Latest / Omni Talk Retail / The State of Retail Venture Capital: Challenges and Opportunities with Karl Bracken

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The State of Retail Venture Capital: Challenges and Opportunities with Karl Bracken · Omni Talk Retail

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  This
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  brought
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  you
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  Retail
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  a
• 0:23
  little
• 0:24
  smarter,
• 0:24
  but
• 0:24
  most
• 0:25
  importantly,
• 0:25
  a
• 0:26
  little
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• 0:26
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• 0:27
  too.
• 0:27
  And
• 0:28
  today's
• 0:28
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• 0:29
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• 0:36
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• 0:36
  a
• 0:36
  curated
• 0:37
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• 0:37
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  the
• 0:37
  most
• 0:38
  important
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• 0:39
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• 0:40
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• 0:41
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• 0:41
  signature
• 0:41
  podcast,
• 0:42
  the
• 0:42
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• 0:43
  fast
• 0:43
  five,
• 0:44
  that
• 0:44
  breaks
• 0:44
  down
• 0:44
  each
• 0:45
  week.
• 0:45
  The
• 0:45
  top
• 0:45
  five
• 0:45
  headlines
• 0:46
  making
• 0:47
  waves
• 0:47
  in
• 0:47
  the
• 0:47
  world
• 0:48
  of
• 0:48
  omnichannel
• 0:48
  retailing
• 0:49
  that
• 0:49
  comes
• 0:49
  your
• 0:50
  way
• 0:50
  every
• 0:51
  Wednesday
• 0:51
  afternoon.
• 0:52
  Hello,
• 0:52
  everyone.
• 0:53
  I'm
• 0:53
  one
• 0:53
  of
• 0:53
  your
• 0:53
  co
• 0:53
  hosts
• 0:54
  for
• 0:54
  today's
• 0:54
  interview,
• 0:54
  Chris
• 0:55
  Walton.
• 0:55
  And
• 0:56
  I'm
• 0:56
  Ann
• 0:56
  Mazinga.
• 0:57
  And
• 0:57
  today
• 0:58
  we
• 0:58
  are
• 0:58
  bringing
• 0:58
  you
• 0:58
  something
• 0:59
  new.
• 0:59
  We
• 1:00
  are
• 1:00
  debuting
• 1:01
  what
• 1:01
  we
• 1:01
  hope
• 1:02
  will
• 1:02
  be
• 1:02
  a
• 1:02
  new
• 1:03
  regular
• 1:03
  series
• 1:04
  featuring
• 1:05
  investor
• 1:05
  perspectives
• 1:06
  on
• 1:07
  the
• 1:07
  retail
• 1:07
  and
• 1:08
  consumer
• 1:08
  goods
• 1:09
  industries.
• 1:09
  And
• 1:10
  joining
• 1:10
  us
• 1:10
  for
• 1:11
  our
• 1:11
  inaugural
• 1:11
  episode
• 1:12
  is
• 1:12
  Carl
• 1:13
  Bracken,
• 1:13
  the
• 1:14
  CEO
• 1:14
  and
• 1:15
  founder
• 1:15
  of
• 1:15
  Ocampo
• 1:16
  Capital.
• 1:17
  Carl,
• 1:18
  thank
• 1:18
  you
• 1:18
  for
• 1:18
  joining
• 1:19
  us,
• 1:19
  and
• 1:19
  welcome
• 1:20
  to
• 1:20
  Omnitalk
• 1:21
  on
• 1:21
  what
• 1:21
  is
• 1:21
  a
• 1:22
  maiden
• 1:22
  voyage.
• 1:23
  Yeah,
• 1:24
  thank
• 1:24
  you
• 1:24
  guys
• 1:24
  so
• 1:24
  much
• 1:24
  for
• 1:25
  having
• 1:25
  me.
• 1:25
  It's.
• 1:25
  I
• 1:26
  feel
• 1:26
  so
• 1:26
  honored
• 1:26
  to
• 1:26
  be
• 1:26
  part
• 1:27
  of
• 1:27
  this,
• 1:27
  and
• 1:27
  it's
• 1:27
  amazing
• 1:28
  what
• 1:28
  you
• 1:28
  guys
• 1:28
  have
• 1:28
  built.
• 1:28
  So
• 1:29
  thanks
• 1:29
  for
• 1:29
  having
• 1:29
  me.
• 1:30
  Thank
• 1:30
  you,
• 1:30
  man.
• 1:31
  Yeah,
• 1:31
  Carl
• 1:31
  and
• 1:31
  I.
• 1:31
  Carl,
• 1:32
  we
• 1:32
  go.
• 1:32
  We
• 1:32
  go
• 1:32
  way
• 1:33
  back,
• 1:33
  you
• 1:33
  know?
• 1:33
  We
• 1:34
  do.
• 1:34
  We
• 1:34
  cut
• 1:35
  our
• 1:35
  teeth
• 1:35
  at
• 1:35
  Target
• 1:35
  right
• 1:36
  around
• 1:36
  the
• 1:36
  same
• 1:36
  time.
• 1:36
  Started
• 1:37
  like,
• 1:37
  2000.
• 1:37
  You
• 1:37
  started
• 1:38
  2004,
• 1:38
  right?
• 1:38
  2004.
• 1:39
  2000.
• 1:40
  And
• 1:40
  I
• 1:40
  was
• 1:40
  2005,
• 1:41
  if
• 1:41
  I'm
• 1:41
  not
• 1:41
  mistaken.
• 1:42
  Yeah,
• 1:42
  I
• 1:42
  started
• 1:42
  as
• 1:42
  an
• 1:43
  intern
• 1:43
  in
• 1:43
  2003,
• 1:44
  but
• 1:44
  full
• 1:44
  time
• 1:45
  in
• 1:45
  2004.
• 1:45
  Yeah.
• 1:46
  Yeah.
• 1:47
  My
• 1:47
  gosh.
• 1:48
  Yeah.
• 1:48
  Yeah.
• 1:48
  It
• 1:49
  was
• 1:49
  a
• 1:49
  long
• 1:49
  time
• 1:49
  ago.
• 1:50
  Your
• 1:50
  OG,
• 1:51
  bullseye
• 1:52
  people.
• 1:52
  That's
• 1:52
  for
• 1:53
  sure.
• 1:55
  Don't
• 1:55
  even
• 1:56
  go
• 1:56
  there,
• 1:56
  Chris.
• 1:56
  It
• 1:56
  doesn't
• 1:56
  help
• 1:57
  the
• 1:57
  situation.
• 1:57
  You
• 1:58
  just
• 1:58
  gotta.
• 1:59
  It
• 1:59
  was
• 1:59
  2004.
• 2:00
  Don't
• 2:00
  do
• 2:00
  the
• 2:00
  math
• 2:01
  right.
• 2:02
  Do
• 2:03
  the
• 2:03
  math
• 2:03
  at
• 2:03
  home.
• 2:04
  Well,
• 2:04
  Carl,
• 2:05
  I
• 2:05
  mentioned
• 2:05
  this
• 2:06
  as
• 2:06
  we
• 2:06
  were
• 2:06
  just
• 2:07
  getting
• 2:07
  ready
• 2:07
  for
• 2:07
  the
• 2:07
  show,
• 2:08
  but
• 2:08
  we're
• 2:08
  really
• 2:08
  thrilled
• 2:09
  to
• 2:09
  have
• 2:09
  you
• 2:10
  on
• 2:10
  board
• 2:11
  as
• 2:11
  part
• 2:11
  of
• 2:11
  the
• 2:12
  Omni
• 2:12
  talk
• 2:12
  retail
• 2:13
  family.
• 2:13
  And
• 2:14
  I'd
• 2:14
  love
• 2:14
  for
• 2:14
  you
• 2:14
  to
• 2:15
  just
• 2:15
  kind
• 2:15
  of
• 2:16
  start
• 2:16
  by
• 2:16
  giving
• 2:16
  the
• 2:16
  audience
• 2:17
  a
• 2:17
  little
• 2:17
  bit
• 2:17
  of
• 2:17
  background
• 2:18
  on
• 2:18
  you
• 2:19
  and
• 2:20
  what
• 2:20
  Ocampo
• 2:21
  Capital
• 2:21
  sponsored
• 2:22
  specializes
• 2:22
  in,
• 2:22
  especially
• 2:23
  from
• 2:23
  a
• 2:24
  vc
• 2:24
  standpoint.
• 2:25
  Yeah.
• 2:25
  Yeah,
• 2:26
  for
• 2:26
  sure.
• 2:26
  So
• 2:27
  I
• 2:27
  started
• 2:28
  my
• 2:28
  career,
• 2:28
  actually
• 2:29
  in
• 2:29
  finance
• 2:29
  at
• 2:30
  JPMorgan.
• 2:31
  Worked
• 2:31
  in
• 2:31
  the
• 2:31
  venture
• 2:32
  capital
• 2:32
  group
• 2:33
  in
• 2:33
  San
• 2:33
  Francisco
• 2:34
  during
• 2:34
  the.com
• 2:34
  bubble,
• 2:35
  which
• 2:35
  was
• 2:36
  crazy.
• 2:37
  It
• 2:37
  was
• 2:37
  great
• 2:38
  until
• 2:38
  it
• 2:38
  wasn't.
• 2:39
  And
• 2:39
  I
• 2:39
  think
• 2:39
  one
• 2:40
  of
• 2:40
  the
• 2:40
  things
• 2:40
  I
• 2:40
  really
• 2:40
  learned
• 2:41
  from
• 2:41
  that
• 2:41
  was
• 2:42
  I
• 2:42
  needed
• 2:43
  operational
• 2:43
  experience.
• 2:45
  I
• 2:45
  was
• 2:46
  in
• 2:46
  there
• 2:46
  advising
• 2:47
  companies,
• 2:47
  tech
• 2:48
  companies
• 2:48
  on
• 2:49
  the
• 2:49
  products
• 2:49
  that
• 2:49
  I
• 2:50
  had
• 2:50
  no
• 2:50
  idea
• 2:50
  what
• 2:51
  I
• 2:51
  was
• 2:51
  talking
• 2:51
  about,
• 2:51
  and
• 2:52
  kind
• 2:52
  of
• 2:52
  realized
• 2:53
  that
• 2:53
  if
• 2:53
  I
• 2:53
  was
• 2:53
  going
• 2:53
  to
• 2:53
  be
• 2:54
  a
• 2:54
  good
• 2:54
  investor,
• 2:55
  I
• 2:55
  needed
• 2:55
  to
• 2:55
  have
• 2:55
  operational
• 2:56
  experience
• 2:56
  and
• 2:56
  get
• 2:56
  some
• 2:57
  skill.
• 2:57
  So.
• 2:58
  So
• 2:58
  that's
• 2:58
  what
• 2:59
  made
• 2:59
  me
• 2:59
  go
• 2:59
  back
• 2:59
  to
• 3:00
  business
• 3:00
  school
• 3:00
  and
• 3:00
  what
• 3:01
  led
• 3:01
  me
• 3:01
  to
• 3:02
  target.
• 3:02
  So,
• 3:03
  yeah,
• 3:03
  I
• 3:03
  came
• 3:03
  to
• 3:03
  target
• 3:03
  as
• 3:04
  an
• 3:04
  intern
• 3:04
  in
• 3:04
  2003.
• 3:06
  I
• 3:06
  was
• 3:06
  actually
• 3:06
  the
• 3:06
  first
• 3:07
  merch
• 3:07
  MBA
• 3:08
  intern
• 3:08
  they
• 3:08
  ever
• 3:09
  had.
• 3:09
  So
• 3:09
  were
• 3:09
  you
• 3:10
  really?
• 3:10
  I
• 3:11
  was,
• 3:11
  yeah.
• 3:12
  So
• 3:12
  it
• 3:12
  was.
• 3:13
  It
• 3:13
  was.
• 3:14
  It
• 3:14
  was
• 3:14
  kind
• 3:14
  of
• 3:14
  a
• 3:14
  guinea
• 3:14
  pig
• 3:15
  experience,
• 3:15
  but,
• 3:15
  uh,
• 3:16
  but
• 3:16
  it
• 3:16
  was
• 3:16
  awesome.
• 3:17
  Um,
• 3:17
  and
• 3:18
  lo
• 3:18
  and
• 3:18
  behold,
• 3:19
  you
• 3:19
  know,
• 3:19
  15
• 3:19
  years
• 3:20
  later,
• 3:20
  I
• 3:20
  was
• 3:20
  still
• 3:20
  there,
• 3:21
  and
• 3:23
  I
• 3:23
  loved
• 3:23
  my
• 3:24
  experience
• 3:24
  at
• 3:24
  target.
• 3:24
  It
• 3:25
  gave
• 3:25
  me
• 3:25
  the
• 3:25
  opportunity
• 3:26
  kind
• 3:26
  of
• 3:26
  learn
• 3:26
  how
• 3:26
  to
• 3:27
  lead
• 3:27
  teams,
• 3:27
  how
• 3:28
  to
• 3:28
  manage
• 3:28
  large
• 3:28
  p
• 3:29
  and
• 3:29
  ls,
• 3:30
  how
• 3:30
  to
• 3:31
  develop
• 3:31
  big
• 3:31
  strategies,
• 3:32
  and
• 3:32
  then
• 3:33
  become
• 3:33
  an
• 3:33
  operational
• 3:34
  expert
• 3:34
  in
• 3:34
  a
• 3:34
  lot
• 3:34
  of
• 3:34
  different
• 3:35
  areas.
• 3:35
  So,
• 3:36
  yeah,
• 3:36
  so
• 3:37
  my
• 3:37
  experience,
• 3:38
  as
• 3:38
  you
• 3:38
  guys
• 3:38
  know,
• 3:39
  was
• 3:39
  in
• 3:39
  merchandising
• 3:40
  and
• 3:40
  then
• 3:40
  inventory
• 3:41
  management
• 3:41
  and
• 3:42
  then
• 3:42
  supply
• 3:42
  chain
• 3:43
  and
• 3:43
  paying
• 3:43
  benefits.
• 3:45
  I
• 3:45
  have
• 3:45
  to
• 3:45
  tell
• 3:45
  you
• 3:45
  guys,
• 3:46
  last
• 3:46
  night,
• 3:47
  as
• 3:47
  I
• 3:48
  was
• 3:48
  preparing
• 3:48
  for
• 3:49
  this,
• 3:49
  I
• 3:50
  was
• 3:50
  watching
• 3:50
  the
• 3:50
  news
• 3:51
  and
• 3:51
  what
• 3:51
  comes
• 3:51
  on
• 3:52
  the
• 3:52
  long
• 3:52
  Sherman
• 3:53
  strike
• 3:53
  on
• 3:53
  tv,
• 3:54
  and
• 3:55
  I
• 3:55
  just
• 3:55
  had
• 3:55
  a
• 3:55
  total
• 3:56
  flashback
• 3:56
  and
• 3:57
  got
• 3:57
  the
• 3:57
  heebie
• 3:57
  jeebies
• 3:58
  about,
• 3:59
  like,
• 4:00
  having
• 4:00
  to
• 4:01
  lead
• 4:01
  how
• 4:02
  we
• 4:02
  got
• 4:02
  containers
• 4:03
  out
• 4:03
  of
• 4:03
  the
• 4:03
  west
• 4:04
  coast
• 4:04
  ports
• 4:04
  during
• 4:05
  the
• 4:05
  port
• 4:05
  slowdown,
• 4:06
  like,
• 4:07
  ten
• 4:07
  years
• 4:07
  ago
• 4:07
  or
• 4:07
  whenever.
• 4:08
  Right.
• 4:08
  When
• 4:08
  it
• 4:08
  was
• 4:08
  on
• 4:08
  the
• 4:08
  other
• 4:08
  side
• 4:08
  of
• 4:09
  the
• 4:09
  country,
• 4:09
  right?
• 4:09
  Yes,
• 4:10
  yes,
• 4:10
  yes.
• 4:11
  Other
• 4:11
  side
• 4:11
  of
• 4:11
  the
• 4:11
  country
• 4:11
  now.
• 4:12
  Yeah.
• 4:12
  So
• 4:12
  I
• 4:13
  would
• 4:13
  be
• 4:13
  remiss
• 4:14
  if
• 4:14
  I
• 4:14
  didn't
• 4:14
  stop,
• 4:14
  stop
• 4:14
  for
• 4:14
  a
• 4:15
  second
• 4:15
  and
• 4:15
  give
• 4:15
  a
• 4:15
  shout
• 4:16
  out
• 4:16
  to
• 4:16
  all
• 4:16
  the
• 4:16
  inventory
• 4:16
  management
• 4:17
  folks
• 4:17
  out
• 4:17
  there
• 4:18
  and
• 4:18
  supply
• 4:18
  chain
• 4:19
  people
• 4:19
  that
• 4:19
  are
• 4:19
  dealing
• 4:20
  with
• 4:20
  this
• 4:20
  right
• 4:20
  now,
• 4:20
  because
• 4:20
  it's
• 4:21
  got
• 4:21
  to
• 4:21
  be
• 4:21
  horrifying.
• 4:22
  So,
• 4:23
  anyway,
• 4:24
  so
• 4:25
  that
• 4:25
  was
• 4:25
  my
• 4:25
  target
• 4:26
  experience.
• 4:27
  And
• 4:27
  then
• 4:27
  after
• 4:28
  that,
• 4:28
  I
• 4:29
  went
• 4:29
  and
• 4:29
  was
• 4:30
  kind
• 4:30
  of
• 4:30
  had
• 4:31
  a
• 4:31
  brief
• 4:31
  stint
• 4:31
  as
• 4:32
  coo
• 4:33
  at
• 4:33
  a
• 4:33
  beauty
• 4:33
  brand
• 4:33
  incubator,
• 4:34
  and
• 4:34
  then
• 4:35
  I
• 4:35
  was
• 4:35
  chief
• 4:35
  merchant
• 4:35
  and
• 4:36
  chief
• 4:36
  supply
• 4:36
  chain
• 4:36
  officer
• 4:37
  at
• 4:37
  Guitar
• 4:38
  center.
• 4:39
  And
• 4:39
  then
• 4:40
  kind
• 4:40
  of
• 4:40
  decided
• 4:41
  to
• 4:41
  kind
• 4:41
  of
• 4:42
  bring
• 4:42
  it
• 4:42
  full
• 4:42
  circle
• 4:42
  to
• 4:43
  bring
• 4:43
  my
• 4:43
  retail
• 4:44
  and
• 4:44
  consumer
• 4:45
  background
• 4:46
  kind
• 4:46
  of
• 4:46
  together
• 4:47
  with
• 4:47
  my
• 4:48
  experience
• 4:49
  prior
• 4:49
  to
• 4:49
  that
• 4:50
  in
• 4:50
  venture
• 4:50
  capital.
• 4:51
  And
• 4:51
  so
• 4:52
  I
• 4:52
  decided
• 4:52
  to
• 4:54
  build
• 4:54
  a
• 4:55
  company
• 4:55
  that
• 4:55
  would
• 4:55
  help
• 4:56
  a
• 4:57
  bunch
• 4:57
  of
• 4:57
  young
• 4:58
  consumer
• 4:58
  brands
• 4:59
  be
• 4:59
  able
• 4:59
  to
• 4:59
  scale
• 4:59
  faster
• 5:00
  operationally
• 5:01
  and
• 5:01
  to
• 5:01
  be
• 5:01
  better
• 5:02
  funded
• 5:02
  and
• 5:02
  that
• 5:02
  kind
• 5:02
  of
• 5:02
  thing.
• 5:03
  And
• 5:03
  so
• 5:03
  I
• 5:04
  launched
• 5:04
  Ocampo
• 5:04
  Capital,
• 5:05
  and
• 5:05
  I
• 5:06
  mainly
• 5:06
  focused
• 5:06
  on
• 5:07
  businesses
• 5:08
  kind
• 5:08
  of
• 5:08
  in
• 5:08
  the
• 5:08
  consumable
• 5:09
  space,
• 5:09
  so
• 5:10
  early
• 5:10
  stage
• 5:11
  companies
• 5:11
  and
• 5:11
  beauty,
• 5:12
  pet,
• 5:13
  food
• 5:13
  and
• 5:13
  beverage,
• 5:14
  personal
• 5:15
  care
• 5:15
  categories
• 5:16
  like
• 5:16
  that.
• 5:17
  And
• 5:17
  my
• 5:17
  goal
• 5:18
  is
• 5:18
  to
• 5:18
  be
• 5:18
  able
• 5:18
  to
• 5:18
  help
• 5:18
  them
• 5:19
  operationally
• 5:19
  and
• 5:20
  invest
• 5:20
  and
• 5:20
  help
• 5:21
  them
• 5:21
  scale
• 5:21
  faster.
• 5:22
  Clay
• 5:23
  so,
• 5:23
  Carl,
• 5:23
  what
• 5:23
  I
• 5:23
  take
• 5:23
  away
• 5:24
  from
• 5:24
  that
• 5:24
  bio
• 5:24
  is
• 5:25
  its
• 5:26
  interesting
• 5:26
  that
• 5:26
  you
• 5:26
  started
• 5:27
  in
• 5:27
  finance,
• 5:28
  left,
• 5:28
  and
• 5:29
  then
• 5:29
  now
• 5:29
  went
• 5:29
  back
• 5:30
  into
• 5:30
  investing.
• 5:30
  And
• 5:31
  knowing
• 5:31
  you
• 5:32
  as
• 5:32
  I
• 5:32
  do,
• 5:32
  I
• 5:32
  feel
• 5:33
  like
• 5:34
  investing
• 5:34
  has
• 5:34
  always
• 5:35
  been
• 5:35
  your
• 5:36
  thing.
• 5:36
  It
• 5:36
  was
• 5:37
  always
• 5:37
  driving
• 5:37
  you.
• 5:38
  I
• 5:38
  can
• 5:38
  remember
• 5:38
  working
• 5:39
  with
• 5:39
  you
• 5:39
  and
• 5:39
  you
• 5:39
  were
• 5:39
  always
• 5:40
  talking
• 5:40
  about
• 5:40
  the
• 5:40
  share
• 5:41
  price,
• 5:41
  like,
• 5:41
  you
• 5:41
  know,
• 5:41
  of
• 5:42
  target
• 5:43
  and
• 5:43
  other
• 5:43
  companies.
• 5:44
  And
• 5:44
  so,
• 5:44
  so
• 5:45
  how,
• 5:46
  how
• 5:46
  much
• 5:47
  is
• 5:47
  this
• 5:47
  a
• 5:47
  passion
• 5:47
  for
• 5:48
  you?
• 5:48
  And
• 5:48
  what
• 5:48
  do
• 5:48
  you
• 5:48
  think
• 5:49
  led
• 5:49
  you
• 5:49
  to
• 5:49
  come
• 5:49
  back
• 5:50
  full
• 5:50
  circle
• 5:50
  to
• 5:51
  start
• 5:51
  this
• 5:51
  again?
• 5:52
  Honestly?
• 5:53
  Yeah,
• 5:54
  you're
• 5:54
  right.
• 5:54
  It
• 5:54
  has
• 5:55
  always
• 5:55
  been
• 5:55
  a
• 5:55
  passion
• 5:55
  for
• 5:55
  me.
• 5:56
  Um,
• 5:57
  and
• 5:57
  I
• 5:57
  find
• 5:57
  it
• 5:58
  really
• 5:58
  interesting.
• 5:58
  And
• 5:58
  I
• 5:59
  actually
• 5:59
  find
• 5:59
  the
• 5:59
  intersection
• 6:00
  between,
• 6:00
  like,
• 6:01
  consumer
• 6:01
  and,
• 6:02
  like,
• 6:02
  finance
• 6:03
  super
• 6:04
  fascinating.
• 6:04
  Like,
• 6:04
  to
• 6:05
  me,
• 6:05
  it's,
• 6:05
  it's
• 6:05
  so
• 6:06
  interesting.
• 6:06
  Um,
• 6:07
  you
• 6:07
  know,
• 6:07
  there's
• 6:08
  so
• 6:08
  many
• 6:08
  companies
• 6:08
  out
• 6:08
  there
• 6:09
  that
• 6:09
  need
• 6:09
  help.
• 6:10
  There's
• 6:10
  so
• 6:10
  much
• 6:10
  opportunity,
• 6:11
  consumer,
• 6:12
  such
• 6:12
  a
• 6:12
  huge
• 6:13
  space,
• 6:14
  and
• 6:14
  yet
• 6:14
  there
• 6:14
  are
• 6:14
  so
• 6:15
  there
• 6:15
  are
• 6:15
  very
• 6:15
  few,
• 6:16
  you
• 6:16
  know,
• 6:16
  investors
• 6:17
  out
• 6:17
  there
• 6:17
  that
• 6:17
  also
• 6:18
  have,
• 6:19
  like,
• 6:19
  a
• 6:19
  consumer
• 6:19
  background.
• 6:20
  And
• 6:20
  so
• 6:21
  to
• 6:21
  me,
• 6:21
  that's,
• 6:22
  you
• 6:22
  know,
• 6:23
  I
• 6:23
  love
• 6:24
  sort
• 6:24
  of
• 6:24
  the
• 6:24
  intersection
• 6:25
  between
• 6:25
  those
• 6:25
  two
• 6:25
  different
• 6:26
  disciplines
• 6:26
  and,
• 6:27
  you
• 6:27
  know,
• 6:28
  trying
• 6:28
  to
• 6:28
  help
• 6:28
  create
• 6:29
  things
• 6:29
  new
• 6:29
  within
• 6:30
  it.
• 6:30
  I
• 6:30
  think
• 6:31
  that's
• 6:31
  what's
• 6:31
  so
• 6:31
  unique
• 6:32
  about
• 6:32
  you
• 6:32
  too,
• 6:32
  Carl.
• 6:33
  Like
• 6:33
  the
• 6:33
  fact
• 6:34
  that
• 6:34
  you
• 6:34
  just
• 6:34
  as,
• 6:35
  you
• 6:35
  know,
• 6:35
  as
• 6:36
  an
• 6:36
  investor,
• 6:37
  that
• 6:37
  you're
• 6:37
  like,
• 6:37
  I
• 6:38
  need
• 6:38
  more
• 6:38
  operator
• 6:39
  experience.
• 6:39
  I
• 6:40
  feel
• 6:40
  like
• 6:40
  that's
• 6:40
  a
• 6:40
  very
• 6:41
  rare
• 6:41
  thing
• 6:42
  to
• 6:42
  find
• 6:42
  because
• 6:43
  it's
• 6:43
  like
• 6:43
  you're,
• 6:43
  you
• 6:44
  know,
• 6:44
  you
• 6:44
  can
• 6:44
  only
• 6:44
  do
• 6:45
  so
• 6:45
  much
• 6:45
  looking
• 6:46
  at,
• 6:46
  you
• 6:46
  know,
• 6:47
  the
• 6:47
  same
• 6:47
  set
• 6:47
  of
• 6:47
  information
• 6:48
  that
• 6:48
  you're
• 6:48
  getting
• 6:49
  as
• 6:49
  an
• 6:49
  investment
• 6:49
  group
• 6:50
  that
• 6:50
  somebody
• 6:50
  else
• 6:50
  is
• 6:50
  getting
• 6:50
  as
• 6:51
  an
• 6:51
  investment
• 6:51
  group.
• 6:51
  It's
• 6:51
  really
• 6:52
  that
• 6:52
  like
• 6:52
  marriage
• 6:53
  of
• 6:53
  the
• 6:54
  art
• 6:54
  and
• 6:54
  science
• 6:55
  of
• 6:55
  both
• 6:55
  of
• 6:56
  those
• 6:56
  things.
• 6:56
  And
• 6:57
  having
• 6:57
  operator
• 6:57
  experience
• 6:58
  really
• 6:58
  feels
• 6:58
  like
• 6:59
  the
• 6:59
  way
• 6:59
  to
• 6:59
  kind
• 6:59
  of
• 7:00
  get
• 7:00
  that,
• 7:00
  that
• 7:01
  edge.
• 7:02
  Well,
• 7:02
  I
• 7:02
  appreciate
• 7:03
  that.
• 7:03
  I
• 7:03
  will
• 7:03
  say,
• 7:04
  you
• 7:04
  know,
• 7:04
  from
• 7:04
  where
• 7:05
  I
• 7:05
  was
• 7:05
  standing
• 7:05
  at
• 7:05
  the
• 7:05
  time,
• 7:06
  I
• 7:06
  felt
• 7:06
  like
• 7:06
  such
• 7:06
  a
• 7:06
  pretender
• 7:07
  that
• 7:07
  I
• 7:08
  felt
• 7:08
  like
• 7:08
  I
• 7:08
  needed
• 7:08
  it.
• 7:09
  So
• 7:09
  it
• 7:09
  wasn't
• 7:09
  like
• 7:09
  it
• 7:10
  was
• 7:10
  this
• 7:10
  grand
• 7:10
  scheme.
• 7:11
  It
• 7:11
  just
• 7:11
  kind
• 7:11
  of
• 7:11
  worked
• 7:11
  out
• 7:12
  that
• 7:12
  way.
• 7:12
  But
• 7:12
  yes,
• 7:13
  you
• 7:13
  went
• 7:14
  where
• 7:14
  the
• 7:14
  water.
• 7:14
  Was
• 7:14
  flowing,
• 7:15
  huh,
• 7:15
  Carl?
• 7:15
  All
• 7:15
  right,
• 7:17
  that's
• 7:18
  great.
• 7:19
  All
• 7:19
  right,
• 7:19
  well,
• 7:20
  let's,
• 7:20
  let's
• 7:20
  get
• 7:20
  in,
• 7:21
  let's
• 7:21
  get
• 7:21
  into
• 7:21
  why
• 7:21
  you're
• 7:22
  here,
• 7:22
  which
• 7:22
  is
• 7:22
  to
• 7:22
  get
• 7:22
  your
• 7:23
  perspectives
• 7:23
  on,
• 7:24
  on,
• 7:24
  on
• 7:25
  the
• 7:25
  retail
• 7:25
  industry
• 7:25
  and
• 7:26
  the
• 7:26
  consumer
• 7:27
  and
• 7:27
  consumerism
• 7:28
  at
• 7:28
  large,
• 7:28
  too,
• 7:28
  I
• 7:28
  think
• 7:29
  so.
• 7:29
  So
• 7:29
  how
• 7:29
  would
• 7:30
  you
• 7:30
  sum
• 7:30
  up
• 7:31
  the
• 7:31
  state
• 7:31
  of
• 7:32
  the
• 7:33
  consumer
• 7:33
  and
• 7:34
  retail
• 7:34
  vc
• 7:34
  landscape
• 7:35
  right
• 7:35
  now?
• 7:35
  What
• 7:35
  are
• 7:36
  your
• 7:36
  thoughts
• 7:36
  on
• 7:36
  it
• 7:36
  from
• 7:36
  a
• 7:37
  high
• 7:37
  level?
• 7:38
  Yeah,
• 7:39
  I
• 7:39
  hate
• 7:39
  to
• 7:40
  say
• 7:40
  it,
• 7:40
  but
• 7:41
  now
• 7:41
  is,
• 7:41
  honestly,
• 7:42
  we're
• 7:42
  coming
• 7:43
  off
• 7:43
  probably
• 7:43
  the
• 7:43
  toughest
• 7:44
  time
• 7:44
  in
• 7:44
  the
• 7:44
  past
• 7:45
  decade
• 7:46
  for
• 7:47
  companies
• 7:47
  looking
• 7:47
  to
• 7:47
  raise
• 7:48
  funds.
• 7:48
  It's
• 7:49
  really
• 7:49
  tough.
• 7:49
  And
• 7:50
  there's
• 7:50
  several
• 7:51
  reasons
• 7:51
  for
• 7:51
  this.
• 7:52
  One
• 7:52
  is
• 7:53
  so
• 7:53
  many
• 7:53
  venture
• 7:54
  investors
• 7:54
  have
• 7:54
  gotten
• 7:55
  kind
• 7:55
  of
• 7:55
  enamored
• 7:55
  with
• 7:56
  artificial
• 7:56
  intelligence
• 7:57
  that
• 7:58
  they
• 7:58
  are
• 7:59
  investing
• 7:59
  in
• 8:00
  that
• 8:01
  precluding
• 8:02
  any
• 8:02
  other
• 8:02
  kind
• 8:03
  of
• 8:03
  area
• 8:03
  of
• 8:03
  investment.
• 8:04
  That
• 8:04
  is
• 8:04
  for
• 8:04
  sure
• 8:04
  a
• 8:05
  thing.
• 8:06
  And
• 8:07
  it
• 8:07
  is
• 8:07
  crowding
• 8:08
  out
• 8:08
  consumer
• 8:08
  investment.
• 8:09
  Secondly,
• 8:09
  I'd
• 8:10
  say
• 8:10
  is
• 8:11
  since
• 8:11
  the
• 8:11
  IPO
• 8:11
  market
• 8:12
  has
• 8:12
  been
• 8:12
  largely
• 8:13
  closed
• 8:13
  for
• 8:13
  the
• 8:13
  past
• 8:13
  few
• 8:14
  years,
• 8:15
  venture
• 8:15
  funds
• 8:16
  that
• 8:16
  have
• 8:16
  been
• 8:16
  around
• 8:16
  for
• 8:17
  a
• 8:17
  while
• 8:17
  can't
• 8:18
  get
• 8:19
  liquidity
• 8:19
  events
• 8:20
  to
• 8:20
  be
• 8:20
  able
• 8:20
  to
• 8:20
  reinvest
• 8:21
  in
• 8:21
  other
• 8:21
  new
• 8:22
  businesses.
• 8:22
  And
• 8:22
  they
• 8:22
  can't
• 8:22
  raise
• 8:23
  new
• 8:23
  funds
• 8:24
  because
• 8:25
  of
• 8:25
  that.
• 8:25
  It's
• 8:25
  frozen
• 8:27
  the
• 8:27
  market
• 8:27
  for
• 8:28
  early
• 8:28
  stage
• 8:29
  investing
• 8:30
  for
• 8:30
  a
• 8:30
  lot
• 8:30
  of
• 8:30
  venture
• 8:31
  funds
• 8:31
  out
• 8:31
  there.
• 8:32
  Then
• 8:32
  the
• 8:33
  other
• 8:33
  thing
• 8:33
  id
• 8:33
  say
• 8:33
  is
• 8:34
  when
• 8:34
  interest
• 8:34
  rates
• 8:35
  started
• 8:35
  to
• 8:35
  rise,
• 8:36
  that
• 8:37
  put
• 8:38
  a
• 8:38
  cap
• 8:38
  for
• 8:38
  sure
• 8:39
  and
• 8:39
  slowed
• 8:39
  down
• 8:39
  demand
• 8:40
  in
• 8:41
  venture
• 8:41
  investment
• 8:41
  in
• 8:41
  total.
• 8:42
  Now
• 8:42
  let
• 8:42
  me
• 8:43
  now
• 8:43
  talk
• 8:44
  about
• 8:44
  consumer
• 8:44
  venture
• 8:45
  investment.
• 8:45
  Its
• 8:45
  actually
• 8:46
  tougher.
• 8:46
  And
• 8:47
  unfortunately,
• 8:47
  that
• 8:48
  was
• 8:48
  just
• 8:48
  the
• 8:48
  standard.
• 8:49
  That
• 8:49
  was
• 8:49
  just
• 8:49
  the
• 8:50
  standard
• 8:50
  base.
• 8:50
  Casey,
• 8:51
  how
• 8:51
  were
• 8:51
  to
• 8:51
  double
• 8:51
  click
• 8:51
  even
• 8:52
  more.
• 8:52
  Yeah,
• 8:53
  yeah.
• 8:53
  So
• 8:53
  when
• 8:53
  you
• 8:54
  look
• 8:54
  at
• 8:54
  consumer
• 8:55
  venture
• 8:55
  capital,
• 8:56
  its
• 8:56
  even
• 8:57
  worse.
• 8:57
  And
• 8:57
  the
• 8:57
  reason
• 8:58
  why
• 8:58
  is
• 8:59
  because
• 8:59
  a
• 9:00
  lot
• 9:00
  of
• 9:00
  venture
• 9:00
  firms
• 9:01
  got
• 9:01
  burned
• 9:02
  over
• 9:02
  the
• 9:02
  past
• 9:02
  few
• 9:03
  years
• 9:03
  investing
• 9:03
  in
• 9:03
  things
• 9:04
  like
• 9:04
  DTC,
• 9:05
  only
• 9:05
  businesses,
• 9:06
  which
• 9:06
  sounded
• 9:06
  great
• 9:07
  because
• 9:07
  the
• 9:07
  margins
• 9:08
  were
• 9:08
  great
• 9:08
  but
• 9:09
  couldn't
• 9:10
  scale.
• 9:10
  Or
• 9:11
  secondly,
• 9:11
  like
• 9:11
  Amazon
• 9:12
  aggregators,
• 9:12
  there
• 9:12
  are
• 9:12
  a
• 9:12
  lot
• 9:12
  of
• 9:13
  Amazon
• 9:13
  aggregators
• 9:13
  out
• 9:14
  there
• 9:14
  that
• 9:15
  have
• 9:15
  gone
• 9:15
  by
• 9:16
  the
• 9:16
  wayside.
• 9:17
  And
• 9:17
  then
• 9:17
  also
• 9:17
  even
• 9:18
  like
• 9:18
  social
• 9:18
  influencer
• 9:19
  brands,
• 9:20
  social
• 9:20
  influencer
• 9:21
  brands
• 9:21
  are
• 9:22
  really
• 9:23
  hit
• 9:23
  or
• 9:23
  miss.
• 9:23
  And
• 9:23
  so
• 9:24
  if
• 9:24
  you
• 9:24
  pick
• 9:24
  the
• 9:24
  right
• 9:24
  one,
• 9:25
  it
• 9:25
  can
• 9:25
  be
• 9:25
  great.
• 9:25
  But
• 9:26
  many
• 9:27
  kind
• 9:27
  of
• 9:27
  got
• 9:27
  burned
• 9:27
  on
• 9:28
  picking
• 9:28
  the
• 9:28
  wrong
• 9:28
  one.
• 9:29
  I
• 9:29
  would
• 9:29
  say
• 9:29
  that's
• 9:30
  sort
• 9:30
  of
• 9:30
  the
• 9:30
  negative
• 9:31
  kind
• 9:32
  of
• 9:32
  case
• 9:33
  on
• 9:33
  where
• 9:33
  we
• 9:33
  currently
• 9:34
  are
• 9:34
  from
• 9:34
  an
• 9:34
  investment
• 9:35
  standpoint.
• 9:35
  That
• 9:36
  said,
• 9:36
  venture
• 9:37
  funds
• 9:37
  that
• 9:37
  are
• 9:38
  focused
• 9:38
  on
• 9:38
  consumer
• 9:38
  and
• 9:39
  still
• 9:39
  focused
• 9:39
  on
• 9:39
  consumer,
• 9:41
  it's
• 9:41
  a
• 9:41
  really
• 9:42
  good
• 9:42
  time
• 9:42
  to
• 9:42
  be
• 9:42
  putting
• 9:42
  money
• 9:42
  to
• 9:43
  work.
• 9:43
  There's
• 9:43
  still
• 9:44
  over
• 9:44
  30,000
• 9:45
  consumer
• 9:45
  companies
• 9:46
  being
• 9:46
  founded
• 9:46
  each
• 9:47
  year.
• 9:47
  So
• 9:47
  there's
• 9:48
  tons
• 9:48
  of
• 9:48
  companies
• 9:49
  being
• 9:49
  founded.
• 9:50
  And
• 9:50
  there's
• 9:50
  a
• 9:50
  lot
• 9:50
  of
• 9:50
  great
• 9:51
  companies
• 9:51
  out
• 9:51
  there
• 9:51
  that
• 9:51
  are
• 9:52
  having
• 9:52
  a
• 9:52
  hard
• 9:52
  time
• 9:52
  getting,
• 9:53
  getting
• 9:53
  funding.
• 9:54
  And
• 9:54
  then
• 9:55
  putting
• 9:55
  aside
• 9:55
  all
• 9:55
  that
• 9:56
  nonsense
• 9:56
  and
• 9:56
  everything
• 9:56
  else,
• 9:58
  there
• 9:59
  are
• 9:59
  some
• 10:00
  consumer
• 10:00
  businesses
• 10:01
  out
• 10:01
  there
• 10:01
  right
• 10:01
  now
• 10:01
  that
• 10:02
  are
• 10:02
  raising
• 10:02
  funds
• 10:02
  that
• 10:03
  are
• 10:03
  going
• 10:03
  to
• 10:03
  be
• 10:03
  home
• 10:04
  run
• 10:04
  successes.
• 10:05
  And
• 10:05
  if
• 10:06
  you
• 10:06
  look
• 10:06
  back
• 10:06
  through
• 10:06
  history,
• 10:07
  many
• 10:08
  of
• 10:08
  the
• 10:08
  biggest
• 10:08
  and
• 10:09
  best
• 10:09
  consumer
• 10:09
  brands
• 10:10
  were
• 10:10
  actually
• 10:10
  founded
• 10:11
  during
• 10:11
  major
• 10:12
  economic
• 10:12
  upheaval
• 10:13
  time.
• 10:13
  So
• 10:14
  look
• 10:14
  at
• 10:15
  Apple,
• 10:15
  for
• 10:15
  instance.
• 10:16
  Look
• 10:16
  at
• 10:16
  Procter
• 10:16
  and
• 10:17
  Gamble.
• 10:17
  There's
• 10:18
  so
• 10:18
  many
• 10:19
  that
• 10:19
  fit
• 10:19
  that
• 10:19
  bill.
• 10:20
  And
• 10:20
  I
• 10:20
  think
• 10:20
  this
• 10:20
  could
• 10:20
  be
• 10:21
  another
• 10:21
  of
• 10:21
  those
• 10:21
  times
• 10:21
  where
• 10:22
  these
• 10:22
  companies
• 10:23
  are
• 10:23
  being
• 10:23
  stressed
• 10:24
  in
• 10:24
  a
• 10:24
  tough
• 10:24
  fundraising
• 10:25
  environment,
• 10:25
  but
• 10:25
  they're
• 10:26
  going
• 10:26
  to
• 10:26
  come
• 10:26
  out
• 10:26
  way,
• 10:26
  way
• 10:26
  stronger.
• 10:27
  Well,
• 10:27
  Carl,
• 10:28
  yeah,
• 10:28
  I
• 10:28
  mean,
• 10:28
  you
• 10:28
  got
• 10:29
  me
• 10:29
  thinking
• 10:29
  too.
• 10:29
  Like
• 10:30
  while
• 10:31
  brands
• 10:31
  are
• 10:31
  having
• 10:32
  to
• 10:32
  work
• 10:32
  harder
• 10:32
  to
• 10:33
  get
• 10:33
  funding,
• 10:33
  it's
• 10:33
  not
• 10:33
  just
• 10:34
  as
• 10:34
  simple
• 10:34
  as
• 10:34
  like
• 10:34
  I
• 10:34
  got
• 10:35
  this
• 10:35
  great
• 10:35
  idea,
• 10:35
  we
• 10:36
  got
• 10:36
  this
• 10:36
  influencer
• 10:37
  on
• 10:37
  board.
• 10:37
  Give
• 10:38
  me
• 10:38
  the
• 10:38
  cash.
• 10:38
  Like
• 10:39
  how
• 10:39
  is
• 10:39
  that
• 10:40
  actually
• 10:40
  helping
• 10:40
  these
• 10:41
  companies,
• 10:41
  like,
• 10:41
  better
• 10:42
  prepare
• 10:42
  to
• 10:43
  go
• 10:43
  out
• 10:43
  and
• 10:43
  get
• 10:43
  funding
• 10:44
  in
• 10:45
  a
• 10:45
  way
• 10:45
  that
• 10:45
  maybe
• 10:45
  they
• 10:46
  weren't,
• 10:46
  you
• 10:46
  know,
• 10:47
  even
• 10:47
  five
• 10:47
  years
• 10:48
  ago?
• 10:49
  I
• 10:49
  think
• 10:49
  they're
• 10:50
  being
• 10:50
  forced
• 10:50
  to
• 10:50
  go
• 10:50
  slow,
• 10:51
  to
• 10:51
  go
• 10:51
  fast,
• 10:51
  honestly.
• 10:52
  And
• 10:52
  I
• 10:52
  think
• 10:52
  that's
• 10:53
  actually
• 10:53
  very,
• 10:54
  a
• 10:54
  very
• 10:54
  good
• 10:54
  thing.
• 10:55
  It's
• 10:56
  forcing
• 10:56
  them
• 10:56
  to
• 10:56
  like
• 10:57
  make
• 10:57
  sure
• 10:57
  that
• 10:57
  they
• 10:57
  have
• 10:58
  their
• 10:58
  foundation
• 10:58
  in
• 10:58
  order
• 10:59
  before
• 10:59
  they
• 10:59
  start
• 10:59
  building
• 11:00
  the
• 11:00
  building
• 11:00
  on
• 11:00
  top
• 11:00
  of
• 11:01
  it.
• 11:01
  And
• 11:02
  it
• 11:03
  really
• 11:03
  ensures
• 11:04
  that
• 11:04
  they
• 11:04
  have
• 11:04
  a
• 11:04
  really
• 11:05
  good
• 11:05
  thesis
• 11:05
  and
• 11:05
  a
• 11:05
  really
• 11:06
  sound
• 11:06
  business
• 11:06
  model
• 11:07
  before
• 11:07
  they
• 11:08
  go
• 11:08
  out
• 11:08
  and
• 11:08
  try
• 11:08
  to
• 11:08
  raise
• 11:08
  funding
• 11:09
  because
• 11:09
  it's
• 11:09
  just
• 11:10
  harder
• 11:10
  to
• 11:10
  get
• 11:10
  funding.
• 11:11
  So
• 11:11
  if
• 11:11
  they
• 11:11
  are
• 11:11
  going
• 11:12
  out,
• 11:12
  they're
• 11:12
  likely
• 11:13
  going
• 11:13
  to
• 11:13
  withstand
• 11:13
  the
• 11:13
  heat
• 11:14
  a
• 11:14
  lot
• 11:14
  more
• 11:14
  than
• 11:14
  they
• 11:14
  would
• 11:14
  have
• 11:15
  otherwise.
• 11:16
  That
• 11:16
  makes
• 11:16
  sense.
• 11:16
  Carl,
• 11:16
  I
• 11:17
  want
• 11:17
  to
• 11:17
  ask
• 11:17
  you
• 11:17
  too.
• 11:18
  You
• 11:19
  mentioned
• 11:19
  the
• 11:19
  DTC
• 11:19
  business,
• 11:20
  the
• 11:20
  Amazon
• 11:20
  aggregators.
• 11:21
  I
• 11:21
  can
• 11:22
  remember
• 11:22
  Ann
• 11:22
  and
• 11:22
  I
• 11:22
  sitting
• 11:23
  here
• 11:23
  having
• 11:24
  discussions
• 11:24
  about
• 11:24
  like
• 11:25
  this
• 11:25
  felt,
• 11:25
  you
• 11:26
  mentioned
• 11:26
  the
• 11:26
  late
• 11:26
  nineties
• 11:27
  before
• 11:27
  the
• 11:27
  DTC
• 11:28
  rise.
• 11:28
  Felt
• 11:28
  a
• 11:28
  little
• 11:29
  bit
• 11:29
  like
• 11:29
  the
• 11:29
  late
• 11:29
  nineties
• 11:30
  to
• 11:30
  us
• 11:30
  as
• 11:30
  we
• 11:30
  were
• 11:30
  sitting
• 11:30
  here
• 11:31
  because
• 11:31
  we're
• 11:31
  like,
• 11:31
  you
• 11:31
  know,
• 11:31
  you're
• 11:32
  hearing
• 11:32
  things
• 11:32
  like,
• 11:33
  oh,
• 11:33
  there's
• 11:33
  this
• 11:33
  brand
• 11:34
  tax
• 11:34
  that
• 11:34
  we
• 11:34
  don't,
• 11:35
  you
• 11:35
  know,
• 11:35
  that
• 11:35
  the
• 11:35
  companies
• 11:36
  are
• 11:36
  having
• 11:36
  to
• 11:36
  pay
• 11:36
  and,
• 11:37
  and
• 11:37
  therefore
• 11:37
  we
• 11:38
  can
• 11:38
  figure
• 11:38
  out
• 11:38
  how
• 11:38
  to
• 11:38
  go
• 11:39
  cheaper.
• 11:39
  But
• 11:39
  yet
• 11:39
  you're
• 11:39
  forgetting
• 11:40
  all
• 11:40
  the
• 11:40
  supply
• 11:41
  chain
• 11:42
  economics
• 11:42
  to
• 11:42
  go
• 11:43
  with
• 11:43
  going
• 11:43
  DTC.
• 11:44
  So,
• 11:44
  like,
• 11:45
  is
• 11:45
  your
• 11:45
  business
• 11:45
  model
• 11:46
  really
• 11:46
  that
• 11:46
  strong?
• 11:46
  Like
• 11:47
  what
• 11:47
  are
• 11:47
  the
• 11:47
  lessons
• 11:48
  learned,
• 11:49
  you
• 11:49
  know,
• 11:49
  from,
• 11:50
  from
• 11:50
  the
• 11:51
  aggregators,
• 11:51
  from
• 11:51
  the
• 11:51
  DTC
• 11:52
  businesses,
• 11:53
  you
• 11:53
  know,
• 11:53
  over
• 11:53
  these
• 11:54
  last
• 11:54
  few
• 11:54
  years?
• 11:54
  I
• 11:55
  mean,
• 11:55
  is
• 11:55
  it
• 11:55
  as
• 11:55
  simple
• 11:55
  as
• 11:55
  just
• 11:56
  like
• 11:56
  we
• 11:56
  should
• 11:56
  just
• 11:56
  all
• 11:56
  be
• 11:57
  going
• 11:57
  slow
• 11:57
  to
• 11:57
  go
• 11:57
  fast
• 11:58
  or
• 11:58
  is
• 11:58
  there
• 11:58
  more
• 11:58
  to
• 11:58
  it?
• 11:59
  I
• 12:00
  think
• 12:00
  there's
• 12:00
  more
• 12:00
  to
• 12:00
  it.
• 12:00
  But
• 12:01
  I
• 12:01
  would
• 12:02
  say
• 12:02
  that,
• 12:03
  you
• 12:03
  know,
• 12:03
  a
• 12:03
  couple
• 12:03
  of
• 12:04
  things.
• 12:04
  One
• 12:04
  is,
• 12:04
  you're
• 12:04
  right,
• 12:05
  it
• 12:05
  is
• 12:05
  so
• 12:05
  similar
• 12:05
  to
• 12:06
  e
• 12:06
  commerce.
• 12:06
  You
• 12:06
  know,
• 12:06
  and
• 12:07
  with,
• 12:07
  with
• 12:07
  e
• 12:07
  commerce,
• 12:08
  everyone
• 12:09
  knew
• 12:09
  e
• 12:09
  commerce
• 12:09
  was
• 12:09
  going
• 12:10
  to
• 12:10
  be
• 12:10
  big
• 12:10
  and
• 12:11
  that
• 12:11
  there
• 12:11
  was
• 12:11
  a
• 12:11
  huge
• 12:11
  opportunity
• 12:12
  there.
• 12:13
  But,
• 12:13
  you
• 12:13
  know,
• 12:14
  I
• 12:14
  think
• 12:14
  the
• 12:14
  same
• 12:14
  thing
• 12:15
  with,
• 12:15
  with
• 12:15
  DTC
• 12:15
  brands.
• 12:16
  I
• 12:16
  think
• 12:17
  DTC
• 12:17
  brands,
• 12:18
  it's
• 12:18
  an
• 12:18
  interesting
• 12:19
  model,
• 12:20
  but
• 12:20
  the
• 12:21
  pendulum
• 12:21
  swings
• 12:21
  so
• 12:22
  slowly
• 12:22
  in
• 12:22
  retail
• 12:23
  and
• 12:23
  you're
• 12:23
  talking
• 12:24
  about
• 12:24
  such
• 12:24
  a
• 12:24
  huge
• 12:24
  industry
• 12:25
  that
• 12:26
  to
• 12:26
  think
• 12:26
  that
• 12:26
  all
• 12:27
  of
• 12:27
  a
• 12:27
  sudden
• 12:27
  overnight
• 12:27
  everyone's
• 12:28
  going
• 12:28
  to
• 12:28
  go
• 12:29
  only
• 12:29
  to
• 12:29
  e
• 12:29
  commerce
• 12:30
  and
• 12:30
  that
• 12:30
  all
• 12:30
  retailers
• 12:31
  are
• 12:31
  going
• 12:31
  to
• 12:31
  go
• 12:31
  away.
• 12:32
  Or
• 12:32
  on
• 12:32
  the
• 12:32
  other
• 12:33
  hand,
• 12:33
  with
• 12:33
  DTC,
• 12:34
  that
• 12:35
  you're
• 12:35
  going
• 12:35
  to
• 12:35
  be
• 12:35
  able
• 12:35
  to
• 12:36
  disintermediate
• 12:36
  every
• 12:37
  retailer
• 12:37
  and
• 12:38
  everyone's
• 12:38
  going
• 12:38
  to
• 12:38
  buy
• 12:38
  product
• 12:39
  on
• 12:39
  your
• 12:39
  own
• 12:39
  website.
• 12:41
  They
• 12:41
  are
• 12:42
  way,
• 12:42
  way
• 12:42
  overextending
• 12:44
  the
• 12:44
  slowness
• 12:45
  with
• 12:45
  which,
• 12:45
  um,
• 12:46
  that's
• 12:46
  a
• 12:46
  good
• 12:46
  point.
• 12:47
  These
• 12:47
  transitions
• 12:47
  occur.
• 12:48
  The
• 12:48
  other
• 12:48
  thing
• 12:49
  I
• 12:49
  would
• 12:49
  say
• 12:49
  that
• 12:49
  people
• 12:49
  don't
• 12:50
  really
• 12:50
  understand
• 12:50
  is,
• 12:51
  you
• 12:51
  know,
• 12:51
  if
• 12:51
  you
• 12:51
  have
• 12:51
  a
• 12:52
  product
• 12:52
  and
• 12:52
  it
• 12:52
  is
• 12:53
  on
• 12:53
  shelf
• 12:53
  in,
• 12:53
  in
• 12:54
  major
• 12:54
  retailers,
• 12:55
  that's
• 12:55
  a
• 12:55
  billboard.
• 12:56
  That
• 12:56
  is
• 12:56
  a,
• 12:56
  like
• 12:57
  a
• 12:57
  credibility
• 12:58
  driver
• 12:58
  for
• 12:58
  you.
• 12:58
  And
• 12:59
  that's
• 12:59
  a
• 12:59
  real
• 12:59
  way
• 12:59
  to
• 13:00
  like,
• 13:00
  establish
• 13:01
  yourself.
• 13:01
  Whereas,
• 13:02
  you
• 13:02
  know,
• 13:02
  if
• 13:02
  you
• 13:02
  have
• 13:02
  a
• 13:02
  website,
• 13:03
  you've
• 13:03
  put
• 13:03
  up,
• 13:03
  you
• 13:03
  have
• 13:03
  your
• 13:04
  brand
• 13:04
  on
• 13:04
  your
• 13:04
  own
• 13:04
  website,
• 13:05
  you
• 13:05
  know,
• 13:05
  what's
• 13:05
  to
• 13:06
  drive
• 13:06
  demand?
• 13:06
  Like,
• 13:07
  how
• 13:07
  do
• 13:07
  people
• 13:07
  know
• 13:07
  that
• 13:08
  you're
• 13:08
  good,
• 13:08
  you
• 13:08
  know,
• 13:09
  and
• 13:09
  that's,
• 13:09
  I
• 13:09
  think,
• 13:09
  what,
• 13:10
  it's
• 13:10
  all
• 13:10
  on
• 13:11
  you
• 13:11
  and
• 13:11
  then
• 13:11
  it
• 13:12
  becomes
• 13:12
  a
• 13:12
  huge
• 13:12
  marketing
• 13:13
  play.
• 13:13
  It
• 13:13
  becomes
• 13:13
  a
• 13:14
  huge,
• 13:14
  like,
• 13:14
  what's
• 13:14
  your
• 13:15
  roas
• 13:15
  know,
• 13:16
  like,
• 13:16
  how
• 13:16
  are
• 13:16
  you,
• 13:17
  you
• 13:17
  know,
• 13:18
  trying
• 13:18
  to
• 13:18
  optimize
• 13:18
  the
• 13:18
  algorithm
• 13:19
  and
• 13:19
  that,
• 13:19
  that
• 13:20
  isn't
• 13:20
  exactly
• 13:20
  a
• 13:21
  way
• 13:21
  to
• 13:21
  build
• 13:21
  a
• 13:21
  great
• 13:21
  long
• 13:22
  standing
• 13:22
  business.
• 13:22
  It's
• 13:23
  a
• 13:23
  good
• 13:23
  way
• 13:23
  to
• 13:23
  like
• 13:23
  maybe
• 13:24
  drive
• 13:24
  short
• 13:24
  term
• 13:24
  revenue
• 13:25
  growth.
• 13:25
  But,
• 13:26
  you
• 13:26
  know,
• 13:26
  if
• 13:26
  you
• 13:26
  really
• 13:26
  want
• 13:26
  to
• 13:27
  drive
• 13:27
  a
• 13:27
  business,
• 13:28
  like,
• 13:28
  you
• 13:29
  got
• 13:29
  to
• 13:29
  establish
• 13:29
  a
• 13:29
  business
• 13:30
  and
• 13:30
  establish
• 13:31
  a
• 13:31
  brand
• 13:31
  and
• 13:31
  establish
• 13:32
  all
• 13:32
  these
• 13:32
  things.
• 13:32
  And
• 13:33
  retail
• 13:33
  does
• 13:33
  help
• 13:33
  a
• 13:33
  lot
• 13:34
  with
• 13:34
  that.
• 13:34
  So
• 13:34
  I
• 13:35
  think
• 13:35
  there's,
• 13:35
  it's
• 13:36
  multifaceted,
• 13:36
  but
• 13:37
  I
• 13:37
  think
• 13:37
  the
• 13:38
  pendulum
• 13:38
  swings
• 13:38
  slowly
• 13:39
  and,
• 13:40
  you
• 13:40
  know,
• 13:40
  to
• 13:40
  get
• 13:40
  out
• 13:40
  over
• 13:41
  your
• 13:41
  skis
• 13:41
  with
• 13:41
  any
• 13:42
  trend,
• 13:43
  there
• 13:43
  will
• 13:43
  always
• 13:44
  be
• 13:44
  kind
• 13:44
  of
• 13:44
  a
• 13:44
  retrenchment.
• 13:45
  Yeah.
• 13:45
  Carl,
• 13:46
  I'd
• 13:46
  love
• 13:47
  for
• 13:47
  you
• 13:47
  to
• 13:47
  dive
• 13:48
  a
• 13:48
  little
• 13:48
  bit
• 13:48
  deeper.
• 13:49
  Now
• 13:49
  that
• 13:49
  we
• 13:50
  have
• 13:50
  these
• 13:50
  consumer
• 13:51
  brands
• 13:51
  that
• 13:52
  are
• 13:52
  receiving
• 13:52
  funding
• 13:53
  that
• 13:53
  have
• 13:53
  gone
• 13:54
  slow,
• 13:54
  to
• 13:54
  go
• 13:54
  fast.
• 13:55
  Can
• 13:56
  you
• 13:56
  explain
• 13:56
  a
• 13:56
  little
• 13:56
  bit
• 13:57
  what
• 13:57
  they're
• 13:57
  doing
• 13:57
  right
• 13:58
  and
• 13:58
  what
• 13:58
  that
• 13:58
  process
• 13:59
  for
• 13:59
  going
• 14:00
  out
• 14:00
  and
• 14:00
  raising
• 14:01
  money
• 14:01
  looks
• 14:01
  like?
• 14:02
  Yeah,
• 14:03
  I
• 14:03
  think
• 14:03
  the
• 14:03
  first
• 14:03
  piece,
• 14:04
  Anne,
• 14:04
  is
• 14:04
  exactly
• 14:05
  what
• 14:05
  we
• 14:05
  just
• 14:05
  talked
• 14:06
  about
• 14:06
  as
• 14:06
  far
• 14:06
  as,
• 14:06
  like,
• 14:06
  get
• 14:07
  your
• 14:07
  foundation
• 14:07
  in
• 14:07
  order,
• 14:07
  like,
• 14:09
  have
• 14:09
  your
• 14:10
  business
• 14:10
  really
• 14:11
  locked
• 14:11
  down,
• 14:12
  you
• 14:12
  know,
• 14:12
  understand
• 14:13
  who
• 14:13
  your
• 14:13
  market
• 14:13
  is,
• 14:14
  understand,
• 14:15
  you
• 14:15
  know,
• 14:15
  how
• 14:15
  you
• 14:15
  plan
• 14:15
  on
• 14:15
  growing,
• 14:16
  understand
• 14:16
  what
• 14:16
  your
• 14:16
  long
• 14:17
  term
• 14:17
  path
• 14:17
  is
• 14:17
  as
• 14:18
  a
• 14:18
  company
• 14:18
  or
• 14:18
  what
• 14:18
  you
• 14:18
  want
• 14:18
  it
• 14:19
  to
• 14:19
  be.
• 14:19
  Knowing
• 14:19
  that
• 14:20
  things
• 14:20
  always
• 14:20
  change.
• 14:21
  But,
• 14:21
  you
• 14:21
  know,
• 14:21
  understanding
• 14:22
  that,
• 14:22
  I
• 14:22
  think,
• 14:22
  is
• 14:22
  really
• 14:22
  key.
• 14:23
  I
• 14:24
  think
• 14:24
  once
• 14:24
  you
• 14:24
  know
• 14:24
  that
• 14:25
  the
• 14:25
  second
• 14:26
  thing
• 14:26
  that
• 14:26
  successful
• 14:27
  companies
• 14:27
  realize
• 14:28
  is
• 14:28
  going
• 14:28
  out
• 14:29
  and
• 14:29
  fundraising
• 14:29
  takes
• 14:30
  time.
• 14:30
  Like,
• 14:31
  money
• 14:31
  does
• 14:31
  not
• 14:32
  fall
• 14:32
  out
• 14:32
  of
• 14:32
  trees
• 14:33
  right
• 14:33
  now.
• 14:33
  And
• 14:33
  so,
• 14:34
  you
• 14:35
  know,
• 14:35
  because
• 14:35
  of
• 14:35
  that,
• 14:35
  you
• 14:36
  know,
• 14:36
  you
• 14:36
  have
• 14:36
  to
• 14:37
  take
• 14:37
  kind
• 14:37
  of
• 14:37
  the
• 14:37
  long
• 14:38
  game
• 14:38
  in,
• 14:39
  in
• 14:39
  fundraising.
• 14:39
  And
• 14:39
  that
• 14:40
  means
• 14:40
  you're
• 14:40
  going
• 14:40
  to
• 14:40
  be
• 14:40
  talking
• 14:41
  to
• 14:41
  a
• 14:41
  lot
• 14:41
  of
• 14:41
  venture
• 14:41
  capitalists,
• 14:42
  not
• 14:43
  all
• 14:43
  are
• 14:43
  going
• 14:43
  to
• 14:43
  say
• 14:43
  yes.
• 14:44
  In
• 14:44
  fact,
• 14:44
  the
• 14:44
  majority
• 14:45
  will
• 14:45
  definitely
• 14:45
  say
• 14:45
  no
• 14:46
  and
• 14:47
  then
• 14:47
  also
• 14:47
  recognize
• 14:47
  that
• 14:48
  due
• 14:48
  diligence
• 14:48
  takes
• 14:49
  a
• 14:49
  lot
• 14:49
  of
• 14:49
  time.
• 14:49
  So
• 14:51
  from
• 14:52
  putting
• 14:52
  my
• 14:52
  venture
• 14:52
  capital
• 14:53
  hat
• 14:53
  on,
• 14:54
  if
• 14:54
  Im
• 14:54
  investing
• 14:55
  in
• 14:55
  a
• 14:55
  company,
• 14:55
  I
• 14:55
  want
• 14:55
  to
• 14:56
  know
• 14:56
  everything
• 14:56
  I
• 14:56
  possibly
• 14:57
  can
• 14:57
  know
• 14:57
  about
• 14:57
  this
• 14:57
  company
• 14:58
  because
• 14:58
  Im
• 14:58
  going
• 14:58
  to
• 14:58
  be
• 14:59
  investing
• 14:59
  in
• 14:59
  it
• 14:59
  for
• 14:59
  seven
• 15:00
  to
• 15:00
  ten
• 15:00
  years.
• 15:01
  And
• 15:01
  I
• 15:01
  would
• 15:01
  say
• 15:01
  this
• 15:01
  is
• 15:02
  one
• 15:02
  of
• 15:02
  the
• 15:02
  biggest.
• 15:03
  Yeah,
• 15:04
  it
• 15:04
  is.
• 15:04
  And
• 15:04
  its
• 15:05
  one
• 15:05
  of
• 15:05
  the
• 15:05
  biggest
• 15:05
  differences
• 15:06
  from
• 15:06
  when
• 15:06
  I
• 15:06
  was
• 15:06
  working
• 15:07
  as
• 15:07
  a
• 15:07
  merchant
• 15:08
  is
• 15:09
  when
• 15:09
  you're
• 15:09
  a
• 15:09
  merchant,
• 15:09
  you're
• 15:10
  like,
• 15:10
  okay,
• 15:10
  this
• 15:10
  is
• 15:10
  a
• 15:11
  great
• 15:11
  product.
• 15:11
  It
• 15:12
  could
• 15:12
  do
• 15:12
  well
• 15:12
  in
• 15:12
  my
• 15:12
  assortment
• 15:13
  over
• 15:13
  the
• 15:13
  next
• 15:13
  six
• 15:14
  months
• 15:14
  or
• 15:14
  twelve
• 15:14
  months
• 15:15
  or
• 15:15
  18
• 15:15
  months.
• 15:16
  And
• 15:16
  that's
• 15:16
  all
• 15:16
  you
• 15:16
  cared
• 15:16
  about.
• 15:17
  You
• 15:17
  didn't
• 15:18
  think
• 15:18
  about,
• 15:18
  is
• 15:18
  this
• 15:18
  business
• 15:19
  going
• 15:19
  to
• 15:19
  be
• 15:19
  viable
• 15:19
  ten
• 15:20
  years
• 15:20
  from
• 15:20
  now?
• 15:20
  Whereas
• 15:21
  as
• 15:21
  an
• 15:21
  investor,
• 15:22
  that
• 15:22
  is
• 15:22
  the
• 15:23
  only
• 15:23
  thing
• 15:23
  that
• 15:23
  matters.
• 15:24
  And
• 15:24
  so
• 15:25
  you
• 15:25
  have
• 15:25
  to
• 15:26
  be
• 15:26
  able
• 15:26
  to
• 15:26
  put
• 15:26
  out
• 15:27
  this
• 15:27
  sort
• 15:27
  of
• 15:27
  near
• 15:27
  term
• 15:28
  noise
• 15:28
  of
• 15:28
  what's
• 15:29
  the
• 15:29
  next
• 15:29
  hot
• 15:30
  whatever
• 15:31
  for
• 15:31
  the
• 15:31
  next
• 15:31
  six
• 15:31
  months.
• 15:32
  And
• 15:32
  you
• 15:32
  have
• 15:33
  to
• 15:33
  really
• 15:33
  think
• 15:33
  about
• 15:33
  what's
• 15:33
  the
• 15:34
  long
• 15:34
  term
• 15:34
  sort
• 15:34
  of
• 15:34
  prognosis
• 15:35
  and
• 15:35
  health
• 15:35
  for
• 15:35
  this
• 15:35
  business.
• 15:36
  And
• 15:36
  so
• 15:36
  that
• 15:37
  is
• 15:37
  part
• 15:37
  of
• 15:37
  why
• 15:37
  it's
• 15:38
  such
• 15:38
  a
• 15:38
  slow
• 15:38
  process
• 15:38
  for
• 15:39
  fundraising.
• 15:39
  But
• 15:40
  early
• 15:41
  stage
• 15:41
  consumer
• 15:41
  businesses,
• 15:42
  I
• 15:42
  think,
• 15:42
  tend
• 15:43
  to
• 15:43
  underestimate
• 15:43
  how
• 15:44
  much
• 15:44
  time
• 15:44
  it
• 15:44
  takes.
• 15:45
  And
• 15:45
  so
• 15:45
  you
• 15:45
  got
• 15:45
  to
• 15:45
  get
• 15:45
  that
• 15:45
  down.
• 15:46
  And
• 15:47
  then
• 15:47
  I
• 15:48
  think
• 15:48
  the
• 15:48
  other
• 15:48
  piece
• 15:48
  I
• 15:48
  would
• 15:49
  recommend
• 15:49
  to
• 15:49
  any
• 15:50
  young
• 15:50
  consumer
• 15:50
  business
• 15:51
  is
• 15:52
  make
• 15:52
  sure
• 15:52
  you
• 15:52
  know
• 15:52
  who
• 15:52
  you're
• 15:53
  taking
• 15:53
  money
• 15:53
  from
• 15:53
  and
• 15:54
  make
• 15:54
  sure
• 15:54
  that
• 15:54
  the
• 15:55
  person,
• 15:56
  venture
• 15:57
  fund
• 15:57
  or
• 15:57
  whatever
• 15:57
  that
• 15:58
  you're
• 15:58
  partnering
• 15:58
  with
• 15:59
  is
• 15:59
  someone
• 15:59
  that
• 15:59
  you
• 15:59
  really
• 16:00
  believe
• 16:00
  in
• 16:00
  and
• 16:00
  someone
• 16:01
  that
• 16:01
  can
• 16:01
  really
• 16:01
  help
• 16:01
  you.
• 16:02
  Because
• 16:03
  most
• 16:03
  of
• 16:03
  the
• 16:03
  time
• 16:03
  they're
• 16:03
  just
• 16:04
  like,
• 16:04
  we
• 16:04
  need
• 16:04
  money.
• 16:04
  Like,
• 16:05
  who
• 16:05
  can
• 16:05
  give
• 16:05
  us
• 16:05
  money?
• 16:06
  And
• 16:07
  that,
• 16:07
  okay,
• 16:08
  that's
• 16:08
  great,
• 16:10
  but
• 16:10
  you
• 16:10
  know,
• 16:10
  that,
• 16:11
  that,
• 16:11
  it's
• 16:12
  like,
• 16:12
  I
• 16:12
  think
• 16:12
  there's
• 16:12
  Adam
• 16:13
  Sandler
• 16:13
  movie
• 16:14
  where
• 16:14
  he's
• 16:14
  like,
• 16:14
  you
• 16:14
  know,
• 16:15
  I
• 16:15
  love
• 16:15
  money.
• 16:16
  You
• 16:16
  have
• 16:16
  money,
• 16:17
  you
• 16:17
  know?
• 16:19
  Right,
• 16:19
  okay.
• 16:20
  You
• 16:20
  know,
• 16:20
  that's
• 16:21
  like
• 16:21
  prostituted
• 16:22
  themselves
• 16:22
  for
• 16:22
  money
• 16:22
  basically.
• 16:23
  Yeah,
• 16:23
  that's
• 16:23
  kind
• 16:24
  of
• 16:24
  what
• 16:24
  you're
• 16:24
  saying.
• 16:24
  Yeah,
• 16:25
  kind
• 16:25
  of,
• 16:25
  yeah.
• 16:25
  And
• 16:26
  it's
• 16:26
  just
• 16:26
  not,
• 16:27
  you
• 16:27
  know,
• 16:27
  not
• 16:28
  good
• 16:28
  enough.
• 16:28
  Like
• 16:29
  you
• 16:29
  really
• 16:29
  need
• 16:29
  to
• 16:29
  have
• 16:29
  a
• 16:29
  sense
• 16:30
  for,
• 16:30
  you
• 16:30
  know,
• 16:31
  why
• 16:31
  are
• 16:31
  you
• 16:31
  raising
• 16:31
  the
• 16:31
  money?
• 16:32
  Are
• 16:32
  you
• 16:32
  raising
• 16:33
  it
• 16:33
  from
• 16:33
  someone
• 16:33
  who's
• 16:33
  really
• 16:34
  gonna
• 16:34
  be
• 16:34
  able
• 16:34
  to
• 16:34
  help
• 16:34
  you?
• 16:35
  And
• 16:35
  what
• 16:35
  does
• 16:35
  that
• 16:36
  look
• 16:36
  like?
• 16:36
  And
• 16:36
  I
• 16:36
  think
• 16:36
  the
• 16:37
  third
• 16:37
  thing
• 16:37
  that
• 16:37
  companies
• 16:38
  really
• 16:38
  need
• 16:38
  to
• 16:38
  think
• 16:39
  about
• 16:39
  is
• 16:40
  they
• 16:40
  have
• 16:40
  to
• 16:40
  have
• 16:40
  answers
• 16:41
  to
• 16:41
  all
• 16:41
  the
• 16:41
  key
• 16:41
  questions
• 16:42
  with
• 16:42
  things
• 16:42
  like
• 16:44
  how
• 16:44
  much
• 16:44
  working
• 16:45
  capital
• 16:45
  do
• 16:45
  they
• 16:45
  need
• 16:46
  for
• 16:46
  the
• 16:46
  inventory
• 16:46
  they're
• 16:47
  looking
• 16:47
  to
• 16:47
  build?
• 16:47
  Do
• 16:48
  they
• 16:48
  really
• 16:48
  know
• 16:48
  that?
• 16:49
  How
• 16:49
  fast
• 16:50
  are
• 16:50
  they
• 16:50
  going
• 16:50
  to
• 16:50
  scale
• 16:51
  their
• 16:51
  distribution?
• 16:52
  What
• 16:52
  is
• 16:52
  their
• 16:53
  marketing
• 16:53
  plan?
• 16:54
  When
• 16:54
  are
• 16:54
  they
• 16:54
  going
• 16:54
  to
• 16:54
  have
• 16:54
  to
• 16:55
  expand
• 16:55
  their
• 16:55
  product
• 16:56
  line?
• 16:57
  And
• 16:57
  how
• 16:58
  confident
• 16:58
  are
• 16:58
  they
• 16:58
  in
• 16:59
  their
• 16:59
  forecast?
• 16:59
  That's
• 16:59
  a
• 17:00
  huge
• 17:00
  thing.
• 17:00
  And
• 17:01
  all
• 17:01
  of
• 17:01
  that
• 17:01
  takes
• 17:01
  money.
• 17:02
  So
• 17:03
  if
• 17:03
  you
• 17:03
  have
• 17:03
  really
• 17:04
  good
• 17:04
  forecast
• 17:04
  accuracy,
• 17:05
  you're
• 17:05
  going
• 17:05
  to
• 17:05
  need
• 17:05
  way
• 17:06
  less
• 17:06
  money,
• 17:06
  have
• 17:07
  way
• 17:07
  less
• 17:07
  money
• 17:07
  to
• 17:07
  put
• 17:08
  in
• 17:08
  inventory
• 17:08
  than
• 17:08
  if
• 17:08
  your
• 17:09
  forecast
• 17:09
  error
• 17:09
  is
• 17:10
  75%
• 17:10
  or
• 17:10
  100%,
• 17:11
  which,
• 17:12
  as
• 17:12
  we
• 17:12
  know
• 17:13
  from
• 17:13
  our
• 17:13
  time
• 17:13
  working
• 17:14
  in
• 17:14
  inventory
• 17:14
  management
• 17:15
  at
• 17:15
  target
• 17:16
  is
• 17:16
  quite
• 17:17
  often.
• 17:17
  Yeah,
• 17:17
  it's
• 17:18
  probably
• 17:18
  more
• 17:18
  often
• 17:18
  than
• 17:18
  not
• 17:19
  that
• 17:19
  bad.
• 17:19
  Right?
• 17:20
  Like
• 17:20
  when
• 17:20
  you're
• 17:20
  talking
• 17:20
  about
• 17:21
  early
• 17:21
  stage
• 17:21
  consumer
• 17:22
  companies,
• 17:22
  I
• 17:22
  got
• 17:22
  to
• 17:23
  think,
• 17:23
  yeah.
• 17:23
  Oh,
• 17:24
  for
• 17:24
  sure.
• 17:24
  Yeah.
• 17:24
  There's
• 17:24
  always
• 17:25
  something
• 17:25
  in
• 17:25
  the
• 17:25
  wind
• 17:25
  and
• 17:26
  see
• 17:26
  what.
• 17:26
  Which
• 17:26
  way
• 17:26
  the
• 17:27
  wind
• 17:27
  blows.
• 17:27
  Yeah,
• 17:28
  yeah,
• 17:28
  exactly,
• 17:29
  exactly.
• 17:29
  So,
• 17:29
  I
• 17:29
  mean,
• 17:30
  all
• 17:30
  those
• 17:30
  things
• 17:30
  come
• 17:30
  into
• 17:31
  play,
• 17:31
  and
• 17:31
  I
• 17:32
  think
• 17:32
  the
• 17:32
  good
• 17:32
  early
• 17:33
  stage
• 17:33
  companies
• 17:33
  are
• 17:33
  thinking
• 17:34
  through
• 17:34
  all
• 17:34
  those
• 17:34
  things.
• 17:36
  All
• 17:36
  right,
• 17:36
  Carl,
• 17:36
  so
• 17:37
  let's
• 17:37
  swing
• 17:37
  this
• 17:37
  back
• 17:38
  around
• 17:38
  to
• 17:38
  the
• 17:38
  retail
• 17:39
  side
• 17:39
  of
• 17:39
  things.
• 17:39
  So
• 17:40
  you've
• 17:40
  already
• 17:41
  established
• 17:41
  that
• 17:41
  there's
• 17:41
  less
• 17:42
  money
• 17:42
  going
• 17:42
  around.
• 17:43
  There's
• 17:43
  still
• 17:44
  a
• 17:44
  lot
• 17:44
  of
• 17:44
  good
• 17:44
  consumer
• 17:45
  startups
• 17:45
  out
• 17:46
  there.
• 17:46
  But
• 17:47
  what
• 17:47
  does
• 17:47
  it
• 17:47
  imply
• 17:47
  for
• 17:48
  retailers,
• 17:49
  on
• 17:49
  the
• 17:49
  one
• 17:49
  hand,
• 17:49
  who
• 17:49
  are
• 17:50
  dealing
• 17:50
  with
• 17:50
  the
• 17:50
  brands
• 17:51
  that
• 17:51
  are
• 17:51
  getting
• 17:52
  funded,
• 17:52
  but
• 17:53
  then
• 17:53
  vice
• 17:53
  versa
• 17:54
  for
• 17:54
  the
• 17:54
  brands
• 17:54
  that
• 17:54
  are
• 17:54
  trying
• 17:55
  to
• 17:55
  sell
• 17:55
  into
• 17:56
  those
• 17:56
  retailers?
• 17:56
  How
• 17:57
  should
• 17:57
  each
• 17:57
  side
• 17:58
  think
• 17:58
  about
• 17:59
  things
• 17:59
  as
• 17:59
  they're
• 17:59
  sitting
• 18:00
  across
• 18:00
  the
• 18:00
  negotiating
• 18:01
  table
• 18:01
  with
• 18:02
  one
• 18:02
  another?
• 18:02
  Because
• 18:03
  the
• 18:03
  incentives
• 18:03
  have
• 18:03
  to
• 18:04
  align
• 18:04
  for
• 18:04
  there
• 18:04
  to
• 18:04
  be
• 18:04
  success.
• 18:05
  Right?
• 18:06
  You
• 18:06
  are
• 18:06
  totally
• 18:07
  right.
• 18:07
  I
• 18:07
  mean,
• 18:07
  that's
• 18:08
  a
• 18:08
  really
• 18:08
  great
• 18:08
  question.
• 18:11
  One
• 18:11
  of
• 18:11
  the
• 18:11
  things,
• 18:12
  one
• 18:12
  of
• 18:12
  the
• 18:12
  roles
• 18:12
  I
• 18:12
  had
• 18:12
  a
• 18:13
  target
• 18:13
  was
• 18:13
  on
• 18:13
  the
• 18:14
  negotiations
• 18:15
  team,
• 18:15
  and
• 18:15
  we
• 18:15
  used
• 18:16
  to
• 18:16
  talk
• 18:16
  all
• 18:16
  the
• 18:16
  time
• 18:17
  about
• 18:17
  empathizing
• 18:17
  with
• 18:18
  the
• 18:18
  other
• 18:18
  side.
• 18:19
  And
• 18:19
  I
• 18:19
  think
• 18:19
  that
• 18:19
  is
• 18:20
  like,
• 18:21
  it's
• 18:21
  a
• 18:22
  skill,
• 18:22
  but
• 18:23
  it's
• 18:23
  also
• 18:23
  an
• 18:23
  art.
• 18:24
  And
• 18:24
  it's
• 18:24
  an
• 18:24
  absolute
• 18:25
  requirement
• 18:25
  with
• 18:26
  early
• 18:26
  stage
• 18:26
  businesses
• 18:27
  if
• 18:27
  you're
• 18:28
  going
• 18:28
  to
• 18:28
  be
• 18:28
  a
• 18:29
  success
• 18:29
  as
• 18:29
  a
• 18:30
  retailer,
• 18:30
  bringing
• 18:30
  them.
• 18:30
  In,
• 18:32
  we
• 18:32
  hear
• 18:32
  all
• 18:32
  the
• 18:32
  time
• 18:33
  about
• 18:33
  every
• 18:33
  retailer
• 18:34
  is
• 18:34
  talking
• 18:34
  about
• 18:35
  trying
• 18:35
  to
• 18:35
  keep
• 18:36
  their
• 18:36
  startup
• 18:37
  brands,
• 18:37
  give
• 18:38
  them
• 18:38
  more
• 18:38
  space
• 18:38
  on
• 18:39
  the
• 18:39
  shelf.
• 18:40
  Absolutely.
• 18:41
  And
• 18:41
  I
• 18:41
  can
• 18:41
  understand
• 18:41
  why
• 18:42
  they're
• 18:42
  saying
• 18:42
  that
• 18:43
  that's
• 18:43
  a
• 18:43
  good
• 18:43
  thing.
• 18:44
  But
• 18:44
  at
• 18:44
  the
• 18:44
  same
• 18:45
  time,
• 18:46
  if
• 18:46
  you're
• 18:46
  going
• 18:46
  into
• 18:47
  these
• 18:47
  negotiations
• 18:48
  and
• 18:48
  you're
• 18:48
  saying,
• 18:50
  give
• 18:50
  me
• 18:50
  90
• 18:50
  days
• 18:51
  dating
• 18:52
  in
• 18:53
  order
• 18:53
  for
• 18:53
  you
• 18:53
  to
• 18:53
  get
• 18:53
  on
• 18:54
  my
• 18:54
  shelf
• 18:54
  for
• 18:54
  an
• 18:54
  early
• 18:55
  stage
• 18:55
  consumer
• 18:55
  business,
• 18:56
  I
• 18:56
  mean,
• 18:56
  that
• 18:56
  could
• 18:56
  be
• 18:57
  the
• 18:57
  death
• 18:57
  knell
• 18:57
  for
• 18:57
  them.
• 18:58
  They
• 18:59
  are
• 18:59
  running
• 18:59
  cash
• 18:59
  to
• 19:00
  cash.
• 19:01
  Their
• 19:01
  goal
• 19:01
  is
• 19:01
  to
• 19:01
  get
• 19:02
  money
• 19:02
  back
• 19:02
  in
• 19:02
  the
• 19:02
  coffers
• 19:03
  as
• 19:03
  fast
• 19:03
  as
• 19:03
  they
• 19:04
  can
• 19:04
  so
• 19:04
  they
• 19:04
  can
• 19:04
  produce
• 19:04
  inventory.
• 19:05
  And
• 19:07
  I
• 19:07
  actually
• 19:07
  heard
• 19:08
  about
• 19:08
  that
• 19:08
  recently
• 19:08
  from
• 19:08
  a
• 19:09
  major
• 19:09
  retailer.
• 19:09
  There
• 19:09
  was
• 19:10
  a
• 19:10
  buyer
• 19:10
  that
• 19:10
  was
• 19:11
  demanding
• 19:11
  90
• 19:11
  days
• 19:11
  dating
• 19:12
  from
• 19:12
  startups
• 19:13
  that
• 19:13
  were
• 19:13
  selling
• 19:13
  into
• 19:14
  their
• 19:14
  assortment.
• 19:14
  That
• 19:15
  is
• 19:15
  just
• 19:15
  insane
• 19:16
  to
• 19:16
  me.
• 19:16
  So
• 19:17
  there's
• 19:18
  things
• 19:18
  like
• 19:18
  that
• 19:18
  where
• 19:19
  you
• 19:19
  really
• 19:19
  have
• 19:19
  to
• 19:19
  empathize
• 19:20
  with
• 19:20
  what
• 19:20
  are
• 19:20
  the
• 19:20
  wants
• 19:21
  and
• 19:21
  needs
• 19:21
  of
• 19:21
  the
• 19:21
  other
• 19:21
  side
• 19:22
  of
• 19:22
  the
• 19:22
  table.
• 19:22
  And
• 19:22
  it
• 19:23
  goes
• 19:23
  both
• 19:23
  ways.
• 19:24
  I
• 19:25
  also
• 19:25
  think
• 19:25
  retailers
• 19:26
  tend
• 19:26
  to
• 19:26
  think
• 19:26
  that
• 19:27
  if
• 19:27
  they
• 19:27
  give
• 19:27
  a
• 19:28
  startup
• 19:28
  company
• 19:28
  a
• 19:28
  full
• 19:29
  store
• 19:29
  rollout,
• 19:30
  that's
• 19:31
  a
• 19:31
  win.
• 19:31
  Well,
• 19:32
  and
• 19:32
  I
• 19:32
  think
• 19:32
  the
• 19:32
  companies
• 19:32
  themselves
• 19:33
  probably
• 19:33
  think
• 19:33
  that's
• 19:33
  a
• 19:34
  win
• 19:34
  until
• 19:35
  they
• 19:35
  leave
• 19:35
  and
• 19:35
  two
• 19:35
  months
• 19:36
  later
• 19:36
  they
• 19:36
  realize
• 19:36
  there's
• 19:37
  no
• 19:37
  way
• 19:37
  they
• 19:37
  can
• 19:37
  produce
• 19:37
  in
• 19:38
  time
• 19:38
  for
• 19:38
  that.
• 19:38
  And
• 19:39
  then
• 19:39
  it's
• 19:39
  a
• 19:39
  huge
• 19:39
  loss.
• 19:40
  And
• 19:41
  so
• 19:42
  I
• 19:42
  think
• 19:42
  the
• 19:42
  companies
• 19:43
  have
• 19:44
  to
• 19:44
  be
• 19:44
  responsible
• 19:45
  enough
• 19:45
  to
• 19:45
  know
• 19:45
  what
• 19:46
  can
• 19:46
  they
• 19:46
  actually
• 19:46
  take
• 19:46
  on,
• 19:47
  how
• 19:47
  much
• 19:48
  is
• 19:48
  too
• 19:48
  much
• 19:49
  to
• 19:49
  bite
• 19:49
  off
• 19:50
  and
• 19:51
  how
• 19:51
  do
• 19:51
  they
• 19:51
  kind
• 19:51
  of
• 19:52
  dial
• 19:52
  it
• 19:52
  in
• 19:52
  so
• 19:52
  that
• 19:52
  they
• 19:53
  can
• 19:54
  be
• 19:54
  as
• 19:54
  effective
• 19:54
  as
• 19:55
  they
• 19:55
  can
• 19:55
  be
• 19:55
  to
• 19:55
  make
• 19:55
  the
• 19:56
  retailer
• 19:56
  happy
• 19:56
  and
• 19:56
  vice
• 19:57
  versa.
• 19:57
  So
• 20:00
  I
• 20:00
  think
• 20:01
  it's
• 20:01
  really
• 20:01
  something
• 20:01
  that
• 20:02
  both
• 20:02
  the
• 20:02
  retailers
• 20:03
  and
• 20:03
  the
• 20:03
  startup
• 20:04
  companies
• 20:04
  are
• 20:04
  in
• 20:05
  the
• 20:05
  early
• 20:05
  stage.
• 20:05
  Consumer
• 20:05
  companies
• 20:06
  have
• 20:06
  to
• 20:06
  keep
• 20:07
  front
• 20:07
  and
• 20:07
  center.
• 20:07
  It's
• 20:07
  just
• 20:08
  know
• 20:08
  what
• 20:08
  the
• 20:08
  other
• 20:08
  side
• 20:09
  wants
• 20:09
  and
• 20:10
  needs.
• 20:10
  And
• 20:11
  how
• 20:11
  do
• 20:11
  you
• 20:11
  find
• 20:11
  a
• 20:11
  point
• 20:11
  of
• 20:11
  commonality
• 20:12
  in
• 20:12
  between
• 20:12
  that'll
• 20:13
  be
• 20:13
  a
• 20:13
  win
• 20:13
  win.
• 20:14
  Carl,
• 20:15
  how
• 20:15
  do
• 20:15
  you
• 20:15
  recommend
• 20:16
  brands
• 20:16
  grow
• 20:16
  with
• 20:17
  large
• 20:17
  national
• 20:18
  scale
• 20:18
  retailers?
• 20:19
  Do
• 20:19
  you
• 20:20
  recommend
• 20:20
  that
• 20:20
  they
• 20:20
  take
• 20:20
  a
• 20:21
  regional
• 20:21
  approach?
• 20:21
  Approach
• 20:22
  to
• 20:22
  it?
• 20:22
  Do
• 20:22
  they
• 20:23
  have
• 20:23
  to
• 20:23
  think
• 20:23
  about
• 20:24
  where
• 20:24
  their
• 20:24
  supply
• 20:25
  network
• 20:25
  is
• 20:25
  the
• 20:25
  strongest
• 20:26
  and
• 20:26
  grow
• 20:26
  out
• 20:26
  from
• 20:27
  there?
• 20:27
  Like
• 20:28
  they
• 20:28
  open
• 20:28
  up
• 20:29
  the
• 20:29
  covers
• 20:29
  to
• 20:29
  all
• 20:29
  that?
• 20:30
  What's
• 20:30
  your
• 20:30
  take
• 20:31
  on
• 20:31
  that?
• 20:32
  Yeah,
• 20:32
  I
• 20:32
  mean,
• 20:33
  and
• 20:33
  you
• 20:33
  guys
• 20:34
  know
• 20:34
  a
• 20:34
  lot
• 20:35
  more
• 20:35
  than
• 20:35
  I
• 20:35
  do
• 20:36
  about
• 20:36
  how
• 20:36
  it
• 20:36
  is,
• 20:36
  how
• 20:37
  it
• 20:37
  manifests
• 20:37
  itself
• 20:38
  across
• 20:38
  different
• 20:38
  retailers.
• 20:39
  But
• 20:40
  I
• 20:40
  would,
• 20:40
  I
• 20:40
  mean,
• 20:41
  what
• 20:41
  I
• 20:41
  advise
• 20:41
  the
• 20:42
  companies
• 20:42
  I
• 20:42
  invest
• 20:42
  in
• 20:43
  is
• 20:43
  it's
• 20:44
  good
• 20:44
  to
• 20:44
  start
• 20:44
  on
• 20:44
  Amazon,
• 20:45
  it's
• 20:45
  good
• 20:45
  to
• 20:45
  start
• 20:45
  DTC.
• 20:46
  That's
• 20:47
  a
• 20:47
  good
• 20:47
  place
• 20:47
  to
• 20:48
  like
• 20:48
  take
• 20:48
  a
• 20:48
  first
• 20:49
  step.
• 20:49
  Then
• 20:49
  your
• 20:50
  second
• 20:50
  step
• 20:50
  should
• 20:50
  be
• 20:51
  either
• 20:51
  in
• 20:51
  a
• 20:52
  regional
• 20:53
  portion
• 20:54
  of
• 20:54
  a
• 20:55
  major
• 20:55
  retailer
• 20:56
  or
• 20:56
  a
• 20:57
  smaller
• 20:57
  independent
• 20:58
  retailer
• 20:59
  or
• 21:00
  some
• 21:00
  sort
• 21:00
  of
• 21:00
  a
• 21:00
  small
• 21:01
  chain
• 21:01
  so
• 21:01
  that
• 21:01
  you
• 21:02
  can
• 21:02
  start
• 21:03
  to
• 21:03
  get
• 21:03
  up
• 21:03
  to
• 21:03
  speed
• 21:04
  and
• 21:04
  learn
• 21:05
  about
• 21:05
  that
• 21:05
  forecast
• 21:05
  error,
• 21:06
  learn
• 21:06
  what
• 21:06
  the
• 21:07
  product
• 21:07
  market
• 21:07
  fit
• 21:08
  is,
• 21:08
  learn
• 21:08
  what
• 21:08
  the
• 21:08
  demand
• 21:09
  is
• 21:09
  for
• 21:09
  the
• 21:09
  products
• 21:10
  before
• 21:11
  you
• 21:12
  launch.
• 21:13
  In
• 21:13
  all
• 21:13
  Walmart
• 21:13
  stores.
• 21:14
  For
• 21:14
  instance,
• 21:15
  to
• 21:15
  go
• 21:15
  from,
• 21:16
  I
• 21:16
  know
• 21:17
  of
• 21:17
  some
• 21:17
  companies
• 21:17
  have
• 21:17
  gone
• 21:18
  from,
• 21:18
  you
• 21:18
  know,
• 21:19
  selling
• 21:20
  on
• 21:20
  Amazon
• 21:21
  $2
• 21:21
  million
• 21:22
  a
• 21:22
  year
• 21:22
  to
• 21:23
  full
• 21:23
  Walmart
• 21:23
  sets.
• 21:25
  That's
• 21:25
  a
• 21:25
  big
• 21:26
  stretch.
• 21:26
  And
• 21:26
  to
• 21:27
  be
• 21:27
  able
• 21:27
  to
• 21:27
  make
• 21:28
  that
• 21:28
  jump
• 21:30
  is
• 21:31
  hard
• 21:31
  to
• 21:31
  do.
• 21:31
  So
• 21:32
  you
• 21:32
  have
• 21:32
  to
• 21:32
  be
• 21:32
  able
• 21:32
  to
• 21:34
  insulate
• 21:34
  yourself
• 21:35
  and
• 21:36
  have
• 21:36
  enough
• 21:36
  data
• 21:36
  points
• 21:36
  so
• 21:37
  that
• 21:37
  when
• 21:37
  you
• 21:37
  do
• 21:37
  get
• 21:37
  into
• 21:38
  get
• 21:38
  that
• 21:38
  big
• 21:39
  Walmart
• 21:39
  purchase
• 21:39
  order,
• 21:40
  you're
• 21:41
  ready
• 21:41
  to
• 21:41
  rock.
• 21:41
  And
• 21:42
  so
• 21:42
  that's
• 21:42
  really,
• 21:43
  really
• 21:43
  key.
• 21:43
  Carl,
• 21:44
  I'm
• 21:44
  curious
• 21:45
  how
• 21:46
  you
• 21:46
  think
• 21:47
  about
• 21:47
  some
• 21:48
  of
• 21:48
  these
• 21:48
  smaller
• 21:48
  scale
• 21:49
  rollouts.
• 21:49
  Like,
• 21:49
  I'm
• 21:49
  thinking
• 21:50
  of
• 21:50
  Target.
• 21:50
  Like,
• 21:50
  we're
• 21:51
  going
• 21:51
  to
• 21:51
  roll
• 21:51
  you
• 21:51
  out
• 21:51
  in
• 21:51
  250
• 21:52
  stores
• 21:53
  and
• 21:53
  then
• 21:53
  see
• 21:53
  how
• 21:53
  that
• 21:54
  goes.
• 21:54
  Like,
• 21:54
  have
• 21:55
  you,
• 21:55
  do
• 21:55
  you
• 21:55
  have
• 21:55
  any
• 21:56
  advice
• 21:56
  or
• 21:56
  have
• 21:56
  you
• 21:57
  seen
• 21:57
  successes
• 21:58
  or
• 21:58
  failures
• 21:59
  on
• 21:59
  either
• 21:59
  side?
• 22:00
  Because
• 22:00
  that's,
• 22:00
  that's
• 22:00
  kind
• 22:00
  of
• 22:01
  your
• 22:01
  one
• 22:01
  big
• 22:01
  shot.
• 22:02
  And
• 22:02
  if
• 22:02
  you
• 22:02
  don't
• 22:02
  pay
• 22:02
  it
• 22:03
  off
• 22:03
  in
• 22:03
  the
• 22:03
  250
• 22:04
  stores,
• 22:04
  there's
• 22:04
  no
• 22:04
  way
• 22:04
  you're
• 22:05
  going
• 22:05
  to
• 22:05
  go
• 22:05
  chain
• 22:05
  wide.
• 22:07
  What
• 22:07
  do
• 22:07
  you,
• 22:07
  what
• 22:07
  do
• 22:07
  you
• 22:08
  recommend
• 22:08
  to
• 22:09
  some
• 22:09
  of
• 22:09
  your
• 22:09
  clients
• 22:09
  or
• 22:10
  some
• 22:10
  of
• 22:10
  the
• 22:10
  early
• 22:11
  stage
• 22:11
  consumer
• 22:11
  brands
• 22:12
  that
• 22:12
  are,
• 22:12
  that
• 22:12
  are,
• 22:13
  you
• 22:13
  know,
• 22:13
  maybe
• 22:13
  going
• 22:13
  from
• 22:13
  that
• 22:14
  regional
• 22:14
  player
• 22:14
  now
• 22:15
  into
• 22:15
  a
• 22:15
  smaller
• 22:16
  subset
• 22:16
  of
• 22:17
  Target
• 22:17
  or
• 22:17
  Walmart
• 22:18
  stores?
• 22:19
  Yeah,
• 22:20
  I
• 22:20
  think,
• 22:21
  honestly,
• 22:22
  I
• 22:22
  would
• 22:22
  say
• 22:22
  it's
• 22:23
  a
• 22:23
  blessing
• 22:23
  in
• 22:23
  disguise
• 22:24
  to
• 22:24
  a
• 22:24
  lot
• 22:24
  of
• 22:24
  these
• 22:25
  early
• 22:25
  stage
• 22:26
  consumer
• 22:26
  brands
• 22:26
  that
• 22:27
  think
• 22:27
  like,
• 22:27
  oh,
• 22:27
  we
• 22:27
  only
• 22:28
  got
• 22:28
  250
• 22:28
  stores.
• 22:29
  No,
• 22:29
  no,
• 22:29
  no.
• 22:30
  Actually
• 22:30
  250
• 22:31
  stores
• 22:31
  is
• 22:31
  great
• 22:31
  because
• 22:32
  you're
• 22:33
  going
• 22:33
  to
• 22:33
  either
• 22:33
  succeed
• 22:34
  in
• 22:34
  250
• 22:34
  stores
• 22:34
  and
• 22:35
  get
• 22:35
  rolled
• 22:35
  out
• 22:35
  to
• 22:35
  more
• 22:36
  or
• 22:36
  you're
• 22:36
  going
• 22:36
  to
• 22:36
  fail.
• 22:37
  Well,
• 22:37
  if
• 22:38
  you
• 22:38
  were
• 22:38
  put
• 22:39
  in
• 22:39
  1700
• 22:39
  stores
• 22:40
  or
• 22:40
  2000
• 22:40
  stores
• 22:41
  and
• 22:41
  you
• 22:41
  failed
• 22:42
  to,
• 22:42
  that's
• 22:42
  just
• 22:42
  a
• 22:42
  colossal
• 22:43
  disaster,
• 22:43
  you
• 22:43
  know,
• 22:43
  and
• 22:44
  so
• 22:44
  better
• 22:44
  to
• 22:45
  start.
• 22:45
  You
• 22:46
  know,
• 22:46
  I,
• 22:47
  the
• 22:48
  way
• 22:48
  I
• 22:48
  kind
• 22:48
  of
• 22:48
  liken
• 22:48
  it
• 22:48
  is
• 22:49
  to
• 22:49
  baseball,
• 22:49
  which
• 22:49
  is
• 22:50
  like,
• 22:50
  you
• 22:50
  know,
• 22:50
  better
• 22:50
  to
• 22:51
  like,
• 22:51
  have
• 22:51
  your
• 22:51
  slump,
• 22:51
  your
• 22:52
  batting
• 22:52
  slump
• 22:52
  when
• 22:52
  you're
• 22:52
  playing
• 22:53
  in
• 22:53
  single
• 22:53
  a
• 22:54
  versus,
• 22:54
  like,
• 22:54
  going
• 22:55
  straight
• 22:55
  to
• 22:55
  the
• 22:55
  major
• 22:55
  leagues
• 22:56
  and
• 22:56
  under
• 22:56
  the
• 22:56
  bright
• 22:56
  lights,
• 22:56
  having
• 22:57
  a
• 22:57
  major
• 22:57
  batting
• 22:57
  slump,
• 22:58
  better
• 22:58
  to
• 22:58
  do
• 22:59
  it,
• 22:59
  you
• 22:59
  know,
• 22:59
  down
• 22:59
  in
• 22:59
  the
• 22:59
  minors,
• 23:00
  get
• 23:00
  your
• 23:01
  sea
• 23:01
  legs
• 23:01
  and
• 23:01
  then
• 23:02
  be
• 23:02
  able
• 23:02
  to
• 23:02
  move
• 23:02
  up
• 23:02
  kind
• 23:03
  of
• 23:03
  through
• 23:03
  the
• 23:03
  ranks.
• 23:03
  I
• 23:04
  think
• 23:04
  that's
• 23:04
  actually
• 23:04
  a
• 23:05
  good
• 23:05
  thing.
• 23:05
  Yeah.
• 23:06
  Well,
• 23:06
  the
• 23:06
  other
• 23:06
  point
• 23:06
  I
• 23:06
  bring
• 23:07
  up,
• 23:07
  too,
• 23:07
  from
• 23:07
  the
• 23:08
  standpoint
• 23:08
  of
• 23:08
  the
• 23:08
  entrepreneur,
• 23:09
  having
• 23:10
  an,
• 23:10
  and
• 23:10
  I
• 23:10
  live,
• 23:11
  live
• 23:11
  the
• 23:11
  entrepreneurial
• 23:12
  life
• 23:12
  now
• 23:12
  for
• 23:12
  eight
• 23:12
  years,
• 23:13
  is
• 23:13
  there's
• 23:13
  a
• 23:13
  whole
• 23:13
  lot
• 23:14
  of
• 23:14
  collateral
• 23:14
  damage
• 23:14
  that
• 23:15
  comes,
• 23:16
  you
• 23:16
  know,
• 23:16
  at
• 23:17
  you
• 23:17
  from
• 23:17
  a
• 23:17
  family
• 23:18
  standpoint,
• 23:18
  a
• 23:18
  personal
• 23:19
  standpoint,
• 23:19
  if
• 23:19
  you
• 23:19
  take
• 23:20
  on
• 23:20
  too
• 23:20
  big
• 23:20
  of
• 23:20
  a
• 23:20
  challenge
• 23:21
  too
• 23:21
  quickly
• 23:21
  as
• 23:22
  well.
• 23:22
  So
• 23:22
  that's
• 23:22
  something
• 23:22
  to
• 23:23
  also
• 23:23
  point
• 23:23
  out.
• 23:24
  Amen.
• 23:25
  Yeah,
• 23:25
  that's,
• 23:25
  that's
• 23:25
  not
• 23:25
  in
• 23:26
  the
• 23:26
  financials,
• 23:26
  but
• 23:26
  that's,
• 23:27
  that's
• 23:27
  totally
• 23:28
  true.
• 23:28
  Right?
• 23:29
  Yeah.
• 23:29
  It's
• 23:29
  a
• 23:29
  good
• 23:29
  thing
• 23:29
  to
• 23:29
  keep
• 23:30
  in
• 23:30
  mind,
• 23:30
  though,
• 23:30
  if
• 23:31
  you're,
• 23:31
  if
• 23:31
  you
• 23:31
  got
• 23:31
  your
• 23:32
  eye
• 23:32
  on
• 23:32
  that
• 23:32
  brass
• 23:32
  ring
• 23:33
  that
• 23:33
  is
• 23:33
  the
• 23:34
  full
• 23:34
  chain
• 23:35
  rollout
• 23:35
  before
• 23:35
  you're
• 23:35
  ready.
• 23:36
  Absolutely.
• 23:37
  Yeah.
• 23:38
  Well,
• 23:38
  Carl,
• 23:39
  let's
• 23:39
  shift
• 23:39
  gears
• 23:39
  a
• 23:39
  little
• 23:39
  bit
• 23:40
  and
• 23:40
  talk
• 23:40
  about
• 23:40
  trends.
• 23:41
  I'm
• 23:41
  curious
• 23:42
  to
• 23:42
  get
• 23:42
  your
• 23:43
  perspective.
• 23:43
  You're
• 23:43
  deep
• 23:44
  in
• 23:44
  this.
• 23:44
  What
• 23:45
  trends
• 23:45
  are
• 23:45
  you
• 23:45
  seeing
• 23:45
  now
• 23:46
  and
• 23:46
  what
• 23:47
  trends
• 23:47
  are
• 23:47
  kind
• 23:47
  of
• 23:47
  dying
• 23:48
  off.
• 23:49
  Yeah.
• 23:49
  So
• 23:49
  there's
• 23:50
  I
• 23:50
  would
• 23:50
  say
• 23:50
  a
• 23:50
  few
• 23:51
  big,
• 23:51
  big
• 23:51
  trends
• 23:52
  and
• 23:52
  then
• 23:52
  there's
• 23:53
  a
• 23:53
  bunch
• 23:53
  of
• 23:53
  sort
• 23:54
  of
• 23:54
  like
• 23:55
  flavor
• 23:55
  of
• 23:55
  the
• 23:55
  month
• 23:55
  club
• 23:56
  stuff.
• 23:56
  Um,
• 23:57
  I'm
• 23:57
  going
• 23:57
  to
• 23:57
  steer
• 23:57
  clear
• 23:57
  of
• 23:57
  the
• 23:58
  favorite
• 23:58
  flavor
• 23:58
  of
• 23:58
  the
• 23:58
  month
• 23:58
  club
• 23:59
  stuff
• 23:59
  because,
• 23:59
  you
• 24:00
  know,
• 24:00
  I
• 24:00
  could
• 24:00
  tell
• 24:00
  you
• 24:00
  product
• 24:01
  trends
• 24:01
  that
• 24:01
  are
• 24:01
  hot,
• 24:02
  they've
• 24:02
  been
• 24:02
  hot
• 24:02
  the
• 24:02
  past
• 24:03
  six
• 24:03
  months
• 24:03
  or
• 24:03
  the
• 24:03
  past
• 24:03
  three
• 24:04
  months
• 24:04
  or
• 24:04
  whatever.
• 24:05
  That
• 24:05
  scares
• 24:05
  me,
• 24:06
  honestly.
• 24:06
  I
• 24:06
  steer
• 24:06
  clear
• 24:07
  of
• 24:07
  those
• 24:07
  most
• 24:07
  likely
• 24:08
  because
• 24:08
  they
• 24:08
  usually
• 24:08
  don't
• 24:09
  have
• 24:09
  staying
• 24:09
  cover,
• 24:10
  you
• 24:10
  know,
• 24:10
  and
• 24:10
  so
• 24:10
  it's
• 24:10
  like
• 24:10
  you.
• 24:11
  Were
• 24:11
  just
• 24:11
  saying,
• 24:11
  like,
• 24:12
  what's
• 24:12
  going
• 24:12
  to
• 24:12
  be
• 24:12
  here
• 24:12
  in
• 24:12
  ten
• 24:13
  years?
• 24:13
  And
• 24:13
  bingo.
• 24:14
  Yeah,
• 24:14
  that's
• 24:15
  exactly
• 24:15
  right.
• 24:15
  So
• 24:16
  talking
• 24:17
  more
• 24:17
  about
• 24:17
  the
• 24:17
  big
• 24:18
  trends,
• 24:18
  I
• 24:19
  already
• 24:19
  mentioned
• 24:19
  AI.
• 24:20
  That's
• 24:21
  a
• 24:21
  big
• 24:21
  trend
• 24:21
  for
• 24:21
  investing.
• 24:22
  It's
• 24:22
  a
• 24:22
  big
• 24:22
  trend
• 24:23
  for
• 24:23
  investing
• 24:23
  with
• 24:24
  genai
• 24:24
  companies,
• 24:25
  obviously,
• 24:26
  and
• 24:26
  the
• 24:27
  supporting
• 24:27
  functions
• 24:27
  for
• 24:28
  those.
• 24:28
  But
• 24:28
  then
• 24:28
  there's
• 24:28
  also
• 24:29
  tons
• 24:29
  of
• 24:29
  consumer
• 24:30
  businesses
• 24:30
  that
• 24:31
  are
• 24:31
  AI
• 24:31
  driven
• 24:31
  that
• 24:31
  are
• 24:32
  coming
• 24:32
  out
• 24:32
  right
• 24:32
  now.
• 24:33
  I've
• 24:33
  seen
• 24:33
  a
• 24:34
  bunch
• 24:34
  recently,
• 24:36
  and
• 24:37
  as
• 24:37
  we
• 24:37
  talked
• 24:37
  about
• 24:37
  earlier,
• 24:38
  it
• 24:38
  is
• 24:38
  like
• 24:38
  the.com
• 24:39
  bubble
• 24:39
  where
• 24:40
  everyone
• 24:40
  knows
• 24:40
  that
• 24:41
  AI
• 24:41
  is
• 24:41
  going
• 24:41
  to
• 24:41
  be
• 24:41
  huge.
• 24:42
  I
• 24:42
  mean,
• 24:42
  everybody
• 24:43
  knows
• 24:43
  it
• 24:43
  and
• 24:43
  everyone
• 24:44
  is
• 24:45
  investing
• 24:45
  based
• 24:45
  on
• 24:45
  that.
• 24:46
  Is
• 24:47
  so
• 24:47
  many
• 24:47
  companies
• 24:48
  that
• 24:48
  have
• 24:48
  sort
• 24:48
  of
• 24:49
  incomplete
• 24:49
  business
• 24:50
  models
• 24:50
  are
• 24:50
  getting
• 24:51
  funded
• 24:51
  to
• 24:51
  like
• 24:52
  a
• 24:52
  pretty
• 24:52
  high
• 24:52
  valuation
• 24:53
  right
• 24:53
  now
• 24:54
  that,
• 24:54
  you
• 24:55
  know,
• 24:55
  that
• 24:55
  these
• 24:55
  guys
• 24:55
  aren't
• 24:55
  going
• 24:55
  to
• 24:56
  be
• 24:56
  successful.
• 24:56
  I
• 24:56
  mean,
• 24:56
  for
• 24:57
  every,
• 24:57
  you
• 24:57
  know,
• 24:57
  Amazon,
• 24:58
  there
• 24:58
  was
• 24:58
  pets.com,
• 24:59
  you
• 24:59
  know,
• 25:00
  there
• 25:00
  for
• 25:00
  every,
• 25:00
  you
• 25:01
  know,
• 25:01
  and
• 25:01
  there
• 25:01
  was
• 25:01
  all,
• 25:01
  I
• 25:02
  mean,
• 25:02
  early
• 25:03
  on
• 25:03
  pets.com
• 25:03
  and
• 25:04
  Amazon,
• 25:04
  it
• 25:04
  was
• 25:04
  like
• 25:05
  Amazon
• 25:05
  was
• 25:05
  for
• 25:05
  books,
• 25:06
  pets.com
• 25:07
  was
• 25:07
  for
• 25:07
  pets.
• 25:08
  And
• 25:08
  they
• 25:08
  were
• 25:08
  like
• 25:08
  the
• 25:08
  same
• 25:09
  thing,
• 25:09
  you
• 25:09
  know,
• 25:10
  and
• 25:10
  to
• 25:10
  see
• 25:10
  how
• 25:10
  they're,
• 25:11
  you
• 25:11
  know,
• 25:11
  there's
• 25:11
  been
• 25:11
  such
• 25:12
  a
• 25:12
  huge
• 25:12
  divergence
• 25:12
  in
• 25:13
  their
• 25:13
  paths.
• 25:14
  It's
• 25:14
  going
• 25:14
  to
• 25:14
  be
• 25:14
  the
• 25:14
  same
• 25:15
  thing
• 25:15
  with
• 25:15
  all
• 25:15
  these
• 25:16
  AI
• 25:16
  companies.
• 25:16
  There's
• 25:17
  going
• 25:17
  to
• 25:17
  be
• 25:17
  a
• 25:17
  few
• 25:17
  that
• 25:17
  are
• 25:17
  going
• 25:18
  to
• 25:18
  be
• 25:18
  massively
• 25:18
  huge
• 25:19
  and
• 25:19
  really
• 25:19
  successful.
• 25:20
  And
• 25:20
  there's
• 25:20
  going
• 25:20
  to
• 25:20
  be
• 25:21
  a
• 25:21
  bunch
• 25:21
  that
• 25:21
  are
• 25:21
  going
• 25:21
  to
• 25:21
  go
• 25:21
  by
• 25:21
  the
• 25:21
  wayside
• 25:22
  and
• 25:23
  picking
• 25:23
  the
• 25:23
  winners
• 25:23
  is
• 25:23
  a
• 25:23
  little
• 25:24
  hard
• 25:24
  to
• 25:24
  tell
• 25:24
  right
• 25:25
  now.
• 25:26
  Anyway.
• 25:27
  Not
• 25:27
  surprisingly,
• 25:28
  I
• 25:28
  steer
• 25:28
  clear
• 25:28
  of
• 25:29
  things
• 25:29
  that
• 25:29
  are
• 25:31
  pure
• 25:31
  AI
• 25:32
  platforms
• 25:32
  because
• 25:33
  you're
• 25:33
  closing
• 25:33
  your
• 25:34
  eyes
• 25:34
  and
• 25:34
  throwing
• 25:34
  a
• 25:34
  dart
• 25:34
  at
• 25:34
  dartboard,
• 25:35
  then
• 25:36
  there's
• 25:36
  going
• 25:36
  to
• 25:36
  be
• 25:36
  a
• 25:36
  lot
• 25:36
  of
• 25:36
  fallout.
• 25:39
  The
• 25:40
  thing
• 25:40
  I
• 25:40
  do
• 25:40
  think
• 25:41
  about
• 25:41
  for
• 25:41
  every
• 25:42
  business
• 25:42
  I
• 25:42
  look
• 25:42
  to
• 25:42
  invest
• 25:43
  in
• 25:43
  is
• 25:43
  how
• 25:44
  will
• 25:44
  AI
• 25:44
  help
• 25:45
  this
• 25:45
  business
• 25:46
  or
• 25:46
  how
• 25:46
  will
• 25:46
  AI
• 25:47
  disintermediate
• 25:48
  it
• 25:49
  or
• 25:49
  kill
• 25:49
  it?
• 25:50
  You
• 25:51
  have
• 25:51
  to
• 25:51
  think
• 25:51
  about
• 25:51
  that.
• 25:52
  For
• 25:53
  any
• 25:53
  kind
• 25:53
  of
• 25:54
  platform
• 25:55
  business,
• 25:55
  any
• 25:56
  kind
• 25:56
  of
• 25:58
  a
• 25:58
  service
• 25:58
  business,
• 25:59
  it
• 25:59
  matters
• 26:00
  a
• 26:00
  lot.
• 26:01
  Maybe
• 26:02
  a
• 26:02
  little
• 26:02
  less
• 26:02
  so
• 26:02
  for
• 26:02
  product
• 26:03
  businesses,
• 26:03
  but
• 26:03
  it
• 26:04
  impacts
• 26:04
  them
• 26:04
  too.
• 26:05
  Thats
• 26:06
  a
• 26:06
  big
• 26:06
  trend
• 26:06
  that
• 26:06
  I
• 26:06
  think
• 26:07
  you
• 26:07
  can
• 26:07
  either
• 26:07
  invest
• 26:08
  in
• 26:08
  directly
• 26:08
  or
• 26:09
  indirectly
• 26:09
  and
• 26:10
  how
• 26:10
  it
• 26:10
  impacts
• 26:11
  the
• 26:11
  businesses
• 26:11
  youre
• 26:12
  investing
• 26:12
  in.
• 26:13
  So
• 26:13
  Carl,
• 26:14
  so
• 26:14
  basically
• 26:14
  youre
• 26:14
  saying
• 26:15
  you
• 26:16
  keep
• 26:16
  AI
• 26:16
  top
• 26:17
  of
• 26:17
  mind,
• 26:17
  but
• 26:17
  youre
• 26:17
  looking
• 26:18
  at
• 26:18
  it
• 26:18
  more
• 26:18
  from
• 26:18
  the
• 26:18
  perspective
• 26:19
  of
• 26:19
  is
• 26:19
  the
• 26:20
  company
• 26:20
  im
• 26:20
  going
• 26:20
  to
• 26:20
  invest
• 26:21
  in
• 26:21
  going
• 26:21
  to
• 26:22
  get
• 26:22
  disrupted
• 26:23
  by
• 26:24
  an
• 26:24
  AI
• 26:24
  technology
• 26:25
  play
• 26:25
  that
• 26:25
  maybe
• 26:25
  I
• 26:26
  invest
• 26:26
  in
• 26:26
  or
• 26:26
  maybe
• 26:26
  I
• 26:27
  dont,
• 26:27
  but
• 26:27
  thats
• 26:27
  what
• 26:28
  youre
• 26:28
  keeping
• 26:28
  an
• 26:28
  eye
• 26:28
  on.
• 26:29
  Exactly.
• 26:30
  Yeah,
• 26:30
  thats
• 26:31
  really
• 26:31
  huge.
• 26:32
  And
• 26:32
  so
• 26:33
  probably
• 26:33
  not
• 26:33
  surprisingly,
• 26:34
  I
• 26:34
  tend
• 26:34
  to
• 26:35
  focus
• 26:35
  more
• 26:35
  on
• 26:36
  real
• 26:36
  differentiated
• 26:37
  products.
• 26:38
  And
• 26:38
  so
• 26:39
  things
• 26:39
  that
• 26:39
  can
• 26:40
  be
• 26:40
  sold
• 26:40
  into
• 26:40
  retail,
• 26:40
  things
• 26:41
  that
• 26:41
  people
• 26:41
  are
• 26:41
  going
• 26:41
  to
• 26:41
  demand,
• 26:42
  things
• 26:42
  that
• 26:42
  are
• 26:42
  tangible
• 26:43
  and
• 26:44
  they
• 26:44
  tend
• 26:45
  to
• 26:45
  have
• 26:45
  a
• 26:45
  little
• 26:45
  bit
• 26:45
  more,
• 26:48
  I
• 26:48
  guess,
• 26:48
  defensibility
• 26:49
  against
• 26:49
  AI
• 26:50
  encroachment.
• 26:51
  So
• 26:51
  that's
• 26:51
  one
• 26:52
  piece.
• 26:53
  The
• 26:53
  things
• 26:53
  I
• 26:54
  look
• 26:54
  at
• 26:54
  with
• 26:55
  those
• 26:55
  is
• 26:55
  the
• 26:55
  market
• 26:56
  demand
• 26:56
  growing
• 26:57
  for
• 26:57
  these
• 26:57
  kinds
• 26:57
  of
• 26:58
  products
• 26:59
  and
• 27:00
  also
• 27:00
  are
• 27:00
  they
• 27:00
  really
• 27:00
  differentiated?
• 27:02
  There's
• 27:02
  so
• 27:03
  many
• 27:03
  companies
• 27:04
  out
• 27:04
  there
• 27:04
  that
• 27:04
  I've
• 27:04
  seen
• 27:04
  that
• 27:04
  are
• 27:04
  me
• 27:05
  too
• 27:05
  in
• 27:06
  product
• 27:06
  categories
• 27:07
  that
• 27:07
  again,
• 27:08
  it's
• 27:08
  the
• 27:08
  same
• 27:08
  thing.
• 27:08
  You're
• 27:09
  closing
• 27:09
  your
• 27:09
  eyes
• 27:09
  and
• 27:09
  throwing
• 27:09
  a
• 27:09
  dart
• 27:10
  at
• 27:10
  a
• 27:10
  dartboard.
• 27:11
  But
• 27:11
  if
• 27:12
  you
• 27:12
  have
• 27:12
  real
• 27:12
  differentiation,
• 27:13
  like
• 27:13
  if
• 27:13
  you
• 27:13
  have
• 27:14
  a
• 27:14
  cornered
• 27:14
  resource
• 27:15
  or
• 27:15
  if
• 27:15
  you
• 27:15
  have
• 27:17
  intellectual
• 27:18
  property
• 27:18
  protection
• 27:19
  or
• 27:19
  something
• 27:19
  like
• 27:19
  that,
• 27:21
  patents
• 27:21
  or
• 27:22
  whatever,
• 27:22
  that's
• 27:23
  a
• 27:23
  way
• 27:23
  to
• 27:23
  stay
• 27:24
  differentiated
• 27:25
  and
• 27:26
  it's
• 27:26
  a
• 27:26
  way
• 27:26
  to
• 27:26
  create
• 27:27
  a
• 27:27
  mode
• 27:27
  that'll
• 27:27
  last
• 27:28
  longer.
• 27:28
  And
• 27:28
  so
• 27:29
  that's
• 27:30
  an
• 27:30
  area
• 27:30
  to
• 27:30
  focus
• 27:30
  on
• 27:30
  for
• 27:31
  sure.
• 27:32
  The
• 27:32
  other
• 27:32
  thing
• 27:32
  that
• 27:33
  I
• 27:33
  definitely
• 27:33
  look
• 27:34
  at
• 27:34
  is
• 27:34
  sort
• 27:34
  of
• 27:34
  a
• 27:34
  diversified
• 27:35
  channel
• 27:35
  strategy.
• 27:36
  So
• 27:36
  I
• 27:37
  don't
• 27:37
  like
• 27:37
  the
• 27:37
  idea
• 27:38
  of
• 27:38
  businesses
• 27:38
  that
• 27:38
  are
• 27:38
  only
• 27:39
  going
• 27:39
  to
• 27:39
  be
• 27:39
  DTC
• 27:40
  for
• 27:40
  the
• 27:40
  reasons
• 27:40
  we
• 27:40
  talked
• 27:41
  about
• 27:41
  already.
• 27:42
  And
• 27:42
  also
• 27:42
  I
• 27:42
  can't
• 27:43
  add
• 27:43
  as
• 27:43
  much
• 27:43
  value
• 27:44
  there.
• 27:44
  I
• 27:44
  mean,
• 27:44
  my
• 27:45
  experience
• 27:45
  has
• 27:45
  been
• 27:45
  in
• 27:46
  retail
• 27:46
  and
• 27:46
  consumer
• 27:47
  less
• 27:48
  on
• 27:48
  the
• 27:48
  DTC
• 27:49
  side.
• 27:49
  But
• 27:49
  I
• 27:49
  also
• 27:49
  think
• 27:50
  that
• 27:50
  every
• 27:51
  company
• 27:51
  that's
• 27:51
  getting
• 27:52
  invested
• 27:52
  in
• 27:53
  right
• 27:53
  now
• 27:53
  and
• 27:53
  consumer,
• 27:54
  most
• 27:54
  are
• 27:55
  actually
• 27:56
  DTC
• 27:56
  first
• 27:57
  brands
• 27:57
  or
• 27:58
  small
• 27:58
  store
• 27:58
  brands
• 27:59
  are
• 27:59
  going
• 27:59
  to
• 27:59
  be
• 27:59
  omnichannel.
• 28:01
  That
• 28:01
  is
• 28:01
  really
• 28:02
  where
• 28:02
  I
• 28:02
  think
• 28:02
  people
• 28:03
  want
• 28:03
  to
• 28:03
  be
• 28:03
  because
• 28:04
  the
• 28:04
  thought
• 28:05
  is
• 28:05
  omnichannel.
• 28:06
  You
• 28:06
  have
• 28:06
  a
• 28:06
  diversified
• 28:07
  base
• 28:07
  of
• 28:08
  revenue
• 28:09
  and
• 28:09
  you
• 28:09
  just
• 28:09
  have
• 28:09
  a
• 28:09
  greater
• 28:10
  likelihood
• 28:10
  of
• 28:11
  success.
• 28:11
  So
• 28:12
  those
• 28:12
  are
• 28:12
  things
• 28:13
  that
• 28:13
  I
• 28:13
  think
• 28:13
  are
• 28:13
  growing
• 28:14
  as
• 28:14
  far
• 28:15
  as
• 28:15
  what
• 28:15
  is
• 28:15
  decelerating
• 28:17
  Amazon
• 28:17
  aggregators,
• 28:18
  we
• 28:18
  talked
• 28:18
  about
• 28:18
  that
• 28:18
  already
• 28:19
  a
• 28:19
  bit.
• 28:20
  I
• 28:20
  think
• 28:20
  social
• 28:20
  influencer
• 28:21
  brands
• 28:21
  are
• 28:21
  still
• 28:22
  around,
• 28:22
  but
• 28:23
  I
• 28:23
  think
• 28:23
  it
• 28:23
  needs
• 28:24
  to
• 28:24
  start
• 28:24
  with
• 28:24
  product,
• 28:25
  not
• 28:25
  start
• 28:25
  with
• 28:25
  a
• 28:25
  social
• 28:26
  influencer
• 28:26
  looking
• 28:27
  for
• 28:27
  a
• 28:27
  product.
• 28:30
  One
• 28:30
  of
• 28:30
  the
• 28:30
  things
• 28:31
  I
• 28:32
  talk
• 28:32
  about
• 28:32
  is
• 28:34
  for
• 28:34
  social
• 28:35
  influencers
• 28:35
  or
• 28:35
  for
• 28:35
  celebrities
• 28:36
  that
• 28:36
  are
• 28:36
  looking
• 28:37
  to
• 28:37
  find
• 28:37
  a
• 28:37
  product.
• 28:37
  It's
• 28:37
  like
• 28:38
  rocket
• 28:38
  fuel
• 28:38
  looking
• 28:39
  for
• 28:39
  a
• 28:39
  rocket.
• 28:40
  And
• 28:40
  oftentimes
• 28:41
  they'll
• 28:41
  just
• 28:42
  take
• 28:42
  the
• 28:42
  rocket
• 28:42
  fuel
• 28:42
  and
• 28:43
  pour
• 28:43
  it
• 28:43
  into
• 28:43
  a
• 28:44
  half
• 28:44
  built
• 28:44
  rocket.
• 28:45
  Well,
• 28:45
  that
• 28:45
  doesn't
• 28:45
  end
• 28:45
  well.
• 28:46
  And
• 28:47
  so
• 28:48
  I
• 28:48
  think
• 28:49
  there's
• 28:49
  a
• 28:49
  lot
• 28:50
  of
• 28:50
  that
• 28:50
  where
• 28:50
  it's
• 28:50
  like,
• 28:51
  oh,
• 28:51
  we
• 28:51
  raise
• 28:51
  money
• 28:51
  on
• 28:52
  a
• 28:52
  huge
• 28:52
  valuation
• 28:53
  because
• 28:53
  we
• 28:53
  have
• 28:54
  name
• 28:54
  x
• 28:55
  celebrity
• 28:57
  that
• 28:57
  is
• 28:57
  back
• 28:57
  in
• 28:58
  the
• 28:58
  company.
• 28:58
  Great.
• 28:59
  Well,
• 28:59
  when
• 28:59
  you
• 28:59
  go
• 28:59
  to
• 28:59
  raise
• 28:59
  your
• 29:00
  next
• 29:00
  round
• 29:00
  and
• 29:00
  revenue
• 29:01
  hasn't
• 29:01
  followed,
• 29:02
  what
• 29:02
  are
• 29:03
  you
• 29:03
  doing
• 29:03
  then?
• 29:04
  That
• 29:04
  is
• 29:04
  problematic.
• 29:06
  Sorry.
• 29:06
  It's
• 29:06
  a
• 29:07
  long
• 29:07
  answer
• 29:07
  to
• 29:07
  a
• 29:07
  short
• 29:07
  question,
• 29:08
  but
• 29:08
  hopefully
• 29:09
  that
• 29:09
  gives
• 29:09
  you
• 29:09
  a
• 29:09
  little
• 29:09
  insight.
• 29:10
  No,
• 29:10
  it
• 29:10
  gives
• 29:10
  us
• 29:10
  a
• 29:10
  lot
• 29:11
  to
• 29:11
  think
• 29:11
  about.
• 29:11
  So
• 29:11
  I'm
• 29:11
  curious.
• 29:11
  So
• 29:12
  I
• 29:12
  want
• 29:12
  to
• 29:12
  make
• 29:12
  sure
• 29:12
  too.
• 29:12
  So
• 29:12
  basically,
• 29:13
  so
• 29:13
  you
• 29:14
  said
• 29:14
  if
• 29:14
  a
• 29:14
  founder
• 29:14
  comes
• 29:15
  to
• 29:15
  you,
• 29:15
  because
• 29:15
  this
• 29:16
  is
• 29:16
  what
• 29:16
  we
• 29:16
  heard
• 29:16
  a
• 29:16
  lot
• 29:17
  I
• 29:17
  can
• 29:17
  remember,
• 29:17
  I
• 29:18
  mean,
• 29:18
  I
• 29:18
  can
• 29:18
  remember
• 29:18
  some
• 29:18
  of
• 29:18
  the
• 29:18
  conversations
• 29:19
  we
• 29:19
  had
• 29:20
  in
• 29:21
  this
• 29:21
  space
• 29:21
  like
• 29:21
  four
• 29:21
  or
• 29:21
  five
• 29:22
  years
• 29:22
  ago,
• 29:22
  Ann,
• 29:22
  where.
• 29:23
  So
• 29:23
  if
• 29:23
  a
• 29:23
  founder
• 29:23
  comes
• 29:24
  to
• 29:24
  you
• 29:24
  and
• 29:24
  says,
• 29:24
  so,
• 29:25
  ive
• 29:25
  got
• 29:26
  this
• 29:26
  great
• 29:26
  DCC
• 29:26
  brand
• 29:27
  I
• 29:27
  have
• 29:27
  no
• 29:28
  interest
• 29:28
  in
• 29:28
  ever
• 29:28
  selling
• 29:29
  to
• 29:29
  wholesale.
• 29:29
  I
• 29:30
  want
• 29:30
  to
• 29:30
  keep
• 29:30
  control
• 29:30
  of
• 29:30
  my
• 29:31
  brand.
• 29:31
  Thats
• 29:31
  a
• 29:31
  big
• 29:32
  red
• 29:32
  flag
• 29:32
  for
• 29:33
  you
• 29:33
  as
• 29:33
  an
• 29:33
  investor,
• 29:34
  Jeff.
• 29:34
  For
• 29:34
  me
• 29:34
  it
• 29:35
  is.
• 29:36
  It
• 29:36
  isnt
• 29:36
  for
• 29:37
  others,
• 29:37
  but
• 29:37
  for
• 29:37
  me
• 29:37
  it
• 29:38
  is.
• 29:38
  It
• 29:39
  is
• 29:39
  for
• 29:39
  me
• 29:39
  for
• 29:39
  a
• 29:40
  couple
• 29:40
  reasons.
• 29:40
  One
• 29:41
  is
• 29:41
  the
• 29:41
  lack
• 29:41
  of
• 29:41
  diversification.
• 29:42
  You
• 29:43
  have
• 29:43
  risk
• 29:43
  there.
• 29:44
  And
• 29:44
  then
• 29:44
  secondly,
• 29:45
  how
• 29:45
  can
• 29:45
  I
• 29:45
  help?
• 29:46
  I
• 29:46
  mean,
• 29:46
  I
• 29:46
  mentioned
• 29:47
  at
• 29:47
  the
• 29:47
  beginning,
• 29:47
  sort
• 29:47
  of
• 29:47
  my
• 29:48
  whole
• 29:48
  piece
• 29:49
  is
• 29:50
  venture
• 29:51
  investing,
• 29:52
  but
• 29:52
  also
• 29:52
  helping
• 29:52
  them
• 29:53
  operationally.
• 29:53
  And
• 29:53
  it's
• 29:53
  harder
• 29:54
  for
• 29:54
  me
• 29:54
  to
• 29:54
  help
• 29:54
  a
• 29:54
  DTC
• 29:55
  brand
• 29:55
  that's
• 29:55
  going
• 29:55
  alone
• 29:56
  on
• 29:56
  their
• 29:56
  website
• 29:57
  operationally.
• 29:59
  Carl,
• 29:59
  that's
• 30:00
  funny,
• 30:00
  because
• 30:00
  Chris
• 30:00
  and
• 30:00
  I
• 30:00
  are
• 30:00
  on
• 30:01
  the
• 30:01
  same
• 30:01
  wavelength.
• 30:01
  I
• 30:01
  was
• 30:02
  wondering,
• 30:02
  especially
• 30:02
  given
• 30:03
  your
• 30:03
  experience
• 30:03
  across
• 30:04
  multiple
• 30:04
  categories,
• 30:05
  especially
• 30:06
  beauty,
• 30:07
  are
• 30:07
  there
• 30:08
  categories
• 30:08
  that
• 30:08
  you
• 30:09
  do
• 30:09
  think
• 30:09
  are
• 30:10
  more
• 30:10
  successful
• 30:11
  or
• 30:11
  likely
• 30:11
  to
• 30:11
  have
• 30:12
  more
• 30:12
  success
• 30:13
  still
• 30:13
  maintaining
• 30:14
  just
• 30:14
  d
• 30:14
  two
• 30:15
  c
• 30:16
  sales
• 30:17
  relationships
• 30:17
  with
• 30:17
  their
• 30:17
  consumers
• 30:18
  versus
• 30:19
  a
• 30:19
  more
• 30:19
  diversified
• 30:20
  approach?
• 30:21
  That's
• 30:22
  a
• 30:22
  good
• 30:22
  question,
• 30:23
  yes.
• 30:23
  I
• 30:23
  mean,
• 30:24
  I
• 30:24
  do
• 30:24
  think
• 30:24
  that
• 30:24
  there
• 30:24
  are
• 30:24
  certain
• 30:25
  categories
• 30:25
  that
• 30:25
  have
• 30:25
  a
• 30:26
  greater
• 30:26
  likelihood
• 30:27
  of
• 30:28
  staying
• 30:28
  going
• 30:29
  alone
• 30:29
  on
• 30:29
  DTC.
• 30:30
  I
• 30:30
  would
• 30:30
  say
• 30:31
  high
• 30:32
  margin,
• 30:33
  small
• 30:33
  package
• 30:33
  size
• 30:34
  brands
• 30:35
  where
• 30:35
  they
• 30:35
  can
• 30:35
  reinvest
• 30:36
  the
• 30:36
  margin
• 30:36
  into
• 30:37
  marketing.
• 30:38
  Those
• 30:38
  are
• 30:38
  businesses
• 30:39
  that
• 30:40
  are
• 30:40
  likely
• 30:40
  to
• 30:40
  be
• 30:40
  more
• 30:41
  successful
• 30:41
  DTC
• 30:41
  only.
• 30:42
  So
• 30:43
  you
• 30:43
  take
• 30:45
  beauty
• 30:45
  products
• 30:46
  that
• 30:46
  are
• 30:46
  easy
• 30:46
  to
• 30:47
  ship,
• 30:48
  that
• 30:48
  have
• 30:48
  high
• 30:48
  margins,
• 30:49
  and
• 30:49
  they
• 30:49
  can
• 30:49
  go
• 30:50
  out
• 30:50
  and
• 30:50
  make
• 30:50
  a
• 30:50
  huge
• 30:50
  deal
• 30:51
  on
• 30:52
  marketing
• 30:52
  via
• 30:53
  social
• 30:53
  media
• 30:53
  or
• 30:53
  whatever,
• 30:54
  TikTok
• 30:54
  shop,
• 30:55
  whatever,
• 30:56
  to
• 30:56
  get
• 30:56
  their
• 30:56
  word
• 30:56
  out
• 30:57
  there.
• 30:58
  They're
• 30:58
  going
• 30:58
  to
• 30:58
  scale
• 30:59
  a
• 30:59
  lot
• 30:59
  faster
• 30:59
  DTC
• 31:00
  and
• 31:01
  it'll
• 31:02
  be
• 31:02
  easier
• 31:02
  for
• 31:03
  them
• 31:03
  to
• 31:03
  be
• 31:03
  successful
• 31:04
  without
• 31:04
  getting
• 31:04
  into
• 31:04
  brick
• 31:04
  and
• 31:04
  mortar
• 31:05
  retail,
• 31:05
  no
• 31:05
  question.
• 31:06
  Now,
• 31:07
  I
• 31:07
  don't
• 31:07
  invest
• 31:08
  in
• 31:08
  the
• 31:08
  space,
• 31:08
  but
• 31:09
  furniture
• 31:10
  that
• 31:10
  would
• 31:10
  not
• 31:11
  be
• 31:11
  good.
• 31:12
  Down
• 31:13
  jackets
• 31:13
  come
• 31:13
  to
• 31:13
  mind.
• 31:15
  And
• 31:16
  honestly,
• 31:16
  somebody
• 31:16
  tried
• 31:17
  that.
• 31:17
  So
• 31:17
  it's
• 31:18
  totally
• 31:18
  gallons
• 31:19
  of
• 31:19
  milk.
• 31:19
  You
• 31:20
  know,
• 31:20
  like,
• 31:20
  when
• 31:20
  was
• 31:20
  the
• 31:20
  last
• 31:21
  time
• 31:21
  you
• 31:21
  saw
• 31:22
  a
• 31:22
  DTC
• 31:23
  gallons
• 31:23
  to
• 31:23
  milk
• 31:23
  retailer?
• 31:24
  Like,
• 31:24
  you
• 31:24
  know,
• 31:26
  very
• 31:26
  expensive
• 31:27
  to
• 31:27
  ship.
• 31:27
  You
• 31:28
  know,
• 31:28
  low
• 31:28
  margins.
• 31:29
  Like
• 31:29
  that
• 31:29
  would
• 31:29
  be
• 31:29
  bad.
• 31:30
  Perishable?
• 31:31
  Yes.
• 31:31
  All
• 31:31
  right.
• 31:32
  Perishable.
• 31:32
  Let's,
• 31:33
  let's
• 31:33
  get
• 31:33
  you
• 31:33
  out
• 31:33
  here
• 31:34
  on
• 31:34
  this.
• 31:34
  This
• 31:34
  is
• 31:34
  the
• 31:34
  question
• 31:35
  I
• 31:35
  think
• 31:35
  we
• 31:35
  did.
• 31:35
  Ann
• 31:36
  and
• 31:36
  I
• 31:36
  have
• 31:36
  been
• 31:36
  waiting
• 31:36
  to
• 31:36
  ask
• 31:37
  you
• 31:37
  as
• 31:37
  we
• 31:37
  kind
• 31:37
  of
• 31:37
  build
• 31:38
  up
• 31:38
  to
• 31:38
  it
• 31:38
  here.
• 31:38
  But,
• 31:39
  uh,
• 31:39
  where
• 31:40
  do
• 31:40
  you.
• 31:40
  So
• 31:41
  with
• 31:41
  all
• 31:41
  that
• 31:41
  said,
• 31:43
  where
• 31:43
  do
• 31:43
  you
• 31:43
  think
• 31:43
  the
• 31:44
  opportunities
• 31:44
  actually
• 31:44
  lie
• 31:44
  in
• 31:45
  the
• 31:45
  marketplace?
• 31:46
  Yeah,
• 31:47
  um,
• 31:47
  I
• 31:47
  will
• 31:48
  tell
• 31:48
  you
• 31:49
  the
• 31:49
  biggest.
• 31:49
  I
• 31:50
  have
• 31:50
  two
• 31:50
  things
• 31:50
  that
• 31:50
  I'm
• 31:50
  most
• 31:50
  focused
• 31:51
  on
• 31:51
  right
• 31:51
  now.
• 31:51
  Um,
• 31:52
  and,
• 31:52
  and
• 31:52
  these
• 31:53
  are
• 31:53
  just
• 31:53
  sort
• 31:53
  of
• 31:53
  conceptual
• 31:53
  things
• 31:54
  that
• 31:54
  I'll
• 31:54
  get
• 31:54
  into
• 31:54
  specific,
• 31:55
  you
• 31:55
  know,
• 31:56
  more
• 31:56
  specifics.
• 31:56
  But,
• 31:57
  um,
• 31:58
  first
• 31:58
  of
• 31:58
  all,
• 31:58
  and
• 31:59
  this
• 31:59
  is
• 31:59
  probably
• 31:59
  obvious,
• 32:00
  but
• 32:01
  really,
• 32:01
  really
• 32:01
  good
• 32:02
  leadership
• 32:03
  teams
• 32:03
  like
• 32:03
  that,
• 32:03
  that
• 32:04
  is
• 32:04
  a
• 32:04
  requirement.
• 32:05
  Um,
• 32:05
  and
• 32:05
  so
• 32:06
  check.
• 32:06
  You
• 32:06
  got
• 32:06
  to
• 32:06
  have
• 32:07
  that
• 32:07
  box
• 32:08
  checked.
• 32:08
  And
• 32:08
  the
• 32:08
  reason
• 32:08
  why
• 32:08
  that
• 32:09
  matters
• 32:09
  so
• 32:09
  much
• 32:09
  is
• 32:11
  your
• 32:11
  business
• 32:11
  is
• 32:12
  going
• 32:12
  to
• 32:12
  have
• 32:12
  to
• 32:12
  pivot
• 32:12
  many,
• 32:13
  many,
• 32:13
  many
• 32:13
  times.
• 32:14
  And
• 32:15
  if
• 32:15
  you
• 32:15
  have,
• 32:15
  like,
• 32:15
  a
• 32:15
  decent
• 32:16
  business
• 32:16
  with
• 32:16
  an
• 32:17
  awesome
• 32:17
  leader,
• 32:17
  they
• 32:18
  will
• 32:18
  know
• 32:18
  how
• 32:18
  to
• 32:18
  pivot
• 32:18
  and
• 32:19
  make
• 32:19
  the
• 32:19
  business
• 32:19
  better.
• 32:20
  If
• 32:20
  you
• 32:20
  have
• 32:20
  what
• 32:21
  seems
• 32:21
  like
• 32:21
  a
• 32:21
  pretty
• 32:21
  good
• 32:21
  business
• 32:22
  and
• 32:23
  not
• 32:23
  a
• 32:23
  very
• 32:23
  good
• 32:23
  leader,
• 32:24
  when
• 32:24
  the
• 32:24
  business
• 32:25
  has
• 32:25
  to
• 32:25
  pivot,
• 32:25
  you're
• 32:25
  in
• 32:25
  trouble.
• 32:26
  So
• 32:27
  that,
• 32:27
  you
• 32:28
  know,
• 32:28
  I
• 32:28
  would
• 32:28
  say
• 32:28
  leadership
• 32:29
  matters
• 32:29
  a
• 32:29
  lot.
• 32:30
  The
• 32:30
  second
• 32:30
  thing
• 32:30
  that
• 32:31
  matters
• 32:31
  a
• 32:31
  lot
• 32:31
  to
• 32:31
  me
• 32:31
  is
• 32:32
  differentiated
• 32:32
  IP.
• 32:33
  And
• 32:33
  I
• 32:33
  know
• 32:33
  I
• 32:34
  said
• 32:34
  that
• 32:34
  already,
• 32:34
  but
• 32:34
  just
• 32:35
  to
• 32:35
  like,
• 32:35
  underscore
• 32:35
  it,
• 32:36
  that
• 32:37
  is
• 32:37
  really,
• 32:37
  really
• 32:37
  important
• 32:38
  to
• 32:38
  me.
• 32:38
  And
• 32:38
  the
• 32:38
  reason
• 32:39
  why
• 32:39
  it
• 32:39
  is,
• 32:39
  is
• 32:39
  because
• 32:40
  it
• 32:41
  gives
• 32:41
  you
• 32:42
  differentiation
• 32:42
  and
• 32:43
  defensibility
• 32:43
  in
• 32:44
  a
• 32:44
  space
• 32:44
  consumer
• 32:45
  where
• 32:46
  theres
• 32:46
  very
• 32:46
  little
• 32:47
  differentiation,
• 32:47
  theres
• 32:48
  very
• 32:48
  little
• 32:48
  defensibility.
• 32:49
  I
• 32:49
  mean,
• 32:49
  think
• 32:50
  about
• 32:50
  how
• 32:50
  many
• 32:50
  food
• 32:51
  companies
• 32:51
  out
• 32:51
  there
• 32:51
  that
• 32:52
  have
• 32:52
  like,
• 32:52
  the
• 32:52
  hottest
• 32:52
  thing
• 32:53
  theyre
• 32:54
  going
• 32:54
  to
• 32:54
  get.
• 32:54
  They
• 32:55
  have
• 32:55
  a
• 32:55
  very
• 32:55
  high
• 32:55
  likelihood
• 32:56
  of
• 32:56
  getting
• 32:56
  disrupted
• 32:57
  unless
• 32:57
  they
• 32:57
  build
• 32:57
  a
• 32:58
  really
• 32:58
  strong
• 32:58
  foundation
• 32:59
  and
• 33:00
  grow
• 33:00
  fast
• 33:00
  really
• 33:00
  quickly,
• 33:02
  you
• 33:02
  know,
• 33:02
  liquid
• 33:03
  death.
• 33:03
  I
• 33:03
  mean,
• 33:04
  they're,
• 33:04
  they're
• 33:04
  killing
• 33:05
  it.
• 33:05
  You
• 33:05
  know,
• 33:05
  they're.
• 33:06
  But
• 33:07
  it's
• 33:07
  because
• 33:07
  their
• 33:07
  branding
• 33:07
  is
• 33:08
  so
• 33:08
  great,
• 33:08
  you
• 33:08
  know,
• 33:09
  and
• 33:09
  so
• 33:09
  that's
• 33:09
  how
• 33:10
  they've
• 33:10
  been
• 33:10
  able
• 33:10
  to,
• 33:10
  like,
• 33:11
  create
• 33:11
  a
• 33:11
  bit
• 33:11
  of
• 33:11
  a
• 33:11
  mode
• 33:12
  and
• 33:12
  scale.
• 33:12
  But
• 33:13
  from.
• 33:14
  Yeah,
• 33:14
  but
• 33:14
  for
• 33:14
  me,
• 33:14
  it's,
• 33:15
  it's,
• 33:16
  I
• 33:16
  tend
• 33:16
  to
• 33:16
  think,
• 33:16
  like,
• 33:17
  differentiated
• 33:17
  IP
• 33:17
  is
• 33:17
  a
• 33:18
  really
• 33:18
  good
• 33:18
  mode.
• 33:18
  So
• 33:19
  I
• 33:19
  look
• 33:19
  at
• 33:20
  that
• 33:20
  a
• 33:20
  lot.
• 33:20
  So,
• 33:21
  you
• 33:21
  know,
• 33:21
  just
• 33:22
  to
• 33:22
  give
• 33:22
  you
• 33:22
  an
• 33:22
  example
• 33:22
  of
• 33:22
  some
• 33:23
  of
• 33:23
  the
• 33:23
  companies
• 33:23
  I
• 33:23
  invested
• 33:24
  in
• 33:24
  already,
• 33:25
  they
• 33:25
  kind
• 33:25
  of
• 33:25
  fit
• 33:25
  those
• 33:26
  bills.
• 33:26
  Like,
• 33:26
  so
• 33:26
  the
• 33:27
  first
• 33:27
  one
• 33:27
  is
• 33:27
  a
• 33:28
  yemenite
• 33:29
  hair
• 33:29
  care
• 33:29
  company
• 33:30
  called
• 33:30
  Small
• 33:31
  Wonder,
• 33:32
  actually
• 33:32
  founded
• 33:32
  by
• 33:33
  a
• 33:33
  target
• 33:33
  alum.
• 33:34
  And
• 33:36
  they
• 33:36
  actually
• 33:37
  own
• 33:37
  IP
• 33:38
  on
• 33:39
  water
• 33:40
  free
• 33:41
  salon,
• 33:42
  professional,
• 33:42
  salon
• 33:43
  grade
• 33:44
  shampoo
• 33:44
  and
• 33:44
  conditioner.
• 33:45
  And
• 33:45
  so
• 33:45
  the
• 33:46
  product
• 33:46
  itself
• 33:47
  is,
• 33:47
  the
• 33:47
  actual
• 33:48
  product
• 33:48
  is
• 33:48
  a
• 33:48
  powder
• 33:49
  that
• 33:49
  is
• 33:49
  patented
• 33:50
  as
• 33:51
  patent
• 33:51
  protection
• 33:51
  on
• 33:51
  it,
• 33:52
  but
• 33:52
  they
• 33:52
  also
• 33:53
  have
• 33:53
  a
• 33:53
  package.
• 33:54
  They've
• 33:54
  created
• 33:55
  the
• 33:55
  dispensing
• 33:56
  mechanism
• 33:56
  that
• 33:56
  is
• 33:57
  also
• 33:57
  patented.
• 33:58
  And
• 33:59
  so
• 33:59
  you
• 33:59
  can
• 33:59
  put
• 33:59
  it
• 34:00
  in
• 34:00
  the
• 34:00
  shower,
• 34:00
  and
• 34:01
  the
• 34:01
  powder
• 34:01
  doesn't
• 34:01
  get
• 34:01
  wet
• 34:02
  until
• 34:02
  you
• 34:02
  want
• 34:02
  it
• 34:02
  to
• 34:03
  get
• 34:03
  wet
• 34:03
  and
• 34:03
  want
• 34:03
  to
• 34:03
  activate
• 34:04
  it.
• 34:04
  And
• 34:04
  so
• 34:05
  it's
• 34:05
  a
• 34:05
  really
• 34:05
  cool
• 34:06
  company.
• 34:06
  And
• 34:07
  they
• 34:07
  have
• 34:08
  patent
• 34:08
  protection
• 34:08
  from
• 34:08
  a
• 34:09
  number
• 34:09
  of
• 34:09
  different
• 34:09
  angles
• 34:09
  there.
• 34:09
  So
• 34:10
  that's
• 34:10
  one.
• 34:11
  Another
• 34:12
  one
• 34:12
  is,
• 34:13
  one
• 34:13
  of
• 34:13
  the
• 34:13
  first
• 34:13
  companies
• 34:14
  I
• 34:14
  invested
• 34:14
  in
• 34:14
  is
• 34:15
  called
• 34:15
  shameless
• 34:15
  pets.
• 34:16
  It's
• 34:16
  a
• 34:17
  dog
• 34:17
  treat
• 34:18
  company
• 34:18
  made
• 34:19
  with
• 34:19
  upcycled
• 34:19
  ingredients.
• 34:20
  So
• 34:20
  they've
• 34:21
  created
• 34:21
  a
• 34:21
  supply
• 34:22
  chain
• 34:23
  for
• 34:24
  upcycled
• 34:25
  ingredients.
• 34:25
  So
• 34:25
  upcycled
• 34:25
  ingredients
• 34:26
  are
• 34:27
  things
• 34:27
  that
• 34:27
  would
• 34:27
  be
• 34:27
  food
• 34:27
  waste
• 34:28
  that
• 34:29
  are
• 34:30
  kind
• 34:31
  of
• 34:31
  reconstituted
• 34:32
  into
• 34:32
  food
• 34:32
  ingredients
• 34:33
  that
• 34:33
  can
• 34:33
  be
• 34:33
  eaten.
• 34:34
  And
• 34:34
  so
• 34:35
  it's
• 34:35
  better
• 34:36
  for
• 34:36
  the
• 34:36
  environment.
• 34:37
  It
• 34:37
  reduces
• 34:38
  waste.
• 34:38
  And
• 34:39
  dogs
• 34:39
  love
• 34:39
  them.
• 34:39
  And
• 34:39
  so
• 34:40
  they
• 34:40
  have
• 34:41
  sort
• 34:41
  of
• 34:41
  this
• 34:41
  cornered
• 34:41
  resource
• 34:42
  that
• 34:42
  allows
• 34:42
  them
• 34:43
  to
• 34:43
  scale.
• 34:43
  And
• 34:43
  so
• 34:43
  that's.
• 34:44
  That's
• 34:44
  the
• 34:44
  second
• 34:45
  one
• 34:45
  I
• 34:46
  could
• 34:46
  go
• 34:46
  on
• 34:46
  and
• 34:46
  on.
• 34:46
  There's
• 34:47
  a
• 34:47
  bunch
• 34:47
  of
• 34:47
  others.
• 34:48
  One
• 34:48
  is
• 34:48
  a
• 34:48
  platform
• 34:49
  that
• 34:49
  has
• 34:49
  no,
• 34:49
  don't
• 34:50
  stop.
• 34:50
  Come
• 34:50
  on,
• 34:50
  keep
• 34:50
  going.
• 34:51
  I
• 34:51
  mean,
• 34:51
  there's
• 34:52
  people
• 34:52
  listening,
• 34:52
  going,
• 34:53
  oh,
• 34:53
  okay.
• 34:54
  All
• 34:54
  right,
• 34:54
  all
• 34:54
  right.
• 34:54
  If
• 34:55
  this
• 34:55
  is
• 34:55
  interesting,
• 34:55
  I'll
• 34:55
  keep
• 34:55
  going.
• 34:56
  Another
• 34:57
  one
• 34:57
  is
• 34:57
  a
• 34:58
  company
• 34:58
  called
• 34:58
  Coherent
• 34:59
  Commerce
• 34:59
  invest
• 35:00
  in.
• 35:00
  It
• 35:00
  was
• 35:00
  founded
• 35:01
  by
• 35:02
  two
• 35:02
  data
• 35:02
  scientists,
• 35:04
  one
• 35:04
  of
• 35:04
  which
• 35:04
  actually
• 35:05
  is
• 35:05
  also
• 35:05
  a
• 35:05
  Michelin
• 35:06
  star
• 35:06
  chef.
• 35:07
  And
• 35:08
  this
• 35:09
  one
• 35:09
  is.
• 35:09
  Yeah,
• 35:09
  when
• 35:09
  you're
• 35:10
  a
• 35:10
  dated
• 35:10
  science.
• 35:10
  I'm
• 35:11
  also
• 35:11
  a
• 35:11
  Michelin
• 35:11
  star
• 35:12
  chef.
• 35:12
  Yeah,
• 35:12
  yeah.
• 35:12
  When
• 35:13
  he
• 35:13
  told
• 35:13
  me
• 35:13
  that,
• 35:13
  I
• 35:13
  was
• 35:13
  like,
• 35:13
  me
• 35:13
  too.
• 35:14
  Yeah.
• 35:14
  Renaissance
• 35:15
  man.
• 35:15
  I'll
• 35:16
  say.
• 35:16
  He
• 35:16
  has
• 35:16
  trouble
• 35:16
  getting
• 35:17
  dates.
• 35:19
  Exactly.
• 35:20
  And
• 35:21
  so
• 35:21
  what
• 35:22
  they've
• 35:22
  created
• 35:22
  is
• 35:23
  a
• 35:23
  sort
• 35:23
  of
• 35:23
  a
• 35:23
  platform,
• 35:24
  starting
• 35:25
  with
• 35:25
  food
• 35:25
  and
• 35:25
  beverage
• 35:25
  companies,
• 35:26
  that
• 35:26
  can
• 35:26
  actually
• 35:26
  take
• 35:27
  inputs,
• 35:28
  subjective
• 35:28
  and
• 35:29
  objective
• 35:29
  inputs,
• 35:30
  from
• 35:30
  early
• 35:31
  stage
• 35:32
  food
• 35:32
  and
• 35:32
  beverage
• 35:33
  brands
• 35:33
  and
• 35:34
  can
• 35:34
  ascertain,
• 35:35
  kind
• 35:35
  of
• 35:35
  via
• 35:35
  their
• 35:36
  algorithm,
• 35:37
  which
• 35:37
  ones
• 35:37
  are
• 35:37
  going
• 35:37
  to
• 35:37
  scale
• 35:38
  fastest.
• 35:38
  And
• 35:39
  so
• 35:39
  that's
• 35:39
  pretty
• 35:39
  interesting
• 35:40
  and
• 35:41
  for
• 35:42
  many
• 35:42
  reasons.
• 35:42
  And
• 35:42
  then
• 35:43
  the
• 35:43
  fourth
• 35:44
  one
• 35:44
  I'll
• 35:44
  mention
• 35:44
  is
• 35:44
  a
• 35:45
  company
• 35:45
  I
• 35:45
  invested
• 35:46
  in
• 35:47
  starting
• 35:47
  kind
• 35:47
  of
• 35:47
  the
• 35:47
  beginning
• 35:48
  of
• 35:48
  this
• 35:48
  year
• 35:48
  called
• 35:49
  Persephone
• 35:49
  Biosciences.
• 35:51
  This
• 35:51
  company
• 35:51
  was
• 35:51
  founded
• 35:52
  by
• 35:52
  two
• 35:52
  PhD
• 35:53
  chemists,
• 35:53
  one
• 35:54
  from
• 35:54
  Caltech,
• 35:54
  one
• 35:55
  from
• 35:55
  Berkeley.
• 35:56
  They've
• 35:57
  been
• 35:57
  studying
• 35:57
  the
• 35:57
  gut
• 35:58
  microbiome
• 35:58
  for
• 35:58
  the
• 35:59
  past
• 35:59
  seven
• 35:59
  years
• 36:00
  and
• 36:00
  have
• 36:02
  developed
• 36:03
  a
• 36:03
  point
• 36:03
  of
• 36:04
  view
• 36:04
  that
• 36:04
  will
• 36:05
  lead
• 36:05
  to
• 36:05
  oncology
• 36:05
  products
• 36:06
  that
• 36:06
  try
• 36:06
  to
• 36:06
  avoid
• 36:07
  colorectal
• 36:08
  cancer.
• 36:09
  But
• 36:09
  they
• 36:09
  also
• 36:10
  have
• 36:11
  decided
• 36:11
  they
• 36:11
  can
• 36:11
  use
• 36:12
  the
• 36:12
  same
• 36:12
  platform
• 36:12
  to
• 36:13
  develop
• 36:13
  consumer
• 36:13
  products.
• 36:14
  So
• 36:15
  their
• 36:15
  first
• 36:15
  consumer
• 36:15
  products
• 36:16
  are
• 36:16
  coming
• 36:16
  to
• 36:16
  market
• 36:16
  this
• 36:17
  fall.
• 36:17
  And
• 36:17
  it's
• 36:18
  focused
• 36:18
  on
• 36:19
  the
• 36:19
  infant
• 36:19
  and
• 36:19
  toddler
• 36:20
  gut
• 36:20
  microbiome
• 36:21
  and
• 36:22
  reverting
• 36:22
  it
• 36:22
  to
• 36:22
  what
• 36:22
  it
• 36:22
  should
• 36:23
  have
• 36:23
  been
• 36:23
  a
• 36:23
  childbirth.
• 36:23
  And
• 36:23
  so,
• 36:24
  like,
• 36:24
  they
• 36:25
  have
• 36:25
  20
• 36:25
  plus
• 36:26
  patents.
• 36:26
  They
• 36:26
  have
• 36:26
  this,
• 36:27
  you
• 36:27
  know,
• 36:27
  this
• 36:28
  platform
• 36:28
  that
• 36:28
  is
• 36:29
  awesome.
• 36:29
  And
• 36:29
  they're
• 36:29
  super
• 36:30
  smart
• 36:30
  and
• 36:30
  great,
• 36:30
  you
• 36:31
  know,
• 36:31
  great
• 36:31
  people,
• 36:32
  and
• 36:32
  they're
• 36:33
  going
• 36:33
  to
• 36:33
  use
• 36:33
  that
• 36:33
  to
• 36:34
  come
• 36:34
  to
• 36:34
  market
• 36:34
  with
• 36:34
  consumer
• 36:35
  products.
• 36:35
  So
• 36:35
  I'm
• 36:35
  helping
• 36:35
  them
• 36:36
  with
• 36:36
  their
• 36:36
  go
• 36:36
  to
• 36:36
  market
• 36:36
  strategy
• 36:37
  into
• 36:37
  consumer.
• 36:38
  So,
• 36:38
  anyway,
• 36:39
  sorry,
• 36:40
  I
• 36:40
  went
• 36:40
  down
• 36:40
  a
• 36:41
  huge
• 36:41
  rabbit
• 36:41
  hole
• 36:42
  there,
• 36:42
  but
• 36:42
  hopefully
• 36:42
  those
• 36:42
  are
• 36:42
  interesting.
• 36:43
  No,
• 36:43
  that's
• 36:44
  why
• 36:44
  we
• 36:44
  wanted
• 36:44
  you
• 36:44
  on
• 36:44
  the
• 36:44
  show.
• 36:45
  So
• 36:45
  basically,
• 36:46
  the
• 36:46
  takeaway
• 36:46
  for
• 36:46
  me
• 36:46
  is
• 36:47
  like,
• 36:47
  one,
• 36:47
  you
• 36:47
  got
• 36:47
  to
• 36:47
  have
• 36:47
  a
• 36:47
  great
• 36:47
  leadership
• 36:48
  team.
• 36:49
  Two,
• 36:50
  you're
• 36:50
  looking
• 36:51
  for
• 36:51
  the
• 36:51
  trends.
• 36:51
  So
• 36:52
  gut
• 36:52
  health
• 36:53
  is
• 36:53
  definitely
• 36:53
  a
• 36:54
  trend,
• 36:54
  but
• 36:54
  then
• 36:54
  you're
• 36:54
  looking
• 36:55
  for
• 36:55
  defensible
• 36:56
  ip
• 36:56
  within
• 36:57
  the
• 36:58
  capitalization
• 36:58
  on
• 36:59
  that
• 36:59
  trend
• 36:59
  by
• 36:59
  the
• 37:00
  companies
• 37:00
  within
• 37:01
  which
• 37:01
  you're
• 37:01
  investing.
• 37:02
  Is
• 37:02
  that
• 37:02
  right?
• 37:02
  That's
• 37:03
  right.
• 37:03
  The
• 37:03
  only
• 37:03
  thing
• 37:03
  I
• 37:04
  would
• 37:04
  add
• 37:04
  is
• 37:05
  if
• 37:05
  it
• 37:05
  was
• 37:05
  a
• 37:05
  trend
• 37:06
  that
• 37:06
  thought
• 37:06
  was
• 37:06
  going
• 37:06
  to
• 37:06
  last
• 37:06
  six
• 37:07
  months,
• 37:07
  I
• 37:07
  wouldn't
• 37:07
  invest
• 37:07
  in
• 37:08
  it.
• 37:08
  I
• 37:08
  think
• 37:09
  gut
• 37:09
  health
• 37:09
  is
• 37:09
  something
• 37:10
  that's
• 37:10
  going
• 37:10
  to
• 37:10
  be
• 37:10
  around.
• 37:11
  I
• 37:11
  mean,
• 37:11
  it's
• 37:11
  going
• 37:11
  to
• 37:11
  be
• 37:11
  a
• 37:11
  focus
• 37:12
  area
• 37:12
  for,
• 37:12
  you
• 37:12
  know,
• 37:13
  research
• 37:14
  and
• 37:14
  for
• 37:15
  products
• 37:15
  for,
• 37:15
  for
• 37:16
  decades
• 37:16
  to
• 37:16
  come,
• 37:17
  in
• 37:17
  my
• 37:17
  opinion.
• 37:17
  And
• 37:17
  so
• 37:18
  that's,
• 37:18
  that's
• 37:18
  why
• 37:18
  I
• 37:19
  feel
• 37:19
  so
• 37:19
  comfortable
• 37:19
  with
• 37:19
  this
• 37:19
  company.
• 37:20
  Right?
• 37:21
  Or
• 37:21
  like,
• 37:21
  upcycling
• 37:22
  dog
• 37:22
  food,
• 37:22
  too.
• 37:23
  Same,
• 37:23
  same
• 37:23
  idea.
• 37:24
  Like,
• 37:24
  upcycling
• 37:24
  is
• 37:24
  going
• 37:24
  to
• 37:24
  be
• 37:25
  a
• 37:25
  trend
• 37:25
  that's
• 37:25
  not
• 37:25
  going
• 37:25
  to
• 37:26
  go
• 37:26
  anywhere.
• 37:26
  That's.
• 37:26
  That's
• 37:27
  your
• 37:27
  point
• 37:27
  there.
• 37:27
  Okay.
• 37:28
  That's
• 37:28
  exactly
• 37:28
  right.
• 37:29
  Yep.
• 37:30
  Yeah.
• 37:30
  All
• 37:31
  right,
• 37:31
  man.
• 37:31
  Well,
• 37:31
  man,
• 37:32
  that
• 37:32
  blew
• 37:32
  by,
• 37:32
  and
• 37:33
  I
• 37:33
  was,
• 37:33
  I
• 37:33
  know.
• 37:33
  I
• 37:33
  was
• 37:34
  like,
• 37:34
  this
• 37:34
  is
• 37:34
  like
• 37:34
  edge
• 37:35
  of
• 37:35
  your
• 37:35
  seats.
• 37:36
  Edge
• 37:37
  of
• 37:37
  your
• 37:37
  seat
• 37:37
  listening.
• 37:38
  For
• 37:38
  me,
• 37:38
  I
• 37:38
  was
• 37:38
  just
• 37:38
  like,
• 37:39
  letting,
• 37:39
  like,
• 37:39
  just
• 37:39
  enjoying
• 37:40
  hearing
• 37:40
  Carl
• 37:41
  wax
• 37:41
  on
• 37:41
  about
• 37:41
  everything.
• 37:42
  So,
• 37:42
  uh.
• 37:43
  So,
• 37:44
  Carl.
• 37:44
  Yes.
• 37:44
  So
• 37:45
  thank
• 37:45
  you.
• 37:46
  In
• 37:46
  closing,
• 37:46
  we
• 37:47
  appreciate
• 37:47
  your
• 37:47
  perspective
• 37:48
  bringing,
• 37:49
  bringing
• 37:50
  great
• 37:50
  conversations
• 37:50
  also
• 37:51
  at
• 37:51
  omni
• 37:51
  talk.
• 37:52
  And
• 37:52
  if
• 37:52
  people
• 37:52
  want
• 37:52
  to
• 37:52
  get
• 37:52
  in
• 37:53
  touch
• 37:53
  with
• 37:53
  you
• 37:54
  for
• 37:54
  what
• 37:54
  I
• 37:55
  imagine
• 37:55
  could
• 37:55
  be
• 37:55
  a
• 37:56
  whole
• 37:56
  host
• 37:56
  of
• 37:57
  different
• 37:57
  reasons
• 37:57
  for
• 37:58
  those
• 37:58
  listening
• 37:58
  to
• 37:58
  this
• 37:58
  podcast,
• 37:59
  what
• 37:59
  is
• 37:59
  the
• 37:59
  best
• 38:00
  way
• 38:00
  for
• 38:00
  them
• 38:00
  to
• 38:00
  do
• 38:00
  that?
• 38:01
  Yeah,
• 38:02
  my
• 38:02
  website
• 38:03
  for
• 38:04
  my
• 38:04
  firm
• 38:04
  is
• 38:05
  www.ocampocapital.com.
• 38:08
  you
• 38:08
  can
• 38:08
  reach
• 38:09
  out
• 38:09
  to
• 38:09
  me
• 38:09
  there
• 38:10
  or
• 38:10
  on
• 38:10
  LinkedIn,
• 38:11
  or
• 38:12
  you
• 38:12
  can
• 38:12
  also
• 38:13
  reach
• 38:13
  me@carlcamplecapital.com
• 38:15
  dot.
• 38:15
  That
• 38:15
  would
• 38:15
  be
• 38:15
  just
• 38:16
  fine.
• 38:17
  Awesome.
• 38:17
  Well,
• 38:18
  hopefully
• 38:18
  we'll
• 38:18
  have
• 38:18
  you
• 38:18
  back
• 38:18
  on
• 38:19
  again
• 38:19
  soon.
• 38:20
  That
• 38:20
  wraps
• 38:21
  us
• 38:21
  up.
• 38:21
  Thanks
• 38:21
  again
• 38:22
  to
• 38:22
  Carl
• 38:22
  Bracken,
• 38:22
  founder
• 38:23
  and
• 38:23
  CEO
• 38:23
  of
• 38:23
  the
• 38:23
  new
• 38:24
  venture
• 38:24
  capital
• 38:24
  firm
• 38:25
  Ocampo
• 38:25
  Capital.
• 38:26
  And
• 38:26
  thanks
• 38:26
  to
• 38:27
  everyone
• 38:27
  out
• 38:27
  there
• 38:27
  for
• 38:27
  listening
• 38:28
  into
• 38:28
  our
• 38:28
  first
• 38:29
  episode
• 38:29
  of
• 38:29
  what
• 38:29
  we
• 38:29
  hope
• 38:30
  will
• 38:30
  be
• 38:30
  an
• 38:30
  ongoing
• 38:31
  series
• 38:31
  on
• 38:31
  investor
• 38:32
  perspectives
• 38:33
  across
• 38:33
  retail
• 38:34
  and
• 38:34
  the
• 38:34
  consumer
• 38:35
  goods
• 38:35
  industries.
• 38:36
  Please
• 38:36
  let
• 38:36
  us
• 38:37
  know
• 38:37
  what
• 38:37
  you
• 38:37
  thought
• 38:37
  of
• 38:37
  our
• 38:37
  interview
• 38:38
  with
• 38:38
  Carl
• 38:38
  on
• 38:38
  social
• 38:39
  media.
• 38:39
  And
• 38:39
  as
• 38:40
  always,
• 38:40
  on
• 38:40
  behalf
• 38:40
  of
• 38:41
  all
• 38:41
  of
• 38:41
  us
• 38:41
  here
• 38:41
  at
• 38:41
  Omnitalk,
• 38:42
  on
• 38:42
  behalf
• 38:42
  of
• 38:42
  Anne
• 38:43
  and
• 38:43
  myself,
• 38:44
  be
• 38:44
  careful
• 38:45
  out
• 38:45
  there.