Latest / Omni Talk Retail / Retail Investing Trends & The Future of Consumer Brands | VC Insights with Claire Cherry

Transcript

Retail Investing Trends & The Future of Consumer Brands | VC Insights with Claire Cherry · Omni Talk Retail

• 0:00
  Foreign
• 0:09
  investor
• 0:09
  perspectives
• 0:10
  on
• 0:10
  retail
• 0:11
  and
• 0:11
  the
• 0:11
  consumer
• 0:11
  is
• 0:12
  brought
• 0:12
  to
• 0:12
  you
• 0:12
  by
• 0:12
  the
• 0:12
  Omnitalk
• 0:13
  Retail
• 0:13
  Podcast
• 0:14
  Network.
• 0:15
  Ranked
• 0:15
  in
• 0:15
  the
• 0:15
  top
• 0:15
  10%
• 0:16
  of
• 0:16
  all
• 0:16
  podcasts
• 0:17
  globally
• 0:17
  and
• 0:18
  currently
• 0:18
  ranked
• 0:18
  in
• 0:18
  the
• 0:19
  top
• 0:19
  100
• 0:19
  of
• 0:19
  all
• 0:20
  business
• 0:20
  podcasts
• 0:20
  on
• 0:21
  Apple
• 0:21
  Podcasts.
• 0:22
  The
• 0:22
  Omnitalk
• 0:23
  Retail
• 0:23
  Podcast
• 0:23
  Network
• 0:23
  is
• 0:24
  the
• 0:24
  network
• 0:24
  that
• 0:24
  we
• 0:24
  hope
• 0:24
  makes
• 0:24
  you
• 0:25
  feel
• 0:25
  a
• 0:25
  little
• 0:25
  smarter,
• 0:26
  but
• 0:26
  most
• 0:26
  importantly
• 0:27
  a
• 0:27
  little
• 0:27
  happier
• 0:27
  each
• 0:28
  week
• 0:28
  too.
• 0:28
  And
• 0:29
  this
• 0:29
  podcast
• 0:29
  is
• 0:29
  just
• 0:29
  one
• 0:30
  of
• 0:30
  the
• 0:30
  many
• 0:30
  great
• 0:30
  podcasts
• 0:31
  you
• 0:31
  can
• 0:31
  find
• 0:31
  from
• 0:31
  us
• 0:31
  here
• 0:32
  at
• 0:32
  Omnitalk
• 0:32
  Retail
• 0:33
  alongside
• 0:33
  our
• 0:33
  Retail
• 0:33
  Daily
• 0:34
  minute,
• 0:34
  which
• 0:35
  brings
• 0:35
  you
• 0:35
  a
• 0:35
  curated
• 0:35
  selection
• 0:36
  of
• 0:36
  the
• 0:36
  most
• 0:36
  important
• 0:36
  retail
• 0:37
  headlines
• 0:37
  every
• 0:38
  morning
• 0:38
  and
• 0:38
  our
• 0:39
  signature
• 0:39
  podcast,
• 0:39
  the
• 0:40
  Retail
• 0:40
  Fast
• 0:40
  five
• 0:40
  that
• 0:41
  breaks
• 0:41
  down
• 0:41
  each
• 0:41
  week.
• 0:42
  The
• 0:42
  top
• 0:42
  five
• 0:42
  headlines
• 0:43
  making
• 0:43
  waves
• 0:44
  in
• 0:44
  the
• 0:44
  world
• 0:44
  of
• 0:44
  omnichannel
• 0:45
  retailing
• 0:45
  that
• 0:45
  comes
• 0:46
  your
• 0:46
  way
• 0:47
  every
• 0:47
  Wednesday
• 0:47
  afternoon.
• 0:48
  Hello
• 0:49
  everyone,
• 0:49
  I
• 0:49
  am
• 0:49
  one
• 0:50
  of
• 0:50
  your
• 0:50
  co
• 0:50
  hosts
• 0:51
  for
• 0:51
  today's
• 0:51
  interview,
• 0:51
  Chris
• 0:52
  Walton.
• 0:52
  And
• 0:52
  and
• 0:52
  I'm
• 0:53
  Ann
• 0:53
  Mazinga
• 0:54
  and
• 0:54
  we.
• 0:54
  Are
• 0:55
  pleased
• 0:55
  to
• 0:55
  introduce
• 0:55
  Claire
• 0:56
  Cherry.
• 0:57
  Claire
• 0:57
  is
• 0:57
  a
• 0:57
  partner
• 0:58
  at
• 0:58
  ERA
• 0:58
  vc.
• 0:59
  Claire,
• 1:00
  thank
• 1:00
  you
• 1:00
  for
• 1:00
  joining
• 1:01
  us
• 1:01
  and
• 1:01
  welcome
• 1:01
  to
• 1:01
  omnitalk.
• 1:03
  Great
• 1:03
  to
• 1:03
  be
• 1:03
  here.
• 1:04
  Very
• 1:04
  much
• 1:04
  looking
• 1:05
  forward
• 1:05
  to
• 1:05
  it.
• 1:06
  We're
• 1:06
  excited
• 1:07
  to
• 1:07
  have
• 1:07
  you.
• 1:07
  Claire,
• 1:08
  I'd
• 1:08
  love
• 1:08
  to
• 1:08
  just
• 1:09
  hear
• 1:09
  a
• 1:09
  little
• 1:09
  bit
• 1:09
  about
• 1:09
  your
• 1:10
  background,
• 1:11
  how
• 1:11
  you
• 1:12
  got
• 1:12
  into
• 1:12
  venture
• 1:13
  capital,
• 1:13
  a
• 1:13
  little
• 1:13
  bit
• 1:14
  about
• 1:14
  yourself
• 1:15
  if
• 1:15
  you
• 1:15
  don't
• 1:15
  mind
• 1:15
  just
• 1:16
  starting
• 1:16
  starting
• 1:17
  this
• 1:17
  conversation
• 1:18
  off
• 1:18
  with
• 1:18
  a
• 1:19
  little
• 1:19
  bit
• 1:19
  of
• 1:19
  that
• 1:19
  for
• 1:19
  the
• 1:19
  audience.
• 1:20
  Yeah,
• 1:21
  of
• 1:21
  course,
• 1:22
  yeah.
• 1:22
  So
• 1:22
  if
• 1:23
  we
• 1:23
  take
• 1:23
  it
• 1:23
  from
• 1:23
  the
• 1:23
  beginning,
• 1:24
  I
• 1:24
  guess
• 1:24
  I've
• 1:24
  always
• 1:25
  had
• 1:25
  a
• 1:25
  keen
• 1:25
  interest
• 1:26
  in
• 1:26
  innovation.
• 1:27
  So
• 1:28
  way
• 1:28
  back
• 1:28
  when
• 1:29
  I
• 1:29
  was
• 1:29
  actually
• 1:29
  a
• 1:29
  scientist,
• 1:31
  loved
• 1:31
  the
• 1:31
  excitement
• 1:32
  of
• 1:32
  discovery,
• 1:33
  kind
• 1:33
  of
• 1:34
  got
• 1:34
  to
• 1:34
  graduation,
• 1:35
  knew
• 1:35
  I
• 1:35
  didn't
• 1:35
  want
• 1:36
  to
• 1:36
  be
• 1:36
  in
• 1:36
  a
• 1:36
  laboratory,
• 1:37
  didn't
• 1:37
  have
• 1:38
  great
• 1:38
  careers
• 1:38
  advice
• 1:39
  at
• 1:39
  the
• 1:39
  time
• 1:39
  and
• 1:40
  really
• 1:40
  thought
• 1:40
  that
• 1:41
  that
• 1:41
  was
• 1:41
  my
• 1:41
  only
• 1:41
  option.
• 1:42
  So
• 1:43
  I
• 1:43
  did
• 1:43
  what
• 1:43
  most
• 1:44
  self
• 1:45
  respecting
• 1:45
  people
• 1:45
  do
• 1:46
  in
• 1:46
  London,
• 1:47
  went
• 1:47
  into
• 1:47
  finance
• 1:48
  and
• 1:48
  I
• 1:48
  guess
• 1:49
  that
• 1:49
  happened
• 1:50
  to
• 1:51
  early
• 1:51
  stage
• 1:51
  investing.
• 1:52
  So
• 1:52
  typically
• 1:53
  into
• 1:53
  high
• 1:53
  growth
• 1:53
  companies
• 1:55
  at
• 1:55
  the
• 1:55
  start
• 1:56
  doing
• 1:56
  everything
• 1:57
  from
• 1:57
  pensions
• 1:58
  administration
• 1:59
  software
• 1:59
  all
• 2:00
  the
• 2:00
  way
• 2:00
  through
• 2:00
  to
• 2:00
  cancer
• 2:01
  drugs
• 2:01
  to
• 2:01
  Mexican
• 2:02
  restaurants.
• 2:03
  But
• 2:04
  I
• 2:04
  really
• 2:04
  could
• 2:05
  see
• 2:05
  that,
• 2:05
  you
• 2:05
  know,
• 2:05
  I
• 2:06
  guess
• 2:06
  I
• 2:06
  was
• 2:06
  loving
• 2:07
  everything
• 2:07
  I
• 2:07
  did
• 2:07
  in
• 2:08
  consumer,
• 2:08
  consumer
• 2:09
  brands,
• 2:10
  consumer
• 2:10
  technologies
• 2:11
  and
• 2:11
  I've
• 2:12
  ultimately
• 2:12
  been
• 2:12
  doing
• 2:13
  that
• 2:13
  ever
• 2:13
  since.
• 2:14
  So
• 2:14
  yeah,
• 2:14
  as
• 2:15
  I
• 2:15
  always
• 2:15
  say,
• 2:16
  once
• 2:17
  I
• 2:17
  fell
• 2:17
  in
• 2:17
  love
• 2:17
  with
• 2:18
  consumer,
• 2:18
  there
• 2:18
  was
• 2:18
  kind
• 2:18
  of
• 2:19
  no
• 2:19
  turning
• 2:19
  back
• 2:19
  from
• 2:20
  that
• 2:20
  perspective
• 2:20
  and
• 2:21
  I
• 2:21
  think
• 2:21
  that
• 2:21
  probably
• 2:21
  resonates
• 2:22
  with
• 2:22
  quite
• 2:22
  a
• 2:22
  few
• 2:23
  people
• 2:23
  here.
• 2:24
  And
• 2:24
  yeah,
• 2:25
  I
• 2:25
  joined
• 2:25
  ERA
• 2:26
  earlier
• 2:26
  this
• 2:26
  year
• 2:27
  and
• 2:27
  really
• 2:27
  we
• 2:27
  back
• 2:28
  category
• 2:28
  transforming
• 2:29
  consumer
• 2:29
  brands.
• 2:30
  So
• 2:31
  investing
• 2:31
  into
• 2:31
  businesses
• 2:32
  with
• 2:32
  less
• 2:33
  than
• 2:33
  5
• 2:33
  million
• 2:33
  of
• 2:33
  revenue,
• 2:35
  helping
• 2:35
  them
• 2:36
  grow
• 2:36
  and
• 2:36
  turn
• 2:36
  into
• 2:37
  category
• 2:37
  leaders.
• 2:37
  So
• 2:38
  typically
• 2:38
  both
• 2:39
  online
• 2:39
  and
• 2:39
  offline
• 2:40
  and
• 2:40
  sort
• 2:40
  of
• 2:40
  fast
• 2:41
  moving
• 2:41
  consumer
• 2:41
  goods
• 2:42
  and
• 2:42
  yeah
• 2:43
  Pretty
• 2:43
  global
• 2:43
  remit.
• 2:44
  So
• 2:44
  as
• 2:44
  you
• 2:44
  can
• 2:44
  tell
• 2:45
  probably
• 2:46
  from
• 2:46
  the
• 2:46
  accent,
• 2:47
  I'm
• 2:47
  based
• 2:47
  in
• 2:48
  the
• 2:48
  uk,
• 2:48
  but
• 2:48
  we're
• 2:48
  investing
• 2:49
  across
• 2:49
  North
• 2:49
  America,
• 2:50
  Europe
• 2:50
  and
• 2:50
  Australia.
• 2:51
  Wow.
• 2:52
  What
• 2:53
  is
• 2:53
  your.
• 2:53
  What
• 2:53
  was.
• 2:54
  I
• 2:54
  have
• 2:54
  to
• 2:54
  ask
• 2:55
  what
• 2:55
  science
• 2:56
  you
• 2:56
  were
• 2:56
  doing?
• 2:57
  What
• 2:57
  made
• 2:57
  you
• 2:57
  a
• 2:57
  scientist,
• 2:58
  Claire?
• 2:59
  Well,
• 3:00
  I
• 3:00
  actually
• 3:00
  was
• 3:01
  seemingly
• 3:01
  quite
• 3:01
  indecisive.
• 3:02
  I
• 3:02
  did
• 3:03
  biology,
• 3:03
  chemistry,
• 3:04
  and
• 3:04
  economics
• 3:04
  at
• 3:04
  the
• 3:05
  time,
• 3:05
  so
• 3:05
  it's
• 3:05
  not
• 3:06
  necessarily
• 3:07
  recommended.
• 3:08
  Yeah.
• 3:08
  Everything
• 3:08
  from,
• 3:09
  I
• 3:09
  guess,
• 3:10
  cell
• 3:10
  aging
• 3:11
  all
• 3:11
  the
• 3:11
  way
• 3:11
  through
• 3:11
  to,
• 3:12
  yeah,
• 3:12
  organic
• 3:13
  chemistry.
• 3:13
  So
• 3:14
  quite
• 3:14
  a
• 3:14
  wide
• 3:14
  breadth,
• 3:15
  which
• 3:15
  I
• 3:15
  guess
• 3:15
  did
• 3:16
  inadvertently
• 3:16
  set
• 3:17
  me
• 3:17
  up
• 3:17
  for
• 3:17
  this,
• 3:17
  but
• 3:17
  not
• 3:18
  that
• 3:18
  I
• 3:18
  realized
• 3:18
  that
• 3:18
  at
• 3:18
  the
• 3:19
  time.
• 3:19
  Oh,
• 3:20
  that's
• 3:20
  wild.
• 3:21
  Yeah,
• 3:22
  it
• 3:22
  is.
• 3:22
  And
• 3:22
  I
• 3:22
  think
• 3:23
  this
• 3:23
  is
• 3:23
  the
• 3:23
  first
• 3:23
  laboratory
• 3:24
  drop
• 3:24
  we've
• 3:24
  ever
• 3:25
  had.
• 3:25
  Yeah.
• 3:25
  The
• 3:26
  history
• 3:26
  of
• 3:26
  the
• 3:26
  avitalk
• 3:27
  retail
• 3:27
  podcast
• 3:28
  network,
• 3:28
  so.
• 3:29
  So
• 3:29
  kudos
• 3:29
  to
• 3:29
  Claire
• 3:30
  for
• 3:30
  that.
• 3:30
  Yeah,
• 3:30
  it's
• 3:30
  crazy.
• 3:31
  Like
• 3:31
  going
• 3:31
  from
• 3:31
  a
• 3:31
  scientist
• 3:32
  to
• 3:32
  a
• 3:32
  vc.
• 3:33
  That's
• 3:33
  a.
• 3:33
  That's
• 3:34
  an
• 3:34
  interesting
• 3:34
  path,
• 3:35
  for
• 3:35
  sure.
• 3:35
  All
• 3:36
  right,
• 3:36
  well,
• 3:36
  Claire,
• 3:36
  one
• 3:36
  of
• 3:37
  the
• 3:37
  things
• 3:37
  that
• 3:37
  I'm
• 3:37
  excited
• 3:38
  to
• 3:38
  talk
• 3:38
  to
• 3:38
  you
• 3:38
  about
• 3:38
  that
• 3:38
  I'm
• 3:39
  going
• 3:39
  to
• 3:39
  kind
• 3:39
  of
• 3:39
  bait
• 3:39
  the
• 3:39
  hook
• 3:40
  for
• 3:40
  the
• 3:40
  audience
• 3:40
  here
• 3:41
  is
• 3:41
  you
• 3:41
  have
• 3:41
  a
• 3:41
  lot
• 3:41
  of
• 3:42
  experience
• 3:42
  in
• 3:42
  store
• 3:43
  of
• 3:43
  the
• 3:43
  future
• 3:43
  investments,
• 3:44
  which
• 3:44
  is,
• 3:44
  you
• 3:44
  know,
• 3:44
  kind
• 3:45
  of
• 3:45
  Ann
• 3:45
  and
• 3:45
  I's
• 3:46
  bread
• 3:46
  and.
• 3:46
  But
• 3:47
  ananized
• 3:48
  bread
• 3:48
  and
• 3:48
  butter.
• 3:49
  And
• 3:49
  so
• 3:49
  I
• 3:49
  can't
• 3:50
  wait
• 3:50
  to
• 3:50
  talk
• 3:50
  about
• 3:50
  that.
• 3:50
  So
• 3:51
  those
• 3:51
  listening
• 3:51
  are
• 3:51
  going
• 3:51
  to
• 3:51
  want
• 3:51
  to
• 3:52
  stick
• 3:52
  around.
• 3:52
  But
• 3:52
  before
• 3:52
  we
• 3:53
  do
• 3:53
  that,
• 3:54
  I'm
• 3:54
  curious,
• 3:55
  what
• 3:55
  types
• 3:56
  of
• 3:56
  investments
• 3:57
  are
• 3:57
  you
• 3:58
  currently
• 3:58
  keen
• 3:59
  on
• 3:59
  in
• 3:59
  the
• 3:59
  marketplace?
• 4:00
  Like,
• 4:00
  what
• 4:00
  type?
• 4:01
  Like,
• 4:01
  what
• 4:01
  are
• 4:01
  you
• 4:01
  guys,
• 4:02
  you
• 4:02
  know,
• 4:02
  at
• 4:02
  Arrow,
• 4:03
  what
• 4:03
  are
• 4:03
  you
• 4:03
  guys
• 4:03
  really
• 4:03
  looking
• 4:04
  at?
• 4:04
  What
• 4:05
  do
• 4:05
  you
• 4:05
  think
• 4:05
  is
• 4:05
  going
• 4:05
  to
• 4:05
  be
• 4:05
  hot?
• 4:06
  Yeah,
• 4:07
  I
• 4:07
  mean,
• 4:07
  I
• 4:07
  think
• 4:07
  for
• 4:08
  us,
• 4:08
  I
• 4:08
  guess
• 4:08
  we
• 4:09
  have
• 4:09
  always
• 4:09
  focused
• 4:10
  on
• 4:10
  three
• 4:11
  core
• 4:11
  buckets,
• 4:12
  which
• 4:12
  is
• 4:13
  beauty
• 4:13
  and
• 4:13
  personal
• 4:14
  care,
• 4:15
  health
• 4:15
  and
• 4:15
  wellness,
• 4:16
  and
• 4:16
  future
• 4:16
  of
• 4:16
  food.
• 4:17
  But
• 4:18
  really
• 4:18
  where
• 4:18
  we
• 4:18
  get
• 4:19
  super
• 4:19
  excited
• 4:19
  at
• 4:20
  the
• 4:20
  moment
• 4:20
  is
• 4:20
  kind
• 4:20
  of
• 4:21
  the
• 4:21
  intersection
• 4:21
  of
• 4:22
  the
• 4:22
  three
• 4:22
  of
• 4:22
  them.
• 4:23
  So
• 4:23
  if
• 4:23
  we
• 4:23
  take
• 4:23
  kind
• 4:24
  of
• 4:24
  a
• 4:24
  couple
• 4:24
  of
• 4:24
  examples,
• 4:25
  you
• 4:26
  know,
• 4:26
  something
• 4:26
  like
• 4:26
  longevity,
• 4:28
  really
• 4:28
  where
• 4:28
  we're
• 4:29
  seeing
• 4:29
  a
• 4:29
  shift.
• 4:29
  You
• 4:30
  know,
• 4:30
  we've
• 4:30
  seen
• 4:30
  longevity
• 4:31
  clinics
• 4:32
  come
• 4:32
  to
• 4:32
  the
• 4:32
  market.
• 4:33
  They're
• 4:33
  kind
• 4:33
  of
• 4:33
  servicing
• 4:34
  the
• 4:34
  1%,
• 4:35
  but
• 4:36
  ultimately
• 4:36
  we
• 4:37
  now
• 4:37
  see
• 4:37
  that
• 4:37
  people
• 4:38
  are
• 4:38
  bringing
• 4:38
  that
• 4:38
  into
• 4:39
  the
• 4:39
  mainstream.
• 4:39
  Right.
• 4:40
  So
• 4:40
  consumables,
• 4:41
  supplements,
• 4:42
  powders,
• 4:43
  coffees,
• 4:44
  teas
• 4:45
  that
• 4:45
  ultimately
• 4:46
  allow
• 4:46
  you
• 4:46
  to
• 4:46
  live
• 4:47
  a
• 4:47
  longer,
• 4:48
  healthier
• 4:48
  life.
• 4:49
  And
• 4:49
  I
• 4:49
  think,
• 4:50
  yeah,
• 4:50
  we
• 4:50
  get
• 4:51
  excited
• 4:51
  where
• 4:52
  technologies
• 4:52
  are
• 4:53
  really
• 4:53
  hitting
• 4:54
  that
• 4:54
  intersection
• 4:55
  of.
• 4:55
  Yeah.
• 4:55
  Becoming,
• 4:56
  you
• 4:56
  know,
• 4:56
  widely
• 4:57
  adopted
• 4:58
  for
• 4:58
  consumers
• 4:59
  generally
• 4:59
  through,
• 4:59
  you
• 4:59
  know,
• 5:00
  a
• 5:00
  retail
• 5:00
  proposition.
• 5:01
  Right.
• 5:02
  And
• 5:02
  yeah,
• 5:03
  as
• 5:03
  at
• 5:03
  that
• 5:03
  intersection,
• 5:05
  something
• 5:05
  like
• 5:06
  future
• 5:06
  of
• 5:06
  food
• 5:06
  is
• 5:06
  exactly
• 5:07
  the
• 5:07
  same.
• 5:07
  Right.
• 5:08
  So,
• 5:08
  you
• 5:09
  know,
• 5:09
  brands
• 5:09
  that
• 5:09
  are
• 5:10
  taking
• 5:10
  traditional
• 5:11
  food
• 5:11
  and
• 5:12
  drink
• 5:12
  habits
• 5:12
  Making
• 5:13
  them
• 5:13
  better
• 5:13
  for
• 5:13
  you,
• 5:14
  better
• 5:14
  for
• 5:14
  your
• 5:15
  mind,
• 5:15
  your
• 5:15
  body.
• 5:16
  Something
• 5:16
  like
• 5:16
  functional
• 5:17
  mushrooms.
• 5:18
  You
• 5:18
  can
• 5:19
  produce
• 5:19
  a
• 5:19
  coffee,
• 5:20
  a
• 5:20
  chocolate
• 5:21
  that
• 5:21
  ultimately
• 5:22
  gives
• 5:22
  you
• 5:22
  energy,
• 5:22
  gives
• 5:23
  you
• 5:23
  focus,
• 5:23
  no
• 5:24
  caffeine,
• 5:24
  crash,
• 5:25
  added
• 5:25
  health
• 5:25
  benefits.
• 5:26
  You
• 5:26
  know,
• 5:26
  really
• 5:27
  we're
• 5:27
  seeing,
• 5:28
  I
• 5:28
  guess,
• 5:28
  a
• 5:28
  big
• 5:28
  consumer
• 5:29
  draw
• 5:30
  towards
• 5:30
  that.
• 5:31
  So
• 5:31
  generally,
• 5:32
  you
• 5:32
  know,
• 5:32
  younger
• 5:32
  demographics
• 5:33
  leading
• 5:33
  it,
• 5:34
  but
• 5:34
  I
• 5:34
  think
• 5:34
  everyone
• 5:35
  wanting
• 5:36
  to
• 5:36
  reduce
• 5:36
  their
• 5:37
  dependence
• 5:37
  on
• 5:38
  drugs
• 5:39
  or
• 5:39
  pain
• 5:40
  medication
• 5:40
  to
• 5:41
  manage,
• 5:41
  you
• 5:41
  know,
• 5:42
  long
• 5:42
  term
• 5:42
  health
• 5:43
  benefits.
• 5:43
  So
• 5:44
  that
• 5:44
  might
• 5:44
  be
• 5:45
  hormone
• 5:45
  imbalances,
• 5:46
  fertility,
• 5:47
  sleep,
• 5:48
  mental
• 5:48
  wellness.
• 5:49
  I
• 5:49
  guess
• 5:49
  that
• 5:49
  takes
• 5:50
  up
• 5:51
  a
• 5:51
  big
• 5:51
  chunk
• 5:51
  of
• 5:52
  what
• 5:52
  we're
• 5:52
  doing
• 5:52
  at
• 5:52
  the
• 5:52
  moment.
• 5:53
  And
• 5:53
  you
• 5:53
  know,
• 5:53
  that's
• 5:54
  everything
• 5:54
  from
• 5:55
  children
• 5:55
  all
• 5:56
  the
• 5:56
  way
• 5:56
  through
• 5:56
  to
• 5:57
  adults
• 5:58
  to
• 5:58
  aging
• 5:59
  populations.
• 6:00
  And
• 6:01
  yeah,
• 6:01
  I'd
• 6:01
  say
• 6:01
  that's,
• 6:02
  that's
• 6:02
  probably
• 6:02
  the
• 6:02
  bit
• 6:03
  that,
• 6:03
  yeah,
• 6:03
  gets
• 6:03
  us
• 6:03
  all
• 6:04
  most
• 6:04
  excited
• 6:04
  at
• 6:04
  the
• 6:04
  moment.
• 6:05
  Wow.
• 6:06
  So.
• 6:06
  So
• 6:06
  that's
• 6:06
  what,
• 6:06
  so
• 6:07
  basically
• 6:07
  what
• 6:07
  you're
• 6:07
  saying
• 6:07
  is,
• 6:08
  so
• 6:08
  you're
• 6:08
  saying
• 6:08
  like,
• 6:09
  because
• 6:09
  there's
• 6:09
  always
• 6:09
  been
• 6:09
  a
• 6:10
  trend
• 6:10
  towards
• 6:10
  healthy
• 6:10
  food,
• 6:11
  but
• 6:11
  now
• 6:11
  you're
• 6:11
  saying
• 6:11
  that
• 6:11
  there's
• 6:12
  real
• 6:12
  movement
• 6:12
  towards
• 6:13
  food
• 6:13
  as
• 6:14
  medicine,
• 6:14
  is
• 6:14
  that
• 6:15
  right?
• 6:15
  Yeah,
• 6:16
  exactly.
• 6:16
  And
• 6:16
  I
• 6:17
  think
• 6:17
  just
• 6:17
  functional
• 6:18
  benefits.
• 6:18
  Right.
• 6:19
  So
• 6:19
  instead
• 6:19
  of,
• 6:19
  you
• 6:20
  know,
• 6:20
  snacking
• 6:21
  for
• 6:21
  the
• 6:21
  sake
• 6:21
  of
• 6:21
  snacking,
• 6:22
  ultimately
• 6:23
  you
• 6:23
  might
• 6:23
  be
• 6:23
  able
• 6:23
  to
• 6:23
  pick
• 6:24
  something
• 6:24
  that,
• 6:25
  whether
• 6:25
  it's
• 6:25
  high
• 6:26
  protein,
• 6:26
  better
• 6:27
  gut
• 6:27
  health.
• 6:27
  I
• 6:28
  think
• 6:28
  it's
• 6:28
  that,
• 6:29
  you
• 6:29
  know,
• 6:29
  knowledge
• 6:30
  base
• 6:30
  that
• 6:30
  really
• 6:30
  everyone's
• 6:31
  an
• 6:31
  armchair
• 6:32
  scientist.
• 6:32
  Right.
• 6:32
  How
• 6:33
  do
• 6:33
  I
• 6:33
  better
• 6:33
  understand
• 6:35
  my
• 6:35
  own
• 6:35
  hormones,
• 6:36
  my
• 6:36
  own
• 6:36
  balance,
• 6:37
  my
• 6:37
  own
• 6:37
  body
• 6:37
  to
• 6:38
  really
• 6:38
  drive
• 6:39
  into,
• 6:40
  to
• 6:40
  drive
• 6:40
  brands
• 6:41
  into
• 6:41
  categories
• 6:42
  that
• 6:42
  they
• 6:42
  might
• 6:43
  not
• 6:43
  otherwise
• 6:43
  have.
• 6:44
  Have
• 6:44
  looked
• 6:44
  to.
• 6:44
  So
• 6:44
  instead
• 6:45
  of
• 6:45
  saying,
• 6:46
  okay,
• 6:46
  if
• 6:46
  I
• 6:47
  want
• 6:47
  to
• 6:47
  live
• 6:48
  a
• 6:48
  longer
• 6:48
  life,
• 6:49
  then
• 6:49
  I
• 6:49
  have
• 6:49
  to
• 6:49
  take
• 6:50
  50
• 6:50
  supplements
• 6:51
  or
• 6:51
  50
• 6:51
  pills
• 6:52
  every
• 6:52
  morning,
• 6:52
  you
• 6:52
  know,
• 6:53
  maybe
• 6:53
  you
• 6:53
  can
• 6:53
  incorporate
• 6:54
  a
• 6:54
  whole
• 6:55
  chunk
• 6:55
  of
• 6:55
  those
• 6:55
  into
• 6:56
  everyday
• 6:56
  habits.
• 6:57
  So,
• 6:57
  yeah,
• 6:58
  no,
• 6:59
  it's
• 6:59
  exciting.
• 7:00
  Claire,
• 7:01
  are
• 7:01
  there
• 7:01
  any
• 7:02
  areas
• 7:02
  especially,
• 7:03
  I
• 7:03
  would
• 7:03
  have
• 7:03
  to
• 7:03
  imagine
• 7:04
  when
• 7:04
  you're
• 7:04
  focused
• 7:05
  on
• 7:05
  the
• 7:05
  categories
• 7:06
  that
• 7:06
  you
• 7:06
  talked
• 7:06
  about,
• 7:07
  beauty,
• 7:09
  functional
• 7:09
  health
• 7:10
  and
• 7:11
  wellness
• 7:11
  products,
• 7:12
  there's
• 7:12
  got
• 7:13
  to
• 7:13
  be
• 7:13
  some
• 7:13
  areas
• 7:13
  that
• 7:14
  you
• 7:14
  are
• 7:14
  not
• 7:15
  looking
• 7:15
  at
• 7:16
  or
• 7:16
  that
• 7:16
  your,
• 7:16
  your
• 7:17
  team
• 7:17
  is
• 7:17
  avoiding
• 7:18
  right
• 7:18
  now
• 7:18
  too,
• 7:18
  within
• 7:19
  those
• 7:19
  same
• 7:19
  categories
• 7:20
  or,
• 7:20
  or
• 7:21
  even
• 7:21
  spend
• 7:22
  that
• 7:22
  you're,
• 7:22
  you're
• 7:22
  seeing,
• 7:23
  that
• 7:23
  might
• 7:24
  be
• 7:24
  something
• 7:24
  that
• 7:24
  you
• 7:25
  tell
• 7:25
  people
• 7:25
  to
• 7:25
  shy
• 7:26
  away
• 7:26
  from.
• 7:26
  How
• 7:27
  do
• 7:27
  you
• 7:27
  think
• 7:27
  about
• 7:27
  that
• 7:28
  question
• 7:28
  and
• 7:29
  where
• 7:29
  does
• 7:29
  Arrow
• 7:30
  land
• 7:30
  on
• 7:30
  that?
• 7:31
  Yeah,
• 7:32
  I
• 7:32
  mean,
• 7:32
  I
• 7:32
  think
• 7:32
  in
• 7:33
  terms
• 7:33
  of
• 7:34
  look
• 7:34
  ultimately
• 7:35
  across
• 7:35
  the
• 7:35
  consumer
• 7:36
  space,
• 7:36
  yes,
• 7:37
  there
• 7:37
  are
• 7:37
  categories
• 7:38
  that
• 7:38
  are
• 7:38
  more
• 7:39
  saturated.
• 7:40
  Probably
• 7:40
  another
• 7:41
  skincare
• 7:42
  brand
• 7:42
  right
• 7:42
  now
• 7:42
  is
• 7:43
  difficult.
• 7:43
  But
• 7:43
  it's
• 7:43
  not
• 7:44
  to
• 7:44
  say
• 7:44
  that
• 7:44
  we
• 7:45
  wouldn't
• 7:45
  do
• 7:45
  it.
• 7:45
  But
• 7:45
  you
• 7:45
  know,
• 7:46
  I
• 7:46
  guess
• 7:46
  that
• 7:46
  category
• 7:47
  has
• 7:47
  evolved
• 7:48
  quicker
• 7:48
  than
• 7:48
  perhaps
• 7:49
  personal
• 7:49
  care,
• 7:50
  hair
• 7:51
  care,
• 7:51
  you
• 7:52
  know,
• 7:52
  body
• 7:52
  care,
• 7:52
  all
• 7:53
  of
• 7:53
  those
• 7:53
  things.
• 7:53
  Right.
• 7:54
  So
• 7:54
  it's
• 7:55
  not
• 7:55
  to
• 7:55
  say
• 7:55
  that
• 7:56
  we
• 7:56
  wouldn't
• 7:56
  look
• 7:56
  there,
• 7:56
  but
• 7:57
  really,
• 7:57
  for
• 7:57
  us,
• 7:58
  I
• 7:58
  think
• 7:58
  the
• 7:58
  biggest
• 7:59
  challenge
• 7:59
  is
• 8:00
  ultimately
• 8:00
  what
• 8:01
  businesses
• 8:01
  look
• 8:01
  like
• 8:02
  under
• 8:02
  the
• 8:02
  hood.
• 8:02
  Right.
• 8:03
  We're
• 8:03
  coming
• 8:03
  out
• 8:04
  of,
• 8:04
  you
• 8:04
  know,
• 8:05
  probably
• 8:06
  a
• 8:06
  decade
• 8:06
  or
• 8:07
  more
• 8:07
  of
• 8:07
  businesses
• 8:08
  where
• 8:10
  acquiring
• 8:11
  customers
• 8:11
  through
• 8:11
  Facebook
• 8:12
  was
• 8:12
  relatively
• 8:13
  easy.
• 8:14
  And
• 8:14
  I
• 8:14
  think
• 8:14
  that
• 8:15
  got
• 8:16
  investors
• 8:17
  and
• 8:17
  founders
• 8:17
  into
• 8:18
  a
• 8:18
  mindset
• 8:18
  of
• 8:19
  kind
• 8:19
  of
• 8:19
  hacking
• 8:19
  their
• 8:20
  way
• 8:20
  to
• 8:20
  growth.
• 8:21
  But
• 8:21
  ultimately,
• 8:22
  I
• 8:22
  think
• 8:22
  we're
• 8:23
  all
• 8:23
  starting
• 8:23
  to
• 8:23
  realize
• 8:24
  that
• 8:24
  you
• 8:25
  can't
• 8:25
  shortcut
• 8:26
  your
• 8:26
  way
• 8:26
  to
• 8:26
  building
• 8:27
  a
• 8:27
  brand.
• 8:28
  Building
• 8:28
  customer
• 8:29
  love,
• 8:29
  but
• 8:29
  building
• 8:30
  loyalty.
• 8:31
  And
• 8:32
  so
• 8:32
  we
• 8:32
  look
• 8:33
  very
• 8:33
  holistically
• 8:34
  about
• 8:34
  how
• 8:35
  you're
• 8:35
  acquiring
• 8:36
  customers,
• 8:36
  what
• 8:37
  that
• 8:37
  looks
• 8:37
  like,
• 8:37
  what
• 8:37
  your
• 8:38
  channels
• 8:38
  are,
• 8:38
  are
• 8:39
  you
• 8:39
  showing
• 8:39
  up
• 8:39
  in
• 8:39
  the
• 8:40
  right
• 8:40
  place,
• 8:41
  or
• 8:41
  is
• 8:41
  the
• 8:41
  product
• 8:42
  really
• 8:42
  resonating?
• 8:43
  Because
• 8:44
  really,
• 8:44
  the
• 8:44
  key
• 8:45
  factor
• 8:45
  for
• 8:45
  us
• 8:45
  is
• 8:46
  building
• 8:46
  brands
• 8:46
  that
• 8:47
  withstand
• 8:48
  the
• 8:48
  test
• 8:48
  of
• 8:48
  time.
• 8:48
  You
• 8:49
  know,
• 8:49
  we
• 8:49
  want
• 8:49
  them
• 8:49
  to
• 8:49
  be
• 8:49
  here
• 8:50
  in
• 8:50
  10,
• 8:51
  15,
• 8:51
  20
• 8:52
  years,
• 8:52
  and
• 8:52
  we
• 8:52
  accept
• 8:53
  that
• 8:53
  we
• 8:53
  might
• 8:53
  be
• 8:54
  of
• 8:54
  that
• 8:54
  journey,
• 8:54
  but,
• 8:54
  you
• 8:55
  know,
• 8:55
  that's
• 8:55
  the,
• 8:55
  the
• 8:56
  goal
• 8:56
  here.
• 8:56
  Rather
• 8:56
  than
• 8:58
  build
• 8:59
  a
• 8:59
  business
• 8:59
  on
• 9:00
  Amazon,
• 9:00
  you
• 9:00
  know,
• 9:01
  buy
• 9:01
  it
• 9:01
  up
• 9:01
  quickly,
• 9:02
  sell
• 9:02
  it
• 9:02
  and
• 9:03
  kind
• 9:03
  of
• 9:03
  get
• 9:03
  out.
• 9:03
  That's
• 9:04
  just
• 9:04
  not,
• 9:04
  not
• 9:04
  what
• 9:05
  we
• 9:05
  do
• 9:05
  as
• 9:05
  investors
• 9:06
  at
• 9:06
  all.
• 9:07
  And
• 9:07
  I
• 9:07
  think,
• 9:08
  look,
• 9:08
  as.
• 9:08
  As
• 9:09
  a
• 9:09
  lot
• 9:09
  of
• 9:09
  your
• 9:09
  listeners
• 9:09
  will
• 9:10
  know,
• 9:10
  we
• 9:11
  always
• 9:11
  have
• 9:12
  and
• 9:12
  always
• 9:12
  will
• 9:12
  believe
• 9:13
  in
• 9:13
  the
• 9:13
  power
• 9:13
  of
• 9:14
  retail.
• 9:14
  Even
• 9:14
  at
• 9:15
  peak
• 9:15
  E
• 9:15
  commerce
• 9:16
  in
• 9:16
  Covid
• 9:17
  and
• 9:17
  the
• 9:17
  height
• 9:18
  of,
• 9:18
  you
• 9:18
  know,
• 9:19
  everyone
• 9:19
  talking
• 9:19
  about
• 9:19
  digital
• 9:20
  and
• 9:20
  direct
• 9:21
  consumer
• 9:21
  models,
• 9:23
  we
• 9:23
  know
• 9:23
  that
• 9:24
  everyone
• 9:24
  still
• 9:24
  wants
• 9:25
  to
• 9:25
  shop
• 9:25
  offline,
• 9:26
  particularly
• 9:26
  in
• 9:26
  these
• 9:27
  categories.
• 9:27
  Right.
• 9:27
  They're
• 9:28
  very,
• 9:28
  you
• 9:29
  know,
• 9:29
  sensorial,
• 9:30
  emotional
• 9:31
  purchases
• 9:31
  a
• 9:32
  lot
• 9:32
  of
• 9:32
  the
• 9:32
  time.
• 9:33
  And
• 9:33
  so,
• 9:34
  yes,
• 9:34
  we
• 9:34
  place
• 9:35
  a
• 9:35
  lot
• 9:35
  of
• 9:35
  weight
• 9:35
  on
• 9:36
  speaking
• 9:37
  to
• 9:37
  retail
• 9:37
  buyers.
• 9:38
  How
• 9:38
  are
• 9:38
  they
• 9:38
  perceiving
• 9:39
  the
• 9:39
  category,
• 9:40
  what
• 9:40
  do
• 9:40
  they
• 9:40
  want
• 9:40
  it
• 9:40
  to
• 9:40
  become?
• 9:41
  And
• 9:41
  ultimately,
• 9:42
  where
• 9:43
  might
• 9:43
  the
• 9:43
  businesses
• 9:43
  that
• 9:43
  we
• 9:44
  invest
• 9:44
  in
• 9:44
  play
• 9:45
  a
• 9:45
  part
• 9:45
  in
• 9:45
  that?
• 9:46
  So,
• 9:47
  yeah,
• 9:47
  I
• 9:47
  think
• 9:48
  founders
• 9:48
  may
• 9:48
  be
• 9:48
  a
• 9:48
  surprise
• 9:49
  by
• 9:50
  the
• 9:50
  breadth
• 9:50
  of
• 9:51
  what
• 9:51
  we
• 9:51
  look
• 9:51
  at
• 9:52
  under
• 9:52
  the
• 9:52
  hood
• 9:52
  to
• 9:53
  try
• 9:53
  and
• 9:53
  understand.
• 9:54
  Yeah.
• 9:54
  Truly,
• 9:55
  whether
• 9:55
  it's
• 9:55
  a
• 9:55
  sustainable
• 9:56
  model
• 9:56
  and,
• 9:57
  you
• 9:57
  know,
• 9:57
  whether
• 9:57
  it
• 9:57
  has
• 9:57
  a
• 9:57
  reason
• 9:58
  to
• 9:58
  exist,
• 9:58
  to
• 9:59
  your
• 9:59
  point,
• 9:59
  in
• 9:59
  a
• 9:59
  number
• 10:00
  of
• 10:00
  very
• 10:01
  crowded
• 10:01
  categories.
• 10:02
  Right.
• 10:02
  That's
• 10:02
  what
• 10:03
  we're
• 10:03
  trying
• 10:03
  to
• 10:03
  understand.
• 10:04
  Yeah.
• 10:04
  And
• 10:04
  are
• 10:05
  there,
• 10:05
  like,
• 10:05
  different
• 10:06
  metrics
• 10:06
  now
• 10:07
  that
• 10:07
  you're
• 10:07
  looking
• 10:07
  at
• 10:07
  when
• 10:07
  you
• 10:08
  look
• 10:08
  at
• 10:08
  some
• 10:08
  of
• 10:08
  these
• 10:08
  businesses
• 10:09
  to
• 10:09
  say,
• 10:10
  you
• 10:10
  know,
• 10:11
  it's
• 10:11
  not
• 10:11
  just,
• 10:12
  you
• 10:12
  know,
• 10:12
  how
• 10:12
  many
• 10:13
  people
• 10:13
  you,
• 10:13
  how
• 10:14
  many
• 10:14
  new
• 10:14
  customers
• 10:14
  you've
• 10:15
  acquired
• 10:15
  on
• 10:15
  with
• 10:15
  your
• 10:15
  Facebook
• 10:16
  ads,
• 10:16
  but
• 10:16
  like,
• 10:17
  really
• 10:17
  what,
• 10:18
  what,
• 10:18
  what
• 10:18
  a
• 10:19
  sustainable
• 10:20
  business
• 10:20
  looks
• 10:20
  like
• 10:21
  that
• 10:21
  can
• 10:21
  keep,
• 10:21
  you
• 10:22
  know,
• 10:22
  bringing
• 10:22
  in
• 10:22
  revenue
• 10:23
  year
• 10:23
  after
• 10:23
  year
• 10:23
  after
• 10:24
  year
• 10:24
  that
• 10:24
  are
• 10:25
  maybe
• 10:25
  important
• 10:25
  for
• 10:26
  listeners
• 10:26
  to
• 10:26
  know
• 10:26
  about?
• 10:27
  Yeah,
• 10:28
  I
• 10:28
  think
• 10:29
  there's
• 10:29
  probably
• 10:30
  one
• 10:31
  or
• 10:31
  two
• 10:31
  key
• 10:32
  digital
• 10:32
  ones,
• 10:33
  which
• 10:33
  is
• 10:34
  ultimately
• 10:35
  for
• 10:36
  us
• 10:36
  personally
• 10:37
  and
• 10:37
  obviously
• 10:37
  everything
• 10:37
  here
• 10:38
  is,
• 10:38
  you
• 10:38
  know,
• 10:38
  personal
• 10:39
  how
• 10:39
  we
• 10:39
  think
• 10:39
  about
• 10:39
  things.
• 10:40
  But
• 10:40
  we
• 10:41
  don't
• 10:41
  typically
• 10:42
  like
• 10:42
  businesses
• 10:43
  where
• 10:44
  if
• 10:44
  you're
• 10:44
  paying
• 10:44
  more
• 10:45
  for
• 10:45
  your
• 10:45
  customers
• 10:45
  than
• 10:46
  they're
• 10:46
  spending
• 10:46
  on
• 10:46
  their
• 10:47
  first
• 10:47
  purchase,
• 10:47
  right,
• 10:48
  so
• 10:48
  you're
• 10:48
  expecting
• 10:48
  them
• 10:49
  to
• 10:49
  come
• 10:49
  back,
• 10:49
  they
• 10:50
  have
• 10:50
  to
• 10:50
  repeat,
• 10:51
  you're
• 10:51
  not
• 10:51
  paying
• 10:52
  back.
• 10:52
  It's
• 10:52
  just
• 10:52
  not
• 10:53
  very
• 10:53
  good
• 10:53
  for
• 10:53
  cash
• 10:53
  flow.
• 10:54
  It's
• 10:54
  not
• 10:54
  very
• 10:54
  good
• 10:55
  for,
• 10:55
  you
• 10:55
  know,
• 10:56
  just
• 10:56
  a
• 10:56
  mentality.
• 10:57
  So
• 10:57
  from
• 10:58
  that
• 10:58
  perspective,
• 10:58
  that's
• 10:59
  generally
• 10:59
  a
• 10:59
  line
• 11:00
  we
• 11:00
  draw
• 11:01
  from
• 11:01
  a
• 11:01
  digital
• 11:02
  perspective.
• 11:02
  And
• 11:03
  then
• 11:03
  in
• 11:03
  retail
• 11:04
  I
• 11:05
  think
• 11:05
  there
• 11:05
  was
• 11:05
  a
• 11:05
  big
• 11:05
  trend,
• 11:06
  particularly
• 11:07
  coming
• 11:07
  out
• 11:08
  of
• 11:08
  COVID
• 11:08
  of
• 11:09
  retailers
• 11:09
  placing,
• 11:11
  you
• 11:11
  know,
• 11:11
  exceptional
• 11:12
  purchase
• 11:12
  orders
• 11:13
  for
• 11:13
  initial
• 11:14
  buy
• 11:14
  in
• 11:14
  and
• 11:14
  then
• 11:15
  a
• 11:16
  product
• 11:16
  sits
• 11:16
  on
• 11:16
  shelf,
• 11:17
  it
• 11:17
  doesn't
• 11:18
  sell,
• 11:19
  revenues
• 11:19
  look
• 11:19
  good
• 11:20
  for
• 11:20
  three
• 11:20
  months
• 11:21
  or
• 11:21
  six
• 11:21
  months
• 11:21
  and
• 11:21
  then
• 11:22
  possibly
• 11:22
  suspect
• 11:23
  after
• 11:23
  that.
• 11:24
  So
• 11:24
  yes,
• 11:25
  we
• 11:25
  care
• 11:25
  a
• 11:26
  lot
• 11:26
  about,
• 11:27
  you
• 11:27
  know,
• 11:27
  how
• 11:27
  products
• 11:28
  are
• 11:28
  actually
• 11:28
  selling,
• 11:29
  where
• 11:29
  they're
• 11:30
  sitting
• 11:30
  on
• 11:30
  shelf.
• 11:31
  Again,
• 11:32
  what
• 11:32
  the
• 11:32
  plan
• 11:32
  is
• 11:32
  for
• 11:32
  the
• 11:33
  category,
• 11:33
  how
• 11:34
  you
• 11:34
  can
• 11:34
  get,
• 11:35
  you
• 11:35
  know,
• 11:35
  maybe
• 11:36
  to
• 11:36
  brand
• 11:36
  blocking
• 11:37
  to
• 11:37
  a
• 11:37
  position
• 11:38
  where
• 11:39
  I
• 11:39
  guess
• 11:39
  you
• 11:39
  could
• 11:39
  over
• 11:40
  index.
• 11:40
  You
• 11:40
  know,
• 11:40
  if
• 11:40
  you
• 11:41
  think
• 11:41
  about
• 11:41
  a
• 11:41
  lot
• 11:41
  of
• 11:41
  these
• 11:42
  businesses
• 11:42
  only
• 11:42
  have
• 11:43
  maybe
• 11:44
  three
• 11:44
  or
• 11:44
  four
• 11:45
  SKUs
• 11:45
  on
• 11:45
  shelf,
• 11:46
  perhaps
• 11:46
  less
• 11:46
  so
• 11:47
  the
• 11:47
  expectation
• 11:48
  that
• 11:49
  when
• 11:49
  you
• 11:49
  see
• 11:49
  a
• 11:49
  beautiful
• 11:50
  digital
• 11:50
  portal
• 11:51
  where
• 11:51
  they
• 11:51
  can
• 11:52
  tell
• 11:52
  the
• 11:52
  story
• 11:52
  exactly
• 11:53
  as
• 11:53
  they
• 11:53
  want
• 11:53
  to
• 11:53
  tell
• 11:53
  it,
• 11:53
  that's
• 11:54
  very
• 11:54
  different
• 11:54
  to
• 11:55
  being
• 11:56
  smack
• 11:56
  bang
• 11:56
  in
• 11:56
  the
• 11:56
  middle
• 11:56
  of
• 11:57
  a
• 11:57
  Walmart
• 11:57
  shelf
• 11:58
  with
• 11:58
  nobody
• 11:58
  having
• 11:59
  brand
• 11:59
  awareness
• 12:00
  and
• 12:00
  kind
• 12:00
  of
• 12:00
  no
• 12:00
  ability
• 12:01
  to
• 12:01
  tell
• 12:02
  that
• 12:02
  story.
• 12:02
  So
• 12:03
  and
• 12:03
  you
• 12:03
  know,
• 12:03
  it's,
• 12:04
  it's
• 12:04
  fundamentally
• 12:05
  a
• 12:05
  very
• 12:06
  different
• 12:06
  skill
• 12:06
  set
• 12:06
  for
• 12:07
  people
• 12:07
  to
• 12:07
  have
• 12:07
  to
• 12:08
  build
• 12:08
  those
• 12:08
  two
• 12:09
  sides
• 12:09
  of
• 12:09
  the
• 12:09
  business.
• 12:10
  So
• 12:10
  yes,
• 12:11
  we
• 12:11
  look
• 12:11
  at
• 12:11
  team
• 12:12
  and
• 12:12
  team
• 12:12
  composition
• 12:13
  and
• 12:13
  who's
• 12:14
  really
• 12:14
  going
• 12:14
  to
• 12:14
  drive
• 12:14
  it,
• 12:15
  what
• 12:15
  experience
• 12:15
  do
• 12:15
  they
• 12:16
  have?
• 12:16
  Do
• 12:16
  they
• 12:17
  know?
• 12:17
  Retail
• 12:17
  packaging,
• 12:18
  you
• 12:18
  know,
• 12:18
  it's
• 12:18
  all
• 12:18
  of
• 12:19
  that
• 12:19
  level
• 12:20
  of
• 12:20
  detail
• 12:20
  I
• 12:20
  guess
• 12:21
  that
• 12:21
  feeds
• 12:21
  into
• 12:21
  it.
• 12:22
  So
• 12:22
  yeah,
• 12:23
  but
• 12:23
  those
• 12:23
  are
• 12:23
  the
• 12:23
  two
• 12:23
  things
• 12:24
  that
• 12:24
  you
• 12:24
  know,
• 12:24
  are
• 12:25
  immediate
• 12:25
  watch
• 12:25
  outs
• 12:26
  for
• 12:26
  me.
• 12:27
  So
• 12:27
  Claire,
• 12:27
  why
• 12:27
  don't
• 12:27
  you
• 12:27
  explain
• 12:28
  the
• 12:28
  second
• 12:28
  one
• 12:28
  a
• 12:28
  little
• 12:28
  bit
• 12:28
  more
• 12:29
  too?
• 12:29
  Because
• 12:29
  the
• 12:29
  first
• 12:29
  one,
• 12:29
  I
• 12:29
  think
• 12:30
  the
• 12:30
  first
• 12:30
  one's
• 12:30
  pretty
• 12:30
  self
• 12:30
  explanatory
• 12:31
  for
• 12:31
  the
• 12:31
  DTC
• 12:32
  market.
• 12:32
  Right?
• 12:32
  Like
• 12:32
  are
• 12:33
  you
• 12:33
  spending
• 12:33
  more
• 12:33
  on
• 12:33
  advertising
• 12:34
  than
• 12:34
  you're
• 12:34
  getting
• 12:34
  in,
• 12:35
  you
• 12:35
  know,
• 12:35
  revenue
• 12:36
  from
• 12:36
  your
• 12:36
  customer?
• 12:36
  That's
• 12:37
  essentially,
• 12:37
  essentially
• 12:38
  what
• 12:38
  you're
• 12:38
  saying,
• 12:38
  but,
• 12:38
  but
• 12:39
  the
• 12:39
  other
• 12:39
  one's
• 12:39
  a
• 12:39
  little
• 12:39
  more
• 12:39
  nuanced
• 12:40
  and
• 12:40
  the
• 12:40
  other
• 12:40
  one's
• 12:41
  a
• 12:41
  little,
• 12:41
  I
• 12:41
  think
• 12:42
  less
• 12:42
  known
• 12:42
  for
• 12:43
  the
• 12:43
  entrepreneurs
• 12:43
  that
• 12:43
  are
• 12:44
  trying
• 12:44
  to
• 12:44
  go
• 12:44
  wholesale
• 12:45
  in
• 12:45
  the
• 12:45
  route
• 12:45
  there.
• 12:46
  So,
• 12:46
  so
• 12:46
  explain
• 12:47
  that
• 12:47
  more
• 12:47
  in
• 12:47
  terms
• 12:47
  of
• 12:47
  what
• 12:48
  you're
• 12:48
  saying.
• 12:48
  Like
• 12:48
  what
• 12:48
  are
• 12:48
  you
• 12:48
  really
• 12:49
  looking
• 12:49
  at
• 12:49
  from
• 12:49
  the
• 12:49
  due
• 12:49
  diligence
• 12:50
  perspective
• 12:50
  that
• 12:50
  helps
• 12:51
  you
• 12:51
  identify,
• 12:52
  you
• 12:52
  know,
• 12:52
  if
• 12:52
  that
• 12:52
  situation
• 12:53
  is
• 12:53
  arising.
• 12:55
  Yeah.
• 12:55
  So
• 12:56
  from
• 12:56
  our
• 12:57
  perspective
• 12:58
  really
• 12:58
  it's
• 12:59
  twofold.
• 12:59
  Right.
• 13:00
  I
• 13:00
  guess,
• 13:00
  you
• 13:01
  know,
• 13:02
  there
• 13:02
  is
• 13:02
  a,
• 13:03
  generally
• 13:04
  a
• 13:04
  challenge
• 13:04
  potentially
• 13:05
  where
• 13:06
  retailers
• 13:07
  are
• 13:07
  stocking
• 13:08
  a
• 13:08
  new
• 13:08
  brand.
• 13:09
  They
• 13:09
  don't
• 13:09
  know
• 13:09
  how
• 13:10
  much
• 13:10
  is
• 13:10
  going
• 13:10
  to
• 13:10
  sell,
• 13:11
  they
• 13:11
  don't
• 13:11
  know
• 13:11
  how
• 13:11
  much
• 13:11
  is
• 13:12
  going
• 13:12
  to
• 13:12
  resonate
• 13:12
  with
• 13:12
  customers.
• 13:13
  Right.
• 13:13
  So
• 13:13
  yes,
• 13:13
  they
• 13:14
  do
• 13:14
  their
• 13:14
  best
• 13:15
  estimates
• 13:15
  of
• 13:15
  forecasting
• 13:16
  as
• 13:16
  we
• 13:16
  all
• 13:17
  do.
• 13:18
  And
• 13:18
  ultimately
• 13:19
  there
• 13:19
  are
• 13:19
  only
• 13:20
  so
• 13:20
  many
• 13:20
  levers
• 13:20
  you
• 13:21
  can
• 13:21
  pull
• 13:21
  to
• 13:21
  get
• 13:21
  a
• 13:22
  product
• 13:22
  off
• 13:22
  of
• 13:22
  a
• 13:23
  shelf
• 13:23
  and
• 13:23
  into
• 13:23
  someone's
• 13:24
  hand.
• 13:24
  So
• 13:25
  for
• 13:25
  us
• 13:25
  we
• 13:26
  really
• 13:26
  think
• 13:26
  about
• 13:27
  ultimately
• 13:28
  how
• 13:28
  many
• 13:29
  units
• 13:29
  are
• 13:30
  selling,
• 13:30
  how
• 13:30
  many
• 13:30
  dollars
• 13:31
  they're
• 13:31
  selling
• 13:31
  on
• 13:32
  a
• 13:32
  per
• 13:32
  store
• 13:32
  per
• 13:33
  week
• 13:33
  basis.
• 13:33
  Right.
• 13:34
  And
• 13:35
  we
• 13:35
  would
• 13:35
  hope
• 13:35
  that
• 13:36
  over
• 13:36
  time
• 13:36
  that's
• 13:37
  trending
• 13:37
  up
• 13:37
  as
• 13:37
  you
• 13:38
  increase
• 13:38
  brand
• 13:38
  awareness,
• 13:39
  as
• 13:39
  you
• 13:39
  get
• 13:39
  to
• 13:40
  a
• 13:40
  point
• 13:40
  where
• 13:41
  you
• 13:41
  do
• 13:41
  have
• 13:41
  more
• 13:42
  loyalty,
• 13:42
  you're
• 13:43
  not
• 13:43
  discount
• 13:44
  incentivizing
• 13:45
  all
• 13:45
  of
• 13:45
  those
• 13:45
  pieces.
• 13:46
  But
• 13:47
  yes,
• 13:47
  ultimately
• 13:48
  it's
• 13:48
  a
• 13:48
  measure
• 13:48
  of
• 13:49
  how
• 13:49
  much
• 13:49
  product
• 13:50
  is
• 13:50
  actually
• 13:50
  going
• 13:50
  out
• 13:51
  the
• 13:51
  door
• 13:51
  and
• 13:51
  into
• 13:52
  consumers
• 13:52
  hands.
• 13:54
  And
• 13:54
  around
• 13:54
  that
• 13:55
  of
• 13:55
  course
• 13:55
  we
• 13:56
  look
• 13:56
  at
• 13:57
  what's
• 13:57
  worked
• 13:57
  in
• 13:58
  terms
• 13:58
  of,
• 13:58
  you
• 13:59
  know,
• 13:59
  whether
• 13:59
  it's
• 13:59
  sampling
• 14:00
  programs,
• 14:01
  marketing
• 14:01
  support.
• 14:02
  Have
• 14:03
  you
• 14:03
  managed
• 14:03
  to
• 14:03
  drive
• 14:05
  loyalty
• 14:05
  from
• 14:05
  a
• 14:06
  digital
• 14:06
  perspective
• 14:07
  even
• 14:07
  through
• 14:07
  retailers?
• 14:08
  All
• 14:08
  of
• 14:08
  that
• 14:08
  piece.
• 14:09
  But
• 14:09
  yeah,
• 14:10
  the
• 14:10
  fundamentals
• 14:10
  are
• 14:11
  whether
• 14:11
  it's
• 14:11
  sitting
• 14:12
  on
• 14:12
  shelf
• 14:12
  or
• 14:12
  whether,
• 14:13
  yeah,
• 14:13
  you're
• 14:13
  actually
• 14:14
  managing
• 14:14
  to
• 14:14
  sell
• 14:14
  through.
• 14:16
  That's
• 14:16
  a
• 14:16
  really
• 14:16
  interesting
• 14:17
  point.
• 14:17
  I've
• 14:17
  never
• 14:17
  thought
• 14:17
  about
• 14:17
  that,
• 14:18
  that
• 14:18
  from
• 14:18
  the
• 14:18
  investor
• 14:18
  perspective
• 14:19
  there's
• 14:19
  a
• 14:19
  lag
• 14:20
  time
• 14:20
  in
• 14:20
  the
• 14:20
  sales
• 14:20
  you're
• 14:21
  seeing
• 14:21
  for
• 14:21
  the,
• 14:22
  on
• 14:22
  behalf
• 14:22
  of
• 14:22
  the,
• 14:22
  of
• 14:23
  the
• 14:23
  brand.
• 14:23
  Right.
• 14:23
  Because
• 14:23
  they're
• 14:24
  selling
• 14:24
  into
• 14:24
  the
• 14:24
  retailer,
• 14:24
  they're
• 14:25
  getting
• 14:25
  that
• 14:25
  big
• 14:25
  order.
• 14:25
  But
• 14:26
  then
• 14:26
  you
• 14:26
  have
• 14:26
  to
• 14:26
  actually
• 14:27
  wait
• 14:27
  to
• 14:27
  see
• 14:27
  how
• 14:28
  it
• 14:28
  sells
• 14:28
  on
• 14:28
  shelf.
• 14:29
  And,
• 14:29
  and
• 14:30
  yeah,
• 14:30
  you
• 14:30
  feel
• 14:30
  that
• 14:30
  with
• 14:30
  all
• 14:31
  the
• 14:31
  DTC
• 14:31
  advertising
• 14:32
  and
• 14:32
  all
• 14:32
  the
• 14:32
  buzz
• 14:32
  that's
• 14:32
  going
• 14:33
  on
• 14:33
  about
• 14:33
  these
• 14:33
  brands,
• 14:34
  you
• 14:34
  really
• 14:34
  don't
• 14:34
  know
• 14:34
  anything
• 14:34
  about
• 14:35
  them
• 14:35
  until
• 14:35
  probably
• 14:36
  a
• 14:36
  year
• 14:36
  or
• 14:36
  two
• 14:36
  down
• 14:37
  the
• 14:37
  line
• 14:37
  where
• 14:37
  you
• 14:37
  can
• 14:38
  really
• 14:38
  see
• 14:38
  how
• 14:38
  they're,
• 14:39
  how
• 14:39
  the
• 14:39
  market
• 14:40
  is,
• 14:40
  is
• 14:41
  taking
• 14:41
  to
• 14:41
  the,
• 14:42
  to
• 14:42
  the
• 14:42
  products
• 14:42
  and
• 14:42
  the
• 14:43
  ideas.
• 14:43
  Wow,
• 14:43
  that's
• 14:44
  really
• 14:44
  cool.
• 14:44
  All
• 14:44
  right,
• 14:45
  so,
• 14:45
  so
• 14:45
  I
• 14:45
  teased
• 14:46
  it
• 14:46
  before.
• 14:46
  Let's
• 14:46
  get
• 14:46
  back
• 14:46
  to
• 14:47
  the
• 14:47
  store
• 14:47
  of
• 14:47
  the
• 14:47
  future
• 14:47
  here
• 14:48
  now.
• 14:49
  So
• 14:49
  our
• 14:49
  question
• 14:49
  for
• 14:50
  you
• 14:50
  is
• 14:50
  this.
• 14:50
  In
• 14:51
  what
• 14:51
  areas
• 14:51
  do
• 14:52
  you
• 14:52
  foresee
• 14:54
  continued
• 14:55
  disproportionate
• 14:56
  investment
• 14:57
  as
• 14:57
  retail
• 14:58
  stores,
• 14:58
  both
• 14:58
  online
• 14:59
  and
• 15:00
  those
• 15:00
  both
• 15:01
  online
• 15:01
  and
• 15:01
  those
• 15:01
  in
• 15:01
  actual
• 15:02
  physical
• 15:02
  stores?
• 15:03
  How
• 15:03
  do
• 15:03
  you
• 15:03
  see
• 15:04
  the
• 15:04
  store,
• 15:05
  the
• 15:05
  future
• 15:05
  investments
• 15:06
  continuing
• 15:06
  to
• 15:06
  evolve?
• 15:08
  Yeah,
• 15:08
  I
• 15:08
  mean
• 15:08
  I
• 15:08
  think
• 15:09
  if
• 15:09
  I
• 15:09
  come
• 15:09
  at
• 15:09
  this
• 15:10
  from
• 15:10
  where
• 15:10
  we're
• 15:11
  seeing
• 15:11
  the
• 15:11
  innovation
• 15:12
  ultimately.
• 15:13
  So
• 15:14
  I
• 15:14
  think
• 15:14
  that
• 15:15
  from
• 15:15
  my
• 15:15
  perspective
• 15:16
  comes
• 15:16
  in
• 15:16
  two
• 15:17
  key
• 15:17
  areas.
• 15:18
  The
• 15:18
  first
• 15:18
  is
• 15:19
  helping
• 15:20
  retailers
• 15:21
  drive
• 15:21
  additional
• 15:22
  revenue.
• 15:22
  Right.
• 15:22
  And
• 15:22
  then
• 15:23
  the
• 15:23
  second
• 15:23
  is
• 15:23
  helping
• 15:24
  them
• 15:24
  reduce
• 15:24
  their
• 15:25
  cost
• 15:25
  base.
• 15:26
  So
• 15:27
  if
• 15:27
  we
• 15:27
  take
• 15:27
  the
• 15:28
  first
• 15:28
  from
• 15:28
  a
• 15:28
  revenue
• 15:29
  perspective,
• 15:30
  probably
• 15:31
  some
• 15:31
  of
• 15:31
  the
• 15:31
  areas
• 15:31
  that
• 15:32
  we're
• 15:32
  getting
• 15:32
  most
• 15:32
  excited
• 15:33
  about
• 15:34
  are
• 15:35
  proper
• 15:35
  loyalty
• 15:36
  and
• 15:36
  incentive
• 15:37
  schemes.
• 15:38
  So
• 15:38
  we've
• 15:39
  seen
• 15:39
  I
• 15:39
  guess
• 15:40
  the
• 15:40
  next
• 15:40
  wave
• 15:41
  of
• 15:42
  AI
• 15:43
  and
• 15:43
  personalization
• 15:44
  drive
• 15:46
  to
• 15:46
  a
• 15:46
  place
• 15:47
  where
• 15:47
  customers
• 15:48
  can
• 15:48
  think
• 15:48
  about
• 15:48
  a
• 15:49
  retailer
• 15:49
  as
• 15:49
  something
• 15:49
  other
• 15:50
  than
• 15:50
  price
• 15:50
  based.
• 15:51
  Right.
• 15:51
  Which
• 15:51
  is
• 15:51
  what
• 15:52
  we
• 15:52
  all
• 15:52
  want,
• 15:52
  is
• 15:52
  what
• 15:53
  retailers
• 15:53
  want,
• 15:53
  is
• 15:54
  what
• 15:54
  brands
• 15:54
  want.
• 15:55
  And
• 15:55
  yeah,
• 15:56
  I
• 15:56
  guess
• 15:56
  it's
• 15:56
  the
• 15:57
  evolution
• 15:57
  of
• 15:58
  digital
• 15:58
  voucher
• 15:59
  schemes,
• 15:59
  seamless
• 16:00
  transactions,
• 16:01
  all
• 16:01
  of
• 16:01
  that
• 16:02
  to
• 16:02
  enable
• 16:03
  both
• 16:03
  an
• 16:03
  online
• 16:04
  offline
• 16:04
  experience
• 16:05
  but
• 16:05
  also
• 16:05
  true
• 16:06
  customer
• 16:07
  loyalty.
• 16:08
  And
• 16:08
  you
• 16:08
  know,
• 16:09
  we
• 16:09
  are
• 16:09
  starting
• 16:09
  to
• 16:09
  see
• 16:10
  particularly
• 16:11
  some
• 16:11
  of
• 16:11
  the
• 16:11
  smaller
• 16:12
  retailers
• 16:13
  have
• 16:13
  an
• 16:13
  ability
• 16:13
  to
• 16:14
  adopt
• 16:15
  full
• 16:15
  personalization
• 16:16
  for
• 16:16
  consumers.
• 16:17
  Right.
• 16:17
  So
• 16:17
  instead
• 16:18
  of
• 16:18
  just
• 16:19
  recommending
• 16:19
  on
• 16:20
  a
• 16:20
  basket
• 16:20
  based
• 16:21
  on
• 16:21
  what
• 16:22
  you've
• 16:22
  bought
• 16:22
  historically,
• 16:23
  you
• 16:23
  know,
• 16:23
  it's
• 16:24
  far
• 16:24
  beyond
• 16:24
  that
• 16:25
  and
• 16:25
  has
• 16:25
  far
• 16:25
  more
• 16:25
  data
• 16:26
  points.
• 16:26
  And
• 16:26
  I
• 16:26
  think
• 16:27
  that's
• 16:27
  where
• 16:28
  we
• 16:28
  get
• 16:28
  most
• 16:28
  excited.
• 16:30
  You
• 16:30
  know,
• 16:30
  we
• 16:30
  looked
• 16:31
  at
• 16:31
  a
• 16:31
  fragrance
• 16:33
  multibrand
• 16:33
  retailer
• 16:34
  in
• 16:34
  Europe
• 16:35
  and
• 16:35
  they
• 16:36
  now
• 16:37
  had
• 16:37
  a
• 16:37
  database
• 16:37
  themselves
• 16:38
  of
• 16:38
  close
• 16:39
  to
• 16:39
  25,000
• 16:40
  data
• 16:40
  points
• 16:41
  on
• 16:41
  how
• 16:42
  people
• 16:42
  shopped,
• 16:43
  what
• 16:43
  fragrances
• 16:43
  resonated,
• 16:44
  you
• 16:44
  know,
• 16:45
  how
• 16:45
  they
• 16:45
  move
• 16:46
  between
• 16:46
  brands.
• 16:46
  And
• 16:47
  ultimately
• 16:47
  you
• 16:48
  have
• 16:48
  such
• 16:48
  a
• 16:48
  powerful
• 16:49
  data
• 16:49
  set.
• 16:49
  And
• 16:49
  I
• 16:50
  think
• 16:50
  yeah,
• 16:51
  historically
• 16:51
  retailers
• 16:52
  have
• 16:52
  sat
• 16:52
  on
• 16:52
  it
• 16:53
  and
• 16:53
  not
• 16:53
  necessarily
• 16:54
  had
• 16:54
  an
• 16:54
  ability
• 16:54
  to
• 16:55
  do
• 16:55
  much
• 16:55
  with
• 16:55
  it.
• 16:56
  But
• 16:56
  yeah,
• 16:56
  the
• 16:56
  beauty
• 16:56
  of
• 16:57
  where
• 16:57
  we
• 16:57
  are
• 16:57
  now
• 16:57
  is
• 16:58
  that
• 16:58
  that's,
• 16:58
  that's
• 16:58
  just
• 16:58
  beginning.
• 16:59
  And
• 16:59
  I
• 16:59
  think
• 17:00
  again
• 17:00
  it
• 17:00
  comes
• 17:01
  back
• 17:01
  to
• 17:02
  a
• 17:02
  great
• 17:02
  customer
• 17:03
  experience,
• 17:03
  better
• 17:04
  loyalty,
• 17:05
  better
• 17:05
  engagement,
• 17:06
  all
• 17:06
  the
• 17:06
  things
• 17:07
  we
• 17:07
  like
• 17:07
  to
• 17:07
  see.
• 17:09
  And
• 17:09
  then
• 17:09
  yeah,
• 17:10
  that
• 17:10
  seamless
• 17:11
  transaction
• 17:11
  I
• 17:12
  think
• 17:12
  is
• 17:12
  very
• 17:12
  important
• 17:13
  if
• 17:13
  we
• 17:13
  think
• 17:14
  about
• 17:14
  how
• 17:15
  customers
• 17:15
  were
• 17:16
  shopping,
• 17:16
  you
• 17:17
  know,
• 17:17
  particularly
• 17:17
  in
• 17:18
  Covid
• 17:18
  and
• 17:18
  post.
• 17:19
  Covid,
• 17:19
  yes,
• 17:20
  E
• 17:20
  commerce
• 17:21
  has
• 17:22
  continued,
• 17:22
  continue
• 17:23
  to
• 17:23
  trend
• 17:23
  up
• 17:23
  from
• 17:24
  pre
• 17:24
  Covid
• 17:25
  levels.
• 17:26
  But
• 17:26
  until
• 17:26
  we
• 17:26
  get
• 17:27
  to
• 17:27
  a
• 17:28
  store
• 17:28
  experience
• 17:29
  that's
• 17:29
  as
• 17:30
  equivalent,
• 17:30
  as
• 17:30
  joyful
• 17:31
  on
• 17:32
  both
• 17:32
  sides
• 17:32
  of
• 17:32
  it,
• 17:32
  I
• 17:33
  think
• 17:33
  that's
• 17:33
  where
• 17:33
  you
• 17:34
  really
• 17:34
  manage
• 17:34
  to
• 17:34
  unlock
• 17:35
  kind
• 17:36
  of,
• 17:36
  yeah,
• 17:36
  true
• 17:36
  value.
• 17:37
  Right.
• 17:37
  So
• 17:37
  whether
• 17:38
  it's
• 17:38
  the
• 17:39
  evolution
• 17:39
  of
• 17:39
  something
• 17:40
  like
• 17:40
  Warby
• 17:41
  Parker,
• 17:41
  where
• 17:41
  they
• 17:41
  started,
• 17:42
  you
• 17:43
  know,
• 17:43
  to
• 17:43
  allow
• 17:44
  consumers
• 17:44
  to
• 17:44
  try
• 17:45
  on
• 17:45
  in
• 17:45
  physical
• 17:46
  sites,
• 17:46
  we're
• 17:46
  seeing
• 17:47
  technologies
• 17:47
  that
• 17:48
  allow
• 17:48
  that
• 17:49
  from
• 17:49
  a
• 17:49
  multi
• 17:49
  brand
• 17:50
  perspective.
• 17:51
  So
• 17:51
  you
• 17:52
  could
• 17:52
  shop
• 17:53
  online,
• 17:53
  have
• 17:54
  everything
• 17:54
  in
• 17:54
  store,
• 17:54
  try
• 17:55
  it
• 17:55
  on,
• 17:55
  send
• 17:55
  it
• 17:55
  back,
• 17:56
  you
• 17:56
  don't
• 17:56
  have
• 17:56
  to
• 17:56
  worry
• 17:56
  about
• 17:57
  returns,
• 17:57
  all
• 17:57
  of
• 17:57
  that
• 17:58
  piece.
• 17:58
  Right.
• 17:58
  We,
• 17:59
  which
• 17:59
  I
• 17:59
  think
• 17:59
  yeah,
• 18:00
  it
• 18:00
  just
• 18:01
  gives
• 18:01
  for
• 18:01
  a
• 18:02
  great
• 18:02
  experience
• 18:03
  and
• 18:03
  you
• 18:03
  know,
• 18:03
  it
• 18:03
  gives
• 18:04
  the
• 18:04
  best
• 18:04
  of
• 18:04
  both
• 18:04
  worlds.
• 18:05
  Right.
• 18:05
  The
• 18:05
  ease
• 18:05
  of
• 18:06
  digital
• 18:07
  plus
• 18:07
  all
• 18:07
  of
• 18:07
  the
• 18:08
  benefits
• 18:08
  and
• 18:09
  touch
• 18:10
  sense
• 18:10
  of,
• 18:10
  of
• 18:11
  physical
• 18:12
  and
• 18:13
  then
• 18:13
  on
• 18:13
  the
• 18:13
  other
• 18:13
  side
• 18:14
  from
• 18:14
  a
• 18:14
  cost
• 18:14
  Perspective,
• 18:15
  we've
• 18:15
  probably
• 18:16
  seen
• 18:16
  two
• 18:17
  key
• 18:17
  areas.
• 18:18
  So
• 18:19
  you
• 18:19
  know,
• 18:19
  I
• 18:19
  think
• 18:20
  as
• 18:20
  we're
• 18:20
  all
• 18:20
  aware,
• 18:21
  cost
• 18:21
  of
• 18:22
  living
• 18:22
  increases,
• 18:23
  big
• 18:23
  rise
• 18:24
  in
• 18:24
  theft
• 18:25
  across
• 18:25
  the
• 18:25
  board
• 18:25
  at
• 18:26
  physical
• 18:26
  retailers.
• 18:27
  People
• 18:27
  tackling
• 18:28
  it
• 18:28
  very
• 18:28
  differently.
• 18:29
  I
• 18:29
  mean
• 18:29
  we've
• 18:30
  looked
• 18:30
  at
• 18:31
  from
• 18:32
  startups
• 18:33
  using
• 18:33
  computer
• 18:34
  vision
• 18:34
  and
• 18:35
  cameras
• 18:35
  in
• 18:35
  store
• 18:36
  to
• 18:36
  help
• 18:37
  track
• 18:37
  and
• 18:37
  reduce
• 18:38
  theft.
• 18:38
  But
• 18:38
  I
• 18:39
  think
• 18:39
  the
• 18:39
  excitement
• 18:40
  is
• 18:40
  that
• 18:41
  now
• 18:41
  AI
• 18:42
  has
• 18:42
  got
• 18:42
  to
• 18:42
  a
• 18:43
  point
• 18:43
  where
• 18:43
  you
• 18:44
  don't
• 18:44
  need
• 18:44
  the
• 18:44
  cameras,
• 18:45
  you
• 18:45
  don't
• 18:45
  need
• 18:45
  to
• 18:46
  go
• 18:46
  through
• 18:46
  the
• 18:46
  expense,
• 18:47
  the
• 18:47
  logistics,
• 18:48
  you
• 18:48
  know,
• 18:49
  the
• 18:49
  headache
• 18:49
  of
• 18:49
  installing
• 18:50
  a
• 18:50
  physical
• 18:52
  kind
• 18:52
  of
• 18:53
  overarching
• 18:53
  view.
• 18:54
  And
• 18:54
  you
• 18:54
  can
• 18:54
  do
• 18:55
  that
• 18:55
  fully
• 18:56
  from
• 18:56
  a
• 18:56
  software
• 18:56
  perspective.
• 18:57
  So
• 18:58
  yeah,
• 18:58
  that
• 18:59
  will
• 18:59
  massively
• 19:00
  reduce
• 19:00
  it.
• 19:00
  It'll
• 19:01
  mean
• 19:01
  we
• 19:01
  don't
• 19:01
  have
• 19:01
  to
• 19:01
  go
• 19:02
  and
• 19:03
  get
• 19:03
  everything
• 19:03
  out
• 19:04
  of
• 19:04
  a,
• 19:04
  you
• 19:04
  know,
• 19:05
  plastic
• 19:05
  cabinet
• 19:06
  or
• 19:06
  anything
• 19:06
  like
• 19:06
  that,
• 19:07
  which
• 19:07
  I
• 19:08
  guess
• 19:08
  was
• 19:08
  the
• 19:08
  alternate
• 19:09
  to
• 19:09
  that
• 19:09
  issue.
• 19:11
  And
• 19:11
  then
• 19:11
  the
• 19:11
  second
• 19:12
  that's
• 19:13
  ultimately
• 19:14
  blending
• 19:14
  similar
• 19:15
  technological
• 19:16
  advancements
• 19:16
  is
• 19:17
  inventory
• 19:18
  efficiency.
• 19:19
  So
• 19:19
  you
• 19:19
  know,
• 19:19
  the
• 19:19
  big
• 19:20
  challenge
• 19:20
  of
• 19:22
  having
• 19:22
  inventory
• 19:23
  in
• 19:23
  the
• 19:23
  right
• 19:23
  place
• 19:24
  at
• 19:24
  the
• 19:24
  right
• 19:24
  time,
• 19:24
  moving
• 19:25
  it
• 19:25
  between
• 19:26
  sites,
• 19:26
  you
• 19:27
  know,
• 19:27
  cross
• 19:27
  handling
• 19:28
  it
• 19:28
  with
• 19:29
  physical,
• 19:30
  with
• 19:30
  digital.
• 19:31
  Yeah.
• 19:31
  We're
• 19:32
  seeing
• 19:32
  a
• 19:32
  lot
• 19:32
  of
• 19:32
  very
• 19:33
  smart
• 19:33
  solutions
• 19:34
  that,
• 19:34
  that
• 19:34
  again,
• 19:35
  it
• 19:35
  all
• 19:36
  comes
• 19:36
  back
• 19:36
  to
• 19:36
  enabling
• 19:37
  that
• 19:37
  fully
• 19:37
  seamless
• 19:38
  experience
• 19:39
  for
• 19:39
  everybody.
• 19:40
  Right.
• 19:40
  And
• 19:40
  you
• 19:40
  know,
• 19:40
  better
• 19:41
  management
• 19:41
  of
• 19:42
  working
• 19:42
  capital
• 19:43
  for,
• 19:43
  for
• 19:43
  everyone.
• 19:44
  And
• 19:44
  even
• 19:44
  the,
• 19:44
  what
• 19:45
  we
• 19:45
  spoke
• 19:45
  about
• 19:45
  before.
• 19:46
  Right.
• 19:47
  Which
• 19:47
  is
• 19:48
  brands
• 19:48
  may
• 19:49
  sell
• 19:49
  out
• 19:49
  their
• 19:49
  product
• 19:50
  in
• 19:51
  a
• 19:51
  handful
• 19:51
  of
• 19:51
  stores
• 19:52
  and
• 19:52
  at
• 19:52
  the
• 19:52
  moment,
• 19:53
  you
• 19:53
  know,
• 19:53
  retailers
• 19:54
  really
• 19:54
  struggle
• 19:55
  to
• 19:55
  move
• 19:55
  that
• 19:56
  between
• 19:56
  stores
• 19:57
  or
• 19:57
  think
• 19:57
  about,
• 19:58
  you
• 19:58
  know,
• 19:58
  cross
• 19:59
  merchandising
• 20:00
  in.
• 20:00
  In
• 20:00
  from
• 20:00
  an
• 20:00
  inventory
• 20:01
  perspective.
• 20:02
  So
• 20:02
  yeah,
• 20:03
  the
• 20:03
  technology
• 20:04
  advancements
• 20:04
  there
• 20:05
  make
• 20:05
  me.
• 20:05
  Yeah.
• 20:06
  Excited
• 20:06
  about
• 20:06
  what's
• 20:06
  to
• 20:07
  come.
• 20:08
  Yeah.
• 20:08
  And
• 20:08
  I
• 20:08
  always
• 20:09
  love
• 20:09
  talking
• 20:09
  to
• 20:09
  VCs
• 20:10
  because
• 20:10
  they
• 20:10
  put
• 20:10
  everything
• 20:11
  in
• 20:11
  such
• 20:11
  black
• 20:11
  and
• 20:11
  white
• 20:12
  terms.
• 20:12
  Yeah.
• 20:13
  For
• 20:13
  the
• 20:13
  story
• 20:13
  of
• 20:13
  the
• 20:13
  future,
• 20:14
  retailers
• 20:14
  need
• 20:14
  to
• 20:15
  either
• 20:15
  drive
• 20:15
  sales
• 20:15
  or
• 20:16
  reduce
• 20:16
  costs.
• 20:16
  That's
• 20:17
  basically
• 20:17
  what.
• 20:17
  Right.
• 20:17
  What
• 20:18
  Claire,
• 20:18
  just
• 20:18
  pretty
• 20:18
  basic
• 20:19
  there.
• 20:19
  Yeah.
• 20:19
  Yeah.
• 20:20
  Right.
• 20:20
  Like
• 20:20
  let's
• 20:20
  just
• 20:20
  get
• 20:20
  down
• 20:21
  to
• 20:21
  basics
• 20:21
  and
• 20:21
  brass
• 20:21
  tax,
• 20:22
  which
• 20:22
  is
• 20:22
  always
• 20:22
  a
• 20:22
  good
• 20:22
  thing
• 20:23
  to
• 20:23
  keep
• 20:23
  in
• 20:23
  mind.
• 20:23
  But
• 20:24
  I'm
• 20:24
  curious
• 20:24
  too
• 20:24
  because
• 20:25
  you
• 20:25
  mentioned
• 20:25
  it.
• 20:25
  So
• 20:25
  you
• 20:26
  said
• 20:26
  with
• 20:26
  I
• 20:26
  want
• 20:26
  to
• 20:26
  go
• 20:26
  into
• 20:27
  theft
• 20:27
  a
• 20:27
  little
• 20:27
  bit.
• 20:28
  So
• 20:28
  you
• 20:28
  said,
• 20:28
  you
• 20:29
  said
• 20:29
  you're
• 20:29
  seeing
• 20:30
  software
• 20:30
  solutions
• 20:31
  that
• 20:31
  don't
• 20:31
  rely
• 20:32
  on
• 20:32
  computer
• 20:33
  vision
• 20:34
  to
• 20:34
  help
• 20:34
  decrease
• 20:35
  theft.
• 20:36
  Can
• 20:36
  you
• 20:36
  explain
• 20:36
  that
• 20:36
  more
• 20:37
  like
• 20:37
  what
• 20:37
  types
• 20:37
  of
• 20:37
  things
• 20:37
  are
• 20:38
  you
• 20:38
  seeing?
• 20:39
  Yeah,
• 20:39
  so
• 20:40
  I
• 20:40
  guess
• 20:40
  there's
• 20:40
  a
• 20:41
  couple.
• 20:41
  And
• 20:42
  I
• 20:42
  think
• 20:42
  it's
• 20:43
  the
• 20:43
  interesting
• 20:44
  part
• 20:44
  for
• 20:44
  me
• 20:44
  is
• 20:44
  that
• 20:45
  everything's
• 20:45
  starting
• 20:45
  to
• 20:46
  converge.
• 20:46
  Right.
• 20:47
  In
• 20:47
  terms
• 20:47
  of,
• 20:48
  you
• 20:48
  know,
• 20:48
  if
• 20:49
  we
• 20:49
  look
• 20:49
  at
• 20:49
  the
• 20:50
  barriers
• 20:50
  historically,
• 20:51
  potentially
• 20:52
  something
• 20:52
  like
• 20:53
  RFID
• 20:54
  or
• 20:54
  near
• 20:54
  field
• 20:55
  communication
• 20:56
  tags
• 20:56
  were
• 20:56
  a
• 20:57
  barrier
• 20:57
  because
• 20:57
  the
• 20:58
  price
• 20:58
  was
• 20:58
  too
• 20:58
  high.
• 20:59
  The
• 20:59
  Price
• 20:59
  of
• 20:59
  that's
• 21:00
  come
• 21:00
  down.
• 21:00
  So
• 21:00
  you
• 21:00
  can
• 21:01
  transact,
• 21:02
  you
• 21:02
  know,
• 21:02
  on
• 21:02
  that
• 21:03
  without
• 21:03
  scanning
• 21:04
  to
• 21:04
  check
• 21:04
  out
• 21:05
  Y.
• 21:05
  We've
• 21:06
  seen
• 21:06
  that,
• 21:06
  you
• 21:07
  know,
• 21:07
  becoming
• 21:08
  relatively
• 21:08
  widely
• 21:09
  adopted.
• 21:10
  And
• 21:10
  that
• 21:11
  feeds
• 21:11
  into
• 21:11
  how
• 21:12
  you
• 21:12
  think
• 21:12
  about
• 21:13
  theft,
• 21:13
  how
• 21:13
  you
• 21:14
  can
• 21:14
  track
• 21:15
  items.
• 21:16
  And
• 21:16
  for
• 21:16
  us,
• 21:17
  yes,
• 21:18
  you
• 21:18
  don't
• 21:19
  then
• 21:19
  have
• 21:19
  to
• 21:19
  have
• 21:20
  a
• 21:20
  camera
• 21:20
  which
• 21:20
  is,
• 21:21
  you
• 21:21
  know,
• 21:21
  ultimately
• 21:22
  identifying
• 21:23
  the
• 21:23
  item
• 21:23
  there
• 21:24
  because
• 21:24
  you
• 21:24
  already
• 21:24
  have
• 21:25
  your
• 21:26
  technology
• 21:26
  in
• 21:26
  place
• 21:27
  to
• 21:27
  identify
• 21:27
  it.
• 21:28
  So
• 21:28
  then
• 21:29
  the
• 21:29
  theft
• 21:29
  can
• 21:30
  be
• 21:30
  done.
• 21:30
  Yeah.
• 21:31
  From
• 21:31
  a
• 21:31
  tag
• 21:31
  perspective.
• 21:32
  And
• 21:32
  I
• 21:33
  think
• 21:33
  in
• 21:33
  future,
• 21:34
  although
• 21:34
  the
• 21:35
  technology
• 21:35
  is
• 21:35
  not
• 21:35
  quite
• 21:36
  there
• 21:36
  yet,
• 21:36
  ultimately
• 21:37
  the
• 21:37
  artificial
• 21:38
  intelligence
• 21:38
  is
• 21:39
  so
• 21:39
  good
• 21:39
  at
• 21:39
  image
• 21:40
  recognition
• 21:41
  that
• 21:42
  you
• 21:42
  will
• 21:42
  get
• 21:42
  to
• 21:42
  a
• 21:43
  point
• 21:43
  where
• 21:44
  you
• 21:44
  can
• 21:44
  just
• 21:44
  see
• 21:45
  it
• 21:45
  in
• 21:45
  store
• 21:45
  without
• 21:46
  ever
• 21:46
  having
• 21:47
  or
• 21:47
  understanding
• 21:48
  customer
• 21:48
  behavior,
• 21:49
  which
• 21:49
  I
• 21:49
  think
• 21:49
  is
• 21:49
  quite
• 21:49
  exciting.
• 21:51
  Yeah,
• 21:51
  yeah,
• 21:52
  that's
• 21:52
  really
• 21:52
  interesting.
• 21:52
  I
• 21:53
  mean,
• 21:53
  that's
• 21:53
  our
• 21:53
  background
• 21:54
  too.
• 21:54
  I
• 21:54
  mean,
• 21:54
  we
• 21:54
  kind
• 21:55
  of
• 21:55
  were
• 21:55
  big
• 21:56
  proponents
• 21:56
  of
• 21:56
  that
• 21:56
  idea
• 21:57
  in
• 21:57
  general
• 21:58
  of
• 21:58
  using
• 21:58
  solutions
• 21:59
  like
• 21:59
  RFID
• 21:59
  or
• 22:00
  near
• 22:00
  field
• 22:00
  communication
• 22:01
  to
• 22:01
  just
• 22:01
  understand
• 22:02
  what's
• 22:02
  moving
• 22:02
  throughout
• 22:02
  your
• 22:03
  store
• 22:03
  at
• 22:03
  any
• 22:03
  given
• 22:04
  point
• 22:04
  in
• 22:04
  time
• 22:05
  and
• 22:05
  not
• 22:06
  relying
• 22:06
  on
• 22:06
  the
• 22:06
  capital
• 22:07
  infrastructure
• 22:07
  of
• 22:08
  cameras
• 22:09
  and
• 22:09
  whatnot
• 22:09
  to,
• 22:10
  to
• 22:10
  help
• 22:10
  you
• 22:10
  get
• 22:11
  the
• 22:11
  better
• 22:11
  answers
• 22:11
  to
• 22:11
  those
• 22:12
  types
• 22:12
  of
• 22:12
  questions.
• 22:12
  So
• 22:12
  that's
• 22:13
  really
• 22:13
  interesting
• 22:13
  that
• 22:13
  you're
• 22:13
  starting
• 22:13
  to
• 22:14
  see
• 22:14
  that
• 22:14
  trend.
• 22:14
  And
• 22:14
  that
• 22:14
  was,
• 22:15
  I
• 22:15
  mean,
• 22:15
  gosh,
• 22:16
  I
• 22:16
  mean,
• 22:16
  we've
• 22:16
  been
• 22:17
  thinking
• 22:17
  about
• 22:17
  this
• 22:17
  conversation
• 22:18
  for
• 22:18
  that
• 22:18
  topic
• 22:19
  for
• 22:19
  a
• 22:19
  long
• 22:19
  time,
• 22:19
  man.
• 22:19
  So
• 22:20
  it's
• 22:20
  just
• 22:20
  crazy
• 22:20
  to
• 22:20
  think
• 22:20
  that
• 22:21
  that's
• 22:21
  just
• 22:21
  now
• 22:21
  starting
• 22:22
  to
• 22:22
  come
• 22:22
  into
• 22:22
  play.
• 22:23
  Yeah,
• 22:23
  yeah.
• 22:23
  And
• 22:24
  I
• 22:24
  think
• 22:24
  I
• 22:25
  started
• 22:25
  looking
• 22:25
  at
• 22:25
  it
• 22:25
  in
• 22:26
  2016.
• 22:27
  Right.
• 22:27
  And
• 22:27
  I
• 22:27
  guess
• 22:28
  really
• 22:28
  now
• 22:29
  everything
• 22:29
  is
• 22:30
  converging.
• 22:30
  And
• 22:30
  yes,
• 22:31
  of
• 22:31
  course,
• 22:31
  you
• 22:31
  hope
• 22:31
  you
• 22:31
  get
• 22:32
  to
• 22:32
  fully
• 22:33
  transparent
• 22:33
  supply
• 22:34
  chains
• 22:34
  all
• 22:35
  enabled.
• 22:35
  Like
• 22:35
  we've
• 22:36
  seen
• 22:36
  fibers
• 22:37
  that
• 22:37
  are
• 22:37
  trying
• 22:38
  to
• 22:38
  replicate
• 22:39
  RFID
• 22:40
  tags
• 22:41
  so
• 22:41
  that
• 22:41
  ultimately
• 22:42
  you
• 22:42
  wouldn't
• 22:42
  have
• 22:42
  to
• 22:42
  put
• 22:42
  a
• 22:42
  tag
• 22:43
  on
• 22:43
  it.
• 22:43
  You
• 22:43
  would
• 22:43
  just
• 22:44
  know
• 22:44
  from
• 22:44
  spinning
• 22:45
  it
• 22:45
  into
• 22:45
  the
• 22:45
  yarn,
• 22:46
  which,
• 22:46
  you
• 22:46
  know,
• 22:46
  again,
• 22:47
  gives
• 22:47
  an
• 22:47
  ability
• 22:48
  to,
• 22:48
  to
• 22:48
  do
• 22:48
  anything
• 22:49
  with
• 22:49
  that,
• 22:49
  that
• 22:49
  data.
• 22:50
  Right.
• 22:50
  And
• 22:51
  we've
• 22:51
  looked
• 22:51
  at,
• 22:51
  yeah.
• 22:52
  Many
• 22:52
  solutions.
• 22:53
  Also
• 22:54
  thinking
• 22:54
  about
• 22:55
  efficiency,
• 22:56
  how
• 22:56
  you're
• 22:56
  driving
• 22:56
  that
• 22:57
  in
• 22:57
  store
• 22:58
  again,
• 22:59
  coming
• 22:59
  from
• 23:00
  whether
• 23:00
  it's
• 23:00
  RFID
• 23:01
  or
• 23:01
  equivalent.
• 23:02
  Right.
• 23:02
  And
• 23:02
  that,
• 23:03
  you
• 23:03
  know,
• 23:03
  it
• 23:03
  just
• 23:04
  wasn't
• 23:04
  possible
• 23:04
  a
• 23:05
  few
• 23:05
  years
• 23:05
  ago.
• 23:06
  Yeah.
• 23:06
  So
• 23:06
  fun
• 23:06
  fact,
• 23:07
  I
• 23:07
  didn't
• 23:07
  know
• 23:07
  we're
• 23:07
  going
• 23:07
  to
• 23:07
  talk
• 23:07
  about
• 23:08
  yarn
• 23:08
  identification,
• 23:09
  but
• 23:09
  Ann
• 23:10
  and
• 23:10
  I
• 23:10
  had
• 23:10
  this
• 23:10
  debate
• 23:10
  on
• 23:11
  a
• 23:11
  recent
• 23:11
  show,
• 23:12
  like
• 23:12
  towards
• 23:13
  the
• 23:13
  end
• 23:13
  of
• 23:13
  last
• 23:13
  year
• 23:14
  where
• 23:14
  we,
• 23:14
  we
• 23:15
  talked
• 23:15
  about
• 23:15
  the
• 23:16
  value
• 23:16
  of
• 23:16
  RFID
• 23:17
  vs
• 23:17
  IT
• 23:18
  vs
• 23:18
  radio
• 23:19
  identification
• 23:19
  interwoven
• 23:20
  into
• 23:20
  the
• 23:21
  government.
• 23:21
  Where's
• 23:21
  your
• 23:22
  head
• 23:22
  come
• 23:22
  down
• 23:22
  on
• 23:22
  that
• 23:22
  whole
• 23:23
  idea
• 23:23
  or
• 23:23
  that
• 23:23
  argument?
• 23:24
  I'm
• 23:24
  curious
• 23:24
  which
• 23:24
  side
• 23:25
  of
• 23:25
  which
• 23:25
  side
• 23:25
  you
• 23:25
  fall
• 23:26
  on
• 23:26
  or
• 23:27
  is
• 23:27
  there
• 23:27
  even
• 23:27
  a
• 23:28
  Side
• 23:28
  to
• 23:28
  fallout,
• 23:28
  I
• 23:29
  guess
• 23:29
  at
• 23:29
  this
• 23:29
  point
• 23:29
  would
• 23:29
  be
• 23:29
  the
• 23:30
  question.
• 23:30
  Yeah,
• 23:31
  I
• 23:31
  mean,
• 23:31
  I
• 23:31
  think
• 23:32
  that
• 23:32
  for
• 23:32
  me
• 23:32
  they
• 23:33
  serve
• 23:33
  different
• 23:33
  purposes.
• 23:34
  Right.
• 23:34
  I
• 23:34
  think
• 23:35
  generally
• 23:36
  an
• 23:36
  RFID
• 23:37
  is
• 23:37
  probably
• 23:38
  more
• 23:38
  widely
• 23:39
  adopted
• 23:40
  mainly
• 23:40
  because
• 23:40
  of
• 23:40
  that
• 23:41
  price
• 23:41
  point
• 23:41
  and
• 23:41
  also
• 23:42
  ultimately
• 23:43
  ownership
• 23:43
  of
• 23:43
  supply
• 23:44
  chain,
• 23:44
  all
• 23:45
  of
• 23:45
  that
• 23:45
  piece.
• 23:45
  Right.
• 23:46
  I
• 23:46
  think
• 23:46
  it's
• 23:46
  hard
• 23:46
  unless
• 23:47
  you
• 23:48
  kind
• 23:48
  of
• 23:48
  truly
• 23:49
  have
• 23:49
  that
• 23:49
  end
• 23:49
  to
• 23:50
  end
• 23:50
  sort
• 23:50
  of
• 23:50
  vertical
• 23:51
  piece.
• 23:53
  But
• 23:53
  I
• 23:53
  mean,
• 23:53
  yeah,
• 23:54
  from
• 23:54
  a
• 23:54
  transparency
• 23:56
  and
• 23:57
  sustainability
• 23:57
  and
• 23:58
  ethical
• 23:58
  standpoint,
• 23:59
  obviously
• 23:59
  absolutely
• 24:00
  fascinated
• 24:00
  by
• 24:01
  the
• 24:01
  kind
• 24:01
  of
• 24:02
  interwoven
• 24:03
  RFIDs,
• 24:04
  but
• 24:04
  mainly
• 24:04
  for,
• 24:05
  from
• 24:05
  my
• 24:05
  perspective,
• 24:06
  for
• 24:06
  end
• 24:06
  of
• 24:06
  life.
• 24:06
  Right.
• 24:07
  So
• 24:07
  what
• 24:07
  happens
• 24:07
  to
• 24:08
  the
• 24:08
  garment
• 24:09
  afterward?
• 24:09
  Where
• 24:09
  does
• 24:10
  it
• 24:10
  go?
• 24:10
  How
• 24:10
  do
• 24:10
  you
• 24:10
  track
• 24:11
  it?
• 24:11
  You
• 24:11
  know,
• 24:12
  I
• 24:12
  think
• 24:13
  some
• 24:13
  of
• 24:13
  the
• 24:13
  people
• 24:13
  I
• 24:13
  spoke
• 24:14
  to
• 24:14
  who
• 24:14
  were
• 24:15
  most
• 24:15
  advanced
• 24:15
  in
• 24:16
  terms
• 24:16
  of
• 24:16
  what
• 24:16
  I'd
• 24:16
  seen
• 24:17
  were
• 24:18
  primarily
• 24:19
  using
• 24:19
  it
• 24:19
  for
• 24:19
  that
• 24:20
  recycling
• 24:21
  issue.
• 24:21
  Right.
• 24:21
  Because
• 24:22
  if
• 24:22
  you're
• 24:22
  mixing
• 24:22
  fibers,
• 24:23
  then
• 24:23
  you
• 24:23
  can't,
• 24:25
  you
• 24:25
  know,
• 24:25
  put
• 24:25
  it
• 24:26
  into
• 24:26
  a
• 24:26
  relatively
• 24:27
  standard
• 24:27
  process.
• 24:28
  So
• 24:28
  that
• 24:28
  for
• 24:29
  me,
• 24:29
  it
• 24:30
  100%
• 24:30
  has
• 24:30
  a
• 24:31
  purpose
• 24:31
  there.
• 24:31
  Whereas
• 24:32
  whether
• 24:32
  the
• 24:32
  cost
• 24:33
  benefit
• 24:33
  ever
• 24:34
  plays
• 24:34
  out
• 24:35
  for
• 24:35
  most
• 24:35
  people,
• 24:36
  I
• 24:36
  don't
• 24:36
  know.
• 24:37
  Well,
• 24:38
  Claire,
• 24:38
  I.
• 24:38
  I
• 24:39
  am
• 24:39
  curious.
• 24:40
  You
• 24:40
  cover
• 24:41
  so
• 24:41
  many
• 24:42
  different
• 24:43
  industries
• 24:44
  that
• 24:44
  you're
• 24:44
  investing,
• 24:45
  where
• 24:45
  you're
• 24:45
  making
• 24:46
  investments.
• 24:47
  Where
• 24:48
  do
• 24:48
  you,
• 24:48
  where
• 24:48
  do
• 24:48
  you
• 24:49
  stay
• 24:49
  on
• 24:49
  top
• 24:49
  of
• 24:49
  trends
• 24:50
  like
• 24:51
  fiber
• 24:52
  radio
• 24:52
  frequency
• 24:53
  threads?
• 24:54
  Like,
• 24:54
  what
• 24:54
  are
• 24:54
  the
• 24:55
  places
• 24:55
  that
• 24:55
  you
• 24:55
  look
• 24:55
  to,
• 24:56
  especially
• 24:56
  given,
• 24:57
  like
• 24:57
  on
• 24:57
  one
• 24:57
  hand
• 24:58
  you
• 24:58
  have
• 24:58
  new
• 24:58
  beauty
• 24:59
  products
• 24:59
  that
• 24:59
  are
• 24:59
  going
• 25:00
  direct
• 25:00
  to
• 25:00
  consumer,
• 25:01
  under
• 25:01
  $5
• 25:01
  million
• 25:02
  a
• 25:02
  year
• 25:02
  in
• 25:02
  revenue,
• 25:03
  all
• 25:03
  the
• 25:03
  way
• 25:03
  to,
• 25:03
  you
• 25:04
  know,
• 25:04
  somebody
• 25:05
  who's
• 25:05
  putting
• 25:06
  RFID
• 25:07
  in
• 25:07
  place
• 25:07
  in
• 25:07
  order
• 25:08
  to
• 25:08
  minimize
• 25:09
  theft
• 25:09
  in
• 25:09
  a
• 25:09
  retail
• 25:10
  store.
• 25:10
  Like,
• 25:10
  what
• 25:10
  are
• 25:11
  those
• 25:11
  sources
• 25:11
  for
• 25:12
  you,
• 25:12
  if
• 25:12
  you
• 25:12
  don't
• 25:12
  mind
• 25:13
  sharing?
• 25:14
  Yeah,
• 25:15
  I
• 25:15
  mean,
• 25:15
  I
• 25:15
  guess
• 25:15
  the
• 25:16
  beauty
• 25:16
  of
• 25:16
  this
• 25:17
  in
• 25:17
  part
• 25:17
  is
• 25:17
  that,
• 25:18
  you
• 25:19
  know,
• 25:19
  we
• 25:19
  get
• 25:20
  so
• 25:20
  many
• 25:21
  pitch
• 25:21
  decks
• 25:22
  every
• 25:22
  single
• 25:23
  day.
• 25:24
  And
• 25:24
  so
• 25:24
  even
• 25:25
  things
• 25:25
  you
• 25:25
  never
• 25:25
  would
• 25:25
  have
• 25:26
  thought
• 25:26
  about
• 25:26
  or
• 25:27
  had
• 25:27
  never
• 25:27
  even
• 25:27
  considered,
• 25:28
  which,
• 25:28
  yeah.
• 25:29
  Puts
• 25:29
  a
• 25:29
  very
• 25:29
  different
• 25:30
  perspective
• 25:31
  on
• 25:31
  things
• 25:31
  which,
• 25:31
  you
• 25:32
  know,
• 25:32
  we
• 25:32
  have
• 25:32
  to
• 25:32
  be
• 25:33
  forever
• 25:33
  thankful
• 25:34
  for.
• 25:35
  But
• 25:35
  yes,
• 25:36
  there's
• 25:36
  a
• 25:36
  lot
• 25:36
  of
• 25:36
  time
• 25:38
  in
• 25:38
  very
• 25:38
  niche
• 25:39
  substacks,
• 25:40
  I
• 25:40
  bet.
• 25:40
  I
• 25:40
  was
• 25:40
  gonna
• 25:41
  say.
• 25:43
  Yeah,
• 25:43
  I
• 25:43
  think
• 25:44
  actually,
• 25:45
  you
• 25:46
  know,
• 25:46
  podcasts,
• 25:47
  everything.
• 25:47
  Right.
• 25:48
  It's
• 25:48
  just
• 25:48
  about
• 25:49
  assimilating
• 25:49
  as
• 25:50
  much
• 25:50
  news
• 25:50
  as
• 25:50
  possible.
• 25:51
  And
• 25:51
  I
• 25:51
  think,
• 25:51
  yeah,
• 25:52
  for
• 25:52
  us
• 25:52
  the
• 25:52
  balance
• 25:53
  is
• 25:53
  definitely,
• 25:54
  you
• 25:54
  know,
• 25:54
  how
• 25:55
  much
• 25:55
  we
• 25:55
  lean
• 25:55
  into
• 25:57
  climate
• 25:58
  technology,
• 25:59
  all
• 25:59
  of
• 26:00
  that
• 26:00
  piece
• 26:00
  versus
• 26:01
  how
• 26:02
  you
• 26:02
  actually
• 26:02
  sell
• 26:02
  a
• 26:03
  brand
• 26:03
  in
• 26:03
  store
• 26:04
  on
• 26:04
  shelf
• 26:04
  and,
• 26:05
  you
• 26:05
  know,
• 26:05
  all
• 26:05
  the
• 26:06
  basics
• 26:06
  there.
• 26:06
  And
• 26:06
  yes,
• 26:07
  ultimately
• 26:07
  the
• 26:08
  two
• 26:09
  are
• 26:09
  very
• 26:09
  different,
• 26:09
  but
• 26:10
  we
• 26:11
  try
• 26:11
  to
• 26:11
  at
• 26:11
  least
• 26:11
  keep.
• 26:12
  Yeah.
• 26:12
  On
• 26:12
  top
• 26:12
  of,
• 26:13
  you
• 26:13
  know,
• 26:13
  some
• 26:13
  of
• 26:13
  those
• 26:13
  key
• 26:13
  trends
• 26:14
  for
• 26:14
  sure.
• 26:15
  How
• 26:15
  many
• 26:15
  pitch
• 26:15
  decks
• 26:16
  do
• 26:16
  you
• 26:16
  get
• 26:16
  a
• 26:16
  day
• 26:16
  on
• 26:17
  average?
• 26:18
  Oh,
• 26:19
  would
• 26:19
  you
• 26:19
  estimate.
• 26:20
  I
• 26:20
  mean,
• 26:21
  me
• 26:21
  personally
• 26:22
  is
• 26:22
  probably
• 26:25
  around
• 26:25
  5
• 26:26
  to
• 26:26
  10
• 26:26
  a
• 26:26
  day.
• 26:27
  Wow.
• 26:27
  And
• 26:28
  okay,
• 26:28
  so
• 26:28
  then
• 26:28
  I
• 26:28
  gotta
• 26:29
  ask,
• 26:29
  like,
• 26:29
  how
• 26:29
  do
• 26:29
  you,
• 26:30
  how
• 26:30
  do
• 26:30
  you
• 26:30
  sift
• 26:31
  through
• 26:31
  them?
• 26:31
  Like,
• 26:31
  how
• 26:31
  do
• 26:32
  you
• 26:32
  decide?
• 26:32
  Like,
• 26:32
  okay,
• 26:33
  this
• 26:33
  one
• 26:33
  is
• 26:33
  worth
• 26:34
  like
• 26:34
  following
• 26:35
  up
• 26:35
  on,
• 26:35
  this
• 26:35
  one
• 26:36
  goes
• 26:36
  to
• 26:36
  the
• 26:36
  bin,
• 26:37
  like
• 26:37
  all
• 26:37
  that
• 26:37
  kind
• 26:38
  of
• 26:38
  thing.
• 26:38
  Like
• 26:38
  how,
• 26:38
  how
• 26:39
  do
• 26:39
  you
• 26:39
  decide
• 26:39
  that?
• 26:40
  Yeah,
• 26:41
  I
• 26:41
  mean,
• 26:41
  in
• 26:41
  part
• 26:42
  why
• 26:42
  we
• 26:42
  have
• 26:43
  some
• 26:43
  non
• 26:44
  negotiable
• 26:44
  criteria
• 26:45
  is
• 26:45
  to
• 26:45
  do
• 26:46
  some
• 26:46
  of
• 26:46
  that
• 26:46
  filtering
• 26:47
  up
• 26:47
  front.
• 26:47
  Right.
• 26:48
  So
• 26:48
  anything
• 26:49
  for
• 26:49
  me,
• 26:49
  that
• 26:49
  generally
• 26:50
  is
• 26:51
  very
• 26:51
  early
• 26:51
  in
• 26:52
  their
• 26:52
  journey.
• 26:52
  Perhaps
• 26:53
  no
• 26:53
  retail
• 26:54
  presence.
• 26:54
  All
• 26:55
  of
• 26:55
  that
• 26:55
  probably
• 26:56
  goes
• 26:56
  on
• 26:56
  the
• 26:57
  too
• 26:57
  difficult
• 26:57
  pile.
• 26:58
  And
• 26:58
  yes,
• 26:58
  obviously
• 26:58
  there's
• 26:59
  buckets
• 26:59
  within
• 26:59
  that.
• 27:00
  So,
• 27:00
  you
• 27:01
  know,
• 27:01
  people
• 27:01
  I
• 27:01
  need
• 27:01
  to
• 27:02
  care
• 27:02
  about
• 27:02
  in
• 27:02
  the
• 27:02
  next
• 27:02
  three
• 27:03
  months,
• 27:03
  six
• 27:03
  months,
• 27:04
  year,
• 27:04
  two
• 27:04
  years.
• 27:05
  Wow.
• 27:06
  And
• 27:06
  then,
• 27:07
  yeah,
• 27:08
  I
• 27:08
  mean
• 27:08
  the
• 27:08
  rest
• 27:08
  of
• 27:08
  it,
• 27:08
  look,
• 27:09
  it's
• 27:10
  as
• 27:10
  much
• 27:10
  as
• 27:10
  we
• 27:10
  speak
• 27:10
  about
• 27:11
  AI
• 27:11
  for
• 27:11
  everything
• 27:12
  else,
• 27:12
  yes,
• 27:12
  there
• 27:12
  are
• 27:12
  tools
• 27:13
  that
• 27:13
  help
• 27:14
  pull
• 27:14
  out
• 27:14
  the
• 27:15
  information
• 27:15
  we
• 27:15
  might
• 27:15
  need
• 27:16
  to
• 27:16
  see.
• 27:16
  So,
• 27:17
  you
• 27:17
  know,
• 27:18
  key
• 27:18
  facts
• 27:18
  and
• 27:18
  figures,
• 27:19
  a
• 27:19
  bit
• 27:19
  about
• 27:19
  the
• 27:20
  team.
• 27:20
  That's
• 27:20
  been
• 27:21
  very
• 27:21
  helpful.
• 27:21
  But
• 27:21
  it's
• 27:21
  still
• 27:22
  a
• 27:22
  human
• 27:23
  review.
• 27:23
  Right.
• 27:24
  So
• 27:25
  yes,
• 27:25
  we
• 27:26
  all
• 27:27
  sift
• 27:27
  individually
• 27:28
  and
• 27:28
  then
• 27:28
  we
• 27:28
  have,
• 27:29
  you
• 27:29
  know,
• 27:29
  probably
• 27:30
  at
• 27:30
  least
• 27:30
  one
• 27:31
  meeting
• 27:31
  a
• 27:31
  week
• 27:31
  where
• 27:32
  everybody
• 27:32
  sits
• 27:32
  and
• 27:32
  says,
• 27:33
  here's
• 27:33
  the
• 27:33
  middle
• 27:33
  bucket
• 27:34
  that
• 27:34
  we
• 27:35
  need
• 27:35
  to
• 27:35
  decide.
• 27:35
  Is
• 27:36
  it
• 27:36
  worth
• 27:36
  a
• 27:36
  meeting?
• 27:36
  Is
• 27:37
  it
• 27:37
  not
• 27:37
  worth
• 27:37
  a
• 27:37
  meeting?
• 27:38
  And
• 27:38
  yeah,
• 27:38
  having
• 27:39
  different
• 27:39
  perspectives
• 27:40
  on
• 27:40
  that
• 27:40
  is
• 27:40
  very
• 27:41
  helpful.
• 27:43
  But
• 27:43
  yes,
• 27:44
  it's
• 27:44
  the
• 27:45
  biggest
• 27:45
  part
• 27:45
  of
• 27:45
  the
• 27:45
  job.
• 27:45
  Right?
• 27:46
  Yeah.
• 27:47
  Right.
• 27:48
  Yeah.
• 27:48
  It's
• 27:48
  really
• 27:49
  interesting
• 27:49
  because
• 27:49
  it
• 27:49
  sounds
• 27:49
  like
• 27:49
  you
• 27:49
  have
• 27:50
  to
• 27:50
  be
• 27:50
  very
• 27:50
  segmented
• 27:51
  in
• 27:51
  your
• 27:51
  approach
• 27:51
  too.
• 27:52
  Like
• 27:52
  there's
• 27:52
  the,
• 27:52
  what
• 27:53
  do
• 27:53
  we
• 27:53
  want
• 27:53
  to
• 27:53
  look
• 27:53
  at
• 27:53
  now?
• 27:54
  What
• 27:54
  do
• 27:54
  we
• 27:54
  want
• 27:54
  to
• 27:54
  keep
• 27:54
  warm
• 27:55
  for
• 27:55
  later?
• 27:55
  What
• 27:56
  do
• 27:56
  we
• 27:56
  want
• 27:56
  to
• 27:56
  say
• 27:57
  just
• 27:57
  too
• 27:57
  early,
• 27:58
  not
• 27:58
  for
• 27:58
  us.
• 27:58
  And
• 27:59
  like
• 27:59
  being
• 27:59
  very
• 27:59
  thoughtful
• 28:00
  and
• 28:00
  methodical
• 28:01
  in
• 28:01
  how
• 28:01
  you
• 28:01
  approach
• 28:01
  that
• 28:01
  and
• 28:02
  connect
• 28:02
  across
• 28:02
  the
• 28:02
  entire
• 28:03
  organization
• 28:03
  too,
• 28:04
  to,
• 28:04
  to
• 28:04
  keep
• 28:05
  that
• 28:05
  pipeline
• 28:05
  moving.
• 28:06
  Yeah.
• 28:07
  And
• 28:07
  that's
• 28:07
  forever
• 28:07
  evolving.
• 28:08
  Right.
• 28:08
  I
• 28:08
  think
• 28:09
  that's
• 28:10
  certainly
• 28:11
  a
• 28:11
  massive
• 28:11
  part
• 28:11
  of
• 28:12
  it.
• 28:12
  And
• 28:12
  from
• 28:13
  our
• 28:13
  perspective,
• 28:14
  and
• 28:14
  every
• 28:15
  fund
• 28:15
  will,
• 28:15
  will
• 28:16
  do
• 28:16
  it
• 28:16
  differently.
• 28:16
  But
• 28:17
  ultimately,
• 28:18
  you
• 28:18
  know,
• 28:19
  there
• 28:19
  are
• 28:19
  A
• 28:20
  sectors
• 28:21
  and
• 28:21
  B
• 28:21
  subsectors
• 28:22
  that
• 28:22
  we're
• 28:22
  very
• 28:23
  excited
• 28:23
  about.
• 28:23
  We
• 28:23
  would
• 28:24
  generally
• 28:24
  always
• 28:25
  take
• 28:25
  a
• 28:25
  meeting.
• 28:25
  You
• 28:26
  know,
• 28:26
  things
• 28:26
  like
• 28:26
  longevity
• 28:27
  at
• 28:27
  the
• 28:27
  moment,
• 28:28
  we
• 28:29
  really
• 28:29
  want
• 28:29
  to
• 28:29
  understand
• 28:30
  that.
• 28:30
  We
• 28:30
  want
• 28:31
  to
• 28:31
  know
• 28:31
  what
• 28:31
  everyone's
• 28:31
  doing.
• 28:32
  You
• 28:32
  know,
• 28:33
  you
• 28:33
  try
• 28:33
  to
• 28:33
  assimilate
• 28:34
  as
• 28:34
  much
• 28:34
  as
• 28:35
  you
• 28:35
  possibly
• 28:35
  can
• 28:36
  and
• 28:36
  then
• 28:37
  I
• 28:37
  guess
• 28:37
  for
• 28:37
  other
• 28:38
  more
• 28:38
  traditional
• 28:39
  categories,
• 28:40
  we
• 28:40
  have
• 28:41
  such
• 28:41
  a
• 28:41
  bank
• 28:41
  of
• 28:42
  things.
• 28:43
  We've
• 28:43
  seen
• 28:44
  businesses,
• 28:44
  we've
• 28:44
  spoken
• 28:45
  to
• 28:45
  that
• 28:45
  then,
• 28:46
  you
• 28:46
  know,
• 28:47
  in
• 28:47
  some
• 28:47
  areas
• 28:48
  we
• 28:48
  truly
• 28:49
  have
• 28:49
  to
• 28:49
  see
• 28:49
  something
• 28:50
  exceptional
• 28:51
  for
• 28:51
  us
• 28:51
  to
• 28:52
  take
• 28:52
  it
• 28:52
  forward.
• 28:52
  Because
• 28:53
  we've
• 28:53
  just
• 28:53
  seen,
• 28:54
  you
• 28:54
  know,
• 28:54
  in
• 28:54
  skin
• 28:54
  care,
• 28:55
  we've
• 28:55
  probably
• 28:55
  seen,
• 28:56
  I
• 28:57
  don't
• 28:57
  know,
• 28:57
  close
• 28:58
  to
• 28:58
  5,000.
• 28:59
  I've
• 28:59
  probably
• 28:59
  seen
• 28:59
  close
• 29:00
  to
• 29:00
  10,000
• 29:00
  businesses.
• 29:01
  Right.
• 29:03
  And
• 29:03
  so
• 29:04
  I
• 29:04
  don't
• 29:05
  find
• 29:05
  it
• 29:05
  hard
• 29:05
  because,
• 29:06
  you
• 29:06
  know,
• 29:06
  founders
• 29:06
  come
• 29:07
  to
• 29:07
  us,
• 29:07
  it's
• 29:07
  their
• 29:08
  baby,
• 29:08
  it's
• 29:08
  their
• 29:08
  life
• 29:09
  and
• 29:09
  soul,
• 29:09
  and
• 29:10
  I
• 29:10
  crush
• 29:10
  their
• 29:10
  dreams
• 29:11
  and,
• 29:11
  you
• 29:11
  know,
• 29:12
  whatever
• 29:12
  it
• 29:12
  is.
• 29:13
  One
• 29:13
  lovely
• 29:13
  worded
• 29:13
  email.
• 29:15
  So
• 29:15
  I
• 29:15
  think,
• 29:15
  yeah,
• 29:16
  it's
• 29:16
  a
• 29:16
  real
• 29:16
  balance,
• 29:17
  but
• 29:17
  ultimately
• 29:17
  we
• 29:17
  have
• 29:18
  to
• 29:18
  be
• 29:18
  true
• 29:18
  to
• 29:18
  ourselves
• 29:19
  and
• 29:19
  know.
• 29:20
  Yeah.
• 29:21
  What
• 29:21
  we
• 29:21
  want
• 29:21
  to
• 29:22
  see
• 29:22
  in
• 29:22
  any
• 29:22
  of
• 29:23
  these
• 29:23
  categories.
• 29:23
  So
• 29:24
  we
• 29:24
  do
• 29:24
  a
• 29:24
  lot
• 29:24
  of
• 29:25
  thought
• 29:26
  work
• 29:27
  internally.
• 29:27
  You
• 29:28
  know,
• 29:28
  for
• 29:28
  next
• 29:28
  year.
• 29:28
  We'll
• 29:29
  set
• 29:29
  here
• 29:29
  are
• 29:29
  the
• 29:30
  areas
• 29:30
  that
• 29:30
  we
• 29:31
  really
• 29:31
  care
• 29:31
  about,
• 29:31
  what
• 29:32
  we
• 29:32
  want
• 29:32
  to
• 29:32
  do
• 29:32
  and
• 29:33
  where
• 29:33
  we
• 29:33
  want
• 29:33
  to
• 29:33
  invest.
• 29:33
  And
• 29:34
  that
• 29:34
  helps
• 29:34
  set
• 29:34
  the
• 29:35
  guardrails
• 29:35
  for
• 29:35
  sure.
• 29:36
  Well,
• 29:36
  Claire,
• 29:36
  you
• 29:37
  keep,
• 29:37
  you
• 29:37
  keep
• 29:37
  raising
• 29:37
  these
• 29:37
  new
• 29:38
  questions
• 29:38
  here
• 29:38
  at
• 29:38
  the
• 29:38
  end,
• 29:38
  like,
• 29:39
  so
• 29:39
  then
• 29:39
  the
• 29:39
  next
• 29:40
  question
• 29:40
  I
• 29:40
  want
• 29:40
  to
• 29:40
  ask
• 29:40
  you
• 29:40
  too
• 29:41
  is
• 29:41
  like,
• 29:41
  because
• 29:41
  you
• 29:42
  mentioned
• 29:42
  it,
• 29:42
  like,
• 29:43
  how
• 29:43
  do
• 29:43
  you,
• 29:43
  how
• 29:43
  do
• 29:44
  you,
• 29:44
  how
• 29:44
  do
• 29:44
  you
• 29:45
  let
• 29:45
  the.
• 29:46
  The
• 29:46
  founders
• 29:46
  know
• 29:47
  you're
• 29:47
  not
• 29:47
  interested?
• 29:47
  Because
• 29:48
  we
• 29:48
  had
• 29:48
  somebody
• 29:48
  on
• 29:48
  our
• 29:49
  program
• 29:49
  a
• 29:49
  few
• 29:49
  weeks
• 29:50
  ago
• 29:50
  that
• 29:50
  was
• 29:50
  like,
• 29:51
  no,
• 29:51
  I'm
• 29:51
  just
• 29:51
  going
• 29:51
  to
• 29:51
  tell
• 29:51
  you,
• 29:52
  you
• 29:52
  know,
• 29:52
  if
• 29:52
  it's
• 29:52
  not
• 29:52
  hitting
• 29:53
  it,
• 29:53
  like,
• 29:53
  their
• 29:53
  approach
• 29:54
  was
• 29:54
  to
• 29:54
  be
• 29:54
  more
• 29:54
  direct,
• 29:55
  whereas
• 29:56
  other
• 29:56
  people
• 29:56
  have
• 29:56
  told
• 29:57
  me,
• 29:57
  like,
• 29:57
  you
• 29:58
  know,
• 29:58
  as
• 29:58
  a
• 29:58
  vc,
• 29:58
  like,
• 29:58
  you
• 29:59
  never
• 29:59
  want
• 29:59
  to
• 29:59
  hurt
• 29:59
  somebody's
• 30:00
  feelings.
• 30:00
  You
• 30:00
  always
• 30:01
  want
• 30:01
  to
• 30:01
  be
• 30:01
  thoughtful
• 30:01
  about
• 30:02
  your
• 30:02
  approach
• 30:02
  because
• 30:02
  you
• 30:03
  never
• 30:03
  know
• 30:03
  if
• 30:03
  you're
• 30:03
  going
• 30:03
  to
• 30:03
  come
• 30:04
  back
• 30:04
  and
• 30:04
  see
• 30:04
  them
• 30:04
  again
• 30:05
  or
• 30:05
  look
• 30:05
  to
• 30:05
  invest
• 30:05
  in
• 30:06
  them
• 30:06
  at
• 30:06
  a
• 30:06
  later
• 30:06
  stage.
• 30:07
  So.
• 30:07
  So
• 30:07
  how
• 30:07
  do
• 30:07
  you
• 30:08
  approach
• 30:08
  that
• 30:08
  when
• 30:08
  you
• 30:09
  need
• 30:09
  to
• 30:09
  tell,
• 30:10
  you
• 30:10
  know,
• 30:10
  prospective
• 30:11
  investment,
• 30:12
  you
• 30:12
  know,
• 30:12
  hey,
• 30:12
  this
• 30:12
  just
• 30:13
  isn't
• 30:13
  for
• 30:13
  us.
• 30:14
  Yeah.
• 30:14
  I
• 30:15
  mean,
• 30:15
  we're
• 30:15
  always
• 30:16
  fundamentally
• 30:16
  honest
• 30:17
  internally
• 30:18
  and
• 30:18
  externally
• 30:18
  with
• 30:19
  what
• 30:19
  that
• 30:19
  reason
• 30:19
  is.
• 30:20
  Right.
• 30:21
  And
• 30:21
  yeah,
• 30:21
  generally,
• 30:22
  even
• 30:23
  if
• 30:23
  it's
• 30:24
  potentially
• 30:24
  an
• 30:24
  issue
• 30:24
  with
• 30:25
  the
• 30:25
  team,
• 30:25
  if
• 30:26
  it's
• 30:26
  an
• 30:26
  issue
• 30:26
  with
• 30:27
  perhaps
• 30:28
  the
• 30:28
  retail
• 30:28
  channels
• 30:29
  they've
• 30:29
  gone
• 30:29
  into
• 30:29
  or
• 30:30
  the
• 30:30
  retail
• 30:30
  partners
• 30:31
  or,
• 30:32
  you
• 30:32
  know,
• 30:32
  the
• 30:32
  product
• 30:33
  quality
• 30:33
  isn't
• 30:34
  good
• 30:34
  enough,
• 30:35
  I
• 30:35
  would
• 30:35
  always
• 30:35
  be
• 30:36
  very
• 30:36
  honest
• 30:36
  with
• 30:36
  that.
• 30:37
  Ultimately,
• 30:37
  we
• 30:38
  are
• 30:38
  in
• 30:39
  the
• 30:39
  business
• 30:39
  of
• 30:40
  helping
• 30:41
  founders
• 30:41
  sell
• 30:42
  products
• 30:42
  to
• 30:42
  consumers.
• 30:43
  Right.
• 30:43
  So
• 30:43
  if
• 30:43
  we
• 30:43
  have
• 30:43
  questions
• 30:44
  on
• 30:44
  any
• 30:44
  of
• 30:44
  those,
• 30:45
  it's
• 30:45
  not
• 30:45
  necessarily
• 30:46
  helpful
• 30:47
  for
• 30:47
  us
• 30:47
  to
• 30:47
  hide
• 30:48
  it.
• 30:48
  And
• 30:48
  yes,
• 30:48
  if
• 30:49
  we
• 30:49
  have
• 30:49
  benchmarks
• 30:50
  that
• 30:50
  they're
• 30:51
  not
• 30:51
  hitting
• 30:52
  or
• 30:52
  we've
• 30:52
  seen
• 30:52
  data
• 30:53
  that
• 30:54
  perhaps
• 30:54
  would
• 30:54
  indicate,
• 30:56
  you
• 30:56
  know,
• 30:57
  some
• 30:57
  categories
• 30:58
  are
• 30:58
  just
• 30:58
  very
• 30:59
  challenging.
• 30:59
  We've
• 31:00
  seen,
• 31:00
  take
• 31:02
  men's
• 31:02
  cosmetics,
• 31:03
  for
• 31:03
  instance.
• 31:04
  You
• 31:04
  know,
• 31:04
  we've
• 31:05
  backed
• 31:05
  a
• 31:05
  couple
• 31:06
  there.
• 31:06
  We've
• 31:06
  seen
• 31:06
  a
• 31:07
  lot
• 31:07
  more.
• 31:07
  And
• 31:08
  ultimately
• 31:08
  our
• 31:08
  belief
• 31:09
  is
• 31:09
  that
• 31:09
  the
• 31:09
  market
• 31:10
  just
• 31:10
  is
• 31:11
  still
• 31:11
  in
• 31:11
  that
• 31:12
  building
• 31:12
  phase.
• 31:13
  So
• 31:13
  for
• 31:13
  us
• 31:13
  to
• 31:14
  do
• 31:14
  it
• 31:14
  again,
• 31:15
  obviously
• 31:15
  it
• 31:15
  has
• 31:15
  to
• 31:15
  be
• 31:16
  exceptional.
• 31:17
  And
• 31:17
  I
• 31:17
  think,
• 31:18
  yeah,
• 31:18
  we're
• 31:19
  trying
• 31:19
  to
• 31:19
  be
• 31:19
  as
• 31:19
  helpful
• 31:19
  as
• 31:20
  possible
• 31:20
  to
• 31:20
  founders,
• 31:21
  but
• 31:21
  of
• 31:21
  course,
• 31:23
  nine
• 31:23
  times
• 31:24
  out
• 31:24
  of
• 31:24
  10,
• 31:25
  whether
• 31:26
  they
• 31:26
  take
• 31:26
  that
• 31:26
  with
• 31:27
  a
• 31:27
  pinch
• 31:27
  of
• 31:27
  salt,
• 31:27
  what
• 31:27
  they
• 31:28
  do
• 31:28
  with
• 31:28
  that,
• 31:28
  that's
• 31:28
  kind
• 31:29
  of
• 31:29
  their
• 31:29
  choice.
• 31:29
  But
• 31:29
  we
• 31:29
  would
• 31:30
  always
• 31:30
  be
• 31:30
  honest
• 31:31
  in
• 31:31
  terms
• 31:31
  of
• 31:31
  why
• 31:31
  we
• 31:32
  haven't
• 31:32
  taken
• 31:32
  it
• 31:32
  forward.
• 31:33
  That's
• 31:34
  awesome,
• 31:34
  Claire.
• 31:35
  That's
• 31:35
  great.
• 31:36
  It's
• 31:36
  been
• 31:36
  so
• 31:37
  fun
• 31:37
  to
• 31:37
  be
• 31:37
  able
• 31:37
  to
• 31:38
  just
• 31:38
  pepper
• 31:38
  you
• 31:38
  with
• 31:39
  questions
• 31:39
  today.
• 31:39
  I'm
• 31:40
  sure
• 31:40
  our
• 31:40
  audience
• 31:40
  appreciates
• 31:41
  it.
• 31:43
  If
• 31:43
  people
• 31:44
  want
• 31:44
  to
• 31:44
  reach
• 31:44
  out
• 31:44
  to
• 31:44
  you,
• 31:45
  they.
• 31:45
  They
• 31:46
  want
• 31:46
  to
• 31:46
  get
• 31:46
  more
• 31:47
  of
• 31:47
  your
• 31:47
  perspective.
• 31:49
  And
• 31:49
  we
• 31:49
  want
• 31:50
  to
• 31:50
  get
• 31:50
  more
• 31:50
  here,
• 31:51
  too,
• 31:51
  for
• 31:51
  our
• 31:51
  ongoing
• 31:52
  conversations
• 31:52
  here
• 31:53
  at
• 31:53
  Omnitech.
• 31:53
  If
• 31:53
  people
• 31:54
  want
• 31:54
  to
• 31:54
  get
• 31:54
  in
• 31:55
  touch
• 31:55
  with
• 31:55
  you,
• 31:55
  Claire,
• 31:56
  what
• 31:56
  is
• 31:56
  the
• 31:57
  best
• 31:57
  way
• 31:57
  for
• 31:57
  them
• 31:58
  to
• 31:58
  get
• 31:58
  in
• 31:58
  contact
• 31:58
  with
• 31:59
  you?
• 32:00
  Yeah,
• 32:00
  happy
• 32:01
  for
• 32:01
  anybody
• 32:01
  to
• 32:02
  email
• 32:02
  me.
• 32:02
  I'm
• 32:02
  on
• 32:03
  Claire,
• 32:03
  which
• 32:04
  is
• 32:04
  C
• 32:04
  L
• 32:04
  a
• 32:04
  I
• 32:05
  r
• 32:05
  era
• 32:06
  VC
• 32:07
  or
• 32:08
  on
• 32:08
  LinkedIn.
• 32:08
  Claire
• 32:09
  Cherry.
• 32:10
  Relatively
• 32:10
  memorable,
• 32:11
  I'm
• 32:11
  told.
• 32:11
  So,
• 32:12
  yeah,
• 32:12
  hit
• 32:13
  me
• 32:13
  up
• 32:13
  on
• 32:13
  either
• 32:13
  of
• 32:13
  those.
• 32:14
  Excellent.
• 32:15
  Awesome.
• 32:15
  Wonderful.
• 32:16
  Well,
• 32:16
  that
• 32:16
  wraps
• 32:17
  us
• 32:17
  up.
• 32:17
  Thanks.
• 32:17
  Thank
• 32:18
  you,
• 32:18
  Claire.
• 32:18
  That
• 32:18
  was
• 32:18
  great.
• 32:19
  It
• 32:19
  was
• 32:19
  wonderful
• 32:19
  to
• 32:19
  have
• 32:20
  you.
• 32:20
  Again,
• 32:21
  thanks
• 32:21
  to
• 32:21
  Claire
• 32:22
  Cherry
• 32:22
  for
• 32:22
  of
• 32:22
  era
• 32:23
  VC
• 32:23
  for
• 32:23
  sitting
• 32:24
  down
• 32:24
  with
• 32:24
  us.
• 32:24
  And
• 32:24
  thanks
• 32:24
  to
• 32:25
  everyone
• 32:25
  out
• 32:25
  there
• 32:25
  for
• 32:26
  listening
• 32:26
  in
• 32:26
  to
• 32:27
  this
• 32:27
  episode
• 32:27
  of
• 32:27
  our
• 32:28
  ongoing
• 32:28
  series
• 32:28
  on
• 32:29
  VC
• 32:29
  perspectives
• 32:30
  across
• 32:30
  retail
• 32:31
  and
• 32:31
  the
• 32:31
  consumer
• 32:32
  goods
• 32:32
  industries.
• 32:33
  Please
• 32:33
  let
• 32:33
  us
• 32:33
  know
• 32:33
  what
• 32:34
  you
• 32:34
  thought
• 32:34
  of
• 32:34
  our
• 32:34
  interview
• 32:34
  with
• 32:35
  Claire
• 32:35
  on
• 32:35
  social
• 32:35
  media.
• 32:36
  Let
• 32:36
  us
• 32:36
  know
• 32:36
  how
• 32:36
  we
• 32:37
  can
• 32:37
  do
• 32:37
  better.
• 32:37
  And
• 32:37
  as
• 32:38
  always,
• 32:38
  on
• 32:38
  behalf
• 32:38
  of
• 32:39
  all
• 32:39
  of
• 32:39
  us
• 32:39
  at
• 32:39
  Omnitok
• 32:40
  Retail,
• 32:40
  be
• 32:41
  careful
• 32:41
  out
• 32:41
  there.