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# PetMeds CEO Matt Hulett on scaling and leadership
- URL: https://www.ceo.com/episodes/ceo-petmeds-matt-hulett-the-visionary-behind-petmeds-transformation/
- Published: 2023-09-14T10:00:02.000Z
- Updated: 2026-08-31T02:38:13.000Z
- Description: A recruiter's text, which he mistook for spam, led to three years, one acquisition, and a restatement.
- Author: Clint Betts

# Matt Hulett wrote the book on saying no

Matt Hulett almost deleted the text that made him a public company CEO.

A recruiter he had never met asked whether he wanted to run a Nasdaq-listed business. Hulett assumed it was spam from a headhunter friend playing a joke. He called back mostly out of curiosity.

"I would've just deleted it," he said on the CEO.com Podcast.

The company was [PetMed Express](https://investors.petmeds.com/News--Events/Press-Releases/news-details/2021/PETMED-EXPRESS-APPOINTS-MATT-HULETT-FORMER-ROSETTA-STONE-PRESIDENT-AS-CEO-PRESIDENT-AND-MEMBER-OF-THE-BOARD-OF-DIRECTORS-08-31-2021/default.aspx?ref=ceo.com), the Delray Beach pet pharmacy known to anyone who watched daytime television in the 2000s. Hulett took the job in August 2021 and said yes for reasons he can articulate precisely, because articulating those reasons is the thing he does.

"I like puzzles," he said. "I'm typically not a big company guy, but I'm also not a startup guy anymore."

PetMeds fit a shape he recognized. Old brand, 27 years of it. A prescription refill business that had stopped growing. Cash on the balance sheet, no debt, and what he called a secret, meaning some position or capability the market had not priced. He compared it to eyewear. Veterinarians write the prescriptions the way optometrists do, and the refill can go direct to consumer.

He also has a French bulldog, which he mentioned twice.

## The framework

What makes Hulett interesting is not that he took the job. It is that he had just published a book about how to decide whether jobs like that are worth taking.

[Unlock: Five Questions to Unleash Your Company's Hidden Power](https://www.geekwire.com/2022/book-excerpt-5-questions-that-will-help-unleash-your-companys-hidden-power/?ref=ceo.com) came out of a scheduling problem. People kept asking Hulett for 15 minutes. Nobody has 15 minutes. So he tried to write the answer down once and be done with it.

The result is scored like a credit rating. Five variables, each rated one to three: total addressable market, timing, track record, plan, and momentum. Add the first four, multiply by momentum, which is capital and team. He calls it T3PM, and a version of the [assessment](https://startupwhisperer.com/insight-score/?ref=ceo.com) sits on his site.

The book's real subject is not growth. It is the moment the arithmetic comes back negative, and somebody has to say so out loud.

"Sometimes the answer is clear, and no one wants to hear the answer," Hulett said. Founders are the hard cases. "Founders in particular are insane, and I mean that affectionately." His wife, Anne, founded Rock Grace, a non-alcoholic wine company, so he has watched the condition from close range and does not claim immunity by marriage.

When the score says no, the moves are few. Harvest the profits, redirect the capital, or stop.

"I'm usually the wet blanket if the answer is no," he said.

## What the score said

Hulett ran his framework on PetMeds and got a yes. The public record of what followed is more complicated than the interview is.

He bought a minority stake in the telehealth company Vetster in 2022, added a pet insurance partnership with Pumpkin, and in January 2023 agreed to acquire PetCareRx for [$36 million in cash](https://www.forbes.com/sites/joanverdon/2023/01/17/petmeds-expands-with-36-million-petcarerx-acquistion/?ref=ceo.com), tripling the product catalog and pushing a prescription business into food and supplements. The deal [closed on April 3](https://www.sec.gov/Archives/edgar/data/1040130/000104013023000020/pets-20230403.htm?ref=ceo.com). On the [earnings call seven weeks later](https://www.sec.gov/Archives/edgar/data/1040130/000104013023000036/ex991-earningsconferenceca.htm?ref=ceo.com), Hulett told investors to stop expecting deals: the company had been too active, and management would focus on integration. His CFO put it in three words. Digest and execute.

Sales for the year before Hulett arrived were [$303.6 million on a restated basis](https://www.sec.gov/Archives/edgar/data/1040130/000104013024000016/pets-20230331.htm?ref=ceo.com). They fell to $272.3 million, then to $256.6 million. With PetCareRx in the numbers, fiscal 2024 [came back to $281.1 million](https://www.sec.gov/Archives/edgar/data/1040130/000104013024000043/pets-2024331xex991.htm?ref=ceo.com), an increase of 9.5 percent that the company's own filing credits to the acquisition, offset by continued declines in legacy PetMeds sales. The same year turned a $5.1 million profit into a $7.5 million loss.

Hulett never claimed otherwise. [GlobalPETS reported](https://globalpetindustry.com/news/petmeds-ceo-petcarerx-acquisition-put-business-back-game/?ref=ceo.com) an 11.5 percent revenue increase in October 2023, his first growth at the company, and asked him how much of it was the deal.

"The majority of that growth was due to the acquisition," he said.

The same month, the board suspended the $0.30 quarterly dividend PetMeds had paid for years. [Shares fell about 28 percent](https://investorplace.com/2023/10/why-is-petmed-express-pets-stock-down-28-today/?ref=ceo.com). Three days later, Hulett [bought 13,850 shares on the open market](https://www.gurufocus.com/insider/101343/mathew-n-hulett?ref=ceo.com) at roughly $7.26, about $100,000 of his own money, his only trade in the stock in five years.

Then, in April 2024, the company restated three years of financial statements over sales taxes it had failed to collect between 2018 and 2022\. Most of that exposure predates Hulett. The disclosure did not: the [amended annual report](https://www.sec.gov/Archives/edgar/data/1040130/000104013024000016/pets-20230331.htm?ref=ceo.com) recorded a cumulative $26 million liability, reported material weaknesses in internal control, and carried an adverse opinion from the company's auditor.

He [stepped down](https://www.geekwire.com/2024/tech-moves-matt-hulett-steps-down-as-petmed-express-ceo-seattle-startup-avante-adds-execs/?ref=ceo.com) as CEO, president, and director the following month. PETS [now trades near $2](https://www.investing.com/equities/petmed-express?ref=ceo.com).

## The prediction

The most falsifiable thing Hulett said has nothing to do with pets.

He expects the number of middle managers to fall and the span each one carries to grow. The jobs at risk are the ones with repeatable patterns: accountants, data analysts, lawyers, financial planning roles, and some coders.

"Anything with digits that can be replicated in well-known patterns," he said. "You'll need less of them."

His advice to people in those roles is not to leave. It is to become undeniable. "Whatever you decide to do, make sure you're elite at it."

PetMeds under Hulett was not building models. He drew a line between companies that are intrinsically AI and companies that are AI-empowered, and put his in the second group, using the tools inside its Salesforce commerce stack for attribution, modeling, and creative. The stated goal was headcount discipline. He claimed the company ran above $1 million in revenue per employee.

He was gloomier about the wider picture. Cheap tooling means more companies get started. Expensive compute means few of them get big.

"The companies that are going to be really, really successful are the companies that are really, really successful right now."

Hulett did not stay out of work. He has been [CEO of StraighterLine](https://www.straighterline.com/blog/ed-tech-veteran-matt-hulett-named-ceo-of-straighterline?ref=ceo.com) since August 2024, selling transferable college credit and workforce credentials to adult learners, and he is running the same playbook. StraighterLine [acquired Preppy](https://www.straighterline.com/blog/straighterline-acquires-preppy-to-expand-career-certification-offerings?ref=ceo.com) in March 2025 to move into healthcare certifications, on top of two earlier deals in early childhood education. Catalog expansion through acquisition, again.

Every CEO.com Podcast conversation ends on the premise that the chances one gives matter as much as the chances one takes. Hulett said he changed his answer the moment the question landed.

Rich Barton, who founded Expedia and now runs Zillow.

"I was leaving a failing startup and gave me a big job," Hulett said. "He saw something in me and gave me a shot."

```chapters
00:00:00 Introducing Matt Hulett of PetMeds
00:01:33 Early Career in Technology
00:03:03 Landing the PetMeds CEO Role
00:06:52 The 30-60-90 Day Turnaround Blueprint
00:08:03 The 5 Questions From Unlock
00:14:16 What Makes a Great Leader
00:15:53 Public vs Private Company Leadership
00:21:49 The Science of Hiring Talent
00:24:45 Remote Work and Building Culture
00:28:51 AI and the Future of Middle Management
00:31:42 Why AI Struggles With Some Tasks
00:33:52 AI and Creativity in Music
00:37:29 AI Integration at PetMeds
00:40:47 AI's Impact on Entrepreneurship
00:44:07 The Chance That Shaped His Career
```

```vtt
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I<00:03:08.414> actually,<00:03:09.121> uh,<00:03:09.700> was<00:03:09.941> just,<00:03:11.451> um,<00:03:13.218> coming<00:03:13.620> off<00:03:14.327> my<00:03:14.503> last<00:03:14.841> turnaround.

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I've<00:03:15.483> been<00:03:15.644> doing<00:03:15.869> a<00:03:15.885> lot<00:03:16.287> of<00:03:16.319> turnarounds<00:03:16.769> in<00:03:16.801> my<00:03:17.074> career.

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I<00:03:18.112> guess<00:03:18.273> they're<00:03:18.433> called<00:03:18.738> transformations<00:03:19.716> now.

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There's<00:03:20.037> a<00:03:20.117> new<00:03:20.422> euphemism.

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Yeah,<00:03:22.105> there's<00:03:22.346> the<00:03:22.426> Mitt<00:03:22.667> Romney—<00:03:23.068> didn't<00:03:23.244> Mitt<00:03:23.404> Romney<00:03:23.725> write<00:03:23.886> a<00:03:23.966> book<00:03:24.126> called<00:03:24.367> Turnaround?

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Yes.

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Is<00:03:26.692> that<00:03:26.916> why<00:03:27.013> it's<00:03:27.157> called<00:03:27.333> transformation?

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I<00:03:29.338> don't<00:03:29.498> know.

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Hey,<00:03:30.765> I<00:03:31.102> like<00:03:31.327> Mitt<00:03:31.487> Romney.

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Listen,<00:03:33.668> you're<00:03:34.085> talking<00:03:34.390> to<00:03:34.550> a<00:03:34.630> Utahn.

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He's<00:03:37.036> my<00:03:37.212> senator.

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I<00:03:40.660> know.

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But<00:03:42.071> to<00:03:42.328> answer<00:03:42.488> your<00:03:42.632> question,<00:03:43.114> yeah,<00:03:43.274> I<00:03:43.434> was<00:03:43.595> just—<00:03:44.012> coming<00:03:44.396> off<00:03:44.957> the<00:03:45.454> turnaround<00:03:46.559> of<00:03:46.976> or<00:03:47.056> transformation<00:03:47.841> of<00:03:48.018> Rosetta<00:03:48.354> Stone,<00:03:49.716> a<00:03:49.780> language<00:03:50.181> learning<00:03:50.501> company<00:03:51.062> that<00:03:52.905> was<00:03:53.562> not<00:03:53.802> doing<00:03:54.107> well.

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And<00:03:54.587> we<00:03:55.132> actually<00:03:55.869> turned<00:03:56.126> it<00:03:56.206> around,<00:03:58.738> quadrupled<00:03:59.939> the<00:04:00.036> value.

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And<00:04:01.141> I<00:04:01.237> was<00:04:01.558> on<00:04:01.702> the<00:04:02.022> tail<00:04:02.343> end<00:04:02.455> of<00:04:02.535> that.

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We'd<00:04:02.904> sold<00:04:03.224> it<00:04:03.401> and<00:04:03.545> then<00:04:03.801> the<00:04:03.961> acquirer<00:04:04.506> was<00:04:04.923> doing<00:04:05.163> what<00:04:05.484> acquirers<00:04:06.044> do.

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And<00:04:06.381> so<00:04:07.006> my<00:04:07.166> time<00:04:07.407> was<00:04:07.567> over<00:04:07.871> and<00:04:07.951> I<00:04:08.608> got<00:04:08.753> a<00:04:08.769> call<00:04:09.073> from<00:04:09.233> a<00:04:09.313> headhunter<00:04:09.730> friend<00:04:10.034> of<00:04:10.131> mine<00:04:11.236> about<00:04:12.037> a<00:04:12.053> couple<00:04:12.374> of<00:04:12.438> opportunities.

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And<00:04:13.511> then<00:04:14.441> I<00:04:14.537> actually<00:04:15.001> thought<00:04:15.162> it<00:04:15.258> was<00:04:15.402> him<00:04:15.819> who<00:04:15.979> texted<00:04:16.444> me.

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It<00:04:16.636> was<00:04:16.780> somebody<00:04:17.245> else,<00:04:18.526> a<00:04:18.607> random<00:04:18.927> recruiter<00:04:19.247> I'd<00:04:19.424> never<00:04:19.712> met.

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And<00:04:20.802> I<00:04:20.946> thought<00:04:21.122> it<00:04:21.250> was<00:04:21.362> spam<00:04:21.907> because<00:04:22.212> I<00:04:22.228> thought<00:04:22.404> it<00:04:22.468> was<00:04:22.564> my<00:04:22.724> friend.

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And<00:04:23.590> he<00:04:24.567> said,<00:04:24.775> hey,<00:04:24.887> do<00:04:24.935> you<00:04:24.968> want<00:04:25.128> to<00:04:25.176> be<00:04:25.336> a<00:04:25.352> CEO<00:04:25.913> of<00:04:26.009> a<00:04:26.073> public<00:04:26.313> company?

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I<00:04:26.778> thought,<00:04:26.938> this<00:04:27.050> is<00:04:27.339> odd<00:04:27.499> spam.

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And<00:04:29.758> so<00:04:29.983> I<00:04:30.079> called<00:04:30.399> this<00:04:30.559> recruiter<00:04:31.024> up<00:04:31.200> and<00:04:31.985> he<00:04:32.017> had<00:04:32.146> seen<00:04:32.546> the<00:04:32.642> work<00:04:32.867> I<00:04:32.947> did<00:04:33.059> at<00:04:33.123> Rosetta<00:04:33.443> Stone.

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So<00:04:33.908> it<00:04:33.988> was,<00:04:34.950> it<00:04:34.982> was<00:04:35.142> very<00:04:35.382> much<00:04:35.606> serendipitous.

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And<00:04:36.568> I<00:04:36.728> actually<00:04:37.113> wouldn't<00:04:37.273> have<00:04:37.369> responded<00:04:37.850> to<00:04:37.994> the<00:04:38.090> text<00:04:38.571> because<00:04:39.147> I<00:04:39.212> I<00:04:39.276> literally<00:04:39.598> thought<00:04:39.775> it<00:04:39.839> was<00:04:40.177> my<00:04:40.322> other<00:04:40.483> friend<00:04:40.676> who<00:04:40.740> was<00:04:40.837> a<00:04:40.965> headhunter.

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That's<00:04:43.797> hilarious.

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I<00:04:45.309> would<00:04:45.389> have<00:04:45.486> just<00:04:45.647> deleted<00:04:46.065> it.

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Well,<00:04:47.512> what<00:04:47.657> about<00:04:47.899> the<00:04:48.061> opportunity<00:04:49.528> got<00:04:49.753> you<00:04:49.850> excited<00:04:50.576> and<00:04:50.979> it<00:04:51.124> got<00:04:51.301> you<00:04:51.382> to<00:04:51.479> say<00:04:51.688> yes<00:04:51.930> to<00:04:52.011> that?

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Yeah,<00:04:54.380> I<00:04:54.476> like<00:04:55.042> puzzles<00:04:55.527> in<00:04:55.559> my<00:04:55.769> career.

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You<00:04:56.415> know,<00:04:56.480> I'm<00:04:56.658> typically<00:04:57.207> not<00:04:58.515> a<00:04:58.596> big<00:04:58.758> company<00:04:59.242> guy,<00:05:01.660> but<00:05:01.757> I'm<00:05:01.968> also<00:05:02.164> not<00:05:02.391> a<00:05:02.407> startup<00:05:02.797> guy<00:05:02.960> anymore.

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I<00:05:03.366> did<00:05:03.529> a<00:05:03.545> lot<00:05:03.675> of<00:05:03.773> startups<00:05:04.439> earlier<00:05:04.683> in<00:05:04.732> my<00:05:04.910> career<00:05:05.317> and<00:05:05.398> I<00:05:05.479> kind<00:05:05.642> of<00:05:05.707> like<00:05:05.886> puzzles.

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So<00:05:07.307> I<00:05:07.339> like<00:05:07.548> smaller<00:05:07.884> companies,<00:05:09.151> and,<00:05:09.713> uh,<00:05:10.915> you<00:05:10.947> know,<00:05:11.092> PetMed's<00:05:11.557> had<00:05:11.717> some<00:05:11.974> of<00:05:12.038> the<00:05:12.070> same<00:05:12.535> components<00:05:13.561> to<00:05:13.737> other<00:05:13.898> businesses<00:05:14.443> that<00:05:14.555> I've<00:05:14.684> helped<00:05:14.860> turn<00:05:15.100> around<00:05:16.127> that<00:05:16.287> I<00:05:16.367> enjoyed,<00:05:17.249> uh,<00:05:17.506> and<00:05:17.650> I<00:05:17.730> enjoy.

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And<00:05:18.372> one<00:05:18.548> is<00:05:19.109> it<00:05:19.190> has—<00:05:19.735> I<00:05:19.767> think<00:05:19.911> most<00:05:20.216> companies<00:05:21.354> that<00:05:21.515> can<00:05:21.755> be<00:05:21.900> turned<00:05:22.092> around<00:05:22.477> or<00:05:22.637> doing<00:05:22.878> well<00:05:23.118> have<00:05:23.279> some<00:05:23.439> kind<00:05:23.599> of<00:05:23.696> secret,<00:05:24.321> you<00:05:24.385> know,<00:05:24.481> there's<00:05:24.642> some<00:05:24.802> kind<00:05:24.946> of<00:05:25.027> secret<00:05:25.460> that<00:05:25.604> they<00:05:25.764> have,<00:05:27.031> um,<00:05:27.849> not<00:05:28.089> literally<00:05:28.394> a<00:05:28.490> secret,<00:05:28.971> but<00:05:29.212> literally<00:05:29.629> some<00:05:29.853> kind<00:05:30.030> of,<00:05:30.399> um,<00:05:31.040> position,<00:05:32.018> capability,<00:05:32.740> something<00:05:33.702> that<00:05:33.846> they<00:05:34.006> have<00:05:34.423> that<00:05:34.984> may<00:05:35.080> not<00:05:35.304> be<00:05:35.465> apparent,<00:05:36.330> uh,<00:05:36.586> apparently<00:05:37.291> obvious<00:05:37.548> to<00:05:37.628> everybody<00:05:38.028> else.

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And<00:05:38.445> so<00:05:38.669> with<00:05:38.830> PetMeds,<00:05:39.775> well-known<00:05:40.192> brand,<00:05:40.464> had<00:05:40.512> been<00:05:40.656> around<00:05:40.897> for<00:05:40.993> 27<00:05:41.554> years<00:05:42.499> but<00:05:42.579> had<00:05:42.756> this<00:05:42.916> kind<00:05:43.060> of<00:05:43.541> core<00:05:43.861> prescription<00:05:44.438> business<00:05:44.839> for<00:05:44.999> pets<00:05:46.041> that<00:05:46.265> wasn't<00:05:46.505> really<00:05:46.682> growing,<00:05:47.082> was<00:05:47.178> struggling,<00:05:48.028> um,<00:05:48.845> and<00:05:48.925> we're<00:05:49.053> in<00:05:49.085> the<00:05:49.166> process<00:05:49.566> of<00:05:49.646> turning<00:05:49.951> it<00:05:49.983> around.

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But<00:05:50.512> I<00:05:50.592> thought<00:05:50.752> was<00:05:50.848> really<00:05:50.992> interesting,<00:05:51.473> and<00:05:51.569> it<00:05:51.649> felt<00:05:51.874> like<00:05:52.130> the<00:05:52.835> eyeglass<00:05:53.652> prescription<00:05:54.374> market<00:05:54.774> where<00:05:55.816> the<00:05:56.056> vets<00:05:57.018> in<00:05:57.098> the<00:05:57.194> space,<00:05:57.659> the<00:05:57.739> veterinarians,<00:05:58.925> actually<00:05:59.726> actually<00:06:00.223> prescribe<00:06:00.768> most<00:06:01.105> of<00:06:01.201> the<00:06:01.361> medication<00:06:02.147> that<00:06:02.291> your<00:06:02.387> pets<00:06:02.868> take.

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And<00:06:04.536> our<00:06:04.632> business<00:06:05.113> is<00:06:05.353> to<00:06:05.514> do<00:06:05.674> prescription<00:06:06.219> refills,<00:06:07.678> very<00:06:07.919> much<00:06:08.223> like<00:06:08.544> how,<00:06:09.281> you<00:06:09.313> know,<00:06:09.522> eyeglasses<00:06:10.227> kind<00:06:10.404> of<00:06:11.285> went<00:06:11.446> direct<00:06:11.750> to<00:06:11.831> consumer.

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And<00:06:12.456> I<00:06:12.488> thought,<00:06:12.744> oh,<00:06:12.857> that's<00:06:13.065> a<00:06:13.113> really<00:06:13.225> interesting<00:06:13.690> business,<00:06:14.556> really<00:06:14.733> hard<00:06:14.957> to<00:06:15.053> build<00:06:15.294> that,<00:06:16.400> really<00:06:16.576> good<00:06:16.817> brand,<00:06:17.362> and<00:06:17.458> had<00:06:17.618> a<00:06:17.683> lot<00:06:17.939> of<00:06:18.083> capital,<00:06:18.757> a<00:06:18.981> lot<00:06:19.142> of<00:06:19.206> cash,<00:06:19.703> no<00:06:19.927> debt.

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And<00:06:20.665> it<00:06:20.745> felt<00:06:20.985> like<00:06:21.867> something<00:06:22.252> I<00:06:22.332> could<00:06:22.508> work<00:06:22.813> with<00:06:23.070> to<00:06:23.214> kind<00:06:23.374> of<00:06:23.470> transform<00:06:24.192> it,<00:06:24.432> get<00:06:24.657> it<00:06:24.817> oriented<00:06:25.074> in<00:06:25.218> the<00:06:25.298> right<00:06:25.555> place,<00:06:25.939> right<00:06:26.100> strategy,<00:06:26.677> bring<00:06:26.901> in<00:06:26.998> people.

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But<00:06:27.575> it<00:06:27.719> felt<00:06:28.024> familiar<00:06:28.376> to<00:06:28.457> me.

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And<00:06:29.490> I<00:06:29.717> also<00:06:29.911> love<00:06:30.138> pets.

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I<00:06:30.528> have<00:06:30.641> a<00:06:31.274> little<00:06:31.452> French<00:06:31.760> Bulldog.

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I<00:06:33.123> love<00:06:33.285> being<00:06:33.447> associated<00:06:33.934> with<00:06:34.047> a<00:06:34.112> business<00:06:34.502> where<00:06:34.826> I'm<00:06:34.988> actually<00:06:35.248> passionate<00:06:35.637> about<00:06:36.042> the<00:06:36.075> subject<00:06:36.448> matter.

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So<00:06:38.748> cool<00:06:38.990> opportunity<00:06:40.684> intrigued<00:06:41.168> me.

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I<00:06:41.506> aligned<00:06:41.813> with<00:06:41.910> the<00:06:41.990> mission<00:06:42.297> and<00:06:42.442> vision<00:06:42.700> very<00:06:42.926> quickly,<00:06:43.571> and<00:06:44.055> I<00:06:44.701> kind<00:06:44.878> of<00:06:45.023> saw<00:06:45.443> through<00:06:46.411> an<00:06:46.572> area<00:06:46.975> where<00:06:47.556> I<00:06:47.620> think<00:06:47.782> we<00:06:47.863> could<00:06:48.268> lean<00:06:48.818> into,<00:06:49.077> which<00:06:49.304> we're<00:06:49.385> in<00:06:49.417> the<00:06:49.547> process<00:06:50.454> of<00:06:50.535> doing<00:06:50.761> right<00:06:50.858> now.

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Do<00:06:52.154> you<00:06:52.316> have<00:06:52.559> a<00:06:52.640> blueprint<00:06:53.368> for<00:06:53.595> when<00:06:53.838> you<00:06:55.068> walk<00:06:55.392> into<00:06:55.651> a<00:06:55.781> company<00:06:56.812> that<00:06:57.038> you<00:06:57.135> want<00:06:57.313> to<00:06:57.442> transform<00:06:57.942> or<00:06:58.022> turn<00:06:58.184> around<00:06:58.829> or<00:06:59.135> whatever<00:06:59.394> the<00:06:59.539> terminology<00:07:00.200> is,<00:07:01.007> where<00:07:01.152> like,<00:07:01.329> hey,<00:07:01.571> the<00:07:01.652> first<00:07:02.039> like<00:07:02.523> 30<00:07:02.781> to<00:07:02.862> 90<00:07:03.265> days,<00:07:03.733> here's<00:07:03.911> what<00:07:04.136> we're<00:07:04.233> going<00:07:04.475> to<00:07:04.637> do<00:07:04.879> it.

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Is<00:07:05.185> it<00:07:05.346> usually<00:07:05.685> the<00:07:05.766> same<00:07:06.330> type<00:07:06.478> of<00:07:06.587> thing?

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Yeah,<00:07:09.298> it<00:07:09.475> is.

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I'm<00:07:11.259> not<00:07:11.548> here<00:07:11.644> to<00:07:11.725> plug<00:07:11.966> a<00:07:12.030> book.

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Last<00:07:12.608> year<00:07:13.155> I<00:07:13.235> wrote<00:07:13.412> a<00:07:13.492> book<00:07:13.733> called<00:07:14.199> Unlock:<00:07:15.565> 5<00:07:15.742> Questions<00:07:16.305> to<00:07:17.590> Unlock<00:07:17.912> Your<00:07:18.316> Company's<00:07:18.802> Hidden<00:07:19.045> Power.

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And<00:07:21.731> some<00:07:21.957> of<00:07:22.022> that's<00:07:22.362> in<00:07:22.443> there.

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But<00:07:23.074> for<00:07:23.122> the<00:07:23.252> 30,<00:07:23.430> 60,<00:07:23.818> 90,<00:07:24.223> yeah,<00:07:24.466> I'm<00:07:24.692> pretty<00:07:26.103> robotic,<00:07:27.048> you<00:07:27.080> know,<00:07:27.288> it's,<00:07:27.529> it's,<00:07:27.785> I've<00:07:27.929> got<00:07:28.090> it<00:07:28.170> down<00:07:28.346> to<00:07:28.442> a<00:07:28.506> framework.

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It's<00:07:29.548> the<00:07:29.628> same<00:07:30.013> every<00:07:30.253> time.

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But<00:07:32.272> it's<00:07:32.432> basically<00:07:32.913> people,<00:07:33.234> process,<00:07:34.211> strategy,<00:07:35.413> sometimes<00:07:35.862> capital<00:07:36.326> if<00:07:36.374> the<00:07:36.502> company<00:07:36.695> is<00:07:36.839> running<00:07:37.079> out<00:07:37.224> of<00:07:37.256> money.

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And<00:07:38.281> I<00:07:38.345> have<00:07:38.457> these<00:07:38.586> little<00:07:38.762> swim<00:07:39.082> lanes<00:07:39.243> and<00:07:39.323> these<00:07:39.515> little<00:07:39.804> dates.

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It's<00:07:40.284> all<00:07:40.428> in<00:07:40.525> a<00:07:40.605> Google<00:07:41.005> Sheet<00:07:41.566> that<00:07:41.726> I<00:07:42.111> have<00:07:42.287> used<00:07:42.848> consistently.

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But<00:07:44.435> yeah,<00:07:45.092> I<00:07:45.268> share<00:07:45.588> that<00:07:45.877> with<00:07:46.357> the<00:07:46.518> board<00:07:46.934> or<00:07:48.216> in<00:07:48.361> some<00:07:48.601> case<00:07:48.857> if<00:07:48.953> it's<00:07:49.162> private,<00:07:49.514> the<00:07:49.659> investor<00:07:50.540> or<00:07:50.620> investors.

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But<00:07:51.911> yeah,<00:07:52.175> it's<00:07:52.307> the<00:07:52.390> same<00:07:52.737> blueprint<00:07:53.217> every<00:07:53.399> time.

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And<00:07:55.684> by<00:07:55.845> the<00:07:55.909> way,<00:07:56.087> I<00:07:56.167> highly,<00:07:56.877> highly<00:07:57.135> recommend<00:07:57.522> people<00:07:57.925> check<00:07:58.118> out<00:07:58.247> your<00:07:58.425> book<00:07:58.683> again.

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It's<00:07:59.150> Unlock:<00:07:59.650> 5<00:07:59.876> Questions<00:08:00.198> to<00:08:00.343> Unleash<00:08:00.601> Your<00:08:00.746> Company's<00:08:01.085> Hidden<00:08:01.327> Power.

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Can<00:08:03.246> you<00:08:03.586> go<00:08:03.748> a<00:08:03.764> little<00:08:03.990> bit<00:08:04.071> deeper<00:08:04.313> on<00:08:04.394> what<00:08:04.572> these<00:08:04.798> 5<00:08:05.025> questions<00:08:05.510> are?

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And<00:08:06.496> I<00:08:06.576> mean,<00:08:07.611> I<00:08:07.692> imagine<00:08:08.112> this<00:08:08.274> is<00:08:08.435> relevant<00:08:08.839> for<00:08:09.066> all<00:08:09.163> companies.

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Yeah,<00:08:13.003> I<00:08:13.164> can,<00:08:13.649> you<00:08:13.730> know,<00:08:14.296> and<00:08:14.377> I<00:08:14.458> was<00:08:14.619> trying<00:08:15.088> to—<00:08:16.705> the<00:08:16.802> premise<00:08:17.125> for<00:08:17.238> the<00:08:17.368> book<00:08:17.675> was<00:08:17.998> I<00:08:18.079> get<00:08:18.192> a<00:08:18.241> lot<00:08:18.354> of<00:08:18.418> questions.

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Do<00:08:19.356> you<00:08:19.389> have,<00:08:19.696> you<00:08:19.728> know,<00:08:20.019> they<00:08:20.116> start<00:08:20.423> with,<00:08:20.553> do<00:08:20.601> you<00:08:20.650> have<00:08:20.789> 15<00:08:21.295> minutes?

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And<00:08:23.230> I'm<00:08:23.454> sure<00:08:23.919> you<00:08:23.951> don't<00:08:24.175> get<00:08:24.336> those<00:08:24.576> either<00:08:24.881> on<00:08:25.041> LinkedIn.

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Everyone<00:08:26.323> gets<00:08:26.579> them.

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Do<00:08:26.836> you<00:08:26.884> have<00:08:26.980> 15<00:08:27.365> minutes?

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No<00:08:27.717> one<00:08:27.846> has<00:08:28.086> 15<00:08:28.503> minutes.

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And<00:08:30.009> I'm<00:08:31.628> relatively<00:08:32.173> long-winded,<00:08:33.054> which<00:08:33.471> now<00:08:33.696> you're<00:08:33.792> thinking<00:08:34.064> to<00:08:34.128> yourself,<00:08:34.833> maybe<00:08:35.074> not<00:08:35.298> the<00:08:35.458> best<00:08:35.715> podcast<00:08:36.276> guest<00:08:36.516> right<00:08:36.757> now.

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No,<00:08:37.959> I'm<00:08:38.199> not.

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I'm<00:08:38.936> not<00:08:39.225> actually.

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I'm<00:08:39.946> actually<00:08:40.122> thinking<00:08:40.283> that's<00:08:40.443> a<00:08:40.523> great<00:08:40.828> podcast<00:08:41.324> guest.

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But<00:08:43.969> so<00:08:44.530> my<00:08:44.931> friends,<00:08:46.758> you<00:08:46.854> know,<00:08:47.078> encouraged<00:08:47.559> me<00:08:47.655> to<00:08:47.735> start<00:08:48.040> writing<00:08:48.440> and<00:08:48.521> I<00:08:48.601> was<00:08:48.777> like,<00:08:49.082> I<00:08:49.178> don't<00:08:49.418> have<00:08:49.482> any<00:08:49.643> time<00:08:49.835> for<00:08:49.963> this.

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How<00:08:50.220> do<00:08:50.364> I<00:08:50.460> outsource<00:08:51.743> and<00:08:51.839> scale<00:08:52.721> some<00:08:52.946> knowledge<00:08:53.411> and<00:08:53.491> I<00:08:53.540> don't<00:08:53.668> know,<00:08:53.748> I<00:08:53.989> should<00:08:54.149> write<00:08:54.310> a<00:08:54.390> book.

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And<00:08:55.016> then<00:08:55.337> of<00:08:55.593> course<00:08:55.834> everyone<00:08:55.962> was<00:08:56.027> saying<00:08:56.315> no<00:08:56.476> one<00:08:56.620> ever,<00:08:57.663> no<00:08:57.824> one<00:08:57.984> ever<00:08:58.225> finishes<00:08:58.642> a<00:08:58.722> book<00:08:58.963> when<00:08:59.107> they<00:08:59.139> start<00:08:59.509> it.

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So<00:08:59.701> that<00:08:59.845> was<00:08:59.942> a<00:09:00.006> challenge<00:09:00.407> accepted.

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And<00:09:01.691> what<00:09:01.835> I<00:09:01.851> was<00:09:01.996> trying<00:09:02.236> to<00:09:02.333> do<00:09:02.798> with<00:09:02.958> the<00:09:03.055> premise<00:09:03.375> of<00:09:03.456> the<00:09:03.536> book<00:09:03.857> is,<00:09:04.643> is<00:09:05.124> take<00:09:06.183> everything<00:09:06.504> in<00:09:06.601> my<00:09:06.905> brain<00:09:07.467> that<00:09:07.611> I<00:09:07.772> learned<00:09:08.013> through<00:09:08.510> primarily<00:09:08.975> turnarounds<00:09:09.553> or<00:09:09.633> startups<00:09:11.559> and<00:09:11.639> apply<00:09:12.040> it,<00:09:12.281> an<00:09:12.425> equation<00:09:13.885> to<00:09:14.046> that.

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And<00:09:14.447> I<00:09:14.607> came<00:09:14.832> up<00:09:14.912> with<00:09:15.008> this<00:09:15.233> idea<00:09:15.795> of<00:09:15.907> this<00:09:16.116> FICO<00:09:16.533> score.

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Like,<00:09:17.319> you<00:09:17.351> know,<00:09:17.479> everyone<00:09:17.720> knows<00:09:17.881> what<00:09:17.961> a<00:09:17.977> FICO<00:09:18.378> score<00:09:18.699> is,<00:09:18.859> your<00:09:19.004> credit<00:09:19.260> rating.

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And<00:09:20.207> I<00:09:20.239> thought,<00:09:20.528> what<00:09:20.689> if<00:09:20.769> I<00:09:20.785> could<00:09:20.929> do<00:09:21.025> like<00:09:21.170> a<00:09:21.186> FICO<00:09:21.667> score<00:09:22.133> for<00:09:22.293> your<00:09:22.454> business?

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And<00:09:23.936> make<00:09:24.162> it<00:09:24.307> really<00:09:24.631> easy<00:09:24.873> for<00:09:24.986> someone<00:09:25.358> to<00:09:25.455> kind<00:09:25.698> of<00:09:26.086> follow<00:09:26.280> along<00:09:26.684> in<00:09:26.765> a<00:09:26.910> book,<00:09:27.799> have<00:09:27.977> materials<00:09:28.608> and<00:09:28.689> score<00:09:28.947> their<00:09:29.093> own<00:09:29.335> little,<00:09:30.305> their<00:09:30.693> own<00:09:30.790> company<00:09:31.421> and<00:09:31.502> then<00:09:31.599> come<00:09:31.776> out<00:09:31.922> with<00:09:32.019> an<00:09:32.245> answer.

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And<00:09:32.892> really<00:09:33.120> the<00:09:33.298> journey<00:09:33.770> of<00:09:33.851> asking<00:09:34.274> the<00:09:34.420> questions<00:09:35.314> and<00:09:35.412> scoring<00:09:35.818> yourself<00:09:36.940> is<00:09:37.119> really<00:09:37.363> to<00:09:37.444> kind<00:09:37.607> of<00:09:37.672> put<00:09:37.834> a<00:09:37.851> mirror<00:09:38.095> in<00:09:38.241> front<00:09:38.420> of<00:09:38.582> you<00:09:38.761> and<00:09:38.842> your<00:09:38.989> team<00:09:39.948> as<00:09:40.127> to,<00:09:40.920> you<00:09:41.016> know,<00:09:41.259> where<00:09:41.436> are<00:09:41.759> you<00:09:42.163> in<00:09:42.308> the<00:09:42.405> journey<00:09:42.809> of<00:09:42.955> being,<00:09:43.358> you<00:09:43.455> know,<00:09:43.940> a<00:09:44.085> growth<00:09:44.344> company<00:09:44.812> or<00:09:44.909> not,<00:09:45.636> a<00:09:45.652> market<00:09:46.104> share<00:09:47.816> company<00:09:48.220> or<00:09:48.317> not.

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And<00:09:49.611> the<00:09:49.742> 5<00:09:50.168> questions<00:09:50.806> are,<00:09:51.930> Total<00:09:52.202> addressable<00:09:52.700> market.

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So<00:09:53.470> your<00:09:53.727> TAM,<00:09:54.931> your,<00:09:56.279> your<00:09:56.440> timing.

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So<00:09:57.965> are<00:09:58.125> you<00:09:58.205> going<00:09:58.526> after<00:09:58.863> a<00:09:59.024> small<00:09:59.409> but<00:09:59.506> growing<00:09:59.827> market?

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And<00:10:00.453> there's<00:10:00.565> a<00:10:00.629> bunch<00:10:00.886> of<00:10:01.255> ways<00:10:01.512> to<00:10:01.592> score<00:10:01.913> that.

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And<00:10:03.181> I'll<00:10:03.598> tell<00:10:03.775> you<00:10:03.903> in<00:10:04.000> a<00:10:04.016> second.

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3<00:10:05.990> is<00:10:06.231> track<00:10:06.568> record.

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So<00:10:07.836> are<00:10:07.996> you<00:10:08.157> kind<00:10:08.317> of<00:10:08.414> growing<00:10:09.280> at<00:10:10.966> or<00:10:11.142> above<00:10:11.624> market<00:10:12.025> share?

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You<00:10:12.603> know,<00:10:12.667> how<00:10:12.731> are<00:10:12.812> you<00:10:12.908> doing<00:10:13.133> in<00:10:13.165> the<00:10:13.229> market?

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The<00:10:14.914> 4th<00:10:15.235> is<00:10:15.396> plan.

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Do<00:10:17.338> you<00:10:17.418> have<00:10:17.547> a<00:10:17.627> reasonable<00:10:18.044> plan<00:10:18.750> to<00:10:18.847> continue<00:10:19.248> to<00:10:19.409> grow?

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And<00:10:21.014> build<00:10:21.190> a<00:10:21.254> strategy<00:10:21.736> that's<00:10:21.977> defensible.

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And<00:10:22.699> then<00:10:22.875> the<00:10:23.004> last<00:10:23.341> one<00:10:24.047> is<00:10:24.544> momentum,<00:10:25.732> and<00:10:25.812> that's<00:10:26.053> made<00:10:26.374> up<00:10:26.551> of<00:10:26.695> both<00:10:26.872> capital<00:10:27.417> and<00:10:27.514> team.

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And<00:10:28.091> so<00:10:28.252> the<00:10:28.461> acronym<00:10:28.878> is<00:10:29.038> T3PM,<00:10:30.322> which<00:10:30.483> is<00:10:30.579> the<00:10:30.724> Insight<00:10:31.125> Score.

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You<00:10:32.232> add<00:10:32.393> the<00:10:32.473> first<00:10:33.115> 4<00:10:33.532> variables<00:10:34.174> up,<00:10:34.575> 1,<00:10:34.816> 2,<00:10:35.057> or<00:10:35.153> 3,<00:10:35.683> add<00:10:35.779> those<00:10:36.084> up,<00:10:36.903> and<00:10:36.983> then<00:10:37.159> you<00:10:37.240> multiply<00:10:38.267> that<00:10:38.604> sum<00:10:39.390> by<00:10:39.711> 1,<00:10:39.952> 2,<00:10:40.129> or<00:10:40.209> 3,<00:10:40.594> which<00:10:40.771> is<00:10:40.915> momentum.

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And<00:10:43.066> I<00:10:43.162> have<00:10:43.322> a<00:10:43.387> little<00:10:43.499> survey<00:10:43.884> on<00:10:43.948> my<00:10:44.061> site,<00:10:44.462> Startup<00:10:44.911> Whisperer,<00:10:45.329> that<00:10:45.489> people<00:10:45.874> can<00:10:46.437> do<00:10:46.599> for<00:10:46.761> free.

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But<00:10:47.812> I<00:10:47.893> found<00:10:48.168> that<00:10:48.313> that<00:10:48.540> was<00:10:48.718> the<00:10:48.799> simplest<00:10:49.591> way<00:10:50.497> to<00:10:50.675> explain<00:10:51.144> to<00:10:51.224> somebody<00:10:51.790> what<00:10:51.952> are<00:10:52.033> the<00:10:52.130> 5<00:10:52.583> things<00:10:52.906> you<00:10:52.939> need<00:10:53.149> to<00:10:53.311> look<00:10:53.553> at<00:10:54.200> to<00:10:54.281> make<00:10:54.459> sure<00:10:54.766> your<00:10:54.879> small<00:10:55.348> or<00:10:55.510> big<00:10:55.640> company<00:10:56.644> can<00:10:56.806> unlock<00:10:57.211> value<00:10:57.681> because<00:10:58.005> the<00:10:58.167> answer<00:10:58.346> sometimes<00:10:58.751> is<00:10:58.913> no.

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And<00:11:00.306> it's<00:11:00.452> hard.

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That's<00:11:00.857> what<00:11:00.922> I<00:11:00.987> was<00:11:01.100> gonna<00:11:01.246> ask<00:11:01.651> you,<00:11:01.829> like,<00:11:02.056> what<00:11:02.154> do<00:11:02.218> you<00:11:02.380> do<00:11:02.542> when<00:11:02.640> the<00:11:02.786> answer<00:11:02.964> is<00:11:03.110> no?

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Well,<00:11:05.898> I<00:11:05.996> mean,<00:11:06.723> it<00:11:06.788> depends<00:11:07.176> on<00:11:07.208> the<00:11:07.337> business.

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If<00:11:08.016> the<00:11:08.162> answer<00:11:08.404> is<00:11:08.582> no,<00:11:09.617> in<00:11:09.698> some<00:11:09.940> cases,<00:11:10.651> if<00:11:10.749> you're<00:11:10.894> a<00:11:10.975> big<00:11:11.137> company<00:11:11.541> and<00:11:11.638> you<00:11:11.799> can't<00:11:12.123> grow,<00:11:12.753> you<00:11:12.850> sell<00:11:13.238> it,<00:11:13.642> you<00:11:14.208> harvest<00:11:14.693> it.

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So<00:11:14.920> you<00:11:15.026> try<00:11:15.221> to,<00:11:15.600> get<00:11:15.712> more<00:11:15.936> profit<00:11:16.289> in<00:11:16.418> the<00:11:16.514> business,<00:11:17.717> or<00:11:17.797> you<00:11:17.941> take<00:11:18.182> those<00:11:18.423> profits<00:11:19.000> and<00:11:19.080> that<00:11:19.241> cash<00:11:19.561> flow<00:11:19.882> and<00:11:19.963> you<00:11:20.107> put<00:11:20.219> it<00:11:20.267> into<00:11:20.524> another<00:11:20.909> business.

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You<00:11:22.048> probably,<00:11:22.433> if<00:11:22.513> you<00:11:22.914> kind<00:11:23.106> of<00:11:23.315> run<00:11:23.556> into<00:11:24.117> the<00:11:24.213> brick<00:11:24.518> wall<00:11:24.855> of<00:11:24.951> your<00:11:25.095> business,<00:11:26.603> you<00:11:26.635> know,<00:11:27.004> and<00:11:27.101> it's<00:11:27.325> profitable,<00:11:28.127> you<00:11:28.223> do<00:11:28.384> things<00:11:28.624> with<00:11:28.769> that<00:11:28.881> capital.

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If<00:11:30.485> you're<00:11:30.613> a<00:11:30.629> startup<00:11:31.271> and<00:11:31.335> you've<00:11:31.431> been,<00:11:31.816> for<00:11:31.913> instance,<00:11:33.356> working<00:11:33.741> at<00:11:33.838> it<00:11:33.918> for<00:11:34.062> 5<00:11:34.463> years<00:11:34.704> and<00:11:34.800> can't<00:11:35.041> pay<00:11:35.281> yourself,<00:11:36.965> it<00:11:37.190> might<00:11:37.447> be<00:11:37.671> a<00:11:37.767> good<00:11:38.008> signal<00:11:38.569> that<00:11:38.970> you're<00:11:39.853> going<00:11:40.093> down<00:11:40.254> the<00:11:40.398> wrong<00:11:40.639> road<00:11:40.831> as<00:11:40.976> well.

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And<00:11:41.393> so<00:11:41.473> it<00:11:41.537> depends<00:11:41.938> on<00:11:42.018> the<00:11:42.098> size<00:11:42.499> of<00:11:42.580> the<00:11:42.660> business.

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But,<00:11:44.571> you<00:11:44.603> know,<00:11:44.812> generally,<00:11:45.230> I<00:11:45.311> think<00:11:45.938> the<00:11:46.114> answer<00:11:46.436> is<00:11:46.532> typically<00:11:47.465> if<00:11:47.625> you've<00:11:47.722> been<00:11:47.883> trying<00:11:48.831> for<00:11:48.944> so<00:11:49.410> long,<00:11:50.133> like<00:11:50.278> the<00:11:50.358> definition<00:11:50.856> of<00:11:50.937> insanity,<00:11:51.564> Einstein<00:11:52.047> quote,<00:11:52.943> and<00:11:53.268> things<00:11:53.594> aren't<00:11:53.854> working,<00:11:54.326> you're<00:11:54.440> not<00:11:54.733> growing,<00:11:55.320> you're<00:11:55.466> not<00:11:55.710> paying<00:11:55.954> yourself,<00:11:57.965> then<00:11:58.126> you're<00:11:58.207> going<00:11:58.303> to<00:11:58.368> have<00:11:58.594> to<00:11:58.997> either<00:11:59.175> stop<00:11:59.675> or<00:11:59.804> allocate<00:12:00.224> that<00:12:00.385> capital<00:12:00.788> somewhere<00:12:01.111> else.

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Yeah,<00:12:03.919> that's<00:12:04.419> super<00:12:05.226> interesting.

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And<00:12:05.791> have<00:12:05.936> you<00:12:06.582> walked<00:12:06.920> into<00:12:07.082> companies<00:12:07.630> where<00:12:07.807> the<00:12:07.969> answer<00:12:08.291> has<00:12:08.533> been<00:12:08.775> no,<00:12:09.484> or<00:12:09.888> every<00:12:10.049> time<00:12:10.226> you<00:12:10.371> walk<00:12:10.565> into<00:12:10.694> the<00:12:10.774> company,<00:12:10.952> you've<00:12:11.500> vetted<00:12:11.823> it<00:12:11.919> pretty<00:12:13.250> solidly<00:12:13.675> to<00:12:13.773> the<00:12:13.854> point<00:12:14.165> where<00:12:14.247> you're<00:12:14.427> like,<00:12:14.688> no,<00:12:16.552> we<00:12:16.634> got<00:12:16.863> something<00:12:17.190> here?

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Yeah,<00:12:20.144> I<00:12:20.486> think<00:12:20.649> sometimes<00:12:21.137> the<00:12:21.365> answer<00:12:21.854> is<00:12:22.342> clear<00:12:23.808> and<00:12:24.540> no<00:12:24.638> one<00:12:24.801> wants<00:12:25.110> to<00:12:25.208> hear<00:12:25.371> the<00:12:25.534> answer.

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It's<00:12:28.098> kind<00:12:28.211> of<00:12:28.276> a<00:12:28.340> different<00:12:28.582> way<00:12:28.615> to<00:12:28.760> answer<00:12:28.905> your<00:12:28.986> question<00:12:29.566> because<00:12:30.873> founders<00:12:31.502> in<00:12:31.583> particular<00:12:33.584> are<00:12:33.680> insane.

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And<00:12:35.197> I<00:12:35.294> mean<00:12:35.455> that<00:12:35.697> affectionately.

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I'm<00:12:36.342> not<00:12:36.568> a<00:12:36.584> founder.

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My<00:12:37.230> wife<00:12:37.456> Ashley<00:12:37.702> has<00:12:37.882> founded<00:12:38.227> a<00:12:38.292> beverage<00:12:38.702> company.

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Oh,<00:12:40.464> really?

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What<00:12:41.250> company?

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It's<00:12:42.934> called<00:12:43.110> Rock<00:12:43.415> Grace.

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It's<00:12:43.751> a<00:12:43.768> non-alcoholic<00:12:44.698> wine<00:12:44.938> alternative.

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Oh,<00:12:46.317> very<00:12:46.478> cool.

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I've<00:12:46.879> actually<00:12:47.183> heard<00:12:47.296> of<00:12:47.360> that.

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Very<00:12:48.402> cool.

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Oh,<00:12:48.963> thank—.

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Cool.

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Thank<00:12:50.022> you.

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There's<00:12:50.583> not<00:12:50.792> a<00:12:50.808> lot<00:12:50.968> of<00:12:51.048> non-alcoholic<00:12:51.930> wine<00:12:52.171> companies.

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So,<00:12:54.256> yeah,<00:12:54.496> she's<00:12:54.737> been<00:12:54.881> at<00:12:54.977> it<00:12:55.057> for<00:12:55.138> a<00:12:55.218> long<00:12:55.458> time.

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And,<00:12:56.645> you<00:12:56.725> know,<00:12:57.222> when<00:12:57.367> you<00:12:57.463> talk<00:12:57.768> to<00:12:57.848> founders,<00:12:59.387> you<00:12:59.467> know,<00:12:59.532> it's<00:12:59.692> like<00:12:59.868> their<00:13:00.013> children,<00:13:00.430> right?

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They're<00:13:00.815> obsessed<00:13:01.312> with<00:13:01.536> it<00:13:01.632> and<00:13:01.777> they<00:13:01.953> have<00:13:02.274> to<00:13:02.434> be,<00:13:02.739> you<00:13:02.771> know,<00:13:02.915> great,<00:13:03.316> great<00:13:03.557> companies<00:13:04.038> have<00:13:04.294> obsessive<00:13:04.904> founders.

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But,<00:13:07.793> you<00:13:07.825> know,<00:13:07.922> sometimes<00:13:08.516> you<00:13:08.596> go<00:13:08.692> into<00:13:08.853> a<00:13:08.933> company<00:13:09.495> and<00:13:10.121> people<00:13:10.523> want<00:13:10.683> to<00:13:10.924> will<00:13:11.968> the<00:13:12.466> thing,<00:13:13.012> the<00:13:13.172> business,<00:13:13.590> the<00:13:13.750> product,<00:13:14.136> whatever<00:13:14.392> it<00:13:14.537> is<00:13:15.035> to<00:13:15.179> be<00:13:15.276> successful.

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And<00:13:17.202> unfortunately,<00:13:18.166> fortunately,<00:13:18.664> I'm<00:13:19.193> usually<00:13:19.531> the<00:13:19.611> wet<00:13:19.852> blanket<00:13:20.269> if<00:13:20.398> the<00:13:20.558> answer<00:13:20.799> is<00:13:20.895> no.

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Now,<00:13:21.457> obviously,<00:13:21.875> I<00:13:21.923> want<00:13:22.084> the<00:13:22.180> answer<00:13:22.373> to<00:13:22.421> be<00:13:22.565> yes.

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But<00:13:23.159> if<00:13:23.304> I<00:13:23.384> kind<00:13:23.609> of<00:13:23.705> walk<00:13:23.962> through<00:13:24.267> it<00:13:24.910> mathematically,<00:13:26.836> the<00:13:26.997> answer<00:13:27.174> is<00:13:27.302> typically<00:13:27.800> clear.

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And<00:13:28.908> then<00:13:29.020> the<00:13:29.148> emotional<00:13:29.710> component<00:13:30.128> of<00:13:30.289> that<00:13:31.237> is<00:13:31.334> a<00:13:31.399> whole<00:13:31.577> other<00:13:31.820> discussion.

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But<00:13:32.550> yeah,<00:13:32.712> I've<00:13:33.020> been<00:13:33.182> in<00:13:33.344> businesses<00:13:33.765> before<00:13:34.154> that<00:13:34.478> really<00:13:34.721> wanted<00:13:35.062> to<00:13:35.126> grow.

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And,<00:13:37.037> you<00:13:37.069> know,<00:13:37.214> if<00:13:37.359> the<00:13:37.439> answer<00:13:37.761> is<00:13:37.858> no,<00:13:38.582> the<00:13:38.904> investor<00:13:39.468> and/or<00:13:39.870> the<00:13:40.031> founder<00:13:40.981> has<00:13:41.239> sometimes<00:13:41.561> an<00:13:41.706> issue<00:13:41.947> with<00:13:42.124> that.

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But<00:13:43.267> I<00:13:43.412> think<00:13:45.489> the<00:13:45.586> process<00:13:46.230> of<00:13:46.375> this<00:13:46.552> book<00:13:46.859> and<00:13:47.021> putting<00:13:47.199> down<00:13:47.425> my<00:13:47.522> thoughts,<00:13:48.007> you<00:13:48.088> know,<00:13:48.411> I've<00:13:48.832> tried<00:13:49.381> to<00:13:49.478> make<00:13:49.769> it<00:13:49.866> as<00:13:51.144> kind<00:13:51.305> of<00:13:51.483> not<00:13:51.726> banal,<00:13:52.356> but<00:13:52.518> almost<00:13:52.922> as<00:13:54.167> simple<00:13:54.636> as<00:13:54.798> possible<00:13:55.299> to<00:13:55.444> give<00:13:55.671> an<00:13:55.848> answer.

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But<00:13:57.682> yeah,<00:13:57.861> I've<00:13:58.006> been<00:13:58.103> in<00:13:58.184> that<00:13:58.282> situation<00:13:58.832> before<00:13:59.545> and<00:13:59.593> it's<00:13:59.723> typically,<00:14:00.273> I<00:14:00.516> found<00:14:00.953> somebody<00:14:01.326> who<00:14:01.504> really,<00:14:01.747> really<00:14:01.974> wants<00:14:02.184> something<00:14:02.459> to<00:14:02.540> happen,<00:14:02.945> maybe<00:14:03.188> has<00:14:03.366> a<00:14:03.382> lot<00:14:03.609> invested<00:14:04.241> in<00:14:04.338> it,<00:14:04.969> maybe<00:14:05.714> has<00:14:06.200> a<00:14:06.216> lot<00:14:06.330> of<00:14:06.362> emotion<00:14:06.848> invested<00:14:07.319> in<00:14:07.481> it<00:14:07.659> or<00:14:07.724> their<00:14:07.903> personal<00:14:08.454> egos<00:14:08.794> invested<00:14:09.281> in<00:14:09.427> it.

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They<00:14:10.092> have<00:14:10.254> a<00:14:10.416> real<00:14:10.659> hard<00:14:10.968> time<00:14:11.632> with<00:14:11.795> the<00:14:11.957> answer<00:14:12.281> being<00:14:12.443> no.

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Yeah.

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What<00:14:16.315> have<00:14:16.428> you<00:14:16.653> learned<00:14:16.847> about<00:14:17.218> leadership<00:14:17.879> in<00:14:17.960> that<00:14:18.186> process<00:14:18.912> as<00:14:19.073> you<00:14:19.250> walk<00:14:19.557> into<00:14:19.718> those<00:14:19.912> types<00:14:20.154> of<00:14:20.234> companies?

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Like<00:14:21.412> what<00:14:21.589> makes<00:14:21.831> a<00:14:21.896> great<00:14:22.235> leader<00:14:22.557> in<00:14:22.638> your<00:14:22.799> mind?

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That's<00:14:26.088> a<00:14:26.152> great<00:14:26.265> question.

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I<00:14:27.073> think<00:14:28.978> there's<00:14:29.237> a<00:14:29.253> lot<00:14:29.398> of<00:14:29.463> great<00:14:29.721> answers<00:14:30.109> out<00:14:30.270> there.

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I<00:14:30.528> think<00:14:30.755> for<00:14:31.094> me,<00:14:32.324> leadership<00:14:32.599> is<00:14:33.247> inevitably<00:14:33.813> how<00:14:33.975> do<00:14:34.072> you<00:14:34.234> get<00:14:35.432> a<00:14:35.529> team<00:14:35.934> or<00:14:36.031> set<00:14:36.355> of<00:14:36.500> teams<00:14:37.957> to<00:14:38.346> an<00:14:38.912> outcome<00:14:39.884> that's<00:14:40.062> beneficial<00:14:40.790> to<00:14:41.354> your<00:14:41.516> stakeholders,<00:14:42.482> and<00:14:42.530> that's<00:14:42.724> investors,<00:14:43.352> your<00:14:43.432> employees,<00:14:44.012> and<00:14:44.077> your<00:14:44.173> customers.

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And<00:14:45.285> you're<00:14:45.381> trying<00:14:45.639> to<00:14:45.784> build<00:14:46.026> a<00:14:46.284> strategy<00:14:46.751> with<00:14:46.815> that<00:14:46.992> team<00:14:47.234> to<00:14:47.314> get<00:14:47.492> that<00:14:47.701> outcome.

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And<00:14:48.990> I<00:14:49.086> think<00:14:49.392> what<00:14:50.388> I've<00:14:50.645> learned<00:14:51.368> big<00:14:51.609> and<00:14:51.753> small,<00:14:52.959> and<00:14:53.055> I,<00:14:53.280> and,<00:14:53.601> and<00:14:53.858> my<00:14:54.244> management<00:14:54.646> style<00:14:54.967> is<00:14:55.289> pretty<00:14:55.465> much<00:14:55.771> the<00:14:55.851> same.

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I've<00:14:56.510> been<00:14:56.671> at<00:14:56.992> larger<00:14:57.297> companies<00:14:57.635> like<00:14:57.795> Expedia,<00:14:58.342> and<00:14:58.438> I've<00:14:58.518> been<00:14:58.743> at<00:14:59.065> startups<00:14:59.563> with<00:14:59.643> 10<00:14:59.884> people,<00:15:00.286> is,<00:15:01.957> um,<00:15:02.134> there's<00:15:02.311> a<00:15:02.455> discipline<00:15:02.953> around<00:15:03.580> a<00:15:03.644> framework,<00:15:04.560> a<00:15:04.625> strategic<00:15:05.492> framework,<00:15:05.910> like<00:15:06.071> a<00:15:06.151> coach<00:15:06.553> and<00:15:06.649> a<00:15:06.713> playbook.

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And<00:15:07.999> I<00:15:08.079> like<00:15:08.256> to<00:15:08.385> have<00:15:08.577> a<00:15:08.722> disciplined<00:15:09.284> playbook<00:15:10.313> where<00:15:10.474> we<00:15:10.570> monitor<00:15:11.116> it.

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Um,<00:15:12.097> we<00:15:12.257> break<00:15:12.514> it<00:15:12.579> into<00:15:12.739> quarters,<00:15:13.221> we<00:15:13.382> break<00:15:13.559> it<00:15:13.623> into<00:15:13.816> months,<00:15:14.185> we<00:15:14.330> break<00:15:14.443> it<00:15:14.523> into<00:15:14.748> weeks.

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Not<00:15:15.712> just<00:15:15.937> financials,<00:15:16.515> but<00:15:16.659> also<00:15:16.980> how<00:15:17.077> are<00:15:17.157> the<00:15:17.237> employees<00:15:17.719> doing?

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What<00:15:18.698> are<00:15:18.763> the<00:15:18.843> big<00:15:19.004> initiatives<00:15:19.405> we<00:15:19.469> need<00:15:19.630> to<00:15:19.726> launch<00:15:20.111> and<00:15:20.192> the<00:15:20.288> dates?

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And<00:15:20.995> you<00:15:21.235> kind<00:15:21.396> of<00:15:21.894> boil<00:15:22.199> that<00:15:22.295> down<00:15:22.552> to<00:15:22.697> a<00:15:22.777> playbook<00:15:24.206> and<00:15:24.286> you're<00:15:24.704> really<00:15:25.025> disciplined<00:15:25.506> on<00:15:25.667> that,<00:15:26.630> but<00:15:27.112> you<00:15:27.257> enable<00:15:27.594> the<00:15:27.754> team<00:15:28.637> to<00:15:28.718> be<00:15:28.878> empowered<00:15:29.521> to<00:15:29.665> play<00:15:29.922> within<00:15:30.243> that<00:15:30.484> playbook.

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And<00:15:32.587> I<00:15:32.973> think<00:15:33.390> the<00:15:33.487> mistake<00:15:34.161> that<00:15:35.317> small<00:15:35.702> and<00:15:35.783> big<00:15:36.007> companies<00:15:36.569> do<00:15:36.826> in<00:15:36.907> terms<00:15:37.099> of<00:15:37.131> that<00:15:37.308> transition<00:15:37.870> of<00:15:38.015> growth<00:15:38.271> and<00:15:38.368> scale<00:15:38.817> is<00:15:38.978> they<00:15:39.074> typically<00:15:39.861> can't<00:15:40.198> make<00:15:40.503> that<00:15:41.728> that<00:15:41.954> jump<00:15:42.213> from<00:15:42.375> being<00:15:42.617> disciplined<00:15:43.248> while<00:15:43.490> keeping<00:15:43.814> the<00:15:43.911> entrepreneurial<00:15:44.493> spirit.

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And<00:15:45.608> so<00:15:45.835> it's,<00:15:46.158> for<00:15:46.223> me,<00:15:46.417> again,<00:15:46.740> it's<00:15:47.387> a<00:15:47.533> disciplined<00:15:48.034> playbook,<00:15:48.842> but<00:15:48.988> empowerment<00:15:49.893> of<00:15:49.990> the<00:15:50.120> team<00:15:50.459> within<00:15:50.702> that<00:15:50.864> playbook<00:15:51.593> and<00:15:51.674> within<00:15:51.917> that<00:15:52.096> system.

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What's<00:15:53.684> the<00:15:53.781> difference<00:15:54.105> between<00:15:54.510> leading<00:15:54.899> a<00:15:55.061> public<00:15:55.401> company<00:15:55.807> and<00:15:55.904> a<00:15:55.969> private<00:15:56.293> company?

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The—<00:16:02.981> it's<00:16:03.934> similar<00:16:04.840> in<00:16:04.985> some<00:16:05.308> ways,<00:16:06.537> but<00:16:07.183> the<00:16:07.490> biggest<00:16:08.218> difference<00:16:08.864> is<00:16:09.430> you<00:16:09.673> are<00:16:09.850> on<00:16:10.012> a<00:16:10.093> quarterly<00:16:11.478> you<00:16:11.561> have<00:16:11.660> a<00:16:11.727> quarterly<00:16:12.207> report<00:16:12.638> called<00:16:12.886> Call<00:16:13.118> Your<00:16:13.383> Earnings.

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And<00:16:16.763> for<00:16:16.925> private<00:16:17.313> company<00:16:18.463> experience<00:16:19.111> and<00:16:19.354> some<00:16:19.516> of<00:16:19.581> my<00:16:19.759> friends<00:16:20.083> who've<00:16:20.488> never<00:16:20.731> done<00:16:20.974> it<00:16:21.055> before,<00:16:22.656> especially<00:16:22.832> startup<00:16:23.250> CEOs,<00:16:24.102> you<00:16:24.263> know,<00:16:24.424> like,<00:16:24.520> you<00:16:24.552> know,<00:16:24.842> like,<00:16:25.083> I<00:16:25.163> don't<00:16:25.404> know<00:16:25.565> how<00:16:25.710> you<00:16:25.886> do<00:16:26.112> it,<00:16:26.433> you<00:16:26.513> know,<00:16:27.719> you<00:16:27.912> know,<00:16:28.040> in<00:16:28.121> the<00:16:28.201> process<00:16:28.603> of<00:16:28.699> a<00:16:28.764> turnaround<00:16:29.133> in<00:16:29.166> particular,<00:16:29.744> your<00:16:29.825> numbers<00:16:30.082> are<00:16:30.130> gonna<00:16:30.291> be<00:16:30.387> bad<00:16:30.628> for<00:16:30.789> a<00:16:30.934> while.

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How<00:16:31.352> do<00:16:31.661> you<00:16:31.823> do<00:16:32.067> it?

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And<00:16:32.733> for<00:16:32.863> me,<00:16:33.366> it's<00:16:33.528> the,<00:16:33.951> I<00:16:34.032> like<00:16:34.276> the<00:16:34.422> discipline<00:16:34.909> of<00:16:35.072> it.

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I<00:16:35.331> actually<00:16:35.737> enjoy<00:16:36.062> the<00:16:36.906> board<00:16:37.147> meetings.

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I<00:16:38.030> enjoy<00:16:38.447> the<00:16:38.592> conversations<00:16:39.266> around<00:16:39.507> strategy.

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I<00:16:40.294> don't<00:16:40.759> necessarily<00:16:41.193> enjoy<00:16:41.434> every<00:16:41.723> quarter<00:16:42.847> if<00:16:43.023> it's<00:16:43.200> a<00:16:43.264> troubling<00:16:43.730> quarter,<00:16:44.051> but<00:16:44.147> I<00:16:44.212> like<00:16:44.485> the<00:16:44.629> discipline<00:16:45.175> of<00:16:45.271> it<00:16:45.352> because<00:16:45.689> it<00:16:45.833> keeps<00:16:46.379> us<00:16:46.957> as<00:16:47.038> a<00:16:47.182> team<00:16:47.455> accountable.

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And<00:16:48.386> so<00:16:49.527> I<00:16:49.607> have<00:16:49.848> over<00:16:50.008> time<00:16:50.249> adopted<00:16:50.891> a<00:16:50.972> similar<00:16:51.437> style<00:16:52.176> to<00:16:52.417> public<00:16:52.738> company<00:16:53.460> earnings<00:16:54.103> within<00:16:54.408> private<00:16:54.745> companies.

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But<00:16:55.692> the<00:16:55.789> difference<00:16:56.174> is,<00:16:57.137> it's<00:16:57.314> like<00:16:58.021> I<00:16:58.037> have<00:16:59.385> a<00:16:59.562> friend<00:16:59.867> who<00:17:00.285> was<00:17:00.445> a<00:17:00.509> professional,<00:17:01.296> he's<00:17:02.516> retired<00:17:02.854> now,<00:17:03.014> professional<00:17:03.817> NFL<00:17:04.299> quarterback.

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And<00:17:05.565> I<00:17:05.581> remember<00:17:05.966> like<00:17:07.087> asking<00:17:07.488> him,<00:17:07.584> what's<00:17:07.808> that<00:17:07.985> like?

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And<00:17:08.225> he's<00:17:08.417> like,<00:17:08.562> imagine<00:17:09.667> like<00:17:09.827> every<00:17:10.004> Sunday<00:17:11.814> everyone<00:17:12.135> can<00:17:12.391> watch<00:17:12.712> you<00:17:12.872> do<00:17:13.016> your<00:17:13.192> job<00:17:13.657> and<00:17:13.753> have<00:17:13.913> a<00:17:13.993> comment<00:17:14.394> about<00:17:14.795> it.

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And,<00:17:16.862> and,<00:17:17.038> you<00:17:17.118> know,<00:17:17.583> it's<00:17:18.079> an<00:17:18.544> amount<00:17:18.736> of<00:17:18.881> intensity<00:17:19.682> that<00:17:19.906> you<00:17:19.986> don't<00:17:20.227> get<00:17:20.387> as<00:17:20.499> a<00:17:20.563> private<00:17:20.964> company.

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I<00:17:21.829> think<00:17:22.005> that's<00:17:22.326> the<00:17:22.422> big<00:17:22.566> difference.

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Is<00:17:24.184> it<00:17:24.313> interesting<00:17:24.953> or<00:17:25.274> odd<00:17:25.995> or<00:17:26.155> in<00:17:26.235> any<00:17:26.396> way<00:17:26.572> strange<00:17:27.053> to<00:17:27.197> you<00:17:27.437> that,<00:17:27.838> you<00:17:27.918> know,<00:17:28.158> what<00:17:28.398> happens,<00:17:28.895> like<00:17:29.136> what<00:17:29.536> Jerome<00:17:30.017> Powell<00:17:30.401> does,<00:17:30.738> for<00:17:30.962> example,<00:17:31.331> matters<00:17:31.779> to<00:17:31.924> you<00:17:32.020> now?

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As<00:17:32.839> a<00:17:32.903> public<00:17:33.225> company<00:17:33.708> interest,<00:17:34.271> like<00:17:34.496> all<00:17:34.593> these<00:17:34.705> things?

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I<00:17:35.252> guess<00:17:35.413> it<00:17:35.478> does<00:17:35.719> too<00:17:35.880> as<00:17:35.976> a<00:17:36.041> private<00:17:36.443> company,<00:17:36.926> but<00:17:37.955> you<00:17:38.116> kind<00:17:38.293> of<00:17:38.358> know<00:17:38.438> what<00:17:38.486> I'm<00:17:38.615> saying,<00:17:38.937> where<00:17:39.098> like<00:17:39.806> macroeconomic<00:17:42.718> trends<00:17:44.174> and<00:17:44.919> news,<00:17:45.566> both<00:17:45.970> domestic<00:17:46.537> and<00:17:46.617> international,<00:17:47.216> matter<00:17:47.896> to<00:17:48.074> your<00:17:48.235> business<00:17:49.274> in<00:17:49.371> terms<00:17:49.697> of<00:17:49.779> like<00:17:50.007> your<00:17:50.202> stock<00:17:50.593> price<00:17:51.490> and<00:17:51.653> things<00:17:51.832> like<00:17:51.978> that.

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Is<00:17:52.614> that<00:17:52.793> a<00:17:52.809> new<00:17:53.038> thing<00:17:53.347> for<00:17:53.510> you<00:17:53.689> at<00:17:53.771> all?

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Or<00:17:56.654> even<00:17:56.836> if<00:17:57.415> not<00:17:57.647> a<00:17:57.664> new<00:17:57.896> thing,<00:17:58.078> I<00:17:58.160> just<00:17:58.392> wonder<00:17:58.591> like,<00:17:59.236> What's<00:17:59.463> that—<00:17:59.870> what<00:18:00.032> is<00:18:00.211> that<00:18:00.520> like<00:18:00.862> to<00:18:00.943> have<00:18:01.187> to<00:18:01.284> like<00:18:01.593> be—<00:18:01.837> keep<00:18:02.065> your<00:18:02.227> eye<00:18:02.406> on<00:18:02.569> that<00:18:02.796> type<00:18:02.975> of<00:18:03.008> stuff<00:18:03.284> while<00:18:03.528> also<00:18:03.853> running<00:18:04.113> a<00:18:04.178> business?

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Yeah,<00:18:07.803> and<00:18:07.885> it's<00:18:08.261> not<00:18:08.375> a<00:18:08.440> new—<00:18:09.355> it's<00:18:09.567> not<00:18:09.747> a<00:18:09.764> new<00:18:09.992> thing<00:18:10.319> for<00:18:10.547> me.

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Uh,<00:18:12.794> and<00:18:13.004> actually<00:18:13.843> one<00:18:13.907> of<00:18:13.988> the<00:18:14.069> reasons<00:18:14.311> why<00:18:14.392> I<00:18:14.488> started<00:18:14.876> out<00:18:15.134> doing<00:18:15.441> turnarounds<00:18:16.022> is<00:18:17.297> the—<00:18:17.539> the—<00:18:18.507> I<00:18:18.685> got<00:18:18.846> like<00:18:19.088> a<00:18:20.121> remedial<00:18:20.605> schooling<00:18:21.186> on<00:18:21.916> changes<00:18:22.398> of<00:18:22.497> interest<00:18:22.830> rates<00:18:23.162> and<00:18:23.494> economy<00:18:24.225> with<00:18:24.491> the<00:18:24.574> Web<00:18:24.823> 1<00:18:25.260> dot<00:18:25.516> o<00:18:25.757> bubble<00:18:26.077> burst<00:18:26.895> when<00:18:27.136> you<00:18:27.296> had<00:18:27.457> all<00:18:27.553> these<00:18:28.563> very<00:18:28.740> successful<00:18:29.782> on<00:18:29.942> paper<00:18:30.423> internet<00:18:30.744> companies<00:18:31.209> with<00:18:31.819> no<00:18:32.027> real<00:18:32.268> viable<00:18:32.669> business<00:18:33.053> model<00:18:34.737> going<00:18:34.994> public.

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And<00:18:35.940> obviously<00:18:36.598> companies<00:18:36.934> are<00:18:37.063> much<00:18:37.239> healthier<00:18:37.624> now.

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But<00:18:39.003> what's<00:18:39.244> that<00:18:39.468> like?

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Well,<00:18:40.430> look,<00:18:40.671> I<00:18:40.831> think<00:18:40.992> for<00:18:41.569> a<00:18:41.954> younger<00:18:42.467> CEO,<00:18:43.093> operator,<00:18:43.638> leader,<00:18:44.600> it's<00:18:45.418> probably<00:18:45.723> going<00:18:45.803> to<00:18:45.835> be<00:18:45.979> hard.

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And<00:18:47.727> it<00:18:47.888> has<00:18:48.144> been<00:18:48.305> hard<00:18:48.770> to<00:18:49.171> raise<00:18:49.411> capital.

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The<00:18:49.892> cost<00:18:50.165> of<00:18:50.229> capital<00:18:50.646> is<00:18:50.710> just<00:18:51.271> different.

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It's<00:18:52.875> been<00:18:53.035> accommodative<00:18:53.677> for<00:18:53.757> the<00:18:53.837> last<00:18:54.158> 15-some-odd<00:18:55.056> years.

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And<00:18:56.345> it's<00:18:56.491> been<00:18:56.717> growth<00:18:57.057> at<00:18:57.202> all<00:18:58.917> costs<00:18:59.887> because<00:19:00.211> capital<00:19:00.712> is<00:19:00.761> basically<00:19:01.343> cheap<00:19:01.812> and/or<00:19:01.990> free.

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And<00:19:03.106> I<00:19:03.203> think<00:19:03.850> the<00:19:03.948> shift<00:19:04.400> mentally<00:19:04.902> to<00:19:05.641> an<00:19:06.107> inflationary<00:19:06.749> environment<00:19:08.034> and<00:19:08.115> a<00:19:08.179> high<00:19:08.356> interest<00:19:08.661> rate<00:19:08.822> environment<00:19:09.384> just<00:19:09.544> has<00:19:09.721> fundamental<00:19:11.151> impacts<00:19:12.067> for<00:19:12.436> many<00:19:12.693> different<00:19:12.934> businesses.

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And<00:19:13.898> so,<00:19:14.541> you<00:19:14.637> know,<00:19:14.750> if<00:19:14.784> you're<00:19:14.941> in<00:19:15.028> the<00:19:15.132> real<00:19:15.306> estate<00:19:15.723> business,<00:19:18.592> like<00:19:18.770> my<00:19:18.916> friends<00:19:19.111> at<00:19:19.257> Zillow<00:19:20.051> and<00:19:20.295> you're<00:19:20.473> a<00:19:20.489> marketplace,<00:19:21.916> you<00:19:22.013> know,<00:19:22.191> you're<00:19:22.337> in<00:19:22.418> it<00:19:22.564> for<00:19:22.970> a<00:19:23.051> hard<00:19:23.294> slog<00:19:23.634> for<00:19:23.797> a<00:19:23.878> while.

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And<00:19:25.446> then<00:19:25.783> you<00:19:25.959> have<00:19:26.119> some<00:19:26.424> businesses<00:19:26.920> that<00:19:27.081> are<00:19:27.225> doing,<00:19:28.667> you<00:19:28.907> know,<00:19:29.067> chip<00:19:29.372> manufacturing<00:19:30.253> for<00:19:30.349> generative<00:19:30.894> AI<00:19:31.230> like<00:19:31.487> NVIDIA.

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You<00:19:32.512> know,<00:19:32.993> they're<00:19:33.137> feeling<00:19:33.377> pretty<00:19:33.618> good<00:19:33.778> about<00:19:34.018> the<00:19:34.098> future.

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So<00:19:35.957> I<00:19:35.973> guess<00:19:36.197> in<00:19:36.278> a<00:19:36.294> long-winded<00:19:36.678> way<00:19:36.918> is<00:19:37.944> if<00:19:38.200> you<00:19:38.344> haven't<00:19:38.697> seen<00:19:39.065> the,<00:19:39.546> if<00:19:39.658> you<00:19:39.786> haven't<00:19:40.059> seen<00:19:40.283> the<00:19:40.363> story<00:19:40.924> before,<00:19:42.831> it<00:19:43.071> is<00:19:43.311> hard<00:19:43.792> as<00:19:43.968> an<00:19:44.048> operator.

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But<00:19:44.914> if<00:19:44.994> you've<00:19:45.090> seen<00:19:45.330> the<00:19:45.410> story<00:19:45.811> before,<00:19:47.173> then<00:19:47.317> you've<00:19:47.718> probably<00:19:48.054> thought<00:19:48.359> a<00:19:48.375> little<00:19:48.599> bit<00:19:48.759> about<00:19:49.336> these<00:19:49.512> scenarios<00:19:50.281> already.

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And<00:19:51.098> so<00:19:51.259> you<00:19:51.419> build<00:19:51.659> a<00:19:51.739> cushion<00:19:52.204> in<00:19:52.364> for<00:19:52.524> cash.

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You've<00:19:53.984> put<00:19:54.546> plans<00:19:55.012> in<00:19:55.172> place<00:19:55.975> and<00:19:56.136> triggers<00:19:56.858> if,<00:19:57.420> you<00:19:57.500> know,<00:19:57.998> your<00:19:58.143> model<00:19:58.480> starts<00:19:58.881> to<00:19:58.962> suffer<00:19:59.443> due<00:19:59.604> to<00:19:59.765> a<00:19:59.845> weakening<00:20:00.246> economy<00:20:00.808> or<00:20:00.889> inflation.

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So<00:20:02.559> I<00:20:02.575> think<00:20:02.735> most<00:20:02.976> businesses<00:20:03.923> that<00:20:04.261> are<00:20:04.325> run<00:20:04.582> well<00:20:05.690> can<00:20:06.091> have<00:20:07.167> a<00:20:07.231> path<00:20:07.777> through.

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But,<00:20:08.981> you<00:20:09.014> know,<00:20:09.399> the<00:20:09.479> young<00:20:09.945> operator<00:20:10.764> very<00:20:11.021> much<00:20:11.310> has<00:20:11.486> a<00:20:11.567> hard<00:20:11.808> time,<00:20:12.032> especially<00:20:12.851> startup<00:20:13.413> entrepreneurial<00:20:14.039> founders<00:20:14.441> have<00:20:14.537> a<00:20:14.682> very<00:20:15.003> hard<00:20:15.244> time<00:20:15.966> changing<00:20:16.368> the<00:20:16.448> mentality<00:20:17.187> of<00:20:17.428> growth,<00:20:17.668> growth,<00:20:17.893> growth,<00:20:18.070> growth,<00:20:18.311> growth<00:20:18.552> at<00:20:18.632> all<00:20:18.792> costs<00:20:19.515> and<00:20:19.595> capital<00:20:20.045> is<00:20:20.141> always<00:20:20.398> available<00:20:20.800> to<00:20:20.928> me.

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To<00:20:21.602> actually<00:20:21.922> getting<00:20:22.163> your<00:20:22.307> business<00:20:22.644> profitable<00:20:23.204> and<00:20:23.285> getting<00:20:23.509> your<00:20:23.669> unit<00:20:23.990> economics<00:20:24.567> right.

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So<00:20:25.768> for<00:20:25.913> me,<00:20:27.595> I<00:20:27.691> can't<00:20:28.012> control<00:20:29.214> the<00:20:29.358> macro.

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I<00:20:30.335> can<00:20:30.496> only<00:20:30.736> control<00:20:31.201> how<00:20:31.377> I<00:20:31.537> respond<00:20:32.002> to<00:20:32.082> the<00:20:32.162> macro.

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And<00:20:33.364> it's<00:20:33.524> always<00:20:34.246> my<00:20:34.502> job,<00:20:35.143> you<00:20:35.175> know,<00:20:35.239> CEOs<00:20:35.704> define<00:20:36.008> their<00:20:36.104> jobs<00:20:36.409> differently,<00:20:36.906> but<00:20:37.210> my<00:20:37.386> job<00:20:38.188> inevitably<00:20:38.588> is<00:20:38.668> two<00:20:38.909> things:<00:20:39.790> get<00:20:40.030> money<00:20:40.591> and<00:20:40.671> don't<00:20:40.896> run<00:20:41.056> out<00:20:41.168> of<00:20:41.296> money.

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There's<00:20:42.178> other<00:20:42.354> things<00:20:42.578> with<00:20:42.659> the<00:20:42.755> job<00:20:43.059> too,<00:20:43.316> but<00:20:43.476> inevitably<00:20:44.341> my<00:20:44.517> team<00:20:45.479> does<00:20:45.655> not<00:20:45.944> want<00:20:46.040> me<00:20:46.136> to<00:20:46.264> run<00:20:46.424> out<00:20:46.537> of<00:20:46.601> money.

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And<00:20:47.469> they<00:20:47.631> want<00:20:47.809> me<00:20:47.970> to<00:20:48.051> get<00:20:48.278> more<00:20:48.375> money.

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And<00:20:49.183> so<00:20:50.461> it's<00:20:51.447> a<00:20:51.528> long-winded<00:20:52.013> answer<00:20:52.320> to<00:20:52.822> the<00:20:52.903> prepared<00:20:53.549> leader<00:20:55.069> can't<00:20:55.231> control<00:20:55.652> the<00:20:55.716> macro,<00:20:56.201> but<00:20:56.363> you<00:20:56.622> can<00:20:56.944> control<00:20:57.331> how<00:20:57.444> you<00:20:57.589> respond<00:20:58.072> to<00:20:58.314> it.

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Yeah.

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When<00:20:59.748> you<00:20:59.845> boil<00:21:00.167> it<00:21:00.248> down<00:21:00.489> to<00:21:00.570> like,<00:21:00.731> my<00:21:00.892> job<00:21:01.134> is<00:21:01.231> to<00:21:01.376> get<00:21:01.537> money<00:21:01.698> and<00:21:01.859> not<00:21:02.488> run<00:21:02.729> out<00:21:02.810> of<00:21:02.842> money,<00:21:03.793> that,<00:21:04.115> that<00:21:04.437> brings<00:21:04.776> some<00:21:04.985> clarity.

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Just<00:21:05.630> that<00:21:05.791> right<00:21:05.968> there.

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Yeah.

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I<00:21:08.179> mean,<00:21:08.308> there's,<00:21:08.582> there's<00:21:08.872> other<00:21:08.984> things,<00:21:09.355> there's<00:21:09.612> nuances<00:21:10.240> to<00:21:10.514> strategy,<00:21:12.189> there's<00:21:12.672> deals,<00:21:13.396> but,<00:21:13.622> you<00:21:13.654> know,<00:21:13.863> hiring<00:21:14.298> is<00:21:14.379> a<00:21:14.524> big<00:21:14.846> part<00:21:15.087> of<00:21:15.232> it.

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And<00:21:16.416> I<00:21:16.496> spent<00:21:16.752> a<00:21:16.832> lot<00:21:17.169> of<00:21:17.265> time<00:21:17.554> on<00:21:17.698> kind<00:21:17.858> of<00:21:17.890> the<00:21:17.971> science<00:21:18.516> of<00:21:18.660> hiring<00:21:19.237> and<00:21:20.583> human<00:21:21.401> resources,<00:21:21.962> I<00:21:22.026> guess,<00:21:22.267> would<00:21:22.363> be<00:21:22.924> what<00:21:23.068> you<00:21:23.228> call<00:21:23.485> it.

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But<00:21:24.847> inevitably,<00:21:25.953> you're<00:21:26.114> making<00:21:26.531> decisions<00:21:27.172> with<00:21:27.412> people<00:21:28.454> and<00:21:28.695> products<00:21:29.256> and<00:21:29.336> infrastructure,<00:21:29.961> and<00:21:30.041> you're<00:21:30.282> allocating<00:21:30.859> capital<00:21:32.558> across<00:21:33.327> the<00:21:33.423> board,<00:21:34.129> and<00:21:34.289> you're<00:21:34.465> trying<00:21:34.706> to<00:21:34.786> get<00:21:35.026> the<00:21:35.171> highest<00:21:35.668> return<00:21:37.431> for<00:21:37.575> your<00:21:37.735> investors<00:21:38.393> and<00:21:38.473> then<00:21:38.633> the<00:21:38.777> highest<00:21:39.098> return<00:21:39.515> for<00:21:39.659> your<00:21:39.835> people.

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You<00:21:40.573> know,<00:21:40.653> they<00:21:40.861> want<00:21:40.989> to<00:21:41.038> be<00:21:41.198> paid,<00:21:41.663> they<00:21:41.823> want<00:21:41.903> to<00:21:41.999> grow<00:21:42.160> in<00:21:42.240> their<00:21:42.400> careers,<00:21:43.202> But<00:21:43.299> it<00:21:43.363> does<00:21:43.606> come<00:21:43.767> down<00:21:44.091> to<00:21:44.818> don't<00:21:45.044> lose<00:21:45.222> money<00:21:46.175> and<00:21:46.256> get<00:21:46.418> more<00:21:46.531> money.

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How<00:21:48.131> do<00:21:48.276> you<00:21:48.373> think<00:21:48.615> about<00:21:48.842> recruiting?

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How<00:21:49.520> do<00:21:49.569> you<00:21:49.730> recruit<00:21:50.215> the<00:21:50.377> best<00:21:50.781> people?

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And<00:21:51.826> you<00:21:51.859> said<00:21:52.020> you<00:21:52.148> thought<00:21:52.325> a<00:21:52.341> lot<00:21:52.486> about<00:21:52.711> the<00:21:52.792> science<00:21:53.210> of<00:21:53.355> it.

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I<00:21:54.015> mean,<00:21:54.320> recruiting<00:21:54.803> is<00:21:54.964> very<00:21:55.221> difficult,<00:21:55.945> and<00:21:56.267> that,<00:21:56.509> that's<00:21:56.734> got<00:21:56.830> to<00:21:56.911> be<00:21:57.056> one<00:21:57.217> of<00:21:57.313> the—<00:21:57.860> your<00:21:58.021> top<00:21:58.279> jobs<00:21:58.600> as<00:21:58.810> well,<00:21:58.922> is<00:21:59.084> like<00:21:59.487> recruiting<00:22:00.052> talent.

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Yeah,<00:22:03.280> I,<00:22:03.522> I<00:22:03.667> don't<00:22:03.925> outsource<00:22:04.555> it.

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Um,<00:22:05.362> you<00:22:05.442> know,<00:22:05.700> sometimes<00:22:06.427> I've<00:22:06.572> used<00:22:06.814> recruiters,<00:22:07.944> uh,<00:22:08.105> in<00:22:08.187> and<00:22:08.274> outside<00:22:08.832> of<00:22:08.919> the<00:22:09.058> company.

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Uh,<00:22:10.242> we've<00:22:10.387> done<00:22:10.563> that<00:22:10.948> at<00:22:11.044> PetMeds.

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I've<00:22:11.589> done<00:22:11.701> it<00:22:11.749> at<00:22:11.845> other<00:22:12.006> companies.

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And<00:22:13.208> I<00:22:13.288> don't<00:22:13.449> necessarily<00:22:14.651> take<00:22:14.956> the<00:22:14.988> same<00:22:15.453> group<00:22:16.414> that<00:22:16.575> I've,<00:22:17.136> that<00:22:17.312> I've,<00:22:17.601> I've<00:22:17.761> worked<00:22:17.921> with<00:22:18.082> before<00:22:18.482> and<00:22:18.579> bring<00:22:18.723> them<00:22:18.819> to<00:22:18.963> the<00:22:18.995> new<00:22:19.220> thing<00:22:19.412> because<00:22:19.877> it's<00:22:20.166> a<00:22:20.198> little<00:22:20.342> bit<00:22:20.422> like<00:22:20.583> the<00:22:20.727> old<00:22:20.823> school<00:22:21.144> Mission:<00:22:21.464> Impossible<00:22:22.170> movie<00:22:22.570> where<00:22:23.468> they<00:22:23.612> had<00:22:23.869> different<00:22:24.574> folks<00:22:25.232> for<00:22:25.392> different<00:22:25.696> jobs,<00:22:26.049> like<00:22:26.274> the<00:22:26.434> person<00:22:26.755> that<00:22:26.899> could<00:22:26.995> crack<00:22:27.396> the<00:22:27.476> safe<00:22:27.877> versus<00:22:28.278> the<00:22:28.358> person<00:22:28.742> who<00:22:28.839> could<00:22:28.999> blow<00:22:29.304> up<00:22:29.800> a<00:22:29.945> door.

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You<00:22:30.426> know,<00:22:31.003> you<00:22:31.163> don't<00:22:31.323> want<00:22:31.468> to<00:22:31.548> bring<00:22:31.788> up<00:22:31.885> the<00:22:31.965> guy<00:22:32.125> that,<00:22:32.526> to<00:22:32.606> blow<00:22:32.830> up<00:22:32.911> the<00:22:33.007> door<00:22:33.311> when<00:22:33.391> you<00:22:33.488> really<00:22:33.664> need<00:22:33.872> a<00:22:33.888> ninja.

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And<00:22:34.546> so<00:22:35.797> the,<00:22:36.231> the<00:22:36.359> composition<00:22:37.082> of<00:22:37.115> the<00:22:37.259> team<00:22:37.564> always<00:22:37.822> changes<00:22:38.545> and<00:22:39.669> the<00:22:39.750> size<00:22:40.168> of<00:22:40.232> the<00:22:40.376> company<00:22:41.260> dictates<00:22:41.662> some<00:22:41.839> of<00:22:41.919> that<00:22:42.160> too.

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And<00:22:42.562> I,<00:22:43.365> I<00:22:43.445> try<00:22:43.606> to<00:22:43.751> break<00:22:43.992> it<00:22:44.088> down<00:22:44.410> to<00:22:44.973> what<00:22:45.136> are<00:22:45.282> the<00:22:45.542> core,<00:22:47.734> what<00:22:47.880> are<00:22:47.961> the<00:22:48.124> core<00:22:48.708> vectors<00:22:49.196> that<00:22:49.423> you<00:22:49.520> need<00:22:49.991> for<00:22:50.154> that<00:22:50.414> job?

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So<00:22:51.731> mainly<00:22:52.671> the<00:22:52.930> ones<00:22:53.173> that<00:22:53.319> always<00:22:53.643> kind<00:22:53.805> of<00:22:53.902> float<00:22:54.275> to<00:22:54.323> the<00:22:54.453> top<00:22:54.858> are<00:22:55.668> attitude,<00:22:56.154> aptitude,<00:22:56.818> intangibles,<00:22:58.276> and<00:22:58.438> scale<00:22:58.859> appropriateness.

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There<00:23:01.676> are<00:23:01.852> other<00:23:02.093> things<00:23:02.878> as<00:23:03.038> well.

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I<00:23:03.455> don't<00:23:03.695> typically<00:23:04.320> hire<00:23:04.641> on<00:23:04.817> knowledge.

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I<00:23:06.580> did<00:23:06.820> well<00:23:07.221> in<00:23:07.365> this<00:23:07.541> company,<00:23:08.086> I'm<00:23:08.166> gonna<00:23:08.326> hire<00:23:08.503> that<00:23:08.663> same<00:23:08.983> person<00:23:09.448> to<00:23:09.544> do<00:23:10.362> something<00:23:10.810> different<00:23:11.227> for<00:23:11.371> the<00:23:11.467> new<00:23:11.628> company<00:23:12.429> because<00:23:12.749> they're<00:23:12.926> knowledgeable<00:23:13.791> around<00:23:14.111> that<00:23:14.272> subject<00:23:14.672> matter.

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I<00:23:15.938> haven't<00:23:16.179> had<00:23:16.339> a<00:23:16.355> lot<00:23:16.531> of<00:23:16.595> success<00:23:16.996> with<00:23:17.140> that.

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So<00:23:17.461> I<00:23:17.493> try<00:23:17.653> to<00:23:17.797> dial<00:23:18.743> it<00:23:18.823> back<00:23:19.079> to<00:23:19.223> one<00:23:19.287> of<00:23:19.336> the<00:23:19.464> 4<00:23:20.105> kind<00:23:20.265> of<00:23:20.842> vectors<00:23:21.403> of<00:23:21.547> what<00:23:21.723> we<00:23:21.948> need<00:23:22.348> with<00:23:22.508> capital.

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And<00:23:23.630> then<00:23:24.223> the<00:23:24.367> other<00:23:24.592> axis<00:23:25.088> is<00:23:25.569> then<00:23:25.729> what<00:23:25.906> are<00:23:25.970> the<00:23:26.194> values<00:23:27.060> that<00:23:27.172> you<00:23:27.252> want<00:23:27.396> to<00:23:27.493> hire<00:23:27.830> against<00:23:29.178> and<00:23:29.322> how<00:23:29.418> does<00:23:29.579> that<00:23:29.820> map?

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And<00:23:30.815> then<00:23:31.826> lastly,<00:23:32.853> I<00:23:34.393> try<00:23:34.634> to<00:23:34.778> get<00:23:35.019> a<00:23:35.099> composition<00:23:35.821> of<00:23:35.918> team<00:23:36.239> members<00:23:37.843> that<00:23:38.020> are<00:23:38.325> mentally<00:23:40.154> diverse<00:23:41.149> as<00:23:41.358> well<00:23:41.614> as<00:23:42.080> just<00:23:42.256> diverse<00:23:42.658> in<00:23:42.802> general.

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And<00:23:43.957> so<00:23:44.118> it's<00:23:44.246> this<00:23:44.342> kind<00:23:44.567> of<00:23:44.647> cocktail<00:23:45.145> that<00:23:45.305> you<00:23:45.386> put<00:23:45.610> together.

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And<00:23:46.188> my<00:23:46.332> wife<00:23:46.894> actually<00:23:47.135> asked<00:23:47.295> me<00:23:47.391> this<00:23:47.552> question<00:23:48.178> last<00:23:48.515> week<00:23:49.317> and<00:23:49.462> then<00:23:49.622> she<00:23:49.734> said,<00:23:50.055> so<00:23:50.280> basically<00:23:50.745> you're<00:23:50.906> using<00:23:51.403> intuition.

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I<00:23:52.366> said,<00:23:52.687> well,<00:23:53.233> at<00:23:53.313> the<00:23:53.393> end<00:23:53.457> of<00:23:53.489> the<00:23:53.634> day,<00:23:54.917> I<00:23:55.078> try<00:23:55.254> to<00:23:55.334> put<00:23:55.495> everything<00:23:55.815> into<00:23:55.992> a<00:23:56.056> framework,<00:23:57.098> but,<00:23:57.884> uh,<00:23:58.381> there's<00:23:58.702> a<00:23:58.766> lot<00:23:58.926> of<00:23:58.958> intuition<00:23:59.568> with<00:23:59.744> it<00:23:59.824> as<00:23:59.969> well.

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And<00:24:00.225> I<00:24:00.306> find<00:24:00.546> the<00:24:00.706> hardest<00:24:01.107> thing<00:24:01.348> to<00:24:01.508> do<00:24:02.711> with<00:24:02.952> talent<00:24:03.818> is,<00:24:04.539> um,<00:24:05.983> finding<00:24:06.239> the<00:24:06.383> right<00:24:06.640> person<00:24:07.105> at<00:24:07.201> the<00:24:07.346> right<00:24:07.747> time.

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It,<00:24:08.869> I<00:24:08.885> think<00:24:09.029> there's<00:24:09.206> a<00:24:09.270> lot<00:24:09.511> of<00:24:09.751> people<00:24:10.008> that<00:24:10.088> talk<00:24:10.409> about<00:24:10.890> best<00:24:11.114> hiring<00:24:11.451> practices<00:24:12.157> and<00:24:12.333> onboarding.

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That's<00:24:13.600> all<00:24:13.760> great.

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Um,<00:24:14.915> you<00:24:14.979> can<00:24:15.139> read<00:24:15.300> lots<00:24:15.476> of<00:24:15.540> blog<00:24:15.781> posts<00:24:16.038> about<00:24:16.342> that,<00:24:16.823> but<00:24:17.064> I<00:24:17.144> think<00:24:17.304> the<00:24:17.449> hardest<00:24:17.850> thing<00:24:17.978> to<00:24:18.090> do<00:24:18.202> is<00:24:18.491> hire<00:24:18.668> the<00:24:18.812> right<00:24:18.988> person<00:24:19.309> at<00:24:19.389> the<00:24:19.534> right<00:24:19.710> time.

00:24:20.816 --> 00:24:24.055
A<00:24:20.993> big<00:24:21.153> company<00:24:21.538> person,<00:24:21.955> a<00:24:21.971> small<00:24:22.339> company,<00:24:22.917> that's<00:24:23.093> sometimes<00:24:23.558> very<00:24:23.718> hard.

00:24:24.135 --> 00:24:24.889
Sometimes<00:24:24.504> that<00:24:24.664> works.

00:24:25.321 --> 00:24:29.506
Small<00:24:25.642> company<00:24:26.043> person,<00:24:26.540> startup-y<00:24:27.005> person,<00:24:27.406> big<00:24:27.566> company,<00:24:28.544> sometimes<00:24:28.832> that's<00:24:29.073> really<00:24:29.249> hard.

00:24:30.051 --> 00:24:43.742
And<00:24:30.147> so<00:24:31.077> you<00:24:31.237> have<00:24:31.430> to<00:24:31.558> understand<00:24:32.135> a<00:24:32.151> little<00:24:32.360> bit<00:24:32.472> about<00:24:32.696> the<00:24:32.841> company,<00:24:33.257> but<00:24:33.354> it<00:24:33.418> comes<00:24:33.738> down<00:24:33.979> to,<00:24:34.299> I<00:24:34.316> think,<00:24:34.861> understanding<00:24:35.261> what<00:24:35.406> you<00:24:35.486> want,<00:24:36.207> understanding<00:24:37.346> what<00:24:37.490> kind<00:24:37.811> of<00:24:37.891> person<00:24:38.227> you<00:24:38.388> want,<00:24:38.772> and<00:24:38.869> then<00:24:39.414> how<00:24:39.510> does<00:24:39.606> that<00:24:39.831> person<00:24:40.231> fit<00:24:40.632> into<00:24:41.017> the—<00:24:41.754> your<00:24:41.899> playbook<00:24:43.021> as<00:24:43.101> you<00:24:43.197> build<00:24:43.342> your<00:24:43.438> team.

00:24:45.201 --> 00:25:03.237
As<00:24:45.346> you<00:24:45.442> think<00:24:45.682> about<00:24:46.083> culture<00:24:46.805> and<00:24:46.949> once<00:24:47.189> they,<00:24:47.590> you<00:24:47.686> know,<00:24:47.847> get<00:24:48.007> inside<00:24:48.392> the<00:24:48.472> company,<00:24:48.729> I<00:24:48.889> wonder<00:24:49.113> like<00:24:49.530> how<00:24:49.755> you've<00:24:50.220> thought<00:24:50.430> about<00:24:50.820> even<00:24:51.063> the<00:24:51.209> remote<00:24:51.631> work<00:24:52.037> versus<00:24:52.751> all<00:24:52.946> in<00:24:53.092> the<00:24:53.238> office<00:24:53.741> and<00:24:53.822> that<00:24:53.984> whole<00:24:54.211> debate<00:24:55.834> and<00:24:55.915> how<00:24:56.159> you've<00:24:56.353> maintained<00:24:57.783> your<00:24:58.288> culture<00:24:59.899> inside<00:25:00.388> of<00:25:00.795> kind<00:25:00.958> of<00:25:01.202> that<00:25:01.463> thing<00:25:01.625> which<00:25:01.853> every<00:25:02.195> company<00:25:02.586> is<00:25:02.684> grappling<00:25:03.091> with.

00:25:05.458 --> 00:25:14.080
Yeah,<00:25:05.702> you<00:25:05.783> know,<00:25:06.043> like<00:25:06.286> the<00:25:06.384> meme<00:25:06.692> now<00:25:07.017> is<00:25:08.559> everyone<00:25:08.884> come<00:25:09.128> back<00:25:10.005> and<00:25:12.197> I'm<00:25:12.310> not<00:25:13.009> a<00:25:13.041> subscriber<00:25:13.577> to<00:25:13.690> that.

00:25:15.394 --> 00:25:24.055
And<00:25:15.524> this<00:25:15.702> background,<00:25:16.189> I'm<00:25:16.675> talking<00:25:16.951> to<00:25:17.000> you<00:25:17.146> from<00:25:17.405> Seattle,<00:25:18.513> My<00:25:18.674> headquarters<00:25:19.254> is<00:25:19.399> in<00:25:19.480> Delray<00:25:19.883> Beach,<00:25:20.205> Florida,<00:25:20.930> and<00:25:21.075> we<00:25:21.171> also<00:25:21.349> acquired<00:25:22.380> a<00:25:22.460> business<00:25:22.847> in<00:25:22.943> Long<00:25:23.249> Island,<00:25:23.491> New<00:25:23.588> York.

00:25:24.216 --> 00:25:29.412
So<00:25:24.393> I<00:25:24.538> have<00:25:24.635> kind<00:25:24.796> of<00:25:24.876> this,<00:25:25.585> this<00:25:25.827> triangle<00:25:26.487> of<00:25:26.632> travel<00:25:27.711> where<00:25:27.876> I'm,<00:25:28.140> you<00:25:28.222> know,<00:25:28.371> constantly<00:25:28.850> on<00:25:28.949> the<00:25:29.098> road.

00:25:31.100 --> 00:25:42.008
But<00:25:31.148> I'll<00:25:31.295> tell<00:25:31.473> you<00:25:31.620> this,<00:25:32.514> you<00:25:32.611> know,<00:25:34.204> folks<00:25:34.611> at<00:25:35.115> businesses<00:25:35.538> that<00:25:35.668> can<00:25:35.830> figure<00:25:36.155> out<00:25:36.399> remote<00:25:36.806> work,<00:25:38.240> we<00:25:38.272> can<00:25:38.368> discuss<00:25:38.835> how<00:25:39.077> remote<00:25:39.480> is<00:25:39.641> it<00:25:39.963> because<00:25:40.188> there<00:25:40.285> is<00:25:40.768> maybe<00:25:41.010> an<00:25:41.316> asterisk<00:25:41.670> to<00:25:41.815> that.

00:25:42.604 --> 00:25:42.717
Sure.

00:25:43.023 --> 00:25:46.495
Are<00:25:43.103> gonna<00:25:43.248> have<00:25:43.345> a<00:25:43.425> fundamental<00:25:43.973> advantage<00:25:45.010> on<00:25:45.594> talent<00:25:45.944> acquisition.

00:25:48.450 --> 00:26:04.715
Companies<00:25:48.709> that<00:25:49.114> want<00:25:49.195> to<00:25:49.292> pull<00:25:49.519> people<00:25:49.859> back,<00:25:51.220> I<00:25:52.289> think,<00:25:52.597> have<00:25:52.775> a<00:25:53.164> kind<00:25:53.261> of<00:25:53.359> an<00:25:53.569> old-school<00:25:53.942> legacy<00:25:54.412> mentality<00:25:54.979> around<00:25:55.222> the<00:25:55.351> role<00:25:55.546> of<00:25:55.692> middle<00:25:55.935> management,<00:25:57.107> which<00:25:57.366> I<00:25:57.383> think<00:25:57.593> overall<00:25:57.999> middle<00:25:58.259> management<00:25:58.745> over<00:25:58.907> time<00:25:59.394> probably<00:26:00.286> diminishes<00:26:01.243> and<00:26:01.406> a<00:26:01.503> lot<00:26:01.746> more<00:26:01.909> of<00:26:01.990> the<00:26:02.071> tasks<00:26:02.493> of<00:26:02.622> middle<00:26:02.801> management<00:26:03.693> become<00:26:03.969> more<00:26:04.163> automated.

00:26:07.058 --> 00:26:08.977
So<00:26:07.268> yeah,<00:26:07.429> I'm<00:26:07.687> a<00:26:07.768> big<00:26:07.945> fan<00:26:08.187> of<00:26:08.316> remote<00:26:08.654> work.

00:26:09.541 --> 00:26:18.854
But,<00:26:09.767> you<00:26:09.799> know,<00:26:10.347> the<00:26:10.427> flip<00:26:10.669> side<00:26:10.992> is,<00:26:11.475> and<00:26:11.620> I<00:26:11.717> always,<00:26:12.873> talk<00:26:13.049> to<00:26:13.129> my<00:26:13.209> management<00:26:13.658> team<00:26:13.819> about<00:26:14.155> this<00:26:14.396> is<00:26:14.717> because<00:26:15.262> we're<00:26:15.599> more<00:26:15.839> remote<00:26:16.240> first,<00:26:16.962> we<00:26:17.106> have<00:26:17.298> to<00:26:17.427> be<00:26:17.523> intentional<00:26:18.036> about<00:26:18.261> two<00:26:18.565> things.

00:26:19.591 --> 00:26:32.885
We<00:26:19.656> have<00:26:19.752> to<00:26:19.848> be<00:26:19.928> intentional<00:26:20.505> about<00:26:20.890> more<00:26:21.612> communication<00:26:23.215> because<00:26:23.536> you're<00:26:23.697> banking<00:26:24.482> depending<00:26:24.803> on<00:26:24.899> where<00:26:25.044> you<00:26:25.204> live<00:26:25.380> from<00:26:25.541> the<00:26:25.685> office,<00:26:26.407> let's<00:26:26.567> call<00:26:26.759> it<00:26:27.369> 2<00:26:27.609> hours<00:26:28.571> either<00:26:28.828> way,<00:26:29.373> or<00:26:29.549> in<00:26:29.630> my<00:26:29.870> case,<00:26:30.127> 6<00:26:30.496> hours<00:26:30.768> of<00:26:30.896> flying<00:26:31.394> plus<00:26:31.891> some<00:26:32.115> commute<00:26:32.420> on<00:26:32.516> either<00:26:32.757> end.

00:26:33.478 --> 00:26:43.358
So<00:26:33.703> you're,<00:26:34.023> you're,<00:26:34.280> you're,<00:26:34.745> you're<00:26:35.001> getting<00:26:35.306> a<00:26:35.402> credit<00:26:36.028> in<00:26:36.124> terms<00:26:36.509> of<00:26:36.605> where<00:26:36.749> you<00:26:36.862> spend<00:26:37.150> your<00:26:37.311> time<00:26:37.567> because<00:26:37.872> you<00:26:37.968> can<00:26:38.112> kind<00:26:38.273> of<00:26:38.369> get<00:26:38.593> up,<00:26:38.850> walk<00:26:39.074> down<00:26:40.454> downstairs<00:26:40.951> or<00:26:41.015> wherever<00:26:41.192> your,<00:26:41.561> your<00:26:41.721> office<00:26:42.058> is<00:26:42.299> and,<00:26:42.764> and<00:26:42.860> do<00:26:43.005> your<00:26:43.165> work.

00:26:43.406 --> 00:26:47.240
So<00:26:43.438> you<00:26:43.502> have<00:26:43.663> kind<00:26:43.807> of<00:26:43.903> 2<00:26:44.160> or<00:26:44.288> 3<00:26:44.609> hours<00:26:44.930> of<00:26:45.732> not<00:26:46.406> traveling<00:26:46.951> time.

00:26:48.155 --> 00:26:52.502
So<00:26:48.780> I<00:26:48.796> always<00:26:48.957> say<00:26:49.422> add<00:26:49.599> that<00:26:49.823> back<00:26:50.160> in<00:26:50.336> as<00:26:50.465> a<00:26:50.545> credit<00:26:50.946> for<00:26:51.203> communication<00:26:52.149> time.

00:26:53.353 --> 00:26:55.550
Um,<00:26:53.754> you<00:26:53.786> need<00:26:53.994> to<00:26:54.091> be<00:26:54.251> communicating<00:26:54.813> more<00:26:55.037> than<00:26:55.198> you<00:26:55.294> think.

00:26:55.936 --> 00:27:00.556
And<00:26:56.016> then<00:26:56.160> the<00:26:56.192> second<00:26:56.641> is<00:26:57.123> you<00:26:57.283> have<00:26:57.444> to<00:26:57.540> be<00:26:57.620> intentional<00:26:58.406> about<00:26:59.385> the<00:26:59.802> ceremonies.

00:27:00.652 --> 00:27:01.599
Let's<00:27:00.813> call<00:27:00.925> it<00:27:01.005> ceremonies.

00:27:01.647 --> 00:27:03.363
I<00:27:01.663> don't<00:27:01.791> want<00:27:01.920> to<00:27:01.952> say<00:27:02.273> like<00:27:02.513> meetings<00:27:02.850> or<00:27:02.978> parties.

00:27:03.700 --> 00:27:09.378
The<00:27:03.781> ceremonies<00:27:04.535> you<00:27:04.679> put<00:27:04.855> in<00:27:05.000> place<00:27:05.802> to<00:27:05.946> bring<00:27:06.123> people<00:27:06.588> into<00:27:06.940> the<00:27:07.069> office<00:27:08.031> on<00:27:08.127> a<00:27:08.143> somewhat<00:27:08.592> regular<00:27:09.009> basis.

00:27:09.955 --> 00:27:13.916
So<00:27:10.068> the<00:27:10.148> money,<00:27:10.613> I,<00:27:10.917> the<00:27:10.998> way<00:27:11.094> I<00:27:11.174> calculate<00:27:11.751> it<00:27:11.896> is,<00:27:13.323> um,<00:27:13.499> two<00:27:13.660> things.

00:27:14.285 --> 00:27:18.486
Uh,<00:27:15.327> you<00:27:15.408> have<00:27:15.648> to<00:27:15.744> be<00:27:16.290> asking<00:27:16.690> your,<00:27:17.091> your<00:27:17.252> team<00:27:17.733> how<00:27:17.909> they're<00:27:18.150> doing.

00:27:18.695 --> 00:27:22.688
You<00:27:18.775> have<00:27:18.935> to<00:27:19.032> be<00:27:19.112> sending<00:27:19.577> out<00:27:20.379> ESAT<00:27:20.812> surveys,<00:27:21.341> employee<00:27:21.613> satisfaction<00:27:22.303> surveys.

00:27:23.185 --> 00:27:25.703
That<00:27:23.442> will<00:27:23.586> come<00:27:23.826> back<00:27:24.147> very<00:27:24.468> clear<00:27:25.190> how<00:27:25.350> you're<00:27:25.446> doing.

00:27:26.168 --> 00:27:27.868
That's,<00:27:26.488> that's<00:27:26.809> a<00:27:26.873> trailing<00:27:27.354> indicator.

00:27:28.573 --> 00:27:45.790
And<00:27:28.653> then<00:27:29.279> the<00:27:29.856> other<00:27:30.097> indicator<00:27:30.642> from<00:27:30.818> a<00:27:30.962> budget<00:27:31.219> perspective<00:27:31.925> is<00:27:32.663> calculate<00:27:33.304> your,<00:27:34.027> your<00:27:34.187> travel<00:27:34.508> and<00:27:34.572> expenses<00:27:36.177> with<00:27:36.514> and<00:27:36.594> without<00:27:37.300> remote<00:27:37.637> work,<00:27:38.279> and<00:27:38.424> then<00:27:38.745> bank<00:27:39.082> some<00:27:39.322> of<00:27:39.467> that<00:27:39.804> in<00:27:39.948> your<00:27:40.109> budget<00:27:40.446> to<00:27:40.542> make<00:27:40.686> sure<00:27:40.991> that<00:27:41.232> you're<00:27:41.409> allocating<00:27:41.986> some<00:27:42.275> of<00:27:42.371> that<00:27:42.692> to,<00:27:44.040> um,<00:27:45.084> a<00:27:45.100> ceremony.

00:27:46.143 --> 00:27:57.055
Now,<00:27:46.448> for,<00:27:46.688> for<00:27:46.849> example,<00:27:47.443> so,<00:27:48.293> uh,<00:27:48.470> in<00:27:48.550> my<00:27:48.710> old<00:27:48.871> company<00:27:49.192> Rosetta<00:27:49.513> Stone,<00:27:50.877> every<00:27:51.198> quarter<00:27:51.920> the<00:27:52.000> entire<00:27:52.482> product<00:27:52.802> development<00:27:53.204> team<00:27:53.509> would<00:27:53.605> fly<00:27:53.990> out<00:27:54.151> to<00:27:54.311> Harrisonburg,<00:27:54.889> Virginia,<00:27:55.354> which<00:27:55.466> isn't<00:27:55.771> that<00:27:56.092> easy<00:27:56.269> to<00:27:56.397> get<00:27:56.574> to,<00:27:56.734> by<00:27:56.879> the<00:27:56.975> way.

00:27:57.200 --> 00:27:59.029
It's<00:27:57.280> like<00:27:57.521> 2<00:27:57.681> hours<00:27:58.002> from<00:27:58.178> every<00:27:58.403> major<00:27:58.660> airport.

00:27:59.766 --> 00:28:00.712
And<00:27:59.943> we<00:28:00.087> go<00:28:00.199> to<00:28:00.247> this<00:28:00.343> small<00:28:00.664> town.

00:28:00.760 --> 00:28:03.419
It's<00:28:01.064> really<00:28:01.304> cool,<00:28:02.506> a<00:28:02.666> really<00:28:02.907> cool<00:28:03.067> town.

00:28:03.612 --> 00:28:11.126
And<00:28:03.708> then<00:28:04.108> there<00:28:04.269> was,<00:28:04.589> you<00:28:04.669> know,<00:28:06.095> the<00:28:06.191> planning<00:28:06.656> sessions<00:28:07.136> for<00:28:07.233> the<00:28:07.313> next<00:28:07.617> quarter,<00:28:08.675> but<00:28:08.835> also<00:28:09.380> the<00:28:09.812> social<00:28:10.293> events<00:28:10.677> at<00:28:10.774> night.

00:28:11.639 --> 00:28:12.937
That's<00:28:12.440> an<00:28:12.504> example.

00:28:13.145 --> 00:28:19.089
Or<00:28:13.545> at<00:28:13.722> PetMeds,<00:28:14.202> we<00:28:14.346> did<00:28:14.587> a,<00:28:15.724> this<00:28:15.885> year<00:28:15.933> we're<00:28:16.077> going<00:28:16.157> to<00:28:16.221> do<00:28:16.365> a<00:28:16.445> community<00:28:17.022> service<00:28:17.727> event<00:28:18.432> on<00:28:18.608> site.

00:28:19.249 --> 00:28:25.947
So<00:28:20.211> packing<00:28:20.691> boxes<00:28:21.556> for<00:28:21.653> the<00:28:21.733> homeless,<00:28:22.133> for<00:28:22.293> instance,<00:28:23.399> and<00:28:23.479> then<00:28:23.639> have<00:28:24.296> a<00:28:24.360> little<00:28:24.537> party<00:28:24.937> after<00:28:25.161> that<00:28:25.338> with<00:28:25.434> a<00:28:25.562> raffle.

00:28:26.203 --> 00:28:27.693
That's<00:28:26.379> an<00:28:26.523> intentional<00:28:27.340> thing.

00:28:28.382 --> 00:28:41.460
And<00:28:28.463> a<00:28:28.543> tradition,<00:28:29.169> the<00:28:29.201> ceremony<00:28:30.051> that<00:28:30.212> you<00:28:30.388> build<00:28:31.351> to<00:28:31.592> get<00:28:31.912> them<00:28:32.394> to<00:28:32.554> get<00:28:32.859> the<00:28:32.955> cobwebs<00:28:33.742> out<00:28:34.303> and<00:28:34.384> to<00:28:34.416> make<00:28:34.560> sure<00:28:34.801> that<00:28:34.945> everyone<00:28:35.266> has<00:28:35.523> trust<00:28:35.924> and<00:28:36.068> respect<00:28:36.710> and<00:28:36.806> has<00:28:37.464> some,<00:28:38.026> some<00:28:38.251> ability<00:28:38.716> to<00:28:38.812> have<00:28:39.037> some<00:28:39.149> affinity<00:28:39.679> towards<00:28:39.919> someone<00:28:40.802> in<00:28:40.978> real<00:28:41.219> life.

00:28:42.118 --> 00:28:50.012
So<00:28:42.423> again,<00:28:42.679> it's<00:28:42.984> tracking<00:28:43.466> that<00:28:43.690> with<00:28:43.931> ESAT,<00:28:44.509> being<00:28:44.669> intentional<00:28:45.150> with<00:28:45.295> your<00:28:45.552> communication,<00:28:46.835> and<00:28:46.916> being<00:28:47.156> intentional<00:28:47.878> that<00:28:48.039> you<00:28:48.199> budget<00:28:48.600> for<00:28:48.761> those<00:28:48.937> ceremonies<00:28:49.563> in<00:28:49.708> person.

00:28:50.125 --> 00:28:51.023
That's<00:28:50.349> how<00:28:50.446> I<00:28:50.526> think<00:28:50.702> about<00:28:50.991> it.

00:28:51.713 --> 00:28:58.423
You<00:28:51.794> said<00:28:51.954> something<00:28:52.275> really<00:28:52.532> interesting<00:28:53.318> in<00:28:53.478> there<00:28:53.639> that<00:28:53.799> I<00:28:53.880> want<00:28:53.976> to<00:28:54.056> double-click<00:28:54.602> on<00:28:54.698> real<00:28:54.858> quick,<00:28:55.163> and<00:28:55.243> that<00:28:55.404> is<00:28:55.564> that<00:28:56.046> a<00:28:56.223> lot<00:28:56.528> of<00:28:56.640> middle<00:28:56.865> management<00:28:57.491> will<00:28:57.588> be<00:28:57.893> automated.

00:28:59.017 --> 00:29:06.357
And<00:28:59.098> we're<00:28:59.178> talking<00:28:59.435> specifically<00:28:59.997> at<00:29:00.093> a<00:29:00.158> time<00:29:00.543> where<00:29:00.880> artificial<00:29:01.362> intelligence<00:29:02.005> is<00:29:02.085> blowing<00:29:02.551> up,<00:29:02.952> AI<00:29:03.209> startups,<00:29:03.675> AI<00:29:03.932> companies<00:29:05.361> are,<00:29:05.602> are<00:29:05.699> blowing<00:29:06.164> up.

00:29:06.887 --> 00:29:08.124
I<00:29:07.128> have<00:29:07.305> two<00:29:07.465> questions<00:29:07.803> along<00:29:08.012> that.

00:29:08.252 --> 00:29:13.103
One,<00:29:09.377> how<00:29:09.698> long<00:29:10.019> do<00:29:10.051> you<00:29:10.196> think<00:29:11.706> it<00:29:11.802> takes<00:29:12.123> until<00:29:12.428> that<00:29:12.605> happens?

00:29:13.248 --> 00:29:19.479
And<00:29:13.472> two,<00:29:14.998> what<00:29:15.239> would<00:29:15.480> you<00:29:15.737> recommend<00:29:16.604> to<00:29:16.926> those<00:29:17.423> whose<00:29:17.664> jobs<00:29:18.532> that<00:29:18.773> will<00:29:18.949> affect?

00:29:20.941 --> 00:29:22.900
I'm<00:29:21.021> not<00:29:21.198> asking<00:29:21.535> if<00:29:21.664> you're<00:29:21.760> right,<00:29:22.065> because<00:29:22.306> I<00:29:22.322> know<00:29:22.547> you<00:29:22.788> are.

00:29:22.965 --> 00:29:24.715
And<00:29:23.061> I<00:29:23.125> think<00:29:23.350> everybody<00:29:23.687> knows<00:29:24.009> that<00:29:24.153> you<00:29:24.330> are.

00:29:25.119 --> 00:29:30.002
But<00:29:25.216> I<00:29:25.362> wonder<00:29:26.429> how<00:29:26.671> long<00:29:27.722> until<00:29:28.773> that<00:29:28.935> prediction<00:29:29.339> becomes<00:29:29.727> right?

00:29:30.778 --> 00:29:36.448
And<00:29:31.441> if<00:29:31.586> you're<00:29:31.699> a<00:29:31.764> middle<00:29:31.974> manager<00:29:32.475> watching<00:29:32.896> this<00:29:33.365> right<00:29:33.559> now,<00:29:34.580> what<00:29:34.698> advice<00:29:35.085> would<00:29:35.254> you<00:29:35.338> have<00:29:36.196> for<00:29:36.297> them?

00:29:38.837 --> 00:29:39.256
Yeah.

00:29:39.417 --> 00:29:39.707
And<00:29:39.481> this<00:29:39.658> is—.

00:29:40.608 --> 00:29:45.551
I'll<00:29:41.284> sound<00:29:41.590> kind<00:29:41.751> of<00:29:42.138> consulting-like<00:29:43.619> and<00:29:43.748> then<00:29:43.796> I'll<00:29:43.925> get<00:29:44.102> folksy<00:29:44.553> and<00:29:44.714> colloquial<00:29:45.116> really<00:29:45.294> quick.

00:29:45.599 --> 00:29:49.664
So,<00:29:46.501> we<00:29:46.662> were<00:29:46.743> an<00:29:46.904> agrarian<00:29:47.451> society<00:29:48.031> in<00:29:48.160> the<00:29:48.241> early<00:29:48.356> 1900s,<00:29:49.255> right?

00:29:49.974 --> 00:29:51.986
I<00:29:50.089> don't<00:29:50.416> know<00:29:50.628> what<00:29:50.727> the<00:29:50.874> exact<00:29:51.201> stat<00:29:51.479> is,<00:29:51.626> but<00:29:51.708> it<00:29:51.757> was<00:29:51.871> high.

00:29:52.182 --> 00:29:54.296
90%<00:29:53.202> ish,<00:29:53.749> we<00:29:53.813> are<00:29:53.926> farmers.

00:29:55.840 --> 00:29:58.929
Industrial<00:29:56.355> Revolution,<00:29:56.902> fast<00:29:57.288> forward,<00:29:58.012> lots<00:29:58.189> of<00:29:58.253> stuff<00:29:58.510> happened.

00:29:59.073 --> 00:30:02.613
This<00:29:59.250> is<00:29:59.395> my,<00:29:59.717> the<00:29:59.958> most<00:30:00.344> truncated<00:30:00.923> version<00:30:01.245> of<00:30:01.390> history<00:30:01.889> in<00:30:01.921> the<00:30:01.953> United<00:30:02.194> States<00:30:02.452> ever.

00:30:03.096 --> 00:30:13.393
And<00:30:03.193> then<00:30:03.338> you<00:30:03.483> get<00:30:03.628> to<00:30:03.676> the<00:30:03.757> '70s<00:30:04.449> and<00:30:04.530> then<00:30:04.788> we<00:30:05.013> outsource<00:30:05.577> manufacturing<00:30:06.802> basically<00:30:07.446> outside<00:30:07.688> the<00:30:07.752> United<00:30:08.010> States<00:30:09.138> to<00:30:09.234> the<00:30:09.363> decimation<00:30:10.427> of<00:30:10.910> many<00:30:11.136> communities<00:30:12.191> in<00:30:12.451> the<00:30:12.532> United<00:30:12.954> States.

00:30:14.399 --> 00:30:17.565
And<00:30:14.480> so<00:30:14.578> the<00:30:14.724> blue<00:30:14.886> collar<00:30:15.276> worker<00:30:15.926> and<00:30:16.007> the<00:30:16.039> manufacturing<00:30:16.737> worker<00:30:16.981> really<00:30:17.176> suffered.

00:30:18.361 --> 00:30:20.931
And<00:30:19.246> I<00:30:19.342> actually<00:30:19.663> think<00:30:19.888> it's<00:30:20.048> gonna<00:30:20.225> be<00:30:20.385> the<00:30:20.481> same.

00:30:21.412 --> 00:30:22.840
And<00:30:21.492> that<00:30:21.653> happened<00:30:21.973> over<00:30:22.150> many,<00:30:22.326> many<00:30:22.615> years.

00:30:22.920 --> 00:30:24.043
So<00:30:22.952> I<00:30:23.112> think<00:30:23.257> it's<00:30:23.417> the<00:30:23.513> same.

00:30:24.941 --> 00:30:28.599
And<00:30:25.037> now<00:30:25.182> we<00:30:25.246> have<00:30:25.342> a<00:30:25.503> white<00:30:25.759> collar<00:30:26.545> issue<00:30:27.123> because<00:30:27.524> of<00:30:28.390> AI.

00:30:29.593 --> 00:30:33.925
And<00:30:30.412> if<00:30:30.636> you're,<00:30:31.631> so<00:30:31.855> that's<00:30:32.417> kind<00:30:32.577> of,<00:30:32.802> I<00:30:32.834> think<00:30:32.978> that<00:30:33.123> is<00:30:33.299> a<00:30:33.379> knownism.

00:30:34.021 --> 00:30:36.812
I<00:30:34.101> think<00:30:34.342> there's<00:30:34.567> the<00:30:34.599> McKinsey<00:30:35.048> report<00:30:35.369> that<00:30:35.529> half<00:30:35.770> the<00:30:35.866> jobs<00:30:36.123> are<00:30:36.187> going<00:30:36.492> away.

00:30:37.550 --> 00:30:38.208
I<00:30:37.647> don't<00:30:37.968> know.

00:30:38.497 --> 00:30:39.299
I<00:30:38.545> don't<00:30:38.673> know<00:30:38.818> about<00:30:39.058> that.

00:30:39.395 --> 00:30:52.930
But<00:30:40.021> if<00:30:40.117> I<00:30:40.278> look<00:30:40.454> at<00:30:40.582> anyone<00:30:40.919> that's<00:30:41.160> doing<00:30:41.705> work<00:30:42.122> that<00:30:42.427> requires,<00:30:43.326> you<00:30:44.465> know,<00:30:45.726> framing<00:30:46.870> or<00:30:47.032> analysis,<00:30:48.482> anything<00:30:48.869> with<00:30:49.111> digits<00:30:49.530> that<00:30:49.626> can<00:30:49.997> be<00:30:50.642> replicated<00:30:51.464> in<00:30:51.786> kind<00:30:51.947> of<00:30:52.028> well-known<00:30:52.431> patterns.

00:30:52.979 --> 00:31:01.647
So<00:30:53.301> think<00:30:53.575> accountants,<00:30:55.060> data<00:30:55.255> analysts,<00:30:56.393> lawyers,<00:30:58.085> you<00:30:58.182> know,<00:30:58.280> that<00:30:58.654> I<00:30:58.670> would<00:30:58.752> call<00:30:59.061> kind<00:30:59.223> of<00:30:59.321> the,<00:30:59.890> the<00:31:00.037> FP&A<00:31:00.866> kind<00:31:01.029> of<00:31:01.191> roles.

00:31:03.871 --> 00:31:06.818
Maybe<00:31:04.257> coders<00:31:04.805> to<00:31:04.902> some<00:31:05.143> degree,<00:31:05.852> you'll<00:31:06.013> need<00:31:06.190> less<00:31:06.447> of<00:31:06.592> them.

00:31:06.898 --> 00:31:12.599
People<00:31:07.172> that<00:31:07.381> can<00:31:07.543> kind<00:31:07.800> of,<00:31:08.122> where<00:31:08.235> there's<00:31:08.589> patterns<00:31:09.088> in<00:31:09.233> the<00:31:09.394> work<00:31:09.894> and<00:31:10.039> the<00:31:10.135> work<00:31:10.296> can<00:31:10.457> be<00:31:10.602> replicated<00:31:11.262> and<00:31:11.343> actually<00:31:11.601> scored<00:31:12.068> and<00:31:12.164> improved.

00:31:13.056 --> 00:31:17.193
Through<00:31:13.232> algorithms,<00:31:14.675> they're,<00:31:14.996> they're<00:31:15.076> gonna<00:31:15.237> be<00:31:15.397> less<00:31:15.718> of<00:31:15.942> them<00:31:16.824> over<00:31:17.001> time.

00:31:18.187 --> 00:31:23.960
And<00:31:18.268> I<00:31:18.364> think<00:31:18.668> what<00:31:18.829> the<00:31:18.925> advice<00:31:19.390> would<00:31:19.550> be<00:31:19.743> is<00:31:20.048> whatever<00:31:20.513> you<00:31:20.609> decide<00:31:21.090> to<00:31:21.186> do,<00:31:22.357> make<00:31:22.517> sure<00:31:22.934> you're<00:31:23.271> elite<00:31:23.720> at<00:31:23.880> it.

00:31:24.121 --> 00:31:25.211
You<00:31:24.217> are<00:31:24.361> the<00:31:24.538> best<00:31:25.019> at<00:31:25.163> it.

00:31:25.580 --> 00:31:38.762
It<00:31:25.644> doesn't<00:31:25.837> mean<00:31:25.981> that<00:31:26.077> accountants<00:31:26.558> are<00:31:26.622> going<00:31:26.943> away,<00:31:27.745> but<00:31:27.889> you<00:31:27.986> better<00:31:28.226> be<00:31:28.403> the<00:31:28.547> best<00:31:28.948> accountant<00:31:29.814> for<00:31:29.990> that<00:31:30.167> function<00:31:30.712> that<00:31:30.872> can<00:31:31.032> actually<00:31:31.674> take<00:31:31.931> the<00:31:32.139> AI<00:31:32.476> output<00:31:33.678> and<00:31:33.759> understand<00:31:34.336> it<00:31:34.480> and<00:31:34.625> check<00:31:34.961> it<00:31:35.186> because<00:31:35.426> we<00:31:35.491> know<00:31:35.699> that,<00:31:36.176> I<00:31:36.196> don't<00:31:36.341> know<00:31:36.389> if<00:31:36.469> you<00:31:36.549> use<00:31:36.709> ChatGPT<00:31:37.206> in<00:31:37.287> a<00:31:37.367> while,<00:31:37.607> can't<00:31:37.768> do<00:31:37.912> basic<00:31:38.233> math<00:31:38.489> that<00:31:38.634> well.

00:31:39.452 --> 00:31:41.605
And<00:31:39.549> so<00:31:40.019> that's,<00:31:40.650> I<00:31:40.666> think<00:31:40.747> those<00:31:40.925> are<00:31:40.974> the<00:31:41.006> most<00:31:41.136> interesting.

00:31:42.528 --> 00:31:42.625
Yeah.

00:31:42.674 --> 00:31:43.435
Why<00:31:42.771> would<00:31:42.917> that<00:31:43.014> be<00:31:43.176> true?

00:31:43.823 --> 00:31:49.602
Not<00:31:44.050> to,<00:31:44.293> not<00:31:44.455> to<00:31:44.536> cut<00:31:44.698> you<00:31:44.795> off<00:31:44.957> there,<00:31:45.119> but<00:31:45.216> like,<00:31:45.507> why<00:31:45.847> is<00:31:46.155> it<00:31:46.317> not<00:31:46.721> good<00:31:46.964> at<00:31:47.126> the<00:31:47.288> computing,<00:31:48.860> which<00:31:48.973> we<00:31:49.053> figured<00:31:49.441> out?

00:31:49.877 --> 00:31:51.604
I<00:31:49.941> mean,<00:31:50.345> we've<00:31:50.668> figured<00:31:50.910> out<00:31:51.071> the<00:31:51.152> computing.

00:31:52.282 --> 00:31:53.961
Why<00:31:52.508> would<00:31:52.670> AI<00:31:53.009> not<00:31:53.235> be<00:31:53.331> good<00:31:53.509> at<00:31:53.654> that?

00:31:54.139 --> 00:32:00.347
But<00:31:54.300> it'd<00:31:54.381> be<00:31:54.542> so<00:31:54.946> good<00:31:55.656> or<00:31:55.753> as<00:31:55.914> good<00:31:56.141> as<00:31:56.237> it<00:31:56.383> currently<00:31:56.786> is,<00:31:56.883> which<00:31:57.061> is,<00:31:57.432> which<00:31:57.626> is<00:31:57.820> crazy<00:31:59.222> on<00:31:59.303> the<00:31:59.401> creative<00:31:59.874> side<00:32:00.118> of<00:32:00.216> things.

00:32:00.477 --> 00:32:16.747
Well,<00:32:06.200> some<00:32:06.424> of<00:32:06.504> these<00:32:06.729> models,<00:32:07.867> and<00:32:08.652> I'm<00:32:09.390> a<00:32:09.534> heavy<00:32:09.871> user<00:32:10.191> of<00:32:10.335> ChatGPT<00:32:11.217> because<00:32:11.473> I<00:32:11.554> communicate<00:32:12.050> a<00:32:12.179> lot<00:32:12.740> and<00:32:13.140> I<00:32:13.221> always<00:32:13.397> start<00:32:13.702> out<00:32:13.878> like<00:32:14.038> an<00:32:14.118> email<00:32:14.599> or<00:32:14.743> a<00:32:14.775> document<00:32:16.202> first<00:32:16.443> with<00:32:16.603> me.

00:32:16.827 --> 00:32:24.169
I'm<00:32:16.988> always<00:32:17.228> kind<00:32:17.340> of<00:32:17.388> like<00:32:17.484> human<00:32:17.805> first<00:32:18.126> guy<00:32:18.606> and<00:32:18.687> then<00:32:18.831> I<00:32:18.863> slap<00:32:19.248> in<00:32:19.312> a<00:32:19.328> ChatGPT<00:32:20.049> and<00:32:20.145> then<00:32:20.274> I<00:32:20.354> use<00:32:20.514> Grammarly<00:32:21.155> AI<00:32:21.556> to<00:32:21.652> look<00:32:21.828> at<00:32:21.957> what<00:32:22.694> ChatGPT<00:32:23.271> did<00:32:23.415> and<00:32:23.656> I<00:32:23.752> scan<00:32:24.137> it.

00:32:24.217 --> 00:32:27.310
But<00:32:24.361> like<00:32:24.778> my<00:32:24.938> productivity<00:32:25.579> for<00:32:25.659> communications<00:32:26.701> soared.

00:32:27.823 --> 00:32:32.552
Like<00:32:28.048> I<00:32:28.288> am,<00:32:29.587> I<00:32:29.667> don't<00:32:29.971> want<00:32:30.051> to<00:32:30.083> say<00:32:30.468> 50%<00:32:31.013> more<00:32:31.109> productive,<00:32:31.590> but<00:32:31.735> it<00:32:31.831> is<00:32:32.280> high.

00:32:33.596 --> 00:32:38.333
So<00:32:33.853> the<00:32:33.933> reason<00:32:34.303> why<00:32:34.560> is<00:32:34.736> you<00:32:34.800> have<00:32:34.961> all<00:32:35.041> these<00:32:35.266> models,<00:32:35.764> these<00:32:35.924> models<00:32:36.631> are<00:32:37.353> basically<00:32:37.915> closed.

00:32:38.413 --> 00:32:45.446
So<00:32:38.574> you<00:32:38.654> don't<00:32:38.879> know<00:32:39.216> where,<00:32:40.019> for<00:32:40.083> example,<00:32:40.420> ChatGPT<00:32:41.865> and<00:32:42.026> Bard<00:32:42.331> and<00:32:42.492> others<00:32:42.989> are<00:32:43.134> actually<00:32:43.872> crawling<00:32:44.499> their<00:32:44.659> other<00:32:44.755> data<00:32:44.996> sources.

00:32:45.960 --> 00:32:55.224
And<00:32:46.104> so<00:32:46.827> I<00:32:47.806> think<00:32:48.143> I'm<00:32:48.288> not<00:32:48.449> like<00:32:48.689> a<00:32:49.091> computer<00:32:49.412> scientist,<00:32:49.894> but<00:32:50.054> over<00:32:50.215> time,<00:32:50.696> you<00:32:50.777> got<00:32:50.937> to<00:32:51.018> think<00:32:51.339> that<00:32:52.366> it's<00:32:52.527> kind<00:32:52.768> of,<00:32:53.731> it's<00:32:54.149> kind<00:32:54.389> of<00:32:54.695> iterative.

00:32:55.273 --> 00:32:59.799
And<00:32:55.353> it's<00:32:55.738> kind<00:32:55.915> of<00:32:56.075> like,<00:32:57.842> I<00:32:57.890> was<00:32:58.068> trying<00:32:58.230> to<00:32:58.262> think<00:32:58.424> of<00:32:58.505> a—<00:32:58.715> that's<00:32:58.974> a<00:32:59.055> bad<00:32:59.297> example.

00:32:59.863 --> 00:33:04.036
I<00:33:00.009> won't<00:33:00.122> say<00:33:00.252> it<00:33:00.349> out<00:33:00.494> loud,<00:33:00.672> but<00:33:01.254> it's<00:33:01.400> kind<00:33:01.626> of<00:33:01.659> like<00:33:01.804> genetics<00:33:02.678> that<00:33:02.855> don't<00:33:03.082> get<00:33:03.260> recycled<00:33:03.971> well.

00:33:05.766 --> 00:33:21.102
And<00:33:05.879> so<00:33:06.088> if<00:33:06.169> you're<00:33:06.266> crawling<00:33:06.911> and<00:33:06.992> building<00:33:07.299> models<00:33:08.283> using<00:33:09.090> native<00:33:09.816> natural<00:33:11.107> language<00:33:11.430> processing,<00:33:13.592> and<00:33:13.689> then<00:33:13.915> the<00:33:14.012> content<00:33:14.576> itself<00:33:15.077> is<00:33:15.190> getting<00:33:15.449> updated<00:33:15.870> with<00:33:16.032> those<00:33:16.275> models,<00:33:16.761> you're<00:33:16.906> kind<00:33:17.068> of<00:33:17.149> recursively<00:33:18.866> getting<00:33:19.190> stupider<00:33:20.551> over<00:33:20.729> time.

00:33:21.166 --> 00:33:22.414
So<00:33:21.458> it's<00:33:21.863> the<00:33:21.895> same<00:33:22.252> output.

00:33:23.532 --> 00:33:28.233
So<00:33:23.676> I<00:33:23.773> think<00:33:23.933> that's<00:33:24.254> the<00:33:24.398> reason<00:33:25.682> over<00:33:25.858> time,<00:33:26.259> and<00:33:26.564> there's<00:33:26.757> going<00:33:26.853> to<00:33:26.965> have<00:33:27.206> to<00:33:27.302> be<00:33:27.768> models.

00:33:28.345 --> 00:33:30.543
I<00:33:28.409> think<00:33:28.570> some<00:33:28.746> models<00:33:29.853> need<00:33:30.014> to<00:33:30.046> be<00:33:30.270> open.

00:33:31.859 --> 00:33:35.613
The<00:33:32.099> AI2<00:33:32.597> Institute<00:33:33.158> was<00:33:33.383> founded<00:33:33.639> by<00:33:33.800> the<00:33:33.944> late<00:33:34.201> Paul<00:33:34.442> Allen,<00:33:34.682> founder<00:33:34.923> of<00:33:35.067> Microsoft.

00:33:35.966 --> 00:33:38.597
They're<00:33:36.142> talking<00:33:36.511> about<00:33:36.752> an<00:33:36.912> open<00:33:37.233> model,<00:33:37.506> so<00:33:37.634> you<00:33:37.731> better<00:33:37.955> understand<00:33:38.452> them.

00:33:39.495 --> 00:33:48.977
I<00:33:39.736> think<00:33:40.442> inevitably<00:33:41.340> it's<00:33:42.062> the<00:33:42.287> data<00:33:42.544> management<00:33:43.410> of<00:33:43.570> what<00:33:43.683> the<00:33:43.763> model<00:33:44.212> is<00:33:44.389> doing<00:33:45.431> is<00:33:45.592> going<00:33:45.704> to<00:33:45.832> be<00:33:46.153> an<00:33:46.234> important<00:33:46.795> piece<00:33:47.036> because<00:33:47.292> it<00:33:47.421> becomes<00:33:47.822> recursively<00:33:48.415> stupid.

00:33:50.662 --> 00:33:52.242
I<00:33:51.074> think<00:33:51.173> that's<00:33:51.568> the<00:33:51.732> core<00:33:51.963> reason.

00:33:52.374 --> 00:34:00.496
On<00:33:52.473> the<00:33:52.637> generative<00:33:53.197> AI<00:33:53.526> for<00:33:53.855> creativity,<00:33:57.724> I<00:33:57.805> don't<00:33:57.951> know<00:33:58.064> if<00:33:58.194> this<00:33:58.372> is<00:33:58.518> true<00:33:58.697> or<00:33:58.762> not,<00:33:58.940> but<00:33:59.102> I<00:33:59.167> was<00:33:59.329> listening<00:33:59.588> to<00:33:59.734> a<00:33:59.831> podcast.

00:34:00.561 --> 00:34:08.683
I<00:34:00.626> can't<00:34:00.723> remember<00:34:01.047> which<00:34:01.274> one<00:34:01.777> where<00:34:01.939> it<00:34:02.587> was<00:34:02.814> the<00:34:02.911> lead<00:34:03.171> singer,<00:34:05.590> lead<00:34:05.703> singer<00:34:06.235> artist<00:34:06.799> of<00:34:07.137> Black<00:34:07.443> Eyed<00:34:07.620> Peas,<00:34:07.942> will.i.am.

00:34:08.909 --> 00:34:17.848
And<00:34:09.054> he<00:34:09.150> said<00:34:09.376> a<00:34:09.392> lot<00:34:09.537> of<00:34:09.634> their<00:34:09.795> music<00:34:10.262> was,<00:34:10.922> they<00:34:11.083> broke<00:34:11.389> down<00:34:11.744> some<00:34:11.969> of<00:34:12.001> the<00:34:12.114> hot,<00:34:12.533> the<00:34:12.694> best<00:34:12.936> hits<00:34:13.483> in<00:34:13.972> the,<00:34:14.386> in<00:34:14.552> history<00:34:15.463> and<00:34:15.546> came<00:34:15.795> up<00:34:15.960> with<00:34:16.126> kind<00:34:16.292> of<00:34:16.457> a,<00:34:17.235> a<00:34:17.316> pattern.

00:34:18.510 --> 00:34:21.156
I<00:34:18.526> think<00:34:18.687> they,<00:34:19.155> and<00:34:19.204> I<00:34:19.220> don't<00:34:19.398> know<00:34:19.430> if<00:34:19.494> this<00:34:19.575> is<00:34:19.736> true,<00:34:20.059> but<00:34:20.204> like,<00:34:20.366> this<00:34:20.479> is<00:34:20.527> what<00:34:20.608> he<00:34:20.688> was<00:34:20.737> saying.

00:34:22.060 --> 00:34:23.335
And<00:34:22.157> I<00:34:22.221> was<00:34:22.302> like,<00:34:22.480> well,<00:34:22.706> that's<00:34:22.948> interesting.

00:34:23.464 --> 00:34:39.263
So<00:34:23.932> what<00:34:24.158> if<00:34:24.481> AI<00:34:24.819> could<00:34:24.981> actually<00:34:25.223> just<00:34:25.384> pick<00:34:25.691> up<00:34:26.191> the<00:34:26.272> patterns<00:34:26.755> in<00:34:26.900> which<00:34:27.641> pop,<00:34:28.044> country,<00:34:28.446> whatever<00:34:28.769> genre<00:34:29.638> are<00:34:29.816> the<00:34:29.896> most<00:34:30.138> successful<00:34:31.491> for<00:34:31.588> some<00:34:31.990> whatever<00:34:32.377> reason,<00:34:32.876> and<00:34:32.957> maybe<00:34:33.199> it's<00:34:33.424> wired<00:34:33.666> into<00:34:33.827> our<00:34:33.988> brains<00:34:34.326> that<00:34:34.471> melodies<00:34:34.987> and<00:34:35.116> lyrics<00:34:36.124> speak<00:34:36.498> to<00:34:36.677> us<00:34:37.490> and<00:34:37.588> that<00:34:37.751> some<00:34:37.978> of<00:34:38.043> that<00:34:38.222> can<00:34:38.547> be<00:34:38.694> replaced.

00:34:41.439 --> 00:34:42.682
There's<00:34:41.681> a<00:34:41.778> pattern<00:34:42.181> to<00:34:42.278> music.

00:34:42.747 --> 00:34:45.137
A<00:34:42.811> lot<00:34:42.973> of<00:34:43.005> my<00:34:43.150> friends<00:34:43.473> are<00:34:43.554> mathematicians,<00:34:44.361> are<00:34:44.507> musicians.

00:34:45.201 --> 00:34:57.108
So<00:34:46.537> I<00:34:46.617> wouldn't<00:34:46.873> be<00:34:46.970> surprised<00:34:47.772> if<00:34:47.980> like<00:34:48.381> the<00:34:48.478> first<00:34:49.039> turn<00:34:49.504> or<00:34:49.665> two<00:34:50.547> of<00:34:50.707> a<00:34:50.804> song,<00:34:51.509> a<00:34:51.542> movie,<00:34:52.231> whatever<00:34:52.568> it<00:34:52.713> is,<00:34:53.386> starts<00:34:54.076> with<00:34:54.237> generative<00:34:54.734> AI<00:34:55.857> and<00:34:55.937> then<00:34:56.097> is<00:34:56.258> finished<00:34:56.579> with<00:34:56.739> a<00:34:56.803> human.

00:34:57.156 --> 00:35:03.926
Again,<00:34:57.381> to<00:34:57.461> that<00:34:57.621> theme<00:34:57.926> of<00:34:58.728> be<00:34:58.889> an<00:34:58.969> elite<00:34:59.450> at<00:34:59.610> what<00:34:59.771> you<00:34:59.931> do,<00:35:00.830> but<00:35:00.974> there's<00:35:01.150> probably<00:35:01.391> less<00:35:01.632> people<00:35:02.033> around<00:35:02.594> the<00:35:02.755> production<00:35:03.316> of<00:35:03.412> that<00:35:03.637> thing.

00:35:04.519 --> 00:35:07.695
I<00:35:04.583> think<00:35:04.744> that's<00:35:05.065> why,<00:35:05.867> you<00:35:05.963> know,<00:35:06.027> if<00:35:06.107> you<00:35:06.204> think<00:35:06.428> about<00:35:06.605> it,<00:35:06.765> it's<00:35:06.909> all<00:35:07.086> math,<00:35:07.567> right?

00:35:07.744 --> 00:35:09.059
And<00:35:07.888> it's<00:35:08.112> all<00:35:08.209> math<00:35:08.530> and<00:35:08.610> patterns.

00:35:09.107 --> 00:35:17.628
And<00:35:09.187> if<00:35:09.316> there<00:35:09.412> are<00:35:09.556> patterns<00:35:10.134> to<00:35:10.952> stories,<00:35:11.577> which<00:35:11.738> we<00:35:11.834> know<00:35:12.059> there<00:35:12.283> are,<00:35:14.293> then<00:35:14.620> of<00:35:15.208> course<00:35:15.682> AI<00:35:15.879> is<00:35:16.009> gonna<00:35:16.189> be<00:35:16.255> able<00:35:16.434> to<00:35:16.516> pick<00:35:16.761> up<00:35:16.925> on<00:35:17.072> those<00:35:17.252> patterns.

00:35:19.410 --> 00:35:20.326
Yeah,<00:35:19.510> that's<00:35:19.693> way<00:35:19.943> interesting.

00:35:22.743 --> 00:35:26.054
I<00:35:22.807> have<00:35:22.920> to<00:35:22.984> ask<00:35:23.209> you<00:35:23.289> too,<00:35:23.530> just<00:35:24.093> by<00:35:24.189> the<00:35:24.270> way,<00:35:24.350> did<00:35:24.511> we<00:35:24.672> answer<00:35:24.913> the<00:35:24.993> middle<00:35:25.202> manager<00:35:25.781> question?

00:35:26.102 --> 00:35:31.728
'Cause<00:35:26.199> I<00:35:26.279> wanna<00:35:26.424> make<00:35:26.600> sure<00:35:26.906> like<00:35:27.822> if<00:35:27.951> you<00:35:28.047> have<00:35:28.111> any<00:35:28.368> advice<00:35:28.851> there,<00:35:29.252> I<00:35:29.285> don't<00:35:30.201> wanna<00:35:31.004> gloss<00:35:31.326> over<00:35:31.503> that.

00:35:33.752 --> 00:35:35.824
Yeah,<00:35:34.073> I<00:35:34.218> just<00:35:34.346> say<00:35:34.716> be<00:35:34.877> elite<00:35:35.214> at<00:35:35.342> what<00:35:35.503> you<00:35:35.599> do.

00:35:35.905 --> 00:35:40.757
I<00:35:36.001> think,<00:35:36.949> you<00:35:36.981> know,<00:35:37.126> the<00:35:37.993> rule<00:35:38.154> of<00:35:38.186> thumb<00:35:38.491> is<00:35:38.957> you<00:35:39.214> shouldn't<00:35:39.600> have,<00:35:40.018> you<00:35:40.098> know,<00:35:40.500> what<00:35:40.644> is<00:35:40.676> it?

00:35:40.821 --> 00:35:42.002
What<00:35:40.950> do<00:35:41.055> HR<00:35:41.405> folks<00:35:41.686> call<00:35:41.949> it?

00:35:42.120 --> 00:35:47.738
Span<00:35:42.494> and<00:35:42.624> scope,<00:35:43.211> like<00:35:44.253> how<00:35:44.823> much<00:35:45.507> are<00:35:45.637> you<00:35:45.735> managing<00:35:46.305> and<00:35:46.386> what's<00:35:46.614> the<00:35:46.696> scope<00:35:47.054> of<00:35:47.119> what<00:35:47.266> you're<00:35:47.429> managing?

00:35:48.277 --> 00:36:02.613
I<00:35:48.309> think<00:35:48.472> the<00:35:48.553> span<00:35:49.024> and<00:35:49.121> scope<00:35:50.079> for<00:35:50.403> a<00:35:50.485> middle<00:35:50.728> manager<00:35:51.621> becomes<00:35:52.092> much<00:35:52.351> broader<00:35:53.553> because<00:35:54.040> the<00:35:54.283> inputs<00:35:55.030> that<00:35:55.176> you're<00:35:55.338> getting<00:35:55.582> from<00:35:55.744> the<00:35:55.841> organization<00:35:56.816> can<00:35:57.142> be<00:35:58.933> managed<00:35:59.324> more<00:35:59.438> effectively<00:36:00.561> through<00:36:01.050> scale,<00:36:01.538> through<00:36:01.717> scaled<00:36:02.108> products.

00:36:03.280 --> 00:36:08.724
You<00:36:03.393> know,<00:36:03.458> think<00:36:03.620> about<00:36:03.863> what<00:36:04.025> is,<00:36:05.013> let's<00:36:05.418> break<00:36:05.645> down<00:36:05.759> the<00:36:05.840> most<00:36:06.131> obvious<00:36:06.553> thing<00:36:06.796> that<00:36:07.023> like<00:36:07.363> no<00:36:07.525> one's<00:36:08.173> ever<00:36:08.351> nailed.

00:36:08.821 --> 00:36:16.756
I<00:36:08.983> actually<00:36:09.210> tried<00:36:09.372> to<00:36:09.453> build<00:36:09.567> some<00:36:09.713> software<00:36:10.037> to<00:36:10.118> do<00:36:10.280> this,<00:36:10.523> the<00:36:10.750> one-on-one,<00:36:12.470> Everyone<00:36:12.714> says<00:36:12.959> meet<00:36:13.122> with<00:36:13.285> your<00:36:13.431> employees<00:36:14.426> every,<00:36:15.143> every,<00:36:15.632> uh,<00:36:15.958> for<00:36:16.056> an<00:36:16.202> hour<00:36:16.382> every<00:36:16.626> week.

00:36:18.340 --> 00:36:20.090
Yet<00:36:18.599> there<00:36:18.761> is<00:36:18.923> no<00:36:19.247> template<00:36:19.717> for<00:36:19.814> that.

00:36:20.544 --> 00:36:26.215
There's,<00:36:21.419> um,<00:36:21.921> products<00:36:22.391> that<00:36:22.488> kind<00:36:22.796> of<00:36:22.877> do<00:36:22.991> that<00:36:23.218> for<00:36:23.525> you,<00:36:23.623> but<00:36:23.720> there's,<00:36:24.012> there's<00:36:24.255> been<00:36:24.433> no<00:36:24.919> kind<00:36:25.162> of<00:36:25.324> cadence<00:36:25.810> of<00:36:25.891> that.

00:36:26.864 --> 00:36:34.130
Um,<00:36:27.091> and<00:36:27.479> that's<00:36:27.736> data<00:36:27.994> collection<00:36:29.107> and<00:36:29.445> there's<00:36:29.687> kind<00:36:29.832> of<00:36:29.993> inputs<00:36:30.396> and<00:36:30.493> outputs<00:36:31.041> of,<00:36:31.525> of<00:36:31.621> what<00:36:32.105> we<00:36:32.250> do<00:36:32.427> as,<00:36:33.240> as<00:36:33.320> workers<00:36:33.580> for<00:36:33.677> a<00:36:33.758> company.

00:36:34.730 --> 00:36:38.099
But<00:36:35.296> we<00:36:35.394> don't<00:36:35.620> automate<00:36:36.090> some<00:36:36.268> of<00:36:36.333> these<00:36:36.511> tasks<00:36:37.143> that<00:36:37.240> can<00:36:37.564> be<00:36:37.791> automated.

00:36:38.432 --> 00:36:45.445
Now,<00:36:38.913> the<00:36:38.993> things<00:36:39.170> you<00:36:39.298> can't<00:36:39.619> automate<00:36:39.940> is<00:36:40.117> how<00:36:40.277> was<00:36:40.422> your<00:36:40.582> weekend,<00:36:41.626> knowing<00:36:41.802> a<00:36:41.866> little<00:36:42.043> bit<00:36:42.187> more<00:36:42.284> about<00:36:42.589> the<00:36:42.669> employee,<00:36:43.086> their,<00:36:43.407> their<00:36:43.552> motivations,<00:36:44.194> their<00:36:44.290> drivers,<00:36:44.707> but<00:36:44.852> a<00:36:44.916> lot<00:36:45.076> of<00:36:45.173> it<00:36:45.253> can.

00:36:46.280 --> 00:36:52.074
And<00:36:46.376> so<00:36:47.018> I<00:36:47.099> think<00:36:47.580> a<00:36:47.660> lot<00:36:47.901> over<00:36:48.126> time<00:36:48.543> that<00:36:48.704> the<00:36:48.768> span<00:36:49.025> and<00:36:49.121> scope<00:36:49.490> of<00:36:49.570> the<00:36:49.651> managers<00:36:50.132> increases,<00:36:50.951> the<00:36:51.095> elite<00:36:51.352> managers<00:36:51.898> grow.

00:36:53.503 --> 00:36:59.265
They're<00:36:53.663> really<00:36:53.984> good<00:36:54.161> at<00:36:54.385> like<00:36:54.562> looking<00:36:54.883> at<00:36:54.963> data<00:36:55.509> and<00:36:55.589> then<00:36:55.750> having<00:36:56.247> really<00:36:56.488> good<00:36:57.034> EQ<00:36:58.558> with<00:36:58.719> their<00:36:58.895> teams.

00:36:59.858 --> 00:37:05.765
And<00:37:00.003> so<00:37:00.420> the<00:37:00.516> span<00:37:00.918> and<00:37:00.998> scope<00:37:01.463> of<00:37:01.704> managers<00:37:02.186> over<00:37:02.346> time<00:37:02.651> probably<00:37:03.052> increases<00:37:03.630> and<00:37:03.710> the<00:37:03.807> number<00:37:04.192> of<00:37:04.336> managers<00:37:04.834> probably<00:37:05.155> decreases.

00:37:05.957 --> 00:37:07.081
And<00:37:06.022> that,<00:37:06.198> that<00:37:06.294> would<00:37:06.439> be<00:37:06.535> my<00:37:06.760> guess.

00:37:08.802 --> 00:37:10.273
Yeah,<00:37:09.513> yeah,<00:37:09.691> that<00:37:09.869> makes<00:37:10.063> sense.

00:37:11.049 --> 00:37:17.630
You've<00:37:11.227> mentioned<00:37:12.117> kind<00:37:12.343> of<00:37:12.424> how<00:37:12.909> AI<00:37:13.168> has<00:37:13.394> already<00:37:13.653> improved<00:37:14.122> you,<00:37:14.283> potentially<00:37:14.688> even<00:37:14.785> like<00:37:14.946> 50%,<00:37:15.350> uh,<00:37:16.466> on<00:37:16.628> the<00:37:16.725> communication<00:37:17.355> front.

00:37:17.695 --> 00:37:19.884
How<00:37:17.938> else<00:37:18.115> are<00:37:18.245> you<00:37:18.342> integrating<00:37:18.824> it<00:37:18.968> within<00:37:19.225> PetMeds?

00:37:20.045 --> 00:37:23.322
Are<00:37:20.173> you<00:37:20.270> integrated<00:37:20.671> with<00:37:21.057> any<00:37:21.234> product,<00:37:21.780> customer<00:37:22.101> interaction,<00:37:22.679> things<00:37:22.904> like<00:37:23.065> that?

00:37:23.724 --> 00:37:27.676
And<00:37:23.868> what<00:37:23.965> do<00:37:24.045> you<00:37:24.190> think<00:37:24.431> the<00:37:24.511> future<00:37:25.314> of<00:37:25.411> it<00:37:25.555> is<00:37:25.732> within,<00:37:26.359> uh,<00:37:26.760> your<00:37:26.937> company<00:37:27.274> itself?

00:37:29.607 --> 00:37:34.823
Yeah,<00:37:29.753> I<00:37:29.996> think,<00:37:30.319> you<00:37:30.400> know,<00:37:30.497> for<00:37:30.805> us<00:37:31.371> it's,<00:37:31.938> um,<00:37:32.852> Well,<00:37:33.092> there's<00:37:33.268> kind<00:37:33.413> of<00:37:33.493> two<00:37:33.653> types<00:37:33.990> of<00:37:34.118> AI<00:37:34.374> companies.

00:37:35.000 --> 00:37:42.967
One<00:37:35.176> is,<00:37:35.721> are<00:37:35.881> you<00:37:35.978> using<00:37:36.539> native,<00:37:38.238> are<00:37:38.286> you<00:37:38.382> intrinsically<00:37:39.168> AI<00:37:40.867> or<00:37:41.332> are<00:37:41.668> you<00:37:42.053> AI<00:37:42.390> empowered?

00:37:43.336 --> 00:37:58.821
And<00:37:43.432> so<00:37:43.897> like<00:37:44.153> intrinsically<00:37:45.500> AI<00:37:45.933> is<00:37:46.077> a<00:37:46.141> company<00:37:46.622> that<00:37:48.305> is<00:37:49.107> just<00:37:49.347> founded<00:37:50.149> on<00:37:50.325> top<00:37:50.790> of<00:37:51.191> a<00:37:51.223> model<00:37:52.233> or<00:37:52.489> a<00:37:52.569> set<00:37:52.890> of<00:37:53.034> technologies<00:37:54.172> that<00:37:54.397> is<00:37:54.637> using<00:37:55.118> AI<00:37:56.481> to<00:37:56.577> do<00:37:56.673> something<00:37:57.074> new,<00:37:57.234> new<00:37:57.443> workflow,<00:37:57.924> solve<00:37:58.180> a<00:37:58.196> new<00:37:58.404> problem.

00:37:58.982 --> 00:38:02.518
And<00:37:59.126> I<00:37:59.142> don't<00:37:59.303> think<00:37:59.448> there's<00:37:59.609> that<00:37:59.769> many<00:38:00.026> companies<00:38:00.814> out<00:38:00.991> there<00:38:01.955> doing<00:38:02.277> that.

00:38:02.679 --> 00:38:08.244
I<00:38:02.759> think<00:38:02.904> a<00:38:02.920> lot<00:38:03.145> of,<00:38:03.241> there's<00:38:03.402> a<00:38:03.466> lot<00:38:03.627> of<00:38:04.029> companies<00:38:04.447> that<00:38:04.993> are<00:38:05.154> a<00:38:05.234> feature<00:38:05.652> on<00:38:05.813> top<00:38:06.070> of<00:38:06.199> an<00:38:06.295> existing<00:38:07.276> set<00:38:07.581> of<00:38:07.630> technologies.

00:38:08.794 --> 00:38:11.316
But<00:38:08.939> those<00:38:09.182> are,<00:38:09.424> I<00:38:09.441> would<00:38:09.602> call,<00:38:09.926> I<00:38:10.007> would<00:38:10.168> say<00:38:10.475> AI<00:38:10.653> native.

00:38:13.184 --> 00:38:14.862
And<00:38:13.265> then<00:38:13.526> I'll<00:38:13.819> get<00:38:13.917> to<00:38:13.998> what<00:38:14.161> PetMeds<00:38:14.585> is<00:38:14.715> doing.

00:38:14.960 --> 00:38:24.026
And<00:38:15.041> so<00:38:15.367> then<00:38:15.465> there's<00:38:15.693> a<00:38:15.709> lot<00:38:15.888> of<00:38:15.953> companies<00:38:16.442> that<00:38:16.670> are<00:38:16.784> leveraging<00:38:20.846> AI<00:38:21.734> intrinsically<00:38:22.476> using<00:38:22.783> that<00:38:22.944> through<00:38:23.057> the<00:38:23.203> current<00:38:23.509> toolset.

00:38:24.090 --> 00:38:28.610
And<00:38:24.171> so<00:38:24.397> companies<00:38:24.897> like<00:38:25.156> Adobe<00:38:25.624> have<00:38:25.721> done<00:38:25.882> a<00:38:25.947> good<00:38:26.173> job<00:38:26.512> of<00:38:26.609> integrating<00:38:27.141> AI<00:38:27.400> into<00:38:27.561> their<00:38:27.723> products,<00:38:28.271> Microsoft.

00:38:29.505 --> 00:38:31.294
The<00:38:29.585> next<00:38:29.811> version<00:38:30.214> of<00:38:30.536> Microsoft<00:38:31.100> Office.

00:38:31.358 --> 00:38:42.271
I<00:38:31.423> cannot<00:38:31.826> wait<00:38:32.954> as<00:38:33.067> I'll<00:38:33.196> be<00:38:33.228> able<00:38:33.405> to<00:38:33.534> throw<00:38:34.002> Excel<00:38:34.421> files<00:38:34.905> into<00:38:35.856> a<00:38:35.872> safe<00:38:36.420> place<00:38:36.758> versus<00:38:37.097> the<00:38:37.242> open<00:38:37.470> ChatGPT<00:38:38.137> model<00:38:38.446> and<00:38:38.544> say,<00:38:39.667> what<00:38:39.732> are<00:38:39.846> some<00:38:40.025> interesting<00:38:40.497> data<00:38:40.823> insights<00:38:41.636> from<00:38:41.816> Excel?

00:38:42.353 --> 00:38:43.459
And<00:38:42.450> it<00:38:42.613> comes<00:38:42.922> out<00:38:43.004> with<00:38:43.101> an<00:38:43.199> answer.

00:38:43.508 --> 00:38:44.143
I'll<00:38:43.671> be<00:38:43.752> like,<00:38:43.899> that's<00:38:44.013> awesome.

00:38:45.050 --> 00:38:47.841
So<00:38:45.098> that's<00:38:45.308> what<00:38:45.404> I<00:38:45.469> call<00:38:46.114> it,<00:38:46.614> current<00:38:47.405> workflow.

00:38:47.905 --> 00:38:56.070
And<00:38:48.131> for<00:38:48.373> us,<00:38:48.550> we<00:38:48.776> use<00:38:50.987> Salesforce's<00:38:51.696> e-commerce<00:38:52.100> stack<00:38:52.503> that<00:38:52.648> has<00:38:53.536> AI<00:38:53.858> built<00:38:54.116> into<00:38:54.375> it,<00:38:54.423> and<00:38:54.520> we've<00:38:54.665> been<00:38:54.730> using<00:38:55.073> it<00:38:55.171> for<00:38:55.334> quite<00:38:55.514> a<00:38:55.661> while.

00:38:56.152 --> 00:39:01.365
And<00:38:56.233> then<00:38:56.626> actually,<00:38:58.169> using<00:38:58.490> it<00:38:58.651> more<00:38:59.454> as<00:38:59.615> we<00:38:59.711> start<00:38:59.952> expanding<00:39:00.353> beyond<00:39:00.739> medication.

00:39:02.104 --> 00:39:09.589
In<00:39:02.185> our<00:39:02.281> marketing<00:39:02.763> groups,<00:39:03.164> we're<00:39:03.261> certainly<00:39:03.726> using<00:39:04.128> it<00:39:04.353> for<00:39:04.690> data<00:39:05.011> attribution<00:39:05.638> and<00:39:05.718> modeling<00:39:07.180> and<00:39:07.260> also<00:39:07.565> copywriting<00:39:08.208> and<00:39:08.368> creative<00:39:08.706> and<00:39:08.786> things<00:39:09.027> like<00:39:09.332> that.

00:39:10.135 --> 00:39:15.934
And<00:39:10.553> it's<00:39:10.874> enabled<00:39:11.340> us<00:39:11.517> to<00:39:11.661> keep<00:39:11.838> our<00:39:11.998> team<00:39:12.320> size<00:39:12.641> pretty<00:39:12.946> small<00:39:13.910> as<00:39:14.070> we<00:39:14.103> started<00:39:14.488> to<00:39:14.970> rescale<00:39:15.452> the<00:39:15.532> business.

00:39:16.721 --> 00:39:29.985
And<00:39:17.203> I<00:39:17.620> think<00:39:17.765> that's<00:39:18.022> the<00:39:18.182> theme<00:39:18.648> for,<00:39:18.985> for,<00:39:19.532> for<00:39:19.692> PetMeds<00:39:20.190> and<00:39:20.335> how<00:39:20.511> we've<00:39:20.656> used<00:39:20.833> technology<00:39:21.475> is<00:39:21.877> how<00:39:22.037> can<00:39:22.262> we<00:39:22.423> use<00:39:23.788> resources,<00:39:25.249> resource<00:39:25.731> light<00:39:26.132> in<00:39:26.212> terms<00:39:26.533> of<00:39:26.678> G&A,<00:39:27.738> but<00:39:27.962> more<00:39:28.139> scale<00:39:29.327> as<00:39:29.504> we<00:39:29.664> grow.

00:39:30.291 --> 00:39:44.934
And<00:39:31.109> that's<00:39:31.607> some<00:39:31.832> of<00:39:31.976> how<00:39:32.153> we've<00:39:32.298> been<00:39:32.474> using<00:39:32.795> it<00:39:33.502> is<00:39:34.144> how<00:39:34.321> do<00:39:34.417> you<00:39:34.545> not<00:39:34.899> replace,<00:39:36.328> how<00:39:36.424> do<00:39:36.552> you,<00:39:36.874> how<00:39:36.970> do<00:39:37.034> you<00:39:37.114> not<00:39:37.435> add<00:39:37.612> more<00:39:37.837> headcount,<00:39:38.479> more<00:39:38.656> people,<00:39:39.041> more<00:39:39.282> team<00:39:39.459> members<00:39:40.486> as<00:39:40.566> you<00:39:40.663> start<00:39:40.968> to<00:39:41.048> scale<00:39:41.385> the<00:39:41.530> business<00:39:41.947> to<00:39:42.108> provide<00:39:42.493> more<00:39:42.670> leverage<00:39:43.071> in<00:39:43.135> our,<00:39:43.392> in<00:39:43.473> our,<00:39:43.858> in<00:39:43.890> our,<00:39:44.356> in<00:39:44.420> our<00:39:44.661> model.

00:39:44.998 --> 00:39:54.844
And<00:39:45.142> I<00:39:45.239> think<00:39:45.865> maybe<00:39:46.058> that's<00:39:46.363> the<00:39:46.523> theme<00:39:46.844> for<00:39:46.989> what<00:39:47.085> we've<00:39:47.230> been<00:39:47.326> talking<00:39:47.743> about<00:39:48.032> the<00:39:48.065> last,<00:39:48.530> you<00:39:48.610> know,<00:39:49.092> 5,<00:39:49.317> 10<00:39:49.478> minutes<00:39:49.815> is<00:39:51.165> I<00:39:51.245> think<00:39:51.422> the<00:39:51.566> companies<00:39:51.888> that<00:39:51.984> are<00:39:52.064> starting<00:39:52.273> to<00:39:52.305> think<00:39:52.546> that<00:39:52.787> way,<00:39:53.012> they're<00:39:53.109> gonna<00:39:53.269> have<00:39:53.494> less<00:39:53.687> developers<00:39:54.297> over<00:39:54.474> time.

00:39:55.342 --> 00:39:59.968
They're<00:39:55.438> gonna<00:39:55.518> have<00:39:55.679> better<00:39:55.984> ones<00:39:56.306> that<00:39:56.418> know<00:39:56.546> how<00:39:56.579> to<00:39:56.723> check<00:39:58.089> the<00:39:58.233> copilot<00:39:58.796> work<00:39:59.037> that's<00:39:59.213> being<00:39:59.374> done<00:39:59.535> in<00:39:59.679> AI.

00:40:00.723 --> 00:40:06.780
And<00:40:00.804> I<00:40:00.836> think<00:40:01.141> the<00:40:01.221> companies<00:40:01.687> that<00:40:01.800> are<00:40:01.944> really<00:40:02.426> like<00:40:02.732> light<00:40:03.053> on<00:40:03.230> people<00:40:03.712> but<00:40:03.872> can<00:40:04.033> scale<00:40:04.370> through<00:40:04.595> tech<00:40:05.479> are<00:40:05.543> gonna<00:40:05.704> have<00:40:05.864> an<00:40:05.945> advantage<00:40:06.362> over<00:40:06.587> time.

00:40:06.844 --> 00:40:14.363
And<00:40:06.989> so<00:40:07.647> we've<00:40:07.872> had<00:40:08.113> to<00:40:08.210> do<00:40:08.370> that<00:40:08.611> because<00:40:08.852> this<00:40:09.077> is<00:40:09.109> a<00:40:09.174> turnaround<00:40:10.844> and<00:40:11.728> we're<00:40:11.824> kind<00:40:11.953> of<00:40:12.001> in<00:40:12.130> a<00:40:12.146> second<00:40:12.612> chapter<00:40:13.029> of<00:40:13.126> a<00:40:13.190> 3-chapter<00:40:13.833> turnaround.

00:40:14.780 --> 00:40:24.897
But,<00:40:15.182> you<00:40:15.214> know,<00:40:15.423> I<00:40:15.600> am,<00:40:16.226> I<00:40:16.242> am<00:40:16.387> very<00:40:16.579> much<00:40:17.045> focused<00:40:17.591> on<00:40:17.687> making<00:40:18.008> sure<00:40:18.249> that<00:40:18.490> for<00:40:18.795> each<00:40:18.972> incremental<00:40:19.534> team<00:40:19.775> member,<00:40:20.096> they're<00:40:20.240> providing<00:40:21.364> more<00:40:22.167> than<00:40:22.279> a<00:40:22.344> multiple<00:40:23.532> of<00:40:23.692> outcomes<00:40:24.190> for<00:40:24.303> the<00:40:24.431> business.

00:40:25.394 --> 00:40:27.177
The<00:40:25.475> only<00:40:25.635> way<00:40:25.812> you<00:40:25.876> can<00:40:26.037> do<00:40:26.197> that<00:40:26.358> is<00:40:26.470> through<00:40:26.599> technology.

00:40:27.241 --> 00:40:32.154
And<00:40:27.385> the<00:40:27.466> only<00:40:27.642> way<00:40:27.803> we've<00:40:27.964> been<00:40:28.108> able<00:40:28.317> to<00:40:28.429> do<00:40:28.542> that<00:40:28.782> is<00:40:28.911> using<00:40:29.168> more<00:40:29.409> AI,<00:40:29.890> machine<00:40:30.195> learning,<00:40:31.095> and<00:40:31.400> NLP.

00:40:33.262 --> 00:40:46.862
So<00:40:33.728> that's<00:40:34.065> a<00:40:34.129> long-winded<00:40:34.466> answer<00:40:34.707> to<00:40:34.804> say,<00:40:36.377> you<00:40:36.409> know,<00:40:36.779> our<00:40:36.939> revenue<00:40:37.341> per<00:40:37.437> employee,<00:40:37.935> if<00:40:38.063> you<00:40:38.143> look<00:40:38.256> at<00:40:38.336> some<00:40:38.481> of<00:40:38.577> our<00:40:38.721> competitors,<00:40:39.990> you<00:40:40.102> know,<00:40:41.676> we're<00:40:41.852> well<00:40:42.013> over<00:40:42.222> $1<00:40:42.334> million<00:40:43.217> revenue<00:40:43.603> per<00:40:43.763> employee<00:40:44.582> and<00:40:44.903> most<00:40:45.096> of<00:40:45.160> my<00:40:45.305> competitors<00:40:46.172> couldn't<00:40:46.429> say<00:40:46.669> that.

00:40:47.697 --> 00:41:06.804
And<00:40:48.741> that's<00:40:49.383> how<00:40:49.544> I<00:40:49.640> think<00:40:49.817> about<00:40:50.057> it<00:40:50.090> is<00:40:50.186> how<00:40:50.362> can<00:40:50.523> I<00:40:50.684> have<00:40:51.952> this<00:40:52.129> business<00:40:52.610> be<00:40:53.012> kind<00:40:53.156> of<00:40:53.317> asset<00:40:53.654> people<00:40:54.055> light,<00:40:55.661> the<00:40:55.886> best<00:40:56.143> people<00:40:56.448> we<00:40:56.608> can<00:40:56.785> find<00:40:57.106> for<00:40:57.267> whatever<00:40:57.588> they're<00:40:58.054> doing,<00:40:58.391> but<00:40:58.535> leverage<00:40:58.872> technology<00:41:00.237> so<00:41:00.398> that,<00:41:01.281> you<00:41:01.377> know,<00:41:01.923> both<00:41:02.228> the<00:41:02.309> team<00:41:02.565> members,<00:41:03.127> the<00:41:03.208> customers<00:41:03.786> and<00:41:03.914> the<00:41:03.946> stakeholders<00:41:04.653> being<00:41:04.813> investors<00:41:05.937> win<00:41:06.178> along<00:41:06.419> the<00:41:06.564> way.

00:41:07.853 --> 00:41:11.348
What<00:41:07.901> do<00:41:08.015> you<00:41:08.096> think<00:41:08.257> this<00:41:08.435> does<00:41:08.921> economically<00:41:09.795> on,<00:41:09.972> on<00:41:10.134> kind<00:41:10.296> of<00:41:10.377> the<00:41:10.442> macro<00:41:10.943> front?

00:41:11.493 --> 00:41:13.225
Does<00:41:11.736> it<00:41:11.898> democratize<00:41:12.626> entrepreneurship?

00:41:13.306 --> 00:41:17.415
Are<00:41:13.370> we<00:41:13.403> going<00:41:13.484> to<00:41:13.548> see<00:41:13.710> a<00:41:13.775> lot<00:41:14.018> more<00:41:14.810> entrepreneurs<00:41:15.716> and<00:41:15.862> small<00:41:16.202> teams,<00:41:16.465> small<00:41:16.776> startups?

00:41:18.087 --> 00:41:18.874
Like,<00:41:18.251> what<00:41:18.333> does<00:41:18.497> this<00:41:18.743> do?

00:41:21.055 --> 00:41:22.214
That's<00:41:21.293> a<00:41:21.379> really<00:41:21.566> good<00:41:21.805> question.

00:41:24.320 --> 00:41:28.025
Um,<00:41:25.174> well,<00:41:25.496> I<00:41:25.593> think<00:41:26.463> there,<00:41:26.704> there's<00:41:26.881> some<00:41:27.042> good<00:41:27.220> news,<00:41:27.445> bad<00:41:27.751> news<00:41:27.928> here.

00:41:28.089 --> 00:41:38.455
I<00:41:28.186> think<00:41:28.476> the<00:41:28.895> good<00:41:29.136> news<00:41:29.845> is<00:41:31.053> that<00:41:31.633> there<00:41:31.874> are<00:41:32.132> so<00:41:32.599> many<00:41:33.947> ways<00:41:34.270> to<00:41:34.497> automate,<00:41:36.048> let's<00:41:37.179> call<00:41:37.356> it<00:41:37.486> company<00:41:37.986> construction.

00:41:40.490 --> 00:41:53.234
So<00:41:40.587> many,<00:41:41.479> I<00:41:41.641> actually,<00:41:42.208> I'm<00:41:42.549> sure<00:41:42.938> you're<00:41:43.035> the<00:41:43.117> same<00:41:43.295> way,<00:41:43.522> but<00:41:43.992> I<00:41:44.025> subscribe<00:41:44.479> to<00:41:44.641> AI<00:41:45.144> newsletters<00:41:45.792> and<00:41:45.938> I<00:41:46.100> watch<00:41:47.171> different<00:41:47.479> things<00:41:47.803> on<00:41:47.900> YouTube<00:41:48.484> and<00:41:48.614> I<00:41:48.873> took<00:41:49.100> the<00:41:49.198> Google<00:41:49.666> AI<00:41:49.924> classes<00:41:50.554> and<00:41:50.635> all<00:41:50.715> that<00:41:50.828> stuff<00:41:52.088> and<00:41:52.168> I'm<00:41:52.265> like<00:41:52.814> loving<00:41:53.137> it.

00:41:54.606 --> 00:42:06.196
And<00:41:54.687> the<00:41:54.832> good<00:41:54.929> news<00:41:55.235> is<00:41:55.655> it's<00:41:56.866> capital,<00:41:58.012> sorry,<00:41:58.546> a<00:41:58.631> company<00:41:59.140> formation<00:41:59.750> is<00:41:59.903> easier<00:42:00.952> and<00:42:01.032> the<00:42:01.177> tools<00:42:01.674> required<00:42:02.315> to<00:42:02.620> do<00:42:03.181> the<00:42:03.422> work<00:42:04.143> require<00:42:04.721> less<00:42:05.843> people.

00:42:06.741 --> 00:42:07.543
So<00:42:06.949> less<00:42:07.126> capital.

00:42:07.767 --> 00:42:08.537
That's<00:42:07.992> the<00:42:08.088> good<00:42:08.264> news.

00:42:09.307 --> 00:42:10.782
It's<00:42:09.483> still<00:42:09.691> very<00:42:09.932> hard<00:42:10.237> to<00:42:10.269> get<00:42:10.477> noticed.

00:42:10.830 --> 00:42:12.289
It's<00:42:10.910> still<00:42:11.199> very<00:42:11.439> hard<00:42:11.616> to<00:42:11.696> build<00:42:11.872> a<00:42:12.000> business.

00:42:12.337 --> 00:42:17.068
But<00:42:12.498> I<00:42:12.578> think<00:42:12.802> there's<00:42:12.979> no<00:42:13.203> excuses<00:42:13.700> anymore<00:42:14.101> of<00:42:14.502> not<00:42:14.726> understanding<00:42:15.368> things<00:42:15.705> or<00:42:15.785> the<00:42:15.865> tools<00:42:16.138> not<00:42:16.266> available<00:42:16.667> to<00:42:16.891> you.

00:42:17.484 --> 00:42:20.387
So<00:42:17.613> I<00:42:17.629> think<00:42:18.030> there<00:42:18.126> will<00:42:18.190> probably<00:42:18.479> be<00:42:18.511> more<00:42:18.815> entrepreneurism.

00:42:20.579 --> 00:42:41.506
And<00:42:21.140> but<00:42:21.301> I<00:42:21.397> call<00:42:21.622> them<00:42:21.782> like<00:42:22.840> maybe<00:42:23.241> gig<00:42:23.706> entrepreneurs<00:42:24.925> versus<00:42:25.229> like<00:42:25.406> substantially<00:42:26.047> large<00:42:26.368> companies<00:42:26.737> because<00:42:26.993> the<00:42:27.089> bad<00:42:27.330> news<00:42:27.571> is<00:42:28.276> I,<00:42:28.694> it's,<00:42:29.015> think<00:42:29.192> about<00:42:29.481> like<00:42:29.737> these<00:42:29.978> language<00:42:30.524> models<00:42:31.182> and<00:42:31.263> the<00:42:31.423> big<00:42:31.664> AI<00:42:32.371> investments<00:42:32.965> as<00:42:33.109> being<00:42:34.554> like,<00:42:34.859> like<00:42:35.036> building<00:42:35.855> silicon<00:42:36.465> chips,<00:42:36.962> you<00:42:37.685> know,<00:42:37.781> it's<00:42:37.990> heavy,<00:42:38.713> heavy<00:42:39.194> upfront<00:42:40.350> capital<00:42:40.800> expenditures.

00:42:42.004 --> 00:42:50.032
And<00:42:42.181> then<00:42:43.048> when<00:42:43.144> you<00:42:43.240> make<00:42:43.465> that<00:42:43.626> investment,<00:42:45.392> you<00:42:45.536> can,<00:42:45.793> you<00:42:45.938> can<00:42:46.178> put<00:42:47.077> capital<00:42:47.559> on<00:42:47.720> top<00:42:48.057> of<00:42:48.201> it<00:42:48.362> and<00:42:48.506> amortize<00:42:49.165> it<00:42:49.550> like<00:42:49.711> a<00:42:49.791> chip.

00:42:50.112 --> 00:42:56.755
You<00:42:50.192> spend<00:42:50.433> all<00:42:50.529> this<00:42:50.674> time<00:42:50.931> with<00:42:51.011> a<00:42:51.027> new<00:42:51.236> chip<00:42:51.429> design,<00:42:52.520> you<00:42:52.552> got<00:42:52.697> the<00:42:52.777> foundry,<00:42:53.179> you<00:42:53.259> make<00:42:53.419> the<00:42:53.564> chip,<00:42:54.046> and<00:42:54.110> then<00:42:54.222> you<00:42:54.254> just<00:42:54.462> start<00:42:54.703> pumping<00:42:55.024> them<00:42:55.168> out<00:42:55.360> and<00:42:55.440> then<00:42:55.649> you<00:42:55.745> have<00:42:55.905> high<00:42:56.066> gross<00:42:56.386> margins.

00:42:56.867 --> 00:43:05.220
I<00:42:56.947> think<00:42:57.188> that's<00:42:57.669> the<00:42:57.829> disadvantage<00:42:58.454> here<00:42:58.775> is<00:42:59.272> the<00:42:59.432> companies<00:42:59.913> that<00:43:00.058> are<00:43:00.138> going<00:43:00.298> to<00:43:00.378> be<00:43:00.875> really,<00:43:01.276> really<00:43:01.597> successful<00:43:02.799> are<00:43:02.879> the<00:43:02.960> companies<00:43:03.441> that<00:43:03.537> are<00:43:03.681> really,<00:43:03.922> really<00:43:04.098> successful<00:43:04.787> right<00:43:05.028> now.

00:43:05.910 --> 00:43:13.589
You<00:43:06.006> know,<00:43:06.150> you<00:43:06.246> have,<00:43:07.753> you<00:43:07.785> know,<00:43:07.914> with<00:43:08.090> OpenAI,<00:43:08.892> which<00:43:09.052> is<00:43:09.132> basically<00:43:09.613> now<00:43:10.014> Microsoft,<00:43:11.216> then<00:43:11.361> you<00:43:11.441> have<00:43:11.761> Google's<00:43:12.178> Bard,<00:43:12.659> other<00:43:12.884> technologies.

00:43:14.327 --> 00:43:21.654
Facebook's<00:43:14.968> open<00:43:15.160> source<00:43:15.689> their<00:43:16.812> LLaMA<00:43:17.693> models<00:43:18.191> for<00:43:18.655> a<00:43:18.832> variety<00:43:19.201> of<00:43:19.233> different<00:43:19.537> reasons<00:43:19.954> because<00:43:20.275> it<00:43:20.355> gets<00:43:20.595> people<00:43:20.772> to<00:43:20.900> build<00:43:21.076> on<00:43:21.140> their<00:43:21.237> platform.

00:43:21.718 --> 00:43:32.184
But<00:43:21.878> I<00:43:21.958> think<00:43:22.102> it<00:43:22.199> comes<00:43:22.599> back<00:43:22.840> to<00:43:23.000> the<00:43:23.161> big<00:43:23.610> folks<00:43:24.027> who<00:43:24.123> can<00:43:24.268> spend<00:43:24.525> the<00:43:24.605> money<00:43:25.729> really<00:43:25.970> with<00:43:26.195> engineering<00:43:26.853> and<00:43:26.933> the<00:43:27.078> compute<00:43:27.415> power,<00:43:28.041> because<00:43:29.005> GPUs<00:43:29.502> are<00:43:29.567> very<00:43:29.727> expensive,<00:43:30.931> are<00:43:30.963> the<00:43:31.108> ones<00:43:31.333> that<00:43:31.429> inevitably<00:43:32.055> win.

00:43:32.312 --> 00:43:37.739
So<00:43:32.457> I<00:43:32.537> think<00:43:32.649> it's<00:43:32.778> actually<00:43:33.035> harder<00:43:33.420> to<00:43:33.581> build<00:43:33.757> a<00:43:33.902> really,<00:43:34.159> really<00:43:34.400> big<00:43:34.640> company,<00:43:35.106> and<00:43:35.186> then<00:43:35.524> we<00:43:35.829> do<00:43:35.925> become<00:43:36.246> more<00:43:36.407> reliant<00:43:36.888> on<00:43:36.936> those<00:43:37.113> bigger<00:43:37.354> companies.

00:43:37.836 --> 00:43:40.357
I<00:43:37.852> think<00:43:38.012> that's<00:43:38.398> the,<00:43:38.879> that's<00:43:39.056> the,<00:43:39.457> that's<00:43:39.698> the<00:43:39.843> bad<00:43:40.100> news.

00:43:40.485 --> 00:43:52.816
I<00:43:40.517> think<00:43:40.726> for<00:43:40.919> the<00:43:41.127> everyday<00:43:41.545> entrepreneur<00:43:42.107> that<00:43:42.251> doesn't<00:43:42.492> want<00:43:42.588> to<00:43:42.733> build<00:43:42.910> something<00:43:43.311> that's<00:43:43.488> substantial,<00:43:44.820> there's<00:43:44.981> no<00:43:45.093> excuse<00:43:45.559> to<00:43:45.639> not<00:43:45.944> have<00:43:46.827> your<00:43:46.924> side<00:43:47.309> gig<00:43:47.582> or<00:43:47.662> something<00:43:48.032> that<00:43:48.192> you're<00:43:48.353> doing<00:43:49.252> you<00:43:49.332> know,<00:43:49.493> it<00:43:49.557> could<00:43:49.733> range<00:43:49.958> from<00:43:50.135> affiliate<00:43:50.536> marketing<00:43:51.018> to,<00:43:51.563> you<00:43:51.596> know,<00:43:51.692> small<00:43:51.981> business<00:43:52.302> services.

00:43:52.928 --> 00:43:54.758
I<00:43:53.008> think<00:43:53.731> that's<00:43:54.212> good<00:43:54.389> news.

00:43:55.256 --> 00:44:03.170
I<00:43:55.272> think<00:43:55.593> there<00:43:55.753> will<00:43:55.833> be<00:43:55.994> more<00:43:56.155> entrepreneurs,<00:43:57.503> but<00:43:57.904> I<00:43:57.920> think<00:43:58.081> the<00:43:58.161> bad<00:43:58.402> news,<00:43:59.285> I<00:43:59.365> think<00:43:59.847> the<00:44:00.007> big<00:44:00.489> players<00:44:00.890> get<00:44:01.115> bigger<00:44:01.291> because<00:44:01.853> they<00:44:01.933> have<00:44:02.094> more<00:44:02.238> money<00:44:02.656> and<00:44:02.736> more<00:44:02.897> scale.

00:44:04.165 --> 00:44:04.422
Yeah.

00:44:05.208 --> 00:44:05.915
Yeah,<00:44:05.305> that's<00:44:05.626> interesting.

00:44:06.011 --> 00:44:07.664
Matt,<00:44:06.187> I<00:44:06.268> can't<00:44:06.444> thank<00:44:06.589> you<00:44:06.653> enough<00:44:07.151> for<00:44:07.311> coming<00:44:07.552> on.

00:44:07.712 --> 00:44:16.381
We<00:44:07.937> end<00:44:08.098> every<00:44:09.061> interview<00:44:09.318> with<00:44:09.478> the<00:44:09.558> same<00:44:09.880> question,<00:44:11.148> and<00:44:11.645> that<00:44:11.870> is<00:44:11.966> at<00:44:12.063> CEO.com,<00:44:12.833> we<00:44:12.930> believe<00:44:13.186> the<00:44:13.315> chances<00:44:14.053> we<00:44:14.294> give<00:44:14.631> are<00:44:14.695> just<00:44:14.936> as<00:44:15.016> important<00:44:15.337> as<00:44:15.482> the<00:44:15.562> chances<00:44:15.979> we<00:44:16.124> take.

00:44:17.024 --> 00:44:23.876
And<00:44:17.169> so,<00:44:17.281> I<00:44:17.426> wonder<00:44:17.828> who<00:44:18.053> gave<00:44:18.295> you<00:44:18.471> a<00:44:18.488> chance<00:44:19.758> to<00:44:19.903> get<00:44:20.241> you<00:44:20.337> to<00:44:20.482> where—<00:44:20.659> like<00:44:20.949> when<00:44:21.045> I<00:44:21.142> say<00:44:21.512> that,<00:44:22.171> what<00:44:22.332> comes<00:44:22.589> to<00:44:22.670> mind<00:44:22.991> and<00:44:23.120> who<00:44:23.217> comes<00:44:23.522> to<00:44:23.603> mind?

00:44:26.488 --> 00:44:28.897
Yeah,<00:44:26.989> it's<00:44:28.347> funny.

00:44:29.074 --> 00:44:34.408
I<00:44:29.090> knew<00:44:29.317> this<00:44:29.478> was<00:44:29.575> your<00:44:29.721> question<00:44:30.206> and<00:44:30.303> I<00:44:30.448> changed<00:44:30.933> my<00:44:31.192> answer<00:44:31.499> as<00:44:31.596> soon<00:44:31.822> as<00:44:31.984> you<00:44:32.081> said<00:44:32.404> that,<00:44:33.277> who<00:44:33.616> comes<00:44:33.875> first<00:44:34.166> to<00:44:34.247> mind.

00:44:36.044 --> 00:44:37.062
Yeah,<00:44:36.189> I'd<00:44:36.351> say<00:44:36.529> Rich<00:44:36.771> Barton.

00:44:38.372 --> 00:44:39.843
He's<00:44:38.550> the<00:44:38.695> founder<00:44:39.035> of<00:44:39.132> Expedia.

00:44:40.086 --> 00:44:41.266
Now,<00:44:40.231> he's<00:44:40.409> the<00:44:40.506> CEO<00:44:40.878> of<00:44:40.910> Zillow.

00:44:42.232 --> 00:44:47.138
Been<00:44:42.328> a<00:44:42.392> very<00:44:42.568> successful<00:44:43.579> entrepreneur<00:44:44.958> and<00:44:45.118> scaled<00:44:45.535> CEO<00:44:46.481> and<00:44:46.561> investor.

00:44:47.988 --> 00:44:51.387
And<00:44:49.110> Rich<00:44:50.313> took<00:44:50.489> a<00:44:50.553> chance<00:44:51.035> on<00:44:51.131> me.

00:44:51.756 --> 00:44:58.747
I<00:44:52.494> was<00:44:52.878> leaving<00:44:53.135> a<00:44:54.033> failing<00:44:54.434> startup<00:44:56.005> and<00:44:57.464> gave<00:44:57.689> me<00:44:57.849> a<00:44:58.009> big<00:44:58.250> job.

00:44:59.132 --> 00:45:06.107
And<00:44:59.629> inevitably<00:45:00.174> I<00:45:00.270> ran<00:45:00.655> a<00:45:00.912> division<00:45:01.457> of<00:45:01.793> Expedia<00:45:02.659> and<00:45:02.756> he<00:45:03.734> saw<00:45:03.958> something<00:45:04.423> in<00:45:04.519> me<00:45:04.680> and<00:45:04.904> gave<00:45:05.145> me<00:45:05.481> a<00:45:05.561> shot.

00:45:06.187 --> 00:45:10.019
And,<00:45:07.149> you<00:45:07.245> know,<00:45:07.566> I'd<00:45:07.742> say<00:45:07.967> Rich<00:45:08.127> Barton,<00:45:08.432> I<00:45:08.448> couldn't<00:45:08.688> thank<00:45:08.848> him<00:45:08.945> enough<00:45:09.169> for<00:45:09.313> that<00:45:09.474> opportunity.

00:45:11.718 --> 00:45:12.504
Matt,<00:45:11.959> that's<00:45:12.071> incredible.

00:45:12.600 --> 00:45:13.754
Thank<00:45:12.776> you<00:45:13.001> again<00:45:13.321> so<00:45:13.498> much.

00:45:13.899 --> 00:45:14.828
Congrats<00:45:14.379> on<00:45:14.460> everything.

00:45:15.165 --> 00:45:20.263
Um,<00:45:15.742> the<00:45:15.886> turnaround<00:45:16.447> with<00:45:16.624> PetMeds<00:45:17.089> is<00:45:17.185> already<00:45:17.489> looking<00:45:17.762> super<00:45:18.067> successful<00:45:19.413> and<00:45:19.830> incredible.

00:45:20.311 --> 00:45:21.930
Again,<00:45:20.696> I,<00:45:20.936> I<00:45:21.096> do<00:45:21.193> want<00:45:21.321> to<00:45:21.417> plug<00:45:21.658> your<00:45:21.754> book.

00:45:21.994 --> 00:45:28.439
I<00:45:22.010> know<00:45:22.235> you<00:45:22.379> don't<00:45:22.539> want<00:45:22.667> to,<00:45:22.780> but<00:45:22.860> I<00:45:23.020> want<00:45:23.277> to,<00:45:23.597> to<00:45:23.758> plug<00:45:24.062> the<00:45:24.158> book<00:45:24.415> and<00:45:24.719> check<00:45:24.976> out<00:45:25.184> Unlock:<00:45:26.146> 5<00:45:26.387> Questions<00:45:26.755> to<00:45:26.884> Unleash<00:45:27.188> Your<00:45:27.284> Company's<00:45:27.685> Hidden<00:45:27.926> Power.

00:45:29.112 --> 00:45:32.911
Um,<00:45:29.433> I<00:45:29.529> assume<00:45:30.010> they<00:45:30.154> could<00:45:30.314> buy<00:45:30.491> it<00:45:30.571> wherever<00:45:30.891> they<00:45:31.597> buy<00:45:31.773> books<00:45:32.158> these<00:45:32.334> days,<00:45:32.655> right?

00:45:33.056 --> 00:45:34.723
I'm<00:45:34.001> plugging<00:45:34.242> a<00:45:34.338> little<00:45:34.578> bit.

00:45:34.803 --> 00:45:35.973
The<00:45:34.899> whole<00:45:35.140> wall<00:45:35.316> is<00:45:35.604> full<00:45:35.781> of<00:45:35.861> it.

00:45:36.448 --> 00:45:37.907
Well,<00:45:36.691> I<00:45:36.772> didn't<00:45:37.485> want<00:45:37.599> to<00:45:37.680> say<00:45:37.842> it.

00:45:38.004 --> 00:45:40.339
I<00:45:38.020> mean,<00:45:38.231> there<00:45:38.636> are<00:45:38.669> like<00:45:39.139> 20<00:45:39.463> copies<00:45:39.933> behind<00:45:40.258> you.

00:45:40.663 --> 00:45:41.943
No,<00:45:40.760> I'm<00:45:40.922> just<00:45:41.165> kidding.

00:45:42.381 --> 00:45:43.159
Matt,<00:45:42.689> thanks<00:45:42.868> so<00:45:42.965> much.

00:45:43.273 --> 00:45:43.938
Really<00:45:43.500> appreciate<00:45:43.905> it.

00:45:43.986 --> 00:45:44.408
Thank<00:45:44.229> you.

```