00:26:58.280> to<00:26:58.400> that<00:26:58.600> one<00:26:58.760> thing.

00:26:59.640 --> 00:27:03.400
So,<00:27:00.760> um,<00:27:01.440> my<00:27:01.600> days<00:27:01.840> are<00:27:01.960> usually<00:27:02.280> so<00:27:02.560> hectic.

00:27:03.400 --> 00:27:09.800
I<00:27:03.520> like<00:27:03.800> to<00:27:04.040> I<00:27:04.160> actually<00:27:04.520> sleep<00:27:04.800> a<00:27:04.840> lot<00:27:05.040> better<00:27:05.280> if<00:27:05.520> I<00:27:06.280> um<00:27:06.720> time<00:27:07.080> block<00:27:08.160> the<00:27:08.600> next<00:27:09.080> day.

00:27:09.800 --> 00:27:18.000
And<00:27:10.040> so,<00:27:10.880> I<00:27:11.160> you<00:27:11.320> know,<00:27:11.520> I<00:27:11.640> know<00:27:11.880> I<00:27:11.920> have<00:27:12.600> a<00:27:12.640> bunch<00:27:12.960> of<00:27:13.360> scheduled<00:27:13.840> meetings,<00:27:14.160> but<00:27:14.280> then<00:27:14.400> I<00:27:14.480> can<00:27:14.640> block<00:27:15.040> out<00:27:15.240> like<00:27:15.480> here<00:27:15.640> are<00:27:15.680> the<00:27:15.840> things<00:27:16.240> that<00:27:16.600> I<00:27:16.680> know<00:27:17.000> are<00:27:17.320> are<00:27:17.640> I<00:27:17.760> need

00:27:18.000 --> 00:27:22.240
to<00:27:18.120> do<00:27:18.480> for<00:27:18.800> my<00:27:19.000> weekly<00:27:19.360> goal,<00:27:19.600> for<00:27:19.760> my<00:27:19.920> monthly<00:27:20.320> goal,<00:27:20.560> for<00:27:20.680> my<00:27:20.800> yearly<00:27:21.120> goal.

00:27:22.240 --> 00:27:27.800
Um,<00:27:22.920> so,<00:27:23.080> that's<00:27:23.320> kind<00:27:23.480> of<00:27:23.720> at<00:27:24.080> the<00:27:24.200> night,<00:27:24.600> and<00:27:24.720> then<00:27:24.840> the<00:27:24.960> day,<00:27:25.920> um,<00:27:26.320> yeah,<00:27:26.560> it's<00:27:26.880> it's<00:27:27.200> it's<00:27:27.440> busy.

00:27:27.800 --> 00:27:35.200
I<00:27:27.840> mean,<00:27:28.040> it's<00:27:28.920> we're<00:27:29.080> still<00:27:30.000> a<00:27:30.200> kind<00:27:30.400> of<00:27:30.520> a<00:27:31.240> uh<00:27:32.160> start-up,<00:27:32.680> I<00:27:32.760> guess<00:27:33.000> you<00:27:33.080> could<00:27:33.280> say,<00:27:33.600> or<00:27:34.400> of<00:27:34.600> our<00:27:34.800> own.

00:27:35.200 --> 00:27:40.120
Like,<00:27:35.400> we<00:27:35.560> have<00:27:35.760> our<00:27:36.080> own<00:27:36.280> company<00:27:36.680> to<00:27:36.800> run,<00:27:37.040> Blueprint,<00:27:37.520> which<00:27:37.720> is<00:27:37.840> a<00:27:37.920> 21-person<00:27:38.760> organization.

00:27:40.120 --> 00:27:44.200
Um,<00:27:40.600> meanwhile,<00:27:41.200> like<00:27:41.440> we<00:27:41.840> like<00:27:42.040> companies<00:27:42.520> also<00:27:42.800> have<00:27:42.960> investors.

00:27:44.200 --> 00:27:48.280
Um,<00:27:44.560> but,<00:27:44.760> we<00:27:44.880> have<00:27:45.000> a<00:27:45.040> ton<00:27:45.280> of<00:27:45.360> them,<00:27:45.680> right?<00:27:46.080> Because<00:27:46.520> we<00:27:46.680> have<00:27:46.840> $600<00:27:47.440> billion.

00:27:48.280 --> 00:27:55.520
So,<00:27:48.720> you<00:27:48.880> still<00:27:49.160> have<00:27:49.400> to<00:27:50.080> res-<00:27:50.520> you<00:27:50.640> know,<00:27:50.760> respect<00:27:51.280> that<00:27:51.840> uh<00:27:52.520> those<00:27:52.760> folks<00:27:53.000> want<00:27:53.200> time<00:27:53.600> and<00:27:53.680> attention<00:27:54.240> and<00:27:54.520> and<00:27:54.920> reporting.

00:27:55.520 --> 00:27:57.480
And<00:27:56.040> so,<00:27:56.160> that's<00:27:56.480> a<00:27:56.760> whole<00:27:56.920> 'nother<00:27:57.160> job.

00:27:57.480 --> 00:28:04.400
And<00:27:57.560> then,<00:27:57.640> of<00:27:57.760> course,<00:27:58.560> you<00:27:58.680> know,<00:27:58.960> our<00:27:59.160> primary<00:27:59.600> job<00:27:59.920> is<00:28:00.160> to<00:28:00.880> find<00:28:01.200> great<00:28:01.480> companies<00:28:02.320> and<00:28:02.480> help<00:28:02.720> those<00:28:03.000> companies<00:28:03.520> grow.

00:28:04.400 --> 00:28:13.440
And<00:28:04.560> so,<00:28:05.040> we<00:28:06.120> uh<00:28:06.280> a<00:28:06.360> lot<00:28:06.640> of<00:28:06.720> the<00:28:06.800> time<00:28:07.040> is<00:28:07.120> focused<00:28:07.520> on,<00:28:07.880> you<00:28:08.000> know,<00:28:08.120> having<00:28:08.440> calls<00:28:08.920> and<00:28:09.040> trying<00:28:09.320> to<00:28:10.280> you<00:28:10.360> know,<00:28:10.480> find<00:28:10.920> the<00:28:11.000> next<00:28:11.960> uh<00:28:12.320> investment.

00:28:13.440 --> 00:28:20.160
Um,<00:28:13.840> but,<00:28:14.000> the<00:28:14.080> majority<00:28:14.520> of<00:28:14.600> my<00:28:14.720> time<00:28:15.120> is<00:28:15.560> for<00:28:15.760> sure<00:28:16.000> spent<00:28:16.480> on<00:28:16.720> companies<00:28:17.240> we've<00:28:17.400> already<00:28:17.600> invested<00:28:18.160> in,<00:28:18.960> working<00:28:19.240> with<00:28:19.360> those<00:28:19.600> entrepreneurs.

00:28:20.160 --> 00:28:28.640
We<00:28:20.280> have<00:28:20.400> a<00:28:20.640> ops<00:28:20.920> team<00:28:21.160> of<00:28:21.280> six<00:28:21.600> people<00:28:21.960> now<00:28:22.640> that<00:28:22.760> are<00:28:22.840> focused<00:28:23.240> on<00:28:23.360> nothing<00:28:23.720> but<00:28:23.880> helping<00:28:24.200> those<00:28:24.400> companies<00:28:24.880> with<00:28:25.040> hiring<00:28:25.560> or<00:28:26.240> with<00:28:26.400> go-to-market<00:28:27.200> or<00:28:27.360> with<00:28:27.560> AI<00:28:27.880> initiatives,

00:28:28.640 --> 00:28:34.400
all<00:28:28.800> free<00:28:29.080> of<00:28:29.200> charge.<00:28:30.120> We<00:28:30.280> do<00:28:30.480> well<00:28:30.760> when<00:28:30.880> they<00:28:31.000> do<00:28:31.200> well,<00:28:31.880> um,<00:28:32.720> and<00:28:32.840> they<00:28:32.920> sell<00:28:33.120> their<00:28:33.240> business.

00:28:34.400 --> 00:28:42.480
Uh,<00:28:34.800> but,<00:28:35.200> a<00:28:35.280> lot<00:28:35.680> of<00:28:35.840> our<00:28:36.280> time<00:28:36.640> is<00:28:36.880> just<00:28:37.160> like,<00:28:37.560> how<00:28:37.760> do<00:28:37.880> we<00:28:38.320> We<00:28:38.560> We've<00:28:38.840> done<00:28:39.640> We've<00:28:39.800> seen<00:28:40.040> this<00:28:40.200> movie<00:28:40.520> so<00:28:40.640> many<00:28:40.840> times<00:28:41.200> before<00:28:41.800> at<00:28:41.960> this<00:28:42.080> stage<00:28:42.400> of

00:28:42.480 --> 00:28:50.720
growth.<00:28:42.840> Like,<00:28:43.080> how<00:28:43.280> can<00:28:43.480> we<00:28:44.200> help<00:28:44.920> uh<00:28:45.080> the<00:28:45.200> entrepreneur<00:28:45.880> and<00:28:46.280> and<00:28:47.080> uh<00:28:47.720> uh<00:28:47.880> be<00:28:48.080> resources<00:28:48.800> to<00:28:48.920> them<00:28:49.720> not<00:28:50.040> not<00:28:50.280> just<00:28:50.520> from

00:28:50.720 --> 00:28:59.840
advice<00:28:51.280> but<00:28:52.440> probably<00:28:52.720> even<00:28:52.920> more<00:28:53.120> so<00:28:53.800> like<00:28:54.080> how<00:28:54.200> do<00:28:54.280> we<00:28:54.440> roll<00:28:54.640> up<00:28:54.760> our<00:28:54.880> sleeves<00:28:55.200> and<00:28:55.320> actually<00:28:55.960> do<00:28:56.200> work<00:28:56.520> on<00:28:56.600> their<00:28:56.720> behalf.

00:28:59.840 --> 00:29:07.040
Uh,<00:29:00.240> finally<00:29:00.640> we<00:29:00.840> end<00:29:01.000> every<00:29:01.200> interview<00:29:01.480> with<00:29:01.600> the<00:29:01.680> same<00:29:01.880> question<00:29:02.400> and<00:29:02.560> that<00:29:02.800> is<00:29:02.960> at<00:29:03.120> ceo.com<00:29:03.960> we<00:29:04.080> believe<00:29:04.360> the<00:29:04.480> chances<00:29:04.960> one<00:29:05.240> gives<00:29:05.880> is<00:29:06.080> just<00:29:06.360> as<00:29:06.480> important<00:29:06.840> as<00:29:06.960> the

00:29:07.040 --> 00:29:14.360
chances<00:29:07.480> one<00:29:07.680> takes.<00:29:08.960> When<00:29:09.200> you<00:29:09.400> hear<00:29:09.600> that<00:29:09.840> who<00:29:10.000> gave<00:29:10.240> you<00:29:10.360> a<00:29:10.400> chance<00:29:10.720> to<00:29:10.840> get<00:29:11.000> you<00:29:11.160> to<00:29:11.240> where<00:29:11.400> you<00:29:11.600> are<00:29:11.720> today?

00:29:14.360 --> 00:29:22.440
I<00:29:14.680> mean<00:29:15.000> obviously<00:29:15.320> answer<00:29:15.640> is<00:29:15.960> my<00:29:16.280> parents<00:29:16.600> uh<00:29:16.920> you<00:29:17.240> know<00:29:17.560> just<00:29:17.880> working<00:29:18.200> their<00:29:18.520> their<00:29:18.840> butts<00:29:19.160> off<00:29:19.480> and<00:29:19.800> uh<00:29:20.120> you<00:29:20.440> know<00:29:20.760> I<00:29:21.080> came<00:29:21.400> from<00:29:21.720> uh<00:29:22.040> you<00:29:22.360> know

00:29:22.440 --> 00:29:30.960
my<00:29:22.520> mom<00:29:22.760> was<00:29:22.840> a<00:29:22.880> school<00:29:23.160> nurse<00:29:23.560> and<00:29:24.240> my<00:29:24.320> dad<00:29:24.560> was<00:29:24.720> a<00:29:24.760> part-time<00:29:25.360> ski<00:29:25.600> instructor<00:29:26.320> and<00:29:26.640> he<00:29:26.800> had<00:29:27.120> he<00:29:27.200> was<00:29:27.880> had<00:29:28.080> other<00:29:28.320> gigs<00:29:28.640> too<00:29:28.880> but<00:29:29.680> um<00:29:30.840> but

00:29:30.960 --> 00:29:35.960
yeah<00:29:31.320> I<00:29:31.360> had<00:29:31.480> to<00:29:31.560> work<00:29:31.840> really<00:29:32.240> you<00:29:32.320> know<00:29:32.400> they<00:29:32.520> had<00:29:32.640> to<00:29:32.720> work<00:29:32.920> really<00:29:33.080> hard<00:29:33.280> to<00:29:33.360> make<00:29:33.560> sure<00:29:33.720> that<00:29:34.120> I<00:29:34.200> had<00:29:34.360> every<00:29:34.560> opportunity<00:29:35.040> that<00:29:35.200> I<00:29:35.280> could.

00:29:35.960 --> 00:29:44.320
So<00:29:36.120> that's<00:29:36.360> the<00:29:36.440> biggest<00:29:36.760> one.<00:29:37.520> Um,<00:29:38.080> but<00:29:38.280> the<00:29:38.400> other<00:29:38.520> one<00:29:38.640> I<00:29:38.680> mean<00:29:39.600> I<00:29:39.680> would<00:29:39.840> say<00:29:40.080> that<00:29:40.720> I<00:29:41.240> started<00:29:41.640> my<00:29:42.720> investing<00:29:43.320> career<00:29:43.680> at<00:29:43.800> a<00:29:43.840> firm<00:29:44.080> called

00:29:44.320 --> 00:29:52.800
Mainsail<00:29:44.760> Partners<00:29:45.280> and<00:29:45.560> the<00:29:45.720> two<00:29:45.880> partners<00:29:46.280> there<00:29:46.440> Gavin<00:29:47.120> Turner<00:29:47.440> and<00:29:47.560> Jason<00:29:47.920> Payne<00:29:48.840> you<00:29:48.880> know<00:29:48.960> they<00:29:49.080> definitely<00:29:49.480> took<00:29:49.640> a<00:29:49.680> chance<00:29:50.040> on<00:29:50.160> me<00:29:50.960> um<00:29:51.640> and<00:29:52.560> brought

00:29:52.800 --> 00:29:56.520
me<00:29:53.000> on<00:29:53.600> even<00:29:53.840> early<00:29:54.480> from<00:29:54.720> my<00:29:54.840> investment<00:29:55.280> banking<00:29:55.600> job.

00:29:56.520 --> 00:30:02.320
Um,<00:29:57.480> and<00:29:58.320> uh<00:29:59.080> and<00:29:59.320> so<00:30:00.200> I<00:30:00.280> give<00:30:00.680> I<00:30:00.760> give<00:30:00.920> them<00:30:01.080> a<00:30:01.120> lot<00:30:01.320> of<00:30:01.400> credit.

00:30:02.320 --> 00:30:05.880
Um,<00:30:03.360> and

00:30:05.880 --> 00:30:09.240
and<00:30:05.960> then<00:30:06.320> uh<00:30:06.680> Dave<00:30:06.960> Dutches<00:30:07.600> is<00:30:08.240> is<00:30:08.400> a<00:30:08.440> mentor<00:30:08.800> of<00:30:08.840> mine<00:30:09.040> too.

00:30:09.240 --> 00:30:14.360
He<00:30:09.400> was<00:30:09.680> he<00:30:09.880> ran<00:30:10.160> one<00:30:10.280> of<00:30:10.320> the<00:30:10.400> companies<00:30:10.840> that<00:30:11.000> I<00:30:11.240> I<00:30:11.560> worked<00:30:11.960> with<00:30:12.520> uh<00:30:13.000> and<00:30:13.480> we've<00:30:13.640> been<00:30:13.840> super<00:30:14.080> close.

00:30:14.360 --> 00:30:20.680
He<00:30:14.480> actually<00:30:14.800> just<00:30:15.360> um<00:30:16.320> was<00:30:16.480> the<00:30:16.600> officiant<00:30:17.160> that<00:30:17.440> ended<00:30:17.680> up<00:30:17.760> marrying<00:30:18.120> me<00:30:18.240> and<00:30:18.320> my<00:30:18.440> wife<00:30:18.720> about<00:30:19.600> a<00:30:19.800> year<00:30:20.000> ago.

00:30:20.680 --> 00:30:25.880
Uh,<00:30:21.040> so<00:30:21.520> he's<00:30:21.760> been<00:30:21.920> a<00:30:21.960> mentor<00:30:22.480> and<00:30:22.840> and<00:30:23.000> I<00:30:23.080> guess<00:30:23.400> now<00:30:24.120> uh<00:30:24.200> even<00:30:24.440> bigger<00:30:24.640> part<00:30:24.800> of<00:30:24.840> my<00:30:24.960> life.

00:30:25.880 --> 00:30:34.760
Um,<00:30:26.280> so<00:30:26.480> those<00:30:26.800> three<00:30:27.840> people<00:30:28.280> outside<00:30:28.600> of<00:30:28.680> my<00:30:28.760> parents<00:30:29.400> uh<00:30:29.640> they<00:30:30.240> gave<00:30:30.400> me<00:30:30.520> every<00:30:30.880> opportunity<00:30:31.520> that<00:30:32.160> I<00:30:32.280> couldn't<00:30:32.520> expect<00:30:33.560> and<00:30:34.400> uh

00:30:34.760 --> 00:30:38.120
and<00:30:34.920> so<00:30:36.560> those<00:30:36.720> are<00:30:36.760> the<00:30:36.880> three.

00:30:38.120 --> 00:30:41.320
Sheldon,<00:30:38.720> thank<00:30:38.960> you<00:30:39.040> so<00:30:39.200> much.<00:30:40.240> Yeah.

00:30:41.320 --> 00:30:43.760
Thanks<00:30:41.520> for<00:30:41.640> your<00:30:41.760> time.