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#198 | 5 Costly Mistakes MedTech Companies Make When Exporting Internationally(for clinicians) · Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth

• 0:00
  In
• 0:00
  this
• 0:00
  episode,
• 0:01
  you'll
• 0:01
  discover
• 0:02
  the
• 0:02
  costly
• 0:02
  mistakes
• 0:03
  that
• 0:03
  lead
• 0:04
  so
• 0:04
  many
• 0:04
  businesses
• 0:05
  to
• 0:05
  struggle
• 0:06
  when
• 0:06
  exporting
• 0:07
  internationally
• 0:07
  and
• 0:08
  what
• 0:08
  you
• 0:08
  need
• 0:08
  to
• 0:08
  do
• 0:09
  to
• 0:09
  overcome
• 0:09
  them
• 0:10
  Welcome
• 0:11
  to
• 0:11
  Clinician
• 0:11
  to
• 0:11
  CEO,
• 0:12
  the
• 0:13
  podcast
• 0:13
  helping
• 0:14
  clinicians
• 0:14
  simplify
• 0:15
  your
• 0:15
  go
• 0:15
  to
• 0:15
  market
• 0:16
  strategy
• 0:16
  so
• 0:16
  that
• 0:17
  you
• 0:17
  can
• 0:17
  stop
• 0:17
  guessing
• 0:18
  and
• 0:18
  turn
• 0:19
  your
• 0:19
  working
• 0:19
  prototypes
• 0:20
  into
• 0:20
  international
• 0:21
  MedTech
• 0:21
  businesses.
• 0:22
  i'm
• 0:22
  your
• 0:23
  host,
• 0:23
  Hakeem
• 0:23
  Aade.
• 0:24
  Let's
• 0:25
  get
• 0:25
  started.
• 0:26
  In
• 0:26
  this
• 0:26
  episode,
• 0:27
  You're
• 0:27
  gonna
• 0:27
  discover
• 0:27
  three
• 0:27
  things.
• 0:28
  Number
• 0:28
  one,
• 0:29
  why
• 0:29
  so
• 0:29
  many
• 0:30
  businesses
• 0:30
  break
• 0:30
  operationally
• 0:31
  when
• 0:31
  they
• 0:31
  expand
• 0:32
  internationally
• 0:33
  and
• 0:34
  what
• 0:34
  you
• 0:34
  need
• 0:34
  to
• 0:34
  do
• 0:34
  to
• 0:35
  scale
• 0:35
  without
• 0:36
  losing
• 0:36
  control.
• 0:37
  And
• 0:37
  then
• 0:37
  number
• 0:37
  two,
• 0:38
  how
• 0:38
  AI
• 0:38
  and
• 0:39
  automation
• 0:39
  can
• 0:39
  become
• 0:39
  a
• 0:40
  genuine
• 0:40
  commercial
• 0:41
  advantage
• 0:41
  and
• 0:41
  not
• 0:42
  just
• 0:42
  another
• 0:42
  buzzword
• 0:43
  that's
• 0:43
  slapped
• 0:43
  into
• 0:43
  a
• 0:43
  pitch
• 0:43
  deck.
• 0:44
  And
• 0:44
  then
• 0:44
  number
• 0:44
  three,
• 0:45
  the
• 0:45
  hard
• 0:46
  decisions
• 0:46
  that
• 0:46
  founders
• 0:47
  need
• 0:47
  to
• 0:47
  make
• 0:48
  when
• 0:48
  entering
• 0:48
  new
• 0:49
  markets,
• 0:49
  especially
• 0:50
  the
• 0:50
  balance
• 0:50
  between
• 0:50
  speed,
• 0:51
  control,
• 0:51
  partnerships,
• 0:52
  and
• 0:52
  operational
• 0:53
  discipline.
• 0:54
  And
• 0:54
  to
• 0:54
  help
• 0:54
  me
• 0:54
  deliver
• 0:54
  those
• 0:55
  learnings,
• 0:55
  I'm
• 0:55
  joined
• 0:55
  by
• 0:56
  Joshua
• 0:56
  Gould,
• 0:57
  who's
• 0:57
  CEO
• 0:57
  of
• 0:57
  The
• 0:57
  Big
• 0:57
  Word,
• 0:58
  and
• 0:58
  that's
• 0:59
  a
• 0:59
  business
• 0:59
  that
• 0:59
  provides
• 1:00
  translation,
• 1:00
  interpreting,
• 1:01
  and
• 1:01
  multilingual
• 1:02
  communication
• 1:02
  services
• 1:03
  globally
• 1:04
  across
• 1:04
  sectors
• 1:05
  including
• 1:05
  healthcare,
• 1:06
  government,
• 1:07
  and
• 1:07
  enterprise.
• 1:08
  And
• 1:08
  Joshua
• 1:08
  helped
• 1:08
  scale
• 1:09
  that
• 1:09
  business,
• 1:10
  and
• 1:10
  he's
• 1:10
  still
• 1:10
  there
• 1:10
  obviously,
• 1:11
  from
• 1:11
  roughly
• 1:11
  6
• 1:12
  million
• 1:12
  to
• 1:12
  more
• 1:13
  than
• 1:13
  100
• 1:13
  million
• 1:14
  globally.
• 1:14
  So
• 1:15
  welcome
• 1:15
  to
• 1:15
  the
• 1:15
  show,
• 1:16
  Joshua.
• 1:17
  Thank
• 1:17
  you.
• 1:17
  With
• 1:17
  that
• 1:18
  intro
• 1:19
  to
• 1:19
  the
• 1:19
  show,
• 1:20
  I've...
• 1:20
  I'm
• 1:20
  feeling
• 1:21
  under
• 1:21
  pressure
• 1:21
  now.
• 1:22
  That's
• 1:22
  the
• 1:23
  aim,
• 1:23
  but
• 1:23
  I'm
• 1:24
  sure
• 1:24
  that
• 1:24
  you'll
• 1:24
  live
• 1:24
  up
• 1:25
  to
• 1:25
  the
• 1:25
  billing,
• 1:25
  so
• 1:25
  no
• 1:25
  problem.
• 1:26
  So
• 1:27
  before
• 1:27
  we
• 1:27
  even
• 1:27
  get
• 1:27
  into
• 1:28
  the,
• 1:28
  all
• 1:28
  the
• 1:28
  bits
• 1:28
  about
• 1:28
  scaling
• 1:29
  globally
• 1:29
  and
• 1:29
  operational
• 1:30
  challenges
• 1:30
  and
• 1:31
  what
• 1:31
  you
• 1:31
  need
• 1:31
  to
• 1:31
  do,
• 1:32
  so
• 1:32
  what
• 1:32
  do
• 1:33
  you
• 1:33
  think
• 1:33
  helped
• 1:33
  The
• 1:33
  Big
• 1:33
  Word
• 1:34
  get
• 1:34
  from
• 1:34
  a
• 1:34
  startup
• 1:35
  phase
• 1:35
  to
• 1:35
  roughly
• 1:36
  6
• 1:36
  million
• 1:36
  in
• 1:36
  the
• 1:36
  first
• 1:37
  place?
• 1:37
  'Cause
• 1:37
  obviously,
• 1:38
  lots
• 1:38
  of
• 1:38
  people
• 1:38
  on
• 1:38
  here
• 1:38
  will
• 1:39
  be
• 1:39
  in
• 1:39
  that
• 1:39
  start
• 1:40
  phase,
• 1:40
  so
• 1:40
  they
• 1:40
  really
• 1:40
  want
• 1:41
  to
• 1:41
  know,
• 1:41
  okay,
• 1:41
  so
• 1:41
  how
• 1:42
  do
• 1:42
  you
• 1:42
  get
• 1:42
  to
• 1:42
  that
• 1:42
  6
• 1:42
  million
• 1:43
  first
• 1:43
  before
• 1:43
  we
• 1:43
  start
• 1:44
  talking
• 1:44
  about
• 1:44
  the
• 1:44
  massive
• 1:45
  expansion
• 1:45
  that
• 1:45
  you've
• 1:45
  undergone?
• 1:46
  Yeah.
• 1:46
  I
• 1:47
  think
• 1:47
  the
• 1:47
  key
• 1:48
  there
• 1:48
  was
• 1:49
  actually
• 1:49
  not
• 1:49
  to
• 1:49
  focus
• 1:50
  on
• 1:50
  making
• 1:51
  money,
• 1:51
  but
• 1:51
  to
• 1:52
  build
• 1:52
  the
• 1:52
  business.
• 1:53
  So
• 1:54
  it
• 1:54
  was
• 1:54
  selfless
• 1:56
  ownership
• 1:57
  who
• 1:57
  was
• 1:58
  trying
• 1:58
  to
• 1:58
  solve
• 1:59
  a
• 1:59
  really
• 1:59
  big
• 2:00
  problem,
• 2:00
  and
• 2:00
  that
• 2:01
  problem
• 2:01
  was
• 2:01
  bringing
• 2:02
  language
• 2:03
  access
• 2:04
  to
• 2:05
  the
• 2:05
  people
• 2:05
  of
• 2:05
  the
• 2:05
  UK.
• 2:06
  It
• 2:06
  wasn't
• 2:06
  an
• 2:07
  international
• 2:07
  business
• 2:08
  originally.
• 2:09
  It
• 2:09
  was
• 2:09
  started
• 2:10
  out
• 2:10
  in
• 2:10
  Leeds.
• 2:11
  I'm
• 2:11
  based
• 2:11
  out
• 2:11
  of
• 2:11
  Miami
• 2:12
  now,
• 2:13
  and
• 2:13
  it's
• 2:13
  very
• 2:13
  much
• 2:13
  an
• 2:14
  international
• 2:14
  business
• 2:15
  in
• 2:15
  over
• 2:15
  80
• 2:15
  countries.
• 2:16
  We
• 2:16
  have
• 2:16
  15,000
• 2:17
  people
• 2:17
  in
• 2:18
  our
• 2:18
  workforce.
• 2:19
  But
• 2:19
  back
• 2:19
  then,
• 2:20
  it
• 2:20
  was
• 2:20
  out
• 2:21
  of
• 2:21
  Leeds,
• 2:22
  and
• 2:22
  it
• 2:23
  was
• 2:23
  just
• 2:23
  can
• 2:24
  we
• 2:24
  solve
• 2:25
  a
• 2:25
  very
• 2:26
  simple
• 2:26
  problem
• 2:27
  in
• 2:27
  a
• 2:27
  simple
• 2:28
  way?
• 2:29
  And
• 2:29
  then
• 2:29
  as
• 2:30
  money
• 2:30
  was
• 2:30
  made...
• 2:31
  And
• 2:31
  it's
• 2:31
  really
• 2:31
  difficult.
• 2:32
  You
• 2:32
  build
• 2:33
  a
• 2:33
  business
• 2:33
  and
• 2:33
  you
• 2:33
  get
• 2:33
  to
• 2:34
  say
• 2:34
  2
• 2:35
  million
• 2:35
  pounds
• 2:35
  or
• 2:36
  $3
• 2:36
  million
• 2:36
  and
• 2:37
  maybe
• 2:37
  you
• 2:37
  can
• 2:37
  make
• 2:38
  4
• 2:38
  or
• 2:38
  500,000
• 2:39
  pounds
• 2:40
  a
• 2:41
  year-
• 2:42
  not
• 2:42
  just
• 2:43
  to
• 2:43
  go
• 2:43
  and
• 2:43
  then
• 2:43
  live
• 2:44
  really
• 2:44
  nicely,
• 2:45
  so
• 2:46
  people
• 2:46
  who
• 2:46
  do
• 2:46
  build
• 2:47
  these
• 2:47
  businesses
• 2:48
  from
• 2:48
  scratch,
• 2:48
  and
• 2:48
  that's
• 2:49
  not
• 2:49
  me,
• 2:49
  that's
• 2:49
  not
• 2:49
  what
• 2:50
  I
• 2:50
  do.
• 2:50
  I
• 2:50
  take
• 2:51
  businesses
• 2:52
  that
• 2:52
  are
• 2:52
  already
• 2:52
  started
• 2:54
  and
• 2:54
  I
• 2:54
  scale
• 2:54
  them.
• 2:55
  But
• 2:55
  people
• 2:56
  who
• 2:56
  do
• 2:56
  that,
• 2:57
  they're
• 2:57
  really
• 2:58
  remarkable
• 2:59
  people
• 2:59
  because
• 3:00
  they're
• 3:00
  saying
• 3:01
  no
• 3:01
  to
• 3:01
  comfort.
• 3:02
  They're
• 3:02
  saying
• 3:03
  no
• 3:03
  to
• 3:04
  having
• 3:05
  all
• 3:05
  the
• 3:05
  things.
• 3:05
  Someone
• 3:06
  who's
• 3:06
  earning
• 3:07
  500,000
• 3:08
  pounds
• 3:08
  or
• 3:08
  $750,000
• 3:09
  a
• 3:10
  year
• 3:10
  can
• 3:10
  live
• 3:11
  pretty
• 3:11
  much
• 3:12
  as
• 3:12
  well
• 3:12
  as
• 3:12
  someone
• 3:12
  who's
• 3:13
  got
• 3:13
  30,
• 3:13
  40
• 3:13
  million
• 3:14
  dollars
• 3:14
  in
• 3:14
  the
• 3:14
  bank
• 3:15
  account
• 3:15
  because
• 3:15
  they
• 3:16
  make
• 3:16
  it
• 3:16
  every
• 3:16
  single
• 3:17
  year
• 3:17
  versus
• 3:18
  burning
• 3:18
  through
• 3:18
  your
• 3:18
  cash.
• 3:19
  So
• 3:20
  these
• 3:20
  are
• 3:20
  people,
• 3:21
  and
• 3:21
  and
• 3:21
  Larry,
• 3:22
  who
• 3:22
  was
• 3:22
  the
• 3:22
  founder,
• 3:23
  Larry
• 3:23
  Goldie
• 3:23
  was
• 3:23
  the
• 3:24
  founder.
• 3:24
  He
• 3:24
  was
• 3:24
  the
• 3:24
  CEO
• 3:25
  of
• 3:25
  the
• 3:25
  business.
• 3:26
  He
• 3:26
  drove
• 3:27
  it
• 3:27
  selflessly
• 3:28
  through.
• 3:29
  He
• 3:30
  didn't
• 3:30
  take
• 3:30
  his
• 3:30
  families
• 3:31
  on
• 3:31
  holidays.
• 3:32
  He
• 3:32
  didn't
• 3:32
  go
• 3:32
  and
• 3:32
  buy
• 3:33
  Louis
• 3:33
  Vuitton
• 3:34
  like
• 3:35
  I
• 3:35
  see
• 3:35
  everyone
• 3:35
  here
• 3:36
  in
• 3:36
  Miami
• 3:36
  wearing
• 3:37
  all
• 3:37
  the
• 3:37
  time.
• 3:38
  He
• 3:38
  didn't
• 3:38
  even
• 3:39
  buy
• 3:39
  the
• 3:39
  fake
• 3:39
  version
• 3:40
  of
• 3:40
  it.
• 3:41
  It
• 3:41
  was
• 3:41
  money
• 3:42
  went
• 3:42
  back
• 3:43
  into
• 3:43
  the
• 3:43
  business,
• 3:44
  back
• 3:44
  into
• 3:44
  the
• 3:44
  technology
• 3:46
  with
• 3:46
  the
• 3:46
  goal
• 3:46
  of
• 3:46
  one
• 3:47
  day
• 3:47
  selling
• 3:47
  it,
• 3:48
  so
• 3:48
  it
• 3:48
  wasn't
• 3:48
  completely
• 3:49
  selfless.
• 3:50
  People
• 3:50
  who
• 3:50
  do
• 3:51
  this,
• 3:51
  they
• 3:51
  are
• 3:51
  building
• 3:52
  something
• 3:53
  to
• 3:53
  sell,
• 3:54
  but
• 3:54
  they
• 3:54
  see
• 3:54
  their
• 3:54
  business
• 3:55
  as
• 3:55
  an
• 3:55
  asset
• 3:56
  and
• 3:56
  not
• 3:56
  a
• 3:56
  job
• 3:57
  I
• 3:57
  think
• 3:58
  that's
• 3:58
  such
• 3:58
  an
• 3:58
  important
• 3:59
  point
• 3:59
  because
• 4:00
  the
• 4:00
  amount
• 4:00
  of
• 4:00
  times
• 4:01
  I
• 4:01
  see
• 4:02
  people
• 4:02
  come
• 4:02
  out
• 4:03
  of
• 4:03
  like
• 4:03
  a
• 4:03
  comfortable
• 4:04
  job,
• 4:05
  they
• 4:05
  start
• 4:05
  a
• 4:05
  business,
• 4:06
  and
• 4:06
  the
• 4:06
  first
• 4:07
  thing
• 4:07
  they
• 4:07
  do
• 4:07
  is
• 4:07
  pay
• 4:07
  themselves
• 4:08
  a
• 4:08
  ridiculous
• 4:08
  amount
• 4:09
  of
• 4:09
  money.
• 4:09
  And
• 4:09
  you're
• 4:09
  thinking
• 4:10
  so
• 4:10
  how
• 4:10
  do
• 4:10
  you
• 4:10
  think
• 4:11
  you're
• 4:11
  gonna
• 4:11
  make
• 4:11
  money
• 4:11
  if
• 4:11
  you're
• 4:12
  already
• 4:12
  paying
• 4:12
  yourself
• 4:13
  200
• 4:13
  grand
• 4:13
  a
• 4:13
  year
• 4:14
  and
• 4:14
  you're
• 4:14
  paying
• 4:14
  your
• 4:14
  wife
• 4:15
  200
• 4:15
  grand
• 4:15
  a
• 4:15
  year?"
• 4:16
  Because
• 4:16
  they've
• 4:16
  got
• 4:16
  some
• 4:16
  seed
• 4:17
  funding,
• 4:17
  and
• 4:17
  that
• 4:17
  seed
• 4:18
  funding
• 4:18
  doesn't
• 4:18
  last
• 4:18
  very
• 4:19
  long
• 4:19
  if
• 4:19
  you
• 4:19
  start
• 4:20
  spending
• 4:20
  it
• 4:20
  like
• 4:20
  that.
• 4:20
  So
• 4:21
  I
• 4:21
  think
• 4:21
  it's
• 4:21
  a
• 4:21
  really
• 4:22
  good
• 4:22
  point
• 4:22
  for
• 4:22
  people
• 4:23
  to
• 4:23
  understand
• 4:23
  that
• 4:23
  if
• 4:23
  you're
• 4:23
  setting
• 4:24
  up
• 4:24
  your
• 4:24
  business,
• 4:25
  obviously
• 4:26
  no
• 4:26
  one
• 4:26
  sets
• 4:26
  up
• 4:26
  a
• 4:26
  business
• 4:26
  'cause
• 4:27
  they
• 4:27
  wanna
• 4:27
  be
• 4:27
  poor.
• 4:28
  But
• 4:28
  in
• 4:28
  those
• 4:28
  first
• 4:29
  few
• 4:29
  months,
• 4:30
  years,
• 4:30
  and
• 4:31
  it
• 4:31
  can
• 4:31
  be
• 4:31
  years,
• 4:32
  you
• 4:32
  shouldn't
• 4:32
  be
• 4:32
  expecting
• 4:33
  to
• 4:33
  be
• 4:33
  making
• 4:34
  loads
• 4:34
  and
• 4:34
  loads
• 4:35
  of
• 4:35
  money.
• 4:35
  It
• 4:35
  may
• 4:35
  happen,
• 4:36
  but
• 4:36
  actually
• 4:37
  you
• 4:37
  need
• 4:37
  to
• 4:37
  hunker
• 4:37
  down
• 4:38
  and
• 4:38
  know
• 4:38
  actually,
• 4:39
  like
• 4:39
  you
• 4:39
  just
• 4:39
  said,
• 4:39
  Dan,
• 4:39
  I
• 4:40
  really
• 4:40
  like
• 4:40
  the
• 4:40
  way
• 4:40
  you
• 4:40
  phrased
• 4:41
  it,
• 4:41
  if
• 4:41
  you're
• 4:41
  looking
• 4:41
  at
• 4:41
  what
• 4:42
  the
• 4:42
  problem
• 4:42
  is
• 4:42
  and
• 4:42
  you
• 4:42
  focus
• 4:43
  on
• 4:43
  the
• 4:43
  problem,
• 4:44
  and
• 4:44
  you
• 4:44
  believe
• 4:45
  that
• 4:45
  there...
• 4:45
  and
• 4:45
  there
• 4:45
  genuinely
• 4:46
  is
• 4:46
  a
• 4:46
  problem,
• 4:47
  you
• 4:47
  will
• 4:47
  start
• 4:47
  making
• 4:48
  money
• 4:48
  at
• 4:48
  some
• 4:48
  point.
• 4:49
  But
• 4:49
  it's
• 4:49
  about
• 4:49
  investing
• 4:50
  and
• 4:51
  growing
• 4:51
  and
• 4:51
  not
• 4:52
  just
• 4:52
  thinking,
• 4:52
  "I
• 4:52
  want
• 4:52
  a
• 4:52
  nice
• 4:53
  car
• 4:53
  and
• 4:53
  I
• 4:53
  want
• 4:53
  a
• 4:53
  nice
• 4:54
  house
• 4:54
  and
• 4:54
  I
• 4:54
  want
• 4:54
  a
• 4:55
  a
• 4:55
  massive
• 4:55
  salary."
• 4:55
  So
• 4:56
  I
• 4:56
  think
• 4:56
  that's
• 4:56
  a
• 4:56
  really
• 4:56
  good
• 4:57
  opening
• 4:57
  salvo,
• 4:58
  to
• 4:58
  be
• 4:58
  honest.
• 4:59
  Yeah.
• 4:59
  I
• 4:59
  would
• 4:59
  just
• 5:00
  add,
• 5:00
  if
• 5:00
  it's
• 5:01
  okay,
• 5:01
  I
• 5:01
  came
• 5:01
  with
• 5:01
  you-
• 5:01
  Yeah
• 5:03
  that
• 5:03
  I
• 5:03
  have
• 5:03
  tried
• 5:04
  every
• 5:04
  get
• 5:04
  rich
• 5:05
  quick
• 5:05
  scheme
• 5:06
  that's
• 5:06
  legal.
• 5:07
  I
• 5:07
  am
• 5:07
  living
• 5:08
  proof
• 5:09
  that
• 5:09
  there
• 5:09
  is
• 5:09
  only
• 5:10
  one
• 5:10
  get
• 5:10
  rich
• 5:11
  quick
• 5:11
  scheme,
• 5:13
  and
• 5:13
  that's
• 5:13
  winning
• 5:13
  the
• 5:13
  lottery.
• 5:14
  Yeah.
• 5:15
  And
• 5:15
  I
• 5:15
  don't
• 5:15
  like
• 5:16
  the
• 5:16
  odds
• 5:16
  of
• 5:16
  that.
• 5:16
  Maybe
• 5:17
  you
• 5:17
  could
• 5:17
  argue
• 5:18
  there's
• 5:18
  a
• 5:18
  second
• 5:18
  get
• 5:19
  rich
• 5:19
  quick
• 5:19
  scheme,
• 5:19
  and
• 5:19
  that's
• 5:20
  being
• 5:20
  born
• 5:20
  into
• 5:20
  money.
• 5:21
  Yeah.
• 5:21
  I
• 5:22
  was
• 5:22
  neither.
• 5:23
  I
• 5:23
  haven't
• 5:23
  won
• 5:23
  the
• 5:23
  lottery,
• 5:24
  and
• 5:24
  my
• 5:24
  family
• 5:25
  didn't
• 5:25
  have
• 5:25
  any
• 5:25
  money
• 5:25
  when
• 5:26
  I
• 5:26
  was
• 5:26
  born.
• 5:26
  It
• 5:27
  was
• 5:27
  made
• 5:27
  doing,
• 5:28
  what
• 5:28
  we
• 5:28
  say
• 5:29
  in
• 5:29
  rugby,
• 5:30
  it's
• 5:30
  the
• 5:30
  hard
• 5:31
  yards.
• 5:32
  And
• 5:32
  it's
• 5:32
  every
• 5:33
  single
• 5:33
  day
• 5:34
  getting
• 5:34
  out
• 5:34
  of
• 5:34
  bed
• 5:35
  when
• 5:35
  sometimes
• 5:36
  you
• 5:36
  don't
• 5:36
  want
• 5:36
  to.
• 5:36
  You
• 5:37
  have
• 5:37
  the
• 5:37
  lawsuits.
• 5:38
  As
• 5:38
  you
• 5:38
  get
• 5:38
  bigger,
• 5:39
  you
• 5:39
  get
• 5:39
  those.
• 5:40
  You
• 5:40
  have
• 5:41
  competitors
• 5:42
  attack
• 5:42
  you.
• 5:43
  You
• 5:43
  have
• 5:43
  employees
• 5:44
  behave
• 5:45
  badly.
• 5:46
  You
• 5:46
  have
• 5:46
  all
• 5:47
  of
• 5:47
  this
• 5:47
  stuff,
• 5:48
  and
• 5:48
  you
• 5:48
  have
• 5:48
  to
• 5:48
  get
• 5:49
  out
• 5:49
  of
• 5:49
  bed
• 5:49
  every
• 5:50
  single
• 5:50
  morning
• 5:51
  and
• 5:52
  face
• 5:52
  it,
• 5:52
  and
• 5:53
  then
• 5:53
  somehow
• 5:54
  turn
• 5:54
  all
• 5:55
  of
• 5:55
  the
• 5:55
  adversity
• 5:57
  into
• 5:57
  something
• 5:57
  that's
• 5:58
  useful,
• 5:58
  that
• 5:58
  people
• 5:59
  actually
• 5:59
  wanna
• 5:59
  buy,
• 6:00
  something
• 6:00
  that
• 6:00
  people
• 6:01
  wanna
• 6:01
  use,
• 6:02
  that's
• 6:02
  irresistible.
• 6:03
  And
• 6:03
  you
• 6:03
  have
• 6:03
  to
• 6:04
  do
• 6:04
  it
• 6:04
  over
• 6:04
  a
• 6:05
  long
• 6:05
  period
• 6:05
  of
• 6:05
  time.
• 6:06
  I
• 6:06
  also
• 6:06
  invest
• 6:07
  in
• 6:07
  startups,
• 6:08
  and
• 6:08
  I
• 6:08
  tell
• 6:08
  every
• 6:09
  startup
• 6:10
  founder,
• 6:11
  "This
• 6:12
  will
• 6:12
  not
• 6:12
  be
• 6:12
  sold
• 6:13
  unless
• 6:13
  you
• 6:13
  get
• 6:14
  lucky,
• 6:14
  and
• 6:15
  you
• 6:15
  cannot
• 6:15
  plan
• 6:16
  for
• 6:16
  luck."
• 6:17
  You
• 6:17
  can
• 6:17
  plan
• 6:18
  and
• 6:18
  then
• 6:18
  get
• 6:19
  lucky,
• 6:19
  but
• 6:20
  that's
• 6:20
  different.
• 6:21
  This
• 6:21
  won't
• 6:21
  be
• 6:22
  sold
• 6:22
  for
• 6:22
  10
• 6:22
  years.
• 6:23
  This
• 6:23
  is
• 6:23
  going
• 6:23
  to
• 6:23
  be
• 6:24
  a
• 6:24
  10-year
• 6:25
  slog
• 6:26
  day
• 6:26
  in,
• 6:27
  day
• 6:27
  out.
• 6:28
  So
• 6:28
  if
• 6:28
  you,
• 6:29
  to
• 6:29
  your
• 6:29
  point
• 6:30
  before,
• 6:30
  are
• 6:30
  building
• 6:31
  this
• 6:31
  to
• 6:31
  sell
• 6:32
  it,
• 6:32
  don't.
• 6:34
  Build
• 6:34
  it
• 6:34
  because
• 6:34
  you
• 6:34
  want
• 6:35
  the
• 6:35
  journey.
• 6:35
  Build
• 6:36
  it
• 6:36
  'cause
• 6:36
  you
• 6:36
  want
• 6:36
  the
• 6:36
  excitement.
• 6:37
  At
• 6:37
  some
• 6:37
  point,
• 6:38
  if
• 6:38
  you
• 6:38
  keep
• 6:38
  doing
• 6:38
  this
• 6:39
  long
• 6:39
  enough,
• 6:40
  you
• 6:40
  probably
• 6:41
  will
• 6:41
  get
• 6:41
  rich.
• 6:42
  You
• 6:42
  probably
• 6:42
  will
• 6:42
  sell
• 6:43
  it
• 6:43
  for
• 6:43
  a
• 6:43
  lot
• 6:43
  of
• 6:43
  money.
• 6:44
  So
• 6:44
  on,
• 6:45
  just
• 6:45
  on
• 6:45
  that
• 6:45
  point,
• 6:45
  because
• 6:46
  this
• 6:46
  is
• 6:46
  one
• 6:46
  of
• 6:46
  the
• 6:46
  things
• 6:47
  that
• 6:47
  I've
• 6:47
  seen.
• 6:47
  I
• 6:47
  don't
• 6:47
  know
• 6:47
  whether
• 6:48
  this
• 6:48
  is
• 6:48
  a
• 6:48
  more
• 6:48
  recent
• 6:49
  thing
• 6:49
  that's
• 6:49
  creeping
• 6:50
  in.
• 6:50
  Whenever
• 6:51
  I
• 6:51
  speak
• 6:51
  with
• 6:51
  founders
• 6:52
  or
• 6:52
  I
• 6:52
  work
• 6:52
  with
• 6:52
  founders
• 6:53
  the
• 6:53
  f-
• 6:53
  I
• 6:53
  don't
• 6:53
  know
• 6:53
  where
• 6:53
  they've
• 6:53
  heard
• 6:54
  it,
• 6:54
  but
• 6:54
  it's
• 6:54
  always,
• 6:54
  "Yeah.
• 6:54
  We
• 6:54
  wanna
• 6:55
  sell
• 6:55
  out
• 6:55
  in
• 6:55
  two
• 6:55
  to
• 6:55
  three
• 6:56
  years."
• 6:56
  And
• 6:56
  you're
• 6:56
  like,
• 6:57
  "Where
• 6:57
  the
• 6:57
  hell
• 6:57
  have
• 6:57
  you
• 6:58
  got
• 6:58
  that
• 6:58
  number
• 6:58
  from?
• 6:58
  You
• 6:59
  haven't
• 6:59
  even
• 6:59
  start-
• 6:59
  you
• 6:59
  haven't
• 6:59
  even
• 7:00
  brought
• 7:00
  a
• 7:00
  product
• 7:00
  to
• 7:00
  market
• 7:01
  yet.
• 7:01
  You're
• 7:01
  talking
• 7:01
  about
• 7:01
  selling
• 7:01
  out
• 7:02
  in
• 7:02
  two
• 7:02
  to
• 7:02
  three
• 7:02
  years."
• 7:03
  So
• 7:04
  where
• 7:04
  does
• 7:04
  that
• 7:04
  come
• 7:05
  from,
• 7:06
  and
• 7:06
  what
• 7:06
  do
• 7:07
  you
• 7:07
  say
• 7:07
  to
• 7:07
  people
• 7:07
  when
• 7:07
  they
• 7:08
  say
• 7:08
  that?
• 7:08
  'Cause
• 7:08
  it
• 7:08
  just
• 7:08
  seems
• 7:08
  to
• 7:08
  be,
• 7:09
  like,
• 7:09
  everybody's
• 7:09
  saying
• 7:09
  it
• 7:10
  now.
• 7:11
  It's
• 7:11
  the
• 7:11
  exact
• 7:11
  reason
• 7:12
  why
• 7:12
  I
• 7:12
  come
• 7:12
  on
• 7:12
  your
• 7:13
  podcast.
• 7:13
  I
• 7:13
  like
• 7:13
  what
• 7:14
  you
• 7:14
  do.
• 7:14
  It's
• 7:15
  real.
• 7:15
  It's
• 7:15
  honest.
• 7:16
  But
• 7:16
  let's
• 7:16
  face
• 7:17
  it,
• 7:17
  most
• 7:17
  podcasters
• 7:18
  are
• 7:18
  successful
• 7:19
  'cause
• 7:19
  they
• 7:19
  give
• 7:19
  fake
• 7:20
  advice
• 7:20
  that
• 7:20
  people
• 7:21
  wanna
• 7:21
  hear.
• 7:22
  You
• 7:22
  know
• 7:22
  how
• 7:22
  many
• 7:22
  podcasts
• 7:23
  start
• 7:23
  with
• 7:24
  no
• 7:24
  one
• 7:25
  seeing
• 7:25
  this
• 7:25
  coming,
• 7:26
  and
• 7:26
  it's
• 7:26
  like
• 7:26
  rage
• 7:27
  bait.
• 7:27
  And
• 7:27
  everyone's
• 7:28
  then,
• 7:28
  "And
• 7:29
  if
• 7:29
  you
• 7:29
  don't
• 7:29
  do
• 7:29
  these
• 7:30
  three
• 7:30
  things,
• 7:31
  you'll
• 7:31
  fail
• 7:31
  too."
• 7:32
  And
• 7:32
  then-
• 7:32
  Yeah
• 7:32
  everyone
• 7:33
  stays
• 7:33
  in.
• 7:34
  And
• 7:35
  that's
• 7:35
  how
• 7:35
  these
• 7:35
  algorithms
• 7:36
  work.
• 7:37
  So
• 7:37
  all
• 7:37
  day,
• 7:38
  every
• 7:38
  single
• 7:38
  day,
• 7:39
  kids,
• 7:40
  young
• 7:40
  adults,
• 7:41
  we're
• 7:41
  all
• 7:42
  hearing
• 7:42
  about
• 7:42
  this
• 7:42
  company
• 7:43
  that
• 7:43
  someone
• 7:44
  started
• 7:44
  from
• 7:44
  the
• 7:44
  bedroom
• 7:45
  and
• 7:45
  sold
• 7:45
  it
• 7:46
  for
• 7:46
  $80
• 7:47
  million
• 7:47
  two
• 7:48
  weeks
• 7:48
  later.
• 7:49
  It
• 7:49
  can
• 7:49
  happen,
• 7:50
  but
• 7:50
  I
• 7:50
  guarantee
• 7:51
  you
• 7:51
  more
• 7:51
  people
• 7:51
  have
• 7:51
  won
• 7:52
  the
• 7:52
  lottery.
• 7:53
  So
• 7:53
  it
• 7:53
  does
• 7:53
  happen,
• 7:54
  and
• 7:54
  there
• 7:54
  is
• 7:54
  examples
• 7:55
  of
• 7:55
  it
• 7:55
  happening.
• 7:56
  But
• 7:57
  the
• 7:57
  reality
• 7:58
  is
• 7:58
  that
• 7:59
  99.999%
• 8:01
  of
• 8:01
  businesses
• 8:02
  that
• 8:02
  are
• 8:02
  successful
• 8:04
  are
• 8:04
  over
• 8:04
  a
• 8:04
  period
• 8:05
  of
• 8:05
  about
• 8:05
  10
• 8:06
  years,
• 8:06
  and
• 8:07
  the
• 8:07
  people
• 8:07
  who
• 8:08
  originally
• 8:08
  found
• 8:09
  them
• 8:09
  never
• 8:10
  found
• 8:10
  them
• 8:10
  just
• 8:11
  to
• 8:11
  sell
• 8:11
  them.
• 8:11
  They
• 8:11
  hope
• 8:12
  that's
• 8:12
  gonna
• 8:12
  happen,
• 8:13
  and
• 8:13
  they
• 8:13
  hope
• 8:13
  to
• 8:13
  make
• 8:13
  the
• 8:14
  money,
• 8:14
  but
• 8:14
  they
• 8:15
  found
• 8:15
  them
• 8:15
  to
• 8:15
  create
• 8:16
  jobs,
• 8:16
  to
• 8:17
  create
• 8:17
  long-term
• 8:18
  wealth,
• 8:19
  to
• 8:19
  solve
• 8:20
  real
• 8:20
  problems
• 8:22
  It's
• 8:22
  usually
• 8:22
  the
• 8:23
  people
• 8:23
  like
• 8:23
  me
• 8:23
  that
• 8:24
  come
• 8:24
  along
• 8:24
  and
• 8:24
  take
• 8:25
  those
• 8:25
  businesses,
• 8:26
  that
• 8:26
  scale
• 8:26
  them,
• 8:26
  are
• 8:26
  thinking
• 8:27
  about
• 8:27
  exiting
• 8:28
  on
• 8:28
  day
• 8:28
  one.
• 8:29
  And
• 8:29
  that
• 8:29
  does
• 8:29
  exist.
• 8:30
  PE,
• 8:31
  they're
• 8:31
  thinking
• 8:32
  about
• 8:32
  exiting
• 8:32
  before
• 8:33
  they've
• 8:33
  even
• 8:33
  acquired
• 8:34
  you.
• 8:34
  That's
• 8:34
  part
• 8:35
  of
• 8:35
  their
• 8:35
  job.
• 8:35
  They
• 8:35
  buy
• 8:36
  and
• 8:36
  sell
• 8:37
  businesses,
• 8:37
  but
• 8:37
  they
• 8:38
  only
• 8:38
  make
• 8:38
  money
• 8:38
  when
• 8:38
  they
• 8:38
  sell
• 8:39
  businesses.
• 8:40
  Founders,
• 8:40
  it's
• 8:41
  a
• 8:41
  completely
• 8:41
  different
• 8:42
  game
• 8:42
  though.
• 8:42
  Yeah,
• 8:42
  no
• 8:43
  and
• 8:43
  that's
• 8:43
  a
• 8:43
  good
• 8:43
  segue,
• 8:44
  actually,
• 8:44
  because
• 8:45
  you
• 8:45
  came
• 8:45
  into
• 8:45
  the
• 8:45
  business,
• 8:46
  you're
• 8:46
  taking
• 8:46
  it
• 8:46
  from
• 8:46
  6
• 8:47
  million
• 8:47
  to
• 8:48
  100
• 8:48
  million.
• 8:48
  You
• 8:48
  weren't
• 8:49
  the
• 8:49
  founder.
• 8:50
  And
• 8:50
  that's
• 8:50
  often
• 8:51
  the
• 8:51
  case,
• 8:51
  that
• 8:51
  the
• 8:51
  person
• 8:52
  who
• 8:52
  founded
• 8:52
  it
• 8:52
  is
• 8:53
  n-
• 8:53
  not
• 8:53
  necessarily
• 8:54
  the
• 8:54
  person
• 8:54
  who
• 8:54
  can
• 8:54
  then
• 8:54
  ma-
• 8:55
  take
• 8:55
  that
• 8:55
  global
• 8:56
  step
• 8:56
  because
• 8:56
  they're
• 8:56
  just
• 8:57
  not
• 8:57
  in...
• 8:57
  They've,
• 8:57
  they
• 8:57
  haven't
• 8:58
  got
• 8:58
  that
• 8:58
  operational
• 8:58
  experience.
• 8:59
  So
• 9:00
  what's
• 9:00
  the
• 9:01
  first
• 9:01
  operational
• 9:02
  challenges
• 9:02
  you
• 9:03
  start
• 9:03
  to
• 9:03
  encounter
• 9:04
  when
• 9:04
  you
• 9:04
  start
• 9:05
  trying
• 9:05
  to
• 9:05
  scale
• 9:06
  the
• 9:06
  big
• 9:06
  word
• 9:06
  aggressively?
• 9:07
  So
• 9:08
  all
• 9:08
  operational
• 9:08
  challenges
• 9:09
  are
• 9:10
  people
• 9:10
  challenges.
• 9:11
  And
• 9:12
  typically
• 9:13
  you've
• 9:14
  got
• 9:14
  to
• 9:14
  divide
• 9:15
  that
• 9:15
  challenge
• 9:15
  then
• 9:16
  into
• 9:17
  culture
• 9:18
  and
• 9:18
  process.
• 9:19
  You
• 9:20
  cannot
• 9:20
  change
• 9:21
  a
• 9:21
  process
• 9:22
  without
• 9:22
  changing
• 9:23
  the
• 9:23
  culture.
• 9:24
  And
• 9:24
  what
• 9:24
  I
• 9:25
  find
• 9:25
  when
• 9:25
  I've
• 9:26
  been
• 9:26
  into
• 9:26
  businesses
• 9:28
  that
• 9:28
  I'm
• 9:28
  trying
• 9:28
  to
• 9:28
  turn
• 9:29
  around
• 9:30
  and
• 9:30
  I'm
• 9:30
  trying
• 9:30
  to
• 9:31
  accelerate
• 9:32
  growth
• 9:33
  is
• 9:33
  they
• 9:34
  typically
• 9:34
  are
• 9:34
  lifestyle
• 9:35
  businesses,
• 9:36
  not
• 9:36
  just
• 9:36
  for
• 9:37
  the
• 9:37
  owners,
• 9:37
  but
• 9:37
  for
• 9:37
  the
• 9:37
  people
• 9:38
  who
• 9:38
  work
• 9:38
  in
• 9:38
  it.
• 9:39
  They're
• 9:40
  fat,
• 9:40
  so
• 9:40
  they've
• 9:40
  got
• 9:41
  too
• 9:41
  many
• 9:41
  people
• 9:42
  in.
• 9:42
  The
• 9:43
  owners
• 9:44
  are
• 9:45
  playing
• 9:45
  golf
• 9:45
  at
• 9:45
  4:00,
• 9:46
  or
• 9:46
  don't
• 9:47
  wanna
• 9:47
  work
• 9:47
  on
• 9:47
  Fridays.
• 9:48
  And
• 9:48
  they
• 9:49
  deserve
• 9:49
  to.
• 9:49
  As
• 9:49
  owners,
• 9:50
  they
• 9:50
  built
• 9:50
  it,
• 9:50
  they've
• 9:51
  taken
• 9:51
  mortgages
• 9:52
  against
• 9:52
  it,
• 9:52
  they've
• 9:53
  risked
• 9:53
  everything.
• 9:54
  But
• 9:54
  that's
• 9:54
  not
• 9:55
  going
• 9:55
  to
• 9:55
  get
• 9:56
  you
• 9:56
  to
• 9:56
  $100
• 9:57
  million
• 9:57
  plus.
• 9:58
  It's
• 9:58
  not
• 9:58
  even
• 9:58
  gonna
• 9:59
  get
• 9:59
  you
• 9:59
  to
• 9:59
  $50
• 9:59
  million
• 10:00
  plus
• 10:00
  in
• 10:00
  most
• 10:01
  cases.
• 10:01
  So
• 10:02
  you've
• 10:02
  got
• 10:02
  two
• 10:02
  choices.
• 10:03
  You
• 10:03
  can
• 10:04
  change
• 10:04
  the
• 10:04
  people
• 10:05
  or
• 10:05
  you
• 10:05
  can
• 10:05
  get
• 10:05
  the
• 10:05
  people
• 10:06
  to
• 10:06
  change
• 10:06
  And
• 10:07
  there
• 10:07
  are
• 10:07
  those
• 10:08
  people,
• 10:08
  we
• 10:08
  all
• 10:09
  know
• 10:09
  them,
• 10:09
  we
• 10:09
  have
• 10:09
  them
• 10:09
  in
• 10:10
  our
• 10:10
  families,
• 10:10
  where,
• 10:11
  they're
• 10:11
  like
• 10:11
  the
• 10:11
  zebra,
• 10:12
  or
• 10:12
  the
• 10:12
  zebra
• 10:13
  as
• 10:13
  we
• 10:13
  would
• 10:13
  say
• 10:13
  in
• 10:13
  America,
• 10:14
  they're
• 10:14
  not
• 10:14
  gonna
• 10:15
  change
• 10:15
  their
• 10:15
  stripes.
• 10:16
  They
• 10:16
  are
• 10:16
  who
• 10:16
  they
• 10:17
  are.
• 10:17
  You've
• 10:17
  gotta
• 10:17
  find
• 10:17
  those
• 10:18
  people,
• 10:18
  and
• 10:18
  you've
• 10:18
  gotta
• 10:19
  work
• 10:19
  with
• 10:19
  them
• 10:19
  to
• 10:20
  exit
• 10:20
  them
• 10:21
  as
• 10:21
  best
• 10:21
  as
• 10:21
  possible
• 10:22
  and
• 10:22
  as
• 10:22
  quickly
• 10:22
  as
• 10:23
  possible,
• 10:23
  and
• 10:23
  you've
• 10:23
  gotta
• 10:24
  bring
• 10:24
  new
• 10:24
  people
• 10:24
  in.
• 10:25
  But
• 10:25
  what
• 10:25
  I
• 10:25
  find
• 10:26
  is
• 10:26
  that
• 10:26
  the
• 10:27
  re-
• 10:27
  real
• 10:27
  superstars
• 10:28
  are
• 10:28
  the
• 10:28
  ones
• 10:29
  that
• 10:29
  are
• 10:29
  in
• 10:29
  the
• 10:29
  business.
• 10:30
  Those
• 10:31
  are
• 10:31
  the
• 10:31
  people
• 10:31
  that
• 10:31
  really
• 10:32
  understand
• 10:33
  it
• 10:33
  in
• 10:33
  a
• 10:33
  way
• 10:33
  that
• 10:33
  ChatGPT
• 10:34
  or
• 10:35
  Claude
• 10:35
  can't.
• 10:36
  They
• 10:36
  know
• 10:36
  how
• 10:37
  to
• 10:37
  apply
• 10:37
  knowledge,
• 10:38
  not
• 10:38
  just
• 10:38
  have
• 10:39
  knowledge.
• 10:39
  They're
• 10:39
  the
• 10:39
  ones
• 10:40
  that
• 10:40
  really
• 10:40
  own
• 10:41
  the
• 10:41
  business'
• 10:42
  access
• 10:42
  to
• 10:42
  market,
• 10:43
  the
• 10:43
  business
• 10:44
  client
• 10:44
  relationships,
• 10:45
  and
• 10:45
  those
• 10:46
  are
• 10:46
  the
• 10:46
  people
• 10:46
  that
• 10:47
  you
• 10:47
  wanna
• 10:47
  identify
• 10:48
  really
• 10:48
  early.
• 10:49
  And
• 10:49
  once
• 10:49
  you
• 10:49
  do,
• 10:50
  you
• 10:50
  work
• 10:50
  with
• 10:51
  them
• 10:51
  to
• 10:51
  change
• 10:51
  the
• 10:52
  process.
• 10:52
  And
• 10:53
  a-
• 10:53
  and
• 10:53
  quite
• 10:53
  often
• 10:54
  what
• 10:54
  you'll
• 10:54
  find
• 10:55
  is
• 10:55
  that
• 10:55
  a
• 10:55
  lot
• 10:56
  of
• 10:56
  the
• 10:56
  business
• 10:56
  processes
• 10:57
  don't
• 10:57
  really
• 10:58
  add
• 10:58
  any
• 10:58
  value,
• 10:58
  so
• 10:59
  you
• 10:59
  can
• 10:59
  just
• 10:59
  delete
• 10:59
  those.
• 11:00
  and
• 11:00
  that's
• 11:00
  why
• 11:00
  PE
• 11:01
  are
• 11:01
  good,
• 11:01
  'cause
• 11:01
  they're
• 11:01
  heartless.
• 11:02
  I
• 11:02
  probably
• 11:03
  shouldn't
• 11:03
  say
• 11:03
  it
• 11:03
  'cause
• 11:03
  I'm
• 11:04
  paid
• 11:04
  by
• 11:04
  private
• 11:04
  equity
• 11:05
  companies,
• 11:05
  but
• 11:06
  when
• 11:06
  they
• 11:06
  come
• 11:06
  in,
• 11:07
  they
• 11:07
  genuinely
• 11:07
  care
• 11:08
  about
• 11:08
  the
• 11:08
  thesis,
• 11:08
  they
• 11:09
  care
• 11:09
  about
• 11:09
  the
• 11:09
  business.
• 11:10
  They
• 11:10
  want
• 11:10
  the
• 11:10
  people
• 11:11
  to
• 11:11
  be
• 11:11
  successful,
• 11:11
  but
• 11:12
  at
• 11:12
  the
• 11:12
  end
• 11:12
  of
• 11:12
  the
• 11:12
  day,
• 11:13
  they
• 11:13
  are
• 11:13
  going
• 11:13
  to
• 11:13
  make
• 11:14
  the
• 11:14
  tough
• 11:14
  decisions
• 11:15
  because
• 11:15
  they're
• 11:15
  gonna
• 11:16
  make
• 11:16
  it
• 11:16
  based
• 11:16
  on
• 11:16
  a
• 11:17
  return
• 11:17
  on
• 11:17
  investment.
• 11:18
  So
• 11:18
  it's
• 11:18
  easier
• 11:19
  for
• 11:19
  people
• 11:19
  like
• 11:19
  me
• 11:19
  to
• 11:19
  come
• 11:20
  in
• 11:20
  and
• 11:20
  say,
• 11:20
  "Okay,
• 11:21
  you
• 11:21
  keep
• 11:21
  renaming
• 11:22
  that
• 11:22
  file
• 11:22
  and
• 11:22
  moving
• 11:23
  it
• 11:23
  around,
• 11:23
  and
• 11:23
  you're
• 11:24
  doing
• 11:24
  the
• 11:24
  same
• 11:24
  thing.
• 11:24
  I
• 11:25
  don't
• 11:25
  even
• 11:25
  need
• 11:25
  AI
• 11:26
  to
• 11:26
  do
• 11:26
  that.
• 11:26
  I'm
• 11:26
  just
• 11:26
  gonna
• 11:26
  automate
• 11:27
  it.
• 11:27
  And
• 11:27
  you're
• 11:28
  running
• 11:28
  it
• 11:28
  against
• 11:29
  that
• 11:29
  quality
• 11:30
  assessment
• 11:30
  check,
• 11:31
  but
• 11:31
  only
• 11:32
  0.01%
• 11:33
  of
• 11:34
  files
• 11:34
  are
• 11:34
  failing,
• 11:35
  and
• 11:35
  actually
• 11:36
  the
• 11:36
  downside
• 11:36
  isn't
• 11:37
  that
• 11:37
  big,
• 11:37
  so
• 11:37
  we're
• 11:37
  just
• 11:37
  gonna
• 11:38
  skip
• 11:38
  that
• 11:38
  process
• 11:39
  out."
• 11:39
  And
• 11:39
  you
• 11:39
  make
• 11:39
  those
• 11:40
  kind
• 11:40
  of
• 11:40
  cold-blooded,
• 11:41
  if
• 11:41
  you
• 11:41
  like,
• 11:42
  decisions.
• 11:43
  But
• 11:43
  you
• 11:43
  have
• 11:43
  to
• 11:43
  do
• 11:43
  it
• 11:43
  in
• 11:44
  a
• 11:44
  way
• 11:44
  that's
• 11:44
  bringing
• 11:44
  everyone
• 11:45
  around
• 11:45
  you
• 11:45
  and
• 11:45
  that
• 11:46
  you've
• 11:46
  gotta
• 11:46
  be
• 11:46
  a
• 11:46
  people
• 11:46
  person.
• 11:47
  So
• 11:47
  CEOs
• 11:48
  have
• 11:48
  this
• 11:48
  real
• 11:48
  challenge
• 11:49
  of
• 11:49
  you
• 11:49
  gotta
• 11:50
  be
• 11:50
  kind,
• 11:50
  you've
• 11:50
  gotta
• 11:51
  be
• 11:51
  open,
• 11:52
  you
• 11:52
  gotta
• 11:52
  be
• 11:52
  honest
• 11:53
  And
• 11:53
  then
• 11:53
  at
• 11:53
  the
• 11:53
  same
• 11:54
  time,
• 11:54
  you
• 11:54
  gotta
• 11:54
  make
• 11:54
  really
• 11:55
  difficult
• 11:55
  decisions
• 11:56
  of
• 11:56
  moving
• 11:56
  people
• 11:57
  out
• 11:57
  of
• 11:57
  the
• 11:57
  business,
• 11:58
  bringing
• 11:58
  new
• 11:59
  people
• 11:59
  in
• 11:59
  the
• 11:59
  business,
• 12:00
  getting
• 12:00
  rid
• 12:00
  of
• 12:00
  processes,
• 12:01
  even
• 12:01
  firing
• 12:02
  clients.
• 12:02
  When
• 12:02
  I
• 12:02
  came
• 12:03
  and
• 12:03
  took
• 12:03
  over
• 12:03
  The
• 12:03
  Big
• 12:03
  Word
• 12:04
  as
• 12:04
  the
• 12:04
  CEO
• 12:05
  I
• 12:05
  fired
• 12:05
  about
• 12:06
  20%
• 12:06
  of
• 12:07
  our
• 12:07
  entire
• 12:07
  revenue
• 12:08
  'cause
• 12:08
  we
• 12:08
  couldn't
• 12:08
  make
• 12:08
  money
• 12:09
  on
• 12:09
  it.
• 12:09
  And,
• 12:09
  you
• 12:10
  don't
• 12:10
  go
• 12:10
  and
• 12:10
  fire
• 12:11
  a
• 12:11
  client
• 12:11
  usually.
• 12:11
  You
• 12:11
  just
• 12:11
  put
• 12:12
  up
• 12:12
  the
• 12:12
  price
• 12:12
  to
• 12:12
  the
• 12:12
  point
• 12:13
  that
• 12:13
  they're
• 12:13
  either
• 12:13
  gonna
• 12:13
  pay
• 12:14
  or
• 12:14
  they'll
• 12:14
  leave.
• 12:15
  But
• 12:15
  that's
• 12:15
  what
• 12:15
  we
• 12:15
  did,
• 12:16
  and
• 12:16
  it
• 12:16
  upset
• 12:17
  a
• 12:17
  lot
• 12:17
  of
• 12:17
  people
• 12:18
  because
• 12:18
  when
• 12:18
  that
• 12:19
  client
• 12:19
  left,
• 12:19
  so
• 12:19
  did
• 12:20
  the
• 12:20
  jobs
• 12:20
  that
• 12:20
  associated
• 12:21
  with
• 12:21
  it.
• 12:21
  And
• 12:21
  that's
• 12:22
  why
• 12:22
  I
• 12:22
  come
• 12:22
  on
• 12:22
  these
• 12:22
  podcasts,
• 12:23
  Hakeem,
• 12:23
  'cause
• 12:23
  I'm
• 12:23
  sick
• 12:24
  of
• 12:24
  people
• 12:24
  talking
• 12:25
  about
• 12:25
  this
• 12:26
  as
• 12:26
  if
• 12:26
  it's
• 12:26
  some
• 12:26
  nice,
• 12:27
  airy-fairy
• 12:28
  thing
• 12:28
  that
• 12:29
  everyone
• 12:29
  wins.
• 12:30
  It's
• 12:30
  a
• 12:30
  real
• 12:30
  challenge.
• 12:31
  And
• 12:31
  I
• 12:31
  think,
• 12:32
  I've
• 12:32
  a,
• 12:32
  an
• 12:32
  ability
• 12:33
  to
• 12:33
  come
• 12:33
  out
• 12:33
  there
• 12:34
  and
• 12:34
  share
• 12:34
  it
• 12:34
  with
• 12:34
  the
• 12:34
  world
• 12:35
  so
• 12:35
  that
• 12:35
  people
• 12:35
  can
• 12:36
  decide
• 12:36
  whether
• 12:36
  they
• 12:36
  wanna
• 12:37
  be
• 12:37
  part
• 12:37
  of
• 12:37
  this,
• 12:37
  whether
• 12:38
  they
• 12:38
  wanna
• 12:38
  learn
• 12:38
  from
• 12:39
  it,
• 12:39
  or
• 12:39
  if
• 12:39
  they
• 12:39
  just
• 12:39
  wanna,
• 12:40
  not
• 12:40
  and
• 12:40
  do
• 12:41
  something
• 12:41
  completely
• 12:41
  different.
• 12:42
  I
• 12:42
  think,
• 12:42
  yeah.
• 12:42
  And
• 12:42
  what
• 12:42
  you
• 12:43
  just
• 12:43
  described
• 12:43
  there
• 12:43
  a
• 12:43
  lot
• 12:44
  of
• 12:44
  the
• 12:44
  time
• 12:44
  is
• 12:44
  around
• 12:44
  that
• 12:45
  vision
• 12:45
  piece,
• 12:45
  isn't
• 12:46
  it?
• 12:46
  And
• 12:46
  when
• 12:46
  I'm
• 12:46
  talking
• 12:46
  about
• 12:46
  vision,
• 12:47
  I'm
• 12:47
  not
• 12:47
  talking
• 12:47
  about
• 12:47
  some
• 12:47
  airy-fairy
• 12:48
  vision-
• 12:48
  Yeah
• 12:48
  but
• 12:48
  actually
• 12:48
  knowing
• 12:49
  a
• 12:49
  direction
• 12:50
  that
• 12:50
  you're
• 12:50
  traveling,
• 12:51
  communicating
• 12:51
  that.
• 12:51
  You
• 12:51
  just
• 12:52
  said
• 12:52
  before
• 12:52
  you
• 12:52
  came
• 12:52
  on,
• 12:52
  you
• 12:53
  were
• 12:53
  on
• 12:53
  a
• 12:53
  town
• 12:53
  hall,
• 12:53
  and
• 12:53
  that's
• 12:53
  exactly
• 12:54
  what
• 12:54
  I'm
• 12:54
  talking
• 12:54
  about.
• 12:54
  It's
• 12:54
  about
• 12:55
  communicating
• 12:56
  where
• 12:56
  you're
• 12:56
  trying
• 12:57
  to
• 12:57
  get
• 12:57
  to
• 12:57
  with
• 12:58
  that
• 12:58
  company.
• 12:58
  And
• 12:58
  some
• 12:59
  people
• 12:59
  are
• 12:59
  gonna
• 12:59
  like
• 12:59
  it.
• 12:59
  Some
• 13:00
  people
• 13:00
  aren't
• 13:00
  gonna
• 13:00
  like
• 13:00
  it.
• 13:00
  Some
• 13:00
  people
• 13:01
  are
• 13:01
  gonna
• 13:01
  get,
• 13:01
  stay
• 13:01
  on
• 13:01
  the
• 13:01
  bus.
• 13:01
  Some
• 13:02
  people
• 13:02
  are
• 13:02
  gonna
• 13:02
  go
• 13:02
  off
• 13:02
  the
• 13:02
  bus.
• 13:02
  But
• 13:03
  whatever
• 13:03
  happens,
• 13:03
  they
• 13:04
  know
• 13:04
  where
• 13:04
  you're
• 13:04
  going.
• 13:05
  And
• 13:05
  that
• 13:05
  then-
• 13:05
  Yeah
• 13:05
  breeds
• 13:05
  loyalty.
• 13:06
  That
• 13:06
  breeds
• 13:06
  a
• 13:07
  sense
• 13:07
  of
• 13:07
  pride
• 13:07
  in
• 13:08
  what
• 13:08
  they're
• 13:08
  doing
• 13:08
  'cause
• 13:08
  they
• 13:08
  know
• 13:08
  where
• 13:09
  you're
• 13:09
  trying
• 13:09
  to
• 13:09
  get
• 13:09
  to.
• 13:10
  And
• 13:10
  I
• 13:10
  think
• 13:10
  the
• 13:10
  challenge
• 13:10
  I
• 13:11
  always
• 13:11
  find
• 13:11
  when
• 13:11
  I,
• 13:11
  when
• 13:12
  you
• 13:12
  go
• 13:12
  into
• 13:12
  businesses
• 13:12
  and
• 13:13
  they're
• 13:13
  trying
• 13:13
  to
• 13:13
  scale,
• 13:13
  especially
• 13:14
  when
• 13:14
  they're
• 13:14
  founder
• 13:14
  businesses,
• 13:15
  they
• 13:15
  want
• 13:15
  to
• 13:15
  be
• 13:15
  popular,
• 13:16
  so
• 13:16
  they
• 13:16
  don't
• 13:16
  wanna
• 13:16
  make
• 13:16
  those
• 13:17
  difficult
• 13:17
  decisions.
• 13:18
  And
• 13:18
  clients,
• 13:19
  a
• 13:19
  lot
• 13:19
  of
• 13:19
  those
• 13:19
  clients
• 13:19
  will
• 13:19
  be
• 13:20
  friends
• 13:20
  of
• 13:20
  the
• 13:20
  owner
• 13:21
  because
• 13:21
  they
• 13:21
  knew
• 13:21
  them,
• 13:22
  and
• 13:22
  they
• 13:22
  then
• 13:22
  linked,
• 13:23
  et
• 13:23
  cetera.
• 13:23
  So
• 13:23
  sometimes
• 13:24
  you
• 13:24
  do
• 13:24
  need
• 13:24
  that
• 13:24
  steely
• 13:25
  eye
• 13:25
  to
• 13:25
  say
• 13:26
  actually,
• 13:26
  if
• 13:26
  we
• 13:26
  wanna
• 13:26
  grow
• 13:27
  the
• 13:27
  business,
• 13:27
  these
• 13:27
  are
• 13:27
  the
• 13:27
  key
• 13:28
  things
• 13:28
  we
• 13:28
  need
• 13:28
  to
• 13:28
  do.
• 13:28
  It's
• 13:29
  not
• 13:29
  gonna
• 13:29
  be
• 13:29
  easy,
• 13:29
  but
• 13:29
  we're
• 13:30
  gonna
• 13:30
  do
• 13:30
  them
• 13:30
  anyway
• 13:30
  because
• 13:31
  that
• 13:31
  will
• 13:31
  get
• 13:31
  us
• 13:31
  from
• 13:31
  here
• 13:32
  to
• 13:32
  there."
• 13:32
  And
• 13:32
  if
• 13:32
  they-
• 13:32
  Yeah
• 13:33
  if
• 13:33
  this
• 13:33
  is
• 13:33
  where
• 13:33
  we're
• 13:33
  trying
• 13:33
  to
• 13:33
  get
• 13:34
  to,
• 13:34
  these
• 13:34
  are
• 13:34
  the
• 13:34
  things
• 13:35
  that
• 13:35
  we
• 13:35
  need
• 13:35
  to
• 13:35
  do.
• 13:35
  And
• 13:35
  I
• 13:35
  think
• 13:36
  that's,
• 13:36
  just
• 13:36
  as
• 13:36
  you
• 13:36
  said,
• 13:36
  it's
• 13:36
  about
• 13:37
  being
• 13:37
  open
• 13:37
  and
• 13:37
  honest.
• 13:38
  And
• 13:38
  just
• 13:38
  on
• 13:38
  that
• 13:39
  point,
• 13:39
  'cause
• 13:39
  it's
• 13:39
  interesting,
• 13:39
  you
• 13:39
  talked
• 13:40
  about
• 13:40
  revenue
• 13:40
  a
• 13:41
  few
• 13:41
  times,
• 13:41
  which
• 13:42
  obviously
• 13:42
  PR
• 13:43
  rightly
• 13:43
  obsessed
• 13:43
  with
• 13:43
  wanting
• 13:44
  to
• 13:44
  come
• 13:44
  in
• 13:44
  the
• 13:44
  margin.
• 13:44
  So
• 13:45
  how
• 13:45
  do
• 13:45
  you
• 13:45
  manage
• 13:46
  that?
• 13:46
  'Cause
• 13:46
  lots
• 13:46
  of
• 13:46
  companies
• 13:47
  will
• 13:47
  grow
• 13:47
  the
• 13:47
  revenue
• 13:48
  but
• 13:48
  destroy
• 13:49
  the
• 13:49
  margin
• 13:49
  and
• 13:49
  hence
• 13:49
  sustainability
• 13:50
  in
• 13:51
  the
• 13:51
  process.
• 13:51
  So
• 13:52
  what
• 13:52
  specific
• 13:53
  strategies
• 13:53
  do
• 13:53
  you
• 13:53
  implement
• 13:54
  to
• 13:54
  ensure
• 13:55
  that
• 13:55
  as
• 13:55
  you're
• 13:55
  growing
• 13:55
  the
• 13:56
  business,
• 13:56
  you're
• 13:56
  not
• 13:56
  eroding
• 13:57
  margin?
• 13:57
  Yeah.
• 13:58
  I
• 13:58
  talked
• 13:58
  about
• 13:59
  this
• 13:59
  on,
• 13:59
  I
• 13:59
  have
• 13:59
  a,
• 14:00
  nothing
• 14:00
  as
• 14:00
  good
• 14:00
  as
• 14:01
  you,
• 14:01
  but
• 14:01
  a
• 14:01
  5
• 14:01
  to
• 14:02
  10-minute
• 14:02
  strategy
• 14:03
  session
• 14:03
  that
• 14:03
  I
• 14:04
  record.
• 14:04
  It's
• 14:04
  called
• 14:05
  ExecCraft
• 14:05
  on
• 14:06
  YouTube.
• 14:06
  And
• 14:06
  I
• 14:06
  talked
• 14:07
  about
• 14:07
  this
• 14:07
  week.
• 14:08
  I
• 14:09
  focus
• 14:09
  on
• 14:10
  enterprise
• 14:10
  value
• 14:13
  typically
• 14:13
  people
• 14:13
  will
• 14:14
  focus
• 14:14
  on
• 14:14
  revenue
• 14:15
  or
• 14:15
  they'll
• 14:15
  focus
• 14:15
  on
• 14:15
  gross
• 14:16
  margin
• 14:16
  or
• 14:17
  they'll
• 14:17
  focus
• 14:17
  on
• 14:18
  EBITDA
• 14:18
  or
• 14:18
  they'll
• 14:19
  focus
• 14:19
  on
• 14:19
  cash
• 14:19
  flow.
• 14:20
  Those
• 14:20
  are
• 14:20
  your
• 14:20
  kind
• 14:20
  of
• 14:21
  you
• 14:21
  know,
• 14:22
  top
• 14:22
  to
• 14:22
  bottom
• 14:23
  of
• 14:23
  your
• 14:23
  profit
• 14:23
  and
• 14:23
  loss
• 14:24
  statement
• 14:25
  But
• 14:25
  I
• 14:26
  focus
• 14:26
  on
• 14:26
  enterprise
• 14:27
  value.
• 14:28
  If
• 14:28
  you
• 14:28
  have
• 14:28
  shrinking
• 14:29
  revenue,
• 14:30
  your
• 14:30
  enterprise
• 14:31
  value
• 14:32
  goes
• 14:32
  down.
• 14:33
  If
• 14:33
  you
• 14:33
  have
• 14:33
  growing
• 14:33
  margins
• 14:34
  but
• 14:34
  shrinking
• 14:35
  revenue,
• 14:35
  it's
• 14:35
  still
• 14:35
  going
• 14:36
  down.
• 14:36
  If
• 14:37
  you
• 14:37
  have
• 14:37
  growing
• 14:37
  revenue
• 14:38
  but
• 14:38
  shrinking
• 14:39
  margins,
• 14:39
  it's
• 14:39
  going
• 14:40
  down.
• 14:40
  You
• 14:40
  need,
• 14:42
  in
• 14:42
  order
• 14:42
  to
• 14:42
  maximize
• 14:43
  enterprise
• 14:44
  value,
• 14:45
  every
• 14:46
  part
• 14:46
  of
• 14:46
  your
• 14:46
  profit
• 14:47
  and
• 14:47
  loss,
• 14:47
  or
• 14:48
  P&L
• 14:48
  as
• 14:49
  it's
• 14:49
  often
• 14:49
  referred
• 14:50
  to,
• 14:50
  improving.
• 14:51
  That
• 14:51
  means
• 14:52
  stable
• 14:53
  and
• 14:53
  growing
• 14:53
  gross
• 14:53
  margins,
• 14:54
  stable
• 14:55
  and
• 14:55
  growing
• 14:55
  revenue,
• 14:56
  stable
• 14:57
  and
• 14:57
  growing
• 14:58
  EBITDA.
• 14:59
  Now,
• 14:59
  if
• 14:59
  you
• 14:59
  then
• 14:59
  take
• 15:00
  all
• 15:00
  that
• 15:00
  EBITDA
• 15:00
  and
• 15:01
  you
• 15:01
  spend
• 15:01
  it
• 15:01
  on
• 15:02
  capital
• 15:02
  expenditure,
• 15:03
  so
• 15:04
  you
• 15:04
  know,
• 15:04
  for
• 15:04
  people
• 15:05
  who
• 15:05
  are
• 15:05
  not
• 15:05
  financial
• 15:06
  savvy,
• 15:06
  that
• 15:06
  might
• 15:06
  be
• 15:07
  buying
• 15:07
  a
• 15:07
  big
• 15:08
  piece
• 15:08
  of
• 15:08
  machinery
• 15:09
  or
• 15:09
  or
• 15:09
  build-
• 15:10
  building
• 15:10
  a
• 15:10
  big
• 15:11
  piece
• 15:11
  of
• 15:11
  technology
• 15:13
  it's
• 15:13
  not
• 15:13
  gonna
• 15:13
  convert
• 15:14
  to
• 15:14
  cash.
• 15:14
  So
• 15:15
  you
• 15:15
  know,
• 15:15
  and
• 15:15
  pe-
• 15:16
  look
• 15:16
  at
• 15:16
  all
• 15:16
  of
• 15:16
  these
• 15:16
  things.
• 15:17
  There
• 15:17
  are
• 15:17
  a
• 15:17
  lot
• 15:17
  more
• 15:19
  savvy
• 15:19
  and
• 15:20
  strategic
• 15:20
  buyers,
• 15:21
  which
• 15:21
  is
• 15:21
  your
• 15:21
  competition
• 15:23
  who
• 15:23
  may
• 15:23
  buy
• 15:23
  you.
• 15:24
  They're
• 15:24
  a
• 15:24
  lot
• 15:24
  more
• 15:25
  strategic
• 15:25
  than
• 15:25
  you
• 15:26
  think,
• 15:26
  and
• 15:26
  they're
• 15:26
  a
• 15:26
  lot
• 15:27
  m-
• 15:27
  they're
• 15:27
  not
• 15:27
  gonna
• 15:27
  be
• 15:27
  a,
• 15:28
  bowled
• 15:28
  over
• 15:29
  by
• 15:29
  really
• 15:29
  rapid
• 15:30
  growing
• 15:30
  revenue,
• 15:31
  but
• 15:31
  you
• 15:31
  can't
• 15:31
  make
• 15:31
  any
• 15:31
  money.
• 15:33
  And
• 15:33
  we've
• 15:33
  all
• 15:34
  heard
• 15:34
  of
• 15:34
  those
• 15:34
  companies
• 15:35
  that
• 15:35
  get
• 15:35
  sold
• 15:36
  that
• 15:36
  were-
• 15:36
  never
• 15:36
  made
• 15:37
  a
• 15:37
  penny
• 15:37
  in
• 15:37
  profit
• 15:37
  that
• 15:38
  are
• 15:38
  growing
• 15:38
  really
• 15:38
  fast.
• 15:39
  But
• 15:39
  I
• 15:39
  guarantee
• 15:40
  you,
• 15:41
  number
• 15:41
  crunchers
• 15:41
  have
• 15:42
  sat
• 15:42
  in
• 15:42
  a
• 15:42
  room,
• 15:42
  and
• 15:42
  they've
• 15:43
  pro
• 15:43
  forma'd
• 15:43
  everything
• 15:44
  out,
• 15:44
  and
• 15:44
  they've
• 15:44
  figured
• 15:44
  out
• 15:45
  what
• 15:45
  costs
• 15:45
  they're
• 15:45
  gonna
• 15:45
  get
• 15:46
  rid
• 15:46
  of,
• 15:46
  and
• 15:46
  they
• 15:46
  know
• 15:46
  exactly
• 15:47
  how
• 15:47
  much
• 15:47
  cash
• 15:48
  you're
• 15:48
  going
• 15:48
  to
• 15:48
  make
• 15:49
  in
• 15:49
  the
• 15:49
  next
• 15:49
  12
• 15:49
  to
• 15:49
  18
• 15:50
  months.
• 15:51
  And
• 15:52
  ultimately,
• 15:53
  even
• 15:53
  though
• 15:53
  you'll
• 15:53
  hear
• 15:53
  the
• 15:53
  headlines,
• 15:54
  I
• 15:54
  got
• 15:54
  three
• 15:55
  times
• 15:55
  revenue
• 15:56
  or
• 15:57
  20
• 15:57
  times
• 15:57
  revenue,
• 15:58
  someone
• 15:59
  somewhere
• 16:00
  in
• 16:00
  that
• 16:00
  committee
• 16:01
  has
• 16:01
  calculated
• 16:02
  it
• 16:02
  as
• 16:03
  a
• 16:03
  multiple
• 16:04
  of
• 16:04
  cashflow.
• 16:05
  Yeah.
• 16:06
  And
• 16:07
  they'll
• 16:07
  do
• 16:07
  something
• 16:07
  called
• 16:08
  pro
• 16:08
  formaring,
• 16:09
  which
• 16:10
  just
• 16:10
  to
• 16:10
  explain
• 16:10
  simply
• 16:11
  is
• 16:11
  they'll
• 16:11
  take
• 16:12
  what
• 16:12
  they're
• 16:12
  going
• 16:13
  to
• 16:13
  do,
• 16:13
  and
• 16:13
  they'll
• 16:14
  assume
• 16:14
  as
• 16:14
  if
• 16:14
  it's
• 16:15
  already
• 16:15
  done.
• 16:16
  Okay.
• 16:16
  And
• 16:16
  they'll
• 16:16
  look
• 16:17
  usually
• 16:17
  12
• 16:17
  months
• 16:18
  out,
• 16:18
  so
• 16:18
  they'll
• 16:18
  pro
• 16:18
  forma
• 16:19
  for
• 16:19
  12
• 16:19
  months
• 16:19
  out,
• 16:20
  and
• 16:20
  they're
• 16:20
  not
• 16:21
  gonna
• 16:21
  pay
• 16:22
  really
• 16:22
  more
• 16:23
  than
• 16:23
  10
• 16:23
  times
• 16:24
  cashflow
• 16:25
  of
• 16:25
  what
• 16:25
  they
• 16:25
  think
• 16:26
  you're
• 16:26
  gonna
• 16:26
  make
• 16:26
  over
• 16:26
  the
• 16:27
  next
• 16:27
  two
• 16:27
  to,
• 16:28
  two
• 16:28
  to
• 16:28
  three
• 16:28
  years,
• 16:29
  so
• 16:30
  you've
• 16:30
  got
• 16:30
  to
• 16:30
  look
• 16:31
  at
• 16:31
  all
• 16:31
  of
• 16:31
  these
• 16:32
  things,
• 16:33
  and
• 16:33
  then,
• 16:34
  everyone
• 16:34
  wants
• 16:34
  to
• 16:34
  come
• 16:34
  to
• 16:34
  the
• 16:35
  podcast
• 16:35
  and
• 16:35
  get
• 16:35
  really
• 16:36
  simple
• 16:36
  advice,
• 16:36
  but
• 16:37
  business
• 16:37
  is
• 16:37
  really
• 16:37
  complex.
• 16:38
  It's
• 16:38
  really
• 16:39
  difficult.
• 16:41
  So
• 16:42
  you
• 16:42
  have
• 16:42
  to
• 16:42
  get
• 16:42
  in
• 16:43
  a
• 16:43
  room
• 16:43
  with
• 16:43
  your
• 16:43
  management
• 16:44
  team,
• 16:44
  and
• 16:44
  I
• 16:44
  always
• 16:44
  like
• 16:45
  to,
• 16:45
  on
• 16:45
  these
• 16:45
  podcasts,
• 16:45
  give
• 16:46
  takeaways.
• 16:47
  Get
• 16:47
  in
• 16:47
  the
• 16:47
  room
• 16:47
  with
• 16:47
  your
• 16:47
  management
• 16:48
  team.
• 16:48
  If
• 16:48
  you
• 16:48
  don't
• 16:49
  have
• 16:49
  a
• 16:49
  management
• 16:49
  team,
• 16:51
  get
• 16:51
  advisors.
• 16:53
  You
• 16:53
  don't
• 16:53
  have
• 16:53
  to
• 16:53
  pay
• 16:53
  for
• 16:54
  advisors.
• 16:55
  Believe
• 16:55
  me,
• 16:55
  people
• 16:55
  love
• 16:56
  to
• 16:56
  help.
• 16:57
  If
• 16:57
  you
• 16:57
  just
• 16:58
  email
• 16:58
  random
• 16:58
  people
• 16:59
  who
• 16:59
  are
• 16:59
  in
• 16:59
  your
• 16:59
  industry,
• 17:00
  who
• 17:00
  are
• 17:00
  your
• 17:00
  competitors,
• 17:01
  they
• 17:01
  probably
• 17:02
  will
• 17:02
  still
• 17:02
  help
• 17:02
  you.
• 17:03
  We-
• 17:03
  we're
• 17:03
  genetically
• 17:04
  wired
• 17:05
  to
• 17:05
  want
• 17:05
  to
• 17:05
  give
• 17:06
  our
• 17:06
  advice
• 17:07
  to,
• 17:07
  to
• 17:07
  help
• 17:08
  Get
• 17:08
  a
• 17:09
  team
• 17:09
  of
• 17:09
  management,
• 17:10
  get
• 17:10
  in
• 17:10
  a
• 17:10
  team
• 17:11
  of
• 17:11
  advisors,
• 17:11
  get
• 17:12
  in
• 17:12
  a
• 17:12
  room
• 17:12
  and
• 17:12
  say,
• 17:13
  "I
• 17:13
  need
• 17:14
  revenue
• 17:14
  growth.
• 17:15
  I
• 17:15
  need
• 17:15
  gross
• 17:16
  margin
• 17:16
  growth.
• 17:16
  I
• 17:17
  need
• 17:17
  EBITDA."
• 17:18
  And
• 17:19
  EBITDA
• 17:19
  is
• 17:19
  just,
• 17:20
  it's
• 17:20
  a
• 17:20
  proxy
• 17:21
  for
• 17:22
  cash
• 17:22
  flow
• 17:22
  in
• 17:22
  the
• 17:22
  future
• 17:25
  And
• 17:25
  then
• 17:25
  I
• 17:25
  need
• 17:25
  to
• 17:26
  be
• 17:26
  able
• 17:26
  to
• 17:26
  convert
• 17:27
  my
• 17:27
  EBITDA
• 17:27
  to
• 17:28
  cash
• 17:28
  at
• 17:28
  least
• 17:29
  one
• 17:29
  year
• 17:30
  lagging.
• 17:31
  And,
• 17:31
  I'm
• 17:32
  happy,
• 17:32
  Akim,
• 17:32
  to
• 17:33
  explain
• 17:33
  what
• 17:33
  any
• 17:33
  of
• 17:33
  these
• 17:34
  mean,
• 17:34
  if
• 17:35
  if
• 17:35
  you'd
• 17:35
  like.
• 17:35
  But
• 17:36
  ultimately,
• 17:37
  you
• 17:38
  need
• 17:38
  all
• 17:38
  of
• 17:38
  these,
• 17:38
  and
• 17:38
  you
• 17:39
  need
• 17:39
  a
• 17:39
  strategy
• 17:40
  that's
• 17:40
  aligned
• 17:41
  to
• 17:41
  that.
• 17:42
  You
• 17:42
  still
• 17:42
  need
• 17:43
  the
• 17:43
  great
• 17:43
  product.
• 17:44
  Forget
• 17:44
  all
• 17:44
  of
• 17:44
  these
• 17:45
  pro-
• 17:45
  P&L
• 17:45
  numbers.
• 17:46
  If
• 17:46
  your
• 17:46
  product's,
• 17:47
  a
• 17:47
  load
• 17:48
  of
• 17:48
  BS,
• 17:49
  no
• 17:49
  one's
• 17:49
  gonna
• 17:49
  buy
• 17:49
  it,
• 17:50
  and
• 17:50
  it's
• 17:50
  all
• 17:50
  a
• 17:50
  waste
• 17:51
  of
• 17:51
  time.
• 17:52
  So
• 17:52
  you
• 17:52
  have
• 17:52
  to
• 17:52
  still
• 17:53
  be
• 17:53
  able
• 17:53
  to
• 17:53
  work
• 17:53
  on
• 17:53
  your
• 17:53
  product
• 17:54
  at
• 17:54
  the
• 17:54
  same
• 17:55
  time.
• 17:55
  You
• 17:55
  still...
• 17:56
  bad
• 17:56
  products
• 17:57
  that
• 17:57
  are
• 17:57
  well
• 17:57
  sold
• 17:58
  do
• 17:58
  well
• 17:58
  temporarily,
• 18:00
  but
• 18:00
  eventually
• 18:00
  they
• 18:00
  will
• 18:01
  fail,
• 18:01
  and
• 18:01
  they
• 18:01
  will
• 18:01
  be
• 18:01
  beaten
• 18:02
  out.
• 18:02
  It's
• 18:03
  really
• 18:03
  complicated.
• 18:04
  It's
• 18:04
  much
• 18:04
  harder
• 18:05
  than
• 18:05
  nearly
• 18:06
  every
• 18:06
  podcast
• 18:06
  makes
• 18:07
  out
• 18:07
  and
• 18:07
  nearly
• 18:08
  every
• 18:08
  YouTube
• 18:08
  makes
• 18:09
  out.
• 18:09
  That's
• 18:09
  why
• 18:09
  I
• 18:09
  do
• 18:09
  what
• 18:10
  I
• 18:10
  do.
• 18:10
  I
• 18:10
  come
• 18:10
  on
• 18:11
  shows
• 18:11
  like
• 18:11
  yours,
• 18:12
  I
• 18:12
  have
• 18:12
  my
• 18:12
  ExecCraft,
• 18:13
  because
• 18:13
  I
• 18:13
  want
• 18:13
  to
• 18:14
  talk
• 18:14
  people
• 18:14
  through
• 18:15
  and
• 18:15
  help
• 18:15
  them
• 18:15
  and
• 18:15
  understand
• 18:16
  it.
• 18:17
  And
• 18:18
  the
• 18:18
  cool
• 18:18
  thing
• 18:18
  is
• 18:19
  we
• 18:19
  don't
• 18:19
  need
• 18:19
  to
• 18:19
  go
• 18:19
  to
• 18:20
  university
• 18:20
  anymore.
• 18:21
  I
• 18:21
  think
• 18:22
  unless
• 18:22
  you're
• 18:22
  gonna
• 18:22
  do
• 18:22
  anything
• 18:23
  academic,
• 18:23
  it's
• 18:23
  a
• 18:23
  waste
• 18:24
  of
• 18:24
  time.
• 18:24
  You
• 18:24
  can
• 18:25
  go
• 18:25
  to
• 18:25
  YouTube
• 18:26
  and
• 18:26
  get
• 18:26
  a
• 18:26
  world-class
• 18:27
  education,
• 18:28
  or
• 18:28
  you
• 18:29
  can
• 18:29
  go
• 18:29
  and
• 18:29
  listen
• 18:29
  to
• 18:29
  your
• 18:29
  podcast
• 18:30
  and
• 18:30
  get
• 18:30
  an
• 18:30
  amazing
• 18:31
  education
• 18:32
  with
• 18:32
  all
• 18:32
  the
• 18:32
  guests
• 18:32
  that
• 18:32
  you
• 18:32
  have
• 18:33
  on.
• 18:33
  But
• 18:34
  you
• 18:34
  have
• 18:34
  to
• 18:34
  figure
• 18:34
  all
• 18:34
  this
• 18:35
  out.
• 18:35
  It's
• 18:35
  complicated.
• 18:37
  I
• 18:37
  think
• 18:37
  that's
• 18:37
  a...
• 18:37
  I
• 18:37
  think
• 18:38
  that
• 18:38
  is
• 18:38
  something
• 18:39
  that's
• 18:39
  a
• 18:39
  real
• 18:40
  w-
• 18:40
  takeaway
• 18:40
  'cause
• 18:41
  I
• 18:41
  think,
• 18:41
  as
• 18:41
  you
• 18:41
  said,
• 18:42
  I
• 18:42
  try
• 18:42
  to
• 18:42
  put
• 18:42
  sy-
• 18:43
  I'm
• 18:43
  always
• 18:43
  trying
• 18:44
  to
• 18:44
  put
• 18:44
  systems
• 18:44
  in
• 18:44
  place.
• 18:45
  I'm
• 18:45
  always
• 18:45
  trying
• 18:45
  to
• 18:46
  distill
• 18:46
  things
• 18:46
  down
• 18:47
  into
• 18:47
  certain
• 18:47
  areas.
• 18:48
  As
• 18:49
  you
• 18:49
  said,
• 18:49
  it's
• 18:49
  complicated.
• 18:50
  So
• 18:50
  even
• 18:50
  when
• 18:50
  you've
• 18:50
  got
• 18:50
  systems
• 18:51
  and
• 18:51
  processes,
• 18:51
  that
• 18:52
  will
• 18:52
  make
• 18:52
  it
• 18:52
  easier,
• 18:53
  and
• 18:53
  it
• 18:53
  will
• 18:53
  give
• 18:53
  you
• 18:53
  a
• 18:53
  direction
• 18:54
  of
• 18:54
  travel.
• 18:55
  But
• 18:55
  it
• 18:55
  doesn't
• 18:55
  mean
• 18:55
  that
• 18:55
  you
• 18:55
  take
• 18:56
  one
• 18:56
  of
• 18:56
  my
• 18:56
  systems
• 18:57
  or
• 18:57
  even
• 18:57
  what
• 18:57
  you
• 18:58
  say,
• 18:58
  and
• 18:58
  everyone
• 18:58
  goes,
• 18:58
  "Oh
• 18:58
  I
• 18:58
  now
• 18:58
  know
• 18:59
  how
• 18:59
  to
• 18:59
  run
• 18:59
  a
• 18:59
  business.
• 19:00
  Oh,
• 19:00
  I
• 19:00
  now
• 19:00
  know
• 19:00
  how
• 19:01
  to
• 19:01
  export."
• 19:01
  It
• 19:01
  still
• 19:02
  becomes
• 19:02
  very
• 19:02
  difficult
• 19:03
  because
• 19:03
  you're
• 19:03
  d-
• 19:03
  you're
• 19:03
  dealing
• 19:03
  with
• 19:04
  product,
• 19:04
  you're
• 19:04
  dealing
• 19:04
  with
• 19:04
  people,
• 19:05
  all
• 19:05
  the
• 19:05
  things
• 19:06
  you've
• 19:06
  just
• 19:06
  discussed.
• 19:07
  It's
• 19:07
  never
• 19:08
  gonna
• 19:08
  be
• 19:08
  simple.
• 19:09
  And
• 19:09
  I
• 19:09
  think
• 19:09
  that
• 19:10
  you're
• 19:10
  right,
• 19:10
  that
• 19:10
  there's
• 19:10
  too
• 19:11
  many...
• 19:11
  I
• 19:11
  don't
• 19:12
  know
• 19:12
  whether
• 19:12
  it's
• 19:12
  this
• 19:12
  generation
• 19:13
  now
• 19:13
  but
• 19:13
  certainly
• 19:14
  with
• 19:14
  YouTube
• 19:15
  and
• 19:15
  and
• 19:15
  all
• 19:16
  of
• 19:16
  the
• 19:16
  social
• 19:16
  media,
• 19:16
  people
• 19:17
  are
• 19:17
  always
• 19:17
  trying
• 19:17
  to
• 19:17
  make
• 19:18
  everything
• 19:18
  seem
• 19:18
  like,
• 19:19
  "Oh,
• 19:19
  do
• 19:19
  these
• 19:19
  three
• 19:20
  things
• 19:20
  and,
• 19:21
  do
• 19:21
  these
• 19:21
  three
• 19:22
  things
• 19:22
  and
• 19:22
  your
• 19:22
  podcast
• 19:22
  will
• 19:23
  be
• 19:23
  getting
• 19:23
  te-
• 19:23
  10
• 19:24
  million
• 19:24
  downloads
• 19:24
  a
• 19:25
  month.
• 19:25
  Do
• 19:25
  these
• 19:25
  three
• 19:25
  things
• 19:26
  and
• 19:26
  you'll
• 19:26
  be
• 19:26
  making
• 19:26
  X
• 19:26
  amount
• 19:27
  of
• 19:27
  money
• 19:27
  by
• 19:27
  tomorrow."
• 19:28
  And
• 19:28
  you're
• 19:28
  thinking,
• 19:28
  "No,
• 19:28
  it
• 19:28
  doesn't
• 19:29
  work
• 19:29
  like
• 19:29
  that,"
• 19:29
  as
• 19:29
  you
• 19:29
  said.
• 19:30
  The
• 19:30
  hard
• 19:31
  yards
• 19:31
  are
• 19:31
  what
• 19:32
  get
• 19:32
  you
• 19:32
  where
• 19:32
  you
• 19:32
  need
• 19:32
  to
• 19:32
  get
• 19:33
  to.
• 19:33
  And
• 19:33
  I
• 19:33
  have
• 19:34
  this
• 19:34
  conversation
• 19:34
  with
• 19:34
  my
• 19:34
  son
• 19:35
  as
• 19:35
  a
• 19:35
  slight
• 19:35
  digression
• 19:35
  all
• 19:36
  the
• 19:36
  time
• 19:36
  'cause
• 19:36
  he's
• 19:36
  'cause
• 19:36
  he
• 19:36
  loves
• 19:37
  football.
• 19:37
  So
• 19:37
  whenever
• 19:37
  he
• 19:37
  doesn't
• 19:38
  want
• 19:38
  to
• 19:38
  work,
• 19:38
  I
• 19:38
  just
• 19:38
  say
• 19:38
  to
• 19:38
  him,
• 19:38
  I
• 19:39
  said,
• 19:39
  "Look."
• 19:39
  I
• 19:39
  said,
• 19:39
  "If
• 19:39
  you
• 19:39
  look
• 19:40
  at
• 19:40
  someone
• 19:40
  like
• 19:40
  Ronaldo,
• 19:40
  there's
• 19:41
  a
• 19:41
  reason
• 19:41
  why
• 19:41
  Cristiano
• 19:42
  Ronaldo
• 19:43
  is
• 19:43
  still
• 19:43
  playing
• 19:43
  football
• 19:44
  at
• 19:44
  the
• 19:44
  highest...
• 19:45
  not
• 19:45
  quite
• 19:45
  highest,
• 19:45
  but
• 19:45
  a
• 19:45
  high
• 19:45
  level
• 19:46
  at
• 19:46
  41,
• 19:48
  and
• 19:48
  lots
• 19:48
  of
• 19:48
  people
• 19:48
  have
• 19:48
  retired
• 19:49
  at
• 19:49
  32,
• 19:50
  because
• 19:50
  he
• 19:50
  put
• 19:50
  the
• 19:50
  hard
• 19:50
  yards
• 19:51
  in
• 19:51
  when
• 19:51
  he
• 19:51
  was
• 19:51
  18,
• 19:51
  19."
• 19:52
  I
• 19:52
  said,
• 19:53
  "It
• 19:53
  doesn't
• 19:53
  come
• 19:54
  just
• 19:54
  out
• 19:54
  of
• 19:54
  the
• 19:54
  blue."
• 19:54
  And
• 19:54
  that,
• 19:55
  and
• 19:55
  the
• 19:55
  business
• 19:55
  is
• 19:55
  the
• 19:55
  same.
• 19:56
  If
• 19:56
  you
• 19:56
  put
• 19:56
  the
• 19:56
  work
• 19:56
  in,
• 19:56
  you
• 19:57
  understand
• 19:57
  your
• 19:57
  craft,
• 19:57
  and
• 19:58
  you
• 19:58
  work
• 19:58
  hard
• 19:58
  at
• 19:58
  it,
• 19:59
  and
• 19:59
  you've
• 19:59
  got
• 19:59
  a
• 19:59
  good
• 20:00
  product,
• 20:00
  of
• 20:00
  course,
• 20:00
  as
• 20:00
  you
• 20:00
  said,
• 20:01
  the
• 20:01
  likelihood
• 20:02
  is
• 20:02
  you
• 20:02
  will
• 20:02
  be
• 20:02
  successful.
• 20:03
  But
• 20:03
  it
• 20:03
  requires
• 20:04
  hard-
• 20:06
  H-
• 20:06
  r-
• 20:06
  really
• 20:06
  hard
• 20:07
  work.
• 20:07
  In
• 20:07
  terms
• 20:08
  of
• 20:08
  when
• 20:08
  you
• 20:08
  start
• 20:09
  going
• 20:09
  into
• 20:09
  international
• 20:10
  businesses
• 20:10
  moving
• 20:11
  out
• 20:11
  of
• 20:11
  Leeds,
• 20:11
  going
• 20:11
  into
• 20:12
  all
• 20:12
  these
• 20:12
  different
• 20:12
  countries,
• 20:13
  what
• 20:13
  were
• 20:13
  the
• 20:14
  some
• 20:14
  of
• 20:14
  the
• 20:14
  biggest
• 20:15
  challenges?
• 20:16
  So
• 20:16
  for
• 20:16
  example,
• 20:16
  regulatory-wise,
• 20:18
  because
• 20:18
  obviously
• 20:18
  things
• 20:18
  are
• 20:19
  different
• 20:19
  in
• 20:19
  different
• 20:19
  countries.
• 20:19
  How
• 20:20
  do
• 20:20
  you
• 20:20
  face
• 20:20
  those
• 20:21
  and
• 20:21
  over-
• 20:21
  overcome
• 20:22
  them?
• 20:23
  Yeah.
• 20:23
  It's
• 20:24
  a
• 20:24
  great
• 20:24
  question.
• 20:25
  I
• 20:25
  was
• 20:25
  in
• 20:25
  a
• 20:25
  meeting
• 20:26
  with
• 20:26
  a
• 20:26
  drug
• 20:27
  company
• 20:27
  yesterday
• 20:28
  and
• 20:28
  The
• 20:28
  Big
• 20:29
  Word
• 20:29
  is
• 20:29
  mainly
• 20:29
  a
• 20:30
  government
• 20:31
  public
• 20:31
  sector
• 20:31
  contractor,
• 20:33
  but
• 20:33
  I
• 20:33
  get
• 20:33
  asked
• 20:34
  to
• 20:34
  advise
• 20:34
  a
• 20:34
  lot
• 20:35
  of
• 20:35
  times
• 20:35
  when
• 20:36
  other
• 20:36
  companies
• 20:38
  are
• 20:38
  trying
• 20:38
  to
• 20:38
  expand
• 20:39
  internationally.
• 20:41
  And
• 20:42
  I
• 20:42
  explained
• 20:43
  to
• 20:43
  them
• 20:44
  the
• 20:44
  fact
• 20:44
  that
• 20:44
  you
• 20:44
  need
• 20:45
  to
• 20:46
  get
• 20:46
  a
• 20:46
  lot
• 20:46
  of
• 20:46
  translation
• 20:47
  done
• 20:47
  because
• 20:47
  legally...
• 20:48
  And
• 20:49
  the
• 20:49
  guy
• 20:49
  said
• 20:50
  it
• 20:50
  doesn't
• 20:50
  matter.
• 20:50
  We've
• 20:50
  got
• 20:51
  Claude
• 20:51
  for
• 20:51
  that.
• 20:51
  It's
• 20:52
  excellent."
• 20:53
  So
• 20:53
  I
• 20:53
  said,
• 20:53
  "Okay,
• 20:54
  Claude
• 20:54
  probably
• 20:55
  does
• 20:55
  a
• 20:56
  good
• 20:56
  job
• 20:56
  of
• 20:57
  translating
• 20:57
  the
• 20:57
  content,
• 20:58
  but
• 20:59
  does
• 20:59
  Claude
• 20:59
  understand
• 21:00
  the
• 21:01
  legal
• 21:01
  system,
• 21:02
  and
• 21:03
  what
• 21:03
  to
• 21:03
  file,
• 21:03
  and
• 21:03
  how
• 21:04
  to
• 21:04
  pitch
• 21:04
  it,
• 21:04
  and
• 21:04
  how
• 21:05
  to
• 21:05
  put
• 21:05
  it?
• 21:05
  And
• 21:06
  and
• 21:06
  is
• 21:06
  it
• 21:07
  in
• 21:07
  all
• 21:07
  of
• 21:07
  those
• 21:07
  countries
• 21:08
  that
• 21:08
  you're
• 21:08
  expanding
• 21:09
  into?
• 21:10
  And,
• 21:10
  does
• 21:11
  Claude
• 21:11
  know
• 21:12
  how
• 21:12
  to
• 21:14
  take
• 21:14
  your
• 21:14
  business
• 21:15
  processes
• 21:16
  and
• 21:16
  apply
• 21:16
  it
• 21:16
  to
• 21:17
  HIPAA
• 21:17
  compliance
• 21:19
  and
• 21:19
  FDA
• 21:19
  rules
• 21:20
  in
• 21:20
  the
• 21:20
  United
• 21:20
  States?"
• 21:21
  This
• 21:21
  is
• 21:21
  an
• 21:21
  English
• 21:22
  company,
• 21:23
  and
• 21:23
  he
• 21:23
  asked
• 21:23
  me
• 21:23
  what
• 21:24
  HIPAA
• 21:24
  was.
• 21:24
  There-
• 21:25
  And-
• 21:25
  There
• 21:26
  you
• 21:26
  go.
• 21:26
  So-
• 21:28
  and
• 21:28
  I
• 21:28
  think
• 21:28
  that
• 21:28
  this
• 21:29
  is
• 21:29
  the
• 21:29
  biggest
• 21:30
  challenge,
• 21:31
  is
• 21:31
  every
• 21:32
  time
• 21:32
  you
• 21:32
  move
• 21:32
  into
• 21:33
  a
• 21:33
  country,
• 21:33
  you
• 21:33
  have
• 21:34
  a
• 21:34
  set
• 21:34
  of
• 21:34
  laws
• 21:34
  that
• 21:35
  you
• 21:35
  have
• 21:35
  to
• 21:35
  comply
• 21:36
  with.
• 21:36
  I
• 21:36
  made
• 21:36
  a
• 21:36
  mistake
• 21:37
  once.
• 21:37
  I
• 21:37
  moved
• 21:38
  into
• 21:38
  a
• 21:38
  country,
• 21:39
  I
• 21:39
  won't
• 21:39
  incriminate
• 21:40
  myself
• 21:41
  online,
• 21:41
  but
• 21:42
  I
• 21:42
  moved
• 21:42
  into
• 21:42
  a
• 21:42
  country.
• 21:43
  I
• 21:43
  didn't
• 21:43
  realize
• 21:43
  it
• 21:43
  was
• 21:44
  illegal
• 21:44
  for
• 21:45
  to
• 21:45
  ask
• 21:45
  to
• 21:45
  pe-
• 21:46
  people
• 21:46
  to
• 21:46
  work
• 21:46
  on
• 21:46
  Sundays
• 21:47
  and
• 21:48
  and
• 21:48
  I
• 21:48
  could
• 21:48
  have
• 21:48
  been
• 21:49
  technically
• 21:49
  arrested.
• 21:50
  It
• 21:50
  was
• 21:50
  a
• 21:50
  crime.
• 21:51
  It's
• 21:51
  not
• 21:51
  civilly
• 21:52
  illegal.
• 21:53
  So
• 21:54
  these
• 21:54
  are
• 21:54
  the
• 21:55
  mistakes,
• 21:56
  and
• 21:56
  it's
• 21:56
  really
• 21:57
  serious
• 21:57
  for
• 21:57
  CEOs
• 21:58
  and
• 21:58
  officers
• 21:59
  of
• 21:59
  companies.
• 22:00
  You,
• 22:00
  you-
• 22:01
  your
• 22:01
  non-compliance
• 22:02
  can
• 22:03
  mean
• 22:04
  that
• 22:04
  you
• 22:04
  end
• 22:04
  up
• 22:04
  without
• 22:05
  your
• 22:05
  freedom.
• 22:06
  Yes.
• 22:06
  You
• 22:06
  can
• 22:06
  be
• 22:07
  arrested
• 22:07
  at
• 22:07
  borders,
• 22:08
  and
• 22:09
  you
• 22:09
  have
• 22:10
  really
• 22:10
  difficult
• 22:10
  tax
• 22:11
  systems
• 22:11
  that
• 22:11
  you've
• 22:12
  got
• 22:12
  to...
• 22:12
  we
• 22:12
  have
• 22:12
  so
• 22:13
  many
• 22:14
  people
• 22:14
  in
• 22:14
  each
• 22:15
  country.
• 22:15
  So
• 22:16
  sure,
• 22:16
  it's
• 22:16
  really
• 22:17
  easy
• 22:17
  now
• 22:18
  to
• 22:18
  spin
• 22:18
  up
• 22:18
  a
• 22:18
  website.
• 22:19
  You
• 22:20
  can
• 22:20
  machine
• 22:20
  translate
• 22:21
  that
• 22:21
  website,
• 22:22
  and
• 22:22
  you
• 22:22
  can
• 22:22
  sell
• 22:23
  all
• 22:23
  over
• 22:23
  the
• 22:23
  world.
• 22:24
  But
• 22:24
  if
• 22:24
  you're
• 22:25
  non-compliant
• 22:25
  with
• 22:25
  their
• 22:25
  tax
• 22:26
  system
• 22:26
  and
• 22:26
  you
• 22:26
  rock
• 22:27
  up
• 22:27
  to
• 22:27
  their
• 22:27
  border
• 22:27
  police,
• 22:28
  you'll
• 22:28
  be
• 22:28
  in
• 22:28
  handcuffs.
• 22:30
  So
• 22:30
  I
• 22:30
  think
• 22:31
  we've
• 22:32
  oversimplified
• 22:32
  international
• 22:33
  business.
• 22:34
  Yeah.
• 22:35
  I
• 22:35
  was
• 22:36
  just
• 22:36
  gonna
• 22:36
  say,
• 22:36
  'cause
• 22:36
  e-
• 22:36
  even...
• 22:37
  'Cause,
• 22:38
  'cause
• 22:38
  that,
• 22:38
  that,
• 22:39
  that's
• 22:39
  the
• 22:39
  worst-case
• 22:39
  scenario,
• 22:40
  'cause
• 22:40
  you-
• 22:40
  you're
• 22:40
  right.
• 22:41
  If
• 22:41
  you're
• 22:41
  not
• 22:41
  compliant,
• 22:41
  you're
• 22:42
  stuffed.
• 22:42
  And
• 22:42
  there's
• 22:43
  lots
• 22:43
  of
• 22:43
  people
• 22:43
  are
• 22:43
  not
• 22:43
  compliant
• 22:44
  and
• 22:44
  they
• 22:44
  don't
• 22:44
  realize
• 22:44
  they're
• 22:44
  not
• 22:45
  compliant
• 22:45
  'cause
• 22:45
  it's
• 22:45
  a
• 22:45
  different
• 22:46
  language.
• 22:46
  But
• 22:46
  even
• 22:47
  when
• 22:47
  you
• 22:47
  bring
• 22:47
  it
• 22:47
  down
• 22:47
  to
• 22:47
  some
• 22:48
  of
• 22:48
  the,
• 22:48
  even
• 22:48
  the,
• 22:49
  when
• 22:49
  you
• 22:49
  talk
• 22:49
  about
• 22:49
  translation,
• 22:50
  there's
• 22:51
  certain
• 22:51
  words
• 22:52
  in
• 22:53
  the
• 22:53
  medical
• 22:53
  field
• 22:53
  that
• 22:54
  are
• 22:54
  u-
• 22:54
  that,
• 22:54
  that
• 22:55
  actually
• 22:55
  when
• 22:55
  you
• 22:55
  try
• 22:56
  and
• 22:56
  translate
• 22:56
  them
• 22:57
  automatically
• 22:57
  they
• 22:58
  don't
• 22:58
  translate
• 22:58
  'cause
• 22:58
  it's
• 22:59
  not...
• 22:59
  the
• 23:00
  usage
• 23:00
  of
• 23:00
  the
• 23:00
  word
• 23:01
  is
• 23:01
  not
• 23:01
  w-
• 23:02
  the
• 23:02
  way
• 23:02
  they
• 23:02
  use
• 23:02
  it
• 23:02
  in
• 23:02
  the
• 23:02
  medical
• 23:03
  environment,
• 23:03
  for
• 23:03
  example.
• 23:04
  So
• 23:04
  I
• 23:05
  think
• 23:05
  that
• 23:06
  when
• 23:06
  you're
• 23:06
  just
• 23:06
  using
• 23:07
  a
• 23:07
  Claude
• 23:07
  or
• 23:07
  a
• 23:07
  ChatGPT
• 23:08
  you
• 23:09
  lose,
• 23:09
  you're
• 23:09
  gonna
• 23:09
  lose
• 23:10
  a
• 23:10
  lot
• 23:11
  of
• 23:12
  the
• 23:12
  nuance
• 23:13
  of
• 23:13
  that
• 23:14
  particular
• 23:14
  market
• 23:15
  that
• 23:15
  you're
• 23:15
  actually
• 23:16
  trying
• 23:16
  to
• 23:16
  go
• 23:16
  into
• 23:16
  and
• 23:16
  the
• 23:17
  actual
• 23:17
  specifics
• 23:18
  of
• 23:18
  that
• 23:18
  industry
• 23:19
  as
• 23:19
  well
• 23:19
  as
• 23:20
  the
• 23:20
  compliance
• 23:21
  piece,
• 23:21
  I
• 23:21
  think.
• 23:22
  So
• 23:22
  I
• 23:22
  think
• 23:22
  it's
• 23:22
  very
• 23:23
  difficult
• 23:23
  to
• 23:23
  just
• 23:23
  say,
• 23:23
  "I'm
• 23:24
  gonna
• 23:25
  translate,"
• 23:25
  and
• 23:25
  that's
• 23:25
  the
• 23:26
  person
• 23:26
  who
• 23:26
  doesn't
• 23:26
  really
• 23:26
  understand
• 23:27
  international
• 23:27
  business.
• 23:27
  This
• 23:27
  company,
• 23:28
  Hakeem,
• 23:29
  was
• 23:29
  about
• 23:29
  to
• 23:29
  spend
• 23:29
  half
• 23:30
  a
• 23:30
  billion
• 23:31
  pounds
• 23:32
  that
• 23:32
  they
• 23:32
  had
• 23:32
  raised
• 23:34
  to
• 23:34
  enter
• 23:34
  all
• 23:34
  these
• 23:35
  markets,
• 23:35
  and
• 23:35
  they
• 23:36
  were
• 23:36
  trying
• 23:36
  to
• 23:36
  save
• 23:37
  money
• 23:38
  by
• 23:38
  using
• 23:38
  ChatGPT,
• 23:39
  Claude
• 23:40
  on
• 23:40
  things
• 23:40
  like
• 23:40
  legal
• 23:41
  advice.
• 23:42
  And,
• 23:43
  and
• 23:43
  I
• 23:43
  said,
• 23:44
  "How
• 23:44
  much
• 23:44
  do
• 23:44
  you
• 23:44
  think
• 23:45
  doing
• 23:45
  this
• 23:46
  with
• 23:46
  human
• 23:47
  in
• 23:47
  the
• 23:47
  loop
• 23:47
  or
• 23:48
  outsourcing
• 23:48
  it
• 23:49
  to
• 23:49
  a
• 23:49
  company
• 23:49
  that's
• 23:49
  using
• 23:50
  AI,
• 23:50
  that's
• 23:50
  tuned
• 23:51
  it,
• 23:51
  and
• 23:51
  then
• 23:52
  can
• 23:52
  warrant
• 23:52
  its
• 23:53
  output?"
• 23:54
  And
• 23:54
  they
• 23:55
  said,
• 23:55
  "It'd
• 23:55
  probably
• 23:55
  be
• 23:55
  about
• 23:56
  $5
• 23:56
  to
• 23:57
  $6
• 23:57
  million."
• 23:59
  Sorry,
• 23:59
  pounds.
• 24:00
  So
• 24:00
  I
• 24:00
  said,
• 24:01
  "So
• 24:02
  isn't
• 24:02
  that
• 24:03
  a
• 24:03
  good
• 24:04
  return
• 24:04
  on
• 24:04
  investment?
• 24:05
  It's
• 24:05
  1%"
• 24:06
  And,
• 24:07
  imagine
• 24:07
  you
• 24:07
  selling
• 24:08
  your
• 24:08
  drug
• 24:08
  in
• 24:08
  this
• 24:09
  particular
• 24:09
  country
• 24:10
  and
• 24:10
  someone
• 24:10
  dies
• 24:10
  from
• 24:11
  an
• 24:11
  adverse
• 24:11
  effect,
• 24:12
  and
• 24:12
  you
• 24:12
  haven't
• 24:12
  written
• 24:13
  it
• 24:13
  correctly
• 24:14
  and
• 24:14
  you
• 24:14
  haven't
• 24:14
  understood
• 24:14
  the
• 24:15
  packaging.
• 24:16
  These
• 24:16
  are
• 24:16
  serious
• 24:17
  issues.
• 24:18
  These
• 24:18
  are
• 24:18
  negligence
• 24:19
  issues.
• 24:20
  You're
• 24:20
  putting
• 24:20
  your
• 24:20
  entire
• 24:21
  business
• 24:21
  at
• 24:21
  risk.
• 24:23
  And
• 24:23
  these
• 24:23
  are
• 24:23
  very
• 24:23
  clever
• 24:24
  people
• 24:24
  in
• 24:24
  big
• 24:24
  drug
• 24:25
  companies.
• 24:25
  These
• 24:25
  aren't
• 24:26
  like
• 24:26
  small
• 24:26
  startup
• 24:27
  founders
• 24:28
  who
• 24:28
  are
• 24:28
  just
• 24:28
  a
• 24:28
  bit
• 24:28
  naive,
• 24:30
  a-
• 24:30
  and
• 24:31
  this
• 24:31
  is
• 24:31
  the
• 24:31
  real
• 24:31
  challenge.
• 24:32
  So
• 24:33
  I
• 24:33
  see
• 24:33
  it
• 24:33
  all
• 24:33
  the
• 24:33
  time.
• 24:34
  You've
• 24:34
  got
• 24:35
  to
• 24:35
  have,
• 24:35
  to
• 24:36
  answer
• 24:36
  your
• 24:36
  original
• 24:36
  question
• 24:37
  in
• 24:37
  what
• 24:37
  you
• 24:37
  need
• 24:37
  to
• 24:37
  do,
• 24:38
  you
• 24:38
  need
• 24:38
  an
• 24:38
  infrastructure
• 24:39
  in
• 24:39
  every
• 24:39
  country.
• 24:40
  You
• 24:40
  need
• 24:41
  recruitment
• 24:42
  advisors,
• 24:42
  you
• 24:42
  need
• 24:43
  legal
• 24:43
  advisors,
• 24:44
  you
• 24:44
  need
• 24:44
  compliance
• 24:44
  advisors.
• 24:46
  And
• 24:47
  it's
• 24:47
  a
• 24:47
  complete
• 24:48
  myth
• 24:48
  that
• 24:48
  I
• 24:48
  can
• 24:49
  just
• 24:49
  internationally
• 24:49
  do
• 24:50
  business
• 24:50
  cheaply.
• 24:51
  Sure,
• 24:51
  if
• 24:51
  you've
• 24:51
  got
• 24:51
  an
• 24:52
  eBay
• 24:52
  store,
• 24:52
  I
• 24:53
  think
• 24:53
  you
• 24:53
  can.
• 24:53
  You're
• 24:54
  under
• 24:54
  the
• 24:54
  radar.
• 24:55
  No
• 24:55
  one
• 24:55
  really
• 24:56
  is
• 24:56
  gonna
• 24:56
  come
• 24:56
  after
• 24:57
  you
• 24:57
  from
• 24:57
  the
• 24:57
  United
• 24:58
  States
• 24:59
  government
• 24:59
  through
• 24:59
  the
• 24:59
  IRS
• 25:00
  because
• 25:00
  you
• 25:01
  didn't
• 25:01
  pay
• 25:02
  tax
• 25:02
  on
• 25:02
  a
• 25:03
  $7
• 25:03
  vase
• 25:04
  you
• 25:04
  sold
• 25:04
  three
• 25:04
  years
• 25:05
  ago
• 25:05
  on
• 25:05
  eBay.
• 25:07
  But
• 25:07
  they
• 25:08
  might
• 25:08
  come
• 25:08
  after
• 25:08
  you
• 25:09
  if
• 25:09
  you've
• 25:09
  sold
• 25:10
  $300,000
• 25:11
  worth
• 25:11
  of
• 25:11
  product
• 25:11
  here
• 25:12
  and
• 25:12
  you
• 25:12
  haven't
• 25:12
  paid
• 25:12
  tax.
• 25:14
  Okay.
• 25:14
  And
• 25:14
  when
• 25:14
  they
• 25:14
  come
• 25:14
  after
• 25:15
  you,
• 25:15
  it,
• 25:16
  again,
• 25:16
  it
• 25:16
  can
• 25:16
  be
• 25:16
  criminal.
• 25:17
  It's
• 25:17
  not
• 25:17
  necessarily
• 25:18
  civil.
• 25:19
  No.
• 25:19
  Yeah.
• 25:20
  I-
• 25:20
  in
• 25:20
  both
• 25:20
  terms,
• 25:21
  the
• 25:21
  law-
• 25:21
  the
• 25:21
  law
• 25:22
  terms
• 25:22
  and
• 25:22
  in
• 25:22
  terms
• 25:23
  of
• 25:23
  it's
• 25:23
  not
• 25:23
  civil,
• 25:23
  in
• 25:23
  terms
• 25:23
  of
• 25:23
  it's
• 25:24
  not
• 25:24
  very
• 25:24
  nice
• 25:24
  either.
• 25:25
  So
• 25:25
  in
• 25:26
  terms
• 25:26
  of,
• 25:26
  'cause
• 25:27
  we
• 25:27
  just
• 25:27
  had
• 25:27
  a
• 25:27
  bit
• 25:27
  of
• 25:27
  a
• 25:28
  talk
• 25:28
  about
• 25:28
  AI
• 25:28
  there,
• 25:29
  and
• 25:29
  people
• 25:29
  may
• 25:29
  be
• 25:30
  confusing
• 25:31
  our
• 25:31
  conversation
• 25:32
  with
• 25:32
  saying
• 25:32
  that,
• 25:32
  "Oh,
• 25:32
  AI
• 25:33
  doesn't
• 25:33
  really
• 25:33
  have
• 25:34
  a
• 25:34
  place."
• 25:34
  But
• 25:34
  I
• 25:34
  know
• 25:34
  that
• 25:35
  you
• 25:35
  use
• 25:35
  AI
• 25:35
  a
• 25:35
  lot.
• 25:35
  So
• 25:36
  just
• 25:36
  talk
• 25:36
  to
• 25:36
  me
• 25:36
  through
• 25:36
  about
• 25:37
  how
• 25:37
  you
• 25:37
  think
• 25:38
  AI
• 25:38
  can
• 25:38
  be
• 25:38
  used
• 25:39
  and
• 25:39
  how
• 25:39
  you've
• 25:39
  used
• 25:40
  it
• 25:40
  in
• 25:40
  your
• 25:40
  business
• 25:40
  to
• 25:40
  drive
• 25:41
  growth.
• 25:42
  So
• 25:42
  I'm
• 25:42
  gonna
• 25:42
  tell
• 25:43
  you
• 25:43
  a
• 25:43
  quick
• 25:43
  story,
• 25:44
  and
• 25:44
  I
• 25:44
  think
• 25:44
  it
• 25:44
  will
• 25:45
  help
• 25:45
  explain
• 25:46
  it.
• 25:46
  Imagine
• 25:47
  that
• 25:47
  y-
• 25:47
  you
• 25:48
  are
• 25:48
  a
• 25:48
  taxi
• 25:48
  driver,
• 25:49
  Hakeem,
• 25:49
  and
• 25:50
  you
• 25:50
  find
• 25:51
  this
• 25:51
  great
• 25:52
  AI
• 25:52
  engine
• 25:53
  that
• 25:53
  you
• 25:53
  can
• 25:53
  put
• 25:54
  in
• 25:54
  your
• 25:54
  taxi,
• 25:54
  and
• 25:55
  immediately
• 25:55
  you
• 25:55
  don't
• 25:56
  need
• 25:57
  to
• 25:57
  drive
• 25:57
  your
• 25:57
  own
• 25:57
  taxi.
• 25:58
  So
• 25:59
  you
• 25:59
  think
• 25:59
  to
• 25:59
  myself,
• 25:59
  "Oh
• 26:00
  my
• 26:00
  God,
• 26:00
  I
• 26:00
  can
• 26:01
  put
• 26:01
  this
• 26:01
  AI
• 26:01
  engine
• 26:02
  in.
• 26:02
  I
• 26:02
  can
• 26:02
  drop
• 26:02
  it
• 26:03
  in.
• 26:03
  I'm
• 26:03
  no
• 26:03
  longer
• 26:04
  gonna
• 26:04
  be
• 26:04
  in
• 26:04
  the,
• 26:04
  i-
• 26:04
  in
• 26:05
  my
• 26:05
  own
• 26:05
  taxi,
• 26:06
  and
• 26:06
  then
• 26:07
  I
• 26:07
  can
• 26:07
  spend
• 26:07
  all
• 26:07
  day
• 26:07
  marketing
• 26:08
  my
• 26:08
  taxi
• 26:09
  business
• 26:10
  and
• 26:10
  going
• 26:10
  up
• 26:10
  the
• 26:10
  value
• 26:11
  chain
• 26:11
  and
• 26:11
  doing,
• 26:12
  things
• 26:13
  that
• 26:13
  are
• 26:13
  gonna
• 26:13
  grow
• 26:13
  my
• 26:13
  business."
• 26:15
  Now
• 26:16
  there's
• 26:17
  another
• 26:17
  guy
• 26:18
  who's
• 26:18
  got
• 26:18
  a
• 26:18
  whole
• 26:18
  fleet
• 26:19
  of
• 26:19
  taxis
• 26:21
  and
• 26:21
  he
• 26:21
  sees
• 26:22
  the
• 26:22
  same
• 26:22
  AI
• 26:23
  engine
• 26:23
  that
• 26:23
  he
• 26:23
  can
• 26:24
  put
• 26:24
  in
• 26:24
  his
• 26:25
  taxi
• 26:25
  businesses.
• 26:27
  And
• 26:27
  then
• 26:27
  there's
• 26:27
  a
• 26:28
  city
• 26:28
  planner.
• 26:30
  And
• 26:30
  the
• 26:30
  city
• 26:30
  planner's
• 26:31
  job
• 26:32
  is
• 26:33
  to
• 26:33
  move
• 26:33
  people
• 26:33
  around
• 26:34
  the
• 26:34
  city.
• 26:35
  That's
• 26:35
  their
• 26:35
  job.
• 26:36
  They're
• 26:36
  dealing
• 26:36
  with
• 26:38
  the
• 26:38
  transit
• 26:38
  system.
• 26:40
  Now
• 26:40
  you
• 26:40
  go
• 26:41
  out
• 26:41
  and
• 26:41
  you
• 26:41
  buy
• 26:41
  your
• 26:42
  engine
• 26:43
  and
• 26:43
  you
• 26:43
  put
• 26:43
  it
• 26:43
  in
• 26:44
  and
• 26:44
  you
• 26:44
  YouTube
• 26:45
  how
• 26:45
  to
• 26:45
  install
• 26:46
  it.
• 26:47
  And
• 26:47
  it
• 26:47
  works.
• 26:48
  It
• 26:48
  doesn't
• 26:48
  work
• 26:49
  great,
• 26:49
  but
• 26:49
  it
• 26:49
  works
• 26:50
  enough
• 26:50
  to
• 26:51
  show
• 26:51
  it
• 26:51
  off
• 26:52
  and
• 26:52
  make
• 26:52
  people
• 26:53
  believe
• 26:53
  it
• 26:53
  works.
• 26:54
  But
• 26:55
  it
• 26:55
  keeps
• 26:55
  turning
• 26:56
  off
• 26:56
  and
• 26:56
  the
• 26:56
  taxi
• 26:57
  gets
• 26:57
  stranded.
• 26:58
  Then
• 26:58
  you
• 26:58
  have
• 26:58
  to
• 26:58
  go
• 26:59
  and
• 26:59
  get
• 26:59
  another
• 26:59
  taxi
• 27:00
  to
• 27:00
  your
• 27:00
  taxi
• 27:00
  to
• 27:01
  drive
• 27:01
  it
• 27:01
  back.
• 27:02
  And
• 27:03
  then
• 27:03
  you
• 27:03
  keep
• 27:04
  getting
• 27:04
  security
• 27:05
  patches
• 27:06
  and
• 27:06
  you
• 27:06
  keep
• 27:06
  getting
• 27:06
  updates.
• 27:08
  And
• 27:08
  every
• 27:08
  time
• 27:08
  it's
• 27:08
  an
• 27:09
  update,
• 27:09
  the
• 27:09
  car
• 27:10
  switches
• 27:10
  off.
• 27:10
  It
• 27:11
  rolls.
• 27:11
  Sometimes
• 27:12
  it
• 27:12
  crashes.
• 27:12
  Sometimes
• 27:13
  it
• 27:13
  doesn't.
• 27:13
  And
• 27:13
  you're
• 27:14
  getting
• 27:14
  all
• 27:14
  these
• 27:14
  negative
• 27:14
  reviews.
• 27:16
  Now
• 27:16
  your
• 27:17
  competition
• 27:17
  has
• 27:17
  a
• 27:18
  fleet
• 27:18
  of
• 27:18
  taxis.
• 27:19
  They
• 27:21
  buy,
• 27:21
  they
• 27:22
  hire,
• 27:22
  sorry,
• 27:23
  a
• 27:23
  whole
• 27:24
  set
• 27:24
  of
• 27:24
  mechanics
• 27:25
  and
• 27:25
  experts
• 27:26
  on
• 27:26
  this
• 27:26
  AI
• 27:26
  engine.
• 27:27
  And
• 27:27
  they
• 27:28
  know
• 27:28
  how
• 27:28
  to
• 27:28
  install
• 27:29
  it.
• 27:29
  They
• 27:29
  know
• 27:29
  how
• 27:29
  to
• 27:29
  tune
• 27:30
  it.
• 27:30
  And
• 27:30
  they
• 27:31
  know
• 27:31
  how
• 27:31
  to
• 27:31
  guess
• 27:32
  when
• 27:32
  the
• 27:32
  patches
• 27:33
  are
• 27:33
  coming
• 27:34
  out.
• 27:34
  They're
• 27:35
  reading
• 27:35
  all
• 27:35
  the
• 27:35
  data
• 27:36
  and
• 27:36
  they
• 27:36
  run
• 27:37
  it
• 27:37
  beautifully.
• 27:38
  And,
• 27:38
  everything
• 27:39
  that
• 27:39
  this
• 27:39
  AI
• 27:40
  engine
• 27:40
  was
• 27:40
  supposed
• 27:40
  to
• 27:40
  do,
• 27:41
  it
• 27:41
  does.
• 27:42
  And
• 27:42
  it
• 27:42
  works
• 27:43
  really
• 27:43
  well.
• 27:45
  And
• 27:45
  they
• 27:45
  just
• 27:45
  keep
• 27:45
  winning
• 27:46
  contracts,
• 27:46
  and
• 27:46
  they
• 27:46
  go
• 27:47
  from
• 27:47
  strength
• 27:47
  to
• 27:47
  strength,
• 27:48
  and
• 27:48
  they're
• 27:48
  getting
• 27:48
  all
• 27:48
  this
• 27:48
  data
• 27:49
  of
• 27:49
  all
• 27:49
  these
• 27:49
  miles
• 27:50
  on
• 27:50
  the
• 27:50
  road
• 27:50
  when
• 27:51
  humans
• 27:51
  aren't
• 27:51
  supposed
• 27:52
  to
• 27:52
  act
• 27:52
  in
• 27:52
  that
• 27:53
  way,
• 27:53
  and
• 27:53
  they
• 27:53
  walk
• 27:53
  out
• 27:53
  in
• 27:54
  the
• 27:54
  middle
• 27:54
  of
• 27:54
  the
• 27:54
  road,
• 27:54
  what
• 27:54
  do
• 27:54
  you
• 27:55
  do?
• 27:55
  And
• 27:55
  they're
• 27:55
  tuning
• 27:56
  the
• 27:56
  engines
• 27:57
  to
• 27:57
  their
• 27:57
  taxis.
• 27:58
  Now,
• 27:59
  the
• 27:59
  city
• 27:59
  planner
• 28:00
  is
• 28:00
  looking
• 28:00
  at
• 28:00
  this
• 28:00
  thinking,
• 28:01
  "Oh
• 28:01
  my
• 28:01
  God,
• 28:02
  do
• 28:02
  you
• 28:02
  know
• 28:02
  how
• 28:02
  much
• 28:02
  money
• 28:02
  I
• 28:02
  could
• 28:03
  make
• 28:03
  if
• 28:03
  I
• 28:03
  just
• 28:04
  copied
• 28:05
  what
• 28:06
  the
• 28:06
  fleet
• 28:06
  manager
• 28:07
  is
• 28:07
  doing?
• 28:08
  I
• 28:08
  can
• 28:08
  just
• 28:08
  go
• 28:08
  and
• 28:09
  hire
• 28:09
  the
• 28:09
  mechanics,
• 28:10
  and
• 28:10
  then
• 28:10
  I
• 28:10
  can
• 28:10
  buy
• 28:10
  the
• 28:10
  cars,
• 28:11
  and
• 28:11
  we
• 28:11
  can
• 28:11
  get
• 28:12
  it
• 28:12
  installed,
• 28:12
  and
• 28:12
  we
• 28:12
  can
• 28:13
  do
• 28:13
  it."
• 28:13
  And
• 28:13
  then
• 28:13
  they
• 28:13
  realize
• 28:14
  they
• 28:14
  don't
• 28:14
  know
• 28:14
  anything
• 28:15
  about
• 28:15
  hiring
• 28:15
  mechanics.
• 28:16
  They
• 28:17
  don't
• 28:17
  know
• 28:17
  anything
• 28:17
  about
• 28:17
  cars.
• 28:19
  They
• 28:19
  don't
• 28:19
  know
• 28:19
  anything
• 28:19
  about
• 28:20
  managing
• 28:20
  the
• 28:20
  people.
• 28:21
  They
• 28:21
  don't
• 28:21
  have
• 28:21
  the
• 28:21
  payroll
• 28:22
  to
• 28:22
  pay
• 28:22
  the
• 28:22
  people.
• 28:22
  So
• 28:22
  what
• 28:23
  does
• 28:23
  the
• 28:24
  city
• 28:24
  planner
• 28:24
  do?
• 28:24
  They
• 28:25
  go
• 28:25
  to
• 28:25
  the
• 28:25
  fleet
• 28:26
  manager
• 28:26
  and
• 28:26
  give
• 28:26
  them
• 28:27
  the
• 28:27
  contract.
• 28:28
  So
• 28:29
  the
• 28:30
  contra-
• 28:30
  the
• 28:30
  fleet
• 28:30
  manager's
• 28:31
  business
• 28:31
  just
• 28:32
  goes
• 28:32
  from
• 28:32
  strength
• 28:33
  to
• 28:33
  strength
• 28:33
  and
• 28:33
  continues
• 28:34
  to
• 28:34
  grow,
• 28:35
  and
• 28:35
  they're
• 28:36
  is
• 28:36
  the
• 28:36
  big
• 28:37
  winner.
• 28:38
  And
• 28:38
  there
• 28:38
  are
• 28:39
  going
• 28:39
  to
• 28:39
  be
• 28:39
  big
• 28:39
  winners,
• 28:40
  and
• 28:41
  there
• 28:41
  are
• 28:41
  gonna
• 28:41
  be
• 28:41
  a
• 28:41
  lot
• 28:41
  of
• 28:41
  losers
• 28:42
  with
• 28:42
  AI.
• 28:43
  I
• 28:43
  know
• 28:43
  it's...
• 28:44
  everyone's
• 28:44
  pretending
• 28:45
  there's
• 28:45
  gonna
• 28:45
  be
• 28:45
  no
• 28:45
  losers,
• 28:46
  and
• 28:46
  everything's
• 28:47
  gonna
• 28:47
  be
• 28:47
  hunky-dory.
• 28:48
  That's
• 28:49
  not
• 28:49
  how
• 28:49
  this
• 28:49
  works.
• 28:50
  There
• 28:51
  will
• 28:51
  be
• 28:51
  winners,
• 28:51
  and
• 28:52
  every
• 28:52
  single
• 28:53
  listener
• 28:53
  on
• 28:53
  your
• 28:54
  podcast
• 28:54
  can
• 28:55
  be
• 28:55
  a
• 28:55
  big
• 28:55
  winner,
• 28:56
  but
• 28:56
  they've
• 28:56
  gotta
• 28:56
  know
• 28:57
  how
• 28:57
  to
• 28:57
  win.
• 28:58
  Yeah.
• 28:58
  And
• 28:59
  the
• 28:59
  wi-
• 29:00
  winning
• 29:00
  is
• 29:01
  having
• 29:02
  access
• 29:02
  to
• 29:02
  market.
• 29:03
  It's
• 29:03
  going
• 29:04
  up
• 29:04
  the
• 29:04
  value
• 29:04
  chain.
• 29:05
  It's
• 29:05
  adding
• 29:06
  value.
• 29:06
  The
• 29:06
  fleet
• 29:07
  manager
• 29:09
  knew
• 29:10
  that
• 29:11
  without
• 29:11
  the
• 29:11
  mechanics,
• 29:12
  without
• 29:13
  raising
• 29:13
  the
• 29:13
  money
• 29:13
  to
• 29:14
  bring
• 29:14
  in
• 29:14
  the
• 29:14
  mechanics,
• 29:15
  they
• 29:16
  wouldn't
• 29:16
  get
• 29:16
  the
• 29:16
  engine
• 29:16
  working.
• 29:17
  They
• 29:17
  weren't...
• 29:18
  there's
• 29:18
  no
• 29:18
  value
• 29:19
  in
• 29:19
  the
• 29:19
  engine
• 29:19
  itself.
• 29:20
  The
• 29:20
  value
• 29:21
  is
• 29:21
  in
• 29:21
  putting
• 29:22
  the
• 29:22
  engine
• 29:22
  in
• 29:22
  the
• 29:22
  car,
• 29:22
  making
• 29:23
  it
• 29:23
  work,
• 29:23
  understanding
• 29:24
  what
• 29:24
  the
• 29:24
  client's...
• 29:25
  doing
• 29:25
  the
• 29:26
  quarterly
• 29:26
  business
• 29:26
  review
• 29:27
  with
• 29:27
  the
• 29:27
  clients,
• 29:28
  going
• 29:28
  to
• 29:28
  the
• 29:28
  clients
• 29:29
  and
• 29:29
  saying,
• 29:30
  "What
• 29:30
  do
• 29:30
  you
• 29:30
  value?
• 29:31
  Is
• 29:31
  it
• 29:31
  turnaround
• 29:31
  time?
• 29:32
  Is
• 29:32
  it
• 29:33
  price?
• 29:33
  Is
• 29:34
  it
• 29:34
  quality?
• 29:35
  All
• 29:35
  of
• 29:36
  those
• 29:36
  fight
• 29:36
  each
• 29:37
  other,
• 29:37
  so
• 29:37
  let
• 29:37
  me
• 29:37
  build
• 29:37
  the
• 29:37
  right
• 29:38
  workflows
• 29:38
  for
• 29:39
  you,"
• 29:39
  and
• 29:40
  then
• 29:40
  automating
• 29:40
  those
• 29:41
  workflows.
• 29:42
  So
• 29:42
  everyone
• 29:43
  has
• 29:43
  to
• 29:43
  understand
• 29:44
  that
• 29:44
  this
• 29:45
  is
• 29:45
  a
• 29:45
  moment
• 29:46
  in
• 29:46
  time.
• 29:46
  We
• 29:47
  had
• 29:47
  the
• 29:47
  invention
• 29:47
  of
• 29:47
  electricity.
• 29:49
  We
• 29:49
  had
• 29:49
  the
• 29:49
  invention
• 29:51
  of
• 29:51
  the
• 29:51
  dotcom
• 29:52
  or
• 29:52
  the
• 29:53
  internet
• 29:54
  and,
• 29:54
  and
• 29:55
  there
• 29:55
  was
• 29:55
  versions
• 29:55
  of
• 29:55
  that
• 29:56
  when
• 29:56
  it
• 29:56
  went
• 29:56
  to
• 29:56
  mobile,
• 29:57
  but
• 29:57
  this
• 29:57
  is
• 29:58
  the
• 29:58
  next
• 29:58
  moment
• 29:58
  in
• 29:59
  time.
• 29:59
  I
• 29:59
  have
• 29:59
  spent
• 30:00
  personally
• 30:01
  with
• 30:01
  my
• 30:01
  investors
• 30:03
  About
• 30:03
  $20
• 30:04
  million
• 30:04
  on
• 30:05
  building
• 30:05
  AI.
• 30:07
  I'm
• 30:07
  not
• 30:08
  gonna
• 30:08
  tell
• 30:09
  you
• 30:09
  that
• 30:09
  it's
• 30:09
  all
• 30:09
  gonna
• 30:09
  replace
• 30:10
  all
• 30:10
  humans.
• 30:10
  Elon
• 30:11
  Musk
• 30:11
  does
• 30:11
  that
• 30:12
  'cause
• 30:12
  he
• 30:12
  needs
• 30:12
  to
• 30:12
  speak
• 30:12
  up
• 30:13
  his
• 30:14
  stock,
• 30:14
  and
• 30:14
  he
• 30:14
  wants
• 30:15
  you
• 30:15
  to-
• 30:16
  buy
• 30:16
  it
• 30:16
  at
• 30:16
  the
• 30:16
  most
• 30:16
  ridiculously
• 30:17
  overpriced,
• 30:19
  non-fundamental
• 30:20
  base
• 30:21
  strike
• 30:21
  rate.
• 30:23
  But
• 30:23
  I
• 30:23
  can
• 30:23
  tell
• 30:24
  you
• 30:24
  that
• 30:24
  it
• 30:24
  is
• 30:24
  important.
• 30:25
  You
• 30:25
  will
• 30:26
  need
• 30:26
  to
• 30:26
  adopt
• 30:26
  it.
• 30:27
  But
• 30:27
  just
• 30:27
  reselling
• 30:28
  what
• 30:28
  people
• 30:28
  can
• 30:28
  get
• 30:29
  for
• 30:29
  free
• 30:29
  or
• 30:29
  near
• 30:29
  free
• 30:30
  is
• 30:30
  not
• 30:30
  gonna
• 30:30
  cut
• 30:31
  it.
• 30:31
  You've
• 30:31
  got
• 30:31
  to
• 30:31
  wrap
• 30:32
  around
• 30:32
  services.
• 30:33
  You've
• 30:33
  got
• 30:33
  to
• 30:34
  manage
• 30:35
  it,
• 30:35
  and
• 30:35
  you've
• 30:35
  got
• 30:35
  to
• 30:35
  then
• 30:36
  own
• 30:36
  the
• 30:36
  access
• 30:37
  to
• 30:37
  the
• 30:37
  market
• 30:37
  because
• 30:38
  I
• 30:38
  guarantee
• 30:39
  you
• 30:39
  ChatGPT
• 30:40
  and
• 30:40
  Claude
• 30:41
  don't
• 30:41
  want
• 30:42
  to
• 30:42
  own
• 30:42
  your
• 30:42
  client
• 30:43
  relationship.
• 30:44
  But
• 30:44
  someone
• 30:44
  else
• 30:45
  might
• 30:45
  if
• 30:45
  you
• 30:45
  don't.
• 30:45
  And
• 30:46
  I
• 30:46
  think
• 30:46
  you,
• 30:46
  you
• 30:47
  articulate
• 30:47
  that
• 30:47
  really
• 30:48
  well,
• 30:48
  actually,
• 30:48
  and
• 30:48
  I
• 30:48
  think
• 30:49
  I
• 30:49
  like
• 30:49
  the
• 30:49
  story
• 30:49
  because
• 30:50
  I've
• 30:50
  got...
• 30:50
  with
• 30:50
  all
• 30:50
  the...
• 30:51
  There's
• 30:51
  lots
• 30:51
  of
• 30:51
  systems
• 30:52
  now
• 30:52
  where
• 30:52
  you
• 30:52
  can
• 30:52
  build
• 30:52
  AI
• 30:53
  apps
• 30:53
  and
• 30:54
  all
• 30:54
  that.
• 30:54
  So
• 30:54
  everyone's
• 30:54
  coming
• 30:55
  all
• 30:55
  the
• 30:55
  time
• 30:55
  saying,
• 30:55
  "Oh,
• 30:55
  I've
• 30:55
  got
• 30:55
  this
• 30:56
  app.
• 30:56
  It's
• 30:56
  great."
• 30:56
  And
• 30:56
  what
• 30:57
  I've
• 30:57
  noticed
• 30:57
  is
• 30:57
  pe-
• 30:57
  all
• 30:57
  people
• 30:58
  keep
• 30:58
  telling
• 30:58
  me
• 30:59
  when
• 30:59
  they're
• 30:59
  trying
• 30:59
  to
• 30:59
  pitch
• 30:59
  it,
• 30:59
  they're
• 31:00
  pitching
• 31:00
  the
• 31:00
  AI.
• 31:00
  And
• 31:01
  I'm
• 31:01
  saying,
• 31:01
  just
• 31:01
  as
• 31:01
  you're
• 31:02
  saying
• 31:02
  that,
• 31:02
  I
• 31:02
  think
• 31:02
  the
• 31:03
  AI
• 31:03
  is
• 31:03
  not
• 31:04
  the
• 31:04
  thing
• 31:04
  that
• 31:04
  you
• 31:04
  should
• 31:05
  be
• 31:05
  pitching.
• 31:05
  You
• 31:05
  sh-
• 31:05
  need
• 31:05
  to
• 31:05
  be
• 31:06
  pitching
• 31:06
  your
• 31:07
  expertise
• 31:08
  on
• 31:08
  how
• 31:08
  you're
• 31:08
  using
• 31:09
  the
• 31:09
  AI
• 31:09
  and
• 31:09
  how
• 31:09
  that's
• 31:10
  then
• 31:10
  benefiting
• 31:11
  the
• 31:11
  end
• 31:11
  user.
• 31:11
  So
• 31:11
  because
• 31:11
  anyone
• 31:12
  can
• 31:12
  come
• 31:12
  and
• 31:12
  just
• 31:12
  say,
• 31:12
  "Oh
• 31:13
  he's
• 31:13
  doing
• 31:13
  AI,
• 31:13
  so
• 31:13
  I'll
• 31:14
  just...
• 31:14
  I'll
• 31:14
  replicate
• 31:14
  what
• 31:14
  he's
• 31:15
  doing."
• 31:15
  But
• 31:15
  they
• 31:15
  can't
• 31:15
  replicate
• 31:16
  your
• 31:16
  experience.
• 31:16
  They
• 31:16
  can't
• 31:17
  replicate
• 31:17
  your
• 31:17
  understanding.
• 31:18
  They
• 31:18
  can't
• 31:18
  rep-
• 31:18
  repli-
• 31:19
  replicate
• 31:19
  your
• 31:19
  infrastructure
• 31:20
  of
• 31:20
  and
• 31:21
  how
• 31:21
  you
• 31:21
  actually
• 31:22
  implement
• 31:22
  that
• 31:22
  AI.
• 31:23
  And
• 31:23
  it's
• 31:23
  interesting
• 31:23
  'cause
• 31:24
  I've
• 31:24
  never
• 31:24
  thought
• 31:24
  about
• 31:24
  it
• 31:24
  the
• 31:25
  way
• 31:25
  you
• 31:25
  I'm
• 31:25
  gonna
• 31:25
  nick
• 31:26
  that,
• 31:26
  that
• 31:26
  example
• 31:26
  actually
• 31:27
  cause
• 31:27
  I
• 31:27
  think
• 31:27
  that
• 31:27
  really
• 31:28
  explains
• 31:28
  what
• 31:29
  I've
• 31:29
  been
• 31:29
  trying
• 31:29
  to
• 31:29
  explain
• 31:30
  to
• 31:30
  lots
• 31:30
  of
• 31:30
  people
• 31:30
  who
• 31:30
  say,
• 31:30
  "I've
• 31:31
  got
• 31:31
  AI."
• 31:31
  I'm
• 31:31
  saying,
• 31:32
  "Yeah,
• 31:32
  that's
• 31:32
  great.
• 31:32
  But
• 31:32
  what
• 31:32
  does
• 31:32
  it
• 31:33
  do?
• 31:33
  How
• 31:33
  is
• 31:33
  it
• 31:33
  beneficial?"
• 31:34
  Just
• 31:34
  saying
• 31:34
  you've
• 31:34
  got...
• 31:35
  'Cause
• 31:35
  lots
• 31:35
  of
• 31:35
  people
• 31:35
  are
• 31:35
  just
• 31:35
  now
• 31:35
  saying
• 31:36
  they've
• 31:36
  got
• 31:36
  AI
• 31:36
  'cause
• 31:36
  they
• 31:36
  think,
• 31:37
  "Oh,
• 31:37
  everyone's
• 31:37
  gonna
• 31:37
  say,
• 31:37
  I'm
• 31:37
  gonna
• 31:38
  buy
• 31:38
  it
• 31:38
  'cause
• 31:38
  it's
• 31:38
  got
• 31:38
  AI
• 31:38
  and
• 31:39
  it's
• 31:39
  really
• 31:39
  fashionable."
• 31:39
  Not
• 31:40
  if
• 31:40
  it
• 31:40
  doesn't
• 31:40
  achieve
• 31:40
  anything
• 31:41
  for
• 31:41
  you
• 31:41
  or
• 31:41
  for
• 31:41
  the
• 31:41
  customer.
• 31:42
  So
• 31:42
  I
• 31:42
  think
• 31:42
  that's,
• 31:42
  Yeah
• 31:43
  I
• 31:43
  like
• 31:43
  that
• 31:43
  example
• 31:43
  I,
• 31:44
  I-
• 31:44
  if
• 31:44
  ever
• 31:44
  I
• 31:44
  get
• 31:45
  pitched
• 31:45
  something
• 31:45
  about
• 31:45
  AI,
• 31:46
  I
• 31:46
  say,
• 31:46
  "Please
• 31:47
  replace
• 31:47
  every
• 31:48
  AI
• 31:48
  with
• 31:49
  HI."
• 31:49
  HI
• 31:50
  being
• 31:50
  human
• 31:50
  intelligence.
• 31:52
  Yeah.
• 31:52
  And
• 31:52
  if
• 31:52
  it
• 31:52
  sounds
• 31:53
  weird,
• 31:53
  don't
• 31:54
  say
• 31:54
  AI.
• 31:54
  So
• 31:55
  if
• 31:55
  they
• 31:55
  say,
• 31:55
  "I've
• 31:56
  got
• 31:56
  HI,"
• 31:56
  so
• 31:57
  what?
• 31:57
  Everyone's
• 31:58
  got
• 31:58
  some
• 31:58
  level
• 31:58
  of
• 31:58
  HI.
• 31:59
  I
• 31:59
  don't
• 31:59
  care
• 32:00
  about
• 32:00
  if
• 32:00
  it's
• 32:01
  HI
• 32:01
  or
• 32:01
  AI.
• 32:02
  It
• 32:02
  doesn't
• 32:02
  make
• 32:03
  any
• 32:03
  difference
• 32:03
  to
• 32:03
  me.
• 32:03
  Tell
• 32:04
  me
• 32:04
  what
• 32:04
  are
• 32:04
  you
• 32:04
  actually
• 32:04
  building?
• 32:05
  What-
• 32:05
  Yeah
• 32:06
  what
• 32:06
  problem
• 32:06
  are
• 32:06
  you
• 32:06
  solving?
• 32:07
  And
• 32:07
  what
• 32:08
  you
• 32:08
  typically
• 32:08
  then
• 32:09
  find
• 32:09
  is
• 32:09
  that
• 32:10
  people
• 32:10
  have
• 32:10
  built
• 32:11
  all
• 32:11
  of
• 32:11
  these
• 32:12
  s-
• 32:12
  solutions
• 32:13
  that
• 32:13
  are
• 32:13
  looking
• 32:13
  now
• 32:13
  for
• 32:14
  problems
• 32:14
  to
• 32:14
  solve,
• 32:15
  rather
• 32:15
  than
• 32:15
  finding
• 32:16
  a
• 32:16
  problem
• 32:16
  and
• 32:16
  then
• 32:17
  building
• 32:17
  around
• 32:17
  it.
• 32:18
  I
• 32:18
  have
• 32:18
  a
• 32:18
  friend,
• 32:18
  and
• 32:19
  he
• 32:19
  told
• 32:19
  me
• 32:19
  that
• 32:19
  he's
• 32:19
  built
• 32:20
  exactly
• 32:21
  what
• 32:21
  the
• 32:21
  Big
• 32:21
  Word
• 32:22
  does
• 32:22
  from
• 32:22
  his
• 32:23
  bedroom
• 32:23
  using
• 32:24
  AI,
• 32:24
  and
• 32:25
  it
• 32:25
  took
• 32:25
  him
• 32:25
  about
• 32:25
  30
• 32:26
  hours,
• 32:26
  he
• 32:26
  says.
• 32:27
  And
• 32:28
  I
• 32:28
  said,
• 32:28
  "Okay,
• 32:29
  you
• 32:29
  think
• 32:29
  that
• 32:29
  I
• 32:29
  can't
• 32:30
  and
• 32:30
  haven't
• 32:30
  already
• 32:31
  built
• 32:31
  the
• 32:31
  same?"
• 32:31
  But
• 32:32
  the
• 32:32
  difference
• 32:32
  between
• 32:32
  me
• 32:32
  and
• 32:33
  you
• 32:33
  is
• 32:33
  I
• 32:33
  have
• 32:34
  access
• 32:34
  to
• 32:34
  market.
• 32:35
  I
• 32:35
  have
• 32:35
  all
• 32:35
  the
• 32:35
  references.
• 32:36
  I
• 32:36
  have
• 32:37
  so
• 32:37
  much
• 32:37
  data
• 32:38
  that
• 32:38
  WordSync,
• 32:39
  which
• 32:39
  is
• 32:39
  our
• 32:39
  software,
• 32:40
  if
• 32:40
  we
• 32:40
  were
• 32:40
  to
• 32:40
  print
• 32:41
  out
• 32:41
  the
• 32:41
  data
• 32:42
  we
• 32:42
  generate
• 32:43
  in
• 32:43
  a
• 32:43
  single
• 32:43
  day,
• 32:44
  it
• 32:44
  would
• 32:44
  fill
• 32:44
  an
• 32:44
  entire
• 32:45
  giant
• 32:46
  Amazon
• 32:46
  fulfillment
• 32:47
  center.
• 32:47
  And
• 32:48
  when
• 32:48
  u-
• 32:48
  we're
• 32:48
  using
• 32:49
  that
• 32:49
  to
• 32:49
  improve
• 32:49
  the
• 32:49
  algorithms.
• 32:50
  So
• 32:50
  the
• 32:50
  truth
• 32:51
  is
• 32:51
  that
• 32:52
  AI
• 32:52
  has
• 32:53
  not
• 32:53
  made
• 32:53
  it
• 32:53
  easier
• 32:54
  to
• 32:54
  start
• 32:54
  a
• 32:54
  business.
• 32:55
  It's
• 32:55
  made
• 32:55
  it
• 32:55
  easier
• 32:56
  to
• 32:56
  write
• 32:56
  a
• 32:56
  piece
• 32:56
  of
• 32:56
  software.
• 32:57
  Software
• 32:57
  is
• 32:57
  not
• 32:57
  a
• 32:58
  business.
• 32:58
  Yeah.
• 32:58
  I
• 32:58
  can
• 32:59
  write
• 32:59
  the
• 32:59
  same
• 33:00
  software
• 33:00
  as
• 33:01
  Uber
• 33:01
  has
• 33:02
  today,
• 33:02
  but
• 33:02
  I'm
• 33:02
  not
• 33:02
  Uber.
• 33:03
  I'm
• 33:03
  not-
• 33:03
  Yeah
• 33:03
  a
• 33:03
  billionaire
• 33:04
  overnight
• 33:04
  'cause
• 33:04
  I've
• 33:05
  got
• 33:05
  it.
• 33:05
  Yeah.
• 33:05
  'Cause
• 33:05
  I
• 33:05
  don't
• 33:05
  have
• 33:05
  any
• 33:05
  of
• 33:06
  the
• 33:06
  taxi
• 33:06
  drivers,
• 33:06
  and
• 33:07
  I
• 33:07
  don't
• 33:07
  have
• 33:07
  the
• 33:07
  client
• 33:08
  base,
• 33:08
  and
• 33:08
  I
• 33:08
  don't
• 33:09
  have
• 33:09
  the
• 33:09
  market
• 33:10
  intelligence,
• 33:11
  and
• 33:11
  I
• 33:11
  don't
• 33:11
  have
• 33:12
  the
• 33:12
  algorithms,
• 33:13
  and
• 33:13
  I
• 33:13
  don't
• 33:13
  have
• 33:13
  the
• 33:13
  call
• 33:13
  centers,
• 33:14
  and
• 33:14
  I
• 33:14
  don't
• 33:14
  have
• 33:15
  the
• 33:15
  safety
• 33:16
  systems
• 33:16
  in
• 33:16
  place,
• 33:17
  and
• 33:17
  I
• 33:17
  don't
• 33:17
  have
• 33:17
  the
• 33:17
  licenses
• 33:18
  in
• 33:18
  place.
• 33:19
  Businesses
• 33:19
  are
• 33:20
  not
• 33:20
  software,
• 33:20
  even
• 33:21
  in
• 33:21
  software
• 33:21
  businesses
• 33:22
  like
• 33:22
  The
• 33:22
  Big
• 33:22
  Word.
• 33:23
  Yeah.
• 33:23
  They're
• 33:23
  people
• 33:24
  I
• 33:24
  think
• 33:24
  that's
• 33:24
  I
• 33:24
  think
• 33:24
  that's
• 33:25
  the
• 33:25
  key.
• 33:25
  That's
• 33:25
  a
• 33:25
  real
• 33:26
  key
• 33:26
  take
• 33:27
  home,
• 33:27
  I
• 33:27
  think,
• 33:27
  for
• 33:27
  people
• 33:28
  to
• 33:28
  understand.
• 33:28
  And
• 33:28
  that's
• 33:29
  not
• 33:29
  us
• 33:29
  saying,
• 33:29
  "Oh,
• 33:29
  don't
• 33:30
  use
• 33:30
  AI."
• 33:30
  That's
• 33:30
  just
• 33:31
  saying,
• 33:31
  if
• 33:31
  you're
• 33:31
  gonna
• 33:31
  use
• 33:32
  AI,
• 33:32
  understand
• 33:33
  what
• 33:33
  you're
• 33:33
  using
• 33:34
  AI
• 33:34
  for,
• 33:35
  but
• 33:35
  also
• 33:35
  understand
• 33:36
  what
• 33:36
  the
• 33:36
  function
• 33:37
  of
• 33:37
  AI
• 33:37
  is
• 33:38
  in
• 33:38
  driving
• 33:38
  that
• 33:38
  business.
• 33:39
  Not
• 33:39
  just,
• 33:40
  "Oh,
• 33:40
  I've
• 33:40
  got
• 33:40
  AI",
• 33:40
  and
• 33:40
  then
• 33:41
  everyone's
• 33:41
  supposed
• 33:41
  to
• 33:41
  get
• 33:41
  excited.
• 33:42
  'Cause
• 33:42
  I
• 33:42
  see
• 33:42
  it
• 33:43
  all
• 33:43
  the
• 33:43
  time.
• 33:43
  They
• 33:43
  drop,
• 33:44
  "Oh,
• 33:44
  and
• 33:44
  we've
• 33:44
  got
• 33:44
  an
• 33:44
  AI
• 33:45
  X,
• 33:45
  Y,
• 33:45
  and
• 33:45
  Z",
• 33:45
  and
• 33:46
  they're
• 33:46
  expecting
• 33:46
  everyone
• 33:46
  to
• 33:46
  be
• 33:46
  really
• 33:47
  excited
• 33:47
  about
• 33:47
  it.
• 33:47
  And
• 33:47
  I'm
• 33:48
  just
• 33:48
  looking
• 33:48
  thinking,
• 33:48
  Yeah
• 33:49
  as
• 33:49
  you
• 33:49
  said
• 33:49
  okay,
• 33:49
  so
• 33:50
  and
• 33:50
  how's
• 33:50
  that
• 33:50
  gonna
• 33:50
  help?
• 33:50
  I'm
• 33:51
  not
• 33:51
  really
• 33:51
  interested
• 33:51
  in
• 33:52
  what
• 33:52
  it
• 33:52
  does.
• 33:53
  So
• 33:53
  I'm
• 33:53
  not
• 33:53
  really
• 33:53
  inter-
• 33:54
  interested
• 33:54
  in
• 33:54
  the
• 33:54
  nuts
• 33:54
  and
• 33:54
  bolts.
• 33:55
  I'm
• 33:55
  interested
• 33:55
  in
• 33:55
  what's
• 33:55
  the
• 33:56
  output
• 33:56
  that
• 33:56
  you
• 33:56
  get."
• 33:56
  If
• 33:57
  AI
• 33:57
  helps
• 33:57
  you
• 33:57
  do
• 33:57
  it
• 33:57
  much
• 33:58
  more
• 33:58
  rapidly
• 33:58
  and
• 33:58
  much
• 33:58
  more
• 33:59
  effectively,
• 33:59
  brilliant.
• 33:59
  But
• 34:00
  actually,
• 34:00
  I'm
• 34:00
  interested
• 34:01
  in
• 34:01
  what
• 34:01
  are
• 34:01
  you
• 34:02
  able
• 34:02
  to
• 34:02
  do
• 34:02
  now
• 34:03
  better
• 34:03
  than
• 34:03
  you
• 34:03
  couldn't
• 34:03
  do
• 34:03
  before?
• 34:04
  Simple.
• 34:04
  I
• 34:05
  get
• 34:05
  asked
• 34:05
  almost
• 34:06
  daily,
• 34:06
  Will
• 34:07
  AI
• 34:07
  destroy
• 34:08
  Thebigword?"
• 34:08
  And
• 34:08
  I
• 34:09
  say,
• 34:09
  It's
• 34:09
  funny
• 34:10
  because
• 34:10
  no
• 34:10
  one
• 34:11
  ever
• 34:11
  asks
• 34:11
  me
• 34:11
  will
• 34:12
  HI
• 34:12
  destroy
• 34:13
  Thebigword."
• 34:13
  Exactly.
• 34:14
  And
• 34:14
  they're
• 34:14
  quick
• 34:15
  to
• 34:15
  say
• 34:15
  you
• 34:16
  manage
• 34:16
  humans,
• 34:17
  so
• 34:18
  that's
• 34:18
  a
• 34:18
  benefit
• 34:19
  to
• 34:19
  you.
• 34:19
  Whereas
• 34:19
  you
• 34:19
  don't
• 34:20
  manage
• 34:20
  AI."
• 34:20
  And
• 34:20
  I
• 34:21
  say
• 34:21
  that's
• 34:21
  not
• 34:21
  true
• 34:21
  at
• 34:22
  all."
• 34:22
  We
• 34:22
  have
• 34:22
  never...
• 34:23
  Thebigword
• 34:24
  provides
• 34:24
  interpretation,
• 34:25
  which
• 34:25
  is
• 34:25
  spoken,
• 34:26
  and
• 34:26
  translation,
• 34:27
  which
• 34:27
  is
• 34:27
  written
• 34:28
  words,
• 34:28
  mainly
• 34:28
  to
• 34:29
  government.
• 34:29
  So
• 34:30
  every
• 34:30
  court
• 34:30
  in
• 34:30
  the
• 34:30
  UK
• 34:31
  is
• 34:31
  contracted
• 34:32
  to
• 34:32
  Thebigword.
• 34:33
  A
• 34:33
  lot
• 34:33
  of
• 34:33
  police
• 34:33
  stations,
• 34:34
  hospital
• 34:34
  systems
• 34:35
  all
• 34:35
  throughout
• 34:35
  the
• 34:35
  UK,
• 34:36
  which
• 34:36
  I
• 34:36
  understand
• 34:36
  is
• 34:36
  where
• 34:37
  most
• 34:37
  of
• 34:37
  your
• 34:37
  listeners
• 34:37
  probably
• 34:38
  are.
• 34:38
  Yeah.
• 34:38
  Same
• 34:39
  in
• 34:39
  the
• 34:39
  US.
• 34:39
  We
• 34:39
  do
• 34:39
  Medicare,
• 34:40
  Medicaid,
• 34:40
  all
• 34:40
  throughout
• 34:41
  Europe.
• 34:41
  But
• 34:42
  we...
• 34:42
  And
• 34:42
  we
• 34:42
  do
• 34:43
  literally
• 34:43
  tens
• 34:44
  of
• 34:44
  thousands
• 34:45
  of
• 34:45
  requests
• 34:45
  for
• 34:46
  document
• 34:46
  translation
• 34:47
  in
• 34:47
  real
• 34:48
  time,
• 34:48
  in
• 34:49
  person,
• 34:49
  either
• 34:49
  by
• 34:49
  video,
• 34:50
  by
• 34:50
  phone,
• 34:50
  or
• 34:51
  in
• 34:51
  person
• 34:51
  like,
• 34:51
  like
• 34:52
  Uber
• 34:52
  does
• 34:52
  through
• 34:53
  our
• 34:53
  application.
• 34:54
  But
• 34:54
  we
• 34:54
  don't
• 34:54
  own
• 34:55
  the
• 34:55
  translators
• 34:56
  or
• 34:56
  the
• 34:56
  interpreters.
• 34:57
  They're
• 34:57
  freelance
• 34:58
  workers.
• 34:58
  We've
• 34:59
  never,
• 34:59
  ever
• 35:00
  owned
• 35:00
  the
• 35:00
  translation
• 35:01
  or
• 35:01
  the
• 35:01
  interpretation,
• 35:02
  even
• 35:03
  though
• 35:03
  that's
• 35:03
  how
• 35:03
  we
• 35:03
  charge.
• 35:04
  Yeah.
• 35:04
  We
• 35:04
  charge
• 35:05
  by
• 35:05
  the
• 35:05
  minute
• 35:05
  or
• 35:05
  we
• 35:05
  charge
• 35:06
  by
• 35:06
  the
• 35:06
  word.
• 35:06
  What
• 35:07
  we
• 35:07
  own
• 35:07
  is
• 35:08
  all
• 35:08
  the
• 35:08
  workflows,
• 35:09
  the
• 35:09
  technology,
• 35:10
  the
• 35:10
  access
• 35:11
  in
• 35:11
  between
• 35:12
  to
• 35:12
  make
• 35:12
  all
• 35:13
  that
• 35:13
  work,
• 35:13
  and
• 35:14
  sometimes
• 35:14
  we
• 35:15
  actually
• 35:15
  do
• 35:15
  deploy
• 35:15
  just
• 35:16
  AI.
• 35:16
  But
• 35:16
  then
• 35:17
  the
• 35:17
  person
• 35:17
  wants
• 35:18
  to
• 35:18
  go
• 35:18
  from
• 35:19
  a
• 35:19
  conversation
• 35:20
  to
• 35:20
  a
• 35:21
  recorded
• 35:21
  conversation
• 35:22
  that
• 35:22
  they
• 35:22
  could
• 35:22
  use
• 35:22
  in
• 35:23
  court,
• 35:23
  and
• 35:23
  now
• 35:23
  they
• 35:23
  need
• 35:24
  humans
• 35:24
  'cause
• 35:24
  that's
• 35:25
  the
• 35:25
  law.
• 35:25
  So
• 35:26
  people
• 35:26
  can
• 35:26
  then
• 35:26
  move
• 35:26
  between
• 35:27
  HI
• 35:28
  and
• 35:28
  AI
• 35:28
  and
• 35:28
  human
• 35:29
  in
• 35:29
  the
• 35:29
  loop.
• 35:29
  But
• 35:29
  ultimately,
• 35:30
  we
• 35:31
  own
• 35:31
  the
• 35:31
  workflow.
• 35:32
  We
• 35:32
  own
• 35:32
  all
• 35:33
  the
• 35:33
  value
• 35:33
  we
• 35:33
  add.
• 35:34
  We
• 35:34
  never,
• 35:34
  ever
• 35:34
  owned.
• 35:35
  And
• 35:35
  people
• 35:35
  say
• 35:35
  you
• 35:36
  know-
• 35:36
  it's
• 35:36
  still
• 35:36
  a
• 35:37
  risk,
• 35:37
  right?
• 35:37
  And
• 35:37
  I
• 35:37
  say
• 35:38
  if
• 35:38
  you
• 35:38
  want
• 35:38
  a
• 35:38
  Spanish
• 35:39
  interpreter
• 35:40
  now,
• 35:40
  you
• 35:40
  could
• 35:40
  go
• 35:40
  on
• 35:41
  Upwork,
• 35:41
  you
• 35:41
  can
• 35:41
  go
• 35:41
  on
• 35:41
  Fiverr
• 35:42
  you
• 35:42
  can
• 35:42
  go
• 35:43
  on
• 35:43
  Facebook,
• 35:43
  and
• 35:44
  you'll
• 35:44
  find
• 35:44
  a
• 35:44
  Spanish
• 35:45
  interpreter
• 35:46
  at
• 35:46
  roughly
• 35:47
  half
• 35:47
  the
• 35:47
  price
• 35:48
  of
• 35:48
  what
• 35:48
  I'm
• 35:48
  selling
• 35:49
  to
• 35:49
  you."
• 35:49
  Now,
• 35:49
  the
• 35:50
  other
• 35:50
  thing,
• 35:50
  and
• 35:50
  I
• 35:50
  just
• 35:51
  wanna
• 35:51
  say
• 35:51
  this
• 35:52
  and
• 35:52
  make
• 35:52
  it
• 35:52
  really
• 35:53
  clear,
• 35:53
  is
• 35:54
  AI
• 35:54
  is
• 35:54
  not
• 35:54
  cheap,
• 35:55
  and
• 35:55
  it
• 35:55
  sure
• 35:55
  as
• 35:56
  hell
• 35:56
  isn't
• 35:56
  free.
• 35:56
  Yeah.
• 35:57
  AI,
• 35:57
  if
• 35:58
  you
• 35:58
  want
• 35:58
  an
• 35:58
  AI
• 35:58
  interpreter
• 35:59
  as
• 36:00
  of
• 36:00
  today
• 36:00
  to
• 36:00
  replace...
• 36:01
  And
• 36:01
  we
• 36:01
  sell
• 36:02
  these,
• 36:02
  we
• 36:02
  do
• 36:02
  it,
• 36:03
  we
• 36:03
  deliver
• 36:03
  it.
• 36:03
  We're
• 36:04
  the
• 36:04
  world's
• 36:04
  leader
• 36:04
  in
• 36:04
  it.
• 36:04
  It
• 36:05
  costs
• 36:05
  you
• 36:05
  about
• 36:05
  75%
• 36:07
  of
• 36:07
  a
• 36:07
  human.
• 36:07
  It's
• 36:08
  very
• 36:08
  expensive.
• 36:09
  It's
• 36:09
  token-intensive.
• 36:10
  Yeah.
• 36:10
  And
• 36:11
  tokens
• 36:11
  are
• 36:11
  how
• 36:12
  large
• 36:12
  language
• 36:12
  models
• 36:13
  work.
• 36:13
  It
• 36:13
  converts
• 36:14
  everything
• 36:14
  into
• 36:14
  a
• 36:14
  token,
• 36:15
  and
• 36:15
  then
• 36:15
  you
• 36:15
  actually
• 36:15
  pay
• 36:16
  by
• 36:16
  the
• 36:16
  token
• 36:17
  The
• 36:17
  inflation
• 36:18
  level
• 36:19
  in
• 36:19
  AI
• 36:20
  is
• 36:20
  around
• 36:20
  about
• 36:21
  50%
• 36:22
  a
• 36:22
  year.
• 36:22
  So
• 36:22
  by
• 36:22
  this
• 36:23
  time
• 36:23
  next
• 36:23
  year,
• 36:24
  AI
• 36:24
  interpretation
• 36:25
  will
• 36:26
  probably
• 36:26
  be
• 36:26
  more
• 36:26
  expensive
• 36:27
  than
• 36:27
  human
• 36:28
  interpretation.
• 36:29
  So
• 36:29
  again,
• 36:30
  people
• 36:30
  have
• 36:30
  to
• 36:30
  move
• 36:30
  away
• 36:31
  from,
• 36:31
  it's
• 36:31
  not
• 36:32
  Google
• 36:32
  where
• 36:32
  you,
• 36:32
  it
• 36:33
  was
• 36:33
  always
• 36:33
  free
• 36:33
  as
• 36:34
  long
• 36:34
  as
• 36:34
  you
• 36:34
  allowed
• 36:34
  an
• 36:34
  advert
• 36:35
  to
• 36:35
  display.
• 36:36
  This
• 36:36
  is
• 36:36
  really
• 36:36
  expensive.
• 36:38
  It
• 36:38
  uses
• 36:39
  a
• 36:39
  ton
• 36:39
  of
• 36:40
  electricity.
• 36:41
  It
• 36:41
  uses
• 36:41
  chips,
• 36:42
  and
• 36:42
  we're
• 36:42
  not
• 36:42
  talking
• 36:43
  about
• 36:43
  fish
• 36:43
  and
• 36:43
  chips
• 36:44
  here.
• 36:44
  We're
• 36:44
  talking
• 36:45
  about
• 36:45
  the
• 36:45
  silicon
• 36:46
  ones
• 36:46
  that
• 36:46
  are
• 36:46
  really
• 36:47
  expensive.
• 36:48
  The
• 36:48
  demand
• 36:48
  is
• 36:48
  about
• 36:49
  500%
• 36:50
  over
• 36:50
  what
• 36:51
  can
• 36:51
  be
• 36:51
  supplied,
• 36:52
  and
• 36:52
  that's
• 36:52
  pushing
• 36:52
  that
• 36:53
  up.
• 36:53
  It's
• 36:53
  using
• 36:53
  server
• 36:54
  space,
• 36:54
  which
• 36:54
  we
• 36:54
  can't
• 36:55
  build
• 36:55
  server
• 36:55
  space
• 36:56
  quick
• 36:56
  enough.
• 36:56
  The
• 36:56
  electricity,
• 36:57
  we
• 36:57
  can't
• 36:58
  build
• 36:58
  systems
• 36:59
  to
• 36:59
  make
• 36:59
  electricity
• 37:00
  quick
• 37:00
  enough.
• 37:01
  So
• 37:01
  much
• 37:01
  so
• 37:01
  that
• 37:02
  AI
• 37:02
  companies
• 37:02
  are
• 37:02
  now
• 37:03
  building
• 37:03
  their
• 37:03
  own
• 37:03
  silicon
• 37:04
  chips
• 37:04
  and
• 37:04
  their
• 37:05
  own
• 37:05
  nuclear
• 37:05
  reactors.
• 37:06
  Sorry,
• 37:07
  not
• 37:07
  nuclear
• 37:07
  reactors.
• 37:08
  El-
• 37:08
  electrical
• 37:09
  stations
• 37:09
  in
• 37:10
  order
• 37:10
  to
• 37:10
  supply
• 37:11
  themselves
• 37:11
  just
• 37:12
  for
• 37:12
  their
• 37:12
  own
• 37:12
  builds.
• 37:13
  So
• 37:13
  AI
• 37:14
  isn't
• 37:15
  necessarily
• 37:15
  cheaper
• 37:16
  than
• 37:16
  HI.
• 37:17
  It
• 37:17
  can
• 37:18
  be,
• 37:18
  but
• 37:18
  it
• 37:18
  has
• 37:18
  other
• 37:18
  benefits.
• 37:19
  It
• 37:19
  doesn't
• 37:19
  get
• 37:20
  drunk.
• 37:20
  It
• 37:20
  can
• 37:20
  do
• 37:20
  repetitive
• 37:21
  tasks
• 37:21
  usually
• 37:22
  better
• 37:22
  than
• 37:22
  a
• 37:22
  human
• 37:22
  with
• 37:23
  more
• 37:23
  accuracy.
• 37:24
  So
• 37:24
  don't
• 37:24
  look
• 37:24
  at
• 37:24
  AI
• 37:25
  as
• 37:25
  just
• 37:25
  a
• 37:25
  cost
• 37:25
  saving.
• 37:26
  Look
• 37:26
  at
• 37:26
  it
• 37:27
  as,
• 37:27
  all
• 37:27
  the,
• 37:27
  it
• 37:28
  has
• 37:28
  a
• 37:28
  lot
• 37:28
  of
• 37:28
  the
• 37:28
  same
• 37:29
  benefits
• 37:29
  as
• 37:29
  humans
• 37:30
  bring
• 37:30
  to
• 37:30
  the
• 37:30
  game.
• 37:30
  Excellent.
• 37:31
  And
• 37:31
  I
• 37:31
  can't
• 37:31
  believe
• 37:32
  how
• 37:32
  quickly
• 37:32
  this
• 37:32
  time
• 37:32
  is
• 37:33
  going
• 37:33
  actually,
• 37:33
  but
• 37:33
  it
• 37:33
  always
• 37:34
  happens.
• 37:34
  As
• 37:34
  we
• 37:35
  start
• 37:35
  to
• 37:35
  wrap
• 37:35
  up,
• 37:35
  what
• 37:36
  would
• 37:36
  be
• 37:36
  one
• 37:37
  lesson
• 37:37
  that
• 37:37
  you
• 37:37
  could
• 37:38
  give
• 37:38
  from
• 37:38
  your
• 37:38
  experience
• 37:39
  that
• 37:39
  you
• 37:39
  think
• 37:40
  could
• 37:40
  drastically
• 37:41
  change
• 37:41
  how
• 37:41
  a
• 37:41
  founder
• 37:42
  approaches
• 37:43
  market
• 37:43
  entry?
• 37:43
  Not
• 37:43
  just
• 37:43
  a
• 37:43
  founder.
• 37:44
  I'm
• 37:44
  saying
• 37:44
  a
• 37:44
  founder
• 37:44
  'cause
• 37:45
  that's
• 37:45
  predominantly
• 37:45
  my
• 37:46
  listeners.
• 37:46
  But
• 37:46
  a
• 37:46
  founder
• 37:47
  or
• 37:47
  anyone
• 37:48
  when
• 37:48
  they're
• 37:48
  about
• 37:48
  to
• 37:48
  approach
• 37:49
  a
• 37:49
  new
• 37:49
  market,
• 37:49
  what
• 37:49
  would
• 37:50
  be
• 37:50
  the
• 37:50
  one
• 37:50
  thing
• 37:51
  that
• 37:51
  you,
• 37:51
  advice
• 37:51
  you'd
• 37:52
  say
• 37:52
  do
• 37:52
  this
• 37:52
  or
• 37:52
  don't
• 37:53
  do
• 37:53
  that"?
• 37:53
  Yeah.
• 37:53
  So
• 37:53
  I
• 37:54
  think
• 37:54
  that
• 37:54
  a
• 37:54
  lot
• 37:54
  of
• 37:54
  people
• 37:55
  enter
• 37:55
  a
• 37:55
  new
• 37:55
  market
• 37:56
  because
• 37:57
  they
• 37:57
  think
• 37:58
  they
• 37:58
  should,
• 37:59
  or
• 37:59
  they've
• 37:59
  seen
• 38:00
  this
• 38:00
  bit
• 38:00
  of
• 38:00
  data
• 38:01
  that
• 38:01
  tells
• 38:01
  them
• 38:02
  to
• 38:02
  do
• 38:02
  what
• 38:02
  I
• 38:03
  really
• 38:04
  would
• 38:04
  suggest
• 38:05
  is
• 38:06
  test
• 38:06
  everything.
• 38:07
  Do
• 38:07
  not
• 38:08
  believe
• 38:08
  anything
• 38:09
  you
• 38:09
  hear.
• 38:09
  And
• 38:09
  I'm
• 38:10
  gonna
• 38:10
  give
• 38:10
  you
• 38:10
  an
• 38:10
  example
• 38:11
  that
• 38:11
  you
• 38:11
  can
• 38:11
  probably
• 38:12
  re-
• 38:12
  really
• 38:13
  understand,
• 38:13
  Hakeem.
• 38:14
  I
• 38:14
  don't
• 38:14
  know
• 38:14
  if
• 38:14
  you
• 38:14
  do
• 38:15
  any
• 38:15
  SEO
• 38:16
  or
• 38:16
  paid
• 38:16
  SEO
• 38:17
  around
• 38:17
  the
• 38:17
  podcast.
• 38:18
  Yeah.
• 38:18
  But-
• 38:18
  Okay,
• 38:19
  good
• 38:19
  if
• 38:19
  you
• 38:19
  go
• 38:19
  online
• 38:20
  and
• 38:20
  you
• 38:20
  look
• 38:20
  at,
• 38:20
  on
• 38:20
  YouTube
• 38:21
  how
• 38:22
  to
• 38:22
  market
• 38:22
  my
• 38:23
  podcast,
• 38:23
  it's
• 38:24
  going
• 38:24
  to
• 38:24
  tell
• 38:24
  you
• 38:24
  if
• 38:24
  it's
• 38:25
  in
• 38:25
  England
• 38:25
  if
• 38:26
  it's
• 38:26
  in
• 38:26
  England,
• 38:26
  you
• 38:26
  can
• 38:27
  market
• 38:27
  to
• 38:27
  Canada,
• 38:28
  to
• 38:28
  New
• 38:28
  Zealand,
• 38:29
  Australia,
• 38:29
  to
• 38:30
  America
• 38:30
  But
• 38:31
  if
• 38:31
  you
• 38:31
  do
• 38:31
  deep
• 38:32
  research
• 38:32
  and
• 38:32
  you
• 38:32
  really
• 38:33
  look
• 38:33
  into
• 38:33
  it,
• 38:34
  you'll
• 38:34
  find
• 38:34
  that
• 38:35
  a
• 38:35
  huge
• 38:35
  number
• 38:35
  of
• 38:36
  people
• 38:36
  will
• 38:36
  watch
• 38:37
  in
• 38:37
  English,
• 38:38
  in
• 38:39
  Chile,
• 38:39
  in
• 38:40
  Argentina,
• 38:41
  in
• 38:41
  Colombia
• 38:42
  podcasts,
• 38:43
  and
• 38:43
  they
• 38:43
  actually
• 38:43
  listen
• 38:43
  to
• 38:44
  podcasts
• 38:44
  longer
• 38:44
  than
• 38:45
  the
• 38:45
  average
• 38:45
  American
• 38:46
  and
• 38:46
  British
• 38:46
  person.
• 38:47
  And
• 38:47
  because
• 38:47
  very
• 38:48
  few
• 38:48
  people
• 38:48
  are
• 38:48
  competing
• 38:49
  with
• 38:50
  those
• 38:50
  ads,
• 38:51
  certainly
• 38:51
  on
• 38:52
  YouTube,
• 38:52
  they're
• 38:53
  about
• 38:53
  a
• 38:53
  third
• 38:53
  of
• 38:53
  the
• 38:54
  cost
• 38:54
  So
• 38:55
  again,
• 38:55
  you
• 38:55
  can
• 38:55
  enter
• 38:56
  those
• 38:56
  markets
• 38:57
  more
• 38:57
  cheaply,
• 38:58
  not
• 38:58
  because
• 38:59
  everyone's
• 38:59
  advising
• 39:00
  you
• 39:00
  to
• 39:00
  go
• 39:00
  into
• 39:00
  the
• 39:00
  market.
• 39:01
  Quite
• 39:01
  the
• 39:02
  converse
• 39:02
  of
• 39:03
  that.
• 39:03
  No
• 39:03
  one
• 39:03
  else
• 39:03
  is
• 39:04
  going
• 39:04
  into
• 39:04
  those
• 39:04
  markets.
• 39:05
  And
• 39:05
  they're
• 39:06
  smaller
• 39:06
  markets,
• 39:07
  so
• 39:07
  you
• 39:07
  can
• 39:08
  get
• 39:08
  a
• 39:08
  foothold
• 39:08
  in
• 39:08
  it.
• 39:08
  And
• 39:09
  that's
• 39:09
  just
• 39:09
  a
• 39:09
  good
• 39:09
  example
• 39:10
  of
• 39:10
  where,
• 39:11
  you
• 39:11
  can
• 39:11
  listen
• 39:11
  to
• 39:11
  all
• 39:12
  these
• 39:12
  world
• 39:12
  experts,
• 39:13
  you
• 39:13
  can
• 39:13
  listen
• 39:13
  to
• 39:13
  all
• 39:13
  these
• 39:14
  podcasts
• 39:14
  with
• 39:14
  all
• 39:15
  these
• 39:15
  people,
• 39:15
  but
• 39:15
  they're
• 39:16
  telling
• 39:16
  you
• 39:16
  their
• 39:17
  experience
• 39:18
  not
• 39:18
  necessarily
• 39:19
  the
• 39:20
  reality.
• 39:20
  And,
• 39:21
  so
• 39:21
  everything
• 39:21
  I've
• 39:22
  said
• 39:22
  today
• 39:22
  is
• 39:23
  just
• 39:23
  my
• 39:23
  experience.
• 39:24
  It's
• 39:24
  the
• 39:24
  world
• 39:24
  through
• 39:24
  my
• 39:25
  eyes.
• 39:25
  I
• 39:25
  could
• 39:25
  be
• 39:25
  right,
• 39:25
  I
• 39:25
  could
• 39:26
  be
• 39:26
  wrong.
• 39:26
  It's
• 39:26
  just
• 39:27
  mine.
• 39:27
  So
• 39:28
  when
• 39:28
  you
• 39:28
  wanna
• 39:28
  enter
• 39:29
  a
• 39:29
  new
• 39:29
  market,
• 39:29
  look
• 39:30
  for
• 39:30
  an
• 39:30
  angle,
• 39:30
  look
• 39:31
  for
• 39:31
  a
• 39:31
  gap,
• 39:31
  look
• 39:32
  for
• 39:32
  something
• 39:33
  that
• 39:33
  everyone
• 39:33
  else
• 39:34
  has
• 39:34
  missed.
• 39:34
  Think
• 39:34
  like
• 39:35
  a
• 39:35
  trader
• 39:35
  where
• 39:35
  something's
• 39:36
  mispriced
• 39:36
  and
• 39:36
  there's
• 39:37
  arbitrage.
• 39:38
  Yeah.
• 39:38
  I
• 39:38
  f-
• 39:38
  that
• 39:39
  it's
• 39:39
  so
• 39:39
  interesting
• 39:39
  'cause
• 39:40
  I
• 39:40
  was
• 39:40
  in
• 39:40
  Nigeria
• 39:41
  about,
• 39:41
  which
• 39:41
  is
• 39:41
  where
• 39:42
  I'm
• 39:42
  from
• 39:42
  originally
• 39:42
  was
• 39:42
  it
• 39:43
  a
• 39:43
  month
• 39:43
  ago?
• 39:43
  And
• 39:43
  I
• 39:44
  created
• 39:44
  a
• 39:44
  video
• 39:44
  exactly
• 39:45
  saying
• 39:45
  that
• 39:45
  because
• 39:45
  people
• 39:46
  look
• 39:46
  at,
• 39:46
  especially
• 39:46
  West
• 39:46
  Africa,
• 39:47
  and
• 39:47
  be,
• 39:47
  "Oh,
• 39:47
  Mark,
• 39:47
  it's
• 39:48
  terrible."
• 39:48
  And
• 39:48
  you're
• 39:48
  thinking
• 39:48
  they've
• 39:48
  got
• 39:48
  a
• 39:49
  lot
• 39:49
  of
• 39:49
  money.
• 39:49
  200
• 39:49
  million
• 39:50
  people
• 39:50
  in
• 39:50
  Nigeria,
• 39:51
  and
• 39:51
  you're
• 39:51
  not
• 39:51
  gonna
• 39:52
  have
• 39:52
  much
• 39:52
  competition
• 39:53
  there."
• 39:53
  So
• 39:53
  yes,
• 39:53
  there
• 39:53
  are,
• 39:53
  there's
• 39:54
  definitely
• 39:54
  challenges
• 39:55
  to
• 39:55
  get
• 39:55
  in
• 39:55
  there,
• 39:55
  but
• 39:55
  if
• 39:55
  you
• 39:55
  get
• 39:56
  in
• 39:56
  there
• 39:56
  first,
• 39:56
  you
• 39:56
  take
• 39:57
  the
• 39:57
  market
• 39:57
  because-
• 39:57
  there's
• 39:57
  challenges
• 39:58
  everywhere.
• 39:58
  Yeah.
• 39:58
  And
• 39:59
  at
• 39:59
  the
• 39:59
  end
• 39:59
  of
• 39:59
  the
• 39:59
  day,
• 40:00
  when
• 40:00
  you
• 40:00
  market
• 40:01
  your
• 40:01
  podcast
• 40:02
  to
• 40:02
  Nigeria,
• 40:02
  you're
• 40:03
  marketing
• 40:03
  it
• 40:03
  to
• 40:04
  one
• 40:04
  of
• 40:04
  the
• 40:04
  biggest
• 40:04
  number
• 40:05
  of
• 40:05
  English
• 40:05
  speakers
• 40:06
  in
• 40:06
  the
• 40:06
  world.
• 40:07
  Yeah,
• 40:07
  exactly.
• 40:07
  And
• 40:08
  people
• 40:08
  are
• 40:08
  not
• 40:09
  competing
• 40:09
  with
• 40:10
  you,
• 40:10
  so
• 40:10
  you're
• 40:10
  paying
• 40:10
  less
• 40:11
  for
• 40:11
  your
• 40:12
  advertising.
• 40:12
  And
• 40:13
  again,
• 40:13
  you're
• 40:13
  not
• 40:13
  gonna
• 40:14
  go
• 40:14
  onto
• 40:14
  any
• 40:14
  YouTube
• 40:15
  channel
• 40:15
  maybe
• 40:15
  other
• 40:15
  than
• 40:16
  your
• 40:16
  own
• 40:16
  or
• 40:16
  podcast
• 40:17
  channel
• 40:18
  that's
• 40:18
  gonna
• 40:18
  advise
• 40:18
  you
• 40:19
  to
• 40:19
  do
• 40:19
  that.
• 40:19
  A-
• 40:19
  and
• 40:20
  it's
• 40:20
  a
• 40:20
  great
• 40:20
  example
• 40:20
  of
• 40:21
  where
• 40:21
  you've
• 40:21
  really
• 40:21
  gotta
• 40:22
  look
• 40:22
  yourself
• 40:23
  and
• 40:23
  you've
• 40:23
  gotta
• 40:23
  be
• 40:23
  a
• 40:23
  critical
• 40:24
  thinker,
• 40:24
  and
• 40:25
  everyone
• 40:25
  thinks
• 40:26
  they're
• 40:26
  critical
• 40:26
  thinkers.
• 40:27
  Most
• 40:27
  people
• 40:27
  are
• 40:27
  not.
• 40:27
  Really
• 40:28
  question
• 40:28
  everything.
• 40:29
  Indeed.
• 40:29
  Thank
• 40:30
  you
• 40:30
  very
• 40:30
  much.
• 40:30
  It's
• 40:30
  been
• 40:30
  illuminating.
• 40:31
  And
• 40:31
  before
• 40:32
  you
• 40:32
  go,
• 40:32
  though,
• 40:32
  of
• 40:32
  course,
• 40:32
  I've
• 40:32
  got
• 40:33
  to
• 40:33
  ask
• 40:33
  you
• 40:33
  my
• 40:33
  decision
• 40:34
  scenario,
• 40:34
  which
• 40:35
  we'll
• 40:35
  then
• 40:35
  record
• 40:36
  and
• 40:36
  w-
• 40:36
  I'll
• 40:36
  top
• 40:37
  and
• 40:37
  tail
• 40:37
  it,
• 40:37
  and
• 40:37
  then
• 40:37
  it'll
• 40:38
  be
• 40:38
  then
• 40:38
  put
• 40:38
  on
• 40:38
  the
• 40:39
  episode
• 40:39
  after
• 40:39
  this
• 40:40
  episode.
• 40:40
  So
• 40:40
  obviously
• 40:41
  you
• 40:41
  have
• 40:41
  to
• 40:42
  watch
• 40:42
  the
• 40:42
  next
• 40:42
  episode
• 40:43
  to
• 40:43
  get
• 40:43
  the
• 40:43
  answer
• 40:43
  to
• 40:43
  this.
• 40:44
  So
• 40:44
  the
• 40:44
  question
• 40:44
  and
• 40:45
  the
• 40:45
  scenario
• 40:45
  is:
• 40:45
  you're
• 40:45
  leading
• 40:46
  a
• 40:46
  MedTech
• 40:47
  startup
• 40:47
  that's
• 40:47
  gaining
• 40:48
  traction
• 40:48
  in
• 40:48
  your
• 40:48
  domestic
• 40:49
  market.
• 40:49
  You
• 40:49
  might
• 40:49
  find
• 40:50
  this
• 40:50
  might
• 40:50
  sound
• 40:50
  familiar.
• 40:50
  You've
• 40:51
  identified
• 40:51
  potential
• 40:51
  markets
• 40:52
  in
• 40:52
  Europe
• 40:52
  and
• 40:52
  Asia
• 40:53
  that
• 40:53
  could
• 40:53
  significantly
• 40:54
  boost
• 40:54
  your
• 40:54
  revenue.
• 40:54
  However,
• 40:55
  you
• 40:55
  must
• 40:55
  decide
• 40:56
  how
• 40:56
  to
• 40:56
  approach
• 40:56
  this
• 40:56
  international
• 40:57
  expansion
• 40:57
  amidst
• 40:58
  various
• 40:59
  regulatory
• 40:59
  environments
• 41:00
  and
• 41:00
  demand
• 41:00
  variability.
• 41:01
  So
• 41:02
  what
• 41:02
  do
• 41:02
  you
• 41:02
  do?
• 41:02
  A,
• 41:03
  launch
• 41:03
  aggressively
• 41:04
  in
• 41:04
  all
• 41:04
  identified
• 41:05
  markets
• 41:05
  simultaneously
• 41:06
  to
• 41:06
  capitalize
• 41:07
  on
• 41:07
  momentum
• 41:08
  regardless
• 41:08
  of
• 41:08
  regulatory
• 41:08
  comp-
• 41:09
  complexities.
• 41:10
  B,
• 41:10
  prioritize
• 41:11
  one
• 41:11
  market
• 41:11
  for
• 41:11
  initial
• 41:12
  expansion,
• 41:12
  focusing
• 41:13
  on
• 41:13
  understanding
• 41:14
  local
• 41:14
  regulation
• 41:14
  and
• 41:14
  customer
• 41:15
  need
• 41:15
  before
• 41:15
  scaling
• 41:16
  to
• 41:16
  others.
• 41:16
  C,
• 41:17
  form
• 41:17
  partnerships
• 41:18
  with
• 41:18
  local
• 41:18
  distributors
• 41:18
  in
• 41:19
  each
• 41:19
  market
• 41:19
  to
• 41:19
  mitigate
• 41:20
  entry
• 41:20
  risks
• 41:20
  and
• 41:20
  streamline
• 41:21
  the
• 41:21
  expansion
• 41:22
  process.
• 41:22
  Or
• 41:22
  D,
• 41:23
  halt
• 41:23
  all
• 41:23
  expansion
• 41:24
  plans
• 41:24
  and
• 41:24
  focus
• 41:25
  on
• 41:25
  optimizing
• 41:25
  your
• 41:26
  existing
• 41:26
  domestic
• 41:27
  operations
• 41:27
  for
• 41:27
  higher
• 41:28
  efficiency
• 41:28
  before
• 41:29
  considering
• 41:29
  international
• 41:30
  growth.
• 41:31
  Remember,
• 41:31
  tune
• 41:31
  in
• 41:32
  to
• 41:32
  the
• 41:32
  next
• 41:32
  episode
• 41:33
  to
• 41:33
  hear
• 41:33
  Joshua
• 41:34
  explain
• 41:35
  his
• 41:35
  answer
• 41:36
  Hakeem: And
• 41:36
  Hakeem: if
• 41:36
  Hakeem: you're
• 41:36
  Hakeem: building
• 41:37
  Hakeem: a
• 41:37
  Hakeem: MedTech
• 41:38
  Hakeem: business
• 41:39
  Hakeem: and
• 41:39
  Hakeem: you're
• 41:39
  Hakeem: not
• 41:39
  Hakeem: sure
• 41:39
  Hakeem: whether
• 41:40
  Hakeem: your
• 41:40
  Hakeem: next
• 41:40
  Hakeem: move
• 41:40
  Hakeem: should
• 41:41
  Hakeem: be
• 41:41
  Hakeem: around
• 41:41
  Hakeem: evidence,
• 41:42
  Hakeem: market
• 41:42
  Hakeem: access,
• 41:42
  Hakeem: commercialization,
• 41:43
  Hakeem: distributor
• 41:44
  Hakeem: strategy.
• 41:44
  Hakeem: Or
• 41:45
  Hakeem: adoption.
• 41:45
  Hakeem: Do
• 41:46
  Hakeem: not
• 41:46
  Hakeem: guess.
• 41:47
  Hakeem: Book
• 41:47
  Hakeem: a
• 41:47
  Hakeem: healthcare
• 41:48
  Hakeem: export
• 41:48
  Hakeem: accelerator
• 41:49
  Hakeem: diagnostic
• 41:49
  Hakeem: Call
• 41:50
  Hakeem: with
• 41:50
  Hakeem: me.
• 41:50
  Hakeem: Use
• 41:51
  Hakeem: my
• 41:51
  Hakeem: link
• 41:51
  Hakeem: in
• 41:51
  Hakeem: the
• 41:51
  Hakeem: show
• 41:52
  Hakeem: notes.
• 41:52
  Hakeem: And
• 41:53
  Hakeem: in
• 41:53
  Hakeem: that
• 41:53
  Hakeem: session
• 41:53
  Hakeem: I'll
• 41:54
  Hakeem: help
• 41:54
  Hakeem: you
• 41:54
  Hakeem: identify
• 41:55
  Hakeem: the
• 41:55
  Hakeem: specific
• 41:55
  Hakeem: constraints
• 41:56
  Hakeem: blocking
• 41:57
  Hakeem: your
• 41:57
  Hakeem: momentum
• 41:58
  Hakeem: and
• 41:58
  Hakeem: the
• 41:58
  Hakeem: commercial
• 41:59
  Hakeem: move
• 41:59
  Hakeem: most
• 42:00
  Hakeem: likely
• 42:00
  Hakeem: to
• 42:00
  Hakeem: unlock
• 42:01
  Hakeem: your
• 42:01
  Hakeem: progress.
• 42:02
  Hakeem: Thanks
• 42:02
  Hakeem: for
• 42:02
  Hakeem: tuning
• 42:02
  Hakeem: in.
• 42:03
  Hakeem: Until
• 42:03
  Hakeem: next
• 42:03
  Hakeem: time,
• 42:04
  Hakeem: thanks
• 42:04
  Hakeem: for
• 42:04
  Hakeem: listening.
• 42:05
  Hakeem: Keep
• 42:05
  Hakeem: challenging
• 42:06
  Hakeem: your
• 42:06
  Hakeem: assumptions
• 42:07
  Hakeem: and
• 42:07
  Hakeem: keep
• 42:07
  Hakeem: growing.