The week the stories stopped working

Nine days before Ali Tamaseb sat down with the CEO.com Podcast, Mark Zuckerberg told Meta's employees he was letting more than 11,000 of them go. He blamed himself. He had assumed the surge in online activity during the pandemic would be permanent, and he had staffed the company for a world that did not arrive. Amazon was preparing its own cuts. Twitter had already gutted itself. It was November 2022, and the tech industry was in the middle of learning that most of the stories it had told about itself for a decade were not true.

Tamaseb, then a partner at the deep tech firm DCVC, had spent six years arriving at the same conclusion by a slower route. He had gone into venture capital with a question he could not answer. What actually separates the companies that become multibillion-dollar successes from the tens of thousands that do not? Every investor claims to know. He wanted something he could check.

So he built a dataset. Sixty-five factors for every venture-backed unicorn founded over a 15-year span, plus a control group of ordinary venture-backed companies to compare them against. A third of the factors were about the founders: what they studied, what they had built before, how they met. The rest were about the company on day one: who the competitors were, how big the market was, where the idea came from, how many pivots it took. He published the results in 2021 as Super Founders: What Data Reveals About Billion-Dollar Startups.

The findings that got the most attention were the ones that contradicted advice founders hear constantly.

Take the co-founder rule. For years, the standard counsel was that going solo is a mistake, so find a partner before you do anything else. Tamaseb found that one in five billion-dollar companies was started by a single founder. That sounds like a minority until you compare it against the base rate for all venture-backed companies, at which point the difference disappears. "There is no statistically significant advantage or disadvantage to being a solo founder," he told the CEO.com Podcast. "Neither is there to having two founders, nor three founders, nor four, nor five." Co-founders fight. Co-founders also cover each other's gaps. In aggregate, the two effects wash out. Eric Yuan started Zoom alone.

Then the technical founder. Tamaseb is an engineer by training and admits the industry's bias toward people who can code. The data split almost exactly in half. He found 50.5 percent of unicorns were founded by someone non-technical, 49.5 percent by someone technical. Against the baseline, technical founders showed a small edge, nothing like the near-requirement that pitch competitions and accelerators treat it as. Half of the largest companies ever built came from people who could not have written the first version of the product themselves. They hired someone who could, or they won on distribution, or on a business model, or on being the ones who actually showed up to the customer.

The one Tamaseb seems most bothered by is the origin story. The founder who lived the problem, suffered through it, and built the company to fix it. He does not think it is false so much as manufactured after the fact. Founders learn quickly that journalists want a narrative, so a cloud storage founder recalls the closet they organized as a kid and a healthcare founder recalls a sick relative. Harmless enough, except for what it does to capital allocation. If the industry believes founders must have personally experienced the problem they solve, it ends up funding the problems of people who look like founders, which is how a generation of venture dollars went to five-minute grocery delivery. "Climate change is no one person's problem," he said. "Food is not one person's problem. Ag, water, a lot of industrials. There's a ton of massive problems out there, a lot more important than five-minute groceries, that are not one specific person's problem, but it's a billion people's problem."

The same logic runs through his findings on competition. Founders pitch empty markets because empty markets sound like opportunity. The data says the companies that became enormous mostly entered crowded markets that were already large, against entrenched incumbents, and beat them on product and execution. When Zoom launched, Skype was free, Google Hangouts was free, and Cisco was selling WebEx into every enterprise in America. Zoom was a billion-dollar company before anyone had heard of COVID.

What the data does not do is tell a founder what to do about timing. Uber rode free GPS and the smartphone. Snapchat rode the front-facing camera. In hindsight, those look like strategy. Tamaseb's read is that very few founders saw the wave coming. They were already in the water, and they turned toward it. The trait that shows up again and again is not foresight but disciplined attentiveness: a fixed goal for where the company should be in ten years and a willingness to change almost everything else based on what customers say. He also found that companies which kept the founding CEO in the seat longer produced larger outcomes, though he was quick to note the causation runs both ways. Failing companies fire their CEOs. The finding may say as much about who gets fired as about who succeeds.

The interview turned, as these conversations usually do, to advice for a downturn. Tamaseb's was severe. Cut anything that does not produce revenue. Strategy offsites, brand work, sponsorships. Find out why it takes seven months to get from first conversation to first invoice and figure out how to make it two. If a company can stay private and raise money at whatever valuation the market will give, it should, and it should stop being choosy about where the money comes from. He thought most companies with no path to profitability could find one in 12 to 18 months if they were willing to look. That was, at the time, a fairly standard set of instructions. What made the conversation unusual was what he said about his own profession.

Asked what makes a great venture capitalist, he answered with one word. Luck. Then he went further. "Generally, I think being a VC is a very, very privileged position. A lot of us don't deserve to be in this place." He put the number of people who decide where the money for the future of technology goes at a couple hundred, and said he found that heavy. His view of the job is narrower than the industry's self-image. A VC has time, a brand, and a network, and the best ones spend the first building the third on behalf of their founders: CFOs, board members, later-stage investors, customers, acquirers, bankers, delivered at the right moment. What a VC should not do is arrive at a board meeting with a new product strategy. "Either they're a genius, which on rare cases happen, or the entrepreneur just wants to be courteous to their investors and say, 'Okay, that was a great idea,' and get distracted for a couple months," he said. "Or it was not the right founder for that company."

The leadership advice he offered was about calendars. Everyone claims people are the priority. Almost no CEO's schedule shows it. Most spend a single-digit share of their time on hiring and developing the people who report to them, and the rest on operations, legal, and finance, and Tamaseb argued this is backward in a way that compounds. The less time a leader spends putting capable people in place, the more fires there are, and the less time there is for anything but fires. His prescription was to spend half of your time on people early, give each of them a domain and full authority inside it, and then hold them to the outcome. The second half of the advice was harder to operationalize. Be honest enough, and visibly fallible enough, that an employee can walk into your office and say the company is dying.

The company he offered as proof was Carbon Health. Tamaseb had invested when it had 40 or 50 employees and sat on its board as it grew to 5,000, opened more than a hundred clinics, and rode the pandemic's demand for testing and telemedicine to a $3.3 billion valuation. He credited founder Eren Bali and COO Will Abbott for recruiting people who could absorb that kind of growth and for trusting them with it. He acknowledged mistakes. He said the company executed anyway.

That was November 2022. Carbon Health had already conducted its first layoff that June, citing the end of COVID revenue and a pivot from growth to profitability, which is roughly the advice Tamaseb was giving on the podcast. It cut more than 200 additional employees in January 2023 and unwound its public health, remote monitoring, hardware, and chronic care programs. Bali stepped down as CEO in August 2024 and returned to Udemy as chief technology officer. On February 2, 2026, Carbon Health filed for Chapter 11 in the Southern District of Texas, listing liabilities of between $100 million and $500 million and more than 100,000 creditors. In late May, a bankruptcy judge confirmed a plan that converted $100 million of debt into equity and handed majority ownership to a lender group. The clinics stayed open.

None of that contradicts what he said. If anything, it illustrates the part of his argument that gets the least attention: stories told about a company at its peak are the least reliable data available about it, and the honest thing to do with a case study is to keep watching after the interview ends. StarkWare, the other company he named that day, was valued at $8 billion in May 2022 and has not announced a priced round since, so nobody outside the company knows what it is worth now either.

Tamaseb's own trajectory has been steadier. DCVC made him a general partner in July 2023. He led the firm's $15 million Series A in Reality Defender, which detects AI-generated deepfakes for banks and governments, and its $30 million Series A in ElectronX, a CFTC-regulated exchange for short-term electricity derivatives that was preparing to launch its first contracts at the time. He runs the Super Founders Club, a network of founders with prior exits that he opens to his portfolio companies, which is the networking job he described on the podcast made into an institution.

The dataset behind the book was, by his count, seven years of work and one press release. He said that as a mild complaint about how business journalism works. Funding rounds are news because they are step functions, a number that was one thing on Monday and another on Tuesday. A slow accumulation of evidence about what actually matters is not a step function and never makes the front page. He was describing the media, but he could have been describing the venture industry, which also runs on step functions, and which he was, in his own quiet way, asking to slow down and count.

00:00:00 Introducing Ali Tamaseb and Super Founders
00:04:30 How Media Creates Startup Myths
00:07:19 The Technical Founder Myth
00:09:22 Missionary Versus Mercenary Founders
00:12:07 Why Competition and Big Markets Help
00:14:29 The Role of Timing in Success
00:19:10 Media Bias Toward Aggressive Leaders
00:22:43 Ali Tamaseb's Path to Venture Capital
00:26:46 Inside DCVC's Investment Thesis
00:28:29 What Makes a Great VC
00:32:42 Advice for Startups During Layoffs
00:35:51 Staying Private Versus Going Public
00:40:13 Macroeconomic Outlook for 2023
00:42:47 Best Advice for Startup Leaders

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It<00:03:05.153> has<00:03:05.409> a<00:03:05.538> ton<00:03:05.730> of<00:03:05.875> stories<00:03:06.292> as<00:03:06.356> well.

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It<00:03:06.741> has<00:03:07.175> stories<00:03:07.560> about<00:03:07.784> 100<00:03:08.988> and<00:03:09.325> more<00:03:10.368> billion-dollar<00:03:10.849> startups,<00:03:11.411> their<00:03:11.507> founding<00:03:12.069> stories,<00:03:12.759> you<00:03:12.791> know,<00:03:12.855> all<00:03:13.096> the<00:03:13.192> information<00:03:13.578> about<00:03:13.882> them.

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So<00:03:14.123> it<00:03:14.203> has<00:03:14.316> a<00:03:14.444> lot<00:03:14.605> of<00:03:15.086> many<00:03:15.326> case<00:03:15.535> studies,<00:03:16.288> plus<00:03:16.785> long-form<00:03:17.426> interviews,<00:03:18.292> um,<00:03:18.773> with,<00:03:18.949> you<00:03:19.029> know,<00:03:19.206> the<00:03:19.334> very,<00:03:19.574> very<00:03:19.686> successful<00:03:20.456> founders<00:03:21.193> or<00:03:21.257> investors,<00:03:21.818> with<00:03:22.299> Peter<00:03:22.556> Thiel,<00:03:23.197> with<00:03:23.421> Alfred<00:03:23.758> Lin<00:03:24.063> of<00:03:24.143> Sequoia<00:03:24.592> Capital,<00:03:25.024> with<00:03:25.601> Eric<00:03:25.842> Yuan<00:03:26.307> who<00:03:26.403> founded<00:03:26.788> Zoom,<00:03:27.349> with<00:03:27.445> founders<00:03:27.862> of<00:03:28.006> Instacart,<00:03:28.872> founders<00:03:29.272> of<00:03:29.433> GitHub,<00:03:29.929> founders<00:03:30.346> of,<00:03:30.474> you<00:03:30.507> know,<00:03:30.811> a<00:03:31.036> large<00:03:31.773> range<00:03:32.158> of<00:03:32.655> tech,<00:03:33.135> biotech<00:03:33.616> companies,<00:03:34.033> as<00:03:34.161> their<00:03:34.322> venture<00:03:34.450> capitalists,<00:03:35.540> to<00:03:35.684> try<00:03:35.941> to<00:03:36.085> add<00:03:36.181> color,<00:03:36.758> some<00:03:36.983> color<00:03:37.223> to<00:03:37.303> the<00:03:37.528> data,<00:03:37.864> because<00:03:38.105> the<00:03:38.265> data<00:03:38.810> would<00:03:38.970> show,<00:03:39.371> hey,<00:03:39.708> this<00:03:39.868> thing<00:03:40.028> matters<00:03:40.509> or<00:03:40.589> this<00:03:40.750> thing<00:03:40.974> doesn't<00:03:41.214> matter,<00:03:41.857> And<00:03:41.905> I<00:03:41.954> wanted<00:03:42.197> to<00:03:42.359> add<00:03:42.505> this<00:03:42.667> story<00:03:43.073> from<00:03:43.478> one<00:03:43.640> of<00:03:43.737> these<00:03:43.899> companies<00:03:44.305> that<00:03:44.791> would<00:03:45.196> exemplify<00:03:46.104> that<00:03:46.639> data<00:03:46.882> point.

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So,<00:03:47.222> that's<00:03:47.871> the<00:03:47.936> whole<00:03:48.114> concept<00:03:48.536> of<00:03:48.665> the<00:03:48.908> book<00:03:49.557> called<00:03:50.226> Superfounders:<00:03:50.944> What<00:03:51.286> Data<00:03:51.515> Reveals<00:03:51.873> About<00:03:52.085> Billion-Dollar<00:03:52.509> Companies.

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What<00:03:53.733> are<00:03:53.896> the<00:03:53.977> things<00:03:54.287> that<00:03:54.336> matter?

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So—.

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And<00:03:56.777> what's<00:03:57.020> just<00:03:57.326> noise?

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Like,<00:03:57.988> that's—<00:03:58.779> and<00:03:59.021> particularly,<00:03:59.457> like,<00:03:59.537> the<00:03:59.667> people<00:03:59.925> you<00:04:00.005> talk<00:04:00.264> to,<00:04:00.651> man,<00:04:02.895> they're<00:04:03.217> the<00:04:03.798> most<00:04:04.041> successful<00:04:04.589> entrepreneurs<00:04:05.025> of<00:04:05.106> our<00:04:05.300> time,<00:04:05.813> right,<00:04:06.823> in<00:04:06.906> a<00:04:06.972> lot<00:04:07.154> of<00:04:07.237> cases,<00:04:07.800> in<00:04:07.899> the<00:04:07.982> companies<00:04:08.379> that<00:04:08.545> they've<00:04:08.727> built.

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So,<00:04:10.064> I'm<00:04:10.386> really<00:04:10.627> fascinated<00:04:11.173> with<00:04:11.253> this<00:04:11.350> idea<00:04:11.591> of<00:04:11.735> like,<00:04:12.073> what<00:04:12.378> actually<00:04:12.652> matters<00:04:13.423> and<00:04:13.584> what's<00:04:13.937> noise?

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And<00:04:16.251> what,<00:04:16.492> in<00:04:16.653> your<00:04:16.878> experience<00:04:17.441> as<00:04:17.553> an<00:04:17.682> investor,<00:04:18.180> as<00:04:18.598> a<00:04:18.646> VC,<00:04:20.413> do<00:04:20.574> people<00:04:20.831> kind<00:04:21.056> of<00:04:21.377> oversimplify<00:04:25.731> and<00:04:25.811> they're<00:04:26.133> like,<00:04:26.358> kind<00:04:26.518> of<00:04:26.679> overcorrect<00:04:27.177> for<00:04:27.289> that<00:04:27.964> and<00:04:28.125> things<00:04:28.270> that<00:04:28.383> they<00:04:28.464> should<00:04:28.788> be<00:04:28.868> focusing<00:04:29.500> on?

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Yeah,<00:04:31.378> I<00:04:31.459> think<00:04:31.702> there<00:04:31.880> is<00:04:32.657> one<00:04:32.916> thing<00:04:33.401> that<00:04:34.680> I<00:04:34.777> found<00:04:35.101> particularly<00:04:35.911> has<00:04:36.153> created<00:04:36.704> these<00:04:36.850> stereotypes.

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I<00:04:38.364> feel<00:04:38.576> like<00:04:38.820> I<00:04:38.853> see<00:04:38.918> this<00:04:39.662> less<00:04:40.319> in<00:04:40.463> professional<00:04:41.826> venture<00:04:42.227> capitalists<00:04:43.494> and<00:04:43.735> more<00:04:44.376> in<00:04:45.114> kind<00:04:45.354> of,<00:04:45.499> you<00:04:45.531> know,<00:04:45.900> generalist<00:04:46.734> startup<00:04:47.135> circles<00:04:48.000> and<00:04:48.145> mostly<00:04:48.401> actually<00:04:48.642> the<00:04:48.786> media.

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So,<00:04:50.326> you<00:04:50.422> know,<00:04:50.566> some<00:04:50.951> stories<00:04:51.609> make<00:04:52.090> more<00:04:52.250> sense<00:04:52.811> and<00:04:52.956> they,<00:04:53.036> you<00:04:53.453> know,<00:04:53.613> these<00:04:53.790> narratives<00:04:54.656> make<00:04:54.832> for<00:04:55.056> better<00:04:55.313> stories,<00:04:55.938> better<00:04:56.323> movies,<00:04:56.804> better<00:04:56.997> series.

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And,<00:04:59.130> you<00:04:59.162> know,<00:04:59.547> those<00:04:59.707> are<00:04:59.787> the<00:04:59.932> things<00:05:00.108> that<00:05:00.252> sell.

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Those<00:05:00.830> are<00:05:00.910> the<00:05:01.054> things<00:05:01.230> that<00:05:01.375> journalists<00:05:01.792> wanna<00:05:01.872> talk<00:05:02.209> about.

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And<00:05:04.358> because<00:05:04.823> most<00:05:05.079> of<00:05:05.143> the<00:05:05.175> information<00:05:05.721> that<00:05:05.865> we<00:05:05.961> consume<00:05:06.683> comes<00:05:07.164> to<00:05:07.324> us<00:05:07.645> from<00:05:07.886> the<00:05:07.966> media,<00:05:08.527> from<00:05:08.768> journalists,<00:05:09.473> from<00:05:09.714> movie<00:05:09.954> makers,<00:05:11.012> that<00:05:11.317> has<00:05:11.573> created<00:05:12.214> this<00:05:14.138> mismatched<00:05:16.526> reality,<00:05:16.846> basically<00:05:17.167> this<00:05:17.423> reality<00:05:17.904> distortion<00:05:18.930> from<00:05:19.186> what<00:05:19.410> is<00:05:19.667> real<00:05:20.612> and<00:05:21.013> what<00:05:21.189> we<00:05:21.269> feel<00:05:22.215> like<00:05:22.471> it's<00:05:22.712> real.

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So<00:05:24.315> I<00:05:24.555> talk<00:05:24.892> about<00:05:25.116> some<00:05:25.276> of<00:05:25.436> these<00:05:25.613> in<00:05:25.741> the<00:05:25.837> book.

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So<00:05:26.142> let's<00:05:26.879> talk<00:05:27.103> about<00:05:27.279> some<00:05:27.504> of<00:05:27.600> the<00:05:27.680> things<00:05:27.985> that<00:05:28.225> the<00:05:28.337> data<00:05:28.626> found<00:05:28.946> does<00:05:29.123> not<00:05:29.347> matter.

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And<00:05:30.148> then<00:05:30.244> we'll<00:05:30.469> get<00:05:30.645> to<00:05:30.805> the<00:05:31.286> interesting<00:05:32.168> stuff,<00:05:33.834> which<00:05:34.011> I<00:05:34.091> found<00:05:34.411> that<00:05:34.716> do<00:05:34.876> matter.

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So<00:05:35.998> for<00:05:36.190> example,<00:05:37.120> in<00:05:37.152> the<00:05:37.280> very<00:05:37.456> first<00:05:37.761> chapter,<00:05:38.338> I<00:05:38.482> talk<00:05:38.739> about<00:05:39.139> the<00:05:39.219> number<00:05:39.540> of<00:05:39.684> co-founders.

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So<00:05:40.758> there<00:05:40.902> is,<00:05:41.303> you<00:05:41.335> know,<00:05:41.704> for<00:05:41.768> a<00:05:41.865> long<00:05:42.105> time<00:05:42.570> been<00:05:43.132> this<00:05:43.308> discussion<00:05:43.853> that,<00:05:44.094> hey,<00:05:44.206> solo<00:05:44.591> founders<00:05:45.633> are<00:05:45.778> bad.

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If<00:05:46.339> you<00:05:46.499> want<00:05:46.579> to<00:05:46.660> start<00:05:46.916> a<00:05:46.980> company,<00:05:47.317> first<00:05:47.558> thing<00:05:47.718> you<00:05:47.862> do,<00:05:48.424> you<00:05:48.520> find<00:05:48.825> a<00:05:48.841> co-founder,<00:05:49.546> you<00:05:49.642> find<00:05:49.947> multiple<00:05:50.444> co-founders,<00:05:50.909> and<00:05:51.006> then<00:05:51.230> you<00:05:51.326> go<00:05:51.487> and<00:05:51.567> start<00:05:51.872> a<00:05:51.888> company.

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Um,<00:05:53.716> actually,<00:05:53.892> when<00:05:54.037> I<00:05:54.133> look<00:05:54.293> at<00:05:54.357> the<00:05:54.453> data,<00:05:55.255> well,<00:05:55.432> it's<00:05:55.560> true,<00:05:56.121> only<00:05:56.442> 1<00:05:56.779> in<00:05:57.164> out<00:05:57.244> of<00:05:57.340> every<00:05:57.517> $5<00:05:58.382> billion<00:05:58.928> company<00:05:59.329> was<00:05:59.441> started,<00:06:00.291> uh,<00:06:00.868> by<00:06:00.964> a<00:06:01.029> solo<00:06:01.349> founder.

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But<00:06:02.392> even<00:06:02.696> 1<00:06:02.809> in<00:06:02.937> 5<00:06:03.274> is,<00:06:03.675> is,<00:06:04.300> is<00:06:04.460> a<00:06:04.893> significantly<00:06:05.759> large<00:06:06.080> number.

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Um,<00:06:07.122> and<00:06:07.202> also<00:06:07.443> when<00:06:07.603> I<00:06:07.988> compare<00:06:08.484> that<00:06:09.045> with<00:06:09.205> the<00:06:09.350> base<00:06:09.766> group,<00:06:10.087> with<00:06:10.712> every<00:06:10.968> venture-backed<00:06:11.593> company,<00:06:12.026> it<00:06:12.395> actually<00:06:12.635> turns<00:06:12.891> out<00:06:13.036> there<00:06:13.196> is<00:06:13.292> no<00:06:13.468> statistically<00:06:14.173> significant<00:06:14.959> advantage<00:06:15.632> or<00:06:15.696> disadvantage<00:06:16.914> to<00:06:16.994> being<00:06:17.202> a<00:06:17.218> solo<00:06:17.539> founder.

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Neither<00:06:18.660> there<00:06:18.821> is<00:06:19.061> to<00:06:19.366> having<00:06:19.542> 2<00:06:19.702> founders,<00:06:20.263> nor<00:06:20.744> 3<00:06:20.968> founders,<00:06:21.529> nor<00:06:21.689> 4,<00:06:21.946> nor<00:06:22.266> 5.

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So<00:06:22.971> essentially,<00:06:23.853> number<00:06:24.109> of<00:06:24.269> co-founders<00:06:25.535> is<00:06:25.792> not<00:06:26.497> that<00:06:26.657> important<00:06:27.154> to<00:06:27.298> the<00:06:27.330> success<00:06:27.955> or<00:06:28.099> failure<00:06:28.340> of<00:06:28.452> the<00:06:28.516> company<00:06:29.702> because<00:06:30.102> there's<00:06:30.295> a<00:06:30.343> lot<00:06:30.519> of,<00:06:30.583> you<00:06:30.615> know,<00:06:30.824> pros<00:06:31.064> and<00:06:31.160> cons.

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Founders<00:06:32.122> might<00:06:32.266> fight,<00:06:33.147> and<00:06:33.644> a<00:06:33.724> lot<00:06:33.868> of<00:06:33.900> companies<00:06:34.365> may<00:06:34.622> fail<00:06:35.247> because<00:06:35.663> of<00:06:35.808> co-founder<00:06:36.368> conflict,<00:06:36.929> because<00:06:37.266> of<00:06:37.410> co-founder<00:06:38.452> misaligned<00:06:38.998> incentives,<00:06:39.656> because<00:06:40.042> of,<00:06:40.138> you<00:06:40.218> know,<00:06:40.379> a<00:06:40.395> lot<00:06:40.636> of<00:06:40.780> things<00:06:40.941> that<00:06:41.085> can<00:06:41.246> go<00:06:41.487> wrong,<00:06:42.370> um,<00:06:43.189> that<00:06:43.350> can<00:06:43.510> be<00:06:43.591> avoided<00:06:44.072> in<00:06:44.153> the<00:06:44.233> case<00:06:44.474> of<00:06:44.554> a<00:06:44.570> solo<00:06:44.875> founder.

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On<00:06:45.598> the<00:06:45.678> other<00:06:45.823> side,<00:06:45.999> there's<00:06:46.176> a<00:06:46.320> ton<00:06:46.577> of<00:06:46.722> great<00:06:47.043> things<00:06:47.685> when<00:06:48.007> there's<00:06:48.183> a<00:06:48.392> good,<00:06:48.874> good<00:06:49.115> co-founding<00:06:49.693> team<00:06:49.998> that's<00:06:50.319> working<00:06:50.576> perfectly<00:06:50.977> together<00:06:51.379> and<00:06:51.523> they<00:06:51.620> can<00:06:51.764> contribute<00:06:52.744> to<00:06:52.824> different<00:06:53.129> parts<00:06:53.402> of<00:06:53.547> the<00:06:53.627> business.

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Um,<00:06:55.088> so<00:06:55.136> that's<00:06:55.474> why,<00:06:55.795> you<00:06:55.875> know,<00:06:56.180> there's—<00:06:57.063> you,<00:06:57.545> on<00:06:57.626> the<00:06:57.866> overall<00:06:58.284> basis,<00:06:59.071> uh,<00:06:59.729> it<00:06:59.890> doesn't<00:07:00.131> apply—<00:07:00.773> this,<00:07:01.094> this<00:07:01.335> advice<00:07:01.881> of,<00:07:02.042> you<00:07:02.122> know,<00:07:02.218> you<00:07:02.363> have<00:07:02.620> to<00:07:02.684> have<00:07:02.796> a<00:07:02.861> co-founder<00:07:03.776> does<00:07:04.049> not<00:07:04.290> generally<00:07:04.771> apply.

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For<00:07:05.334> some<00:07:05.880> people,<00:07:06.377> it<00:07:06.473> makes<00:07:06.745> sense<00:07:06.954> to<00:07:07.050> go<00:07:07.194> solo<00:07:07.675> and<00:07:08.220> they<00:07:08.300> were<00:07:08.397> not<00:07:08.701> less<00:07:08.958> likely<00:07:09.214> to<00:07:09.278> succeed.

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For<00:07:09.920> some<00:07:10.144> people,<00:07:10.417> it<00:07:10.481> makes<00:07:10.673> sense<00:07:10.882> to<00:07:10.962> start<00:07:11.186> a<00:07:11.202> company<00:07:11.587> with<00:07:12.405> somebody<00:07:12.806> they<00:07:12.902> know<00:07:13.206> or<00:07:13.303> somebody<00:07:13.848> that<00:07:13.912> they<00:07:14.168> wanna<00:07:14.473> work<00:07:14.649> with<00:07:14.810> and<00:07:14.954> they<00:07:15.114> have<00:07:15.211> complimentary<00:07:15.916> skills.

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So<00:07:16.718> that's<00:07:16.958> one<00:07:17.215> case<00:07:17.840> of<00:07:18.642> this.

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And<00:07:19.139> actually<00:07:19.764> one<00:07:19.924> of<00:07:20.004> the<00:07:20.085> examples<00:07:20.598> of<00:07:21.560> a<00:07:21.624> solo-founded<00:07:22.409> company<00:07:22.890> is<00:07:23.131> Zoom,<00:07:24.029> where<00:07:24.574> Eric<00:07:24.814> Yuan<00:07:25.215> founded<00:07:25.776> this<00:07:25.953> company<00:07:26.257> as<00:07:26.353> a<00:07:26.369> solo<00:07:27.155> founder.

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A<00:07:28.101> lot<00:07:28.261> of<00:07:28.341> people<00:07:28.598> may<00:07:28.742> have<00:07:28.854> advised<00:07:29.544> against<00:07:29.961> this,<00:07:30.201> but<00:07:30.442> this<00:07:31.083> founder,<00:07:31.628> along<00:07:31.885> with<00:07:32.430> many<00:07:32.686> tens<00:07:33.007> of<00:07:33.151> other<00:07:33.440> founders,<00:07:33.809> started<00:07:34.209> billion-dollar<00:07:34.594> companies.

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As<00:07:35.990> solo<00:07:36.295> founders.

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The<00:07:37.516> second<00:07:38.302> point,<00:07:39.266> the<00:07:39.330> second<00:07:39.699> very<00:07:39.908> kind<00:07:40.085> of<00:07:40.374> contradictory<00:07:41.674> point<00:07:41.979> that's<00:07:42.220> out<00:07:42.461> there,<00:07:42.798> everybody<00:07:43.280> talks<00:07:43.537> about<00:07:43.842> the<00:07:44.083> need<00:07:44.645> to<00:07:44.805> be<00:07:44.966> technical,<00:07:45.929> be<00:07:46.010> a<00:07:46.090> technical<00:07:46.555> founder.

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Now,<00:07:48.241> I'm<00:07:48.418> a<00:07:48.482> technical<00:07:48.900> person<00:07:49.221> myself.

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I<00:07:49.863> come<00:07:50.088> from<00:07:50.200> a<00:07:50.265> technical<00:07:50.586> background.

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There's<00:07:51.645> a<00:07:51.774> lot<00:07:51.934> of<00:07:52.095> bias<00:07:52.834> in<00:07:52.914> the<00:07:52.978> industry<00:07:53.476> for<00:07:53.701> backing<00:07:54.584> techno<00:07:54.905> founders.

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One<00:07:55.499> of<00:07:55.563> the<00:07:55.644> first<00:07:55.949> things<00:07:56.286> that<00:07:56.591> you<00:07:56.671> see<00:07:57.008> and<00:07:57.313> hear<00:07:57.474> in<00:07:57.635> every,<00:07:57.956> you<00:07:58.213> know,<00:07:58.534> every<00:07:58.694> forum<00:07:59.112> and<00:07:59.240> every<00:07:59.899> ecosystem<00:08:00.846> is<00:08:01.584> you<00:08:01.680> need<00:08:02.066> somebody<00:08:02.531> who<00:08:02.708> can<00:08:02.788> code,<00:08:03.205> you<00:08:03.269> need<00:08:03.494> technical<00:08:03.927> founder<00:08:04.778> to<00:08:04.874> start<00:08:05.500> a<00:08:05.597> technical<00:08:06.078> company.

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When<00:08:06.881> you<00:08:07.025> look<00:08:07.202> at<00:08:07.282> the<00:08:07.426> data,<00:08:07.924> actually,<00:08:08.165> it's<00:08:08.566> right<00:08:08.807> in<00:08:08.887> between.

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50.5%<00:08:12.001> of<00:08:12.113> unicorn<00:08:12.482> companies<00:08:13.140> were<00:08:13.301> started<00:08:13.766> by<00:08:13.927> a<00:08:13.943> non-technical<00:08:14.954> founder.

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49.5%<00:08:17.072> of<00:08:17.137> billion-dollar<00:08:18.100> companies<00:08:18.902> were<00:08:18.982> started<00:08:19.480> by<00:08:19.721> a<00:08:19.865> technical<00:08:20.202> founder.

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So<00:08:21.245> right<00:08:21.470> in<00:08:21.550> between.

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And<00:08:22.850> when<00:08:22.947> you<00:08:23.091> compare<00:08:23.573> that<00:08:24.038> with<00:08:24.600> venture,<00:08:25.162> with<00:08:25.499> baseline,<00:08:26.430> you<00:08:26.542> see<00:08:27.087> a<00:08:27.247> little<00:08:27.568> bit<00:08:28.370> of,<00:08:29.011> you<00:08:29.107> know,<00:08:29.589> improvement<00:08:30.390> or<00:08:30.615> a<00:08:30.711> little<00:08:30.952> advantage<00:08:31.657> for<00:08:31.737> technical<00:08:32.186> founders<00:08:33.197> in<00:08:33.293> starting<00:08:33.742> larger<00:08:34.063> companies,<00:08:34.560> but<00:08:34.704> it's<00:08:34.880> not<00:08:35.602> massive.

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It's<00:08:36.259> not<00:08:36.404> like,<00:08:36.692> hey,<00:08:37.141> if<00:08:37.222> you're<00:08:37.318> non-technical,<00:08:37.927> you're<00:08:38.152> gonna<00:08:38.312> fail.

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I<00:08:38.953> mean,<00:08:39.210> half<00:08:39.450> of<00:08:39.595> all<00:08:39.755> the<00:08:39.851> billion-dollar<00:08:40.316> companies<00:08:41.054> ever<00:08:41.295> created<00:08:42.161> were<00:08:42.257> created<00:08:42.658> by<00:08:42.754> non-technical<00:08:43.475> CEOs.

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So<00:08:44.983> it<00:08:45.127> goes<00:08:45.320> again,<00:08:45.929> you<00:08:46.186> know,<00:08:46.426> sure,<00:08:46.747> if<00:08:46.907> you're<00:08:47.051> technical,<00:08:47.565> it<00:08:47.629> might,<00:08:48.030> you<00:08:48.062> know,<00:08:48.366> it<00:08:48.495> may<00:08:48.671> make<00:08:48.847> some<00:08:49.136> things<00:08:49.617> easier,<00:08:50.114> but<00:08:50.259> it's<00:08:50.435> not<00:08:51.381> set<00:08:51.574> in<00:08:51.654> stone.

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There's<00:08:52.199> a<00:08:52.343> lot<00:08:52.504> of<00:08:52.600> ways<00:08:52.776> to<00:08:52.921> go.

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Around<00:08:54.107> this.

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Now,<00:08:55.311> you<00:08:55.343> may<00:08:55.567> want<00:08:55.712> to<00:08:55.808> hire<00:08:56.450> a<00:08:56.530> first<00:08:56.835> technical<00:08:57.172> person,<00:08:57.878> you<00:08:57.974> may<00:08:58.038> want<00:08:58.134> to<00:08:58.359> get<00:08:58.471> a<00:08:58.535> technical<00:08:58.920> co-founder.

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There's<00:08:59.739> a<00:08:59.819> lot<00:08:59.979> of<00:09:00.059> ways<00:09:00.380> to<00:09:00.926> go<00:09:01.102> around.

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And<00:09:02.065> a<00:09:02.081> lot<00:09:02.289> of<00:09:02.402> companies<00:09:03.332> out<00:09:03.509> there,<00:09:04.712> the,<00:09:05.097> the<00:09:05.193> reason<00:09:05.514> they're<00:09:05.658> successful<00:09:06.236> is<00:09:06.380> not<00:09:06.621> because<00:09:06.814> of<00:09:06.942> a<00:09:07.038> technical<00:09:07.519> move<00:09:07.824> that<00:09:07.985> they<00:09:08.161> have.

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In<00:09:09.156> some<00:09:09.364> cases,<00:09:09.766> it's<00:09:09.926> a<00:09:10.086> business<00:09:10.407> model<00:09:10.632> innovation,<00:09:11.129> or,<00:09:11.514> you<00:09:11.546> know,<00:09:12.573> a<00:09:13.119> better<00:09:13.375> reason<00:09:13.696> that<00:09:13.840> they<00:09:13.921> have<00:09:14.161> access<00:09:14.562> to<00:09:14.643> the<00:09:14.739> market,<00:09:15.284> or<00:09:15.701> some<00:09:16.263> advantage<00:09:16.744> that<00:09:16.969> they<00:09:17.065> have<00:09:17.947> in<00:09:18.028> terms<00:09:18.268> of<00:09:18.509> going<00:09:18.750> to<00:09:18.830> the<00:09:18.910> market.

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There's<00:09:21.475> a<00:09:21.555> lot<00:09:21.700> of<00:09:21.796> points<00:09:22.116> like<00:09:22.341> this.

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One<00:09:23.543> other<00:09:23.880> kind<00:09:24.056> of<00:09:24.184> contradictory<00:09:24.906> thing<00:09:25.162> that<00:09:25.467> you<00:09:25.883> hear<00:09:26.124> in<00:09:26.220> the<00:09:26.300> media<00:09:26.845> typically<00:09:28.352> is<00:09:29.410> kind<00:09:29.554> of<00:09:29.650> the<00:09:29.811> missionary<00:09:30.452> versus<00:09:31.157> mercenary<00:09:31.734> founder.

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Everybody's<00:09:32.808> kind<00:09:33.081> of<00:09:33.113> like,<00:09:33.257> hey,<00:09:33.481> you<00:09:33.562> need<00:09:33.674> to<00:09:33.754> be<00:09:33.978> missionary.

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You<00:09:34.684> need<00:09:34.860> to<00:09:35.565> love<00:09:35.758> this<00:09:35.966> idea.

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You<00:09:36.319> need<00:09:36.479> to<00:09:36.687> have<00:09:36.864> had<00:09:37.585> experienced<00:09:38.146> this<00:09:38.370> problem<00:09:39.012> personally<00:09:39.509> in<00:09:39.733> your<00:09:39.909> life.

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And<00:09:41.576> part<00:09:41.833> of<00:09:41.977> this<00:09:42.153> comes<00:09:42.458> from,<00:09:43.019> yeah,<00:09:43.211> it<00:09:43.356> kind<00:09:43.596> of<00:09:43.676> makes<00:09:43.981> sense.

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It's<00:09:44.558> a<00:09:44.574> narrative<00:09:45.119> that<00:09:45.279> makes<00:09:45.552> sense.

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A<00:09:47.348> lot<00:09:47.460> of<00:09:47.604> founders,<00:09:48.086> when<00:09:48.246> they<00:09:48.471> become<00:09:48.792> successful<00:09:49.674> or<00:09:49.835> when<00:09:49.931> they're<00:09:50.156> pitching<00:09:50.573> media<00:09:50.974> and<00:09:51.134> journalists<00:09:51.760> and<00:09:51.937> going<00:09:52.177> on<00:09:52.257> podcasts,<00:09:53.445> they<00:09:53.685> want<00:09:53.766> to<00:09:54.006> tell<00:09:54.263> a<00:09:54.343> good<00:09:54.488> story.

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And<00:09:55.338> a<00:09:55.386> good<00:09:55.531> story<00:09:55.867> starts<00:09:56.253> from,<00:09:56.573> hey,<00:09:57.151> I<00:09:57.215> experienced<00:09:57.777> this<00:09:57.953> for<00:09:58.050> a<00:09:58.114> long<00:09:58.290> time.

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My<00:09:59.879> parents<00:10:00.264> had<00:10:00.360> this<00:10:00.601> problem,<00:10:01.307> or<00:10:01.563> I<00:10:01.627> experienced<00:10:02.109> this<00:10:02.269> as<00:10:02.365> a<00:10:02.446> kid.

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You<00:10:03.553> know,<00:10:03.906> if<00:10:04.050> you're<00:10:04.130> starting<00:10:04.467> a<00:10:04.612> cloud<00:10:05.254> computing<00:10:05.719> company,<00:10:06.537> I<00:10:06.681> used<00:10:06.938> to<00:10:07.018> store<00:10:07.323> my<00:10:07.436> stuff<00:10:07.901> in<00:10:08.045> a,<00:10:08.543> you<00:10:08.703> know,<00:10:08.960> in<00:10:09.249> a<00:10:09.329> closet<00:10:09.906> in<00:10:09.987> the<00:10:10.067> cloud<00:10:10.452> when<00:10:10.548> I<00:10:10.612> was<00:10:10.709> a<00:10:10.789> kid.

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If<00:10:11.671> I'm<00:10:11.832> starting<00:10:12.153> a<00:10:12.233> healthcare<00:10:12.554> company,<00:10:13.035> one<00:10:13.196> of<00:10:13.276> my<00:10:13.420> family<00:10:13.757> members<00:10:14.158> had<00:10:14.255> a<00:10:14.319> health<00:10:14.559> problem.

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If<00:10:15.330> You<00:10:15.442> know,<00:10:16.484> it<00:10:16.580> makes<00:10:16.804> sense<00:10:17.125> to<00:10:17.285> tell<00:10:17.509> these<00:10:17.622> stories<00:10:18.167> and<00:10:18.648> they're<00:10:18.808> not<00:10:19.128> irrelevant,<00:10:20.315> but<00:10:20.411> there's<00:10:20.587> no<00:10:20.795> proof<00:10:21.148> that<00:10:21.357> they<00:10:21.533> are,<00:10:22.414> they<00:10:22.559> are<00:10:22.719> reason<00:10:23.056> for<00:10:23.152> success<00:10:23.937> of<00:10:24.082> these<00:10:24.242> founders.

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So<00:10:25.540> there's<00:10:25.781> this<00:10:25.925> whole<00:10:26.342> narrative<00:10:27.127> of,<00:10:27.528> hey,<00:10:27.704> you<00:10:27.848> have<00:10:28.105> to<00:10:28.249> have<00:10:28.345> had<00:10:29.387> experienced<00:10:30.028> a<00:10:30.109> problem<00:10:30.493> yourself<00:10:31.054> to<00:10:31.150> be<00:10:31.295> able<00:10:31.471> to<00:10:31.551> solve<00:10:31.936> that.

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Now,<00:10:33.058> maybe<00:10:33.298> that's<00:10:33.539> helpful<00:10:33.956> in<00:10:34.020> some<00:10:34.340> cases,<00:10:34.837> in<00:10:35.014> some<00:10:35.222> consumer<00:10:35.703> problems,<00:10:36.761> but<00:10:36.905> that's<00:10:37.947> probably<00:10:38.764> one<00:10:39.005> reason<00:10:39.325> that<00:10:39.710> we<00:10:39.790> see<00:10:40.287> a<00:10:40.303> lot<00:10:40.544> of<00:10:40.688> companies<00:10:41.249> get<00:10:41.409> started<00:10:41.890> and<00:10:41.970> funded<00:10:43.076> in<00:10:44.037> consumer<00:10:44.759> problems<00:10:45.560> of,<00:10:46.201> you<00:10:46.233> know,<00:10:47.595> a<00:10:47.723> limited<00:10:48.043> number<00:10:48.220> of<00:10:48.380> population,<00:10:49.197> Valet,<00:10:49.742> 5-minute<00:10:50.222> grocery<00:10:50.687> delivery,<00:10:51.104> a<00:10:51.248> lot<00:10:51.360> of,<00:10:51.488> you<00:10:51.568> know,<00:10:52.530> items<00:10:53.026> that,<00:10:53.491> you<00:10:53.523> know,<00:10:54.212> important<00:10:54.853> enough<00:10:55.109> problems,<00:10:55.895> good<00:10:56.055> enough<00:10:56.375> companies<00:10:56.712> can<00:10:56.856> be<00:10:57.032> built.

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But,<00:10:58.538> you<00:10:58.570> know,<00:10:58.699> climate<00:10:59.115> change<00:10:59.420> is<00:10:59.612> no<00:10:59.997> one<00:11:00.221> person's<00:11:00.637> problem.

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Food<00:11:01.983> is<00:11:02.320> not<00:11:02.560> one<00:11:02.785> person's<00:11:03.201> problem.

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Ag,<00:11:04.547> water,<00:11:05.685> a<00:11:05.829> lot<00:11:06.005> of<00:11:06.085> industrials,<00:11:07.351> you<00:11:07.383> know,<00:11:07.447> there's<00:11:07.688> a<00:11:07.832> ton<00:11:08.168> of<00:11:08.345> massive,<00:11:08.873> massive<00:11:09.274> problems<00:11:09.691> out<00:11:09.931> there.

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A<00:11:10.680> lot<00:11:10.860> more<00:11:11.000> important<00:11:11.380> than<00:11:11.620> 5-minute<00:11:12.000> grocery<00:11:12.650> that<00:11:13.400> are<00:11:13.680> not<00:11:13.860> one<00:11:14.160> specific<00:11:14.640> person's<00:11:15.420> problems,<00:11:15.620> but<00:11:15.740> it's<00:11:15.920> a<00:11:16.120> billion<00:11:16.360> people's<00:11:17.060> problem,<00:11:17.480> right?

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And<00:11:18.180> those<00:11:18.320> are<00:11:18.540> much<00:11:18.700> bigger<00:11:19.020> problems,<00:11:19.700> much<00:11:19.780> bigger<00:11:20.040> opportunities,<00:11:21.060> and<00:11:21.300> no<00:11:21.560> one<00:11:21.760> person's<00:11:22.440> personal<00:11:22.680> problem.

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Nobody—<00:11:24.560> now<00:11:24.660> again,<00:11:24.920> you<00:11:25.060> can<00:11:25.240> create<00:11:25.460> narratives<00:11:25.940> and<00:11:26.120> say,<00:11:26.560> hey,<00:11:26.561> I<00:11:26.800> always<00:11:27.040> cared<00:11:27.300> about<00:11:27.460> the<00:11:27.660> nature,<00:11:28.000> that's<00:11:28.200> why<00:11:28.380> I<00:11:28.500> started<00:11:28.740> climate<00:11:29.000> company.

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You<00:11:30.000> can,<00:11:30.500> you<00:11:30.501> know,<00:11:30.620> but<00:11:30.900> at<00:11:31.040> the<00:11:31.100> end<00:11:31.260> of<00:11:31.440> the<00:11:31.500> day,<00:11:32.340> a<00:11:32.580> lot<00:11:32.680> of<00:11:32.780> successful<00:11:33.180> founders<00:11:33.600> are<00:11:34.600> mercenaries.

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They<00:11:35.540> want<00:11:35.760> to<00:11:35.900> make<00:11:36.040> something<00:11:36.500> successful.

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They<00:11:37.260> want<00:11:37.500> to<00:11:37.620> build<00:11:37.760> a<00:11:38.020> brand.

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They<00:11:38.300> want<00:11:38.460> to<00:11:38.600> hire<00:11:38.700> a<00:11:38.920> lot<00:11:38.921> of<00:11:39.040> people.

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They<00:11:39.900> want<00:11:40.080> to<00:11:40.140> become<00:11:40.860> somebody,<00:11:41.517> right?

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And<00:11:42.639> that's<00:11:43.200> one<00:11:43.377> good<00:11:43.617> reason<00:11:43.938> that<00:11:44.098> they<00:11:44.179> start<00:11:44.499> these<00:11:44.724> companies<00:11:45.076> and<00:11:45.285> get<00:11:45.782> to<00:11:45.926> where<00:11:46.023> they<00:11:46.183> have.

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And<00:11:46.664> we<00:11:47.065> shouldn't<00:11:47.546> demonize,<00:11:48.187> we<00:11:48.251> shouldn't<00:11:49.069> just<00:11:49.310> say<00:11:49.550> just<00:11:49.791> because<00:11:50.047> somebody<00:11:51.458> was<00:11:51.779> mercenary<00:11:52.276> about<00:11:52.661> this,<00:11:52.837> that's<00:11:53.334> a<00:11:53.543> wrong<00:11:53.799> reason<00:11:53.992> to<00:11:54.056> start<00:11:54.360> a<00:11:54.376> company.

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People<00:11:55.082> have<00:11:55.178> different<00:11:55.467> reasons<00:11:55.739> for<00:11:55.948> starting<00:11:56.204> companies.

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So<00:11:57.262> again,<00:11:57.503> stereotype<00:11:59.155> on,<00:11:59.395> you<00:11:59.491> know,<00:11:59.571> everybody<00:11:59.972> should<00:12:00.133> be<00:12:00.293> missionary<00:12:00.694> and<00:12:00.838> solving<00:12:01.175> their<00:12:01.255> own<00:12:01.415> personal<00:12:01.800> problems.

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There's<00:12:03.323> a<00:12:03.339> lot<00:12:03.564> of<00:12:03.644> these<00:12:03.820> kind<00:12:03.981> of<00:12:04.061> concepts<00:12:05.729> that<00:12:05.825> I<00:12:05.969> go<00:12:06.065> over<00:12:06.466> in<00:12:06.546> the<00:12:06.707> book.

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Another<00:12:07.572> example<00:12:08.294> is,<00:12:09.995> When<00:12:10.139> you<00:12:10.252> look<00:12:10.541> at<00:12:10.798> competition,<00:12:11.761> now,<00:12:12.002> a<00:12:12.082> lot<00:12:12.243> of<00:12:12.468> entrepreneurs,<00:12:12.981> when<00:12:13.126> they<00:12:13.270> pitch,<00:12:13.848> when<00:12:13.929> they<00:12:14.089> try<00:12:14.410> to<00:12:14.491> kind<00:12:14.699> of<00:12:14.812> position<00:12:15.133> their<00:12:15.358> companies,<00:12:16.241> they<00:12:16.321> want<00:12:16.482> to<00:12:16.578> put<00:12:16.739> it<00:12:16.899> in<00:12:17.365> a<00:12:17.445> way<00:12:17.622> that,<00:12:17.766> hey,<00:12:17.927> there's<00:12:18.168> nobody<00:12:18.585> else<00:12:18.986> competing<00:12:19.468> with<00:12:19.693> us.

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This<00:12:21.170> is<00:12:21.379> a,<00:12:22.101> you<00:12:22.133> know,<00:12:22.358> this<00:12:22.583> is<00:12:22.744> a<00:12:23.723> blue<00:12:24.189> ocean<00:12:24.510> market,<00:12:24.991> right?

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This<00:12:25.650> is<00:12:25.810> a<00:12:26.597> problem<00:12:27.400> that<00:12:27.576> is<00:12:27.914> no<00:12:28.299> one<00:12:28.459> else<00:12:28.620> has<00:12:28.765> paid<00:12:28.941> attention,<00:12:29.326> this<00:12:29.391> is<00:12:29.648> all<00:12:29.905> ours.

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Actually,<00:12:31.028> the<00:12:31.109> data<00:12:31.366> shows<00:12:32.217> those<00:12:32.457> are<00:12:32.554> the<00:12:32.634> less<00:12:32.955> likely<00:12:33.581> companies<00:12:34.063> to<00:12:34.159> succeed.

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A<00:12:35.267> lot<00:12:35.443> of<00:12:35.540> the<00:12:35.684> most<00:12:35.909> successful<00:12:36.390> companies,<00:12:37.353> billion-dollar<00:12:37.754> companies<00:12:38.252> that<00:12:38.412> ever<00:12:38.653> created,<00:12:39.375> they<00:12:39.615> did<00:12:39.856> have<00:12:40.017> competition.

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They<00:12:41.044> did<00:12:41.204> have<00:12:41.316> strong<00:12:41.862> competition<00:12:43.049> from<00:12:43.226> day<00:12:43.450> one.

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From<00:12:44.429> when<00:12:44.590> they<00:12:44.750> started,<00:12:45.232> they<00:12:45.456> had—<00:12:45.633> they<00:12:45.793> were<00:12:45.954> competing<00:12:46.515> against<00:12:47.237> very<00:12:47.542> powerful<00:12:48.120> incumbents<00:12:49.307> or<00:12:49.404> some<00:12:49.885> other<00:12:50.126> fragmented<00:12:50.767> market<00:12:51.153> dynamics.

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So<00:12:52.597> having<00:12:52.934> no<00:12:53.174> competition<00:12:53.816> is<00:12:53.961> actually<00:12:54.346> a<00:12:54.458> very,<00:12:54.779> very<00:12:55.084> minority<00:12:55.742> part<00:12:56.608> of<00:12:57.346> billion-dollar<00:12:57.764> companies.

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Same<00:12:58.710> thing<00:12:58.951> for<00:12:59.272> kind<00:12:59.448> of<00:12:59.529> the<00:12:59.609> market<00:13:00.058> opportunity.

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A<00:13:00.716> lot<00:13:00.877> of<00:13:01.117> entrepreneurs<00:13:01.663> want<00:13:01.823> to<00:13:01.920> go<00:13:02.240> and<00:13:02.866> just<00:13:03.074> say,<00:13:03.507> "Hey,<00:13:03.747> I<00:13:03.827> want<00:13:04.068> to<00:13:04.324> tackle<00:13:04.725> this<00:13:04.885> thing<00:13:05.045> that's<00:13:05.285> very<00:13:05.510> unique<00:13:06.006> and<00:13:06.167> come<00:13:06.407> up<00:13:06.631> with<00:13:06.743> a<00:13:06.808> market<00:13:07.272> that's<00:13:07.593> non-existent."<00:13:08.907> It<00:13:09.035> turns<00:13:09.435> out<00:13:09.676> most<00:13:10.333> very<00:13:10.509> successful<00:13:11.038> companies,<00:13:11.534> and<00:13:11.679> it<00:13:12.175> kind<00:13:12.400> of<00:13:12.432> makes<00:13:12.656> sense,<00:13:14.178> but<00:13:14.338> that's<00:13:14.579> not<00:13:14.739> the<00:13:14.819> way<00:13:15.043> a<00:13:15.124> lot<00:13:15.236> of<00:13:15.300> entrepreneurs<00:13:15.764> would<00:13:15.941> think<00:13:16.117> about<00:13:16.518> starting<00:13:16.886> a<00:13:16.902> company,<00:13:17.767> they<00:13:17.864> were<00:13:18.024> started<00:13:18.569> in<00:13:18.665> markets<00:13:19.129> that<00:13:19.225> were<00:13:19.610> already<00:13:20.091> large.

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They<00:13:20.908> were<00:13:20.988> not<00:13:21.308> supposed<00:13:21.965> to<00:13:22.110> become<00:13:22.590> large<00:13:22.847> in<00:13:22.911> 10<00:13:23.231> years,<00:13:23.472> they<00:13:23.632> were<00:13:23.792> large<00:13:24.097> already.

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Today,<00:13:25.699> there<00:13:25.795> is<00:13:25.891> $100<00:13:26.276> billion<00:13:26.660> of<00:13:26.933> spend<00:13:27.253> in<00:13:27.381> this<00:13:27.558> industry,<00:13:28.038> or<00:13:28.102> a<00:13:28.198> billion<00:13:28.519> dollars<00:13:28.839> worth<00:13:29.000> of<00:13:29.064> spend<00:13:29.400> in<00:13:29.480> this<00:13:29.721> industry.

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Rather<00:13:31.148> than<00:13:31.260> something<00:13:31.645> that,<00:13:31.886> hey,<00:13:32.127> I<00:13:32.352> think<00:13:32.448> in<00:13:32.608> 10<00:13:32.833> years<00:13:33.090> this<00:13:33.330> market<00:13:33.651> may<00:13:33.876> grow<00:13:34.133> at<00:13:34.293> this<00:13:34.454> percentage,<00:13:35.096> and<00:13:35.240> today<00:13:35.593> it's<00:13:35.818> non-existent,<00:13:36.524> but<00:13:36.636> in<00:13:36.700> 10<00:13:36.941> years<00:13:37.102> this<00:13:37.423> would<00:13:37.583> be<00:13:37.679> a<00:13:37.728> market.

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Now,<00:13:39.332> there's<00:13:39.509> a<00:13:39.525> lot<00:13:39.733> of<00:13:39.798> very<00:13:39.910> successful<00:13:40.343> companies<00:13:40.857> built<00:13:41.194> in<00:13:41.354> those<00:13:41.595> environments<00:13:42.173> as<00:13:42.381> well,<00:13:43.264> but<00:13:43.441> when<00:13:43.585> you<00:13:43.761> look<00:13:43.938> at<00:13:44.002> the<00:13:44.227> overall<00:13:44.724> data,<00:13:45.607> you<00:13:45.639> know,<00:13:45.767> very,<00:13:46.088> very<00:13:46.971> large<00:13:47.228> number<00:13:47.757> of<00:13:48.094> very,<00:13:48.271> very<00:13:48.431> successful<00:13:48.961> companies<00:13:49.298> were<00:13:49.458> built<00:13:49.763> in<00:13:49.860> markets<00:13:50.245> that<00:13:50.421> had<00:13:50.742> a<00:13:50.822> ton<00:13:51.047> of<00:13:51.143> competition,<00:13:52.668> was<00:13:52.828> an<00:13:52.909> existing<00:13:53.695> market<00:13:53.952> opportunity,<00:13:54.674> and<00:13:54.834> they<00:13:55.059> just<00:13:55.316> did<00:13:55.541> better<00:13:55.797> by<00:13:56.038> building<00:13:56.343> a<00:13:56.359> better<00:13:56.664> product<00:13:57.402> executing<00:13:58.044> better.

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Again,<00:13:58.943> Zoom<00:13:59.328> is<00:13:59.425> an<00:13:59.505> example.

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When<00:14:00.131> they<00:14:00.211> came,<00:14:01.335> you<00:14:01.415> know,<00:14:01.881> video<00:14:02.121> communications<00:14:02.860> was<00:14:03.036> a<00:14:03.101> big<00:14:03.325> market,<00:14:03.807> there<00:14:03.903> was<00:14:04.064> a<00:14:04.144> big<00:14:04.289> spend,<00:14:04.626> there<00:14:04.770> was<00:14:04.882> a<00:14:05.107> ton<00:14:05.653> of<00:14:05.749> incumbent<00:14:06.375> companies<00:14:06.793> with<00:14:06.937> products<00:14:07.338> in<00:14:07.419> the<00:14:07.499> market,<00:14:07.836> some<00:14:08.061> of<00:14:08.157> them<00:14:08.302> for<00:14:08.462> free—<00:14:09.602> Skype,<00:14:10.067> Microsoft—<00:14:10.822> some<00:14:11.127> of<00:14:11.207> them<00:14:11.368> paid—<00:14:12.411> Cisco.

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But,<00:14:13.519> you<00:14:13.551> know,<00:14:13.759> they<00:14:13.936> built<00:14:14.112> a<00:14:14.177> much<00:14:14.401> better<00:14:14.578> product,<00:14:15.043> they<00:14:15.220> executed<00:14:15.782> a<00:14:15.862> better<00:14:16.039> sales<00:14:16.488> strategy<00:14:16.889> and<00:14:16.970> marketing,<00:14:17.451> and<00:14:17.612> they,<00:14:18.109> they<00:14:18.254> became<00:14:18.591> the<00:14:18.735> dominant<00:14:19.073> player<00:14:19.281> in<00:14:19.313> the<00:14:19.345> market.

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And<00:14:20.501> that's<00:14:20.758> the<00:14:20.919> story<00:14:21.464> of<00:14:21.785> the<00:14:21.946> majority<00:14:22.765> of<00:14:22.861> successful<00:14:23.407> companies—<00:14:23.808> better<00:14:23.985> execution,<00:14:25.013> better<00:14:25.336> product,<00:14:26.080> some<00:14:26.468> type<00:14:26.775> of<00:14:26.872> advantage<00:14:28.246> that<00:14:28.392> they<00:14:28.634> had.

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And<00:14:29.701> other<00:14:30.186> timing—<00:14:32.272> I<00:14:32.369> wonder—<00:14:32.773> sorry,<00:14:33.727> yeah,<00:14:33.905> not<00:14:34.051> to<00:14:34.148> cut<00:14:34.374> you<00:14:34.455> off<00:14:34.520> there,<00:14:34.632> but<00:14:34.793> like,<00:14:35.195> when<00:14:35.339> I<00:14:35.436> think<00:14:35.596> about<00:14:35.838> Zoom,<00:14:37.348> and<00:14:37.831> you're<00:14:38.007> right,<00:14:38.313> I<00:14:38.329> mean,<00:14:38.490> there<00:14:38.650> was<00:14:38.731> Skype,<00:14:39.374> there<00:14:39.599> was<00:14:39.776> Cisco.

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I<00:14:40.515> mean,<00:14:40.724> you<00:14:40.885> could<00:14:40.997> even<00:14:41.222> do<00:14:41.399> some<00:14:41.720> of<00:14:41.785> this<00:14:41.945> stuff<00:14:42.267> on<00:14:42.347> like<00:14:42.508> Google<00:14:42.829> Hangouts.

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If<00:14:44.048> I<00:14:44.113> like—<00:14:45.000> there<00:14:45.388> were<00:14:45.630> like,<00:14:45.808> there<00:14:45.953> were<00:14:46.114> like<00:14:46.292> these<00:14:46.453> other<00:14:46.695> things,<00:14:46.938> like<00:14:47.180> how—<00:14:47.745> why<00:14:47.987> do<00:14:48.213> you<00:14:48.310> think<00:14:48.649> Zoom<00:14:48.875> was<00:14:49.036> successful?

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Obviously,<00:14:49.763> the<00:14:49.908> product<00:14:50.328> itself,<00:14:51.284> was<00:14:51.446> easier<00:14:51.852> to<00:14:52.014> use,<00:14:52.647> all<00:14:52.825> that<00:14:52.988> type<00:14:53.069> of<00:14:53.166> stuff,<00:14:53.409> and<00:14:53.474> that<00:14:53.620> must<00:14:53.864> play<00:14:53.961> a<00:14:54.107> role.

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But<00:14:54.431> what<00:14:54.512> about<00:14:54.756> timing?

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Because<00:14:55.356> it<00:14:55.437> seems<00:14:55.729> like<00:14:56.881> Zoom<00:14:57.189> really<00:14:57.513> took<00:14:57.838> off<00:14:58.033> at<00:14:58.097> the<00:14:58.179> beginning<00:14:58.438> of<00:14:58.566> COVID-19.

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It<00:15:01.217> did,<00:15:01.860> but<00:15:02.182> Zoom<00:15:02.680> was<00:15:02.905> already<00:15:03.322> a<00:15:03.403> big<00:15:03.563> company<00:15:03.949> before<00:15:04.447> COVID<00:15:05.042> Zoom<00:15:05.234> was<00:15:05.347> already<00:15:05.652> a<00:15:05.732> billion-dollar<00:15:06.279> company<00:15:06.616> before<00:15:06.922> that.

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Zoom<00:15:07.339> already<00:15:07.741> had<00:15:08.208> a<00:15:08.257> ton<00:15:08.450> of<00:15:08.709> customers<00:15:09.516> and<00:15:09.661> much<00:15:09.838> better<00:15:10.080> products.

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So<00:15:10.629> sure,<00:15:11.452> there's<00:15:11.678> a<00:15:11.839> ton<00:15:12.033> of<00:15:12.178> companies<00:15:12.662> that<00:15:14.034> get<00:15:14.260> to<00:15:14.422> become<00:15:14.680> the<00:15:14.841> very,<00:15:15.164> very<00:15:15.470> big<00:15:15.632> successes<00:15:16.294> because<00:15:16.681> of<00:15:16.778> a<00:15:16.842> tailwind.

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In<00:15:17.572> the<00:15:17.636> market,<00:15:18.197> right?

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Because<00:15:18.710> of<00:15:18.790> a<00:15:18.854> timing<00:15:19.335> thing.

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And<00:15:20.553> I'll<00:15:21.018> get<00:15:21.178> to<00:15:21.274> that<00:15:21.403> and<00:15:21.451> I'll<00:15:21.659> talk<00:15:21.900> about<00:15:22.204> that.

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But<00:15:23.503> just<00:15:23.743> regardless<00:15:24.288> of<00:15:24.368> the<00:15:24.464> timing,<00:15:25.250> you<00:15:25.282> know,<00:15:25.426> just<00:15:25.747> that<00:15:26.372> better<00:15:26.708> product,<00:15:27.334> better<00:15:27.590> sales,<00:15:28.151> better<00:15:28.472> distribution,<00:15:29.417> better<00:15:29.594> execution,<00:15:30.539> a<00:15:30.620> unique<00:15:31.036> way<00:15:31.197> that<00:15:31.421> you<00:15:31.501> are<00:15:31.597> having<00:15:31.902> distribution.

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Now,<00:15:33.056> a<00:15:33.104> lot<00:15:33.280> of<00:15:33.521> second-time<00:15:34.146> entrepreneurs<00:15:35.060> start<00:15:35.541> from<00:15:36.711> thinking<00:15:37.063> about<00:15:37.352> their<00:15:37.512> distribution<00:15:38.314> before<00:15:38.730> thinking<00:15:39.211> about<00:15:40.157> their<00:15:40.894> product,<00:15:41.616> right?

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Before<00:15:42.337> thinking<00:15:42.642> about<00:15:43.283> why<00:15:43.443> am<00:15:43.603> I<00:15:43.700> technically<00:15:44.822> and<00:15:44.982> think<00:15:45.223> about,<00:15:45.625> you<00:15:45.705> know,<00:15:46.171> how<00:15:46.348> do<00:15:46.412> I<00:15:46.573> get<00:15:46.750> this<00:15:46.910> in<00:15:46.990> the<00:15:47.135> hands<00:15:47.328> of<00:15:47.392> 100<00:15:47.713> million<00:15:47.954> people<00:15:48.742> or<00:15:48.822> 1,000<00:15:49.802> large<00:15:50.107> companies?

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Now,<00:15:52.196> timing<00:15:53.095> did<00:15:53.417> play<00:15:53.883> a<00:15:53.979> large<00:15:54.365> role<00:15:54.863> in<00:15:54.927> a<00:15:55.023> lot<00:15:55.184> of<00:15:55.264> companies'<00:15:55.843> success,<00:15:57.417> and<00:15:57.514> that's<00:15:57.738> undeniable.

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However,<00:15:59.441> it's<00:15:59.602> very<00:15:59.907> hard<00:16:00.245> to<00:16:00.405> crack<00:16:00.968> the<00:16:01.112> code<00:16:01.305> of<00:16:01.434> timing.

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It's<00:16:02.253> very<00:16:02.655> easy<00:16:02.976> looking<00:16:03.361> back<00:16:04.325> and<00:16:04.406> say,<00:16:04.807> hey,<00:16:05.064> there's<00:16:05.241> a<00:16:05.305> ton<00:16:05.611> of<00:16:05.707> companies<00:16:06.028> that<00:16:06.189> became<00:16:06.510> successful<00:16:07.699> like<00:16:08.101> Uber<00:16:09.000> because<00:16:09.643> smartphones<00:16:10.446> and<00:16:10.591> GPS<00:16:11.009> became<00:16:11.410> free.

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There's<00:16:12.437> a,<00:16:12.629> you<00:16:12.694> know,<00:16:13.239> you<00:16:13.271> can<00:16:13.495> look<00:16:13.720> back<00:16:13.976> and<00:16:14.057> say,<00:16:14.538> you<00:16:14.570> know,<00:16:14.714> Snapchat<00:16:15.484> became<00:16:15.804> successful<00:16:16.365> because<00:16:16.606> of<00:16:16.638> the<00:16:16.863> front-facing<00:16:17.504> camera.

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You<00:16:17.937> can<00:16:18.209> look<00:16:18.386> back<00:16:18.642> and<00:16:19.091> there's<00:16:19.252> a<00:16:19.348> ton<00:16:19.668> of<00:16:20.150> companies,<00:16:21.015> but<00:16:22.491> in<00:16:22.635> reality,<00:16:24.399> many<00:16:24.639> of—<00:16:25.104> very<00:16:25.280> few<00:16:25.521> of<00:16:25.601> these<00:16:25.761> founders<00:16:26.146> had<00:16:26.643> thought<00:16:27.028> about<00:16:27.445> this<00:16:27.686> process<00:16:28.247> beforehand.

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You<00:16:28.984> know,<00:16:29.129> they<00:16:29.289> just<00:16:29.449> kind<00:16:29.626> of<00:16:29.690> got<00:16:29.914> lucky<00:16:30.251> or<00:16:30.331> adapted<00:16:31.293> their<00:16:31.454> company<00:16:31.919> to<00:16:32.095> what<00:16:32.400> trend<00:16:32.736> they<00:16:32.897> saw<00:16:33.217> and,<00:16:33.522> you<00:16:33.554> know,<00:16:34.163> moved<00:16:34.340> and<00:16:34.500> changed<00:16:34.901> based<00:16:35.141> on<00:16:35.206> the<00:16:35.302> reality.

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So<00:16:36.889> a<00:16:36.905> very<00:16:37.226> good<00:16:37.450> trait<00:16:37.803> among<00:16:38.332> these<00:16:38.428> successful<00:16:38.910> entrepreneurs<00:16:39.391> is<00:16:39.535> just<00:16:39.840> listen<00:16:40.337> to<00:16:40.434> the<00:16:40.514> market.

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Now,<00:16:41.944> have<00:16:42.265> your<00:16:42.442> vision,<00:16:43.470> build<00:16:44.353> the<00:16:44.449> product<00:16:44.947> that<00:16:45.092> you<00:16:45.252> think<00:16:45.413> should<00:16:45.654> be<00:16:45.895> built,<00:16:46.537> but<00:16:46.778> be<00:16:47.003> open<00:16:47.341> to<00:16:47.485> hearing<00:16:47.758> the<00:16:47.806> customers.

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Be<00:16:48.561> open<00:16:48.850> to<00:16:48.963> adapting<00:16:49.573> your<00:16:49.750> distribution,<00:16:50.473> adapting<00:16:50.954> the<00:16:51.035> product,<00:16:51.597> adapting<00:16:51.982> the<00:16:52.079> features<00:16:53.043> based<00:16:53.267> on<00:16:53.300> the<00:16:53.444> customers.

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But,<00:16:54.793> you<00:16:54.890> know,<00:16:55.034> you<00:16:55.131> should<00:16:55.436> have<00:16:55.548> a<00:16:55.612> north<00:16:55.773> star.

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You<00:16:56.271> should<00:16:56.480> have<00:16:56.640> the<00:16:56.737> final<00:16:57.219> goal<00:16:57.460> and<00:16:57.604> ambition<00:16:58.488> that<00:16:58.729> I<00:16:58.905> want<00:16:59.034> to<00:16:59.130> get<00:16:59.307> to<00:16:59.387> this<00:16:59.628> point<00:16:59.949> in<00:17:00.030> 10<00:17:00.254> years,<00:17:01.138> and<00:17:01.539> that's<00:17:01.780> how<00:17:01.941> I<00:17:02.102> want<00:17:02.278> to<00:17:02.423> change<00:17:02.696> the<00:17:02.905> world.

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But<00:17:03.868> along<00:17:04.206> the<00:17:04.350> way,<00:17:04.607> I<00:17:04.752> have<00:17:04.929> to<00:17:05.073> listen<00:17:05.330> to<00:17:05.475> customers.

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And<00:17:06.662> see<00:17:07.048> what<00:17:07.274> trends<00:17:07.595> are<00:17:07.676> coming<00:17:08.094> and<00:17:08.319> what,<00:17:08.657> you<00:17:08.738> know,<00:17:08.979> what<00:17:09.204> rising<00:17:09.944> tide<00:17:11.232> can<00:17:11.940> rise<00:17:12.277> my<00:17:12.519> boat<00:17:12.776> as<00:17:12.985> well.

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That's<00:17:13.725> kind<00:17:13.902> of,<00:17:14.015> you<00:17:14.047> know,<00:17:14.208> one<00:17:14.449> trait<00:17:14.755> that<00:17:14.820> you<00:17:14.954> see<00:17:15.932> among<00:17:16.269> these<00:17:16.438> entrepreneurs.

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What<00:17:19.062> about<00:17:19.261> leadership<00:17:19.774> styles?

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Yeah,<00:17:22.514> leadership<00:17:22.999> style,<00:17:23.872> that<00:17:24.034> was<00:17:24.212> not<00:17:24.390> something<00:17:24.859> that<00:17:25.004> I<00:17:25.327> had<00:17:25.489> studied<00:17:25.990> because<00:17:26.314> it's<00:17:26.750> very<00:17:26.960> hard<00:17:27.284> to<00:17:27.429> quantify<00:17:28.658> leadership<00:17:30.016> style.

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So<00:17:30.679> it<00:17:30.824> was<00:17:31.002> not<00:17:31.309> one<00:17:31.406> of<00:17:31.503> the<00:17:31.584> things<00:17:31.875> that<00:17:31.940> I<00:17:31.974> studied.

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So<00:17:34.047> yeah,<00:17:34.368> unfortunately<00:17:35.011> I<00:17:35.091> don't<00:17:35.316> have<00:17:35.477> anything<00:17:35.831> specific<00:17:36.762> to<00:17:37.646> offer<00:17:37.968> in<00:17:38.064> terms<00:17:38.385> of<00:17:38.610> leadership<00:17:38.964> style.

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However,<00:17:40.313> one<00:17:40.490> thing<00:17:40.699> that<00:17:41.197> you<00:17:41.277> see<00:17:42.145> is<00:17:43.206> many<00:17:43.430> of<00:17:43.543> these<00:17:43.671> successful<00:17:44.170> companies<00:17:44.957> kept<00:17:45.535> the<00:17:45.616> founding<00:17:46.082> CEO<00:17:47.688> in<00:17:48.010> the<00:17:48.090> CEO<00:17:48.733> job<00:17:49.215> for<00:17:49.954> a<00:17:50.115> longer<00:17:50.500> time<00:17:50.998> than<00:17:51.464> the<00:17:51.545> others.

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Now,<00:17:52.300> part<00:17:52.541> of<00:17:52.669> this<00:17:52.846> is<00:17:52.991> because,<00:17:53.312> you<00:17:53.344> know,<00:17:53.489> if<00:17:53.649> company's<00:17:54.164> failing,<00:17:54.533> you<00:17:54.613> know,<00:17:54.774> investors<00:17:55.320> become<00:17:56.220> worried<00:17:56.686> and<00:17:56.783> they<00:17:56.863> may<00:17:57.024> fire<00:17:57.345> the<00:17:57.425> CEO<00:17:57.988> and,<00:17:58.229> you<00:17:58.373> know,<00:17:58.486> there's<00:17:58.711> a<00:17:59.032> sort<00:17:59.272> of<00:17:59.352> a<00:17:59.432> reverse<00:18:00.394> causality<00:18:01.100> here.

00:18:01.837 --> 00:18:15.318
But<00:18:01.933> overall,<00:18:02.494> when<00:18:02.638> you<00:18:02.735> look,<00:18:03.664> um,<00:18:03.921> the<00:18:04.001> companies<00:18:04.546> that<00:18:04.802> kept<00:18:05.267> the<00:18:05.379> original<00:18:05.748> founding<00:18:06.341> CEO<00:18:07.592> in<00:18:07.688> the<00:18:07.768> seat<00:18:08.169> for<00:18:08.409> longer,<00:18:08.810> they<00:18:09.275> on<00:18:09.435> average<00:18:09.772> created<00:18:10.252> larger<00:18:10.637> outcomes,<00:18:11.455> and<00:18:11.775> on<00:18:11.919> average<00:18:12.240> they<00:18:12.416> were<00:18:12.801> more<00:18:12.961> likely<00:18:13.362> to<00:18:13.458> become<00:18:13.843> massive<00:18:14.725> larger<00:18:14.981> companies.

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Now<00:18:15.558> again,<00:18:15.783> as<00:18:15.863> I<00:18:15.959> say,<00:18:16.183> there's<00:18:16.360> a<00:18:16.424> ton<00:18:16.680> of<00:18:16.889> reverse<00:18:17.161> causality<00:18:17.850> here.

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When<00:18:18.652> things<00:18:18.828> go<00:18:18.989> wrong,<00:18:19.309> the<00:18:19.389> CEO<00:18:19.790> gets<00:18:19.982> fired.

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Um,<00:18:21.617> but<00:18:21.714> you<00:18:21.794> know,<00:18:21.874> that<00:18:22.114> might<00:18:22.275> be<00:18:22.419> part<00:18:22.611> of<00:18:22.836> the—<00:18:23.220> part<00:18:23.381> of<00:18:23.477> the<00:18:23.637> trait<00:18:24.182> where,<00:18:24.583> you<00:18:24.615> know,<00:18:24.759> the<00:18:24.919> original<00:18:25.240> founder<00:18:26.187> had<00:18:26.429> it<00:18:26.590> in<00:18:26.752> them<00:18:27.559> to<00:18:28.204> create<00:18:28.930> the<00:18:29.027> company<00:18:29.834> and<00:18:30.060> lead<00:18:30.334> it<00:18:30.399> from<00:18:30.657> 0<00:18:30.948> to<00:18:31.125> 1<00:18:31.609> and<00:18:31.690> from<00:18:31.997> 1<00:18:32.481> to<00:18:32.642> 10<00:18:33.046> and<00:18:33.142> from<00:18:33.385> 10<00:18:33.627> to<00:18:33.772> 100<00:18:34.676> and<00:18:34.837> more<00:18:35.063> and<00:18:35.240> more<00:18:35.370> and<00:18:35.515> more.

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So<00:18:35.790> they<00:18:35.887> were,<00:18:36.615> you<00:18:36.679> know,<00:18:36.938> either<00:18:37.164> they<00:18:37.326> learned<00:18:38.296> or<00:18:38.555> naturally<00:18:39.040> they<00:18:39.186> were<00:18:39.267> good,<00:18:40.981> but<00:18:41.288> mostly<00:18:41.547> probably<00:18:41.935> they<00:18:42.096> learned.

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Yeah,<00:18:43.883> it's<00:18:44.062> interesting<00:18:44.402> because<00:18:44.613> like<00:18:45.489> you<00:18:45.603> saw<00:18:45.992> like<00:18:46.219> when<00:18:46.381> the<00:18:46.479> Walter<00:18:47.046> Isaacson<00:18:47.452> book<00:18:47.695> came<00:18:48.004> out<00:18:48.182> about<00:18:48.442> Steve<00:18:48.750> Jobs,<00:18:50.010> you<00:18:50.058> started<00:18:50.769> like<00:18:50.995> to<00:18:51.092> see<00:18:51.658> or<00:18:51.884> hear<00:18:52.062> about<00:18:52.305> people<00:18:52.531> like<00:18:52.709> trying<00:18:52.951> to<00:18:53.048> mimic<00:18:53.517> his<00:18:53.743> management<00:18:54.228> style,<00:18:54.955> which<00:18:55.117> was<00:18:55.278> very<00:18:55.375> like<00:18:55.440> kind<00:18:55.505> of<00:18:55.553> aggressive<00:18:55.699> and<00:18:55.747> things<00:18:55.828> like<00:18:55.876> that.

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And<00:18:58.273> that<00:18:58.433> just<00:18:58.546> seems<00:18:58.754> like<00:18:58.914> an<00:18:58.994> odd<00:18:59.299> thing.

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Like,<00:18:59.956> you<00:19:00.261> kind<00:19:00.453> of<00:19:00.501> have<00:19:00.662> to<00:19:00.742> be<00:19:00.822> like<00:19:00.982> yourself,<00:19:01.719> right?

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If<00:19:02.441> you're<00:19:02.745> going<00:19:02.986> to<00:19:03.082> be<00:19:03.226> a<00:19:03.242> leader<00:19:03.803> and<00:19:05.005> start<00:19:05.406> with<00:19:05.567> like,<00:19:05.807> who<00:19:06.031> am<00:19:06.192> I<00:19:06.368> authentically?

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And<00:19:07.875> then<00:19:08.035> how<00:19:08.131> do<00:19:08.356> I<00:19:08.532> lead<00:19:08.772> this<00:19:09.013> company?

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I<00:19:10.776> agree.

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I<00:19:11.337> agree.

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I<00:19:11.658> think<00:19:11.834> that's<00:19:13.261> also<00:19:13.501> probably<00:19:14.286> one<00:19:14.543> part<00:19:14.783> of<00:19:14.944> the<00:19:16.226> media<00:19:16.627> problem.

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And<00:19:17.396> I'm<00:19:17.508> not<00:19:17.669> saying<00:19:18.214> it's<00:19:18.310> a<00:19:18.390> problem<00:19:18.791> that<00:19:19.015> journalists<00:19:19.897> create<00:19:20.394> on<00:19:20.634> purpose.

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It's<00:19:21.195> just,<00:19:21.580> you<00:19:21.612> know,<00:19:22.237> that's<00:19:22.542> their<00:19:22.702> job<00:19:23.038> to<00:19:23.423> create<00:19:23.680> content<00:19:24.161> that<00:19:24.465> would<00:19:24.690> get<00:19:24.882> distributed<00:19:25.524> faster<00:19:25.925> and<00:19:26.230> more.

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So<00:19:27.514> you<00:19:27.691> tend<00:19:28.012> to<00:19:28.156> hear<00:19:28.959> more<00:19:29.520> about<00:19:30.082> the<00:19:30.499> more<00:19:31.286> aggressive<00:19:32.040> or<00:19:32.185> more<00:19:32.570> different,<00:19:33.453> more<00:19:33.693> unique<00:19:34.576> types<00:19:34.977> of<00:19:35.090> leaders<00:19:35.635> and<00:19:36.117> characters,<00:19:36.743> right?

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But<00:19:37.706> when,<00:19:38.027> when<00:19:38.187> you<00:19:38.348> look<00:19:38.508> at<00:19:38.620> this<00:19:38.990> on<00:19:39.086> a<00:19:39.150> day-to-day<00:19:39.712> basis,<00:19:40.049> when<00:19:40.193> I<00:19:40.354> look<00:19:40.530> at<00:19:40.627> the<00:19:40.755> unicorn<00:19:41.172> companies<00:19:41.493> that<00:19:41.654> I<00:19:41.895> have<00:19:42.119> backed<00:19:42.392> and<00:19:42.617> my,<00:19:42.938> my,<00:19:43.323> my<00:19:43.500> peers<00:19:43.885> have<00:19:44.061> backed,<00:19:45.008> um,<00:19:45.345> you<00:19:45.666> know,<00:19:45.811> the<00:19:45.891> CEOs<00:19:47.095> tend<00:19:47.335> to<00:19:47.432> be<00:19:47.592> very<00:19:47.977> decent,<00:19:48.876> normal<00:19:49.277> human<00:19:49.598> beings<00:19:49.935> with<00:19:50.080> decent<00:19:50.722> Management<00:19:51.125> smiles.

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You<00:19:53.234> know,<00:19:53.331> some<00:19:53.846> of<00:19:54.088> these<00:19:54.329> stories<00:19:54.828> do<00:19:55.054> make<00:19:55.295> it<00:19:55.472> to<00:19:55.875> the<00:19:56.262> TV<00:19:56.761> series<00:19:57.308> or<00:19:57.469> like,<00:19:57.727> you<00:19:57.807> know,<00:19:58.532> whatever<00:19:58.918> comes<00:19:59.240> out.

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And<00:20:00.030> typically<00:20:00.546> it<00:20:00.691> is<00:20:00.869> the<00:20:00.950> cases<00:20:01.499> where<00:20:01.838> these<00:20:01.999> people<00:20:02.241> are<00:20:02.403> different,<00:20:03.113> more<00:20:03.210> aggressive,<00:20:04.420> or<00:20:04.582> there's<00:20:04.808> something<00:20:05.066> different<00:20:05.324> about<00:20:05.696> them.

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And<00:20:06.277> there's<00:20:06.438> nothing<00:20:06.858> wrong<00:20:07.003> with<00:20:07.165> that.

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But<00:20:07.730> in<00:20:07.810> most<00:20:08.053> cases,<00:20:08.472> you<00:20:08.553> know,<00:20:09.070> they<00:20:09.182> are<00:20:09.344> the<00:20:09.570> minority<00:20:10.457> and<00:20:10.715> the<00:20:10.860> majority<00:20:11.344> of,<00:20:11.457> you<00:20:11.538> know,<00:20:11.845> CEOs<00:20:12.329> of<00:20:12.409> these<00:20:12.893> billion-dollar<00:20:13.297> companies<00:20:13.716> are,<00:20:14.652> you<00:20:14.765> know,<00:20:14.894> decent,<00:20:15.297> kind<00:20:15.636> human<00:20:15.959> beings<00:20:16.282> with<00:20:16.427> empathy<00:20:16.911> that<00:20:17.024> are<00:20:17.169> leading<00:20:17.492> the<00:20:17.637> company<00:20:17.895> in<00:20:18.056> a<00:20:18.202> normal<00:20:18.460> way.

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Why<00:20:20.435> do<00:20:20.596> you<00:20:20.757> think<00:20:21.014> the<00:20:21.094> media<00:20:21.867> and,<00:20:22.124> and<00:20:22.285> journalists,<00:20:22.687> particularly<00:20:23.106> like<00:20:23.315> tech<00:20:23.588> or<00:20:23.653> business<00:20:24.055> journalists,<00:20:24.457> focuses<00:20:25.004> on,<00:20:26.291> um,<00:20:26.533> like<00:20:26.790> fundraising,<00:20:27.514> fundraising<00:20:27.997> announcements<00:20:28.479> are<00:20:28.560> a<00:20:28.721> big<00:20:28.850> deal<00:20:29.834> and<00:20:30.237> like,<00:20:30.721> you<00:20:30.754> know,<00:20:30.963> events<00:20:31.383> like<00:20:31.609> that<00:20:31.931> rather<00:20:32.335> than,<00:20:32.819> uh,<00:20:33.077> kind<00:20:33.238> of<00:20:33.319> what<00:20:33.464> your<00:20:33.642> book<00:20:33.884> is<00:20:33.964> about?

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Yeah,<00:20:36.546> well,<00:20:36.853> you<00:20:37.756> know,<00:20:38.370> the,<00:20:38.627> the<00:20:38.724> book<00:20:38.885> took<00:20:39.046> a<00:20:39.111> lot<00:20:39.288> of<00:20:39.368> effort,<00:20:39.755> right?

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It,<00:20:40.335> it<00:20:40.480> was<00:20:40.995> 7<00:20:41.463> years<00:20:41.688> of<00:20:41.785> data<00:20:42.026> collection<00:20:43.235> and<00:20:43.460> 1<00:20:43.718> press<00:20:43.960> release.

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So<00:20:45.535> that's<00:20:45.840> probably<00:20:46.723> not,<00:20:47.044> not<00:20:47.221> something<00:20:47.622> that<00:20:47.767> a<00:20:47.863> lot<00:20:48.024> of<00:20:48.489> companies<00:20:49.132> or<00:20:49.694> journalists<00:20:50.095> can<00:20:50.368> do,<00:20:51.155> right?

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That's<00:20:52.022> why<00:20:52.182> they<00:20:52.359> resort<00:20:52.905> on<00:20:53.001> something<00:20:53.338> that<00:20:53.563> becomes<00:20:53.964> news.

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And<00:20:54.269> that's<00:20:54.510> part<00:20:54.847> of,<00:20:54.992> you<00:20:55.024> know,<00:20:55.233> the<00:20:55.393> relationship<00:20:56.052> between<00:20:57.320> entrepreneurs,<00:20:58.123> CEOs,<00:20:59.166> and<00:20:59.423> journalists.

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There<00:21:00.082> needs<00:21:00.467> to<00:21:00.611> be<00:21:01.286> something<00:21:01.687> newsworthy<00:21:03.116> to<00:21:03.678> be<00:21:03.839> able<00:21:04.063> to<00:21:04.160> get<00:21:04.320> published.

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Very<00:21:05.669> few<00:21:05.926> journalists<00:21:06.809> want<00:21:07.371> to<00:21:08.960> kind<00:21:09.121> of<00:21:09.362> dig<00:21:09.619> deeper<00:21:10.502> And<00:21:10.759> sometimes<00:21:11.304> it<00:21:11.449> happens,<00:21:11.786> but<00:21:11.947> like<00:21:12.605> some<00:21:12.894> journalists<00:21:13.311> want<00:21:13.632> to<00:21:13.777> create<00:21:14.259> like<00:21:14.451> thought<00:21:14.917> pieces,<00:21:15.383> right?

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They<00:21:16.121> put<00:21:16.217> something<00:21:16.587> in<00:21:16.683> front<00:21:16.924> of<00:21:17.004> them,<00:21:17.149> say,<00:21:17.486> okay,<00:21:17.807> this<00:21:17.967> is<00:21:18.064> a<00:21:18.192> trend<00:21:18.529> that<00:21:18.642> I'm<00:21:18.786> seeing.

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Let<00:21:19.734> me<00:21:19.830> go<00:21:20.055> dig<00:21:20.360> in<00:21:20.601> and<00:21:21.082> talk<00:21:21.339> to<00:21:21.484> 5<00:21:21.837> different<00:21:22.142> entrepreneurs<00:21:22.688> and,<00:21:23.747> you<00:21:23.844> know,<00:21:24.053> write<00:21:24.229> something<00:21:24.614> about<00:21:25.016> this<00:21:25.192> thing.

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And<00:21:26.397> there's<00:21:26.621> a<00:21:26.702> lot<00:21:26.862> of<00:21:26.959> very<00:21:27.199> good<00:21:27.440> journalists<00:21:27.842> that<00:21:28.002> do<00:21:28.163> that,<00:21:29.030> but<00:21:29.190> that's,<00:21:29.527> it's<00:21:29.768> a<00:21:29.849> part<00:21:30.427> of<00:21:30.555> the<00:21:30.716> natural<00:21:31.711> thing<00:21:32.000> about<00:21:32.257> media,<00:21:32.658> about<00:21:32.899> the<00:21:33.044> internet,<00:21:34.007> that<00:21:34.408> things<00:21:35.211> that<00:21:35.388> become<00:21:35.789> viral<00:21:36.897> that<00:21:37.058> things<00:21:37.315> that<00:21:37.475> get<00:21:37.797> read,<00:21:38.359> get<00:21:38.519> distributed,<00:21:39.724> tend<00:21:40.286> to<00:21:40.527> have<00:21:40.849> something<00:21:41.636> sharp,<00:21:42.198> something<00:21:42.856> aggressive,<00:21:43.354> something<00:21:43.820> bold<00:21:44.302> about<00:21:44.704> them,<00:21:44.864> something<00:21:45.250> different.

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And<00:21:46.069> things<00:21:46.294> that<00:21:46.390> are<00:21:46.535> different<00:21:46.968> are<00:21:47.097> typically<00:21:48.302> newsworthy.

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And<00:21:49.281> things<00:21:49.506> that<00:21:49.603> are<00:21:49.683> newsworthy<00:21:50.261> is<00:21:50.390> like<00:21:50.566> a,<00:21:51.305> is<00:21:51.434> a<00:21:51.594> delta<00:21:51.868> function.

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It's<00:21:52.494> a<00:21:52.510> step<00:21:52.960> function.

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Hey,<00:21:53.924> we<00:21:53.956> had<00:21:54.165> $1<00:21:54.341> million<00:21:54.823> before,<00:21:55.225> now<00:21:55.466> we<00:21:55.546> have<00:21:55.707> 10.

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We<00:21:56.670> didn't<00:21:56.895> have<00:21:57.072> any<00:21:57.216> investors<00:21:57.634> before,<00:21:58.116> now<00:21:58.357> we<00:21:58.437> have<00:21:58.614> this<00:21:58.758> tier<00:21:59.064> 1<00:21:59.240> VC.

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So<00:21:59.963> these<00:22:00.188> are<00:22:00.284> the<00:22:00.365> kind<00:22:00.670> of,<00:22:00.750> you<00:22:00.831> know,<00:22:01.152> newsworthy<00:22:01.650> things.

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That,<00:22:02.532> that<00:22:02.757> get<00:22:02.917> the<00:22:02.997> attention.

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Um,<00:22:04.760> now<00:22:06.042> obviously<00:22:06.299> fundraising<00:22:06.876> is<00:22:07.020> not—<00:22:08.142> on<00:22:08.286> its<00:22:08.527> own<00:22:08.783> is<00:22:08.928> not<00:22:09.088> a<00:22:09.184> good<00:22:09.344> enough<00:22:09.585> reason<00:22:09.969> for<00:22:10.066> a<00:22:10.082> success<00:22:10.707> of<00:22:10.787> a<00:22:10.867> company.

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That's—<00:22:11.588> it's<00:22:11.749> never<00:22:11.973> a<00:22:12.069> good<00:22:12.229> metric<00:22:12.630> to<00:22:13.111> track.

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It's<00:22:13.672> never<00:22:13.896> a<00:22:13.993> good<00:22:14.137> reason<00:22:14.329> to<00:22:14.393> say<00:22:14.634> this<00:22:14.746> company<00:22:15.050> is<00:22:15.115> successful<00:22:15.675> because<00:22:16.140> they<00:22:16.220> have<00:22:16.397> raised<00:22:16.637> this<00:22:16.797> much<00:22:17.022> money.

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Um,<00:22:18.561> but<00:22:18.881> I<00:22:18.961> definitely<00:22:19.282> understand<00:22:19.747> why<00:22:20.003> they<00:22:20.228> end<00:22:20.388> up<00:22:20.965> getting<00:22:21.221> into<00:22:21.350> the<00:22:21.446> news<00:22:21.830> and<00:22:21.991> why<00:22:22.167> entrepreneurs<00:22:23.049> want<00:22:23.177> to<00:22:23.353> use<00:22:23.610> that<00:22:24.555> as,<00:22:25.116> as<00:22:25.276> a<00:22:25.373> way<00:22:25.533> to<00:22:25.693> get<00:22:25.934> into<00:22:26.094> the<00:22:26.174> news<00:22:26.479> that<00:22:26.639> will<00:22:26.735> help<00:22:26.975> them<00:22:27.312> attract<00:22:27.857> better<00:22:28.081> employees<00:22:28.578> or<00:22:28.899> attract<00:22:29.604> any<00:22:29.764> employees.

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To<00:22:31.208> come<00:22:31.321> and<00:22:31.465> join<00:22:31.706> their<00:22:31.867> companies<00:22:32.348> or<00:22:32.413> customers.

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It<00:22:33.794> just,<00:22:34.034> you<00:22:34.099> know,<00:22:34.436> gives<00:22:34.677> them<00:22:35.062> a<00:22:35.399> chain<00:22:35.801> of<00:22:35.961> credibility.

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They<00:22:36.764> can<00:22:37.230> use<00:22:37.406> the<00:22:37.551> brand<00:22:37.824> of<00:22:37.968> the<00:22:38.049> VC<00:22:38.434> firm<00:22:38.627> to<00:22:39.108> make<00:22:39.413> their<00:22:39.574> new<00:22:39.815> startup<00:22:40.296> more<00:22:40.457> credible,<00:22:41.083> or<00:22:41.115> the<00:22:41.260> other<00:22:41.404> way<00:22:41.501> around.

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What<00:22:42.946> is<00:22:43.026> your<00:22:43.187> background?

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I<00:22:43.668> think<00:22:43.829> your<00:22:43.925> story<00:22:44.311> is<00:22:44.391> so<00:22:44.567> fascinating.

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You<00:22:45.210> now<00:22:45.242> have<00:22:45.611> a<00:22:45.740> fund<00:22:46.382> in<00:22:46.719> DCVC<00:22:48.726> that<00:22:48.871> has<00:22:49.112> over<00:22:49.352> $3<00:22:49.609> billion<00:22:50.316> under<00:22:50.557> management.

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How<00:22:52.323> did<00:22:52.499> you<00:22:52.660> get<00:22:52.901> here?

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How<00:22:53.302> did,<00:22:53.607> how<00:22:53.704> did<00:22:53.848> all<00:22:54.009> of<00:22:54.105> this<00:22:54.266> happen?

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It's<00:22:55.229> incredible.

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Ah,<00:22:56.835> thank<00:22:57.060> you.

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Well,<00:22:57.864> you<00:22:57.944> know,<00:22:58.667> like<00:22:59.165> a<00:22:59.390> lot<00:22:59.567> of<00:22:59.969> people<00:23:00.274> in<00:23:00.435> venture<00:23:01.560> that<00:23:01.672> have<00:23:01.961> come<00:23:02.218> to<00:23:02.299> this<00:23:02.524> from<00:23:03.102> a<00:23:04.066> different<00:23:04.468> type<00:23:04.725> of<00:23:04.789> background,<00:23:05.689> same<00:23:06.396> case<00:23:06.621> for<00:23:06.798> me.

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I<00:23:08.309> am<00:23:08.726> originally<00:23:09.449> from<00:23:09.706> Iran,<00:23:10.510> so<00:23:10.880> I<00:23:11.040> grew<00:23:11.137> up<00:23:11.281> in<00:23:11.378> Tehran.

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I<00:23:12.985> studied<00:23:13.692> electrical<00:23:14.575> engineering<00:23:16.038> back<00:23:16.279> home,<00:23:16.504> so<00:23:16.584> I<00:23:16.680> come<00:23:16.841> from<00:23:17.066> a<00:23:17.243> technical<00:23:17.885> engineering<00:23:18.368> background.

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Kind<00:23:20.312> of<00:23:20.392> the<00:23:20.521> first<00:23:20.842> project,<00:23:21.630> kind<00:23:21.758> of<00:23:22.143> company<00:23:22.464> that<00:23:22.545> I<00:23:22.689> worked<00:23:23.010> on<00:23:23.107> was<00:23:23.749> a<00:23:23.990> stock<00:23:24.311> trading<00:23:25.339> application<00:23:26.238> for<00:23:26.559> that<00:23:26.960> market,<00:23:27.908> kind<00:23:28.261> of<00:23:28.486> creating<00:23:30.172> a<00:23:30.429> fintech<00:23:30.814> product,<00:23:31.440> you<00:23:31.472> know,<00:23:31.617> very<00:23:31.858> first<00:23:32.644> mobile<00:23:33.206> app<00:23:33.319> for<00:23:33.544> trading<00:23:33.865> stocks<00:23:34.812> in<00:23:35.213> that<00:23:35.310> market.

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Then<00:23:37.140> I<00:23:37.477> went<00:23:37.638> to<00:23:37.718> London,<00:23:38.264> I<00:23:38.296> studied<00:23:38.746> biomedical<00:23:39.228> engineering.

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I<00:23:39.982> kind<00:23:40.191> of<00:23:40.271> continued<00:23:40.849> to<00:23:40.881> kind<00:23:41.106> of,<00:23:41.235> for<00:23:41.395> a<00:23:41.411> while<00:23:41.652> I<00:23:41.732> thought<00:23:41.909> I'm<00:23:42.054> gonna<00:23:42.278> be<00:23:42.375> an<00:23:42.439> academic.

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I<00:23:43.322> was<00:23:43.483> publishing<00:23:43.884> papers,<00:23:44.366> going<00:23:44.542> to<00:23:44.574> conferences,<00:23:45.490> you<00:23:45.538> know,<00:23:46.132> doing<00:23:46.309> journal<00:23:46.614> papers.

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So<00:23:47.320> that<00:23:47.416> was<00:23:47.513> kind<00:23:47.738> of<00:23:47.834> my<00:23:48.396> path,<00:23:48.797> and<00:23:48.878> I<00:23:48.958> thought<00:23:49.279> I<00:23:49.423> might<00:23:49.664> be<00:23:49.841> on<00:23:50.226> the<00:23:50.323> path<00:23:50.724> of<00:23:50.869> becoming<00:23:51.270> an<00:23:51.366> academic,<00:23:52.571> but<00:23:52.715> I<00:23:52.811> ended<00:23:53.117> up<00:23:53.197> starting<00:23:53.550> another<00:23:53.839> company<00:23:54.401> kind<00:23:54.658> of<00:23:54.819> coming<00:23:55.204> out<00:23:55.316> of<00:23:55.364> my<00:23:55.445> research,<00:23:56.183> ran<00:23:56.408> that<00:23:56.504> company<00:23:57.050> for<00:23:57.548> a<00:23:57.693> number<00:23:57.869> of<00:23:58.030> years,<00:23:58.431> grew<00:23:58.528> that<00:23:58.672> company,<00:23:59.635> and<00:23:59.716> eventually<00:24:00.117> found<00:24:00.358> my<00:24:00.519> way<00:24:01.578> to<00:24:01.707> Silicon<00:24:02.044> Valley<00:24:02.445> because<00:24:02.702> of<00:24:02.831> the<00:24:02.863> investors<00:24:03.409> that<00:24:03.569> we<00:24:03.714> had,<00:24:03.971> because<00:24:04.276> of<00:24:04.372> the<00:24:04.693> advisors,<00:24:05.496> customers,<00:24:05.978> and<00:24:06.042> employees<00:24:06.941> that<00:24:07.086> we<00:24:07.182> had,<00:24:07.487> and<00:24:07.728> kind<00:24:08.129> of<00:24:08.226> found<00:24:08.531> my<00:24:08.707> way<00:24:09.350> here.

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And<00:24:10.554> the<00:24:10.715> way<00:24:10.955> actually<00:24:11.196> I<00:24:11.357> ended<00:24:11.598> up<00:24:11.678> at<00:24:11.839> venture<00:24:13.043> Very<00:24:13.749> interesting<00:24:14.472> is<00:24:14.809> actually<00:24:15.114> through<00:24:15.371> Twitter<00:24:15.917> and<00:24:16.013> through<00:24:16.254> writing.

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So<00:24:17.442> I<00:24:17.683> used<00:24:17.860> to<00:24:18.101> write<00:24:19.208> a<00:24:19.225> lot<00:24:19.449> of<00:24:19.530> my<00:24:19.626> thoughts,<00:24:20.349> you<00:24:20.670> know,<00:24:21.055> always<00:24:21.312> kind<00:24:21.456> of<00:24:21.553> the<00:24:21.810> theme<00:24:22.500> of<00:24:22.596> my<00:24:22.821> writing<00:24:23.223> is,<00:24:23.463> hey,<00:24:23.624> let's<00:24:23.801> collect<00:24:24.122> a<00:24:24.202> lot<00:24:24.347> of<00:24:24.443> data<00:24:24.780> that<00:24:25.310> other<00:24:25.888> people<00:24:26.273> have<00:24:26.434> not<00:24:26.755> collected<00:24:27.253> in<00:24:27.397> this<00:24:27.638> way.

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Let's<00:24:28.441> create<00:24:28.859> some<00:24:29.099> value<00:24:30.288> and<00:24:30.785> put<00:24:30.962> a<00:24:31.026> data-driven<00:24:31.652> piece<00:24:32.150> out<00:24:32.375> there.

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Kind<00:24:32.889> of<00:24:33.178> to<00:24:33.290> me,<00:24:34.703> it's<00:24:34.944> less<00:24:35.265> of<00:24:35.442> a,<00:24:35.907> hey,<00:24:36.228> I<00:24:36.245> wanna<00:24:36.550> write<00:24:36.742> about<00:24:37.112> my<00:24:37.609> own<00:24:38.268> thoughts<00:24:38.829> about,<00:24:39.470> about<00:24:39.694> something,<00:24:40.079> my<00:24:40.255> own<00:24:41.618> intuition<00:24:42.339> or<00:24:42.499> gut<00:24:42.740> feeling.

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I<00:24:43.637> don't<00:24:43.781> necessarily<00:24:44.503> think<00:24:44.759> that<00:24:44.984> that<00:24:45.208> is,<00:24:45.609> you<00:24:45.641> know,<00:24:46.090> you<00:24:46.170> can<00:24:46.266> certainly<00:24:46.651> write<00:24:46.827> about<00:24:47.067> that,<00:24:47.228> but<00:24:47.292> I<00:24:47.388> feel<00:24:47.612> like<00:24:47.789> you<00:24:48.013> create<00:24:48.253> more<00:24:48.430> value<00:24:48.814> if<00:24:48.975> you<00:24:49.552> capture<00:24:49.952> some<00:24:50.193> data<00:24:50.433> and<00:24:50.658> then<00:24:51.058> add<00:24:51.155> your<00:24:51.315> insights<00:24:51.732> on<00:24:51.796> top<00:24:52.116> of<00:24:52.212> it,<00:24:52.341> some<00:24:52.469> data<00:24:52.838> that's<00:24:53.318> referenceable<00:24:54.040> that,<00:24:54.280> that<00:24:54.440> other<00:24:54.601> people<00:24:54.905> can<00:24:55.082> rely<00:24:55.482> on.

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So<00:24:56.364> kind<00:24:56.588> of<00:24:56.765> mostly<00:24:57.149> it's,<00:24:57.422> it's<00:24:57.790> been<00:24:57.951> trying<00:24:58.223> to,<00:24:58.287> you<00:24:58.383> know,<00:24:58.592> collect<00:24:58.993> data<00:24:59.233> on<00:24:59.393> different<00:24:59.714> pieces<00:25:00.131> of<00:25:00.275> the<00:25:00.355> startup<00:25:00.756> ecosystem.

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I,<00:25:02.118> I<00:25:02.134> collected<00:25:02.535> some<00:25:02.775> data<00:25:03.000> on,<00:25:03.240> you<00:25:03.336> know,<00:25:03.641> AI<00:25:04.234> startups<00:25:04.699> in,<00:25:04.939> in<00:25:05.099> healthcare<00:25:05.500> industry<00:25:05.901> back<00:25:06.270> back<00:25:06.446> in<00:25:06.623> the<00:25:06.735> day<00:25:07.489> or<00:25:07.666> about<00:25:07.971> the<00:25:08.067> blockchain<00:25:08.485> infrastructure<00:25:09.095> space<00:25:09.432> back<00:25:09.673> in<00:25:09.737> the<00:25:09.833> day.

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That's<00:25:10.700> how<00:25:10.941> I<00:25:11.117> ended<00:25:11.342> up<00:25:12.578> becoming<00:25:12.979> a<00:25:13.044> venture<00:25:13.284> capitalist.

00:25:14.392 --> 00:25:38.360
And<00:25:14.745> I've<00:25:14.809> been<00:25:14.954> lucky<00:25:15.355> kind<00:25:15.788> of,<00:25:15.837> you<00:25:15.869> know,<00:25:16.174> early<00:25:16.334> in<00:25:16.479> my<00:25:16.639> career<00:25:18.405> through<00:25:18.662> this<00:25:18.903> research<00:25:19.464> that<00:25:19.769> I<00:25:19.866> was<00:25:20.042> doing<00:25:20.428> and<00:25:20.572> I<00:25:20.652> had<00:25:20.829> done,<00:25:21.936> I<00:25:22.193> came<00:25:22.611> across<00:25:22.932> a<00:25:22.996> number<00:25:23.301> of<00:25:23.702> good,<00:25:23.879> you<00:25:23.959> know,<00:25:24.184> company<00:25:24.585> opportunities<00:25:25.323> that<00:25:25.468> I<00:25:26.287> had<00:25:26.431> a<00:25:26.447> chance<00:25:26.784> to<00:25:26.913> back<00:25:27.250> these<00:25:27.410> amazing<00:25:27.892> entrepreneurs<00:25:29.433> in<00:25:29.561> their,<00:25:29.802> you<00:25:29.834> know,<00:25:29.979> very<00:25:30.300> early<00:25:30.540> stage<00:25:30.845> rounds<00:25:31.664> and,<00:25:31.825> you<00:25:31.857> know,<00:25:31.985> join<00:25:32.226> the<00:25:32.451> boards<00:25:32.643> of<00:25:32.772> directors<00:25:33.173> of<00:25:33.253> these<00:25:33.366> companies<00:25:33.815> and<00:25:33.960> see<00:25:34.260> the<00:25:34.420> hypergrowth,<00:25:35.120> uh,<00:25:36.180> that,<00:25:36.181> that<00:25:36.260> went<00:25:36.440> after,<00:25:37.000> uh,<00:25:37.920> this<00:25:38.060> thing.

00:25:38.360 --> 00:25:58.540
So<00:25:38.480> as<00:25:38.620> an<00:25:38.760> example,<00:25:39.280> I,<00:25:39.520> uh,<00:25:40.620> invested<00:25:40.640> and<00:25:41.000> I'm<00:25:41.160> on<00:25:41.240> the<00:25:41.460> board,<00:25:41.700> board<00:25:42.079> of<00:25:42.520> directors<00:25:42.540> of<00:25:42.740> this<00:25:42.900> company<00:25:43.120> called<00:25:43.340> Carbon<00:25:43.620> Health,<00:25:44.340> uh,<00:25:45.000> which<00:25:45.120> is<00:25:45.320> a<00:25:45.700> large<00:25:46.040> healthcare<00:25:46.520> services,<00:25:47.240> services<00:25:47.820> plus<00:25:48.120> tech,<00:25:48.720> uh,<00:25:49.240> company<00:25:49.540> in<00:25:49.820> the<00:25:49.900> US<00:25:50.019> with<00:25:50.280> 100,<00:25:50.680> 100+<00:25:51.440> clinics,<00:25:52.340> you<00:25:52.341> know,<00:25:52.880> many,<00:25:53.380> many<00:25:53.980> tens<00:25:54.520> and<00:25:54.680> hundreds<00:25:54.960> of<00:25:55.180> millions<00:25:55.320> of<00:25:55.560> dollars<00:25:55.760> in<00:25:55.900> revenues,<00:25:56.560> about<00:25:56.860> 5,000<00:25:57.340> employees<00:25:57.780> now.

00:25:58.540 --> 00:26:04.662
Uh,<00:25:58.980> and<00:25:58.981> I,<00:25:59.380> you<00:25:59.381> know,<00:25:59.382> when<00:25:59.500> I<00:25:59.640> joined<00:25:59.960> that<00:26:00.220> company,<00:26:00.520> when<00:26:00.660> I<00:26:00.820> invested<00:26:01.080> in<00:26:01.240> that<00:26:01.420> company<00:26:01.680> and<00:26:01.820> joined<00:26:02.000> the<00:26:02.220> board,<00:26:02.320> it<00:26:02.420> was,<00:26:02.700> you<00:26:02.701> know,<00:26:02.720> a<00:26:02.900> very<00:26:02.980> small<00:26:03.240> company,<00:26:03.780> 40,<00:26:03.972> 50<00:26:04.229> employees.

00:26:05.031 --> 00:26:13.437
So<00:26:05.111> I<00:26:05.175> saw<00:26:05.737> the<00:26:05.817> hypergrowth<00:26:06.683> that<00:26:06.860> this<00:26:07.245> company<00:26:07.566> had,<00:26:08.368> and<00:26:08.464> that<00:26:08.560> was<00:26:08.705> my<00:26:08.849> opportunity<00:26:09.346> to<00:26:09.491> learn<00:26:09.828> from<00:26:10.854> the<00:26:10.935> startups<00:26:11.352> that<00:26:11.512> I<00:26:11.657> had<00:26:12.074> the<00:26:12.170> chance<00:26:12.956> to<00:26:13.101> back.

00:26:14.175 --> 00:26:17.544
Same<00:26:14.480> case<00:26:14.721> with<00:26:14.817> a<00:26:14.881> number<00:26:15.106> of<00:26:15.202> other<00:26:15.443> companies<00:26:15.844> that<00:26:15.988> are<00:26:16.085> now<00:26:16.325> unicorns,<00:26:16.871> large<00:26:17.063> companies.

00:26:18.026 --> 00:26:23.785
Starkware<00:26:19.790> is<00:26:19.999> a<00:26:20.159> crypto<00:26:20.480> infrastructure<00:26:20.930> company<00:26:21.379> that<00:26:21.523> I<00:26:21.619> backed<00:26:21.940> back<00:26:22.117> in<00:26:22.181> 2018<00:26:23.063> in<00:26:23.143> Series<00:26:23.609> A.

00:26:24.267 --> 00:26:29.609
Now<00:26:24.507> that<00:26:24.668> company's<00:26:25.133> worth<00:26:25.373> $8<00:26:25.470> billion,<00:26:26.192> many,<00:26:26.416> many<00:26:26.577> employees,<00:26:28.101> large<00:26:28.582> amounts<00:26:28.999> of<00:26:29.079> revenues.

00:26:29.882 --> 00:26:35.389
XLR,<00:26:30.444> another<00:26:30.990> crypto<00:26:32.194> unicorn<00:26:32.611> company<00:26:33.077> in<00:26:33.173> the<00:26:33.591> interoperability<00:26:35.020> space.

00:26:35.823 --> 00:26:41.057
In<00:26:35.887> fact,<00:26:36.144> a<00:26:36.160> number<00:26:36.401> of<00:26:36.529> other<00:26:36.625> companies<00:26:37.091> from<00:26:37.669> cybersecurity<00:26:38.616> to<00:26:38.649> insurance<00:26:39.259> to<00:26:39.339> material<00:26:39.981> to<00:26:40.062> food.

00:26:41.346 --> 00:26:46.580
You<00:26:41.378> know,<00:26:41.523> one<00:26:41.924> theme<00:26:42.390> of<00:26:42.807> what<00:26:42.968> we<00:26:43.112> do<00:26:43.433> at<00:26:43.690> this<00:26:43.883> venture<00:26:44.092> fund,<00:26:44.911> Data<00:26:45.296> Collective,<00:26:45.778> DCVC.

00:26:46.998 --> 00:26:50.611
So<00:26:47.303> it<00:26:47.528> actually<00:26:47.785> doesn't<00:26:48.042> stand<00:26:48.347> for<00:26:48.507> DC,<00:26:49.792> the<00:26:49.936> Washington,<00:26:50.354> DC.

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It<00:26:50.739> stands<00:26:51.060> for<00:26:51.141> collective.

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We<00:26:53.710> invest<00:26:54.272> in<00:26:54.593> companies<00:26:55.010> that<00:26:55.476> you<00:26:55.508> know,<00:26:56.037> use<00:26:56.278> a<00:26:56.374> ton<00:26:56.550> of<00:26:56.694> data<00:26:57.560> and<00:26:57.721> use<00:26:58.041> deep<00:26:58.282> tech<00:26:58.619> and<00:26:58.763> engineering.

00:26:59.437 --> 00:27:06.204
So<00:26:59.645> hard<00:26:59.918> engineering,<00:27:00.768> complex<00:27:01.169> science,<00:27:02.227> and<00:27:02.307> they<00:27:02.451> have<00:27:02.548> some<00:27:02.868> sort<00:27:03.045> of<00:27:03.125> a<00:27:03.189> data<00:27:03.574> advantage<00:27:04.616> to<00:27:04.712> create<00:27:05.434> durable<00:27:05.755> companies.

00:27:06.573 --> 00:27:19.834
So<00:27:06.797> companies<00:27:07.278> that<00:27:07.503> are,<00:27:07.759> you<00:27:07.839> know,<00:27:08.224> creating<00:27:08.561> something<00:27:08.882> that's<00:27:09.122> very<00:27:09.363> tough<00:27:10.469> that<00:27:10.886> in<00:27:11.047> turn<00:27:11.432> creates<00:27:11.768> valuable<00:27:12.249> data,<00:27:12.650> and<00:27:12.730> then<00:27:12.891> they<00:27:13.051> can<00:27:13.196> use<00:27:13.436> that<00:27:13.532> data<00:27:13.773> and<00:27:14.254> insights<00:27:14.735> to<00:27:14.879> create<00:27:15.537> a<00:27:15.617> better<00:27:15.858> product,<00:27:16.274> to<00:27:16.499> create<00:27:16.884> a<00:27:16.916> network<00:27:17.397> effect<00:27:18.247> based<00:27:18.487> on<00:27:18.520> the<00:27:18.744> data<00:27:19.065> that<00:27:19.225> they<00:27:19.385> generate.

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One<00:27:20.749> example<00:27:21.310> of,<00:27:21.614> you<00:27:21.647> know,<00:27:22.192> a<00:27:22.272> company<00:27:22.656> that,<00:27:22.913> that,<00:27:23.634> you<00:27:23.714> know,<00:27:23.938> resembles<00:27:24.515> this<00:27:24.756> thesis<00:27:25.317> is<00:27:25.413> a<00:27:25.541> company<00:27:25.797> called<00:27:25.958> Planet<00:27:26.502> Labs,<00:27:27.384> um,<00:27:27.704> that<00:27:27.945> we<00:27:28.041> invested<00:27:28.505> in<00:27:28.586> the<00:27:28.762> early<00:27:28.986> rounds.

00:27:29.547 --> 00:27:42.511
And<00:27:29.643> what<00:27:29.803> they<00:27:29.948> do,<00:27:30.044> they<00:27:30.188> have<00:27:30.541> 200+<00:27:31.166> satellites,<00:27:32.271> uh,<00:27:32.512> orbiting<00:27:32.832> the<00:27:32.944> Earth,<00:27:33.361> taking<00:27:33.810> images<00:27:34.451> real<00:27:34.691> time<00:27:35.172> of,<00:27:35.412> of<00:27:35.556> the<00:27:35.620> space,<00:27:36.358> of,<00:27:36.534> of<00:27:36.678> the,<00:27:36.935> of<00:27:37.015> the<00:27:37.095> ground,<00:27:37.431> of<00:27:37.560> the<00:27:37.656> Earth,<00:27:38.441> and<00:27:38.537> then<00:27:38.793> applying<00:27:39.194> a<00:27:39.258> lot<00:27:39.418> of,<00:27:39.499> you<00:27:39.579> know,<00:27:39.915> that<00:27:40.091> data<00:27:40.540> is<00:27:40.620> like<00:27:40.845> terabytes<00:27:41.341> of<00:27:41.405> data<00:27:41.982> per<00:27:42.127> second.

00:27:43.184 --> 00:27:56.180
So<00:27:43.569> they<00:27:43.665> apply<00:27:43.985> a<00:27:44.066> lot<00:27:44.226> of<00:27:44.290> machine<00:27:44.546> learning,<00:27:44.883> a<00:27:44.899> lot<00:27:45.187> of<00:27:45.412> machine<00:27:45.748> vision<00:27:46.149> on<00:27:46.293> that<00:27:46.485> data,<00:27:46.790> getting<00:27:47.030> the<00:27:47.190> insights<00:27:48.056> and<00:27:48.136> then<00:27:48.248> they<00:27:48.472> use<00:27:48.713> the<00:27:48.857> insights<00:27:49.354> for<00:27:49.514> different<00:27:49.899> products<00:27:50.235> in<00:27:50.315> agriculture<00:27:51.036> to<00:27:51.117> insurance<00:27:51.758> to,<00:27:52.543> uh,<00:27:53.264> monitoring<00:27:53.761> to<00:27:53.905> hedge<00:27:54.081> funds,<00:27:54.322> and<00:27:54.402> they,<00:27:54.642> they<00:27:54.786> sell<00:27:55.187> these<00:27:55.395> types<00:27:55.539> of<00:27:55.668> datasets.

00:27:56.709 --> 00:28:03.857
Um,<00:27:57.078> so<00:27:57.190> that's<00:27:57.446> kind<00:27:57.623> of,<00:27:58.873> you<00:27:58.953> know,<00:27:59.193> one,<00:27:59.770> one<00:27:59.994> example<00:28:00.475> of<00:28:00.571> a<00:28:00.651> company<00:28:00.988> that's<00:28:01.212> very<00:28:01.373> much<00:28:01.693> in<00:28:01.933> thesis<00:28:02.398> for,<00:28:02.719> for<00:28:02.895> us<00:28:03.071> at<00:28:03.135> DCVC.

00:28:04.241 --> 00:28:08.376
Very<00:28:04.417> hard<00:28:04.578> thing<00:28:04.818> to<00:28:04.914> build<00:28:05.122> satellites,<00:28:06.100> but<00:28:06.196> in<00:28:06.340> turn<00:28:06.645> it<00:28:06.741> creates<00:28:07.062> a<00:28:07.078> lot<00:28:07.382> of<00:28:07.462> valuable<00:28:07.927> data<00:28:08.183> for<00:28:08.327> you.

00:28:08.760 --> 00:28:27.698
So<00:28:08.904> we've<00:28:09.145> done<00:28:09.385> this<00:28:09.545> kind<00:28:09.866> of<00:28:10.090> loop<00:28:10.427> in<00:28:10.587> a<00:28:10.651> number<00:28:10.892> of<00:28:11.020> companies<00:28:11.404> that<00:28:11.516> are<00:28:11.693> doing<00:28:12.334> drug<00:28:12.526> discovery,<00:28:13.930> therapeutics,<00:28:14.591> pharmaceuticals,<00:28:15.576> new<00:28:15.738> materials,<00:28:16.610> new<00:28:16.787> food,<00:28:17.901> agriculture,<00:28:18.466> robotics,<00:28:19.193> you<00:28:19.225> know,<00:28:19.532> all<00:28:19.677> the<00:28:19.758> way<00:28:19.936> to<00:28:20.436> cement<00:28:20.905> production,<00:28:22.160> uh,<00:28:22.581> you<00:28:22.662> know,<00:28:23.390> aerospace,<00:28:24.524> uh,<00:28:25.269> rocket<00:28:25.674> launchers,<00:28:26.500> satellites,<00:28:27.131> and<00:28:27.277> things<00:28:27.439> like<00:28:27.617> that.

00:28:28.896 --> 00:28:31.099
In<00:28:28.977> your<00:28:29.139> opinion,<00:28:29.560> what<00:28:29.739> makes<00:28:30.127> a<00:28:30.208> great<00:28:30.597> VC?

00:28:33.173 --> 00:28:37.070
Well,<00:28:33.806> luck<00:28:34.797> in<00:28:35.024> the<00:28:36.501> first<00:28:36.810> place.

00:28:37.151 --> 00:28:40.983
You<00:28:37.183> know,<00:28:37.313> a<00:28:37.378> lot<00:28:37.492> of<00:28:37.573> us<00:28:38.044> are<00:28:38.433> lucky<00:28:38.693> and<00:28:38.856> privileged<00:28:39.505> to<00:28:39.667> be<00:28:39.748> in<00:28:39.895> a<00:28:40.260> in<00:28:40.356> this<00:28:40.517> position.

00:28:41.159 --> 00:28:45.385
Generally,<00:28:41.641> I<00:28:41.738> think,<00:28:42.204> you<00:28:42.236> know,<00:28:42.702> being<00:28:43.184> a<00:28:43.264> VC<00:28:43.730> is<00:28:43.843> a<00:28:44.052> very,<00:28:44.373> very<00:28:44.630> privileged<00:28:45.032> position.

00:28:45.434 --> 00:28:49.515
A<00:28:45.578> lot<00:28:45.691> of<00:28:45.835> us,<00:28:46.542> you<00:28:46.703> know,<00:28:48.005> don't<00:28:48.230> deserve<00:28:48.647> to<00:28:48.744> be<00:28:48.872> in<00:28:48.969> this<00:28:49.210> place.

00:28:50.576 --> 00:28:57.694
Essentially,<00:28:51.202> a<00:28:51.218> lot<00:28:51.443> of<00:28:51.540> VCs<00:28:52.407> overall<00:28:52.986> are<00:28:53.131> deciding<00:28:53.950> where<00:28:54.191> the<00:28:54.352> money<00:28:55.155> and<00:28:55.300> funding<00:28:55.862> goes<00:28:56.344> for<00:28:56.441> the<00:28:56.521> future<00:28:56.987> of<00:28:57.083> technology.

00:28:58.112 --> 00:29:03.864
I<00:28:58.192> think<00:28:58.385> it's<00:28:58.594> a<00:28:58.755> very,<00:28:58.931> very<00:28:59.140> high<00:28:59.912> set<00:29:00.201> of,<00:29:00.522> you<00:29:00.603> know,<00:29:00.844> high<00:29:00.940> responsibility<00:29:02.386> for<00:29:02.467> this<00:29:02.691> very<00:29:02.884> small<00:29:03.190> group<00:29:03.447> of<00:29:03.591> people.

00:29:04.057 --> 00:29:13.746
Probably,<00:29:04.298> you<00:29:04.395> know,<00:29:04.539> it's<00:29:04.652> a<00:29:04.716> couple<00:29:05.005> hundred<00:29:05.198> people<00:29:05.584> who<00:29:06.725> hold<00:29:07.351> and<00:29:07.464> decide<00:29:08.074> the<00:29:08.106> majority<00:29:08.572> of<00:29:08.717> the<00:29:08.797> capital<00:29:09.922> in<00:29:10.099> the<00:29:11.287> tech<00:29:11.528> ecosystem,<00:29:12.428> where<00:29:12.733> that<00:29:12.910> money<00:29:13.231> goes<00:29:13.489> to.

00:29:14.420 --> 00:29:25.281
And<00:29:15.143> I<00:29:15.240> think<00:29:15.416> it's<00:29:15.529> a<00:29:15.561> very<00:29:15.786> high<00:29:16.027> responsibility<00:29:16.750> and<00:29:16.927> very<00:29:17.152> few<00:29:17.409> humans<00:29:17.794> should<00:29:17.971> be<00:29:18.116> in<00:29:18.212> that<00:29:18.437> place<00:29:19.819> to<00:29:19.899> be<00:29:19.995> able<00:29:20.204> to<00:29:20.317> decide<00:29:20.799> that,<00:29:21.345> that,<00:29:21.506> you<00:29:21.586> know,<00:29:22.711> hey,<00:29:22.935> we<00:29:23.016> don't<00:29:23.257> want<00:29:23.498> anybody<00:29:23.980> working<00:29:24.317> on<00:29:24.558> cancer<00:29:24.960> drugs.

00:29:25.361 --> 00:29:30.230
We<00:29:25.586> think,<00:29:25.924> you<00:29:26.550> know,<00:29:26.663> you<00:29:26.727> should<00:29:27.048> work<00:29:27.354> on<00:29:28.173> social<00:29:28.494> networks,<00:29:28.896> social<00:29:29.169> media<00:29:29.378> networks<00:29:29.780> or<00:29:29.844> whatever.

00:29:31.065 --> 00:29:36.812
It's<00:29:31.531> a<00:29:31.949> constant<00:29:32.896> thought<00:29:33.153> process<00:29:33.939> of<00:29:34.116> what<00:29:34.357> you<00:29:34.501> want<00:29:34.678> to<00:29:34.838> back<00:29:35.159> and,<00:29:35.464> you<00:29:35.496> know,<00:29:35.641> where<00:29:35.785> you<00:29:35.881> think<00:29:36.122> future<00:29:36.459> is<00:29:36.604> going.

00:29:37.246 --> 00:29:56.713
But<00:29:37.390> overall,<00:29:38.770> you're<00:29:38.931> very<00:29:39.252> privileged<00:29:40.295> that<00:29:40.712> a<00:29:40.841> lot<00:29:41.001> of<00:29:41.081> these<00:29:41.338> very,<00:29:41.579> very<00:29:42.205> great<00:29:42.606> entrepreneurs<00:29:43.842> spend<00:29:44.227> many<00:29:44.532> years<00:29:45.350> trying<00:29:45.832> to<00:29:45.992> come<00:29:46.233> up<00:29:46.394> with<00:29:46.554> an<00:29:46.699> insight,<00:29:47.918> create<00:29:48.304> a<00:29:48.320> company,<00:29:48.801> put<00:29:49.026> a<00:29:49.042> team<00:29:49.363> together,<00:29:50.005> and<00:29:50.085> then<00:29:50.727> put<00:29:50.871> together<00:29:51.273> all<00:29:51.369> their<00:29:51.610> thoughts<00:29:51.915> and<00:29:51.979> the<00:29:52.075> best<00:29:52.332> pieces<00:29:52.589> of<00:29:52.733> information<00:29:53.199> they've<00:29:53.696> found<00:29:54.723> and<00:29:54.884> come<00:29:55.205> and<00:29:55.365> present<00:29:55.766> that<00:29:55.927> in<00:29:56.007> half<00:29:56.168> an<00:29:56.489> hour.

00:29:56.986 --> 00:30:00.565
And<00:29:57.066> you<00:29:57.147> learn<00:29:57.468> everything,<00:29:58.029> you<00:29:58.126> know,<00:29:58.334> that<00:29:58.431> they've<00:29:58.655> tried<00:29:58.912> to<00:29:59.313> do<00:29:59.634> in<00:29:59.779> the<00:29:59.859> last<00:30:00.100> couple<00:30:00.276> of<00:30:00.340> years.

00:30:01.079 --> 00:30:06.810
So<00:30:01.127> it's<00:30:01.384> very,<00:30:01.560> very<00:30:02.106> I'm<00:30:02.684> very<00:30:02.989> lucky<00:30:03.246> to<00:30:03.406> be<00:30:03.471> in<00:30:03.567> this<00:30:03.727> position<00:30:04.129> to<00:30:04.611> be<00:30:04.675> on<00:30:04.771> the<00:30:04.851> receiving<00:30:05.494> end<00:30:05.654> of<00:30:05.799> that,<00:30:06.120> learn<00:30:06.377> from<00:30:06.537> that.

00:30:07.645 --> 00:30:15.930
On<00:30:07.725> the<00:30:07.822> other<00:30:08.046> end,<00:30:08.464> I<00:30:08.544> think<00:30:08.946> that,<00:30:09.331> you<00:30:09.363> know,<00:30:10.053> great<00:30:10.374> VCs,<00:30:11.338> what<00:30:11.434> we<00:30:11.659> have<00:30:11.996> is<00:30:12.157> time,<00:30:12.783> what<00:30:12.959> we<00:30:13.184> have<00:30:13.618> is<00:30:13.762> a<00:30:13.842> brand,<00:30:14.806> what<00:30:14.982> we<00:30:15.127> have<00:30:15.384> is<00:30:15.609> network.

00:30:16.026 --> 00:30:24.808
So<00:30:16.492> I<00:30:16.652> think<00:30:17.134> the<00:30:17.214> best<00:30:17.535> VCs,<00:30:19.462> they<00:30:19.783> intentionally<00:30:20.666> network<00:30:21.373> on<00:30:21.533> behalf<00:30:22.416> of<00:30:22.577> their<00:30:22.673> founders,<00:30:23.701> on<00:30:23.797> behalf<00:30:24.134> of<00:30:24.263> their<00:30:24.423> companies.

00:30:24.921 --> 00:30:44.881
So<00:30:25.081> it's<00:30:25.306> my<00:30:25.483> job<00:30:26.029> to<00:30:26.205> go<00:30:26.607> and<00:30:26.992> have<00:30:27.104> a<00:30:27.233> relationship<00:30:28.276> with<00:30:28.919> a<00:30:29.015> ton<00:30:29.240> of<00:30:29.336> great<00:30:29.577> CFOs,<00:30:30.300> a<00:30:30.380> ton<00:30:30.605> of<00:30:30.765> great<00:30:31.022> independent<00:30:31.568> board<00:30:31.729> members,<00:30:32.130> a<00:30:32.146> lot<00:30:32.307> of<00:30:32.387> investors<00:30:33.030> for<00:30:33.110> future<00:30:33.977> rounds,<00:30:34.330> a<00:30:34.459> lot<00:30:34.571> of<00:30:34.700> great<00:30:34.957> talented<00:30:35.438> employees<00:30:35.920> and<00:30:36.017> executives,<00:30:37.024> a<00:30:37.044> lot<00:30:37.189> of<00:30:37.285> customers,<00:30:37.927> a<00:30:37.992> lot<00:30:38.088> of<00:30:38.265> corp<00:30:38.634> dev<00:30:38.875> people<00:30:39.180> who<00:30:39.292> can<00:30:39.389> acquire<00:30:39.838> these<00:30:39.967> companies,<00:30:40.417> a<00:30:40.433> lot<00:30:40.577> of<00:30:40.657> bankers<00:30:41.300> who<00:30:41.332> can<00:30:41.525> help<00:30:42.167> put<00:30:42.327> these<00:30:42.504> companies<00:30:43.066> in,<00:30:43.371> you<00:30:43.452> know,<00:30:44.110> in<00:30:44.190> public<00:30:44.576> markets.

00:30:45.459 --> 00:30:48.301
So<00:30:45.619> the<00:30:45.716> best<00:30:46.037> VCs,<00:30:46.760> I<00:30:46.840> think<00:30:47.161> they're<00:30:47.273> very<00:30:47.643> resourceful.

00:30:48.670 --> 00:30:56.330
They<00:30:48.831> use<00:30:49.072> their<00:30:49.168> time<00:30:50.276> and<00:30:50.678> the<00:30:50.758> ability<00:30:51.176> that<00:30:51.400> they<00:30:51.497> can<00:30:51.657> network<00:30:52.219> not<00:30:52.444> for<00:30:52.621> one<00:30:52.781> company,<00:30:53.263> but<00:30:53.424> because<00:30:53.841> they<00:30:53.970> have<00:30:54.082> a<00:30:54.211> portfolio<00:30:54.612> of<00:30:54.708> 20<00:30:55.014> companies<00:30:55.672> that<00:30:55.816> they<00:30:55.913> can<00:30:56.057> help.

00:30:56.956 --> 00:31:06.751
They<00:30:57.101> go<00:30:57.342> out<00:30:57.534> and<00:30:57.663> find<00:30:58.000> these<00:30:58.161> networks,<00:30:58.562> or<00:30:58.723> through<00:30:58.964> their<00:30:59.124> career<00:30:59.590> they<00:30:59.670> have<00:30:59.847> created<00:31:01.131> and<00:31:01.677> found<00:31:02.014> the<00:31:02.095> best<00:31:02.400> people,<00:31:02.833> and<00:31:03.122> just<00:31:03.459> bring<00:31:03.845> and<00:31:04.005> present<00:31:04.423> these<00:31:04.583> people<00:31:04.985> to<00:31:05.210> their<00:31:05.450> companies<00:31:06.028> at<00:31:06.125> the<00:31:06.269> right<00:31:06.510> time.

00:31:07.554 --> 00:31:10.460
I<00:31:07.618> think<00:31:07.779> that's<00:31:07.939> the<00:31:08.035> biggest<00:31:08.421> help<00:31:08.678> that,<00:31:09.079> that<00:31:09.240> VCs<00:31:09.481> can,<00:31:09.962> can<00:31:10.187> give.

00:31:11.070 --> 00:31:36.021
Absent<00:31:11.889> of<00:31:12.034> that,<00:31:12.226> I<00:31:12.290> mean,<00:31:12.435> there's<00:31:12.628> a<00:31:12.692> lot<00:31:12.836> of<00:31:12.917> VCs<00:31:13.174> who<00:31:14.442> help<00:31:15.245> with<00:31:16.048> product<00:31:16.465> strategy,<00:31:17.653> with<00:31:18.071> helping<00:31:18.472> the<00:31:18.537> company<00:31:18.938> kind<00:31:19.098> of<00:31:19.259> get<00:31:19.452> to<00:31:19.596> where<00:31:19.757> it<00:31:19.901> is,<00:31:21.587> I<00:31:21.684> think<00:31:21.844> in<00:31:21.924> some<00:31:22.229> cases<00:31:22.631> that<00:31:22.807> could<00:31:23.032> be<00:31:23.193> helpful,<00:31:24.012> but<00:31:24.317> I<00:31:24.333> have<00:31:24.509> a<00:31:24.654> little<00:31:24.814> bit<00:31:24.959> of<00:31:25.039> a<00:31:25.136> contradictory<00:31:25.858> opinion<00:31:26.404> here<00:31:26.725> is<00:31:26.998> just<00:31:28.009> kind<00:31:28.186> of,<00:31:28.250> you<00:31:28.347> know,<00:31:29.214> not<00:31:29.374> that<00:31:29.631> this<00:31:29.792> is<00:31:29.936> not<00:31:30.177> the<00:31:30.338> job<00:31:30.835> of<00:31:30.916> a<00:31:30.996> venture<00:31:31.301> capitalist,<00:31:32.505> but<00:31:34.062> most<00:31:34.367> times<00:31:34.673> I<00:31:34.753> think<00:31:34.994> it<00:31:35.090> might<00:31:35.315> be<00:31:35.395> distracting.

00:31:36.118 --> 00:31:38.927
So<00:31:36.294> what<00:31:36.455> the<00:31:36.535> VC<00:31:36.920> is<00:31:37.017> doing<00:31:37.418> is<00:31:37.579> distracting<00:31:38.221> to<00:31:38.301> the<00:31:38.462> entrepreneur.

00:31:39.008 --> 00:32:06.239
The<00:31:39.104> entrepreneur<00:31:39.441> has<00:31:39.586> been<00:31:39.987> doing<00:31:40.228> this<00:31:40.790> day<00:31:41.031> in<00:31:41.111> and<00:31:41.255> out<00:31:41.576> for<00:31:41.833> years,<00:31:42.941> and<00:31:43.118> I<00:31:43.262> think<00:31:43.439> if<00:31:43.535> a<00:31:43.599> venture<00:31:43.840> capitalist<00:31:44.306> can<00:31:44.482> go<00:31:44.707> in<00:31:44.868> and<00:31:45.044> in<00:31:45.189> a<00:31:45.301> 2-hour<00:31:46.313> board<00:31:46.473> meeting<00:31:47.276> come<00:31:47.453> up<00:31:47.678> with<00:31:47.790> a<00:31:47.934> new<00:31:48.191> insight<00:31:48.802> or<00:31:48.978> way<00:31:49.299> that<00:31:49.540> a<00:31:49.620> company<00:31:50.006> should<00:31:50.182> be<00:31:50.327> doing<00:31:50.584> something<00:31:51.371> that<00:31:51.467> the<00:31:51.547> founder<00:31:52.029> has<00:31:52.254> not<00:31:52.446> thought<00:31:52.671> about,<00:31:53.795> either<00:31:54.052> they're<00:31:54.277> a<00:31:54.357> genius,<00:31:55.401> which<00:31:56.043> in<00:31:56.123> rare<00:31:56.364> cases<00:31:56.669> happen,<00:31:57.231> or<00:31:57.568> the<00:31:57.713> entrepreneur<00:31:58.050> just<00:31:58.259> wants<00:31:58.435> to<00:31:58.532> be<00:31:59.479> courteous<00:31:59.816> to<00:31:59.961> their<00:32:00.057> investor<00:32:00.443> and<00:32:00.539> say,<00:32:00.764> okay,<00:32:00.956> that<00:32:01.085> was<00:32:01.197> a<00:32:01.261> great<00:32:01.486> idea<00:32:01.807> and<00:32:01.904> get<00:32:02.128> distracted<00:32:02.610> for<00:32:02.707> a<00:32:02.771> couple<00:32:03.028> months,<00:32:03.895> or<00:32:04.216> it<00:32:04.312> was<00:32:04.457> not<00:32:04.617> the<00:32:04.698> right<00:32:04.938> founder<00:32:05.581> for<00:32:05.661> that<00:32:05.757> company.

00:32:06.560 --> 00:32:23.126
But<00:32:06.640> in<00:32:06.721> a<00:32:06.737> lot<00:32:06.978> of<00:32:07.106> these<00:32:07.283> cases,<00:32:08.005> I<00:32:08.021> don't<00:32:08.230> feel<00:32:08.487> like,<00:32:08.712> you<00:32:08.744> know,<00:32:09.209> investors<00:32:10.317> who<00:32:10.414> were<00:32:10.510> kind<00:32:10.895> of<00:32:10.976> trying<00:32:11.297> to<00:32:11.522> help<00:32:11.843> by<00:32:13.046> working<00:32:13.383> on<00:32:13.463> product<00:32:13.847> strategy<00:32:14.440> or<00:32:14.585> technical<00:32:14.985> strategy<00:32:15.562> or<00:32:15.642> things<00:32:15.931> like<00:32:16.107> that,<00:32:17.052> uh,<00:32:17.773> that<00:32:17.950> might<00:32:18.110> be<00:32:18.190> the<00:32:18.350> best,<00:32:19.232> the<00:32:19.456> best<00:32:19.712> use<00:32:19.889> of<00:32:20.033> time<00:32:20.433> or<00:32:20.994> resources<00:32:21.619> for<00:32:21.796> the<00:32:21.956> entrepreneur<00:32:22.372> or<00:32:22.517> for<00:32:22.725> the<00:32:22.757> company.

00:32:23.638 --> 00:32:29.087
I<00:32:23.719> think<00:32:23.879> most<00:32:24.135> of<00:32:24.279> that<00:32:24.440> is<00:32:24.504> kind<00:32:24.696> of,<00:32:24.824> you<00:32:24.856> know,<00:32:25.065> what,<00:32:25.401> what<00:32:25.625> the<00:32:25.658> entrepreneur<00:32:26.122> cannot<00:32:26.667> do,<00:32:27.308> which<00:32:27.468> is<00:32:27.564> they<00:32:27.645> don't<00:32:27.853> have<00:32:27.901> the<00:32:28.045> time<00:32:28.366> to<00:32:28.446> go<00:32:28.606> and<00:32:28.686> network<00:32:28.927> a<00:32:29.007> lot.

00:32:29.247 --> 00:32:35.064
They<00:32:29.343> don't<00:32:29.551> have<00:32:29.648> the<00:32:29.728> time<00:32:30.128> to<00:32:30.353> go<00:32:30.529> and<00:32:30.689> find<00:32:31.154> all<00:32:31.250> the<00:32:31.394> relevant<00:32:31.715> people,<00:32:32.596> and<00:32:32.756> you<00:32:32.933> are<00:32:33.093> sitting<00:32:33.397> in<00:32:33.494> a<00:32:33.558> position<00:32:33.974> that<00:32:34.135> can<00:32:34.615> do<00:32:34.776> that.

00:32:35.497 --> 00:32:41.794
So<00:32:35.561> I<00:32:35.577> think<00:32:35.737> the<00:32:35.817> best,<00:32:36.298> the<00:32:36.378> best<00:32:36.618> VCs<00:32:37.019> kind<00:32:37.323> of,<00:32:37.420> you<00:32:37.500> know,<00:32:37.980> are<00:32:38.686> great<00:32:38.862> networkers<00:32:39.423> and<00:32:39.743> brand<00:32:40.063> builders<00:32:40.400> and<00:32:40.544> bring<00:32:40.865> that<00:32:41.249> to<00:32:41.425> their<00:32:41.505> entrepreneurs.

00:32:42.947 --> 00:32:55.205
Given<00:32:43.252> the<00:32:43.412> current<00:32:43.973> economic<00:32:44.550> environment,<00:32:46.617> what<00:32:46.777> are<00:32:46.953> you<00:32:47.129> advising<00:32:47.658> your<00:32:47.914> portfolio<00:32:48.635> companies<00:32:49.196> or<00:32:49.340> companies<00:32:49.757> who<00:32:49.853> are<00:32:49.997> coming<00:32:50.238> to<00:32:50.318> you<00:32:50.478> looking<00:32:50.863> for<00:32:51.039> funding<00:32:51.503> in<00:32:51.664> how<00:32:52.144> to<00:32:53.058> navigate<00:32:53.698> these<00:32:53.987> waters<00:32:54.788> today?

00:32:55.605 --> 00:33:01.485
Like<00:32:55.910> the<00:32:56.006> day<00:32:56.230> we're<00:32:56.390> recording<00:32:56.807> this,<00:32:57.944> Zuckerberg<00:32:58.633> just<00:32:59.050> laid<00:32:59.354> off,<00:32:59.531> I<00:32:59.611> believe,<00:32:59.867> 11,000<00:33:01.133> people.

00:33:02.078 --> 00:33:07.141
And<00:33:02.158> you're<00:33:02.270> seeing<00:33:02.655> every<00:33:02.911> major<00:33:04.578> company<00:33:04.978> doing<00:33:05.299> something<00:33:05.619> like<00:33:05.795> this,<00:33:06.004> particularly<00:33:06.661> in<00:33:06.741> tech.

00:33:08.520 --> 00:33:09.808
What<00:33:08.699> advice<00:33:09.156> do<00:33:09.319> you<00:33:09.498> have?

00:33:09.889 --> 00:33:11.748
What<00:33:10.003> are<00:33:10.150> you<00:33:10.297> telling<00:33:10.623> people<00:33:10.884> and<00:33:11.047> what<00:33:11.194> are<00:33:11.357> you<00:33:11.471> seeing?

00:33:13.490 --> 00:33:17.751
Yeah,<00:33:13.602> I<00:33:13.619> mean,<00:33:13.845> first<00:33:14.103> of<00:33:14.151> all,<00:33:14.652> it's<00:33:14.797> very<00:33:14.974> unfortunate<00:33:15.862> to<00:33:15.959> see<00:33:16.572> these<00:33:16.750> layoffs<00:33:17.218> that<00:33:17.267> are<00:33:17.396> happening.

00:33:18.219 --> 00:33:20.075
I<00:33:18.348> would<00:33:18.461> assume<00:33:18.784> a<00:33:18.832> lot<00:33:19.074> more<00:33:19.333> is<00:33:19.575> on<00:33:19.720> the<00:33:19.817> way.

00:33:21.190 --> 00:33:24.805
You<00:33:21.238> know,<00:33:21.334> very,<00:33:22.459> very<00:33:22.587> sorry<00:33:22.973> and<00:33:23.102> sympathetic<00:33:23.552> to<00:33:23.696> people<00:33:23.937> who<00:33:24.018> have<00:33:24.339> lost<00:33:24.580> their<00:33:24.676> jobs.

00:33:24.917 --> 00:33:29.272
Hopefully<00:33:25.399> there's<00:33:25.994> still<00:33:26.187> a<00:33:26.203> lot<00:33:26.364> of<00:33:26.605> money<00:33:26.926> and<00:33:27.745> startups<00:33:28.276> out<00:33:28.452> there<00:33:28.677> that<00:33:28.838> are<00:33:28.999> hiring.

00:33:29.336 --> 00:33:34.965
So<00:33:29.561> hopefully<00:33:29.818> these<00:33:29.979> people<00:33:30.284> will<00:33:30.381> land<00:33:30.623> on<00:33:30.705> their<00:33:30.854> feet<00:33:31.929> and<00:33:32.259> are<00:33:32.342> able<00:33:32.590> to<00:33:32.673> find<00:33:33.810> good<00:33:34.002> jobs<00:33:34.467> after<00:33:34.804> this.

00:33:36.329 --> 00:34:11.450
I<00:33:36.393> think<00:33:36.553> for<00:33:36.746> startups<00:33:38.030> specifically,<00:33:40.164> it's<00:33:40.597> more<00:33:40.886> of<00:33:40.998> a<00:33:41.127> focus<00:33:41.849> on,<00:33:42.266> and<00:33:42.346> I<00:33:42.426> think<00:33:42.587> this<00:33:42.827> applies<00:33:43.245> at<00:33:43.550> all<00:33:43.630> times,<00:33:44.673> but<00:33:44.897> you<00:33:44.929> know,<00:33:45.090> in<00:33:45.234> these<00:33:45.475> economic,<00:33:46.438> you<00:33:46.470> know,<00:33:46.983> times<00:33:47.545> even<00:33:47.786> more<00:33:48.604> that,<00:33:48.748> you<00:33:48.781> know,<00:33:48.925> focus<00:33:49.711> on<00:33:50.690> what<00:33:50.915> pays,<00:33:51.974> focus<00:33:52.279> on<00:33:52.616> the<00:33:52.776> customers,<00:33:53.418> focus<00:33:53.963> on<00:33:54.878> specific<00:33:55.408> things<00:33:55.584> rather<00:33:55.825> than<00:33:55.985> get<00:33:56.146> distracted<00:33:56.788> by<00:33:56.884> a<00:33:56.948> ton<00:33:57.189> of<00:33:57.349> things,<00:33:57.911> you<00:33:57.991> know,<00:33:59.178> strategy<00:33:59.756> meetings<00:34:00.382> or,<00:34:00.639> you<00:34:00.735> know,<00:34:00.960> brand<00:34:01.521> making<00:34:02.099> or<00:34:02.163> sponsorships<00:34:03.447> or<00:34:03.527> a<00:34:03.543> lot<00:34:03.768> of<00:34:03.928> the<00:34:03.992> other<00:34:04.313> things<00:34:04.570> that,<00:34:04.714> you<00:34:04.746> know,<00:34:05.212> In<00:34:05.356> good<00:34:05.532> times,<00:34:06.158> you<00:34:06.190> know,<00:34:06.495> they<00:34:06.719> have<00:34:06.831> some<00:34:07.280> sort<00:34:07.537> of<00:34:07.633> an<00:34:07.778> ROI,<00:34:09.125> um,<00:34:09.782> but<00:34:09.926> you<00:34:10.039> need<00:34:10.247> to<00:34:10.343> get<00:34:10.568> to<00:34:10.664> revenue<00:34:11.065> faster.

00:34:11.546 --> 00:34:13.518
You<00:34:11.626> need<00:34:11.787> to<00:34:12.027> have<00:34:12.572> customers<00:34:13.069> that<00:34:13.214> are<00:34:13.310> paying.

00:34:13.567 --> 00:34:19.917
So<00:34:13.871> a<00:34:14.032> maniac<00:34:14.465> focus<00:34:15.218> on<00:34:16.196> getting<00:34:16.758> revenue<00:34:17.399> and<00:34:17.463> increasing<00:34:17.960> revenue,<00:34:18.923> I<00:34:18.939> think<00:34:19.083> that<00:34:19.243> would<00:34:19.340> be<00:34:19.388> very<00:34:19.628> helpful.

00:34:19.965 --> 00:34:30.084
So<00:34:20.189> again,<00:34:20.462> keep—<00:34:20.783> if<00:34:20.927> you<00:34:21.087> are<00:34:21.312> able<00:34:21.488> to<00:34:21.665> keep<00:34:21.953> your<00:34:22.194> growth<00:34:23.316> and<00:34:23.557> get<00:34:23.717> to<00:34:23.878> revenue<00:34:24.359> faster<00:34:24.920> even<00:34:25.161> in<00:34:25.337> this<00:34:25.818> economic<00:34:26.379> environment,<00:34:27.341> I<00:34:27.406> think<00:34:27.566> that<00:34:27.662> will<00:34:27.807> attract—<00:34:28.368> that<00:34:28.448> would<00:34:28.560> still<00:34:28.865> attract<00:34:29.587> the<00:34:29.667> VCs.

00:34:30.228 --> 00:34:37.058
The<00:34:30.308> money<00:34:30.629> would<00:34:30.773> still<00:34:31.110> come<00:34:31.591> and<00:34:31.800> flow<00:34:32.722> even<00:34:32.900> in<00:34:33.045> these<00:34:33.207> environments<00:34:35.456> if<00:34:35.553> you<00:34:35.715> have<00:34:35.861> a<00:34:35.942> focus<00:34:36.281> on<00:34:36.443> bringing<00:34:36.767> in<00:34:36.929> money.

00:34:37.107 --> 00:34:58.107
So<00:34:37.333> it's<00:34:37.511> more<00:34:38.207> than<00:34:38.385> ever<00:34:38.870> the<00:34:39.356> need<00:34:40.084> to<00:34:40.310> kind<00:34:40.488> of<00:34:40.634> put<00:34:40.877> 100%<00:34:41.638> of<00:34:41.848> your<00:34:42.107> effort<00:34:42.657> as<00:34:42.755> the<00:34:42.852> CEO<00:34:43.402> to<00:34:44.438> have<00:34:44.681> your<00:34:45.005> eye<00:34:45.264> on<00:34:45.345> the<00:34:45.490> customers,<00:34:46.300> try<00:34:46.559> to<00:34:46.705> understand<00:34:47.757> why<00:34:47.935> is<00:34:48.097> it<00:34:48.178> taking<00:34:48.485> so<00:34:48.663> long<00:34:49.068> to<00:34:49.230> go<00:34:49.376> from,<00:34:50.278> you<00:34:50.374> know,<00:34:50.761> a<00:34:50.825> first<00:34:51.148> conversation<00:34:51.873> to<00:34:52.758> have<00:34:53.016> the<00:34:53.081> first<00:34:53.500> billable<00:34:54.692> hour<00:34:55.030> or<00:34:55.127> service<00:34:55.835> or<00:34:55.932> contract,<00:34:56.641> whatever,<00:34:57.124> dollar<00:34:57.366> in<00:34:57.511> the<00:34:57.591> account,<00:34:58.010> right?

00:34:58.746 --> 00:35:02.185
What<00:34:58.923> can<00:34:59.083> I<00:34:59.244> do<00:34:59.469> to<00:34:59.565> reduce<00:35:00.047> that<00:35:00.208> from<00:35:00.610> 7<00:35:01.092> months<00:35:01.413> down<00:35:01.654> to<00:35:01.895> 2<00:35:01.976> months?

00:35:02.683 --> 00:35:04.450
What<00:35:02.843> can<00:35:02.940> I<00:35:03.101> do<00:35:03.245> to<00:35:03.342> increase<00:35:03.663> my<00:35:03.824> top<00:35:04.049> of<00:35:04.129> funnel?

00:35:04.531 --> 00:35:08.050
What<00:35:04.691> can<00:35:04.788> I<00:35:05.431> do<00:35:05.655> to<00:35:05.688> increase,<00:35:06.218> you<00:35:06.250> know,<00:35:06.475> the<00:35:06.555> retention<00:35:07.037> of<00:35:07.102> the<00:35:07.198> customers<00:35:07.664> that<00:35:07.760> I<00:35:07.905> have?

00:35:08.484 --> 00:35:16.679
So<00:35:08.709> 100%<00:35:09.287> maniac<00:35:09.689> focus<00:35:10.556> on<00:35:11.296> customers,<00:35:12.260> dollars,<00:35:12.983> and<00:35:13.144> revenues<00:35:14.108> rather<00:35:14.429> than<00:35:14.815> anything<00:35:15.088> else,<00:35:15.377> basically.

00:35:17.000 --> 00:35:24.118
You<00:35:17.096> know,<00:35:17.305> obviously<00:35:18.350> the<00:35:18.430> job<00:35:18.687> of<00:35:18.768> the<00:35:18.848> CEO<00:35:19.250> is<00:35:19.330> to<00:35:19.475> keep<00:35:20.937> money<00:35:21.178> flow,<00:35:21.644> keep<00:35:21.805> the<00:35:21.901> company<00:35:22.222> float,<00:35:22.672> have<00:35:22.929> enough<00:35:23.251> money<00:35:23.588> for<00:35:23.669> the<00:35:23.813> company.

00:35:24.552 --> 00:35:26.880
But<00:35:24.713> again,<00:35:25.419> I<00:35:25.435> think<00:35:25.612> every<00:35:25.837> entrepreneur<00:35:26.270> knows<00:35:26.399> that<00:35:26.543> advice.

00:35:26.945 --> 00:35:31.649
So<00:35:27.121> it's,<00:35:27.603> you<00:35:27.683> know,<00:35:28.390> I<00:35:28.470> can<00:35:28.631> give<00:35:28.727> the<00:35:28.791> advice<00:35:29.209> again<00:35:29.514> that,<00:35:29.690> you<00:35:29.722> know,<00:35:30.333> make<00:35:30.477> sure<00:35:30.638> you<00:35:30.718> have<00:35:30.895> enough<00:35:31.119> money<00:35:31.280> in<00:35:31.376> the<00:35:31.457> bank.

00:35:31.697 --> 00:35:35.792
But<00:35:31.762> I<00:35:31.858> think<00:35:32.019> every<00:35:32.259> rational<00:35:32.741> entrepreneur,<00:35:33.929> if<00:35:34.042> they<00:35:34.186> can<00:35:34.347> get<00:35:34.572> money,<00:35:35.230> they<00:35:35.310> will<00:35:35.471> bring<00:35:35.712> it.

00:35:36.033 --> 00:35:39.613
You<00:35:36.113> know,<00:35:36.274> if<00:35:36.354> they<00:35:36.434> can<00:35:36.675> get<00:35:36.900> money<00:35:37.076> from<00:35:37.237> a<00:35:37.317> good<00:35:37.462> source,<00:35:37.719> they<00:35:38.184> will<00:35:38.345> have<00:35:38.586> the<00:35:38.666> company<00:35:39.003> capitalized.

00:35:40.063 --> 00:35:42.279
So,<00:35:40.512> you<00:35:40.545> know,<00:35:41.171> everybody<00:35:41.877> does<00:35:42.118> that.

00:35:43.258 --> 00:35:46.823
What<00:35:43.403> about<00:35:43.579> the<00:35:43.660> decision<00:35:44.141> to<00:35:44.286> go<00:35:44.462> public<00:35:45.747> or<00:35:45.907> remain<00:35:46.373> private?

00:35:51.107 --> 00:35:56.203
You<00:35:51.139> know,<00:35:51.284> I<00:35:51.364> think<00:35:51.540> that's<00:35:51.829> very<00:35:52.021> specific<00:35:52.710> to<00:35:53.687> each<00:35:53.848> company<00:35:54.248> and<00:35:54.409> what<00:35:54.569> stage<00:35:55.450> they<00:35:55.674> are<00:35:55.995> at.

00:35:56.732 --> 00:36:01.588
You<00:35:56.812> know,<00:35:57.133> unfortunately,<00:35:58.158> this<00:35:58.399> kind<00:35:58.559> of<00:35:58.655> movement<00:35:59.040> with<00:35:59.136> the<00:35:59.216> SPACs,<00:36:00.161> uh,<00:36:00.738> muddied<00:36:01.043> the<00:36:01.139> waters.

00:36:01.636 --> 00:36:05.353
And,<00:36:01.860> you<00:36:01.940> know,<00:36:02.100> there's<00:36:02.341> a<00:36:02.421> lot<00:36:02.597> of<00:36:02.741> public<00:36:03.062> companies<00:36:03.463> out<00:36:03.623> there<00:36:03.847> that<00:36:04.023> are<00:36:04.584> really<00:36:04.905> struggling.

00:36:05.530 --> 00:36:11.619
It's<00:36:05.594> very<00:36:05.850> bad<00:36:06.267> for<00:36:06.395> employee<00:36:06.908> morale<00:36:08.190> when<00:36:08.590> a<00:36:08.671> company<00:36:08.927> is<00:36:09.071> public<00:36:09.552> and<00:36:09.632> their<00:36:09.792> stock<00:36:10.113> has<00:36:10.353> fallen<00:36:10.594> 95%,<00:36:11.235> right?

00:36:11.972 --> 00:36:14.568
Um,<00:36:13.077> just<00:36:13.318> like,<00:36:13.654> it's<00:36:14.039> very<00:36:14.343> bad.

00:36:14.616 --> 00:36:16.059
It's<00:36:14.760> very<00:36:15.145> hard<00:36:15.385> on<00:36:15.690> employees.

00:36:16.524 --> 00:36:25.351
Now,<00:36:16.588> as<00:36:16.749> a<00:36:16.765> CEO,<00:36:17.407> as<00:36:17.551> the<00:36:17.712> board,<00:36:18.113> you<00:36:18.209> kind<00:36:18.434> of<00:36:18.514> understand<00:36:19.413> this<00:36:19.573> is<00:36:19.718> the<00:36:19.814> market,<00:36:20.295> this<00:36:20.520> is,<00:36:20.921> this<00:36:21.082> is<00:36:21.162> what<00:36:21.258> we're<00:36:21.419> dealing<00:36:21.804> with,<00:36:22.606> and<00:36:22.703> the<00:36:22.863> previous<00:36:23.329> valuation<00:36:23.890> was<00:36:24.051> not<00:36:24.211> justified<00:36:24.869> either<00:36:25.110> way.

00:36:26.153 --> 00:36:32.332
But<00:36:26.314> it's<00:36:27.020> harder<00:36:27.517> to<00:36:27.662> expect<00:36:28.143> employees<00:36:29.604> to<00:36:30.470> internalize<00:36:31.273> that,<00:36:31.530> to<00:36:31.690> manifest<00:36:32.252> that.

00:36:33.118 --> 00:36:42.705
Um,<00:36:33.536> so<00:36:33.937> you<00:36:34.097> are<00:36:34.258> going<00:36:34.418> to<00:36:34.579> have<00:36:34.739> a<00:36:34.964> lot<00:36:35.124> of<00:36:35.221> problems<00:36:35.702> with<00:36:35.847> employees<00:36:36.489> leaving<00:36:37.147> for<00:36:37.227> opportunities,<00:36:38.366> or<00:36:38.430> the<00:36:38.575> ones<00:36:38.767> that<00:36:38.912> are<00:36:38.992> staying<00:36:39.634> that<00:36:39.859> are,<00:36:40.260> you<00:36:40.292> know,<00:36:41.078> kind<00:36:41.239> of<00:36:41.319> like,<00:36:41.496> okay,<00:36:42.090> "This<00:36:42.219> is<00:36:42.268> a<00:36:42.284> bad<00:36:42.527> market.

00:36:42.786 --> 00:36:44.341
I'm<00:36:42.948> not<00:36:43.159> gonna<00:36:43.321> find<00:36:43.580> a<00:36:43.645> job<00:36:43.839> either<00:36:44.147> way.

00:36:44.471 --> 00:36:53.049
Let<00:36:44.633> me<00:36:45.135> struggle<00:36:45.605> here<00:36:46.561> rather<00:36:46.820> than<00:36:46.998> somewhere<00:36:47.371> else."<00:36:47.970> So,<00:36:48.667> you<00:36:48.699> know,<00:36:48.910> you<00:36:48.991> are<00:36:49.023> seeing<00:36:49.347> a<00:36:49.412> lot<00:36:49.574> of,<00:36:49.736> you<00:36:49.817> know,<00:36:50.302> ineffective<00:36:51.748> employment<00:36:52.551> that<00:36:52.712> happens.

00:36:53.097 --> 00:37:04.468
So<00:36:53.274> it<00:36:53.435> creates<00:36:53.740> an,<00:36:54.383> you<00:36:54.431> know,<00:36:54.945> inefficient<00:36:55.748> marketplace<00:36:57.756> of<00:36:58.078> jobs<00:36:58.479> and<00:36:58.560> people<00:36:58.897> who<00:36:58.961> are<00:36:59.058> working<00:36:59.379> at<00:36:59.475> companies<00:36:59.925> that<00:36:59.990> they<00:37:00.103> don't<00:37:00.329> like<00:37:00.669> and<00:37:00.814> have<00:37:01.154> low<00:37:01.315> employee<00:37:01.720> morale<00:37:02.690> and<00:37:02.771> they<00:37:02.932> just<00:37:03.159> wanna<00:37:03.401> go<00:37:03.498> somewhere<00:37:03.886> else,<00:37:04.064> but<00:37:04.145> they<00:37:04.307> cannot.

00:37:06.323 --> 00:37:17.864
So<00:37:06.633> I<00:37:06.649> think<00:37:06.812> in<00:37:06.958> these<00:37:07.316> situations,<00:37:07.886> if<00:37:08.033> you<00:37:08.130> are<00:37:08.358> able<00:37:08.521> to<00:37:08.619> stay<00:37:09.009> private<00:37:09.742> and<00:37:09.823> just<00:37:10.295> try<00:37:10.556> to<00:37:10.702> raise<00:37:10.963> more<00:37:11.142> money<00:37:11.451> and<00:37:11.777> whatever,<00:37:12.412> best<00:37:12.668> valuation<00:37:13.053> that<00:37:13.214> you<00:37:13.294> can,<00:37:13.679> you<00:37:13.775> can<00:37:13.999> have<00:37:14.256> to<00:37:14.432> keep<00:37:14.641> the<00:37:14.737> company<00:37:15.122> afloat,<00:37:15.859> that's<00:37:16.100> probably<00:37:16.405> the<00:37:16.485> best,<00:37:16.982> best<00:37:17.222> way<00:37:17.383> to<00:37:17.543> do<00:37:17.768> it.

00:37:18.569 --> 00:37:21.793
And,<00:37:19.131> you<00:37:19.163> know,<00:37:19.788> it's<00:37:20.029> not<00:37:20.253> the<00:37:20.365> time<00:37:20.654> to<00:37:20.750> be<00:37:21.135> that<00:37:21.312> selective.

00:37:22.017 --> 00:37:27.950
You<00:37:22.097> know,<00:37:22.194> if<00:37:22.338> you<00:37:22.418> can<00:37:22.594> raise<00:37:22.771> some<00:37:23.011> money<00:37:23.316> from,<00:37:23.573> from<00:37:23.797> source<00:37:24.054> of<00:37:24.262> capital<00:37:24.599> to<00:37:24.823> keep,<00:37:25.112> keep<00:37:25.465> the<00:37:25.545> company<00:37:25.882> alive<00:37:26.283> for<00:37:26.427> longer,<00:37:27.325> you<00:37:27.405> should<00:37:27.630> do<00:37:27.726> that.

00:37:28.047 --> 00:37:32.023
And<00:37:28.095> you<00:37:28.143> should,<00:37:28.447> you<00:37:28.528> should,<00:37:28.929> you<00:37:28.993> should<00:37:29.169> think<00:37:29.345> about,<00:37:29.794> you<00:37:29.827> know,<00:37:30.115> you're<00:37:30.356> keeping<00:37:30.692> those<00:37:30.869> employees<00:37:31.190> for<00:37:31.334> a<00:37:31.414> longer<00:37:31.655> time.

00:37:32.681 --> 00:37:38.967
And,<00:37:33.402> you<00:37:33.435> know,<00:37:33.884> with<00:37:33.996> some<00:37:34.284> cost<00:37:34.541> cutting,<00:37:34.942> it<00:37:35.198> helps<00:37:35.567> kind<00:37:35.648> of,<00:37:35.840> again,<00:37:36.145> focus<00:37:36.690> on<00:37:37.347> revenue<00:37:37.748> first,<00:37:38.213> revenue<00:37:38.550> faster.

00:37:39.612 --> 00:37:46.696
A<00:37:39.757> lot<00:37:39.984> of<00:37:40.081> these<00:37:40.226> companies<00:37:40.728> that<00:37:41.294> were<00:37:41.455> not<00:37:41.779> on<00:37:42.005> any<00:37:42.118> sort<00:37:42.361> of<00:37:42.442> a<00:37:42.588> path<00:37:42.895> to<00:37:42.976> become<00:37:43.315> profitable<00:37:44.431> can<00:37:45.175> be<00:37:45.337> turned<00:37:46.130> profitable.

00:37:46.874 --> 00:37:54.026
Not<00:37:47.116> immediately,<00:37:47.925> but<00:37:48.491> they<00:37:48.540> will—<00:37:48.717> they<00:37:48.814> could<00:37:48.959> have<00:37:49.072> a<00:37:49.201> plan<00:37:49.685> to,<00:37:49.943> to<00:37:50.250> edge<00:37:50.492> towards<00:37:51.299> profitability,<00:37:52.186> you<00:37:52.219> know,<00:37:52.445> in<00:37:52.703> 12<00:37:53.332> to<00:37:53.494> 18<00:37:53.736> months.

00:37:55.260 --> 00:37:58.876
Who<00:37:55.308> is<00:37:55.455> a<00:37:55.536> company<00:37:55.927> or<00:37:56.090> entrepreneur<00:37:56.514> that<00:37:56.661> you've<00:37:56.840> invested<00:37:57.410> in<00:37:57.638> that<00:37:57.736> just<00:37:57.980> blew<00:37:58.290> you<00:37:58.469> away?

00:38:00.654 --> 00:38:05.991
Um,<00:38:05.249> That's<00:38:05.426> a<00:38:05.443> great<00:38:05.652> question.

00:38:06.088 --> 00:38:18.512
I<00:38:06.104> think<00:38:07.040> many<00:38:07.362> of<00:38:07.427> the<00:38:07.524> entrepreneurs,<00:38:08.798> many<00:38:08.895> of<00:38:08.976> the<00:38:09.056> successful<00:38:09.605> entrepreneurs<00:38:10.412> obviously<00:38:12.444> that<00:38:12.606> I<00:38:12.848> backed<00:38:13.412> and<00:38:13.800> had<00:38:13.977> a<00:38:14.042> chance<00:38:14.284> to<00:38:14.445> be<00:38:14.510> with<00:38:14.687> these<00:38:14.865> companies,<00:38:15.510> you<00:38:16.172> know,<00:38:16.317> similarly<00:38:16.882> kind<00:38:17.140> of<00:38:17.447> blew<00:38:18.028> me<00:38:18.189> away.

00:38:19.125 --> 00:38:31.357
I<00:38:19.222> would<00:38:19.884> say,<00:38:20.094> you<00:38:20.126> know,<00:38:20.901> Carbon<00:38:21.223> Health,<00:38:22.289> the<00:38:22.676> founder<00:38:23.176> CEO<00:38:23.580> of<00:38:23.660> this<00:38:23.790> company,<00:38:24.227> Aaron<00:38:24.551> Bolly,<00:38:26.820> you<00:38:26.884> know,<00:38:27.695> Carbon<00:38:27.954> Health<00:38:28.132> is<00:38:28.359> very<00:38:29.801> heavy<00:38:30.611> execution.

00:38:31.665 --> 00:38:32.475
It's<00:38:31.778> a<00:38:31.908> big<00:38:32.151> operation.

00:38:33.302 --> 00:38:38.537
Many<00:38:33.608> thousands<00:38:34.025> of<00:38:34.121> employees,<00:38:35.053> hundreds<00:38:35.534> of<00:38:35.695> clinics,<00:38:36.755> millions<00:38:37.300> of<00:38:37.397> patients,<00:38:38.360> right?

00:38:38.601 --> 00:38:41.700
It's<00:38:38.697> a<00:38:38.922> big,<00:38:39.356> massive<00:38:40.271> national-scale<00:38:41.234> operation.

00:38:42.438 --> 00:38:54.095
And<00:38:42.599> sure,<00:38:43.081> you<00:38:43.161> know,<00:38:43.498> a<00:38:43.723> large<00:38:43.980> company<00:38:44.526> like<00:38:45.088> Kaiser<00:38:45.585> or<00:38:45.906> UnitedHealth<00:38:46.854> or<00:38:47.432> the<00:38:47.737> large<00:38:47.978> companies<00:38:48.315> can<00:38:48.540> do<00:38:48.636> that<00:38:48.861> because<00:38:49.102> they've<00:38:49.262> been<00:38:49.359> around<00:38:49.680> for<00:38:49.856> decades<00:38:51.526> and<00:38:51.606> they<00:38:51.751> have<00:38:52.072> grown<00:38:52.425> slowly<00:38:53.517> getting<00:38:53.838> there.

00:38:54.737 --> 00:39:21.473
But<00:38:54.898> when<00:38:55.058> you<00:38:55.155> see<00:38:55.460> a<00:38:55.540> company<00:38:56.327> go<00:38:56.503> from<00:38:56.744> 40<00:38:57.146> employees<00:38:57.627> to<00:38:57.788> 5,000,<00:38:58.735> go<00:38:58.832> from,<00:38:59.633> you<00:38:59.713> know,<00:38:59.857> 100<00:39:00.354> patients<00:39:00.979> to<00:39:01.075> a<00:39:01.315> million<00:39:02.341> over<00:39:02.581> 2<00:39:02.821> years,<00:39:03.943> that<00:39:04.360> level<00:39:04.680> of<00:39:05.001> growth<00:39:05.481> and<00:39:05.786> all<00:39:06.026> the,<00:39:06.699> all<00:39:06.827> the<00:39:06.987> growing<00:39:07.628> problems<00:39:08.189> that<00:39:08.365> comes<00:39:08.686> with<00:39:08.846> that<00:39:09.086> fast<00:39:09.487> growth,<00:39:11.009> that<00:39:11.250> where,<00:39:11.490> where<00:39:11.634> you<00:39:11.666> see<00:39:11.971> the<00:39:12.115> entrepreneur<00:39:12.531> can<00:39:12.692> handle<00:39:13.172> that,<00:39:13.429> can<00:39:13.813> bring<00:39:14.118> the<00:39:14.214> right<00:39:14.518> people<00:39:15.079> around<00:39:15.640> himself<00:39:16.217> or<00:39:16.297> herself<00:39:17.419> to,<00:39:18.060> to<00:39:18.284> handle<00:39:19.261> the,<00:39:19.502> the<00:39:19.662> pressure,<00:39:20.287> handle<00:39:20.703> the<00:39:20.848> execution.

00:39:21.585 --> 00:39:29.649
I<00:39:21.649> think<00:39:21.825> that<00:39:22.049> was<00:39:22.226> some<00:39:22.562> phenomenal—<00:39:23.267> obviously<00:39:24.084> it<00:39:24.212> had<00:39:24.325> some<00:39:24.533> mistakes<00:39:25.110> and,<00:39:25.254> you<00:39:25.350> know,<00:39:25.510> a<00:39:25.574> lot<00:39:25.735> of<00:39:25.831> things<00:39:26.857> went<00:39:27.098> wrong,<00:39:27.515> but<00:39:27.852> overall<00:39:28.863> we<00:39:29.040> executed.

00:39:30.307 --> 00:39:41.845
We,<00:39:30.628> we<00:39:30.724> were<00:39:30.885> able<00:39:31.126> to<00:39:31.286> grow<00:39:31.446> the<00:39:31.527> company<00:39:32.490> in<00:39:32.570> the<00:39:32.650> face<00:39:32.907> of<00:39:33.115> COVID<00:39:33.613> in<00:39:33.693> the<00:39:33.837> face<00:39:34.110> of,<00:39:34.239> you<00:39:34.271> know,<00:39:34.351> increasing<00:39:35.522> attention<00:39:36.084> to<00:39:36.421> digital<00:39:37.207> health<00:39:37.689> and<00:39:38.058> telemedicine<00:39:38.908> and,<00:39:39.454> you<00:39:39.486> know,<00:39:39.630> the<00:39:39.662> requirements<00:39:40.352> for<00:39:40.449> COVID<00:39:40.834> testing<00:39:41.299> and<00:39:41.379> vaccines.

00:39:42.198 --> 00:39:46.209
Just<00:39:42.422> the<00:39:42.519> company<00:39:43.706> blew<00:39:44.027> up<00:39:44.284> and<00:39:44.444> became<00:39:44.861> a<00:39:44.990> massive<00:39:45.327> operation<00:39:45.824> overnight.

00:39:46.915 --> 00:40:11.947
Um,<00:39:47.333> so<00:39:47.477> I<00:39:47.557> think<00:39:47.670> that's<00:39:47.974> one,<00:39:48.215> one<00:39:48.360> experience<00:39:48.857> that<00:39:49.001> I<00:39:49.033> saw,<00:39:49.643> you<00:39:49.675> know,<00:39:49.836> how<00:39:51.168> a<00:39:51.184> great<00:39:51.489> entrepreneur—<00:39:51.970> and<00:39:52.018> I<00:39:52.050> have<00:39:52.227> to<00:39:52.612> give<00:39:52.788> credit<00:39:53.109> to<00:39:53.270> the,<00:39:53.510> to<00:39:53.912> the,<00:39:54.153> the<00:39:54.217> CEO<00:39:55.101> of<00:39:55.133> Carbon<00:39:55.599> as<00:39:55.631> well,<00:39:56.627> uh,<00:39:56.885> Bill<00:39:57.190> Abbott,<00:39:57.945> who,<00:39:58.572> who's<00:39:58.797> been<00:39:58.957> kind<00:39:59.118> of<00:39:59.215> part<00:39:59.552> of,<00:39:59.841> you<00:39:59.938> know,<00:40:00.420> a<00:40:00.581> very<00:40:00.822> big<00:40:01.207> reason<00:40:01.545> for<00:40:01.786> why<00:40:02.027> the<00:40:02.107> company<00:40:02.670> was<00:40:02.911> able<00:40:03.120> to,<00:40:03.538> you<00:40:03.619> know,<00:40:05.391> execute<00:40:05.987> so<00:40:06.293> phenomenally,<00:40:07.646> uh,<00:40:07.904> and<00:40:08.210> operate<00:40:08.790> this<00:40:09.192> in<00:40:09.337> this<00:40:09.498> great<00:40:09.740> scale,<00:40:10.787> uh,<00:40:11.109> that<00:40:11.270> they<00:40:11.367> are<00:40:11.528> here<00:40:11.770> today.

00:40:13.660 --> 00:40:18.760
How<00:40:13.757> do<00:40:13.837> you<00:40:14.080> like—<00:40:14.257> as<00:40:14.709> we<00:40:14.870> look<00:40:15.113> at<00:40:15.209> like<00:40:15.452> heading<00:40:15.758> into<00:40:15.936> 2023,<00:40:16.807> what<00:40:16.904> do<00:40:16.969> you<00:40:17.050> think<00:40:17.227> the<00:40:17.308> macro<00:40:17.776> environment<00:40:18.341> looks<00:40:18.583> like?

00:40:19.148 --> 00:40:21.332
I,<00:40:19.390> I<00:40:19.406> think<00:40:19.568> they're<00:40:19.713> saying<00:40:19.907> we're<00:40:20.195> technically<00:40:20.689> in<00:40:20.788> a<00:40:20.854> recession.

00:40:21.398 --> 00:40:22.717
It<00:40:21.431> seems<00:40:21.679> like<00:40:21.827> we<00:40:21.992> are<00:40:22.157> in<00:40:22.239> a<00:40:22.256> recession.

00:40:24.222 --> 00:40:32.111
I<00:40:24.302> think<00:40:24.527> everyone's<00:40:24.945> predicting<00:40:25.362> like<00:40:25.571> there's<00:40:25.732> going<00:40:25.812> to<00:40:25.909> be,<00:40:27.339> you<00:40:27.435> know,<00:40:27.532> the<00:40:27.676> reason<00:40:27.933> why<00:40:28.014> a<00:40:28.062> lot<00:40:28.158> of<00:40:28.239> these<00:40:28.464> companies<00:40:28.785> are<00:40:28.881> doing<00:40:29.203> layoffs<00:40:29.685> is<00:40:30.151> we<00:40:30.247> will<00:40:30.649> definitely<00:40:30.970> be<00:40:31.050> in<00:40:31.147> a<00:40:31.195> recession<00:40:31.693> next<00:40:31.998> year.

00:40:32.641 --> 00:40:36.533
How<00:40:32.754> are<00:40:32.898> you<00:40:33.059> thinking<00:40:33.445> about<00:40:33.670> it,<00:40:33.784> looking<00:40:34.111> at<00:40:34.259> it,<00:40:34.357> just<00:40:34.520> the<00:40:34.619> macroeconomic<00:40:35.813> outlook<00:40:36.157> of<00:40:36.222> things?

00:40:38.549 --> 00:40:45.423
Yeah,<00:40:38.891> I<00:40:38.973> guess,<00:40:39.445> you<00:40:39.527> know,<00:40:40.586> kind<00:40:40.928> of<00:40:41.010> like<00:40:41.271> the<00:40:41.352> stock<00:40:41.694> markets,<00:40:43.370> sometimes<00:40:43.813> things,<00:40:44.306> things<00:40:44.635> get<00:40:44.799> priced<00:40:45.390> in.

00:40:45.787 --> 00:40:47.794
In<00:40:46.531> earlier,<00:40:46.855> right?

00:40:47.842 --> 00:40:56.326
So<00:40:48.376> yeah,<00:40:48.554> technically<00:40:49.121> we<00:40:49.266> may<00:40:49.364> not<00:40:49.671> be<00:40:49.768> in<00:40:49.865> a<00:40:49.930> recession,<00:40:50.416> but<00:40:50.966> you're<00:40:51.209> already<00:40:51.613> paying<00:40:51.872> the<00:40:52.018> price<00:40:53.636> and<00:40:53.734> things<00:40:53.976> are<00:40:54.122> priced<00:40:54.614> in<00:40:55.034> to<00:40:55.118> some<00:40:55.403> extent<00:40:55.823> at<00:40:56.041> least.

00:40:58.150 --> 00:41:06.572
Obviously,<00:40:58.650> you<00:40:58.682> know,<00:40:58.827> there's<00:40:59.069> a<00:40:59.150> lot<00:40:59.392> more<00:40:59.553> blowing<00:41:00.021> up,<00:41:00.360> there's<00:41:00.586> a<00:41:00.666> lot<00:41:00.828> more<00:41:00.925> failures,<00:41:01.554> there's<00:41:01.747> a<00:41:01.957> lot<00:41:02.199> more<00:41:02.522> layoffs<00:41:02.941> unfortunately<00:41:03.425> that's<00:41:03.587> still<00:41:03.910> left<00:41:05.281> within<00:41:05.587> the<00:41:05.684> tech<00:41:05.926> ecosystem.

00:41:07.201 --> 00:41:11.304
And<00:41:07.314> it<00:41:07.459> could<00:41:07.685> be<00:41:07.750> a<00:41:07.947> longer,<00:41:08.523> more<00:41:08.918> painful<00:41:10.333> process<00:41:11.057> unfortunately.

00:41:13.048 --> 00:41:16.404
Well,<00:41:13.209> you<00:41:13.241> know,<00:41:13.370> these<00:41:13.466> things<00:41:13.851> overall<00:41:14.269> in<00:41:14.349> the<00:41:14.429> macro<00:41:15.152> are<00:41:15.617> healthy,<00:41:16.115> right?

00:41:16.516 --> 00:41:25.827
We<00:41:17.142> require<00:41:17.784> these<00:41:17.897> cycles<00:41:18.587> for<00:41:19.229> healthy<00:41:20.690> growth<00:41:20.947> of<00:41:21.075> the<00:41:21.156> economy<00:41:21.894> and<00:41:22.071> for<00:41:22.279> healthy<00:41:23.339> jobs<00:41:23.740> market,<00:41:24.142> that<00:41:24.302> things<00:41:24.607> go<00:41:24.784> up<00:41:24.928> and<00:41:25.024> down,<00:41:25.265> up<00:41:25.442> and<00:41:25.586> down.

00:41:26.245 --> 00:41:27.962
Now,<00:41:26.405> it<00:41:26.533> was<00:41:26.646> a<00:41:26.710> very,<00:41:26.951> very<00:41:27.256> long<00:41:27.513> cycle.

00:41:29.359 --> 00:41:34.432
But,<00:41:29.519> you<00:41:29.600> know,<00:41:29.905> I<00:41:30.162> think<00:41:30.306> from<00:41:30.483> what<00:41:30.723> you're<00:41:30.980> seeing<00:41:31.430> is,<00:41:31.911> yes,<00:41:32.249> for<00:41:32.393> sure,<00:41:32.650> things<00:41:32.955> are<00:41:33.083> going<00:41:34.079> down.

00:41:34.496 --> 00:41:38.734
Things<00:41:34.673> are<00:41:34.881> going<00:41:35.122> to<00:41:35.218> be<00:41:35.540> harder<00:41:36.326> next<00:41:36.647> year,<00:41:37.466> maybe<00:41:37.707> even<00:41:38.012> for<00:41:38.172> a<00:41:38.188> longer<00:41:38.509> time.

00:41:40.114 --> 00:41:46.416
But<00:41:40.579> the<00:41:40.916> hope<00:41:41.300> is<00:41:42.263> eventually<00:41:42.824> you<00:41:42.856> still<00:41:43.225> believe<00:41:44.043> technology<00:41:45.165> is<00:41:45.197> solving<00:41:45.710> a<00:41:45.726> lot<00:41:45.887> of<00:41:45.967> problems.

00:41:46.881 --> 00:41:54.274
Technology<00:41:47.987> is<00:41:48.148> a<00:41:48.292> large<00:41:49.014> economy<00:41:50.361> and<00:41:50.633> startups<00:41:51.724> have<00:41:51.964> learned<00:41:52.461> the<00:41:52.686> ropes<00:41:53.167> and<00:41:53.424> exit<00:41:53.760> economy.

00:41:55.172 --> 00:42:04.938
It<00:41:55.252> has<00:41:55.492> come,<00:41:55.989> it's<00:41:56.551> turned<00:41:56.775> from<00:41:57.032> being<00:41:57.256> an<00:41:57.497> art<00:41:58.395> into<00:41:58.940> a<00:41:59.052> science<00:42:00.383> that<00:42:00.864> you<00:42:00.961> can<00:42:01.105> create<00:42:01.442> a<00:42:01.458> startup,<00:42:02.147> execute<00:42:02.725> on<00:42:02.805> a<00:42:02.885> product<00:42:03.911> and<00:42:03.991> create<00:42:04.232> a<00:42:04.248> large<00:42:04.569> company.

00:42:06.028 --> 00:42:08.082
It's<00:42:06.349> a<00:42:06.413> system<00:42:06.894> that's<00:42:07.135> been<00:42:07.295> trained<00:42:07.921> now.

00:42:08.290 --> 00:42:18.173
Thousands<00:42:08.675> of<00:42:08.820> people<00:42:09.221> have<00:42:09.846> turned<00:42:10.424> one-person<00:42:10.985> companies<00:42:11.467> to<00:42:11.547> hundreds<00:42:11.884> of<00:42:11.948> person<00:42:12.269> companies<00:42:13.376> in<00:42:13.472> a<00:42:13.713> fast<00:42:14.258> span<00:42:14.515> of<00:42:14.611> time,<00:42:14.996> creating<00:42:15.622> fascinating<00:42:16.665> products<00:42:17.162> that<00:42:17.322> their<00:42:17.467> users<00:42:17.868> love.

00:42:19.007 --> 00:42:20.515
And<00:42:19.151> we<00:42:19.248> have<00:42:19.408> a<00:42:19.488> playbook<00:42:19.969> for<00:42:20.130> that<00:42:20.371> now.

00:42:20.932 --> 00:42:23.788
So<00:42:21.012> I<00:42:21.173> think<00:42:21.638> overall,<00:42:22.376> the<00:42:22.456> future<00:42:22.841> is<00:42:23.178> very<00:42:23.419> bright.

00:42:24.301 --> 00:42:26.082
Technology<00:42:24.863> will<00:42:25.023> solve<00:42:25.264> a<00:42:25.344> lot<00:42:25.408> of<00:42:25.585> problems.

00:42:26.242 --> 00:42:31.408
Startups<00:42:27.012> will<00:42:27.253> be<00:42:27.413> able<00:42:27.590> to<00:42:27.815> execute<00:42:28.553> and<00:42:28.713> create<00:42:29.114> products<00:42:30.157> that<00:42:30.301> customers<00:42:30.943> would<00:42:31.103> love.

00:42:31.986 --> 00:42:35.854
Um,<00:42:32.564> the,<00:42:33.189> the<00:42:33.286> problem<00:42:33.623> is,<00:42:33.783> you<00:42:33.847> know,<00:42:34.329> is<00:42:34.473> there<00:42:34.570> enough<00:42:34.794> financing<00:42:35.452> for<00:42:35.613> that?

00:42:36.158 --> 00:42:46.927
You<00:42:36.319> know,<00:42:36.415> revenues<00:42:36.977> may<00:42:37.218> dip<00:42:37.603> for,<00:42:38.084> for<00:42:38.197> some<00:42:38.421> time<00:42:38.823> or<00:42:38.903> for<00:42:39.063> a<00:42:39.127> longer<00:42:39.384> time,<00:42:40.106> but<00:42:40.267> eventually,<00:42:40.989> you<00:42:41.069> know,<00:42:41.390> I,<00:42:41.615> I<00:42:41.695> think<00:42:41.808> it's<00:42:41.952> very—<00:42:42.674> there's<00:42:43.011> a<00:42:43.059> very<00:42:43.316> bright<00:42:43.493> future<00:42:43.942> for<00:42:44.616> startups,<00:42:45.354> tech<00:42:45.579> startups,<00:42:46.125> and<00:42:46.285> tech<00:42:46.526> ecosystem.

00:42:47.890 --> 00:43:03.573
What's<00:42:48.115> the<00:42:48.211> best<00:42:48.452> piece<00:42:48.692> of<00:42:48.789> advice<00:42:49.318> you've<00:42:49.511> received<00:42:50.378> or<00:42:50.698> heard<00:42:51.084> given<00:42:51.645> to<00:42:52.207> a<00:42:52.448> leader,<00:42:53.732> um,<00:42:54.213> who's<00:42:54.454> either<00:42:54.695> like,<00:42:54.935> you<00:42:55.032> know,<00:42:55.353> at<00:42:55.449> the<00:42:55.577> beginning<00:42:55.995> of,<00:42:56.380> of<00:42:56.476> building<00:42:56.861> a<00:42:56.941> company<00:42:57.439> or<00:42:57.664> leading<00:42:58.660> these<00:42:58.950> 1,000-person<00:42:59.933> teams,<00:43:00.883> what's<00:43:01.076> a<00:43:01.302> really<00:43:01.624> great<00:43:02.027> piece<00:43:02.349> of<00:43:02.446> advice<00:43:02.994> for<00:43:03.219> a<00:43:03.300> leader?

00:43:08.214 --> 00:43:12.034
I<00:43:08.295> would<00:43:08.473> really<00:43:08.861> focus<00:43:09.509> on<00:43:10.577> the<00:43:10.739> people<00:43:11.127> aspect,<00:43:11.710> right?

00:43:12.212 --> 00:43:16.048
If<00:43:12.584> you<00:43:12.908> are<00:43:13.086> able<00:43:13.474> to,<00:43:15.073> I<00:43:15.093> would<00:43:15.190> say<00:43:15.352> two<00:43:15.514> different<00:43:15.837> things.

00:43:16.550 --> 00:43:23.800
So<00:43:16.647> one,<00:43:17.815> really<00:43:18.269> you<00:43:18.431> have<00:43:18.609> to<00:43:18.707> spend,<00:43:19.599> if<00:43:19.729> you<00:43:19.907> believe,<00:43:20.799> everybody<00:43:21.205> talks<00:43:21.529> about<00:43:21.756> people<00:43:22.259> and<00:43:22.340> the<00:43:22.405> importance<00:43:22.924> of<00:43:23.070> people,<00:43:23.702> right?

00:43:25.377 --> 00:43:31.625
But<00:43:25.618> eventually<00:43:26.035> it's<00:43:26.244> your<00:43:26.405> calendar<00:43:27.690> that<00:43:27.947> shows<00:43:28.493> how<00:43:28.589> much<00:43:28.766> attention<00:43:29.232> that<00:43:29.392> you're<00:43:29.617> putting<00:43:30.035> onto<00:43:30.436> that,<00:43:30.902> right?

00:43:32.508 --> 00:43:38.997
If<00:43:32.605> you're<00:43:32.701> spending<00:43:33.086> half<00:43:33.408> of<00:43:33.552> your<00:43:33.649> time<00:43:34.050> on<00:43:34.195> recruiting<00:43:35.158> and<00:43:35.415> in<00:43:35.576> talking<00:43:35.962> with<00:43:36.058> your<00:43:36.219> talent,<00:43:36.620> making<00:43:36.925> sure<00:43:37.568> everything<00:43:37.889> is<00:43:37.985> aligned,<00:43:38.628> right?

00:43:39.752 --> 00:43:45.181
Then<00:43:39.977> that's<00:43:40.298> where<00:43:40.796> you're<00:43:40.957> putting<00:43:41.198> 50%<00:43:41.696> of<00:43:41.824> your<00:43:41.905> attention<00:43:42.402> and<00:43:42.483> focus,<00:43:43.366> and<00:43:43.511> that<00:43:43.687> is<00:43:43.848> the<00:43:43.928> most<00:43:44.185> important<00:43:44.715> thing<00:43:44.972> to<00:43:45.117> you.

00:43:46.000 --> 00:44:00.851
But<00:43:46.161> if<00:43:46.241> you<00:43:46.418> look<00:43:46.595> at<00:43:46.803> most<00:43:47.044> leaders'<00:43:47.382> calendars,<00:43:48.586> you<00:43:48.667> know,<00:43:48.763> it's<00:43:48.972> probably<00:43:49.309> less<00:43:49.550> than<00:43:50.032> single-digit<00:43:50.753> percentage<00:43:51.234> of<00:43:51.378> their<00:43:51.474> time<00:43:52.516> goes<00:43:52.837> towards<00:43:53.302> recruiting,<00:43:53.959> goes<00:43:54.119> towards<00:43:54.920> finding<00:43:55.321> people,<00:43:56.026> goes<00:43:56.203> towards<00:43:56.523> nurturing<00:43:57.645> their<00:43:57.806> talent<00:43:58.206> that<00:43:58.351> has<00:43:58.527> recently<00:43:58.928> joined<00:43:59.409> and<00:43:59.649> put<00:43:59.873> them<00:44:00.130> to<00:44:00.290> be<00:44:00.370> aligned.

00:44:01.252 --> 00:44:07.391
A<00:44:01.316> larger<00:44:01.637> part<00:44:01.829> of<00:44:01.973> that<00:44:02.358> is<00:44:03.095> execution,<00:44:04.137> operation,<00:44:05.019> day-to-day,<00:44:05.884> financing,<00:44:06.942> legal.

00:44:07.760 --> 00:44:22.607
So<00:44:08.545> the<00:44:08.641> more<00:44:09.170> you<00:44:09.202> spend<00:44:09.523> time<00:44:10.244> fighting<00:44:10.709> fires<00:44:11.991> and<00:44:12.071> the<00:44:12.296> less<00:44:12.552> time<00:44:13.193> you<00:44:13.273> spend<00:44:13.754> on<00:44:14.620> creating<00:44:15.197> people<00:44:15.598> that<00:44:15.758> are<00:44:15.902> capable<00:44:16.624> on<00:44:16.800> their<00:44:17.104> own<00:44:17.918> to<00:44:17.938> solve<00:44:18.307> problems,<00:44:19.526> then,<00:44:20.473> you<00:44:20.970> know,<00:44:21.131> the<00:44:21.275> problem<00:44:21.596> will<00:44:22.077> become<00:44:22.478> worse.

00:44:22.655 --> 00:44:24.195
You'll<00:44:22.879> have<00:44:23.120> more<00:44:23.361> fires<00:44:23.762> to<00:44:23.938> fight.

00:44:24.243 --> 00:44:26.120
You'll<00:44:24.403> have<00:44:24.724> more<00:44:24.901> operational<00:44:25.398> issues<00:44:25.863> to<00:44:25.944> fight.

00:44:26.264 --> 00:44:28.928
You're<00:44:26.409> going<00:44:26.537> to<00:44:26.649> have<00:44:26.746> more<00:44:27.131> legal<00:44:27.869> meetings<00:44:28.270> to<00:44:28.430> go<00:44:28.607> to.

00:44:29.874 --> 00:44:54.855
But<00:44:30.018> if<00:44:30.179> you<00:44:30.740> intentionally<00:44:31.719> try<00:44:32.120> to<00:44:32.265> put<00:44:32.505> that<00:44:32.682> time<00:44:33.003> towards<00:44:34.270> finding<00:44:35.970> the<00:44:36.051> best<00:44:36.291> people,<00:44:37.174> giving<00:44:37.639> them<00:44:37.815> autonomy,<00:44:39.019> giving<00:44:39.420> them<00:44:39.580> alignment,<00:44:40.463> and<00:44:40.767> letting<00:44:41.104> them<00:44:41.425> be<00:44:41.906> your<00:44:42.147> person<00:44:42.949> in<00:44:43.029> those<00:44:43.270> rooms,<00:44:44.136> you<00:44:44.296> can<00:44:44.617> be<00:44:44.793> in<00:44:44.937> a<00:44:45.033> position<00:44:45.498> that<00:44:45.674> you<00:44:45.754> can<00:44:45.914> spend<00:44:46.219> 50%<00:44:46.780> of<00:44:46.876> your<00:44:47.036> time<00:44:48.078> for<00:44:48.238> future<00:44:49.904> roles<00:44:50.305> that<00:44:50.481> open<00:44:50.785> up,<00:44:50.881> for<00:44:51.042> future<00:44:51.506> direct<00:44:51.843> recruits<00:44:53.109> or<00:44:53.189> leaders<00:44:53.605> in<00:44:53.669> your<00:44:53.749> company<00:44:54.150> that<00:44:54.310> you<00:44:54.390> want<00:44:54.551> to<00:44:54.631> bring.

00:44:55.208 --> 00:45:07.625
But<00:44:55.288> if<00:44:55.352> you<00:44:55.448> don't<00:44:55.768> do<00:44:55.848> that<00:44:56.009> early<00:44:56.313> on,<00:44:57.194> you<00:44:57.371> will<00:44:57.675> get<00:44:58.172> in<00:44:58.316> this,<00:44:58.572> you<00:44:58.636> know,<00:44:58.877> operational<00:44:59.454> mess<00:44:59.838> that<00:44:59.998> you<00:45:00.159> have<00:45:00.399> to<00:45:00.495> spend<00:45:00.896> 120%,<00:45:02.081> 150%<00:45:03.283> of<00:45:03.363> your<00:45:03.635> time<00:45:04.645> on<00:45:05.125> just<00:45:05.382> solving<00:45:05.943> the<00:45:06.103> daily<00:45:06.439> fires<00:45:07.144> that<00:45:07.305> come<00:45:07.465> up.

00:45:07.881 --> 00:45:21.621
So,<00:45:08.250> you<00:45:08.442> know,<00:45:08.827> spend<00:45:09.307> as<00:45:09.468> much<00:45:09.692> time<00:45:09.948> as<00:45:10.028> you<00:45:10.173> can<00:45:10.589> early<00:45:10.894> on,<00:45:11.374> on<00:45:11.551> bringing<00:45:11.951> the<00:45:12.240> the<00:45:12.338> right<00:45:12.517> talent,<00:45:13.073> nurturing<00:45:13.416> them,<00:45:13.988> and<00:45:14.152> most<00:45:14.413> importantly,<00:45:16.220> give<00:45:16.317> them<00:45:18.451> accountability,<00:45:19.470> but<00:45:19.567> also<00:45:20.036> give<00:45:20.279> them<00:45:20.457> the<00:45:20.618> responsibility<00:45:21.395> and<00:45:21.508> role.

00:45:22.624 --> 00:45:23.740
This<00:45:22.947> area<00:45:23.287> is<00:45:23.352> yours.

00:45:24.500 --> 00:45:26.574
I<00:45:24.564> expect<00:45:24.985> you<00:45:25.147> to<00:45:25.778> handle<00:45:26.200> that.

00:45:27.094 --> 00:45:34.210
You<00:45:27.256> can<00:45:27.484> make<00:45:27.743> any<00:45:27.987> decision<00:45:28.393> that<00:45:28.539> you<00:45:28.702> want<00:45:29.222> if<00:45:29.351> you<00:45:29.449> think<00:45:29.676> that's<00:45:29.920> right,<00:45:30.992> but<00:45:31.301> I<00:45:31.317> will<00:45:31.463> expect<00:45:32.194> the<00:45:32.275> right<00:45:32.681> outcome<00:45:33.087> from<00:45:33.347> you<00:45:33.672> eventually.

00:45:34.569 --> 00:45:37.718
So<00:45:34.667> that's<00:45:35.042> probably<00:45:36.674> the<00:45:36.772> right<00:45:37.016> way<00:45:37.180> to<00:45:37.326> look<00:45:37.571> at<00:45:37.669> it.

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As<00:45:38.257> a<00:45:38.433> CEO.

00:45:40.361 --> 00:45:43.251
And<00:45:40.425> the<00:45:40.505> second<00:45:40.907> piece<00:45:41.147> of<00:45:41.244> this<00:45:41.420> is<00:45:41.645> just<00:45:42.207> be<00:45:42.368> truthful<00:45:42.914> yourself.

00:45:43.476 --> 00:45:50.494
You<00:45:43.572> know,<00:45:43.878> there's<00:45:44.295> a<00:45:44.536> lot<00:45:44.600> of<00:45:44.761> hype<00:45:45.178> and<00:45:45.323> there's<00:45:45.516> a<00:45:45.644> lot<00:45:45.821> of,<00:45:46.688> you<00:45:46.720> know,<00:45:46.945> people<00:45:47.330> who<00:45:47.362> would<00:45:47.523> say,<00:45:47.973> you<00:45:48.005> know,<00:45:48.390> yes<00:45:48.551> sir<00:45:48.856> and<00:45:48.952> yes<00:45:49.257> ma'am<00:45:49.514> and<00:45:49.916> listen<00:45:50.237> to<00:45:50.382> you.

00:45:51.104 --> 00:45:52.517
But<00:45:51.185> you<00:45:51.265> have<00:45:51.506> to<00:45:51.602> be<00:45:51.747> honest<00:45:52.068> with<00:45:52.148> yourself.

00:45:52.726 --> 00:46:02.378
Like<00:45:52.967> at<00:45:53.128> every<00:45:53.433> decision<00:45:53.866> that<00:45:54.075> you<00:45:54.155> make,<00:45:54.412> at<00:45:54.557> every<00:45:54.814> data<00:45:55.119> point<00:45:55.376> that<00:45:55.521> you<00:45:55.617> see,<00:45:56.902> be<00:45:58.492> very,<00:45:58.748> very<00:45:59.054> honest<00:45:59.359> with<00:45:59.471> yourself<00:46:00.258> and<00:46:00.499> allow<00:46:00.852> that<00:46:01.077> vulnerability<00:46:01.880> to<00:46:02.025> show.

00:46:02.924 --> 00:46:07.672
So<00:46:03.149> people<00:46:03.470> are<00:46:03.647> able<00:46:03.887> to<00:46:04.032> come<00:46:04.209> to<00:46:04.273> you<00:46:04.353> and<00:46:04.450> say,<00:46:05.140> Hey<00:46:05.252> boss,<00:46:06.534> I<00:46:06.614> think<00:46:06.854> things<00:46:07.095> are<00:46:07.175> going<00:46:07.495> down.

00:46:08.056 --> 00:46:09.947
I<00:46:08.136> think<00:46:08.297> we<00:46:08.441> have<00:46:08.537> a<00:46:08.681> big,<00:46:08.922> big<00:46:09.098> problem,<00:46:09.723> right?

00:46:10.781 --> 00:46:15.396
Me<00:46:11.085> and<00:46:11.325> you<00:46:11.566> are<00:46:11.662> going<00:46:11.886> to<00:46:11.966> lose<00:46:12.207> our<00:46:12.303> job<00:46:12.639> if<00:46:12.768> we<00:46:12.848> don't<00:46:12.960> fix<00:46:13.184> this<00:46:13.425> problem,<00:46:14.146> you<00:46:14.226> know,<00:46:14.691> after<00:46:14.931> 3<00:46:15.171> years.

00:46:15.828 --> 00:46:30.379
So<00:46:16.534> if<00:46:16.630> you<00:46:16.790> have,<00:46:17.030> you<00:46:17.191> create<00:46:17.415> an<00:46:17.495> environment<00:46:18.056> that<00:46:18.216> your<00:46:18.312> people<00:46:18.633> can<00:46:18.793> come<00:46:19.033> to<00:46:19.114> you<00:46:19.210> and<00:46:19.434> be<00:46:19.594> that<00:46:19.755> vulnerable<00:46:21.117> and<00:46:21.197> say<00:46:21.517> that,<00:46:21.822> and<00:46:21.982> you<00:46:22.303> are<00:46:22.463> vulnerable<00:46:22.944> with<00:46:23.120> them,<00:46:24.242> I<00:46:24.306> think<00:46:24.546> that<00:46:24.883> creates<00:46:25.379> a<00:46:25.444> sense<00:46:25.828> of,<00:46:26.069> you<00:46:26.165> know,<00:46:26.645> just<00:46:27.270> you<00:46:27.367> can<00:46:27.591> have<00:46:27.767> people<00:46:28.072> who<00:46:28.152> can<00:46:28.264> solve<00:46:28.633> your<00:46:28.809> problems<00:46:29.209> because<00:46:29.530> they're<00:46:29.706> accountable.

00:46:30.812 --> 00:46:34.595
But<00:46:30.972> they<00:46:31.197> have<00:46:31.774> the<00:46:31.918> resources<00:46:32.495> to<00:46:32.719> go<00:46:32.880> and<00:46:32.976> make<00:46:33.216> decisions<00:46:33.842> as<00:46:34.002> they<00:46:34.034> see<00:46:34.338> fit.

00:46:35.685 --> 00:46:37.721
Olli,<00:46:35.861> thank<00:46:36.038> you<00:46:36.118> so<00:46:36.262> much<00:46:36.422> for<00:46:36.534> spending<00:46:36.823> time<00:46:37.128> with<00:46:37.304> us<00:46:37.464> here.

00:46:38.266 --> 00:46:40.686
I<00:46:38.490> could<00:46:38.586> talk<00:46:38.827> to<00:46:38.971> you<00:46:39.628> for<00:46:39.933> hours<00:46:40.205> about<00:46:40.510> this.

00:46:40.750 --> 00:46:43.571
Maybe<00:46:40.910> we'll<00:46:41.071> have<00:46:41.295> you<00:46:41.375> on<00:46:41.536> again<00:46:42.898> in<00:46:42.978> the<00:46:43.074> future.

00:46:43.860 --> 00:46:46.024
I<00:46:44.261> highly<00:46:44.517> recommend<00:46:44.982> everyone<00:46:45.303> read<00:46:45.479> your<00:46:45.639> book.

00:46:46.921 --> 00:46:49.021
Thank<00:46:47.162> you<00:46:47.242> so<00:46:47.482> much<00:46:47.803> for<00:46:48.204> taking<00:46:48.589> the<00:46:48.685> time.

00:46:49.791 --> 00:46:52.628
I<00:46:49.887> think<00:46:50.063> a<00:46:50.127> lot<00:46:50.384> of<00:46:50.448> what<00:46:50.608> you<00:46:50.688> said<00:46:51.666> is<00:46:51.810> super<00:46:52.211> valuable.

00:46:53.858 --> 00:46:54.119
Of<00:46:53.878> course.

00:46:54.215 --> 00:46:57.405
Thank<00:46:54.391> you<00:46:54.471> so<00:46:54.616> much<00:46:54.776> for<00:46:55.241> the<00:46:55.337> fantastic<00:46:55.738> questions<00:46:56.443> and<00:46:56.683> for<00:46:56.940> having<00:46:57.260> me.

00:46:57.501 --> 00:47:01.616
I<00:46:57.565> hope<00:46:57.741> this<00:46:58.790> that<00:46:59.097> people<00:46:59.420> who<00:46:59.517> were<00:46:59.678> listening<00:47:00.808> enjoyed<00:47:01.051> the<00:47:01.083> conversation.