Latest / Founder Mode / Private Equity + AI with Jason Friedrichs

Transcript

Private Equity + AI with Jason Friedrichs · Founder Mode

0:00
One of my favorite expressions that I learned early on is
0:02
something called a no regrets move.
0:04
You guys have probably heard that before too, but it's there
0:07
are things that you can do and say.
0:09
Look, no matter what happens, we're going to be happy that we
0:12
did this experiment, that we learned something from it, that
0:16
we've we've embraced the new technology or that we've tried
0:19
something that we thought could help us.
0:36
You're listening to Founder mode.
0:38
Where we go deep with the people building and backing the future.
0:42
Today's episodes about private equity and AI2, massive forces
0:46
that are finally converging in a real way.
0:48
Jason, We've both seen what happens when founders chase hype
0:52
without a plan, and today's guest helps turn AI potential
0:56
into, like, real outcome. Yeah, he's not chasing the
0:58
trends. He's building the systems that
1:01
make innovation sustainable. Jason has worked across
1:04
consulting, operating, investing, and now helps
1:06
portfolio companies sort of scale smartly in a world where
1:10
AI is changing how businesses are built.
1:12
I mean, I've known Jason for a long time.
1:14
Yeah, right. My other Jason.
1:15
Yeah. No, this, I'm new Jason.
1:17
This is old Jason. Jason and yeah, we actually met
1:19
in CrossFit. Like a few years.
1:21
Ago and so like going from like Lyft waiting weights to now
1:24
working with him in his private equity capacity on the AI stuff
1:27
has really been a change. But I'm excited to get into it,
1:30
yeah. Me too.
1:30
Let's let's bring him up, all right.
1:42
Jason, welcome to Founder Mode. You've helped scale companies on
1:45
both sides of the table, operator, investor, and now
1:47
you're kind of navigating what AI actually means for private
1:50
equity. Now this episode's all about
1:52
like that intersection of where that's headed and what should we
1:56
be been paying attention to? So let's dive in.
1:58
All right. Well, thanks Kevin.
2:00
Thanks, Jason. Great to meet you guys and spend
2:02
some time together. You know, from my perspective,
2:05
I, I see this is a really great continuous learning challenge
2:09
for all of us. We're looking at companies and
2:13
seeing what's changing and what they've been able to build
2:15
organically, and then getting really excited about how
2:18
technology can enable that growth and can help us deepen
2:22
both the customer and employee value proposition for everywhere
2:26
we're engaged. Yeah.
2:27
So you've worked in consulting operations and now a growth
2:31
focus, you know, private equity fund.
2:34
What thread kind of connects all that for you, Jason?
2:37
Yeah. I mean, look, technology is the
2:38
the continuous thread, yeah. You know, it's become sort of
2:43
cliche I think today to say everything's AIAIAI, you can do
2:47
anything. dot AI heard about that.
2:49
Yeah. So what what is that?
2:51
But really, if we if we peel it back, companies across the
2:55
entire economic spectrum, and particularly healthcare services
3:00
and other service companies that we look at have been embracing
3:04
technology just at a different pace.
3:06
And what's happening now is that instead of having to go kind of
3:12
hunt out a technology company, have them come to you and say,
3:16
oh, here's how you do it the way that we think is best.
3:19
Instead, AI has turned that on its head and say, let's look at
3:22
your problems and let's help you solve the problems the way that
3:25
you already know how to do them and do it faster, do it better,
3:29
do it cheaper, do it, do it in a way that actually helps create
3:33
more win wins for you and for your customers.
3:35
Yeah, I love that. What led you to join A A's
3:38
growth arm Elevate and and kind of what's your thesis for value
3:41
creation in this moment that we're in right now?
3:43
Yeah, it's, it's a great question.
3:45
You know, for me, it was the ability to focus on those
3:48
service and healthcare services companies where there is this
3:51
incredible opportunity, You know, between those two sectors,
3:55
you could say that's maybe 70% of USGDP.
3:57
So it's a pretty wide range of things that you might, might
4:01
want to look at. But what what we've tended to
4:03
focus on and what I find most interesting is companies that
4:06
have already managed to grow faster than their respective
4:10
markets. So if they've been able to be
4:13
out there proving that a business model is working,
4:16
proving that they're doing something that's great and that
4:19
the customers are loving and really helping their employees
4:22
be successful, then that's an established good business model.
4:26
And the opportunity right now is to say, OK, well how do we take
4:30
AI and actually apply that to those business models to
4:33
accelerate top line growth and then to create those win wins
4:36
that we talked about earlier? How do you think of deploying
4:39
capital? I think it went through these
4:40
phases of like Zerp and then it slowed down and then like AI
4:43
early days and then the explosion and kind of like now
4:45
it's this like crazy deployment where everybody's actually
4:47
putting AI to use. Yeah, that's a great, great
4:50
observation. And I think everyone's putting
4:53
AI to use. I think the value creation by AI
4:55
is still not 100% clear. You know everyone's read that
4:59
MIT study. We just talked about it.
5:02
Seems to be that the topic of the moment and you know, are we
5:05
in the valley of despair where the ROI is not that clear?
5:09
You know, I think that's you probably where we are at a macro
5:13
standpoint is that there's been a lot of these initial pilots
5:15
and and now we're trying to sort through what works and what
5:18
doesn't. One of the nice parts about
5:20
being in able to focus on smaller companies is that you
5:25
can actually invest throughout any business cycle and you don't
5:29
have to be really beholden to the thing that everyone else is
5:34
chasing. You can, you can look at the,
5:36
the micro of a particular company and you can look at
5:39
parts of the market where other people aren't maybe paying
5:44
attention or where you have a company that's doing something
5:47
that's a little bit different and then say, OK, I'm going to
5:50
invest behind this group and, and not really have to chase
5:54
where everyone else is going. And I think it's one of the
5:57
advantages of smaller size investments and and not feeling
6:01
the pressure to put, you know, 10s of billions of dollars to
6:04
work like some of the folks who are chasing after some of the
6:06
big, big companies, obviously. Yeah, in a frothy sort of cycle
6:10
like this AI, that one that we're in, how do you kind of
6:13
fuel growth without sort of overexposing yourself to like
6:16
tech risk where it's just like you've done too much too soon
6:18
and maybe bought the wrong thing or too much of it?
6:21
Yeah, we, we talk about this all the time.
6:24
One of my favorite expressions that I learned early on is
6:26
something called a no regrets move.
6:28
You guys have probably heard that before too, but it's there
6:31
are things that you can do and say.
6:33
Look, no matter what happens, we're going to be happy that we
6:36
did this experiment, that we learned something from it, that
6:40
we've we've embraced the new technology or that we've tried
6:43
something that we thought could help us.
6:45
And I think when you're doing that, you're encouraging 2
6:49
emotions at the same time. 1 is innovation and learning amongst
6:53
all the team members and with your customers, where you're
6:56
doing that together. And the other thing is how to
6:59
kill what's not working and measure what's not working.
7:02
And one of those things that's hard to know is, well, how do
7:07
you know what to kill? How do you know what's not
7:10
working? And for us, the, the primary
7:13
focus is on ROI. And when you're, when you're
7:16
investing upfront, you know, you want to say, OK, well, what are
7:20
my objectives? How can, are, are we tracking
7:23
towards that? And, and are we able to achieve
7:25
it? And when it's not, don't be
7:26
afraid to say no, let let's kill it.
7:28
And, and I think you're setting aside a portion of your budget
7:31
every year across functions to say, well, what is the AI first
7:35
version of that look like has become substantially low risk
7:39
for everyone. Plenty of companies want to
7:42
experiment for free and and we're we're embracing that,
7:46
yeah. That we talk a lot about the era
7:48
of the Idea Guy. Yeah, it's finally my turn.
7:51
Yeah, you're ready. You're.
7:52
With with AI in the mix, Jason, what diligent signals matter
7:56
most to you And and the fun now is it team design, GTM, data
8:00
advantage, like what are you looking at?
8:02
Yeah. Team 100%.
8:04
So when we're looking at at new companies, you want to say like,
8:10
is this a team that has the core of the idea and knows how to
8:14
drive that repeatable growth within their model?
8:17
And if they do have at least a theory of that growth, then
8:21
everything else you can build around and, and often and I
8:24
would say always that includes adding team members, right?
8:27
That's part of growing and being successful.
8:30
But there's no, I would say secret sauce that exists, at
8:34
least that I've seen in these kind of companies for go to
8:37
market. Nothing.
8:38
They're like, Oh yeah, you can be 100 times better than someone
8:41
else at go to market. Go to market is execution or
8:44
data advantages. I mean, when you're in a service
8:47
company, a data advantage can be temporary.
8:50
You can have expertise, but fundamentally you're banking on
8:53
the experience of your service professionals, right?
8:55
And are they actually able to deliver what they say?
8:58
And are they generating value for their customers and the the
9:01
ones that you know rise above the fray for us that again,
9:05
where you can invest across those business cycles is when
9:08
that customer value proposition reinforces the employee value
9:11
proposition, usually allowing the the service professionals to
9:14
make more money. Yeah, makes sense.
9:15
So let's reality check some of these mega rounds Entropic just
9:19
raised I think like 10 or 13 billion at 183 billion post
9:24
money. What, what is your kind of
9:28
rubric framework for cutting through the hype?
9:30
How do you how do you navigate what's happening right now?
9:33
Sure. Yeah.
9:33
I mean, look, I'm the last person in the world who should
9:36
be commenting on anthropics around other than to say
9:38
congratulations. Yeah, we're thrilled to leverage
9:41
the foundational models that they're building as well as
9:44
other, you know, really leading companies out there.
9:47
And you know, from my perspective, I think we're just
9:50
at the very beginning of some of these really important companies
9:53
being built. And the question that that I'm
9:56
thinking about as it relates to the service companies we're
9:59
investing in is, well, how is the rest of the economy going to
10:02
embrace these foundational models?
10:05
And where the profit pools go for those new for these new
10:10
companies is I think an open question.
10:13
And does the the profit pool go to the foundational model
10:17
provider? Certainly, there's some things
10:18
that they're already driving huge revenue and huge growth and
10:22
they're going to keep doing more things.
10:24
Is there a service layer or a software layer on top of that?
10:26
And how can you know in the end, companies who are doing real
10:30
things for real people take advantage of all of that?
10:33
I think that there's a huge opportunity in there because of
10:36
the bespoke nature of many problems and the fact that most
10:39
companies want to keep doing things in a way that's special
10:43
for them and creates a greater defensible mode to allow them to
10:46
grow in their respective markets.
10:47
When you look at these valuations kind of on the AI
10:50
side, like how has that changed the kind of businesses you
10:53
target and like how you price them?
10:55
Like because this like AI thing exists, whether it's the crazy
10:58
values or the fact that just all this new AI text coming out,
11:01
like is that changing your guys's either deal flow or sort
11:04
of deal analysis or sort of the rubric?
11:05
Yeah, Yeah, a little bit. I would, I would say
11:08
technology's always been an enabler of what we're doing.
11:10
And now this is like AI, which is just the acceleration.
11:13
We've been talking about that already.
11:15
But I would say the, the level of conviction on, on what that
11:20
AI transformation can bring is a little bit new.
11:23
I think there's an, there's an element where we can say what's
11:30
what we can transform with AI has to be sort of critical to
11:33
that future value creation. And, and the other thing that
11:38
has happened with AI from from my perspective is it's created
11:41
some maybe higher risk for zeros than there used to be.
11:44
Because there are some systemic things that are out there that
11:49
where you'd say, well, this may not exist anymore as an industry
11:53
in the future or something that you thought was going to be
11:57
immune from ever being competed away.
12:01
You know, you might, you might worry about it.
12:03
Like at one end of the spectrum, when I think about that, there
12:05
used to be lots of companies where you could, you would pay
12:08
them to do the kind of market research that you can now do
12:11
with deep research on ChatGPT by yourself.
12:13
Well, what's the implication of that?
12:15
Like you, you better be adding value to the research, right?
12:18
You better be understanding what's there.
12:19
And lots of companies are doing that and still delivering
12:21
results. And this is still hard.
12:24
But you you wouldn't maybe want to be someone who just wrote
12:26
market research reports only. And then, you know, there's a
12:30
lot of the kind of what I would call traditional VCs now doing
12:33
these PE style roll ups or at least saying they're going to go
12:35
do them. Like, are you actually seeing
12:36
like them competing for the deals you're in?
12:39
And like, does it change your playbook at all?
12:41
Yeah, it's a great question. There's this is the PE roll up.
12:45
Seems to be very popular theme amongst VCs these days and the
12:49
way I think I. Jealous.
12:51
They're just jealous. The way I view it is that the
12:55
the PE firms have have something to learn from the VC firms about
13:00
imagining what can be that used to be not a skill that you had
13:03
to do all the time in PE. You could just look at what is
13:06
and underwrite what is there. And now you have to get better
13:09
and more creative about what can be in the future.
13:12
And I think that's key to the success of the transformations
13:15
that I'm excited about on the VC side.
13:18
You know, it feels like I'm able to have a different level of
13:22
conversation with my friends in, in VC these days.
13:24
And, and think about how, where are there opportunities to
13:27
collaborate? Where are they ahead on, on the
13:29
technology and where can we learn things that will help?
13:32
And where can we share pieces of the, the private equity value
13:35
creation playbook that has become, you know, a particular
13:38
topic of interest as as funds are looking to kind of grow and,
13:42
and, and find more ways to put capital to work.
13:45
And how, how would you say the PE playbooks changed in 2025 or
13:49
maybe even going into 2026? And how is it different from
13:52
like this kind of, you know, old school finance spreadsheet
13:56
EBITDA focused version? And I know you've always been,
13:58
you know, because we've known each other for a while like on
14:00
this kind of like more operator centric, like, hey, how do you
14:03
apply technology? But you know, are the sort of
14:06
old guard of the finance driven sort of hey, we just go apply
14:09
more debt. Like are they sort of coming out
14:11
of that and saying, hey, we got to kind of have a balanced
14:13
approach? Yeah, I think so.
14:16
Private equity is an industry that's grown tremendously.
14:19
It's constantly needing to reinvent themselves and it's
14:23
intensely competitive. And the way I would see it is
14:26
less about old school news school and more of when private
14:29
equity was first invented, just borrowing debt to buy a company
14:33
was a skill that was actually enough to create a strong Moi
14:38
for your investors. Then it became that's a
14:42
commodity. And the next thing is you have
14:44
to figure out how to add value. And what that meant was opening
14:48
doors, providing connections, bringing sage wisdom to your
14:52
board through independent directors and hiring third party
14:54
consultants. And that I think era of PE has
14:59
evolved and it was sort of maybe peaked And is, is, is eclipse to
15:03
that sort of commodity now? And the next thing is, if you're
15:06
going to buy a company, it's you better have a belief in what you
15:10
can personally bring to the table.
15:12
How can you unlock growth, and how can you help that company
15:17
embrace technology? Not just capital, Not just
15:19
capital. Capital is the commodity.
15:21
That's exactly right. Yeah, the real value add is
15:23
making a difference. Yeah, let's get let's get into
15:26
that and let's get tactical. So after you make an investment,
15:29
right, what do you actually do in the first ninety 180 days to
15:32
to move the underlying kind of EBITDA and your economics and
15:36
the financials for the business using AI and technology?
15:39
What's your What's your playbook now?
15:40
Yeah, there there's two components.
15:43
The first is the team. We talked a lot about that.
15:46
It's establishing with the, the leadership team, what do we need
15:50
to have, What are the missing roles?
15:53
Where do we need to add talent? Complimenting that is, you know,
15:58
what we call the, the value creation plan of the three to
16:01
four most important things that that company needs to do in
16:04
order to achieve the investment objectives, which are
16:07
articulated both in terms of financials and the type of
16:10
company that we we would like the company to be at the end of
16:13
our investment period. And each one of those, whether
16:16
it's a go to market goal or a tech goal or product management
16:19
goal, is defined, has a single leader and is in place to be
16:26
able to be executed inside of inside of the company.
16:29
It's the the most typical kind of thing that sounds easy to do,
16:33
but it's actually hard, quite hard because you went to get
16:36
everyone on the same page and moving in the right direction is
16:38
a is a real art. Yeah.
16:41
No, it makes sense. Where does AI come into play
16:44
when, when you're kind of looking at these smaller teams
16:47
versus larger ones and and you know, where does it kind of
16:50
breakdown? How are you?
16:51
How are you seeing it deployed well?
16:53
Yeah, what's I think working really, really well is a, a
16:58
consistent set of small wins across every company.
17:01
So if you look back at and say this company wasn't using AI at
17:06
all, now at least we have ChatGPT Enterprise Oregon, an
17:10
equivalent. We're using these sort of
17:12
consumer tools as a thought partner with our private data.
17:15
That's a big step in the right direction.
17:18
I think where things are are maybe more sophisticated like
17:23
the what what we strive for is looking at each function and
17:27
looking at each part of the business and saying what is an
17:29
AI first version of this look like where it's not working yet,
17:34
I think and it is yet because these things are changing so
17:37
much is in trying to assume that the AI can do everything for
17:42
you. And I do think that if you, if
17:45
you don't dig in and try to use the tools from a first party
17:48
standpoint, starting with the CEO and everyone on the
17:51
executive team, you end up maybe considering AI as an IT project
17:56
or something that is like on the side and and something that is
18:01
someone else's job. And you're waiting for the
18:03
results. And then you end up in this
18:05
situation where you're actually not going to see the benefit.
18:08
It would be like imagining that Google came out and saying, Oh
18:10
yeah, I'm hiring someone to use Google for me.
18:12
Like you just doesn't work that way.
18:14
And you you end up in the 20 years ago.
18:16
Yeah. Exactly that.
18:17
That's not getting back. So, so when when everyone is
18:21
pitching, you know, you and the fund kind of AI operations,
18:26
consulting vendors, services like how do you vet all these
18:30
people coming at you? Kevin and I are particularly
18:33
interested in this and and pick what actually matters.
18:36
Yeah. So I think music to the ears of
18:40
private equity is ROI. Kevin and I have talked a lot
18:44
about 5 to 1, you know, that's, that's a sort of minimum
18:48
threshold of what what is reasonable to expect.
18:50
And I and I think there's even more private equity is also for
18:56
for better or worse, used to being pitched things all the
18:58
time, pitched companies, pitched products, pitched services,
19:02
they're and known to be prolific buyers of things that help
19:05
transform companies. And so the more that you can
19:08
dial in on here's a problem, here's how I proved it before
19:11
and then here's the ROII think the more successful each of
19:14
those pitches is going to be. What sectors?
19:18
I mean, switching gears a little bit, what sectors do you think
19:20
are the most right for this sort of like AI driven value
19:22
creation, you know, with what you're sort of looking at or
19:25
seeing? Yeah, we're really excited about
19:28
healthcare. It's a, it's a major focus for
19:30
our fund and it's an area where the healthcare professional is
19:37
the true expert in the room. But there's plenty of
19:39
opportunities to make their lives better, to make the
19:42
patient experience better, to reduce administrative work, to
19:47
make the entire sort of experience of being in
19:50
healthcare something that returns to the original mission
19:55
of why everyone became a doctor in the 1st place.
19:58
And COVID was such a challenging time for all healthcare
20:01
professionals, for the whole world really, but especially
20:04
hard on healthcare professionals that I think.
20:06
It's easy to forget that that where we were in the trauma of
20:10
that profession five years ago. And I think what an opportunity
20:13
we have right now in working in any healthcare business to
20:16
realign with the mission and really deliver, I guess.
20:19
I think about watching these like old movies where they're
20:21
like doctor makes the house call coming in with the sack.
20:23
It just, you know, it's like the true like provider and patient
20:26
and like that was it, right? And now there's like, you know,
20:29
this whole, you know, industry of things and layers and
20:31
infrastructure, right. 10X number of administrators versus
20:34
wild HCPC. So, so again, like kind of
20:38
jumping around a little bit, you know, when you guys deploy
20:42
capital, how do you adjust when the macro shifts right?
20:47
Like the money's in the market, you've invested in companies and
20:49
there's some big things, big macro changes happening at you
20:52
know, what is your, what is your approach?
20:54
Are you kind of looking, you know with PE funds, I think
20:56
three to five years trying to kind of make that make that
20:59
happen? What?
20:59
How do you how do you think about this?
21:01
When and then how do you look at the macro?
21:02
Yeah, I mean, there's, there's two ways I'd I'd answer that
21:04
question. One is the kind of macro that
21:07
nobody expects, which COVID is the most recent one that we all
21:10
lived through. And in that case is it's all
21:14
hands on deck, bring the best of what you can do, figure out how
21:17
you're going to navigate it right.
21:19
Go go through it and you know, whatever changes kind of are out
21:23
there, you just have to embrace it with an openness and and a
21:26
team approach and a humility that we're all learning and
21:28
doing this for the first time. The the other side would be to
21:32
say in 100% of cases when you do an investment and you are living
21:38
with that things that you don't expect to happen, it's a
21:41
guarantee, right? And in that situation I try to
21:46
separate things between what you can control and what what you
21:50
can't. Maybe some non attached non
21:52
attachment to the things that you can't control.
21:54
To pull that's wise, pull on that a.
21:56
Little bit and then say the things you can control, we work
22:02
on them together and you know, we all recognize that there
22:05
there's something that's not working.
22:07
Starts with understanding the problem and then and then trying
22:10
to solve it. Yeah, makes sense.
22:11
How do you see AI affecting the exit strategies and and value
22:15
creation paths in the next few years?
22:16
Yeah. I mean for any any portfolio
22:19
company, I think both revenue growth and margin expansion that
22:24
you previously might not have imagined are available are now
22:27
available. And we are seeing that across,
22:32
you know, the the really like quick win areas in in go to
22:36
market, personalized marketing, customer support, productivity
22:42
enhancements, removing back office labor that's doing
22:45
repetitive tasks and allowing people to really do perform
22:49
their highest and best use in in in the function.
22:52
And we see that across companies that we might not have known
22:57
that that AI was going to create this opportunity, but there's a
23:00
real chance to be the first mover in your niche market to go
23:03
do that effectively. You talk about the like the back
23:06
end of the deal, like on the other side of the deal.
23:08
What advice would you give to a founder who wants to work with
23:11
APE Partner? And especially when it comes to
23:13
like, you know, thinking beyond just, like the valuation, like,
23:16
you know, the paycheck. Yeah, I mean, seeking investors
23:19
who have humility, I think is the the most important thing.
23:22
If someone's willing to share with you stories where things
23:26
haven't worked and what is going to happen when things inevitably
23:31
go away, you don't expect when you're working together.
23:34
I think that's a a big differentiator.
23:36
A lot of people love to talk about successes, but failures,
23:41
no, are never anyone's problem. And so you're digging in on some
23:46
of those stories when you're when you're evaluating and
23:49
thinking about who's the right person to work with, I think are
23:51
is a really important screening criteria that often gets under
23:54
under undersold. And finally, like what's 1 kind
23:57
of AI trend that you would say is still early, but you're sort
24:00
of excited about? What isn't early already?
24:04
All of it, all of it is all of it is early to me at this point.
24:08
As I was, I was thinking about what do I, I mean, I've learned
24:13
something new everyday. I've picked up my computer
24:15
everyday I look on X everyday I, you know, listen to a podcast
24:19
and there's something new to be learning.
24:21
And I think we're going to be in that mode for a long time.
24:23
Where can listeners follow your work or get in touch?
24:27
Love to connect with me on on LinkedIn.
24:29
We're also old school on e-mail, so totally open to that.
24:33
We can share your e-mail on the show notes.
24:35
Yeah, and what's the website for?
24:37
For the fun. We're at aeaelevate.com.
24:41
Thanks so much for being here, man.
24:42
This is this was such a good conversation, Sharp, grounded,
24:45
super relevant. Just appreciate you, Jason.
24:48
Thanks for the time. Thanks man.
24:49
That was the kind of conversation that really makes
24:51
you rethink, you know, capital and product and how they
24:53
actually. Intersect.
24:54
Yeah, Jason's perspective and his lens is, is rare.
24:57
You know, he, he doesn't just talk like a money guy, right?
25:01
He he thinks about the team, the people and kind of putting the
25:05
pieces on the board and the framework to actually turn an
25:08
investment into real value creation.
25:11
What were your top five, Kevin? Top five for today were sort of
25:13
as these macro shocks land, which we've had a plenty of them
25:16
in the last decade. You know, it's sort of splitting
25:18
things into what you can control and what you can't and then
25:21
understanding the things you can control.
25:23
How do you work together as a team to really figure that out?
25:26
And then with AI, it's really thinking about splitting that
25:28
into seeing both what it can do for the revenue side and also
25:31
margin expansion and where they've seen success so far as
25:33
GTM support. And then sort of that back off.
25:36
It's that messy, you know, thing that's just like, you know, kind
25:39
of a cost center, right? 3 was really this notion that
25:42
you should be thinking AI 1st and not just like doing spot
25:45
patches on things and really making that a core project and
25:48
not just thinking it as hey, something it rolls out yet.
25:51
And then 4th it's like this idea of like experiments being no
25:54
regrets and that you're going to try something, you're going to
25:57
do it, and if it works out, you learn something and you make
25:59
some money, that's great. If it doesn't work out, you
26:01
still learn something and that's OK.
26:03
And then finally, look, his view is that Healthcare is really the
26:05
ripest opportunity to cut admin, you know, sort of back to the
26:09
basics of like patients and providers, right?
26:12
All these other things that sort of have grown, you know, the 10X
26:14
sort of admin things that have exploded over the time and
26:17
really seeing that this is a ripe opportunity to go after.
26:20
It just gave you a clearer way to think.
26:21
Think about AI value creation or partnering with investors.
26:24
Send it to someone in your orbit that's building in this space.
26:27
And if you're not already subscribed, do it.
26:29
Drop a review or a comment and get this to more builders and
26:33
backers like you. And that's a wrap.
26:35
Because capital is no longer dumb money.
26:37
It's strategic and accelerating.