The Chairman who hired himself

Michael Walrath hired a recruiting firm to find Yext a chief executive. He was the chairman. Howard Lerman, who had founded the company and run it for 14 years, was ready to go build something early again, and finding the successor was the board's problem, which made it Walrath's problem. He wanted to know what kind of CEO to look for. A product person or an operator.

"The last thing on earth that I thought was going to happen was that I was going to do the job," he told the CEO.com Podcast.

Somebody had to steer in the meantime, so he did, and spent two and a half months inside the business trying to diagnose it. He found that more was going right than wrong, and that the wrong parts were structural rather than product-related. This described the operator he had spent his Yahoo years becoming. He took the job and broke a promise he had made to himself in 2010 that he would never run a company again.

Walrath spoke with the CEO.com Podcast early in that tenure. Nearly everything that has happened at Yext since is documented in the company's filings, and it has been an unusually eventful stretch.

He was an English major at the University of Richmond who, as TechCrunch once put it, was supposed to write novels. He went into digital ad sales instead. DoubleClick hired him during the boom, and he stayed through the bust, watching the reorganizations and layoffs he has called his business school. In January 2003, he started Right Media out of a borrowed desk in a friend's office for about $300 a month. It became an exchange where advertisers and publishers traded inventory by live auction, with Right Media taking a cut of every transaction. Most people, he has said, thought the idea was insane, because advertising had run on relationships for decades and because auctioning a hundred thousand ads a second was supposed to be technically impossible.

Four years later, Right Media ranked 43rd on the Inc. 500 with three-year growth of 2,539 percent. Yahoo, already a 20 percent owner, bought the remaining 80 percent for $680 million, a deal commonly valued at $850 million all in. Walrath went with it to run the global advertising marketplaces organization.

"I was never qualified for any job I got in my life," he told TechCrunch in 2011. His first question about any candidate is how fast they learn.

The Yahoo years are usually treated as the epilogue to Right Media. Walrath treats them as the coursework.

"Everything I learned at Right Media about being at the head of the pack charging up the mountain to build a really disruptive startup and attempt to get some scale, I had to unlearn at Yahoo," he said. He went from 400 people to 5,000, under a rotating cast of chief executives. The speed that had been the whole advantage at Right Media turned into a hazard. Correcting course with thousands of people aboard is a different maneuver than correcting course with a few hundred.

"When you're building a startup, all you want to be is big," he said. "And then you get big, and you realize, well, big is hard."

He has friends who run the zero-to-$100-million play three and four times over and love it. He did it once and did not want to do it again.

After Yahoo, he started WGI Group with Jonah and Noah Goodhart, the brothers who had backed Right Media when nobody else would. Their record includes what Walrath calls both brilliant successes and spectacular misjudgments. Moat was one of the successes. It began as an entirely different idea, became an advertising analytics business, and Oracle acquired it in April 2017.

He also made documentaries. Atlas Films started over the cheapest bottles of wine two twentysomething neighbors in New York could find, when Walrath and his friend Stephanie Soechtig talked about someday making movies that mattered. She had gone to NYU and worked in television for Barbara Walters and Bill O'Reilly. Her instinct was to go deep on one issue until she understood its full complexity. The film Walrath and his wife Michelle worked on most closely was Fed Up, about added sugar, processed food, and metabolic disease.

Harvey Weinstein's company bought it. Weinstein, Walrath said, "was a real jerk in the negotiation process," and at one point on a phone call was doing things "that really were outside the lines."

So Walrath hung up on him.

"It was one of those moments where it was almost like the out-of-body thing," he said. "If I weren't so honest, I would tell you that it was all calculated and it was like we're going to show these guys that we don't care." It was not calculated. He hit the red button, looked at Soechtig, and told her he thought it was going to be okay. He was not sure it was going to be okay. The tone of the negotiation changed, he thinks, because the other side worked out they were not going to bully anyone into anything.

The first thing he did after leaving Yahoo was call Howard Lerman, and there is a wrinkle in why he had to wait. Lerman had been a Right Media customer before he started Yext. The two became friendly, Lerman came looking for money, and Walrath said yes. Then Yahoo's legal department blocked the investment over a perceived conflict with a voice-over-IP business, and he missed the round entirely. As soon as he was free, he called back. Lerman found a shareholder who wanted out, and WGI bought the stake secondhand.

Around 2010, Yext was pivoting from marketing services to software, and Lerman asked Walrath to lead the round and take the chair. "It was everything I wanted without actually having to be in charge," he said. He has served on the board since 2009 and as chair since 2011.

The company went public in 2017. Then it stalled. Yext was concentrated in retail and hospitality, and the entire product thesis assumed brands wanted people walking into physical locations. In March 2020, that assumption stopped holding. The harder conversation came later, at the board level, when it became clear the pandemic was not the whole explanation and that the original market was smaller than anyone had thought.

Under Walrath, the company has spent real money trying to change that shape. In June 2024, Yext agreed to buy Hearsay Systems for $125 million, with up to $95 million more tied to performance targets, and closed the deal that August. Hearsay sells compliant client engagement to financial services and reaches 260,000 advisors and agents. It moved Yext toward regulated industries and away from its dependence on storefronts.

Then Walrath tried to buy the whole company. In August 2025, he proposed taking Yext private at $9.00 a share in cash, said the financing was backed by well-capitalized sources, and said publicly that he would support a superior bid if one came. The board formed a special committee of independent directors, which retained BofA Securities and Wilson Sonsini Goodrich & Rosati to evaluate the offer.

The financing did not come together. On February 2, 2026, Yext announced that Walrath had withdrawn the proposal because he could not raise the money at his price, and that he had told the board he intended to stay on as CEO. The special committee approved a Dutch auction self-tender instead. It closed on March 18, and the company bought 24,347,826 shares at $5.75 apiece, roughly $140 million, about 19.7 percent of the shares outstanding.

Walrath addressed the distance between those two numbers in one sentence of his next shareholder letter. The $5.75 price, he wrote, reflected a disciplined reevaluation of the cost of capital in the current macroeconomic environment. Which is a careful way of saying that money got more expensive between August and March, and that the bid he could not finance and the price the market cleared at were separated by conditions rather than by conviction.

That same letter set out a different way of running a public company. Yext has suspended forward guidance and quarterly earnings calls, and intends to report through long letters and periodic investor days instead. Walrath's stated reason is that the artificially compressed quarterly timeline amplifies noise and attenuates signal. The letter also reports free cash flow rising from $11.7 million in fiscal 2023 to $53.3 million in fiscal 2026, and total shares outstanding down 24 percent since the start of fiscal 2023.

The business underneath is no longer the one that was breaking in 2020. Fiscal 2026 closed with $446.6 million in revenue and $107.3 million in adjusted EBITDA. First quarter fiscal 2027 revenue was $107.9 million, down 1 percent year over year, at a 25 percent adjusted EBITDA margin.

The company is profitable and generating cash, but is not growing. The split underneath explains why. Customers paying $50,000 or more added 1 percent of annual recurring revenue and now account for 91 percent of the total, while everyone below that shrank 19 percent. Walrath calls the second number a deliberate choice, the result of pointing the sales organization at larger accounts and accepting the top-line cost.

The bet he inherited was made in 2018, when Yext put serious money behind generative AI as the core of the future digital experience. Lerman drove it, with Marc Ferrentino and others. It made the company look silly for years.

"For two to three years we talked about this, and nobody cared," Walrath said. "We tried to get people excited about it, and nobody cared." Then ChatGPT arrived, and the market cared all at once, which left Yext trying to turn around a small-cap software company in what he called the worst software market in 15 years while simultaneously explaining to that market what was about to happen to search.

His read on the technology is deliberately boring. "It's the future in the way that the internet was the future," he said. "The way you'll know that it's the future is that we'll stop talking about it." He puts the present somewhere in the late 1990s, when every company had an internet strategy, before the internet became the floor everyone stood on, and the phrase stopped meaning anything. Give it five years, he thinks, and nobody will discuss their AI strategy either.

Yext now calls itself an enterprise agentic marketing platform. The product carrying that description is Scout, which measures how a brand appears across AI and traditional search, location by location, and routes the resulting recommendations to agents that act on them. Walrath's pitch to shareholders is that fragmenting discovery makes structured local data more valuable, not less, and that Yext can both hold that data and act on it.

Every conversation on the CEO.com Podcast ends on the premise that the chances one gives matter as much as the chances one takes, and Walrath started where anyone would. The people at DoubleClick who hired an unqualified English major. The Goodharts, who wrote a check for a guy with no business building a business.

Then he named his own employees.

"The people who are sticking with me through this transition right now," he said. "Without the team who is willing to go through the fire of having to do this and doing this publicly and having every mistake that we make, and there are plenty of those, be examined in the public market, they're giving me a chance to lead them."

"We don't really think often in terms of the people who we are leading as giving us something," he said. "But that's what they're doing. And if they're not willing to do it, then who are we leading? I would say that more than anything else, as a CEO, you are as good as the people who are willing to follow you. I think that may be the greatest gift that you can get."

00:00:00 Building Right Media and Selling to Yahoo
00:01:55 Lessons From Scaling Fast at Right Media
00:06:12 Adjusting to Bureaucracy Inside Yahoo
00:09:39 Decompressing and Shifting Into Investing
00:13:20 Building Moat With Jonah and Noah Goodhart
00:15:30 Founding Atlas Films and Fed Up
00:17:39 Hanging Up on Harvey Weinstein
00:19:40 Early Investment and Involvement With Yext
00:22:50 Yext's Pivot and Pandemic Challenges
00:25:19 Perspective on Generative AI's Future
00:26:39 Leadership Lessons From Startup to Scale
00:32:56 Returning to the CEO Role at Yext
00:33:07 Who Gave Michael His Chance

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Once<00:03:13.829> you've<00:03:13.941> sent<00:03:14.327> 5,000<00:03:14.889> people<00:03:15.274> off<00:03:15.451> marching<00:03:15.772> in<00:03:15.853> a<00:03:15.933> direction,<00:03:17.523> you<00:03:17.587> know,<00:03:17.764> you<00:03:17.860> sort<00:03:18.085> of<00:03:18.165> have<00:03:18.326> to<00:03:18.984> maintain<00:03:19.466> the<00:03:19.547> pace<00:03:20.253> for<00:03:20.350> a<00:03:20.430> period<00:03:20.655> of<00:03:20.687> time<00:03:20.928> where<00:03:21.008> everyone<00:03:21.313> starts<00:03:21.635> bumping<00:03:21.892> into<00:03:22.116> each<00:03:22.277> other.

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So<00:03:23.305> I'd<00:03:24.124> say<00:03:24.429> that<00:03:24.606> the<00:03:24.750> learning<00:03:24.991> curve<00:03:25.184> was<00:03:25.409> more<00:03:25.634> than<00:03:25.794> just<00:03:26.051> the<00:03:26.116> right<00:03:26.292> media<00:03:26.533> learning<00:03:26.838> curve.

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It<00:03:27.176> was<00:03:27.336> the<00:03:27.722> transition<00:03:28.236> from<00:03:28.942> that<00:03:29.167> high<00:03:29.328> growth<00:03:29.729> into<00:03:30.067> the<00:03:31.111> larger<00:03:31.432> scaled<00:03:31.753> enterprise.

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Yeah,<00:03:33.439> 5,000<00:03:35.608> people<00:03:36.170> is<00:03:36.346> a<00:03:36.411> ton<00:03:36.732> of<00:03:36.957> people.

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That's<00:03:37.840> actually<00:03:38.322> an<00:03:38.418> enormous<00:03:38.900> team.

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Yeah,<00:03:40.088> yeah,<00:03:40.264> that's,<00:03:40.665> that's<00:03:40.986> who<00:03:41.146> was<00:03:41.291> the<00:03:41.387> CEO<00:03:41.933> of<00:03:42.013> Yahoo<00:03:42.414> at<00:03:42.510> that<00:03:42.655> time?

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Well,<00:03:44.740> I<00:03:44.820> ran<00:03:44.997> through<00:03:45.173> a<00:03:45.237> series<00:03:45.638> of<00:03:45.735> CEOs<00:03:46.264> there.

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So<00:03:47.724> we,<00:03:48.141> so<00:03:48.350> what<00:03:48.462> had<00:03:48.590> happened<00:03:48.847> with<00:03:48.991> Yahoo<00:03:49.392> was<00:03:49.569> they<00:03:49.729> invested<00:03:50.130> in<00:03:50.227> our<00:03:50.451> business<00:03:50.868> about<00:03:52.120> half<00:03:52.392> a<00:03:52.457> year<00:03:52.697> before<00:03:53.002> they<00:03:53.162> bought<00:03:53.339> us.

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So<00:03:53.660> they,<00:03:54.606> you<00:03:55.344> know,<00:03:55.745> the<00:03:56.066> thesis<00:03:56.531> at<00:03:56.628> the<00:03:56.708> time<00:03:57.029> was,<00:03:57.494> you<00:03:57.670> know,<00:03:57.831> one<00:03:57.991> can,<00:03:58.312> it<00:03:58.376> was<00:03:58.617> that<00:03:58.858> the<00:03:58.954> large<00:03:59.275> principal<00:03:59.676> players<00:04:00.077> in<00:04:00.237> media,<00:04:00.510> so<00:04:00.703> this<00:04:00.879> is<00:04:00.959> in<00:04:01.120> 2006,<00:04:02.724> couldn't<00:04:03.029> own<00:04:03.189> the<00:04:03.285> platforms.

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So<00:04:04.408> there<00:04:04.505> was<00:04:04.633> this<00:04:04.809> thesis<00:04:05.211> that<00:04:05.708> DoubleClick<00:04:06.157> couldn't<00:04:06.413> be<00:04:06.637> owned,<00:04:06.878> right?

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Media<00:04:07.375> couldn't<00:04:07.679> be<00:04:07.840> owned,<00:04:08.241> Quantive<00:04:08.577> couldn't<00:04:08.802> be<00:04:08.962> owned<00:04:09.218> by<00:04:09.363> anybody<00:04:09.763> who<00:04:09.860> had<00:04:10.036> a<00:04:10.100> principal<00:04:10.565> player<00:04:11.222> in<00:04:11.927> a<00:04:12.024> role<00:04:12.184> in<00:04:12.248> the<00:04:12.344> media<00:04:12.601> space.

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And<00:04:14.412> when<00:04:14.588> Hellman<00:04:14.845> and<00:04:14.973> Freeman<00:04:15.310> put<00:04:15.695> DoubleClick<00:04:16.111> for<00:04:16.224> sale<00:04:16.993> and<00:04:17.089> it<00:04:17.137> became<00:04:17.458> clear<00:04:17.634> that<00:04:17.794> Google<00:04:18.099> was<00:04:18.259> gonna<00:04:18.436> buy<00:04:18.596> that<00:04:18.820> business,<00:04:19.478> the<00:04:19.622> rules<00:04:19.862> all<00:04:19.959> changed.

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And<00:04:20.632> so<00:04:20.744> everybody<00:04:21.081> had<00:04:21.257> to<00:04:22.587> own<00:04:22.764> their,<00:04:23.309> you<00:04:23.886> know,<00:04:24.511> every<00:04:24.752> principal<00:04:25.088> player<00:04:25.313> had<00:04:25.409> to<00:04:26.034> own<00:04:26.194> the<00:04:26.355> ad<00:04:26.451> platform.

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And<00:04:29.080> so,<00:04:29.561> you<00:04:29.673> know,<00:04:30.859> when<00:04:31.083> all<00:04:31.196> those<00:04:31.484> rules<00:04:31.645> shifted,<00:04:33.007> all<00:04:33.039> these<00:04:33.199> transactions<00:04:33.744> happened<00:04:34.081> and<00:04:34.225> you<00:04:34.610> kind<00:04:34.770> of<00:04:34.802> wake<00:04:35.027> up<00:04:35.171> one<00:04:35.331> day<00:04:35.412> and<00:04:35.812> you're<00:04:35.909> doing<00:04:36.133> one<00:04:36.293> thing<00:04:36.486> and<00:04:36.614> then<00:04:36.694> you<00:04:36.774> wake<00:04:37.015> up<00:04:37.271> a<00:04:37.287> month<00:04:37.480> later<00:04:37.752> and<00:04:37.816> you're<00:04:38.329> doing<00:04:38.537> something<00:04:38.793> entirely<00:04:39.274> different.

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How<00:04:40.732> long<00:04:40.956> did<00:04:41.117> you<00:04:41.197> stay<00:04:41.373> inside<00:04:41.773> of<00:04:41.902> Yahoo<00:04:42.623> until<00:04:43.680> you<00:04:43.904> left<00:04:44.241> and<00:04:44.481> did<00:04:45.426> your<00:04:45.683> WGI<00:04:46.388> Group?

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Yeah,<00:04:48.166> so<00:04:48.631> I<00:04:49.288> was<00:04:49.528> there<00:04:51.114> actively<00:04:51.771> until<00:04:52.332> the<00:04:52.572> end<00:04:52.877> of<00:04:53.293> 2000,<00:04:53.838> about<00:04:54.094> 2<00:04:54.239> and<00:04:54.287> a<00:04:54.319> half<00:04:54.559> years.

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I<00:04:55.841> had<00:04:55.937> agreed<00:04:56.257> to<00:04:56.354> stay<00:04:56.578> for<00:04:56.722> 3<00:04:56.962> years.

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Oh,<00:04:57.796> sorry,<00:04:58.100> you<00:04:58.164> know<00:04:58.244> what,<00:04:58.340> you<00:04:58.485> asked<00:04:58.645> me<00:04:58.677> the<00:04:58.757> CEO<00:04:59.125> question,<00:04:59.446> so—.

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Oh<00:05:00.487> yeah,<00:05:00.567> yeah,<00:05:00.824> sorry,<00:05:01.609> even<00:05:01.769> I<00:05:01.849> forgot<00:05:02.186> that.

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Yeah,<00:05:03.307> so,<00:05:03.708> you<00:05:03.884> know,<00:05:04.974> I<00:05:05.454> got<00:05:05.614> sidetracked.

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But<00:05:06.978> it's<00:05:07.138> interesting,<00:05:07.476> part<00:05:07.636> of<00:05:07.701> the<00:05:07.733> story<00:05:08.022> was<00:05:08.439> Terry<00:05:08.696> Semmel<00:05:09.082> was<00:05:09.307> the<00:05:09.483> CEO<00:05:10.030> when<00:05:10.367> they<00:05:10.511> bought<00:05:10.688> the<00:05:10.768> company.

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Jerry<00:05:11.893> Yang<00:05:12.230> had<00:05:12.375> been<00:05:12.535> very<00:05:12.856> actively<00:05:13.322> involved<00:05:13.756> and<00:05:13.884> he<00:05:13.965> and<00:05:14.045> I<00:05:14.366> in<00:05:14.945> the<00:05:15.105> investment<00:05:16.069> and<00:05:16.390> we'd<00:05:16.792> become<00:05:17.338> very<00:05:17.514> good<00:05:17.659> friends.

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Jerry<00:05:18.575> stepped<00:05:19.024> in<00:05:19.105> and<00:05:19.201> took<00:05:19.362> the<00:05:19.442> CEO<00:05:19.908> role<00:05:20.550> when<00:05:20.647> Terry<00:05:20.952> stepped<00:05:21.225> down<00:05:21.932> rather<00:05:22.237> unexpectedly,<00:05:22.976> I<00:05:23.120> think.

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And<00:05:24.983> then<00:05:27.168> maybe<00:05:27.393> a<00:05:27.457> little<00:05:27.698> over<00:05:27.810> a<00:05:27.939> year<00:05:28.115> later,<00:05:28.437> Carol<00:05:28.678> Bartz<00:05:29.304> became<00:05:29.561> the<00:05:29.641> CEO,<00:05:31.392> then<00:05:31.489> they<00:05:31.633> had<00:05:32.292> I<00:05:32.372> think<00:05:32.676> after<00:05:32.917> that,<00:05:33.414> I<00:05:33.558> left<00:05:33.734> shortly<00:05:33.975> thereafter,<00:05:35.882> you<00:05:35.914> know,<00:05:36.059> we<00:05:36.139> just<00:05:36.299> kind<00:05:36.475> of<00:05:36.556> agreed<00:05:36.924> that<00:05:37.421> it<00:05:37.485> was<00:05:37.662> time.

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And<00:05:39.265> then<00:05:39.425> I<00:05:39.505> think<00:05:39.665> they<00:05:39.810> went<00:05:39.970> through,<00:05:40.307> they<00:05:40.371> had<00:05:40.547> Scott<00:05:40.788> Thompson<00:05:41.749> and<00:05:41.829> there<00:05:41.974> was<00:05:42.134> a<00:05:42.230> bit<00:05:42.375> of<00:05:42.455> a<00:05:42.487> debacle<00:05:42.952> there<00:05:43.208> and<00:05:43.336> then<00:05:43.657> Marissa<00:05:43.929> Mayer<00:05:44.234> and<00:05:44.314> they<00:05:44.378> eventually<00:05:44.779> sold<00:05:45.036> the<00:05:45.116> business.

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So<00:05:45.645> it<00:05:45.997> was<00:05:46.142> something<00:05:46.382> like<00:05:46.542> 4<00:05:46.639> or<00:05:46.799> 5<00:05:47.055> CEOs<00:05:47.600> over<00:05:47.745> the<00:05:47.905> course<00:05:48.161> of<00:05:48.226> those<00:05:48.402> 3<00:05:48.562> years.

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Yeah,<00:05:50.101> it's<00:05:50.406> Yahoo<00:05:50.742> is<00:05:50.822> such<00:05:51.047> an<00:05:51.191> interesting<00:05:51.768> case<00:05:52.009> study<00:05:52.329> for<00:05:52.554> business.

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I<00:05:52.906> mean,<00:05:53.131> it<00:05:53.211> was<00:05:54.333> the<00:05:54.718> leading<00:05:55.199> search<00:05:55.599> engine<00:05:55.936> there<00:05:56.096> for<00:05:56.337> a<00:05:56.417> bit,<00:05:56.898> like<00:05:57.603> just<00:05:57.779> so<00:05:58.116> much<00:05:58.405> cash<00:05:58.902> and<00:05:58.982> money<00:05:59.847> and<00:05:59.944> like<00:06:00.248> it's<00:06:00.729> really,<00:06:01.210> we<00:06:01.306> actually<00:06:01.611> have<00:06:02.733> the<00:06:03.454> current<00:06:03.727> CEO<00:06:04.160> of<00:06:04.192> Yahoo<00:06:04.577> coming<00:06:04.817> out<00:06:04.913> to<00:06:05.058> Utah<00:06:05.619> to<00:06:05.651> speak<00:06:05.940> at<00:06:06.020> an<00:06:06.116> event<00:06:07.480> here<00:06:07.705> later<00:06:07.961> this<00:06:08.202> month.

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And<00:06:09.325> it's<00:06:09.469> just<00:06:09.710> interesting<00:06:10.127> the<00:06:10.271> way<00:06:10.448> that<00:06:10.688> business<00:06:11.073> has<00:06:11.169> evolved.

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What<00:06:12.934> lessons<00:06:13.575> do<00:06:13.880> you<00:06:14.297> take<00:06:14.618> away<00:06:15.164> from<00:06:16.784> Yahoo,<00:06:17.987> both<00:06:18.308> good<00:06:18.468> and<00:06:18.628> bad,<00:06:18.965> about<00:06:19.350> what<00:06:19.896> to<00:06:20.136> do<00:06:20.393> and<00:06:20.537> what<00:06:20.714> not<00:06:20.954> to<00:06:21.115> do?

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Yeah.

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So<00:06:24.323> I<00:06:24.339> mean,<00:06:24.644> it<00:06:24.788> relates<00:06:25.109> to<00:06:25.221> what<00:06:25.317> I'm<00:06:25.510> doing<00:06:25.766> today,<00:06:26.168> right?

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So<00:06:26.809> when—<00:06:28.092> so<00:06:28.429> the<00:06:28.509> first<00:06:28.878> year<00:06:29.039> at<00:06:29.135> Yahoo<00:06:29.456> was<00:06:29.761> absolute<00:06:30.178> torture<00:06:30.579> for<00:06:30.803> me<00:06:30.980> because<00:06:32.182> Everything<00:06:32.647> that,<00:06:32.887> like<00:06:33.063> I<00:06:33.079> said<00:06:33.304> before,<00:06:33.608> everything<00:06:34.008> that<00:06:34.169> worked<00:06:35.226> building<00:06:35.691> Right<00:06:35.867> Media<00:06:36.187> as<00:06:36.347> a<00:06:36.428> private,<00:06:37.309> really<00:06:37.549> high<00:06:37.773> growth,<00:06:38.574> really<00:06:38.975> entrepreneurial<00:06:39.471> company<00:06:40.256> didn't<00:06:40.497> work<00:06:40.689> inside<00:06:41.009> Yahoo.

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And<00:06:42.035> it<00:06:42.099> took<00:06:42.259> me<00:06:42.419> really<00:06:42.659> a<00:06:42.756> full<00:06:43.060> year<00:06:43.861> to<00:06:44.982> recognize<00:06:45.703> that,<00:06:46.040> you<00:06:46.120> know,<00:06:46.200> my<00:06:46.520> behavior<00:06:46.985> had<00:06:47.081> to<00:06:47.225> shift,<00:06:47.546> that<00:06:47.706> I<00:06:47.722> wasn't<00:06:48.026> gonna<00:06:48.106> be<00:06:48.202> able<00:06:48.363> to<00:06:48.523> bend<00:06:48.763> the<00:06:48.907> will<00:06:49.148> of,<00:06:49.628> you<00:06:49.660> know,<00:06:50.846> bend<00:06:51.070> Yahoo<00:06:51.407> to<00:06:51.487> my<00:06:51.791> will,<00:06:52.432> that<00:06:52.528> I<00:06:52.608> was<00:06:52.752> gonna<00:06:52.912> actually<00:06:53.169> have<00:06:53.345> to<00:06:53.489> bend<00:06:53.729> to<00:06:53.810> the<00:06:53.890> way<00:06:54.050> that<00:06:54.210> that<00:06:54.354> organization<00:06:54.995> worked.

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And<00:06:56.116> I<00:06:56.277> really<00:06:56.453> spent<00:06:56.693> the<00:06:56.773> second<00:06:57.174> year<00:06:57.638> figuring<00:06:58.119> out<00:06:58.199> how<00:06:58.311> to<00:06:58.391> get<00:06:58.536> stuff<00:06:58.840> done<00:06:59.481> inside<00:06:59.961> of<00:07:00.298> that<00:07:00.474> organization<00:07:01.419> at<00:07:01.563> an<00:07:01.643> incredibly<00:07:02.140> difficult<00:07:02.541> time.

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So<00:07:03.406> While<00:07:03.664> I<00:07:03.809> was<00:07:04.130> trying<00:07:04.291> to<00:07:04.372> figure<00:07:04.549> that<00:07:04.645> stuff<00:07:05.015> out,<00:07:05.273> we<00:07:05.418> were<00:07:05.498> going<00:07:05.675> through<00:07:05.900> a<00:07:05.981> hostile<00:07:06.721> takeover.

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That's<00:07:08.072> when,<00:07:08.185> yeah,<00:07:08.410> Microsoft<00:07:08.989> was<00:07:09.118> trying<00:07:09.279> to<00:07:09.375> take<00:07:09.536> the<00:07:09.617> business<00:07:10.003> over.

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We<00:07:10.822> were<00:07:10.970> trying<00:07:11.151> to<00:07:11.299> defend<00:07:11.645> ourselves<00:07:12.319> or<00:07:12.467> figure<00:07:12.862> out<00:07:12.961> if<00:07:13.043> that<00:07:13.273> was<00:07:14.096> the<00:07:14.178> right<00:07:14.425> thing.

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And,<00:07:16.370> you<00:07:16.419> know,<00:07:16.548> there<00:07:16.694> were<00:07:16.792> just<00:07:17.197> huge<00:07:17.521> tectonic<00:07:17.991> shifts<00:07:18.251> happening<00:07:18.737> in<00:07:18.818> the<00:07:18.899> search<00:07:19.224> landscape<00:07:19.888> and<00:07:20.359> Google<00:07:20.667> was<00:07:20.926> kind<00:07:21.088> of<00:07:21.169> eating<00:07:21.348> everybody's<00:07:21.883> lunch<00:07:22.061> at<00:07:22.142> that<00:07:22.304> time.

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I<00:07:23.763> ran<00:07:23.924> the<00:07:24.150> advertising<00:07:24.875> marketplaces<00:07:25.601> businesses<00:07:26.181> there.

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So<00:07:26.680> it<00:07:26.729> was<00:07:26.906> search<00:07:27.615> and<00:07:28.115> display<00:07:28.760> and<00:07:28.857> sort<00:07:29.066> of<00:07:29.163> all<00:07:29.308> of<00:07:29.340> the<00:07:29.469> underlying<00:07:29.888> ad<00:07:30.049> products.

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But<00:07:31.505> not<00:07:31.762> the<00:07:31.890> sales<00:07:32.308> and<00:07:32.388> marketing<00:07:32.870> of<00:07:35.021> the<00:07:35.053> media<00:07:35.358> platform.

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And<00:07:35.840> so,<00:07:36.081> you<00:07:36.563> know,<00:07:36.884> I<00:07:36.948> kind<00:07:37.125> of<00:07:37.205> left<00:07:37.446> there<00:07:37.670> after<00:07:37.911> 2.5<00:07:38.409> years<00:07:38.955> feeling<00:07:39.292> like<00:07:39.597> the<00:07:39.694> last<00:07:40.015> thing<00:07:40.240> I<00:07:40.320> would<00:07:40.561> ever<00:07:40.882> do<00:07:41.861> is<00:07:42.102> run<00:07:42.600> something<00:07:42.985> with<00:07:43.451> scale<00:07:43.788> again.

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It<00:07:44.495> was,<00:07:44.832> you<00:07:44.912> know,<00:07:45.378> I<00:07:45.458> was<00:07:45.554> so<00:07:45.795> burnt<00:07:46.100> out<00:07:46.357> with<00:07:46.518> this<00:07:46.678> idea<00:07:46.999> that,<00:07:47.642> you<00:07:47.722> know,<00:07:47.802> there<00:07:47.882> was<00:07:48.268> all<00:07:48.300> this<00:07:48.525> process<00:07:49.006> and<00:07:49.103> bureaucracy<00:07:49.809> and<00:07:50.146> it<00:07:50.195> was<00:07:50.355> hard<00:07:50.612> to<00:07:50.692> make<00:07:50.933> anything<00:07:51.238> happen<00:07:51.961> that<00:07:52.041> I<00:07:52.137> just<00:07:52.635> said<00:07:52.860> like,<00:07:53.085> I'm<00:07:53.422> done<00:07:53.583> with<00:07:53.663> that.

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I'll<00:07:53.984> never<00:07:54.225> do<00:07:54.321> anything<00:07:54.626> like<00:07:54.787> that<00:07:55.012> again.

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I<00:07:55.333> want<00:07:55.477> to<00:07:55.590> be,<00:07:56.232> you<00:07:56.312> know,<00:07:57.340> in<00:07:57.500> the<00:07:57.677> early<00:07:57.918> stage,<00:07:59.106> preferably<00:07:59.668> not<00:07:59.909> in<00:07:59.989> the<00:08:00.069> CEO<00:08:00.487> seat.

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And,<00:08:02.301> you<00:08:02.333> know,<00:08:02.895> I<00:08:03.040> think<00:08:03.217> at<00:08:03.297> the<00:08:03.377> time<00:08:03.698> when<00:08:03.762> I<00:08:03.923> left,<00:08:04.180> I<00:08:04.260> just<00:08:04.421> didn't<00:08:04.726> understand<00:08:05.304> a<00:08:05.384> lot<00:08:05.545> of<00:08:05.625> lessons<00:08:06.091> that<00:08:06.251> I<00:08:06.348> had<00:08:06.990> learned<00:08:07.375> and<00:08:07.472> internalized<00:08:08.740> and<00:08:08.901> never<00:08:09.157> would<00:08:09.286> have<00:08:09.382> guessed<00:08:09.639> that,<00:08:09.800> like,<00:08:10.121> you<00:08:10.169> know,<00:08:10.747> now,<00:08:11.405> you<00:08:11.486> know,<00:08:11.887> 12<00:08:12.224> or<00:08:12.353> 13<00:08:12.690> years<00:08:12.931> later,<00:08:13.573> those<00:08:13.734> lessons<00:08:14.055> would<00:08:14.199> actually<00:08:14.536> be<00:08:14.681> really<00:08:14.858> valuable<00:08:15.275> to<00:08:15.420> me.

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And<00:08:17.587> in<00:08:17.732> another<00:08:18.053> twist<00:08:18.470> where<00:08:18.615> I<00:08:18.791> am<00:08:18.872> now<00:08:19.097> actually<00:08:19.434> running<00:08:19.675> something<00:08:20.060> again<00:08:20.317> at<00:08:20.413> scale.

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Yeah,<00:08:22.169> why<00:08:22.413> does<00:08:22.559> that<00:08:22.721> happen?

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Why<00:08:23.305> does<00:08:23.776> at<00:08:23.890> scale<00:08:24.361> it<00:08:24.442> become<00:08:24.848> so<00:08:25.091> bureaucratic<00:08:25.806> and<00:08:25.887> so<00:08:26.082> slow<00:08:26.406> moving?

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I<00:08:29.542> mean,<00:08:30.008> I<00:08:30.184> think<00:08:30.490> at<00:08:30.827> some<00:08:31.068> level<00:08:31.454> it<00:08:31.550> has<00:08:32.033> to,<00:08:32.499> right?

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So<00:08:33.157> if<00:08:33.238> you<00:08:33.318> go<00:08:33.479> back<00:08:33.736> to<00:08:33.816> like,<00:08:34.347> if<00:08:34.604> you've<00:08:35.166> got<00:08:35.745> a<00:08:35.809> couple<00:08:36.130> hundred<00:08:36.452> people<00:08:37.641> and<00:08:38.300> you<00:08:38.461> can<00:08:38.767> literally<00:08:39.187> run<00:08:39.349> around<00:08:39.817> and<00:08:39.915> tell<00:08:40.141> people<00:08:40.383> what<00:08:40.545> to<00:08:40.642> do,<00:08:41.208> right?

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And<00:08:42.178> if<00:08:42.340> you<00:08:42.437> sort<00:08:42.679> of<00:08:42.744> get<00:08:42.825> everybody<00:08:43.310> going<00:08:43.633> in<00:08:43.714> some<00:08:43.957> direction,<00:08:44.750> you're<00:08:45.008> going<00:08:45.267> east<00:08:46.075> and<00:08:46.155> all<00:08:46.252> of<00:08:46.301> a<00:08:46.317> sudden<00:08:46.495> you<00:08:46.624> realize<00:08:47.028> that,<00:08:47.125> hey,<00:08:47.287> the<00:08:47.367> destination<00:08:47.917> really<00:08:48.095> should<00:08:48.337> be<00:08:48.482> north.

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You<00:08:49.217> can<00:08:49.314> sort<00:08:49.540> of<00:08:49.572> like,<00:08:49.879> you<00:08:49.959> know,<00:08:50.282> run<00:08:50.443> to<00:08:50.524> the<00:08:50.605> front<00:08:50.798> of<00:08:50.847> the<00:08:50.927> column<00:08:51.315> and<00:08:51.395> say,<00:08:51.557> hey,<00:08:51.815> don't<00:08:52.041> go<00:08:52.283> east<00:08:52.460> anymore,<00:08:52.767> let's<00:08:52.945> go<00:08:53.041> north,<00:08:53.751> right?

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You<00:08:56.011> start<00:08:56.333> trying<00:08:56.656> to<00:08:56.737> do<00:08:56.963> that<00:08:57.124> across<00:08:57.947> a<00:08:58.173> global<00:08:58.512> footprint<00:08:59.076> with<00:08:59.238> thousands<00:08:59.786> of<00:08:59.867> people,<00:09:00.770> you<00:09:00.867> know,<00:09:00.948> by<00:09:01.093> the<00:09:01.174> time<00:09:01.416> you<00:09:01.496> get<00:09:01.722> to<00:09:01.803> the<00:09:01.884> front<00:09:02.077> of<00:09:02.142> the<00:09:02.222> column,<00:09:02.868> you<00:09:02.932> know,<00:09:03.029> the<00:09:03.110> column's<00:09:03.432> broken<00:09:03.820> up,<00:09:04.158> right?

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Everyone's<00:09:04.804> kind<00:09:04.965> of<00:09:05.030> going<00:09:05.610> different<00:09:05.852> directions.

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And<00:09:06.353> so,<00:09:07.143> you<00:09:07.224> know,<00:09:07.950> I<00:09:08.030> think<00:09:08.192> at<00:09:08.336> some<00:09:08.593> level,<00:09:09.156> part<00:09:09.333> of<00:09:09.397> what<00:09:09.558> I<00:09:09.638> didn't<00:09:09.863> understand<00:09:10.698> at<00:09:10.827> that<00:09:10.988> time<00:09:11.325> was<00:09:11.486> that,<00:09:12.354> you<00:09:12.386> know,<00:09:12.996> moving<00:09:13.398> a<00:09:13.414> little<00:09:13.655> slower<00:09:14.218> is<00:09:14.442> actually<00:09:14.925> an<00:09:15.246> asset<00:09:16.065> inside<00:09:16.483> these<00:09:16.692> larger<00:09:16.885> organizations.

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But<00:09:18.038> I<00:09:18.119> think<00:09:18.700> it<00:09:19.265> can<00:09:19.426> be<00:09:19.572> overdone<00:09:19.992> to<00:09:20.072> the<00:09:20.153> point<00:09:20.395> where<00:09:20.541> you<00:09:20.637> get<00:09:20.783> so<00:09:20.960> slow<00:09:21.203> that<00:09:21.283> you're<00:09:21.445> paralyzed.

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And<00:09:22.317> I<00:09:22.397> think<00:09:22.559> we<00:09:22.720> did<00:09:22.882> go<00:09:23.043> through<00:09:23.205> a<00:09:23.302> bunch<00:09:23.479> of<00:09:23.544> that<00:09:23.722> at<00:09:23.851> Yahoo<00:09:24.190> where,<00:09:24.981> you<00:09:25.013> know,<00:09:25.482> it<00:09:25.562> got<00:09:25.740> so<00:09:26.047> big<00:09:26.289> and<00:09:26.370> so<00:09:26.580> bureaucratic<00:09:27.810> and<00:09:27.907> there<00:09:28.053> were,<00:09:28.539> you<00:09:28.571> know,<00:09:28.685> it<00:09:28.798> was<00:09:29.284> so<00:09:29.510> disparate<00:09:29.996> that,<00:09:30.482> you<00:09:30.514> know,<00:09:30.725> you<00:09:30.887> couldn't<00:09:31.454> actually—<00:09:31.632> the<00:09:31.713> whole<00:09:31.875> column<00:09:32.522> just<00:09:32.636> stopped<00:09:32.911> moving.

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Yeah,<00:09:34.839> that's<00:09:35.355> so<00:09:35.661> fascinating.

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And<00:09:38.628> what<00:09:38.725> did<00:09:38.870> you<00:09:38.966> do?

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So<00:09:39.676> you<00:09:39.773> left<00:09:40.014> after<00:09:40.240> 2.5<00:09:40.659> years<00:09:40.982> and<00:09:41.062> then<00:09:41.288> what<00:09:41.337> did<00:09:41.482> you<00:09:41.627> do<00:09:41.788> after<00:09:41.965> that?

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I<00:09:44.665> took<00:09:44.858> like<00:09:44.987> 6<00:09:45.213> months<00:09:45.390> and<00:09:45.503> did<00:09:45.615> nothing,<00:09:46.421> which<00:09:46.598> is<00:09:46.743> actually<00:09:47.001> the<00:09:47.307> biggest<00:09:47.564> piece<00:09:47.790> of<00:09:47.887> advice<00:09:48.209> I<00:09:48.354> give<00:09:48.515> to<00:09:48.595> everybody<00:09:49.095> who,<00:09:49.658> you<00:09:50.222> know,<00:09:50.319> sort<00:09:50.544> of<00:09:50.706> goes<00:09:50.947> through<00:09:51.189> these.

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I<00:09:52.010> mean,<00:09:52.558> the<00:09:52.655> sprint<00:09:53.090> from<00:09:53.909> between<00:09:54.568> the<00:09:54.728> kind<00:09:54.889> of<00:09:54.969> dot-com<00:09:55.451> meltdown<00:09:55.933> in<00:09:56.014> '99<00:09:57.042> and<00:09:57.138> surviving<00:09:57.685> that<00:09:58.022> inside<00:09:59.066> DoubleClick<00:09:59.613> and<00:09:59.693> then<00:10:00.336> the<00:10:00.432> sort<00:10:00.609> of,<00:10:00.914> you<00:10:00.994> know,<00:10:01.300> 4-year<00:10:01.653> sprint<00:10:02.039> building<00:10:02.296> the<00:10:02.360> company<00:10:02.762> in<00:10:02.907> the<00:10:02.988> 3<00:10:03.231> years<00:10:05.736> of<00:10:05.914> the<00:10:05.995> Yahoo<00:10:06.254> experience,<00:10:06.804> like<00:10:07.046> you're<00:10:07.289> just<00:10:07.450> toast,<00:10:08.097> right?

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Your<00:10:08.339> brain<00:10:08.582> doesn't<00:10:08.808> work<00:10:09.067> right.

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You're,<00:10:10.437> you<00:10:10.518> know,<00:10:10.678> you're,<00:10:10.854> you're,<00:10:11.320> you're,<00:10:11.721> I<00:10:12.057> just<00:10:12.218> think<00:10:12.378> it's<00:10:12.522> hard<00:10:12.699> to<00:10:12.779> even<00:10:13.004> think<00:10:13.164> straight.

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I<00:10:14.190> had,<00:10:14.527> I<00:10:14.543> had<00:10:14.720> 4<00:10:14.928> young<00:10:15.105> children<00:10:15.490> at<00:10:15.570> that<00:10:15.746> time.

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Well,<00:10:16.532> actually<00:10:16.933> I<00:10:17.029> had<00:10:17.334> 3,<00:10:17.591> I<00:10:17.607> was<00:10:17.751> expecting<00:10:18.232> a<00:10:18.296> 4th.

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And<00:10:20.141> I<00:10:20.237> just<00:10:20.397> said,<00:10:20.558> I'm<00:10:20.879> just<00:10:21.039> gonna,<00:10:21.600> you<00:10:21.680> know,<00:10:21.921> I<00:10:22.017> just<00:10:22.162> need<00:10:22.322> to<00:10:22.466> depressurize.

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And<00:10:23.862> so<00:10:23.990> I,<00:10:24.487> you<00:10:24.567> know,<00:10:25.113> I<00:10:25.129> wasn't<00:10:25.353> healthy.

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First<00:10:26.636> thing<00:10:26.733> I<00:10:26.749> did<00:10:26.957> was<00:10:27.390> started<00:10:27.759> eating<00:10:28.000> right<00:10:28.240> and<00:10:28.320> exercising<00:10:29.042> and<00:10:29.603> got<00:10:29.700> myself<00:10:30.085> back<00:10:30.325> to<00:10:30.758> a<00:10:30.806> state<00:10:31.063> of<00:10:31.223> sort<00:10:31.384> of<00:10:31.464> physical<00:10:31.865> balance.

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And<00:10:33.389> then<00:10:33.613> I,<00:10:33.854> you<00:10:33.886> know,<00:10:34.255> I,<00:10:34.511> the<00:10:34.656> only<00:10:34.896> thing<00:10:35.057> I<00:10:35.137> told<00:10:35.313> myself<00:10:35.714> is<00:10:35.858> I<00:10:35.939> will<00:10:36.035> never<00:10:36.500> ever<00:10:36.757> be<00:10:36.917> the<00:10:36.997> CEO<00:10:37.542> of<00:10:37.639> an<00:10:37.783> operating<00:10:38.120> company<00:10:38.441> again.

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Which,<00:10:39.939> which,<00:10:40.441> you<00:10:40.522> know,<00:10:40.830> I<00:10:41.106> share<00:10:41.332> that<00:10:41.495> just<00:10:41.657> to<00:10:41.997> express<00:10:42.386> the<00:10:42.532> futility<00:10:43.034> of<00:10:43.131> making<00:10:43.439> statements<00:10:43.909> like<00:10:44.087> that.

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You<00:10:47.304> know,<00:10:47.449> it's<00:10:47.853> like<00:10:48.015> you<00:10:48.112> can<00:10:48.258> say<00:10:48.436> that,<00:10:49.228> you<00:10:49.276> know,<00:10:49.341> there<00:10:49.470> are<00:10:49.519> a<00:10:49.551> lot<00:10:49.713> of<00:10:49.794> things<00:10:49.972> we<00:10:50.053> can<00:10:50.214> say<00:10:52.058> in<00:10:52.462> moments.

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And<00:10:52.947> I<00:10:53.190> actually<00:10:53.449> believed<00:10:53.772> it.

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And<00:10:54.580> for<00:10:54.742> 12<00:10:54.985> years,<00:10:55.163> it<00:10:55.292> felt<00:10:55.421> like<00:10:55.648> I<00:10:55.712> was<00:10:55.874> going<00:10:55.971> to<00:10:56.036> keep<00:10:56.198> that<00:10:56.343> promise<00:10:56.602> to<00:10:56.685> myself.

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You<00:10:58.905> know,<00:10:59.053> and<00:10:59.119> that's<00:10:59.251> a<00:10:59.333> different—<00:10:59.728> that's<00:10:59.974> a<00:10:59.991> different<00:11:00.221> story.

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But<00:11:02.013> yeah,<00:11:02.425> I<00:11:02.689> think<00:11:02.837> the<00:11:02.936> depressurization<00:11:03.842> is<00:11:04.006> incredibly<00:11:04.418> important.

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And<00:11:05.221> then<00:11:05.302> you<00:11:05.415> can<00:11:05.495> start<00:11:05.802> thinking<00:11:06.076> about<00:11:06.367> the<00:11:06.447> future.

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And,<00:11:07.577> you<00:11:07.755> know,<00:11:07.916> after<00:11:08.174> that<00:11:08.465> kind<00:11:08.642> of<00:11:08.675> 6-month<00:11:09.191> hiatus,<00:11:09.772> the<00:11:09.917> thing<00:11:10.176> that,<00:11:10.724> you<00:11:10.805> know,<00:11:10.902> that<00:11:11.063> was,<00:11:11.467> that<00:11:11.628> I<00:11:11.693> was,<00:11:12.419> you<00:11:12.500> know,<00:11:13.065> eager<00:11:13.323> to<00:11:13.403> do<00:11:13.646> more<00:11:13.807> than<00:11:13.968> anything<00:11:14.275> else<00:11:14.340> was<00:11:14.520> get<00:11:14.700> back<00:11:15.027> to<00:11:15.174> the<00:11:15.355> sort<00:11:15.600> of<00:11:15.764> startup<00:11:16.320> creation<00:11:16.861> thing.

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And<00:11:19.199> so<00:11:19.312> the<00:11:19.441> way<00:11:19.683> for<00:11:19.860> me<00:11:19.941> to<00:11:20.668> manage<00:11:21.055> that<00:11:21.233> was<00:11:21.636> without,<00:11:22.121> while<00:11:22.363> also<00:11:22.589> keeping<00:11:22.799> my<00:11:22.928> promise<00:11:23.316> that<00:11:23.412> I<00:11:23.477> wasn't<00:11:23.719> gonna<00:11:23.881> run<00:11:24.058> anything,<00:11:25.040> was<00:11:25.298> to<00:11:25.718> get<00:11:26.122> involved<00:11:27.333> in<00:11:27.575> investing<00:11:28.156> in<00:11:28.286> startups<00:11:28.786> and<00:11:28.867> mentoring<00:11:29.255> entrepreneurs<00:11:29.836> and<00:11:29.981> helping<00:11:30.547> people<00:11:30.805> go<00:11:31.031> through<00:11:31.273> the,<00:11:31.960> the,<00:11:32.301> you<00:11:32.383> know,<00:11:32.871> the<00:11:33.017> cycle<00:11:33.359> that<00:11:33.505> I<00:11:33.603> had<00:11:33.765> just<00:11:33.928> gone<00:11:34.172> through,<00:11:34.806> which<00:11:34.969> is<00:11:35.067> how<00:11:35.229> WGI<00:11:35.717> got<00:11:35.945> started<00:11:36.287> with<00:11:36.433> my<00:11:36.612> partners,<00:11:36.954> Jonah<00:11:37.181> and<00:11:37.295> Noah<00:11:37.425> Goodhart.

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How<00:11:38.892> did<00:11:38.989> that<00:11:39.214> go?

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How<00:11:39.537> did<00:11:40.650> being<00:11:40.843> an<00:11:40.892> investor—<00:11:41.456> did<00:11:41.618> you<00:11:41.779> like<00:11:42.021> that?

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Did<00:11:42.424> you<00:11:42.505> like<00:11:42.682> the<00:11:42.763> pace<00:11:43.085> of<00:11:43.150> that?

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What<00:11:44.763> were<00:11:44.843> you<00:11:45.085> looking<00:11:45.408> for<00:11:45.601> in<00:11:45.666> entrepreneurs?

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What<00:11:46.619> was<00:11:46.798> there<00:11:47.188> like,<00:11:47.366> particularly<00:11:48.568> particular<00:11:49.071> sector<00:11:49.542> of<00:11:49.640> tech<00:11:49.883> you<00:11:50.029> were<00:11:50.127> investing<00:11:50.695> in<00:11:51.085> or<00:11:51.832> not<00:11:51.994> tech<00:11:52.254> at<00:11:52.384> all?

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It<00:11:54.088> was<00:11:54.249> mostly<00:11:54.652> tech.

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I<00:11:55.119> mean,<00:11:55.264> I<00:11:55.280> think<00:11:55.667> actually,<00:11:56.231> you<00:11:56.312> know,<00:11:56.875> for<00:11:56.972> the<00:11:57.053> first<00:11:57.294> couple<00:11:57.471> of<00:11:57.552> years,<00:11:57.922> I<00:11:58.019> was,<00:11:58.406> I<00:11:58.422> was<00:11:58.583> a<00:11:58.664> pretty<00:11:59.050> awful<00:11:59.388> investor.

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And<00:12:01.380> I<00:12:01.540> think,<00:12:03.082> I<00:12:03.162> actually<00:12:03.451> don't<00:12:03.628> think<00:12:03.740> it's<00:12:03.885> that<00:12:04.045> unusual.

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I<00:12:04.591> think<00:12:04.687> what<00:12:04.832> happens<00:12:06.212> is,<00:12:06.437> you<00:12:06.534> know,<00:12:06.598> I<00:12:06.694> was<00:12:06.807> never<00:12:06.983> an<00:12:07.079> investor<00:12:07.497> before,<00:12:08.300> I<00:12:08.316> was<00:12:08.444> an<00:12:08.524> entrepreneur<00:12:09.423> and<00:12:09.504> then<00:12:09.648> I<00:12:09.729> had<00:12:09.841> this<00:12:10.066> incredible<00:12:10.612> entrepreneurial<00:12:11.190> run,<00:12:12.137> you<00:12:12.217> know,<00:12:12.715> where<00:12:12.875> we<00:12:13.020> went<00:12:13.180> from<00:12:13.437> sort<00:12:13.598> of<00:12:14.144> zero<00:12:14.561> to<00:12:14.706> almost<00:12:15.011> $1<00:12:15.107> billion<00:12:15.685> of<00:12:15.765> value<00:12:16.183> in<00:12:16.407> 4<00:12:16.648> years,<00:12:18.013> which<00:12:18.157> had<00:12:18.318> a<00:12:18.334> lot<00:12:18.575> to<00:12:18.719> do<00:12:18.816> with<00:12:19.137> market<00:12:19.378> timing<00:12:19.843> and<00:12:20.004> luck<00:12:20.341> and<00:12:20.421> some<00:12:20.646> good<00:12:20.758> execution<00:12:21.641> as<00:12:21.786> well.

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And<00:12:22.813> then<00:12:23.134> you<00:12:23.552> sort<00:12:23.793> of,<00:12:24.098> you<00:12:24.130> know,<00:12:25.639> you<00:12:25.944> think<00:12:26.345> that<00:12:26.506> everything's<00:12:26.907> gonna<00:12:27.068> work<00:12:27.244> that<00:12:27.405> way<00:12:27.566> all<00:12:27.646> the<00:12:27.790> time,<00:12:28.047> right?

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And<00:12:28.320> so<00:12:28.449> you<00:12:28.593> bring<00:12:28.770> this<00:12:28.930> like,<00:12:29.711> sort<00:12:30.019> of<00:12:30.326> irrationally<00:12:30.973> optimistic<00:12:31.943> lens<00:12:32.364> to<00:12:32.525> the<00:12:33.237> investing<00:12:34.385> world.

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And<00:12:34.773> so<00:12:35.339> basically<00:12:35.922> what<00:12:36.083> I<00:12:36.164> did<00:12:36.876> for<00:12:36.989> that<00:12:37.135> first<00:12:37.523> kind<00:12:37.701> of<00:12:37.943> year<00:12:38.105> or<00:12:38.267> two<00:12:38.445> is<00:12:38.590> just<00:12:38.720> invest<00:12:39.175> in<00:12:39.280> everything.

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And<00:12:41.457> it<00:12:41.489> was<00:12:41.714> always<00:12:42.181> like,<00:12:42.503> you<00:12:42.551> know,<00:12:43.002> my<00:12:43.163> lens<00:12:43.549> was<00:12:43.710> like,<00:12:44.693> I'm<00:12:44.837> sure<00:12:45.015> we<00:12:45.095> can<00:12:45.208> make<00:12:45.401> this<00:12:45.562> work.

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And<00:12:46.560> it<00:12:46.624> turns<00:12:47.011> out<00:12:47.172> that<00:12:47.655> actually,<00:12:48.556> you<00:12:48.637> know,<00:12:48.733> it<00:12:48.878> was<00:12:49.023> completely<00:12:49.522> the<00:12:49.603> wrong<00:12:49.909> lens<00:12:50.327> to<00:12:51.133> be<00:12:51.279> a<00:12:51.360> good<00:12:51.522> investor.

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The<00:12:52.090> good<00:12:52.203> investor<00:12:52.609> is<00:12:52.982> much<00:12:53.225> more<00:12:53.338> cynical.

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They're<00:12:53.955> much<00:12:54.198> more<00:12:54.782> thoughtful<00:12:55.187> about<00:12:56.144> the<00:12:56.225> market<00:12:56.549> opportunity.

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So<00:12:57.433> I<00:12:57.450> invested<00:12:57.824> in<00:12:57.921> a<00:12:57.986> lot<00:12:58.247> of<00:12:58.409> businesses<00:12:58.979> that,<00:12:59.288> you<00:12:59.320> know,<00:12:59.532> weren't<00:12:59.711> going<00:13:00.020> after<00:13:00.280> big<00:13:00.443> enough<00:13:00.670> markets<00:13:01.256> that,<00:13:02.053> you<00:13:02.086> know,<00:13:02.297> with<00:13:02.395> entrepreneurs<00:13:02.883> who<00:13:03.029> I<00:13:03.110> liked,<00:13:03.760> but<00:13:03.968> any,<00:13:04.113> you<00:13:04.193> know,<00:13:04.675> I<00:13:04.740> was<00:13:04.788> sort<00:13:04.981> of<00:13:05.013> attracted<00:13:05.479> to<00:13:05.543> the<00:13:05.639> inexperienced<00:13:06.282> entrepreneurs<00:13:06.989> who<00:13:07.632> reminded<00:13:07.969> me<00:13:08.130> of<00:13:08.162> myself<00:13:09.737> and<00:13:09.897> thought<00:13:10.122> that<00:13:10.283> that's<00:13:10.443> where<00:13:10.540> I<00:13:10.684> could<00:13:11.183> provide<00:13:12.147> the<00:13:12.211> most<00:13:12.404> help.

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And<00:13:12.693> we<00:13:12.789> had<00:13:12.950> some<00:13:13.111> really<00:13:13.320> nice<00:13:13.515> wins,<00:13:13.923> but<00:13:14.086> I<00:13:14.168> think<00:13:14.331> we<00:13:14.494> had<00:13:14.918> a<00:13:14.984> bunch<00:13:15.294> of<00:13:15.408> embarrassing,<00:13:16.354> you<00:13:16.387> know,<00:13:16.550> sort<00:13:16.778> of<00:13:16.941> terrible<00:13:17.268> investments<00:13:17.757> along<00:13:18.018> the<00:13:18.083> way<00:13:18.246> too.

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Tell<00:13:20.212> me<00:13:20.369> about<00:13:20.718> moat.com.

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Yeah,<00:13:24.021> so<00:13:24.181> Moat<00:13:26.090> was<00:13:26.314> a<00:13:26.555> big<00:13:26.715> winner,<00:13:27.534> mainly<00:13:28.336> because<00:13:28.721> my<00:13:28.897> partners<00:13:29.523> Jonah<00:13:29.699> and<00:13:29.779> Noah<00:13:30.084> Goodhart<00:13:30.646> were<00:13:30.742> running<00:13:30.982> it.

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So<00:13:32.747> Jonah<00:13:32.971> and<00:13:33.148> Noah<00:13:33.533> had<00:13:33.709> been<00:13:33.950> the,<00:13:34.576> you<00:13:34.608> know,<00:13:34.816> had<00:13:35.073> basically<00:13:35.394> been,<00:13:35.779> you<00:13:35.811> know,<00:13:36.035> co-founders<00:13:36.597> of<00:13:36.677> Right<00:13:36.837> Media.

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They<00:13:37.720> weren't<00:13:37.944> active<00:13:38.682> in<00:13:38.923> running<00:13:39.163> the<00:13:39.244> business.

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They<00:13:39.661> had<00:13:39.805> been<00:13:39.949> my<00:13:40.110> largest<00:13:40.447> customer<00:13:40.848> at<00:13:40.928> DoubleClick.

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And<00:13:41.554> when<00:13:41.650> I<00:13:42.211> left<00:13:42.484> DoubleClick,<00:13:42.997> they<00:13:43.238> wrote<00:13:43.478> the<00:13:43.799> angel<00:13:44.056> check<00:13:44.778> for<00:13:45.018> Right<00:13:45.179> Media,<00:13:46.623> joined<00:13:46.847> the<00:13:46.943> board<00:13:47.569> and<00:13:47.665> were,<00:13:48.146> you<00:13:48.211> know,<00:13:48.467> amazing<00:13:48.868> partners<00:13:49.141> to<00:13:49.285> me<00:13:49.494> during<00:13:49.751> that<00:13:51.275> during<00:13:51.500> that<00:13:51.661> run.

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And<00:13:52.014> so<00:13:52.704> we<00:13:52.800> all<00:13:52.945> had<00:13:53.057> a<00:13:53.121> great<00:13:53.346> run<00:13:53.507> together,<00:13:55.208> had<00:13:55.353> a<00:13:55.369> lot<00:13:55.513> of<00:13:55.545> fun,<00:13:56.252> did<00:13:56.396> a<00:13:56.412> lot<00:13:56.509> of<00:13:56.637> cool<00:13:56.798> things<00:13:56.990> together.

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And<00:13:58.499> then<00:13:58.901> we<00:13:59.045> started<00:13:59.623> WGI<00:14:00.570> Group,<00:14:00.747> is<00:14:00.891> Walrath<00:14:01.228> Goodhart<00:14:01.533> Investments.

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So<00:14:02.175> it's<00:14:02.352> pretty<00:14:02.512> simple<00:14:03.139> and<00:14:03.395> it's<00:14:03.700> Jonah<00:14:03.877> and<00:14:04.198> myself.

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And<00:14:06.349> so<00:14:07.473> after<00:14:07.649> a<00:14:07.730> couple<00:14:07.971> of<00:14:08.035> years<00:14:08.356> of<00:14:08.452> investing,<00:14:09.720> I<00:14:09.881> think<00:14:10.057> that<00:14:10.218> they<00:14:10.459> sort<00:14:10.700> of<00:14:10.780> got<00:14:11.005> the<00:14:11.165> operating<00:14:12.064> urge<00:14:12.690> again<00:14:13.669> and<00:14:14.135> they,<00:14:15.098> we<00:14:15.419> kind<00:14:16.061> of<00:14:16.158> came<00:14:16.318> up<00:14:16.398> with<00:14:16.527> this<00:14:16.703> idea<00:14:17.668> that<00:14:18.006> turned<00:14:18.231> out<00:14:18.312> not<00:14:18.554> to<00:14:18.634> be<00:14:18.731> anything<00:14:19.053> like<00:14:19.294> what<00:14:19.520> Moat<00:14:19.697> turned<00:14:19.922> out<00:14:20.084> to<00:14:20.180> be.

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It<00:14:21.082> was,<00:14:21.549> we<00:14:21.630> had<00:14:21.775> this<00:14:21.936> idea<00:14:22.258> about,<00:14:22.918> and<00:14:22.999> really<00:14:23.401> they<00:14:23.627> drove<00:14:23.900> it<00:14:24.190> about<00:14:25.012> creating<00:14:25.334> a<00:14:25.479> creative<00:14:26.042> marketplace<00:14:26.703> where<00:14:27.252> you<00:14:27.348> could<00:14:28.058> crowdsource<00:14:29.107> creative<00:14:30.075> advertising<00:14:30.978> design.

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And<00:14:33.363> it<00:14:33.459> turns<00:14:33.748> out<00:14:33.845> that<00:14:33.989> that<00:14:34.246> actually<00:14:34.568> wasn't<00:14:34.889> much<00:14:35.114> of<00:14:35.146> an<00:14:35.274> idea,<00:14:36.094> but<00:14:36.817> we<00:14:36.978> created<00:14:37.235> a<00:14:37.299> set<00:14:37.476> of<00:14:37.620> tools<00:14:38.182> that<00:14:38.327> allowed<00:14:38.970> the<00:14:39.066> designers<00:14:39.612> to<00:14:39.693> understand<00:14:40.175> how<00:14:40.496> users<00:14:40.753> engaged<00:14:41.219> with<00:14:41.380> advertising.

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And<00:14:42.360> that<00:14:42.520> became<00:14:42.810> kind<00:14:43.015> of<00:14:43.084> the<00:14:43.256> kernel<00:14:43.702> of<00:14:43.959> the<00:14:45.212> Moat<00:14:46.752> situation.

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So<00:14:47.618> Moat<00:14:47.843> was<00:14:48.003> kind<00:14:48.196> of<00:14:48.260> the<00:14:48.340> mirror<00:14:48.725> image<00:14:49.463> in<00:14:49.607> the<00:14:49.687> sense<00:14:50.490> at<00:14:51.147> Right<00:14:51.308> Media,<00:14:51.612> I<00:14:51.853> was<00:14:52.029> running<00:14:52.254> the<00:14:52.334> company,<00:14:52.735> I<00:14:52.816> was<00:14:53.056> operating,<00:14:53.553> I<00:14:53.634> was<00:14:53.714> doing<00:14:53.890> that.

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And<00:14:54.195> Jonah<00:14:54.372> and<00:14:54.500> Noah<00:14:54.644> were<00:14:54.756> on<00:14:54.837> the<00:14:54.981> board<00:14:55.238> providing<00:14:55.575> support.

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You<00:14:57.323> know,<00:14:57.403> they<00:14:57.548> gave<00:14:57.708> me<00:14:58.189> the<00:14:58.526> title<00:14:58.847> chairman,<00:14:59.328> which<00:14:59.553> was<00:14:59.729> probably<00:15:00.194> overstated.

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They<00:15:01.815> were<00:15:02.039> out<00:15:02.216> there<00:15:02.440> running<00:15:02.761> the<00:15:02.841> company,<00:15:03.403> doing<00:15:03.724> all<00:15:03.820> the<00:15:03.980> hard<00:15:04.205> work,<00:15:04.477> and<00:15:04.606> I<00:15:05.007> got<00:15:05.167> to<00:15:05.520> attend<00:15:05.825> board<00:15:05.985> meetings<00:15:06.467> and<00:15:06.691> kick<00:15:06.868> ideas<00:15:07.172> around<00:15:07.589> and<00:15:08.151> talk<00:15:08.311> to<00:15:08.456> them.

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But<00:15:09.835> it<00:15:09.915> was,<00:15:10.878> you<00:15:10.958> know,<00:15:11.038> just<00:15:11.215> another<00:15:11.520> amazing<00:15:12.322> outcome<00:15:12.642> that<00:15:12.947> very<00:15:13.203> coincidentally<00:15:14.486> sold<00:15:14.807> for<00:15:14.951> the<00:15:15.031> same<00:15:15.368> dollar<00:15:15.608> amount<00:15:15.849> that<00:15:15.993> Ray<00:15:16.089> Media<00:15:16.330> sold<00:15:16.634> for.

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That's<00:15:17.965> so<00:15:18.157> fascinating.

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That's<00:15:19.135> incredible.

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That's<00:15:19.857> your<00:15:20.001> number,<00:15:21.764> apparently.

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Yeah,<00:15:22.742> that's<00:15:22.967> your<00:15:23.063> number,<00:15:23.368> man.

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Uh,<00:15:24.442> you<00:15:24.650> also<00:15:24.891> started—.

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I<00:15:25.372> haven't<00:15:25.628> checked<00:15:25.869> our<00:15:25.949> market<00:15:26.350> cap<00:15:26.606> today,<00:15:26.911> but<00:15:26.991> it's<00:15:27.392> probably<00:15:27.648> around<00:15:27.857> the<00:15:27.889> same<00:15:28.257> point.

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That's<00:15:30.021> awesome.

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You<00:15:31.063> also<00:15:31.303> have<00:15:31.544> a—<00:15:31.945> you<00:15:32.041> started<00:15:32.362> a<00:15:32.442> production<00:15:32.923> company<00:15:33.468> where<00:15:33.708> you<00:15:33.869> focus<00:15:34.269> on,<00:15:34.830> uh,<00:15:35.087> documentaries.

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What<00:15:36.610> inspired<00:15:37.075> you<00:15:37.155> to<00:15:37.251> do<00:15:37.492> that,<00:15:38.037> and<00:15:38.197> what<00:15:38.293> have<00:15:38.438> you<00:15:38.598> learned<00:15:39.015> from<00:15:39.255> that?

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And<00:15:39.816> maybe<00:15:40.057> tell<00:15:40.217> us,<00:15:40.458> uh,<00:15:40.842> a<00:15:40.939> couple<00:15:41.243> of<00:15:41.339> the,<00:15:41.804> the<00:15:41.901> films<00:15:42.205> that<00:15:42.366> put<00:15:42.526> out.

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Sure.

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Yeah.

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So<00:15:44.692> I<00:15:44.788> actually,<00:15:45.109> this<00:15:45.269> is<00:15:45.414> one<00:15:45.590> where<00:15:45.815> like<00:15:46.055> I<00:15:46.136> had<00:15:46.312> even<00:15:46.553> less<00:15:46.729> to<00:15:46.873> do<00:15:47.034> with<00:15:47.194> this<00:15:48.301> than<00:15:48.863> Moat.

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The<00:15:50.708> company<00:15:51.109> Atlas<00:15:51.365> Films<00:15:51.686> was<00:15:51.766> started.

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So<00:15:53.114> one<00:15:53.210> of<00:15:53.242> my<00:15:54.109> friends<00:15:54.558> from<00:15:54.734> growing<00:15:55.039> up,<00:15:56.162> incredible<00:15:56.980> person<00:15:57.285> named<00:15:57.445> Stephanie<00:15:57.798> Suktig,<00:15:59.932> we<00:16:00.269> lived,<00:16:00.574> we<00:16:00.654> were<00:16:00.750> neighbors<00:16:01.071> in<00:16:01.135> the<00:16:01.215> city<00:16:02.114> right<00:16:02.274> after<00:16:02.499> college.

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And<00:16:02.996> so<00:16:03.301> we<00:16:03.333> used<00:16:03.493> to,<00:16:04.344> you<00:16:04.424> know,<00:16:04.520> buy<00:16:04.681> the<00:16:04.761> cheapest<00:16:05.082> bottle<00:16:05.338> of<00:16:05.402> wine<00:16:05.643> we<00:16:05.788> could<00:16:06.060> and<00:16:06.189> we'd,<00:16:07.231> she<00:16:07.632> worked<00:16:07.873> for,<00:16:08.146> she'd<00:16:08.370> gone<00:16:08.467> to<00:16:08.611> NYU<00:16:09.012> and<00:16:09.092> she<00:16:09.317> worked<00:16:09.429> for<00:16:09.638> Barbara<00:16:09.894> Walters<00:16:10.456> and<00:16:10.616> Bill<00:16:10.761> O'Reilly<00:16:11.258> and<00:16:11.338> did<00:16:11.483> a<00:16:11.499> lot<00:16:12.204> of<00:16:13.463> TV<00:16:13.785> production.

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And<00:16:14.444> so<00:16:14.605> she,<00:16:14.910> we<00:16:15.055> would<00:16:15.151> sit<00:16:15.312> around<00:16:15.537> and<00:16:15.633> drink<00:16:16.180> really<00:16:16.357> cheap<00:16:16.662> wine<00:16:16.903> and<00:16:16.984> talk<00:16:17.176> about,<00:16:18.109> you<00:16:18.141> know,<00:16:18.446> how<00:16:18.671> someday,<00:16:19.555> you<00:16:19.587> know,<00:16:20.038> we'd<00:16:20.198> make<00:16:20.439> movies<00:16:20.857> that<00:16:21.002> mattered.

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And,<00:16:23.566> and<00:16:23.647> so<00:16:24.195> after<00:16:24.696> the<00:16:24.760> Right<00:16:24.922> Media<00:16:25.180> transaction,<00:16:25.842> as<00:16:26.132> we<00:16:26.294> were<00:16:26.697> kind<00:16:26.842> of<00:16:26.875> going<00:16:27.181> through<00:16:27.440> figuring<00:16:27.827> out<00:16:27.924> what<00:16:27.988> was<00:16:28.101> next,<00:16:28.957> she<00:16:29.054> and<00:16:29.134> I<00:16:29.231> started<00:16:29.538> talking<00:16:30.038> and<00:16:30.329> along<00:16:30.522> with<00:16:30.668> my<00:16:30.748> wife<00:16:30.991> Michelle<00:16:31.330> about,<00:16:31.798> you<00:16:32.750> know,<00:16:32.943> some<00:16:33.169> of<00:16:33.234> the<00:16:33.331> issues<00:16:33.654> that<00:16:33.815> you<00:16:33.960> could<00:16:34.138> tackle<00:16:35.009> with<00:16:35.170> a<00:16:35.251> long-form<00:16:35.735> documentary<00:16:36.316> film.

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And<00:16:36.720> so<00:16:37.430> her,<00:16:38.091> Stephanie's<00:16:38.559> really<00:16:38.979> her<00:16:39.463> sweet<00:16:39.705> spot<00:16:40.012> is,<00:16:40.431> is<00:16:40.674> going<00:16:40.980> deep,<00:16:41.238> deep,<00:16:41.480> deep<00:16:41.714> onto<00:16:42.255> an<00:16:42.325> issue.

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And<00:16:43.502> really<00:16:43.662> understanding<00:16:44.224> the<00:16:44.304> complexity<00:16:44.946> of<00:16:45.042> it.

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And<00:16:45.571> so<00:16:45.667> we<00:16:45.748> made<00:16:45.908> a<00:16:45.972> number<00:16:46.229> of<00:16:46.293> films.

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The<00:16:46.774> one<00:16:46.886> that<00:16:47.095> Michelle<00:16:47.271> and<00:16:47.432> I<00:16:47.512> were<00:16:47.608> the<00:16:47.688> most<00:16:48.298> actively<00:16:49.116> involved<00:16:49.581> in<00:16:49.741> was,<00:16:50.640> was<00:16:50.800> a<00:16:50.864> film<00:16:51.041> called<00:16:51.265> Fed<00:16:51.586> Up,<00:16:52.709> which<00:16:52.869> we<00:16:52.949> made,<00:16:53.206> I<00:16:53.366> believe,<00:16:53.607> in<00:16:53.687> 2014.

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We<00:16:54.585> released<00:16:55.035> it<00:16:55.131> and<00:16:55.227> it<00:16:55.291> was<00:16:55.676> just<00:16:55.869> a,<00:16:56.719> you<00:16:56.751> know,<00:16:57.136> at<00:16:57.280> the<00:16:57.360> time,<00:16:57.697> a<00:16:57.842> really<00:16:58.098> deep<00:16:58.323> exploration<00:16:59.365> of<00:16:59.446> what<00:16:59.542> was<00:16:59.686> going<00:16:59.927> on<00:17:00.087> with<00:17:00.135> our<00:17:00.264> food<00:17:00.504> system<00:17:00.921> and<00:17:01.066> particularly<00:17:02.910> the<00:17:03.231> amount<00:17:03.471> of<00:17:03.776> added<00:17:03.953> sugar<00:17:04.434> and<00:17:05.460> processed<00:17:05.877> food<00:17:06.118> that<00:17:06.439> was,<00:17:06.984> you<00:17:07.016> know,<00:17:07.802> and<00:17:07.947> the<00:17:08.107> linkages<00:17:08.604> between<00:17:08.925> that<00:17:09.166> and<00:17:09.246> metabolic<00:17:09.743> disease<00:17:10.208> and<00:17:10.288> disorder<00:17:10.689> and<00:17:10.834> things<00:17:10.994> like<00:17:11.171> that.

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But<00:17:12.469> you<00:17:12.870> know,<00:17:13.575> we,<00:17:13.655> we<00:17:13.879> were<00:17:14.055> pretty<00:17:14.360> active<00:17:14.616> in<00:17:14.744> that<00:17:14.841> one.

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Stephanie<00:17:15.401> really,<00:17:15.674> it's<00:17:15.818> another<00:17:16.042> one<00:17:16.203> where,<00:17:16.924> you<00:17:16.956> know,<00:17:17.581> it,<00:17:17.885> it,<00:17:18.062> it<00:17:18.606> looks<00:17:18.847> a<00:17:18.863> little<00:17:19.119> better<00:17:19.488> on<00:17:19.648> the<00:17:19.824> Wikipedia<00:17:20.369> profile<00:17:20.930> than,<00:17:21.827> than<00:17:22.228> it<00:17:22.308> probably<00:17:22.693> is.

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You<00:17:23.013> get<00:17:23.173> these<00:17:23.334> fancy<00:17:23.590> titles<00:17:23.975> like<00:17:24.151> executive<00:17:24.696> producer,<00:17:25.112> but<00:17:25.289> you<00:17:25.914> know,<00:17:25.994> what<00:17:26.138> you<00:17:26.234> really<00:17:26.458> do<00:17:26.635> is,<00:17:26.955> is<00:17:27.500> fund<00:17:27.756> some<00:17:27.997> projects<00:17:28.782> and<00:17:29.423> provide<00:17:29.615> a<00:17:29.679> little<00:17:29.904> bit<00:17:30.016> of<00:17:30.096> input<00:17:30.416> here<00:17:30.561> and<00:17:30.641> there<00:17:30.801> and<00:17:30.865> then<00:17:30.961> you<00:17:31.041> get<00:17:31.122> to<00:17:31.186> show<00:17:31.426> up<00:17:31.506> for<00:17:31.602> all<00:17:31.682> the<00:17:31.763> fun<00:17:32.003> stuff.

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Yeah,<00:17:33.445> I<00:17:33.525> remember<00:17:33.910> Fed<00:17:34.166> Up.

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That<00:17:34.471> was<00:17:34.583> a<00:17:34.647> big<00:17:34.871> documentary.

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That<00:17:36.169> would,<00:17:36.314> that<00:17:36.474> was<00:17:36.570> incredible.

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Yeah.

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Really<00:17:38.097> fun,<00:17:38.663> amazing.

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Like,<00:17:39.875> you<00:17:39.956> know,<00:17:40.053> it<00:17:40.102> was<00:17:40.215> sort<00:17:40.441> of—<00:17:40.506> I<00:17:40.522> didn't<00:17:40.684> know<00:17:40.781> anything<00:17:41.007> about<00:17:41.250> how<00:17:41.330> that<00:17:41.557> whole<00:17:41.719> world<00:17:42.204> worked.

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And,<00:17:43.998> you<00:17:44.079> know,<00:17:44.790> I<00:17:44.823> got<00:17:45.033> to<00:17:45.130> be<00:17:45.275> part<00:17:45.470> of<00:17:45.518> the<00:17:45.550> negotiation<00:17:46.407> when<00:17:46.488> we<00:17:46.585> sold<00:17:46.908> that,<00:17:48.924> which<00:17:49.101> is<00:17:49.246> a<00:17:49.310> whole<00:17:49.503> nother<00:17:49.745> story<00:17:50.147> that,<00:17:50.597> you<00:17:50.630> know,<00:17:51.161> I<00:17:51.257> actually<00:17:51.820> hung<00:17:52.045> up<00:17:52.206> on<00:17:52.287> Harvey<00:17:52.544> Weinstein.

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That<00:17:53.188> was<00:17:53.348> my—<00:17:54.378> that<00:17:54.475> was<00:17:54.635> my—.

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I<00:17:55.263> was<00:17:55.440> gonna<00:17:55.601> ask,<00:17:55.922> it's<00:17:56.083> the<00:17:56.325> funniest<00:17:56.711> thing<00:17:56.872> ever.

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I<00:17:57.065> was<00:17:57.209> gonna<00:17:57.435> ask<00:17:57.612> if<00:17:57.758> you<00:17:57.840> ever<00:17:58.100> bumped<00:17:58.425> into<00:18:00.522> him.

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Yeah,<00:18:02.473> his<00:18:02.733> company<00:18:03.204> bought<00:18:03.448> that<00:18:03.627> film.

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And,<00:18:07.291> you<00:18:07.372> know,<00:18:07.628> he<00:18:08.013> was,<00:18:09.151> you<00:18:09.231> know,<00:18:10.353> without<00:18:10.754> getting<00:18:11.058> into<00:18:11.299> a<00:18:11.315> lot<00:18:11.491> of<00:18:11.555> detail,<00:18:11.940> he<00:18:12.020> was<00:18:12.132> a<00:18:12.180> real<00:18:12.357> jerk<00:18:12.677> in<00:18:12.757> the<00:18:12.838> negotiation<00:18:13.399> process.

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And<00:18:13.928> there<00:18:13.976> was<00:18:14.056> a<00:18:14.200> point<00:18:15.066> where<00:18:15.643> we<00:18:15.803> were<00:18:16.027> on<00:18:16.108> the<00:18:16.188> phone<00:18:16.428> with<00:18:16.524> him<00:18:16.749> and<00:18:16.925> he,<00:18:17.326> you<00:18:17.406> know,<00:18:17.566> he<00:18:18.448> was<00:18:18.592> doing<00:18:18.913> things<00:18:19.169> that,<00:18:19.730> you<00:18:19.810> know,<00:18:20.516> really<00:18:20.692> were,<00:18:21.317> you<00:18:21.349> know,<00:18:21.493> sort<00:18:21.654> of<00:18:21.878> outside<00:18:22.151> the<00:18:22.279> lines<00:18:22.551> and<00:18:23.321> I<00:18:23.353> just<00:18:23.561> hung<00:18:23.721> up<00:18:23.882> on<00:18:23.978> him.

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And<00:18:25.164> it<00:18:25.244> actually<00:18:25.565> completely<00:18:26.062> changed<00:18:27.729> the<00:18:28.450> sort<00:18:28.626> of<00:18:28.851> the<00:18:29.011> tone<00:18:29.284> of<00:18:29.364> the<00:18:29.444> negotiations<00:18:30.229> because,<00:18:30.630> you<00:18:30.999> know,<00:18:31.400> I<00:18:31.820> think,<00:18:32.200> you<00:18:32.440> know,<00:18:32.700> they<00:18:32.940> figured<00:18:33.100> out<00:18:33.260> we<00:18:33.360> weren't<00:18:33.520> going<00:18:33.620> to<00:18:33.720> be<00:18:33.760> bullied<00:18:34.120> into,<00:18:34.820> into<00:18:35.340> doing<00:18:35.640> something<00:18:35.920> dumb.

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And,<00:18:36.501> um,<00:18:37.340> so<00:18:37.460> that,<00:18:37.880> you<00:18:37.881> know,<00:18:37.980> I<00:18:38.100> obviously,<00:18:38.800> I<00:18:39.080> didn't<00:18:39.180> know<00:18:39.380> him<00:18:39.519> at<00:18:39.680> all,<00:18:39.800> and<00:18:39.920> I<00:18:40.000> didn't<00:18:40.160> know<00:18:40.320> any<00:18:40.460> of<00:18:40.620> the<00:18:40.621> stories<00:18:40.880> or<00:18:41.040> anything<00:18:41.240> like<00:18:41.520> that.

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I<00:18:41.740> just,<00:18:42.860> uh,<00:18:42.861> it<00:18:42.980> was<00:18:43.040> a,<00:18:43.340> it<00:18:43.420> was<00:18:43.540> a<00:18:43.700> very<00:18:43.920> interesting<00:18:44.320> introduction<00:18:44.820> to,<00:18:45.340> you<00:18:45.500> know,<00:18:45.600> sort<00:18:45.740> of<00:18:45.800> the<00:18:45.920> culture<00:18:46.240> of<00:18:46.600> Hollywood.

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That<00:18:48.300> should<00:18:48.460> be<00:18:48.640> the<00:18:48.720> beginning<00:18:49.100> of<00:18:49.340> your<00:18:49.520> Wikipedia<00:18:49.920> page.

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You<00:18:50.460> hung<00:18:50.660> up<00:18:50.880> on<00:18:51.060> Harvey<00:18:51.440> Weinstein.

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That<00:18:52.640> is<00:18:52.940> freaking<00:18:53.200> cool.

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That's<00:18:54.340> unbelievable.

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It<00:18:55.920> was,<00:18:56.100> it<00:18:56.220> was<00:18:56.420> like,<00:18:56.780> you<00:18:57.020> know,<00:18:57.140> it<00:18:57.300> was<00:18:57.301> like<00:18:57.380> one<00:18:57.540> of<00:18:57.580> those<00:18:57.760> moments<00:18:58.060> where<00:18:58.260> you<00:18:58.340> just<00:18:58.580> like,<00:18:59.080> it<00:18:59.400> was<00:18:59.540> almost<00:18:59.720> like<00:18:59.920> the<00:19:00.100> out-of-body<00:19:00.540> thing,<00:19:00.880> and<00:19:01.020> it<00:19:01.140> was<00:19:01.732> It<00:19:01.893> was<00:19:02.054> probably<00:19:02.439> exactly<00:19:03.097> the<00:19:03.178> right<00:19:03.499> thing<00:19:03.740> to<00:19:03.900> do.

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And<00:19:04.703> if<00:19:04.847> I<00:19:05.008> were<00:19:05.104> like,<00:19:05.811> if<00:19:06.549> I<00:19:06.710> weren't<00:19:06.967> so<00:19:07.095> honest,<00:19:07.513> I<00:19:07.577> would<00:19:07.738> tell<00:19:07.914> you<00:19:08.075> like<00:19:08.781> that<00:19:08.878> it<00:19:08.942> was<00:19:09.102> all<00:19:09.199> calculated<00:19:09.905> and<00:19:10.018> it<00:19:10.082> was<00:19:10.242> like,<00:19:10.403> we're<00:19:10.548> just<00:19:10.724> gonna<00:19:11.366> show<00:19:11.607> these<00:19:11.832> guys<00:19:12.073> that<00:19:12.169> we<00:19:12.250> don't<00:19:12.410> care<00:19:12.892> and<00:19:13.374> that,<00:19:13.695> you<00:19:13.759> know,<00:19:13.839> if<00:19:13.935> they<00:19:14.080> want<00:19:14.160> to<00:19:14.241> do<00:19:14.417> business<00:19:14.658> with<00:19:14.819> us,<00:19:15.300> they're<00:19:15.637> not<00:19:15.782> going<00:19:15.894> to<00:19:15.943> treat<00:19:16.167> us<00:19:16.328> this<00:19:16.424> way.

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But<00:19:17.147> it<00:19:17.211> was<00:19:17.372> actually<00:19:17.693> just<00:19:17.869> like,<00:19:18.094> it<00:19:18.174> was<00:19:18.335> like<00:19:18.576> one<00:19:18.672> of<00:19:18.704> those<00:19:18.897> moments<00:19:19.090> where<00:19:19.170> you<00:19:19.314> just<00:19:19.539> like,<00:19:20.358> it<00:19:20.422> was<00:19:20.519> so<00:19:20.824> outside<00:19:21.707> the<00:19:21.803> pale<00:19:22.189> what<00:19:22.285> was<00:19:22.429> happening.

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And<00:19:23.007> I<00:19:23.168> just<00:19:23.409> was<00:19:23.553> like,<00:19:23.714> we're<00:19:24.035> not<00:19:24.276> doing<00:19:24.533> this<00:19:24.870> and<00:19:25.336> hit<00:19:25.496> the<00:19:25.560> red<00:19:25.801> button<00:19:26.042> on<00:19:26.122> the<00:19:26.219> phone.

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And<00:19:28.214> then<00:19:29.258> kind<00:19:29.435> of<00:19:29.483> looked<00:19:29.676> around<00:19:29.901> and<00:19:29.965> went,<00:19:30.222> I<00:19:30.270> was<00:19:30.447> with<00:19:30.543> Stephanie<00:19:31.025> and<00:19:31.186> I<00:19:31.266> kind<00:19:31.491> of<00:19:31.571> looked<00:19:31.893> at<00:19:31.957> her<00:19:32.053> and<00:19:32.230> I<00:19:32.375> was<00:19:32.471> like,<00:19:33.178> I<00:19:33.194> think<00:19:33.499> this<00:19:33.596> is<00:19:33.756> gonna<00:19:33.917> be<00:19:34.062> okay.

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But<00:19:35.122> I<00:19:35.202> wasn't<00:19:35.524> actually<00:19:35.845> totally<00:19:36.231> sure<00:19:36.407> it<00:19:36.472> was<00:19:36.568> gonna<00:19:36.889> be<00:19:36.970> okay.

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That's<00:19:39.566> incredible.

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At<00:19:41.338> what<00:19:41.499> point<00:19:41.886> do<00:19:42.047> you<00:19:42.788> get<00:19:42.949> involved<00:19:43.432> in<00:19:43.738> Yext?

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So<00:19:46.483> that<00:19:46.613> was<00:19:46.890> actually<00:19:47.199> one<00:19:47.296> of<00:19:47.362> the<00:19:47.443> first<00:19:47.866> things<00:19:48.110> I<00:19:48.337> did.

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So,<00:19:50.045> you<00:19:51.118> know,<00:19:51.183> I<00:19:51.444> already,<00:19:51.997> you<00:19:52.354> know,<00:19:52.642> I<00:19:52.787> lied<00:19:53.044> when<00:19:53.189> I<00:19:53.222> said<00:19:53.528> I<00:19:53.673> took<00:19:54.092> 6<00:19:54.333> months<00:19:54.639> off<00:19:54.736> and<00:19:54.849> did<00:19:54.962> nothing.

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The<00:19:56.089> first<00:19:56.428> thing<00:19:56.589> I<00:19:56.669> did<00:19:57.620> when<00:19:57.781> I<00:19:57.877> left<00:19:58.828> Yahoo<00:19:59.150> was<00:19:59.327> I<00:19:59.730> invested<00:20:00.310> in<00:20:00.439> Yext.

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And<00:20:02.886> the<00:20:03.048> backstory<00:20:03.518> there<00:20:04.117> is,<00:20:04.263> so<00:20:04.425> Howard<00:20:04.732> Lerman,<00:20:05.056> who<00:20:05.137> started<00:20:05.478> Yext,<00:20:06.044> amazing<00:20:06.449> entrepreneur<00:20:07.567> I<00:20:07.583> had<00:20:07.729> met<00:20:08.053> while<00:20:08.134> I<00:20:08.231> was,<00:20:08.944> he<00:20:09.025> worked<00:20:09.187> for<00:20:09.284> another<00:20:09.527> company.

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He<00:20:10.826> had<00:20:10.922> sold<00:20:12.127> a<00:20:12.143> small<00:20:12.449> company<00:20:12.834> to<00:20:12.931> another<00:20:13.172> company,<00:20:13.557> was<00:20:13.670> a<00:20:13.734> customer<00:20:14.136> of<00:20:14.280> ours<00:20:14.618> at<00:20:14.746> Bright<00:20:14.939> Media.

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And<00:20:15.823> so<00:20:15.984> he<00:20:16.128> and<00:20:16.209> I<00:20:16.241> met<00:20:16.610> and<00:20:16.691> became<00:20:16.948> friendly<00:20:17.912> and<00:20:18.056> he<00:20:18.153> started<00:20:19.920> Yext<00:20:20.246> in<00:20:20.407> 2000,<00:20:21.202> 7,<00:20:21.667> I<00:20:21.763> believe<00:20:22.565> it<00:20:22.597> was<00:20:22.709> a<00:20:22.725> completely<00:20:23.126> different<00:20:23.367> business<00:20:23.672> than<00:20:23.848> it<00:20:23.928> is<00:20:24.089> today.

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And<00:20:24.489> he<00:20:24.570> came<00:20:24.810> to<00:20:24.890> me<00:20:24.971> and<00:20:25.099> he<00:20:25.211> asked<00:20:25.372> me<00:20:25.452> to<00:20:25.548> invest<00:20:25.933> and<00:20:25.997> I<00:20:26.029> said,<00:20:26.174> yeah,<00:20:26.318> I'd<00:20:26.430> love<00:20:26.574> to<00:20:26.719> invest.

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I<00:20:27.729> did<00:20:27.922> the<00:20:28.018> thing<00:20:28.178> you<00:20:28.259> had<00:20:28.419> to<00:20:28.563> do<00:20:28.724> working<00:20:28.964> at<00:20:29.060> Yahoo,<00:20:29.301> which<00:20:29.461> is<00:20:29.606> I<00:20:29.686> went<00:20:29.782> to<00:20:29.927> Yahoo<00:20:30.263> and<00:20:30.344> said,<00:20:31.001> I'm<00:20:31.129> gonna<00:20:31.290> invest<00:20:31.643> in<00:20:31.771> this<00:20:31.931> thing,<00:20:32.060> do<00:20:32.108> you<00:20:32.156> have<00:20:32.268> any<00:20:32.429> problem?

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And<00:20:34.594> they<00:20:34.738> blocked<00:20:35.075> it.

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Somebody<00:20:36.278> in<00:20:36.358> legal<00:20:36.679> decided<00:20:37.160> that<00:20:37.320> there<00:20:37.465> was<00:20:37.641> enough<00:20:38.106> competitive<00:20:38.844> potential<00:20:40.512> to<00:20:40.624> some<00:20:40.929> voiceover<00:20:41.490> IP<00:20:41.875> business<00:20:42.292> that<00:20:42.388> we<00:20:42.517> had<00:20:42.757> that<00:20:42.870> they'd<00:20:43.078> said,<00:20:43.271> no,<00:20:43.720> you're<00:20:43.848> not<00:20:43.960> allowed<00:20:44.217> to<00:20:44.281> invest<00:20:44.618> in<00:20:44.698> the<00:20:44.778> business.

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And<00:20:45.195> so<00:20:46.045> I<00:20:46.061> actually<00:20:46.366> missed<00:20:46.703> the<00:20:46.783> first<00:20:47.104> round<00:20:47.825> at<00:20:48.772> Yext<00:20:49.269> because<00:20:49.509> I<00:20:49.894> couldn't,<00:20:52.280> invest.

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And<00:20:52.879> then<00:20:53.187> as<00:20:53.301> soon<00:20:53.528> as<00:20:53.674> I<00:20:53.690> left<00:20:53.933> Yahoo,<00:20:54.257> I<00:20:54.403> called<00:20:54.646> Howard<00:20:54.971> and<00:20:55.052> I<00:20:55.084> said,<00:20:55.295> look,<00:20:55.457> I<00:20:55.473> really<00:20:55.781> wanted<00:20:56.041> to<00:20:56.203> invest<00:20:56.673> and<00:20:56.770> now<00:20:56.997> I<00:20:57.095> can.

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And<00:20:58.096> he<00:20:58.128> said,<00:20:58.354> okay,<00:20:58.660> well,<00:20:58.982> he<00:20:59.095> said,<00:20:59.305> I'll<00:20:59.579> figure<00:20:59.869> out<00:20:59.965> a<00:21:00.030> way<00:21:00.126> to<00:21:00.207> get<00:21:00.433> you<00:21:00.594> in.

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And<00:21:00.916> he<00:21:01.077> found<00:21:01.399> a,<00:21:01.738> he<00:21:01.899> had<00:21:01.995> a<00:21:02.060> shareholder<00:21:02.527> who<00:21:02.624> wanted<00:21:02.866> to<00:21:02.946> sell<00:21:03.172> their<00:21:03.268> stake.

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And<00:21:04.738> so<00:21:04.834> we<00:21:04.931> started<00:21:05.625> WGI<00:21:06.125> Group,<00:21:06.287> bought<00:21:06.529> that<00:21:06.690> stake,<00:21:07.255> and<00:21:07.335> then<00:21:07.416> we<00:21:07.561> continued<00:21:07.981> to<00:21:08.126> invest<00:21:08.481> in<00:21:08.562> the<00:21:08.626> next<00:21:08.852> couple<00:21:09.029> of<00:21:09.110> rounds.

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And<00:21:10.546> around<00:21:11.030> 2010,<00:21:13.008> the<00:21:13.090> company<00:21:13.398> was<00:21:13.512> going<00:21:13.805> through<00:21:13.983> sort<00:21:14.373> of<00:21:14.552> a<00:21:14.633> really<00:21:14.812> significant<00:21:15.446> pivot<00:21:15.755> from<00:21:15.933> being<00:21:16.177> a<00:21:16.258> marketing<00:21:16.648> services<00:21:17.152> business<00:21:17.493> to<00:21:17.640> a<00:21:17.656> software<00:21:18.192> business.

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And<00:21:20.178> he<00:21:20.340> asked<00:21:20.599> me,<00:21:20.664> he<00:21:20.761> said,<00:21:20.923> look,<00:21:21.311> you<00:21:21.392> know,<00:21:22.380> why<00:21:22.477> don't<00:21:22.768> you<00:21:23.739> lead<00:21:23.982> this<00:21:24.160> round,<00:21:24.792> this<00:21:24.970> kind<00:21:25.115> of<00:21:25.196> pivot<00:21:25.520> round,<00:21:27.084> and<00:21:27.181> we'll<00:21:27.345> make<00:21:27.491> you<00:21:27.573> the<00:21:27.671> chairman<00:21:27.915> of<00:21:27.997> the<00:21:28.079> company.

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And<00:21:28.715> you<00:21:28.796> can,<00:21:29.237> I<00:21:29.285> was<00:21:29.400> already<00:21:29.546> on<00:21:29.628> the<00:21:29.710> board,<00:21:30.036> but<00:21:30.134> he<00:21:30.199> said<00:21:30.329> you<00:21:30.427> can<00:21:30.525> take<00:21:30.688> a<00:21:30.704> more<00:21:30.933> active<00:21:31.243> role.

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And<00:21:33.390> I<00:21:33.536> jumped<00:21:33.779> at<00:21:33.893> it.

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It<00:21:34.266> was<00:21:34.460> a<00:21:34.590> perfect<00:21:35.028> scenario<00:21:35.660> because<00:21:35.887> I<00:21:35.903> didn't<00:21:36.146> have<00:21:36.308> to<00:21:36.454> run<00:21:36.568> the<00:21:36.697> company.

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He<00:21:37.265> was<00:21:37.378> doing<00:21:37.508> that.

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He<00:21:37.848> was<00:21:38.027> doing<00:21:38.172> that<00:21:38.270> really<00:21:38.562> well.

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But<00:21:39.976> I<00:21:40.057> got<00:21:40.202> to<00:21:40.300> be<00:21:40.462> in<00:21:40.607> there.

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I<00:21:40.866> got<00:21:41.028> to<00:21:41.271> go<00:21:41.385> to<00:21:41.433> the<00:21:41.579> office<00:21:41.887> whenever<00:21:42.081> I<00:21:42.227> wanted.

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I<00:21:42.632> got<00:21:42.794> to<00:21:43.134> be<00:21:43.279> in<00:21:43.360> the<00:21:43.458> environment.

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It<00:21:44.429> was<00:21:44.672> everything<00:21:45.061> I<00:21:45.158> wanted.

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Without<00:21:46.343> actually<00:21:46.667> having<00:21:46.926> to<00:21:47.072> be<00:21:47.169> in<00:21:47.250> charge.

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That's<00:21:49.598> awesome.

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What's<00:21:50.894> that<00:21:51.055> business<00:21:51.444> like<00:21:51.606> right<00:21:51.703> now?

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It's<00:21:54.438> interesting<00:21:55.003> right<00:21:55.116> now.

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So<00:21:57.100> I<00:21:57.762> became<00:21:58.165> chairman<00:21:58.375> of<00:21:58.407> the<00:21:58.471> company<00:21:58.810> in<00:21:59.213> 2010<00:21:59.875> or<00:21:59.939> maybe<00:22:00.601> early<00:22:00.827> 2011<00:22:01.956> officially.

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We<00:22:03.860> had<00:22:03.973> a<00:22:04.037> great<00:22:04.441> run.

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We<00:22:04.780> took<00:22:04.942> the<00:22:05.022> company<00:22:05.265> public<00:22:05.604> in<00:22:05.733> 2017.

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The<00:22:07.848> business<00:22:08.171> had<00:22:08.317> started<00:22:08.801> as,<00:22:09.205> you<00:22:09.237> know,<00:22:09.383> really<00:22:09.544> a<00:22:09.689> business<00:22:10.012> managing<00:22:10.432> the<00:22:10.578> third-party<00:22:11.094> digital<00:22:11.482> experience<00:22:12.370> for<00:22:12.500> location-based<00:22:13.164> marketers.

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So<00:22:14.007> that's<00:22:14.233> like<00:22:14.282> just<00:22:14.347> a<00:22:14.379> bunch,<00:22:14.541> that's<00:22:14.655> a<00:22:14.720> bunch<00:22:14.898> of<00:22:14.930> words,<00:22:15.044> but<00:22:15.109> what<00:22:15.173> it<00:22:15.206> really<00:22:15.287> means<00:22:15.416> is<00:22:15.465> if<00:22:15.497> you<00:22:15.530> have<00:22:18.016> a<00:22:18.097> bunch<00:22:18.339> of<00:22:18.420> locations,<00:22:19.163> it's,<00:22:19.535> it<00:22:19.616> got,<00:22:19.939> it's<00:22:20.117> really<00:22:20.359> hard<00:22:20.601> to<00:22:20.666> manage<00:22:21.636> all<00:22:21.668> the<00:22:21.813> information<00:22:22.314> about<00:22:22.541> all<00:22:22.621> those<00:22:22.848> locations<00:22:23.332> manually.

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And<00:22:23.898> so<00:22:24.060> you<00:22:24.157> need<00:22:24.334> a<00:22:24.399> software<00:22:24.803> platform<00:22:25.207> to<00:22:25.304> do<00:22:25.449> it<00:22:25.530> for<00:22:25.676> you.

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And<00:22:27.959> that's<00:22:28.774> how<00:22:28.872> the<00:22:28.954> business<00:22:29.198> started.

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That<00:22:30.258> was<00:22:30.421> the<00:22:30.503> big<00:22:30.666> pivot.

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Where<00:22:31.988> it<00:22:32.117> is<00:22:32.278> today<00:22:32.697> is<00:22:32.858> it's<00:22:33.019> a<00:22:33.116> fully<00:22:33.422> functioned<00:22:34.292> composable<00:22:35.033> platform<00:22:35.516> for<00:22:35.758> all<00:22:35.984> digital<00:22:36.322> experiences.

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So<00:22:37.111> we<00:22:37.208> can<00:22:37.353> build,<00:22:38.400> we<00:22:38.432> can<00:22:38.512> help<00:22:38.995> companies<00:22:39.462> build<00:22:39.704> any<00:22:39.881> digital<00:22:40.268> experience<00:22:41.315> across<00:22:42.297> their<00:22:42.539> own<00:22:42.700> properties<00:22:43.263> or<00:22:43.424> across<00:22:43.811> the<00:22:43.908> external<00:22:44.310> web.

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Using<00:22:45.391> a<00:22:46.052> platform<00:22:46.472> and<00:22:46.552> set<00:22:46.778> of<00:22:46.810> services<00:22:47.423> built<00:22:47.665> around<00:22:48.552> composability,<00:22:49.585> API<00:22:49.923> connections,<00:22:50.488> and<00:22:50.633> AI.

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Again,<00:22:51.698> just<00:22:51.875> another<00:22:52.827> series<00:22:53.166> of<00:22:53.230> buzzwords<00:22:53.875> that<00:22:54.198> means<00:22:54.504> a<00:22:54.650> lot<00:22:54.747> to<00:22:54.844> people<00:22:55.153> who<00:22:55.494> understand<00:22:55.965> what<00:22:56.127> the<00:22:56.241> sort<00:22:56.533> of<00:22:56.696> evolution<00:22:57.085> of<00:22:57.199> the<00:22:57.280> digital<00:22:57.605> experience<00:22:58.157> is.

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So<00:23:00.971> you<00:23:01.004> said,<00:23:01.294> how<00:23:01.471> is<00:23:01.632> it<00:23:01.696> today?

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We<00:23:03.711> had<00:23:03.807> a<00:23:03.888> great<00:23:04.130> couple<00:23:04.307> of<00:23:04.388> years<00:23:04.678> as<00:23:04.758> a<00:23:04.774> public<00:23:05.080> company,<00:23:05.661> and<00:23:05.741> then<00:23:05.902> we<00:23:06.063> ran<00:23:06.289> into<00:23:06.627> a<00:23:06.885> series<00:23:07.272> of<00:23:07.336> challenges<00:23:09.781> that<00:23:09.943> included,<00:23:11.001> you<00:23:11.082> know,<00:23:11.326> realizing<00:23:11.749> that<00:23:11.960> probably<00:23:12.237> the<00:23:12.367> initial<00:23:12.627> market<00:23:13.018> wasn't<00:23:13.278> as<00:23:13.441> big<00:23:13.668> as<00:23:13.847> we<00:23:14.156> had<00:23:14.205> thought<00:23:14.270> it<00:23:14.303> was.

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And<00:23:14.498> then<00:23:16.630> And<00:23:17.063> the<00:23:17.224> big<00:23:17.449> one<00:23:17.626> was<00:23:18.493> we<00:23:18.654> were<00:23:18.815> highly<00:23:19.699> concentrated<00:23:21.402> in<00:23:21.547> retail<00:23:21.884> and<00:23:21.980> hospitality.

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If<00:23:23.153> you<00:23:23.250> think<00:23:23.427> about,<00:23:23.812> you<00:23:23.893> know,<00:23:24.519> who<00:23:24.696> has<00:23:24.937> scaled<00:23:25.323> physical<00:23:25.724> location<00:23:26.223> footprint,<00:23:26.608> it's<00:23:26.785> those<00:23:27.026> companies.

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And<00:23:27.524> so<00:23:28.311> in<00:23:28.456> March<00:23:28.713> of<00:23:28.794> 2020,<00:23:29.372> our<00:23:29.517> business<00:23:29.838> changed<00:23:30.224> fundamentally<00:23:30.866> because<00:23:32.473> everything<00:23:32.971> we<00:23:33.775> did<00:23:34.000> as<00:23:34.112> a<00:23:34.177> company<00:23:34.562> was<00:23:34.739> geared<00:23:34.900> around<00:23:35.125> the<00:23:35.221> idea<00:23:35.462> of<00:23:35.623> driving<00:23:36.105> people<00:23:36.523> to<00:23:36.973> visit<00:23:37.246> stores.

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And<00:23:39.399> in<00:23:39.495> March<00:23:39.736> of<00:23:39.865> 2020,<00:23:40.363> for<00:23:40.524> a<00:23:40.604> very<00:23:40.845> long<00:23:41.070> period<00:23:41.327> of<00:23:41.391> time,<00:23:41.713> that<00:23:41.890> was<00:23:42.050> not<00:23:42.389> much<00:23:42.622> of<00:23:42.721> a<00:23:42.788> priority<00:23:43.270> for<00:23:43.436> our<00:23:43.535> customers.

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And<00:23:45.776> so<00:23:45.873> the<00:23:45.954> company<00:23:46.454> from,<00:23:47.310> you<00:23:47.342> know,<00:23:47.487> really<00:23:47.729> 2020<00:23:48.455> until<00:23:51.264> through<00:23:51.506> today<00:23:51.829> has<00:23:51.941> struggled.

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And<00:23:53.281> it's<00:23:53.620> what<00:23:53.765> happens<00:23:54.185> when<00:23:54.911> a<00:23:54.960> high-growth<00:23:55.314> company<00:23:56.505> sees<00:23:57.069> significant<00:23:57.568> growth<00:23:57.810> deceleration<00:23:58.599> and<00:23:58.679> has<00:23:58.856> to<00:23:59.001> deal<00:23:59.243> with,<00:24:00.128> you<00:24:00.612> know,<00:24:00.950> these<00:24:01.175> realities<00:24:01.835> in<00:24:01.996> their,<00:24:03.929> in<00:24:04.074> the<00:24:04.138> market<00:24:04.412> dynamics<00:24:04.985> and<00:24:05.132> how<00:24:05.214> the<00:24:05.312> business<00:24:05.639> is<00:24:05.721> being<00:24:05.966> executed.

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Along<00:24:08.730> the<00:24:08.907> way,<00:24:10.260> you<00:24:10.840> know,<00:24:11.871> and<00:24:12.033> I<00:24:12.113> apologize,<00:24:12.532> this<00:24:12.629> is<00:24:12.709> a<00:24:12.774> bit<00:24:12.951> of<00:24:13.031> a<00:24:13.160> ramble,<00:24:13.563> but<00:24:13.676> it's<00:24:14.207> kind<00:24:14.352> of<00:24:14.385> an<00:24:14.465> important<00:24:14.771> part<00:24:14.884> of<00:24:14.948> the<00:24:15.013> story.

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We<00:24:17.109> did<00:24:17.271> something<00:24:17.594> really<00:24:17.756> important<00:24:18.176> in<00:24:18.322> 2018,<00:24:19.227> which<00:24:19.389> made<00:24:19.567> us<00:24:19.696> look<00:24:19.874> very<00:24:20.294> silly<00:24:20.682> for<00:24:20.844> a<00:24:20.909> few<00:24:21.071> years,<00:24:21.329> which<00:24:21.491> is<00:24:21.572> we<00:24:21.734> made<00:24:21.960> this<00:24:22.219> massive<00:24:22.720> investment<00:24:23.431> in<00:24:24.224> generative<00:24:24.628> AI<00:24:25.129> as<00:24:25.291> sort<00:24:25.469> of<00:24:25.549> the<00:24:25.679> core<00:24:26.083> of<00:24:26.196> the<00:24:26.310> future<00:24:26.568> digital<00:24:26.907> experience.

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And<00:24:27.552> we<00:24:27.633> had<00:24:27.794> this<00:24:28.036> thesis<00:24:28.520> that,<00:24:28.666> and<00:24:28.908> Howard<00:24:29.230> really<00:24:29.408> drove<00:24:29.715> this<00:24:29.892> with<00:24:30.376> Mark<00:24:30.538> Ferrantino<00:24:31.086> and<00:24:31.167> some<00:24:31.328> other<00:24:31.425> people<00:24:31.990> at<00:24:32.071> the<00:24:32.216> business<00:24:32.555> that<00:24:33.265> the,<00:24:34.735> the<00:24:35.442> digital<00:24:35.795> experience<00:24:36.422> of<00:24:36.502> the<00:24:36.598> future<00:24:37.000> is<00:24:37.145> gonna<00:24:37.305> be<00:24:37.450> heavily<00:24:37.868> informed<00:24:38.446> by<00:24:38.671> things<00:24:38.976> like<00:24:39.571> semantic<00:24:40.053> and<00:24:40.181> vector<00:24:40.455> search<00:24:40.985> and<00:24:41.162> generative<00:24:41.949> AI,<00:24:42.286> large<00:24:42.608> language<00:24:42.929> models.

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And<00:24:43.838> for<00:24:44.019> like<00:24:44.365> 2<00:24:44.513> to<00:24:44.595> 3<00:24:44.826> years,<00:24:45.320> we<00:24:45.418> talked<00:24:45.682> about<00:24:45.978> this<00:24:46.159> and<00:24:46.718> nobody<00:24:47.097> cared.

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And<00:24:49.561> we<00:24:49.611> tried,<00:24:50.069> you<00:24:50.102> know,<00:24:50.250> we<00:24:50.397> tried<00:24:50.577> to<00:24:50.659> get<00:24:50.856> people<00:24:51.069> excited<00:24:51.478> about<00:24:51.740> it<00:24:51.888> and<00:24:52.461> nobody<00:24:52.789> cared.

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And<00:24:54.780> last<00:24:55.040> November,<00:24:56.029> suddenly<00:24:56.402> everybody<00:24:56.808> cared<00:24:57.295> because<00:24:57.554> ChatGPT<00:24:58.755> had<00:24:59.193> sort<00:24:59.355> of<00:24:59.420> set<00:24:59.582> the<00:24:59.663> world<00:24:59.906> on<00:25:00.052> fire.

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And<00:25:01.027> so<00:25:01.076> what<00:25:01.222> we're<00:25:01.481> dealing<00:25:01.789> with<00:25:01.886> now<00:25:02.226> is<00:25:02.437> the,<00:25:02.923> you<00:25:03.004> know,<00:25:03.182> kind<00:25:03.360> of,<00:25:03.911> you<00:25:03.992> know,<00:25:04.219> turning<00:25:04.559> a<00:25:04.640> business<00:25:04.981> around<00:25:05.386> in<00:25:05.450> the<00:25:05.548> public<00:25:05.937> markets<00:25:06.423> and<00:25:06.585> the<00:25:06.730> worst<00:25:06.941> software<00:25:07.298> market<00:25:07.881> we've<00:25:08.027> seen<00:25:08.286> in<00:25:08.367> the<00:25:08.432> last<00:25:08.837> 15<00:25:09.241> years<00:25:10.779> while<00:25:11.103> also<00:25:11.443> trying<00:25:11.847> to<00:25:12.802> educate<00:25:13.142> the<00:25:13.223> market<00:25:13.563> around,<00:25:14.583> you<00:25:14.615> know,<00:25:14.826> what's<00:25:15.085> gonna<00:25:15.230> happen<00:25:15.489> when<00:25:15.651> this<00:25:15.878> generative<00:25:16.283> AI,<00:25:17.092> you<00:25:17.124> know,<00:25:17.400> wave<00:25:17.673> breaks.

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What<00:25:19.349> is<00:25:19.445> your<00:25:19.590> take<00:25:19.912> on<00:25:20.170> the<00:25:20.734> current<00:25:21.056> state<00:25:21.378> of<00:25:21.523> AI<00:25:22.409> and<00:25:22.506> its<00:25:22.667> future?

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It's<00:25:25.308> the<00:25:25.390> future.

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I<00:25:26.071> mean,<00:25:26.234> it's<00:25:26.380> the<00:25:26.461> future<00:25:26.785> in<00:25:26.867> the<00:25:26.948> way<00:25:27.207> that<00:25:27.435> like<00:25:27.678> the<00:25:27.759> internet<00:25:28.084> was<00:25:28.230> the<00:25:28.311> future.

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So,<00:25:30.021> you<00:25:30.053> know,<00:25:30.601> I<00:25:30.682> think<00:25:31.149> the<00:25:31.230> reality<00:25:31.714> is<00:25:31.827> the<00:25:31.956> way<00:25:32.068> you'll<00:25:32.326> know<00:25:32.713> that<00:25:32.859> it's<00:25:33.084> the<00:25:33.165> future<00:25:33.584> is<00:25:33.762> that<00:25:33.891> we'll<00:25:33.987> stop<00:25:34.245> talking<00:25:34.552> about<00:25:34.874> it.

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Yeah,<00:25:35.906> right.

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So<00:25:36.712> to<00:25:36.809> me,<00:25:37.035> I<00:25:37.051> think<00:25:37.293> where<00:25:37.454> we<00:25:37.615> are<00:25:38.244> with<00:25:38.888> AI<00:25:39.225> in<00:25:39.450> general<00:25:41.474> is<00:25:41.860> we're<00:25:41.972> in<00:25:42.117> the<00:25:42.438> kind<00:25:42.615> of<00:25:42.744> late<00:25:42.920> '90s<00:25:43.402> phase<00:25:44.125> in<00:25:44.270> the<00:25:44.350> internet<00:25:45.170> when,<00:25:46.053> you<00:25:46.150> know,<00:25:46.680> all<00:25:46.841> you<00:25:46.921> talked<00:25:47.162> about<00:25:47.419> was<00:25:48.078> your<00:25:48.303> internet<00:25:48.561> strategy,<00:25:49.591> right?

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And<00:25:50.702> then<00:25:50.863> by<00:25:50.959> the<00:25:51.040> time<00:25:51.346> you<00:25:51.426> got<00:25:51.668> to,<00:25:52.247> you<00:25:52.311> know,<00:25:52.489> you<00:25:52.810> just<00:25:53.036> looked<00:25:53.197> up<00:25:53.310> 10<00:25:53.519> years<00:25:53.696> later,<00:25:53.937> no<00:25:54.082> one<00:25:54.179> talked<00:25:54.356> about<00:25:54.565> their<00:25:54.742> internet<00:25:55.000> strategy<00:25:55.467> because<00:25:55.708> everything<00:25:56.014> had<00:25:56.110> transformed<00:25:56.690> and<00:25:56.754> it<00:25:56.819> was<00:25:56.931> at<00:25:57.012> the<00:25:57.076> center<00:25:57.398> of<00:25:57.479> everything<00:25:57.865> that<00:25:57.930> you<00:25:58.037> did.

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I<00:25:59.627> think<00:25:59.788> we're<00:25:59.884> at<00:26:00.028> the<00:26:00.124> phase<00:26:00.541> now<00:26:01.486> where<00:26:02.111> we<00:26:02.271> all<00:26:02.367> talk<00:26:02.752> about<00:26:03.008> our<00:26:03.169> AI<00:26:03.425> strategy.

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We<00:26:04.114> all<00:26:04.210> talk<00:26:04.450> about,<00:26:05.252> you<00:26:05.332> know,<00:26:05.716> the<00:26:05.796> importance<00:26:06.213> of<00:26:06.357> using<00:26:06.694> it,<00:26:06.774> the<00:26:06.934> importance<00:26:07.399> of<00:26:08.536> embedding<00:26:09.001> it<00:26:09.097> in<00:26:09.177> our<00:26:09.322> products.

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I<00:26:10.475> think<00:26:10.635> in<00:26:10.700> 5<00:26:11.084> years<00:26:11.421> we<00:26:11.565> won't<00:26:11.725> actually<00:26:12.286> talk<00:26:12.783> about<00:26:13.087> AI<00:26:13.407> because<00:26:13.664> it's<00:26:13.888> just<00:26:14.128> gonna<00:26:14.305> be<00:26:14.465> assumed,<00:26:14.850> it's<00:26:15.010> gonna<00:26:15.106> be<00:26:15.266> part<00:26:15.490> of<00:26:15.523> the<00:26:15.587> environment.

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And<00:26:17.205> if<00:26:17.333> you're<00:26:17.429> not<00:26:17.670> using<00:26:18.054> it,<00:26:18.166> then<00:26:18.631> you're<00:26:19.032> left<00:26:19.272> in<00:26:19.352> the<00:26:19.432> dust,<00:26:19.993> right?

00:26:20.249 --> 00:26:25.569
So<00:26:20.954> there<00:26:21.275> weren't<00:26:21.996> too<00:26:22.156> many<00:26:22.397> companies<00:26:22.877> in<00:26:23.118> 2010<00:26:23.726> who<00:26:23.759> didn't<00:26:24.063> have<00:26:24.880> a<00:26:24.960> web<00:26:25.201> presence.

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I<00:26:26.497> think<00:26:27.690> that's<00:26:28.093> where<00:26:28.254> AI<00:26:28.448> is<00:26:28.593> headed<00:26:29.141> and<00:26:29.964> I<00:26:30.044> think<00:26:30.189> it's<00:26:30.286> gonna<00:26:30.447> transform<00:26:31.173> the<00:26:31.318> way<00:26:31.479> that<00:26:31.576> we<00:26:31.721> do<00:26:31.883> business<00:26:32.286> in<00:26:32.447> some<00:26:32.689> really<00:26:32.866> positive<00:26:33.431> and<00:26:33.511> some<00:26:33.672> really<00:26:33.898> disruptive<00:26:34.382> ways.

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What<00:26:36.350> have<00:26:36.463> you<00:26:36.625> learned<00:26:36.883> about<00:26:37.190> leadership<00:26:37.835> throughout<00:26:38.142> your<00:26:38.304> career?

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Like<00:26:39.305> some<00:26:39.514> really<00:26:39.692> strong<00:26:40.160> leadership<00:26:40.580> lessons,<00:26:41.613> both<00:26:41.855> good<00:26:42.033> and<00:26:42.194> bad,<00:26:42.663> what<00:26:42.759> you've<00:26:42.921> seen<00:26:43.228> work,<00:26:43.567> what<00:26:43.809> you've<00:26:44.067> seen<00:26:44.293> haven't<00:26:44.681> worked.

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Yeah,<00:26:47.228> so<00:26:47.455> it's<00:26:47.552> interesting.

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I<00:26:48.250> was<00:26:48.363> talking<00:26:48.769> to<00:26:49.418> somebody<00:26:49.726> about<00:26:49.905> this<00:26:50.132> recently.

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So<00:26:51.452> Everything<00:26:51.934> I<00:26:52.158> learned<00:26:53.363> at<00:26:54.567> Right<00:26:54.744> Media<00:26:55.932> about,<00:26:57.297> you<00:26:57.329> know,<00:26:57.553> sort<00:26:57.730> of<00:26:58.581> being<00:26:58.854> at<00:26:58.982> the<00:26:59.079> head<00:26:59.384> of<00:26:59.560> the<00:26:59.946> pack,<00:27:00.283> charging<00:27:00.749> up<00:27:01.792> the<00:27:01.873> mountain,<00:27:03.077> you<00:27:04.137> know,<00:27:04.281> to<00:27:04.458> build<00:27:04.715> a<00:27:05.004> really<00:27:05.261> disruptive<00:27:05.742> startup<00:27:06.529> and<00:27:07.348> attempt<00:27:07.653> to<00:27:07.749> get<00:27:07.894> some<00:27:08.006> scale,<00:27:08.857> I<00:27:08.938> had<00:27:09.050> to<00:27:09.596> kind<00:27:09.756> of<00:27:10.062> unlearn<00:27:10.864> at<00:27:10.945> Yahoo.

00:27:13.112 --> 00:27:18.812
And<00:27:13.209> that<00:27:13.369> was,<00:27:13.610> well,<00:27:13.755> what<00:27:13.915> happens<00:27:14.156> when<00:27:14.236> you<00:27:14.317> actually,<00:27:14.959> you<00:27:14.991> know,<00:27:15.360> when<00:27:15.424> it's<00:27:15.617> sort<00:27:15.938> of<00:27:16.035> that,<00:27:16.564> you<00:27:16.597> know,<00:27:17.351> dog<00:27:17.643> catches<00:27:18.049> car,<00:27:18.633> right?

00:27:18.877 --> 00:27:21.491
So<00:27:18.958> it's<00:27:19.104> like,<00:27:19.429> you<00:27:19.462> know,<00:27:19.527> when<00:27:19.673> you're<00:27:19.770> building<00:27:20.030> a<00:27:20.079> startup,<00:27:20.485> all<00:27:20.566> you<00:27:20.663> want<00:27:20.891> to<00:27:20.988> be<00:27:21.150> is<00:27:21.313> big.

00:27:22.027 --> 00:27:23.375
You<00:27:22.108> just<00:27:22.238> like,<00:27:22.514> I<00:27:22.612> just<00:27:22.774> want<00:27:22.904> to<00:27:23.001> be<00:27:23.164> big.

00:27:23.424 --> 00:27:23.895
I<00:27:23.489> want<00:27:23.570> to<00:27:23.651> get<00:27:23.813> big.

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And<00:27:24.570> then<00:27:24.618> you<00:27:24.683> get<00:27:24.908> big<00:27:25.053> and<00:27:25.181> you<00:27:25.310> realize,<00:27:25.712> well,<00:27:25.841> like,<00:27:26.131> big<00:27:26.292> is<00:27:26.436> hard,<00:27:27.096> right?

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Like,<00:27:27.740> big<00:27:27.917> is<00:27:27.997> a<00:27:28.126> different<00:27:28.383> kind<00:27:28.689> of<00:27:28.721> hard<00:27:29.494> than<00:27:29.606> small.

00:27:30.009 --> 00:27:31.119
Small<00:27:30.459> is<00:27:30.620> hard<00:27:30.797> too.

00:27:32.865 --> 00:27:36.233
And<00:27:32.964> so<00:27:33.113> you<00:27:33.195> have<00:27:33.344> to<00:27:33.443> learn<00:27:33.922> how<00:27:34.103> to<00:27:34.170> manage<00:27:34.846> sort<00:27:35.012> of<00:27:35.821> being<00:27:36.085> bigger.

00:27:38.108 --> 00:27:59.604
And<00:27:38.433> I<00:27:38.449> think<00:27:39.018> that's<00:27:39.570> the<00:27:39.668> biggest,<00:27:40.708> you<00:27:40.740> know,<00:27:40.984> I<00:27:41.049> think<00:27:41.374> learning<00:27:41.617> curve<00:27:41.845> on<00:27:41.942> this<00:27:42.267> journey<00:27:42.592> is<00:27:43.063> if<00:27:43.904> sometimes<00:27:44.308> you<00:27:44.389> never<00:27:44.697> like<00:27:44.875> a<00:27:44.891> lot<00:27:45.053> of,<00:27:45.101> I<00:27:45.182> have<00:27:45.295> a<00:27:45.360> lot<00:27:45.506> of<00:27:45.587> friends<00:27:45.846> who<00:27:45.927> are<00:27:46.008> startup<00:27:46.396> entrepreneurs<00:27:46.881> and<00:27:47.237> they<00:27:47.367> just<00:27:47.545> do<00:27:47.642> the<00:27:47.723> same,<00:27:48.176> they<00:27:48.273> do<00:27:48.419> it<00:27:48.500> over<00:27:48.662> and<00:27:48.743> over<00:27:48.921> again<00:27:49.082> and<00:27:49.309> they're<00:27:49.406> so<00:27:49.649> good<00:27:49.875> at<00:27:49.989> it<00:27:50.215> and<00:27:50.296> it's,<00:27:50.604> you<00:27:50.636> know,<00:27:50.717> I'm<00:27:50.863> going<00:27:51.170> from<00:27:51.931> $0<00:27:52.173> to<00:27:52.254> $100<00:27:52.643> million<00:27:52.902> and<00:27:53.031> I'm<00:27:53.193> gonna<00:27:53.371> do<00:27:53.420> that<00:27:53.613> like<00:27:53.775> 3<00:27:54.001> or<00:27:54.033> 4<00:27:54.243> times<00:27:54.582> in<00:27:54.614> my<00:27:54.744> life<00:27:55.067> and<00:27:55.131> that's<00:27:55.293> how<00:27:55.325> I'm<00:27:55.535> gonna<00:27:55.696> create<00:27:56.036> wealth<00:27:56.375> and<00:27:56.601> satisfaction<00:27:57.489> and<00:27:57.957> opportunity<00:27:58.458> and<00:27:58.538> jobs<00:27:58.926> and<00:27:59.007> all<00:27:59.168> the<00:27:59.330> things.

00:28:01.133 --> 00:28:05.168
You<00:28:01.198> know,<00:28:01.605> I<00:28:01.703> did<00:28:01.849> it<00:28:01.947> once<00:28:02.337> and<00:28:02.419> I<00:28:02.744> had<00:28:02.907> a<00:28:02.988> great<00:28:03.167> time<00:28:03.411> doing<00:28:03.655> it,<00:28:03.736> but<00:28:03.818> I<00:28:03.899> didn't<00:28:04.290> want<00:28:04.452> to<00:28:04.550> do<00:28:04.729> it<00:28:04.794> again.

00:28:06.940 --> 00:28:18.132
And<00:28:07.467> it<00:28:07.598> wasn't<00:28:07.927> until<00:28:08.190> this<00:28:08.437> opportunity<00:28:08.914> presented<00:28:09.276> itself<00:28:09.670> that<00:28:09.835> I<00:28:09.917> realized<00:28:10.312> that,<00:28:11.067> I<00:28:11.083> was<00:28:11.244> ready<00:28:11.485> to<00:28:11.645> kind<00:28:11.854> of<00:28:11.966> exercise<00:28:13.331> the<00:28:13.765> learnings<00:28:14.616> that<00:28:14.776> I<00:28:14.921> was<00:28:15.097> forced<00:28:15.403> to<00:28:15.499> have<00:28:15.804> when<00:28:16.687> I<00:28:17.426> was<00:28:17.747> at<00:28:17.811> Yahoo.

00:28:19.336 --> 00:28:21.600
Yeah,<00:28:19.513> tell<00:28:19.738> us<00:28:19.898> about<00:28:20.862> what<00:28:21.022> you're<00:28:21.119> doing<00:28:21.360> right<00:28:21.456> now.

00:28:22.965 --> 00:28:46.203
Yeah,<00:28:23.126> so<00:28:23.511> the<00:28:23.591> company<00:28:24.555> I,<00:28:24.988> so<00:28:26.160> if<00:28:26.257> you<00:28:26.337> rewind<00:28:26.674> about<00:28:26.963> 2<00:28:27.140> years<00:28:27.381> ago,<00:28:28.023> what<00:28:28.168> was<00:28:28.280> happening<00:28:28.746> was,<00:28:29.292> you<00:28:29.324> know,<00:28:29.468> the<00:28:29.645> sort<00:28:29.870> of<00:28:30.512> the<00:28:30.656> bubble<00:28:30.994> was<00:28:31.234> beginning<00:28:32.053> to<00:28:32.198> burst,<00:28:33.241> the<00:28:33.322> software<00:28:33.723> bubble<00:28:34.847> that<00:28:34.943> had<00:28:35.088> been<00:28:35.232> driven<00:28:35.570> by<00:28:36.356> You<00:28:36.549> know,<00:28:36.935> if<00:28:37.079> you<00:28:37.176> think<00:28:37.352> about,<00:28:37.882> you<00:28:37.963> know,<00:28:38.605> the<00:28:38.686> software<00:28:39.183> thing,<00:28:40.388> 2008,<00:28:40.950> 2009,<00:28:41.513> coming<00:28:41.737> out<00:28:41.834> of<00:28:41.914> the<00:28:41.978> financial<00:28:42.316> recession,<00:28:42.797> everybody<00:28:43.536> started<00:28:43.922> investing<00:28:44.323> huge<00:28:44.500> amounts<00:28:44.741> of<00:28:44.821> money<00:28:45.030> in<00:28:45.110> the<00:28:45.207> digital<00:28:45.528> transformation.

00:28:46.492 --> 00:28:50.443
And<00:28:46.636> so<00:28:47.536> basically<00:28:47.937> the<00:28:48.018> software<00:28:48.500> budget<00:28:48.741> just<00:28:48.965> grew<00:28:49.303> every<00:28:49.608> year,<00:28:50.186> right?

00:28:50.507 --> 00:29:04.369
And<00:28:50.652> so<00:28:50.813> if<00:28:50.893> you<00:28:50.973> were<00:28:51.054> selling<00:28:51.327> software<00:28:51.857> between<00:28:52.836> 2009<00:28:53.640> and<00:28:53.880> 2020,<00:28:56.354> you<00:28:56.450> just,<00:28:56.916> you<00:28:56.997> knew<00:28:57.270> that<00:28:57.880> there<00:28:57.976> was<00:28:58.860> organic<00:28:59.261> growth<00:28:59.599> in<00:28:59.663> your<00:28:59.824> business<00:29:00.209> every<00:29:00.402> year<00:29:00.611> because<00:29:01.430> the<00:29:01.510> companies<00:29:01.976> were<00:29:02.008> gonna<00:29:02.169> spend<00:29:02.474> more<00:29:02.618> money<00:29:02.875> on<00:29:02.956> software<00:29:03.662> than<00:29:03.759> they<00:29:03.839> did<00:29:04.000> last<00:29:04.305> year.

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Right?

00:29:04.885 --> 00:29:06.145
And<00:29:04.966> that's<00:29:05.192> the<00:29:05.273> environment<00:29:05.693> we've<00:29:05.838> been<00:29:06.016> in.

00:29:07.146 --> 00:29:17.862
In<00:29:07.227> 2020,<00:29:08.115> I<00:29:08.195> think<00:29:08.357> we<00:29:08.437> had<00:29:08.583> about,<00:29:09.309> you<00:29:09.390> know,<00:29:09.891> a<00:29:09.923> month<00:29:10.375> where<00:29:10.536> it<00:29:10.682> felt<00:29:10.924> like<00:29:11.166> we're<00:29:11.247> gonna<00:29:11.408> have<00:29:11.521> a<00:29:11.586> recession<00:29:12.716> and<00:29:12.797> then<00:29:13.039> something<00:29:13.507> unbelievable<00:29:14.088> happened,<00:29:14.410> which<00:29:14.588> is<00:29:14.797> basically<00:29:15.281> the<00:29:15.378> software<00:29:15.781> budgets<00:29:16.168> went<00:29:16.346> to<00:29:16.571> unlimited,<00:29:17.717> right?

00:29:17.958 --> 00:29:31.186
So<00:29:18.136> if<00:29:18.265> you<00:29:18.362> look<00:29:19.007> at<00:29:19.636> any<00:29:19.829> SaaS<00:29:20.281> company<00:29:22.318> from<00:29:23.508> middle<00:29:23.830> of<00:29:23.927> 2020<00:29:24.651> through<00:29:25.069> middle<00:29:26.164> of,<00:29:27.612> you<00:29:27.692> know,<00:29:27.869> 2021,<00:29:28.819> what<00:29:28.899> you<00:29:28.996> saw<00:29:29.318> is<00:29:29.462> just<00:29:29.623> this<00:29:30.295> parabolic<00:29:30.883> growth.

00:29:31.637 --> 00:29:31.830
Right.

00:29:31.958 --> 00:29:46.431
And<00:29:32.038> it's<00:29:32.199> because,<00:29:33.500> you<00:29:33.580> know,<00:29:34.287> with<00:29:34.705> what<00:29:34.865> was<00:29:35.026> happening<00:29:35.347> with<00:29:35.428> the<00:29:35.508> pandemic<00:29:36.086> and<00:29:36.472> this<00:29:36.713> push<00:29:36.954> to<00:29:37.098> like<00:29:37.355> everything<00:29:37.757> had<00:29:37.917> to<00:29:37.998> become<00:29:38.319> digital,<00:29:38.720> everything<00:29:39.106> had<00:29:39.267> to<00:29:39.363> become<00:29:39.684> automated,<00:29:40.873> you<00:29:42.158> know,<00:29:42.254> the<00:29:42.559> software<00:29:42.897> budgets<00:29:43.282> went<00:29:43.459> to<00:29:43.764> infinite<00:29:44.648> and<00:29:45.306> the<00:29:45.451> growth<00:29:45.949> showed<00:29:46.270> it.

00:29:46.912 --> 00:29:51.651
And<00:29:46.993> then,<00:29:47.539> you<00:29:47.571> know,<00:29:47.876> the<00:29:48.181> other<00:29:48.278> thing<00:29:48.438> we've<00:29:48.679> talked<00:29:48.904> about<00:29:49.081> a<00:29:49.097> lot<00:29:49.306> is<00:29:49.386> that<00:29:49.547> there<00:29:49.643> was<00:29:49.788> this<00:29:49.964> recycling<00:29:50.543> of<00:29:50.671> capital<00:29:51.073> happening<00:29:51.410> too.

00:29:52.069 --> 00:29:56.791
So<00:29:52.229> like<00:29:52.920> because<00:29:53.241> every<00:29:53.354> software<00:29:53.803> company<00:29:54.125> was<00:29:54.221> selling<00:29:54.542> so<00:29:54.703> much,<00:29:54.944> they<00:29:55.024> were<00:29:55.169> also<00:29:55.426> buying<00:29:55.747> so<00:29:55.924> much,<00:29:56.534> right?

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And<00:29:57.836> hiring<00:29:58.318> tons<00:29:58.495> of<00:29:58.559> people.

00:29:58.945 --> 00:30:01.259
And<00:29:59.025> so<00:29:59.121> the<00:29:59.202> seat<00:29:59.443> license<00:29:59.845> growth<00:30:00.150> was<00:30:00.327> off<00:30:00.889> the<00:30:00.970> charts.

00:30:01.934 --> 00:30:08.253
And<00:30:01.998> so,<00:30:02.641> you<00:30:02.673> know,<00:30:02.882> as<00:30:03.123> all<00:30:03.364> of<00:30:03.477> that<00:30:04.264> sort<00:30:04.441> of<00:30:05.052> transpired,<00:30:06.256> we<00:30:06.353> saw<00:30:06.594> this<00:30:06.771> just<00:30:07.013> incredible<00:30:07.576> software<00:30:08.043> bubble.

00:30:08.607 --> 00:30:13.663
And<00:30:08.704> so,<00:30:10.620> you<00:30:10.700> know,<00:30:10.845> about<00:30:11.489> 2<00:30:11.650> years<00:30:11.908> ago,<00:30:12.149> it<00:30:12.294> started<00:30:12.713> to<00:30:13.196> deflate.

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And<00:30:14.726> around<00:30:14.951> that<00:30:15.064> same<00:30:15.289> time,<00:30:15.595> it<00:30:15.660> became<00:30:15.999> clear<00:30:16.242> that,<00:30:16.565> you<00:30:16.597> know,<00:30:16.808> Yext's<00:30:17.293> problems<00:30:17.713> were<00:30:18.263> a<00:30:18.279> lot<00:30:18.522> bigger<00:30:18.765> than<00:30:18.926> just<00:30:19.169> the<00:30:19.250> pandemic.

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And<00:30:19.897> I<00:30:19.978> think,<00:30:20.301> you<00:30:20.479> know,<00:30:21.352> the<00:30:21.918> biggest<00:30:22.161> challenge<00:30:22.565> we<00:30:22.727> had<00:30:23.050> at<00:30:23.277> the<00:30:23.438> board<00:30:23.616> level<00:30:23.924> was<00:30:24.101> identifying<00:30:24.829> that<00:30:24.991> the<00:30:25.040> pandemic<00:30:25.582> wasn't<00:30:25.921> the<00:30:26.006> sole<00:30:26.345> culprit<00:30:27.167> for<00:30:27.648> why<00:30:27.905> our<00:30:28.066> business<00:30:28.451> wasn't<00:30:29.013> growing<00:30:29.366> as<00:30:29.511> robustly<00:30:29.992> as<00:30:30.137> other<00:30:30.249> software<00:30:30.715> businesses<00:30:31.196> were.

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And<00:30:32.031> so<00:30:32.079> Howard<00:30:32.304> and<00:30:32.465> I,<00:30:32.866> you<00:30:32.898> know,<00:30:33.203> sort<00:30:33.364> of<00:30:33.460> sat,<00:30:33.733> had<00:30:33.845> a<00:30:33.926> bunch<00:30:34.102> of<00:30:34.231> talks<00:30:35.354> and<00:30:35.451> I<00:30:35.531> think<00:30:35.692> he<00:30:35.916> at<00:30:35.997> that<00:30:36.173> time<00:30:36.414> just<00:30:36.575> felt<00:30:36.735> like<00:30:36.976> he<00:30:37.120> had<00:30:37.217> taken<00:30:37.618> it<00:30:37.859> probably<00:30:38.180> further<00:30:38.581> than<00:30:38.822> he<00:30:39.288> had<00:30:39.448> ever<00:30:39.609> intended<00:30:40.042> to.

00:30:40.733 --> 00:30:45.100
He'd<00:30:40.829> been<00:30:40.974> the<00:30:41.134> founder<00:30:41.391> and<00:30:41.471> CEO<00:30:41.873> for<00:30:42.017> 14<00:30:42.418> years<00:30:43.478> and<00:30:43.558> he<00:30:43.879> was<00:30:44.040> ready<00:30:44.281> to<00:30:44.522> do<00:30:44.602> something<00:30:44.987> else.

00:30:45.164 --> 00:30:48.150
He<00:30:45.244> was<00:30:45.389> ready<00:30:45.485> to<00:30:45.565> get<00:30:45.710> back<00:30:45.967> to<00:30:46.432> entrepreneuring<00:30:47.411> at<00:30:47.508> an<00:30:47.668> early<00:30:47.829> stage.

00:30:49.258 --> 00:30:59.286
And<00:30:49.354> so<00:30:49.499> I<00:30:49.659> did<00:30:49.804> the<00:30:49.900> only<00:30:50.141> rational<00:30:50.558> thing<00:30:50.863> that<00:30:51.104> a<00:30:51.650> chairman<00:30:52.067> could<00:30:52.212> do,<00:30:52.453> which<00:30:52.565> is<00:30:52.774> I<00:30:52.854> hired<00:30:53.498> a<00:30:53.757> recruiting<00:30:54.082> firm<00:30:54.260> to<00:30:54.341> go<00:30:54.487> find<00:30:54.714> a<00:30:54.730> CEO<00:30:55.768> because<00:30:56.514> the<00:30:56.659> last<00:30:56.919> thing<00:30:57.146> on<00:30:57.178> earth<00:30:57.389> that<00:30:57.486> I<00:30:57.567> thought<00:30:57.794> was<00:30:57.892> going<00:30:57.989> to<00:30:58.021> happen<00:30:58.281> was<00:30:58.443> that<00:30:58.540> I<00:30:58.621> was<00:30:58.767> going<00:30:58.832> to<00:30:58.864> do<00:30:59.027> the<00:30:59.108> job.

00:31:01.160 --> 00:31:07.250
But<00:31:02.791> in<00:31:02.888> the<00:31:02.969> meantime,<00:31:03.599> what<00:31:03.760> happened<00:31:04.568> was<00:31:05.634> someone<00:31:05.957> had<00:31:06.119> to<00:31:06.200> kind<00:31:06.361> of<00:31:06.426> put<00:31:06.506> their<00:31:06.668> hands<00:31:06.926> on<00:31:06.991> the<00:31:07.088> wheel.

00:31:07.892 --> 00:31:17.555
And<00:31:08.053> so<00:31:08.681> I<00:31:09.003> did<00:31:09.164> that<00:31:09.727> and<00:31:09.969> I<00:31:10.065> spent<00:31:10.371> like<00:31:10.613> 2.5<00:31:11.096> months<00:31:11.354> with<00:31:11.498> the<00:31:11.595> team<00:31:12.400> trying<00:31:12.642> to<00:31:12.722> figure<00:31:13.109> out<00:31:13.205> what<00:31:13.270> was<00:31:13.431> going<00:31:13.753> on,<00:31:14.236> mainly<00:31:14.654> in<00:31:14.751> service<00:31:15.154> of<00:31:15.282> trying<00:31:15.460> to<00:31:15.540> figure<00:31:15.846> out<00:31:15.926> what<00:31:16.023> kind<00:31:16.265> of<00:31:16.361> a<00:31:16.409> CEO<00:31:16.844> did<00:31:17.005> I<00:31:17.037> have<00:31:17.215> to<00:31:17.360> hire.

00:31:17.946 --> 00:31:20.994
I<00:31:17.963> need<00:31:18.240> to<00:31:18.288> hire<00:31:18.614> a<00:31:18.696> product-centric<00:31:19.494> CEO<00:31:20.016> or<00:31:20.146> an<00:31:20.228> operational<00:31:20.831> CEO.

00:31:22.423 --> 00:31:26.462
And<00:31:22.504> what<00:31:22.648> I<00:31:22.729> learned<00:31:22.922> in<00:31:22.986> that<00:31:23.083> process<00:31:23.614> was<00:31:23.710> that<00:31:23.855> there<00:31:23.952> was<00:31:24.096> a<00:31:24.177> lot<00:31:24.290> more<00:31:24.660> that<00:31:24.756> was<00:31:24.901> going<00:31:25.159> right<00:31:25.561> than<00:31:25.706> that<00:31:25.802> was<00:31:25.963> going<00:31:26.269> wrong.

00:31:26.526 --> 00:31:35.512
But<00:31:26.671> the<00:31:26.768> things<00:31:27.009> that<00:31:27.154> were<00:31:27.234> going<00:31:27.492> wrong<00:31:28.361> were<00:31:28.522> incredibly,<00:31:30.372> you<00:31:30.404> know,<00:31:30.549> destructive<00:31:31.113> to<00:31:31.339> how<00:31:31.420> we<00:31:31.772> were<00:31:31.792> trying<00:31:32.730> to,<00:31:33.118> you<00:31:33.685> know,<00:31:34.105> how<00:31:34.267> we<00:31:34.364> needed<00:31:34.671> to<00:31:34.736> operate<00:31:35.076> the<00:31:35.157> business.

00:31:37.313 --> 00:31:50.762
And<00:31:37.394> so<00:31:37.490> there<00:31:37.619> was<00:31:37.732> a<00:31:37.796> period<00:31:38.601> in<00:31:38.682> that<00:31:38.827> where<00:31:38.923> it<00:31:39.004> became<00:31:39.310> clear<00:31:39.567> that<00:31:39.712> actually<00:31:40.034> I<00:31:40.131> was<00:31:40.437> well<00:31:40.598> suited<00:31:41.580> to<00:31:41.741> taking<00:31:42.047> on<00:31:42.127> the<00:31:42.224> role<00:31:42.465> and<00:31:43.592> then<00:31:43.818> went<00:31:43.979> about,<00:31:44.462> you<00:31:44.494> know,<00:31:44.574> sort<00:31:44.735> of<00:31:44.800> coming<00:31:45.106> to<00:31:45.202> terms<00:31:45.524> with<00:31:45.669> the<00:31:45.750> fact<00:31:46.329> that<00:31:46.571> I<00:31:46.635> was<00:31:46.700> gonna<00:31:46.878> break<00:31:47.138> my<00:31:47.365> vow<00:31:47.787> that<00:31:47.933> I<00:31:47.965> made<00:31:48.274> in<00:31:48.598> 2010<00:31:49.069> about<00:31:49.264> never<00:31:49.832> never<00:31:50.137> operating<00:31:50.474> again.

00:31:51.821 --> 00:31:53.394
That's<00:31:52.078> the<00:31:52.239> Dick<00:31:52.463> Cheney<00:31:52.800> move,<00:31:53.266> man.

00:31:54.806 --> 00:31:59.219
Like,<00:31:55.047> you<00:31:55.127> know,<00:31:55.368> head<00:31:55.929> the<00:31:56.074> committee<00:31:56.491> to<00:31:56.635> find<00:31:57.052> the<00:31:57.197> person<00:31:57.614> and<00:31:57.758> then<00:31:57.871> it<00:31:58.160> just<00:31:58.336> lands<00:31:58.641> back<00:31:58.898> on<00:31:59.058> you.

00:32:00.342 --> 00:32:14.478
Yeah,<00:32:00.486> it<00:32:00.647> wasn't<00:32:00.903> supposed<00:32:01.240> to<00:32:01.369> be<00:32:01.465> that<00:32:01.706> way,<00:32:03.246> um,<00:32:04.594> but,<00:32:04.835> but<00:32:04.995> it<00:32:05.139> was,<00:32:05.460> you<00:32:05.492> know,<00:32:05.653> it<00:32:05.701> was<00:32:05.797> like<00:32:05.958> one<00:32:06.102> of<00:32:06.134> those<00:32:06.359> things<00:32:06.664> where<00:32:06.744> you<00:32:06.840> saw<00:32:07.322> it<00:32:07.546> and<00:32:07.627> it<00:32:07.707> was<00:32:07.803> like,<00:32:08.300> man,<00:32:08.750> like,<00:32:09.151> I—<00:32:09.889> there<00:32:09.985> was<00:32:10.130> part<00:32:10.306> of<00:32:10.370> me<00:32:10.451> that,<00:32:10.852> that<00:32:11.012> wished<00:32:11.349> it<00:32:11.413> was<00:32:11.574> a<00:32:11.638> product<00:32:11.991> issue<00:32:12.777> because<00:32:13.082> it<00:32:13.162> would<00:32:13.259> have—<00:32:13.499> it<00:32:13.579> just<00:32:13.804> made<00:32:13.981> it<00:32:14.077> easier.

00:32:14.638 --> 00:32:31.496
I<00:32:14.703> could,<00:32:14.927> I,<00:32:15.168> I<00:32:15.264> could<00:32:15.425> hire<00:32:15.826> a<00:32:15.906> product<00:32:16.243> CEO<00:32:16.869> and,<00:32:17.414> and<00:32:18.137> and<00:32:18.618> be<00:32:18.779> the<00:32:18.859> chairman<00:32:19.518> and<00:32:20.063> be<00:32:20.240> part<00:32:20.497> of<00:32:20.545> the<00:32:20.642> turnaround<00:32:21.187> without<00:32:21.428> having<00:32:21.701> to<00:32:22.087> go<00:32:22.263> through<00:32:22.584> the,<00:32:23.853> you<00:32:24.174> know,<00:32:24.800> the<00:32:24.897> pain<00:32:25.442> of<00:32:25.619> a<00:32:25.764> public<00:32:26.165> company<00:32:27.161> small<00:32:27.530> cap<00:32:27.851> turnaround,<00:32:28.333> which<00:32:28.814> honestly,<00:32:29.376> you<00:32:29.408> know,<00:32:30.356> is<00:32:30.516> particularly<00:32:31.062> hard.

00:32:32.828 --> 00:32:37.453
It's<00:32:33.230> hard<00:32:33.407> in<00:32:33.551> any<00:32:33.647> scenario,<00:32:34.129> but<00:32:34.290> it's<00:32:34.771> really<00:32:35.012> hard<00:32:35.269> when<00:32:35.398> you're<00:32:35.510> in<00:32:35.638> a<00:32:35.671> software<00:32:36.040> recession<00:32:36.698> like<00:32:36.939> the<00:32:37.003> one<00:32:37.164> that<00:32:37.260> we're<00:32:37.405> in.

00:32:38.609 --> 00:32:43.057
Yeah,<00:32:38.769> it's<00:32:38.946> an<00:32:39.026> incredible<00:32:39.492> time<00:32:39.749> to<00:32:39.829> be<00:32:41.114> selling<00:32:41.451> software,<00:32:42.479> that's<00:32:42.719> for<00:32:42.864> sure.

00:32:44.084 --> 00:32:46.378
Michael,<00:32:44.469> I<00:32:44.645> mean,<00:32:45.191> 12<00:32:45.608> great<00:32:46.090> years.

00:32:46.876 --> 00:32:51.802
You<00:32:46.908> got<00:32:47.052> to<00:32:47.373> figure,<00:32:47.839> you<00:32:48.015> know,<00:32:48.095> the<00:32:48.320> greatest<00:32:48.801> years<00:32:49.203> ever,<00:32:50.262> like<00:32:50.438> the<00:32:50.647> greatest<00:32:51.289> years<00:32:51.626> ever.

00:32:51.866 --> 00:32:55.830
So,<00:32:52.588> yeah,<00:32:52.909> I<00:32:52.925> mean,<00:32:53.471> at<00:32:53.567> some<00:32:53.792> point<00:32:54.016> it's<00:32:54.193> got<00:32:54.337> to<00:32:55.076> come<00:32:55.316> to<00:32:55.380> this<00:32:55.621> point.

00:32:56.680 --> 00:32:58.349
Michael,<00:32:57.001> I<00:32:57.146> can't<00:32:57.322> thank<00:32:57.483> you<00:32:57.547> enough<00:32:57.723> for<00:32:57.868> joining<00:32:58.189> us.

00:32:58.526 --> 00:33:06.757
We<00:32:58.750> end<00:32:58.911> every<00:32:59.167> interview<00:32:59.488> the<00:32:59.569> same<00:32:59.890> way<00:33:00.114> with<00:33:00.210> the<00:33:00.291> same<00:33:00.596> question,<00:33:01.574> which<00:33:01.815> is<00:33:02.056> at<00:33:02.136> CEO.com,<00:33:02.938> we<00:33:03.083> believe<00:33:03.340> the<00:33:03.420> chances<00:33:03.965> one<00:33:04.142> gives<00:33:04.607> are<00:33:04.703> just<00:33:04.944> as<00:33:05.008> important<00:33:05.426> as<00:33:05.570> the<00:33:05.666> chances<00:33:06.132> one<00:33:06.308> takes.

00:33:07.271 --> 00:33:10.785
When<00:33:07.415> you<00:33:07.576> hear<00:33:07.977> that,<00:33:08.330> who<00:33:08.474> comes<00:33:08.731> to<00:33:08.811> mind<00:33:09.277> as<00:33:09.357> someone<00:33:09.919> who<00:33:10.079> gave<00:33:10.384> you<00:33:10.560> a<00:33:10.641> chance?

00:33:13.434 --> 00:33:15.602
Yeah,<00:33:14.157> I<00:33:14.253> mean,<00:33:14.494> there's<00:33:14.719> a<00:33:14.735> long<00:33:15.040> list,<00:33:15.441> right?

00:33:15.714 --> 00:33:32.508
So<00:33:16.420> the<00:33:16.501> people<00:33:16.806> who<00:33:16.966> hired<00:33:17.223> me<00:33:17.384> at<00:33:17.464> DoubleClick<00:33:18.090> as<00:33:18.331> a<00:33:18.893> totally<00:33:19.214> unqualified<00:33:19.856> English<00:33:20.177> major,<00:33:21.863> you<00:33:21.960> know,<00:33:23.164> Jonah<00:33:24.866> Noah<00:33:25.411> Goodhart,<00:33:26.038> who<00:33:26.535> put,<00:33:26.921> you<00:33:27.001> know,<00:33:27.162> who<00:33:27.258> wrote<00:33:27.643> a<00:33:27.884> check,<00:33:28.141> you<00:33:28.221> know,<00:33:29.088> for<00:33:29.249> a<00:33:29.329> guy<00:33:29.650> who<00:33:29.987> was<00:33:30.228> totally<00:33:30.549> unqualified<00:33:31.753> to<00:33:31.898> build<00:33:32.010> a<00:33:32.139> business.

00:33:34.001 --> 00:34:05.037
I<00:33:34.017> mean,<00:33:34.242> shoot,<00:33:34.788> the<00:33:34.884> people<00:33:35.189> who<00:33:35.767> are<00:33:36.265> sticking<00:33:36.731> with<00:33:37.276> me<00:33:38.320> through<00:33:38.481> this<00:33:38.898> transition<00:33:39.380> right<00:33:39.540> now,<00:33:40.086> You<00:33:40.665> know,<00:33:41.227> it's<00:33:41.468> funny,<00:33:41.693> you<00:33:41.725> think<00:33:42.014> like<00:33:42.352> when<00:33:42.480> you<00:33:42.593> become<00:33:42.834> the<00:33:42.914> CEO<00:33:43.219> of<00:33:43.316> a<00:33:43.396> company<00:33:43.798> that<00:33:43.894> like,<00:33:44.826> you<00:33:45.404> know,<00:33:45.645> it's<00:33:45.870> a<00:33:45.966> funny<00:33:46.191> way<00:33:46.288> to<00:33:46.368> think<00:33:46.545> about<00:33:46.786> it,<00:33:46.850> but<00:33:47.011> like<00:33:47.959> without<00:33:48.296> the<00:33:48.441> team<00:33:48.923> who<00:33:49.822> is<00:33:50.047> willing<00:33:50.385> to,<00:33:51.172> you<00:33:51.252> know,<00:33:51.413> kind<00:33:51.574> of<00:33:51.670> go<00:33:51.831> through<00:33:52.056> the<00:33:52.152> fire<00:33:52.859> of<00:33:53.518> having<00:33:53.775> to<00:33:53.919> do<00:33:54.080> this<00:33:54.401> and<00:33:54.482> doing<00:33:54.723> this<00:33:54.883> publicly<00:33:55.526> and<00:33:55.992> having<00:33:56.233> every<00:33:56.474> mistake<00:33:56.892> that<00:33:57.036> we<00:33:57.133> make,<00:33:57.839> you<00:33:57.872> know,<00:33:58.016> and<00:33:58.080> there<00:33:58.177> are<00:33:58.257> plenty<00:33:58.498> of<00:33:58.579> those,<00:33:59.623> be<00:33:59.783> examined<00:34:00.282> in<00:34:00.346> the<00:34:00.490> public<00:34:00.747> market,<00:34:01.069> like,<00:34:01.615> you<00:34:01.936> know,<00:34:02.177> they're<00:34:02.354> giving<00:34:02.756> me<00:34:02.916> a<00:34:02.997> chance<00:34:03.559> to<00:34:04.282> lead<00:34:04.443> them,<00:34:04.844> right?

00:34:05.085 --> 00:34:12.559
And<00:34:05.230> I<00:34:05.310> think<00:34:05.567> that<00:34:05.728> we<00:34:05.824> don't<00:34:06.049> really<00:34:06.290> think<00:34:06.756> often,<00:34:08.535> you<00:34:08.615> know,<00:34:08.680> in<00:34:08.776> terms<00:34:09.096> of<00:34:09.193> the<00:34:09.337> people<00:34:09.641> who<00:34:09.738> were<00:34:09.898> leading,<00:34:10.379> giving<00:34:10.699> us<00:34:10.844> something,<00:34:11.244> but<00:34:11.341> that's<00:34:11.806> what<00:34:11.902> they're<00:34:12.046> doing,<00:34:12.383> right?

00:34:12.607 --> 00:34:17.833
And<00:34:12.671> if<00:34:12.767> they're<00:34:12.864> not<00:34:13.024> willing<00:34:13.200> to<00:34:13.280> do<00:34:13.505> it,<00:34:14.130> then,<00:34:14.531> you<00:34:14.563> know,<00:34:15.092> we<00:34:15.188> don't—<00:34:15.893> what<00:34:16.390> are<00:34:16.535> we,<00:34:16.631> you<00:34:16.935> know,<00:34:17.112> who<00:34:17.256> are<00:34:17.416> we<00:34:17.512> leading?

00:34:18.635 --> 00:34:29.135
So<00:34:19.340> I<00:34:19.580> would<00:34:19.741> actually,<00:34:20.222> I<00:34:20.302> would<00:34:20.398> say<00:34:20.638> that<00:34:21.103> more<00:34:21.199> than<00:34:21.312> anything<00:34:21.745> else<00:34:22.081> as<00:34:22.225> a<00:34:22.258> CEO<00:34:22.803> is<00:34:22.963> like,<00:34:23.748> you<00:34:23.780> know,<00:34:24.566> you're<00:34:25.111> as<00:34:25.287> good<00:34:25.512> as<00:34:25.688> the<00:34:25.768> people,<00:34:26.554> you<00:34:26.650> know,<00:34:26.810> who<00:34:26.971> are<00:34:27.131> willing<00:34:27.371> to<00:34:27.516> follow<00:34:27.916> you<00:34:28.958> are.

00:34:30.080 --> 00:34:32.565
And<00:34:30.161> I<00:34:30.257> think<00:34:30.417> that<00:34:30.738> may<00:34:30.898> be<00:34:31.058> the<00:34:31.138> greatest<00:34:31.459> gift<00:34:32.020> that<00:34:32.180> you<00:34:32.325> can<00:34:32.421> get.

00:34:34.861 --> 00:34:35.153
I<00:34:34.926> love<00:34:35.104> it.

00:34:35.267 --> 00:34:36.875
Michael,<00:34:35.657> thank<00:34:35.835> you<00:34:35.916> so<00:34:36.079> much<00:34:36.323> for<00:34:36.404> joining<00:34:36.729> us.

00:34:36.956 --> 00:34:37.882
Really<00:34:37.200> appreciate<00:34:37.785> it.

00:34:37.931 --> 00:34:38.922
Thanks<00:34:38.174> for<00:34:38.256> taking<00:34:38.516> the<00:34:38.597> time.

00:34:39.978 --> 00:34:40.465
My<00:34:40.140> pleasure.

00:34:40.627 --> 00:34:41.212
Thanks<00:34:40.839> for<00:34:40.887> having<00:34:41.180> me.