> ## Content Index > Fetch the complete content index at: https://www.ceo.com/llms.txt > Use this file to discover other available public pages before exploring further. # Valisure CEO David Light: Driving change with impactful leadership - URL: https://www.ceo.com/episodes/valisure-ceo-david-light/ - Published: 2024-01-23T11:00:02.000Z - Updated: 2026-08-30T21:57:33.000Z - Description: The Valisure CEO on ranitidine, benzene, and the two-word mantra that keeps a startup alive. - Author: Clint Betts # Nobody tests your pills; David Light does Adam Clark-Joseph had been taking the same anticonvulsant medication for years when he noticed a pattern. Some months, after a refill, he felt terrible. Side effects, sometimes relapses. His doctors told him there was variability in medications and not much anyone could do about it. He didn't like that answer, so he called an old friend from Yale. David Light was a molecular biologist who had spent his career at biotech startups, most notably Ion Torrent, where he [developed core technologies](https://www.valisure.com/team/david-light?ref=ceo.com) that led to the DNA sequencing company's acquisition by Life Technologies. The two started asking a question that sounds absurd once you say it out loud: who independently checks the quality of American medicine? "We're so used to these independent reviews and metrics of quality," Light said on the CEO.com Podcast. "Anything you buy on Amazon or online, you're looking at the star ratings. Yet the magical tablet or pill that you're relying on for really important elements of healthcare is entirely unknown. It just comes in an orange bottle, and maybe there's a number printed on it." The answer to their question turned out to be close to nobody. "FDA approval does not mean that they're actually checking the chemistry of those medicines," Light said. "It means that they've reviewed the paperwork." The agency reviews manufacturer data and inspects facilities. The testing itself is done by the manufacturers and self-reported. By Light's count, the FDA tests a few dozen products on the market per year. So the two friends [founded Valisure](https://www.valisure.com/about?ref=ceo.com) in 2015, an independent laboratory in New Haven, Connecticut, that chemically tests prescription drugs, over-the-counter medicines, and consumer products. They built an ISO-accredited lab modeled in part on Europe's network of independent testing laboratories, the first of its kind in the United States by Light's account, and started running samples. They found problems everywhere. In September 2019, Valisure [detected NDMA, a probable human carcinogen, in ranitidine](https://www.valisure.com/valisure-newsroom/valisure-detects-ndma-in-ranitidine?ref=ceo.com), the antacid sold as Zantac, and petitioned the FDA to recall every product containing it. Regulators in [over 40 countries](https://www.valisure.com/about?ref=ceo.com) took action, and GSK later published a root cause analysis confirming Valisure's theory on the drug's instability. In 2021, the lab [detected benzene, a known human carcinogen, in 44 hand sanitizer products](https://www.valisure.com/valisure-newsroom/valisure-detects-benzene-in-hand-sanitizers?ref=ceo.com) and asked the FDA to recall the contaminated batches. That May it [found benzene in sunscreens](https://www.valisure.com/valisure-newsroom/valisure-detects-benzene-in-sunscreen?ref=ceo.com). Seven weeks later, Johnson & Johnson [voluntarily recalled all lots of five Neutrogena and Aveeno aerosol sunscreen lines](https://www.fda.gov/safety/recalls-market-withdrawals-safety-alerts/johnson-johnson-consumer-inc-issues-voluntary-recall-specific-neutrogenar-and-aveenor-aerosol?ref=ceo.com), citing its own internal testing. The lab has since [petitioned the FDA over benzene forming in benzoyl peroxide acne products](https://www.valisure.com/valisure-newsroom/fda-citizen-petition-8-benzene-in-benzoyl-peroxide-products?ref=ceo.com), with the underlying study published in [Environmental Health Perspectives](https://ehp.niehs.nih.gov/doi/full/10.1289/EHP13984?ref=ceo.com). In 2020, Light [testified before the Senate Finance Committee](https://www.valisure.com/valisure-newsroom/valisure-ceo-testimony-at-senate-finance-committee-on-the-fdas-foreign-drug-manufacturing-inspection-process?ref=ceo.com) on the FDA's foreign inspection process. Over 80% of the ingredients in American medications are manufactured overseas, mostly in India and China. Those facilities, Light said on the podcast, are often inspected every five years or more, frequently with months of advance notice. His description of Valisure's approach to the senators: "We check." Light quickly points out that the lab tests everything the same way. Brand or generic, made in Ohio or Mumbai, it doesn't matter. The ranitidine problem showed up in the brand and the generics alike. "The molecule doesn't know where it was made," he said. Generics are where the pressure concentrates, though. They make up over 90% of what Americans take, and pharmacy purchasing decisions generally come down to one variable: price. That's why your pills change color and shape between refills. Manufacturers get swapped constantly in a race to the lowest cost. Nobody in the chain is paid to care about quality, and Light argues the consequences are now visible to everyone. "The number one reason for a drug shortage is a quality problem," he said. A manufacturer fails, or a product gets recalled, and if only a few companies make the drug, patients go without. Hundreds of drugs, he noted, are in shortage in the United States. Valisure's bet is that the fix is economic, not regulatory. The company started as a direct-to-consumer pharmacy that tested every medication before dispensing it, then pivoted to enterprise, integrating with large purchasers like Kaiser Permanente and the military health system, where a single contract reaches millions of patients. With the Department of Defense, Valisure is working toward objective quality ratings for drugs, so purchasers can favor good manufacturers and squeeze out bad ones. "It really needs to change where the industry rewards quality," Light said. Running a company that takes on the pharmaceutical supply chain requires ruthless prioritization, and Light credits his mentor, entrepreneur Jonathan Rothberg, who taught him a principle called F squared. It stands for F-ing focus. "That wasn't exactly said like that," Light admits. Rothberg is also his answer to the question CEO.com asks every guest: who gave you a chance? Light worked at four of Rothberg's companies and watched how he built things, put a dent in the universe, and still made it home to his family. "He personally took a number of chances on me, and I've always strived to live up to those chances," Light said. "It's not what, it's who you know that knows you know it. The network is important. But at the same time, just because somebody knows you doesn't mean that you're the answer. You need to show that something." ```chapters 00:00:00 Introducing David Light And Valisure 00:02:14 The Origin Story Behind Valisure 00:05:03 What The FDA Actually Tests 00:06:39 Generic Vs Brand Drug Quality 00:09:35 Building Partnerships With Major Health Systems 00:11:59 Understanding The Drug Shortage Crisis 00:16:22 A Day In The Life Of A Startup CEO 00:18:40 Mission-Driven Culture At Valisure 00:22:06 How COVID Accelerated Biotech Innovation 00:25:02 The Mentor Who Took A Chance ``` ```vtt WEBVTT 00:00:09.717 --> 00:00:12.106 David,<00:00:10.118> thank<00:00:10.438> you<00:00:10.599> so<00:00:11.016> much<00:00:11.256> for<00:00:11.497> joining<00:00:11.978> us. 00:00:12.443 --> 00:00:13.645 Seriously,<00:00:12.860> it<00:00:12.940> means<00:00:13.244> a<00:00:13.325> lot. 00:00:13.742 --> 00:00:14.720 I<00:00:13.758> know<00:00:13.966> you're<00:00:14.062> super<00:00:14.463> busy. 00:00:14.784 --> 00:00:15.954 You've<00:00:14.944> got<00:00:15.105> a<00:00:15.121> 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our<00:03:36.491> bodies. 00:03:37.454 --> 00:03:43.726 You<00:03:37.486> know,<00:03:37.615> how<00:03:37.775> many<00:03:38.016> labels<00:03:38.578> are<00:03:38.739> there<00:03:39.060> on<00:03:39.092> our<00:03:39.461> food<00:03:40.104> and<00:03:40.826> You<00:03:40.922> know,<00:03:41.002> how<00:03:41.242> much<00:03:41.435> do<00:03:41.547> you<00:03:41.643> investigate<00:03:42.588> on,<00:03:42.748> on<00:03:42.829> all<00:03:43.005> those<00:03:43.229> components? 00:03:43.886 --> 00:03:53.515 But<00:03:44.030> yet,<00:03:44.751> you<00:03:44.847> know,<00:03:44.992> the,<00:03:45.088> the<00:03:45.216> magical<00:03:46.289> tablet<00:03:46.786> or<00:03:46.930> pill<00:03:47.475> that,<00:03:47.876> uh,<00:03:48.196> you're,<00:03:48.436> you're<00:03:48.597> relying<00:03:49.237> on<00:03:49.574> for<00:03:49.814> really<00:03:50.055> important<00:03:50.439> elements<00:03:50.856> of<00:03:50.920> healthcare<00:03:52.202> is<00:03:52.778> entirely<00:03:53.179> unknown. 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lot<00:04:10.245> of<00:04:10.405> industry<00:04:10.807> standard<00:04:11.288> approaches,<00:04:12.493> got<00:04:12.717> an<00:04:13.199> ISO<00:04:13.857> accredited<00:04:14.339> laboratory,<00:04:15.046> the<00:04:15.222> International<00:04:15.784> Organization<00:04:16.346> for<00:04:16.410> Standardization,<00:04:18.096> um,<00:04:18.514> very<00:04:18.755> similar<00:04:19.156> to<00:04:19.236> how<00:04:19.477> Europe<00:04:19.879> builds<00:04:20.264> out<00:04:20.360> independent<00:04:20.746> laboratories. 00:04:21.709 --> 00:04:33.703 And<00:04:22.111> we<00:04:22.271> were<00:04:22.592> the<00:04:22.753> first<00:04:22.994> ones<00:04:23.251> in<00:04:23.283> the<00:04:23.331> United<00:04:23.572> States<00:04:23.957> to<00:04:24.037> actually<00:04:24.375> do<00:04:24.535> this<00:04:24.776> and<00:04:25.001> do<00:04:25.177> it<00:04:25.804> independently,<00:04:27.409> um,<00:04:28.052> and,<00:04:28.453> uh,<00:04:28.710> looking<00:04:29.015> at<00:04:29.192> lots<00:04:29.448> of<00:04:29.593> pharmaceutical<00:04:30.299> products<00:04:30.797> and<00:04:31.118> finding<00:04:32.082> problems,<00:04:32.644> unfortunately,<00:04:33.125> left<00:04:33.366> and<00:04:33.447> right. 00:04:33.752 --> 00:04:34.731 That's<00:04:33.928> had<00:04:34.089> a<00:04:34.105> lot<00:04:34.249> of<00:04:34.346> impact. 00:04:35.135 --> 00:04:53.795 But<00:04:35.297> I<00:04:35.442> think<00:04:35.620> has<00:04:35.928> also<00:04:36.252> been<00:04:36.430> very<00:04:36.673> impactful<00:04:37.385> to<00:04:37.563> find<00:04:37.871> ways<00:04:38.438> to<00:04:39.652> implement<00:04:40.219> this<00:04:40.397> in<00:04:40.542> the<00:04:40.575> supply<00:04:41.125> chain,<00:04:41.595> add<00:04:41.854> quality<00:04:42.501> as<00:04:42.728> part<00:04:43.068> of<00:04:43.360> purchasing<00:04:43.635> decisions,<00:04:44.056> as<00:04:44.185> part<00:04:44.299> of<00:04:44.445> contracting<00:04:45.254> requirements,<00:04:46.696> and<00:04:47.440> more<00:04:47.667> and<00:04:47.764> more<00:04:48.153> really<00:04:48.428> influence<00:04:48.963> the<00:04:49.044> entire<00:04:50.096> industry<00:04:50.517> and<00:04:50.598> supply<00:04:51.003> chain<00:04:51.877> to<00:04:52.296> value<00:04:53.247> quality. 00:04:54.939 --> 00:05:03.940 You<00:04:54.971> said<00:04:55.181> something<00:04:55.503> really<00:04:55.761> interesting<00:04:56.406> before<00:04:58.292> where<00:04:58.437> you<00:04:58.550> said<00:04:59.584> the<00:04:59.891> FDA<00:05:00.376> does<00:05:00.699> not<00:05:01.119> check<00:05:01.588> the<00:05:01.766> chemical<00:05:03.522> makeup. 00:05:03.988 --> 00:05:04.744 Is<00:05:04.085> that,<00:05:04.246> is<00:05:04.326> that<00:05:04.374> what<00:05:04.423> you're<00:05:04.567> saying? 00:05:04.793 --> 00:05:08.765 Like<00:05:05.195> the,<00:05:05.532> the<00:05:05.693> ingredients<00:05:06.337> of<00:05:06.481> these<00:05:06.658> drugs,<00:05:08.572> right? 00:05:08.829 --> 00:05:15.565 They're<00:05:08.990> going<00:05:09.087> to<00:05:09.215> review<00:05:09.778> the<00:05:09.859> manufacturer's<00:05:10.920> data,<00:05:11.869> and<00:05:12.271> that's<00:05:12.609> typically<00:05:13.075> what<00:05:13.172> they<00:05:13.414> do<00:05:13.576> when<00:05:13.738> they<00:05:13.964> go<00:05:14.223> and<00:05:14.304> inspect<00:05:14.886> a<00:05:14.951> facility. 00:05:16.228 --> 00:05:18.929 Uh,<00:05:16.406> in<00:05:16.487> the<00:05:16.536> United<00:05:16.956> States,<00:05:17.458> it's<00:05:17.619> typically<00:05:18.024> every<00:05:18.185> 2<00:05:18.428> years. 00:05:18.994 --> 00:05:26.814 When<00:05:19.172> it's,<00:05:19.625> uh,<00:05:19.803> in<00:05:19.948> most<00:05:20.207> facilities<00:05:20.692> in<00:05:20.838> India<00:05:21.080> and<00:05:21.242> China,<00:05:21.565> uh,<00:05:22.212> often<00:05:22.552> every<00:05:22.714> 5<00:05:23.119> years<00:05:23.524> or<00:05:23.621> more,<00:05:24.010> especially<00:05:24.415> since<00:05:24.804> COVID<00:05:25.777> been<00:05:25.939> quite<00:05:26.198> backlogged. 00:05:27.478 --> 00:05:33.163 Um,<00:05:28.061> these<00:05:28.450> overseas<00:05:29.098> facilities<00:05:29.666> often<00:05:30.168> get<00:05:30.888> a<00:05:30.952> few<00:05:31.192> months<00:05:31.433> of<00:05:31.529> heads<00:05:31.897> up<00:05:32.058> before<00:05:32.330> they<00:05:32.490> even<00:05:32.715> come<00:05:33.019> in. 00:05:34.622 --> 00:05:41.800 And<00:05:34.782> yet<00:05:35.198> there<00:05:35.295> are<00:05:35.375> many<00:05:35.839> facility<00:05:36.240> inspections<00:05:36.801> after—<00:05:37.666> many<00:05:37.907> facility<00:05:38.884> inspections<00:05:39.525> fail<00:05:40.070> after<00:05:40.631> all<00:05:40.807> of<00:05:40.887> this<00:05:41.368> background. 00:05:43.146 --> 00:05:46.031 So<00:05:43.675> it's<00:05:43.932> definitely<00:05:44.893> concerning<00:05:45.294> in<00:05:45.358> and<00:05:45.438> of<00:05:45.534> itself. 00:05:46.239 --> 00:05:56.879 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then<00:06:25.374> they're<00:06:25.598> great. 00:06:25.775 --> 00:06:28.453 But<00:06:25.935> like,<00:06:26.721> what<00:06:26.833> are<00:06:26.961> your—<00:06:27.138> what<00:06:27.282> is<00:06:27.362> your<00:06:27.523> take<00:06:27.795> on<00:06:27.924> generic<00:06:28.244> drugs? 00:06:28.501 --> 00:06:36.454 Because<00:06:28.725> obviously<00:06:29.046> they're<00:06:30.425> way<00:06:30.666> cheap<00:06:31.147> and<00:06:31.211> accessible<00:06:32.429> compared<00:06:32.830> to<00:06:32.911> the<00:06:33.295> kind<00:06:33.456> of<00:06:33.552> name<00:06:33.857> brand<00:06:35.396> version<00:06:35.797> of<00:06:35.877> the<00:06:36.021> drug. 00:06:36.599 --> 00:06:37.625 What<00:06:36.775> is<00:06:36.903> your<00:06:37.080> take<00:06:37.336> on<00:06:37.481> that? 00:06:37.721 --> 00:06:39.293 Like,<00:06:37.865> how<00:06:38.042> is<00:06:38.186> that—<00:06:38.427> how<00:06:38.539> is<00:06:38.683> all<00:06:38.828> that<00:06:38.988> possible? 00:06:39.341 --> 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Europe,<00:06:56.907> or<00:06:56.987> the<00:06:57.115> United<00:06:57.388> States. 00:06:58.416 --> 00:07:06.733 You<00:06:58.577> can<00:06:58.721> have<00:06:58.994> a<00:06:59.058> serious<00:06:59.524> quality<00:06:59.925> problem<00:07:00.503> in<00:07:00.584> the<00:07:00.648> United<00:07:00.921> States,<00:07:01.306> you<00:07:01.451> can<00:07:01.515> have<00:07:01.627> a<00:07:01.788> very<00:07:02.093> high<00:07:02.253> quality<00:07:02.655> product<00:07:03.153> being<00:07:03.313> made<00:07:03.715> in<00:07:03.875> China,<00:07:04.823> and<00:07:04.999> same<00:07:05.304> for<00:07:05.465> generic<00:07:06.123> or<00:07:06.284> brand. 00:07:07.889 --> 00:07:16.865 You<00:07:07.921> know,<00:07:08.050> we<00:07:08.194> famously<00:07:08.772> found<00:07:09.174> issues<00:07:09.720> with<00:07:09.977> products<00:07:10.362> like<00:07:10.956> ranitidine,<00:07:11.647> an<00:07:12.128> antacid<00:07:12.787> drug,<00:07:13.654> but<00:07:13.830> we<00:07:13.975> 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but<00:11:51.115> to<00:11:51.582> millions<00:11:52.146> of<00:11:52.324> patients<00:11:53.516> and<00:11:54.579> really<00:11:55.126> improve<00:11:56.108> public<00:11:56.494> health<00:11:56.992> in<00:11:57.073> a<00:11:57.234> very<00:11:57.491> effective<00:11:57.941> manner<00:11:58.183> that<00:11:58.279> way. 00:11:59.630 --> 00:12:06.706 There<00:11:59.727> have<00:11:59.807> been<00:11:59.968> a<00:11:59.984> number<00:12:00.370> of<00:12:00.451> news<00:12:00.788> stories<00:12:01.963> and<00:12:02.300> even<00:12:02.510> Senate<00:12:02.848> hearings<00:12:04.640> recently<00:12:05.108> around<00:12:05.754> drug<00:12:06.093> shortages. 00:12:08.917 --> 00:12:10.095 How<00:12:09.256> is<00:12:09.401> this<00:12:09.579> happening? 00:12:10.434 --> 00:12:11.597 What<00:12:10.612> would<00:12:10.773> your<00:12:10.935> solution<00:12:11.500> be? 00:12:11.710 --> 00:12:13.367 What<00:12:11.908> recommendation<00:12:12.720> would<00:12:12.886> you<00:12:12.985> have? 00:12:14.012 --> 00:12:16.865 And<00:12:14.095> what<00:12:14.243> is<00:12:14.326> your<00:12:14.507> overall<00:12:14.919> take<00:12:15.315> on<00:12:15.480> like<00:12:15.974> drug<00:12:16.304> shortages? 00:12:18.926 --> 00:12:19.280 Absolutely. 00:12:19.441 --> 00:12:35.078 It's,<00:12:19.812> uh,<00:12:19.989> unfortunately<00:12:21.019> a<00:12:21.197> very,<00:12:22.227> uh,<00:12:22.565> visible,<00:12:23.676> um,<00:12:24.643> uh,<00:12:24.739> result<00:12:25.689> of<00:12:25.931> this<00:12:26.269> lack<00:12:27.058> of<00:12:27.638> quality<00:12:28.426> being<00:12:28.764> part<00:12:29.471> of<00:12:29.953> the<00:12:30.113> pharmaceutical<00:12:30.611> supply<00:12:31.013> chain,<00:12:31.415> part<00:12:31.881> of<00:12:32.764> pharmacy<00:12:33.343> and<00:12:33.584> pharmacy<00:12:33.969> procurement<00:12:34.548> decisions. 00:12:35.978 --> 00:12:40.963 Um,<00:12:36.315> the<00:12:36.412> number<00:12:36.942> one<00:12:37.344> reason<00:12:38.008> for<00:12:38.255> a<00:12:38.338> drug<00:12:38.652> shortage<00:12:39.560> is<00:12:39.973> a<00:12:40.154> quality<00:12:40.732> problem. 00:12:42.571 --> 00:12:46.331 And<00:12:42.668> then<00:12:43.053> either<00:12:43.310> the<00:12:43.407> manufacturer<00:12:43.937> doesn't<00:12:44.178> make<00:12:44.419> it<00:12:44.500> anymore<00:12:45.078> or<00:12:45.158> it's<00:12:45.319> being<00:12:45.560> recalled. 00:12:47.713 --> 00:12:55.538 And<00:12:48.211> then<00:12:48.838> if<00:12:49.015> that<00:12:49.111> was<00:12:49.256> the<00:12:49.320> only<00:12:49.561> manufacturer<00:12:50.300> or<00:12:50.525> only<00:12:50.782> one<00:12:51.007> of<00:12:51.248> just<00:12:51.425> a<00:12:51.505> few<00:12:51.666> manufacturers,<00:12:52.550> you<00:12:52.775> end<00:12:52.935> up<00:12:53.096> with<00:12:53.289> a<00:12:53.433> drug<00:12:53.755> shortage. 00:12:55.587 --> 00:13:00.857 So<00:12:56.149> obviously<00:12:56.486> a<00:12:56.567> lot<00:12:56.743> needs<00:12:56.968> 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box. 00:24:19.044 --> 00:24:34.917 We<00:24:19.141> recognize<00:24:19.542> the<00:24:19.686> box,<00:24:20.104> but<00:24:20.329> how<00:24:20.585> can<00:24:20.826> we<00:24:22.175> think<00:24:22.416> outside<00:24:22.977> of<00:24:23.138> it<00:24:23.331> and<00:24:23.491> how<00:24:23.700> can<00:24:23.828> we<00:24:23.876> make<00:24:24.037> this<00:24:24.214> a<00:24:24.262> more<00:24:24.438> efficient<00:24:24.904> process<00:24:25.803> and<00:24:25.947> really<00:24:26.220> address<00:24:27.183> serious<00:24:27.649> public<00:24:27.954> health<00:24:28.131> concerns<00:24:29.880> that<00:24:30.121> need<00:24:30.362> to<00:24:30.539> be<00:24:30.763> addressed<00:24:31.422> sooner<00:24:31.806> than<00:24:31.967> later,<00:24:32.368> obviously<00:24:32.624> still<00:24:32.865> done<00:24:33.105> in<00:24:33.185> a<00:24:33.250> responsible<00:24:33.987> and<00:24:34.147> scientific<00:24:34.629> manner. 00:24:35.575 --> 00:24:45.516 But<00:24:35.975> I<00:24:36.296> 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00:26:21.444 --> 00:26:25.793 So,<00:26:22.704> Yeah,<00:26:23.027> that's,<00:26:23.819> I<00:26:23.997> think,<00:26:24.305> a<00:26:24.563> really<00:26:24.887> important<00:26:25.453> point. 00:26:25.857 --> 00:26:32.321 And<00:26:26.164> actually,<00:26:26.504> one<00:26:26.569> of<00:26:26.666> the<00:26:26.731> things<00:26:26.908> that<00:26:27.054> I<00:26:27.216> like<00:26:27.313> to<00:26:27.474> say<00:26:28.348> is<00:26:28.768> that<00:26:29.027> it's<00:26:29.981> not<00:26:30.369> what<00:26:30.547> you<00:26:30.644> know,<00:26:30.952> it's<00:26:31.113> who<00:26:31.259> you<00:26:31.437> know<00:26:31.598> that<00:26:31.744> knows<00:26:31.890> you<00:26:32.016> know<00:26:32.213> it. 00:26:34.024 --> 00:26:42.025 The<00:26:34.121> network<00:26:34.913> is<00:26:35.059> important,<00:26:36.675> but<00:26:36.934> at<00:26:37.015> the<00:26:37.095> same<00:26:37.403> time,<00:26:38.793> just<00:26:38.954> because<00:26:39.132> you<00:26:39.197> know<00:26:39.358> 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opportunities<00:26:57.511> is<00:26:57.832> really<00:26:58.152> important. 00:27:00.059 --> 00:27:12.811 And,<00:27:01.116> you<00:27:01.436> know,<00:27:02.221> getting<00:27:02.462> out<00:27:02.638> there<00:27:03.840> and<00:27:04.320> finding<00:27:04.721> those<00:27:05.041> folks,<00:27:05.297> I<00:27:05.361> think,<00:27:05.602> is<00:27:05.746> another<00:27:06.002> important<00:27:06.467> part<00:27:06.723> of<00:27:07.829> day-to-day<00:27:09.511> work<00:27:10.248> for<00:27:10.792> emerging<00:27:11.273> leaders,<00:27:11.898> you<00:27:12.170> know,<00:27:12.490> every<00:27:12.651> day. 00:27:13.051 --> 00:27:20.869 So,<00:27:14.317> yeah,<00:27:14.573> just<00:27:14.733> to<00:27:14.829> say<00:27:15.438> that<00:27:16.399> I<00:27:16.656> appreciate<00:27:17.297> that<00:27:17.521> question,<00:27:18.162> appreciate<00:27:18.979> what<00:27:19.283> Jonathan<00:27:19.684> has<00:27:19.860> done<00:27:20.164> for<00:27:20.244> me<00:27:20.421> personally. 00:27:21.526 --> 00:27:28.406 And<00:27:21.783> hope<00:27:22.168> that<00:27:22.489> there's<00:27:22.745> many<00:27:23.050> others<00:27:23.387> that<00:27:23.547> are<00:27:23.852> out<00:27:24.012> there<00:27:24.188> willing<00:27:24.381> to<00:27:24.573> take<00:27:24.814> some<00:27:24.974> chances<00:27:25.536> on,<00:27:26.273> on<00:27:26.498> folks<00:27:26.754> that<00:27:26.979> want<00:27:27.236> to,<00:27:27.877> to<00:27:27.957> make<00:27:28.118> a<00:27:28.134> difference. 00:27:29.481 --> 00:27:31.229 David,<00:27:29.802> thank<00:27:29.962> you<00:27:30.106> again<00:27:30.507> for<00:27:30.603> joining<00:27:31.004> us. 00:27:31.630 --> 00:27:32.768 Seriously,<00:27:32.031> it<00:27:32.063> means<00:27:32.303> a<00:27:32.368> lot. 00:27:33.891 --> 00:27:34.773 Really<00:27:34.116> appreciate<00:27:34.677> it. 00:27:35.575 --> 00:27:36.906 Have<00:27:35.751> a<00:27:36.281> happy<00:27:36.553> holidays. 00:27:38.382 --> 00:27:39.937 To<00:27:38.526> you<00:27:38.686> as<00:27:38.847> well,<00:27:39.183> and<00:27:39.328> a<00:27:39.344> happy<00:27:39.649> New<00:27:39.761> Year. 00:27:40.065 --> 00:27:40.675 Thank<00:27:40.242> you<00:27:40.370> so<00:27:40.466> much. ```