Latest / iwon™ podcast with Michael J Thomas / This Will Save You Years in Your Business | Christian Zigler (£24m + Multi-Exit Founder) on VCs, Hiring & AI

Transcript

This Will Save You Years in Your Business | Christian Zigler (£24m + Multi-Exit Founder) on VCs, Hiring & AI · iwon™ podcast with Michael J Thomas

• 0:00
  Welcome
• 0:00
  to
• 0:00
  the
• 0:00
  podcast.
• 0:01
  I
• 0:02
  created
• 0:02
  this
• 0:03
  community
• 0:03
  because
• 0:04
  I
• 0:04
  want
• 0:04
  to
• 0:05
  help
• 0:05
  ambitious
• 0:06
  founders
• 0:06
  and
• 0:06
  innovators
• 0:07
  succeed.
• 0:08
  And
• 0:09
  I
• 0:09
  want
• 0:09
  to
• 0:09
  do
• 0:09
  that
• 0:10
  by
• 0:10
  telling
• 0:10
  business
• 0:11
  stories
• 0:11
  worth
• 0:12
  listening
• 0:12
  to.
• 0:12
  Today
• 0:13
  I
• 0:14
  have
• 0:15
  a
• 0:15
  very
• 0:15
  interesting
• 0:16
  guy,
• 0:16
  his
• 0:16
  name
• 0:16
  is
• 0:16
  Christian
• 0:17
  Ziegler.
• 0:17
  He's
• 0:18
  a
• 0:18
  serial
• 0:18
  tech
• 0:19
  entrepreneur
• 0:20
  with
• 0:20
  two
• 0:21
  successful
• 0:21
  exits.
• 0:22
  He
• 0:22
  might
• 0:22
  tell
• 0:22
  me
• 0:22
  it's
• 0:23
  three.
• 0:24
  I
• 0:24
  think
• 0:24
  our
• 0:25
  research
• 0:25
  is
• 0:25
  pretty
• 0:25
  good,
• 0:26
  so
• 0:26
  we've
• 0:26
  got
• 0:26
  that
• 0:27
  nailed.
• 0:28
  He
• 0:28
  also
• 0:28
  produced
• 0:29
  a
• 0:30
  really
• 0:30
  interesting
• 0:31
  version
• 0:32
  of
• 0:33
  Philip
• 0:33
  Kotler's
• 0:34
  book
• 0:36
  back
• 0:37
  in
• 0:37
  the
• 0:37
  90s.
• 0:38
  So
• 0:38
  he's
• 0:39
  very
• 0:39
  knowledgeable
• 0:40
  when
• 0:40
  it
• 0:40
  comes
• 0:40
  to
• 0:41
  marketing.
• 0:41
  It
• 0:42
  came
• 0:42
  out
• 0:42
  in
• 0:42
  five
• 0:42
  languages
• 0:44
  and
• 0:44
  is
• 0:45
  a
• 0:45
  bite
• 0:45
  sized
• 0:45
  punchy
• 0:46
  guide.
• 0:46
  He's
• 0:47
  now
• 0:47
  the
• 0:47
  founder
• 0:47
  of
• 0:48
  a
• 0:51
  SaaS
• 0:52
  platform
• 0:52
  called
• 0:53
  Tap.
• 0:54
  It's
• 0:54
  AI
• 0:55
  payments
• 0:56
  platform
• 0:57
  and
• 0:57
  it
• 0:58
  ties
• 0:58
  in
• 0:58
  really
• 0:59
  well
• 0:59
  with
• 0:59
  all
• 1:00
  his
• 1:00
  experience.
• 1:02
  So
• 1:03
  Christian,
• 1:05
  did
• 1:05
  I
• 1:06
  cover
• 1:06
  everything
• 1:06
  or
• 1:06
  do
• 1:07
  you
• 1:07
  want
• 1:07
  me
• 1:07
  to
• 1:07
  add
• 1:07
  anything
• 1:08
  before
• 1:08
  I
• 1:08
  fire
• 1:08
  you?
• 1:09
  A
• 1:09
  few
• 1:09
  questions.
• 1:10
  No,
• 1:10
  I
• 1:10
  think
• 1:11
  it's
• 1:11
  good.
• 1:11
  You.
• 1:12
  Did
• 1:13
  I
• 1:13
  make
• 1:13
  it
• 1:13
  sound
• 1:13
  better?
• 1:14
  You
• 1:15
  made
• 1:15
  it
• 1:15
  sound
• 1:15
  very
• 1:16
  good.
• 1:16
  Yes.
• 1:16
  Okay,
• 1:17
  cool.
• 1:18
  But
• 1:18
  it's
• 1:18
  more
• 1:18
  or
• 1:18
  less
• 1:18
  what
• 1:18
  it
• 1:19
  is.
• 1:19
  So
• 1:21
  Christian,
• 1:21
  when
• 1:21
  we
• 1:22
  first
• 1:22
  spoke,
• 1:22
  you
• 1:22
  made
• 1:23
  a
• 1:23
  very
• 1:23
  honest
• 1:24
  point
• 1:25
  about
• 1:26
  being
• 1:26
  a
• 1:26
  founder
• 1:27
  and
• 1:27
  how
• 1:27
  it
• 1:27
  takes
• 1:27
  a
• 1:28
  little
• 1:28
  bit
• 1:28
  of
• 1:29
  quote
• 1:29
  unquote
• 1:30
  stupidity
• 1:31
  and
• 1:31
  a
• 1:31
  lot
• 1:31
  of
• 1:31
  patience.
• 1:33
  You
• 1:33
  said
• 1:33
  that
• 1:34
  success
• 1:35
  is
• 1:36
  a
• 1:36
  seven
• 1:37
  year
• 1:37
  overnight
• 1:38
  success
• 1:38
  and
• 1:38
  you
• 1:39
  and
• 1:39
  I
• 1:39
  agree
• 1:40
  on
• 1:40
  a
• 1:40
  lot
• 1:40
  of
• 1:40
  that.
• 1:42
  Could
• 1:42
  you
• 1:42
  explain
• 1:42
  a
• 1:42
  bit
• 1:43
  more
• 1:43
  about
• 1:43
  this
• 1:43
  whole
• 1:44
  stupidity
• 1:44
  and
• 1:45
  a
• 1:45
  lot
• 1:45
  of
• 1:45
  patience
• 1:45
  concept
• 1:47
  you
• 1:47
  believe
• 1:47
  entrepreneurs
• 1:48
  have?
• 1:49
  Yes,
• 1:50
  I
• 1:50
  think,
• 1:51
  you
• 1:51
  know,
• 1:51
  you
• 1:51
  have
• 1:51
  to
• 1:51
  be
• 1:51
  very
• 1:52
  genius
• 1:52
  to
• 1:52
  be
• 1:53
  an
• 1:53
  entrepreneur
• 1:53
  as
• 1:53
  well.
• 1:54
  And
• 1:54
  of
• 1:54
  course
• 1:54
  if
• 1:54
  you
• 1:54
  do
• 1:55
  something
• 1:55
  that
• 1:55
  is
• 1:55
  quite
• 1:55
  advanced,
• 1:56
  you
• 1:56
  need
• 1:56
  to
• 1:56
  have
• 1:56
  a
• 1:57
  certain
• 1:58
  amount
• 1:58
  of
• 1:58
  knowledge
• 1:59
  around
• 1:59
  something
• 2:00
  and
• 2:00
  the
• 2:00
  curiosity
• 2:01
  and
• 2:01
  other
• 2:02
  things.
• 2:03
  But,
• 2:03
  but
• 2:04
  the
• 2:04
  stupidity
• 2:04
  thing
• 2:05
  comes
• 2:05
  a
• 2:05
  little
• 2:05
  bit
• 2:06
  from
• 2:06
  having
• 2:06
  to
• 2:07
  try
• 2:07
  the
• 2:07
  same
• 2:08
  thing
• 2:08
  again
• 2:08
  and
• 2:08
  again
• 2:09
  and,
• 2:10
  and
• 2:10
  failing,
• 2:11
  you
• 2:11
  know,
• 2:11
  many
• 2:11
  times
• 2:11
  before
• 2:11
  you
• 2:12
  actually
• 2:12
  succeed.
• 2:13
  And
• 2:13
  if
• 2:14
  you
• 2:14
  look
• 2:14
  at
• 2:14
  all
• 2:14
  the
• 2:14
  big
• 2:15
  founders
• 2:16
  of
• 2:16
  this
• 2:16
  world
• 2:16
  like
• 2:16
  Elon
• 2:17
  Musk
• 2:17
  and
• 2:17
  Mark
• 2:18
  Zuckerberg
• 2:18
  and
• 2:18
  these
• 2:19
  guys,
• 2:19
  they
• 2:19
  all
• 2:19
  say
• 2:20
  the
• 2:20
  same
• 2:20
  thing.
• 2:21
  It's
• 2:22
  really
• 2:22
  not
• 2:22
  necessarily
• 2:23
  about
• 2:23
  being
• 2:25
  super
• 2:25
  visionary
• 2:26
  person.
• 2:26
  You
• 2:27
  have
• 2:27
  to
• 2:27
  focus
• 2:27
  on
• 2:27
  making
• 2:28
  a
• 2:28
  great
• 2:28
  product.
• 2:29
  So
• 2:29
  is
• 2:29
  this
• 2:29
  product
• 2:30
  actually
• 2:30
  making
• 2:30
  a
• 2:31
  difference
• 2:31
  for
• 2:31
  someone?
• 2:32
  It's
• 2:33
  not
• 2:33
  just
• 2:33
  have
• 2:33
  to
• 2:33
  be
• 2:33
  a
• 2:33
  little
• 2:33
  bit
• 2:34
  better.
• 2:34
  It
• 2:34
  has
• 2:34
  to
• 2:34
  be
• 2:35
  significantly
• 2:35
  better
• 2:36
  than
• 2:37
  the
• 2:37
  competition
• 2:38
  out
• 2:38
  there.
• 2:39
  And
• 2:39
  then,
• 2:40
  but
• 2:40
  then
• 2:40
  like
• 2:40
  that
• 2:41
  way
• 2:41
  to
• 2:41
  success
• 2:42
  goes
• 2:43
  a
• 2:43
  long
• 2:43
  way.
• 2:44
  It
• 2:44
  takes
• 2:44
  years
• 2:45
  in
• 2:45
  my
• 2:46
  experience
• 2:47
  to,
• 2:48
  to
• 2:48
  succeed
• 2:49
  and
• 2:49
  it's
• 2:49
  not
• 2:49
  just
• 2:50
  something
• 2:50
  that
• 2:50
  happens
• 2:50
  overnight.
• 2:51
  And
• 2:51
  I
• 2:51
  think
• 2:51
  the
• 2:51
  reference
• 2:51
  for
• 2:52
  the
• 2:52
  seven
• 2:52
  year
• 2:53
  overnight
• 2:53
  success
• 2:54
  is
• 2:54
  that
• 2:54
  it
• 2:54
  takes
• 2:54
  on
• 2:54
  average
• 2:55
  seven
• 2:55
  years
• 2:55
  for
• 2:56
  people
• 2:56
  to
• 2:56
  hear
• 2:56
  about
• 2:57
  a
• 2:57
  company
• 2:57
  first
• 2:58
  time.
• 2:58
  So
• 2:58
  for
• 2:58
  example,
• 2:59
  you
• 2:59
  know,
• 2:59
  there's
• 2:59
  probably
• 3:00
  A
• 3:00
  lot
• 3:00
  of
• 3:00
  people,
• 3:00
  when
• 3:00
  Tinder
• 3:01
  came
• 3:01
  out,
• 3:01
  say,
• 3:01
  well,
• 3:01
  that's
• 3:01
  a
• 3:01
  great
• 3:02
  idea.
• 3:02
  That's
• 3:02
  why,
• 3:02
  let's
• 3:03
  try
• 3:03
  it.
• 3:03
  Right?
• 3:03
  But
• 3:04
  it
• 3:04
  started
• 3:04
  somewhere
• 3:05
  seven
• 3:05
  years
• 3:05
  ago
• 3:05
  on
• 3:06
  average,
• 3:06
  in
• 3:06
  some
• 3:07
  garage
• 3:07
  or,
• 3:08
  you
• 3:08
  know,
• 3:08
  by.
• 3:08
  By
• 3:09
  some
• 3:09
  crazy
• 3:09
  idea.
• 3:10
  And,
• 3:11
  and
• 3:11
  it's
• 3:11
  just
• 3:11
  persistence,
• 3:12
  you
• 3:12
  know,
• 3:12
  and
• 3:13
  resilience,
• 3:13
  and
• 3:14
  just
• 3:14
  to
• 3:14
  keep
• 3:15
  in
• 3:15
  there
• 3:15
  and
• 3:16
  make
• 3:16
  sure
• 3:16
  everybody
• 3:17
  understands
• 3:17
  what
• 3:18
  you're
• 3:18
  going
• 3:18
  for
• 3:19
  and,
• 3:19
  And,
• 3:19
  And.
• 3:20
  And
• 3:20
  be.
• 3:20
  Yeah.
• 3:21
  And.
• 3:21
  And
• 3:21
  work
• 3:22
  on
• 3:22
  your
• 3:22
  failures
• 3:23
  to.
• 3:23
  To
• 3:23
  learn
• 3:24
  more.
• 3:24
  And
• 3:24
  sometimes
• 3:25
  I
• 3:25
  actually
• 3:25
  have
• 3:25
  this
• 3:25
  philosophy
• 3:26
  of,
• 3:27
  you
• 3:27
  know,
• 3:27
  when.
• 3:28
  And
• 3:28
  no,
• 3:29
  I'm.
• 3:29
  It
• 3:29
  means
• 3:29
  like,
• 3:30
  next
• 3:30
  opportunity.
• 3:32
  It's
• 3:32
  kind
• 3:32
  of
• 3:32
  like
• 3:33
  that.
• 3:33
  You
• 3:33
  know,
• 3:33
  you
• 3:33
  get
• 3:33
  a
• 3:33
  lot
• 3:34
  of
• 3:34
  no's,
• 3:34
  and
• 3:34
  especially
• 3:35
  if
• 3:35
  you
• 3:35
  have
• 3:36
  something
• 3:36
  incredible.
• 3:37
  Actually,
• 3:37
  there's
• 3:37
  like,
• 3:37
  a
• 3:38
  good
• 3:38
  statistic
• 3:38
  saying
• 3:39
  that,
• 3:39
  like,
• 3:39
  the
• 3:39
  more
• 3:39
  original
• 3:40
  an
• 3:40
  idea
• 3:40
  is,
• 3:40
  the
• 3:41
  more
• 3:41
  people
• 3:41
  will
• 3:41
  say
• 3:41
  no
• 3:41
  to
• 3:42
  it
• 3:42
  to
• 3:42
  begin
• 3:42
  with
• 3:42
  because
• 3:42
  they
• 3:43
  don't
• 3:43
  understand
• 3:43
  that
• 3:44
  idea.
• 3:44
  Of
• 3:44
  course,
• 3:45
  if
• 3:45
  you
• 3:45
  wanted
• 3:45
  to
• 3:45
  build,
• 3:45
  like,
• 3:46
  another
• 3:46
  company
• 3:46
  doing
• 3:46
  more
• 3:47
  or
• 3:47
  less
• 3:47
  the
• 3:47
  same
• 3:47
  as
• 3:47
  the
• 3:48
  competitor,
• 3:48
  people
• 3:49
  be
• 3:49
  like,
• 3:49
  yeah,
• 3:49
  I
• 3:49
  understand
• 3:49
  that.
• 3:50
  Market
• 3:50
  and
• 3:50
  do
• 3:50
  this
• 3:51
  and
• 3:51
  do
• 3:51
  that.
• 3:51
  But,
• 3:52
  for
• 3:52
  example,
• 3:53
  a
• 3:53
  great
• 3:53
  story
• 3:53
  with
• 3:53
  the
• 3:54
  Airbnb
• 3:55
  was
• 3:55
  that
• 3:55
  they
• 3:55
  got
• 3:55
  a
• 3:55
  refusal,
• 3:56
  you
• 3:56
  know,
• 3:56
  from
• 3:57
  the
• 3:57
  investor
• 3:58
  when
• 3:58
  they
• 3:58
  start
• 3:59
  the
• 3:59
  company
• 3:59
  for
• 3:59
  $150,000
• 4:01
  investment
• 4:01
  at
• 4:02
  a
• 4:02
  1.5
• 4:02
  million
• 4:03
  valuation.
• 4:04
  And.
• 4:05
  And
• 4:05
  the
• 4:06
  investor
• 4:06
  said,
• 4:06
  well,
• 4:06
  we
• 4:06
  don't
• 4:07
  believe,
• 4:07
  you
• 4:07
  know,
• 4:08
  thank
• 4:08
  you
• 4:08
  for
• 4:08
  presenting
• 4:09
  the
• 4:09
  Airbnb.
• 4:10
  We
• 4:10
  understand
• 4:10
  what
• 4:10
  you're
• 4:11
  doing,
• 4:11
  but
• 4:11
  we
• 4:11
  don't
• 4:11
  believe
• 4:11
  that
• 4:12
  there's
• 4:12
  a
• 4:12
  market
• 4:12
  for.
• 4:12
  For.
• 4:13
  For
• 4:13
  this.
• 4:13
  We
• 4:14
  don't
• 4:14
  believe
• 4:14
  there's
• 4:14
  a
• 4:14
  big
• 4:14
  enough
• 4:15
  market
• 4:15
  to
• 4:15
  even
• 4:15
  have
• 4:15
  one
• 4:16
  company
• 4:16
  doing
• 4:16
  this.
• 4:17
  And
• 4:17
  we
• 4:17
  all
• 4:17
  know,
• 4:18
  I
• 4:18
  guess,
• 4:18
  like,
• 4:18
  how
• 4:18
  many
• 4:19
  Airbnbs
• 4:19
  are
• 4:20
  rented
• 4:20
  out
• 4:20
  today.
• 4:21
  So
• 4:21
  it
• 4:21
  just
• 4:21
  explains,
• 4:22
  you
• 4:22
  know,
• 4:23
  don't
• 4:23
  give
• 4:23
  up
• 4:23
  on
• 4:23
  your
• 4:23
  idea.
• 4:25
  You
• 4:25
  know,
• 4:25
  people
• 4:26
  don't
• 4:26
  understand
• 4:26
  it
• 4:26
  to
• 4:27
  begin
• 4:27
  with,
• 4:27
  they
• 4:27
  understand
• 4:28
  it
• 4:28
  after.
• 4:29
  And
• 4:29
  therefore,
• 4:30
  you
• 4:30
  have
• 4:30
  to
• 4:30
  be
• 4:30
  a
• 4:30
  little
• 4:30
  stupid
• 4:30
  to
• 4:31
  kind
• 4:31
  of
• 4:31
  like,
• 4:31
  yeah,
• 4:32
  and
• 4:32
  I
• 4:32
  love
• 4:32
  that.
• 4:33
  I
• 4:33
  love
• 4:33
  that.
• 4:33
  Curious.
• 4:34
  Well,
• 4:34
  you
• 4:35
  said
• 4:35
  the
• 4:36
  words
• 4:36
  that
• 4:36
  stuck
• 4:36
  with
• 4:37
  me
• 4:37
  were
• 4:38
  a
• 4:38
  bit
• 4:38
  curious,
• 4:39
  a
• 4:39
  bit
• 4:39
  stupid.
• 4:40
  Patience,
• 4:42
  which
• 4:42
  I
• 4:42
  think
• 4:42
  patience
• 4:43
  is
• 4:43
  probably
• 4:44
  the
• 4:44
  one
• 4:45
  thing
• 4:45
  that
• 4:45
  I
• 4:45
  feel
• 4:47
  from
• 4:47
  all
• 4:47
  the
• 4:48
  conversations
• 4:48
  that
• 4:48
  I
• 4:49
  have
• 4:49
  with
• 4:49
  founders,
• 4:50
  and
• 4:52
  it
• 4:52
  seems
• 4:53
  to
• 4:53
  be
• 4:53
  the
• 4:53
  thing
• 4:53
  that
• 4:55
  many
• 4:55
  of
• 4:55
  us
• 4:56
  don't
• 4:56
  have
• 4:57
  enough
• 4:57
  of.
• 4:58
  And,
• 5:01
  you
• 5:01
  know,
• 5:02
  you
• 5:02
  dropped
• 5:02
  a
• 5:02
  great
• 5:03
  story
• 5:03
  there
• 5:03
  about
• 5:05
  Brian
• 5:05
  Chesney.
• 5:06
  His
• 5:06
  name
• 5:06
  is,
• 5:06
  I
• 5:07
  think,
• 5:07
  the
• 5:07
  Airbnb
• 5:08
  guy.
• 5:08
  Isn't
• 5:08
  it
• 5:08
  very
• 5:09
  similar
• 5:09
  with
• 5:10
  Uber?
• 5:11
  They
• 5:12
  did.
• 5:12
  They
• 5:12
  spent
• 5:13
  a
• 5:13
  year
• 5:13
  in
• 5:14
  San
• 5:14
  Francisco.
• 5:15
  I
• 5:15
  don't
• 5:15
  know
• 5:15
  whether
• 5:15
  you
• 5:15
  knew
• 5:15
  this
• 5:16
  story.
• 5:16
  It's
• 5:16
  more,
• 5:17
  you
• 5:17
  know,
• 5:18
  it's.
• 5:18
  It's
• 5:18
  for
• 5:18
  everyone,
• 5:19
  really.
• 5:19
  But
• 5:19
  they
• 5:19
  spent
• 5:20
  a
• 5:20
  year
• 5:20
  doing
• 5:20
  it
• 5:21
  in
• 5:21
  just
• 5:21
  San
• 5:21
  Francisco
• 5:23
  and,
• 5:24
  and
• 5:24
  failed
• 5:24
  loads
• 5:25
  in
• 5:25
  that
• 5:26
  area
• 5:26
  and
• 5:26
  then
• 5:27
  managed
• 5:27
  to
• 5:28
  work
• 5:28
  out
• 5:28
  how
• 5:28
  to
• 5:30
  work
• 5:30
  out
• 5:30
  all
• 5:30
  the
• 5:30
  kinks
• 5:31
  first.
• 5:31
  And
• 5:31
  of
• 5:31
  course
• 5:32
  Jeff
• 5:32
  Bezos
• 5:33
  got,
• 5:33
  you
• 5:34
  know,
• 5:34
  people
• 5:35
  thought
• 5:35
  shopping
• 5:35
  online,
• 5:36
  nobody
• 5:36
  wants
• 5:37
  that.
• 5:38
  No,
• 5:38
  exactly.
• 5:39
  And
• 5:39
  I
• 5:39
  think
• 5:40
  Jeff
• 5:40
  Bezos
• 5:40
  is
• 5:40
  a
• 5:40
  great
• 5:40
  example
• 5:41
  as
• 5:41
  well.
• 5:42
  You
• 5:42
  know,
• 5:43
  when
• 5:43
  he
• 5:43
  raised
• 5:43
  the
• 5:43
  first
• 5:44
  million
• 5:44
  dollars
• 5:44
  for,
• 5:45
  for
• 5:45
  Amazon,
• 5:46
  he,
• 5:46
  he
• 5:47
  had
• 5:47
  to
• 5:47
  talk
• 5:47
  to
• 5:48
  60
• 5:48
  investors
• 5:48
  and
• 5:49
  this
• 5:49
  was
• 5:49
  like,
• 5:49
  like
• 5:49
  deep.
• 5:51
  And
• 5:51
  he
• 5:51
  ended
• 5:51
  up
• 5:51
  raising
• 5:52
  50,000
• 5:53
  from,
• 5:53
  from
• 5:53
  20
• 5:54
  different
• 5:54
  investors.
• 5:55
  And
• 5:55
  he
• 5:55
  had
• 5:55
  to
• 5:56
  answer
• 5:56
  questions
• 5:57
  like
• 5:57
  what
• 5:57
  is
• 5:57
  the
• 5:57
  Internet?
• 5:58
  And,
• 5:58
  and
• 5:59
  stuff
• 5:59
  like
• 5:59
  that.
• 5:59
  So
• 5:59
  it
• 6:00
  just
• 6:00
  explains,
• 6:00
  you
• 6:01
  know.
• 6:02
  Yeah,
• 6:02
  again,
• 6:03
  like
• 6:03
  people
• 6:03
  wouldn't
• 6:04
  really,
• 6:04
  they
• 6:04
  didn't,
• 6:05
  they
• 6:05
  didn't
• 6:06
  understand
• 6:06
  like
• 6:06
  the
• 6:07
  perspective
• 6:07
  of
• 6:08
  what
• 6:08
  he
• 6:08
  was
• 6:08
  doing.
• 6:09
  But
• 6:10
  yeah,
• 6:10
  I
• 6:10
  always
• 6:10
  see
• 6:10
  that
• 6:10
  as
• 6:11
  a
• 6:12
  good
• 6:12
  thing.
• 6:12
  You
• 6:12
  know,
• 6:13
  if
• 6:13
  it's
• 6:13
  too
• 6:13
  easy
• 6:14
  to
• 6:14
  understand
• 6:14
  what
• 6:14
  you're
• 6:14
  doing
• 6:15
  or
• 6:15
  if
• 6:15
  you
• 6:16
  can
• 6:16
  mention
• 6:16
  too
• 6:16
  many
• 6:16
  other
• 6:16
  companies
• 6:17
  doing
• 6:17
  the
• 6:17
  same,
• 6:18
  then
• 6:18
  you're
• 6:18
  not
• 6:18
  necessarily
• 6:19
  being
• 6:19
  original.
• 6:19
  So
• 6:20
  actually
• 6:20
  I
• 6:20
  have
• 6:20
  this
• 6:20
  thing
• 6:21
  with
• 6:21
  Tapper
• 6:21
  who's
• 6:21
  going
• 6:21
  to
• 6:21
  talk
• 6:22
  about
• 6:22
  later.
• 6:24
  Christian,
• 6:25
  it
• 6:25
  brings
• 6:25
  me
• 6:25
  to
• 6:26
  a
• 6:26
  really
• 6:26
  interesting
• 6:26
  question.
• 6:27
  The
• 6:27
  idea
• 6:28
  of
• 6:30
  fail
• 6:30
  fast
• 6:31
  is
• 6:31
  talked
• 6:31
  about
• 6:32
  a
• 6:32
  lot.
• 6:32
  Like,
• 6:32
  as
• 6:32
  in
• 6:35
  one
• 6:35
  of
• 6:35
  the
• 6:36
  really
• 6:37
  cool
• 6:37
  analogies
• 6:37
  that
• 6:38
  I
• 6:38
  always
• 6:38
  use
• 6:38
  and
• 6:39
  hopefully
• 6:39
  you
• 6:39
  find
• 6:40
  it
• 6:40
  equally
• 6:40
  as
• 6:40
  useful.
• 6:41
  When
• 6:41
  I
• 6:41
  say
• 6:41
  it,
• 6:42
  I
• 6:42
  feel
• 6:42
  like
• 6:42
  a
• 6:42
  genius.
• 6:43
  But
• 6:43
  if
• 6:44
  I
• 6:44
  told
• 6:44
  you
• 6:44
  that
• 6:46
  30
• 6:46
  no's
• 6:47
  from
• 6:47
  now
• 6:47
  would
• 6:47
  be
• 6:48
  your
• 6:48
  big
• 6:48
  yes,
• 6:49
  you
• 6:50
  would
• 6:50
  get
• 6:50
  through
• 6:50
  those
• 6:51
  nos
• 6:51
  as
• 6:51
  quickly
• 6:52
  as
• 6:52
  you
• 6:52
  could,
• 6:52
  as
• 6:53
  in
• 6:53
  whatever
• 6:54
  those
• 6:54
  failures
• 6:54
  might
• 6:54
  be.
• 6:56
  And
• 6:58
  an
• 6:58
  interesting
• 6:59
  question
• 6:59
  would
• 7:00
  be
• 7:01
  for
• 7:01
  you.
• 7:02
  What
• 7:02
  do
• 7:02
  you
• 7:02
  think
• 7:03
  the
• 7:04
  difference
• 7:04
  between.
• 7:06
  You
• 7:06
  talked
• 7:06
  about
• 7:07
  having
• 7:07
  an
• 7:07
  idea
• 7:08
  that's
• 7:09
  brilliant
• 7:10
  but
• 7:10
  often
• 7:12
  not
• 7:13
  comparable
• 7:13
  to
• 7:13
  anything
• 7:14
  else.
• 7:16
  How
• 7:16
  do
• 7:16
  you
• 7:16
  know
• 7:16
  whether
• 7:17
  you've
• 7:17
  just
• 7:17
  got
• 7:17
  a
• 7:17
  really
• 7:19
  bad
• 7:19
  idea?
• 7:19
  Because
• 7:20
  I
• 7:21
  do
• 7:21
  think,
• 7:22
  I'm
• 7:22
  sure
• 7:23
  you
• 7:23
  probably
• 7:23
  do,
• 7:24
  that.
• 7:27
  You
• 7:27
  and
• 7:27
  I
• 7:27
  talked
• 7:27
  about
• 7:27
  this
• 7:28
  idea
• 7:28
  of
• 7:28
  founder
• 7:28
  DNA
• 7:29
  and
• 7:30
  tenacity
• 7:31
  and
• 7:31
  patience.
• 7:32
  If
• 7:32
  you
• 7:32
  were,
• 7:33
  for
• 7:33
  example,
• 7:34
  investing,
• 7:36
  say
• 7:36
  people
• 7:36
  were
• 7:36
  pitching
• 7:37
  to
• 7:37
  you,
• 7:37
  how
• 7:37
  would
• 7:37
  you
• 7:37
  work
• 7:38
  out
• 7:38
  what
• 7:38
  a
• 7:38
  bad
• 7:38
  idea
• 7:39
  was?
• 7:40
  Yes,
• 7:41
  that's
• 7:41
  a
• 7:41
  great
• 7:41
  question.
• 7:42
  I
• 7:42
  think
• 7:42
  actually
• 7:43
  the
• 7:43
  idea
• 7:43
  part
• 7:44
  is
• 7:44
  less
• 7:45
  relevant.
• 7:45
  The
• 7:46
  most
• 7:46
  important
• 7:46
  thing,
• 7:46
  if
• 7:47
  you
• 7:47
  are,
• 7:47
  let's
• 7:47
  say
• 7:47
  an
• 7:47
  investor,
• 7:48
  is
• 7:48
  the
• 7:49
  person.
• 7:49
  So
• 7:50
  is
• 7:50
  this
• 7:51
  person
• 7:51
  or
• 7:51
  this
• 7:51
  team
• 7:52
  able
• 7:52
  to
• 7:54
  go
• 7:54
  for
• 7:54
  a
• 7:54
  long
• 7:55
  period
• 7:55
  of
• 7:55
  time
• 7:56
  without
• 7:57
  getting
• 7:58
  any
• 7:58
  kind
• 7:58
  of
• 7:58
  recognition,
• 8:00
  failing
• 8:00
  miserably,
• 8:02
  you
• 8:02
  know.
• 8:03
  Yeah,
• 8:03
  really
• 8:03
  being
• 8:04
  almost
• 8:04
  embarrassed
• 8:05
  about
• 8:05
  things
• 8:05
  sometimes.
• 8:06
  And
• 8:07
  is
• 8:07
  this,
• 8:08
  is
• 8:08
  this
• 8:08
  team
• 8:08
  a
• 8:09
  person,
• 8:09
  you
• 8:09
  know,
• 8:09
  willing
• 8:10
  to
• 8:10
  do
• 8:10
  that?
• 8:10
  The
• 8:11
  idea
• 8:11
  can
• 8:11
  change
• 8:11
  many,
• 8:12
  many
• 8:12
  times
• 8:12
  over.
• 8:13
  I
• 8:13
  never,
• 8:13
  ever,
• 8:14
  if
• 8:14
  an
• 8:14
  idea
• 8:15
  didn't
• 8:15
  change
• 8:15
  at
• 8:15
  all,
• 8:15
  it
• 8:16
  would
• 8:16
  almost
• 8:16
  be
• 8:16
  true.
• 8:19
  You
• 8:20
  have
• 8:20
  to
• 8:20
  be
• 8:20
  open,
• 8:20
  then
• 8:20
  you
• 8:21
  experience
• 8:21
  things
• 8:21
  and
• 8:21
  maybe
• 8:22
  we
• 8:22
  could
• 8:22
  do
• 8:22
  different
• 8:22
  like
• 8:23
  this
• 8:23
  and
• 8:23
  this.
• 8:23
  So
• 8:23
  I
• 8:24
  think
• 8:24
  the
• 8:24
  idea
• 8:24
  in
• 8:24
  itself,
• 8:24
  you
• 8:25
  know,
• 8:25
  you
• 8:25
  can
• 8:25
  generate
• 8:25
  with
• 8:26
  the
• 8:26
  ChatGPT,
• 8:27
  basically,
• 8:28
  what,
• 8:28
  what
• 8:28
  really
• 8:28
  is
• 8:29
  important
• 8:29
  is
• 8:29
  like,
• 8:29
  do
• 8:30
  you
• 8:30
  have
• 8:30
  a
• 8:30
  solid
• 8:30
  team?
• 8:31
  Do
• 8:31
  they
• 8:31
  understand
• 8:32
  what
• 8:32
  the
• 8:32
  big
• 8:32
  vision
• 8:33
  is?
• 8:33
  Are
• 8:33
  they
• 8:34
  willing
• 8:34
  to
• 8:34
  go
• 8:34
  the
• 8:34
  extra
• 8:35
  mile
• 8:35
  to
• 8:35
  get
• 8:35
  there?
• 8:36
  Are
• 8:36
  they
• 8:36
  going
• 8:36
  to
• 8:36
  be
• 8:36
  able
• 8:37
  to
• 8:37
  hire
• 8:37
  the
• 8:37
  right
• 8:37
  people
• 8:38
  to
• 8:38
  get
• 8:39
  there?
• 8:40
  Are
• 8:40
  they,
• 8:40
  you
• 8:40
  know,
• 8:41
  are
• 8:41
  they
• 8:42
  believing
• 8:42
  enough,
• 8:42
  you
• 8:43
  know,
• 8:43
  in
• 8:43
  the,
• 8:43
  in
• 8:43
  the
• 8:43
  vision
• 8:44
  so
• 8:44
  that,
• 8:45
  so
• 8:45
  that
• 8:45
  nothing
• 8:45
  can
• 8:45
  hold
• 8:46
  them
• 8:46
  back?
• 8:46
  I
• 8:46
  think
• 8:46
  that
• 8:47
  is
• 8:47
  what
• 8:47
  I
• 8:47
  would
• 8:47
  be
• 8:47
  looking
• 8:47
  for.
• 8:49
  And
• 8:49
  again,
• 8:50
  like,
• 8:50
  it
• 8:50
  is
• 8:50
  the
• 8:51
  same
• 8:51
  thing,
• 8:51
  you
• 8:51
  know,
• 8:52
  again,
• 8:52
  like,
• 8:52
  Elon
• 8:52
  Musk
• 8:53
  is
• 8:53
  a
• 8:53
  very
• 8:53
  used
• 8:54
  example,
• 8:54
  but
• 8:54
  when
• 8:55
  he
• 8:55
  was
• 8:55
  asked,
• 8:55
  like,
• 8:55
  what
• 8:55
  makes
• 8:55
  a
• 8:56
  really
• 8:56
  good
• 8:56
  entrepreneur
• 8:57
  from
• 8:57
  a
• 8:57
  bad
• 8:58
  one
• 8:58
  and
• 8:59
  how
• 8:59
  did,
• 9:00
  how
• 9:01
  did
• 9:01
  Tesla
• 9:01
  become
• 9:01
  so
• 9:01
  successful?
• 9:02
  He
• 9:02
  basically
• 9:02
  just
• 9:02
  said,
• 9:03
  well,
• 9:03
  I
• 9:03
  just
• 9:03
  remember
• 9:04
  making
• 9:04
  a
• 9:04
  lot
• 9:04
  of
• 9:04
  mistakes.
• 9:05
  And
• 9:05
  that
• 9:06
  is
• 9:06
  basically
• 9:08
  that
• 9:08
  answer
• 9:08
  in
• 9:09
  a
• 9:09
  nutshell.
• 9:09
  Like,
• 9:09
  it's
• 9:10
  not
• 9:10
  about
• 9:10
  looking
• 9:11
  great,
• 9:12
  it's
• 9:13
  about
• 9:13
  killing
• 9:13
  your
• 9:13
  darlings
• 9:14
  early.
• 9:14
  It's
• 9:15
  about
• 9:15
  failing
• 9:15
  fast.
• 9:15
  And
• 9:16
  that
• 9:16
  could
• 9:16
  be
• 9:16
  anything
• 9:16
  from
• 9:17
  seeing,
• 9:17
  well,
• 9:17
  this
• 9:17
  is
• 9:17
  not
• 9:18
  the
• 9:18
  right
• 9:18
  route
• 9:18
  into
• 9:19
  a
• 9:19
  market,
• 9:19
  or
• 9:19
  this
• 9:19
  was
• 9:20
  the
• 9:20
  wrong
• 9:20
  person
• 9:20
  I
• 9:21
  hired
• 9:21
  here.
• 9:21
  So
• 9:22
  instead
• 9:22
  of
• 9:22
  being
• 9:22
  nice
• 9:23
  and
• 9:23
  say,
• 9:23
  well,
• 9:23
  it's
• 9:24
  going
• 9:24
  to
• 9:24
  be
• 9:24
  nice
• 9:24
  in
• 9:24
  the
• 9:24
  future,
• 9:25
  we'll
• 9:25
  improve.
• 9:26
  You
• 9:26
  know,
• 9:26
  you
• 9:27
  can't
• 9:27
  teach
• 9:27
  an
• 9:28
  old
• 9:28
  dog
• 9:28
  new
• 9:29
  tricks
• 9:29
  and
• 9:30
  sometimes
• 9:30
  you
• 9:30
  just
• 9:30
  hire
• 9:31
  the
• 9:31
  wrong
• 9:31
  people
• 9:31
  or
• 9:32
  do
• 9:32
  the
• 9:32
  wrong
• 9:32
  things
• 9:32
  or
• 9:33
  have
• 9:33
  the
• 9:33
  wrong
• 9:33
  clients.
• 9:34
  And,
• 9:35
  and,
• 9:35
  and
• 9:36
  I've
• 9:36
  tried
• 9:36
  many
• 9:36
  times
• 9:36
  over
• 9:37
  my
• 9:37
  career
• 9:37
  to
• 9:38
  maybe
• 9:38
  go
• 9:38
  for,
• 9:39
  let's
• 9:39
  say
• 9:39
  a
• 9:39
  big
• 9:39
  client
• 9:40
  that
• 9:40
  was
• 9:40
  really
• 9:40
  attractive.
• 9:41
  And
• 9:41
  then
• 9:41
  you
• 9:41
  end
• 9:41
  up
• 9:42
  in,
• 9:42
  you
• 9:42
  know,
• 9:43
  compromising
• 9:43
  your
• 9:44
  vision
• 9:44
  for
• 9:44
  your
• 9:44
  company
• 9:45
  and
• 9:45
  then,
• 9:45
  and
• 9:46
  then
• 9:46
  maybe
• 9:46
  you
• 9:46
  have
• 9:46
  an
• 9:46
  enterprise
• 9:47
  client,
• 9:47
  but
• 9:47
  you
• 9:48
  completely
• 9:48
  forgot
• 9:48
  that
• 9:48
  you
• 9:49
  started
• 9:49
  the
• 9:49
  company
• 9:49
  to
• 9:49
  serve
• 9:50
  the
• 9:50
  small
• 9:50
  guys.
• 9:50
  For
• 9:51
  example,
• 9:51
  I
• 9:52
  did
• 9:52
  that
• 9:52
  in
• 9:52
  Shopbox
• 9:53
  previous
• 9:53
  company.
• 9:53
  We
• 9:53
  ended
• 9:54
  up
• 9:54
  having
• 9:54
  this
• 9:54
  big
• 9:54
  arena
• 9:55
  because
• 9:55
  Microsoft
• 9:56
  wanted
• 9:56
  to
• 9:56
  invest
• 9:57
  in
• 9:57
  our
• 9:58
  company
• 9:58
  and
• 9:58
  there
• 9:59
  was
• 9:59
  like
• 9:59
  this
• 9:59
  big
• 9:59
  VC
• 10:00
  and
• 10:00
  we
• 10:01
  were
• 10:01
  just
• 10:01
  too
• 10:02
  excited
• 10:02
  about
• 10:02
  all
• 10:03
  this
• 10:03
  fame
• 10:03
  and
• 10:04
  opportunity.
• 10:04
  And
• 10:04
  then
• 10:05
  we
• 10:05
  ended
• 10:05
  up
• 10:05
  two
• 10:05
  years
• 10:05
  later
• 10:06
  saying,
• 10:06
  well,
• 10:06
  we
• 10:07
  should
• 10:07
  never
• 10:07
  have
• 10:07
  done
• 10:07
  this
• 10:07
  arena
• 10:08
  because
• 10:09
  for
• 10:09
  so
• 10:09
  many
• 10:09
  different
• 10:10
  reasons,
• 10:10
  it's
• 10:10
  not
• 10:10
  a
• 10:10
  good
• 10:11
  idea.
• 10:11
  And
• 10:11
  they
• 10:12
  have
• 10:12
  60,000
• 10:13
  people
• 10:14
  every
• 10:14
  weekend.
• 10:14
  But
• 10:15
  that's
• 10:15
  not
• 10:15
  like
• 10:16
  a
• 10:16
  stable.
• 10:17
  It's
• 10:17
  very
• 10:17
  difficult
• 10:17
  for
• 10:17
  a
• 10:18
  lot
• 10:18
  of
• 10:18
  different
• 10:18
  reasons.
• 10:18
  So
• 10:19
  to
• 10:20
  this
• 10:20
  thing
• 10:20
  about
• 10:20
  being
• 10:21
  true
• 10:21
  to
• 10:21
  what
• 10:22
  you
• 10:22
  believe
• 10:22
  in
• 10:22
  and
• 10:22
  not
• 10:23
  change
• 10:24
  too
• 10:24
  much.
• 10:24
  And
• 10:24
  that's
• 10:25
  another
• 10:25
  thing
• 10:25
  with
• 10:25
  investors.
• 10:26
  Actually,
• 10:26
  I
• 10:26
  heard
• 10:27
  this
• 10:27
  quote
• 10:27
  the
• 10:27
  other
• 10:27
  day
• 10:28
  from
• 10:28
  the
• 10:28
  founder
• 10:29
  of
• 10:29
  Sun
• 10:29
  Microsystem
• 10:30
  and
• 10:30
  he
• 10:31
  says
• 10:31
  investors
• 10:32
  also
• 10:32
  come
• 10:32
  in.
• 10:32
  They
• 10:33
  come
• 10:33
  in
• 10:33
  and
• 10:33
  then
• 10:33
  they
• 10:33
  think
• 10:34
  that
• 10:34
  they
• 10:34
  have
• 10:34
  a
• 10:34
  lot
• 10:34
  of
• 10:35
  opinions
• 10:35
  about
• 10:35
  stuff,
• 10:36
  they
• 10:36
  need
• 10:36
  to
• 10:36
  tell
• 10:36
  you
• 10:37
  how
• 10:37
  to
• 10:37
  do
• 10:37
  it.
• 10:38
  But
• 10:39
  according
• 10:39
  to
• 10:39
  this
• 10:40
  Guy
• 10:40
  from
• 10:40
  Sun
• 10:40
  Microsystem,
• 10:41
  he
• 10:41
  says,
• 10:41
  like
• 10:41
  70%
• 10:42
  of
• 10:42
  investors
• 10:43
  bring
• 10:43
  negative
• 10:43
  value
• 10:44
  because
• 10:44
  they
• 10:44
  have
• 10:44
  never
• 10:45
  tried
• 10:45
  it
• 10:45
  themselves.
• 10:46
  You
• 10:46
  know,
• 10:46
  so
• 10:47
  they
• 10:47
  maybe
• 10:47
  come
• 10:47
  from
• 10:47
  big
• 10:47
  corporations
• 10:48
  or
• 10:48
  they
• 10:48
  are
• 10:49
  this
• 10:49
  amazing
• 10:50
  MBA
• 10:50
  in
• 10:50
  a
• 10:50
  VC
• 10:51
  firm,
• 10:51
  but
• 10:51
  they
• 10:51
  never,
• 10:52
  you
• 10:52
  know,
• 10:53
  gone
• 10:53
  through
• 10:53
  what
• 10:53
  it,
• 10:54
  what
• 10:54
  it
• 10:54
  takes
• 10:54
  to,
• 10:55
  to
• 10:56
  try
• 10:56
  and
• 10:56
  fail
• 10:57
  and
• 10:57
  do
• 10:57
  small
• 10:58
  things
• 10:58
  and
• 10:58
  adjust
• 10:59
  and
• 10:59
  deal
• 11:00
  with
• 11:00
  the
• 11:00
  people
• 11:00
  who
• 11:01
  are
• 11:01
  frustrated
• 11:02
  or
• 11:02
  whatever
• 11:02
  it
• 11:02
  is.
• 11:03
  They
• 11:03
  just
• 11:03
  think
• 11:03
  that
• 11:03
  everything
• 11:04
  is
• 11:04
  a
• 11:04
  spreadsheet.
• 11:05
  And
• 11:05
  like,
• 11:05
  if
• 11:05
  I
• 11:05
  say
• 11:06
  this
• 11:06
  and
• 11:06
  then
• 11:06
  they
• 11:07
  want
• 11:07
  lower
• 11:07
  prices,
• 11:08
  faster
• 11:08
  production,
• 11:10
  you
• 11:10
  know,
• 11:11
  things
• 11:11
  like
• 11:11
  this.
• 11:12
  And
• 11:13
  that
• 11:13
  takes
• 11:13
  a
• 11:13
  lot
• 11:13
  of,
• 11:14
  like,
• 11:14
  drags
• 11:15
  you
• 11:15
  down.
• 11:15
  Unless
• 11:16
  you
• 11:16
  have
• 11:16
  the
• 11:16
  capacity
• 11:17
  to
• 11:17
  say,
• 11:17
  well,
• 11:17
  you
• 11:18
  know,
• 11:18
  I'm
• 11:18
  the
• 11:18
  founder
• 11:19
  and
• 11:20
  I
• 11:20
  know
• 11:20
  what
• 11:20
  to
• 11:20
  do.
• 11:20
  And
• 11:21
  your
• 11:21
  role
• 11:21
  as
• 11:21
  an
• 11:22
  investor
• 11:22
  is
• 11:22
  to
• 11:22
  invest
• 11:23
  in
• 11:23
  me
• 11:23
  and
• 11:23
  what
• 11:24
  I
• 11:24
  do
• 11:24
  not,
• 11:24
  tell
• 11:24
  me
• 11:25
  what
• 11:25
  to
• 11:25
  do.
• 11:25
  And
• 11:26
  I
• 11:26
  think
• 11:26
  that
• 11:26
  also
• 11:26
  is
• 11:26
  easy
• 11:27
  for
• 11:27
  me
• 11:27
  to
• 11:27
  say
• 11:27
  now,
• 11:28
  but
• 11:28
  when
• 11:28
  I
• 11:28
  was
• 11:28
  a
• 11:29
  young
• 11:29
  guy,
• 11:29
  I
• 11:29
  was
• 11:29
  of
• 11:29
  course
• 11:30
  much
• 11:30
  more
• 11:30
  affected
• 11:31
  by
• 11:31
  that.
• 11:31
  So
• 11:32
  in
• 11:32
  my
• 11:32
  first
• 11:32
  company
• 11:32
  play,
• 11:33
  which
• 11:33
  went
• 11:33
  well,
• 11:34
  and
• 11:34
  we
• 11:34
  IPO'd
• 11:35
  it
• 11:35
  in
• 11:35
  2012
• 11:36
  in
• 11:36
  London
• 11:37
  and
• 11:37
  NASDAQ
• 11:37
  was
• 11:37
  still.
• 11:39
  I
• 11:39
  was
• 11:39
  very
• 11:39
  young
• 11:40
  and
• 11:40
  I
• 11:40
  got
• 11:40
  this
• 11:41
  VC
• 11:41
  in
• 11:41
  with
• 11:41
  a
• 11:42
  lot
• 11:42
  of
• 11:42
  money.
• 11:42
  And
• 11:42
  he
• 11:43
  was
• 11:43
  also
• 11:43
  quite
• 11:43
  young,
• 11:43
  so
• 11:44
  he
• 11:44
  also
• 11:44
  didn't
• 11:44
  know.
• 11:45
  So
• 11:45
  it's
• 11:45
  like
• 11:45
  the
• 11:45
  mix
• 11:45
  of
• 11:47
  VC
• 11:47
  with
• 11:47
  no
• 11:48
  experience
• 11:48
  and
• 11:48
  he
• 11:48
  with
• 11:48
  no
• 11:49
  experience
• 11:49
  was
• 11:49
  like
• 11:49
  a
• 11:50
  nightmare,
• 11:50
  you
• 11:51
  know.
• 11:51
  So,
• 11:51
  you
• 11:52
  know,
• 11:52
  instead
• 11:52
  of
• 11:53
  keeping
• 11:53
  me
• 11:53
  on
• 11:54
  board,
• 11:54
  he
• 11:54
  hired
• 11:54
  like
• 11:55
  most
• 11:55
  senior
• 11:55
  people,
• 11:56
  ended
• 11:56
  up
• 11:57
  having
• 11:57
  a
• 11:57
  company
• 11:57
  with
• 11:57
  no,
• 11:58
  like,
• 11:58
  real
• 11:59
  true
• 12:00
  direction
• 12:01
  for
• 12:01
  other
• 12:01
  people.
• 12:02
  And
• 12:03
  unfortunately,
• 12:04
  many
• 12:04
  companies
• 12:04
  end
• 12:05
  up
• 12:05
  like
• 12:05
  that.
• 12:05
  You
• 12:05
  know,
• 12:07
  they
• 12:07
  become
• 12:07
  average
• 12:08
  and
• 12:09
  you
• 12:09
  forget
• 12:10
  why
• 12:10
  you
• 12:10
  started
• 12:10
  it.
• 12:11
  And
• 12:11
  then
• 12:11
  everybody,
• 12:13
  as
• 12:13
  usual.
• 12:13
  And
• 12:14
  I
• 12:14
  knew
• 12:14
  this
• 12:14
  would
• 12:14
  happen,
• 12:15
  right?
• 12:15
  So
• 12:16
  you
• 12:16
  and
• 12:16
  I
• 12:16
  had
• 12:17
  the
• 12:17
  conversation
• 12:18
  before
• 12:18
  and
• 12:19
  you
• 12:19
  talked
• 12:19
  about
• 12:19
  this.
• 12:19
  Kill
• 12:20
  the
• 12:20
  darlings
• 12:20
  fast.
• 12:21
  And
• 12:23
  I
• 12:23
  find
• 12:23
  it
• 12:24
  really
• 12:24
  interesting
• 12:24
  when
• 12:24
  you're
• 12:25
  talking
• 12:25
  about
• 12:26
  the
• 12:26
  temptation
• 12:27
  to
• 12:28
  get
• 12:28
  that
• 12:28
  big
• 12:29
  dream
• 12:29
  client,
• 12:31
  that
• 12:31
  enterprise
• 12:32
  client
• 12:32
  that
• 12:33
  brings
• 12:33
  all
• 12:33
  the
• 12:33
  prestige
• 12:34
  and
• 12:34
  you
• 12:34
  think
• 12:35
  is
• 12:35
  a
• 12:36
  bit
• 12:36
  like,
• 12:38
  you
• 12:38
  know,
• 12:39
  being
• 12:39
  the
• 12:39
  magnet
• 12:40
  that
• 12:40
  attracts
• 12:41
  everybody
• 12:41
  else.
• 12:42
  But
• 12:42
  the
• 12:42
  difficulty
• 12:45
  for
• 12:46
  companies
• 12:46
  that
• 12:47
  do
• 12:47
  this,
• 12:48
  what
• 12:48
  do
• 12:48
  you
• 12:48
  think
• 12:48
  it
• 12:49
  could
• 12:49
  do
• 12:50
  to
• 12:50
  them?
• 12:50
  Short,
• 12:51
  medium
• 12:51
  and
• 12:51
  long
• 12:52
  term?
• 12:52
  I
• 12:52
  design.
• 12:53
  I
• 12:53
  have
• 12:54
  these
• 12:54
  conversations
• 12:55
  often.
• 12:56
  You
• 12:56
  know,
• 12:56
  everybody
• 12:57
  is,
• 12:58
  you
• 12:58
  know,
• 12:58
  it's
• 12:58
  like,
• 12:59
  why
• 13:00
  do
• 13:00
  people
• 13:00
  want
• 13:00
  to
• 13:00
  go
• 13:00
  and
• 13:01
  build
• 13:01
  in
• 13:01
  Silicon
• 13:01
  Valley?
• 13:02
  There
• 13:02
  are
• 13:02
  multiple
• 13:03
  reasons,
• 13:03
  but
• 13:03
  of
• 13:03
  course
• 13:04
  a
• 13:04
  part
• 13:04
  of
• 13:04
  it
• 13:04
  is
• 13:06
  it's
• 13:06
  kind
• 13:06
  of
• 13:06
  hallowed
• 13:07
  ground
• 13:08
  for
• 13:08
  tech
• 13:10
  as
• 13:10
  well
• 13:11
  as
• 13:11
  being
• 13:11
  a
• 13:11
  great,
• 13:12
  you
• 13:12
  know,
• 13:13
  environment.
• 13:13
  It's
• 13:14
  also
• 13:14
  like,
• 13:15
  you
• 13:15
  know,
• 13:15
  we
• 13:15
  built
• 13:16
  in
• 13:16
  Silicon
• 13:16
  Valley
• 13:16
  or
• 13:17
  we
• 13:17
  went
• 13:17
  to
• 13:17
  Cambridge
• 13:18
  for
• 13:18
  university
• 13:18
  or
• 13:18
  whatever,
• 13:19
  whatever,
• 13:19
  whatever.
• 13:20
  You
• 13:20
  throw
• 13:20
  all
• 13:21
  these
• 13:21
  things
• 13:21
  in,
• 13:22
  or
• 13:22
  Copenhagen.
• 13:25
  So
• 13:27
  what
• 13:27
  do
• 13:27
  you
• 13:27
  think
• 13:27
  the
• 13:28
  short
• 13:28
  medium
• 13:28
  and
• 13:29
  Long
• 13:29
  term
• 13:29
  implications
• 13:30
  of
• 13:30
  doing
• 13:30
  something
• 13:30
  like
• 13:31
  that,
• 13:31
  getting
• 13:31
  one
• 13:31
  big
• 13:32
  enterprise
• 13:32
  client.
• 13:33
  If
• 13:34
  you
• 13:34
  were
• 13:34
  advising
• 13:35
  somebody
• 13:36
  right
• 13:36
  now,
• 13:37
  listening,
• 13:38
  what
• 13:38
  would
• 13:38
  you
• 13:38
  say?
• 13:39
  The
• 13:40
  overall
• 13:40
  thing
• 13:40
  is,
• 13:41
  it
• 13:41
  can
• 13:41
  strongly
• 13:41
  harm
• 13:41
  your
• 13:42
  business,
• 13:43
  but
• 13:43
  also
• 13:43
  it's
• 13:44
  only
• 13:44
  possible
• 13:44
  if
• 13:44
  you're
• 13:44
  not
• 13:45
  strong
• 13:45
  enough
• 13:45
  in
• 13:45
  your
• 13:45
  core
• 13:46
  kind
• 13:46
  of
• 13:46
  like
• 13:46
  value
• 13:47
  proposition
• 13:47
  or
• 13:48
  what
• 13:48
  you
• 13:48
  want
• 13:48
  to
• 13:48
  do.
• 13:49
  So
• 13:49
  at
• 13:49
  this
• 13:49
  point,
• 13:49
  when
• 13:49
  we
• 13:49
  got
• 13:50
  this
• 13:50
  arena,
• 13:50
  we
• 13:51
  were
• 13:51
  also
• 13:51
  a
• 13:51
  little
• 13:51
  bit
• 13:52
  confused
• 13:52
  about
• 13:52
  everything.
• 13:53
  We
• 13:53
  didn't
• 13:53
  know
• 13:53
  exactly
• 13:53
  what
• 13:54
  we
• 13:54
  were
• 13:54
  doing,
• 13:54
  to
• 13:54
  be
• 13:54
  honest.
• 13:55
  And
• 13:55
  that's
• 13:55
  why
• 13:55
  you
• 13:55
  then
• 13:56
  open
• 13:56
  to
• 13:56
  maybe,
• 13:57
  oh,
• 13:57
  there's
• 13:57
  some
• 13:57
  more
• 13:57
  wind
• 13:58
  money,
• 13:58
  let's
• 13:58
  do
• 13:58
  this
• 13:58
  instead.
• 14:00
  But
• 14:00
  that
• 14:00
  comes
• 14:00
  with
• 14:01
  a
• 14:01
  price.
• 14:01
  You
• 14:01
  know,
• 14:01
  later
• 14:02
  on
• 14:02
  when
• 14:02
  you
• 14:02
  realize
• 14:03
  that
• 14:03
  if
• 14:03
  we
• 14:03
  just
• 14:04
  continued
• 14:05
  to
• 14:05
  work
• 14:06
  on
• 14:06
  this
• 14:06
  vision
• 14:06
  that
• 14:06
  we
• 14:06
  had
• 14:07
  to
• 14:07
  begin
• 14:07
  with,
• 14:07
  we
• 14:07
  would
• 14:07
  have
• 14:07
  been
• 14:08
  a
• 14:08
  much
• 14:08
  bigger
• 14:08
  company.
• 14:09
  And
• 14:09
  that's
• 14:10
  like
• 14:10
  of
• 14:10
  course
• 14:10
  a
• 14:10
  lesson
• 14:10
  that
• 14:11
  you
• 14:11
  learn
• 14:11
  over
• 14:11
  time.
• 14:12
  It's
• 14:12
  very
• 14:12
  difficult
• 14:12
  to
• 14:13
  know
• 14:13
  in
• 14:13
  the
• 14:13
  moment.
• 14:15
  And
• 14:15
  I'm
• 14:15
  sure
• 14:15
  that
• 14:15
  all
• 14:15
  entrepreneurs
• 14:17
  understand
• 14:18
  that
• 14:18
  a
• 14:18
  company
• 14:18
  needs
• 14:19
  money
• 14:19
  to
• 14:19
  run.
• 14:20
  But
• 14:21
  I
• 14:21
  think
• 14:22
  that's
• 14:22
  also
• 14:22
  the
• 14:22
  big
• 14:22
  difference
• 14:23
  between
• 14:23
  the
• 14:23
  US
• 14:24
  and
• 14:24
  Europe.
• 14:24
  Not
• 14:24
  so
• 14:25
  much
• 14:25
  the
• 14:25
  uk,
• 14:25
  but
• 14:25
  still
• 14:26
  a
• 14:26
  little
• 14:26
  bit.
• 14:27
  Why
• 14:27
  are
• 14:27
  they
• 14:27
  so
• 14:28
  great
• 14:28
  with
• 14:28
  technology
• 14:28
  now
• 14:29
  with
• 14:29
  AI
• 14:30
  and
• 14:30
  everything
• 14:31
  basically
• 14:31
  coming
• 14:31
  out
• 14:32
  of
• 14:32
  the
• 14:32
  US
• 14:32
  is
• 14:32
  because
• 14:32
  they
• 14:33
  have
• 14:33
  investors
• 14:33
  that
• 14:33
  are
• 14:34
  patient
• 14:34
  in
• 14:34
  actually
• 14:35
  building
• 14:35
  and
• 14:36
  understand
• 14:36
  that
• 14:36
  it's
• 14:37
  a
• 14:37
  20
• 14:37
  year
• 14:37
  vision,
• 14:38
  not
• 14:38
  a.
• 14:39
  Yeah,
• 14:39
  exactly.
• 14:40
  It
• 14:40
  takes
• 14:40
  time.
• 14:41
  And
• 14:41
  actually,
• 14:42
  and
• 14:42
  I've
• 14:43
  had
• 14:43
  some
• 14:43
  American
• 14:43
  investors
• 14:44
  before,
• 14:44
  they're
• 14:44
  really
• 14:45
  good
• 14:45
  at
• 14:45
  saying,
• 14:45
  you
• 14:45
  know,
• 14:46
  what
• 14:46
  you're
• 14:46
  doing,
• 14:46
  what
• 14:46
  you're
• 14:46
  doing.
• 14:47
  We
• 14:47
  believe
• 14:47
  in
• 14:47
  the
• 14:47
  vision,
• 14:48
  how
• 14:48
  can
• 14:48
  we
• 14:48
  help
• 14:48
  you
• 14:48
  with
• 14:49
  that?
• 14:49
  And
• 14:49
  then
• 14:49
  they
• 14:49
  spend
• 14:50
  most
• 14:50
  of
• 14:50
  the
• 14:50
  time
• 14:50
  connecting
• 14:51
  you
• 14:51
  with
• 14:51
  other
• 14:51
  people,
• 14:52
  not
• 14:52
  telling
• 14:53
  you
• 14:53
  what
• 14:53
  to
• 14:53
  do
• 14:53
  with
• 14:53
  something,
• 14:54
  you
• 14:54
  know,
• 14:54
  you're
• 14:55
  creating
• 14:55
  yourself.
• 14:56
  So,
• 14:56
  so
• 14:57
  I
• 14:57
  think
• 14:57
  they
• 14:57
  have
• 14:57
  a
• 14:57
  higher
• 14:57
  patience.
• 14:58
  And
• 14:58
  that
• 14:58
  is
• 14:58
  also
• 14:58
  why
• 14:59
  many,
• 14:59
  especially
• 15:00
  Nordic
• 15:00
  companies,
• 15:00
  they
• 15:01
  get,
• 15:01
  you
• 15:01
  know,
• 15:02
  they
• 15:02
  have
• 15:02
  great
• 15:02
  technologies,
• 15:03
  we
• 15:03
  have
• 15:03
  some
• 15:03
  of
• 15:03
  the
• 15:03
  best
• 15:03
  engineers
• 15:04
  in
• 15:04
  the
• 15:04
  world,
• 15:05
  but
• 15:05
  they
• 15:05
  get
• 15:05
  just
• 15:06
  sucked
• 15:06
  up
• 15:06
  by
• 15:06
  the
• 15:07
  other
• 15:07
  companies
• 15:07
  because
• 15:07
  there's
• 15:08
  no
• 15:08
  one
• 15:08
  with
• 15:08
  patience
• 15:09
  enough
• 15:09
  to
• 15:09
  actually
• 15:09
  become
• 15:09
  a
• 15:10
  big
• 15:10
  company.
• 15:10
  And
• 15:10
  that's
• 15:10
  a
• 15:11
  huge
• 15:11
  problem
• 15:11
  in
• 15:11
  Europe
• 15:11
  now.
• 15:11
  I
• 15:12
  think
• 15:12
  that
• 15:12
  we
• 15:12
  don't
• 15:12
  have
• 15:12
  any
• 15:13
  like
• 15:14
  native
• 15:14
  AI
• 15:14
  LLM,
• 15:15
  you
• 15:15
  know,
• 15:15
  companies
• 15:16
  that
• 15:16
  actually
• 15:16
  can
• 15:17
  go
• 15:17
  out
• 15:17
  there
• 15:17
  and
• 15:17
  go
• 15:18
  up
• 15:18
  against
• 15:18
  OpenAI
• 15:19
  and
• 15:19
  Google,
• 15:20
  Gemini
• 15:21
  and
• 15:21
  the
• 15:21
  other
• 15:22
  guys.
• 15:22
  So
• 15:23
  it's
• 15:23
  a
• 15:23
  problem.
• 15:24
  And
• 15:24
  you
• 15:24
  see
• 15:24
  it
• 15:24
  now
• 15:25
  because
• 15:25
  now
• 15:25
  the
• 15:26
  technology
• 15:28
  is
• 15:28
  a
• 15:29
  fundamental
• 15:29
  part
• 15:30
  of
• 15:30
  everyday
• 15:30
  life.
• 15:31
  But
• 15:31
  it's
• 15:31
  all
• 15:31
  run
• 15:31
  by
• 15:32
  US
• 15:32
  companies
• 15:34
  for
• 15:34
  that
• 15:34
  only
• 15:34
  reason
• 15:35
  that
• 15:35
  they
• 15:35
  had
• 15:35
  more
• 15:35
  patience,
• 15:36
  they
• 15:36
  had
• 15:36
  deeper
• 15:36
  pockets,
• 15:37
  they
• 15:37
  understood
• 15:37
  that
• 15:38
  to
• 15:38
  take
• 15:38
  a
• 15:38
  big
• 15:38
  market
• 15:39
  here
• 15:39
  you
• 15:39
  have
• 15:39
  to
• 15:40
  be
• 15:40
  very
• 15:41
  risk
• 15:41
  avert.
• 15:42
  You
• 15:42
  have
• 15:42
  to,
• 15:42
  you
• 15:43
  know,
• 15:43
  you
• 15:43
  have
• 15:43
  to
• 15:43
  be,
• 15:44
  yeah.
• 15:45
  Putting
• 15:45
  your
• 15:45
  money
• 15:45
  where
• 15:45
  your
• 15:46
  mouth
• 15:46
  is.
• 15:46
  And
• 15:46
  that's
• 15:47
  why
• 15:47
  these
• 15:47
  companies
• 15:47
  are
• 15:47
  so
• 15:47
  big
• 15:48
  today.
• 15:48
  You
• 15:49
  know,
• 15:50
  your
• 15:50
  point
• 15:50
  is
• 15:50
  brilliant
• 15:51
  because
• 15:51
  I
• 15:52
  know.
• 15:52
  Know
• 15:52
  it
• 15:53
  to
• 15:53
  be
• 15:53
  true.
• 15:53
  I
• 15:53
  believe,
• 15:55
  correct
• 15:56
  me
• 15:56
  if
• 15:56
  I'm
• 15:56
  wrong
• 15:56
  on
• 15:57
  this,
• 15:58
  I
• 15:58
  seem
• 15:58
  to
• 15:58
  love
• 15:58
  my
• 15:59
  Amazon
• 15:59
  quotes
• 16:00
  today.
• 16:01
  I
• 16:01
  believe
• 16:02
  that
• 16:03
  Bezos,
• 16:03
  when
• 16:04
  he
• 16:04
  started
• 16:04
  it
• 16:04
  in
• 16:05
  95
• 16:05
  or
• 16:05
  96,
• 16:06
  I
• 16:07
  don't
• 16:07
  remember
• 16:07
  the
• 16:07
  year
• 16:07
  exactly,
• 16:09
  but
• 16:09
  I
• 16:09
  remember
• 16:09
  him
• 16:10
  telling
• 16:10
  investors
• 16:11
  for
• 16:11
  years.
• 16:12
  I
• 16:12
  think
• 16:13
  he
• 16:13
  said,
• 16:13
  for
• 16:13
  the
• 16:13
  first
• 16:14
  20
• 16:14
  years,
• 16:15
  we're
• 16:15
  going
• 16:15
  to
• 16:15
  lose
• 16:16
  money.
• 16:17
  There's
• 16:17
  only
• 16:17
  a
• 16:17
  few
• 16:18
  people
• 16:18
  who
• 16:18
  could
• 16:18
  get
• 16:19
  away
• 16:19
  with
• 16:19
  that,
• 16:19
  as
• 16:20
  in
• 16:20
  saying
• 16:20
  that
• 16:21
  in
• 16:21
  a
• 16:21
  pitch
• 16:21
  or
• 16:23
  whatever.
• 16:23
  As
• 16:23
  he
• 16:24
  said,
• 16:24
  it
• 16:24
  was
• 16:25
  hard
• 16:25
  for
• 16:25
  him
• 16:25
  to
• 16:25
  get
• 16:25
  investment
• 16:26
  in
• 16:26
  the
• 16:26
  early
• 16:26
  days.
• 16:27
  But
• 16:27
  I'm
• 16:27
  saying
• 16:28
  he
• 16:28
  was
• 16:28
  consistent
• 16:29
  with
• 16:29
  that.
• 16:30
  He
• 16:31
  was.
• 16:32
  And
• 16:34
  even
• 16:35
  the
• 16:35
  wildest,
• 16:36
  most
• 16:36
  curious,
• 16:36
  most
• 16:38
  crazy
• 16:38
  of
• 16:38
  us
• 16:39
  would
• 16:39
  not
• 16:40
  necessarily
• 16:40
  sit
• 16:40
  there
• 16:41
  and
• 16:41
  say,
• 16:41
  I'm
• 16:41
  going
• 16:41
  to
• 16:42
  lose
• 16:42
  money
• 16:42
  for
• 16:42
  the
• 16:43
  next
• 16:43
  20
• 16:43
  years.
• 16:44
  It
• 16:44
  worked
• 16:44
  out,
• 16:44
  obviously.
• 16:45
  But
• 16:46
  do
• 16:46
  you,
• 16:47
  having
• 16:47
  been
• 16:48
  through
• 16:48
  that
• 16:48
  experience
• 16:49
  in
• 16:49
  London
• 16:49
  with
• 16:50
  your
• 16:50
  own
• 16:50
  business,
• 16:50
  with
• 16:51
  your
• 16:51
  own
• 16:51
  vc,
• 16:52
  do
• 16:52
  you
• 16:52
  think
• 16:53
  that
• 16:55
  temptation
• 16:56
  to
• 16:56
  take
• 16:57
  on
• 16:57
  those
• 16:58
  big
• 16:59
  enterprise
• 17:00
  clients
• 17:02
  could
• 17:02
  kill
• 17:03
  a
• 17:03
  software
• 17:04
  business?
• 17:05
  Yes,
• 17:06
  I
• 17:06
  think
• 17:06
  it
• 17:07
  can
• 17:07
  for
• 17:07
  sure.
• 17:07
  But
• 17:07
  I
• 17:08
  think
• 17:08
  you
• 17:08
  have
• 17:08
  to
• 17:08
  take
• 17:08
  responsibility
• 17:09
  yourself.
• 17:09
  So
• 17:10
  it's
• 17:10
  about,
• 17:10
  you
• 17:11
  know,
• 17:11
  how
• 17:11
  much
• 17:11
  do
• 17:11
  you
• 17:11
  know
• 17:12
  about
• 17:12
  your
• 17:12
  own
• 17:12
  business?
• 17:13
  So,
• 17:13
  for
• 17:13
  example,
• 17:14
  if
• 17:14
  you
• 17:14
  go
• 17:15
  out
• 17:15
  and
• 17:15
  look
• 17:15
  for
• 17:15
  venture
• 17:16
  capital,
• 17:16
  are
• 17:16
  you
• 17:17
  looking
• 17:17
  for
• 17:17
  companies
• 17:17
  that
• 17:18
  actually
• 17:18
  have
• 17:19
  previously
• 17:19
  invested
• 17:20
  in
• 17:20
  companies
• 17:20
  that
• 17:20
  looks
• 17:21
  like
• 17:21
  what
• 17:21
  you
• 17:21
  want
• 17:21
  to
• 17:22
  do,
• 17:23
  or
• 17:23
  are
• 17:24
  you
• 17:24
  just
• 17:24
  looking
• 17:24
  for
• 17:24
  money
• 17:25
  in
• 17:25
  general?
• 17:25
  And
• 17:25
  I
• 17:25
  think
• 17:25
  that's
• 17:26
  the
• 17:26
  problem
• 17:26
  also
• 17:26
  with
• 17:26
  this
• 17:27
  whole,
• 17:27
  like,
• 17:27
  financial
• 17:28
  market
• 17:28
  is
• 17:28
  that
• 17:28
  people
• 17:28
  are
• 17:29
  just
• 17:29
  pitching
• 17:29
  right
• 17:29
  and
• 17:30
  left
• 17:30
  and
• 17:30
  center
• 17:30
  and,
• 17:31
  you
• 17:31
  know,
• 17:31
  they
• 17:32
  don't
• 17:32
  really
• 17:32
  necessarily
• 17:32
  care
• 17:33
  about
• 17:33
  anything
• 17:33
  else
• 17:33
  than
• 17:33
  getting
• 17:34
  the
• 17:34
  money.
• 17:34
  And
• 17:34
  that's
• 17:35
  a
• 17:35
  really
• 17:35
  big,
• 17:35
  you
• 17:35
  know,
• 17:36
  mistake
• 17:36
  because
• 17:37
  the
• 17:37
  money
• 17:37
  that
• 17:37
  you
• 17:38
  get
• 17:38
  will
• 17:38
  determine
• 17:39
  where
• 17:39
  you're
• 17:39
  going
• 17:39
  to
• 17:40
  go.
• 17:40
  So
• 17:41
  if
• 17:41
  someone
• 17:41
  is
• 17:42
  very
• 17:42
  good
• 17:42
  at
• 17:42
  investing
• 17:43
  in
• 17:43
  another
• 17:43
  type
• 17:43
  of
• 17:43
  business,
• 17:44
  they
• 17:44
  will
• 17:45
  subconsciously
• 17:46
  try
• 17:46
  to
• 17:47
  drag
• 17:47
  you
• 17:47
  in
• 17:47
  that
• 17:48
  direction.
• 17:48
  But
• 17:48
  if
• 17:49
  you
• 17:49
  find,
• 17:49
  for
• 17:50
  example,
• 17:50
  in
• 17:50
  our
• 17:50
  case,
• 17:51
  we're
• 17:51
  looking
• 17:51
  for
• 17:51
  companies
• 17:51
  for
• 17:52
  the,
• 17:52
  for
• 17:52
  the
• 17:52
  coming
• 17:53
  a
• 17:53
  round
• 17:53
  that
• 17:53
  we're
• 17:53
  going
• 17:53
  to
• 17:54
  do
• 17:54
  in
• 17:54
  tap,
• 17:56
  we
• 17:56
  are
• 17:56
  looking
• 17:56
  for
• 17:56
  companies
• 17:57
  that
• 17:57
  invested
• 17:58
  in,
• 17:58
  let's
• 17:58
  say
• 17:58
  Revolut
• 17:59
  or
• 17:59
  Shopify
• 18:01
  or
• 18:01
  Star,
• 18:03
  any,
• 18:03
  any
• 18:03
  fintech.
• 18:06
  But
• 18:06
  anyone
• 18:07
  who,
• 18:07
  who
• 18:07
  understands,
• 18:08
  like,
• 18:08
  who
• 18:09
  was
• 18:09
  very
• 18:09
  early
• 18:09
  on
• 18:10
  in
• 18:10
  a
• 18:10
  company
• 18:10
  where
• 18:11
  the
• 18:11
  same,
• 18:12
  you
• 18:12
  know,
• 18:12
  stupid
• 18:13
  founder
• 18:13
  was
• 18:13
  sitting
• 18:13
  and
• 18:14
  saying,
• 18:14
  well,
• 18:14
  this
• 18:14
  could
• 18:14
  be
• 18:14
  an
• 18:14
  amazing
• 18:15
  company.
• 18:15
  Imagine
• 18:16
  that
• 18:16
  you
• 18:16
  were
• 18:16
  the
• 18:16
  first
• 18:16
  guy
• 18:17
  who
• 18:17
  actually
• 18:17
  heard
• 18:17
  about
• 18:17
  Revolut,
• 18:18
  you
• 18:18
  know,
• 18:18
  back
• 18:19
  in
• 18:19
  the
• 18:19
  days
• 18:19
  when
• 18:19
  no
• 18:19
  one
• 18:19
  knew
• 18:20
  about.
• 18:20
  I
• 18:20
  believe
• 18:20
  I
• 18:20
  was.
• 18:24
  But
• 18:24
  if
• 18:24
  the
• 18:24
  thing
• 18:24
  is,
• 18:25
  that's,
• 18:25
  I
• 18:25
  Didn't,
• 18:25
  I
• 18:25
  didn't,
• 18:26
  didn't
• 18:26
  have
• 18:26
  a
• 18:26
  chance
• 18:26
  to.
• 18:27
  Unfortunately.
• 18:28
  No,
• 18:28
  no,
• 18:28
  of
• 18:28
  course
• 18:29
  not.
• 18:29
  But
• 18:29
  I'm
• 18:29
  just
• 18:29
  saying
• 18:29
  that
• 18:30
  those
• 18:30
  investors,
• 18:31
  they
• 18:31
  know
• 18:32
  that,
• 18:32
  you
• 18:32
  know,
• 18:33
  they
• 18:33
  learn
• 18:33
  somehow
• 18:34
  that,
• 18:34
  you
• 18:34
  know,
• 18:36
  if
• 18:36
  you
• 18:36
  just,
• 18:36
  if
• 18:36
  you
• 18:36
  have
• 18:37
  a
• 18:37
  great
• 18:38
  vision,
• 18:38
  then
• 18:39
  you
• 18:39
  should
• 18:39
  just
• 18:40
  keep
• 18:40
  on
• 18:41
  building
• 18:41
  that
• 18:41
  for
• 18:42
  a
• 18:42
  long
• 18:42
  time.
• 18:42
  And
• 18:42
  another,
• 18:43
  I
• 18:43
  have
• 18:43
  a
• 18:43
  lot
• 18:43
  of
• 18:43
  these
• 18:44
  examples.
• 18:44
  For
• 18:44
  example,
• 18:45
  Stripe,
• 18:45
  which
• 18:45
  is
• 18:45
  a
• 18:45
  very
• 18:45
  big
• 18:46
  company
• 18:46
  today.
• 18:47
  For
• 18:47
  the
• 18:48
  first
• 18:48
  two
• 18:48
  years
• 18:48
  of
• 18:48
  Stripe's,
• 18:49
  you
• 18:49
  know,
• 18:49
  life,
• 18:50
  they
• 18:50
  had
• 18:50
  only
• 18:51
  50
• 18:51
  users.
• 18:52
  They,
• 18:52
  they,
• 18:53
  they
• 18:53
  didn't
• 18:53
  have
• 18:53
  a
• 18:54
  lot
• 18:54
  of
• 18:54
  traction,
• 18:54
  but
• 18:54
  they
• 18:55
  were
• 18:55
  really
• 18:55
  focusing
• 18:56
  on
• 18:56
  the
• 18:56
  product.
• 18:56
  And
• 18:56
  then
• 18:57
  one
• 18:57
  day
• 18:57
  they
• 18:58
  had
• 18:58
  a
• 18:58
  really
• 18:58
  great
• 18:58
  product
• 18:59
  that
• 18:59
  could
• 18:59
  scale
• 18:59
  globally
• 19:00
  and
• 19:00
  you
• 19:00
  know,
• 19:00
  everything
• 19:00
  else
• 19:01
  is
• 19:01
  history.
• 19:02
  So
• 19:03
  for
• 19:03
  me,
• 19:04
  we
• 19:04
  just
• 19:05
  like
• 19:05
  to
• 19:05
  have
• 19:05
  meeting
• 19:05
  with
• 19:05
  some
• 19:06
  investors
• 19:06
  prior
• 19:07
  to
• 19:07
  this
• 19:07
  call
• 19:07
  and,
• 19:08
  and
• 19:08
  they
• 19:09
  say,
• 19:09
  well,
• 19:09
  you
• 19:09
  know,
• 19:11
  what's
• 19:12
  the,
• 19:12
  what's
• 19:12
  the
• 19:12
  plan?
• 19:13
  It's
• 19:13
  like,
• 19:13
  you
• 19:13
  know,
• 19:13
  for
• 19:14
  me,
• 19:14
  it's
• 19:15
  like,
• 19:15
  you
• 19:15
  know,
• 19:15
  you
• 19:15
  build
• 19:16
  something
• 19:17
  slowly
• 19:18
  and
• 19:18
  you
• 19:18
  learn.
• 19:19
  So
• 19:19
  if
• 19:19
  you
• 19:19
  have
• 19:19
  a
• 19:19
  big
• 19:20
  vision.
• 19:20
  For
• 19:20
  example,
• 19:20
  the
• 19:20
  vision
• 19:21
  for
• 19:21
  Tab
• 19:21
  is
• 19:21
  that
• 19:22
  we
• 19:22
  want
• 19:22
  to
• 19:22
  use
• 19:22
  proactive
• 19:23
  AI
• 19:24
  to
• 19:24
  give
• 19:25
  small
• 19:25
  merchants
• 19:25
  and
• 19:26
  sole
• 19:26
  traders
• 19:27
  all
• 19:27
  over
• 19:27
  the
• 19:28
  world
• 19:28
  their
• 19:28
  own
• 19:29
  proactive
• 19:30
  AI
• 19:30
  agent
• 19:31
  that
• 19:31
  can
• 19:31
  suggest,
• 19:31
  you
• 19:31
  know,
• 19:32
  calling
• 19:32
  people
• 19:32
  in
• 19:33
  for
• 19:33
  work
• 19:33
  or
• 19:33
  making
• 19:33
  this
• 19:34
  campaign
• 19:34
  or
• 19:34
  other
• 19:34
  things.
• 19:35
  That
• 19:35
  really
• 19:35
  is
• 19:35
  helpful
• 19:36
  because
• 19:36
  you
• 19:36
  don't
• 19:36
  have
• 19:36
  the
• 19:36
  money
• 19:37
  to
• 19:37
  hire
• 19:37
  someone
• 19:38
  at
• 19:38
  that
• 19:39
  level,
• 19:39
  but
• 19:39
  you
• 19:39
  maybe
• 19:40
  need
• 19:40
  a
• 19:40
  marketing
• 19:40
  manager
• 19:41
  anyway.
• 19:42
  So
• 19:42
  that's
• 19:42
  obviously
• 19:43
  a
• 19:43
  great
• 19:43
  idea,
• 19:44
  but
• 19:44
  it
• 19:44
  takes
• 19:45
  a
• 19:45
  lot
• 19:45
  of
• 19:45
  lines
• 19:46
  of
• 19:46
  code
• 19:46
  and
• 19:46
  we're
• 19:47
  obviously
• 19:47
  not
• 19:47
  even
• 19:47
  there
• 19:48
  yet.
• 19:48
  Bunch
• 19:48
  of
• 19:49
  trial
• 19:49
  and
• 19:49
  error.
• 19:50
  And
• 19:50
  yeah,
• 19:51
  yeah,
• 19:51
  as
• 19:51
  long
• 19:51
  as
• 19:52
  you
• 19:52
  know
• 19:52
  your
• 19:52
  kind
• 19:52
  of
• 19:52
  like
• 19:52
  roadmap
• 19:53
  long
• 19:53
  term
• 19:54
  and
• 19:54
  you
• 19:55
  stick
• 19:55
  to
• 19:55
  that.
• 19:56
  But
• 19:56
  if
• 19:57
  you
• 19:57
  don't
• 19:57
  know
• 19:57
  what
• 19:57
  you're
• 19:57
  doing
• 19:58
  exactly
• 19:58
  and
• 19:58
  you
• 19:58
  meet
• 19:59
  someone
• 19:59
  with
• 19:59
  a
• 19:59
  lot
• 19:59
  of
• 19:59
  money
• 20:00
  or
• 20:00
  even
• 20:01
  some
• 20:01
  guy.
• 20:01
  Also
• 20:01
  tried
• 20:02
  that
• 20:02
  before,
• 20:02
  like
• 20:02
  when
• 20:03
  you,
• 20:03
  let's
• 20:03
  say
• 20:04
  you
• 20:04
  raise
• 20:04
  money
• 20:04
  and
• 20:04
  then
• 20:04
  you
• 20:04
  start
• 20:05
  hiring
• 20:05
  senior
• 20:05
  people
• 20:06
  and
• 20:06
  then
• 20:06
  you're
• 20:07
  really
• 20:07
  amazed
• 20:07
  that
• 20:08
  this
• 20:08
  guy
• 20:08
  from
• 20:08
  this
• 20:08
  big
• 20:09
  corporation
• 20:09
  is
• 20:09
  now
• 20:10
  interested
• 20:10
  in
• 20:10
  working
• 20:10
  for
• 20:10
  your
• 20:11
  startup.
• 20:12
  And
• 20:12
  then
• 20:12
  you
• 20:12
  tend
• 20:12
  to
• 20:13
  think,
• 20:13
  especially
• 20:13
  if
• 20:13
  you're
• 20:14
  young
• 20:14
  and
• 20:14
  unexperienced,
• 20:15
  that
• 20:15
  oh,
• 20:15
  this
• 20:15
  guy
• 20:16
  must
• 20:16
  know
• 20:16
  everything
• 20:17
  because
• 20:17
  he
• 20:17
  had
• 20:17
  200
• 20:17
  people
• 20:18
  in
• 20:18
  his
• 20:18
  last
• 20:18
  team.
• 20:20
  And
• 20:20
  they
• 20:20
  never
• 20:20
  know
• 20:21
  anything.
• 20:21
  They
• 20:21
  are,
• 20:22
  I
• 20:22
  mean
• 20:22
  that
• 20:23
  they.
• 20:23
  I
• 20:23
  never
• 20:23
  actually
• 20:24
  had
• 20:24
  a
• 20:24
  successful
• 20:25
  hire
• 20:25
  of
• 20:25
  someone
• 20:26
  coming
• 20:26
  from
• 20:26
  corporate
• 20:27
  into
• 20:27
  a
• 20:27
  startup,
• 20:28
  but
• 20:29
  what
• 20:29
  I
• 20:29
  did
• 20:30
  sometimes
• 20:30
  overlook
• 20:31
  was
• 20:31
  the
• 20:31
  great
• 20:32
  talent
• 20:32
  I
• 20:32
  had
• 20:32
  in
• 20:33
  my
• 20:33
  startup,
• 20:33
  which
• 20:33
  maybe
• 20:34
  was
• 20:34
  part
• 20:34
  of
• 20:34
  it
• 20:34
  from
• 20:35
  the
• 20:35
  very
• 20:35
  beginning.
• 20:36
  Who,
• 20:37
  you
• 20:37
  know,
• 20:37
  didn't
• 20:37
  have
• 20:37
  these
• 20:38
  like
• 20:38
  C
• 20:38
  level
• 20:39
  titles,
• 20:39
  but
• 20:39
  they
• 20:40
  just,
• 20:40
  you
• 20:40
  know,
• 20:41
  got
• 20:41
  shit
• 20:41
  done
• 20:42
  and,
• 20:42
  and
• 20:42
  you
• 20:42
  know,
• 20:42
  and
• 20:43
  you
• 20:43
  know,
• 20:44
  did
• 20:44
  whatever
• 20:45
  and
• 20:45
  they
• 20:45
  were
• 20:45
  also
• 20:45
  the
• 20:45
  ones
• 20:46
  that,
• 20:46
  you
• 20:46
  know,
• 20:46
  you
• 20:46
  could
• 20:46
  talk
• 20:46
  to
• 20:47
  when
• 20:47
  you
• 20:47
  didn't
• 20:47
  have
• 20:47
  money
• 20:47
  to
• 20:48
  pay
• 20:48
  out
• 20:48
  salary
• 20:48
  and
• 20:48
  stuff
• 20:49
  like
• 20:49
  that.
• 20:49
  And
• 20:49
  the
• 20:49
  other
• 20:49
  ones
• 20:50
  would
• 20:50
  be
• 20:50
  like,
• 20:50
  oh
• 20:50
  no,
• 20:50
  no,
• 20:51
  you
• 20:51
  know,
• 20:51
  so
• 20:52
  it's
• 20:53
  funny.
• 20:53
  And
• 20:53
  I
• 20:53
  think
• 20:54
  for
• 20:54
  many
• 20:54
  of
• 20:54
  these
• 20:55
  like
• 20:55
  so
• 20:55
  called
• 20:57
  experts,
• 20:58
  they
• 20:59
  also
• 20:59
  just,
• 20:59
  oh,
• 21:00
  they
• 21:00
  can
• 21:00
  see
• 21:00
  the
• 21:00
  idea
• 21:01
  of
• 21:01
  going
• 21:01
  from
• 21:01
  a
• 21:01
  corporate
• 21:02
  to
• 21:02
  a
• 21:02
  startup
• 21:03
  because
• 21:03
  they
• 21:03
  want
• 21:03
  to
• 21:03
  make
• 21:03
  a
• 21:03
  lot
• 21:03
  of
• 21:03
  money.
• 21:04
  But
• 21:04
  most
• 21:05
  cases
• 21:05
  they
• 21:05
  fail
• 21:05
  because
• 21:06
  they
• 21:06
  don't
• 21:06
  understand
• 21:06
  what
• 21:07
  they're
• 21:07
  good
• 21:07
  at
• 21:07
  and
• 21:08
  that's
• 21:08
  not
• 21:08
  running,
• 21:08
  you
• 21:09
  know,
• 21:09
  small
• 21:09
  businesses.
• 21:10
  And
• 21:10
  I
• 21:10
  think
• 21:11
  I
• 21:11
  agree
• 21:11
  with
• 21:12
  you.
• 21:12
  I
• 21:12
  think
• 21:13
  that
• 21:13
  there's
• 21:13
  a
• 21:13
  big
• 21:13
  difference.
• 21:14
  Somebody
• 21:14
  who's
• 21:15
  in
• 21:16
  pick
• 21:16
  any
• 21:17
  big
• 21:17
  company
• 21:18
  we
• 21:18
  know
• 21:18
  about,
• 21:18
  right,
• 21:19
  where
• 21:19
  you
• 21:19
  think
• 21:20
  they'll
• 21:20
  be
• 21:21
  flexible.
• 21:22
  Let's
• 21:22
  pick
• 21:22
  Google,
• 21:23
  who
• 21:23
  cares,
• 21:23
  whatever,
• 21:24
  right?
• 21:25
  You
• 21:26
  are
• 21:26
  the
• 21:26
  smallest
• 21:26
  cog,
• 21:27
  right
• 21:28
  in
• 21:29
  that
• 21:29
  company.
• 21:30
  So
• 21:32
  usually
• 21:33
  that's
• 21:33
  the
• 21:33
  case,
• 21:34
  right?
• 21:35
  Whereas
• 21:35
  being
• 21:36
  a
• 21:36
  entrepreneur,
• 21:37
  being
• 21:37
  a
• 21:37
  founder,
• 21:38
  you're
• 21:38
  dealing
• 21:39
  with
• 21:39
  everything
• 21:40
  like
• 21:40
  you're,
• 21:40
  you're
• 21:41
  in
• 21:41
  everything.
• 21:42
  And
• 21:44
  it's
• 21:45
  fun.
• 21:45
  But
• 21:45
  it's
• 21:45
  also
• 21:46
  probably
• 21:46
  one
• 21:47
  of
• 21:47
  the
• 21:47
  big
• 21:47
  reasons
• 21:48
  that
• 21:48
  I've
• 21:48
  come
• 21:49
  across
• 21:49
  as
• 21:49
  to
• 21:49
  why
• 21:50
  they
• 21:51
  don't,
• 21:52
  they
• 21:52
  don't
• 21:52
  do
• 21:52
  so
• 21:53
  well
• 21:54
  adjusting
• 21:54
  to
• 21:55
  startup,
• 21:55
  startup
• 21:56
  life.
• 21:56
  Because
• 21:56
  startup
• 21:57
  life
• 21:57
  is,
• 21:57
  is
• 21:58
  crazy.
• 21:59
  It's
• 22:00
  exciting,
• 22:00
  but
• 22:00
  it's
• 22:01
  crazy
• 22:01
  compared
• 22:02
  to
• 22:02
  corporate.
• 22:05
  It
• 22:05
  is
• 22:05
  for
• 22:05
  the
• 22:05
  same
• 22:06
  reason.
• 22:06
  Sorry,
• 22:07
  no,
• 22:07
  you
• 22:07
  carry
• 22:07
  on.
• 22:08
  It's
• 22:08
  for
• 22:08
  the
• 22:08
  same
• 22:09
  reason
• 22:09
  that
• 22:09
  I
• 22:09
  cannot
• 22:09
  go
• 22:10
  and
• 22:10
  work
• 22:10
  in
• 22:10
  Coca
• 22:10
  Cola
• 22:11
  or
• 22:11
  some
• 22:11
  big
• 22:11
  corporate
• 22:11
  because
• 22:12
  I
• 22:12
  never
• 22:12
  understood
• 22:12
  like
• 22:13
  that
• 22:13
  how
• 22:13
  that
• 22:13
  worked.
• 22:13
  I
• 22:14
  would
• 22:14
  probably
• 22:14
  die
• 22:15
  in
• 22:15
  a
• 22:15
  few
• 22:15
  days
• 22:16
  for
• 22:16
  the
• 22:16
  exact
• 22:17
  opposite
• 22:17
  reason.
• 22:17
  That
• 22:17
  same
• 22:18
  with
• 22:18
  me,
• 22:19
  comfortable
• 22:19
  in
• 22:19
  the
• 22:19
  startup.
• 22:20
  But
• 22:21
  it's
• 22:21
  really
• 22:21
  the
• 22:21
  responsibility
• 22:22
  of
• 22:22
  the
• 22:22
  founder
• 22:23
  or
• 22:23
  the
• 22:23
  CEO
• 22:23
  at
• 22:23
  any
• 22:24
  given
• 22:24
  time
• 22:24
  who
• 22:25
  takes
• 22:25
  in.
• 22:25
  But
• 22:25
  I
• 22:25
  think
• 22:25
  the
• 22:26
  one
• 22:26
  lesson
• 22:27
  I
• 22:27
  think
• 22:27
  that
• 22:27
  I
• 22:28
  learned
• 22:28
  over
• 22:28
  time
• 22:28
  is
• 22:29
  that
• 22:29
  don't
• 22:29
  be
• 22:30
  too
• 22:31
  excited
• 22:32
  about
• 22:32
  people
• 22:32
  saying
• 22:33
  that
• 22:33
  they
• 22:33
  know
• 22:33
  a
• 22:33
  lot
• 22:33
  of
• 22:33
  stuff.
• 22:34
  Everyone
• 22:35
  can
• 22:35
  make
• 22:35
  a
• 22:35
  PowerPoint
• 22:36
  and
• 22:36
  with
• 22:36
  AI
• 22:37
  everyone
• 22:37
  can
• 22:37
  also
• 22:38
  make
• 22:38
  the
• 22:38
  most
• 22:38
  amazing
• 22:38
  go
• 22:39
  to
• 22:39
  market
• 22:39
  plan.
• 22:39
  But
• 22:40
  do
• 22:40
  they
• 22:40
  actually
• 22:40
  know
• 22:41
  what
• 22:41
  they're
• 22:41
  talking
• 22:41
  about?
• 22:41
  Have
• 22:42
  they
• 22:42
  tried
• 22:42
  it
• 22:42
  before?
• 22:44
  Are
• 22:44
  they
• 22:44
  aware
• 22:45
  of
• 22:45
  all
• 22:45
  the
• 22:45
  hurdles?
• 22:46
  Because
• 22:47
  it's
• 22:47
  not
• 22:48
  as
• 22:48
  easy
• 22:48
  as
• 22:49
  just
• 22:49
  saying
• 22:49
  it.
• 22:50
  It's
• 22:51
  a
• 22:51
  very,
• 22:51
  very
• 22:51
  different
• 22:51
  thing.
• 22:52
  But
• 22:52
  I
• 22:52
  think
• 22:53
  I
• 22:53
  learned
• 22:53
  that
• 22:53
  in
• 22:53
  my
• 22:54
  later
• 22:54
  years
• 22:54
  too.
• 22:55
  To
• 22:55
  not
• 22:56
  take,
• 22:56
  you
• 22:56
  know,
• 22:57
  just
• 22:57
  actually
• 22:58
  it's
• 22:58
  funny
• 22:58
  like
• 22:58
  when
• 22:58
  we
• 22:58
  recruit
• 22:59
  people
• 22:59
  now
• 22:59
  for
• 22:59
  example,
• 23:00
  the
• 23:00
  idea
• 23:00
  is
• 23:01
  not
• 23:01
  to
• 23:01
  find
• 23:01
  the
• 23:01
  best
• 23:02
  person,
• 23:02
  is
• 23:02
  to
• 23:02
  find
• 23:02
  the
• 23:03
  person
• 23:03
  who
• 23:03
  lies
• 23:03
  the
• 23:03
  least
• 23:04
  about
• 23:04
  their
• 23:05
  profile
• 23:05
  because
• 23:05
  everyone.
• 23:06
  Do
• 23:06
  you
• 23:06
  hook
• 23:07
  them
• 23:07
  up
• 23:07
  to
• 23:07
  lie
• 23:07
  detector?
• 23:08
  No,
• 23:09
  no.
• 23:09
  I
• 23:09
  just
• 23:09
  feel
• 23:09
  like,
• 23:10
  you
• 23:10
  know,
• 23:11
  I'm
• 23:11
  kidding,
• 23:11
  I'm
• 23:11
  kidding,
• 23:12
  I'm
• 23:12
  kidding.
• 23:13
  And
• 23:13
  you
• 23:13
  Screen
• 23:13
  them.
• 23:13
  Like
• 23:14
  we
• 23:14
  need
• 23:14
  to
• 23:14
  find
• 23:15
  out
• 23:15
  who
• 23:15
  is
• 23:15
  not.
• 23:15
  I
• 23:16
  mean
• 23:16
  everyone
• 23:16
  has
• 23:17
  TVs
• 23:18
  but
• 23:18
  who's
• 23:18
  actually
• 23:19
  right
• 23:19
  about
• 23:20
  something
• 23:20
  and
• 23:20
  it's
• 23:20
  very
• 23:21
  few
• 23:21
  people.
• 23:23
  Can
• 23:23
  you
• 23:23
  imagine
• 23:23
  that
• 23:24
  interview?
• 23:24
  You
• 23:25
  know,
• 23:26
  I
• 23:26
  detect
• 23:26
  that'd
• 23:27
  be
• 23:27
  funny.
• 23:28
  Maybe
• 23:28
  we
• 23:28
  should
• 23:29
  do
• 23:29
  that.
• 23:29
  Yeah,
• 23:29
  yeah,
• 23:30
  yeah,
• 23:30
  yeah.
• 23:30
  Where
• 23:30
  you've
• 23:30
  just
• 23:31
  got
• 23:31
  somebody
• 23:31
  there
• 23:32
  nodding
• 23:32
  their
• 23:32
  head
• 23:32
  to
• 23:33
  you.
• 23:33
  As
• 23:33
  you
• 23:33
  know,
• 23:34
  it's
• 23:34
  interesting
• 23:35
  that
• 23:35
  you
• 23:35
  talk
• 23:35
  about
• 23:37
  your
• 23:37
  own
• 23:37
  experiences.
• 23:38
  Stripe,
• 23:40
  we
• 23:40
  talked
• 23:40
  about
• 23:40
  Uber,
• 23:41
  we
• 23:41
  talked
• 23:41
  about
• 23:41
  Airbnb
• 23:42
  and
• 23:44
  the
• 23:44
  thing
• 23:45
  that
• 23:45
  made
• 23:46
  them
• 23:47
  able
• 23:48
  to
• 23:48
  do
• 23:48
  it.
• 23:49
  Which
• 23:49
  leads
• 23:50
  me
• 23:50
  to
• 23:50
  my
• 23:50
  next
• 23:50
  point,
• 23:50
  which
• 23:51
  is
• 23:52
  you've
• 23:53
  been
• 23:53
  a
• 23:53
  multiple
• 23:54
  time
• 23:55
  founder.
• 23:57
  I'd
• 23:57
  like
• 23:57
  to
• 23:57
  think
• 23:57
  that
• 23:58
  you
• 23:58
  probably
• 23:58
  have
• 23:58
  what
• 23:58
  I
• 23:59
  would
• 23:59
  call
• 23:59
  a
• 23:59
  clarity
• 24:00
  shortcut.
• 24:00
  Like
• 24:01
  you've,
• 24:02
  you
• 24:02
  talked
• 24:03
  about
• 24:03
  things
• 24:03
  like
• 24:04
  hiring,
• 24:04
  you've
• 24:05
  talked
• 24:05
  about
• 24:05
  things
• 24:05
  like
• 24:06
  making
• 24:07
  sure
• 24:08
  that
• 24:09
  your
• 24:09
  venture
• 24:10
  capitalist
• 24:10
  does
• 24:12
  that
• 24:13
  or
• 24:15
  understands
• 24:15
  that
• 24:16
  market.
• 24:17
  What's
• 24:18
  one
• 24:18
  lesson
• 24:18
  or
• 24:19
  system
• 24:20
  you
• 24:20
  brought
• 24:21
  to
• 24:21
  tap
• 24:23
  that
• 24:23
  let
• 24:24
  you
• 24:24
  solve
• 24:24
  the
• 24:25
  go
• 24:26
  to
• 24:26
  market
• 24:26
  problem
• 24:27
  faster
• 24:27
  or
• 24:28
  the
• 24:28
  product
• 24:28
  market
• 24:29
  fit
• 24:29
  problem
• 24:30
  faster
• 24:31
  than
• 24:31
  perhaps
• 24:32
  you've
• 24:32
  done
• 24:32
  in
• 24:32
  the
• 24:33
  past?
• 24:33
  Because
• 24:34
  a
• 24:35
  lot
• 24:35
  of
• 24:35
  conversations
• 24:35
  I
• 24:36
  have
• 24:36
  are
• 24:36
  about
• 24:36
  those
• 24:36
  two
• 24:37
  things,
• 24:37
  to
• 24:37
  be
• 24:37
  honest.
• 24:39
  That's
• 24:39
  an
• 24:39
  excellent
• 24:39
  question.
• 24:40
  I
• 24:40
  think
• 24:40
  it's
• 24:41
  about
• 24:41
  knowing,
• 24:42
  you
• 24:42
  know,
• 24:42
  first
• 24:43
  of
• 24:43
  all,
• 24:43
  okay,
• 24:43
  so
• 24:43
  if
• 24:43
  you,
• 24:44
  let's
• 24:44
  say
• 24:44
  you
• 24:44
  start
• 24:44
  a
• 24:45
  company
• 24:45
  in
• 24:46
  the
• 24:46
  beginning,
• 24:46
  you
• 24:46
  first
• 24:47
  start
• 24:47
  up,
• 24:47
  you
• 24:47
  think
• 24:47
  you
• 24:47
  should
• 24:47
  be
• 24:47
  a
• 24:48
  jack
• 24:48
  of
• 24:48
  all
• 24:48
  trades.
• 24:48
  So
• 24:49
  a
• 24:49
  CEO
• 24:49
  is
• 24:49
  also
• 24:50
  the
• 24:50
  guy
• 24:50
  with
• 24:50
  the
• 24:50
  product
• 24:50
  and
• 24:51
  the
• 24:51
  sales
• 24:51
  guy
• 24:51
  and
• 24:51
  everything.
• 24:52
  I
• 24:52
  think
• 24:52
  what
• 24:52
  you
• 24:53
  also
• 24:53
  learn
• 24:53
  with
• 24:53
  time
• 24:53
  is
• 24:53
  that
• 24:54
  like
• 24:54
  what
• 24:54
  are,
• 24:54
  what
• 24:54
  are
• 24:54
  you
• 24:55
  really
• 24:55
  good
• 24:55
  at
• 24:56
  and
• 24:56
  how
• 24:56
  does
• 24:56
  that
• 24:57
  create
• 24:57
  very
• 24:57
  good
• 24:57
  value
• 24:58
  for
• 24:58
  your
• 24:58
  company
• 24:59
  and
• 24:59
  then
• 24:59
  really
• 24:59
  articulate
• 25:00
  like
• 25:00
  what
• 25:01
  you're
• 25:01
  not
• 25:01
  so
• 25:01
  good
• 25:01
  at.
• 25:02
  So
• 25:02
  for
• 25:02
  example,
• 25:02
  with
• 25:02
  Tab,
• 25:03
  I
• 25:04
  knew
• 25:04
  from
• 25:04
  the
• 25:05
  get
• 25:05
  go
• 25:05
  that
• 25:06
  you
• 25:06
  know,
• 25:06
  I
• 25:06
  know
• 25:06
  how
• 25:07
  to
• 25:07
  run
• 25:07
  a
• 25:07
  commercial
• 25:08
  business
• 25:08
  and
• 25:08
  grow
• 25:08
  it
• 25:09
  and
• 25:09
  hire
• 25:09
  great
• 25:10
  people
• 25:10
  and,
• 25:11
  and
• 25:11
  maybe
• 25:11
  raise
• 25:12
  money
• 25:12
  and
• 25:12
  eventually
• 25:13
  sell
• 25:13
  the
• 25:13
  whole
• 25:13
  thing
• 25:13
  one
• 25:14
  day.
• 25:14
  I
• 25:14
  need
• 25:15
  the
• 25:15
  most
• 25:15
  amazing,
• 25:16
  you
• 25:16
  know,
• 25:16
  guy
• 25:16
  who
• 25:17
  can
• 25:17
  make
• 25:17
  the
• 25:17
  tech.
• 25:17
  So
• 25:18
  I
• 25:18
  was
• 25:18
  spending
• 25:18
  a
• 25:19
  lot
• 25:19
  of
• 25:19
  time
• 25:19
  trying
• 25:19
  to
• 25:20
  find
• 25:20
  my
• 25:20
  co
• 25:20
  founder
• 25:21
  of
• 25:21
  WhatsApp
• 25:21
  and
• 25:21
  I
• 25:22
  ended
• 25:22
  up
• 25:22
  having
• 25:23
  finding
• 25:23
  a
• 25:23
  20
• 25:23
  year
• 25:24
  old
• 25:24
  AI
• 25:25
  expert
• 25:25
  who
• 25:25
  was
• 25:25
  among
• 25:26
  the
• 25:26
  first
• 25:26
  10,000
• 25:26
  to
• 25:27
  use
• 25:27
  OpenAI.
• 25:28
  So
• 25:29
  Sebastian,
• 25:29
  who
• 25:29
  is,
• 25:29
  was
• 25:30
  still
• 25:30
  like
• 25:30
  very,
• 25:31
  very
• 25:31
  tight
• 25:31
  knit
• 25:31
  team,
• 25:32
  he's
• 25:32
  running
• 25:32
  everything
• 25:33
  with
• 25:33
  other
• 25:33
  20
• 25:34
  year
• 25:34
  olds
• 25:35
  because
• 25:35
  that's
• 25:35
  the
• 25:36
  way
• 25:36
  it
• 25:36
  is
• 25:36
  today.
• 25:36
  You
• 25:36
  know
• 25:37
  those
• 25:37
  people,
• 25:37
  they
• 25:37
  know
• 25:38
  you
• 25:38
  know
• 25:38
  the
• 25:38
  latest
• 25:38
  Python
• 25:39
  or
• 25:40
  all
• 25:40
  this
• 25:41
  proactive
• 25:41
  AI
• 25:42
  stuff
• 25:42
  and
• 25:43
  I
• 25:43
  can
• 25:44
  just.
• 25:45
  So
• 25:45
  that
• 25:45
  was,
• 25:45
  that's
• 25:45
  kind
• 25:46
  of
• 25:46
  like
• 25:46
  a
• 25:46
  very
• 25:46
  important
• 25:47
  kind
• 25:47
  of
• 25:47
  like
• 25:49
  thing
• 25:49
  that
• 25:50
  you
• 25:50
  know
• 25:50
  what
• 25:50
  you're
• 25:50
  good
• 25:50
  at
• 25:51
  and
• 25:51
  you
• 25:51
  know
• 25:51
  what
• 25:51
  you
• 25:51
  need
• 25:52
  help
• 25:52
  with
• 25:53
  and
• 25:53
  Again,
• 25:53
  like
• 25:54
  if
• 25:54
  you
• 25:54
  want
• 25:54
  to
• 25:55
  build
• 25:55
  a
• 25:55
  big
• 25:55
  company,
• 25:56
  if
• 25:56
  you
• 25:56
  don't
• 25:56
  have
• 25:56
  that
• 25:57
  knowledge
• 25:57
  as
• 25:57
  a
• 25:57
  CEO,
• 25:58
  then
• 25:58
  you
• 25:58
  will
• 25:58
  end
• 25:59
  up
• 25:59
  having
• 25:59
  lost
• 26:00
  people
• 26:00
  around
• 26:00
  you.
• 26:00
  If
• 26:01
  you
• 26:01
  don't
• 26:01
  know
• 26:01
  where
• 26:01
  you're
• 26:01
  going,
• 26:02
  you
• 26:02
  know,
• 26:02
  there's
• 26:03
  a
• 26:03
  lot
• 26:03
  of
• 26:03
  people
• 26:03
  going
• 26:03
  to
• 26:03
  follow
• 26:03
  you,
• 26:04
  but
• 26:04
  they're
• 26:04
  not
• 26:04
  following
• 26:04
  you
• 26:04
  for
• 26:05
  the
• 26:05
  right
• 26:05
  reasons.
• 26:05
  If
• 26:05
  you're
• 26:06
  really
• 26:06
  strong
• 26:06
  in
• 26:06
  your
• 26:07
  vision
• 26:07
  and
• 26:07
  what
• 26:07
  you
• 26:07
  want
• 26:08
  to
• 26:08
  do
• 26:08
  and
• 26:08
  your
• 26:08
  cultural
• 26:09
  values,
• 26:09
  which
• 26:09
  is
• 26:09
  of
• 26:09
  course
• 26:10
  very
• 26:10
  important,
• 26:11
  and
• 26:12
  make
• 26:12
  some
• 26:12
  very
• 26:12
  simple
• 26:12
  ones
• 26:13
  that
• 26:13
  people
• 26:13
  can
• 26:13
  actually
• 26:13
  remember,
• 26:14
  then
• 26:15
  you,
• 26:15
  then
• 26:15
  you
• 26:16
  get
• 26:16
  the
• 26:16
  right
• 26:16
  kind
• 26:16
  of
• 26:17
  following.
• 26:17
  And
• 26:17
  here
• 26:17
  I
• 26:17
  have
• 26:18
  another
• 26:18
  quote.
• 26:19
  Apple
• 26:19
  we
• 26:19
  didn't
• 26:19
  talk
• 26:19
  about,
• 26:20
  but
• 26:20
  Steve
• 26:20
  Job,
• 26:21
  the
• 26:21
  rule
• 26:21
  of
• 26:21
  10.
• 26:22
  You're
• 26:22
  going
• 26:22
  to
• 26:22
  I.
• 26:23
  Exactly
• 26:24
  the
• 26:24
  rule
• 26:24
  of
• 26:24
  10.
• 26:25
  I
• 26:25
  did.
• 26:26
  We
• 26:26
  touched
• 26:26
  on
• 26:26
  the
• 26:26
  rule
• 26:27
  of
• 26:27
  10.
• 26:27
  But
• 26:27
  for
• 26:27
  people
• 26:28
  who
• 26:28
  haven't
• 26:28
  heard
• 26:28
  it,
• 26:29
  please
• 26:29
  dive
• 26:29
  in.
• 26:30
  It's
• 26:31
  a
• 26:31
  very
• 26:31
  simple
• 26:31
  rule.
• 26:31
  It's
• 26:32
  basically
• 26:32
  to
• 26:32
  say
• 26:33
  it's
• 26:33
  all
• 26:33
  about
• 26:33
  people
• 26:34
  in
• 26:34
  the
• 26:34
  end.
• 26:34
  And
• 26:35
  the
• 26:35
  rule
• 26:35
  of
• 26:35
  10
• 26:36
  is
• 26:36
  that
• 26:36
  you
• 26:36
  try
• 26:37
  to
• 26:37
  focus
• 26:37
  on
• 26:37
  10
• 26:38
  people
• 26:38
  that
• 26:38
  you
• 26:38
  want
• 26:38
  to
• 26:38
  let
• 26:39
  into,
• 26:39
  you
• 26:39
  know,
• 26:40
  a
• 26:40
  startup
• 26:40
  or
• 26:41
  a
• 26:41
  product
• 26:41
  team
• 26:41
  or
• 26:42
  whatever
• 26:42
  it
• 26:42
  is.
• 26:43
  And
• 26:43
  then
• 26:43
  you're
• 26:43
  really
• 26:44
  diligent
• 26:44
  about
• 26:44
  getting
• 26:45
  those
• 26:45
  amazingly
• 26:46
  smart
• 26:46
  people
• 26:47
  together.
• 26:48
  And
• 26:48
  when
• 26:48
  they
• 26:49
  realize
• 26:49
  that
• 26:49
  they're
• 26:49
  also
• 26:50
  with
• 26:50
  other
• 26:50
  amazing
• 26:51
  smart
• 26:51
  people,
• 26:51
  they
• 26:51
  will
• 26:52
  be
• 26:52
  so
• 26:52
  happy
• 26:53
  because
• 26:53
  they're
• 26:53
  not
• 26:53
  used
• 26:53
  to
• 26:54
  that.
• 26:54
  You
• 26:54
  know,
• 26:54
  because
• 26:54
  the
• 26:54
  way
• 26:54
  that
• 26:55
  we
• 26:55
  hire
• 26:55
  now
• 26:55
  is
• 26:55
  like
• 26:55
  there's
• 26:56
  a
• 26:56
  smart
• 26:56
  guy
• 26:56
  and
• 26:56
  then
• 26:56
  there's
• 26:56
  some
• 26:57
  other
• 26:57
  people.
• 26:57
  But
• 26:57
  if
• 26:57
  you
• 26:58
  really
• 26:58
  focus
• 26:58
  on
• 26:58
  getting
• 26:58
  the
• 26:59
  best
• 26:59
  football
• 27:00
  team,
• 27:00
  just
• 27:00
  to
• 27:00
  use
• 27:01
  that
• 27:01
  analogy,
• 27:02
  into
• 27:02
  that
• 27:02
  room,
• 27:03
  then
• 27:03
  what
• 27:04
  happens
• 27:04
  is
• 27:04
  that
• 27:04
  they're
• 27:04
  not
• 27:04
  going
• 27:05
  to
• 27:05
  get
• 27:05
  other,
• 27:05
  you
• 27:05
  know,
• 27:06
  not
• 27:06
  smart
• 27:06
  people
• 27:06
  into
• 27:07
  that.
• 27:07
  So
• 27:08
  that
• 27:08
  is
• 27:08
  kind
• 27:08
  of
• 27:08
  like
• 27:08
  a
• 27:09
  self
• 27:09
  evolving
• 27:09
  group
• 27:10
  of
• 27:10
  people.
• 27:11
  And
• 27:11
  that
• 27:11
  is
• 27:11
  basically
• 27:12
  the
• 27:12
  whole
• 27:12
  foundation
• 27:12
  of
• 27:13
  Apple
• 27:13
  as
• 27:14
  well.
• 27:14
  You
• 27:14
  know,
• 27:14
  when
• 27:14
  they
• 27:15
  did
• 27:15
  the
• 27:15
  think
• 27:15
  different
• 27:16
  kind
• 27:16
  of
• 27:16
  like
• 27:16
  revamp
• 27:17
  up
• 27:17
  everything
• 27:17
  back
• 27:18
  in
• 27:18
  98
• 27:20
  or
• 27:20
  something.
• 27:21
  Yeah,
• 27:21
  when
• 27:21
  Apple
• 27:22
  was
• 27:22
  on
• 27:22
  its
• 27:22
  knees.
• 27:23
  And
• 27:23
  he
• 27:23
  came
• 27:23
  back,
• 27:23
  didn't
• 27:24
  he?
• 27:24
  Yeah,
• 27:24
  and
• 27:24
  he
• 27:25
  came
• 27:25
  back
• 27:25
  and
• 27:25
  said,
• 27:25
  well,
• 27:25
  how
• 27:25
  do
• 27:26
  we
• 27:26
  build
• 27:26
  like
• 27:26
  something
• 27:27
  truly
• 27:27
  amazing?
• 27:27
  And,
• 27:28
  and
• 27:28
  Steve
• 27:28
  Jobs
• 27:28
  was
• 27:28
  personally
• 27:29
  going
• 27:29
  around
• 27:29
  picking
• 27:30
  these
• 27:30
  different
• 27:30
  people
• 27:31
  and
• 27:31
  also
• 27:32
  found
• 27:32
  that
• 27:32
  in.
• 27:33
  I
• 27:33
  don't
• 27:33
  remember
• 27:33
  the
• 27:33
  name
• 27:33
  of
• 27:33
  the
• 27:33
  designer
• 27:34
  but
• 27:34
  like
• 27:35
  Joanie,
• 27:35
  I've
• 27:36
  exactly.
• 27:37
  He
• 27:37
  found
• 27:37
  him
• 27:37
  somewhere
• 27:38
  in
• 27:38
  the,
• 27:38
  in
• 27:38
  a
• 27:39
  product
• 27:39
  team,
• 27:39
  said
• 27:40
  this
• 27:40
  guy
• 27:40
  is
• 27:40
  amazing.
• 27:41
  So,
• 27:42
  so
• 27:43
  yes,
• 27:43
  I
• 27:43
  believe
• 27:43
  very
• 27:43
  much
• 27:43
  in
• 27:44
  the
• 27:44
  rule
• 27:44
  of
• 27:44
  10
• 27:44
  and,
• 27:45
  and
• 27:46
  it
• 27:46
  gives
• 27:46
  you
• 27:46
  a
• 27:46
  higher
• 27:46
  kind
• 27:47
  of,
• 27:47
  you
• 27:48
  know,
• 27:48
  also
• 27:48
  for
• 27:49
  yourself.
• 27:49
  You
• 27:49
  know,
• 27:51
  I
• 27:51
  think
• 27:51
  in
• 27:51
  general
• 27:52
  just
• 27:52
  have
• 27:52
  a
• 27:52
  very
• 27:53
  high
• 27:54
  level
• 27:55
  of
• 27:55
  quality
• 27:56
  in
• 27:56
  everything
• 27:56
  you
• 27:56
  do.
• 27:57
  So
• 27:57
  even
• 27:57
  the
• 27:57
  smallest
• 27:58
  mistakes
• 27:58
  is
• 28:00
  not
• 28:00
  okay.
• 28:01
  Like
• 28:01
  what's
• 28:01
  on
• 28:01
  a
• 28:01
  website
• 28:02
  should
• 28:02
  Be
• 28:02
  always
• 28:02
  correct.
• 28:03
  The,
• 28:03
  you
• 28:04
  know,
• 28:04
  everything
• 28:04
  you
• 28:05
  say
• 28:05
  should
• 28:05
  be
• 28:06
  read
• 28:06
  through.
• 28:06
  And
• 28:07
  of
• 28:07
  course,
• 28:08
  yeah,
• 28:09
  but
• 28:09
  it's
• 28:09
  kind
• 28:09
  of
• 28:09
  like,
• 28:10
  you
• 28:10
  know,
• 28:10
  with
• 28:10
  those
• 28:10
  things
• 28:10
  that
• 28:11
  you
• 28:11
  can
• 28:11
  make
• 28:11
  nice,
• 28:11
  make
• 28:12
  it
• 28:12
  look
• 28:12
  nice,
• 28:12
  because
• 28:12
  you're
• 28:13
  a
• 28:13
  small
• 28:13
  company
• 28:13
  trying
• 28:13
  to
• 28:14
  compete
• 28:14
  against
• 28:14
  big
• 28:14
  companies,
• 28:15
  so
• 28:15
  at
• 28:15
  least
• 28:15
  you
• 28:15
  should
• 28:16
  have
• 28:16
  your
• 28:16
  copywriting
• 28:17
  right
• 28:17
  or
• 28:17
  people
• 28:17
  should
• 28:17
  understand
• 28:18
  what
• 28:19
  you're
• 28:19
  doing
• 28:20
  right.
• 28:20
  So,
• 28:21
  so
• 28:21
  that's
• 28:21
  for
• 28:22
  me,
• 28:22
  kind
• 28:22
  of
• 28:22
  like
• 28:22
  a
• 28:22
  no
• 28:23
  brainer.
• 28:23
  And
• 28:23
  there's
• 28:23
  another
• 28:23
  very
• 28:24
  good
• 28:24
  quote
• 28:24
  that
• 28:25
  I
• 28:25
  use
• 28:25
  a
• 28:25
  lot
• 28:25
  is
• 28:26
  anything
• 28:27
  you
• 28:27
  do
• 28:27
  is
• 28:27
  everything
• 28:28
  you
• 28:28
  do.
• 28:29
  So,
• 28:29
  you
• 28:29
  know,
• 28:29
  and
• 28:29
  that's
• 28:30
  something
• 28:30
  also
• 28:30
  we
• 28:30
  lead
• 28:31
  by
• 28:31
  hand.
• 28:31
  Tap
• 28:31
  is
• 28:32
  just
• 28:32
  like,
• 28:32
  you
• 28:32
  know,
• 28:32
  if
• 28:32
  you're
• 28:33
  a
• 28:33
  little
• 28:33
  bit
• 28:33
  sloppy
• 28:33
  on
• 28:33
  something,
• 28:34
  if
• 28:34
  you
• 28:34
  don't
• 28:34
  clean
• 28:34
  up
• 28:34
  your
• 28:35
  room
• 28:35
  well,
• 28:35
  then
• 28:35
  your
• 28:35
  whole
• 28:36
  life
• 28:36
  is
• 28:36
  a
• 28:36
  mess.
• 28:37
  If
• 28:37
  you,
• 28:37
  if
• 28:37
  you
• 28:37
  don't
• 28:38
  finish
• 28:38
  things,
• 28:38
  you
• 28:39
  know,
• 28:39
  the
• 28:39
  proper
• 28:39
  way,
• 28:39
  then,
• 28:39
  you
• 28:40
  know,
• 28:40
  you
• 28:40
  never
• 28:40
  finish
• 28:40
  anything.
• 28:41
  So
• 28:41
  that
• 28:42
  whole
• 28:42
  like
• 28:43
  mantra
• 28:43
  of
• 28:44
  just
• 28:44
  saying,
• 28:44
  like,
• 28:44
  you
• 28:44
  know
• 28:45
  what
• 28:45
  you
• 28:45
  do,
• 28:46
  anything
• 28:46
  you
• 28:46
  do
• 28:47
  is
• 28:47
  everything
• 28:47
  you
• 28:47
  do.
• 28:47
  And
• 28:48
  if
• 28:49
  you
• 28:49
  collect
• 28:49
  all
• 28:50
  of
• 28:50
  those
• 28:50
  small
• 28:50
  details
• 28:51
  of
• 28:51
  what
• 28:51
  you
• 28:51
  do,
• 28:51
  then
• 28:52
  you
• 28:52
  will
• 28:52
  end
• 28:52
  up
• 28:52
  with
• 28:53
  having
• 28:54
  something
• 28:54
  you
• 28:54
  could
• 28:54
  be
• 28:54
  really
• 28:55
  proud
• 28:55
  of
• 28:55
  at
• 28:55
  the
• 28:55
  end.
• 28:57
  And
• 28:58
  I
• 28:59
  wholeheartedly
• 29:00
  agree.
• 29:00
  There's
• 29:00
  an
• 29:00
  interesting
• 29:01
  point
• 29:01
  you
• 29:02
  touch
• 29:02
  on
• 29:02
  and
• 29:03
  I'm
• 29:03
  gonna
• 29:04
  poke
• 29:05
  at
• 29:05
  this
• 29:05
  a
• 29:05
  little
• 29:05
  bit,
• 29:05
  if
• 29:05
  you
• 29:06
  don't
• 29:06
  mind,
• 29:06
  Christian.
• 29:06
  So
• 29:07
  you
• 29:07
  talked
• 29:07
  about
• 29:07
  this
• 29:08
  idea
• 29:08
  of
• 29:10
  being
• 29:10
  willing.
• 29:11
  So
• 29:11
  there's
• 29:11
  kind
• 29:12
  of
• 29:12
  patience
• 29:13
  is
• 29:13
  one
• 29:15
  being
• 29:16
  comfortable,
• 29:17
  failing
• 29:18
  in
• 29:18
  inverted
• 29:19
  commas.
• 29:19
  You
• 29:19
  know
• 29:19
  what
• 29:20
  I
• 29:20
  mean?
• 29:20
  Failing
• 29:20
  is
• 29:21
  in,
• 29:21
  you
• 29:22
  know,
• 29:22
  that
• 29:22
  didn't
• 29:23
  work,
• 29:23
  but
• 29:23
  I'm
• 29:24
  going
• 29:24
  to
• 29:24
  go
• 29:24
  to
• 29:24
  the
• 29:24
  next
• 29:24
  thing.
• 29:25
  And
• 29:25
  then
• 29:25
  you
• 29:25
  talked
• 29:26
  about
• 29:26
  the
• 29:26
  importance
• 29:26
  of
• 29:27
  how
• 29:27
  you
• 29:27
  do
• 29:28
  everything
• 29:28
  is
• 29:30
  how
• 29:30
  you
• 29:30
  do
• 29:30
  anything.
• 29:32
  It's
• 29:32
  difficult
• 29:33
  to
• 29:33
  remember.
• 29:33
  Yeah,
• 29:34
  yeah.
• 29:35
  So
• 29:35
  my
• 29:35
  question
• 29:36
  is,
• 29:37
  how
• 29:38
  do
• 29:38
  you
• 29:38
  balance
• 29:38
  those
• 29:39
  three?
• 29:39
  Because
• 29:39
  if
• 29:40
  we're
• 29:40
  really
• 29:40
  talking
• 29:40
  about
• 29:41
  patience
• 29:41
  is
• 29:42
  great.
• 29:42
  And
• 29:44
  to
• 29:44
  be
• 29:44
  fair,
• 29:44
  the
• 29:45
  third,
• 29:45
  you
• 29:45
  know,
• 29:46
  how
• 29:46
  you
• 29:46
  do
• 29:46
  everything
• 29:47
  is
• 29:47
  how,
• 29:47
  how
• 29:47
  you
• 29:48
  do
• 29:49
  anything
• 29:50
  versus
• 29:50
  the
• 29:51
  fail
• 29:51
  fast
• 29:51
  philosophy,
• 29:52
  which
• 29:53
  a
• 29:53
  lot
• 29:53
  of
• 29:53
  entrepreneurs,
• 29:54
  you
• 29:54
  know,
• 29:54
  talk
• 29:55
  about,
• 29:55
  founders
• 29:56
  talk
• 29:56
  about.
• 29:57
  How
• 29:57
  do
• 29:57
  you
• 29:57
  combine
• 29:57
  those
• 29:57
  three
• 29:58
  is
• 29:58
  a
• 29:58
  really
• 29:58
  good
• 29:59
  question.
• 29:59
  And,
• 30:00
  and
• 30:00
  this
• 30:00
  is
• 30:00
  how
• 30:01
  I
• 30:01
  do
• 30:01
  it.
• 30:01
  So
• 30:02
  before
• 30:03
  I
• 30:03
  was
• 30:03
  doing
• 30:04
  too
• 30:04
  many
• 30:04
  things
• 30:05
  half
• 30:05
  assed,
• 30:06
  kind
• 30:06
  of
• 30:06
  like
• 30:06
  I
• 30:07
  wanted
• 30:07
  to
• 30:07
  have
• 30:07
  like
• 30:07
  all
• 30:08
  these
• 30:08
  different
• 30:08
  kinds
• 30:08
  of
• 30:08
  clients.
• 30:09
  I
• 30:09
  just
• 30:09
  mentioned
• 30:10
  the
• 30:10
  example
• 30:10
  with
• 30:10
  the
• 30:10
  stadium
• 30:11
  before,
• 30:11
  like,
• 30:11
  it
• 30:11
  was
• 30:11
  too
• 30:12
  easy
• 30:12
  to
• 30:12
  kind
• 30:12
  of
• 30:12
  like,
• 30:13
  I
• 30:13
  was
• 30:13
  not
• 30:13
  necessarily
• 30:14
  sure.
• 30:14
  So
• 30:14
  I
• 30:14
  was
• 30:14
  like,
• 30:14
  little
• 30:14
  bit
• 30:15
  of
• 30:15
  this,
• 30:15
  little
• 30:15
  bit
• 30:15
  of
• 30:15
  that,
• 30:15
  but
• 30:15
  it
• 30:16
  doesn't
• 30:16
  become
• 30:16
  good.
• 30:17
  So
• 30:17
  what
• 30:17
  I
• 30:17
  did
• 30:17
  with
• 30:18
  Tab
• 30:18
  is
• 30:18
  say,
• 30:19
  like,
• 30:19
  we're
• 30:19
  just
• 30:19
  going
• 30:20
  to
• 30:20
  be
• 30:20
  very
• 30:20
  good
• 30:20
  at
• 30:21
  one
• 30:21
  thing.
• 30:21
  And
• 30:22
  that
• 30:22
  one
• 30:22
  thing
• 30:22
  is
• 30:23
  at
• 30:23
  this
• 30:23
  moment
• 30:24
  something
• 30:24
  we
• 30:24
  call
• 30:24
  business
• 30:25
  in
• 30:25
  your
• 30:25
  Pocket.
• 30:26
  So
• 30:26
  we
• 30:26
  have
• 30:26
  collected
• 30:26
  everything
• 30:27
  you
• 30:27
  need
• 30:27
  to
• 30:27
  basically
• 30:28
  get
• 30:28
  boundary
• 30:29
  from
• 30:29
  the
• 30:29
  App
• 30:29
  Store
• 30:29
  and
• 30:29
  then
• 30:29
  you
• 30:30
  do
• 30:30
  your
• 30:30
  payments
• 30:30
  with
• 30:30
  tap
• 30:31
  on
• 30:31
  phone,
• 30:31
  all
• 30:31
  the
• 30:32
  AI
• 30:32
  you
• 30:32
  have,
• 30:32
  the
• 30:33
  bookings.
• 30:33
  And
• 30:33
  so
• 30:34
  it's
• 30:34
  a
• 30:34
  really
• 30:34
  like
• 30:34
  interesting
• 30:35
  product.
• 30:35
  But
• 30:35
  we
• 30:36
  just
• 30:36
  think
• 30:36
  that
• 30:37
  instead
• 30:37
  of
• 30:37
  going
• 30:37
  in
• 30:37
  and
• 30:38
  fighting
• 30:38
  a
• 30:38
  very
• 30:38
  big
• 30:39
  market
• 30:39
  of
• 30:39
  POS
• 30:40
  systems,
• 30:41
  servicing,
• 30:42
  fnb,
• 30:42
  whatever,
• 30:43
  we,
• 30:43
  we
• 30:43
  just
• 30:43
  saw
• 30:44
  this
• 30:44
  hole
• 30:44
  in
• 30:44
  the
• 30:44
  market.
• 30:44
  We
• 30:44
  said
• 30:45
  like
• 30:45
  really
• 30:46
  normal
• 30:46
  people,
• 30:46
  sole
• 30:47
  traders,
• 30:47
  like
• 30:48
  Gen
• 30:48
  Z,
• 30:49
  if
• 30:49
  it's
• 30:50
  having
• 30:50
  side
• 30:50
  business,
• 30:51
  whatever,
• 30:51
  they
• 30:52
  need
• 30:52
  something
• 30:52
  where
• 30:52
  they
• 30:52
  can
• 30:53
  actually
• 30:53
  collect
• 30:53
  that
• 30:53
  money
• 30:54
  and
• 30:54
  organize
• 30:54
  their
• 30:55
  business.
• 30:55
  So
• 30:55
  that's
• 30:55
  what
• 30:55
  we
• 30:55
  try
• 30:55
  to
• 30:56
  do
• 30:56
  very,
• 30:56
  very
• 30:57
  well.
• 30:57
  So,
• 30:58
  so
• 30:59
  the
• 30:59
  answer
• 30:59
  is
• 31:00
  like
• 31:00
  don't
• 31:00
  do
• 31:00
  too
• 31:00
  many
• 31:01
  things
• 31:01
  because
• 31:01
  then
• 31:01
  it's
• 31:01
  difficult
• 31:02
  to
• 31:02
  make
• 31:02
  it
• 31:02
  right.
• 31:03
  It's
• 31:04
  also
• 31:04
  difficult
• 31:04
  to
• 31:04
  know
• 31:05
  what
• 31:05
  even
• 31:05
  works,
• 31:06
  isn't,
• 31:08
  is.
• 31:08
  But
• 31:08
  most
• 31:08
  people,
• 31:09
  they
• 31:09
  do
• 31:09
  like
• 31:09
  a
• 31:09
  little
• 31:09
  bit
• 31:09
  of
• 31:09
  this,
• 31:10
  a
• 31:10
  little
• 31:10
  bit
• 31:10
  of
• 31:10
  that
• 31:10
  and
• 31:10
  they're
• 31:10
  very
• 31:11
  easy
• 31:11
  to,
• 31:11
  you
• 31:11
  know,
• 31:12
  to
• 31:12
  manipulate
• 31:13
  because
• 31:13
  they're
• 31:13
  not,
• 31:15
  they're
• 31:15
  not
• 31:15
  deep
• 31:15
  enough
• 31:16
  in
• 31:16
  the
• 31:16
  fate
• 31:16
  of
• 31:16
  what
• 31:17
  they're
• 31:17
  doing.
• 31:17
  So
• 31:17
  this
• 31:18
  translates.
• 31:18
  So
• 31:18
  you
• 31:18
  have
• 31:19
  to,
• 31:19
  if
• 31:19
  you
• 31:19
  do
• 31:19
  what
• 31:20
  is,
• 31:20
  if
• 31:20
  you
• 31:20
  don't
• 31:20
  do
• 31:21
  too
• 31:21
  much,
• 31:21
  then
• 31:21
  you
• 31:21
  can
• 31:22
  be
• 31:22
  very
• 31:22
  diligent
• 31:22
  about
• 31:22
  what
• 31:23
  you
• 31:23
  do.
• 31:23
  So
• 31:24
  then
• 31:24
  you
• 31:24
  can
• 31:24
  actually
• 31:24
  care
• 31:24
  for
• 31:25
  the
• 31:25
  small
• 31:25
  details,
• 31:26
  think
• 31:26
  about
• 31:26
  the
• 31:27
  branding
• 31:27
  and
• 31:28
  about
• 31:28
  like
• 31:28
  how
• 31:28
  people
• 31:29
  are
• 31:29
  coming
• 31:29
  to
• 31:29
  a
• 31:29
  landing
• 31:30
  page,
• 31:30
  whether
• 31:30
  they
• 31:30
  hearing.
• 31:31
  Everybody
• 31:32
  in
• 31:32
  the
• 31:32
  whole
• 31:32
  organization
• 31:33
  needs
• 31:33
  to
• 31:33
  understand
• 31:34
  that.
• 31:34
  That's
• 31:34
  also
• 31:34
  why
• 31:34
  I
• 31:34
  talk
• 31:35
  a
• 31:35
  lot
• 31:35
  with
• 31:35
  the
• 31:35
  developers
• 31:36
  who
• 31:36
  in
• 31:36
  our
• 31:36
  case
• 31:37
  are
• 31:37
  very
• 31:37
  deep
• 31:37
  tech
• 31:38
  developers.
• 31:38
  But
• 31:38
  it's
• 31:39
  important
• 31:39
  for
• 31:39
  me
• 31:39
  that
• 31:39
  they
• 31:40
  understand
• 31:40
  why
• 31:40
  we're
• 31:41
  here,
• 31:41
  what
• 31:41
  we're
• 31:42
  saying,
• 31:42
  you
• 31:42
  know,
• 31:43
  what
• 31:43
  is
• 31:43
  the
• 31:43
  benefit
• 31:44
  of
• 31:44
  using
• 31:44
  TATT
• 31:44
  versus
• 31:45
  someone
• 31:45
  else
• 31:45
  and
• 31:46
  so
• 31:46
  that
• 31:46
  everybody
• 31:47
  understands
• 31:47
  that
• 31:47
  you're
• 31:48
  an
• 31:48
  important
• 31:48
  part
• 31:48
  of
• 31:49
  this
• 31:49
  common
• 31:50
  vision.
• 31:50
  So
• 31:50
  then
• 31:51
  you
• 31:51
  can
• 31:51
  start
• 31:51
  doing
• 31:51
  things
• 31:51
  diligently.
• 31:52
  And
• 31:53
  then
• 31:53
  the
• 31:53
  last
• 31:53
  thing
• 31:54
  is
• 31:54
  patience.
• 31:54
  Like
• 31:55
  then
• 31:55
  you
• 31:55
  need
• 31:55
  to
• 31:55
  be
• 31:55
  patient
• 31:56
  because
• 31:57
  you
• 31:57
  may
• 31:57
  have
• 31:58
  the
• 31:58
  best
• 31:58
  idea
• 31:58
  in
• 31:58
  the
• 31:58
  world,
• 31:59
  but
• 31:59
  it's
• 31:59
  going
• 31:59
  to
• 31:59
  take
• 31:59
  some
• 32:00
  time
• 32:00
  for
• 32:00
  a
• 32:00
  market
• 32:00
  to
• 32:01
  adapt
• 32:01
  into
• 32:01
  that.
• 32:02
  And
• 32:02
  then
• 32:02
  I
• 32:02
  try
• 32:03
  also
• 32:03
  to
• 32:03
  explain
• 32:03
  the
• 32:03
  technical
• 32:04
  guys
• 32:04
  like
• 32:04
  you
• 32:04
  have
• 32:04
  early,
• 32:05
  you
• 32:05
  have
• 32:05
  first
• 32:06
  movers,
• 32:06
  early
• 32:06
  adapters,
• 32:08
  you
• 32:08
  know,
• 32:09
  early
• 32:09
  majority,
• 32:09
  and
• 32:10
  that
• 32:10
  these
• 32:10
  all
• 32:11
  act
• 32:11
  in
• 32:11
  different
• 32:11
  ways,
• 32:12
  you
• 32:12
  know,
• 32:12
  and,
• 32:13
  and
• 32:13
  when
• 32:13
  you
• 32:13
  get
• 32:13
  to
• 32:14
  the
• 32:14
  late
• 32:14
  majority,
• 32:14
  then
• 32:15
  you're
• 32:15
  a
• 32:15
  Coca
• 32:15
  Cola
• 32:15
  or
• 32:16
  something,
• 32:16
  then
• 32:16
  you
• 32:16
  have,
• 32:16
  everybody
• 32:17
  knows
• 32:17
  about
• 32:17
  you,
• 32:17
  but
• 32:18
  we're
• 32:18
  not
• 32:18
  there
• 32:18
  yet.
• 32:19
  And
• 32:19
  therefore
• 32:20
  we
• 32:20
  need
• 32:20
  to
• 32:20
  have
• 32:20
  to
• 32:20
  do
• 32:21
  something
• 32:22
  very
• 32:22
  different.
• 32:23
  It's
• 32:24
  not
• 32:24
  just
• 32:24
  a
• 32:24
  little
• 32:24
  bit
• 32:24
  better,
• 32:25
  it
• 32:25
  has
• 32:25
  to
• 32:25
  be
• 32:25
  much
• 32:25
  better
• 32:26
  because
• 32:26
  if
• 32:26
  you
• 32:26
  don't
• 32:26
  have
• 32:27
  a
• 32:27
  much
• 32:27
  better
• 32:27
  product,
• 32:28
  people
• 32:28
  will
• 32:28
  go
• 32:28
  with
• 32:28
  the
• 32:29
  one
• 32:29
  they
• 32:29
  trust,
• 32:29
  you
• 32:30
  know,
• 32:30
  the
• 32:30
  Brand.
• 32:30
  Oh,
• 32:30
  yeah,
• 32:31
  well,
• 32:32
  it
• 32:32
  works
• 32:32
  or
• 32:32
  something.
• 32:33
  But,
• 32:33
  you
• 32:33
  know,
• 32:33
  so
• 32:34
  in
• 32:34
  order
• 32:34
  for
• 32:34
  you
• 32:35
  to
• 32:35
  switch,
• 32:36
  you
• 32:36
  know,
• 32:36
  you
• 32:36
  have
• 32:37
  to
• 32:37
  just
• 32:37
  do
• 32:37
  something
• 32:38
  that
• 32:38
  creates
• 32:38
  so
• 32:38
  much
• 32:39
  more
• 32:39
  value
• 32:39
  that
• 32:40
  it's
• 32:41
  stupid
• 32:41
  not
• 32:41
  to
• 32:41
  do
• 32:42
  it.
• 32:42
  So
• 32:42
  what
• 32:43
  I
• 32:43
  think
• 32:43
  I
• 32:43
  hear
• 32:44
  you
• 32:44
  saying
• 32:44
  is
• 32:45
  the
• 32:45
  big
• 32:45
  details
• 32:46
  matter.
• 32:46
  So
• 32:47
  as
• 32:47
  in,
• 32:47
  you
• 32:47
  know,
• 32:48
  getting
• 32:48
  the
• 32:48
  landing
• 32:48
  page,
• 32:48
  the
• 32:49
  copywriting,
• 32:49
  the
• 32:50
  general
• 32:50
  communication,
• 32:51
  the
• 32:51
  vision,
• 32:52
  the
• 32:52
  big
• 32:52
  picture
• 32:53
  stuff.
• 32:53
  Call
• 32:53
  it
• 32:54
  that.
• 32:54
  Right.
• 32:56
  And
• 32:56
  then
• 32:56
  being
• 32:57
  able
• 32:57
  to
• 32:57
  tweak
• 32:58
  and
• 32:58
  play
• 32:59
  and
• 32:59
  go
• 32:59
  and
• 33:01
  be
• 33:01
  creative
• 33:01
  and
• 33:01
  be
• 33:02
  innovative
• 33:03
  with
• 33:03
  the
• 33:03
  small
• 33:03
  things.
• 33:04
  Like
• 33:04
  for
• 33:04
  instance,
• 33:05
  you
• 33:05
  know,
• 33:06
  I'm
• 33:06
  just
• 33:06
  using
• 33:07
  examples
• 33:07
  here
• 33:07
  because
• 33:08
  I
• 33:08
  know
• 33:08
  that,
• 33:08
  you
• 33:09
  know,
• 33:09
  founders
• 33:09
  listening
• 33:10
  to
• 33:10
  this
• 33:10
  will,
• 33:11
  will
• 33:13
  wonder
• 33:13
  what
• 33:14
  they,
• 33:14
  you
• 33:14
  know,
• 33:14
  balancing
• 33:15
  that
• 33:15
  patience
• 33:15
  and
• 33:16
  fail
• 33:16
  fast
• 33:16
  thing,
• 33:16
  doing
• 33:17
  small
• 33:17
  things
• 33:17
  like,
• 33:18
  you
• 33:18
  know,
• 33:19
  trying
• 33:19
  something
• 33:20
  new
• 33:20
  with
• 33:20
  ads,
• 33:21
  trying
• 33:22
  some
• 33:22
  new,
• 33:23
  you
• 33:23
  know,
• 33:23
  ways
• 33:24
  to
• 33:24
  reach
• 33:24
  out
• 33:24
  to
• 33:24
  their
• 33:25
  target
• 33:25
  market,
• 33:25
  whatever
• 33:26
  it
• 33:26
  may
• 33:26
  be
• 33:26
  subtle,
• 33:27
  subtle
• 33:27
  things
• 33:27
  that
• 33:28
  are
• 33:28
  very
• 33:28
  creative
• 33:28
  that
• 33:29
  other
• 33:29
  people
• 33:29
  aren't
• 33:30
  doing.
• 33:30
  Is,
• 33:31
  is
• 33:31
  that
• 33:31
  where
• 33:31
  you're,
• 33:32
  when
• 33:32
  you're
• 33:32
  talking
• 33:33
  about
• 33:33
  that
• 33:33
  balance,
• 33:33
  you're
• 33:34
  kind
• 33:34
  of
• 33:34
  talking
• 33:34
  about
• 33:34
  mixing
• 33:35
  those
• 33:36
  elements
• 33:36
  is.
• 33:37
  Am
• 33:37
  I
• 33:37
  right
• 33:37
  or.
• 33:38
  Yeah,
• 33:39
  yeah,
• 33:39
  that's
• 33:39
  another
• 33:40
  very
• 33:40
  good
• 33:40
  point
• 33:40
  that
• 33:40
  you
• 33:40
  touch
• 33:41
  upon
• 33:41
  there,
• 33:41
  because
• 33:42
  that's
• 33:42
  another
• 33:42
  mistake
• 33:43
  of
• 33:43
  many
• 33:43
  founders,
• 33:43
  is
• 33:44
  that
• 33:44
  they
• 33:44
  only
• 33:44
  take
• 33:45
  a
• 33:45
  few.
• 33:46
  It's
• 33:46
  almost
• 33:46
  like
• 33:46
  they're
• 33:47
  artists
• 33:47
  and
• 33:48
  their,
• 33:48
  their
• 33:49
  startup
• 33:49
  is
• 33:50
  so
• 33:50
  amazing
• 33:51
  and
• 33:52
  turned
• 33:53
  down
• 33:53
  people.
• 33:53
  And
• 33:54
  then
• 33:54
  they
• 33:54
  only
• 33:54
  have
• 33:54
  a
• 33:54
  few
• 33:54
  dialogues
• 33:55
  with
• 33:55
  VCs,
• 33:56
  for
• 33:56
  example,
• 33:56
  they
• 33:56
  only
• 33:56
  have
• 33:56
  a
• 33:56
  few
• 33:57
  dialogues
• 33:57
  with
• 33:57
  customers.
• 33:58
  They
• 33:58
  only
• 33:58
  try
• 33:58
  this
• 33:59
  marketing
• 33:59
  strategy
• 34:00
  and
• 34:00
  then
• 34:00
  they
• 34:00
  go
• 34:00
  on.
• 34:01
  You
• 34:01
  know,
• 34:02
  again,
• 34:02
  if
• 34:02
  you
• 34:02
  have
• 34:02
  a
• 34:03
  big
• 34:03
  vision,
• 34:03
  you
• 34:03
  have
• 34:04
  to
• 34:04
  try
• 34:04
  many
• 34:04
  different
• 34:05
  routes.
• 34:05
  You
• 34:06
  know,
• 34:06
  we,
• 34:06
  for
• 34:06
  example,
• 34:07
  we
• 34:07
  do
• 34:07
  SEO,
• 34:07
  we
• 34:08
  do
• 34:08
  paid,
• 34:08
  we
• 34:08
  do
• 34:09
  Xiaomi,
• 34:09
  we
• 34:09
  do
• 34:09
  ugc,
• 34:10
  we
• 34:10
  do
• 34:12
  direct
• 34:13
  outbound
• 34:14
  with
• 34:14
  emails.
• 34:14
  Like
• 34:15
  not
• 34:16
  because,
• 34:16
  just
• 34:17
  because
• 34:17
  we
• 34:17
  want
• 34:17
  to
• 34:17
  find
• 34:18
  out
• 34:18
  what
• 34:18
  is
• 34:19
  the
• 34:19
  best
• 34:19
  way
• 34:19
  to
• 34:19
  get
• 34:19
  customers.
• 34:20
  And
• 34:21
  at
• 34:21
  the
• 34:21
  same
• 34:21
  time,
• 34:22
  with
• 34:22
  VCs,
• 34:23
  we
• 34:23
  talk
• 34:24
  to
• 34:25
  all
• 34:25
  the
• 34:25
  time.
• 34:25
  I
• 34:25
  spend
• 34:25
  a
• 34:26
  lot
• 34:26
  of
• 34:26
  time
• 34:26
  talking
• 34:26
  to
• 34:26
  vcs.
• 34:27
  Not
• 34:27
  necessarily
• 34:27
  because
• 34:27
  I
• 34:28
  need
• 34:28
  the
• 34:28
  money
• 34:28
  now,
• 34:28
  but
• 34:29
  because
• 34:29
  I
• 34:29
  want
• 34:30
  to
• 34:30
  have
• 34:30
  options
• 34:30
  open.
• 34:32
  You
• 34:32
  know,
• 34:32
  my
• 34:32
  job
• 34:33
  as
• 34:33
  a
• 34:33
  CEO
• 34:33
  is
• 34:33
  to
• 34:33
  make
• 34:34
  sure
• 34:34
  we
• 34:34
  have
• 34:34
  enough
• 34:34
  Runway
• 34:35
  to
• 34:35
  actually
• 34:36
  get
• 34:36
  the
• 34:36
  time
• 34:36
  that
• 34:36
  we
• 34:37
  need
• 34:37
  to
• 34:38
  get
• 34:38
  to
• 34:38
  market.
• 34:38
  And
• 34:39
  the
• 34:39
  second
• 34:39
  thing
• 34:39
  is
• 34:39
  to
• 34:39
  hire
• 34:40
  the
• 34:40
  right
• 34:40
  people
• 34:41
  so
• 34:41
  that
• 34:41
  we
• 34:41
  have
• 34:42
  a
• 34:42
  strong
• 34:42
  organization
• 34:43
  who,
• 34:43
  you
• 34:43
  know,
• 34:44
  will
• 34:44
  get
• 34:44
  there
• 34:44
  someday.
• 34:45
  It's
• 34:45
  funny
• 34:46
  enough,
• 34:46
  not
• 34:46
  about
• 34:46
  product,
• 34:47
  you
• 34:47
  know,
• 34:48
  so
• 34:48
  for
• 34:48
  example,
• 34:48
  a
• 34:49
  CTO
• 34:49
  should
• 34:49
  be
• 34:49
  really
• 34:49
  obsessed
• 34:50
  about
• 34:50
  making
• 34:50
  a
• 34:50
  great
• 34:50
  product.
• 34:51
  A
• 34:51
  CEO
• 34:51
  should
• 34:52
  be
• 34:52
  very
• 34:52
  obsessed
• 34:52
  about
• 34:52
  creating
• 34:53
  a
• 34:53
  great
• 34:53
  company.
• 34:54
  Right.
• 34:54
  And
• 34:54
  that's
• 34:55
  a
• 34:55
  different
• 34:55
  discipline.
• 34:55
  But,
• 34:56
  but.
• 34:58
  So
• 34:58
  yes,
• 34:58
  you
• 34:58
  shouldn't
• 34:59
  have,
• 34:59
  like,
• 34:59
  it's,
• 35:00
  it's.
• 35:00
  Yeah,
• 35:00
  it's
• 35:01
  like
• 35:01
  you
• 35:01
  Know,
• 35:02
  just
• 35:02
  share
• 35:02
  with
• 35:03
  everybody
• 35:03
  what
• 35:03
  you
• 35:03
  do,
• 35:04
  you
• 35:04
  know,
• 35:04
  be
• 35:04
  proud
• 35:04
  of
• 35:04
  what
• 35:05
  you
• 35:05
  do.
• 35:05
  Try
• 35:06
  to
• 35:06
  find
• 35:06
  that
• 35:06
  like
• 35:07
  person.
• 35:07
  It's
• 35:07
  also
• 35:07
  the
• 35:07
  same
• 35:07
  thing
• 35:08
  as
• 35:08
  like,
• 35:08
  if
• 35:08
  you
• 35:08
  want
• 35:08
  to
• 35:08
  have
• 35:08
  a
• 35:08
  girlfriend,
• 35:09
  you
• 35:09
  don't
• 35:09
  just
• 35:09
  go
• 35:09
  down
• 35:10
  to
• 35:10
  a
• 35:10
  random
• 35:10
  bar
• 35:10
  and
• 35:11
  talk
• 35:11
  to
• 35:11
  one
• 35:11
  girl
• 35:11
  if
• 35:11
  you
• 35:12
  want.
• 35:12
  That
• 35:12
  is
• 35:12
  a
• 35:12
  great
• 35:12
  analogy.
• 35:14
  Yes.
• 35:16
  The
• 35:17
  one
• 35:17
  I
• 35:17
  use
• 35:17
  is
• 35:17
  you
• 35:18
  don't
• 35:18
  get.
• 35:18
  You
• 35:18
  don't.
• 35:19
  You
• 35:19
  rarely
• 35:19
  ever
• 35:20
  anyway,
• 35:20
  get
• 35:21
  married
• 35:21
  on
• 35:21
  the
• 35:21
  first
• 35:21
  date.
• 35:22
  Exactly.
• 35:24
  So
• 35:24
  take
• 35:24
  your
• 35:24
  time.
• 35:25
  I
• 35:25
  think
• 35:25
  that's
• 35:26
  really,
• 35:26
  really
• 35:26
  helpful.
• 35:27
  So
• 35:27
  like,
• 35:27
  if,
• 35:28
  if
• 35:28
  you're,
• 35:29
  you're
• 35:29
  talking
• 35:29
  about
• 35:30
  Runway,
• 35:30
  right.
• 35:31
  And,
• 35:31
  and
• 35:32
  I,
• 35:32
  I
• 35:32
  come
• 35:32
  across
• 35:33
  and
• 35:33
  speak
• 35:34
  to
• 35:34
  founders
• 35:34
  that
• 35:35
  are
• 35:35
  kind
• 35:35
  of
• 35:35
  in,
• 35:36
  in
• 35:36
  that
• 35:36
  pressure
• 35:37
  stage,
• 35:37
  that
• 35:37
  death
• 35:38
  zone
• 35:38
  where
• 35:38
  they've
• 35:39
  got
• 35:39
  maybe
• 35:40
  somewhere
• 35:41
  between
• 35:42
  1
• 35:42
  and
• 35:43
  7
• 35:43
  million
• 35:44
  pounds
• 35:44
  in
• 35:44
  terms
• 35:44
  of
• 35:45
  AR
• 35:45
  and
• 35:46
  they're,
• 35:47
  they've
• 35:47
  got
• 35:47
  traction,
• 35:48
  they've
• 35:48
  got
• 35:48
  a
• 35:48
  bit
• 35:48
  of
• 35:48
  product
• 35:49
  market
• 35:49
  fit,
• 35:49
  but
• 35:50
  they're
• 35:50
  not
• 35:51
  sure
• 35:51
  about
• 35:53
  what
• 35:54
  to
• 35:54
  do,
• 35:54
  where
• 35:54
  to
• 35:54
  go,
• 35:55
  who
• 35:55
  to
• 35:55
  turn
• 35:56
  to.
• 35:57
  What
• 35:57
  would
• 35:57
  your
• 35:59
  number
• 36:00
  one,
• 36:00
  because
• 36:00
  you
• 36:00
  talked
• 36:01
  about,
• 36:01
  you
• 36:01
  know,
• 36:02
  having
• 36:02
  options,
• 36:03
  right.
• 36:05
  What
• 36:05
  would
• 36:06
  you
• 36:06
  suggest
• 36:07
  to
• 36:07
  somebody
• 36:08
  to
• 36:08
  make
• 36:08
  sure
• 36:08
  as
• 36:08
  a
• 36:09
  CEO,
• 36:10
  the
• 36:10
  non
• 36:10
  technical
• 36:11
  person,
• 36:12
  that
• 36:12
  they
• 36:12
  ensure
• 36:13
  that
• 36:13
  there's
• 36:13
  enough
• 36:14
  Runway
• 36:15
  so
• 36:15
  that
• 36:16
  they
• 36:16
  don't
• 36:16
  die
• 36:17
  before
• 36:17
  they
• 36:18
  as
• 36:19
  a
• 36:19
  company,
• 36:20
  before
• 36:20
  they
• 36:21
  see
• 36:21
  their
• 36:21
  vision
• 36:22
  come
• 36:22
  to
• 36:22
  life?
• 36:23
  Yeah,
• 36:25
  I
• 36:25
  think
• 36:26
  it's
• 36:26
  about
• 36:26
  being
• 36:26
  prepared
• 36:27
  for
• 36:27
  that
• 36:27
  Runway.
• 36:28
  Again,
• 36:29
  if
• 36:29
  you're
• 36:29
  a
• 36:29
  young
• 36:29
  entrepreneur,
• 36:30
  maybe
• 36:30
  you
• 36:30
  don't
• 36:30
  care
• 36:30
  about
• 36:31
  only
• 36:31
  having
• 36:31
  two
• 36:31
  months
• 36:32
  left,
• 36:32
  but
• 36:33
  I
• 36:33
  feel
• 36:34
  I
• 36:34
  always
• 36:34
  want
• 36:34
  to
• 36:34
  have
• 36:35
  at
• 36:35
  least
• 36:35
  one
• 36:35
  year
• 36:35
  of
• 36:36
  Runway
• 36:37
  and
• 36:37
  for
• 36:37
  my
• 36:38
  own
• 36:38
  kind
• 36:38
  of
• 36:38
  like
• 36:40
  steep
• 36:40
  sake,
• 36:40
  but
• 36:40
  also
• 36:41
  for
• 36:41
  the
• 36:41
  people
• 36:42
  who
• 36:42
  works
• 36:42
  in
• 36:42
  the
• 36:42
  company.
• 36:43
  Most
• 36:43
  developers,
• 36:43
  for
• 36:44
  example,
• 36:44
  are
• 36:44
  not
• 36:44
  very
• 36:44
  happy
• 36:45
  to
• 36:45
  know
• 36:45
  that
• 36:45
  in
• 36:45
  three
• 36:46
  months
• 36:46
  everything
• 36:46
  can
• 36:46
  be
• 36:46
  over.
• 36:47
  You
• 36:47
  know,
• 36:48
  so
• 36:48
  there's
• 36:48
  a
• 36:48
  little
• 36:48
  bit
• 36:48
  of
• 36:48
  like
• 36:49
  a
• 36:49
  sense
• 36:49
  of
• 36:49
  urgency,
• 36:50
  but
• 36:50
  at
• 36:50
  the
• 36:50
  same
• 36:50
  time
• 36:51
  some
• 36:51
  security
• 36:52
  in
• 36:52
  that,
• 36:53
  you
• 36:53
  know,
• 36:53
  I
• 36:53
  have,
• 36:53
  have
• 36:53
  your
• 36:54
  back,
• 36:54
  I
• 36:54
  will
• 36:54
  make
• 36:54
  sure
• 36:54
  that
• 36:55
  you
• 36:55
  get
• 36:55
  the
• 36:56
  money.
• 36:56
  And,
• 36:56
  and
• 36:57
  then
• 36:57
  the
• 36:57
  other
• 36:57
  thing
• 36:57
  is
• 36:58
  to,
• 36:59
  you
• 36:59
  know,
• 37:00
  yeah,
• 37:00
  for
• 37:00
  example,
• 37:01
  I
• 37:01
  have
• 37:01
  this
• 37:01
  investor
• 37:01
  group
• 37:01
  now
• 37:02
  and
• 37:02
  we
• 37:02
  need
• 37:02
  a
• 37:02
  little
• 37:02
  bit
• 37:03
  money,
• 37:03
  more
• 37:03
  money
• 37:03
  than
• 37:04
  we
• 37:04
  actually
• 37:04
  anticipated
• 37:05
  to
• 37:05
  begin
• 37:05
  with.
• 37:05
  That's
• 37:05
  not
• 37:05
  unusual,
• 37:07
  but
• 37:07
  it
• 37:07
  takes
• 37:07
  a
• 37:07
  longer
• 37:07
  time
• 37:08
  and
• 37:08
  they
• 37:08
  were
• 37:08
  like
• 37:08
  very
• 37:09
  happy
• 37:09
  to
• 37:09
  come
• 37:09
  with
• 37:09
  more
• 37:09
  money.
• 37:10
  But
• 37:10
  then
• 37:10
  I
• 37:10
  realized
• 37:11
  I
• 37:11
  don't
• 37:11
  want
• 37:11
  them
• 37:11
  to
• 37:11
  have
• 37:12
  the
• 37:12
  power
• 37:13
  of
• 37:13
  me.
• 37:13
  So
• 37:13
  instead
• 37:14
  I
• 37:14
  went
• 37:14
  out
• 37:14
  and
• 37:14
  talked
• 37:15
  to
• 37:15
  new
• 37:15
  investors
• 37:16
  because
• 37:17
  obviously
• 37:17
  if
• 37:17
  you
• 37:17
  have
• 37:17
  your
• 37:18
  close
• 37:18
  investor
• 37:18
  room,
• 37:19
  maybe
• 37:19
  they
• 37:19
  will
• 37:19
  come
• 37:19
  with
• 37:19
  more
• 37:20
  money,
• 37:20
  but
• 37:20
  then
• 37:20
  they
• 37:20
  will
• 37:21
  maybe
• 37:21
  negotiate
• 37:22
  better
• 37:22
  valuation
• 37:23
  for
• 37:23
  them.
• 37:24
  And
• 37:24
  again,
• 37:25
  it's
• 37:25
  your
• 37:25
  responsibility
• 37:26
  as
• 37:26
  a
• 37:26
  CEO
• 37:26
  to
• 37:26
  say,
• 37:27
  well,
• 37:27
  I
• 37:27
  don't
• 37:28
  want
• 37:28
  that
• 37:28
  valuation,
• 37:28
  I
• 37:28
  can
• 37:29
  get
• 37:29
  a
• 37:29
  different
• 37:29
  valuation
• 37:30
  from
• 37:30
  a
• 37:30
  new
• 37:31
  investor.
• 37:32
  Which
• 37:32
  you
• 37:32
  maybe
• 37:32
  don't
• 37:32
  like,
• 37:33
  but
• 37:35
  need
• 37:35
  to
• 37:35
  be
• 37:35
  in
• 37:35
  control.
• 37:36
  You
• 37:36
  know,
• 37:36
  you
• 37:37
  need
• 37:37
  to,
• 37:38
  that's
• 37:38
  eventually,
• 37:38
  I
• 37:39
  think
• 37:39
  why
• 37:39
  many
• 37:40
  founder
• 37:40
  CEOs,
• 37:40
  they
• 37:41
  fail
• 37:41
  is
• 37:41
  like
• 37:41
  they
• 37:41
  let,
• 37:42
  they,
• 37:43
  they
• 37:43
  kind
• 37:43
  of
• 37:43
  like
• 37:43
  said,
• 37:44
  oh
• 37:44
  amazing,
• 37:44
  I
• 37:45
  built
• 37:45
  this
• 37:45
  company
• 37:45
  and
• 37:45
  now
• 37:45
  someone
• 37:46
  wants
• 37:46
  to
• 37:46
  invest
• 37:46
  in
• 37:47
  it
• 37:47
  and,
• 37:47
  and,
• 37:47
  and
• 37:48
  work
• 37:48
  for
• 37:48
  me.
• 37:49
  And
• 37:49
  then
• 37:49
  they
• 37:49
  forget
• 37:50
  that
• 37:50
  you
• 37:50
  are
• 37:50
  the
• 37:50
  CEO.
• 37:51
  And,
• 37:52
  and,
• 37:52
  and
• 37:52
  if
• 37:52
  you,
• 37:53
  the
• 37:53
  day
• 37:53
  you
• 37:53
  stop
• 37:53
  being
• 37:54
  the
• 37:54
  CEO,
• 37:54
  which
• 37:54
  basically
• 37:55
  is
• 37:55
  not
• 37:55
  a
• 37:55
  title,
• 37:55
  it's
• 37:56
  more
• 37:56
  like
• 37:56
  how
• 37:56
  are
• 37:56
  you
• 37:56
  acting?
• 37:57
  Are
• 37:57
  you
• 37:57
  kind
• 37:57
  of
• 37:57
  like
• 37:57
  a
• 37:58
  dog
• 37:58
  or
• 37:58
  are
• 37:58
  you,
• 37:58
  are
• 37:59
  you,
• 37:59
  are
• 37:59
  you
• 38:00
  leading
• 38:00
  know
• 38:00
  a
• 38:01
  company?
• 38:01
  If
• 38:02
  you
• 38:02
  start
• 38:02
  to
• 38:02
  act
• 38:02
  like
• 38:03
  a
• 38:03
  dog,
• 38:03
  then
• 38:03
  people
• 38:04
  will
• 38:04
  haunt
• 38:04
  you
• 38:04
  and
• 38:05
  eat
• 38:05
  you
• 38:05
  and,
• 38:06
  and,
• 38:06
  and
• 38:06
  there
• 38:06
  will
• 38:06
  be
• 38:06
  a
• 38:07
  completely
• 38:07
  different
• 38:07
  company.
• 38:08
  You'll
• 38:08
  be
• 38:08
  miserable
• 38:08
  and
• 38:09
  you'll
• 38:09
  be
• 38:09
  diluted
• 38:09
  and
• 38:09
  you
• 38:10
  end
• 38:10
  up
• 38:10
  with
• 38:10
  maybe
• 38:10
  no,
• 38:11
  no
• 38:11
  shares
• 38:11
  at
• 38:12
  all.
• 38:12
  So
• 38:13
  just
• 38:14
  to
• 38:14
  touch
• 38:14
  on
• 38:14
  one
• 38:14
  point
• 38:14
  you
• 38:15
  made
• 38:15
  there.
• 38:15
  I
• 38:15
  think
• 38:15
  what
• 38:16
  you're
• 38:16
  trying
• 38:16
  to
• 38:16
  say
• 38:17
  is
• 38:18
  that
• 38:18
  one
• 38:18
  of
• 38:19
  the
• 38:19
  biggest
• 38:19
  killers
• 38:19
  of
• 38:20
  Runway
• 38:21
  is
• 38:23
  not
• 38:23
  having
• 38:23
  enough
• 38:24
  options,
• 38:25
  not
• 38:25
  being
• 38:25
  open
• 38:26
  minded
• 38:26
  enough,
• 38:27
  not
• 38:28
  being
• 38:28
  okay
• 38:28
  with
• 38:29
  a
• 38:29
  bit
• 38:29
  more
• 38:29
  rejection.
• 38:31
  As
• 38:31
  in,
• 38:32
  you
• 38:33
  could
• 38:33
  go
• 38:33
  and
• 38:33
  speak
• 38:33
  to
• 38:34
  five
• 38:34
  more
• 38:34
  VCs
• 38:35
  and
• 38:36
  you
• 38:36
  get
• 38:36
  four
• 38:36
  nos,
• 38:37
  but
• 38:37
  without
• 38:37
  the
• 38:37
  four
• 38:38
  nos
• 38:38
  you
• 38:38
  don't
• 38:38
  get
• 38:38
  the
• 38:38
  fifth.
• 38:39
  Yes,
• 38:39
  whatever.
• 38:41
  Yeah.
• 38:41
  So
• 38:42
  that
• 38:42
  kind
• 38:43
  of
• 38:43
  leads
• 38:43
  me
• 38:43
  to
• 38:43
  a
• 38:43
  really
• 38:44
  interesting
• 38:44
  point,
• 38:44
  if
• 38:44
  I
• 38:45
  may
• 38:45
  ask
• 38:45
  you
• 38:46
  talk
• 38:46
  about
• 38:46
  the
• 38:46
  Steve
• 38:46
  jobs
• 38:47
  Rule
• 38:47
  of
• 38:47
  10.
• 38:48
  Let
• 38:48
  that
• 38:48
  be
• 38:49
  burned
• 38:49
  into
• 38:49
  your
• 38:50
  brains,
• 38:50
  listeners.
• 38:51
  What
• 38:51
  is
• 38:51
  your
• 38:51
  biggest
• 38:54
  mistake
• 38:56
  that
• 38:56
  you've
• 38:56
  made?
• 38:57
  Because
• 38:57
  you've
• 38:57
  been
• 38:59
  a
• 39:00
  multiple
• 39:01
  exit
• 39:01
  founder,
• 39:02
  you've
• 39:02
  been
• 39:03
  involved
• 39:03
  in
• 39:04
  the
• 39:04
  investment
• 39:05
  side
• 39:05
  as
• 39:05
  well.
• 39:06
  You
• 39:06
  understand
• 39:08
  the
• 39:09
  big
• 39:09
  picture,
• 39:09
  right?
• 39:10
  If
• 39:10
  you
• 39:10
  could
• 39:11
  pass
• 39:11
  advice
• 39:12
  to
• 39:12
  younger
• 39:12
  Christian,
• 39:15
  what
• 39:15
  would
• 39:15
  you
• 39:16
  say
• 39:16
  the
• 39:17
  biggest
• 39:17
  mistake
• 39:17
  you
• 39:17
  ever
• 39:18
  made
• 39:18
  and
• 39:18
  what
• 39:18
  did
• 39:19
  you
• 39:19
  learn
• 39:19
  from
• 39:19
  it?
• 39:20
  Oh,
• 39:20
  it's
• 39:21
  a
• 39:21
  very,
• 39:21
  very
• 39:21
  good
• 39:21
  question.
• 39:22
  I
• 39:22
  made
• 39:22
  a
• 39:22
  lot
• 39:22
  of
• 39:23
  mistakes,
• 39:23
  but
• 39:23
  I
• 39:23
  think
• 39:23
  the
• 39:23
  biggest
• 39:24
  mistakes,
• 39:24
  obviously
• 39:25
  the
• 39:25
  mistakes
• 39:26
  that
• 39:26
  lead
• 39:27
  you
• 39:27
  in
• 39:27
  a
• 39:27
  completely
• 39:27
  different
• 39:28
  direction
• 39:29
  or
• 39:29
  we
• 39:29
  should
• 39:29
  have
• 39:29
  done
• 39:30
  something
• 39:30
  in
• 39:31
  the
• 39:31
  right
• 39:31
  time.
• 39:32
  For
• 39:32
  example,
• 39:33
  you
• 39:33
  know,
• 39:33
  when
• 39:33
  we
• 39:33
  started
• 39:34
  Shopbox,
• 39:34
  which
• 39:34
  was
• 39:35
  the
• 39:35
  company
• 39:35
  I
• 39:35
  had
• 39:35
  before
• 39:35
  tab
• 39:36
  in
• 39:36
  the
• 39:37
  early
• 39:37
  days
• 39:37
  of
• 39:37
  Shopbox,
• 39:38
  which
• 39:38
  I'm
• 39:38
  always
• 39:38
  very
• 39:39
  good
• 39:39
  at
• 39:39
  seeing
• 39:39
  the
• 39:39
  future,
• 39:40
  so
• 39:40
  I'm
• 39:40
  always
• 39:40
  ahead
• 39:40
  of
• 39:41
  the
• 39:41
  market.
• 39:42
  And
• 39:42
  back
• 39:42
  then
• 39:42
  in
• 39:43
  Nordic
• 39:43
  countries
• 39:43
  there
• 39:43
  were
• 39:44
  only
• 39:44
  Shopbucks
• 39:45
  and
• 39:45
  maybe
• 39:45
  one
• 39:45
  other
• 39:46
  company
• 39:46
  then
• 39:47
  Settle,
• 39:47
  who
• 39:47
  also
• 39:48
  later
• 39:48
  became
• 39:48
  PayPal,
• 39:49
  wanted
• 39:50
  to
• 39:50
  acquire,
• 39:50
  you
• 39:51
  know,
• 39:51
  and
• 39:51
  a
• 39:51
  POS
• 39:52
  company
• 39:53
  and,
• 39:53
  and
• 39:54
  back
• 39:54
  then
• 39:54
  they
• 39:54
  only
• 39:55
  had
• 39:55
  a
• 39:55
  valuation
• 39:55
  around
• 39:55
  maybe
• 39:56
  400
• 39:56
  million.
• 39:58
  And,
• 39:59
  and
• 39:59
  they
• 39:59
  contacted
• 40:00
  me
• 40:00
  and
• 40:00
  said,
• 40:00
  you
• 40:00
  know
• 40:00
  what,
• 40:00
  we
• 40:00
  have
• 40:01
  all
• 40:01
  these
• 40:01
  like
• 40:01
  payment
• 40:01
  terminals
• 40:02
  out
• 40:02
  there,
• 40:02
  we
• 40:02
  need
• 40:02
  some
• 40:03
  intelligence
• 40:03
  around
• 40:03
  that.
• 40:04
  And
• 40:04
  instead
• 40:05
  of,
• 40:06
  you
• 40:06
  know,
• 40:06
  just
• 40:07
  saying
• 40:07
  this
• 40:07
  is
• 40:07
  a
• 40:07
  great
• 40:07
  like
• 40:08
  partner
• 40:08
  to
• 40:08
  work
• 40:08
  with
• 40:09
  because,
• 40:09
  you
• 40:09
  know,
• 40:09
  then
• 40:09
  we
• 40:09
  have
• 40:10
  the
• 40:10
  payment
• 40:10
  and
• 40:10
  the
• 40:10
  pos.
• 40:11
  Then
• 40:11
  I
• 40:12
  was
• 40:12
  being
• 40:13
  too
• 40:14
  focused
• 40:14
  on
• 40:14
  evaluation,
• 40:15
  other
• 40:16
  things
• 40:16
  that
• 40:16
  just
• 40:16
  brought
• 40:16
  that
• 40:17
  deal
• 40:17
  down.
• 40:17
  They
• 40:17
  went
• 40:18
  on
• 40:18
  to
• 40:18
  buy
• 40:18
  another
• 40:18
  company
• 40:19
  and
• 40:19
  two
• 40:20
  years
• 40:20
  later
• 40:20
  they
• 40:20
  sold
• 40:20
  the
• 40:20
  whole
• 40:21
  thing
• 40:21
  to
• 40:21
  PayPal
• 40:21
  for
• 40:21
  2.3
• 40:22
  billion
• 40:23
  euros.
• 40:24
  So
• 40:24
  that
• 40:25
  was
• 40:25
  one
• 40:25
  mistake
• 40:25
  where
• 40:26
  I
• 40:26
  said,
• 40:26
  well,
• 40:26
  that's,
• 40:26
  that
• 40:26
  was
• 40:26
  kind
• 40:27
  of
• 40:27
  stupid.
• 40:28
  So,
• 40:28
  you
• 40:28
  know,
• 40:29
  so
• 40:29
  why
• 40:29
  did.
• 40:30
  So
• 40:30
  if
• 40:30
  I
• 40:30
  may
• 40:31
  ask,
• 40:31
  why.
• 40:31
  Why
• 40:32
  did
• 40:32
  you.
• 40:32
  What.
• 40:33
  What
• 40:33
  was
• 40:33
  it
• 40:33
  that
• 40:34
  didn't
• 40:34
  fit
• 40:34
  for
• 40:34
  you?
• 40:36
  When
• 40:36
  I
• 40:36
  think
• 40:37
  we,
• 40:37
  we.
• 40:38
  We
• 40:38
  were.
• 40:38
  We.
• 40:39
  We
• 40:39
  just
• 40:39
  got
• 40:39
  around
• 40:39
  of
• 40:40
  funding
• 40:40
  from,
• 40:40
  from
• 40:40
  a
• 40:40
  Swedish
• 40:41
  VC
• 40:41
  at
• 40:41
  the
• 40:42
  time.
• 40:42
  So
• 40:42
  we
• 40:42
  had
• 40:42
  evaluation
• 40:43
  around
• 40:45
  £6
• 40:45
  million
• 40:46
  or
• 40:46
  something.
• 40:46
  And
• 40:47
  that
• 40:47
  was
• 40:47
  not
• 40:47
  like
• 40:48
  justifiable
• 40:49
  because
• 40:49
  we
• 40:49
  didn't
• 40:49
  have
• 40:49
  so
• 40:50
  many
• 40:50
  clients.
• 40:50
  But
• 40:50
  I
• 40:51
  still
• 40:51
  thought
• 40:51
  that
• 40:51
  was
• 40:51
  the
• 40:52
  valuation
• 40:52
  that
• 40:52
  we
• 40:52
  had.
• 40:53
  I
• 40:53
  think
• 40:53
  he
• 40:53
  wanted
• 40:54
  to
• 40:54
  maybe
• 40:54
  pay
• 40:54
  4
• 40:55
  or
• 40:55
  5
• 40:55
  million.
• 40:56
  So
• 40:57
  the
• 40:57
  thing
• 40:57
  is
• 40:57
  not
• 40:57
  so
• 40:58
  much
• 40:58
  about
• 40:58
  the
• 40:58
  valuation
• 40:59
  here
• 40:59
  is
• 40:59
  about
• 40:59
  like,
• 41:00
  what
• 41:00
  is
• 41:00
  the
• 41:00
  potential
• 41:01
  of
• 41:01
  a
• 41:01
  partnership
• 41:02
  like
• 41:02
  that.
• 41:02
  And
• 41:03
  that's
• 41:03
  why
• 41:03
  you
• 41:03
  should
• 41:03
  always
• 41:04
  look
• 41:04
  at
• 41:04
  it
• 41:04
  like
• 41:04
  that.
• 41:04
  I
• 41:04
  also
• 41:05
  had
• 41:05
  like
• 41:05
  investors
• 41:06
  in
• 41:06
  a
• 41:06
  meeting
• 41:07
  earlier.
• 41:07
  They
• 41:07
  talked
• 41:07
  about
• 41:08
  anti
• 41:08
  dilution.
• 41:08
  I
• 41:08
  said,
• 41:09
  like,
• 41:09
  don't
• 41:09
  focus
• 41:10
  on
• 41:10
  anti
• 41:10
  dilution.
• 41:10
  Focus
• 41:11
  on
• 41:11
  how
• 41:11
  big
• 41:11
  the
• 41:11
  cake
• 41:12
  can
• 41:12
  be
• 41:12
  in
• 41:12
  the
• 41:12
  future.
• 41:13
  Well,
• 41:13
  I
• 41:13
  don't
• 41:13
  want
• 41:13
  to
• 41:13
  get
• 41:13
  diluted
• 41:14
  like,
• 41:14
  well,
• 41:15
  dilution
• 41:16
  is
• 41:16
  a
• 41:16
  beautiful
• 41:17
  thing.
• 41:17
  It
• 41:17
  just
• 41:17
  shows
• 41:18
  that
• 41:18
  a
• 41:18
  company
• 41:18
  is
• 41:18
  able
• 41:19
  to,
• 41:19
  you
• 41:19
  know,
• 41:20
  raise
• 41:20
  money.
• 41:20
  It's
• 41:21
  more
• 41:21
  attractive.
• 41:22
  It's
• 41:22
  more
• 41:22
  attractive.
• 41:23
  And
• 41:23
  it's
• 41:23
  not
• 41:23
  good
• 41:23
  also
• 41:24
  for
• 41:24
  new
• 41:24
  investors
• 41:24
  to
• 41:24
  have
• 41:25
  other
• 41:25
  investors
• 41:25
  with
• 41:25
  anti
• 41:26
  dilution
• 41:26
  stuff.
• 41:27
  So
• 41:27
  it's,
• 41:27
  it's
• 41:28
  very.
• 41:28
  People
• 41:28
  are
• 41:28
  very
• 41:28
  much
• 41:29
  care
• 41:29
  about
• 41:30
  themselves,
• 41:30
  but
• 41:30
  you
• 41:30
  have
• 41:31
  to
• 41:31
  care
• 41:31
  about
• 41:31
  what
• 41:31
  is
• 41:31
  best
• 41:31
  for
• 41:32
  the
• 41:32
  company.
• 41:32
  What
• 41:32
  is,
• 41:32
  what
• 41:32
  is
• 41:33
  the
• 41:33
  best
• 41:33
  way
• 41:33
  for
• 41:34
  this
• 41:34
  company
• 41:34
  to
• 41:34
  grow.
• 41:36
  But
• 41:36
  there
• 41:36
  was
• 41:36
  like
• 41:36
  one
• 41:37
  mistake,
• 41:38
  but
• 41:38
  I
• 41:38
  made
• 41:38
  so
• 41:39
  many.
• 41:39
  So
• 41:39
  we
• 41:40
  should
• 41:40
  do
• 41:40
  another
• 41:40
  podcast
• 41:41
  just
• 41:41
  for
• 41:41
  that.
• 41:41
  Like
• 41:41
  so
• 41:42
  many
• 41:42
  stupid
• 41:42
  mistakes.
• 41:43
  Back
• 41:43
  in
• 41:43
  the
• 41:43
  days
• 41:43
  when
• 41:43
  I
• 41:43
  had
• 41:43
  this
• 41:44
  preview
• 41:44
  Play
• 41:45
  Networks,
• 41:45
  I
• 41:46
  was
• 41:46
  talking
• 41:46
  to
• 41:46
  Netflix,
• 41:47
  you
• 41:47
  know,
• 41:47
  about.
• 41:47
  This
• 41:48
  was
• 41:48
  the
• 41:48
  early
• 41:48
  days
• 41:48
  of
• 41:49
  video.
• 41:49
  This
• 41:49
  was
• 41:49
  in
• 41:50
  2007,
• 41:52
  had
• 41:53
  an
• 41:53
  office
• 41:53
  in
• 41:53
  LA.
• 41:54
  And
• 41:54
  I
• 41:54
  was
• 41:54
  talking
• 41:54
  to
• 41:54
  some
• 41:55
  guy
• 41:55
  at
• 41:55
  Netflix
• 41:55
  who
• 41:56
  said,
• 41:56
  well,
• 41:56
  that's
• 41:56
  a
• 41:56
  great
• 41:56
  idea.
• 41:57
  You
• 41:57
  have
• 41:57
  this
• 41:57
  trailer
• 41:58
  service,
• 41:58
  we
• 41:58
  should
• 41:58
  maybe
• 41:59
  buy
• 41:59
  you.
• 42:00
  And
• 42:01
  I
• 42:01
  didn't
• 42:01
  even
• 42:01
  take
• 42:01
  a
• 42:02
  second
• 42:02
  meeting,
• 42:02
  you
• 42:02
  know.
• 42:03
  And
• 42:03
  then,
• 42:03
  you
• 42:04
  know,
• 42:04
  Netflix
• 42:05
  is
• 42:05
  a
• 42:05
  good
• 42:05
  story
• 42:05
  as
• 42:05
  well.
• 42:06
  So
• 42:06
  it's
• 42:06
  these,
• 42:07
  like,
• 42:07
  crucial,
• 42:08
  I
• 42:08
  think,
• 42:08
  to
• 42:08
  round
• 42:09
  it
• 42:09
  up.
• 42:09
  It's
• 42:09
  like
• 42:09
  when
• 42:10
  some
• 42:10
  big
• 42:10
  companies
• 42:11
  come
• 42:12
  and
• 42:12
  tell
• 42:12
  you
• 42:12
  that
• 42:12
  you
• 42:12
  have
• 42:13
  something
• 42:13
  really
• 42:13
  interesting
• 42:14
  that
• 42:14
  you
• 42:14
  develop,
• 42:15
  you
• 42:15
  better
• 42:15
  take
• 42:15
  that
• 42:16
  meeting.
• 42:16
  And
• 42:16
  you
• 42:16
  probably
• 42:17
  should,
• 42:17
  you
• 42:17
  know,
• 42:18
  take
• 42:18
  them
• 42:18
  in
• 42:19
  or
• 42:19
  exit
• 42:19
  yourself
• 42:19
  because
• 42:20
  if
• 42:20
  they
• 42:21
  see
• 42:21
  that
• 42:21
  it's
• 42:21
  a
• 42:22
  great
• 42:22
  idea
• 42:22
  that
• 42:22
  you're
• 42:22
  doing.
• 42:22
  There's
• 42:23
  going
• 42:23
  to
• 42:23
  be
• 42:23
  a
• 42:23
  few
• 42:23
  years,
• 42:23
  and
• 42:23
  then
• 42:24
  a
• 42:24
  lot
• 42:24
  of
• 42:24
  people
• 42:24
  will
• 42:24
  do
• 42:24
  the
• 42:25
  same
• 42:25
  thing.
• 42:25
  So
• 42:26
  I
• 42:26
  think
• 42:26
  what
• 42:26
  I
• 42:27
  learned
• 42:27
  also
• 42:27
  with
• 42:27
  Tab
• 42:28
  just
• 42:28
  kind
• 42:28
  of
• 42:28
  running,
• 42:29
  I
• 42:29
  was
• 42:29
  like,
• 42:30
  we
• 42:30
  want
• 42:30
  to
• 42:30
  go
• 42:30
  and
• 42:31
  make
• 42:31
  Tab
• 42:31
  a
• 42:31
  very
• 42:32
  big
• 42:32
  company.
• 42:32
  We
• 42:32
  have
• 42:32
  a
• 42:33
  plan
• 42:33
  to
• 42:33
  be
• 42:33
  a
• 42:33
  category
• 42:34
  leader
• 42:34
  in
• 42:34
  this
• 42:34
  pocket
• 42:35
  business,
• 42:35
  in
• 42:36
  your
• 42:36
  pocket
• 42:36
  space.
• 42:37
  But
• 42:38
  if
• 42:38
  some
• 42:38
  really
• 42:38
  big
• 42:39
  company
• 42:39
  comes
• 42:39
  along
• 42:39
  and
• 42:40
  say,
• 42:40
  you
• 42:40
  know
• 42:40
  what,
• 42:41
  let's
• 42:41
  say,
• 42:41
  for
• 42:41
  example,
• 42:42
  Apple
• 42:42
  and
• 42:42
  say,
• 42:42
  we
• 42:43
  would
• 42:43
  like
• 42:43
  to
• 42:43
  have
• 42:43
  this
• 42:44
  thing,
• 42:44
  I
• 42:45
  would
• 42:45
  think
• 42:45
  about
• 42:45
  it
• 42:45
  two
• 42:46
  times
• 42:46
  before
• 42:46
  I
• 42:46
  didn't
• 42:47
  take
• 42:47
  the
• 42:47
  next
• 42:47
  meeting
• 42:47
  because
• 42:49
  it
• 42:50
  could
• 42:50
  also
• 42:50
  be
• 42:50
  a
• 42:51
  lot
• 42:51
  of
• 42:51
  fun
• 42:51
  to
• 42:51
  be
• 42:51
  part
• 42:51
  of
• 42:51
  something
• 42:52
  really
• 42:52
  big.
• 42:52
  And
• 42:52
  I
• 42:53
  think
• 42:53
  sometimes
• 42:54
  the
• 42:54
  founders
• 42:54
  are
• 42:54
  too
• 42:55
  holding
• 42:55
  on
• 42:56
  too
• 42:56
  long
• 42:56
  to
• 42:56
  something,
• 42:57
  and
• 42:57
  then
• 42:57
  it's
• 42:57
  going
• 42:57
  to
• 42:57
  be
• 42:57
  diluted
• 42:58
  in
• 42:58
  the
• 42:59
  future.
• 43:00
  Unless
• 43:00
  you're
• 43:00
  a
• 43:01
  very
• 43:01
  big
• 43:01
  genius.
• 43:03
  It's
• 43:03
  a
• 43:04
  really
• 43:04
  great.
• 43:04
  And
• 43:05
  yes,
• 43:06
  you
• 43:06
  and
• 43:06
  I
• 43:06
  get
• 43:07
  on
• 43:07
  so
• 43:07
  well.
• 43:07
  You're
• 43:08
  very
• 43:08
  open.
• 43:08
  I
• 43:09
  definitely
• 43:09
  would
• 43:09
  love
• 43:10
  to
• 43:10
  have
• 43:10
  you
• 43:10
  on
• 43:10
  another
• 43:10
  podcast.
• 43:11
  I'll
• 43:12
  ask
• 43:12
  everybody
• 43:14
  to
• 43:14
  comment,
• 43:14
  drop
• 43:14
  me
• 43:15
  an
• 43:15
  email,
• 43:15
  their
• 43:16
  favorite
• 43:16
  thing
• 43:16
  they
• 43:16
  enjoyed
• 43:17
  about
• 43:17
  this,
• 43:17
  so
• 43:17
  that
• 43:18
  I
• 43:19
  can
• 43:19
  drill
• 43:19
  down
• 43:19
  with
• 43:19
  Christian
• 43:21
  on
• 43:21
  some
• 43:22
  really
• 43:22
  great
• 43:22
  stories
• 43:22
  like
• 43:23
  that.
• 43:23
  Because
• 43:24
  you're
• 43:24
  right,
• 43:24
  I
• 43:24
  see
• 43:25
  it
• 43:25
  all
• 43:25
  the
• 43:25
  time
• 43:25
  where
• 43:27
  valuation's
• 43:28
  the
• 43:28
  obsession.
• 43:29
  And
• 43:29
  it's
• 43:29
  like,
• 43:30
  actually,
• 43:30
  if
• 43:30
  you
• 43:30
  bring
• 43:31
  these
• 43:32
  companies
• 43:32
  on
• 43:32
  board
• 43:34
  and
• 43:34
  you
• 43:34
  dilute
• 43:35
  some
• 43:35
  of
• 43:35
  your
• 43:35
  shares,
• 43:36
  you're
• 43:37
  getting
• 43:37
  a
• 43:37
  smaller
• 43:38
  piece.
• 43:38
  Yes,
• 43:38
  but
• 43:39
  of
• 43:39
  a
• 43:39
  bigger
• 43:39
  pie.
• 43:40
  And
• 43:42
  there's
• 43:42
  a
• 43:42
  lot
• 43:42
  more,
• 43:43
  you
• 43:43
  know,
• 43:43
  you
• 43:44
  never
• 43:44
  know
• 43:44
  what
• 43:44
  could
• 43:45
  come.
• 43:45
  Using
• 43:45
  your
• 43:45
  example,
• 43:46
  Netflix,
• 43:46
  Apple,
• 43:47
  whatever,
• 43:48
  whoever
• 43:48
  the
• 43:48
  investor
• 43:49
  is.
• 43:50
  It
• 43:50
  could
• 43:50
  be
• 43:50
  really
• 43:51
  exciting.
• 43:51
  Yeah.
• 43:52
  Christian's
• 43:52
  advice,
• 43:53
  Take
• 43:54
  the
• 43:54
  meeting.
• 43:56
  If
• 43:56
  I
• 43:56
  may
• 43:56
  wrap
• 43:56
  up
• 43:57
  on
• 43:57
  one
• 43:57
  thing,
• 43:57
  given
• 43:58
  we
• 43:58
  touched
• 43:58
  on
• 43:59
  AI,
• 43:59
  I
• 43:59
  was
• 43:59
  actually
• 43:59
  going
• 44:00
  to
• 44:00
  ask
• 44:00
  you
• 44:00
  about
• 44:00
  your.
• 44:01
  Your.
• 44:01
  Your
• 44:01
  marketing
• 44:02
  book,
• 44:02
  but
• 44:02
  we
• 44:02
  can
• 44:03
  talk
• 44:03
  about
• 44:03
  that
• 44:03
  another
• 44:03
  time.
• 44:04
  You
• 44:04
  spent
• 44:04
  your
• 44:05
  time
• 44:05
  advising
• 44:05
  G8
• 44:06
  leaders
• 44:06
  on
• 44:07
  Internet
• 44:07
  policy.
• 44:08
  Now,
• 44:08
  obviously,
• 44:09
  we're
• 44:09
  in
• 44:09
  this
• 44:10
  age
• 44:10
  where
• 44:10
  AI
• 44:11
  is
• 44:11
  explosive.
• 44:12
  It's
• 44:12
  growing
• 44:13
  beyond
• 44:14
  belief.
• 44:14
  Uh,
• 44:15
  obviously
• 44:15
  a
• 44:15
  lot
• 44:16
  of
• 44:16
  the
• 44:16
  models
• 44:16
  aren't
• 44:16
  profitable
• 44:17
  yet.
• 44:18
  We
• 44:18
  don't
• 44:18
  expect
• 44:18
  them
• 44:18
  to
• 44:19
  be,
• 44:19
  given
• 44:19
  the
• 44:19
  examples
• 44:20
  we
• 44:20
  talked
• 44:20
  about.
• 44:20
  But
• 44:21
  there's
• 44:21
  certainly
• 44:21
  a
• 44:21
  lot
• 44:21
  of
• 44:22
  money
• 44:22
  going
• 44:22
  into
• 44:22
  it.
• 44:23
  And
• 44:25
  I
• 44:25
  have
• 44:26
  these
• 44:26
  conversations
• 44:27
  frequently,
• 44:27
  right,
• 44:28
  where.
• 44:28
  Where
• 44:29
  a
• 44:29
  founder
• 44:29
  will
• 44:29
  say
• 44:30
  to
• 44:30
  me,
• 44:30
  well,
• 44:31
  we're
• 44:31
  adding
• 44:31
  AI.
• 44:33
  And
• 44:34
  I
• 44:34
  say,
• 44:34
  well,
• 44:35
  it's
• 44:35
  a
• 44:35
  bit
• 44:35
  like
• 44:36
  saying
• 44:36
  we're
• 44:36
  adding
• 44:37
  water
• 44:37
  to
• 44:38
  the
• 44:38
  recipe,
• 44:39
  you
• 44:40
  know,
• 44:40
  like,
• 44:40
  it's
• 44:40
  not.
• 44:40
  It
• 44:41
  doesn't
• 44:41
  mean
• 44:41
  anything
• 44:42
  unless
• 44:43
  you
• 44:43
  make
• 44:43
  it
• 44:43
  mean
• 44:44
  something.
• 44:45
  As
• 44:45
  in,
• 44:46
  it
• 44:46
  depends.
• 44:47
  It's
• 44:47
  like
• 44:47
  having
• 44:47
  a
• 44:48
  screwdriver.
• 44:48
  What
• 44:49
  are
• 44:49
  you
• 44:49
  going
• 44:49
  to
• 44:49
  do
• 44:49
  with.
• 44:51
  Is
• 44:51
  getting
• 44:51
  dropped
• 44:51
  in
• 44:52
  as
• 44:52
  a
• 44:52
  Buzzword
• 44:52
  to
• 44:53
  everything.
• 44:54
  It
• 44:54
  means
• 44:54
  something
• 44:55
  and
• 44:55
  nothing.
• 44:56
  Right.
• 44:57
  So
• 44:58
  my
• 44:58
  thought
• 44:58
  is,
• 44:59
  my
• 44:59
  question's
• 44:59
  twofold,
• 45:00
  right.
• 45:01
  How
• 45:01
  do
• 45:02
  you
• 45:03
  think
• 45:03
  founders
• 45:03
  can
• 45:04
  best
• 45:04
  continue
• 45:05
  to
• 45:06
  find
• 45:07
  their
• 45:07
  unique
• 45:07
  space
• 45:09
  and
• 45:10
  a
• 45:10
  totally
• 45:12
  different
• 45:12
  and
• 45:13
  curious
• 45:13
  AI
• 45:13
  conversation,
• 45:14
  if
• 45:14
  you
• 45:14
  don't
• 45:14
  mind,
• 45:15
  given
• 45:15
  your
• 45:15
  G8
• 45:16
  advising
• 45:17
  work
• 45:17
  in
• 45:17
  the
• 45:17
  past,
• 45:18
  do
• 45:19
  you
• 45:19
  think
• 45:19
  we're
• 45:20
  in
• 45:21
  a
• 45:21
  period
• 45:22
  that
• 45:23
  is
• 45:24
  exciting
• 45:24
  and
• 45:25
  innovative
• 45:25
  or
• 45:26
  should
• 45:26
  there
• 45:26
  be
• 45:27
  more
• 45:27
  sort
• 45:28
  of
• 45:28
  guardrails
• 45:29
  on
• 45:30
  AI
• 45:30
  development,
• 45:31
  do
• 45:31
  you
• 45:31
  think?
• 45:31
  In
• 45:32
  a
• 45:32
  broad
• 45:32
  sense.
• 45:33
  So
• 45:33
  first
• 45:33
  question
• 45:34
  is
• 45:35
  unique
• 45:35
  value
• 45:36
  proposition
• 45:37
  and
• 45:37
  AI,
• 45:38
  what
• 45:38
  would
• 45:38
  your
• 45:39
  advice
• 45:39
  to
• 45:39
  founders
• 45:39
  be
• 45:40
  when
• 45:40
  they
• 45:40
  want
• 45:41
  to
• 45:41
  throw
• 45:41
  AI,
• 45:41
  AKA
• 45:42
  water
• 45:43
  into
• 45:43
  the
• 45:43
  recipe?
• 45:44
  And
• 45:44
  secondly,
• 45:46
  what
• 45:46
  are
• 45:46
  your
• 45:47
  thoughts
• 45:47
  on
• 45:47
  AI
• 45:48
  and
• 45:50
  making
• 45:50
  sure
• 45:51
  that
• 45:51
  it's
• 45:51
  safe
• 45:52
  and
• 45:52
  it's,
• 45:52
  it's,
• 45:53
  it's
• 45:53
  got
• 45:53
  sufficient
• 45:54
  guardrails.
• 45:56
  Very
• 45:56
  good.
• 45:56
  End
• 45:57
  question.
• 45:57
  So,
• 45:57
  basically,
• 45:59
  I
• 45:59
  think
• 45:59
  AI
• 46:00
  is
• 46:00
  like
• 46:00
  many
• 46:01
  other
• 46:01
  things.
• 46:01
  You
• 46:02
  know,
• 46:03
  I've
• 46:03
  been
• 46:03
  in
• 46:03
  this
• 46:03
  industry
• 46:04
  for
• 46:04
  a
• 46:04
  very
• 46:04
  long
• 46:04
  time
• 46:04
  and
• 46:05
  there's
• 46:05
  been
• 46:05
  different
• 46:05
  kind
• 46:05
  of
• 46:05
  like
• 46:06
  waves.
• 46:06
  The
• 46:06
  AI
• 46:07
  is
• 46:08
  most
• 46:08
  likely
• 46:08
  the
• 46:08
  biggest
• 46:08
  wave
• 46:09
  of
• 46:09
  them
• 46:09
  all
• 46:09
  because
• 46:10
  it
• 46:10
  kind
• 46:10
  of
• 46:11
  changes
• 46:11
  everything
• 46:12
  about
• 46:13
  how
• 46:13
  we
• 46:13
  do
• 46:13
  things.
• 46:14
  And
• 46:14
  it's
• 46:14
  been
• 46:14
  very,
• 46:14
  very
• 46:15
  fast,
• 46:15
  man,
• 46:15
  you
• 46:16
  know,
• 46:16
  to
• 46:16
  manifest
• 46:16
  in
• 46:17
  every
• 46:18
  people's
• 46:18
  life.
• 46:18
  I
• 46:19
  think
• 46:19
  for
• 46:19
  business,
• 46:20
  you
• 46:20
  know,
• 46:20
  AI
• 46:20
  should
• 46:21
  just
• 46:21
  be
• 46:21
  the
• 46:21
  foundation
• 46:22
  of
• 46:22
  how
• 46:22
  you
• 46:22
  do
• 46:22
  things.
• 46:23
  For
• 46:23
  example,
• 46:23
  like
• 46:24
  try
• 46:24
  to,
• 46:24
  I
• 46:25
  mean,
• 46:25
  there's
• 46:25
  so
• 46:25
  much
• 46:26
  time
• 46:26
  to
• 46:26
  be
• 46:26
  saved
• 46:26
  when
• 46:27
  making
• 46:27
  market
• 46:27
  analysis
• 46:28
  or
• 46:29
  recruiting,
• 46:29
  for
• 46:30
  example,
• 46:30
  or
• 46:31
  finding
• 46:31
  out
• 46:31
  legal
• 46:32
  things
• 46:32
  or
• 46:32
  other
• 46:33
  things
• 46:33
  that
• 46:33
  you
• 46:33
  normally
• 46:33
  would
• 46:34
  spend
• 46:34
  a
• 46:34
  lot
• 46:34
  of
• 46:34
  money
• 46:34
  on
• 46:35
  getting.
• 46:35
  So
• 46:35
  that's
• 46:35
  kind
• 46:36
  of
• 46:36
  like
• 46:36
  a
• 46:36
  foundation
• 46:36
  for
• 46:36
  everyone.
• 46:38
  The
• 46:38
  ones
• 46:38
  who
• 46:38
  actually
• 46:38
  stand
• 46:39
  out
• 46:39
  would
• 46:40
  be,
• 46:40
  you
• 46:40
  know,
• 46:40
  everyone
• 46:41
  stays
• 46:41
  that
• 46:42
  to
• 46:42
  do
• 46:42
  something
• 46:42
  with
• 46:42
  AI,
• 46:43
  but
• 46:43
  mostly
• 46:44
  99%
• 46:45
  of
• 46:45
  the
• 46:45
  cases
• 46:45
  is
• 46:45
  some
• 46:45
  kind
• 46:46
  of
• 46:46
  overlay
• 46:46
  on
• 46:46
  ChatGPT
• 46:47
  where
• 46:47
  they
• 46:47
  then
• 46:47
  claim
• 46:48
  now
• 46:48
  we're
• 46:48
  the
• 46:48
  best.
• 46:48
  It's
• 46:48
  just
• 46:49
  a
• 46:49
  prompt.
• 46:49
  Yeah.
• 46:50
  In
• 46:50
  the
• 46:50
  world.
• 46:50
  It's
• 46:51
  like,
• 46:51
  you
• 46:51
  know,
• 46:51
  it's,
• 46:51
  it's,
• 46:51
  that's,
• 46:52
  that's.
• 46:52
  So
• 46:52
  it's
• 46:52
  important
• 46:52
  for
• 46:53
  investors
• 46:53
  to
• 46:53
  also
• 46:53
  look
• 46:54
  through
• 46:54
  that
• 46:54
  and
• 46:54
  see
• 46:54
  what
• 46:54
  is
• 46:55
  this
• 46:55
  like
• 46:55
  actually
• 46:55
  native
• 46:56
  AI
• 46:56
  or
• 46:56
  is
• 46:57
  it
• 46:57
  just
• 46:57
  some
• 46:57
  kind
• 46:57
  of
• 46:57
  overlay
• 46:58
  on
• 46:58
  something?
• 46:59
  Because
• 46:59
  that's
• 47:00
  not
• 47:00
  sustainable
• 47:00
  necessarily
• 47:01
  or,
• 47:01
  and
• 47:01
  other,
• 47:02
  other
• 47:02
  people
• 47:02
  could
• 47:02
  do
• 47:02
  it
• 47:02
  this
• 47:03
  as
• 47:03
  well.
• 47:03
  So
• 47:03
  it's
• 47:03
  not
• 47:04
  like
• 47:04
  very.
• 47:06
  Yeah,
• 47:06
  it
• 47:07
  has
• 47:07
  very
• 47:07
  low
• 47:07
  barriers
• 47:08
  of
• 47:08
  entry.
• 47:08
  So.
• 47:09
  But,
• 47:10
  but,
• 47:10
  but
• 47:10
  the
• 47:10
  way
• 47:10
  I
• 47:10
  think
• 47:11
  about
• 47:11
  it
• 47:11
  is
• 47:11
  like
• 47:12
  if
• 47:12
  you
• 47:12
  don't,
• 47:12
  if
• 47:12
  you
• 47:12
  don't
• 47:13
  have
• 47:13
  AI
• 47:13
  at
• 47:13
  your
• 47:14
  core,
• 47:14
  I
• 47:15
  would
• 47:15
  be
• 47:15
  very
• 47:16
  worried
• 47:16
  about
• 47:17
  my
• 47:17
  business
• 47:17
  in
• 47:18
  the
• 47:18
  future,
• 47:18
  not
• 47:18
  necessarily
• 47:19
  tomorrow,
• 47:19
  but
• 47:20
  in
• 47:20
  the
• 47:20
  few
• 47:20
  years.
• 47:21
  The
• 47:21
  way
• 47:21
  I
• 47:21
  see
• 47:21
  it
• 47:21
  is
• 47:21
  that
• 47:22
  the
• 47:22
  companies
• 47:22
  that
• 47:23
  doesn't
• 47:23
  incorporate
• 47:23
  AI
• 47:24
  right
• 47:25
  now
• 47:26
  are
• 47:26
  going
• 47:26
  to
• 47:26
  be
• 47:26
  so
• 47:27
  much
• 47:27
  more
• 47:27
  behind
• 47:28
  in
• 47:29
  five
• 47:29
  years
• 47:29
  than
• 47:29
  the
• 47:30
  companies
• 47:30
  that
• 47:30
  are
• 47:30
  doing
• 47:30
  this
• 47:30
  now.
• 47:31
  Because,
• 47:32
  you
• 47:32
  know,
• 47:32
  today
• 47:33
  everything
• 47:33
  looks
• 47:33
  the
• 47:34
  same,
• 47:34
  but
• 47:34
  the
• 47:35
  moment
• 47:35
  that
• 47:35
  AI
• 47:35
  really
• 47:36
  comes
• 47:36
  through
• 47:37
  and
• 47:37
  makes
• 47:38
  companies
• 47:38
  and
• 47:38
  organizations
• 47:39
  professional,
• 47:40
  it's
• 47:41
  too
• 47:41
  late.
• 47:41
  You
• 47:41
  know,
• 47:41
  you
• 47:41
  can't
• 47:42
  just
• 47:42
  like
• 47:42
  do
• 47:42
  it
• 47:43
  at
• 47:43
  some
• 47:43
  point.
• 47:43
  And
• 47:44
  what
• 47:44
  I'm
• 47:44
  seeing
• 47:44
  around,
• 47:45
  that's
• 47:45
  also
• 47:45
  why
• 47:45
  we
• 47:45
  start
• 47:45
  tap.
• 47:46
  When
• 47:46
  you
• 47:46
  look
• 47:46
  at
• 47:46
  the
• 47:46
  big
• 47:46
  companies
• 47:47
  like
• 47:47
  Square
• 47:47
  and
• 47:48
  Shopify
• 47:48
  and
• 47:48
  others,
• 47:49
  they
• 47:49
  do
• 47:49
  AI,
• 47:49
  but
• 47:50
  most
• 47:50
  of
• 47:50
  it
• 47:51
  is
• 47:51
  put
• 47:51
  on
• 47:51
  top
• 47:51
  of
• 47:52
  some
• 47:52
  other
• 47:52
  tech
• 47:52
  that
• 47:53
  they
• 47:53
  built
• 47:53
  10
• 47:53
  years
• 47:53
  ago.
• 47:54
  So
• 47:54
  therefore
• 47:55
  it
• 47:55
  can
• 47:55
  be
• 47:55
  mostly
• 47:56
  reactive.
• 47:56
  You
• 47:57
  know,
• 47:57
  AI
• 47:57
  where
• 47:57
  you
• 47:57
  basically
• 47:58
  prompt
• 47:58
  someone,
• 47:59
  something,
• 47:59
  for
• 48:00
  example,
• 48:00
  create
• 48:00
  a
• 48:01
  menu
• 48:01
  or
• 48:01
  do
• 48:01
  this.
• 48:02
  What
• 48:02
  we
• 48:02
  believe
• 48:02
  is
• 48:02
  in
• 48:03
  proactive
• 48:03
  AI,
• 48:04
  where
• 48:04
  you,
• 48:04
  based
• 48:04
  on
• 48:04
  a
• 48:04
  lot
• 48:04
  of
• 48:05
  different
• 48:05
  events,
• 48:06
  come
• 48:06
  with
• 48:06
  suggestions.
• 48:07
  For
• 48:07
  example,
• 48:08
  it
• 48:08
  looks
• 48:08
  like
• 48:09
  you're
• 48:09
  going
• 48:09
  to
• 48:09
  have
• 48:10
  XYZ
• 48:10
  revenue
• 48:11
  on
• 48:11
  Wednesday,
• 48:12
  but
• 48:12
  you
• 48:12
  only
• 48:12
  have
• 48:12
  one
• 48:12
  staff,
• 48:13
  so
• 48:13
  maybe
• 48:13
  call
• 48:14
  in
• 48:14
  another
• 48:14
  staff.
• 48:15
  I
• 48:15
  do
• 48:15
  love
• 48:16
  that
• 48:16
  about
• 48:16
  tap,
• 48:16
  by
• 48:17
  the
• 48:17
  way.
• 48:17
  I'm
• 48:17
  not
• 48:17
  plugging
• 48:18
  tap
• 48:18
  and
• 48:18
  this
• 48:18
  is
• 48:19
  not
• 48:19
  sponsored
• 48:19
  by
• 48:19
  tap,
• 48:20
  but.
• 48:20
  No,
• 48:20
  no,
• 48:20
  no,
• 48:21
  no.
• 48:21
  But
• 48:21
  that
• 48:21
  is
• 48:21
  the
• 48:21
  whole
• 48:21
  idea.
• 48:22
  Predictive
• 48:23
  decisions
• 48:24
  for
• 48:24
  them.
• 48:24
  Not
• 48:24
  because
• 48:24
  they
• 48:25
  don't
• 48:25
  understand
• 48:25
  what
• 48:25
  to
• 48:26
  ask
• 48:26
  the
• 48:26
  AI.
• 48:26
  They
• 48:26
  don't.
• 48:27
  I
• 48:27
  mean,
• 48:27
  most
• 48:27
  people,
• 48:28
  for
• 48:28
  example,
• 48:28
  there
• 48:29
  was
• 48:29
  a
• 48:29
  survey
• 48:29
  made
• 48:29
  in
• 48:29
  the
• 48:30
  UK
• 48:30
  saying
• 48:30
  like
• 48:31
  76%
• 48:31
  of
• 48:32
  all
• 48:32
  small
• 48:32
  merchants
• 48:33
  want
• 48:33
  AI
• 48:34
  or
• 48:34
  is
• 48:34
  doing
• 48:34
  it
• 48:34
  already
• 48:34
  or
• 48:34
  want
• 48:35
  more
• 48:35
  of
• 48:35
  it,
• 48:35
  but
• 48:36
  they
• 48:36
  don't
• 48:36
  know
• 48:36
  what
• 48:36
  to
• 48:37
  ask
• 48:37
  the
• 48:37
  AI,
• 48:38
  you
• 48:38
  know,
• 48:39
  and
• 48:39
  that's
• 48:40
  why
• 48:40
  you
• 48:40
  need
• 48:40
  to
• 48:41
  build
• 48:41
  the
• 48:41
  AI,
• 48:42
  so
• 48:42
  that
• 48:42
  the
• 48:42
  AI
• 48:43
  suggests
• 48:43
  you
• 48:44
  things
• 48:44
  on
• 48:44
  how
• 48:44
  to
• 48:45
  make
• 48:45
  more
• 48:45
  money
• 48:46
  or
• 48:46
  save
• 48:46
  cost
• 48:47
  or
• 48:47
  something
• 48:48
  else
• 48:48
  so
• 48:48
  that
• 48:48
  you
• 48:49
  make
• 48:49
  a
• 48:49
  decision
• 48:50
  instead
• 48:50
  of
• 48:50
  having
• 48:50
  another
• 48:51
  problem,
• 48:52
  you
• 48:52
  know,
• 48:52
  so
• 48:52
  that's,
• 48:53
  that's
• 48:53
  what
• 48:54
  we
• 48:54
  believe
• 48:54
  in
• 48:54
  and
• 48:55
  yeah,
• 48:55
  hopefully
• 48:55
  we'll
• 48:56
  work
• 48:56
  out
• 48:56
  someday.
• 48:57
  So
• 48:57
  what
• 48:57
  you're
• 48:58
  saying
• 48:58
  essentially,
• 48:59
  from
• 48:59
  what
• 48:59
  I
• 48:59
  understand
• 49:00
  is
• 49:01
  the
• 49:01
  company
• 49:01
  that
• 49:02
  embraces
• 49:02
  AI
• 49:03
  now
• 49:05
  versus
• 49:05
  the
• 49:05
  company
• 49:06
  that
• 49:06
  doesn't,
• 49:07
  maybe
• 49:07
  won't
• 49:08
  be
• 49:08
  a
• 49:09
  monumental
• 49:09
  gap
• 49:10
  now,
• 49:11
  but
• 49:11
  it
• 49:12
  could
• 49:13
  make
• 49:13
  you
• 49:13
  pretty
• 49:13
  irrelevant,
• 49:14
  if
• 49:14
  not
• 49:14
  kill
• 49:15
  your
• 49:15
  business
• 49:15
  in
• 49:16
  five
• 49:16
  years
• 49:16
  time
• 49:17
  if
• 49:17
  you
• 49:17
  don't
• 49:17
  embrace
• 49:18
  it
• 49:18
  because
• 49:19
  of
• 49:19
  the,
• 49:20
  the
• 49:21
  extra
• 49:21
  superpowers
• 49:22
  it
• 49:22
  could
• 49:22
  give
• 49:23
  you.
• 49:24
  Correct.
• 49:25
  And
• 49:25
  these
• 49:25
  companies,
• 49:26
  like
• 49:26
  for
• 49:26
  example,
• 49:26
  Sum
• 49:27
  up
• 49:27
  or
• 49:27
  Dojo
• 49:27
  and
• 49:27
  these
• 49:28
  really
• 49:28
  big
• 49:28
  payment
• 49:29
  companies
• 49:29
  in
• 49:29
  the
• 49:29
  uk,
• 49:30
  they
• 49:30
  just
• 49:31
  do
• 49:31
  payment
• 49:31
  services,
• 49:32
  right?
• 49:32
  But
• 49:32
  I
• 49:33
  think
• 49:33
  in
• 49:33
  four
• 49:33
  or
• 49:33
  five
• 49:34
  years
• 49:34
  it's
• 49:34
  not
• 49:34
  just
• 49:35
  about
• 49:35
  payments,
• 49:35
  about
• 49:35
  what
• 49:36
  did
• 49:36
  that
• 49:36
  payment
• 49:37
  actually
• 49:37
  go
• 49:37
  through,
• 49:37
  how
• 49:38
  can
• 49:38
  we
• 49:38
  use
• 49:38
  that
• 49:39
  payment
• 49:39
  to
• 49:39
  actually
• 49:39
  get
• 49:39
  the
• 49:40
  customer
• 49:40
  back
• 49:41
  and
• 49:41
  these
• 49:41
  things.
• 49:42
  So
• 49:42
  this
• 49:42
  is
• 49:43
  just
• 49:43
  one
• 49:43
  example
• 49:43
  from
• 49:44
  our
• 49:44
  industry,
• 49:44
  but
• 49:44
  I
• 49:44
  see
• 49:45
  this
• 49:45
  across
• 49:45
  the
• 49:46
  board.
• 49:46
  It's
• 49:46
  not
• 49:47
  very
• 49:47
  intelligent
• 49:48
  what
• 49:48
  most
• 49:48
  companies
• 49:49
  are
• 49:49
  doing.
• 49:49
  And
• 49:49
  that's
• 49:50
  also
• 49:50
  part
• 49:51
  of
• 49:51
  it
• 49:51
  has
• 49:51
  to
• 49:51
  do
• 49:51
  with
• 49:51
  the
• 49:52
  legacy
• 49:52
  that
• 49:52
  they're
• 49:52
  already
• 49:53
  doing
• 49:53
  all
• 49:53
  these
• 49:53
  things
• 49:53
  and
• 49:54
  have
• 49:54
  all
• 49:54
  these
• 49:54
  integrations
• 49:54
  and
• 49:55
  all
• 49:55
  this.
• 49:55
  So
• 49:55
  it
• 49:55
  was
• 49:56
  just
• 49:56
  because
• 49:57
  this
• 49:57
  company
• 49:57
  was
• 49:58
  built
• 49:58
  five
• 49:58
  years
• 49:58
  ago,
• 49:58
  they
• 49:58
  haven't.
• 49:59
  They
• 49:59
  don't
• 49:59
  have
• 49:59
  the
• 50:00
  same
• 50:01
  foundation
• 50:02
  to
• 50:02
  do
• 50:02
  AI
• 50:03
  as
• 50:03
  if
• 50:03
  you
• 50:03
  started
• 50:03
  from
• 50:04
  scratch.
• 50:04
  And
• 50:04
  that's
• 50:04
  the
• 50:04
  most
• 50:04
  beautiful
• 50:05
  thing
• 50:05
  about
• 50:05
  Tab
• 50:05
  is
• 50:05
  that
• 50:06
  when
• 50:06
  we
• 50:06
  looked
• 50:06
  at
• 50:06
  TAP
• 50:07
  and
• 50:07
  we
• 50:07
  looked
• 50:07
  at
• 50:07
  the
• 50:07
  API
• 50:08
  of
• 50:08
  different
• 50:09
  other
• 50:09
  companies,
• 50:09
  we
• 50:10
  said,
• 50:10
  well,
• 50:10
  we
• 50:10
  have
• 50:10
  to
• 50:10
  make
• 50:10
  this
• 50:11
  ourselves
• 50:11
  because
• 50:12
  the
• 50:12
  way
• 50:12
  that
• 50:12
  you
• 50:12
  code
• 50:13
  today
• 50:13
  is
• 50:13
  completely
• 50:13
  different.
• 50:14
  That's
• 50:14
  also
• 50:14
  why
• 50:14
  it's
• 50:15
  three
• 50:15
  times
• 50:16
  faster
• 50:16
  than
• 50:16
  some
• 50:16
  of.
• 50:16
  For
• 50:17
  example,
• 50:17
  it's
• 50:17
  just
• 50:17
  like
• 50:18
  everything
• 50:18
  is
• 50:18
  just.
• 50:20
  Yeah,
• 50:20
  I
• 50:20
  don't
• 50:20
  know
• 50:20
  how
• 50:21
  to
• 50:21
  explain
• 50:21
  it's.
• 50:23
  You
• 50:23
  have
• 50:23
  to
• 50:23
  have
• 50:23
  it
• 50:24
  at
• 50:24
  your
• 50:24
  core.
• 50:25
  But.
• 50:26
  But
• 50:26
  the
• 50:26
  question
• 50:26
  also
• 50:27
  is
• 50:27
  like
• 50:27
  you,
• 50:27
  you
• 50:27
  don't
• 50:28
  know
• 50:28
  how
• 50:28
  to
• 50:28
  get
• 50:28
  developers
• 50:29
  who
• 50:29
  can
• 50:29
  then
• 50:29
  code
• 50:30
  AI,
• 50:30
  because
• 50:30
  that's
• 50:31
  a
• 50:31
  very
• 50:31
  rare
• 50:32
  species
• 50:32
  as
• 50:32
  well.
• 50:33
  And
• 50:33
  therefore,
• 50:34
  again,
• 50:34
  like,
• 50:34
  you
• 50:34
  need
• 50:34
  to
• 50:35
  have
• 50:35
  a
• 50:35
  very
• 50:35
  strong
• 50:35
  technical
• 50:36
  vision.
• 50:36
  And
• 50:37
  then
• 50:37
  that
• 50:37
  like
• 50:37
  CTO
• 50:38
  can
• 50:38
  maybe
• 50:38
  hire
• 50:39
  these
• 50:39
  people
• 50:39
  who.
• 50:39
  Not
• 50:39
  going
• 50:40
  for
• 50:40
  the
• 50:40
  salary,
• 50:40
  but
• 50:41
  they
• 50:41
  go
• 50:41
  because
• 50:41
  they
• 50:41
  really
• 50:42
  want
• 50:42
  to
• 50:42
  change
• 50:42
  the
• 50:42
  world.
• 50:43
  And
• 50:44
  so
• 50:44
  it's
• 50:44
  not
• 50:44
  enough
• 50:44
  to
• 50:45
  think
• 50:45
  AI,
• 50:45
  and
• 50:45
  I
• 50:45
  think
• 50:46
  everybody
• 50:46
  thinks
• 50:46
  they
• 50:47
  understand
• 50:47
  AI,
• 50:47
  but
• 50:49
  it's
• 50:50
  a
• 50:50
  very
• 50:50
  different
• 50:51
  game
• 50:51
  to
• 50:51
  actually
• 50:51
  code
• 50:52
  it
• 50:52
  than
• 50:52
  to
• 50:52
  just
• 50:53
  prompt
• 50:53
  it.
• 50:54
  And
• 50:54
  just
• 50:54
  to
• 50:55
  answer
• 50:55
  the
• 50:55
  second
• 50:55
  point,
• 50:56
  if
• 50:56
  I
• 50:56
  may,
• 50:56
  because
• 50:57
  this
• 50:57
  is
• 50:58
  a
• 50:58
  fantastic
• 50:59
  episode.
• 50:59
  I
• 51:00
  don't
• 51:00
  normally
• 51:00
  overrun,
• 51:03
  but
• 51:03
  it's
• 51:03
  very
• 51:04
  interesting
• 51:04
  talking
• 51:05
  to
• 51:05
  you
• 51:05
  and
• 51:05
  there
• 51:05
  will
• 51:05
  be
• 51:05
  another
• 51:05
  episode
• 51:06
  for
• 51:06
  sure.
• 51:07
  But
• 51:08
  the
• 51:08
  second
• 51:08
  point,
• 51:09
  do
• 51:09
  you
• 51:09
  think
• 51:10
  something's
• 51:11
  being
• 51:11
  missed
• 51:12
  by
• 51:12
  there
• 51:13
  not
• 51:13
  being
• 51:13
  any
• 51:13
  particular
• 51:14
  regulation
• 51:14
  in
• 51:15
  place?
• 51:15
  It's
• 51:16
  probably.
• 51:17
  Look,
• 51:17
  it's
• 51:17
  different
• 51:17
  because
• 51:18
  it's
• 51:18
  a
• 51:18
  global
• 51:19
  phenomenon.
• 51:21
  Unless
• 51:21
  every
• 51:22
  government
• 51:22
  came
• 51:22
  together.
• 51:25
  But
• 51:25
  then
• 51:25
  that
• 51:25
  would
• 51:25
  put
• 51:26
  them
• 51:26
  at
• 51:26
  a
• 51:26
  competitive
• 51:27
  disadvantage.
• 51:28
  Right?
• 51:29
  It's
• 51:30
  hard,
• 51:30
  isn't
• 51:30
  it?
• 51:31
  I'm
• 51:31
  not
• 51:31
  a
• 51:31
  big
• 51:31
  fan
• 51:32
  of
• 51:32
  regulations
• 51:32
  in
• 51:32
  general.
• 51:33
  And
• 51:33
  then
• 51:34
  I
• 51:34
  think
• 51:34
  it's
• 51:34
  really
• 51:34
  important
• 51:35
  when
• 51:35
  the
• 51:35
  market
• 51:35
  becomes
• 51:35
  very
• 51:36
  big
• 51:36
  and
• 51:36
  saturated
• 51:37
  that
• 51:37
  you
• 51:37
  make
• 51:38
  some
• 51:38
  certain
• 51:38
  rules
• 51:38
  about
• 51:39
  it.
• 51:39
  But
• 51:39
  I
• 51:39
  think
• 51:39
  AI
• 51:40
  is
• 51:40
  still
• 51:40
  very,
• 51:40
  very.
• 51:41
  It's
• 51:41
  a
• 51:41
  baby
• 51:42
  early
• 51:42
  days
• 51:43
  and.
• 51:43
  And
• 51:44
  I
• 51:44
  think
• 51:44
  that's
• 51:44
  the
• 51:44
  whole
• 51:44
  problem
• 51:44
  with
• 51:45
  Europe
• 51:45
  is
• 51:45
  also
• 51:45
  that
• 51:46
  we
• 51:46
  regulate
• 51:46
  everything
• 51:46
  and
• 51:47
  they
• 51:47
  don't
• 51:47
  do
• 51:47
  the
• 51:47
  same
• 51:47
  in
• 51:47
  the
• 51:47
  US
• 51:48
  and
• 51:48
  that's
• 51:48
  why
• 51:48
  they.
• 51:49
  And
• 51:50
  China
• 51:50
  is.
• 51:50
  It's
• 51:50
  a
• 51:51
  different
• 51:51
  story.
• 51:51
  So
• 51:52
  I
• 51:52
  would
• 51:52
  say,
• 51:53
  you
• 51:53
  know,
• 51:53
  fewer
• 51:54
  rules
• 51:54
  and
• 51:54
  regulations
• 51:55
  across
• 51:55
  all
• 51:56
  Western
• 51:56
  countries.
• 51:57
  And
• 51:57
  then.
• 51:57
  And
• 51:57
  then
• 51:58
  once
• 51:58
  it's
• 51:58
  kind
• 51:58
  of
• 51:58
  like
• 51:59
  matured,
• 51:59
  then
• 51:59
  we
• 51:59
  should
• 52:00
  learn
• 52:00
  from
• 52:00
  what
• 52:00
  the
• 52:01
  mistakes
• 52:01
  we
• 52:01
  did
• 52:01
  with
• 52:02
  the
• 52:02
  Meta
• 52:02
  and
• 52:03
  all
• 52:03
  these
• 52:03
  other
• 52:03
  guys
• 52:03
  who
• 52:04
  just
• 52:04
  do
• 52:04
  the
• 52:04
  privacy
• 52:05
  terms
• 52:05
  as
• 52:05
  they
• 52:06
  wanted.
• 52:06
  And
• 52:07
  now
• 52:07
  we
• 52:07
  have
• 52:07
  a
• 52:07
  huge
• 52:07
  problem
• 52:07
  with
• 52:08
  that.
• 52:09
  But.
• 52:09
  But
• 52:10
  I
• 52:10
  think
• 52:10
  it's
• 52:10
  too
• 52:10
  early
• 52:10
  to
• 52:11
  regulate
• 52:11
  too
• 52:11
  much.
• 52:12
  I'm
• 52:12
  a
• 52:13
  rebel.
• 52:13
  So.
• 52:14
  I
• 52:14
  agree,
• 52:14
  I
• 52:15
  agree.
• 52:15
  Until
• 52:16
  it's
• 52:16
  more
• 52:16
  intelligent
• 52:17
  than
• 52:17
  we
• 52:17
  are
• 52:17
  and
• 52:17
  it
• 52:17
  regulates
• 52:18
  us.
• 52:19
  Very
• 52:19
  quick
• 52:19
  question.
• 52:20
  You
• 52:20
  secured
• 52:21
  two
• 52:21
  exits,
• 52:22
  right?
• 52:22
  What
• 52:23
  specifically
• 52:24
  do
• 52:24
  you
• 52:24
  think
• 52:24
  you
• 52:24
  presented
• 52:25
  to
• 52:25
  the
• 52:25
  buyer
• 52:26
  that
• 52:27
  made
• 52:27
  them
• 52:28
  want
• 52:28
  to
• 52:28
  buy
• 52:29
  you
• 52:29
  and
• 52:29
  buy
• 52:30
  your
• 52:31
  business?
• 52:33
  On
• 52:33
  the
• 52:34
  first
• 52:34
  one
• 52:35
  it
• 52:35
  was
• 52:35
  because
• 52:35
  we
• 52:35
  had
• 52:36
  a
• 52:36
  very
• 52:36
  clear
• 52:36
  business
• 52:36
  with
• 52:36
  all
• 52:37
  these
• 52:37
  movie
• 52:37
  companies
• 52:37
  and
• 52:38
  made
• 52:38
  money
• 52:38
  and
• 52:39
  went
• 52:39
  IPO
• 52:39
  with
• 52:39
  another
• 52:40
  company
• 52:40
  in
• 52:40
  London
• 52:41
  in
• 52:41
  2012.
• 52:42
  So
• 52:42
  that
• 52:42
  was
• 52:42
  kind
• 52:42
  of
• 52:42
  like
• 52:42
  just
• 52:43
  an
• 52:43
  exit
• 52:43
  like
• 52:44
  that.
• 52:44
  The
• 52:44
  second
• 52:45
  company,
• 52:45
  Shopbox,
• 52:46
  was
• 52:47
  a
• 52:47
  profitable
• 52:48
  company
• 52:48
  with
• 52:48
  around
• 52:49
  50
• 52:49
  people
• 52:49
  headcount
• 52:51
  and
• 52:52
  it's
• 52:52
  just
• 52:53
  a
• 52:53
  good
• 52:53
  solid
• 52:54
  business
• 52:54
  generating
• 52:55
  around
• 52:55
  2
• 52:55
  billion
• 52:56
  euro
• 52:57
  in
• 52:57
  car
• 52:57
  transactions
• 52:58
  a
• 52:58
  year
• 52:58
  across
• 52:59
  3,800
• 53:00
  merchants
• 53:00
  or
• 53:00
  so.
• 53:01
  So
• 53:01
  it's.
• 53:01
  Yeah,
• 53:02
  I
• 53:02
  think
• 53:02
  people
• 53:02
  just
• 53:03
  like
• 53:03
  to
• 53:03
  make.
• 53:04
  Be
• 53:04
  part
• 53:04
  of
• 53:05
  something
• 53:05
  that
• 53:05
  is
• 53:06
  within
• 53:06
  second
• 53:07
  and
• 53:07
  is
• 53:07
  solid
• 53:08
  and
• 53:08
  growing.
• 53:08
  But
• 53:08
  for
• 53:08
  me
• 53:08
  it's
• 53:09
  not
• 53:09
  enough.
• 53:09
  I
• 53:10
  don't
• 53:10
  believe
• 53:10
  that.
• 53:10
  I
• 53:11
  think
• 53:11
  Shopbox
• 53:11
  is
• 53:11
  a
• 53:11
  great
• 53:12
  idea
• 53:12
  and
• 53:12
  I
• 53:13
  started
• 53:13
  the
• 53:13
  company
• 53:13
  myself,
• 53:14
  but
• 53:14
  I
• 53:14
  believe
• 53:14
  the
• 53:15
  future
• 53:15
  is
• 53:16
  POS
• 53:17
  as
• 53:17
  a
• 53:17
  service.
• 53:18
  So
• 53:18
  no
• 53:18
  hardware.
• 53:19
  Everything
• 53:20
  has
• 53:20
  to
• 53:20
  be
• 53:20
  in
• 53:20
  the
• 53:21
  cloud.
• 53:21
  You
• 53:22
  should
• 53:22
  be
• 53:22
  able
• 53:22
  to
• 53:22
  onboard
• 53:23
  yourself
• 53:23
  and
• 53:23
  other
• 53:24
  things.
• 53:24
  We
• 53:24
  don't
• 53:24
  need
• 53:24
  customer
• 53:25
  support
• 53:25
  people.
• 53:26
  You
• 53:26
  don't
• 53:26
  need
• 53:27
  success
• 53:27
  managers
• 53:28
  or
• 53:28
  whatever.
• 53:28
  It's
• 53:28
  just.
• 53:28
  You
• 53:29
  only
• 53:29
  need
• 53:29
  that
• 53:29
  because
• 53:29
  you
• 53:30
  probably.
• 53:30
  It's
• 53:30
  gotta
• 53:30
  be
• 53:30
  simple,
• 53:31
  right?
• 53:32
  Simple.
• 53:32
  See,
• 53:33
  they
• 53:33
  don't
• 53:33
  like
• 53:33
  to
• 53:33
  spend
• 53:34
  time
• 53:34
  with
• 53:34
  people.
• 53:34
  They
• 53:34
  don't
• 53:34
  talk
• 53:34
  to
• 53:35
  people.
• 53:36
  This,
• 53:36
  this
• 53:37
  is
• 53:37
  one
• 53:37
  of
• 53:37
  the
• 53:37
  best,
• 53:38
  this
• 53:38
  device,
• 53:39
  right.
• 53:39
  In
• 53:40
  terms
• 53:40
  of
• 53:40
  the.
• 53:40
  The
• 53:41
  iPhone
• 53:42
  and
• 53:42
  Apple
• 53:42
  in
• 53:43
  general
• 53:43
  are
• 53:43
  geniuses
• 53:44
  at
• 53:44
  it,
• 53:44
  aren't
• 53:45
  they?
• 53:45
  Just
• 53:45
  like,
• 53:46
  you
• 53:46
  don't
• 53:46
  need
• 53:47
  instructions,
• 53:48
  you
• 53:49
  just
• 53:49
  open
• 53:49
  the
• 53:50
  app
• 53:50
  and
• 53:50
  you.
• 53:51
  It's
• 53:51
  just
• 53:52
  intuitive,
• 53:52
  right.
• 53:53
  And.
• 53:54
  And
• 53:54
  that's
• 53:54
  the
• 53:55
  goal.
• 53:55
  So
• 53:55
  before
• 53:55
  we
• 53:56
  wrap
• 53:56
  up,
• 53:56
  obviously
• 53:58
  we're
• 53:58
  a
• 53:58
  community
• 53:58
  of
• 53:59
  experts,
• 53:59
  founders,
• 54:00
  et
• 54:00
  cetera.
• 54:00
  What
• 54:01
  would
• 54:01
  you.
• 54:01
  What's
• 54:02
  random
• 54:02
  one
• 54:02
  random
• 54:03
  question
• 54:04
  you
• 54:04
  would
• 54:05
  like
• 54:05
  to
• 54:05
  ask
• 54:05
  the
• 54:06
  next
• 54:06
  guest
• 54:06
  on
• 54:06
  our
• 54:07
  show
• 54:07
  not
• 54:07
  knowing
• 54:07
  who
• 54:08
  they
• 54:08
  are.
• 54:08
  Yeah.
• 54:09
  How
• 54:09
  did
• 54:09
  you
• 54:09
  make
• 54:10
  your
• 54:10
  first
• 54:10
  100
• 54:11
  customers?
• 54:12
  If
• 54:12
  they
• 54:12
  have
• 54:12
  some.
• 54:13
  How
• 54:13
  did
• 54:13
  you
• 54:13
  make.
• 54:13
  That's
• 54:14
  always
• 54:14
  a
• 54:14
  great
• 54:14
  challenge,
• 54:14
  isn't
• 54:15
  it?
• 54:15
  Well,
• 54:16
  look,
• 54:16
  Christian,
• 54:17
  thank
• 54:17
  you
• 54:17
  very
• 54:17
  much.
• 54:17
  I
• 54:18
  will
• 54:18
  pop
• 54:19
  in
• 54:19
  the
• 54:19
  show
• 54:19
  notes,
• 54:20
  links
• 54:21
  to
• 54:21
  Christian
• 54:22
  to
• 54:22
  tap
• 54:23
  and
• 54:24
  to
• 54:24
  his
• 54:25
  $10,000
• 54:26
  challenge.
• 54:28
  And
• 54:29
  I
• 54:29
  will
• 54:29
  have
• 54:29
  you
• 54:30
  on
• 54:30
  again,
• 54:30
  Christian,
• 54:31
  for
• 54:31
  sure.
• 54:31
  It's
• 54:32
  been
• 54:32
  an
• 54:32
  absolute
• 54:32
  pleasure.
• 54:33
  Thank
• 54:33
  you
• 54:33
  very
• 54:34
  much.