Capital is oxygen

Prashant Fuloria has worked at Yahoo, Google, and Facebook. "But not in the right order," he said on the CEO.com Podcast.

He started at Google in 2003, when the company had fewer than 1,000 people, as a product manager on AdWords. The product became a business worth more than $100 billion.

"In the AdWords auction, it doesn't matter whether you're a local grocery store or a retailer that's across the country, you're competing in the same auction on fair terms," he said. "And I thought if technology can help democratize access to advertising and marketing across companies, big and small, why couldn't technology do the same thing for other important services?"

After Google came Facebook, then a startup called Flurry, where he was chief product officer. Yahoo bought Flurry, and it was there that Fuloria got to talk with Eyal Shinar, who had founded Fundbox in Israel and moved to the Bay Area looking for someone to help him scale it. Fuloria joined a few months into that conversation. He ran product and operations before becoming CEO in July 2020.

"I knew from my experience with small businesses that access to capital was like oxygen to them, super critical," he said. "And so it was that mission that really intrigued me, and that's what's kept me going at Fundbox now, nine years into the journey."

Fundbox provides financing to small business owners through the tools they already use to run their businesses. It partners with QuickBooks, Stripe, and a long list of invoicing, accounting, and payment platforms. "Our customers typically don't come to us, we go to them," Fuloria said. The company has served more than 170,000 small businesses and originated over $6.5 billion in funding. In February it renewed its credit facility with ATLAS SP Partners and added funds managed by Blue Owl Capital as new lenders.

An enterprise has a CFO's office. A small business owner is usually alone with the books.

"You probably started your small business because you love the craft, you love what you do," Fuloria said. "It could be baking, it could be plumbing, it could be building something, you could be a lawyer, but what you're not is a finance person, typically. And that's the thing you least like about running your business."

The hard part of the business is deciding how much to lend. "Ultimately, what you want to do is to give small business owners a responsible amount of capital," he said. "If you give them too little, well, that hurts their business, it stunts their growth, it impacts their chances of success. You can also make a mistake by giving them too much."

Fundbox has used machine learning to price that risk since long before ChatGPT entered the conversation. "Some of us sitting in Silicon Valley joke that when you use the word data or statistics, that's sort of one thing," Fuloria said. "And the moment you use the word AI, you're now in la-la land."

The tools are changing how the company runs anyway. Fundbox engineers now write software with AI, and the company is not growing its engineering team significantly because productivity keeps rising with the people it already has. Customer service is moving to AI chat and voice, because customers want the right answer at the right time and don't want to wait. And the knowledge buried in a company's email, Slack, and internal documents is finally becoming findable, which matters most for new employees who would otherwise spend their first months feeling bad about interrupting people with questions.

"I think what's so interesting and almost beautiful about AI is that we're all learning and we're all starting from the same place," he said. "So it's not like I have an advantage over you because I've been doing it for 20 years."

Fundbox sits inside the software of hundreds of thousands of small businesses, which gives Fuloria a live feed on the sector. The number of small businesses in the US has grown three times as fast as the population over the last decade, he said, and new business starts doubled around the pandemic, staying elevated while other pandemic-era shifts reversed. More than half of American small businesses now run on some kind of vertical software, by his count, whether the owner is a plumber, an electrician, a lawyer, or an accountant. Census Bureau data backs the formation trend: annual business applications have topped five million every year since 2021, up from about 3.5 million in 2019.

"The small business economy remains strong. It has remained fairly resilient so far," he said. There are soft spots. Some transportation companies, especially on the West Coast, took a hit when imports slowed through the big ports. "There are tailwinds, there are headwinds. Right now, they seem to be balancing each other out."

On culture: "I think culture is very simple. I think culture is what you do and not what you say," he said. "My philosophy on life is very simple: I think people aren't idiots." People watch what a leader does and learn accordingly. Better, he argues, to describe how the company actually operates and let people self-select in or out.

He is just as direct about sleep. "It was fashionable, say, 10, 20 years ago, to talk about how little sleep you got or how little sleep you needed to get by," he said. "If you're running low on sleep and your judgment is impaired or you're snappy with people, you can cause a lot of damage very quickly."

CEO.com asks every guest the same closing question, built on the belief that the chances one gives are just as important as the chances one takes: who gave you a chance?

Fuloria went back to 2003. Jonathan Rosenberg, Google's SVP of product management, wanted to hire him. Larry Page and Sergey Brin insisted that product managers hold computer science degrees, and Fuloria's degrees were in chemical engineering and business. So Rosenberg told the founders he was hiring Fuloria and a few others like him as "business product managers, so not really product managers."

"And so I got hired into Google under this new job category called business product manager," Fuloria said. "And when I got there, I just started doing the same work that everybody else did, and no one seemed to care or mind."

"There are a dozen others like him who've given me that break at the right time, and for whom I'm very, very grateful."

00:00:00 Prashant Fuloria's Journey to Fundbox
00:01:56 What Fundbox Does for Small Businesses
00:03:41 The Mission to Power the SMB Economy
00:05:47 How AI and Machine Learning Assess Risk
00:08:01 The Future of AI in Modern Business
00:10:38 A Day in the Life of a CEO
00:12:33 Defining Culture and Values in Leadership
00:15:15 The State of the Small Business Economy
00:19:02 AI as an Opportunity for Small Businesses
00:21:59 The Career-Defining Chance at Google

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That<00:03:40.158> is<00:03:40.318> incredible.

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So<00:03:41.345> give<00:03:41.505> us<00:03:41.665> a<00:03:41.729> sense,<00:03:41.986> like,<00:03:42.291> what<00:03:42.387> is<00:03:42.531> the<00:03:42.611> mission<00:03:42.964> of<00:03:43.108> Fundbox<00:03:43.814> ultimately?

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The<00:03:44.712> mission<00:03:45.049> of<00:03:45.177> Fundbox<00:03:45.979> is<00:03:46.091> to<00:03:46.235> help<00:03:46.796> power<00:03:47.197> the<00:03:47.277> small<00:03:47.678> business<00:03:47.935> economy.

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We,<00:03:49.201> like<00:03:49.362> so<00:03:49.586> many<00:03:49.763> others<00:03:49.987> around<00:03:50.324> us,<00:03:50.484> see<00:03:50.725> small<00:03:51.109> business<00:03:51.382> as<00:03:51.526> being<00:03:51.767> incredibly<00:03:52.264> important<00:03:53.450> for<00:03:53.675> us,<00:03:54.637> uh,<00:03:55.118> in<00:03:55.214> terms<00:03:55.599> of<00:03:55.840> the<00:03:55.936> economy,<00:03:56.737> in<00:03:56.882> terms<00:03:57.138> of<00:03:57.218> our<00:03:57.315> society.

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And<00:03:58.581> yet<00:04:00.169> the<00:04:00.329> deck<00:04:00.586> is<00:04:00.730> often<00:04:00.987> stacked<00:04:01.452> against<00:04:01.788> the<00:04:01.884> small<00:04:02.269> business<00:04:02.734> owner.

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They<00:04:03.472> don't<00:04:03.728> necessarily<00:04:04.354> have<00:04:05.059> access<00:04:05.556> to<00:04:05.877> the<00:04:06.053> tools<00:04:06.438> and<00:04:06.518> the<00:04:06.743> resources<00:04:07.400> that<00:04:07.625> a<00:04:08.186> mid-market<00:04:08.844> or<00:04:08.924> an<00:04:09.005> enterprise<00:04:09.486> company<00:04:09.887> has.

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In<00:04:10.610> a<00:04:10.674> mid-market<00:04:11.252> or<00:04:11.316> an<00:04:11.396> enterprise<00:04:11.733> company,<00:04:12.118> you've<00:04:12.279> got<00:04:12.439> the<00:04:12.536> entire<00:04:13.081> office<00:04:13.338> of<00:04:13.483> the<00:04:13.563> CFO<00:04:14.943> and<00:04:15.024> they're<00:04:15.184> focused<00:04:15.585> on<00:04:15.746> finance<00:04:16.291> and<00:04:16.452> all<00:04:16.629> things<00:04:16.869> finance.

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And<00:04:17.463> so<00:04:17.608> if<00:04:17.736> you<00:04:17.816> had<00:04:18.009> to<00:04:18.795> go<00:04:19.036> raise<00:04:19.341> some<00:04:19.518> money<00:04:19.839> to<00:04:19.935> expand<00:04:20.416> your<00:04:20.641> business,<00:04:21.604> well,<00:04:21.909> you've<00:04:22.086> got<00:04:22.262> a<00:04:22.391> bunch<00:04:22.567> of<00:04:22.647> experts<00:04:23.755> who<00:04:23.851> are<00:04:24.076> there<00:04:24.317> to<00:04:24.477> help<00:04:24.718> you<00:04:25.520> and<00:04:25.681> you<00:04:25.777> have<00:04:26.082> access<00:04:26.419> to<00:04:26.644> banks<00:04:27.061> and<00:04:27.206> other<00:04:27.687> large<00:04:27.944> institutions.

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If<00:04:29.308> you're<00:04:29.405> a<00:04:29.469> small<00:04:29.790> business<00:04:30.095> owner,<00:04:30.657> you're<00:04:30.833> probably<00:04:31.138> doing<00:04:31.234> this<00:04:31.459> all<00:04:31.620> by<00:04:31.780> yourself<00:04:32.663> and<00:04:32.759> you<00:04:33.064> probably<00:04:33.481> started<00:04:33.963> your<00:04:34.300> small<00:04:34.765> business<00:04:35.086> because<00:04:35.472> you<00:04:35.648> love<00:04:35.889> the<00:04:36.050> craft,<00:04:36.611> you<00:04:36.772> love<00:04:37.077> what<00:04:37.237> you<00:04:37.398> do.

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And<00:04:37.655> that<00:04:37.815> could<00:04:37.895> be<00:04:37.976> anything.

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It<00:04:38.377> could<00:04:38.537> be<00:04:38.698> baking,<00:04:39.163> it<00:04:39.260> could<00:04:39.484> be<00:04:40.046> plumbing,<00:04:40.463> it<00:04:40.607> could<00:04:40.784> be<00:04:41.505> building<00:04:41.906> something,<00:04:42.323> it<00:04:42.451> could<00:04:42.628> be,<00:04:43.574> uh,<00:04:43.831> you<00:04:43.991> could<00:04:44.071> be<00:04:44.151> a<00:04:44.232> lawyer,<00:04:44.793> but<00:04:44.953> what<00:04:45.114> you're<00:04:45.338> not<00:04:45.819> is<00:04:46.140> a<00:04:46.397> finance<00:04:46.958> person<00:04:47.343> typically.

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And<00:04:47.840> that's<00:04:48.161> the<00:04:48.321> thing<00:04:48.481> you<00:04:48.722> least<00:04:49.187> like<00:04:49.444> about<00:04:49.764> running<00:04:50.085> your<00:04:50.310> business.

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And<00:04:51.128> so<00:04:51.529> if<00:04:51.689> we<00:04:51.849> can<00:04:52.074> make<00:04:52.234> it<00:04:52.475> easier<00:04:52.812> for<00:04:53.196> you<00:04:53.694> to<00:04:53.838> be<00:04:53.998> able<00:04:54.175> to<00:04:54.399> handle<00:04:54.736> that<00:04:55.057> part,<00:04:55.378> the<00:04:55.458> more<00:04:56.083> administrative<00:04:56.725> part<00:04:56.917> of<00:04:56.981> your<00:04:57.126> business,<00:04:57.382> which<00:04:57.526> includes<00:04:58.505> making<00:04:58.745> sure<00:04:58.986> that<00:04:59.146> you<00:04:59.226> have<00:04:59.467> access<00:04:59.868> to<00:04:59.948> a<00:05:00.012> smooth<00:05:00.429> cash<00:05:00.750> flow,<00:05:01.472> well,<00:05:02.097> we<00:05:02.193> can<00:05:02.354> make<00:05:02.594> your<00:05:02.739> life<00:05:03.059> just<00:05:03.300> that<00:05:03.476> little<00:05:03.717> bit<00:05:04.022> easier<00:05:04.198> and<00:05:04.358> help<00:05:04.583> you<00:05:04.743> focus<00:05:05.000> on<00:05:05.144> what<00:05:05.240> you<00:05:05.321> really<00:05:05.561> want<00:05:05.738> to<00:05:06.187> do.

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And<00:05:06.523> so<00:05:06.668> that's<00:05:07.004> really<00:05:07.229> the<00:05:07.405> mission<00:05:07.726> behind<00:05:08.047> Funbox<00:05:08.913> and<00:05:09.394> the<00:05:10.116> The<00:05:10.375> strategy,<00:05:11.118> if<00:05:11.247> you<00:05:11.344> will,<00:05:11.651> is<00:05:12.798> rather<00:05:13.105> than<00:05:13.202> trying<00:05:13.445> to<00:05:13.526> go<00:05:13.671> after<00:05:13.929> customers<00:05:14.737> directly<00:05:15.529> and<00:05:16.191> advertise<00:05:16.692> to<00:05:16.838> them<00:05:17.161> and<00:05:17.403> reach<00:05:17.791> them<00:05:17.953> where<00:05:18.130> they<00:05:18.276> are,<00:05:19.258> why<00:05:19.435> not,<00:05:21.270> why<00:05:21.431> not<00:05:22.236> go<00:05:22.719> into<00:05:22.944> the<00:05:22.977> systems<00:05:23.588> that<00:05:24.007> they're<00:05:24.168> already<00:05:24.554> using?

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So<00:05:25.134> just<00:05:25.842> be<00:05:26.019> present<00:05:26.406> everywhere<00:05:27.694> so<00:05:27.774> that<00:05:27.871> if<00:05:28.000> I'm<00:05:28.435> issuing<00:05:28.758> my<00:05:28.984> invoices<00:05:29.564> and<00:05:29.710> I<00:05:29.742> need<00:05:30.065> to<00:05:30.855> get<00:05:31.081> funds<00:05:31.420> against<00:05:31.742> an<00:05:31.823> invoice<00:05:32.291> I've<00:05:32.969> sent<00:05:33.259> to<00:05:33.356> a<00:05:33.436> customer<00:05:33.775> who<00:05:33.824> hasn't<00:05:34.146> paid<00:05:34.324> me<00:05:34.469> yet,<00:05:35.453> why<00:05:35.614> can't<00:05:35.776> I<00:05:35.856> just<00:05:36.018> click<00:05:36.244> on<00:05:36.324> a<00:05:36.405> button<00:05:36.663> and<00:05:36.808> get<00:05:36.986> funds<00:05:37.244> immediately<00:05:37.713> as<00:05:37.814> opposed<00:05:38.134> to<00:05:38.370> having<00:05:38.706> to<00:05:38.976> go<00:05:39.144> through<00:05:39.312> a<00:05:39.464> whole<00:05:40.026> long,<00:05:40.443> expensive<00:05:40.989> process.

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So<00:05:42.369> that's<00:05:42.674> a<00:05:42.754> little<00:05:43.011> bit<00:05:43.155> about<00:05:43.332> what<00:05:43.492> we<00:05:43.637> do.

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It's<00:05:44.519> actually<00:05:44.776> really<00:05:45.097> interesting.

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That's<00:05:46.204> beautiful,<00:05:46.702> man.

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And<00:05:48.050> how<00:05:48.290> has<00:05:48.627> AI<00:05:49.013> changed<00:05:49.414> everything<00:05:49.815> for<00:05:49.927> you,<00:05:50.312> both<00:05:50.569> internally<00:05:51.035> and<00:05:51.179> externally?

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You<00:05:52.720> know,<00:05:52.960> Clint,<00:05:53.201> it's<00:05:53.297> interesting<00:05:53.763> you<00:05:53.907> mentioned<00:05:54.308> AI<00:05:54.565> because<00:05:55.704> the<00:05:55.849> word<00:05:56.090> AI<00:05:56.395> has<00:05:56.651> been<00:05:56.796> used<00:05:57.036> for<00:05:57.197> a<00:05:57.277> long<00:05:57.534> time<00:05:58.882> to<00:05:58.978> mean<00:05:59.219> different<00:05:59.540> things.

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And<00:06:00.439> some<00:06:00.647> of<00:06:00.808> us<00:06:01.161> sitting<00:06:01.530> in<00:06:01.610> Silicon<00:06:02.011> Valley<00:06:02.428> joke<00:06:02.846> that<00:06:04.354> when<00:06:05.381> you<00:06:05.718> use<00:06:06.023> the<00:06:06.200> word<00:06:06.986> data<00:06:07.629> or<00:06:08.465> statistics.

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That's<00:06:09.911> sort<00:06:10.071> of<00:06:10.200> one<00:06:10.377> thing.

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And<00:06:10.618> the<00:06:10.698> moment<00:06:11.341> you<00:06:11.598> use<00:06:11.823> the<00:06:11.967> word<00:06:12.289> AI,<00:06:12.706> you're<00:06:12.931> now<00:06:13.365> in<00:06:13.671> la-la<00:06:13.976> land,<00:06:14.249> right?

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But<00:06:16.241> we've<00:06:16.563> been<00:06:16.788> using<00:06:17.061> statistics<00:06:17.752> for<00:06:17.913> a<00:06:18.009> long<00:06:18.314> time,<00:06:18.668> and<00:06:18.732> we've<00:06:18.893> been<00:06:19.053> using<00:06:19.680> machine<00:06:20.082> learning<00:06:20.419> for<00:06:20.580> a<00:06:20.660> long<00:06:20.901> time<00:06:21.705> to<00:06:21.849> be<00:06:22.010> able<00:06:22.203> to<00:06:22.347> make<00:06:22.749> predictions<00:06:23.617> on<00:06:24.420> the<00:06:24.597> risk<00:06:25.224> of<00:06:25.625> a<00:06:25.657> small<00:06:26.123> business<00:06:26.445> or<00:06:26.589> any<00:06:26.766> of<00:06:26.911> their<00:06:27.071> transactions.

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And<00:06:27.811> that's<00:06:28.518> critical<00:06:28.935> because<00:06:30.205> ultimately<00:06:30.622> what<00:06:30.847> you<00:06:31.024> want<00:06:31.249> to<00:06:31.410> do<00:06:31.747> is<00:06:31.908> to<00:06:32.213> give<00:06:33.049> small<00:06:33.434> business<00:06:33.980> owners<00:06:34.864> a<00:06:34.960> responsible<00:06:35.764> amount<00:06:36.471> of<00:06:36.631> capital.

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If<00:06:37.692> you<00:06:37.772> give<00:06:37.933> them<00:06:38.093> too<00:06:38.318> little,<00:06:39.298> well,<00:06:39.620> that<00:06:39.780> hurts<00:06:40.262> their<00:06:40.503> business,<00:06:40.905> it<00:06:40.985> stunts<00:06:41.387> their<00:06:41.612> growth,<00:06:41.965> it<00:06:42.351> impacts<00:06:42.768> their<00:06:42.913> chances<00:06:43.315> of<00:06:43.411> success.

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You<00:06:44.584> can<00:06:44.905> also<00:06:45.243> make<00:06:45.403> a<00:06:45.467> mistake<00:06:45.805> by<00:06:45.965> giving<00:06:46.206> them<00:06:46.447> too<00:06:46.608> much.

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It<00:06:47.958> has<00:06:48.199> to<00:06:48.295> be<00:06:48.359> a<00:06:48.375> responsible<00:06:48.922> amount.

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What<00:06:49.420> if<00:06:49.564> you<00:06:49.998> saddle<00:06:50.528> yourself<00:06:50.930> with<00:06:51.106> debt<00:06:51.588> and<00:06:51.669> you<00:06:51.829> can't<00:06:52.135> really<00:06:52.552> pay<00:06:52.649> it<00:06:52.938> back<00:06:53.195> because<00:06:53.581> your<00:06:53.757> incoming<00:06:54.239> cash<00:06:54.480> flows<00:06:54.705> can't<00:06:54.866> support<00:06:55.284> it?

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Well,<00:06:57.035> no<00:06:57.195> one's<00:06:57.372> doing<00:06:57.677> anyone<00:06:58.079> any<00:06:58.175> favors<00:06:58.898> by<00:07:00.103> by<00:07:00.344> doing<00:07:00.569> something<00:07:00.907> like<00:07:01.148> that.

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And<00:07:01.469> so<00:07:02.674> assessing<00:07:03.059> the<00:07:03.156> risk<00:07:03.413> of<00:07:03.541> a<00:07:03.638> business<00:07:04.040> or<00:07:04.184> any<00:07:04.345> of<00:07:04.441> their<00:07:04.602> transactions<00:07:05.469> is<00:07:05.502> something<00:07:05.887> that's<00:07:06.433> critical.

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And<00:07:07.172> we've<00:07:07.413> been<00:07:07.574> using<00:07:08.683> AI<00:07:09.357> statistical<00:07:10.771> tools<00:07:11.109> for<00:07:11.189> a<00:07:11.253> long<00:07:11.510> time<00:07:12.490> in<00:07:12.619> order<00:07:12.812> to<00:07:12.892> do<00:07:13.053> this.

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Now,<00:07:14.001> in<00:07:14.145> the<00:07:14.242> past,<00:07:14.563> it<00:07:14.627> would<00:07:14.788> be<00:07:15.045> mostly<00:07:15.511> machine<00:07:15.848> learning.

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And<00:07:16.973> now<00:07:17.198> there's<00:07:17.375> a<00:07:17.439> little<00:07:17.616> bit<00:07:17.840> more<00:07:18.081> of<00:07:18.563> GenAI<00:07:19.367> tools<00:07:20.090> that<00:07:20.250> are<00:07:20.347> being<00:07:20.507> used<00:07:20.748> in<00:07:20.813> that<00:07:20.973> process.

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So<00:07:22.275> for<00:07:22.516> us,<00:07:23.464> AI<00:07:23.865> is<00:07:24.026> a<00:07:24.219> tool.

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It's<00:07:24.781> a<00:07:24.845> means<00:07:25.327> to<00:07:25.488> an<00:07:25.793> end.

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We<00:07:26.932> use<00:07:27.237> AI<00:07:27.493> a<00:07:27.637> lot,<00:07:28.999> but<00:07:29.272> our<00:07:29.416> focus<00:07:29.913> is<00:07:30.057> on<00:07:30.137> serving<00:07:30.441> the<00:07:30.473> small<00:07:30.778> business<00:07:31.098> owner.

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Yeah.

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I<00:07:31.915> mean,<00:07:32.124> where,<00:07:32.300> where<00:07:32.396> do<00:07:32.524> you<00:07:32.604> think<00:07:32.781> this<00:07:32.941> whole<00:07:33.165> AI<00:07:33.486> thing<00:07:33.646> is<00:07:33.742> going?

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And<00:07:34.142> obviously<00:07:34.399> none<00:07:34.623> of<00:07:34.703> us<00:07:34.799> know<00:07:34.960> the<00:07:35.168> actual<00:07:35.520> answer<00:07:35.745> to<00:07:35.825> that,<00:07:36.065> and<00:07:36.161> it<00:07:36.225> changes<00:07:36.610> every<00:07:36.786> day,<00:07:37.027> every<00:07:37.187> second.

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By<00:07:38.084> the<00:07:38.228> time<00:07:38.453> we're<00:07:38.549> done,<00:07:38.869> some<00:07:39.093> crazy<00:07:39.430> new<00:07:39.590> thing<00:07:39.750> will<00:07:39.911> be<00:07:40.055> announced,<00:07:40.696> um,<00:07:41.032> around<00:07:41.577> this<00:07:41.753> thing.

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Where<00:07:42.506> do<00:07:42.618> you<00:07:42.699> think<00:07:42.875> we're<00:07:43.019> headed<00:07:43.355> though,<00:07:43.596> just<00:07:43.996> given<00:07:44.317> your<00:07:44.637> experience<00:07:45.358> and<00:07:45.518> history<00:07:45.935> in<00:07:45.999> the<00:07:46.079> tech<00:07:46.336> industry?

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And,<00:07:47.441> and<00:07:47.505> then<00:07:47.617> like<00:07:47.762> you<00:07:47.842> said<00:07:48.082> too,<00:07:48.387> like<00:07:48.499> AI<00:07:48.803> isn't<00:07:49.043> new.

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ChatGPT<00:07:50.069> kind<00:07:50.229> of<00:07:50.261> made<00:07:50.550> it,<00:07:50.870> uh,<00:07:51.367> part<00:07:51.527> of<00:07:51.591> the<00:07:51.687> daily<00:07:51.992> conversation<00:07:52.793> and,<00:07:53.049> and<00:07:53.129> showed<00:07:53.370> kind<00:07:53.530> of<00:07:53.562> like<00:07:53.690> the<00:07:53.770> power<00:07:54.155> of<00:07:54.251> it.

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But<00:07:54.892> AI<00:07:55.036> has<00:07:55.213> been<00:07:55.373> used<00:07:55.598> for<00:07:55.694> decades.

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Just<00:07:56.336> give<00:07:56.496> us<00:07:56.640> a<00:07:56.673> sense<00:07:56.897> for<00:07:57.042> like<00:07:57.202> how<00:07:57.362> you're<00:07:57.539> thinking<00:07:57.876> about<00:07:58.116> it<00:07:58.197> in<00:07:58.325> the<00:07:58.405> future,<00:07:58.726> not<00:07:58.886> even<00:07:59.047> just<00:07:59.223> as<00:07:59.384> it<00:07:59.464> relates<00:07:59.785> to<00:07:59.865> Fundbox,<00:08:00.507> but<00:08:00.731> just<00:08:00.908> generally.

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I<00:08:01.870> think<00:08:02.255> that<00:08:02.897> there<00:08:03.138> are<00:08:03.475> many<00:08:03.860> places<00:08:04.293> where<00:08:04.598> AI<00:08:04.838> is<00:08:04.999> already<00:08:05.304> making<00:08:05.624> a<00:08:05.640> significant<00:08:06.346> change<00:08:06.747> in<00:08:06.924> the<00:08:07.084> way<00:08:07.325> companies<00:08:07.790> are<00:08:07.886> being<00:08:08.191> run,<00:08:09.170> and<00:08:09.314> that<00:08:09.491> includes<00:08:09.892> Fundbox.

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And<00:08:10.934> I<00:08:10.999> can<00:08:11.737> mention<00:08:12.057> at<00:08:12.218> least<00:08:12.683> 3<00:08:12.924> off<00:08:13.084> the<00:08:13.164> top<00:08:13.341> of<00:08:13.485> my<00:08:13.646> head.

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One,<00:08:15.250> anywhere<00:08:15.747> where<00:08:15.908> software<00:08:16.549> is<00:08:16.694> being<00:08:16.870> developed,<00:08:17.977> I<00:08:17.993> think<00:08:18.154> the<00:08:18.378> tools<00:08:18.779> to<00:08:18.876> help<00:08:19.213> you<00:08:19.341> develop<00:08:19.694> software<00:08:20.159> faster<00:08:21.122> better<00:08:22.150> are<00:08:22.648> there<00:08:22.953> today.

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And<00:08:23.612> so<00:08:24.078> we<00:08:24.335> use<00:08:24.640> a<00:08:24.673> lot<00:08:24.833> of<00:08:25.042> AI<00:08:25.380> when<00:08:25.621> we<00:08:25.781> write<00:08:26.006> our<00:08:26.167> own<00:08:26.263> software.

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It<00:08:27.131> makes<00:08:27.324> our<00:08:27.533> engineers<00:08:27.870> so<00:08:28.111> much<00:08:28.272> more<00:08:28.432> productive.

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We're<00:08:30.344> not<00:08:30.585> actively<00:08:31.083> growing<00:08:31.421> our<00:08:31.646> team<00:08:31.871> significantly<00:08:32.610> because<00:08:33.092> we're<00:08:33.253> seeing<00:08:33.574> an<00:08:33.654> increased<00:08:34.056> productivity<00:08:34.763> with<00:08:34.843> the<00:08:34.940> people<00:08:35.181> that<00:08:35.341> we<00:08:35.438> already<00:08:35.807> have.

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And<00:08:36.852> so<00:08:36.948> I<00:08:37.028> think<00:08:37.751> we<00:08:37.976> are<00:08:38.314> very<00:08:38.651> much<00:08:38.876> in<00:08:38.957> the<00:08:39.198> here<00:08:39.423> and<00:08:39.519> now<00:08:40.628> in<00:08:40.724> terms<00:08:40.981> of<00:08:41.045> the<00:08:41.270> impact<00:08:41.833> of<00:08:42.074> AI<00:08:42.556> on<00:08:42.957> engineering<00:08:43.455> productivity.

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So<00:08:44.178> that's<00:08:44.339> sort<00:08:44.500> of<00:08:44.580> one<00:08:44.805> thing.

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I<00:08:45.625> think<00:08:45.785> another<00:08:46.091> thing<00:08:46.267> that<00:08:46.508> impacts<00:08:47.856> companies<00:08:48.594> across<00:08:48.914> the<00:08:49.074> board,<00:08:49.475> including<00:08:49.956> us,<00:08:50.260> is<00:08:50.581> AI<00:08:51.302> in<00:08:51.462> terms<00:08:51.703> of<00:08:51.799> customer<00:08:52.199> conversations.

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There<00:08:53.466> are<00:08:53.498> so<00:08:53.786> many<00:08:53.962> places<00:08:54.443> where<00:08:54.764> customers<00:08:55.068> just<00:08:55.308> want<00:08:55.469> the<00:08:55.549> right<00:08:55.789> answer<00:08:56.286> at<00:08:56.430> the<00:08:56.526> right<00:08:56.783> time.

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They<00:08:57.728> don't<00:08:57.889> want<00:08:58.049> to<00:08:58.209> wait.

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And<00:08:59.475> AI<00:09:00.277> in<00:09:00.373> chat,<00:09:00.998> AI<00:09:01.238> in<00:09:01.414> voice<00:09:01.959> is<00:09:02.055> already<00:09:02.616> impacting<00:09:03.482> customer<00:09:03.818> service<00:09:04.539> in<00:09:04.636> a<00:09:04.764> positive<00:09:05.180> way<00:09:05.341> across<00:09:05.661> the<00:09:05.821> board.

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So<00:09:06.062> that's<00:09:06.302> already<00:09:06.623> there.

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I<00:09:07.584> think<00:09:07.745> another<00:09:08.450> use<00:09:08.642> of<00:09:08.786> AI,<00:09:09.107> which<00:09:09.283> is<00:09:09.588> there<00:09:09.828> today<00:09:10.148> in<00:09:10.309> companies,<00:09:10.725> is<00:09:10.870> just<00:09:11.270> like<00:09:11.591> knowledge.

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There<00:09:12.456> are<00:09:12.552> so<00:09:12.937> many<00:09:13.418> emails<00:09:14.219> and<00:09:14.315> Slack<00:09:14.860> messages<00:09:15.581> and<00:09:15.838> internal<00:09:16.399> documents<00:09:16.879> that<00:09:16.976> are<00:09:17.104> lying<00:09:17.360> around<00:09:18.482> that<00:09:19.205> sometimes<00:09:20.088> in<00:09:20.168> the<00:09:20.249> past<00:09:20.634> I've<00:09:20.795> had<00:09:21.036> it,<00:09:21.838> I<00:09:21.870> found<00:09:22.031> it<00:09:22.095> difficult<00:09:22.481> to<00:09:22.577> just<00:09:23.139> remember<00:09:24.584> I<00:09:24.664> spoke<00:09:25.066> with<00:09:25.226> this<00:09:25.451> person<00:09:25.853> in<00:09:25.949> this<00:09:26.190> context<00:09:27.073> and<00:09:27.539> they<00:09:27.635> said<00:09:27.876> something,<00:09:28.341> but<00:09:28.438> I<00:09:28.695> just<00:09:28.871> don't<00:09:29.000> remember<00:09:29.321> where<00:09:29.722> it<00:09:29.883> was<00:09:30.204> and<00:09:30.348> when<00:09:30.509> it<00:09:30.670> was.

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And<00:09:30.943> it's<00:09:31.087> hard<00:09:31.328> to<00:09:31.408> find<00:09:31.729> that.

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And<00:09:32.532> now<00:09:32.709> that's<00:09:32.918> becoming<00:09:33.239> a<00:09:33.255> lot<00:09:33.560> easier<00:09:33.961> to<00:09:34.122> understand.

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And<00:09:34.700> by<00:09:34.860> the<00:09:35.005> way,<00:09:35.744> when<00:09:35.888> you're<00:09:36.129> onboarding<00:09:36.546> a<00:09:36.562> new<00:09:36.787> employee,<00:09:38.136> for<00:09:38.329> them<00:09:38.553> to<00:09:38.714> quickly<00:09:39.661> answer,<00:09:40.015> get<00:09:40.239> all<00:09:40.384> their<00:09:40.480> questions<00:09:40.866> answered<00:09:41.283> without<00:09:41.588> having<00:09:42.487> them<00:09:42.648> feel<00:09:42.969> bad<00:09:43.274> about<00:09:43.515> disturbing<00:09:43.933> somebody<00:09:44.398> all<00:09:44.511> the<00:09:44.655> time,<00:09:45.201> well,<00:09:45.378> that's<00:09:45.859> happening.

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Today.

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So<00:09:47.063> there<00:09:47.159> are<00:09:47.688> many<00:09:48.009> places<00:09:48.490> where<00:09:48.891> AI<00:09:49.068> is<00:09:49.212> already<00:09:49.404> impacting<00:09:50.014> us<00:09:50.110> in<00:09:50.255> the<00:09:50.351> here<00:09:50.591> and<00:09:50.736> now,<00:09:51.473> and<00:09:51.522> it's<00:09:51.586> just<00:09:51.794> going<00:09:51.939> to<00:09:52.019> accelerate.

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So<00:09:54.761> I<00:09:54.841> think<00:09:55.226> we<00:09:55.323> don't<00:09:55.483> exactly<00:09:55.884> know<00:09:56.044> where<00:09:56.141> it's<00:09:56.285> going<00:09:56.445> to<00:09:56.525> go,<00:09:56.750> but<00:09:56.910> I<00:09:56.926> think<00:09:57.023> what<00:09:57.167> we<00:09:57.391> all<00:09:57.568> know<00:09:57.825> is<00:09:57.969> that<00:09:59.075> it's<00:09:59.236> really<00:09:59.412> important<00:09:59.797> for<00:10:00.038> everyone<00:10:00.936> in<00:10:01.016> the<00:10:01.160> company,<00:10:01.898> whether<00:10:02.043> you're<00:10:02.123> an<00:10:02.219> engineer,<00:10:03.261> a<00:10:03.342> customer<00:10:03.678> support<00:10:04.208> rep,<00:10:04.785> or<00:10:04.929> whether<00:10:05.186> you<00:10:05.346> are<00:10:05.443> a<00:10:05.587> credit<00:10:06.212> analyst<00:10:06.613> looking<00:10:06.934> at<00:10:07.335> our<00:10:07.496> underwriting,<00:10:08.618> to<00:10:08.698> be<00:10:08.795> thinking<00:10:09.099> about<00:10:09.500> all<00:10:09.677> the<00:10:09.821> tools<00:10:10.158> that<00:10:10.318> are<00:10:10.463> out<00:10:10.639> there.

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And<00:10:11.826> I<00:10:11.842> think<00:10:12.066> what's<00:10:12.227> so<00:10:12.403> interesting<00:10:12.884> and<00:10:13.365> almost<00:10:13.606> beautiful<00:10:14.007> about<00:10:14.392> AI<00:10:15.114> is<00:10:15.290> that<00:10:16.734> we're<00:10:18.161> all<00:10:18.482> learning<00:10:18.980> and<00:10:19.124> we're<00:10:19.365> all<00:10:19.541> starting<00:10:20.087> from<00:10:20.327> the<00:10:20.423> same<00:10:21.450> place.

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So<00:10:22.525> it's<00:10:22.669> not<00:10:22.910> like<00:10:23.792> I<00:10:23.856> have<00:10:23.969> an<00:10:24.049> advantage<00:10:24.578> over<00:10:24.819> you<00:10:24.915> because<00:10:25.156> I've<00:10:25.220> been<00:10:25.316> doing<00:10:25.493> it<00:10:25.557> for<00:10:25.717> 20<00:10:26.022> years,<00:10:26.503> or<00:10:27.482> Company<00:10:27.883> X<00:10:28.124> is<00:10:28.284> better<00:10:28.589> off<00:10:28.910> because<00:10:29.423> it's<00:10:29.632> all<00:10:29.728> new.

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So<00:10:30.771> it's<00:10:31.011> just<00:10:31.557> an<00:10:31.637> opportunity<00:10:32.134> for<00:10:32.359> us<00:10:32.680> to<00:10:33.739> just<00:10:34.059> build<00:10:34.460> something<00:10:35.247> again<00:10:36.706> from<00:10:36.931> the<00:10:37.027> ground<00:10:37.348> up.

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What<00:10:38.792> does<00:10:38.968> a<00:10:39.032> typical<00:10:39.434> day<00:10:39.658> look<00:10:39.819> like<00:10:40.059> for<00:10:40.155> you?

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Typical<00:10:41.663> day.

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Is<00:10:43.911> a<00:10:44.007> lot<00:10:44.167> of<00:10:44.248> conversations.

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So<00:10:45.853> there's<00:10:46.158> a<00:10:46.239> lot<00:10:46.399> of<00:10:46.640> asking<00:10:47.041> questions<00:10:47.523> and<00:10:47.603> then<00:10:47.844> listening<00:10:48.101> to<00:10:48.246> what<00:10:48.422> people<00:10:48.679> say,<00:10:49.466> whether<00:10:49.707> they<00:10:49.851> are<00:10:50.172> inside<00:10:50.590> the<00:10:50.734> company,<00:10:51.778> our<00:10:51.858> employees,<00:10:52.420> my<00:10:52.902> colleagues,<00:10:53.881> whether<00:10:54.202> it's<00:10:55.165> customers,<00:10:55.663> small<00:10:56.048> business<00:10:56.434> owners,<00:10:56.835> or<00:10:57.477> increasingly<00:10:57.991> the<00:10:58.136> partners<00:10:58.698> who<00:10:58.858> we<00:10:59.019> work<00:10:59.340> with,<00:10:59.918> sometimes<00:11:00.383> investors.

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There's<00:11:01.764> a<00:11:01.828> fair<00:11:01.989> amount<00:11:02.214> of<00:11:02.374> reading<00:11:02.792> just<00:11:02.952> to<00:11:03.113> keep<00:11:03.354> up<00:11:03.530> to<00:11:03.675> date<00:11:03.916> on<00:11:04.060> what's<00:11:04.301> happening.

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The<00:11:04.799> world's<00:11:05.039> increasingly<00:11:05.666> complex,<00:11:07.127> changing<00:11:07.512> very<00:11:07.833> fast,<00:11:08.572> and<00:11:08.732> very<00:11:08.973> unpredictable.

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There<00:11:10.177> is<00:11:10.209> some<00:11:10.482> amount<00:11:10.884> of<00:11:12.265> just<00:11:12.505> thinking.

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And<00:11:13.389> then<00:11:14.095> there's<00:11:14.272> some<00:11:14.416> amount<00:11:14.689> of<00:11:15.075> obviously<00:11:15.380> time<00:11:15.637> that<00:11:15.717> I<00:11:15.797> spend<00:11:16.119> with<00:11:16.841> my<00:11:17.002> family,<00:11:17.564> just<00:11:17.724> taking<00:11:17.965> care<00:11:18.190> of<00:11:18.270> myself,<00:11:20.117> staying<00:11:20.519> active,<00:11:21.578> and<00:11:21.659> importantly,<00:11:22.462> enough<00:11:22.702> time<00:11:22.943> to<00:11:23.088> sleep.

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And<00:11:24.067> I<00:11:24.148> can't<00:11:24.453> stress<00:11:24.790> that<00:11:25.015> enough.

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I'm<00:11:25.930> a<00:11:26.075> big<00:11:26.476> believer<00:11:27.022> in<00:11:27.279> getting<00:11:27.520> the<00:11:27.600> right<00:11:27.841> amount<00:11:28.082> of<00:11:28.114> sleep<00:11:28.403> that<00:11:28.564> you<00:11:28.724> need<00:11:29.126> in<00:11:29.270> order<00:11:29.527> to<00:11:29.672> be<00:11:29.832> able<00:11:29.993> to<00:11:30.089> make<00:11:30.314> your<00:11:30.410> day<00:11:30.635> as<00:11:30.876> productive<00:11:31.294> as<00:11:31.438> possible.

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Yeah,<00:11:32.418> sleep<00:11:32.883> is<00:11:33.044> incredibly<00:11:33.622> important,<00:11:34.024> right?

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Like,<00:11:34.505> it's<00:11:34.682> nuts.

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It's<00:11:35.951> actually<00:11:36.127> nuts.

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And<00:11:37.316> I<00:11:37.460> think<00:11:38.054> for<00:11:38.424> leaders<00:11:38.921> and<00:11:39.066> founders<00:11:39.805> and<00:11:40.302> CEOs,<00:11:41.314> you<00:11:41.410> can<00:11:41.700> you<00:11:41.876> can<00:11:42.856> sacrifice<00:11:43.498> sleep<00:11:43.819> to<00:11:43.884> your<00:11:44.044> own<00:11:44.141> detriment,<00:11:44.622> right?

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I<00:11:45.747> think<00:11:45.923> so.

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By<00:11:46.630> the<00:11:46.710> way,<00:11:46.855> I<00:11:46.935> think<00:11:47.047> it<00:11:47.112> was<00:11:47.337> fashionable,<00:11:48.172> say,<00:11:48.396> 10,<00:11:48.637> 20<00:11:48.943> years<00:11:49.216> ago<00:11:49.505> to<00:11:49.601> talk<00:11:49.842> about<00:11:50.163> how<00:11:50.404> little<00:11:50.629> sleep<00:11:51.030> you<00:11:51.432> got<00:11:51.689> or<00:11:51.769> how<00:11:52.154> little<00:11:52.315> sleep<00:11:52.652> you<00:11:53.118> needed<00:11:53.455> to<00:11:53.536> get<00:11:53.777> by.

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But<00:11:54.804> I<00:11:54.965> think<00:11:55.527> one<00:11:55.688> of<00:11:55.720> the<00:11:56.009> good<00:11:56.186> things<00:11:56.442> about<00:11:57.069> where<00:11:57.294> we<00:11:57.454> are<00:11:57.615> today<00:11:57.872> is<00:11:58.113> that<00:11:58.273> people<00:11:58.675> recognize<00:11:59.301> the<00:11:59.414> importance<00:11:59.944> of<00:12:00.538> sleep<00:12:00.923> and<00:12:01.068> self-care.

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I<00:12:02.593> think<00:12:02.706> it's<00:12:02.850> important<00:12:03.172> for<00:12:03.412> everybody,<00:12:04.440> including<00:12:05.404> leaders,<00:12:06.143> because<00:12:06.769> if<00:12:06.930> you're<00:12:07.106> running<00:12:07.411> low<00:12:07.588> on<00:12:07.668> sleep<00:12:08.134> and<00:12:08.857> your<00:12:09.033> judgment<00:12:09.499> is<00:12:09.612> impaired<00:12:10.222> or<00:12:10.382> you're<00:12:10.511> snappy<00:12:11.041> with<00:12:11.282> people,<00:12:12.165> you<00:12:12.245> can<00:12:12.406> cause<00:12:12.727> a<00:12:12.807> lot<00:12:12.984> of<00:12:13.193> damage<00:12:14.012> very<00:12:14.333> quickly.

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So<00:12:15.682> you<00:12:15.714> need<00:12:15.859> to<00:12:15.939> make<00:12:16.164> sure<00:12:16.581> that<00:12:17.143> you're<00:12:17.384> well<00:12:17.625> rested,<00:12:18.251> you're<00:12:18.428> thinking<00:12:18.749> straight,<00:12:19.456> you're<00:12:20.596> being<00:12:23.230> in<00:12:23.326> the<00:12:23.551> moment<00:12:24.434> when<00:12:24.595> you're<00:12:25.012> having<00:12:25.334> a<00:12:25.398> conversation<00:12:26.120> or<00:12:26.281> listening<00:12:26.522> to<00:12:26.618> someone.

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And<00:12:28.385> again,<00:12:28.931> your<00:12:29.654> body<00:12:29.910> can<00:12:30.071> only<00:12:30.794> take<00:12:31.035> so<00:12:31.276> much<00:12:31.597> and<00:12:31.902> you<00:12:31.934> have<00:12:32.014> to<00:12:32.078> take<00:12:32.239> care<00:12:32.400> of<00:12:32.560> it.

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How<00:12:33.749> do<00:12:33.829> you<00:12:33.990> think<00:12:34.102> about<00:12:34.391> culture<00:12:35.194> and<00:12:35.515> the<00:12:35.612> company's<00:12:36.029> values<00:12:36.816> and<00:12:36.896> maintaining<00:12:37.523> those?

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And<00:12:38.662> that<00:12:38.822> kind<00:12:38.999> of<00:12:39.063> leads<00:12:39.367> to<00:12:39.640> the<00:12:39.864> second<00:12:40.185> part<00:12:40.361> of<00:12:40.409> that<00:12:40.570> question,<00:12:40.810> which<00:12:40.987> is<00:12:41.067> like<00:12:41.307> hybrid<00:12:42.189> versus<00:12:42.734> in-person<00:12:43.391> versus<00:12:44.353> entirely<00:12:44.914> remote<00:12:45.315> workforces<00:12:46.036> and<00:12:46.180> how<00:12:46.421> you've<00:12:46.613> landed<00:12:46.982> on<00:12:47.062> all<00:12:47.238> of<00:12:47.318> that.

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I<00:12:48.344> think<00:12:48.505> culture<00:12:48.825> is<00:12:48.921> very<00:12:49.082> simple.

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I<00:12:49.723> think<00:12:49.867> culture<00:12:50.204> is<00:12:50.428> what<00:12:50.605> you<00:12:50.829> do<00:12:51.807> and<00:12:51.967> not<00:12:52.208> what<00:12:52.368> you<00:12:52.464> say.

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My<00:12:54.372> philosophy<00:12:54.997> on<00:12:55.093> life<00:12:55.478> is<00:12:55.734> very<00:12:55.895> simple.

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I<00:12:56.375> think<00:12:56.536> people<00:12:56.937> aren't<00:12:57.257> idiots.

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And<00:12:58.299> that<00:12:58.523> may<00:12:58.556> surprise,<00:12:59.261> but<00:13:00.062> what<00:13:00.207> I<00:13:00.223> mean<00:13:00.383> by<00:13:00.527> that<00:13:00.848> is<00:13:01.489> you<00:13:01.649> can't<00:13:02.932> say<00:13:03.252> one<00:13:03.429> thing<00:13:03.669> and<00:13:03.749> do<00:13:03.910> something<00:13:04.374> else.

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Eventually<00:13:05.899> people<00:13:06.221> look<00:13:06.397> around<00:13:06.654> and<00:13:06.783> they,<00:13:07.024> and<00:13:07.120> they<00:13:07.345> understand<00:13:08.325> what<00:13:08.662> a<00:13:08.727> person<00:13:09.112> is<00:13:09.273> doing.

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And<00:13:10.413> if<00:13:10.477> that<00:13:10.638> person<00:13:10.959> happens<00:13:11.216> to<00:13:11.297> be<00:13:11.361> in<00:13:11.393> a<00:13:11.457> position<00:13:11.859> of<00:13:12.020> leadership,<00:13:13.224> then<00:13:13.546> they<00:13:14.027> learn<00:13:14.284> accordingly.

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So<00:13:16.598> I<00:13:16.758> think<00:13:16.999> the<00:13:17.385> only<00:13:17.802> way<00:13:18.766> to<00:13:19.232> build<00:13:19.489> a<00:13:19.634> culture<00:13:20.694> is<00:13:20.854> by<00:13:21.079> doing<00:13:21.336> the<00:13:21.417> things<00:13:21.818> that<00:13:22.380> you<00:13:22.702> want<00:13:23.585> people<00:13:23.890> to<00:13:23.987> do.

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So<00:13:25.095> for<00:13:25.288> example,<00:13:26.011> if<00:13:26.139> you<00:13:26.236> want<00:13:26.477> people<00:13:26.718> to<00:13:26.798> be<00:13:26.942> respectful,<00:13:27.922> well,<00:13:28.227> you've<00:13:28.404> gotta<00:13:28.645> be<00:13:28.725> respectful<00:13:29.272> yourself<00:13:30.155> in<00:13:30.396> every<00:13:30.733> interaction<00:13:31.312> as<00:13:31.456> much<00:13:31.633> as<00:13:31.778> you<00:13:31.858> humanly<00:13:32.259> can.

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If<00:13:32.998> you<00:13:33.143> want<00:13:33.368> people<00:13:33.689> to<00:13:33.785> be<00:13:34.010> customer-centric,<00:13:36.017> well,<00:13:36.434> you<00:13:36.611> have<00:13:37.799> to<00:13:37.879> be<00:13:38.040> customer-centric<00:13:38.827> yourself.

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If<00:13:40.545> you<00:13:40.673> want<00:13:40.850> people<00:13:41.171> to<00:13:41.267> be<00:13:41.508> innovative<00:13:42.118> and<00:13:42.279> thinking<00:13:42.937> about<00:13:43.820> new<00:13:44.045> ideas,<00:13:45.265> you've<00:13:45.426> got<00:13:45.587> to<00:13:45.667> do<00:13:45.763> it<00:13:45.892> yourself,<00:13:46.534> and<00:13:46.630> you've<00:13:46.791> got<00:13:46.951> to<00:13:47.176> also<00:13:47.337> appreciate<00:13:48.059> it<00:13:48.220> when<00:13:48.702> people<00:13:48.942> come<00:13:49.183> to<00:13:49.215> you<00:13:49.424> with<00:13:49.585> ideas<00:13:50.163> and<00:13:50.548> engage<00:13:50.966> with<00:13:51.110> them<00:13:51.367> and<00:13:51.512> try<00:13:51.688> to<00:13:52.009> make<00:13:52.234> the<00:13:52.330> best<00:13:52.587> of<00:13:52.652> them,<00:13:53.214> those<00:13:53.438> ideas.

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So<00:13:54.835> to<00:13:54.964> me,<00:13:55.140> culture<00:13:55.542> is<00:13:55.702> very<00:13:55.927> much<00:13:56.104> about<00:13:56.890> what<00:13:57.131> you're<00:13:57.372> doing.

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And<00:13:58.755> then<00:14:00.110> surrounding<00:14:01.094> yourself<00:14:01.659> and<00:14:02.062> building<00:14:02.466> a<00:14:02.482> team<00:14:03.272> of<00:14:03.434> people<00:14:04.305> for<00:14:04.466> whom<00:14:04.660> those<00:14:04.805> values<00:14:05.354> are<00:14:05.838> important.

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And<00:14:07.774> I<00:14:07.870> think<00:14:08.032> every<00:14:08.273> company<00:14:08.899> is<00:14:09.237> different.

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And<00:14:11.165> there<00:14:11.309> are<00:14:11.952> many<00:14:12.370> places<00:14:12.852> where<00:14:12.997> you<00:14:13.093> can<00:14:13.254> have<00:14:13.430> a<00:14:13.559> very<00:14:13.736> successful<00:14:14.378> company<00:14:14.700> that<00:14:14.844> has<00:14:14.957> a<00:14:15.021> certain<00:14:15.423> culture,<00:14:15.825> let's<00:14:16.001> say<00:14:17.657> a<00:14:17.754> very<00:14:18.061> hard-driving<00:14:18.803> culture<00:14:19.352> where<00:14:20.013> there's<00:14:20.401> a<00:14:20.417> lot<00:14:20.578> of<00:14:20.901> competition<00:14:21.547> inside<00:14:21.934> the<00:14:22.015> company.

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You<00:14:23.419> can<00:14:23.548> have<00:14:23.596> successful<00:14:24.064> companies<00:14:24.419> which<00:14:24.532> are<00:14:24.565> much<00:14:24.839> more<00:14:25.016> collaborative<00:14:26.049> and<00:14:26.227> collegial.

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I'm<00:14:27.348> not<00:14:27.492> making<00:14:27.733> a<00:14:27.813> value<00:14:28.133> judgment<00:14:28.470> about<00:14:28.775> what<00:14:28.951> is<00:14:29.095> good<00:14:29.256> and<00:14:29.400> what<00:14:29.560> is<00:14:29.736> bad,<00:14:30.057> but<00:14:30.233> what<00:14:30.442> I<00:14:30.458> am<00:14:30.634> saying<00:14:31.019> is<00:14:31.163> that<00:14:32.301> it<00:14:32.542> may<00:14:32.782> be<00:14:32.942> better<00:14:33.327> to<00:14:33.407> be<00:14:33.503> very<00:14:33.808> upfront<00:14:34.305> with<00:14:34.465> people<00:14:35.427> both<00:14:35.731> in<00:14:35.828> the<00:14:35.908> company<00:14:36.549> and<00:14:36.693> those<00:14:36.869> who<00:14:36.950> are<00:14:37.030> thinking<00:14:37.334> of<00:14:37.430> joining,<00:14:37.815> which<00:14:37.991> is,<00:14:38.152> this<00:14:38.312> is<00:14:38.456> how<00:14:38.713> we<00:14:38.953> roll,<00:14:39.755> this<00:14:40.300> is<00:14:40.556> how<00:14:40.877> we<00:14:41.037> operate.

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And<00:14:42.111> I<00:14:42.159> think<00:14:42.335> that<00:14:42.544> also<00:14:42.784> drives<00:14:43.057> a<00:14:43.121> self-selection.

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If<00:14:44.467> I<00:14:45.509> like<00:14:46.166> a<00:14:46.231> collaborative<00:14:46.727> environment,<00:14:47.850> well,<00:14:48.154> I<00:14:48.170> will<00:14:48.330> gravitate<00:14:48.811> towards<00:14:49.052> a<00:14:49.116> company<00:14:49.533> that<00:14:50.013> talks<00:14:50.270> about<00:14:50.494> it<00:14:50.655> openly.

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But<00:14:51.632> if<00:14:51.841> I'm<00:14:52.402> a<00:14:52.482> different<00:14:52.738> kind,<00:14:52.995> if<00:14:53.059> I'm<00:14:53.219> wired<00:14:53.556> differently,<00:14:54.646> I<00:14:54.662> might<00:14:56.170> not<00:14:56.410> want<00:14:56.570> to<00:14:56.667> do<00:14:56.827> that.

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And<00:14:57.228> so<00:14:57.372> I<00:14:57.452> think<00:14:57.613> it's<00:14:57.933> almost<00:14:58.190> better<00:14:58.495> for<00:14:58.655> everyone<00:14:59.457> if<00:15:00.179> you<00:15:00.275> can<00:15:00.579> articulate<00:15:01.157> your<00:15:01.317> culture<00:15:01.654> very<00:15:02.183> clearly<00:15:02.680> and<00:15:02.824> if<00:15:02.921> you<00:15:03.065> can,<00:15:04.027> through<00:15:04.524> your<00:15:04.989> conversation,<00:15:06.128> share<00:15:06.529> with<00:15:06.930> people<00:15:08.116> how<00:15:08.357> you<00:15:08.533> work<00:15:08.838> such<00:15:09.014> that<00:15:09.175> they<00:15:09.255> can<00:15:09.415> make<00:15:09.880> the<00:15:09.977> decision<00:15:10.297> about<00:15:10.458> whether<00:15:10.698> to<00:15:10.842> join<00:15:11.163> you<00:15:12.045> or<00:15:12.478> stay<00:15:12.783> with<00:15:13.007> you<00:15:13.184> versus<00:15:14.050> going<00:15:14.210> somewhere<00:15:14.531> else<00:15:14.707> where<00:15:14.787> they<00:15:14.932> would<00:15:15.028> be<00:15:15.172> happier.

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How<00:15:15.990> do<00:15:16.054> you<00:15:16.231> think<00:15:16.487> about<00:15:17.578> where<00:15:17.754> we<00:15:17.979> are<00:15:18.155> economically?

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And<00:15:18.957> you<00:15:19.053> have<00:15:19.197> kind<00:15:19.358> of<00:15:19.454> a<00:15:19.598> front<00:15:19.823> row<00:15:19.999> seat<00:15:20.304> to<00:15:21.202> the<00:15:21.283> state<00:15:21.911> of<00:15:22.024> small<00:15:22.492> business<00:15:23.297> in<00:15:23.378> the<00:15:23.443> United<00:15:23.700> States,<00:15:24.103> and<00:15:24.184> even<00:15:24.603> more<00:15:24.974> broadly,<00:15:26.037> the<00:15:26.118> effect<00:15:26.440> that<00:15:26.601> tariffs<00:15:27.085> have<00:15:27.230> had<00:15:27.504> or<00:15:27.649> not<00:15:27.955> had<00:15:28.213> and<00:15:28.294> all<00:15:28.439> of<00:15:28.471> that<00:15:28.616> type<00:15:28.696> of<00:15:28.777> stuff.

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Where<00:15:29.099> do<00:15:29.164> you<00:15:29.261> think<00:15:29.390> we're<00:15:29.502> at?

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We're,<00:15:30.707> you<00:15:30.803> know,<00:15:30.884> more<00:15:31.173> than<00:15:33.615> 6,<00:15:34.081> 7<00:15:34.402> months<00:15:34.707> into<00:15:34.868> this<00:15:35.045> thing<00:15:35.286> now<00:15:36.089> this<00:15:36.330> year.

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How<00:15:37.053> are<00:15:37.294> things<00:15:37.519> looking<00:15:37.856> and<00:15:37.937> what's<00:15:38.162> the<00:15:38.242> outlook<00:15:38.579> towards<00:15:38.820> the<00:15:38.901> end<00:15:39.045> of<00:15:39.110> the<00:15:39.206> year?

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I<00:15:39.949> think<00:15:40.192> taking<00:15:40.531> a<00:15:40.595> step<00:15:40.999> back<00:15:41.403> from<00:15:41.871> the<00:15:42.291> current<00:15:42.711> 6,<00:15:43.018> 7<00:15:43.341> months,<00:15:43.922> I<00:15:44.067> think<00:15:44.374> there<00:15:44.455> are<00:15:44.568> some<00:15:45.505> very<00:15:45.828> interesting<00:15:46.328> trends<00:15:46.732> in<00:15:46.877> the<00:15:46.958> small<00:15:47.378> business<00:15:48.473> economy<00:15:48.973> more<00:15:49.279> broadly.

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I<00:15:50.118> think<00:15:50.972> the<00:15:51.117> first<00:15:51.600> thing<00:15:51.794> is<00:15:51.939> that<00:15:53.954> people<00:15:54.502> are<00:15:54.663> increasingly<00:15:55.904> turning<00:15:56.371> to<00:15:56.871> starting<00:15:57.338> their<00:15:57.644> own<00:15:57.790> small<00:15:58.064> business.

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And<00:15:59.436> we've<00:15:59.742> seen<00:16:00.646> the<00:16:00.727> small—<00:16:01.356> the<00:16:01.453> number<00:16:01.695> of<00:16:01.727> small<00:16:02.098> businesses<00:16:02.502> in<00:16:02.582> the<00:16:02.744> US<00:16:03.470> grow<00:16:04.584> 3<00:16:04.842> times<00:16:05.310> as<00:16:05.407> fast<00:16:05.955> as<00:16:06.133> the<00:16:06.294> population<00:16:06.956> of<00:16:07.085> the<00:16:07.150> country<00:16:07.734> over<00:16:07.913> the<00:16:08.059> last<00:16:08.384> decade.

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So<00:16:09.780> the<00:16:09.926> population<00:16:10.429> has<00:16:10.657> grown,<00:16:11.566> but<00:16:11.712> the<00:16:11.745> number<00:16:12.053> of<00:16:12.216> SMBs<00:16:12.768> has,<00:16:13.109> on<00:16:13.206> a<00:16:13.271> percentage<00:16:13.839> basis,<00:16:14.148> has<00:16:14.310> grown<00:16:14.489> 3<00:16:14.732> times<00:16:15.041> as<00:16:15.138> fast.

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So<00:16:16.404> there's<00:16:16.644> definitely<00:16:17.045> something<00:16:17.510> here<00:16:18.569> where<00:16:19.130> more<00:16:19.275> and<00:16:19.435> more<00:16:19.596> people<00:16:20.398> are<00:16:20.638> either<00:16:20.879> thinking<00:16:21.200> of<00:16:21.296> starting<00:16:21.761> a<00:16:21.777> new<00:16:22.018> business<00:16:22.306> from<00:16:22.419> scratch<00:16:23.044> or<00:16:23.221> in<00:16:23.365> some<00:16:23.541> cases<00:16:24.023> buying<00:16:24.424> somebody<00:16:24.889> else's<00:16:25.210> business<00:16:25.466> and<00:16:25.627> running<00:16:25.947> it.

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The<00:16:26.894> other<00:16:26.990> thing<00:16:27.391> that's<00:16:27.616> interesting<00:16:28.033> is<00:16:28.177> that<00:16:28.273> the<00:16:28.370> number<00:16:28.754> of<00:16:28.995> new<00:16:29.155> business<00:16:29.540> starts<00:16:30.503> every<00:16:30.743> week,<00:16:30.936> every<00:16:31.160> month,<00:16:32.043> it<00:16:32.604> kind<00:16:32.781> of<00:16:33.005> doubled<00:16:34.048> around<00:16:34.369> the<00:16:34.513> pandemic,<00:16:35.058> like<00:16:35.187> soon<00:16:35.475> after<00:16:35.652> the<00:16:35.732> pandemic.

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And<00:16:37.320> while<00:16:37.721> many<00:16:38.379> pandemic<00:16:39.004> era<00:16:39.245> changes,<00:16:39.983> you<00:16:40.384> know,<00:16:40.720> or<00:16:40.785> sort<00:16:41.105> of<00:16:41.250> things<00:16:41.587> that<00:16:41.731> happened<00:16:41.972> in<00:16:42.068> 2020<00:16:42.693> have<00:16:43.046> sort<00:16:43.207> of<00:16:43.816> reversed<00:16:44.394> a<00:16:44.474> little<00:16:44.715> bit.

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And<00:16:45.420> we'll<00:16:45.597> talk<00:16:45.838> about—<00:16:46.479> we<00:16:46.559> can<00:16:46.640> talk<00:16:46.896> about<00:16:47.345> kind<00:16:47.442> of<00:16:47.522> working<00:16:47.827> from<00:16:48.003> home<00:16:48.404> and<00:16:48.629> hybrid<00:16:49.046> and<00:16:49.190> all<00:16:49.287> of<00:16:49.383> that.

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But<00:16:50.634> the<00:16:50.811> number<00:16:51.276> of<00:16:51.613> new<00:16:51.853> business<00:16:53.073> starts,<00:16:53.522> so<00:16:53.634> new<00:16:53.859> business<00:16:54.180> formation,<00:16:54.725> remains<00:16:55.527> elevated<00:16:56.089> compared<00:16:56.409> to<00:16:56.506> where<00:16:56.650> it<00:16:56.810> was<00:16:57.147> pre-2020.

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So<00:16:59.794> I<00:16:59.875> think<00:17:00.099> there<00:17:00.195> is—<00:17:00.757> whether<00:17:00.981> it's<00:17:01.094> a<00:17:01.222> cultural<00:17:01.719> thing<00:17:02.040> where<00:17:02.265> people<00:17:02.586> want<00:17:02.762> to<00:17:03.885> do<00:17:04.029> their<00:17:04.190> own<00:17:04.366> thing<00:17:04.607> and<00:17:04.687> not<00:17:04.912> work<00:17:05.152> for<00:17:05.249> a<00:17:05.393> large<00:17:05.810> organization,<00:17:06.949> I'm<00:17:07.110> not<00:17:07.254> quite<00:17:07.559> sure.

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But<00:17:07.815> you<00:17:07.912> see<00:17:08.120> this<00:17:08.393> in<00:17:08.457> the<00:17:08.537> numbers.

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So<00:17:08.938> that's,<00:17:09.323> that's<00:17:09.564> one<00:17:09.660> thing.

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I<00:17:10.317> think<00:17:10.526> the<00:17:10.622> other<00:17:10.847> thing<00:17:10.943> that's<00:17:11.088> very<00:17:11.200> interesting<00:17:11.746> is<00:17:12.148> more<00:17:12.308> and<00:17:12.469> more<00:17:12.613> small<00:17:12.951> businesses<00:17:13.657> are<00:17:14.797> becoming<00:17:15.343> digital<00:17:15.760> in<00:17:15.841> nature.

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And<00:17:16.933> I<00:17:16.965> don't<00:17:17.125> just<00:17:17.350> mean<00:17:17.607> somebody<00:17:17.992> who's<00:17:18.185> selling,<00:17:19.213> you<00:17:19.293> know,<00:17:19.678> things<00:17:19.935> on<00:17:20.015> Amazon.

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I<00:17:20.577> mean<00:17:20.979> every<00:17:21.220> kind<00:17:21.364> of<00:17:21.396> small<00:17:21.701> business.

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You<00:17:22.023> could<00:17:22.167> be<00:17:22.263> a<00:17:22.344> hairdresser,<00:17:23.708> but<00:17:23.869> you're<00:17:24.110> using<00:17:24.383> some<00:17:24.656> sort<00:17:24.832> of<00:17:24.977> digital<00:17:25.394> tool<00:17:25.860> to<00:17:25.956> manage<00:17:26.438> your<00:17:26.679> schedule,<00:17:27.225> your<00:17:27.401> bookings,<00:17:28.301> to<00:17:28.445> get<00:17:28.686> paid.

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You<00:17:29.714> could<00:17:29.810> be<00:17:29.971> a<00:17:30.115> law<00:17:30.292> firm<00:17:30.693> and<00:17:30.773> you're<00:17:30.950> using<00:17:31.319> an<00:17:31.496> invoicing<00:17:32.122> app<00:17:32.524> or<00:17:32.620> a<00:17:32.845> legal<00:17:33.342> practice<00:17:33.808> management<00:17:34.290> software.

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So<00:17:35.913> That's<00:17:36.154> another<00:17:36.394> thing<00:17:36.539> that's<00:17:36.700> happening.

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And<00:17:37.599> so<00:17:38.065> we<00:17:38.226> see<00:17:38.467> all<00:17:38.627> of<00:17:38.724> that<00:17:39.045> because<00:17:40.715> those,<00:17:41.374> call<00:17:41.551> it<00:17:41.631> secular<00:17:42.241> trends<00:17:42.723> or<00:17:43.125> more<00:17:43.848> long-term<00:17:44.329> trends,<00:17:44.602> have<00:17:44.811> been<00:17:44.972> at<00:17:45.133> play<00:17:45.550> for<00:17:45.663> some<00:17:45.871> time<00:17:47.060> and<00:17:47.156> they<00:17:47.253> just<00:17:47.478> continue<00:17:47.863> to<00:17:48.024> grow.

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So<00:17:48.506> more<00:17:48.763> than<00:17:49.245> 50%<00:17:49.903> of<00:17:49.983> small<00:17:50.433> businesses<00:17:51.558> in<00:17:51.654> the<00:17:51.799> US<00:17:52.056> today<00:17:53.003> are<00:17:53.084> using<00:17:53.341> some<00:17:53.662> sort<00:17:53.967> of<00:17:54.947> what<00:17:55.091> people<00:17:55.252> sometimes<00:17:55.589> call<00:17:55.895> vertical<00:17:56.248> SaaS,<00:17:56.955> vertical<00:17:57.356> software,<00:17:57.774> software<00:17:58.159> for<00:17:58.384> their<00:17:58.561> vertical,<00:17:59.027> whether<00:17:59.268> you're<00:17:59.428> a<00:17:59.525> plumber,<00:17:59.926> an<00:18:00.151> electrician,<00:18:00.874> or<00:18:01.535> you<00:18:01.697> know,<00:18:02.264> a<00:18:02.345> lawyer<00:18:02.977> or<00:18:03.074> an<00:18:03.463> accountant.

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And<00:18:04.354> so<00:18:05.261> we<00:18:05.407> are<00:18:05.440> seeing<00:18:05.747> that<00:18:05.974> for<00:18:06.136> sure.

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Now,<00:18:07.287> more<00:18:07.594> specifically<00:18:08.340> for<00:18:08.502> what's<00:18:08.729> happening<00:18:08.972> in<00:18:09.004> the<00:18:09.134> last<00:18:09.280> 7<00:18:09.716> months,<00:18:10.024> I<00:18:10.105> think<00:18:11.901> the<00:18:11.982> small<00:18:12.710> business<00:18:13.131> economy<00:18:13.746> remains<00:18:14.151> strong.

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It<00:18:14.879> has<00:18:15.138> remained<00:18:15.607> fairly<00:18:16.028> resilient<00:18:16.530> so<00:18:16.821> far.

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We<00:18:17.792> haven't<00:18:18.100> seen<00:18:18.696> any<00:18:20.855> increase<00:18:21.354> in<00:18:21.435> small<00:18:21.838> business<00:18:22.241> risk<00:18:23.352> as<00:18:23.449> of<00:18:23.610> now.

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We<00:18:24.658> haven't<00:18:24.980> seen<00:18:25.302> any<00:18:25.640> increased<00:18:26.140> stress,<00:18:27.422> more<00:18:27.582> broadly<00:18:28.224> across<00:18:28.946> the<00:18:29.026> spectrum<00:18:29.491> in<00:18:29.571> small<00:18:29.908> business.

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I<00:18:31.031> think<00:18:31.192> there<00:18:31.272> were<00:18:31.433> some<00:18:31.657> very,<00:18:31.914> very<00:18:32.090> specific<00:18:33.518> vertical<00:18:34.962> issues,<00:18:35.347> like<00:18:36.085> for<00:18:36.230> example,<00:18:36.647> there<00:18:36.807> was<00:18:37.786> some<00:18:38.155> transportation<00:18:39.775> companies<00:18:40.578> were<00:18:40.818> impacted,<00:18:41.380> especially<00:18:41.781> on<00:18:41.877> the<00:18:42.021> West<00:18:42.342> Coast<00:18:43.129> when<00:18:43.305> there<00:18:43.449> was<00:18:44.171> a<00:18:44.187> slowdown<00:18:44.813> in<00:18:44.990> imports<00:18:45.375> happening,<00:18:46.177> LA<00:18:46.835> and<00:18:46.979> San<00:18:47.188> Diego<00:18:47.541> and<00:18:47.637> these<00:18:47.861> large<00:18:48.102> ports.

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So<00:18:48.295> there<00:18:48.423> were<00:18:48.455> some<00:18:48.599> very<00:18:48.760> specific<00:18:49.305> areas,<00:18:50.685> but<00:18:51.086> we<00:18:51.231> haven't<00:18:52.065> seen<00:18:52.691> any<00:18:52.867> major<00:18:53.252> downturn<00:18:53.798> yet.

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We<00:18:55.193> seem<00:18:55.418> to<00:18:55.514> be<00:18:55.723> all<00:18:55.819> right.

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And<00:18:56.156> of<00:18:56.284> course,<00:18:56.862> There<00:18:56.926> are<00:18:57.102> tailwinds,<00:18:57.583> there<00:18:57.727> are<00:18:57.888> headwinds.

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Right<00:18:59.250> now<00:19:00.372> they<00:19:00.469> seem<00:19:00.693> to<00:19:00.789> be<00:19:00.869> balancing<00:19:01.366> each<00:19:01.511> other<00:19:01.751> out.

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Do<00:19:02.777> you<00:19:02.873> think<00:19:03.033> that<00:19:03.194> continues?

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Not,<00:19:04.075> not<00:19:04.236> to,<00:19:04.476> you<00:19:04.620> know,<00:19:04.861> have<00:19:05.021> the<00:19:05.085> whole<00:19:05.262> interview<00:19:05.518> focused<00:19:05.903> on<00:19:05.999> AI,<00:19:06.320> but<00:19:06.464> I<00:19:06.544> do<00:19:06.704> wonder,<00:19:07.025> like,<00:19:07.923> man,<00:19:08.628> the—<00:19:09.029> we<00:19:09.109> have<00:19:09.205> these<00:19:09.365> major<00:19:10.327> companies,<00:19:10.888> some<00:19:11.049> of<00:19:11.113> them<00:19:11.289> you've<00:19:11.433> worked<00:19:11.610> for,<00:19:11.770> with<00:19:11.914> like,<00:19:12.235> like<00:19:12.411> Google,<00:19:12.812> uh,<00:19:13.277> for<00:19:13.437> example,<00:19:14.719> um,<00:19:15.441> who,<00:19:16.178> you<00:19:16.258> know,<00:19:16.419> can<00:19:16.515> spend<00:19:16.819> billions<00:19:17.220> and<00:19:17.300> billions<00:19:17.637> and<00:19:17.781> billions<00:19:18.102> of<00:19:18.182> dollars<00:19:18.567> on<00:19:18.663> AI.

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I<00:19:19.721> mean,<00:19:19.945> Google<00:19:20.250> has<00:19:20.426> Waymo,<00:19:21.003> for<00:19:21.212> example,<00:19:21.532> on<00:19:21.693> the,<00:19:21.853> like,<00:19:21.949> the<00:19:22.045> transportation<00:19:22.751> front<00:19:23.231> and<00:19:23.312> things<00:19:23.488> of<00:19:23.552> that<00:19:23.712> nature.

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How<00:19:24.610> do<00:19:24.754> we<00:19:24.851> make<00:19:25.075> sure<00:19:25.556> that<00:19:25.700> small<00:19:26.101> businesses<00:19:27.063> remain,<00:19:27.560> like<00:19:27.784> you<00:19:27.864> just<00:19:28.041> said,<00:19:28.441> like<00:19:29.223> relatively<00:19:31.793> as<00:19:31.954> many<00:19:32.420> headwinds<00:19:32.998> as<00:19:33.079> tailwinds?

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And<00:19:34.509> how<00:19:34.605> do<00:19:34.750> we<00:19:35.489> increase<00:19:36.115> entrepreneurship?

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Do<00:19:37.224> you<00:19:37.256> think<00:19:37.481> about<00:19:37.722> that<00:19:37.883> at<00:19:37.979> all?

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And<00:19:38.706> obviously<00:19:38.947> that's<00:19:39.059> a<00:19:39.124> big<00:19:39.284> part<00:19:39.509> of<00:19:39.686> what<00:19:40.489> Funbox<00:19:41.052> does.

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Yeah,<00:19:42.498> I<00:19:42.642> think<00:19:43.767> AI<00:19:45.872> can<00:19:46.177> be<00:19:46.209> a<00:19:46.338> challenge,<00:19:46.739> but<00:19:46.804> it's<00:19:47.061> also<00:19:47.318> an<00:19:47.398> interesting,<00:19:48.041> really<00:19:48.250> interesting<00:19:48.588> opportunity<00:19:49.232> for<00:19:49.409> a<00:19:49.425> small<00:19:49.811> business<00:19:50.230> owner<00:19:50.938> because<00:19:52.130> AI<00:19:52.371> can<00:19:52.532> actually<00:19:52.951> be<00:19:53.901> a<00:19:54.158> way<00:19:55.178> to<00:19:55.276> supplement<00:19:57.701> and<00:19:58.124> the<00:19:58.270> resources<00:19:58.791> that<00:19:59.002> you<00:19:59.165> have.

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And<00:19:59.930> I'll<00:20:00.076> give<00:20:00.125> you<00:20:00.174> an<00:20:00.304> example<00:20:00.743> of<00:20:00.890> one<00:20:01.036> of<00:20:01.150> our<00:20:01.297> partners,<00:20:02.380> uh,<00:20:02.477> Fundbox's<00:20:02.816> partners<00:20:03.237> is<00:20:03.382> a<00:20:03.463> company<00:20:04.110> that<00:20:04.353> serves<00:20:05.873> home<00:20:06.132> service<00:20:06.536> professionals,<00:20:07.345> electricians,<00:20:08.315> plumbers,<00:20:09.189> HVAC<00:20:09.609> installers.

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And<00:20:11.291> many<00:20:11.566> of<00:20:11.680> these<00:20:12.197> small<00:20:12.520> business<00:20:12.908> owners<00:20:13.959> don't<00:20:14.169> necessarily<00:20:14.767> have<00:20:15.042> an<00:20:15.333> admin<00:20:16.480> to<00:20:16.642> manage<00:20:17.224> scheduling.

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So<00:20:18.000> for<00:20:18.080> example,<00:20:18.743> if<00:20:18.969> you<00:20:19.147> had<00:20:19.454> a<00:20:19.616> leaky<00:20:19.939> faucet<00:20:20.683> and<00:20:20.747> you're<00:20:20.844> calling<00:20:21.232> a<00:20:21.313> plumber,<00:20:22.012> very<00:20:22.317> often<00:20:22.493> you're<00:20:22.654> calling<00:20:22.958> them<00:20:23.279> on<00:20:23.456> their<00:20:23.632> cell<00:20:23.953> phone.

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They're<00:20:25.525> at<00:20:25.621> a<00:20:25.766> job<00:20:26.006> site.

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They<00:20:27.306> can't<00:20:27.931> take<00:20:28.172> your<00:20:28.349> call,<00:20:28.669> so<00:20:28.846> they<00:20:28.974> may<00:20:29.070> miss<00:20:29.391> the<00:20:29.536> opportunity.

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You<00:20:30.193> may<00:20:30.338> call<00:20:30.514> somebody<00:20:30.915> else.

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Now<00:20:31.942> imagine<00:20:32.423> if<00:20:32.455> that<00:20:32.664> plumber<00:20:32.985> actually<00:20:33.322> had<00:20:33.658> an<00:20:33.867> AI<00:20:34.124> assistant<00:20:35.327> who<00:20:35.487> could<00:20:35.632> say,<00:20:35.808> Clint,<00:20:36.289> what<00:20:36.674> problem<00:20:36.931> do<00:20:36.995> you<00:20:37.059> have?

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You<00:20:37.236> could<00:20:37.316> say,<00:20:37.428> look,<00:20:37.637> I<00:20:37.717> have<00:20:37.829> this,<00:20:38.134> my<00:20:38.776> sink<00:20:39.113> is<00:20:39.321> leaking<00:20:39.658> or<00:20:39.802> what<00:20:39.899> have<00:20:40.123> you.

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And<00:20:41.022> they<00:20:41.102> could<00:20:41.326> ask<00:20:41.888> you<00:20:41.984> for<00:20:42.096> some<00:20:42.241> information<00:20:42.786> like,<00:20:42.947> oh,<00:20:43.091> you<00:20:43.187> live<00:20:43.588> at<00:20:43.733> this<00:20:43.909> place<00:20:44.230> and<00:20:44.294> so<00:20:44.551> on.

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And<00:20:46.636> then<00:20:46.957> book<00:20:47.198> an<00:20:47.278> appointment<00:20:47.759> for<00:20:48.144> you<00:20:49.829> without<00:20:50.231> having<00:20:50.551> the<00:20:50.648> plumber<00:20:51.675> stop<00:20:52.012> working<00:20:52.317> on<00:20:52.397> what<00:20:52.574> he<00:20:52.798> or<00:20:52.831> she's<00:20:53.135> working<00:20:53.440> on.

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So<00:20:54.259> I<00:20:54.339> think<00:20:54.500> that's<00:20:55.142> a<00:20:55.286> way<00:20:55.703> in<00:20:55.864> which<00:20:57.533> a<00:20:58.015> call<00:20:58.271> answering<00:20:58.689> service,<00:20:59.234> which<00:20:59.459> may<00:20:59.796> otherwise<00:21:00.278> only<00:21:00.518> be<00:21:00.615> available<00:21:01.160> to<00:21:01.305> like<00:21:01.417> a<00:21:01.545> mid-market<00:21:02.107> company,<00:21:02.765> now<00:21:02.990> becomes<00:21:03.263> available<00:21:03.808> at<00:21:03.905> a<00:21:03.953> fairly<00:21:04.290> high<00:21:04.450> quality.

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And<00:21:05.638> one<00:21:05.750> of<00:21:06.039> our<00:21:06.697> partner<00:21:07.083> actually<00:21:07.323> has<00:21:07.500> built<00:21:07.724> this<00:21:07.901> out.

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So<00:21:08.687> I<00:21:08.864> do<00:21:09.105> think<00:21:09.329> that<00:21:09.426> there<00:21:09.522> are<00:21:09.586> these<00:21:09.811> really<00:21:10.068> interesting<00:21:10.694> ways<00:21:10.967> in<00:21:11.111> which<00:21:11.416> AI<00:21:11.817> can<00:21:12.138> help<00:21:13.133> small<00:21:13.502> business<00:21:13.904> owners<00:21:14.786> And<00:21:14.835> then<00:21:15.108> unlike<00:21:15.429> a<00:21:15.525> very<00:21:15.830> large<00:21:16.087> organization<00:21:16.793> where<00:21:16.890> there<00:21:17.034> may<00:21:17.131> be<00:21:17.372> inertia,<00:21:18.512> a<00:21:18.640> lot<00:21:18.752> of<00:21:18.881> decision<00:21:19.298> makers<00:21:20.246> around<00:21:20.743> implementing<00:21:21.305> a<00:21:21.386> technology,<00:21:23.232> and<00:21:23.457> also<00:21:23.714> people<00:21:24.196> who<00:21:24.822> may<00:21:24.982> have<00:21:25.255> a<00:21:25.384> vested<00:21:25.721> interest<00:21:26.283> in<00:21:26.524> not<00:21:26.749> implementing<00:21:27.311> something<00:21:27.808> because<00:21:28.515> their<00:21:29.269> role<00:21:29.558> in<00:21:29.639> the<00:21:29.735> company<00:21:30.137> gets<00:21:30.377> impacted<00:21:30.923> in<00:21:31.020> some<00:21:31.260> way,<00:21:32.063> for<00:21:32.224> a<00:21:32.240> small<00:21:32.625> business,<00:21:33.894> there<00:21:34.054> aren't<00:21:34.327> a<00:21:34.375> lot<00:21:34.616> of<00:21:35.178> such<00:21:35.660> internal<00:21:36.399> dynamics<00:21:36.961> and<00:21:37.121> politics,<00:21:37.619> right?

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And,<00:21:38.727> and<00:21:38.807> so<00:21:38.952> I<00:21:39.048> think<00:21:40.413> I,<00:21:40.814> I<00:21:40.975> think<00:21:41.200> maybe<00:21:41.392> I'm<00:21:41.537> being,<00:21:42.003> you<00:21:42.035> know,<00:21:42.244> overly<00:21:42.581> optimistic,<00:21:43.143> but<00:21:43.288> I<00:21:43.544> do<00:21:43.930> hope<00:21:44.267> to<00:21:44.347> see,<00:21:45.295> I<00:21:45.391> do<00:21:45.568> see<00:21:45.777> a<00:21:45.857> little<00:21:45.953> bit<00:21:46.098> of<00:21:46.130> small<00:21:46.435> business<00:21:46.756> owners<00:21:47.640> embracing<00:21:48.266> those<00:21:48.507> tools<00:21:49.647> because<00:21:50.611> they<00:21:50.771> can<00:21:51.157> and<00:21:51.253> they're<00:21:51.414> less<00:21:51.735> encumbered<00:21:52.377> by<00:21:52.538> the<00:21:52.779> way,<00:21:53.662> by<00:21:53.887> the,<00:21:54.369> by<00:21:54.465> the<00:21:54.546> way<00:21:54.642> they're<00:21:54.770> doing<00:21:54.947> things<00:21:55.124> today,<00:21:55.573> unlike<00:21:55.975> a<00:21:56.312> much<00:21:56.537> larger<00:21:56.874> organization.

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Yeah.

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Yeah.

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That<00:21:58.705> makes<00:21:58.898> total<00:21:59.155> sense.

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Uh,<00:21:59.926> I<00:21:59.990> wanna<00:22:00.102> be<00:22:00.231> respectful<00:22:00.648> of<00:22:00.713> your<00:22:00.825> time.

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So,<00:22:01.837> uh,<00:22:01.933> the<00:22:02.013> final<00:22:02.318> question,<00:22:02.720> we<00:22:02.881> ask<00:22:03.057> everybody<00:22:03.378> this<00:22:03.539> question<00:22:04.262> and<00:22:04.342> that<00:22:04.567> is<00:22:04.679> at<00:22:04.808> CEO.com,<00:22:05.707> we<00:22:05.868> believe<00:22:06.093> the<00:22:06.189> chances<00:22:06.655> one<00:22:06.880> gives<00:22:07.489> are<00:22:07.634> just<00:22:07.874> as<00:22:07.954> important<00:22:08.259> as<00:22:08.355> the<00:22:08.436> chances<00:22:08.837> one<00:22:08.997> takes.

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When<00:22:10.281> you<00:22:10.505> hear<00:22:10.682> that,<00:22:10.906> who<00:22:11.067> gave<00:22:11.259> you<00:22:11.404> a<00:22:11.468> chance<00:22:11.725> to<00:22:11.869> get<00:22:12.029> you<00:22:12.126> to<00:22:12.190> where<00:22:12.366> you<00:22:12.543> are<00:22:12.687> today?

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A<00:22:13.650> lot<00:22:13.874> of<00:22:13.971> people<00:22:14.757> took<00:22:15.270> a<00:22:15.334> chance<00:22:15.735> on<00:22:15.880> me<00:22:16.120> to<00:22:16.217> get<00:22:16.537> me<00:22:16.682> to<00:22:16.778> where<00:22:17.163> I<00:22:17.259> am<00:22:17.484> today.

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I<00:22:18.463> think<00:22:20.292> of<00:22:20.532> my<00:22:20.709> time<00:22:20.965> at<00:22:21.110> Google,<00:22:21.479> which<00:22:21.591> was<00:22:21.896> a,<00:22:22.714> a<00:22:22.955> big<00:22:23.259> break<00:22:23.516> for<00:22:23.677> me<00:22:24.254> to<00:22:24.463> work<00:22:25.586> at<00:22:25.682> Google<00:22:26.003> back<00:22:26.179> in<00:22:26.243> 2003.

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And<00:22:29.035> the<00:22:29.516> SVP<00:22:29.998> of<00:22:30.078> product<00:22:30.479> management,<00:22:30.992> a<00:22:31.056> gentleman<00:22:31.377> named<00:22:31.618> Jonathan<00:22:32.083> Rosenberg,<00:22:33.142> really<00:22:33.446> wanted<00:22:33.719> to<00:22:33.943> hire<00:22:34.744> folks<00:22:35.129> with<00:22:35.225> me<00:22:35.385> with<00:22:35.546> my<00:22:35.770> background.

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But<00:22:37.965> I<00:22:38.029> didn't<00:22:38.334> have<00:22:39.616> a<00:22:39.696> degree<00:22:40.049> in<00:22:40.177> computer<00:22:40.449> science.

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I<00:22:41.234> was<00:22:41.395> an<00:22:41.475> engineer<00:22:41.875> by<00:22:42.116> training<00:22:42.677> and<00:22:42.757> I<00:22:42.837> had<00:22:42.981> a<00:22:43.077> PhD<00:22:43.542> from<00:22:43.718> Stanford,<00:22:44.119> but<00:22:44.183> at<00:22:44.279> the<00:22:44.423> business<00:22:44.792> school.

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And<00:22:45.882> Larry<00:22:46.186> and<00:22:46.266> Sergey<00:22:46.683> were<00:22:46.843> very<00:22:47.789> dogmatic<00:22:48.381> about,<00:22:49.391> we're<00:22:49.711> only<00:22:49.888> going<00:22:50.000> to<00:22:50.112> hire<00:22:50.449> people<00:22:50.929> with<00:22:51.490> degrees<00:22:51.971> in<00:22:52.131> computer<00:22:52.468> science.

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And<00:22:54.295> I<00:22:54.359> remember<00:22:54.695> Jonathan<00:22:55.160> Rosenberg<00:22:55.721> did<00:22:55.817> this<00:22:55.977> little<00:22:56.282> trick.

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He<00:22:57.884> told<00:22:58.141> them,<00:22:59.503> This<00:23:00.225> guy,<00:23:00.449> Prashant,<00:23:00.866> and<00:23:00.962> a<00:23:01.027> few<00:23:01.203> others<00:23:01.492> like<00:23:01.668> him,<00:23:02.887> I'm<00:23:03.095> hiring<00:23:03.592> them<00:23:03.977> as<00:23:04.458> business<00:23:05.019> product<00:23:05.436> managers.

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They're<00:23:05.998> not<00:23:06.142> really<00:23:06.398> product<00:23:06.863> managers.

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And<00:23:07.361> Larry<00:23:07.505> and<00:23:07.553> Sergey<00:23:07.745> were<00:23:07.826> like,<00:23:07.922> "That's<00:23:08.082> fine.

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He's<00:23:09.044> got<00:23:09.221> the<00:23:09.285> degree.

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It's<00:23:10.151> okay.

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He's<00:23:11.113> from<00:23:11.209> Stanford."<00:23:11.915> And<00:23:11.995> so,<00:23:12.315> I<00:23:12.331> got<00:23:12.492> hired<00:23:12.829> into<00:23:13.053> Google<00:23:14.095> under<00:23:14.320> this<00:23:15.138> new<00:23:15.378> job<00:23:15.763> category<00:23:16.324> called<00:23:16.565> business<00:23:16.966> product<00:23:17.367> manager.

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When<00:23:19.291> I<00:23:19.371> got<00:23:19.563> there,<00:23:19.708> I<00:23:19.724> just<00:23:19.932> started<00:23:20.189> doing<00:23:20.590> the<00:23:20.686> same<00:23:20.910> work<00:23:21.087> that<00:23:21.231> everybody<00:23:21.616> else<00:23:22.033> did<00:23:22.257> and<00:23:22.738> no<00:23:22.819> one<00:23:22.979> seemed<00:23:23.171> to<00:23:23.556> care<00:23:23.877> or<00:23:24.198> mind<00:23:24.518> and<00:23:24.647> it<00:23:24.679> was<00:23:24.839> all<00:23:25.064> okay.

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But<00:23:26.442> it<00:23:26.507> was<00:23:26.619> a<00:23:26.667> little<00:23:26.923> bit<00:23:27.084> of<00:23:27.180> inventiveness<00:23:28.110> on<00:23:28.526> Jonathan's<00:23:28.991> part.

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So,<00:23:30.274> and<00:23:30.354> there<00:23:30.514> are<00:23:31.636> a<00:23:31.733> dozen<00:23:32.037> others<00:23:32.278> like<00:23:32.518> him<00:23:32.758> who've<00:23:33.416> given<00:23:33.720> me<00:23:33.897> that<00:23:34.137> break<00:23:35.083> at<00:23:35.179> the<00:23:35.339> right<00:23:35.580> time<00:23:36.285> and<00:23:36.445> for<00:23:37.183> whom<00:23:37.888> I'm<00:23:39.106> very,<00:23:39.507> very<00:23:39.732> grateful.

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Prashant,<00:23:40.870> thank<00:23:41.030> you<00:23:41.126> so<00:23:41.367> much<00:23:41.591> for<00:23:41.671> coming<00:23:41.896> on.

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Congratulations<00:23:42.793> on<00:23:42.858> everything<00:23:43.339> that<00:23:43.579> you're<00:23:43.739> building<00:23:44.076> here<00:23:44.300> with<00:23:44.461> Funbox,<00:23:45.038> what's<00:23:45.198> been<00:23:45.438> built.

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It's<00:23:46.625> a,<00:23:46.785> again,<00:23:47.106> it's<00:23:47.266> just<00:23:47.506> an<00:23:47.538> incredible<00:23:48.067> company,<00:23:48.661> super<00:23:49.109> valuable<00:23:49.542> in<00:23:49.671> the<00:23:49.767> world.

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Honored<00:23:50.809> to<00:23:50.889> have<00:23:51.113> you.

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Thank<00:23:51.594> you<00:23:51.674> so<00:23:51.787> much.

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Thank<00:23:52.428> you<00:23:52.557> for<00:23:52.653> having<00:23:52.894> me.