Michael Litt vever wanted to be a CEO

Paul Graham asked which one of them was the CEO. Michael Litt and Devon Galloway looked at each other. Neither knew.

It was 2011, and the two University of Waterloo grads were interviewing for Y Combinator before Graham, Sam Altman, and Garry Tan. They had pitched YouTube for business, software that let companies put video on their websites and see who watched. Litt told the panel they already understood the product because they had watched his application video. They nodded. Then he turned his iPad around and showed them their own viewing sessions from his analytics dashboard.

"No, you didn't," he said.

YC funded them, and Graham settled the title question himself. "You're going to be the sales guy," he told Litt. "You're going to be the fundraiser. You're going to be all those things."

"I never desired to be a CEO," Litt said on the CEO.com Podcast. "It wasn't something I wanted to do. It just happened by, I guess, chance and the personalities involved."

Fifteen years later, he still has the job.

The video kid

Litt studied Systems Design Engineering at Waterloo, a school where, unlike most universities, creators own the intellectual property they invent. Waterloo's co-op program alternates four months of school with four months of work across a five-year undergrad, which meant Litt did seven work terms, many of them at companies in Silicon Valley.

"When you're in these businesses, you see the inefficiencies of the way these companies work, and you realize that you have the skills or you're developing the skills to solve those problems," he said.

He was also the video kid. His uncle John gave him a camcorder, and he filmed everything: family events, his friends freestyle skiing. He wasn't talented enough on skis to be in front of the camera, so he stayed behind it and learned to edit. At the end of his degree, he used a $500 Summer Company grant from the City of Kitchener to start a business with Galloway making explainer videos for their former co-op employers. The plan was four to five big engagements a year, $300K split between them, done.

The clients kept asking the same questions. How do we put this on our website? How do we justify the spend? So Litt and Galloway built an HTML5 video player clients could embed, then started tracking who watched and for how long. The services revenue paid for the software development. A former roommate, Eric Migicovsky, creator of the Pebble smartwatch, saw what they were building and told Litt to apply to Y Combinator.

10% a week

The first thing YC told them was to stop producing videos and build the technology. Then Graham asked Litt the same question every week for three months. What is your most important metric? Grow MRR 10% per week. Reverse engineer the process.

"The only two things that matter," Litt said, are whether "you're building great, powerful transformational products for users" and talking to customers. Everything else- the incorporation paperwork, the employment agreements, the business number. It feels like a productive day and isn't.

At Demo Day, Litt planned to raise $850,000 and announced he had already closed more than that. "Investors are like buffalo," he said. "They all stand at the edge of the cliff, and once one falls off to their death, they all follow suit." The seed round closed at $1.65 million. When Vidyard raised its Series A, the company had about $800K left in the bank. If Litt had raised only what he originally targeted, Vidyard would have run out of money.

From Flash to avatars

Vidyard's first edge was a free HTML5 player at a moment when Steve Jobs had declared war on Flash and competitors were charging extra for HTML5 support. The only companies serving HTML5 video at scale, Litt recalled, were porn sites, so his engineers looked there to figure out how it was done. Then came viewer analytics, then integrations with Marketo, Eloqua, and HubSpot, then tools for sales reps.

The sales product came from watching a Vidyard BDR jury-rig a workflow: record a webcam video in QuickTime, upload it, embed a thumbnail in an email, then sit on the analytics dashboard waiting for the view counter to go from zero to one. Vidyard built that loop into a Chrome extension. The pandemic arrived shortly after, and video became the default way sellers reached buyers.

The current chapter is AI. Vidyard began shipping AI products in 2023 and in 2024 announced hyper-realistic AI Avatars alongside $15 million in funding led by Export Development Canada. Its Video Agent now generates a personalized video from an assigned sales rep the moment a prospect raises a hand on a website. Litt says the automated videos drop meeting no-show rates by 30%. He told a story about a customer CEO he had never met who greeted him like an old friend because he'd been watching Litt's avatar.

"I see AI as augmenting humans," he said. Automate the bookkeeping and the expense reports nobody wants to do. Leave people the work that closes deals. "When you take away the products, and you take away the services, what's left in any type of business transaction is that human-to-human bond and that connection and the trust that gets created."

Everest with a 10-pound weight

After YC, Litt went home to Waterloo. Graham warned him: "Going back to Canada is going to be like climbing Mount Everest with a 10-pound weight on your back." Litt says he didn't understand the full weight of the metaphor until Vidyard was past its Series B and Series C. Canada has produced far fewer zero-to-a-billion companies than the United States, which means far fewer people who have scaled anything to $100 million in ARR. Vidyard's answer was to hire beyond the region. About half its team is in Waterloo today.

There were reasons to go back. Canadian salaries have run at parity to 40% cheaper than American ones; Waterloo had RIM's talent pool and the university and a Google office with a YouTube team to recruit from, and the Canadian government subsidizes R&D, which Litt calls a blessing and a curse because it props up zombie companies while fueling ambitious ones. For his first three years back, Litt didn't tell his investors he had moved. He spent two weeks in the Bay Area meeting investors and customers, then two weeks in Waterloo building, on repeat. He now invests through Garage Capital, a seed fund he co-founded.

Donna

Every CEO.com Podcast episode ends with the same question, built on the belief that the chances one gives are just as important as the chances one takes. Who gave you a chance?

Litt's answer was his first customer. She worked at a company called Tribe HR and wanted to automate customer onboarding with video. She assumed Vidyard was a real company. It was a 1-800 number where sales, general inquiries, and support all routed to Litt's cell phone. She called constantly, sometimes several times a day, and Litt wrote everything she needed on the wall and built it, then called her back.

"This is what customer success really means, but it doesn't scale very well," Litt said. Without her, he says, Vidyard would not have been built the way it was. She cared that deeply. Her job depended on their success.

Her name was Donna. When Litt moved back to Waterloo, he met her in person at an event.

"I was like, wow, I'd really like to spend more time with her, and we will celebrate our 12th wedding anniversary on August 10th."

00:00:00 Introduction and Background
00:01:06 Early Work Experiences and Entrepreneurial Drive
00:01:50 Starting Vidyard
00:03:24 Developing Video Technology
00:03:46 Y Combinator Application and Experience
00:05:01 Becoming the CEO
00:05:38 Lessons from Y Combinator
00:08:37 Fundraising and Demo Day
00:11:15 Evolution of Vidyard's Product
00:14:53 Inflection Points and Product Market Fit
00:17:17 AI and the Future of Video
00:22:17 Building Vidyard in Canada
00:26:28 Reflecting on Key Support and Personal Story
00:28:28 Conclusion and Thanks

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Um,<00:03:02.480> I<00:03:02.720> got<00:03:02.959> into<00:03:04.000> uh<00:03:04.159> freestyle<00:03:04.720> skiing<00:03:05.120> and<00:03:05.360> I<00:03:05.599> wasn't<00:03:05.760> the<00:03:06.000> most<00:03:06.159> talented,<00:03:06.640> so<00:03:06.879> I<00:03:07.120> was<00:03:07.360> almost<00:03:07.680> the<00:03:07.920> kid<00:03:08.080> behind<00:03:08.400> the<00:03:08.640> camera<00:03:09.280> editing<00:03:09.760> videos<00:03:10.159> and

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then<00:03:10.560> when<00:03:10.720> I<00:03:10.800> got<00:03:10.879> into<00:03:11.200> undergrad,<00:03:11.599> I<00:03:11.760> would<00:03:11.920> create<00:03:12.239> videos<00:03:12.560> to<00:03:12.800> explain<00:03:13.120> or<00:03:13.360> design<00:03:13.680> projects,<00:03:14.239> etc.

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So,<00:03:15.040> had<00:03:15.280> the<00:03:15.519> skill<00:03:15.680> set.<00:03:16.560> Fast<00:03:16.959> forward<00:03:17.280> to<00:03:17.519> the<00:03:17.680> end<00:03:17.840> of<00:03:18.159> end<00:03:18.400> of<00:03:18.720> end<00:03:18.879> of<00:03:19.120> school,<00:03:19.760> end<00:03:19.920> of<00:03:20.080> undergrad,<00:03:20.560> it<00:03:20.720> basically<00:03:21.040> went<00:03:21.200> back<00:03:21.360> to<00:03:21.599> all<00:03:21.760> of<00:03:21.840> our<00:03:22.080> employers<00:03:22.480> and

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said,<00:03:22.879> "Hey,<00:03:23.680> I<00:03:24.000> can<00:03:24.159> do<00:03:24.400> this<00:03:24.640> work<00:03:24.879> that<00:03:25.120> you're<00:03:25.360> trying<00:03:25.440> to<00:03:25.599> do,<00:03:26.000> create<00:03:26.319> these<00:03:26.640> videos<00:03:26.959> for<00:03:27.280> you<00:03:27.760> at<00:03:28.000> a<00:03:28.159> fraction<00:03:28.400> of<00:03:28.560> the<00:03:28.800> cost."

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And<00:03:29.680> the<00:03:29.920> idea<00:03:30.159> that<00:03:30.319> Devon<00:03:30.560> and<00:03:30.720> I<00:03:30.879> had<00:03:31.120> was,<00:03:31.920> you<00:03:32.000> know,<00:03:32.159> we<00:03:32.400> could<00:03:32.560> do<00:03:33.280> four<00:03:33.519> to<00:03:33.760> five,<00:03:34.319> you<00:03:34.480> know,<00:03:34.640> pretty<00:03:34.879> big<00:03:35.120> engagements<00:03:35.599> per<00:03:35.840> year,<00:03:37.040> you<00:03:37.200> know,<00:03:37.360> make<00:03:37.680> 300K,

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you<00:03:38.799> know,<00:03:38.959> across<00:03:39.280> the<00:03:39.440> two<00:03:39.599> of<00:03:39.680> us<00:03:39.840> and<00:03:40.080> live<00:03:40.319> happily<00:03:40.720> ever<00:03:41.040> after.

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And<00:03:41.519> I<00:03:41.680> mean<00:03:41.760> at<00:03:41.920> this<00:03:42.080> point<00:03:42.159> in<00:03:42.319> time<00:03:42.480> we're<00:03:42.640> interns<00:03:43.200> like<00:03:43.599> living<00:03:43.920> on<00:03:44.159> couches<00:03:44.480> and<00:03:44.720> stuff<00:03:45.360> pretty<00:03:45.599> good<00:03:45.680> at<00:03:45.920> that<00:03:46.080> level.

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And<00:03:47.040> so<00:03:47.519> that's<00:03:47.840> exactly<00:03:48.239> what<00:03:48.400> we<00:03:48.640> did.

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We<00:03:49.280> started<00:03:49.599> making<00:03:49.920> videos.<00:03:50.799> Very<00:03:51.120> quickly<00:03:51.599> all<00:03:51.760> the<00:03:51.920> companies<00:03:52.319> that<00:03:52.640> we<00:03:52.879> deliver<00:03:53.200> video<00:03:53.440> for<00:03:53.680> were<00:03:53.920> like<00:03:54.400> how<00:03:54.560> do<00:03:54.640> we<00:03:54.799> put<00:03:54.959> this<00:03:55.120> thing<00:03:55.200> on<00:03:55.440> our<00:03:55.599> website?

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How<00:03:56.720> do<00:03:56.799> we<00:03:57.040> justify<00:03:57.599> the<00:03:58.400> spend<00:03:59.040> with<00:03:59.280> you<00:03:59.519> guys<00:04:00.000> aka<00:04:00.400> the<00:04:00.560> ROI.

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So<00:04:01.387> we<00:04:01.653> started<00:04:01.920> building<00:04:02.187> that<00:04:02.453> technology.<00:04:02.720> We<00:04:02.986> built<00:04:03.253> an<00:04:03.520> HTML5<00:04:03.786> video<00:04:04.053> player<00:04:04.320> that<00:04:04.586> they<00:04:04.853> could<00:04:05.119> embed<00:04:05.386> on<00:04:05.653> their<00:04:05.919> website<00:04:06.186> that<00:04:06.453> looked<00:04:06.719> and<00:04:06.986> felt<00:04:07.252> like<00:04:07.519> their

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brand.<00:04:08.159> We<00:04:08.319> started<00:04:08.560> tracking<00:04:08.959> who<00:04:09.120> was<00:04:09.280> watching<00:04:09.519> and<00:04:09.760> for<00:04:09.920> how<00:04:10.080> long.

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And<00:04:10.799> then<00:04:11.200> a<00:04:11.439> roommate<00:04:11.760> of<00:04:11.920> mine,<00:04:12.080> a<00:04:12.159> guy<00:04:12.239> named<00:04:12.400> Eric<00:04:12.640> Migicovsky.

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He<00:04:14.560> uh<00:04:14.720> was<00:04:14.879> the<00:04:15.040> creator<00:04:15.439> of<00:04:15.680> the<00:04:16.400> uh<00:04:16.639> first<00:04:16.880> smartwatch,<00:04:17.680> the<00:04:17.840> Pebble<00:04:18.400> smartwatch.

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It<00:04:19.120> was<00:04:19.199> the<00:04:19.280> highest<00:04:19.519> grossing<00:04:19.919> Kickstarter<00:04:20.400> of<00:04:20.560> all<00:04:20.720> time<00:04:20.959> back<00:04:21.199> in<00:04:21.359> the<00:04:21.519> day.

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He<00:04:22.479> left<00:04:22.720> Waterloo,<00:04:23.360> went<00:04:23.520> to<00:04:23.680> this<00:04:23.840> thing<00:04:24.000> in<00:04:24.160> Silicon<00:04:24.560> Valley<00:04:24.720> called<00:04:24.960> Y<00:04:25.199> Combinator<00:04:25.759> and<00:04:25.919> said,<00:04:26.000> "Mike,<00:04:26.400> you<00:04:26.560> got<00:04:26.720> to<00:04:27.199> you<00:04:27.440> got<00:04:27.600> to<00:04:27.759> apply.

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You<00:04:28.240> got<00:04:28.320> to<00:04:28.479> check<00:04:28.560> it<00:04:28.720> out.<00:04:29.040> You<00:04:29.199> know,<00:04:29.440> Paul<00:04:29.759> Graham<00:04:30.000> and<00:04:30.240> these<00:04:30.479> guys<00:04:30.720> are<00:04:31.360> like<00:04:31.759> really,<00:04:32.160> really<00:04:32.560> incredible,<00:04:33.040> and<00:04:33.360> Silicon<00:04:33.840> Valley<00:04:34.000> is<00:04:34.160> the<00:04:34.320> place<00:04:34.479> to<00:04:34.639> start<00:04:34.800> a

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company."<00:04:35.360> So,<00:04:35.759> we<00:04:36.000> applied.<00:04:36.880> We<00:04:37.040> got<00:04:37.199> the<00:04:37.440> interview.

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Walked<00:04:38.720> into<00:04:38.960> the<00:04:39.120> interview.<00:04:39.440> It<00:04:39.600> was<00:04:39.759> Paul<00:04:40.000> Graham,<00:04:40.639> Sam<00:04:40.960> Altman,<00:04:41.520> and<00:04:41.680> Garry<00:04:42.000> Tan.

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And<00:04:42.800> you<00:04:42.880> know,<00:04:43.040> Garry<00:04:43.280> Tan<00:04:43.520> is<00:04:43.680> now<00:04:43.840> the<00:04:44.000> CEO<00:04:44.160> of<00:04:44.320> YC.

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Sam<00:04:44.960> Altman,<00:04:45.600> everybody<00:04:46.000> knows<00:04:46.240> who<00:04:46.400> he<00:04:46.560> is.

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OpenAI.<00:04:47.840> This<00:04:48.000> is<00:04:48.080> when<00:04:48.320> he<00:04:48.479> was<00:04:48.639> he<00:04:48.880> was<00:04:48.960> running<00:04:49.120> a<00:04:49.280> company<00:04:49.440> called<00:04:49.680> Loopt.

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It's<00:04:50.240> a<00:04:50.320> quite<00:04:50.479> a<00:04:50.639> back<00:04:50.880> company.<00:04:51.360> And<00:04:51.840> uh<00:04:52.320> basically<00:04:52.880> we<00:04:53.360> we<00:04:53.680> told<00:04:53.840> them,<00:04:54.160> you<00:04:54.240> know,<00:04:54.320> we're<00:04:54.560> building<00:04:54.800> YouTube<00:04:55.120> for<00:04:55.280> business.

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We're<00:04:55.919> helping<00:04:56.160> companies<00:04:56.639> put<00:04:56.800> videos<00:04:56.960> on<00:04:57.120> their<00:04:57.280> website,<00:04:57.600> understand<00:04:57.919> who's<00:04:58.160> watching,<00:04:58.400> for<00:04:58.639> how<00:04:58.800> long.

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And<00:04:59.440> I<00:04:59.600> said,<00:04:59.759> but<00:05:00.000> you<00:05:00.080> guys<00:05:00.240> knew<00:05:00.320> that<00:05:00.560> because<00:05:00.720> you<00:05:00.880> watched<00:05:01.040> the<00:05:01.199> video.

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And<00:05:01.520> they're<00:05:01.600> like,<00:05:01.759> oh,<00:05:01.919> yeah,<00:05:02.160> yeah,<00:05:02.400> yeah.<00:05:03.040> And<00:05:03.120> then<00:05:03.280> I<00:05:03.440> turned<00:05:03.680> my<00:05:03.840> iPad<00:05:04.160> around<00:05:04.400> and<00:05:04.560> I<00:05:04.720> had<00:05:04.880> their<00:05:05.120> view<00:05:05.360> sessions<00:05:06.639> from<00:05:06.880> our<00:05:07.120> dashboard.

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And<00:05:07.680> I<00:05:07.840> was<00:05:08.000> like,<00:05:08.160> "No,<00:05:08.479> you<00:05:08.720> didn't."<00:05:09.039> And<00:05:09.199> they're<00:05:09.360> like,<00:05:09.440> "Okay,<00:05:09.840> we<00:05:10.000> get<00:05:10.080> it.

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We<00:05:10.560> understand<00:05:10.720> the<00:05:10.960> value."<00:05:11.360> So<00:05:12.080> YC<00:05:12.560> funded<00:05:12.880> us.

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And<00:05:14.240> the<00:05:14.560> first<00:05:14.639> thing<00:05:14.800> they<00:05:15.039> said<00:05:15.199> was,<00:05:15.440> "Stop<00:05:16.000> producing<00:05:16.479> video<00:05:16.800> content.

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Start<00:05:18.240> just<00:05:18.479> building<00:05:18.800> the<00:05:19.039> technology."<00:05:19.600> There's<00:05:19.759> a<00:05:19.919> lot<00:05:20.080> of<00:05:20.160> businesses<00:05:20.479> that<00:05:20.720> have<00:05:20.880> this<00:05:21.039> problem.

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There's<00:05:21.600> a<00:05:21.759> lot<00:05:21.840> of<00:05:21.919> video<00:05:22.160> production<00:05:22.479> agencies<00:05:22.880> you<00:05:23.120> can<00:05:23.199> work<00:05:23.360> with.

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Um,<00:05:24.000> so<00:05:24.160> that<00:05:24.320> was<00:05:24.479> in<00:05:24.880> 2011.<00:05:25.680> Um,<00:05:26.080> the<00:05:26.240> reason<00:05:26.400> I'm<00:05:26.639> the<00:05:26.880> CEO<00:05:28.000> of<00:05:28.240> Vidyard<00:05:28.960> and<00:05:29.199> not<00:05:29.360> the<00:05:29.520> CTO<00:05:30.000> or<00:05:30.160> any<00:05:30.320> other<00:05:30.479> role<00:05:30.800> is<00:05:31.120> because<00:05:31.360> when<00:05:31.600> Paul<00:05:31.840> Graham

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asked<00:05:32.479> his<00:05:32.800> questions,<00:05:33.680> I<00:05:33.840> was<00:05:34.000> the<00:05:34.160> one<00:05:34.240> who<00:05:34.479> answered.

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And<00:05:35.199> so<00:05:35.360> when<00:05:35.600> he<00:05:35.759> asked,<00:05:36.000> he<00:05:36.160> said,<00:05:36.240> "Which<00:05:36.639> one<00:05:36.720> of<00:05:36.800> you<00:05:36.960> is<00:05:37.039> the<00:05:37.199> CEO?"

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And<00:05:37.680> Devon<00:05:37.840> and<00:05:38.000> I<00:05:38.160> looked<00:05:38.320> at<00:05:38.400> each<00:05:38.560> other.<00:05:38.720> We<00:05:38.880> didn't<00:05:39.039> know.

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He<00:05:39.369> said,<00:05:39.539> "Mike,<00:05:39.709> you're<00:05:39.879> going<00:05:40.049> to<00:05:40.219> be<00:05:40.389> the<00:05:40.559> CEO<00:05:40.729> because<00:05:40.899> you're<00:05:41.069> the<00:05:41.239> one<00:05:41.409> who<00:05:41.579> asked<00:05:41.749> the<00:05:41.919> questions.

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You're<00:05:42.379> going<00:05:42.518> to<00:05:42.657> be<00:05:42.796> the<00:05:42.935> sales<00:05:43.074> guy.<00:05:43.213> You're<00:05:43.352> going<00:05:43.491> to<00:05:43.629> be<00:05:43.768> the<00:05:43.907> fundraiser.<00:05:44.046> You're<00:05:44.185> going<00:05:44.324> to<00:05:44.463> be<00:05:44.602> all<00:05:44.741> those<00:05:44.880> things."

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So,<00:05:45.919> I<00:05:46.080> never<00:05:46.320> desired<00:05:46.720> to<00:05:46.880> be<00:05:47.039> a<00:05:47.199> CEO.

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It<00:05:47.840> wasn't<00:05:48.479> something<00:05:48.800> I<00:05:49.039> wanted<00:05:49.199> to<00:05:49.440> do.

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It<00:05:49.919> just<00:05:50.560> happened<00:05:51.120> by,<00:05:52.240> I<00:05:52.479> guess,<00:05:52.720> chance<00:05:53.120> and<00:05:53.280> the<00:05:53.440> personalities<00:05:54.160> involved.

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And,<00:05:55.120> you<00:05:55.199> know,<00:05:55.360> Devon<00:05:55.600> and<00:05:55.759> I<00:05:55.919> have<00:05:56.160> built<00:05:56.479> a<00:05:56.720> long-standing,<00:05:57.759> really<00:05:58.080> powerful<00:05:58.479> working<00:05:58.800> dynamic.

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We<00:05:59.440> do<00:05:59.520> lots<00:05:59.759> of<00:05:59.919> stuff<00:06:00.080> together.<00:06:00.880> He's<00:06:01.199> one<00:06:01.360> of<00:06:01.440> my<00:06:01.600> best<00:06:01.759> friends<00:06:01.919> in<00:06:02.160> the<00:06:02.320> world.

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Um,<00:06:03.280> and<00:06:03.440> I<00:06:03.680> feel<00:06:03.840> very<00:06:04.080> fortunate<00:06:04.479> to<00:06:04.720> be<00:06:04.960> building<00:06:05.280> this<00:06:05.440> with<00:06:05.600> him<00:06:05.759> today.

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[laughter]<00:06:07.040> That's<00:06:07.280> incredible,<00:06:07.520> man.<00:06:07.760> What<00:06:08.000> did<00:06:08.239> you<00:06:08.479> learn<00:06:08.719> at<00:06:08.959> Y<00:06:09.199> Combinator?

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Like<00:06:10.080> what<00:06:10.479> during<00:06:10.800> those<00:06:11.039> three<00:06:11.199> months,<00:06:11.440> for<00:06:11.600> those<00:06:11.759> who<00:06:11.919> don't<00:06:12.000> know,<00:06:12.240> it's<00:06:12.400> like<00:06:12.560> this<00:06:12.800> three-month<00:06:13.919> boot<00:06:14.240> camp<00:06:14.479> for<00:06:14.720> startups.

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They<00:06:15.600> take<00:06:15.759> a<00:06:15.919> little<00:06:16.080> equity,<00:06:16.479> they<00:06:16.720> give<00:06:16.800> you<00:06:16.960> a<00:06:17.120> little<00:06:17.199> bit<00:06:17.280> of<00:06:17.440> money,<00:06:18.080> but<00:06:18.400> really<00:06:18.560> the<00:06:18.880> value<00:06:19.199> seems<00:06:19.440> to<00:06:19.600> be<00:06:19.680> the<00:06:19.919> network<00:06:20.240> that<00:06:20.479> they've<00:06:20.800> created.

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Paul<00:06:21.600> has<00:06:21.840> created<00:06:22.880> uh<00:06:23.039> when<00:06:23.280> Sam<00:06:23.600> ran<00:06:23.840> it<00:06:24.160> and<00:06:24.240> and<00:06:24.560> now<00:06:24.800> Garry,<00:06:25.199> it's<00:06:25.440> interesting.

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You<00:06:25.869> had<00:06:26.058> like<00:06:26.247> the<00:06:26.436> three<00:06:26.625> people<00:06:26.814> who<00:06:27.003> run<00:06:27.192> it.<00:06:27.381> [laughter]<00:06:27.570> I<00:06:27.759> know.

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Or<00:06:28.720> uh<00:06:28.880> I<00:06:29.120> think<00:06:29.199> those<00:06:29.440> are<00:06:29.520> the<00:06:29.680> only<00:06:29.840> three<00:06:30.080> people<00:06:30.240> who've<00:06:30.479> run<00:06:30.560> it,<00:06:30.800> right?

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[laughter]<00:06:31.635> Yeah.<00:06:31.831> Michael<00:06:32.026> Seibel,<00:06:32.222> I<00:06:32.417> think,<00:06:32.613> had<00:06:32.808> a<00:06:33.004> stint<00:06:33.199> there.

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[laughter]<00:06:34.050> You're<00:06:34.260> right.<00:06:34.470> Seibel,<00:06:34.680> I<00:06:34.890> I<00:06:35.100> forgot<00:06:35.310> about<00:06:35.520> him.

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[laughter]<00:06:36.480> Yeah.<00:06:36.800> [laughter]<00:06:37.120> So,<00:06:37.440> so,<00:06:37.760> uh,<00:06:38.080> you<00:06:38.400> had,<00:06:38.720> you<00:06:39.040> know,<00:06:39.360> the<00:06:39.680> these<00:06:40.000> three<00:06:40.320> kind<00:06:40.640> of<00:06:40.960> like<00:06:41.280> giants,<00:06:41.600> and<00:06:41.920> maybe<00:06:42.240> they<00:06:42.560> weren't<00:06:42.880> necessarily<00:06:43.200> giants<00:06:43.520> at<00:06:43.840> that<00:06:44.160> time,

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right?<00:06:44.800> Uh,<00:06:45.199> what<00:06:45.360> did<00:06:45.520> you<00:06:45.680> learn<00:06:45.840> from<00:06:46.000> them?

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What<00:06:46.400> did<00:06:46.560> you<00:06:46.720> learn,<00:06:47.280> uh,<00:06:47.440> just<00:06:47.600> from<00:06:47.840> the<00:06:48.080> overall<00:06:48.560> experience<00:06:49.039> and<00:06:49.280> being<00:06:49.440> there<00:06:49.600> for<00:06:49.840> 3<00:06:50.080> months?

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[laughter]<00:06:51.015> Yeah.<00:06:51.230> So,<00:06:51.445> you<00:06:51.660> know,<00:06:51.875> I<00:06:52.090> I<00:06:52.305> think<00:06:52.520> there's<00:06:52.735> like<00:06:52.950> two<00:06:53.165> components<00:06:53.380> of<00:06:53.595> who<00:06:53.810> I<00:06:54.025> am,<00:06:54.240> right?

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I'm<00:06:54.639> a<00:06:54.880> founder<00:06:55.360> and<00:06:55.680> I'm<00:06:55.840> a<00:06:56.000> CEO.

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And<00:06:56.880> I<00:06:57.120> don't<00:06:57.199> really<00:06:57.440> think<00:06:57.680> I<00:06:58.000> became<00:06:58.639> a<00:06:58.880> CEO<00:06:59.919> until,<00:07:01.120> you<00:07:01.280> know,<00:07:01.360> we<00:07:01.599> had<00:07:01.840> raised<00:07:02.319> our,<00:07:02.960> you<00:07:03.120> know,<00:07:03.360> series<00:07:03.680> B,<00:07:04.000> series<00:07:04.319> C,<00:07:04.720> and

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I'm<00:07:05.440> sure<00:07:05.599> we'll<00:07:05.919> talk<00:07:06.080> about<00:07:06.319> that.<00:07:07.039> Back<00:07:07.360> then,<00:07:07.840> you<00:07:08.000> know,<00:07:08.080> I<00:07:08.319> was<00:07:08.400> just<00:07:08.560> a<00:07:08.720> f<00:07:08.960> I<00:07:09.039> was<00:07:09.120> just<00:07:09.199> a<00:07:09.360> co-founder.

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And<00:07:11.599> the<00:07:12.400> the<00:07:12.720> thing<00:07:12.800> that<00:07:13.039> YC<00:07:13.520> does<00:07:13.680> a<00:07:13.840> really<00:07:14.000> good<00:07:14.160> job<00:07:14.319> of<00:07:15.360> is<00:07:15.599> it<00:07:15.919> isolates<00:07:17.440> the<00:07:17.759> important<00:07:18.240> work

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from<00:07:19.280> the<00:07:19.599> busy<00:07:19.919> work.<00:07:20.560> And<00:07:20.720> when<00:07:20.880> you're<00:07:21.039> starting<00:07:21.280> a<00:07:21.520> company,<00:07:22.319> you<00:07:22.479> know,<00:07:22.639> you<00:07:22.880> get<00:07:23.039> incorporated,<00:07:23.919> you,<00:07:24.240> you<00:07:24.400> know,<00:07:24.560> you<00:07:24.720> build<00:07:24.880> your<00:07:25.120> employment<00:07:25.520> agreements,

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you,<00:07:27.039> you<00:07:27.199> know,<00:07:27.360> get<00:07:27.520> your<00:07:27.759> business<00:07:28.080> number,<00:07:28.880> all<00:07:29.039> that<00:07:29.280> stuff<00:07:29.520> takes<00:07:29.759> a<00:07:29.919> lot<00:07:30.000> of<00:07:30.160> time.

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And<00:07:30.880> in<00:07:31.039> the<00:07:31.199> end<00:07:31.280> of<00:07:31.360> the<00:07:31.440> day,<00:07:31.680> you<00:07:31.919> can<00:07:32.080> reflect<00:07:32.400> on<00:07:32.639> your<00:07:32.800> day<00:07:32.960> and<00:07:33.120> be<00:07:33.199> like,<00:07:33.280> "Yeah,<00:07:33.520> I<00:07:33.680> had<00:07:33.759> a<00:07:33.919> really<00:07:34.080> productive<00:07:34.479> day.

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I<00:07:34.800> did<00:07:34.880> all<00:07:35.039> this<00:07:35.280> important<00:07:35.599> work."<00:07:36.639> But<00:07:37.199> it<00:07:37.520> had<00:07:37.680> nothing<00:07:37.840> to<00:07:38.000> do<00:07:38.080> with<00:07:38.319> building<00:07:38.639> product<00:07:38.960> or<00:07:39.199> talking<00:07:39.360> to<00:07:39.599> customers.

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And<00:07:40.800> that's<00:07:41.440> really<00:07:41.759> the<00:07:42.000> only<00:07:42.240> thing<00:07:42.319> that<00:07:42.639> matters<00:07:43.199> and<00:07:43.520> something<00:07:43.759> that<00:07:44.000> YC<00:07:44.560> taught<00:07:44.800> me<00:07:45.039> that<00:07:45.280> is<00:07:45.520> core<00:07:45.840> to<00:07:46.000> how<00:07:46.160> I<00:07:46.400> operate<00:07:46.720> today.

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The<00:07:47.440> only<00:07:47.680> two<00:07:47.919> things<00:07:48.080> that<00:07:48.319> matter<00:07:48.639> are,<00:07:49.520> are<00:07:49.759> you<00:07:50.000> building<00:07:50.800> great,<00:07:51.440> powerful,<00:07:52.160> transformational<00:07:52.960> products<00:07:53.680> for<00:07:54.240> users?

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And<00:07:55.280> when<00:07:55.520> you<00:07:55.680> join<00:07:55.919> YC,<00:07:56.400> they<00:07:56.560> give<00:07:56.639> you<00:07:56.800> a<00:07:56.960> great<00:07:57.120> t-shirt<00:07:57.520> that<00:07:57.840> says<00:07:58.560> make<00:07:58.800> something<00:07:59.199> people<00:07:59.520> want.

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And<00:08:00.319> when<00:08:00.560> you<00:08:00.800> sell<00:08:01.120> the<00:08:01.360> company<00:08:01.680> or<00:08:02.000> IPO,<00:08:02.479> they<00:08:02.639> give<00:08:02.720> you<00:08:02.879> a<00:08:02.960> black<00:08:03.199> t-shirt<00:08:03.520> that<00:08:03.759> says<00:08:04.000> I<00:08:04.160> made<00:08:04.400> something<00:08:04.800> people<00:08:05.120> want.

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And<00:08:06.080> the<00:08:06.400> transformational<00:08:07.039> aspect<00:08:07.280> of<00:08:07.440> YC<00:08:08.000> for<00:08:08.160> me<00:08:08.800> was<00:08:09.440> going<00:08:09.759> to<00:08:09.919> Silicon<00:08:10.400> Valley,<00:08:11.039> you<00:08:11.199> know,<00:08:11.360> being<00:08:11.599> from<00:08:11.759> Waterloo<00:08:12.639> and<00:08:12.960> leaving<00:08:13.199> my<00:08:13.520> friends<00:08:13.759> and

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family<00:08:15.120> back<00:08:15.280> in<00:08:15.520> Waterloo<00:08:16.080> and<00:08:16.400> having<00:08:16.720> 3<00:08:16.960> months<00:08:17.280> of<00:08:17.520> just<00:08:17.919> dedicated<00:08:19.280> energy<00:08:20.400> applied<00:08:20.879> to<00:08:21.440> building<00:08:21.840> product<00:08:22.080> and

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talking<00:08:22.639> to<00:08:22.879> users.<00:08:23.360> And<00:08:23.599> every<00:08:23.840> time<00:08:24.080> I'd<00:08:24.319> get<00:08:24.479> together<00:08:24.720> with<00:08:24.879> Paul<00:08:25.199> Graham,<00:08:26.080> you<00:08:26.160> know,<00:08:26.240> he<00:08:26.400> was<00:08:26.560> like,<00:08:26.639> "What's<00:08:26.879> your<00:08:27.280> most<00:08:27.440> important<00:08:27.759> metric?"

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We<00:08:28.400> had<00:08:28.560> product<00:08:28.800> in<00:08:29.039> market,<00:08:29.520> so<00:08:29.919> I'd<00:08:30.240> say<00:08:30.479> MRR.

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And<00:08:31.575> he<00:08:31.791> would<00:08:32.006> say,<00:08:32.221> "Your<00:08:32.437> goal<00:08:32.652> is<00:08:32.867> to<00:08:33.082> grow<00:08:33.298> MRR<00:08:33.513> by<00:08:33.728> 10%<00:08:33.944> per<00:08:34.159> week.

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Figure<00:08:34.880> out<00:08:35.039> how<00:08:35.200> to<00:08:35.360> do<00:08:35.440> that,<00:08:35.760> reverse<00:08:36.240> engineer<00:08:36.640> that<00:08:36.880> process<00:08:37.760> and<00:08:38.000> that<00:08:38.240> is<00:08:38.479> exactly<00:08:39.440> the<00:08:39.760> conversation<00:08:40.159> we<00:08:40.399> had<00:08:40.959> every<00:08:41.360> week<00:08:41.839> for<00:08:42.080> three<00:08:42.320> months<00:08:42.479> and<00:08:42.719> he

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held<00:08:43.039> me<00:08:43.279> accountable<00:08:43.599> to<00:08:43.760> that<00:08:43.919> and<00:08:44.159> I<00:08:44.320> held<00:08:44.720> myself<00:08:45.040> and<00:08:45.279> my<00:08:45.519> team<00:08:45.920> accountable<00:08:46.320> to<00:08:46.560> that.

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So<00:08:47.200> that<00:08:47.440> that<00:08:47.760> totally<00:08:48.160> defined<00:08:48.560> the<00:08:48.720> way<00:08:48.800> we<00:08:49.040> worked<00:08:50.000> um<00:08:50.080> and<00:08:50.240> the<00:08:50.399> energy<00:08:50.720> we<00:08:50.959> applied<00:08:51.200> to<00:08:51.360> the<00:08:51.519> business.

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So<00:08:52.560> um<00:08:52.800> yeah,<00:08:53.040> it<00:08:53.200> was<00:08:53.360> it<00:08:53.519> was<00:08:53.680> transformational<00:08:54.320> for<00:08:54.560> sure.

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[laughter]<00:08:55.364> Yeah,<00:08:55.688> that's<00:08:56.012> incredible.<00:08:56.336> That's<00:08:56.660> uh<00:08:56.984> and<00:08:57.308> so<00:08:57.632> you<00:08:57.956> you<00:08:58.280> come<00:08:58.603> out<00:08:58.927> of<00:08:59.251> there<00:08:59.575> um<00:08:59.899> did<00:09:00.223> you<00:09:00.547> raise<00:09:00.871> at<00:09:01.195> demo<00:09:01.519> day?

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Like<00:09:02.000> give<00:09:02.160> us<00:09:02.240> a<00:09:02.399> sense<00:09:02.560> for<00:09:02.720> like<00:09:02.880> how<00:09:03.040> you<00:09:03.200> started<00:09:03.519> raising<00:09:03.839> after<00:09:04.160> that.

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[laughter]<00:09:05.364> Yeah.<00:09:05.687> So,<00:09:06.011> you<00:09:06.335> know,<00:09:06.658> it's<00:09:06.982> funny<00:09:07.305> cuz<00:09:07.629> now<00:09:07.953> I<00:09:08.276> invest<00:09:08.600> through<00:09:08.924> a<00:09:09.247> fund<00:09:09.571> called<00:09:09.895> Garage<00:09:10.218> Capital,<00:09:10.542> but<00:09:10.865> I<00:09:11.189> also<00:09:11.513> started<00:09:11.836> with<00:09:12.160> Devon.

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Um,<00:09:13.279> and<00:09:13.600> you<00:09:13.680> know,<00:09:13.839> YC<00:09:14.240> the<00:09:14.399> YC<00:09:14.880> game<00:09:15.040> has<00:09:15.279> changed<00:09:15.519> completely,<00:09:16.160> but<00:09:16.480> back<00:09:16.720> then,<00:09:17.519> you<00:09:17.600> know,<00:09:17.760> it<00:09:17.920> was<00:09:18.080> very<00:09:18.320> uncommon<00:09:19.200> to<00:09:19.440> raise<00:09:19.760> money<00:09:20.160> before<00:09:20.480> Demo<00:09:20.880> Day.

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Uh,<00:09:21.600> now<00:09:22.320> most<00:09:23.120> YC<00:09:23.680> companies<00:09:24.000> have<00:09:24.480> completed<00:09:24.959> their<00:09:25.120> fund<00:09:25.360> raise<00:09:25.680> by<00:09:25.839> demo<00:09:26.240> day,<00:09:26.480> right?

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It's<00:09:26.800> just<00:09:27.040> everybody<00:09:27.519> wants<00:09:27.760> to<00:09:27.920> get<00:09:28.000> in.<00:09:28.320> Everybody<00:09:28.640> just<00:09:28.880> wants<00:09:29.040> to<00:09:29.200> build<00:09:29.440> an<00:09:29.760> index<00:09:30.160> of<00:09:30.640> YC<00:09:31.360> companies.

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Um<00:09:32.399> but<00:09:32.560> back<00:09:32.800> then<00:09:33.120> so<00:09:34.000> you<00:09:34.160> know<00:09:34.240> we<00:09:34.399> were<00:09:34.560> building<00:09:34.880> product<00:09:35.440> talking<00:09:35.680> to<00:09:36.000> users<00:09:36.720> and<00:09:37.360> you<00:09:37.519> know<00:09:37.680> Paul<00:09:37.920> Graham<00:09:38.320> liked<00:09:38.560> to<00:09:38.720> use<00:09:38.880> us<00:09:39.200> as<00:09:39.440> the<00:09:39.760> example<00:09:40.320> of

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the<00:09:41.000> company<00:09:41.440> that<00:09:41.880> was<00:09:42.320> actively<00:09:42.760> running<00:09:43.200> a<00:09:43.640> sales<00:09:44.080> process.

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And<00:09:45.120> so<00:09:45.600> because<00:09:45.920> of<00:09:46.080> that,<00:09:47.519> I<00:09:47.839> got<00:09:48.000> introduced<00:09:48.640> to<00:09:49.360> a<00:09:49.680> number<00:09:49.760> of<00:09:50.000> potential<00:09:50.399> funds<00:09:50.720> and<00:09:50.959> customers<00:09:51.760> and<00:09:52.000> the<00:09:52.160> YC<00:09:52.720> partners<00:09:53.839> liked

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what<00:09:54.240> we<00:09:54.399> were<00:09:54.560> doing<00:09:54.640> and<00:09:54.880> liked<00:09:55.120> the<00:09:55.279> hustle,<00:09:55.600> so<00:09:55.760> to<00:09:55.920> speak,<00:09:56.160> cuz<00:09:56.480> you<00:09:56.640> know,<00:09:56.959> YC<00:09:57.440> is<00:09:57.680> very<00:09:57.920> much<00:09:58.080> a<00:09:58.240> a<00:09:58.560> hacker<00:09:59.040> oriented<00:09:59.440> mentality.

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And<00:10:00.160> again,<00:10:00.560> we're<00:10:00.880> all<00:10:01.120> engineers<00:10:01.519> at<00:10:01.680> Vidyard.

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Like<00:10:02.320> that's<00:10:02.560> our<00:10:02.800> background.<00:10:03.360> But<00:10:04.720> because<00:10:05.040> we<00:10:05.360> started<00:10:05.680> a<00:10:05.920> services<00:10:06.399> business,<00:10:07.040> we<00:10:07.279> knew<00:10:07.440> how<00:10:07.600> to<00:10:07.680> sell<00:10:07.920> and<00:10:08.080> we<00:10:08.240> were<00:10:08.320> using<00:10:08.480> the<00:10:08.720> services<00:10:09.120> business<00:10:09.360> to<00:10:09.519> fund<00:10:09.839> the

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software<00:10:10.399> development<00:10:10.800> business.<00:10:11.120> So,<00:10:11.519> you<00:10:11.680> know,<00:10:11.760> I<00:10:11.920> had<00:10:12.080> no<00:10:12.240> problem<00:10:12.560> putting<00:10:12.800> myself<00:10:13.120> out<00:10:13.360> there<00:10:13.680> and<00:10:13.920> getting<00:10:14.079> these<00:10:14.320> deals<00:10:14.640> done.

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That<00:10:15.680> means<00:10:16.000> I<00:10:16.240> got<00:10:16.399> to<00:10:16.560> meet<00:10:16.800> David<00:10:17.200> Lee<00:10:17.519> from<00:10:17.760> SV<00:10:18.160> Angel<00:10:18.480> and<00:10:18.640> Ron<00:10:18.959> Conway<00:10:19.440> and,<00:10:19.920> you<00:10:20.079> know,<00:10:20.160> Jawed<00:10:20.720> Karim,<00:10:21.200> one<00:10:21.279> of<00:10:21.360> the<00:10:21.440> co-founders<00:10:21.920> of<00:10:22.079> YouTube.

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Uh,<00:10:22.720> and<00:10:22.880> so<00:10:23.040> by<00:10:23.279> the<00:10:23.360> time<00:10:23.440> we<00:10:23.600> got<00:10:23.760> to<00:10:23.920> demo<00:10:24.240> day,<00:10:24.959> you<00:10:25.120> know,<00:10:25.279> I<00:10:25.519> wanted<00:10:25.680> to<00:10:25.839> raise<00:10:26.240> $850,000<00:10:27.440> in<00:10:27.680> our<00:10:27.839> seed.

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We<00:10:28.720> had<00:10:29.920> more<00:10:30.160> than<00:10:30.320> that<00:10:31.360> uh<00:10:31.600> committed<00:10:32.000> and<00:10:32.320> signed<00:10:32.640> up<00:10:32.880> on<00:10:33.279> our<00:10:33.519> convertible<00:10:34.000> note.

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Uh,<00:10:34.640> so<00:10:34.720> I<00:10:34.880> got<00:10:34.959> up<00:10:35.120> at<00:10:35.279> demo<00:10:35.519> day<00:10:35.680> and<00:10:35.839> said,<00:10:36.000> "Hey,<00:10:36.480> you<00:10:36.720> know,<00:10:36.959> we're<00:10:37.279> raising<00:10:38.800> 800<00:10:39.279> and<00:10:39.440> we've<00:10:39.680> already<00:10:39.920> closed<00:10:40.320> 850."

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And<00:10:41.839> I<00:10:42.079> didn't<00:10:42.320> realize<00:10:42.560> it,<00:10:42.800> but<00:10:43.040> what<00:10:43.279> that<00:10:43.440> meant<00:10:43.680> was<00:10:44.079> every<00:10:44.399> investor<00:10:44.800> in<00:10:44.959> the<00:10:45.120> room<00:10:45.600> would<00:10:45.920> want<00:10:46.079> to<00:10:46.240> talk<00:10:46.399> to<00:10:46.560> me<00:10:47.040> because<00:10:47.360> investors<00:10:47.760> are<00:10:47.920> like<00:10:48.079> buffalo,<00:10:48.560> right?

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They<00:10:48.880> all<00:10:49.040> stand<00:10:49.200> at<00:10:49.279> the<00:10:49.360> edge<00:10:49.519> of<00:10:49.600> the<00:10:49.680> cliff<00:10:49.920> and<00:10:50.000> once<00:10:50.240> one<00:10:50.480> falls<00:10:50.720> off<00:10:50.880> to<00:10:50.959> their<00:10:51.120> death,<00:10:51.360> they<00:10:51.600> all<00:10:51.920> follow<00:10:52.240> suit.

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So<00:10:57.440> everybody<00:10:57.760> else<00:10:58.000> follows<00:10:58.320> suit.<00:10:58.560> So<00:10:59.040> we<00:10:59.279> ended<00:10:59.519> up<00:10:59.680> taking<00:10:59.920> that<00:11:00.160> raise<00:11:00.399> to<00:11:00.640> 1.65<00:11:01.519> million.

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Um,<00:11:07.440> and<00:11:07.680> I'm<00:11:07.920> very<00:11:08.079> grateful<00:11:08.399> we<00:11:08.640> did<00:11:08.800> because<00:11:09.040> we<00:11:09.200> raised<00:11:09.440> our<00:11:09.680> series<00:11:10.000> A<00:11:10.320> when<00:11:10.560> we<00:11:10.640> had<00:11:10.800> about<00:11:11.040> 800K<00:11:11.600> left<00:11:11.839> in<00:11:12.000> the<00:11:12.160> bank.

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Meaning,<00:11:12.720> if<00:11:13.040> we<00:11:13.200> had<00:11:13.360> raised<00:11:13.600> what<00:11:13.760> we<00:11:13.920> originally<00:11:14.160> targeted<00:11:14.480> to<00:11:14.640> do,<00:11:14.800> we<00:11:14.880> would<00:11:14.959> have<00:11:15.120> ran<00:11:15.279> out<00:11:15.440> of<00:11:15.519> cash.

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[laughter]<00:11:16.421> Yeah.<00:11:16.683> [laughter]<00:11:16.945> So,<00:11:17.206> there's<00:11:17.468> all<00:11:17.729> these<00:11:17.991> inflection<00:11:18.252> points<00:11:18.513> that<00:11:18.775> you<00:11:19.036> reflect<00:11:19.298> on,<00:11:19.560> but<00:11:19.821> uh,<00:11:20.083> yeah,<00:11:20.344> the<00:11:20.606> biggest<00:11:20.867> investor<00:11:21.128> in<00:11:21.390> that<00:11:21.652> round<00:11:21.913> ended<00:11:22.175> up<00:11:22.436> being<00:11:22.698> a<00:11:22.959> gentleman

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named<00:11:23.680> Jeff<00:11:23.920> Clavier,<00:11:24.560> who's<00:11:24.880> been<00:11:25.120> awesome.

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Uh,<00:11:26.330> he<00:11:26.660> was<00:11:26.990> SoftTech<00:11:27.320> VC,<00:11:27.650> now<00:11:27.980> branded<00:11:28.310> Uncork<00:11:28.640> Capital.

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Um<00:11:30.079> and<00:11:30.320> just<00:11:30.560> a<00:11:30.800> really<00:11:31.040> great<00:11:31.279> crew<00:11:31.600> of<00:11:31.839> investors<00:11:32.320> that<00:11:32.640> have<00:11:32.959> been<00:11:33.200> very<00:11:33.519> supportive<00:11:33.920> along<00:11:34.240> the<00:11:34.480> journey.

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[laughter]<00:11:35.514> How<00:11:35.909> has<00:11:36.303> the<00:11:36.697> product<00:11:37.091> evolved<00:11:37.486> as<00:11:37.880> video<00:11:38.274> obviously<00:11:38.669> has<00:11:39.063> evolved<00:11:39.457> insanely<00:11:39.851> since<00:11:40.246> 2011,<00:11:40.640> right?

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Like<00:11:41.188> [laughter]<00:11:41.416> give<00:11:41.645> us<00:11:41.874> a<00:11:42.103> sense<00:11:42.331> for<00:11:42.560> that.

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will<00:11:50.880> probably<00:11:51.200> remember<00:11:51.519> this<00:11:52.000> uh<00:11:52.079> the<00:11:52.320> best<00:11:52.399> way<00:11:52.560> to<00:11:52.720> deliver<00:11:52.959> video<00:11:53.200> on<00:11:53.360> the<00:11:53.440> internet<00:11:53.680> was<00:11:53.920> Flash.

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That<00:11:54.997> was<00:11:55.274> what<00:11:55.551> YouTube<00:11:55.828> built,<00:11:56.105> right?<00:11:56.382> You<00:11:56.658> could<00:11:56.935> upload<00:11:57.212> a<00:11:57.489> video<00:11:57.766> and<00:11:58.043> you<00:11:58.320> needed<00:11:58.597> [laughter]<00:11:58.874> needed<00:11:59.151> the<00:11:59.428> the<00:11:59.705> Flash<00:11:59.982> content<00:12:00.258> inside<00:12:00.535> of<00:12:00.812> your<00:12:01.089> machine<00:12:01.366> so<00:12:01.643> it<00:12:01.920> would

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function.<00:12:02.880> And<00:12:03.040> then<00:12:03.279> Steve<00:12:03.600> Jobs<00:12:04.160> said,<00:12:04.560> you<00:12:04.720> know,<00:12:05.279> Flash<00:12:05.600> is<00:12:05.839> garbage.

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iPhones<00:12:18.156> and<00:12:18.472> this<00:12:18.789> is<00:12:19.106> the<00:12:19.423> future.<00:12:19.739> It<00:12:20.056> sounds<00:12:20.373> ridiculous<00:12:20.689> to<00:12:21.006> say<00:12:21.323> this<00:12:21.640> now,<00:12:21.956> but<00:12:22.273> all<00:12:22.590> of<00:12:22.906> the<00:12:23.223> competition<00:12:23.540> was<00:12:23.856> charging<00:12:24.173> extra<00:12:24.490> for<00:12:24.807> the<00:12:25.123> HTML5<00:12:25.440> capabilities.

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The<00:12:33.279> only<00:12:33.440> companies<00:12:33.760> that<00:12:33.920> were<00:12:34.079> doing<00:12:34.240> it<00:12:34.399> were<00:12:34.560> streaming<00:12:34.959> porn<00:12:35.440> websites.

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Uh<00:12:42.320> seems<00:12:42.560> to<00:12:42.720> be<00:12:42.880> the<00:12:43.120> way.

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So<00:12:44.399> um<00:12:44.560> so<00:12:44.720> that<00:12:44.959> was<00:12:45.040> the<00:12:45.279> initial<00:12:45.600> innovation.

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And<00:12:46.320> then<00:12:46.480> it<00:12:46.639> was<00:12:46.800> like<00:12:47.040> how<00:12:47.600> who's<00:12:48.000> watching<00:12:48.240> these<00:12:48.560> videos<00:12:48.880> for<00:12:49.120> how<00:12:49.360> long?

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came<00:12:57.760> along<00:12:58.079> and<00:12:58.240> then<00:12:58.399> there<00:12:58.480> was<00:12:58.639> consolidation<00:12:59.279> there.

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marketing<00:13:08.320> works<00:13:08.639> for<00:13:08.800> sales<00:13:09.040> and<00:13:09.279> vice<00:13:09.519> versa<00:13:09.760> and<00:13:09.920> they<00:13:10.079> never<00:13:10.240> get<00:13:10.399> along.

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salespeople<00:13:31.040> so<00:13:31.200> that<00:13:31.360> they<00:13:31.519> can<00:13:31.680> easily<00:13:32.000> send<00:13:32.240> them<00:13:32.399> to<00:13:32.639> customers<00:13:33.360> and<00:13:33.600> that's<00:13:33.839> just<00:13:34.079> another<00:13:34.480> channel<00:13:34.800> of<00:13:35.040> delivery<00:13:35.519> for<00:13:35.760> these<00:13:36.079> videos<00:13:36.480> who's<00:13:36.720> watching<00:13:36.959> it<00:13:37.120> for

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I'd<00:13:56.399> love<00:13:56.480> to<00:13:56.639> book<00:13:56.880> some<00:13:57.040> time<00:13:57.199> to<00:13:57.360> talk<00:13:57.519> about<00:13:57.760> XYZ.

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Um,<00:14:38.800> and<00:14:38.959> that's<00:14:39.199> when<00:14:39.440> we<00:14:39.600> entered<00:14:39.920> into<00:14:40.160> this<00:14:40.320> realm<00:14:40.560> of<00:14:40.720> PLG<00:14:42.000> and<00:14:42.639> helping<00:14:42.959> the<00:14:43.120> sales<00:14:43.440> rep.

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So<00:15:20.720> yeah,<00:15:22.079> uh<00:15:22.320> as<00:15:22.480> as<00:15:22.720> you've<00:15:22.959> built<00:15:23.120> this<00:15:23.279> thing<00:15:23.440> and<00:15:23.680> scaled<00:15:24.000> it,<00:15:24.880> what's<00:15:25.120> been<00:15:25.360> like<00:15:25.600> the<00:15:25.839> inflection<00:15:26.320> points<00:15:26.639> like<00:15:26.880> a<00:15:27.040> 100<00:15:27.360> or<00:15:27.839> like<00:15:28.399> what

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numbers<00:15:29.120> should<00:15:29.360> we<00:15:29.519> think<00:15:29.600> about<00:15:29.839> like<00:15:30.079> number<00:15:30.240> of<00:15:30.480> employees<00:15:31.519> revenue<00:15:32.000> like<00:15:32.240> at<00:15:32.399> what<00:15:32.560> point<00:15:32.720> are<00:15:32.959> you<00:15:33.120> like<00:15:33.279> kind<00:15:33.440> of<00:15:33.600> reconstructing<00:15:34.480> the<00:15:34.880> company<00:15:35.199> again?

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Yeah,<00:15:36.399> I<00:15:36.720> think<00:15:36.800> it's,<00:15:37.440> you<00:15:37.600> know,<00:15:37.760> I<00:15:38.000> think<00:15:38.160> of<00:15:38.320> inflection<00:15:38.880> points<00:15:39.839> in<00:15:40.160> terms<00:15:40.320> of<00:15:40.560> product<00:15:40.880> market<00:15:41.199> fit<00:15:42.000> more<00:15:42.240> than<00:15:42.399> I<00:15:42.639> think<00:15:42.800> about<00:15:42.959> them<00:15:43.199> in<00:15:43.440> terms<00:15:43.600> of<00:15:43.839> number<00:15:44.079> of

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the<00:16:24.240> pandemic<00:16:25.120> there<00:16:25.279> was<00:16:25.360> this<00:16:25.600> kind<00:16:25.839> of<00:16:26.560> oversaturation<00:16:27.600> of<00:16:27.759> SaaS<00:16:28.720> in<00:16:28.959> a<00:16:29.120> lot<00:16:29.199> of<00:16:29.279> businesses<00:16:30.079> They'd<00:16:30.480> overbought<00:16:31.120> technology,<00:16:31.759> chasing<00:16:32.160> growth

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of<00:16:55.360> history<00:16:55.920> you<00:16:56.079> know<00:16:56.720> and<00:16:56.880> and<00:16:57.199> specifically<00:16:57.839> communication<00:16:58.480> technologies<00:16:59.199> which<00:16:59.440> is<00:16:59.839> you<00:16:59.920> know<00:17:00.000> the<00:17:00.240> world<00:17:00.399> we<00:17:00.560> exist<00:17:00.800> in<00:17:01.680> you<00:17:01.839> know<00:17:02.399> back<00:17:02.560> in<00:17:02.720> the<00:17:02.880> day<00:17:03.120> you

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One,<00:20:17.600> you<00:20:17.679> know<00:20:17.840> that<00:20:17.919> that<00:20:18.240> scenario<00:20:18.640> I<00:20:18.880> laid<00:20:19.120> out<00:20:19.360> where<00:20:20.799> the<00:20:21.039> video<00:20:21.280> agent<00:20:21.840> automatically<00:20:22.640> reaches<00:20:23.039> out<00:20:23.919> to<00:20:24.080> a<00:20:24.320> new<00:20:24.480> customer<00:20:24.799> on<00:20:25.039> your<00:20:25.200> behalf

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That's<00:20:31.039> not<00:20:31.200> something<00:20:31.520> that<00:20:31.760> anybody<00:20:32.159> had<00:20:32.400> time<00:20:32.559> to<00:20:32.799> do<00:20:32.960> before.

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They're<00:20:39.919> too<00:20:40.080> busy<00:20:40.320> doing<00:20:40.480> other<00:20:40.799> things,<00:20:41.039> filling<00:20:41.280> in<00:20:41.440> CRM,<00:20:42.080> having<00:20:42.400> actual<00:20:43.280> conversations<00:20:43.840> with<00:20:44.080> customers.

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No<00:21:20.960> employee<00:21:21.440> wants<00:21:21.600> to<00:21:21.760> do<00:21:21.919> that<00:21:22.159> stuff.<00:21:22.559> Let's<00:21:22.720> go<00:21:22.880> automate<00:21:23.280> that<00:21:23.440> stuff<00:21:23.600> so<00:21:23.760> they<00:21:24.000> can<00:21:24.080> do<00:21:24.240> the<00:21:24.400> more<00:21:24.640> creative<00:21:24.960> work<00:21:25.520> potentially<00:21:26.000> augmented<00:21:26.559> by<00:21:26.720> AI.

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So,<00:21:27.919> I<00:21:28.240> see<00:21:28.480> a<00:21:28.720> future<00:21:29.840> where<00:21:30.640> AI<00:21:30.960> and<00:21:31.200> humans<00:21:31.600> work<00:21:31.919> really<00:21:32.240> collaboratively<00:21:32.960> together<00:21:33.679> to<00:21:34.000> do<00:21:34.159> the<00:21:34.400> things<00:21:34.559> that<00:21:34.880> matter<00:21:35.200> most.

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And<00:21:36.320> the<00:21:36.480> things<00:21:36.640> that<00:21:36.880> matter<00:21:37.120> most<00:21:37.360> are<00:21:37.600> the<00:21:37.840> relationships<00:21:38.400> that<00:21:38.559> we<00:21:38.799> can<00:21:38.880> build.

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Because<00:21:39.440> when<00:21:39.679> you<00:21:39.840> when<00:21:40.080> you<00:21:40.240> take<00:21:40.480> away<00:21:41.280> the<00:21:41.600> products<00:21:42.720> and<00:21:42.960> you<00:21:43.120> take<00:21:43.280> away<00:21:43.520> the<00:21:43.760> services,<00:21:44.720> what's<00:21:45.120> left<00:21:45.520> in<00:21:45.840> any<00:21:46.159> type<00:21:46.400> of<00:21:46.640> business<00:21:46.960> transaction,<00:21:47.520> it's

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that<00:21:48.000> human<00:21:48.320> to<00:21:48.480> human<00:21:48.799> bond<00:21:49.039> and<00:21:49.280> that<00:21:49.440> connection<00:21:49.760> and<00:21:50.000> the<00:21:50.159> trust<00:21:50.400> that<00:21:50.640> gets<00:21:50.880> created.

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And<00:21:51.919> if<00:21:52.080> you're<00:21:52.320> spending<00:21:52.960> hundreds<00:21:53.280> of<00:21:53.440> thousands<00:21:53.760> of<00:21:53.919> dollars<00:21:54.159> on<00:21:54.320> a<00:21:54.559> technology,<00:21:55.360> you<00:21:55.600> want<00:21:55.679> a<00:21:55.919> human<00:21:56.080> to<00:21:56.320> be<00:21:56.480> accountable<00:21:57.200> to<00:21:57.440> that<00:21:57.600> outcome.

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Good,<00:21:59.760> right?<00:22:00.000> We<00:22:00.240> have<00:22:00.320> this<00:22:00.559> like<00:22:00.720> moral<00:22:01.120> code,<00:22:01.440> this<00:22:01.679> obligation<00:22:02.080> that's<00:22:02.320> been<00:22:02.480> trained<00:22:02.720> into<00:22:03.039> us.

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AIs<00:22:04.080> don't<00:22:04.320> necessarily<00:22:04.799> have<00:22:04.960> that.<00:22:05.280> They<00:22:05.520> don't<00:22:05.600> have<00:22:05.760> to<00:22:05.919> have<00:22:06.080> that,<00:22:06.400> right?

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Um,<00:22:07.440> so<00:22:07.679> that's<00:22:08.000> how<00:22:08.240> I<00:22:08.720> have<00:22:08.960> been<00:22:09.120> thinking<00:22:09.440> about<00:22:09.600> it<00:22:10.480> in<00:22:10.720> terms<00:22:10.880> of<00:22:10.960> our<00:22:11.280> product.

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You<00:22:11.840> know,<00:22:12.400> what<00:22:12.559> we've<00:22:12.960> done<00:22:13.280> is<00:22:13.600> remove<00:22:13.919> the<00:22:14.159> friction<00:22:14.480> and<00:22:14.720> make<00:22:14.880> it<00:22:15.039> really<00:22:15.440> easy<00:22:16.480> for<00:22:17.280> our<00:22:17.520> sellers<00:22:17.840> and<00:22:18.080> our<00:22:18.240> users<00:22:18.559> to<00:22:18.799> create<00:22:19.120> video.

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I<00:22:20.240> think<00:22:20.320> the<00:22:20.559> evolution<00:22:21.120> now<00:22:21.440> has<00:22:21.679> to<00:22:21.840> be<00:22:22.080> making<00:22:22.400> it<00:22:22.559> really<00:22:22.960> easy<00:22:23.679> for<00:22:24.000> viewers<00:22:24.960> to<00:22:25.200> consume<00:22:26.000> that<00:22:26.400> video<00:22:27.120> and<00:22:27.440> that<00:22:27.679> means<00:22:28.000> like

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chaptering,<00:22:29.760> summarizations,<00:22:31.200> things<00:22:31.440> that<00:22:31.679> can<00:22:31.760> be<00:22:31.919> viewed<00:22:32.159> at<00:22:32.320> a<00:22:32.480> glance,<00:22:33.200> you<00:22:33.360> know,<00:22:33.520> a<00:22:33.760> person<00:22:34.000> was<00:22:34.240> there,<00:22:35.200> created<00:22:35.520> that<00:22:35.679> content,<00:22:36.159> said<00:22:36.400> those<00:22:36.640> things,<00:22:36.960> but

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how<00:22:37.360> do<00:22:37.520> you<00:22:37.679> digest<00:22:38.000> them<00:22:38.240> faster?<00:22:38.720> Because<00:22:38.960> I<00:22:39.200> think<00:22:39.280> that's<00:22:39.520> what,<00:22:39.840> you<00:22:40.000> know,<00:22:40.080> we<00:22:40.240> as<00:22:40.480> humans<00:22:40.720> are<00:22:40.880> starting<00:22:40.960> to<00:22:41.120> do,<00:22:41.200> so<00:22:41.360> that's<00:22:41.520> where<00:22:41.840> we're<00:22:42.080> starting<00:22:42.320> to<00:22:42.480> think<00:22:42.559> about

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the<00:22:43.062> future<00:22:43.326> in<00:22:43.589> terms<00:22:43.853> of<00:22:44.116> video-based<00:22:44.379> interaction.<00:22:44.643> So<00:22:44.906> obviously<00:22:45.169> you<00:22:45.433> didn't<00:22:45.696> stay<00:22:45.960> in<00:22:46.223> Silicon<00:22:46.486> Valley,<00:22:46.750> you<00:22:47.013> went<00:22:47.276> back<00:22:47.540> to<00:22:47.803> Canada.<00:22:48.067> Give<00:22:48.330> us<00:22:48.593> a<00:22:48.857> sense<00:22:49.120> for

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which<00:22:49.919> I<00:22:50.159> love,<00:22:50.559> and<00:22:51.600> um,<00:22:51.840> give<00:22:52.000> us<00:22:52.080> a<00:22:52.320> sense<00:22:52.480> for<00:22:52.640> why<00:22:52.880> you<00:22:53.039> decided<00:22:53.440> you<00:22:53.679> could<00:22:53.760> have<00:22:53.919> stayed<00:22:54.080> in<00:22:54.240> Silicon<00:22:54.559> Valley,<00:22:54.880> right?

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Like<00:22:55.520> give<00:22:55.760> a<00:22:55.919> sense<00:22:56.080> for<00:22:56.240> why<00:22:56.480> you're<00:22:56.720> building<00:22:57.280> in<00:22:58.080> uh<00:22:58.320> Canada<00:22:59.360> and<00:22:59.520> the<00:22:59.760> benefits<00:23:00.159> and<00:23:00.400> downsides<00:23:00.960> to,<00:23:01.440> I<00:23:01.679> mean,<00:23:01.840> obviously<00:23:02.080> we<00:23:02.320> have<00:23:02.400> like<00:23:02.559> this<00:23:02.720> war<00:23:02.960> with<00:23:03.200> you

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guys<00:23:03.600> now,<00:23:04.000> right?<00:23:04.240> Like<00:23:04.720> apparently<00:23:06.159> that<00:23:06.480> none<00:23:06.640> of<00:23:06.720> us<00:23:06.880> actually<00:23:07.200> care<00:23:07.440> about,<00:23:08.159> but<00:23:08.640> uh<00:23:09.360> you<00:23:09.520> know<00:23:09.600> what<00:23:09.679> I<00:23:09.840> mean?

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But<00:23:10.159> like<00:23:10.480> give<00:23:10.640> us<00:23:10.799> a<00:23:10.960> sense<00:23:11.039> for<00:23:11.200> like<00:23:11.360> the<00:23:11.520> upsides,<00:23:12.080> downsides,<00:23:12.640> and<00:23:12.880> what<00:23:13.120> it's<00:23:13.280> been<00:23:13.440> like<00:23:13.600> building<00:23:13.919> there.

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Yeah,<00:23:15.520> for<00:23:15.679> sure.<00:23:15.919> I<00:23:16.159> mean,<00:23:16.720> you<00:23:16.880> know,<00:23:16.960> I've<00:23:17.280> always<00:23:17.520> felt<00:23:17.840> like<00:23:19.440> the<00:23:19.679> border<00:23:20.000> is<00:23:20.159> a<00:23:20.320> bit<00:23:20.480> of<00:23:20.559> a,<00:23:21.360> you<00:23:21.520> know,<00:23:21.679> it's<00:23:21.840> a<00:23:22.000> bit<00:23:22.080> of<00:23:22.159> an<00:23:22.320> artificial<00:23:22.880> line.

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Like<00:23:23.520> our<00:23:23.760> cultures<00:23:24.159> are<00:23:24.320> not<00:23:24.480> that<00:23:24.799> different<00:23:25.520> in<00:23:25.760> some<00:23:26.000> in<00:23:26.240> some<00:23:26.480> ways.

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You<00:23:27.520> know,<00:23:27.600> the<00:23:27.840> thing<00:23:28.000> that<00:23:28.320> I<00:23:28.480> mean,<00:23:28.640> our<00:23:28.799> currencies<00:23:29.280> are<00:23:29.440> very<00:23:29.679> different,<00:23:29.919> right?

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And<00:23:30.240> we<00:23:30.400> can<00:23:30.559> talk<00:23:30.720> about<00:23:31.600> what<00:23:31.919> that<00:23:32.159> means<00:23:32.480> in<00:23:32.720> in<00:23:32.880> terms<00:23:33.039> of<00:23:33.200> arbitrage,<00:23:33.840> but<00:23:34.880> you<00:23:35.039> know,<00:23:35.120> when<00:23:35.280> we<00:23:35.440> were<00:23:35.520> finishing<00:23:35.919> at<00:23:36.080> YC,<00:23:36.559> we<00:23:36.720> we<00:23:37.120> took<00:23:37.280> a<00:23:37.520> look<00:23:37.679> at<00:23:38.000> every<00:23:38.320> single

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ecosystem<00:23:39.360> where<00:23:39.600> there<00:23:39.840> was<00:23:40.320> startups<00:23:40.880> that<00:23:41.039> had<00:23:41.280> been<00:23:41.440> successful.

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You<00:23:42.159> know,<00:23:42.320> Waterloo<00:23:42.880> had<00:23:43.600> RIM<00:23:44.080> and<00:23:44.320> BlackBerry,<00:23:45.679> um,<00:23:45.760> and<00:23:46.080> this<00:23:46.320> kind<00:23:46.480> of<00:23:46.720> longstanding<00:23:47.919> history<00:23:48.240> of<00:23:48.400> of<00:23:48.880> big<00:23:49.280> B2B<00:23:50.000> multinational

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organizations<00:23:51.360> which<00:23:51.520> meant<00:23:51.760> there<00:23:51.919> was<00:23:52.080> there<00:23:52.320> was<00:23:52.559> existing<00:23:52.960> talent.

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It<00:23:54.000> also<00:23:54.159> had<00:23:54.320> the<00:23:54.480> University<00:23:54.720> of<00:23:54.880> Waterloo<00:23:55.440> which<00:23:55.600> we<00:23:55.760> had<00:23:55.919> all<00:23:56.080> been<00:23:56.240> to.

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It<00:23:57.039> also<00:23:57.200> had<00:23:57.360> a<00:23:57.520> big<00:23:57.679> Google<00:23:57.919> office<00:23:58.240> that<00:23:58.559> had<00:23:58.799> a<00:23:59.039> YouTube<00:23:59.440> team<00:23:59.679> that<00:23:59.840> we<00:24:00.000> knew<00:24:00.159> we<00:24:00.400> could<00:24:00.559> recruit<00:24:00.880> from.

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So<00:24:01.600> it<00:24:01.760> ticked<00:24:02.080> a<00:24:02.240> lot<00:24:02.320> of<00:24:02.400> boxes<00:24:02.960> and<00:24:03.280> you<00:24:03.440> know<00:24:03.520> on<00:24:03.760> Forex<00:24:04.240> alone<00:24:04.720> if<00:24:05.039> Canadian<00:24:05.440> and<00:24:05.679> US<00:24:05.919> salaries<00:24:06.400> are<00:24:06.640> roughly<00:24:07.039> the<00:24:07.360> same<00:24:07.919> on<00:24:08.159> a<00:24:08.799> absolute<00:24:09.360> basis

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you<00:24:10.320> know<00:24:10.480> a<00:24:10.640> Canadian<00:24:11.039> salary<00:24:11.520> is,<00:24:12.000> you<00:24:12.159> know,<00:24:12.799> over<00:24:13.039> the<00:24:13.360> years<00:24:13.520> we've<00:24:13.760> been<00:24:13.919> operating<00:24:14.480> either<00:24:14.799> at<00:24:15.039> parity<00:24:15.919> or<00:24:16.400> up<00:24:16.559> to<00:24:16.799> 40%<00:24:17.440> cheaper<00:24:18.080> and<00:24:18.320> so

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that<00:24:18.799> means<00:24:19.039> every<00:24:19.279> dollar<00:24:19.520> you<00:24:19.840> spend<00:24:20.400> in<00:24:20.640> USD<00:24:21.120> can<00:24:21.360> go<00:24:21.520> a<00:24:21.760> lot<00:24:21.919> farther.

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Now<00:24:23.360> when<00:24:23.600> we<00:24:23.840> decided<00:24:24.159> to<00:24:24.320> come<00:24:24.559> home,<00:24:24.960> right,<00:24:25.360> the<00:24:25.600> network,<00:24:26.159> you<00:24:26.240> know,<00:24:26.400> we<00:24:26.559> were<00:24:26.720> close<00:24:26.960> to<00:24:27.279> the<00:24:27.520> dean<00:24:27.840> of<00:24:28.000> engineering,<00:24:28.640> we<00:24:28.880> knew<00:24:29.039> these<00:24:29.440> engineers<00:24:29.919> at<00:24:30.080> at<00:24:30.480> Google

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that<00:24:31.551> we<00:24:31.903> could<00:24:32.254> recruit.<00:24:32.605> Paul<00:24:32.956> Graham<00:24:33.308> pulled<00:24:33.659> me<00:24:34.010> aside<00:24:34.361> and<00:24:34.713> said,<00:24:35.064> Paul<00:24:35.415> Graham,<00:24:35.766> founder<00:24:36.118> of<00:24:36.469> YC,<00:24:36.820> you<00:24:37.171> know,<00:24:37.523> going<00:24:37.874> back<00:24:38.225> to<00:24:38.576> Canada<00:24:38.928> is<00:24:39.279> going

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to<00:24:39.440> be<00:24:39.520> like<00:24:39.679> climbing<00:24:40.000> Mount<00:24:40.240> Everest<00:24:40.559> with<00:24:40.720> a<00:24:40.880> 10<00:24:41.120> lb<00:24:41.279> weight<00:24:41.520> on<00:24:41.679> your<00:24:41.840> back.

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And<00:24:42.799> I<00:24:43.039> didn't<00:24:43.279> realize<00:24:44.960> really<00:24:45.200> the<00:24:45.440> extent<00:24:45.760> of<00:24:45.919> that<00:24:46.080> metaphor.

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Or<00:24:46.720> of<00:24:46.799> course<00:24:46.960> like<00:24:47.120> when<00:24:47.279> you're<00:24:47.360> at<00:24:47.520> base<00:24:47.840> camp<00:24:48.240> 10<00:24:48.480> lb<00:24:49.360> not<00:24:49.520> that<00:24:49.760> big<00:24:49.919> of<00:24:50.000> a<00:24:50.159> deal<00:24:50.320> but<00:24:50.559> when<00:24:50.720> you're<00:24:50.880> like<00:24:51.120> you<00:24:51.279> know<00:24:51.440> oxygen<00:24:52.000> deprived<00:24:52.880> near<00:24:53.200> the<00:24:53.360> summit<00:24:53.760> you<00:24:53.919> know

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summit<00:24:54.385> being<00:24:54.690> IPO<00:24:54.996> or<00:24:55.301> exit<00:24:55.606> you<00:24:55.911> know<00:24:56.216> getting<00:24:56.521> that<00:24:56.827> black<00:24:57.132> t-shirt<00:24:57.437> I<00:24:57.742> made<00:24:58.047> something<00:24:58.353> people<00:24:58.658> want<00:24:58.963> all<00:24:59.268> of<00:24:59.573> a<00:24:59.879> sudden<00:25:00.184> that<00:25:00.489> 10<00:25:00.794> pound<00:25:01.099> bag<00:25:01.404> or<00:25:01.710> extra<00:25:02.015> weight<00:25:02.320> is

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a<00:25:02.799> lot<00:25:02.960> more<00:25:03.679> and<00:25:03.840> I<00:25:04.080> think<00:25:04.159> what<00:25:04.320> that<00:25:04.559> meant<00:25:04.799> is<00:25:05.039> like<00:25:05.600> there<00:25:05.840> just<00:25:06.080> isn't<00:25:06.400> the<00:25:06.720> same<00:25:06.960> volume<00:25:07.279> of<00:25:07.600> highly<00:25:08.000> successful<00:25:09.120> zero<00:25:09.679> to<00:25:09.919> a<00:25:10.080> billion<00:25:10.559> companies<00:25:10.960> in

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Canada<00:25:11.520> that<00:25:11.679> there<00:25:11.840> is<00:25:12.000> in<00:25:12.080> the<00:25:12.240> US<00:25:12.480> it's<00:25:12.720> not<00:25:12.880> even<00:25:13.120> close<00:25:14.000> and<00:25:14.159> what<00:25:14.320> that<00:25:14.559> means<00:25:14.720> is<00:25:14.960> there's<00:25:15.279> less<00:25:15.520> talent<00:25:16.080> here<00:25:16.799> that<00:25:17.120> has<00:25:17.360> taken<00:25:17.760> something,<00:25:18.559> you<00:25:18.720> know,<00:25:18.880> to

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$100<00:25:19.520> million<00:25:20.000> of<00:25:20.240> ARR.<00:25:20.960> And,<00:25:22.640> you<00:25:22.799> know,<00:25:22.880> we<00:25:23.120> didn't<00:25:23.360> really,<00:25:23.679> I<00:25:23.919> think,<00:25:24.080> realize<00:25:24.559> that<00:25:25.039> until<00:25:25.360> we<00:25:25.600> were<00:25:25.840> post<00:25:26.320> series<00:25:26.720> B,<00:25:27.200> post

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series<00:25:27.919> C.<00:25:28.559> Um,<00:25:28.880> and<00:25:29.120> the<00:25:29.360> solution<00:25:29.679> for<00:25:29.840> us<00:25:30.080> was<00:25:30.320> to<00:25:30.559> just,<00:25:31.039> you<00:25:31.200> know,<00:25:31.440> hire<00:25:32.000> more<00:25:32.240> broadly.

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And<00:25:32.880> so,<00:25:33.120> today<00:25:34.080> only<00:25:34.400> about<00:25:35.360> 50<00:25:36.080> to<00:25:36.400> 55%<00:25:37.120> of<00:25:37.279> our<00:25:37.440> team<00:25:37.600> is<00:25:37.840> in<00:25:38.000> the<00:25:38.080> Waterloo<00:25:38.480> region.

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Otherwise,<00:25:39.679> we're<00:25:39.840> we're<00:25:40.159> pretty<00:25:40.400> highly<00:25:40.720> distributed.

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Um,<00:25:41.679> you<00:25:41.840> know,<00:25:41.919> I<00:25:42.080> got<00:25:42.159> a<00:25:42.320> really<00:25:42.480> good<00:25:42.640> friend,<00:25:43.360> uh,<00:25:43.520> Nick<00:25:43.760> Marcelo.

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He's<00:25:44.542> uh<00:25:44.764> one<00:25:44.987> of<00:25:45.209> the<00:25:45.431> co-founders<00:25:45.653> of<00:25:45.876> a<00:25:46.098> company<00:25:46.320> called<00:25:46.542> Faire<00:25:46.764> and<00:25:46.987> all<00:25:47.209> of<00:25:47.431> their<00:25:47.653> engineering<00:25:47.876> is<00:25:48.098> here<00:25:48.320> in<00:25:48.542> Waterloo<00:25:48.764> but<00:25:48.987> their<00:25:49.209> product<00:25:49.431> and<00:25:49.653> go<00:25:49.876> to<00:25:50.098> market<00:25:50.320> and

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business<00:25:50.960> leadership<00:25:51.679> is<00:25:51.919> in<00:25:52.080> Silicon<00:25:52.559> Valley.

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So<00:25:53.279> yeah,<00:25:53.440> we<00:25:53.600> we<00:25:53.679> we<00:25:54.159> came<00:25:54.400> back<00:25:54.799> for<00:25:55.600> the<00:25:55.919> engineering<00:25:56.559> talent<00:25:57.279> you<00:25:57.440> know<00:25:57.600> but<00:25:57.840> what<00:25:58.000> I<00:25:58.159> would<00:25:58.320> say<00:25:58.480> is<00:25:58.720> I<00:25:58.960> didn't<00:25:59.120> tell<00:25:59.360> our<00:25:59.600> investors<00:26:00.000> I<00:26:00.240> was<00:26:00.320> coming<00:26:00.480> back<00:26:00.640> to<00:26:00.799> Canada

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because<00:26:02.080> for<00:26:02.400> the<00:26:02.559> first<00:26:02.720> like<00:26:03.039> 3<00:26:03.279> years<00:26:03.520> I<00:26:03.760> was<00:26:03.919> two<00:26:04.159> weeks<00:26:04.320> in<00:26:04.480> the<00:26:04.559> Bay<00:26:04.799> Area,<00:26:05.679> two<00:26:05.919> weeks<00:26:06.080> in<00:26:06.240> Waterloo.

00:26:06.960 --> 00:26:12.000
The<00:26:07.120> way<00:26:07.200> I<00:26:07.360> saw<00:26:07.440> it<00:26:07.600> is<00:26:07.679> I'd<00:26:07.919> go<00:26:08.000> to<00:26:08.080> the<00:26:08.159> Bay<00:26:08.240> Area,<00:26:08.480> I'd<00:26:08.640> meet<00:26:08.720> with<00:26:08.880> investors,<00:26:09.279> I'd<00:26:09.440> meet<00:26:09.520> with<00:26:09.679> customers,<00:26:10.240> I'd<00:26:10.480> do<00:26:10.559> some<00:26:10.799> recruiting,<00:26:11.200> and<00:26:11.279> then<00:26:11.440> I'd<00:26:11.679> come<00:26:11.840> back

00:26:12.000 --> 00:26:19.760
to<00:26:12.240> Canada,<00:26:12.799> go<00:26:13.039> heads<00:26:13.360> down,<00:26:14.159> we'd<00:26:14.480> build<00:26:15.120> innovation,<00:26:16.000> and<00:26:16.159> then<00:26:16.240> I'd<00:26:16.480> go<00:26:16.640> back<00:26:16.720> to<00:26:16.799> the<00:26:16.960> Bay<00:26:17.039> Area<00:26:17.279> and<00:26:17.440> get<00:26:17.600> inspired<00:26:18.000> again<00:26:18.320> and<00:26:18.480> and,<00:26:18.960> you<00:26:19.039> know,<00:26:19.200> think<00:26:19.440> bigger,

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then<00:26:20.000> come<00:26:20.080> back<00:26:20.240> to<00:26:20.400> Canada.<00:26:20.720> And<00:26:20.799> that's<00:26:20.960> that's<00:26:21.279> really<00:26:21.520> served<00:26:21.840> us<00:26:22.000> well.

00:26:22.320 --> 00:26:27.520
Um,<00:26:22.559> you<00:26:22.720> know,<00:26:22.799> to<00:26:23.039> be<00:26:23.120> able<00:26:23.279> to<00:26:23.360> run<00:26:23.520> a<00:26:23.760> profitable<00:26:24.159> business<00:26:24.400> at<00:26:24.559> our<00:26:24.799> scale<00:26:25.039> that's<00:26:25.279> now<00:26:25.520> very<00:26:25.760> much<00:26:26.000> innovating<00:26:26.400> in<00:26:26.559> this<00:26:26.720> AI<00:26:27.120> space.

00:26:27.520 --> 00:26:30.320
Um,<00:26:27.760> you<00:26:27.840> know,<00:26:27.919> I<00:26:28.080> think<00:26:28.240> Canada<00:26:28.480> has<00:26:28.640> afforded<00:26:29.039> us<00:26:29.200> the<00:26:29.360> ability<00:26:29.600> to<00:26:29.840> do<00:26:29.919> that.

00:26:30.320 --> 00:26:34.880
Government<00:26:30.720> subsidizes<00:26:31.440> R&D,<00:26:32.799> um,<00:26:33.200> which<00:26:33.440> is,<00:26:33.679> you<00:26:33.760> know,<00:26:33.919> a<00:26:34.000> blessing<00:26:34.320> and<00:26:34.480> a<00:26:34.640> curse.

00:26:34.880 --> 00:26:40.240
It<00:26:35.039> creates<00:26:35.279> a<00:26:35.360> lot<00:26:35.520> of<00:26:35.600> zombie<00:26:35.919> companies,<00:26:36.400> but<00:26:36.640> if<00:26:36.799> you're<00:26:37.039> really<00:26:37.279> ambitious,<00:26:37.760> I<00:26:37.919> think<00:26:38.000> it<00:26:38.159> it<00:26:38.400> helps<00:26:38.640> fuel<00:26:39.039> that<00:26:39.360> level<00:26:39.520> of<00:26:39.679> ambition.

00:26:40.240 --> 00:26:42.880
So,<00:26:40.720> yeah,<00:26:40.880> I<00:26:41.039> could<00:26:41.200> talk<00:26:41.360> about<00:26:41.520> that<00:26:41.840> a<00:26:42.159> lot.

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Um,<00:26:43.279> there's<00:26:43.520> a<00:26:43.600> lot<00:26:43.679> of<00:26:43.919> lot<00:26:44.080> of<00:26:44.159> political<00:26:44.559> discourse<00:26:45.039> right<00:26:45.279> now<00:26:45.679> as<00:26:45.840> you<00:26:46.000> can<00:26:46.640> hear.

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We've<00:26:47.120> got<00:26:47.279> new<00:26:47.520> leadership<00:26:48.400> in<00:26:48.640> Mark<00:26:48.880> Carney<00:26:49.279> that<00:26:49.440> seems<00:26:49.679> really<00:26:49.919> kind<00:26:50.159> of<00:26:50.240> aligned<00:26:50.640> to<00:26:50.880> the<00:26:51.120> tech<00:26:51.360> ecosystem,<00:26:52.080> but<00:26:52.640> we've<00:26:52.960> seen<00:26:53.120> this<00:26:53.360> before.

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So,<00:26:54.240> yeah,<00:26:54.799> talk<00:26:54.960> to<00:26:55.120> me<00:26:55.200> in<00:26:55.440> four<00:26:55.600> years.

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Well,<00:26:56.400> finally,<00:26:56.640> because<00:26:56.880> I<00:26:56.960> want<00:26:57.039> to<00:26:57.120> be<00:26:57.279> respectful<00:26:57.600> of<00:26:57.760> your<00:26:57.840> time,<00:26:58.000> we<00:26:58.240> end<00:26:58.400> every<00:26:58.640> interview<00:26:58.960> with<00:26:59.200> the<00:26:59.360> same<00:26:59.600> question,<00:27:00.000> and<00:27:00.240> that<00:27:00.480> is<00:27:00.720> at<00:27:00.960> CEO.com,<00:27:02.320> we<00:27:02.559> believe

00:27:02.720 --> 00:27:06.640
the<00:27:02.960> chances<00:27:03.279> one<00:27:03.600> gives<00:27:04.000> is<00:27:04.240> just<00:27:04.480> as<00:27:04.640> important<00:27:04.880> as<00:27:04.960> the<00:27:05.200> chances<00:27:05.520> one<00:27:05.760> takes.

00:27:06.640 --> 00:27:10.960
When<00:27:06.880> you<00:27:07.120> hear<00:27:07.360> that,<00:27:07.919> who<00:27:08.159> gave<00:27:08.320> you<00:27:08.480> a<00:27:08.720> chance<00:27:08.799> to<00:27:08.960> get<00:27:09.120> you<00:27:09.279> to<00:27:09.440> where<00:27:09.600> you<00:27:09.760> are<00:27:09.919> today?

00:27:10.960 --> 00:27:19.600
That's,<00:27:11.440> you<00:27:11.600> know,<00:27:11.760> it's<00:27:11.919> it's<00:27:12.320> funny.<00:27:12.960> There<00:27:13.200> are<00:27:13.360> so<00:27:13.679> many<00:27:14.000> faces<00:27:14.400> and<00:27:14.640> names<00:27:15.760> that<00:27:16.080> I<00:27:16.240> can<00:27:16.400> think<00:27:16.559> of<00:27:16.720> at<00:27:17.039> every<00:27:17.279> single<00:27:17.520> inflection<00:27:18.080> point<00:27:18.480> that<00:27:18.799> gave<00:27:19.039> us,

00:27:19.600 --> 00:27:27.600
you<00:27:19.760> know,<00:27:19.840> an<00:27:20.080> amazing<00:27:20.480> opportunity.<00:27:21.279> But<00:27:22.159> you<00:27:22.320> know<00:27:22.400> in<00:27:22.559> the<00:27:22.720> context<00:27:23.039> of<00:27:23.279> building<00:27:23.600> something<00:27:23.919> people<00:27:24.240> want<00:27:24.880> like<00:27:25.039> I<00:27:25.279> really<00:27:25.440> have<00:27:25.600> to<00:27:25.760> think<00:27:25.919> about<00:27:26.159> our<00:27:26.480> first<00:27:26.720> customer.

00:27:27.600 --> 00:27:36.799
Um,<00:27:28.000> when<00:27:28.240> we<00:27:28.400> were<00:27:28.559> at<00:27:28.720> Y<00:27:28.960> Combinator,<00:27:30.400> there<00:27:30.559> was<00:27:30.640> a<00:27:30.799> woman<00:27:30.960> who<00:27:31.200> worked<00:27:32.080> uh<00:27:32.159> at<00:27:32.400> a<00:27:32.640> company<00:27:32.960> called<00:27:33.200> Tribe<00:27:33.600> HR<00:27:34.159> and<00:27:34.799> she<00:27:36.320> deeply

00:27:36.799 --> 00:27:43.919
cared<00:27:37.039> about<00:27:37.200> what<00:27:37.360> we<00:27:37.520> were<00:27:37.679> building<00:27:38.000> because<00:27:38.240> she<00:27:38.480> was<00:27:38.640> trying<00:27:38.799> to<00:27:38.960> automate<00:27:39.360> the<00:27:39.600> onboarding<00:27:40.159> of<00:27:40.400> customers<00:27:40.880> using<00:27:41.200> video<00:27:41.919> and<00:27:42.320> she<00:27:42.559> assumed<00:27:42.960> we<00:27:43.120> were<00:27:43.279> a<00:27:43.440> much<00:27:43.600> larger

00:27:43.919 --> 00:27:49.600
company<00:27:44.159> than<00:27:44.400> we<00:27:44.559> were.<00:27:44.720> And<00:27:44.960> every<00:27:45.120> time<00:27:45.200> she<00:27:45.440> had<00:27:45.520> an<00:27:45.679> issue<00:27:45.760> with<00:27:45.919> the<00:27:46.080> product,<00:27:46.240> she'd<00:27:46.480> call<00:27:46.559> the<00:27:46.720> 1-800<00:27:47.279> number<00:27:47.440> and<00:27:47.679> number<00:27:47.919> one<00:27:48.240> for<00:27:48.640> sales<00:27:49.039> went<00:27:49.200> to<00:27:49.279> my<00:27:49.440> cell

00:27:49.600 --> 00:27:52.960
phone.<00:27:49.919> Number<00:27:50.080> two<00:27:50.320> for<00:27:50.559> general<00:27:50.799> inquiries<00:27:51.600> and<00:27:51.840> press<00:27:52.159> went<00:27:52.320> to<00:27:52.400> my<00:27:52.559> cell<00:27:52.720> phone.

00:27:52.960 --> 00:27:54.799
Number<00:27:53.120> three<00:27:53.360> for<00:27:53.520> support<00:27:53.840> went<00:27:54.000> to<00:27:54.080> my<00:27:54.240> cell<00:27:54.480> phone.

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So,<00:27:55.760> I<00:27:56.000> would<00:27:56.240> always<00:27:56.559> talk<00:27:56.720> to<00:27:56.799> her.

00:27:57.120 --> 00:28:05.360
She'd<00:27:57.440> call<00:27:57.679> sometimes<00:27:58.080> multiple<00:27:58.480> times<00:27:58.640> a<00:27:58.880> day<00:27:59.520> and<00:27:59.760> we<00:28:00.000> basically<00:28:00.480> wrote<00:28:00.720> a<00:28:00.880> list<00:28:01.120> on<00:28:01.279> the<00:28:01.440> wall<00:28:02.240> of<00:28:02.640> everything<00:28:02.960> that<00:28:03.279> Donna<00:28:03.840> wanted<00:28:04.240> and<00:28:04.480> needed<00:28:04.720> the<00:28:04.960> product<00:28:05.120> to

00:28:05.360 --> 00:28:13.600
do<00:28:05.919> and<00:28:06.159> we'd<00:28:06.399> go<00:28:06.640> deliver<00:28:06.880> that<00:28:07.120> and<00:28:07.360> then<00:28:07.520> I'd<00:28:07.760> call<00:28:08.000> her<00:28:08.559> and<00:28:08.720> then<00:28:08.960> eventually<00:28:09.600> you<00:28:09.840> know<00:28:10.000> decided<00:28:10.399> we'd<00:28:10.640> go<00:28:10.880> find<00:28:11.520> more<00:28:11.840> people<00:28:12.000> like<00:28:12.240> Donna<00:28:12.720> because<00:28:12.960> she<00:28:13.279> was<00:28:13.360> our

00:28:13.600 --> 00:28:21.919
ICP.<00:28:14.320> Eventually,<00:28:15.200> uh,<00:28:15.279> when<00:28:15.440> I<00:28:15.600> moved<00:28:15.840> back<00:28:16.000> to<00:28:16.159> Waterloo,<00:28:16.720> I<00:28:16.880> went<00:28:16.960> to<00:28:17.120> this<00:28:17.360> event<00:28:17.919> and<00:28:18.399> I<00:28:18.640> met<00:28:18.960> Donna<00:28:19.440> in<00:28:19.600> person<00:28:20.159> and<00:28:20.399> I<00:28:20.640> was<00:28:20.720> like,<00:28:20.799> "Wow,<00:28:21.360> you<00:28:21.440> know,<00:28:21.679> I'd

00:28:21.919 --> 00:28:28.720
really<00:28:22.159> like<00:28:22.240> to<00:28:22.480> spend<00:28:22.799> more<00:28:23.039> time<00:28:23.200> with<00:28:23.360> her."<00:28:23.679> And,<00:28:24.080> uh,<00:28:24.159> we<00:28:24.399> will<00:28:24.559> celebrate<00:28:24.960> our<00:28:25.200> 12th<00:28:25.520> wedding<00:28:25.760> anniversary,<00:28:27.279> uh,<00:28:27.520> in<00:28:27.840> August<00:28:28.240> 10th.

00:28:28.720 --> 00:28:34.000
So,<00:28:29.360> that<00:28:29.679> is<00:28:30.159> incredible.<00:28:31.279> Oh<00:28:31.520> my<00:28:31.760> gosh,<00:28:32.799> that<00:28:32.960> is<00:28:33.200> so<00:28:33.440> cool.

00:28:34.000 --> 00:28:41.039
And,<00:28:34.240> you<00:28:34.399> know,<00:28:34.480> I<00:28:34.720> always<00:28:34.880> tell<00:28:35.039> the<00:28:35.279> team<00:28:35.600> like<00:28:36.000> this<00:28:36.240> is<00:28:36.480> what<00:28:36.880> customer<00:28:37.279> success<00:28:37.679> really<00:28:37.919> means,<00:28:38.159> but<00:28:38.399> it<00:28:38.559> doesn't<00:28:38.799> scale<00:28:39.200> very<00:28:39.520> well,<00:28:40.080> especially<00:28:40.480> to<00:28:40.720> thousands

00:28:41.039 --> 00:28:48.960
of<00:28:41.279> customers.<00:28:41.840> But<00:28:42.399> uh<00:28:42.720> yeah,<00:28:43.039> she<00:28:43.360> without<00:28:43.679> her,<00:28:44.000> you<00:28:44.159> know,<00:28:44.240> I<00:28:44.480> don't<00:28:44.640> think<00:28:44.720> we<00:28:44.960> would<00:28:45.039> have<00:28:46.000> built<00:28:46.320> the<00:28:46.480> way<00:28:46.640> we<00:28:46.799> did<00:28:46.960> and<00:28:47.200> what<00:28:47.360> we<00:28:47.520> did<00:28:47.679> because<00:28:47.919> she<00:28:48.159> cared<00:28:48.480> so<00:28:48.640> deeply

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and<00:28:49.279> her<00:28:49.600> job<00:28:49.840> depended<00:28:50.240> on<00:28:50.880> our<00:28:51.200> success<00:28:51.679> and<00:28:51.919> that's<00:28:52.159> exactly<00:28:52.559> what<00:28:52.799> you<00:28:52.960> need<00:28:53.360> when<00:28:53.600> you're<00:28:53.840> starting<00:28:54.000> and<00:28:54.240> founding<00:28:54.559> a<00:28:54.799> technology<00:28:55.200> business.

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Well,<00:28:56.320> that's<00:28:56.640> amazing<00:28:57.039> and<00:28:57.279> congratulations.<00:28:57.919> Wow.

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Nothing<00:28:58.559> better<00:28:58.799> than<00:28:59.039> that,<00:28:59.600> you<00:28:59.760> know.<00:28:59.919> That's<00:29:00.159> that's<00:29:00.480> that's<00:29:00.799> incredible.

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Thanks,<00:29:01.679> Michael.<00:29:02.000> Thanks<00:29:02.240> so<00:29:02.320> much<00:29:02.480> for<00:29:02.640> coming<00:29:02.799> on.<00:29:03.039> Uh<00:29:03.360> congratulations<00:29:03.919> on<00:29:04.159> everything<00:29:04.320> you've<00:29:04.559> built.

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We<00:29:04.880> should<00:29:05.039> have<00:29:05.120> you<00:29:05.200> on<00:29:05.440> again<00:29:05.600> because<00:29:05.760> we<00:29:05.840> could<00:29:06.000> talk<00:29:06.080> about<00:29:06.240> all<00:29:06.480> sorts<00:29:06.640> of<00:29:06.799> different<00:29:06.960> topics,<00:29:07.360> but<00:29:07.760> really<00:29:08.080> appreciate<00:29:08.399> you<00:29:08.559> coming<00:29:08.720> on.

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Thank<00:29:09.520> you,<00:29:09.760> Clint.<00:29:10.000> Really<00:29:10.240> appreciate<00:29:10.480> it.<00:29:10.799> Cheers.<00:29:11.120> Thanks,<00:29:11.440> man.

00:29:24.559 --> 00:29:27.120
Loving<00:29:25.120> you.