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#207 | The Ugly Baby Problem Every MedTech Founder Must Avoid When Exporting (For Clinicians) · Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth

• 0:00
  So
• 0:00
  the
• 0:00
  one
• 0:00
  thing
• 0:00
  that
• 0:00
  you're
• 0:00
  gonna
• 0:01
  learn
• 0:01
  in
• 0:01
  this
• 0:01
  episode
• 0:02
  is
• 0:02
  how
• 0:02
  to
• 0:02
  turn
• 0:02
  clinical
• 0:03
  insight
• 0:03
  into
• 0:04
  a
• 0:04
  med
• 0:04
  tech
• 0:04
  product
• 0:04
  that
• 0:04
  stands
• 0:05
  the
• 0:05
  best
• 0:05
  chance
• 0:06
  of
• 0:06
  real-world
• 0:07
  adoption.
• 0:07
  Welcome
• 0:08
  to
• 0:08
  Clinician
• 0:09
  to
• 0:09
  CEO,
• 0:10
  the
• 0:10
  podcast
• 0:11
  helping
• 0:11
  clinicians
• 0:12
  simplify
• 0:12
  your
• 0:13
  go-to-market
• 0:13
  strategy
• 0:14
  so
• 0:14
  that
• 0:14
  you
• 0:14
  can
• 0:15
  stop
• 0:15
  guessing
• 0:16
  and
• 0:16
  turn
• 0:16
  your
• 0:16
  working
• 0:17
  prototypes
• 0:18
  into
• 0:18
  international
• 0:18
  MedTech
• 0:19
  businesses.
• 0:20
  I'm
• 0:20
  your
• 0:20
  host,
• 0:21
  Hakeem
• 0:21
  Aade.
• 0:22
  Let's
• 0:22
  get
• 0:23
  started.
• 0:24
  three
• 0:24
  things
• 0:24
  that
• 0:24
  you're
• 0:24
  gonna
• 0:25
  discover
• 0:25
  is,
• 0:26
  number
• 0:26
  one,
• 0:26
  why
• 0:27
  solving
• 0:27
  a
• 0:27
  clinical
• 0:28
  problem
• 0:28
  isn't
• 0:28
  enough
• 0:29
  to
• 0:29
  guarantee
• 0:29
  adoption.
• 0:29
  Number
• 0:30
  two,
• 0:30
  how
• 0:31
  to
• 0:31
  build
• 0:31
  clinical
• 0:32
  regulatory
• 0:32
  and
• 0:32
  commercial
• 0:33
  thinking
• 0:33
  into
• 0:33
  a
• 0:33
  product
• 0:34
  from
• 0:34
  day
• 0:34
  one.
• 0:34
  And
• 0:34
  number
• 0:35
  three
• 0:35
  the
• 0:35
  biggest
• 0:36
  mistakes
• 0:36
  founders
• 0:37
  make
• 0:37
  when
• 0:38
  trying
• 0:38
  to
• 0:38
  take
• 0:38
  a
• 0:38
  med
• 0:39
  tech
• 0:39
  innovation
• 0:40
  to
• 0:40
  market.
• 0:40
  And
• 0:40
  joining
• 0:41
  me
• 0:41
  today
• 0:41
  to
• 0:42
  discuss
• 0:42
  this
• 0:42
  is
• 0:42
  Jordan
• 0:43
  Morrison,
• 0:43
  and
• 0:43
  Jordan
• 0:43
  is
• 0:44
  the
• 0:44
  CEO
• 0:44
  of
• 0:44
  Senara,
• 0:45
  Advisory,
• 0:46
  and
• 0:46
  works
• 0:46
  with
• 0:46
  med
• 0:46
  tech
• 0:47
  innovators
• 0:47
  to
• 0:47
  bridge
• 0:48
  the
• 0:48
  gap
• 0:48
  between
• 0:48
  clinical
• 0:49
  insight
• 0:49
  and
• 0:49
  commercial
• 0:49
  reality.
• 0:50
  In
• 0:50
  short,
• 0:51
  what
• 0:51
  that
• 0:51
  means
• 0:52
  is
• 0:52
  she
• 0:52
  helps
• 0:52
  companies
• 0:52
  build
• 0:53
  products
• 0:53
  that
• 0:54
  aren't
• 0:54
  just
• 0:54
  clinically
• 0:55
  valuable
• 0:55
  and
• 0:55
  viable,
• 0:56
  but
• 0:56
  also
• 0:57
  that
• 0:57
  can
• 0:57
  get
• 0:58
  real-world
• 0:59
  adoption.
• 0:59
  So
• 0:59
  Jordan,
• 1:00
  welcome
• 1:00
  to
• 1:00
  Clinician
• 1:01
  to
• 1:01
  CEO.
• 1:02
  Thank
• 1:02
  you
• 1:02
  so
• 1:02
  much.
• 1:02
  Thanks
• 1:03
  for
• 1:03
  having
• 1:03
  me.
• 1:03
  My
• 1:04
  absolute
• 1:04
  pleasure.
• 1:04
  So
• 1:05
  let's
• 1:05
  jump
• 1:05
  straight
• 1:06
  into
• 1:06
  it.
• 1:06
  We
• 1:07
  know
• 1:07
  that
• 1:07
  a
• 1:07
  lot
• 1:08
  of
• 1:08
  med
• 1:08
  tech
• 1:08
  founders
• 1:09
  believe
• 1:09
  that
• 1:10
  if
• 1:10
  they
• 1:10
  solve
• 1:10
  a
• 1:10
  genuine
• 1:11
  clinical
• 1:11
  problem,
• 1:12
  adoption
• 1:12
  will
• 1:12
  naturally
• 1:13
  follow.
• 1:13
  And
• 1:13
  the
• 1:13
  reality,
• 1:14
  unfortunately,
• 1:15
  is
• 1:15
  that
• 1:15
  healthcare
• 1:15
  is
• 1:15
  littered
• 1:16
  with
• 1:16
  great
• 1:16
  ideas
• 1:17
  that
• 1:17
  never
• 1:17
  make
• 1:18
  it
• 1:18
  beyond
• 1:18
  the
• 1:18
  pilot,
• 1:18
  while
• 1:19
  other
• 1:19
  products
• 1:20
  become
• 1:20
  widely
• 1:20
  adopted
• 1:21
  despite
• 1:21
  not
• 1:22
  necessarily
• 1:22
  being
• 1:22
  the
• 1:22
  best
• 1:23
  solution
• 1:23
  that's
• 1:23
  available.
• 1:24
  Yeah.
• 1:24
  So
• 1:24
  question
• 1:25
  to
• 1:25
  you,
• 1:25
  Jordan.
• 1:25
  You've
• 1:25
  worked
• 1:26
  with
• 1:26
  a
• 1:26
  huge
• 1:26
  range
• 1:26
  of
• 1:27
  clinicians,
• 1:27
  founders
• 1:28
  in
• 1:28
  med
• 1:28
  tech
• 1:28
  businesses,
• 1:29
  so
• 1:29
  what's
• 1:30
  the
• 1:30
  biggest
• 1:30
  misconception
• 1:31
  people
• 1:31
  have
• 1:32
  about
• 1:32
  turning
• 1:33
  a
• 1:33
  clinical
• 1:33
  need
• 1:34
  into
• 1:34
  a
• 1:34
  successful
• 1:35
  med
• 1:35
  tech
• 1:35
  product?
• 1:36
  I
• 1:36
  think
• 1:37
  it's
• 1:37
  the,
• 1:37
  like
• 1:37
  you
• 1:37
  said,
• 1:38
  if
• 1:38
  you
• 1:38
  build
• 1:38
  it,
• 1:38
  they
• 1:38
  will
• 1:38
  come
• 1:39
  concept
• 1:39
  of
• 1:39
  like,
• 1:40
  well,
• 1:40
  everybody
• 1:41
  wants
• 1:41
  my
• 1:41
  great
• 1:41
  idea.
• 1:42
  So
• 1:42
  I
• 1:42
  think
• 1:43
  I
• 1:43
  see
• 1:43
  a
• 1:43
  lot
• 1:43
  of
• 1:43
  physicians,
• 1:44
  and,
• 1:44
  I
• 1:44
  would
• 1:45
  say
• 1:45
  90%
• 1:45
  of
• 1:45
  my
• 1:45
  clientele
• 1:46
  are
• 1:46
  physician
• 1:47
  founders,
• 1:47
  so
• 1:48
  I'm
• 1:48
  in
• 1:48
  a
• 1:48
  really
• 1:49
  unique
• 1:49
  position
• 1:49
  to
• 1:49
  really
• 1:50
  answer
• 1:50
  this.
• 1:50
  But
• 1:51
  I
• 1:51
  would
• 1:51
  say
• 1:51
  option
• 1:52
  one
• 1:52
  is
• 1:53
  you've
• 1:53
  got
• 1:53
  someone
• 1:53
  that's
• 1:53
  building
• 1:54
  for
• 1:54
  their
• 1:54
  personal
• 1:55
  problem
• 1:56
  versus
• 1:56
  a
• 1:56
  commercial
• 1:57
  issue,
• 1:58
  and
• 1:58
  they
• 1:58
  haven't
• 1:58
  really
• 1:59
  done
• 1:59
  the
• 1:59
  market
• 2:00
  testing.
• 2:00
  They
• 2:00
  just,
• 2:01
  they
• 2:01
  see
• 2:01
  it
• 2:01
  as
• 2:01
  a
• 2:01
  problem,
• 2:02
  and
• 2:03
  they
• 2:03
  think
• 2:03
  their
• 2:03
  idea
• 2:04
  is
• 2:04
  brilliant,
• 2:04
  which
• 2:04
  everybody
• 2:05
  Idea
• 2:05
  is
• 2:05
  brilliant,
• 2:06
  but
• 2:06
  not
• 2:06
  all
• 2:06
  of
• 2:06
  them
• 2:07
  have
• 2:07
  legs
• 2:07
  to
• 2:07
  stand
• 2:07
  on.
• 2:08
  I
• 2:08
  call
• 2:08
  it
• 2:08
  the
• 2:08
  ugly
• 2:09
  baby
• 2:09
  syndrome,
• 2:09
  like
• 2:10
  I
• 2:10
  have
• 2:10
  to
• 2:10
  tell
• 2:10
  your
• 2:10
  baby
• 2:11
  is
• 2:11
  ugly.
• 2:11
  I'm
• 2:11
  sorry.
• 2:12
  So
• 2:12
  I
• 2:12
  feel,
• 2:12
  I
• 2:12
  think
• 2:12
  that's
• 2:13
  the
• 2:13
  first
• 2:13
  one,
• 2:13
  and
• 2:13
  then
• 2:13
  the
• 2:14
  second
• 2:14
  one
• 2:14
  is,
• 2:15
  same
• 2:15
  thing
• 2:16
  in
• 2:16
  the
• 2:16
  same
• 2:16
  vein,
• 2:17
  but
• 2:17
  they
• 2:17
  might
• 2:17
  have
• 2:18
  a
• 2:18
  brilliant
• 2:18
  product,
• 2:19
  but
• 2:19
  they
• 2:19
  don't
• 2:19
  have,
• 2:20
  I
• 2:20
  hate
• 2:20
  to
• 2:20
  say
• 2:20
  it,
• 2:20
  business
• 2:21
  101.
• 2:21
  It
• 2:21
  takes,
• 2:22
  it
• 2:22
  truly
• 2:22
  takes
• 2:23
  a
• 2:23
  village
• 2:23
  to
• 2:23
  make
• 2:24
  products
• 2:24
  come
• 2:24
  to
• 2:24
  market,
• 2:25
  and
• 2:25
  I
• 2:25
  think
• 2:26
  a
• 2:26
  lot
• 2:26
  of
• 2:26
  times,
• 2:26
  especially
• 2:27
  what
• 2:27
  I
• 2:27
  see
• 2:27
  in
• 2:27
  academic
• 2:28
  facilities
• 2:29
  is,
• 2:29
  again,
• 2:29
  you'll
• 2:29
  have
• 2:29
  this
• 2:29
  brilliant
• 2:30
  innovation,
• 2:31
  it's
• 2:31
  truly
• 2:31
  solving
• 2:32
  a
• 2:32
  problem,
• 2:32
  and
• 2:33
  their
• 2:33
  end
• 2:33
  goal
• 2:34
  rather
• 2:34
  than
• 2:34
  their
• 2:34
  beginning
• 2:35
  start
• 2:35
  point
• 2:35
  is
• 2:36
  a
• 2:36
  regulatory
• 2:36
  clearance,
• 2:37
  and
• 2:37
  they
• 2:37
  really
• 2:38
  haven't
• 2:38
  thought
• 2:38
  of
• 2:38
  like,
• 2:39
  "Well,
• 2:39
  what
• 2:39
  happens
• 2:39
  once
• 2:40
  I
• 2:40
  get
• 2:40
  regulatory
• 2:40
  clearance?"
• 2:41
  Great,
• 2:41
  you
• 2:41
  have
• 2:41
  to
• 2:41
  sell
• 2:42
  your
• 2:42
  product,
• 2:42
  and
• 2:42
  I
• 2:43
  think
• 2:43
  that's
• 2:43
  where
• 2:43
  it,
• 2:43
  like,
• 2:44
  comes
• 2:44
  crashing
• 2:44
  down
• 2:45
  on
• 2:45
  them,
• 2:45
  is
• 2:45
  they
• 2:45
  are
• 2:45
  very
• 2:46
  academic.
• 2:46
  They're
• 2:46
  very
• 2:47
  focused
• 2:47
  on
• 2:47
  building
• 2:48
  and
• 2:48
  validating.
• 2:49
  They
• 2:49
  understand
• 2:50
  those
• 2:50
  processes,
• 2:50
  but
• 2:51
  they
• 2:51
  do
• 2:51
  not
• 2:51
  understand
• 2:52
  what
• 2:52
  commercialization
• 2:53
  means.
• 2:54
  So
• 2:54
  I
• 2:54
  think
• 2:54
  those
• 2:54
  are
• 2:55
  those
• 2:55
  two,
• 2:55
  two
• 2:55
  things.
• 2:56
  Ugly
• 2:56
  baby
• 2:56
  syndrome
• 2:57
  and
• 2:57
  lack
• 2:57
  of
• 2:58
  commercialization
• 2:58
  understanding
• 2:59
  Yeah,
• 2:59
  no,
• 3:00
  and
• 3:00
  let's
• 3:00
  just
• 3:00
  extend
• 3:01
  those
• 3:01
  out
• 3:01
  then.
• 3:01
  So
• 3:02
  in
• 3:02
  terms
• 3:02
  of
• 3:02
  the
• 3:02
  ugly
• 3:02
  baby
• 3:03
  syndrome
• 3:03
  first,
• 3:04
  so
• 3:04
  effectively
• 3:05
  what
• 3:05
  you're
• 3:05
  saying
• 3:06
  is
• 3:06
  that
• 3:07
  people
• 3:07
  identify
• 3:08
  problems,
• 3:08
  and
• 3:08
  because
• 3:09
  it's
• 3:09
  a
• 3:09
  problem
• 3:09
  for
• 3:09
  them,
• 3:09
  and
• 3:09
  it
• 3:09
  might
• 3:10
  be
• 3:10
  a
• 3:10
  problem
• 3:10
  for
• 3:10
  some
• 3:10
  of
• 3:10
  the
• 3:11
  people
• 3:11
  that
• 3:11
  they
• 3:11
  initially
• 3:12
  validate
• 3:12
  the
• 3:12
  idea
• 3:13
  with,
• 3:13
  but
• 3:14
  it's
• 3:14
  not
• 3:14
  necessarily
• 3:14
  a
• 3:14
  priority
• 3:15
  for
• 3:16
  the
• 3:16
  wider
• 3:17
  community.
• 3:17
  So
• 3:17
  how
• 3:17
  do
• 3:17
  you
• 3:18
  distinguish
• 3:18
  between,
• 3:19
  that
• 3:19
  what
• 3:19
  is
• 3:19
  a
• 3:19
  problem
• 3:20
  and
• 3:20
  then
• 3:20
  what
• 3:20
  is
• 3:20
  a
• 3:20
  priority
• 3:21
  which
• 3:21
  is
• 3:21
  actually
• 3:21
  gonna
• 3:21
  move
• 3:22
  people
• 3:22
  to
• 3:22
  actually
• 3:22
  change
• 3:23
  their
• 3:23
  behavior?
• 3:23
  And
• 3:24
  that's
• 3:24
  where
• 3:24
  I
• 3:24
  think,
• 3:24
  really
• 3:25
  focusing
• 3:25
  on
• 3:26
  commercialization
• 3:26
  from
• 3:27
  day
• 3:27
  one
• 3:28
  is
• 3:28
  what
• 3:28
  makes
• 3:29
  the
• 3:29
  difference.
• 3:29
  Because
• 3:30
  if
• 3:30
  you
• 3:30
  have
• 3:31
  an
• 3:31
  ugly
• 3:31
  baby,
• 3:32
  is
• 3:32
  what
• 3:32
  we're
• 3:32
  gonna
• 3:32
  call
• 3:32
  it,
• 3:33
  then
• 3:33
  you're
• 3:33
  not
• 3:33
  going
• 3:34
  to
• 3:34
  get
• 3:34
  people
• 3:34
  that
• 3:34
  want
• 3:34
  to
• 3:35
  adopt
• 3:35
  it.
• 3:35
  They're
• 3:35
  gonna
• 3:36
  say,
• 3:36
  "That's
• 3:36
  very
• 3:36
  neat.
• 3:37
  It's
• 3:37
  very
• 3:37
  shiny.
• 3:37
  It's
• 3:38
  very
• 3:38
  cool.
• 3:38
  It's
• 3:38
  a
• 3:38
  great
• 3:39
  concept,"
• 3:40
  but
• 3:40
  they're
• 3:40
  not
• 3:40
  actually
• 3:40
  going
• 3:41
  to
• 3:41
  want
• 3:41
  to
• 3:41
  adopt
• 3:41
  it.
• 3:42
  And
• 3:42
  so
• 3:42
  I
• 3:42
  think
• 3:43
  being
• 3:43
  a
• 3:43
  founder
• 3:44
  that
• 3:44
  focuses
• 3:45
  on,
• 3:45
  from
• 3:45
  the
• 3:45
  very
• 3:45
  beginning,
• 3:46
  market
• 3:46
  validation,
• 3:47
  that
• 3:47
  it's
• 3:47
  not
• 3:47
  just
• 3:47
  a
• 3:47
  pro-
• 3:48
  like
• 3:48
  a,
• 3:48
  something
• 3:49
  that's
• 3:49
  solving
• 3:49
  your
• 3:49
  personal
• 3:50
  problem,
• 3:50
  but
• 3:50
  do
• 3:50
  your
• 3:51
  other
• 3:51
  peers,
• 3:51
  are
• 3:51
  they
• 3:52
  interested
• 3:52
  in
• 3:52
  it?
• 3:52
  Not
• 3:53
  beyond
• 3:53
  just
• 3:53
  a,
• 3:53
  "Is
• 3:54
  it
• 3:54
  cool?
• 3:54
  Oh,
• 3:54
  this
• 3:54
  is
• 3:55
  really
• 3:55
  neat,"
• 3:55
  but,
• 3:55
  like,
• 3:55
  will
• 3:56
  they
• 3:56
  actually
• 3:56
  put
• 3:56
  it
• 3:56
  into
• 3:57
  their
• 3:57
  hospital?
• 3:57
  Will
• 3:57
  they
• 3:58
  invest?
• 3:58
  I'm
• 3:59
  giving
• 3:59
  my
• 3:59
  secret
• 3:59
  sauce
• 4:00
  away,
• 4:00
  but
• 4:00
  I
• 4:01
  have
• 4:01
  all
• 4:01
  of
• 4:01
  my
• 4:02
  founders
• 4:02
  run
• 4:02
  through
• 4:03
  I
• 4:03
  call
• 4:03
  it
• 4:03
  family
• 4:03
  and
• 4:03
  friends,
• 4:04
  but
• 4:04
  essentially
• 4:04
  a
• 4:05
  family
• 4:05
  and
• 4:05
  friends
• 4:05
  round
• 4:06
  of
• 4:06
  funding,
• 4:06
  and
• 4:06
  it's
• 4:07
  to
• 4:07
  other
• 4:07
  physicians
• 4:08
  and
• 4:08
  surgeons
• 4:09
  in
• 4:09
  their
• 4:10
  field.
• 4:10
  So
• 4:11
  let's
• 4:11
  say
• 4:11
  you're
• 4:11
  developing
• 4:12
  in
• 4:12
  the...
• 4:12
  Like,
• 4:12
  I
• 4:12
  have
• 4:13
  a
• 4:13
  device
• 4:13
  I'm
• 4:13
  taking
• 4:14
  to
• 4:14
  market
• 4:14
  in
• 4:14
  the
• 4:14
  colorectal
• 4:15
  space.
• 4:16
  The
• 4:16
  very
• 4:16
  first
• 4:16
  people
• 4:17
  I
• 4:17
  want
• 4:17
  to
• 4:17
  invest
• 4:18
  are
• 4:18
  other
• 4:18
  colorectal
• 4:19
  surgeons.
• 4:20
  That
• 4:20
  is
• 4:20
  proving
• 4:21
  my
• 4:21
  market
• 4:21
  validity.
• 4:22
  That's
• 4:22
  proving
• 4:22
  I'm
• 4:22
  solving
• 4:23
  a
• 4:23
  problem.
• 4:23
  That's
• 4:24
  telling
• 4:24
  me
• 4:25
  outside
• 4:25
  that
• 4:25
  there
• 4:26
  are
• 4:26
  other
• 4:26
  people
• 4:26
  interested
• 4:27
  in
• 4:27
  it
• 4:27
  that
• 4:27
  wanna
• 4:28
  see
• 4:28
  it
• 4:28
  built.
• 4:29
  So
• 4:29
  I
• 4:29
  make
• 4:29
  all
• 4:29
  of
• 4:30
  my
• 4:30
  founders
• 4:30
  go
• 4:30
  through
• 4:30
  what
• 4:30
  I
• 4:30
  call
• 4:31
  a
• 4:31
  family
• 4:31
  and
• 4:31
  friends
• 4:32
  round,
• 4:32
  and
• 4:32
  it's
• 4:32
  not
• 4:32
  actual
• 4:33
  family
• 4:33
  or
• 4:33
  friends,
• 4:34
  but
• 4:34
  just
• 4:34
  other
• 4:34
  peer-to-peer
• 4:35
  support.
• 4:36
  So
• 4:36
  you're
• 4:36
  hearing
• 4:37
  from
• 4:37
  other
• 4:37
  people,
• 4:38
  the
• 4:38
  people
• 4:38
  that
• 4:38
  are
• 4:38
  gonna
• 4:38
  be
• 4:38
  your
• 4:39
  end
• 4:39
  user
• 4:39
  adopters,
• 4:40
  that
• 4:40
  they
• 4:40
  wanna
• 4:40
  be
• 4:40
  part
• 4:41
  of
• 4:41
  this
• 4:41
  and
• 4:41
  they
• 4:41
  wanna
• 4:41
  build
• 4:42
  it.
• 4:42
  And
• 4:42
  so
• 4:42
  now
• 4:42
  you've
• 4:42
  created
• 4:43
  market
• 4:43
  interest,
• 4:44
  you've
• 4:44
  actually
• 4:44
  created
• 4:45
  a
• 4:45
  buy-in,
• 4:46
  so
• 4:46
  they're
• 4:46
  interested
• 4:47
  in
• 4:47
  seeing
• 4:47
  that
• 4:47
  product
• 4:48
  come
• 4:48
  to
• 4:48
  market,
• 4:48
  and
• 4:49
  you're
• 4:49
  raising
• 4:49
  funds,
• 4:50
  all
• 4:50
  under
• 4:50
  market
• 4:51
  validity.
• 4:51
  That's
• 4:51
  what
• 4:52
  I
• 4:52
  highly
• 4:52
  encourage
• 4:52
  everyone,
• 4:53
  'cause
• 4:53
  it's,
• 4:53
  it
• 4:53
  is
• 4:53
  very
• 4:54
  easy
• 4:54
  to
• 4:54
  build
• 4:54
  in
• 4:54
  a
• 4:54
  silo,
• 4:55
  and
• 4:55
  you
• 4:56
  think
• 4:56
  your
• 4:56
  idea
• 4:56
  is
• 4:56
  the
• 4:56
  best
• 4:57
  because
• 4:57
  you
• 4:57
  have
• 4:58
  this
• 4:58
  terrible
• 4:58
  problem.
• 4:59
  and
• 4:59
  then
• 4:59
  turns
• 4:59
  out
• 5:00
  it's
• 5:00
  shiny,
• 5:01
  it's
• 5:01
  pretty,
• 5:01
  but
• 5:02
  doesn't
• 5:02
  mean
• 5:02
  that
• 5:02
  people
• 5:02
  are
• 5:02
  gonna
• 5:03
  actually
• 5:03
  adopt
• 5:03
  it.
• 5:03
  It's
• 5:04
  not
• 5:04
  solving
• 5:04
  a
• 5:05
  true
• 5:05
  problem.
• 5:05
  It's
• 5:06
  solving
• 5:06
  your
• 5:06
  headache.
• 5:07
  It's
• 5:07
  not
• 5:07
  solving
• 5:07
  an
• 5:08
  actual
• 5:08
  problem.
• 5:09
  Okay.
• 5:09
  So
• 5:09
  just
• 5:09
  on
• 5:09
  that
• 5:10
  point,
• 5:10
  'cause
• 5:10
  I
• 5:10
  think
• 5:10
  that's
• 5:10
  a
• 5:10
  really
• 5:11
  interesting
• 5:11
  point,
• 5:11
  and
• 5:11
  it's
• 5:11
  not,
• 5:11
  and
• 5:11
  it's
• 5:12
  not
• 5:12
  something
• 5:13
  that
• 5:13
  many
• 5:13
  people,
• 5:14
  talk
• 5:14
  about.
• 5:15
  Cause
• 5:15
  effectively
• 5:15
  what
• 5:15
  you're
• 5:15
  saying
• 5:16
  is
• 5:16
  you're
• 5:16
  validating
• 5:16
  the
• 5:17
  idea
• 5:17
  by
• 5:17
  seeing
• 5:18
  whether
• 5:18
  or
• 5:18
  not
• 5:18
  people
• 5:18
  are
• 5:18
  gonna
• 5:18
  fund
• 5:19
  it.
• 5:19
  Yeah,
• 5:19
  absolutely
• 5:20
  and
• 5:20
  most
• 5:20
  people
• 5:20
  won't
• 5:21
  think
• 5:21
  about
• 5:21
  that
• 5:21
  for
• 5:21
  several
• 5:22
  reasons,
• 5:22
  and
• 5:22
  I'll
• 5:22
  come
• 5:22
  onto
• 5:22
  a
• 5:23
  couple
• 5:23
  of
• 5:23
  those.
• 5:23
  So
• 5:23
  firstly,
• 5:24
  how
• 5:25
  do
• 5:25
  you
• 5:25
  go
• 5:26
  around
• 5:27
  doing
• 5:27
  that?
• 5:27
  Because
• 5:27
  obviously
• 5:27
  people
• 5:27
  listening
• 5:28
  will
• 5:28
  be
• 5:28
  thinking,
• 5:28
  "Okay,
• 5:29
  that
• 5:29
  sounds
• 5:29
  like
• 5:29
  a
• 5:29
  good
• 5:29
  idea,"
• 5:30
  but-
• 5:30
  I
• 5:30
  have
• 5:30
  no
• 5:30
  idea
• 5:31
  how
• 5:31
  to
• 5:31
  ask
• 5:31
  somebody
• 5:32
  to
• 5:32
  fund
• 5:32
  my
• 5:32
  idea.
• 5:33
  That's
• 5:33
  the
• 5:33
  first
• 5:33
  question.
• 5:34
  So
• 5:34
  if
• 5:34
  you
• 5:34
  could
• 5:34
  just
• 5:34
  answer
• 5:35
  that,
• 5:35
  and
• 5:35
  then
• 5:35
  I've
• 5:35
  got
• 5:35
  a
• 5:35
  follow-up.
• 5:36
  Well,
• 5:36
  so
• 5:36
  to
• 5:36
  be
• 5:36
  clear,
• 5:37
  I
• 5:37
  am
• 5:37
  not
• 5:37
  a
• 5:37
  securities
• 5:38
  attorney.
• 5:38
  I
• 5:39
  h-
• 5:39
  I
• 5:39
  work
• 5:39
  with
• 5:39
  a
• 5:39
  great
• 5:40
  securities
• 5:40
  team.
• 5:40
  I
• 5:41
  keep
• 5:41
  two
• 5:41
  securities
• 5:42
  attorneys
• 5:42
  on
• 5:43
  staff
• 5:43
  and
• 5:43
  engaged
• 5:44
  at
• 5:44
  all
• 5:44
  times.
• 5:45
  S-
• 5:45
  so
• 5:46
  to
• 5:46
  be
• 5:47
  clear,
• 5:47
  I
• 5:47
  am
• 5:47
  not
• 5:48
  telling
• 5:49
  people
• 5:49
  how
• 5:50
  to
• 5:50
  do
• 5:50
  their
• 5:50
  funding.
• 5:51
  That
• 5:51
  is
• 5:51
  not
• 5:51
  my
• 5:51
  wheelhouse.
• 5:52
  But
• 5:52
  What
• 5:52
  I
• 5:52
  will
• 5:52
  say
• 5:53
  is
• 5:53
  find
• 5:53
  a
• 5:53
  good
• 5:54
  offering.
• 5:54
  So
• 5:55
  that
• 5:55
  goes
• 5:55
  back
• 5:55
  to
• 5:55
  building
• 5:56
  out
• 5:57
  a
• 5:57
  good
• 5:57
  business
• 5:57
  plan,
• 5:58
  right?
• 5:58
  And
• 5:58
  these
• 5:59
  are
• 5:59
  things
• 5:59
  that
• 5:59
  you're
• 5:59
  gonna
• 5:59
  have
• 6:00
  to
• 6:00
  do
• 6:00
  sooner
• 6:00
  versus
• 6:01
  later.
• 6:01
  And
• 6:01
  again,
• 6:01
  I
• 6:02
  find
• 6:02
  physicians
• 6:03
  specifically,
• 6:04
  academic
• 6:05
  physicians
• 6:05
  really
• 6:06
  struggle
• 6:06
  with
• 6:06
  this.
• 6:06
  I
• 6:06
  actually
• 6:07
  work
• 6:07
  with,
• 6:07
  Harvard,
• 6:08
  I'm
• 6:08
  sorry,
• 6:08
  this
• 6:08
  is
• 6:08
  Stanford
• 6:09
  has
• 6:09
  a
• 6:09
  high
• 6:09
  impact
• 6:10
  technology
• 6:10
  fund,
• 6:11
  and
• 6:11
  I
• 6:11
  work
• 6:12
  as
• 6:12
  a
• 6:12
  mentor
• 6:12
  for
• 6:12
  them,
• 6:12
  and
• 6:13
  these
• 6:13
  are
• 6:13
  all
• 6:13
  these
• 6:13
  incredibly
• 6:14
  academic,
• 6:15
  brilliant,
• 6:16
  great
• 6:16
  innovators
• 6:17
  that
• 6:17
  are
• 6:17
  in
• 6:17
  their
• 6:17
  accelerator,
• 6:18
  but
• 6:18
  they
• 6:19
  don't
• 6:19
  have
• 6:19
  a
• 6:19
  business
• 6:20
  plan.
• 6:20
  They
• 6:20
  don't
• 6:20
  know
• 6:20
  how
• 6:20
  to
• 6:21
  ask
• 6:21
  for
• 6:21
  funding.
• 6:21
  They
• 6:22
  don't
• 6:22
  know
• 6:22
  how
• 6:22
  to
• 6:22
  justify
• 6:23
  their
• 6:23
  ask.
• 6:24
  They
• 6:24
  don't...
• 6:24
  Their
• 6:25
  valuations
• 6:25
  don't
• 6:26
  make
• 6:26
  sense.
• 6:26
  So
• 6:26
  I
• 6:26
  would
• 6:26
  say
• 6:26
  the
• 6:27
  very
• 6:27
  first
• 6:27
  thing
• 6:28
  when
• 6:28
  you
• 6:28
  wanna
• 6:28
  go
• 6:28
  into
• 6:28
  funding
• 6:29
  and
• 6:29
  you
• 6:29
  wanna
• 6:30
  do
• 6:30
  the
• 6:30
  ask
• 6:30
  is,
• 6:31
  number
• 6:31
  one,
• 6:31
  have
• 6:32
  a
• 6:32
  business
• 6:32
  plan.
• 6:33
  You
• 6:33
  can
• 6:33
  talk
• 6:33
  clinical
• 6:34
  to
• 6:34
  your
• 6:34
  peers,
• 6:35
  and
• 6:35
  when
• 6:35
  you
• 6:35
  go
• 6:35
  to
• 6:35
  actually
• 6:36
  asking
• 6:36
  them
• 6:37
  for
• 6:37
  money,
• 6:37
  you
• 6:38
  can
• 6:38
  have
• 6:38
  that
• 6:38
  piece.
• 6:39
  But
• 6:39
  you
• 6:39
  need
• 6:39
  to
• 6:39
  know
• 6:40
  the
• 6:40
  business
• 6:40
  of
• 6:41
  it,
• 6:41
  because
• 6:41
  a
• 6:41
  clinical
• 6:42
  deck
• 6:42
  is
• 6:42
  only
• 6:43
  gonna
• 6:43
  make
• 6:43
  sense
• 6:43
  to
• 6:43
  someone
• 6:44
  in
• 6:44
  that
• 6:44
  clinical
• 6:45
  market,
• 6:45
  and
• 6:45
  that's
• 6:45
  not
• 6:46
  actually
• 6:46
  gonna
• 6:46
  be
• 6:46
  what
• 6:47
  gets
• 6:47
  them
• 6:47
  to
• 6:47
  invest.
• 6:48
  What
• 6:48
  gets
• 6:48
  them
• 6:48
  to
• 6:48
  invest
• 6:49
  is
• 6:49
  to
• 6:49
  say,
• 6:49
  I
• 6:49
  think
• 6:49
  this
• 6:49
  is
• 6:50
  gonna
• 6:50
  go
• 6:50
  somewhere.
• 6:50
  I
• 6:51
  need
• 6:51
  it
• 6:51
  in
• 6:51
  my
• 6:51
  office.
• 6:52
  I
• 6:52
  would
• 6:52
  use
• 6:53
  it
• 6:53
  in
• 6:53
  my
• 6:53
  office.
• 6:54
  And
• 6:54
  not
• 6:54
  only
• 6:54
  do
• 6:54
  I
• 6:54
  need
• 6:55
  and
• 6:55
  want
• 6:55
  it
• 6:55
  so
• 6:56
  badly,
• 6:56
  I'm
• 6:56
  willing
• 6:56
  to
• 6:57
  give
• 6:57
  you
• 6:57
  money
• 6:57
  to
• 6:57
  make
• 6:58
  it
• 6:58
  happen."
• 6:58
  So
• 6:59
  really,
• 6:59
  what
• 7:00
  are
• 7:00
  you
• 7:00
  gonna
• 7:00
  do
• 7:00
  with
• 7:00
  my
• 7:00
  money,
• 7:01
  right?
• 7:01
  So
• 7:01
  again-
• 7:02
  Teaching
• 7:02
  from
• 7:02
  the
• 7:02
  very
• 7:03
  beginning,
• 7:03
  what
• 7:03
  is
• 7:04
  your
• 7:04
  business
• 7:04
  plan?
• 7:04
  What
• 7:05
  is
• 7:05
  your
• 7:05
  model?
• 7:05
  What
• 7:06
  roadblocks
• 7:06
  do
• 7:06
  you
• 7:06
  see?
• 7:07
  Like
• 7:07
  ask
• 7:07
  all
• 7:07
  the
• 7:08
  nos
• 7:08
  ahead
• 7:08
  of
• 7:08
  time,
• 7:09
  and
• 7:09
  that
• 7:09
  way
• 7:09
  you
• 7:09
  kind
• 7:10
  of
• 7:10
  have
• 7:10
  an
• 7:10
  answer
• 7:10
  when
• 7:11
  you're
• 7:11
  going
• 7:11
  to
• 7:11
  funding.
• 7:12
  And
• 7:12
  I
• 7:12
  honestly,
• 7:12
  when
• 7:13
  I
• 7:13
  pitch
• 7:13
  for
• 7:13
  funding,
• 7:14
  again,
• 7:14
  I
• 7:14
  give
• 7:14
  away
• 7:15
  the
• 7:15
  secret
• 7:15
  sauce.
• 7:15
  I
• 7:16
  approach
• 7:16
  it
• 7:16
  from
• 7:17
  a,
• 7:17
  I'm
• 7:17
  trying
• 7:17
  to
• 7:18
  build
• 7:18
  this
• 7:18
  as
• 7:18
  a
• 7:18
  clinician.
• 7:19
  What
• 7:19
  do
• 7:19
  you
• 7:20
  see?
• 7:20
  What
• 7:20
  do
• 7:20
  you
• 7:21
  like
• 7:21
  about
• 7:21
  this?
• 7:21
  What
• 7:21
  do
• 7:21
  you
• 7:22
  not
• 7:22
  like
• 7:22
  about
• 7:22
  this?
• 7:23
  What
• 7:23
  would
• 7:23
  you
• 7:23
  do
• 7:23
  differently?
• 7:24
  So
• 7:24
  that
• 7:24
  they're
• 7:25
  involved
• 7:25
  from
• 7:26
  the
• 7:26
  very
• 7:26
  beginning,
• 7:27
  and
• 7:27
  they
• 7:27
  feel
• 7:27
  like
• 7:27
  they're
• 7:27
  part
• 7:28
  of
• 7:28
  the
• 7:28
  process.
• 7:29
  And
• 7:29
  then
• 7:29
  it's
• 7:29
  a
• 7:29
  really
• 7:30
  easy
• 7:30
  ask
• 7:31
  to
• 7:31
  say,
• 7:31
  we
• 7:32
  really
• 7:32
  like
• 7:32
  the
• 7:32
  value
• 7:33
  that
• 7:33
  you
• 7:33
  have
• 7:33
  provided,
• 7:34
  and
• 7:34
  we
• 7:34
  really
• 7:35
  wanna
• 7:35
  see
• 7:35
  this
• 7:35
  come
• 7:35
  through.
• 7:36
  Is
• 7:36
  this
• 7:36
  something
• 7:37
  you
• 7:37
  would
• 7:37
  actually
• 7:37
  utilize
• 7:38
  in
• 7:38
  your
• 7:38
  clinic?
• 7:38
  And
• 7:39
  if
• 7:39
  so,
• 7:39
  would
• 7:39
  you
• 7:39
  invest?"
• 7:40
  Because
• 7:40
  that
• 7:41
  gets
• 7:41
  rid
• 7:41
  of
• 7:41
  the
• 7:41
  ugly
• 7:41
  baby
• 7:42
  syndrome
• 7:42
  really
• 7:42
  quickly,
• 7:43
  right?
• 7:43
  Everyone
• 7:44
  will
• 7:44
  tell
• 7:44
  you,
• 7:44
  Oh,
• 7:45
  that's
• 7:45
  beautiful.
• 7:45
  It's
• 7:45
  so
• 7:46
  shiny.
• 7:46
  It's
• 7:46
  so
• 7:47
  cool.
• 7:47
  It's
• 7:47
  really
• 7:47
  great."
• 7:48
  I
• 7:48
  mean,
• 7:48
  you
• 7:48
  and
• 7:48
  I
• 7:48
  worked
• 7:48
  on
• 7:48
  a
• 7:49
  project
• 7:49
  together
• 7:49
  that
• 7:50
  falls
• 7:50
  in
• 7:50
  these
• 7:50
  parameters
• 7:51
  where
• 7:52
  they
• 7:52
  got
• 7:52
  a
• 7:52
  lot
• 7:52
  of
• 7:53
  what
• 7:53
  they
• 7:53
  considered
• 7:54
  positive
• 7:54
  feedback
• 7:55
  because
• 7:55
  yes,
• 7:55
  it's
• 7:55
  shiny,
• 7:56
  it's
• 7:56
  new,
• 7:56
  it's
• 7:57
  exciting.
• 7:57
  But
• 7:58
  when
• 7:58
  it
• 7:58
  comes
• 7:59
  down
• 7:59
  to,
• 7:59
  would
• 7:59
  you
• 8:00
  actually
• 8:00
  use
• 8:00
  this
• 8:00
  in
• 8:01
  your
• 8:01
  clinic?
• 8:01
  How
• 8:02
  would
• 8:02
  you
• 8:02
  use
• 8:02
  this
• 8:02
  in
• 8:02
  your
• 8:02
  clinic?
• 8:03
  How
• 8:03
  is
• 8:03
  it
• 8:03
  gonna
• 8:04
  affect
• 8:04
  your
• 8:04
  workflow?
• 8:05
  Is
• 8:05
  it
• 8:05
  gonna
• 8:06
  make
• 8:06
  a
• 8:06
  difference
• 8:06
  in
• 8:06
  your
• 8:06
  workflow?
• 8:07
  And
• 8:07
  will
• 8:08
  you
• 8:08
  open
• 8:08
  your
• 8:08
  pockets
• 8:09
  for
• 8:09
  it?
• 8:09
  The
• 8:09
  answer
• 8:10
  was
• 8:10
  a
• 8:10
  resounding
• 8:11
  no.
• 8:11
  And
• 8:11
  to
• 8:11
  me,
• 8:12
  that
• 8:12
  is
• 8:12
  the
• 8:13
  greatest
• 8:13
  test
• 8:14
  of
• 8:14
  market
• 8:14
  strength
• 8:14
  right
• 8:15
  there.
• 8:15
  I've
• 8:15
  got
• 8:16
  another
• 8:16
  one
• 8:16
  right
• 8:16
  now,
• 8:16
  I
• 8:16
  just
• 8:17
  had
• 8:17
  to
• 8:17
  go
• 8:17
  through
• 8:17
  ugly
• 8:18
  baby,
• 8:18
  where
• 8:18
  she's
• 8:19
  got
• 8:19
  an
• 8:19
  idea-
• 8:20
  but
• 8:20
  the
• 8:20
  concept
• 8:21
  that,
• 8:21
  like
• 8:21
  the
• 8:21
  standard
• 8:22
  of
• 8:22
  care
• 8:22
  she's
• 8:22
  going
• 8:23
  against
• 8:23
  is
• 8:23
  soap
• 8:23
  and
• 8:24
  water.
• 8:24
  No
• 8:24
  matter
• 8:25
  how
• 8:25
  brilliant
• 8:25
  your
• 8:26
  concept
• 8:26
  is,
• 8:26
  if
• 8:27
  you
• 8:27
  have
• 8:27
  a
• 8:27
  200-year-old
• 8:28
  process
• 8:29
  of
• 8:29
  soap
• 8:29
  and
• 8:29
  water,
• 8:30
  it
• 8:30
  is
• 8:30
  gonna
• 8:30
  be
• 8:31
  really
• 8:31
  difficult
• 8:32
  to
• 8:32
  change
• 8:33
  the
• 8:33
  mindset
• 8:33
  and
• 8:34
  change
• 8:34
  the
• 8:34
  idea
• 8:35
  of
• 8:35
  this
• 8:35
  new
• 8:36
  product
• 8:36
  in
• 8:36
  the
• 8:36
  market.
• 8:37
  'Cause
• 8:37
  now
• 8:37
  you're
• 8:38
  saying
• 8:38
  you
• 8:38
  have
• 8:38
  to
• 8:38
  spend
• 8:39
  money
• 8:39
  to
• 8:39
  fix
• 8:39
  something
• 8:40
  that
• 8:40
  can
• 8:40
  be
• 8:40
  solved
• 8:41
  with
• 8:41
  soap
• 8:41
  and
• 8:41
  water,
• 8:41
  to
• 8:42
  be
• 8:42
  clear.
• 8:42
  And,
• 8:42
  and
• 8:43
  it's
• 8:43
  the
• 8:43
  same
• 8:43
  concept
• 8:44
  I've
• 8:44
  had
• 8:44
  this
• 8:44
  conversation
• 8:45
  so
• 8:45
  many
• 8:45
  times
• 8:45
  with
• 8:45
  so
• 8:45
  many
• 8:45
  different
• 8:46
  people
• 8:46
  that,
• 8:46
  they
• 8:46
  come
• 8:47
  to
• 8:47
  you
• 8:47
  and
• 8:47
  they
• 8:47
  think,
• 8:47
  "Oh,
• 8:48
  well,
• 8:48
  there's
• 8:48
  nothing
• 8:49
  else
• 8:49
  like
• 8:49
  it
• 8:49
  on
• 8:49
  the
• 8:49
  market."
• 8:50
  And
• 8:50
  you're
• 8:50
  thinking,
• 8:50
  "Well,
• 8:50
  there
• 8:50
  always
• 8:50
  is,"
• 8:51
  even
• 8:51
  if
• 8:51
  that's
• 8:52
  inertia,
• 8:52
  and
• 8:52
  actually
• 8:53
  inertia-
• 8:53
  Right
• 8:53
  is
• 8:53
  the
• 8:53
  hardest
• 8:54
  thing
• 8:54
  to
• 8:54
  move.
• 8:54
  Yeah.
• 8:54
  Having
• 8:55
  a
• 8:55
  competitor-
• 8:56
  Yes
• 8:56
  in
• 8:56
  my
• 8:56
  opinion,
• 8:56
  is
• 8:57
  always
• 8:57
  better
• 8:57
  because
• 8:58
  you've
• 8:58
  got-
• 8:58
  Yeah
• 8:58
  it
• 8:58
  means
• 8:59
  that
• 8:59
  somebody
• 8:59
  has
• 9:00
  seen
• 9:00
  it
• 9:00
  as
• 9:00
  a
• 9:00
  priority,
• 9:01
  and
• 9:01
  they're
• 9:01
  actually
• 9:02
  investing
• 9:02
  in
• 9:03
  another
• 9:03
  type
• 9:03
  of
• 9:04
  product
• 9:04
  or
• 9:04
  service.
• 9:04
  Yeah.
• 9:05
  And
• 9:05
  actually
• 9:05
  what
• 9:05
  you've
• 9:05
  just
• 9:06
  talked
• 9:06
  about
• 9:06
  there
• 9:06
  in
• 9:06
  terms
• 9:07
  of
• 9:07
  the
• 9:07
  funding
• 9:08
  almost
• 9:08
  ticks
• 9:09
  two
• 9:09
  boxes.
• 9:09
  'Cause
• 9:09
  what
• 9:10
  you
• 9:10
  said,
• 9:10
  I
• 9:10
  at
• 9:10
  the
• 9:10
  outset
• 9:11
  was
• 9:11
  the
• 9:11
  challenge
• 9:12
  is
• 9:12
  that
• 9:12
  people
• 9:12
  look
• 9:13
  at
• 9:13
  the
• 9:13
  regulatory
• 9:13
  pathway
• 9:13
  and
• 9:13
  that's
• 9:14
  the
• 9:14
  only
• 9:14
  pa-
• 9:14
  thing
• 9:15
  to
• 9:15
  worry
• 9:15
  about.
• 9:15
  Yeah.
• 9:16
  And
• 9:16
  they're
• 9:16
  not
• 9:16
  focusing
• 9:16
  on-
• 9:16
  That's
• 9:16
  all
• 9:17
  they
• 9:17
  have
• 9:17
  drilled
• 9:17
  in
• 9:17
  their
• 9:17
  heads.
• 9:18
  And
• 9:18
  kudos
• 9:19
  to
• 9:19
  regulatory
• 9:20
  for
• 9:20
  drilling
• 9:20
  that
• 9:20
  in
• 9:20
  their
• 9:21
  heads.
• 9:21
  And
• 9:21
  the
• 9:21
  reason
• 9:21
  why
• 9:22
  it's
• 9:22
  drilled
• 9:22
  in
• 9:22
  their
• 9:22
  heads
• 9:23
  is,
• 9:23
  as
• 9:23
  we
• 9:23
  know,
• 9:24
  like,
• 9:24
  if
• 9:24
  you
• 9:24
  make
• 9:25
  a
• 9:25
  mistake
• 9:25
  in
• 9:26
  your
• 9:26
  trial
• 9:26
  setup
• 9:27
  or
• 9:27
  you
• 9:27
  are
• 9:28
  collecting
• 9:28
  the
• 9:28
  wrong
• 9:29
  data
• 9:29
  or
• 9:29
  you
• 9:30
  don't
• 9:30
  have
• 9:30
  the
• 9:30
  quality
• 9:31
  metrics
• 9:31
  that
• 9:31
  you
• 9:32
  need,
• 9:32
  that
• 9:32
  will
• 9:32
  shut
• 9:33
  your
• 9:33
  idea
• 9:33
  down.
• 9:33
  Yeah.
• 9:33
  So
• 9:33
  kudos
• 9:34
  to
• 9:34
  the
• 9:34
  regulatory
• 9:35
  system
• 9:35
  for
• 9:35
  scaring
• 9:36
  them
• 9:36
  straight
• 9:36
  and
• 9:36
  being
• 9:37
  like,
• 9:37
  "You
• 9:37
  have
• 9:37
  to
• 9:37
  make
• 9:38
  this
• 9:38
  a
• 9:38
  priority."
• 9:38
  But
• 9:39
  I
• 9:39
  really
• 9:40
  see
• 9:40
  so
• 9:41
  many
• 9:41
  founders
• 9:41
  build
• 9:42
  as
• 9:42
  that
• 9:42
  is
• 9:42
  the
• 9:43
  f-
• 9:43
  the
• 9:43
  finish
• 9:43
  line,
• 9:43
  and
• 9:44
  that's
• 9:44
  the
• 9:44
  starting
• 9:44
  point.
• 9:45
  That's
• 9:45
  just
• 9:45
  your
• 9:46
  green
• 9:46
  flag
• 9:46
  to
• 9:47
  say,
• 9:47
  "Okay,
• 9:47
  great,
• 9:47
  now
• 9:48
  make
• 9:48
  money."
• 9:49
  That's
• 9:49
  not
• 9:49
  a
• 9:49
  congratulations,
• 9:50
  be
• 9:50
  all,
• 9:50
  end
• 9:51
  all,
• 9:51
  you've
• 9:51
  arrived.
• 9:52
  That's
• 9:52
  not
• 9:52
  the
• 9:52
  pinnacle.
• 9:53
  You're
• 9:53
  at
• 9:53
  base
• 9:53
  camp.
• 9:54
  Yeah.
• 9:54
  You've
• 9:54
  just
• 9:55
  made
• 9:55
  it
• 9:55
  to
• 9:55
  base
• 9:55
  camp.
• 9:56
  exactly.
• 9:56
  And
• 9:56
  that's
• 9:57
  the
• 9:57
  biggest
• 9:57
  problem
• 9:57
  because
• 9:58
  lots
• 9:59
  of
• 9:59
  people
• 9:59
  will
• 9:59
  spend,
• 10:00
  and
• 10:00
  literally,
• 10:01
  you,
• 10:01
  we
• 10:01
  all
• 10:01
  know
• 10:01
  it,
• 10:02
  will
• 10:02
  spend
• 10:02
  years
• 10:03
  on
• 10:03
  the
• 10:03
  regulatory
• 10:04
  g-
• 10:05
  getting
• 10:05
  the
• 10:06
  evidence.
• 10:06
  Yeah.
• 10:06
  And
• 10:06
  at
• 10:06
  all
• 10:06
  this
• 10:06
  point,
• 10:07
  they've
• 10:07
  got
• 10:07
  money,
• 10:07
  and
• 10:08
  they're
• 10:08
  burning
• 10:08
  the
• 10:08
  cash.
• 10:08
  And
• 10:08
  just
• 10:09
  before
• 10:09
  they-
• 10:09
  And
• 10:09
  exactly
• 10:10
  the
• 10:10
  start
• 10:10
  line
• 10:11
  where
• 10:11
  they
• 10:11
  need
• 10:12
  to
• 10:12
  commercialize
• 10:12
  it,
• 10:12
  they
• 10:12
  run
• 10:13
  out
• 10:13
  of
• 10:13
  cash,
• 10:13
  and
• 10:13
  they
• 10:13
  can't
• 10:13
  commercialize
• 10:14
  the
• 10:14
  idea
• 10:14
  because
• 10:15
  they've
• 10:15
  got
• 10:15
  an
• 10:15
  idea,
• 10:16
  they've
• 10:16
  got,
• 10:17
  regulatory,
• 10:17
  they've
• 10:18
  got
• 10:18
  clinical
• 10:18
  data,
• 10:19
  but
• 10:19
  they
• 10:19
  actually
• 10:19
  haven't
• 10:19
  got
• 10:20
  a
• 10:20
  commercial
• 10:20
  plan.
• 10:21
  Whereas
• 10:21
  what
• 10:21
  you're
• 10:21
  saying-
• 10:22
  Yeah
• 10:22
  which
• 10:22
  I
• 10:22
  really
• 10:22
  like,
• 10:23
  is
• 10:23
  the
• 10:23
  funding
• 10:24
  and
• 10:24
  forcing
• 10:24
  yourself
• 10:25
  into
• 10:25
  funding
• 10:25
  forces
• 10:26
  you,
• 10:26
  number
• 10:26
  one,
• 10:27
  to
• 10:27
  validate
• 10:27
  your
• 10:27
  idea,
• 10:28
  and
• 10:28
  then
• 10:28
  number
• 10:28
  two,
• 10:29
  to
• 10:29
  actually,
• 10:30
  ensure
• 10:30
  that
• 10:31
  you've
• 10:31
  ac-
• 10:31
  that
• 10:31
  people
• 10:31
  have
• 10:31
  actually
• 10:32
  kicked
• 10:32
  the
• 10:32
  tires,
• 10:33
  and
• 10:33
  you've
• 10:34
  then
• 10:34
  created
• 10:34
  a
• 10:34
  business
• 10:35
  plan
• 10:35
  because
• 10:36
  you
• 10:36
  need
• 10:36
  a
• 10:36
  business
• 10:36
  plan-
• 10:36
  Yeah
• 10:37
  to
• 10:37
  get
• 10:37
  the
• 10:37
  funding.
• 10:37
  Yeah.
• 10:37
  And
• 10:37
  I
• 10:37
  know
• 10:38
  you,
• 10:38
  we've
• 10:38
  been
• 10:38
  on
• 10:38
  a
• 10:39
  call
• 10:39
  recently
• 10:39
  and
• 10:39
  I
• 10:40
  know
• 10:40
  you've
• 10:40
  talked
• 10:40
  about
• 10:41
  this.
• 10:41
  So
• 10:42
  lots
• 10:42
  of
• 10:42
  people
• 10:42
  think,
• 10:42
  "Yeah,
• 10:43
  but
• 10:43
  I'm
• 10:43
  gonna
• 10:43
  bootstrap
• 10:44
  it.
• 10:44
  It's
• 10:44
  much
• 10:44
  better
• 10:44
  if
• 10:44
  I
• 10:44
  can
• 10:44
  bootstrap
• 10:45
  it.
• 10:45
  It
• 10:45
  looks
• 10:46
  great
• 10:46
  to
• 10:46
  investors."
• 10:47
  Oh.
• 10:47
  And
• 10:47
  they,
• 10:47
  they-
• 10:47
  No.
• 10:47
  D-
• 10:47
  d-
• 10:48
  just
• 10:48
  tell
• 10:48
  me
• 10:48
  your
• 10:48
  view
• 10:48
  on
• 10:49
  that,
• 10:49
  'cause
• 10:49
  I
• 10:49
  know
• 10:49
  you've
• 10:50
  got
• 10:50
  quite
• 10:50
  a
• 10:50
  strong
• 10:50
  view
• 10:50
  on
• 10:51
  it.
• 10:51
  You
• 10:51
  know
• 10:51
  my
• 10:51
  view.
• 10:51
  So
• 10:51
  to
• 10:51
  be
• 10:52
  clear,
• 10:52
  that
• 10:52
  is
• 10:53
  one
• 10:53
  of
• 10:53
  the
• 10:53
  biggest,
• 10:54
  misnomers,
• 10:55
  I
• 10:55
  guess
• 10:55
  is
• 10:55
  the
• 10:55
  word
• 10:56
  to
• 10:56
  use,
• 10:56
  or,
• 10:57
  mistakes
• 10:57
  f
• 10:58
  founders
• 10:58
  make
• 10:59
  is
• 10:59
  they
• 10:59
  think
• 10:59
  that
• 10:59
  it's
• 10:59
  a
• 11:00
  success
• 11:00
  story
• 11:01
  that
• 11:01
  they
• 11:01
  are
• 11:01
  bootstrapped.
• 11:02
  That
• 11:02
  is
• 11:02
  the
• 11:02
  worst
• 11:03
  thing
• 11:03
  to
• 11:03
  tell
• 11:03
  an
• 11:04
  investor.
• 11:04
  If
• 11:04
  you
• 11:05
  are
• 11:05
  bootstrapping
• 11:06
  it,
• 11:06
  you
• 11:06
  are
• 11:06
  essentially
• 11:07
  saying,
• 11:07
  "No
• 11:07
  one
• 11:07
  else
• 11:08
  wants
• 11:08
  to
• 11:08
  pay
• 11:08
  for
• 11:08
  this
• 11:09
  product
• 11:09
  but
• 11:09
  myself."
• 11:10
  So
• 11:10
  number
• 11:10
  one,
• 11:11
  kudos
• 11:11
  to
• 11:12
  you
• 11:12
  if
• 11:12
  you
• 11:12
  have
• 11:12
  an
• 11:12
  unlimited
• 11:13
  supply
• 11:13
  of
• 11:13
  money
• 11:14
  and
• 11:14
  you
• 11:14
  just
• 11:14
  don't
• 11:14
  know
• 11:15
  what
• 11:15
  to
• 11:15
  do
• 11:15
  with
• 11:15
  it
• 11:15
  and
• 11:15
  you
• 11:15
  wanna
• 11:16
  burn
• 11:16
  it.
• 11:16
  Great.
• 11:17
  Love
• 11:17
  it
• 11:17
  for
• 11:17
  you.
• 11:17
  Most
• 11:18
  people
• 11:18
  aren't
• 11:18
  even
• 11:18
  in
• 11:19
  that
• 11:19
  area
• 11:20
  to
• 11:20
  start
• 11:20
  with.
• 11:20
  But
• 11:21
  I
• 11:21
  think
• 11:21
  they,
• 11:22
  they
• 11:22
  prioritize
• 11:23
  where
• 11:23
  they're
• 11:23
  putting
• 11:24
  their
• 11:24
  money
• 11:24
  first,
• 11:25
  right?
• 11:25
  You
• 11:25
  get
• 11:25
  a
• 11:25
  guy,
• 11:26
  they
• 11:26
  say,
• 11:26
  "I
• 11:26
  have
• 11:26
  a
• 11:26
  great
• 11:27
  idea.
• 11:27
  I
• 11:27
  have
• 11:28
  no
• 11:28
  money,
• 11:28
  and
• 11:29
  I'm
• 11:29
  gonna
• 11:29
  bootstrap
• 11:30
  it."
• 11:30
  So
• 11:30
  they're
• 11:30
  literally,
• 11:31
  like,
• 11:31
  taking
• 11:31
  it
• 11:31
  out
• 11:31
  of
• 11:32
  their
• 11:32
  own
• 11:32
  paycheck.
• 11:32
  That
• 11:33
  is
• 11:33
  the
• 11:33
  worst
• 11:34
  scenario.
• 11:35
  Again,
• 11:35
  it...
• 11:35
  you're
• 11:35
  telling,
• 11:36
  Why
• 11:36
  would
• 11:36
  I
• 11:36
  invest
• 11:37
  if
• 11:37
  you
• 11:37
  can't
• 11:37
  find
• 11:38
  anyone
• 11:38
  else
• 11:38
  to
• 11:38
  invest?"
• 11:39
  I
• 11:39
  don't
• 11:39
  wanna
• 11:39
  be...
• 11:40
  Nobody
• 11:40
  ever
• 11:40
  wants
• 11:40
  to
• 11:40
  be
• 11:40
  the
• 11:41
  first
• 11:41
  person
• 11:41
  to
• 11:41
  jump
• 11:41
  off
• 11:42
  a
• 11:42
  cliff,
• 11:42
  right?
• 11:42
  But
• 11:43
  if
• 11:43
  you
• 11:43
  got-
• 11:43
  Yeah
• 11:43
  three
• 11:43
  lemmings
• 11:44
  ahead
• 11:44
  of
• 11:44
  you,
• 11:44
  then
• 11:44
  it's
• 11:45
  really
• 11:45
  easy
• 11:45
  to
• 11:46
  go
• 11:46
  from
• 11:46
  there.
• 11:46
  So
• 11:47
  that's
• 11:47
  why,
• 11:47
  again,
• 11:47
  I
• 11:47
  go
• 11:47
  back
• 11:48
  to
• 11:48
  that
• 11:48
  friends
• 11:48
  and
• 11:48
  family
• 11:49
  because
• 11:49
  it's
• 11:49
  like,
• 11:49
  pocket
• 11:50
  is
• 11:50
  market
• 11:50
  validation.
• 11:51
  And
• 11:52
  that's
• 11:52
  giving
• 11:53
  you
• 11:53
  capital
• 11:53
  to
• 11:53
  do
• 11:54
  the
• 11:54
  things
• 11:54
  you're
• 11:54
  gonna
• 11:54
  have
• 11:55
  to
• 11:55
  do
• 11:55
  and
• 11:55
  you're
• 11:55
  gonna
• 11:55
  have
• 11:55
  to
• 11:55
  spend
• 11:56
  money
• 11:56
  on
• 11:56
  anyway,
• 11:56
  like
• 11:57
  hire
• 11:57
  me.
• 11:57
  I'm
• 11:58
  a
• 11:58
  little,
• 11:58
  biased.
• 11:59
  But
• 11:59
  also,
• 11:59
  like
• 12:00
  hiring
• 12:00
  any
• 12:01
  of
• 12:01
  your
• 12:01
  people
• 12:01
  that
• 12:01
  you
• 12:01
  need.
• 12:01
  You
• 12:02
  have
• 12:02
  to
• 12:02
  hire
• 12:02
  your
• 12:03
  attorneys
• 12:03
  to
• 12:03
  paper
• 12:04
  you
• 12:04
  so
• 12:04
  you
• 12:04
  can
• 12:04
  take
• 12:05
  funding.
• 12:05
  You
• 12:05
  have
• 12:06
  to
• 12:06
  go
• 12:06
  through,
• 12:07
  at
• 12:07
  minimum,
• 12:07
  a
• 12:07
  patent
• 12:08
  study,
• 12:08
  some
• 12:09
  sort
• 12:09
  of
• 12:09
  pathway
• 12:10
  to
• 12:10
  know
• 12:10
  what
• 12:10
  your
• 12:10
  patenting
• 12:11
  is
• 12:11
  gonna
• 12:11
  look
• 12:11
  like
• 12:11
  so
• 12:11
  you
• 12:12
  can
• 12:12
  protect
• 12:12
  your
• 12:12
  IP.
• 12:13
  You
• 12:13
  have
• 12:13
  to
• 12:13
  go
• 12:14
  through,
• 12:14
  just
• 12:14
  the
• 12:14
  basic
• 12:15
  things.
• 12:15
  And
• 12:16
  you...
• 12:16
  it
• 12:16
  seems
• 12:17
  counterintuitive
• 12:18
  or
• 12:18
  it
• 12:18
  seems
• 12:18
  like
• 12:18
  obvious
• 12:19
  maybe
• 12:19
  is
• 12:19
  the
• 12:19
  word,
• 12:20
  but
• 12:20
  like,
• 12:20
  yeah,
• 12:20
  it
• 12:20
  could
• 12:20
  be
• 12:20
  up
• 12:20
  to
• 12:21
  10
• 12:21
  grand
• 12:21
  to
• 12:21
  just
• 12:21
  paper
• 12:22
  it
• 12:22
  appropriately
• 12:22
  to
• 12:23
  get
• 12:23
  funding.
• 12:23
  So
• 12:24
  why
• 12:24
  would
• 12:24
  you
• 12:24
  be,
• 12:25
  why
• 12:25
  would
• 12:25
  you
• 12:26
  be
• 12:26
  putting
• 12:26
  money
• 12:26
  out
• 12:26
  of
• 12:27
  your
• 12:27
  pocket
• 12:27
  for
• 12:27
  development
• 12:28
  when
• 12:28
  you're
• 12:28
  gonna
• 12:28
  be
• 12:28
  spending
• 12:29
  all
• 12:29
  that
• 12:29
  money
• 12:29
  on
• 12:29
  just
• 12:30
  papering
• 12:30
  it
• 12:30
  appropriately,
• 12:31
  right?
• 12:31
  The
• 12:31
  sooner
• 12:32
  you
• 12:32
  can
• 12:32
  get
• 12:32
  to
• 12:32
  funding,
• 12:33
  the
• 12:33
  sooner
• 12:33
  you
• 12:33
  can
• 12:34
  get
• 12:34
  to
• 12:34
  the
• 12:34
  ask-
• 12:34
  The
• 12:35
  show
• 12:35
  me
• 12:35
  the
• 12:35
  money
• 12:35
  part,
• 12:36
  the
• 12:36
  sooner
• 12:36
  you're
• 12:36
  gonna
• 12:37
  set
• 12:37
  yourself
• 12:37
  up
• 12:37
  for
• 12:38
  success.
• 12:38
  And
• 12:38
  I
• 12:38
  think
• 12:39
  funding
• 12:39
  is
• 12:39
  a
• 12:39
  daunting
• 12:40
  task,
• 12:40
  and
• 12:41
  it's
• 12:41
  a
• 12:41
  two-fold
• 12:41
  process.
• 12:42
  So
• 12:42
  one,
• 12:42
  people
• 12:42
  are
• 12:42
  like,
• 12:43
  they
• 12:43
  think
• 12:43
  that's
• 12:43
  their
• 12:43
  biggest
• 12:44
  issue
• 12:44
  is
• 12:44
  funding.
• 12:44
  If
• 12:45
  I
• 12:45
  just
• 12:45
  have
• 12:45
  money,
• 12:46
  everything
• 12:46
  will
• 12:46
  be
• 12:46
  perfect
• 12:47
  and
• 12:47
  everything
• 12:47
  will
• 12:47
  flow.
• 12:47
  No.
• 12:48
  Again,
• 12:48
  if
• 12:49
  you
• 12:49
  don't
• 12:49
  have
• 12:49
  a
• 12:49
  pathway,
• 12:50
  the
• 12:50
  easiest
• 12:51
  way
• 12:51
  to
• 12:51
  spend
• 12:51
  money
• 12:52
  is
• 12:52
  through
• 12:53
  the
• 12:53
  wrong
• 12:53
  clinical
• 12:54
  trials,
• 12:54
  the
• 12:54
  wrong,
• 12:55
  consultants,
• 12:55
  the
• 12:55
  wrong
• 12:56
  team,
• 12:56
  right?
• 12:57
  Even
• 12:57
  just
• 12:57
  having
• 12:57
  the
• 12:57
  wrong
• 12:58
  team
• 12:58
  and
• 12:58
  people
• 12:58
  that
• 12:59
  are
• 12:59
  charging.
• 12:59
  I
• 12:59
  try
• 13:00
  to...
• 13:00
  All
• 13:00
  my
• 13:00
  team
• 13:00
  members,
• 13:01
  we
• 13:01
  work
• 13:01
  on
• 13:01
  a
• 13:01
  fractional
• 13:02
  basis
• 13:02
  so
• 13:02
  that
• 13:03
  we're
• 13:03
  trying
• 13:03
  to
• 13:03
  keep
• 13:03
  the
• 13:03
  cost
• 13:04
  as
• 13:04
  low
• 13:04
  as
• 13:05
  possible,
• 13:05
  because
• 13:05
  that
• 13:06
  also
• 13:06
  is
• 13:06
  gonna
• 13:06
  show
• 13:07
  to
• 13:07
  the
• 13:07
  investors
• 13:07
  when
• 13:08
  I
• 13:08
  do
• 13:08
  give
• 13:08
  you
• 13:08
  money,
• 13:09
  you
• 13:09
  know
• 13:09
  what
• 13:09
  to
• 13:09
  do
• 13:09
  with
• 13:10
  it.
• 13:10
  You're
• 13:10
  not
• 13:10
  gonna
• 13:10
  go
• 13:11
  take
• 13:11
  it
• 13:11
  and
• 13:11
  give
• 13:11
  yourself
• 13:12
  a
• 13:12
  $350,000
• 13:13
  salary.
• 13:14
  That's
• 13:14
  the
• 13:14
  other
• 13:14
  thing
• 13:14
  I
• 13:15
  see.
• 13:15
  Yeah.
• 13:15
  So
• 13:15
  really,
• 13:15
  like,
• 13:16
  funding
• 13:16
  is
• 13:16
  honestly
• 13:17
  the,
• 13:18
  like,
• 13:18
  kindergarten
• 13:19
  to
• 13:19
  business
• 13:19
  101,
• 13:20
  right?
• 13:20
  It's
• 13:21
  not
• 13:21
  the
• 13:21
  be-all,
• 13:21
  end-all
• 13:22
  answer.
• 13:22
  It's
• 13:22
  not
• 13:23
  gonna
• 13:23
  graduate
• 13:23
  you
• 13:23
  from
• 13:24
  high
• 13:24
  school.
• 13:24
  It's
• 13:24
  gonna
• 13:24
  say,
• 13:25
  "I'm
• 13:25
  gonna
• 13:25
  create
• 13:25
  a
• 13:26
  business
• 13:26
  and
• 13:26
  I'm
• 13:26
  learning
• 13:27
  how
• 13:27
  to
• 13:27
  have
• 13:28
  a
• 13:28
  business.
• 13:28
  I'm
• 13:28
  learning
• 13:29
  how
• 13:29
  to
• 13:29
  speak
• 13:29
  the
• 13:29
  language
• 13:30
  of
• 13:30
  a
• 13:30
  business."
• 13:31
  And
• 13:31
  that
• 13:31
  is,
• 13:31
  what
• 13:31
  is
• 13:32
  my
• 13:32
  business
• 13:32
  plan?
• 13:32
  What
• 13:33
  is
• 13:33
  my
• 13:33
  commercialization
• 13:34
  structure?
• 13:34
  Will
• 13:35
  I
• 13:35
  make
• 13:35
  money
• 13:35
  on
• 13:36
  this?
• 13:36
  I
• 13:36
  love
• 13:37
  that
• 13:37
  especially
• 13:38
  physicians,
• 13:38
  we're
• 13:38
  all
• 13:39
  bleeding
• 13:39
  hearts
• 13:39
  and
• 13:40
  we
• 13:40
  wanna
• 13:40
  change
• 13:40
  the
• 13:40
  world,
• 13:41
  but
• 13:41
  you
• 13:42
  can
• 13:42
  cure
• 13:42
  cancer,
• 13:42
  and
• 13:42
  if
• 13:43
  it
• 13:43
  doesn't
• 13:43
  make
• 13:43
  money,
• 13:44
  you're
• 13:44
  not
• 13:44
  getting
• 13:44
  anywhere.
• 13:45
  So
• 13:45
  you
• 13:45
  have
• 13:46
  to
• 13:46
  have
• 13:46
  that
• 13:47
  concept
• 13:47
  in
• 13:47
  mind
• 13:47
  from
• 13:48
  the
• 13:48
  very
• 13:48
  beginning.
• 13:49
  How
• 13:49
  do
• 13:49
  I
• 13:50
  make
• 13:50
  money?
• 13:50
  That's
• 13:51
  what
• 13:51
  commercialization
• 13:51
  means.
• 13:52
  And
• 13:52
  your
• 13:52
  funding,
• 13:53
  a-
• 13:53
  again,
• 13:53
  people
• 13:53
  see
• 13:54
  it
• 13:54
  as
• 13:54
  this,
• 13:54
  very
• 13:54
  daunting
• 13:55
  task.
• 13:55
  It's
• 13:55
  not.
• 13:56
  If
• 13:56
  you
• 13:56
  have
• 13:56
  a
• 13:56
  good
• 13:57
  product,
• 13:57
  it's
• 13:57
  not
• 13:57
  gonna
• 13:58
  be
• 13:58
  that
• 13:58
  difficult
• 13:58
  to
• 13:58
  get
• 13:59
  the
• 13:59
  funds
• 13:59
  that
• 13:59
  you
• 13:59
  need.
• 13:59
  I
• 14:00
  think
• 14:00
  you
• 14:00
  need
• 14:00
  organization
• 14:01
  and
• 14:01
  structure,
• 14:01
  someone
• 14:02
  like
• 14:02
  me
• 14:02
  that
• 14:02
  can
• 14:02
  help
• 14:03
  you.
• 14:03
  But
• 14:03
  al-
• 14:03
  or
• 14:04
  even
• 14:04
  not
• 14:04
  me,
• 14:04
  but,
• 14:05
  you
• 14:05
  are
• 14:05
  gonna
• 14:05
  need
• 14:05
  experts
• 14:06
  in
• 14:06
  the
• 14:06
  field,
• 14:07
  'cause
• 14:07
  nobody
• 14:07
  knows
• 14:07
  how
• 14:08
  to
• 14:08
  do
• 14:08
  it
• 14:08
  all
• 14:08
  appropriately.
• 14:09
  But
• 14:09
  if
• 14:09
  you
• 14:09
  have
• 14:10
  a
• 14:10
  good
• 14:10
  product,
• 14:11
  funding
• 14:11
  will
• 14:11
  come.
• 14:12
  It
• 14:12
  really
• 14:12
  will.
• 14:13
  It...
• 14:13
  That's
• 14:13
  the
• 14:13
  easy
• 14:14
  part
• 14:14
  of
• 14:14
  the
• 14:14
  whole
• 14:14
  process.
• 14:15
  I
• 14:15
  think
• 14:16
  that's
• 14:16
  the
• 14:16
  most-
• 14:16
  guaranteed.
• 14:17
  Just
• 14:17
  one
• 14:17
  last
• 14:17
  question
• 14:18
  on
• 14:18
  funding,
• 14:18
  and
• 14:18
  we
• 14:19
  might
• 14:19
  come
• 14:19
  back
• 14:19
  to
• 14:19
  it
• 14:19
  a
• 14:19
  bit
• 14:19
  later,
• 14:20
  but
• 14:20
  I
• 14:20
  don't
• 14:20
  want
• 14:20
  to
• 14:20
  get
• 14:20
  too
• 14:20
  into
• 14:20
  it-
• 14:20
  Oh,
• 14:20
  I
• 14:20
  get
• 14:20
  so
• 14:21
  excited
• 14:21
  about
• 14:21
  it.
• 14:21
  That's
• 14:22
  my
• 14:22
  favorite
• 14:22
  part,
• 14:22
  to
• 14:23
  be
• 14:23
  clear.
• 14:24
  To-
• 14:24
  but
• 14:24
  one,
• 14:24
  one,
• 14:24
  one
• 14:25
  of
• 14:25
  the
• 14:25
  reasons
• 14:25
  people
• 14:25
  do
• 14:26
  try
• 14:26
  to
• 14:26
  bootstrap,
• 14:27
  apart
• 14:27
  from
• 14:27
  the
• 14:27
  fact
• 14:27
  they
• 14:27
  think
• 14:27
  they're,
• 14:28
  they'll
• 14:28
  look
• 14:28
  great
• 14:28
  even
• 14:29
  though,
• 14:29
  and
• 14:29
  you
• 14:29
  just
• 14:29
  explained
• 14:30
  why,
• 14:30
  it's
• 14:30
  the
• 14:30
  complete
• 14:31
  opposite,
• 14:31
  is
• 14:32
  but
• 14:32
  lots
• 14:32
  of
• 14:32
  people
• 14:33
  don't
• 14:33
  want
• 14:33
  funding
• 14:34
  'cause
• 14:34
  they
• 14:34
  think,
• 14:34
  "Oh,
• 14:34
  if
• 14:34
  I
• 14:34
  get
• 14:34
  funding
• 14:35
  I'm
• 14:35
  gonna
• 14:35
  have
• 14:35
  to
• 14:35
  give
• 14:35
  them
• 14:36
  that
• 14:36
  percentage,
• 14:37
  then
• 14:37
  this
• 14:37
  percentage,
• 14:37
  then
• 14:37
  that
• 14:37
  percent.
• 14:38
  Before
• 14:38
  I
• 14:38
  know
• 14:38
  it,
• 14:38
  I'm
• 14:38
  giving
• 14:38
  away
• 14:39
  the
• 14:39
  farm,"
• 14:40
  for
• 14:40
  want
• 14:40
  of
• 14:40
  a
• 14:40
  better
• 14:40
  term.
• 14:41
  So
• 14:41
  how
• 14:41
  do
• 14:41
  they
• 14:41
  manage
• 14:42
  that,
• 14:42
  and
• 14:42
  what's
• 14:42
  your
• 14:43
  suggestion
• 14:43
  in
• 14:43
  terms
• 14:43
  of,
• 14:43
  okay,
• 14:43
  you're
• 14:44
  going
• 14:44
  to
• 14:44
  friend
• 14:44
  and
• 14:44
  family
• 14:45
  first
• 14:45
  and
• 14:45
  then
• 14:45
  you've
• 14:45
  got
• 14:45
  private
• 14:46
  equity
• 14:46
  maybe
• 14:46
  later
• 14:46
  down-
• 14:47
  Yeah
• 14:47
  or
• 14:47
  VC
• 14:48
  later
• 14:48
  down
• 14:48
  the
• 14:48
  line.
• 14:48
  Yeah.
• 14:48
  How
• 14:48
  do
• 14:49
  you
• 14:49
  make
• 14:49
  sure
• 14:49
  that
• 14:49
  you
• 14:49
  keep
• 14:50
  control
• 14:50
  of
• 14:51
  the
• 14:51
  business
• 14:52
  without
• 14:52
  having
• 14:52
  to
• 14:52
  give
• 14:52
  up,
• 14:52
  keep
• 14:53
  giving
• 14:53
  away
• 14:53
  equity
• 14:53
  every
• 14:53
  time?
• 14:54
  Well,
• 14:54
  and
• 14:54
  I'm
• 14:54
  gonna,
• 14:54
  I'm
• 14:55
  gonna
• 14:55
  counter
• 14:55
  with
• 14:56
  why
• 14:56
  do
• 14:56
  you
• 14:56
  need
• 14:56
  control?
• 14:57
  Like,
• 14:57
  as
• 14:57
  a
• 14:57
  physician-
• 14:58
  Okay
• 14:58
  this
• 14:58
  is
• 14:59
  the
• 14:59
  thing,
• 14:59
  and
• 14:59
  I,
• 14:59
  they,
• 15:00
  I
• 15:00
  try
• 15:00
  to
• 15:00
  s-
• 15:00
  to,
• 15:01
  to
• 15:01
  steer
• 15:01
  them
• 15:02
  towards
• 15:02
  exit
• 15:02
  from
• 15:03
  day
• 15:03
  one.
• 15:03
  Because
• 15:04
  at
• 15:04
  the
• 15:04
  end
• 15:04
  of
• 15:04
  the
• 15:04
  day,
• 15:05
  you're
• 15:05
  a
• 15:05
  physician,
• 15:05
  you're
• 15:06
  a
• 15:06
  founder,
• 15:06
  you
• 15:07
  have
• 15:07
  your
• 15:07
  day
• 15:07
  job
• 15:08
  is
• 15:08
  what
• 15:08
  we'll
• 15:08
  call
• 15:08
  it,
• 15:08
  and
• 15:09
  then
• 15:09
  you
• 15:09
  have
• 15:09
  a
• 15:09
  brilliant
• 15:09
  idea.
• 15:10
  If
• 15:10
  you
• 15:10
  wanna
• 15:11
  quit
• 15:11
  your
• 15:11
  day
• 15:11
  job
• 15:12
  and
• 15:12
  just
• 15:12
  run
• 15:12
  this
• 15:13
  business,
• 15:13
  more
• 15:13
  power
• 15:14
  to
• 15:14
  you.
• 15:14
  By
• 15:14
  all
• 15:15
  means.
• 15:15
  You're
• 15:15
  gonna
• 15:16
  learn
• 15:16
  very
• 15:16
  quickly
• 15:16
  you
• 15:17
  probably
• 15:17
  don't
• 15:18
  have
• 15:18
  the
• 15:18
  skill
• 15:18
  set
• 15:18
  to
• 15:19
  do
• 15:19
  it.
• 15:19
  You,
• 15:19
  I,
• 15:19
  just
• 15:20
  to
• 15:20
  be
• 15:20
  very
• 15:20
  clear.
• 15:20
  Number
• 15:21
  two,
• 15:22
  You
• 15:22
  can,
• 15:22
  again,
• 15:23
  securities
• 15:23
  attorney,
• 15:24
  cannot
• 15:24
  say
• 15:24
  highly
• 15:24
  enough,
• 15:25
  it's
• 15:25
  important
• 15:25
  to
• 15:25
  always
• 15:26
  have
• 15:26
  someone
• 15:26
  that's
• 15:27
  reviewing
• 15:27
  and
• 15:27
  making
• 15:27
  sure
• 15:28
  you're
• 15:28
  not
• 15:28
  signing,
• 15:28
  'cause
• 15:28
  there
• 15:28
  are
• 15:29
  very
• 15:29
  predatory
• 15:29
  agreements
• 15:30
  that
• 15:30
  are
• 15:30
  out
• 15:30
  there-
• 15:31
  Yeah
• 15:31
  and
• 15:31
  very
• 15:31
  predatory
• 15:32
  groups
• 15:32
  that
• 15:32
  do...
• 15:33
  they
• 15:33
  see
• 15:33
  a
• 15:33
  mark
• 15:34
  when
• 15:34
  they
• 15:34
  see
• 15:34
  one.
• 15:34
  They
• 15:35
  see
• 15:35
  that
• 15:35
  you're
• 15:35
  inexperienced,
• 15:36
  they
• 15:36
  see
• 15:36
  you
• 15:36
  don't
• 15:37
  have
• 15:37
  that
• 15:37
  business
• 15:37
  acumen.
• 15:38
  They'll
• 15:38
  promise
• 15:38
  the
• 15:39
  world.
• 15:39
  I
• 15:40
  will
• 15:40
  say
• 15:40
  on
• 15:40
  that
• 15:41
  side,
• 15:41
  there's
• 15:42
  a
• 15:42
  couple
• 15:42
  caveats
• 15:43
  to
• 15:43
  watch.
• 15:43
  Number
• 15:43
  one,
• 15:44
  watch
• 15:44
  anyone
• 15:45
  that
• 15:46
  is
• 15:46
  promising
• 15:47
  funding
• 15:47
  for
• 15:48
  a
• 15:48
  percentage.
• 15:48
  So
• 15:49
  I
• 15:49
  raise
• 15:49
  X
• 15:49
  number
• 15:50
  of
• 15:50
  dollars
• 15:50
  and
• 15:50
  get
• 15:50
  X
• 15:51
  percentage
• 15:51
  back.
• 15:52
  Unless
• 15:52
  they're
• 15:52
  a
• 15:52
  broker,
• 15:53
  that
• 15:53
  is
• 15:53
  illegal.
• 15:54
  You
• 15:54
  can
• 15:54
  do
• 15:55
  success-based
• 15:56
  milestone
• 15:56
  bonuses,
• 15:57
  but
• 15:57
  they
• 15:57
  are
• 15:57
  not
• 15:58
  tied
• 15:58
  to
• 15:58
  a
• 15:58
  percentage
• 15:59
  of
• 15:59
  the
• 15:59
  funds
• 15:59
  that
• 16:00
  you
• 16:00
  raised.
• 16:00
  So
• 16:00
  that's
• 16:01
  caveat
• 16:01
  one.
• 16:02
  Free
• 16:02
  advice,
• 16:03
  look
• 16:03
  at
• 16:04
  your
• 16:04
  contracts
• 16:04
  that
• 16:04
  you're
• 16:05
  signing.
• 16:05
  Number
• 16:06
  two,
• 16:06
  you
• 16:06
  don't
• 16:07
  need
• 16:07
  to
• 16:07
  hire
• 16:07
  a
• 16:08
  full-time
• 16:09
  staff
• 16:09
  position.
• 16:10
  I
• 16:10
  had
• 16:10
  s-
• 16:10
  I
• 16:10
  had
• 16:10
  a
• 16:10
  doctor
• 16:11
  that
• 16:11
  just
• 16:11
  showed
• 16:11
  me
• 16:12
  a
• 16:12
  contract
• 16:12
  where
• 16:12
  this
• 16:13
  guy
• 16:13
  said
• 16:13
  he
• 16:13
  could
• 16:13
  get,
• 16:14
  $5
• 16:14
  million
• 16:14
  in
• 16:15
  funding,
• 16:15
  but
• 16:15
  oh,
• 16:15
  he
• 16:15
  makes
• 16:16
  a
• 16:16
  $350,000
• 16:17
  salary
• 16:17
  regardless
• 16:18
  of
• 16:18
  what
• 16:18
  he
• 16:18
  raises.
• 16:19
  Predatory
• 16:19
  contract.
• 16:20
  Be
• 16:20
  smart.
• 16:21
  Yeah.
• 16:21
  Business
• 16:21
  101.
• 16:21
  Get
• 16:22
  your
• 16:22
  attorneys,
• 16:22
  get
• 16:23
  your
• 16:23
  group,
• 16:23
  get
• 16:23
  your
• 16:23
  advisors
• 16:24
  to
• 16:24
  read
• 16:24
  your,
• 16:25
  your
• 16:25
  contracts.
• 16:26
  So
• 16:26
  I
• 16:27
  I
• 16:27
  start
• 16:27
  with-
• 16:27
  It
• 16:28
  is
• 16:28
  fair
• 16:28
  to
• 16:29
  be
• 16:29
  protective
• 16:29
  of
• 16:30
  your
• 16:30
  equity
• 16:30
  to
• 16:30
  make
• 16:31
  sure
• 16:31
  you
• 16:31
  don't
• 16:31
  get
• 16:31
  taken
• 16:32
  advantage
• 16:32
  of.
• 16:33
  At
• 16:33
  the
• 16:33
  same
• 16:33
  time,
• 16:34
  if
• 16:34
  you
• 16:34
  want
• 16:35
  to
• 16:35
  be
• 16:35
  a
• 16:35
  successful
• 16:36
  business,
• 16:36
  there
• 16:37
  is
• 16:37
  no
• 16:37
  one
• 16:38
  that's
• 16:38
  doing
• 16:39
  it
• 16:39
  100%
• 16:40
  alone,
• 16:40
  period.
• 16:40
  There
• 16:41
  isn't.
• 16:41
  You
• 16:41
  have
• 16:42
  a
• 16:42
  group
• 16:42
  of
• 16:42
  people
• 16:43
  you're
• 16:43
  working
• 16:43
  with,
• 16:43
  whether
• 16:44
  they're
• 16:44
  on
• 16:44
  an
• 16:44
  advisory
• 16:45
  level,
• 16:45
  whether
• 16:45
  they're
• 16:45
  on
• 16:46
  a
• 16:46
  fractional
• 16:46
  level,
• 16:47
  you're
• 16:47
  going
• 16:47
  to
• 16:47
  have
• 16:48
  to
• 16:48
  give
• 16:48
  up
• 16:48
  control
• 16:49
  at
• 16:49
  some
• 16:50
  point
• 16:50
  in
• 16:50
  time.
• 16:50
  The
• 16:51
  goal
• 16:51
  is...
• 16:51
  and
• 16:52
  if
• 16:52
  it's
• 16:52
  a
• 16:52
  true
• 16:52
  company
• 16:53
  and
• 16:53
  they're
• 16:53
  aligned
• 16:54
  with
• 16:54
  your
• 16:54
  vision,
• 16:54
  that's
• 16:55
  who
• 16:55
  you
• 16:55
  wanna
• 16:55
  get
• 16:55
  your
• 16:55
  funding
• 16:56
  from.
• 16:56
  The
• 16:56
  other
• 16:56
  misnomer
• 16:57
  I
• 16:58
  hear
• 16:58
  or,
• 16:58
  issue
• 16:59
  is
• 16:59
  with
• 16:59
  funding
• 17:00
  every
• 17:00
  dollar
• 17:00
  is
• 17:00
  good
• 17:00
  dollars.
• 17:01
  That's
• 17:01
  not
• 17:01
  true.
• 17:02
  Like,
• 17:02
  once
• 17:02
  again,
• 17:03
  if
• 17:03
  you
• 17:03
  are
• 17:04
  being
• 17:04
  appropriate
• 17:05
  and
• 17:05
  you
• 17:05
  have
• 17:06
  your
• 17:06
  business
• 17:06
  plan
• 17:06
  and
• 17:07
  you
• 17:07
  start
• 17:07
  with
• 17:07
  a
• 17:07
  friend
• 17:08
  and
• 17:08
  family
• 17:08
  round,
• 17:08
  you're
• 17:09
  not
• 17:09
  desperate.
• 17:09
  Now
• 17:10
  you
• 17:10
  can
• 17:10
  control
• 17:11
  the
• 17:11
  narrative.
• 17:11
  Now
• 17:12
  you
• 17:12
  can
• 17:12
  decide
• 17:13
  how
• 17:13
  you
• 17:13
  negotiate.
• 17:14
  Funding
• 17:14
  is
• 17:14
  not
• 17:15
  a,
• 17:15
  Please,
• 17:15
  sir,
• 17:15
  give
• 17:16
  me
• 17:16
  dollars."
• 17:16
  It's,
• 17:17
  I
• 17:17
  have
• 17:17
  a
• 17:17
  product.
• 17:18
  I
• 17:18
  am
• 17:18
  asking
• 17:19
  for
• 17:19
  money
• 17:19
  so
• 17:20
  that
• 17:20
  you
• 17:20
  get
• 17:20
  the
• 17:20
  return
• 17:21
  in
• 17:21
  the
• 17:21
  back,
• 17:21
  in
• 17:21
  the
• 17:22
  future,"
• 17:22
  right?
• 17:22
  That's
• 17:23
  funding.
• 17:23
  So
• 17:24
  if
• 17:24
  you
• 17:24
  know
• 17:25
  your
• 17:25
  business
• 17:25
  plan
• 17:26
  and
• 17:26
  you
• 17:26
  know
• 17:26
  what
• 17:26
  you're
• 17:27
  building,
• 17:27
  now
• 17:28
  you
• 17:28
  can
• 17:28
  negotiate.
• 17:29
  So
• 17:29
  really
• 17:29
  it's
• 17:30
  back
• 17:30
  to
• 17:30
  business
• 17:31
  101.
• 17:31
  Know
• 17:32
  what
• 17:32
  your
• 17:32
  product
• 17:32
  is
• 17:32
  worth.
• 17:33
  You
• 17:33
  can
• 17:33
  have
• 17:34
  the
• 17:34
  contr-
• 17:34
  control...
• 17:35
  I
• 17:35
  don't
• 17:35
  like
• 17:35
  the
• 17:35
  word
• 17:35
  control.
• 17:36
  I
• 17:36
  work
• 17:36
  with
• 17:36
  a
• 17:36
  lot
• 17:37
  of
• 17:37
  surgeons,
• 17:37
  so
• 17:37
  control
• 17:38
  is
• 17:38
  a
• 17:38
  hot
• 17:38
  spot
• 17:39
  for
• 17:39
  me.
• 17:39
  So
• 17:39
  I
• 17:39
  do
• 17:40
  try
• 17:40
  to
• 17:40
  tell
• 17:40
  my
• 17:40
  founders
• 17:41
  like,
• 17:41
  "You're
• 17:41
  gonna
• 17:41
  have
• 17:42
  to
• 17:42
  take
• 17:42
  in
• 17:42
  some
• 17:43
  sort
• 17:43
  of
• 17:43
  strategic
• 17:43
  partner,
• 17:44
  give
• 17:44
  up
• 17:44
  some
• 17:45
  sort
• 17:45
  of
• 17:45
  control
• 17:46
  to
• 17:46
  be
• 17:46
  successful."
• 17:47
  Now,
• 17:47
  that
• 17:48
  doesn't
• 17:48
  mean
• 17:48
  you
• 17:48
  want,
• 17:49
  you
• 17:49
  always
• 17:49
  wanna
• 17:49
  be
• 17:49
  looking
• 17:50
  for
• 17:50
  people
• 17:50
  that
• 17:50
  align
• 17:51
  with
• 17:51
  your
• 17:51
  vision.
• 17:51
  That
• 17:52
  doesn't
• 17:52
  mean
• 17:52
  you're
• 17:52
  not
• 17:52
  in
• 17:52
  the
• 17:53
  captain's
• 17:53
  chair.
• 17:53
  That
• 17:54
  just
• 17:54
  means
• 17:54
  you
• 17:54
  have
• 17:54
  a
• 17:54
  co-pilot.
• 17:55
  I
• 17:55
  guess
• 17:56
  that's
• 17:56
  the
• 17:56
  way
• 17:56
  we're
• 17:56
  gonna
• 17:56
  say
• 17:56
  it
• 17:57
  with
• 17:57
  control,
• 17:57
  is
• 17:57
  it's
• 17:58
  look
• 17:58
  for
• 17:58
  funding
• 17:59
  partners
• 17:59
  that
• 17:59
  wanna
• 18:00
  be
• 18:00
  a
• 18:00
  co-pilot,
• 18:00
  not
• 18:01
  a
• 18:01
  captain,
• 18:02
  right?
• 18:02
  And
• 18:03
  that
• 18:03
  you
• 18:03
  trust.
• 18:03
  And
• 18:04
  build
• 18:04
  those
• 18:04
  partnerships
• 18:05
  around
• 18:05
  people
• 18:06
  that
• 18:06
  have
• 18:06
  the
• 18:06
  same
• 18:06
  end
• 18:07
  goal
• 18:07
  in
• 18:07
  mind,
• 18:08
  that
• 18:08
  you
• 18:08
  really
• 18:08
  line
• 18:08
  up.
• 18:09
  It's
• 18:09
  a
• 18:09
  marriage,
• 18:09
  and
• 18:09
  I
• 18:10
  learned
• 18:10
  this
• 18:10
  the
• 18:10
  hard
• 18:10
  way
• 18:11
  from
• 18:11
  my
• 18:11
  device
• 18:12
  that
• 18:12
  I'm
• 18:12
  taking
• 18:12
  to
• 18:12
  market.
• 18:13
  I
• 18:13
  wish
• 18:13
  I,
• 18:13
  I
• 18:14
  wish
• 18:14
  somebody
• 18:14
  had
• 18:14
  this
• 18:14
  conversation
• 18:15
  with
• 18:15
  me.
• 18:16
  When
• 18:16
  you
• 18:16
  are
• 18:16
  looking
• 18:17
  for
• 18:17
  partners
• 18:17
  it
• 18:18
  is
• 18:18
  a
• 18:18
  marriage
• 18:18
  to
• 18:18
  the
• 18:19
  ninth
• 18:19
  degree.
• 18:19
  So
• 18:19
  before
• 18:20
  you
• 18:20
  sign
• 18:20
  those
• 18:21
  paper-
• 18:21
  that
• 18:21
  paperwork,
• 18:22
  make
• 18:22
  sure
• 18:22
  you
• 18:22
  have
• 18:22
  a
• 18:22
  good
• 18:23
  prenup
• 18:23
  in
• 18:23
  place.
• 18:23
  Make
• 18:24
  sure
• 18:24
  you
• 18:24
  guys
• 18:24
  have
• 18:25
  the
• 18:25
  same
• 18:25
  values.
• 18:25
  Make
• 18:26
  sure
• 18:26
  that
• 18:26
  you
• 18:26
  guys
• 18:27
  are
• 18:27
  working
• 18:27
  as
• 18:27
  a
• 18:28
  partnership
• 18:28
  and
• 18:28
  that
• 18:28
  it's
• 18:29
  equal
• 18:29
  or
• 18:29
  that,
• 18:30
  everyone's
• 18:30
  bringing
• 18:31
  their
• 18:31
  strengths
• 18:31
  to
• 18:31
  the
• 18:31
  partnership.
• 18:32
  And
• 18:32
  in
• 18:33
  a
• 18:33
  true
• 18:33
  marriage,
• 18:33
  every
• 18:34
  partner
• 18:34
  makes
• 18:34
  the
• 18:35
  other
• 18:35
  one
• 18:35
  better,
• 18:35
  right?
• 18:36
  You
• 18:36
  rise,
• 18:36
  you
• 18:36
  bring
• 18:37
  them
• 18:37
  up,
• 18:37
  right?
• 18:38
  So
• 18:38
  think
• 18:38
  of
• 18:38
  it
• 18:38
  as
• 18:39
  a
• 18:39
  marriage.
• 18:39
  Honestly,
• 18:40
  I
• 18:40
  mean-
• 18:41
  I'll
• 18:41
  let
• 18:41
  the
• 18:41
  married
• 18:41
  man
• 18:42
  answer
• 18:42
  this
• 18:42
  question,
• 18:43
  but
• 18:43
  I
• 18:43
  would
• 18:43
  think
• 18:43
  it
• 18:43
  is
• 18:43
  as
• 18:44
  important
• 18:44
  or
• 18:44
  more
• 18:44
  important
• 18:45
  than
• 18:45
  a
• 18:45
  marriage.
• 18:45
  I,
• 18:46
  it
• 18:46
  really
• 18:46
  is.
• 18:46
  And
• 18:46
  I
• 18:47
  don't
• 18:47
  think
• 18:47
  a
• 18:47
  lot
• 18:47
  of
• 18:47
  people
• 18:47
  go
• 18:48
  into
• 18:48
  the
• 18:49
  concept
• 18:49
  of
• 18:49
  funding
• 18:50
  or
• 18:50
  partnerships,
• 18:51
  with
• 18:51
  that
• 18:51
  in
• 18:52
  mind.
• 18:52
  And
• 18:52
  like
• 18:52
  I
• 18:52
  said,
• 18:53
  I
• 18:53
  learned
• 18:53
  this
• 18:53
  the
• 18:53
  hard
• 18:53
  way.
• 18:54
  I
• 18:54
  went
• 18:54
  on
• 18:55
  somebody
• 18:55
  that
• 18:55
  was
• 18:55
  passionate
• 18:56
  and
• 18:56
  saw
• 18:56
  the
• 18:56
  goals
• 18:56
  that
• 18:57
  I
• 18:57
  had
• 18:57
  in
• 18:57
  mind,
• 18:57
  and
• 18:58
  then
• 18:58
  they
• 18:58
  just
• 18:59
  were
• 18:59
  incredibly
• 19:00
  unprofessional,
• 19:00
  and
• 19:01
  they
• 19:01
  set
• 19:01
  the
• 19:01
  development
• 19:02
  and
• 19:02
  the
• 19:02
  funding,
• 19:03
  months
• 19:04
  and
• 19:04
  months
• 19:04
  behind.
• 19:05
  I
• 19:05
  had
• 19:05
  to
• 19:05
  essentially,
• 19:06
  like,
• 19:06
  dissolve
• 19:06
  the
• 19:06
  whole
• 19:07
  partnership,
• 19:07
  start
• 19:08
  over.
• 19:08
  And
• 19:08
  the
• 19:08
  reason
• 19:09
  why
• 19:10
  I
• 19:10
  was
• 19:10
  able
• 19:10
  to
• 19:10
  catch
• 19:10
  it
• 19:11
  is
• 19:11
  my
• 19:11
  securities
• 19:11
  attorney
• 19:12
  was,
• 19:12
  like,
• 19:12
  taking
• 19:13
  her
• 19:13
  time
• 19:13
  on
• 19:13
  the
• 19:13
  paperwork,
• 19:14
  and
• 19:14
  she
• 19:14
  just
• 19:14
  kept
• 19:14
  asking
• 19:15
  questions
• 19:15
  like,
• 19:15
  Are
• 19:15
  you
• 19:16
  sure
• 19:16
  that
• 19:16
  this
• 19:16
  is
• 19:16
  a
• 19:17
  really
• 19:17
  good
• 19:17
  partnership?
• 19:18
  Do
• 19:18
  you
• 19:18
  guys
• 19:19
  all
• 19:19
  feel
• 19:19
  really
• 19:20
  valued?"
• 19:20
  And
• 19:20
  she,
• 19:21
  to
• 19:21
  her
• 19:21
  credit,
• 19:21
  she
• 19:21
  was
• 19:22
  very
• 19:22
  professional
• 19:22
  and
• 19:22
  she
• 19:23
  stayed
• 19:23
  very
• 19:23
  neutral,
• 19:23
  but
• 19:24
  she
• 19:24
  w-
• 19:24
  she
• 19:24
  asked
• 19:25
  the
• 19:25
  questions.
• 19:26
  I
• 19:26
  was
• 19:26
  just
• 19:26
  really
• 19:26
  excited
• 19:27
  that
• 19:27
  somebody
• 19:27
  saw
• 19:27
  my
• 19:27
  vision
• 19:28
  and
• 19:28
  wanted
• 19:28
  to
• 19:28
  build
• 19:29
  this
• 19:29
  with
• 19:29
  me,
• 19:29
  and
• 19:29
  I
• 19:29
  was
• 19:30
  like,
• 19:30
  "Yeah,
• 19:30
  it's
• 19:30
  exciting.
• 19:31
  It's
• 19:31
  new.
• 19:31
  Let's
• 19:31
  do
• 19:31
  this."
• 19:32
  And
• 19:32
  then
• 19:32
  she
• 19:32
  just
• 19:33
  kept
• 19:33
  being
• 19:33
  like,
• 19:33
  Are
• 19:33
  you
• 19:33
  sure
• 19:34
  this
• 19:34
  is
• 19:34
  a,
• 19:34
  the
• 19:34
  partnership
• 19:35
  that's
• 19:35
  gonna
• 19:35
  be
• 19:36
  the
• 19:36
  most
• 19:36
  beneficial?"
• 19:37
  So
• 19:37
  take
• 19:37
  that
• 19:37
  time
• 19:38
  to,
• 19:38
  like,
• 19:38
  again,
• 19:39
  not
• 19:39
  all
• 19:39
  funding
• 19:40
  is
• 19:40
  good
• 19:40
  funding,
• 19:41
  and
• 19:41
  don't
• 19:41
  be
• 19:41
  desperate
• 19:42
  that
• 19:42
  you'll
• 19:42
  take
• 19:42
  any
• 19:43
  dollars.
• 19:43
  Don't
• 19:44
  sell
• 19:44
  your
• 19:44
  soul
• 19:44
  either,
• 19:45
  right?
• 19:45
  Like,
• 19:45
  if
• 19:45
  you
• 19:46
  have
• 19:46
  a
• 19:46
  good
• 19:46
  product,
• 19:46
  you
• 19:47
  won't
• 19:47
  be
• 19:47
  in
• 19:47
  that
• 19:47
  position
• 19:48
  and
• 19:48
  I
• 19:48
  think
• 19:48
  it's
• 19:48
  a
• 19:48
  really
• 19:49
  good
• 19:49
  p-
• 19:49
  point
• 19:49
  that
• 19:49
  you
• 19:50
  just
• 19:50
  made
• 19:50
  there,
• 19:50
  'cause
• 19:51
  I
• 19:51
  was
• 19:51
  go-
• 19:51
  and
• 19:51
  I
• 19:51
  was
• 19:51
  gonna
• 19:51
  talk
• 19:52
  about
• 19:52
  partnerships
• 19:52
  and
• 19:52
  you've
• 19:53
  actually
• 19:53
  jumped
• 19:53
  in,
• 19:53
  into
• 19:54
  that
• 19:54
  particular
• 19:54
  area
• 19:55
  because
• 19:55
  as
• 19:55
  you
• 19:56
  said,
• 19:56
  no,
• 19:56
  no
• 19:56
  person
• 19:57
  is
• 19:57
  an
• 19:57
  island,
• 19:57
  so
• 19:57
  you
• 19:58
  can-
• 19:58
  you're
• 19:58
  not
• 19:58
  gonna
• 19:58
  deli-
• 19:59
  Yeah
• 19:59
  Deliver
• 19:59
  on
• 19:59
  your
• 20:00
  own.
• 20:00
  And
• 20:00
  what's
• 20:00
  the
• 20:00
  statement?
• 20:01
  If
• 20:01
  you
• 20:01
  wanna
• 20:01
  go
• 20:01
  fast,
• 20:02
  go
• 20:02
  by
• 20:02
  yourself.
• 20:03
  If
• 20:03
  you
• 20:03
  wanna
• 20:03
  go
• 20:03
  far,
• 20:04
  do
• 20:04
  it
• 20:04
  together
• 20:04
  in
• 20:05
  a
• 20:05
  partnership.
• 20:08
  Yeah.
• 20:08
  And
• 20:08
  I
• 20:08
  think
• 20:08
  you
• 20:08
  go-
• 20:08
  That's
• 20:08
  a
• 20:08
  beautiful
• 20:08
  statement
• 20:08
  far
• 20:08
  quicker
• 20:08
  if
• 20:08
  you
• 20:09
  get
• 20:09
  the
• 20:09
  right
• 20:09
  partnership.
• 20:09
  And
• 20:10
  I
• 20:10
  think
• 20:10
  one
• 20:10
  thing
• 20:11
  that
• 20:11
  you
• 20:11
  talked
• 20:11
  about,
• 20:11
  which
• 20:12
  actually
• 20:12
  lots
• 20:12
  of
• 20:12
  people
• 20:13
  and
• 20:13
  lots
• 20:13
  of
• 20:13
  founders
• 20:13
  don't
• 20:14
  have,
• 20:14
  is
• 20:14
  a
• 20:14
  vision.
• 20:14
  Yeah
• 20:15
  so
• 20:15
  if
• 20:15
  you've
• 20:15
  got
• 20:15
  a
• 20:15
  very
• 20:15
  clear
• 20:16
  vision,
• 20:16
  and
• 20:16
  then
• 20:17
  you're
• 20:17
  very
• 20:17
  clear
• 20:17
  on
• 20:17
  the
• 20:17
  values
• 20:18
  that
• 20:18
  you
• 20:18
  have
• 20:18
  and
• 20:18
  you
• 20:19
  wanna
• 20:19
  bring
• 20:19
  to
• 20:19
  your
• 20:19
  business,
• 20:20
  it's
• 20:20
  a
• 20:20
  lot
• 20:21
  easier
• 20:21
  to
• 20:21
  get
• 20:21
  the
• 20:21
  right
• 20:22
  sorts
• 20:22
  of
• 20:22
  strategic
• 20:22
  partnerships
• 20:23
  because
• 20:23
  the
• 20:23
  question
• 20:24
  that
• 20:24
  you
• 20:24
  ask
• 20:24
  that
• 20:24
  partner,
• 20:25
  similar
• 20:25
  to
• 20:25
  your
• 20:26
  security
• 20:26
  advisor,
• 20:27
  they're
• 20:27
  asking
• 20:27
  questions
• 20:28
  which
• 20:28
  are
• 20:28
  about
• 20:29
  your
• 20:29
  vision
• 20:30
  and
• 20:30
  your
• 20:30
  values-
• 20:31
  Yeah
• 20:31
  and
• 20:31
  that
• 20:31
  starts
• 20:32
  to
• 20:32
  come
• 20:32
  out
• 20:32
  and
• 20:32
  you
• 20:32
  start
• 20:32
  thinking,
• 20:33
  "Actually,
• 20:33
  we're
• 20:33
  not
• 20:33
  on
• 20:34
  the
• 20:34
  same
• 20:34
  page
• 20:34
  here,
• 20:34
  are
• 20:34
  we?"
• 20:35
  And
• 20:35
  if
• 20:35
  you're
• 20:35
  not
• 20:35
  on
• 20:35
  the
• 20:35
  same
• 20:35
  page-
• 20:36
  Yeah
• 20:36
  I
• 20:36
  don't
• 20:36
  care
• 20:36
  how
• 20:36
  much
• 20:37
  money
• 20:37
  they've
• 20:37
  got,
• 20:37
  I
• 20:37
  don't
• 20:37
  know
• 20:37
  care
• 20:38
  how
• 20:38
  great
• 20:38
  they
• 20:38
  are,
• 20:38
  the
• 20:39
  partnership
• 20:39
  is
• 20:39
  doomed
• 20:40
  to
• 20:40
  failure
• 20:40
  at
• 20:40
  some
• 20:41
  point.
• 20:41
  You're
• 20:41
  gonna
• 20:41
  have-
• 20:41
  Yeah
• 20:41
  you're
• 20:42
  gonna
• 20:42
  have
• 20:42
  arguments,
• 20:42
  you're
• 20:42
  gonna
• 20:42
  have
• 20:43
  problems.
• 20:43
  You're
• 20:43
  gonna
• 20:44
  go,
• 20:44
  wanna
• 20:44
  go
• 20:44
  this
• 20:44
  way,
• 20:44
  they're
• 20:45
  gonna
• 20:45
  wanna
• 20:45
  go
• 20:45
  another
• 20:45
  way.
• 20:46
  So
• 20:46
  it,
• 20:46
  it's
• 20:46
  really
• 20:46
  important
• 20:47
  at
• 20:47
  the
• 20:47
  beginning
• 20:48
  that
• 20:48
  you
• 20:48
  identify
• 20:49
  what
• 20:49
  is
• 20:49
  your
• 20:49
  vision,
• 20:50
  where
• 20:50
  it
• 20:50
  is
• 20:50
  you're
• 20:50
  trying
• 20:50
  to
• 20:50
  get
• 20:51
  to.
• 20:51
  So-
• 20:51
  Yeah
• 20:51
  simply,
• 20:52
  if
• 20:52
  you
• 20:52
  wa-
• 20:53
  if
• 20:53
  you're
• 20:53
  lo-
• 20:53
  looking
• 20:54
  to
• 20:54
  hold
• 20:54
  the
• 20:54
  company
• 20:55
  for
• 20:55
  the
• 20:55
  next
• 20:55
  25
• 20:56
  years
• 20:56
  and
• 20:56
  that,
• 20:56
  and
• 20:56
  your
• 20:56
  partner
• 20:57
  wants
• 20:57
  to
• 20:57
  sell
• 20:57
  in
• 20:57
  three
• 20:58
  years,
• 20:58
  you've
• 20:58
  got
• 20:58
  a
• 20:58
  problem.
• 20:59
  Yeah
• 20:59
  if
• 20:59
  you
• 20:59
  wanna
• 20:59
  go
• 20:59
  into
• 20:59
  the
• 21:00
  US
• 21:00
  and
• 21:01
  your
• 21:01
  partner's
• 21:01
  thinking,
• 21:02
  "Well,
• 21:02
  it'd
• 21:02
  be
• 21:02
  better
• 21:02
  if
• 21:02
  we
• 21:03
  go
• 21:03
  into
• 21:03
  the
• 21:03
  Middle
• 21:03
  East,"
• 21:03
  you've
• 21:03
  got
• 21:04
  a
• 21:04
  problem,
• 21:04
  et
• 21:04
  cetera,
• 21:04
  et
• 21:04
  cetera,
• 21:05
  et
• 21:05
  cetera.
• 21:05
  Yeah.
• 21:05
  You
• 21:05
  need
• 21:05
  to
• 21:06
  make
• 21:06
  sure
• 21:07
  you're
• 21:07
  going
• 21:07
  down
• 21:07
  the
• 21:07
  same
• 21:08
  path.
• 21:08
  Which
• 21:08
  again
• 21:08
  brings
• 21:09
  us
• 21:09
  back
• 21:09
  to
• 21:09
  understanding
• 21:10
  and
• 21:10
  having
• 21:10
  a
• 21:10
  business
• 21:11
  plan,
• 21:11
  almost
• 21:11
  from
• 21:11
  day
• 21:12
  one-
• 21:12
  Yep
• 21:12
  because
• 21:13
  that-
• 21:13
  Yep
• 21:13
  helps
• 21:14
  you
• 21:14
  to
• 21:14
  articulate
• 21:15
  everything
• 21:15
  that
• 21:15
  you
• 21:15
  wanna
• 21:16
  articulate,
• 21:16
  whether
• 21:16
  it's
• 21:16
  friends
• 21:17
  and
• 21:17
  family,
• 21:17
  whether
• 21:17
  it's
• 21:18
  VC,
• 21:18
  et
• 21:19
  cetera.
• 21:19
  So
• 21:19
  I
• 21:19
  think
• 21:20
  that's-
• 21:20
  A
• 21:20
  really
• 21:20
  important
• 21:20
  point
• 21:20
  I'm
• 21:20
  actually
• 21:21
  also
• 21:21
  a
• 21:22
  huge
• 21:22
  fan
• 21:22
  of
• 21:22
  the
• 21:22
  triad
• 21:23
  partnership.
• 21:24
  And
• 21:24
  I
• 21:24
  say,
• 21:24
  and
• 21:24
  my
• 21:25
  securities
• 21:25
  attorney
• 21:25
  is
• 21:25
  the
• 21:25
  one
• 21:26
  that
• 21:26
  brought
• 21:26
  this
• 21:26
  up.
• 21:26
  I
• 21:26
  like
• 21:27
  the
• 21:27
  concept
• 21:27
  of
• 21:28
  a...
• 21:28
  And
• 21:28
  again,
• 21:29
  they
• 21:29
  can
• 21:29
  be
• 21:29
  fractional,
• 21:30
  so
• 21:30
  when
• 21:30
  you
• 21:30
  talk
• 21:30
  about
• 21:31
  equity
• 21:31
  and
• 21:31
  control,
• 21:32
  you
• 21:32
  can
• 21:32
  still
• 21:32
  be
• 21:32
  the
• 21:32
  majority
• 21:33
  captain.
• 21:34
  But
• 21:34
  I
• 21:34
  like
• 21:34
  the
• 21:34
  concept
• 21:35
  of
• 21:35
  a
• 21:35
  triad
• 21:35
  partnership
• 21:36
  where
• 21:36
  you
• 21:36
  have
• 21:36
  a
• 21:37
  CEO
• 21:37
  who's
• 21:38
  the
• 21:38
  visionary,
• 21:39
  the
• 21:39
  person
• 21:39
  that's
• 21:39
  laying
• 21:40
  the
• 21:40
  roadwork
• 21:40
  down.
• 21:41
  Then
• 21:41
  you
• 21:41
  have
• 21:41
  a
• 21:42
  COO.
• 21:42
  That's
• 21:42
  the
• 21:42
  operational
• 21:43
  person.
• 21:44
  That's
• 21:44
  the
• 21:44
  person
• 21:44
  that,
• 21:44
  that
• 21:45
  translates
• 21:45
  the
• 21:46
  CEO's
• 21:46
  vision.
• 21:46
  Okay,
• 21:47
  this
• 21:47
  is
• 21:47
  the
• 21:47
  road
• 21:48
  we're
• 21:48
  going.
• 21:48
  Here's
• 21:48
  the
• 21:49
  bricks
• 21:49
  to
• 21:49
  make
• 21:49
  the
• 21:49
  road.
• 21:50
  And
• 21:50
  then
• 21:50
  you
• 21:50
  have
• 21:51
  the
• 21:51
  third
• 21:51
  person,
• 21:52
  which
• 21:52
  really
• 21:52
  is
• 21:52
  the
• 21:52
  tiebreaker
• 21:53
  person.
• 21:53
  I
• 21:54
  can,
• 21:54
  I
• 21:54
  call
• 21:54
  them
• 21:54
  either
• 21:55
  a
• 21:55
  strategy
• 21:55
  officer,
• 21:56
  marketing
• 21:57
  officer,
• 21:57
  it
• 21:57
  could
• 21:57
  be
• 21:58
  the
• 21:58
  medical
• 21:58
  officer,
• 21:59
  but
• 21:59
  the
• 21:59
  person
• 22:00
  that
• 22:00
  sees
• 22:00
  both
• 22:00
  sides.
• 22:01
  They
• 22:01
  see
• 22:01
  the
• 22:01
  product.
• 22:02
  And
• 22:02
  actually,
• 22:03
  my
• 22:03
  founders
• 22:03
  I
• 22:04
  try
• 22:04
  to
• 22:04
  put
• 22:04
  in
• 22:04
  that
• 22:04
  third
• 22:05
  position.
• 22:05
  I
• 22:05
  like
• 22:05
  them
• 22:06
  to
• 22:06
  hire
• 22:06
  out
• 22:07
  or
• 22:07
  fractional
• 22:07
  out
• 22:08
  a
• 22:08
  CEO
• 22:09
  and
• 22:09
  a
• 22:09
  COO,
• 22:10
  and
• 22:10
  then
• 22:10
  the
• 22:10
  third
• 22:11
  person,
• 22:11
  the
• 22:11
  tiebreaker
• 22:12
  person,
• 22:12
  be
• 22:12
  the
• 22:12
  founder
• 22:13
  and
• 22:13
  say,
• 22:14
  "Okay,
• 22:14
  I
• 22:14
  see
• 22:14
  you
• 22:14
  wanna
• 22:15
  make
• 22:15
  your
• 22:15
  road
• 22:15
  here,
• 22:16
  and
• 22:16
  these
• 22:16
  are
• 22:16
  the
• 22:16
  bricks
• 22:16
  we
• 22:16
  wanna
• 22:17
  do
• 22:17
  to
• 22:17
  make
• 22:17
  that
• 22:17
  road.
• 22:18
  I
• 22:18
  wanna
• 22:18
  take
• 22:18
  it
• 22:18
  to
• 22:18
  the
• 22:18
  right
• 22:19
  a
• 22:19
  little
• 22:19
  bit.
• 22:19
  I
• 22:19
  want
• 22:19
  it
• 22:19
  to..."
• 22:19
  And
• 22:20
  now
• 22:20
  you're
• 22:20
  steering
• 22:21
  the
• 22:21
  boat
• 22:21
  like,
• 22:21
  like
• 22:22
  a
• 22:22
  true
• 22:22
  captain.
• 22:23
  I
• 22:23
  love
• 22:23
  that
• 22:24
  triad
• 22:24
  partnership.
• 22:25
  I
• 22:25
  think
• 22:25
  every
• 22:26
  founder,
• 22:27
  a-
• 22:27
  again,
• 22:27
  you
• 22:27
  can
• 22:28
  retain
• 22:28
  majority
• 22:29
  ownership
• 22:29
  and
• 22:30
  have
• 22:30
  them
• 22:30
  on
• 22:30
  as
• 22:30
  fractional
• 22:31
  pieces,
• 22:31
  but
• 22:31
  that
• 22:32
  three-person
• 22:32
  team,
• 22:33
  they
• 22:33
  really
• 22:34
  keep
• 22:34
  each
• 22:34
  other
• 22:34
  accountable.
• 22:35
  There,
• 22:35
  you
• 22:35
  also
• 22:36
  have,
• 22:36
  you
• 22:36
  also
• 22:37
  always
• 22:37
  have
• 22:37
  a
• 22:37
  no
• 22:37
  man.
• 22:37
  Like,
• 22:38
  surround
• 22:38
  yourself
• 22:39
  with
• 22:39
  no
• 22:39
  people.
• 22:39
  That's
• 22:40
  your
• 22:40
  number
• 22:40
  one
• 22:40
  way
• 22:40
  to
• 22:40
  success.
• 22:41
  I
• 22:41
  know
• 22:41
  all
• 22:41
  of
• 22:41
  the
• 22:42
  things
• 22:42
  we
• 22:42
  say
• 22:42
  are
• 22:42
  very,
• 22:43
  they've
• 22:43
  been
• 22:43
  said
• 22:44
  many
• 22:44
  times
• 22:44
  over
• 22:45
  and
• 22:45
  over
• 22:45
  again,
• 22:45
  but
• 22:45
  they're
• 22:46
  said
• 22:46
  that
• 22:46
  for
• 22:46
  a
• 22:46
  reason,
• 22:47
  because
• 22:47
  it's
• 22:47
  true,
• 22:48
  right?
• 22:48
  Do
• 22:48
  not
• 22:48
  surround
• 22:49
  yourself
• 22:49
  with
• 22:49
  people
• 22:50
  that
• 22:50
  won't
• 22:50
  tell
• 22:50
  you
• 22:51
  your
• 22:51
  baby's
• 22:51
  ugly.
• 22:52
  Do
• 22:52
  not
• 22:52
  surround
• 22:52
  yourself
• 22:53
  with
• 22:53
  a
• 22:53
  whole
• 22:53
  bunch
• 22:53
  of
• 22:53
  dreamers
• 22:54
  and
• 22:54
  no
• 22:55
  people
• 22:55
  that
• 22:55
  can
• 22:55
  execute
• 22:56
  the
• 22:56
  dream,
• 22:56
  cause
• 22:57
  then
• 22:57
  you're
• 22:57
  gonna
• 22:57
  sit
• 22:57
  around
• 22:58
  and
• 22:58
  have
• 22:58
  $500
• 22:59
  lunches
• 22:59
  and
• 22:59
  accomplish
• 23:00
  nothing.
• 23:00
  So
• 23:00
  really
• 23:01
  find
• 23:01
  the
• 23:01
  people,
• 23:02
  again,
• 23:02
  that
• 23:02
  partnership
• 23:03
  of,
• 23:03
  like,
• 23:03
  where
• 23:03
  your
• 23:04
  strengths
• 23:04
  are,
• 23:05
  that
• 23:05
  is
• 23:05
  their
• 23:05
  weakness.
• 23:05
  Where
• 23:06
  their
• 23:06
  weaknesses
• 23:06
  are,
• 23:06
  those
• 23:07
  are
• 23:07
  your
• 23:07
  strengths.
• 23:07
  That
• 23:08
  really
• 23:08
  good
• 23:08
  balance,
• 23:08
  and
• 23:09
  that
• 23:09
  three-person
• 23:10
  partnership
• 23:10
  will...
• 23:11
  You
• 23:11
  don't
• 23:11
  need
• 23:12
  more
• 23:12
  than
• 23:12
  three
• 23:12
  people
• 23:13
  on
• 23:13
  your
• 23:13
  founding
• 23:13
  team,
• 23:14
  in
• 23:14
  your
• 23:14
  pitch
• 23:14
  deck,
• 23:15
  in
• 23:15
  your
• 23:15
  team,
• 23:16
  in
• 23:16
  anything,
• 23:16
  until
• 23:17
  you
• 23:17
  are
• 23:17
  way
• 23:18
  down
• 23:18
  the
• 23:18
  line.
• 23:18
  You
• 23:18
  can
• 23:19
  run
• 23:19
  a
• 23:19
  really
• 23:20
  lean
• 23:20
  system
• 23:20
  on
• 23:20
  three
• 23:21
  people,
• 23:21
  especially
• 23:22
  if
• 23:22
  you're
• 23:22
  all
• 23:22
  aligned
• 23:23
  to
• 23:23
  that
• 23:23
  end
• 23:23
  goal.
• 23:24
  And
• 23:24
  I,
• 23:25
  like,
• 23:25
  you
• 23:25
  don't
• 23:25
  need
• 23:25
  a
• 23:25
  lot
• 23:25
  of,
• 23:26
  you
• 23:26
  don't
• 23:26
  need
• 23:26
  a
• 23:26
  lot
• 23:26
  of
• 23:26
  other,
• 23:27
  a
• 23:27
  lot
• 23:27
  of
• 23:27
  other
• 23:28
  extraneous
• 23:28
  extra
• 23:29
  roles
• 23:29
  or
• 23:30
  equity
• 23:30
  given
• 23:30
  away
• 23:31
  or
• 23:31
  funding
• 23:32
  given
• 23:32
  away.
• 23:32
  Work
• 23:33
  on
• 23:33
  that
• 23:33
  three-person
• 23:34
  team,
• 23:34
  and
• 23:34
  then
• 23:34
  fractional
• 23:35
  out
• 23:35
  anything
• 23:36
  you
• 23:36
  need
• 23:36
  additional
• 23:36
  from
• 23:36
  it.
• 23:37
  But
• 23:37
  w-
• 23:37
  but
• 23:37
  you
• 23:37
  guys
• 23:38
  are
• 23:38
  only
• 23:38
  picking
• 23:39
  who
• 23:39
  you
• 23:39
  need
• 23:39
  together
• 23:40
  as
• 23:40
  a
• 23:40
  three-person
• 23:41
  team
• 23:41
  Yeah,
• 23:41
  no,
• 23:41
  and
• 23:42
  it's
• 23:42
  really
• 23:42
  interesting
• 23:42
  actually,
• 23:42
  'cause
• 23:43
  I've
• 23:43
  said
• 23:43
  this
• 23:43
  for
• 23:44
  quite
• 23:44
  some
• 23:44
  time,
• 23:44
  and
• 23:44
  you're
• 23:44
  probably
• 23:45
  the
• 23:45
  only
• 23:45
  other
• 23:45
  person
• 23:45
  who's
• 23:46
  ever
• 23:46
  said
• 23:46
  it
• 23:46
  to
• 23:46
  me.
• 23:46
  I've
• 23:47
  always
• 23:47
  said
• 23:47
  to
• 23:47
  people,
• 23:47
  'cause
• 23:48
  you
• 23:48
  get
• 23:48
  lots
• 23:48
  of
• 23:48
  people,
• 23:49
  founders,
• 23:49
  they
• 23:49
  might
• 23:49
  be
• 23:50
  husband
• 23:50
  and
• 23:50
  wife,
• 23:50
  they
• 23:50
  may
• 23:51
  be,
• 23:51
  man
• 23:52
  and
• 23:52
  brother,
• 23:52
  brother
• 23:52
  and
• 23:52
  sister,
• 23:53
  et
• 23:53
  cetera.
• 23:53
  But
• 23:53
  they're
• 23:53
  both
• 23:54
  yeses
• 23:54
  just
• 23:54
  sitting
• 23:55
  there
• 23:55
  back
• 23:55
  and
• 23:55
  forth
• 23:55
  to
• 23:56
  each
• 23:56
  other.
• 23:56
  I've
• 23:57
  always
• 23:57
  said
• 23:57
  you
• 23:57
  need
• 23:57
  three
• 23:57
  people,
• 23:58
  because
• 23:58
  you
• 23:58
  need
• 23:58
  somebody.
• 23:59
  Because
• 23:59
  when
• 23:59
  you've
• 23:59
  got
• 23:59
  two
• 24:00
  people,
• 24:00
  either
• 24:00
  y-
• 24:00
  w-
• 24:01
  e-
• 24:01
  each
• 24:01
  one
• 24:01
  of
• 24:02
  you
• 24:02
  is
• 24:02
  gonna
• 24:02
  compromise
• 24:03
  because
• 24:03
  you
• 24:03
  want
• 24:03
  to
• 24:03
  keep-
• 24:03
  Yeah
• 24:04
  the
• 24:04
  other
• 24:04
  person
• 24:04
  happy.
• 24:04
  Whereas
• 24:04
  when
• 24:05
  you've
• 24:05
  got-
• 24:05
  Yeah
• 24:05
  a
• 24:05
  third
• 24:05
  person,
• 24:06
  then
• 24:06
  you've
• 24:06
  got
• 24:06
  a
• 24:06
  person
• 24:07
  who's
• 24:07
  gonna
• 24:07
  say,
• 24:07
  "Well,
• 24:07
  actually,
• 24:08
  no,
• 24:08
  I
• 24:08
  agree
• 24:09
  with
• 24:10
  that
• 24:10
  person,
• 24:10
  or
• 24:10
  I
• 24:10
  agree
• 24:10
  with
• 24:10
  that
• 24:10
  person."
• 24:10
  But
• 24:10
  you
• 24:10
  have-
• 24:10
  Yeah
• 24:10
  you
• 24:10
  have
• 24:11
  more
• 24:11
  of
• 24:11
  an
• 24:12
  opportunity
• 24:12
  to
• 24:12
  have
• 24:12
  ideas.
• 24:13
  And
• 24:13
  then
• 24:13
  the
• 24:13
  other
• 24:13
  thing
• 24:13
  that
• 24:13
  I
• 24:13
  always
• 24:13
  say
• 24:14
  to
• 24:14
  people,
• 24:14
  and
• 24:14
  if
• 24:15
  someone,
• 24:15
  someone
• 24:15
  said
• 24:15
  it
• 24:15
  to
• 24:15
  me,
• 24:16
  is
• 24:16
  about
• 24:17
  being
• 24:17
  agnostic
• 24:17
  about
• 24:18
  the
• 24:18
  ideas.
• 24:18
  It
• 24:18
  doesn't
• 24:19
  matter
• 24:19
  where
• 24:19
  the
• 24:19
  idea
• 24:19
  comes
• 24:20
  from,
• 24:20
  and
• 24:20
  this
• 24:20
  comes
• 24:21
  back
• 24:21
  to
• 24:21
  what
• 24:21
  we
• 24:21
  were
• 24:21
  talking
• 24:21
  about,
• 24:21
  the
• 24:21
  vision.
• 24:22
  If
• 24:22
  you
• 24:23
  have
• 24:23
  the,
• 24:23
  a
• 24:23
  similar
• 24:23
  vision,
• 24:24
  then
• 24:24
  you
• 24:24
  shouldn't
• 24:25
  get
• 24:25
  precious
• 24:25
  about
• 24:25
  the
• 24:25
  ideas.
• 24:26
  If
• 24:26
  your
• 24:27
  idea-
• 24:27
  Yeah
• 24:27
  the
• 24:27
  truck
• 24:27
  st-
• 24:28
  stom-
• 24:28
  stomped
• 24:28
  on,
• 24:29
  but
• 24:29
  then
• 24:29
  it's
• 24:29
  because
• 24:30
  we
• 24:31
  got,
• 24:31
  get
• 24:31
  a
• 24:31
  better
• 24:31
  idea,
• 24:32
  it
• 24:32
  doesn't
• 24:32
  matter.
• 24:33
  I
• 24:33
  don't
• 24:33
  care
• 24:33
  about-
• 24:33
  Yeah
• 24:33
  my
• 24:33
  ideas,
• 24:34
  actually.
• 24:34
  I
• 24:35
  just
• 24:35
  want
• 24:35
  the
• 24:35
  ideas
• 24:35
  that
• 24:36
  work.
• 24:36
  I
• 24:36
  don't
• 24:36
  care
• 24:37
  if
• 24:37
  they're
• 24:37
  mine,
• 24:37
  I
• 24:37
  don't
• 24:37
  care
• 24:37
  if
• 24:37
  they're
• 24:37
  yours,
• 24:38
  I
• 24:38
  don't
• 24:38
  care
• 24:38
  if
• 24:38
  they're
• 24:38
  someone
• 24:38
  else's.
• 24:39
  I
• 24:39
  don't
• 24:39
  care.
• 24:40
  Is
• 24:40
  this
• 24:41
  the
• 24:41
  best
• 24:41
  idea
• 24:41
  to
• 24:42
  move
• 24:42
  the
• 24:42
  business
• 24:42
  forward?
• 24:43
  And
• 24:43
  that's
• 24:43
  what
• 24:43
  you
• 24:43
  should
• 24:43
  be
• 24:43
  focusing
• 24:44
  on.
• 24:44
  And
• 24:44
  I
• 24:44
  think,
• 24:44
  w-
• 24:45
  you
• 24:45
  know,
• 24:45
  advice
• 24:46
  to
• 24:46
  anyone
• 24:46
  listening
• 24:47
  or
• 24:47
  watching
• 24:47
  this
• 24:47
  is
• 24:48
  don't
• 24:48
  get
• 24:49
  bogged
• 24:49
  down
• 24:50
  in
• 24:50
  an
• 24:50
  idea
• 24:51
  because
• 24:51
  it's
• 24:51
  your
• 24:51
  idea.
• 24:52
  Yeah.
• 24:52
  And
• 24:52
  think,
• 24:52
  "Oh,
• 24:53
  no,
• 24:53
  no,
• 24:53
  no,
• 24:53
  I've
• 24:54
  always
• 24:54
  had
• 24:54
  this
• 24:54
  idea
• 24:55
  and
• 24:55
  I
• 24:55
  know..."
• 24:56
  If
• 24:56
  15
• 24:56
  people
• 24:56
  have
• 24:56
  told
• 24:56
  you,
• 24:56
  "I
• 24:56
  don't
• 24:56
  think
• 24:56
  that's
• 24:56
  gonna
• 24:56
  work"-
• 24:56
  There
• 24:56
  is
• 24:56
  no
• 24:57
  room
• 24:57
  for
• 24:57
  ego
• 24:58
  in
• 24:58
  the
• 24:58
  founder
• 24:58
  pathway.
• 24:59
  Like,
• 25:00
  you
• 25:00
  are
• 25:00
  gonna
• 25:00
  have
• 25:00
  your
• 25:01
  best
• 25:01
  and
• 25:01
  worst
• 25:01
  days
• 25:02
  as
• 25:02
  a
• 25:02
  founder,
• 25:02
  but
• 25:03
  you
• 25:03
  have
• 25:03
  to
• 25:04
  leave
• 25:04
  your
• 25:04
  ego
• 25:04
  at
• 25:04
  the
• 25:04
  door.
• 25:04
  I
• 25:05
  was...
• 25:05
  I
• 25:05
  just
• 25:05
  actually
• 25:06
  before
• 25:06
  you
• 25:07
  had
• 25:07
  a
• 25:07
  conversation
• 25:08
  with
• 25:08
  a
• 25:08
  company,
• 25:09
  and
• 25:09
  they
• 25:10
  do,
• 25:10
  a,
• 25:10
  an
• 25:10
  organizational
• 25:11
  psychology
• 25:12
  breakdown.
• 25:13
  Because
• 25:14
  what
• 25:14
  happens
• 25:14
  is
• 25:15
  I
• 25:15
  can
• 25:15
  build
• 25:15
  out
• 25:16
  your
• 25:16
  business
• 25:16
  plan,
• 25:16
  I
• 25:17
  can
• 25:17
  build
• 25:17
  out
• 25:17
  your
• 25:17
  structure
• 25:18
  for
• 25:18
  success,
• 25:18
  but
• 25:19
  if
• 25:19
  you
• 25:19
  guys
• 25:20
  have
• 25:20
  ego
• 25:20
  and
• 25:21
  you're
• 25:21
  not
• 25:21
  willing
• 25:21
  to
• 25:21
  listen
• 25:22
  and
• 25:22
  you're
• 25:22
  not
• 25:22
  willing
• 25:22
  to
• 25:22
  ask
• 25:23
  for
• 25:23
  help,
• 25:23
  it
• 25:23
  doesn't
• 25:24
  matter
• 25:24
  how
• 25:24
  successful
• 25:25
  a
• 25:25
  roadmap
• 25:25
  I
• 25:25
  make
• 25:26
  you,
• 25:26
  if
• 25:26
  you're
• 25:26
  not,
• 25:26
  if
• 25:27
  you
• 25:27
  won't
• 25:27
  be
• 25:27
  coachable.
• 25:28
  The
• 25:28
  it's
• 25:29
  the
• 25:29
  same
• 25:29
  thing,
• 25:29
  ego
• 25:30
  and
• 25:30
  co-
• 25:30
  coachable.
• 25:30
  If
• 25:31
  you
• 25:31
  want...
• 25:31
  It
• 25:31
  doesn't
• 25:31
  matter
• 25:32
  what
• 25:32
  your
• 25:32
  product
• 25:32
  is,
• 25:33
  what
• 25:33
  your
• 25:34
  business
• 25:34
  plan
• 25:34
  is,
• 25:35
  what
• 25:35
  your
• 25:35
  funding
• 25:35
  structure
• 25:36
  is,
• 25:36
  if
• 25:36
  you
• 25:36
  as
• 25:37
  a
• 25:37
  founder
• 25:37
  has
• 25:37
  an
• 25:38
  ego
• 25:38
  and
• 25:38
  is
• 25:39
  uncoachable,
• 25:40
  you
• 25:40
  will
• 25:40
  fail.
• 25:40
  I
• 25:40
  don't
• 25:41
  care
• 25:41
  if
• 25:41
  you
• 25:41
  are
• 25:42
  coming
• 25:42
  up
• 25:42
  with
• 25:42
  the
• 25:42
  newest,
• 25:43
  greatest
• 25:43
  thing
• 25:44
  that
• 25:44
  could
• 25:44
  solve
• 25:45
  world
• 25:45
  hunger.
• 25:46
  I
• 25:46
  don't,
• 25:46
  whatever.
• 25:47
  I
• 25:47
  don't
• 25:47
  care
• 25:48
  what
• 25:48
  it
• 25:48
  is,
• 25:48
  your
• 25:49
  amazing
• 25:49
  idea,
• 25:50
  if
• 25:50
  you
• 25:51
  have
• 25:51
  an
• 25:51
  ego
• 25:52
  and
• 25:52
  you
• 25:52
  are
• 25:52
  uncoachable,
• 25:53
  you
• 25:53
  won't
• 25:53
  get
• 25:54
  funding,
• 25:54
  you
• 25:54
  won't
• 25:55
  be
• 25:55
  able
• 25:55
  to
• 25:55
  build,
• 25:56
  you
• 25:56
  won't
• 25:56
  be
• 25:56
  able
• 25:56
  to
• 25:57
  move
• 25:57
  forward
• 25:57
  in
• 25:58
  the
• 25:58
  process
• 25:58
  and
• 25:58
  you
• 25:58
  certainly
• 25:59
  won't
• 25:59
  be
• 25:59
  able
• 25:59
  to
• 25:59
  do
• 25:59
  it
• 26:00
  all
• 26:00
  by
• 26:00
  yourself.
• 26:00
  And
• 26:01
  that,
• 26:01
  like-
• 26:01
  Yeah,
• 26:01
  no
• 26:01
  if
• 26:01
  I
• 26:01
  have
• 26:02
  clients
• 26:02
  that,
• 26:02
  that,
• 26:03
  that
• 26:03
  aren't
• 26:04
  coachable
• 26:04
  or
• 26:04
  sh-
• 26:04
  or
• 26:05
  aren't
• 26:05
  going
• 26:05
  to
• 26:05
  listen
• 26:06
  to
• 26:06
  my,
• 26:06
  And
• 26:06
  again,
• 26:07
  it's
• 26:07
  n-
• 26:07
  again,
• 26:07
  not
• 26:07
  my
• 26:08
  ego.
• 26:08
  It's,
• 26:08
  "Here's
• 26:08
  my
• 26:08
  recommendations.
• 26:09
  Do
• 26:09
  with
• 26:09
  it
• 26:09
  what
• 26:10
  you
• 26:10
  want."
• 26:10
  But
• 26:10
  if
• 26:10
  you're
• 26:10
  just
• 26:11
  gonna
• 26:11
  sit
• 26:11
  there
• 26:11
  and
• 26:11
  just,
• 26:12
  Nope,
• 26:12
  it's
• 26:12
  my
• 26:12
  way.
• 26:13
  This
• 26:13
  is
• 26:13
  how
• 26:13
  we're
• 26:13
  gonna
• 26:13
  do
• 26:13
  it,"
• 26:13
  great.
• 26:14
  I'm
• 26:14
  probably
• 26:15
  not
• 26:15
  the
• 26:15
  firm
• 26:15
  to
• 26:15
  work
• 26:16
  with
• 26:16
  you,
• 26:16
  because
• 26:16
  I'm
• 26:17
  here
• 26:17
  to
• 26:17
  make
• 26:18
  you
• 26:18
  successful.
• 26:19
  I'm
• 26:19
  not
• 26:19
  here
• 26:19
  to
• 26:20
  stroke
• 26:20
  your
• 26:20
  ego,
• 26:21
  tell
• 26:21
  you
• 26:21
  your
• 26:21
  baby's
• 26:21
  pretty
• 26:22
  when
• 26:22
  it's
• 26:22
  not.
• 26:22
  I
• 26:22
  wanna
• 26:23
  get
• 26:23
  to
• 26:23
  the
• 26:23
  no
• 26:23
  as
• 26:24
  soon
• 26:24
  as
• 26:24
  possible
• 26:24
  to
• 26:25
  keep
• 26:25
  you
• 26:25
  from
• 26:25
  saving,
• 26:26
  from
• 26:26
  wasting
• 26:26
  money,
• 26:27
  to
• 26:27
  keep
• 26:27
  you
• 26:27
  from
• 26:27
  that
• 26:27
  failure.
• 26:28
  I
• 26:28
  want
• 26:29
  to
• 26:29
  make
• 26:29
  you
• 26:29
  successful.
• 26:30
  But
• 26:30
  if
• 26:30
  you
• 26:31
  think
• 26:31
  you
• 26:31
  already
• 26:31
  have
• 26:32
  it,
• 26:32
  be
• 26:32
  all,
• 26:32
  end
• 26:33
  all,
• 26:33
  know
• 26:33
  all,
• 26:34
  and
• 26:34
  again,
• 26:34
  a
• 26:34
  little
• 26:35
  triggered,
• 26:35
  I
• 26:35
  work
• 26:35
  with
• 26:35
  a
• 26:35
  lot
• 26:35
  of
• 26:36
  surgeons.
• 26:36
  Love
• 26:36
  them,
• 26:37
  but
• 26:37
  they
• 26:37
  already
• 26:38
  have
• 26:38
  that
• 26:38
  mindset
• 26:38
  of
• 26:38
  I
• 26:39
  know
• 26:39
  all
• 26:39
  the
• 26:39
  things.
• 26:39
  And
• 26:40
  you
• 26:40
  do.
• 26:40
  You
• 26:40
  know
• 26:40
  everything
• 26:41
  about
• 26:41
  what
• 26:41
  you
• 26:42
  do
• 26:42
  very
• 26:42
  well.
• 26:42
  But
• 26:43
  you
• 26:43
  have
• 26:43
  to
• 26:43
  be
• 26:43
  humble
• 26:43
  enough
• 26:44
  to
• 26:44
  say,
• 26:44
  "But
• 26:45
  this
• 26:45
  is
• 26:45
  out
• 26:45
  of
• 26:45
  my
• 26:46
  wheelhouse,
• 26:46
  and
• 26:47
  I'm
• 26:47
  gonna
• 26:47
  learn
• 26:47
  it
• 26:47
  and
• 26:48
  I
• 26:48
  wanna
• 26:48
  be
• 26:48
  part
• 26:48
  of
• 26:48
  it,
• 26:49
  but
• 26:49
  it's
• 26:49
  out
• 26:49
  of
• 26:49
  my
• 26:49
  wheelhouse."
• 26:50
  Like
• 26:50
  I,
• 26:51
  you
• 26:51
  laugh.
• 26:51
  My,
• 26:52
  my
• 26:52
  favorite
• 26:52
  saying
• 26:52
  is
• 26:53
  I
• 26:53
  always
• 26:53
  try
• 26:53
  to
• 26:53
  be
• 26:53
  the
• 26:53
  dumbest
• 26:54
  person
• 26:54
  in
• 26:54
  the
• 26:54
  room,
• 26:55
  'cause
• 26:55
  if
• 26:55
  I'm
• 26:55
  the
• 26:55
  dumbest
• 26:55
  person-
• 26:56
  Yeah
• 26:56
  in
• 26:56
  the
• 26:56
  room,
• 26:56
  I'm
• 26:56
  gonna,
• 26:57
  I'm
• 26:57
  gonna
• 26:57
  make
• 26:58
  so
• 26:58
  mu-
• 26:58
  I'm
• 26:58
  gonna
• 26:59
  learn
• 26:59
  so
• 26:59
  much.
• 27:00
  I'm
• 27:00
  gonna
• 27:00
  make
• 27:00
  sure
• 27:00
  that
• 27:01
  we're
• 27:01
  moving
• 27:01
  forward.
• 27:02
  I
• 27:02
  always
• 27:02
  wanna
• 27:03
  be
• 27:03
  the
• 27:03
  dumbest
• 27:03
  person
• 27:04
  in
• 27:04
  the
• 27:04
  room,
• 27:04
  and
• 27:04
  I
• 27:04
  have
• 27:04
  no
• 27:05
  problem
• 27:05
  saying
• 27:05
  it.
• 27:05
  Like,
• 27:05
  great,
• 27:06
  they
• 27:06
  know
• 27:06
  so
• 27:06
  much
• 27:07
  better.
• 27:07
  Let
• 27:07
  me
• 27:07
  direct
• 27:08
  you
• 27:08
  to
• 27:08
  the
• 27:08
  person
• 27:08
  that
• 27:08
  knows
• 27:09
  how
• 27:09
  to
• 27:09
  do
• 27:09
  this
• 27:09
  part
• 27:10
  best,
• 27:10
  'cause
• 27:11
  they're,
• 27:11
  you're
• 27:11
  not
• 27:11
  gonna
• 27:11
  have
• 27:12
  a
• 27:12
  single
• 27:12
  person
• 27:12
  founder
• 27:13
  that
• 27:13
  does
• 27:13
  everything
• 27:13
  all
• 27:14
  by
• 27:14
  themselves
• 27:14
  and
• 27:15
  you're
• 27:15
  not
• 27:15
  gonna
• 27:15
  have
• 27:15
  s-
• 27:15
  like,
• 27:16
  you're
• 27:16
  not
• 27:16
  gonna
• 27:16
  succeed.
• 27:17
  If
• 27:17
  you
• 27:17
  wanna
• 27:17
  build
• 27:17
  in
• 27:18
  a,
• 27:18
  in
• 27:18
  your
• 27:18
  basement
• 27:18
  all
• 27:19
  by
• 27:19
  yourself,
• 27:19
  guess
• 27:20
  what?
• 27:20
  When
• 27:20
  you
• 27:20
  die,
• 27:21
  they'll
• 27:21
  see
• 27:21
  your
• 27:21
  manuscripts
• 27:22
  of
• 27:22
  all
• 27:22
  the
• 27:22
  things
• 27:23
  you
• 27:23
  wanted
• 27:23
  to
• 27:23
  do
• 27:23
  and
• 27:23
  you
• 27:23
  never
• 27:24
  did
• 27:24
  'em.
• 27:24
  Yeah.
• 27:24
  Yeah,
• 27:25
  100,
• 27:26
  100%,
• 27:26
  and
• 27:26
  I
• 27:26
  think,
• 27:26
  we've
• 27:26
  been
• 27:26
  talking
• 27:26
  about
• 27:26
  the,
• 27:26
  that,
• 27:26
  that
• 27:26
  founder
• 27:26
  journey
• 27:26
  early
• 27:26
  and
• 27:26
  actually
• 27:26
  getting
• 27:26
  the
• 27:26
  right
• 27:26
  mentality.
• 27:26
  And
• 27:26
  that's,
• 27:26
  when
• 27:28
  I
• 27:28
  talk
• 27:34
  to
• 27:35
  people
• 27:35
  about
• 27:35
  building
• 27:36
  a
• 27:36
  business,
• 27:36
  I
• 27:36
  talk
• 27:36
  about
• 27:36
  the
• 27:37
  vision
• 27:37
  first
• 27:37
  and
• 27:37
  I
• 27:37
  talk,
• 27:38
  the
• 27:38
  next
• 27:38
  thing-
• 27:38
  Yeah
• 27:38
  I
• 27:38
  talk
• 27:38
  about
• 27:38
  is
• 27:38
  the
• 27:38
  mentality
• 27:38
  and
• 27:38
  the
• 27:38
  attitude
• 27:38
  because
• 27:38
  that
• 27:38
  is,
• 27:38
  is
• 27:38
  90%,
• 27:40
  it's
• 27:40
  90%
• 27:40
  of
• 27:40
  it.
• 27:40
  It
• 27:41
  is.
• 27:44
  You
• 27:44
  can
• 27:44
  have
• 27:44
  a
• 27:44
  great
• 27:45
  business
• 27:45
  plan.
• 27:45
  It
• 27:45
  is.
• 27:45
  If
• 27:45
  you
• 27:46
  haven't
• 27:46
  got
• 27:46
  vision,
• 27:46
  you
• 27:46
  haven't
• 27:46
  got
• 27:46
  the
• 27:47
  right
• 27:47
  mentality,
• 27:48
  you're
• 27:48
  not
• 27:48
  gonna
• 27:48
  be
• 27:48
  successful.
• 27:48
  So
• 27:49
  just
• 27:49
  on
• 27:49
  that,
• 27:49
  what
• 27:50
  are
• 27:50
  the
• 27:50
  biggest
• 27:50
  barriers
• 27:51
  to
• 27:51
  adoption
• 27:52
  that
• 27:52
  you
• 27:52
  think
• 27:53
  that
• 27:53
  founders
• 27:53
  underestimate
• 27:54
  in
• 27:54
  your
• 27:55
  experience?
• 27:55
  Like
• 27:56
  I
• 27:56
  said,
• 27:56
  kudos
• 27:56
  to
• 27:56
  regulatory,
• 27:57
  'cause
• 27:57
  they
• 27:57
  have
• 27:58
  beaten
• 27:58
  it
• 27:58
  into
• 27:58
  everyone's
• 27:59
  head-
• 27:59
  Yeah
• 27:59
  that
• 28:00
  like
• 28:00
  you
• 28:00
  don't
• 28:01
  go
• 28:01
  past
• 28:01
  go,
• 28:02
  you
• 28:02
  don't
• 28:02
  collect
• 28:02
  $200
• 28:03
  without
• 28:03
  regulatory.
• 28:04
  So
• 28:04
  but
• 28:05
  I
• 28:05
  will
• 28:06
  touch
• 28:06
  on
• 28:06
  that
• 28:07
  piece-
• 28:07
  There
• 28:08
  are
• 28:08
  a
• 28:08
  lot
• 28:08
  of
• 28:08
  people,
• 28:09
  because
• 28:09
  it's
• 28:10
  such
• 28:10
  a
• 28:10
  need,
• 28:10
  that
• 28:11
  again,
• 28:11
  are
• 28:11
  very
• 28:12
  high
• 28:12
  priced,
• 28:13
  that
• 28:13
  are
• 28:13
  these
• 28:13
  very
• 28:13
  large
• 28:14
  bloated
• 28:14
  firms.
• 28:15
  So
• 28:15
  do
• 28:16
  your
• 28:16
  due
• 28:16
  diligence.
• 28:17
  Just
• 28:17
  like
• 28:17
  they're
• 28:17
  doing
• 28:17
  due
• 28:18
  diligence
• 28:18
  on
• 28:18
  you,
• 28:18
  do
• 28:18
  your
• 28:19
  due
• 28:19
  diligence
• 28:19
  on
• 28:19
  the
• 28:20
  experts.
• 28:20
  Be
• 28:21
  willing
• 28:21
  to
• 28:21
  find
• 28:21
  out
• 28:22
  what
• 28:22
  is,
• 28:22
  what's,
• 28:23
  are
• 28:23
  they,
• 28:23
  are,
• 28:24
  is
• 28:24
  it
• 28:24
  a
• 28:24
  large
• 28:24
  firm?
• 28:25
  Are
• 28:25
  you
• 28:25
  paying
• 28:25
  for
• 28:25
  a
• 28:25
  whole
• 28:26
  bunch
• 28:26
  of
• 28:26
  extra
• 28:27
  people
• 28:27
  you
• 28:27
  don't
• 28:27
  need?
• 28:28
  What
• 28:28
  do
• 28:28
  you
• 28:28
  need?
• 28:29
  Like,
• 28:29
  try
• 28:29
  to
• 28:29
  also
• 28:30
  like
• 28:30
  build
• 28:30
  in
• 28:30
  sprints.
• 28:31
  So
• 28:31
  I
• 28:31
  think
• 28:31
  as
• 28:31
  far
• 28:32
  as
• 28:32
  barriers,
• 28:32
  let's
• 28:32
  go
• 28:33
  back
• 28:33
  to
• 28:33
  barriers.
• 28:33
  Sorry,
• 28:34
  I
• 28:34
  g-
• 28:34
  I
• 28:34
  have,
• 28:34
  I
• 28:34
  g-
• 28:34
  have
• 28:34
  regulatory
• 28:35
  things
• 28:35
  that
• 28:35
  get
• 28:35
  me
• 28:36
  flustered
• 28:36
  too.
• 28:36
  But,
• 28:37
  so
• 28:37
  barriers.
• 28:37
  I
• 28:38
  think
• 28:38
  number
• 28:38
  one
• 28:39
  is
• 28:39
  Timing.
• 28:40
  I
• 28:40
  don't
• 28:40
  think
• 28:41
  people
• 28:41
  think
• 28:41
  how
• 28:41
  long...
• 28:42
  They
• 28:42
  don't
• 28:42
  realize
• 28:42
  how
• 28:42
  long
• 28:42
  it's
• 28:43
  gonna
• 28:43
  take.
• 28:43
  No
• 28:43
  matter
• 28:44
  what,
• 28:44
  you
• 28:44
  have
• 28:44
  to
• 28:44
  be
• 28:44
  patient
• 28:45
  and
• 28:45
  you
• 28:45
  have
• 28:45
  to
• 28:45
  be
• 28:45
  diligent.
• 28:46
  Like,
• 28:46
  we
• 28:46
  talk
• 28:47
  about
• 28:47
  the
• 28:47
  valley
• 28:47
  of
• 28:47
  death
• 28:47
  in
• 28:48
  funding
• 28:48
  or
• 28:48
  we
• 28:48
  talk
• 28:49
  about,
• 28:49
  like,
• 28:49
  that
• 28:49
  building.
• 28:50
  So
• 28:50
  I
• 28:50
  think
• 28:50
  the
• 28:50
  first
• 28:51
  one
• 28:51
  is
• 28:51
  timing.
• 28:51
  Like,
• 28:52
  you
• 28:52
  need
• 28:52
  to
• 28:52
  go
• 28:52
  into
• 28:53
  it
• 28:53
  with
• 28:53
  your
• 28:53
  mindset
• 28:54
  of,
• 28:54
  like,
• 28:54
  and
• 28:54
  everyone
• 28:55
  says
• 28:55
  six
• 28:55
  to
• 28:55
  nine
• 28:55
  months.
• 28:56
  It's
• 28:56
  three
• 28:56
  to
• 28:56
  10
• 28:57
  years,
• 28:57
  even
• 28:58
  on
• 28:58
  a
• 28:58
  best
• 28:58
  day.
• 28:58
  So
• 28:59
  go
• 28:59
  into
• 28:59
  it
• 29:00
  like
• 29:00
  you're
• 29:00
  playing
• 29:00
  the
• 29:01
  long
• 29:01
  game.
• 29:01
  You're
• 29:01
  not
• 29:02
  playing
• 29:02
  the
• 29:02
  short
• 29:02
  game.
• 29:03
  Be
• 29:03
  pleasantly
• 29:04
  surprised
• 29:04
  if
• 29:04
  everything
• 29:05
  goes
• 29:05
  faster
• 29:06
  than
• 29:06
  you
• 29:06
  anticipate.
• 29:07
  So
• 29:07
  I
• 29:07
  think
• 29:07
  that's
• 29:07
  the
• 29:07
  first
• 29:07
  barrier.
• 29:08
  I
• 29:08
  think
• 29:08
  the
• 29:08
  second
• 29:09
  barrier
• 29:09
  is
• 29:10
  perfection.
• 29:11
  So
• 29:11
  I
• 29:11
  find
• 29:12
  a
• 29:12
  lot
• 29:12
  of
• 29:12
  founders
• 29:13
  get
• 29:13
  stuck
• 29:14
  in
• 29:14
  a
• 29:14
  perfect
• 29:15
  iteration,
• 29:15
  or,
• 29:15
  "We
• 29:15
  just
• 29:16
  have
• 29:16
  to
• 29:16
  do
• 29:16
  this
• 29:16
  one
• 29:17
  thing
• 29:17
  just
• 29:17
  right,"
• 29:17
  or
• 29:17
  we
• 29:17
  just...
• 29:18
  And
• 29:18
  no.
• 29:18
  Your
• 29:19
  ver-
• 29:19
  first
• 29:20
  version
• 29:20
  is
• 29:20
  never
• 29:21
  gonna
• 29:21
  be
• 29:21
  the
• 29:21
  one
• 29:21
  that
• 29:21
  exits,
• 29:22
  is
• 29:22
  probably
• 29:22
  never
• 29:23
  gonna
• 29:23
  be
• 29:23
  the
• 29:23
  one
• 29:23
  that
• 29:23
  even
• 29:23
  sees
• 29:24
  the
• 29:24
  light
• 29:24
  of
• 29:24
  day.
• 29:24
  But
• 29:24
  you're
• 29:25
  not
• 29:25
  gonna
• 29:25
  get
• 29:25
  to
• 29:25
  that
• 29:26
  final
• 29:26
  product
• 29:26
  if
• 29:27
  you
• 29:27
  don't
• 29:27
  just...
• 29:27
  You
• 29:28
  have
• 29:28
  to,
• 29:28
  at
• 29:28
  some
• 29:28
  point,
• 29:29
  you
• 29:29
  have
• 29:29
  to
• 29:29
  just
• 29:29
  put
• 29:30
  it
• 29:30
  out
• 29:30
  there,
• 29:30
  test
• 29:31
  it,
• 29:31
  fix
• 29:31
  it,
• 29:31
  move
• 29:32
  on.
• 29:32
  You,
• 29:33
  I
• 29:33
  have,
• 29:33
  I've
• 29:34
  got
• 29:34
  this
• 29:34
  founder
• 29:34
  that
• 29:35
  hurts
• 29:35
  my
• 29:35
  heart
• 29:35
  every
• 29:35
  day.
• 29:36
  They've
• 29:36
  been
• 29:36
  building
• 29:37
  a
• 29:37
  product
• 29:37
  for
• 29:37
  nine
• 29:38
  years.
• 29:38
  Nine
• 29:38
  years.
• 29:39
  Oh.
• 29:39
  They
• 29:39
  have
• 29:39
  amazing
• 29:40
  clinical
• 29:40
  data.
• 29:40
  Ame-
• 29:41
  a
• 29:41
  amazing
• 29:41
  product.
• 29:42
  And
• 29:42
  if
• 29:42
  they
• 29:42
  would've
• 29:43
  brought
• 29:43
  this
• 29:43
  out
• 29:43
  to
• 29:43
  market
• 29:44
  nine
• 29:44
  years
• 29:44
  ago,
• 29:45
  they
• 29:45
  could've
• 29:45
  made
• 29:46
  a
• 29:46
  change
• 29:46
  in
• 29:46
  the
• 29:46
  market,
• 29:47
  and
• 29:47
  now
• 29:48
  every
• 29:48
  day
• 29:49
  that
• 29:49
  they're
• 29:49
  not
• 29:49
  moving
• 29:50
  forward,
• 29:50
  they're
• 29:50
  getting
• 29:51
  close
• 29:51
  to
• 29:51
  obsolete.
• 29:52
  And
• 29:52
  I-
• 29:52
  Yeah
• 29:52
  and
• 29:52
  I
• 29:53
  tell
• 29:53
  them,
• 29:53
  I'm
• 29:53
  like,
• 29:53
  "I
• 29:53
  don't,,
• 29:54
  this
• 29:54
  goes
• 29:54
  back
• 29:54
  to
• 29:54
  they
• 29:55
  were
• 29:55
  so
• 29:55
  focused
• 29:56
  on
• 29:56
  the
• 29:56
  build,
• 29:57
  the
• 29:57
  research,
• 29:57
  the
• 29:58
  development,
• 29:58
  they
• 29:58
  forgot
• 29:59
  at
• 29:59
  some
• 30:00
  point
• 30:00
  you
• 30:00
  have
• 30:00
  to
• 30:00
  sell
• 30:01
  this.
• 30:01
  At
• 30:01
  some
• 30:01
  point
• 30:02
  you
• 30:02
  have
• 30:02
  to
• 30:02
  go
• 30:02
  further.
• 30:03
  So
• 30:03
  again,
• 30:04
  I
• 30:04
  think,
• 30:04
  perfectionism
• 30:05
  is
• 30:06
  a
• 30:06
  big
• 30:06
  barrier.
• 30:07
  And
• 30:07
  I
• 30:07
  get
• 30:07
  it.
• 30:07
  You
• 30:08
  want
• 30:08
  everything
• 30:08
  perfect.
• 30:09
  It's
• 30:09
  your
• 30:09
  name,
• 30:09
  it's
• 30:09
  your
• 30:09
  baby.
• 30:10
  That's
• 30:10
  again
• 30:11
  where
• 30:11
  those,
• 30:11
  that
• 30:11
  three-person
• 30:12
  triad
• 30:13
  is
• 30:13
  really
• 30:13
  gonna
• 30:13
  help.
• 30:14
  You
• 30:14
  have
• 30:14
  to
• 30:14
  have
• 30:14
  a
• 30:15
  visionary
• 30:15
  and
• 30:16
  you
• 30:16
  have
• 30:16
  to
• 30:16
  have
• 30:16
  a
• 30:16
  builder,
• 30:17
  and
• 30:17
  then
• 30:17
  you
• 30:17
  have
• 30:17
  to
• 30:17
  have
• 30:18
  someone
• 30:18
  that
• 30:18
  reins
• 30:18
  them
• 30:18
  both
• 30:19
  in.,
• 30:19
  it's
• 30:19
  just...
• 30:20
  Cause
• 30:20
  you
• 30:20
  can
• 30:20
  have,
• 30:20
  I,
• 30:21
  the,
• 30:21
  yeah,
• 30:21
  the
• 30:22
  perfectionism.
• 30:22
  And
• 30:22
  again,
• 30:23
  working
• 30:23
  with
• 30:23
  the
• 30:23
  group
• 30:24
  I
• 30:24
  work
• 30:24
  with,
• 30:24
  I
• 30:24
  think
• 30:25
  I
• 30:25
  see
• 30:25
  it
• 30:25
  more
• 30:25
  specifically,
• 30:26
  and
• 30:26
  it's
• 30:26
  heartbreaking
• 30:27
  to
• 30:27
  see
• 30:28
  just
• 30:28
  brilliant
• 30:29
  innovation
• 30:29
  just
• 30:30
  getting
• 30:30
  stuck
• 30:30
  in
• 30:30
  this
• 30:31
  quagmire
• 30:31
  of,
• 30:32
  Well,
• 30:32
  it's
• 30:32
  just
• 30:32
  not
• 30:32
  quite
• 30:33
  right.
• 30:33
  It's
• 30:33
  just
• 30:33
  not
• 30:33
  quite
• 30:34
  right.
• 30:34
  If
• 30:34
  we
• 30:34
  just
• 30:34
  do
• 30:34
  a
• 30:34
  little
• 30:35
  bit
• 30:35
  more,
• 30:35
  if
• 30:35
  we
• 30:35
  change
• 30:35
  the
• 30:36
  screws..."
• 30:36
  Stop
• 30:37
  with
• 30:37
  the
• 30:37
  screws.
• 30:38
  I
• 30:38
  don't
• 30:38
  care
• 30:38
  what
• 30:38
  you're
• 30:38
  building,
• 30:39
  stop
• 30:39
  with
• 30:40
  it.
• 30:40
  Like,
• 30:40
  give
• 30:40
  me
• 30:41
  a
• 30:41
  funct-
• 30:41
  like,
• 30:41
  give
• 30:41
  me
• 30:42
  some
• 30:42
  actual
• 30:42
  clinical
• 30:43
  trials
• 30:43
  and
• 30:43
  get
• 30:44
  me
• 30:44
  something
• 30:44
  to
• 30:44
  sell.
• 30:45
  Give
• 30:45
  me
• 30:45
  something
• 30:45
  to
• 30:45
  sell.
• 30:45
  It
• 30:46
  may
• 30:46
  not
• 30:46
  be
• 30:46
  your
• 30:46
  best
• 30:47
  thing,
• 30:47
  but
• 30:47
  it
• 30:48
  shows
• 30:48
  you're
• 30:48
  moving
• 30:48
  forward.
• 30:49
  And
• 30:49
  again,
• 30:49
  this
• 30:49
  shows
• 30:50
  to
• 30:50
  your
• 30:50
  founders,
• 30:50
  to
• 30:51
  your
• 30:51
  investors.
• 30:51
  It
• 30:51
  tells
• 30:52
  you
• 30:52
  that
• 30:52
  you're
• 30:52
  gonna
• 30:52
  keep
• 30:53
  moving
• 30:53
  forward,
• 30:54
  that
• 30:54
  you...
• 30:54
  The,
• 30:54
  and
• 30:55
  I
• 30:55
  think
• 30:55
  the
• 30:55
  third
• 30:55
  barrier,
• 30:56
  and
• 30:56
  this
• 30:56
  ties
• 30:56
  into
• 30:57
  that
• 30:57
  perfectionist
• 30:58
  thing,
• 30:58
  you
• 30:58
  have
• 30:58
  to
• 30:58
  be
• 30:58
  able
• 30:59
  to
• 30:59
  pivot
• 30:59
  You
• 30:59
  might
• 30:59
  be
• 31:00
  going
• 31:00
  down
• 31:00
  one
• 31:01
  direction
• 31:02
  and
• 31:02
  you
• 31:02
  think
• 31:02
  you've
• 31:02
  got,
• 31:03
  we
• 31:03
  are
• 31:03
  full
• 31:04
  steam
• 31:04
  ahead,
• 31:04
  180
• 31:05
  degrees
• 31:05
  down
• 31:06
  this
• 31:06
  direction,
• 31:07
  and
• 31:07
  then
• 31:07
  you
• 31:07
  get
• 31:08
  market
• 31:08
  feedback
• 31:09
  or
• 31:09
  you
• 31:09
  get,
• 31:10
  some
• 31:10
  sort
• 31:10
  of
• 31:10
  indicator
• 31:11
  that
• 31:11
  you
• 31:11
  need
• 31:11
  to
• 31:12
  change
• 31:12
  your
• 31:12
  pathway.
• 31:13
  You
• 31:13
  have
• 31:13
  to
• 31:13
  be
• 31:14
  willing
• 31:14
  to
• 31:14
  pivot.
• 31:14
  That
• 31:15
  is
• 31:15
  where
• 31:15
  you-
• 31:15
  Yeah
• 31:15
  where
• 31:15
  you
• 31:16
  see
• 31:16
  fail.
• 31:16
  A-
• 31:17
  again,
• 31:17
  I
• 31:17
  have
• 31:17
  a
• 31:18
  brilliant
• 31:18
  company,
• 31:19
  brilliant,
• 31:19
  shiny
• 31:19
  idea.
• 31:20
  They
• 31:20
  got
• 31:20
  the
• 31:21
  feedback
• 31:21
  that
• 31:22
  they
• 31:22
  needed
• 31:22
  to
• 31:23
  change
• 31:24
  their
• 31:24
  plan.
• 31:25
  Their
• 31:25
  go-to-market
• 31:26
  plan
• 31:26
  just
• 31:26
  needed
• 31:26
  to
• 31:27
  change
• 31:27
  very
• 31:27
  drastically.
• 31:28
  Essentially
• 31:28
  they
• 31:29
  thought
• 31:29
  they
• 31:29
  would
• 31:29
  be...
• 31:29
  I'm
• 31:30
  like,
• 31:30
  "You're
• 31:30
  never
• 31:30
  gonna
• 31:31
  make
• 31:31
  it
• 31:31
  in
• 31:31
  the
• 31:31
  US.
• 31:31
  Let's
• 31:32
  just
• 31:32
  start
• 31:32
  there.
• 31:32
  You
• 31:32
  are
• 31:33
  not
• 31:33
  gonna
• 31:33
  make
• 31:33
  it
• 31:33
  in
• 31:33
  the
• 31:33
  US.
• 31:34
  You
• 31:34
  need
• 31:34
  to
• 31:34
  focus
• 31:35
  on,
• 31:35
  this
• 31:35
  is
• 31:35
  the
• 31:35
  market
• 31:36
  you
• 31:36
  need
• 31:36
  to
• 31:36
  focus
• 31:36
  on,
• 31:37
  maybe
• 31:37
  in
• 31:37
  the,
• 31:37
  EU.
• 31:38
  Focus
• 31:39
  on,
• 31:39
  or
• 31:40
  India
• 31:40
  or
• 31:40
  Ch-..."
• 31:40
  Like,
• 31:41
  focus
• 31:41
  on
• 31:41
  a
• 31:41
  global
• 31:42
  place
• 31:42
  because
• 31:43
  you're
• 31:43
  not
• 31:43
  gonna
• 31:43
  make
• 31:43
  it
• 31:44
  through
• 31:44
  USA's,
• 31:45
  like,
• 31:45
  BAT
• 31:46
  committee.
• 31:46
  You,
• 31:46
  you
• 31:47
  failed
• 31:47
  the
• 31:47
  BAT
• 31:47
  committee.
• 31:47
  That's
• 31:48
  really
• 31:48
  what
• 31:48
  happened,
• 31:48
  is
• 31:48
  their
• 31:49
  product
• 31:49
  failed
• 31:49
  every
• 31:50
  BAT
• 31:50
  committee
• 31:50
  stress
• 31:50
  test
• 31:51
  I
• 31:51
  could
• 31:51
  put
• 31:51
  them
• 31:51
  under.
• 31:52
  And
• 31:52
  so
• 31:52
  I
• 31:52
  told
• 31:52
  them,
• 31:52
  I'm
• 31:52
  like,
• 31:53
  "Listen,
• 31:53
  you
• 31:53
  do
• 31:53
  still
• 31:54
  have
• 31:54
  a
• 31:54
  brilliant
• 31:54
  concept.
• 31:55
  Your
• 31:55
  baby's
• 31:55
  not
• 31:55
  ugly,
• 31:56
  it's
• 31:56
  just
• 31:56
  a
• 31:56
  little
• 31:56
  janky.
• 31:57
  It
• 31:57
  just
• 31:57
  needs
• 31:57
  a
• 31:57
  little
• 31:58
  bit
• 31:58
  of
• 31:58
  fixing,
• 31:58
  okay?
• 31:59
  So
• 31:59
  you
• 31:59
  need
• 31:59
  to
• 31:59
  re-
• 32:00
  restructure
• 32:00
  where
• 32:01
  you're
• 32:01
  spending
• 32:01
  your
• 32:01
  funds
• 32:02
  on."
• 32:02
  And
• 32:02
  they
• 32:02
  can't
• 32:03
  pivot.
• 32:03
  They're,
• 32:03
  they
• 32:04
  can
• 32:04
  only
• 32:04
  go
• 32:04
  in
• 32:05
  the,
• 32:05
  this
• 32:05
  one
• 32:05
  direction
• 32:06
  and
• 32:06
  I'm
• 32:06
  like,
• 32:06
  "This,
• 32:07
  you're,
• 32:07
  again,
• 32:08
  you're
• 32:08
  not
• 32:08
  gonna
• 32:08
  set
• 32:08
  yourself
• 32:09
  up
• 32:09
  for
• 32:09
  success.
• 32:09
  You
• 32:10
  are
• 32:10
  stuck
• 32:11
  that
• 32:11
  this
• 32:11
  is
• 32:11
  the
• 32:11
  only
• 32:12
  way
• 32:12
  you're
• 32:12
  gonna
• 32:12
  be
• 32:12
  successful,
• 32:13
  and
• 32:13
  you're
• 32:13
  gonna
• 32:14
  end
• 32:14
  up
• 32:14
  spending
• 32:15
  millions
• 32:15
  of
• 32:15
  dollars
• 32:16
  and
• 32:16
  never
• 32:16
  have
• 32:16
  anything
• 32:17
  to
• 32:17
  show
• 32:17
  for."
• 32:17
  And
• 32:18
  that
• 32:18
  is
• 32:18
  so
• 32:18
  heartbreaking
• 32:19
  on,
• 32:19
  on,
• 32:20
  on
• 32:20
  many
• 32:20
  levels.
• 32:20
  And
• 32:21
  they
• 32:21
  have
• 32:21
  a
• 32:21
  good
• 32:21
  concept.
• 32:22
  I
• 32:22
  think
• 32:22
  if
• 32:22
  they
• 32:23
  pivoted,
• 32:23
  they
• 32:23
  could
• 32:23
  save
• 32:23
  it
• 32:24
  and
• 32:24
  actually,
• 32:24
  it
• 32:24
  may
• 32:24
  not
• 32:25
  be
• 32:25
  the
• 32:25
  $100
• 32:25
  million
• 32:26
  exit
• 32:26
  they
• 32:26
  wanted,
• 32:26
  but
• 32:27
  10
• 32:27
  to
• 32:27
  15
• 32:28
  isn't
• 32:28
  bad.
• 32:29
  It's
• 32:29
  a
• 32:29
  good...
• 32:29
  It's
• 32:30
  enough
• 32:30
  to
• 32:30
  make
• 32:30
  you
• 32:30
  go
• 32:30
  to
• 32:31
  your
• 32:31
  next
• 32:31
  project,
• 32:32
  right?
• 32:32
  Like,
• 32:32
  don't...
• 32:33
  that,
• 32:33
  that
• 32:33
  doesn't
• 32:33
  have
• 32:34
  to
• 32:34
  be
• 32:34
  your
• 32:34
  retirement
• 32:35
  plan.
• 32:35
  It
• 32:35
  could
• 32:35
  be
• 32:35
  your
• 32:36
  funds
• 32:36
  to
• 32:36
  the
• 32:36
  next
• 32:37
  project
• 32:37
  and
• 32:37
  the
• 32:37
  next
• 32:37
  project,
• 32:38
  but
• 32:38
  being
• 32:38
  willing
• 32:39
  to
• 32:39
  pivot.
• 32:39
  So
• 32:39
  yeah,
• 32:40
  I
• 32:40
  think
• 32:40
  the
• 32:40
  three
• 32:40
  barriers,
• 32:41
  and
• 32:41
  I
• 32:41
  try
• 32:41
  to
• 32:42
  warn
• 32:42
  every
• 32:42
  founder
• 32:42
  on
• 32:42
  this,
• 32:42
  is
• 32:43
  timing
• 32:43
  and
• 32:44
  perfectionism
• 32:45
  and
• 32:46
  being
• 32:46
  able
• 32:46
  to
• 32:46
  pivot.
• 32:46
  Like-
• 32:47
  Yeah
• 32:47
  all
• 32:47
  three
• 32:47
  of
• 32:47
  those
• 32:48
  are
• 32:48
  things
• 32:48
  that
• 32:48
  you
• 32:48
  just,
• 32:48
  you
• 32:49
  will
• 32:49
  get
• 32:49
  stuck
• 32:49
  and
• 32:50
  never
• 32:50
  be
• 32:50
  able
• 32:50
  to
• 32:50
  recover
• 32:51
  from
• 32:51
  that.
• 32:51
  Yeah,
• 32:52
  and
• 32:52
  I
• 32:52
  think
• 32:52
  that
• 32:52
  they're
• 32:52
  really
• 32:52
  important,
• 32:53
  put
• 32:53
  important
• 32:54
  one
• 32:54
  that
• 32:54
  you've
• 32:54
  identified
• 32:54
  there
• 32:55
  and
• 32:55
  probably
• 32:55
  the
• 32:55
  top
• 32:56
  three
• 32:56
  that
• 32:56
  I
• 32:56
  would
• 32:56
  also
• 32:56
  pick.
• 32:56
  So
• 32:56
  based
• 32:56
  on
• 32:56
  that,
• 32:56
  'cause
• 32:56
  it,
• 32:56
  as
• 32:59
  you
• 32:59
  were
• 32:59
  talking
• 33:00
  about
• 33:00
  the
• 33:00
  pivoting,
• 33:00
  you
• 33:01
  were
• 33:01
  talking
• 33:01
  about
• 33:01
  the
• 33:01
  vacumitting,
• 33:02
  your
• 33:02
  example.
• 33:02
  So
• 33:03
  how
• 33:04
  or
• 33:04
  do
• 33:04
  you
• 33:04
  have
• 33:04
  any
• 33:05
  frameworks
• 33:06
  that
• 33:06
  you
• 33:06
  use
• 33:06
  to
• 33:06
  evaluate
• 33:07
  the
• 33:07
  scale-
• 33:07
  scalability
• 33:07
  of
• 33:08
  products
• 33:08
  and
• 33:08
  solutions?
• 33:09
  Yeah.
• 33:09
  So
• 33:10
  personally
• 33:10
  with
• 33:10
  my
• 33:10
  company,
• 33:11
  because
• 33:11
  we're
• 33:11
  so
• 33:12
  focused
• 33:12
  on
• 33:12
  commercialization
• 33:13
  from,
• 33:13
  like,
• 33:14
  day
• 33:14
  one,
• 33:15
  we
• 33:15
  put
• 33:15
  you
• 33:15
  through
• 33:16
  due
• 33:16
  diligence
• 33:16
  at
• 33:16
  every
• 33:17
  step
• 33:17
  of
• 33:17
  the
• 33:17
  process.
• 33:18
  So
• 33:18
  once
• 33:18
  again
• 33:19
  step
• 33:19
  one,
• 33:19
  I
• 33:20
  want
• 33:20
  you
• 33:20
  to
• 33:20
  get
• 33:20
  funding
• 33:21
  from
• 33:21
  other
• 33:21
  peers.
• 33:22
  That's
• 33:22
  a
• 33:22
  good
• 33:22
  market
• 33:22
  analysis.
• 33:23
  Step
• 33:23
  two,
• 33:24
  now
• 33:24
  we're
• 33:24
  getting
• 33:24
  clinical
• 33:25
  data.
• 33:25
  I
• 33:25
  wanna
• 33:26
  actually
• 33:26
  see
• 33:26
  letters
• 33:27
  of
• 33:27
  intent.
• 33:27
  I
• 33:27
  wanna
• 33:27
  see
• 33:27
  a
• 33:28
  business
• 33:28
  plan.
• 33:28
  What,
• 33:29
  how
• 33:29
  are
• 33:29
  we
• 33:29
  gonna
• 33:30
  make
• 33:30
  money
• 33:30
  off
• 33:31
  of
• 33:31
  this,
• 33:31
  right?
• 33:31
  So
• 33:32
  you
• 33:32
  al-
• 33:32
  always
• 33:32
  having
• 33:33
  a
• 33:33
  validation
• 33:34
  chart.
• 33:34
  I'm
• 33:34
  a
• 33:34
  scientist
• 33:34
  at
• 33:35
  the
• 33:35
  end
• 33:35
  of
• 33:35
  the
• 33:35
  day,
• 33:35
  so
• 33:35
  everything
• 33:36
  is,
• 33:36
  if
• 33:36
  I
• 33:37
  poke
• 33:37
  it
• 33:37
  here,
• 33:37
  what
• 33:38
  happens?
• 33:38
  If
• 33:38
  I
• 33:38
  do
• 33:39
  this,
• 33:39
  what
• 33:39
  happens?
• 33:40
  So
• 33:40
  I
• 33:40
  think,
• 33:41
  I
• 33:41
  do,
• 33:41
  try
• 33:42
  to
• 33:42
  work
• 33:42
  with
• 33:43
  my
• 33:43
  clients
• 33:43
  in
• 33:43
  sprints,
• 33:44
  'cause
• 33:44
  then
• 33:44
  you
• 33:44
  always
• 33:45
  are
• 33:45
  continuing
• 33:45
  that
• 33:45
  momentum
• 33:46
  forward,
• 33:46
  and
• 33:46
  you
• 33:46
  don't
• 33:46
  get
• 33:47
  stuck
• 33:47
  in
• 33:47
  those
• 33:48
  kind
• 33:48
  of
• 33:48
  valleys
• 33:48
  of
• 33:48
  death
• 33:49
  we
• 33:49
  talked
• 33:49
  about.
• 33:49
  So
• 33:50
  sprint
• 33:50
  one
• 33:50
  is-...
• 33:51
  let's
• 33:51
  get
• 33:51
  funding,
• 33:52
  and
• 33:52
  that
• 33:52
  is
• 33:52
  market
• 33:52
  analysis,
• 33:53
  plai-
• 33:53
  plain
• 33:54
  and
• 33:54
  simple.
• 33:54
  I
• 33:54
  wanna
• 33:55
  see,
• 33:55
  do
• 33:55
  other
• 33:56
  people
• 33:56
  like
• 33:56
  it
• 33:56
  that
• 33:56
  are
• 33:56
  within
• 33:57
  your
• 33:57
  field?
• 33:57
  Sprint
• 33:58
  two
• 33:58
  is
• 33:58
  now
• 33:58
  we
• 33:59
  need
• 33:59
  to
• 33:59
  get
• 33:59
  a
• 34:00
  regulatory
• 34:00
  pathway.
• 34:01
  So
• 34:02
  I
• 34:02
  w-
• 34:02
  I
• 34:02
  start
• 34:02
  even
• 34:03
  before
• 34:03
  we're,
• 34:03
  before
• 34:04
  you're
• 34:04
  engaging
• 34:04
  in
• 34:05
  a
• 34:05
  the
• 34:05
  breakthrough
• 34:05
  designation.
• 34:07
  They
• 34:07
  like
• 34:07
  to
• 34:07
  get
• 34:07
  the
• 34:07
  new
• 34:08
  in
• 34:08
  class.
• 34:09
  You,
• 34:09
  you
• 34:09
  don't
• 34:09
  need
• 34:09
  to
• 34:10
  reinvent
• 34:10
  the
• 34:10
  wheel.
• 34:10
  If
• 34:11
  there's
• 34:11
  a
• 34:11
  way
• 34:11
  to
• 34:11
  keep
• 34:11
  from
• 34:12
  reinventing
• 34:12
  the
• 34:12
  wheel,
• 34:13
  that
• 34:13
  is
• 34:13
  not
• 34:13
  a
• 34:14
  weakness
• 34:14
  in
• 34:14
  your
• 34:15
  market
• 34:15
  strategy.
• 34:15
  Like
• 34:15
  you
• 34:15
  said,
• 34:16
  it's
• 34:16
  actually
• 34:16
  better
• 34:17
  to
• 34:17
  have
• 34:17
  competitors
• 34:18
  than
• 34:18
  to
• 34:18
  not,
• 34:18
  because
• 34:19
  you
• 34:19
  can
• 34:19
  see
• 34:19
  that
• 34:19
  there's
• 34:20
  a
• 34:20
  market
• 34:20
  need
• 34:21
  for
• 34:21
  it,
• 34:21
  right?
• 34:21
  And
• 34:21
  you
• 34:22
  can
• 34:22
  always
• 34:22
  do
• 34:22
  it
• 34:22
  better.
• 34:23
  Challenge
• 34:23
  accepted
• 34:23
  on
• 34:24
  competitors.
• 34:24
  But
• 34:25
  if
• 34:25
  you're
• 34:25
  going
• 34:25
  into
• 34:25
  that
• 34:26
  new
• 34:26
  space
• 34:26
  no
• 34:26
  one's
• 34:26
  ever
• 34:27
  been
• 34:27
  before,
• 34:27
  you
• 34:28
  are
• 34:28
  already
• 34:28
  gonna
• 34:28
  have
• 34:28
  an
• 34:29
  uphill
• 34:29
  battle.
• 34:29
  So
• 34:29
  that's,
• 34:30
  like,
• 34:30
  my
• 34:30
  next
• 34:30
  little
• 34:30
  test
• 34:31
  point.
• 34:31
  Is
• 34:31
  there
• 34:31
  any
• 34:32
  way
• 34:32
  we
• 34:32
  can
• 34:33
  do
• 34:33
  this
• 34:33
  on,
• 34:33
  a
• 34:33
  preexisting?
• 34:34
  Is
• 34:35
  there
• 34:35
  any,
• 34:35
  what
• 34:35
  is
• 34:35
  our
• 34:35
  framework
• 34:36
  of
• 34:36
  where
• 34:37
  we've
• 34:37
  seen
• 34:37
  success
• 34:38
  in
• 34:38
  this
• 34:38
  before?
• 34:38
  And
• 34:39
  if
• 34:39
  you
• 34:39
  truly
• 34:39
  have
• 34:40
  an
• 34:40
  idea
• 34:40
  that
• 34:40
  no
• 34:40
  one
• 34:41
  has
• 34:41
  ever
• 34:41
  come
• 34:41
  up
• 34:41
  with
• 34:42
  before,
• 34:42
  that's
• 34:42
  never
• 34:42
  seen
• 34:43
  the
• 34:43
  light
• 34:43
  of
• 34:43
  day,
• 34:44
  the
• 34:44
  next
• 34:44
  piece
• 34:44
  I
• 34:45
  want
• 34:45
  is
• 34:45
  I
• 34:45
  need
• 34:45
  an
• 34:45
  IP
• 34:46
  strategy
• 34:47
  that
• 34:47
  has
• 34:47
  that
• 34:47
  lockdown
• 34:48
  before
• 34:48
  you're
• 34:48
  going
• 34:48
  anywhere.
• 34:49
  IP
• 34:50
  is
• 34:50
  one
• 34:50
  of
• 34:50
  the
• 34:50
  most,
• 34:51
  mistaken
• 34:51
  or
• 34:52
  forgotten
• 34:52
  things.
• 34:53
  People
• 34:53
  either
• 34:53
  put
• 34:53
  too
• 34:53
  much
• 34:54
  or
• 34:54
  no
• 34:54
  emphasis
• 34:55
  on
• 34:55
  it.
• 34:55
  There's
• 34:55
  no
• 34:55
  middle
• 34:56
  ground.
• 34:56
  So
• 34:57
  I
• 34:57
  c-
• 34:57
  I,
• 34:57
  again,
• 34:58
  I'll
• 34:58
  see
• 34:58
  people
• 34:59
  that'll
• 34:59
  spend
• 34:59
  $30,000
• 35:01
  or
• 35:01
  more
• 35:01
  for
• 35:01
  a
• 35:01
  patent,
• 35:02
  and
• 35:02
  then
• 35:02
  they
• 35:02
  get
• 35:02
  their
• 35:03
  patent
• 35:03
  back
• 35:03
  and
• 35:03
  they're
• 35:03
  like,
• 35:03
  "No,
• 35:04
  this
• 35:04
  exists
• 35:04
  somewhere
• 35:05
  else,"
• 35:05
  and
• 35:05
  now
• 35:05
  you
• 35:05
  have
• 35:06
  to
• 35:06
  deal
• 35:06
  with
• 35:06
  licensing
• 35:07
  and
• 35:07
  freedom
• 35:07
  to
• 35:07
  operate.
• 35:08
  Start
• 35:08
  with
• 35:08
  a
• 35:08
  basic
• 35:09
  patent
• 35:09
  study.
• 35:09
  It
• 35:10
  doesn't
• 35:10
  cost
• 35:10
  a
• 35:10
  lot
• 35:10
  of
• 35:10
  money.
• 35:11
  Do
• 35:11
  a
• 35:11
  basic
• 35:12
  patent
• 35:12
  study,
• 35:12
  and
• 35:13
  now
• 35:13
  you
• 35:13
  can
• 35:13
  show
• 35:13
  your
• 35:13
  investors
• 35:14
  at
• 35:14
  every
• 35:14
  step
• 35:15
  of
• 35:15
  the
• 35:15
  way
• 35:15
  due
• 35:15
  diligence
• 35:16
  too.
• 35:16
  Like,
• 35:16
  you're
• 35:17
  building
• 35:17
  the,
• 35:17
  you're
• 35:17
  building
• 35:18
  a
• 35:18
  case.
• 35:18
  I
• 35:18
  think
• 35:18
  a
• 35:18
  lot
• 35:19
  of
• 35:19
  times
• 35:19
  when
• 35:19
  people
• 35:19
  hear
• 35:20
  business
• 35:20
  plan,
• 35:21
  they
• 35:21
  think
• 35:21
  that
• 35:21
  means
• 35:21
  like,
• 35:22
  "Okay,
• 35:22
  my
• 35:22
  spr-
• 35:23
  my
• 35:23
  sprocket
• 35:23
  costs
• 35:23
  this
• 35:24
  much
• 35:24
  to
• 35:24
  make,
• 35:25
  and
• 35:25
  my
• 35:25
  sprocket
• 35:25
  is
• 35:25
  gonna
• 35:26
  sell
• 35:26
  for
• 35:26
  this
• 35:26
  much,
• 35:27
  and
• 35:27
  that's
• 35:27
  my
• 35:28
  business
• 35:28
  plan."
• 35:28
  Your
• 35:29
  business
• 35:29
  plan
• 35:29
  is,
• 35:30
  what
• 35:30
  am
• 35:30
  I
• 35:30
  gonna
• 35:31
  do
• 35:31
  with
• 35:31
  your
• 35:31
  money,
• 35:32
  and
• 35:32
  how
• 35:32
  am
• 35:32
  I
• 35:32
  gonna
• 35:33
  use
• 35:33
  it
• 35:33
  appropriately?
• 35:34
  Okay.
• 35:35
  Here.
• 35:36
  Investors,
• 35:36
  look,
• 35:36
  I
• 35:37
  already
• 35:37
  did
• 35:37
  the
• 35:37
  work
• 35:38
  to
• 35:38
  show
• 35:38
  that
• 35:38
  we
• 35:38
  have
• 35:38
  a
• 35:38
  clear
• 35:39
  patent
• 35:39
  pathway.
• 35:40
  I
• 35:40
  already
• 35:40
  did
• 35:40
  the
• 35:40
  work
• 35:41
  to
• 35:41
  say,
• 35:42
  "Look,
• 35:42
  this
• 35:42
  is
• 35:42
  going
• 35:43
  to
• 35:43
  be
• 35:43
  commercialable,
• 35:44
  or
• 35:44
  commercialized,
• 35:45
  and
• 35:46
  ASCs
• 35:46
  are
• 35:46
  gonna
• 35:46
  take
• 35:46
  it.
• 35:46
  Here's
• 35:47
  a
• 35:47
  back
• 35:47
  study
• 35:47
  I
• 35:47
  did."
• 35:47
  I
• 35:48
  think
• 35:48
  we
• 35:48
  underestimate
• 35:49
  the
• 35:49
  amount
• 35:50
  of
• 35:50
  how
• 35:51
  much
• 35:51
  a
• 35:51
  good
• 35:51
  deliverable
• 35:52
  can
• 35:52
  change
• 35:53
  your
• 35:53
  story.
• 35:54
  Like,
• 35:54
  every
• 35:55
  piece
• 35:55
  that
• 35:55
  I
• 35:55
  work
• 35:56
  with
• 35:56
  my
• 35:56
  clients
• 35:56
  is
• 35:57
  a
• 35:57
  deliverable
• 35:57
  that
• 35:58
  will
• 35:58
  stand
• 35:58
  up
• 35:58
  to
• 35:58
  investors,
• 35:59
  and
• 35:59
  it's
• 35:59
  telling
• 36:00
  the
• 36:00
  story
• 36:00
  of
• 36:01
  their
• 36:01
  whole
• 36:01
  production,
• 36:02
  okay?
• 36:03
  Here's
• 36:03
  the
• 36:03
  clinical
• 36:04
  trial.
• 36:04
  This
• 36:04
  is
• 36:04
  the
• 36:04
  outcomes
• 36:05
  we
• 36:05
  saw.
• 36:05
  This
• 36:05
  is
• 36:05
  what
• 36:06
  we
• 36:06
  learned
• 36:06
  from
• 36:06
  it,
• 36:07
  and
• 36:07
  this
• 36:07
  is
• 36:07
  how
• 36:07
  we're
• 36:07
  gonna
• 36:08
  pivot.
• 36:09
  And
• 36:09
  now
• 36:09
  you're
• 36:09
  not
• 36:09
  saying,
• 36:10
  "Well,
• 36:10
  it
• 36:10
  was
• 36:10
  a
• 36:10
  terrible
• 36:10
  clinical
• 36:11
  trial
• 36:11
  and
• 36:11
  ev-
• 36:11
  and
• 36:11
  it
• 36:12
  was
• 36:12
  awful,
• 36:12
  and
• 36:12
  now
• 36:12
  we're
• 36:12
  gonna,
• 36:13
  we
• 36:13
  just
• 36:13
  wasted
• 36:13
  all
• 36:14
  your
• 36:14
  money."
• 36:14
  You're
• 36:14
  saying,
• 36:15
  "No,
• 36:15
  we
• 36:15
  actually,
• 36:16
  we
• 36:16
  learned
• 36:16
  our
• 36:16
  baby
• 36:17
  was
• 36:17
  ugly,
• 36:17
  and
• 36:17
  now
• 36:18
  we're
• 36:18
  making
• 36:18
  it
• 36:18
  pretty.
• 36:19
  We
• 36:19
  learned
• 36:19
  to
• 36:20
  change
• 36:20
  and
• 36:20
  pivot."
• 36:21
  An
• 36:21
  investor
• 36:21
  will
• 36:22
  g-
• 36:22
  will
• 36:23
  give
• 36:23
  you
• 36:24
  X
• 36:24
  number
• 36:24
  of
• 36:24
  dollars,
• 36:25
  and
• 36:25
  then
• 36:25
  if
• 36:25
  you
• 36:25
  tell
• 36:25
  that
• 36:25
  investor
• 36:26
  story,
• 36:26
  the
• 36:26
  honest
• 36:27
  truth
• 36:27
  of,
• 36:27
  "Okay,
• 36:27
  we
• 36:27
  went
• 36:27
  to
• 36:28
  market,
• 36:28
  we
• 36:28
  studied,
• 36:29
  we,
• 36:29
  we
• 36:29
  did
• 36:29
  this
• 36:29
  testing.
• 36:30
  It
• 36:30
  didn't
• 36:30
  come
• 36:30
  out
• 36:30
  like
• 36:31
  we
• 36:31
  planned."
• 36:32
  They'll
• 36:32
  go,
• 36:32
  "Okay,
• 36:32
  here's
• 36:33
  another
• 36:33
  extra
• 36:34
  X
• 36:34
  number
• 36:34
  of
• 36:34
  dollars.
• 36:35
  Let's
• 36:35
  keep
• 36:35
  building
• 36:35
  it."
• 36:35
  Because
• 36:36
  you've
• 36:36
  already
• 36:36
  shown
• 36:37
  them,
• 36:37
  "Hey,
• 36:37
  I
• 36:38
  got
• 36:38
  it.
• 36:38
  I
• 36:38
  heard
• 36:38
  what's
• 36:39
  happening."
• 36:39
  Versus
• 36:40
  a
• 36:40
  lot
• 36:40
  of
• 36:40
  times
• 36:40
  you'll
• 36:40
  g-
• 36:40
  you'll
• 36:41
  get,
• 36:41
  you'll
• 36:41
  get
• 36:41
  a
• 36:41
  clinical
• 36:42
  study
• 36:42
  and
• 36:42
  it's
• 36:42
  not
• 36:42
  what
• 36:43
  you
• 36:43
  wanted
• 36:43
  or
• 36:43
  it's
• 36:43
  not
• 36:44
  the
• 36:44
  data
• 36:44
  that
• 36:44
  you
• 36:44
  needed,
• 36:45
  and
• 36:45
  it's,
• 36:45
  everyone
• 36:46
  goes,
• 36:47
  "Oops.
• 36:47
  Now..."
• 36:48
  And
• 36:48
  it
• 36:48
  gets
• 36:48
  stuck.
• 36:48
  And
• 36:49
  go,
• 36:49
  "No,
• 36:49
  tell
• 36:49
  the
• 36:50
  story
• 36:50
  appropriately.
• 36:51
  Be
• 36:51
  like,
• 36:51
  'Here,
• 36:52
  we
• 36:52
  absolutely
• 36:53
  found
• 36:53
  out
• 36:53
  this.
• 36:54
  We
• 36:54
  found
• 36:54
  out
• 36:55
  this
• 36:55
  failed
• 36:56
  the
• 36:56
  VAT
• 36:56
  committee
• 36:56
  test.
• 36:56
  We
• 36:57
  thought
• 36:57
  it
• 36:57
  would
• 36:57
  fly,
• 36:58
  go
• 36:58
  with
• 36:58
  flying
• 36:58
  colors,
• 36:59
  but
• 36:59
  turns
• 36:59
  out
• 37:00
  that
• 37:00
  the
• 37:00
  amount
• 37:00
  of
• 37:01
  change
• 37:01
  we'd
• 37:01
  have
• 37:01
  to
• 37:01
  make
• 37:01
  a
• 37:01
  measurable
• 37:02
  difference...'"
• 37:03
  And
• 37:03
  then
• 37:04
  pivot.
• 37:04
  If
• 37:04
  you
• 37:04
  can
• 37:05
  always
• 37:05
  show-
• 37:05
  Yeah
• 37:05
  you're
• 37:06
  pivoting
• 37:06
  and
• 37:06
  changing,
• 37:07
  now
• 37:07
  you've
• 37:07
  got
• 37:08
  a
• 37:08
  successful
• 37:09
  investor
• 37:09
  story.
• 37:09
  You
• 37:10
  can
• 37:10
  keep
• 37:10
  building
• 37:10
  and
• 37:11
  developing,
• 37:11
  and
• 37:11
  you
• 37:11
  keep
• 37:12
  moving
• 37:12
  to
• 37:12
  that
• 37:12
  end
• 37:12
  goal,
• 37:13
  right?
• 37:15
  Yeah,
• 37:15
  and
• 37:15
  I-
• 37:15
  I
• 37:15
  think
• 37:16
  of
• 37:17
  you
• 37:17
  saying
• 37:17
  that
• 37:17
  pe-
• 37:17
  people
• 37:18
  in,
• 37:18
  people
• 37:18
  invest
• 37:19
  in
• 37:19
  the
• 37:20
  people
• 37:20
  actually.
• 37:21
  So
• 37:21
  if
• 37:21
  they
• 37:21
  can
• 37:22
  see
• 37:22
  that
• 37:23
  you've
• 37:23
  got
• 37:23
  a
• 37:23
  clear
• 37:23
  idea
• 37:24
  but
• 37:24
  you're
• 37:24
  also-
• 37:25
  Yeah
• 37:25
  prepared
• 37:25
  to
• 37:25
  pivot
• 37:25
  and
• 37:25
  you,
• 37:25
  and
• 37:25
  you
• 37:25
  listen
• 37:25
  to
• 37:25
  the
• 37:25
  market
• 37:25
  and
• 37:25
  the
• 37:25
  data,
• 37:25
  and
• 37:25
  you
• 37:25
  make
• 37:25
  the
• 37:25
  decision-
• 37:25
  Yeah
• 37:25
  based
• 37:26
  on
• 37:30
  that,
• 37:31
  and
• 37:31
  you're
• 37:31
  not
• 37:31
  gonna
• 37:32
  waste
• 37:32
  that
• 37:32
  person's
• 37:32
  money,
• 37:33
  they'll
• 37:33
  invest
• 37:33
  in
• 37:33
  you-
• 37:33
  Yeah
• 37:34
  and
• 37:34
  they'll
• 37:34
  give
• 37:34
  you
• 37:34
  more
• 37:34
  money.
• 37:34
  But
• 37:35
  if
• 37:35
  you're
• 37:35
  one
• 37:35
  of
• 37:35
  those
• 37:35
  people
• 37:36
  that
• 37:36
  just
• 37:36
  says,
• 37:36
  "No,
• 37:37
  I've
• 37:37
  been
• 37:37
  working
• 37:37
  on
• 37:37
  this
• 37:37
  for
• 37:38
  nine
• 37:38
  years,
• 37:38
  and
• 37:38
  this
• 37:39
  is
• 37:39
  what
• 37:39
  I
• 37:39
  believe."
• 37:40
  Doesn't,
• 37:40
  it
• 37:40
  doesn't
• 37:40
  matter
• 37:40
  what
• 37:41
  the
• 37:41
  market
• 37:41
  tells
• 37:41
  me-
• 37:41
  Yeah
• 37:41
  this
• 37:41
  is
• 37:41
  what
• 37:41
  I
• 37:42
  believe.
• 37:42
  It's
• 37:42
  really
• 37:42
  hard
• 37:43
  for
• 37:43
  me-
• 37:43
  You're
• 37:43
  gonna
• 37:43
  struggle
• 37:43
  to
• 37:43
  get
• 37:43
  it
• 37:43
  to
• 37:43
  get
• 37:43
  you
• 37:43
  funding
• 37:44
  at
• 37:44
  that
• 37:44
  point.
• 37:44
  It's
• 37:45
  really
• 37:45
  hard
• 37:45
  for
• 37:45
  me-
• 37:46
  Yes
• 37:46
  to
• 37:46
  save
• 37:46
  you
• 37:46
  and
• 37:46
  protect
• 37:47
  you
• 37:47
  at
• 37:47
  that
• 37:47
  point.
• 37:48
  Again,
• 37:48
  you...
• 37:48
  the
• 37:48
  question
• 37:49
  was,
• 37:49
  like,
• 37:49
  how
• 37:49
  do
• 37:49
  I
• 37:50
  validate?
• 37:50
  With
• 37:51
  my
• 37:51
  firm,
• 37:51
  from
• 37:52
  the
• 37:52
  very
• 37:52
  beginning
• 37:52
  we
• 37:53
  had
• 37:53
  the
• 37:53
  physician
• 37:53
  involved
• 37:54
  from
• 37:54
  day
• 37:55
  one.
• 37:55
  Yeah.
• 37:55
  I
• 37:55
  have
• 37:56
  a
• 37:56
  whole
• 37:56
  physician
• 37:56
  advisory.
• 37:57
  And
• 37:57
  not
• 37:57
  only
• 37:58
  is
• 37:58
  it
• 37:58
  the
• 37:59
  end
• 37:59
  user
• 38:00
  involved,
• 38:00
  every
• 38:01
  one
• 38:01
  of
• 38:01
  my
• 38:01
  people
• 38:01
  on
• 38:02
  my
• 38:02
  advisory
• 38:02
  board,
• 38:03
  they're
• 38:03
  all
• 38:03
  founders.
• 38:04
  Many
• 38:04
  of
• 38:04
  them
• 38:05
  have
• 38:05
  had
• 38:05
  exits.
• 38:06
  Many
• 38:06
  of
• 38:06
  them
• 38:06
  are
• 38:06
  currently
• 38:07
  in
• 38:07
  the
• 38:07
  same
• 38:07
  process
• 38:07
  you're
• 38:07
  in,
• 38:08
  so
• 38:08
  they
• 38:08
  understand
• 38:09
  that
• 38:09
  pathway.
• 38:09
  So
• 38:09
  there's
• 38:10
  validation
• 38:11
  from
• 38:11
  the
• 38:11
  very
• 38:11
  beginning.
• 38:11
  Before
• 38:12
  I
• 38:12
  even
• 38:12
  take
• 38:12
  on
• 38:12
  a
• 38:12
  client,
• 38:13
  I
• 38:13
  sit
• 38:13
  down
• 38:13
  with
• 38:14
  whatever
• 38:14
  advisor's
• 38:15
  in
• 38:15
  that
• 38:15
  silo.
• 38:16
  We'll
• 38:16
  use
• 38:16
  my
• 38:16
  colorectal
• 38:17
  project
• 38:17
  'cause
• 38:18
  that's
• 38:18
  how
• 38:18
  Seno
• 38:19
  was
• 38:19
  built.
• 38:19
  But
• 38:20
  I
• 38:20
  go
• 38:20
  to,
• 38:21
  "Hey,
• 38:21
  I
• 38:21
  have
• 38:21
  a
• 38:22
  client
• 38:22
  that's
• 38:22
  looking
• 38:22
  to
• 38:22
  me,
• 38:22
  they
• 38:23
  have
• 38:23
  an
• 38:23
  idea."
• 38:23
  And
• 38:24
  I
• 38:24
  go
• 38:24
  to
• 38:24
  the
• 38:24
  colorectal
• 38:25
  surgeon
• 38:26
  and
• 38:26
  I
• 38:26
  go,
• 38:26
  "Hey,
• 38:26
  would
• 38:26
  you
• 38:27
  be
• 38:27
  interested
• 38:27
  in
• 38:27
  this?"
• 38:28
  Yeah,
• 38:28
  this
• 38:28
  has
• 38:28
  some
• 38:28
  legs
• 38:28
  to
• 38:29
  it."
• 38:29
  "Okay,
• 38:29
  great.
• 38:29
  Let
• 38:30
  me
• 38:30
  talk
• 38:30
  to
• 38:30
  them
• 38:30
  and
• 38:30
  let's
• 38:30
  see
• 38:31
  if
• 38:31
  we
• 38:31
  can
• 38:31
  help
• 38:31
  them."
• 38:32
  So
• 38:32
  you've
• 38:32
  got
• 38:32
  that
• 38:33
  KOL
• 38:33
  advisory,
• 38:34
  you've
• 38:34
  got
• 38:35
  that
• 38:35
  end
• 38:35
  user
• 38:35
  that's
• 38:36
  involved
• 38:36
  in
• 38:36
  the
• 38:36
  very...
• 38:36
  You've
• 38:37
  got
• 38:37
  the
• 38:37
  clinician,
• 38:38
  so
• 38:38
  clinical
• 38:38
  intelligence
• 38:39
  from
• 38:39
  the
• 38:40
  very
• 38:40
  beginning.
• 38:41
  And
• 38:41
  then
• 38:41
  you
• 38:41
  mark,
• 38:42
  you
• 38:42
  stress
• 38:42
  test
• 38:43
  it
• 38:43
  every
• 38:43
  step
• 38:43
  of
• 38:43
  the
• 38:43
  way.
• 38:44
  Look
• 38:44
  for
• 38:44
  the
• 38:44
  no.
• 38:45
  I
• 38:45
  think
• 38:45
  people
• 38:45
  are
• 38:45
  too
• 38:46
  scared
• 38:46
  for
• 38:46
  the
• 38:46
  no.
• 38:47
  Like-
• 38:47
  Yeah
• 38:47
  we
• 38:47
  all
• 38:48
  know
• 38:48
  the
• 38:48
  statistics,
• 38:49
  and
• 38:49
  we
• 38:49
  all
• 38:49
  think
• 38:49
  we're
• 38:49
  gonna
• 38:50
  be
• 38:50
  the
• 38:50
  unicorn.
• 38:50
  The
• 38:51
  reality
• 38:51
  is-
• 38:51
  in
• 38:52
  100
• 38:52
  products,
• 38:53
  how
• 38:53
  many
• 38:53
  even
• 38:53
  make
• 38:54
  'em
• 38:54
  to,
• 38:54
  make
• 38:54
  it
• 38:54
  to
• 38:54
  market
• 38:55
  and
• 38:55
  are
• 38:55
  profitable?
• 38:56
  Like
• 38:56
  10?
• 38:56
  On
• 38:57
  a
• 38:57
  good
• 38:57
  day?
• 38:57
  Exactly,
• 38:57
  yeah
• 38:57
  and
• 38:58
  then
• 38:58
  of
• 38:58
  those
• 38:59
  10,
• 38:59
  how
• 38:59
  many
• 38:59
  of
• 38:59
  those
• 38:59
  are
• 38:59
  gonna
• 39:00
  exit?
• 39:00
  How
• 39:00
  many
• 39:01
  of
• 39:01
  those
• 39:01
  are
• 39:01
  gonna
• 39:01
  actually
• 39:02
  sell,
• 39:02
  right?
• 39:03
  Or
• 39:03
  how
• 39:03
  many
• 39:03
  of
• 39:03
  those
• 39:04
  just
• 39:04
  continue...
• 39:04
  we
• 39:05
  call
• 39:05
  them
• 39:05
  l-
• 39:05
  like,
• 39:05
  like
• 39:06
  lifestyle
• 39:06
  changes.
• 39:07
  So
• 39:07
  like,
• 39:07
  it
• 39:07
  may
• 39:07
  not
• 39:08
  be
• 39:08
  your
• 39:08
  $100
• 39:08
  million
• 39:09
  check,
• 39:09
  but
• 39:09
  you
• 39:09
  might
• 39:10
  be
• 39:10
  able
• 39:10
  to
• 39:10
  make
• 39:10
  a
• 39:10
  nice
• 39:11
  little
• 39:11
  recurring
• 39:11
  revenue
• 39:12
  of
• 39:12
  a
• 39:12
  couple
• 39:12
  million
• 39:12
  a
• 39:13
  year.
• 39:13
  I'm
• 39:13
  okay
• 39:13
  with
• 39:14
  that.
• 39:14
  Exactly.
• 39:14
  Like,
• 39:15
  so
• 39:15
  just
• 39:15
  reevaluating.
• 39:16
  Like,
• 39:17
  at
• 39:17
  the
• 39:17
  end
• 39:17
  goal,
• 39:17
  like
• 39:18
  the
• 39:18
  end
• 39:18
  goal
• 39:18
  should
• 39:18
  always
• 39:19
  be
• 39:19
  how
• 39:19
  do
• 39:19
  we,
• 39:20
  A,
• 39:20
  provide
• 39:20
  better
• 39:20
  patient
• 39:21
  care,
• 39:21
  'cause
• 39:21
  I'm
• 39:21
  all
• 39:22
  med
• 39:22
  tech.
• 39:22
  That
• 39:22
  is
• 39:22
  my
• 39:23
  happy
• 39:23
  space.
• 39:23
  But
• 39:23
  whether
• 39:24
  it's
• 39:24
  med
• 39:24
  tech
• 39:25
  or
• 39:25
  not,
• 39:25
  business
• 39:25
  as
• 39:25
  a
• 39:26
  whole,
• 39:26
  how
• 39:26
  do
• 39:26
  we
• 39:26
  make
• 39:27
  a
• 39:27
  difference
• 39:27
  in
• 39:27
  the
• 39:27
  consumer
• 39:28
  population
• 39:28
  that's
• 39:29
  gonna
• 39:29
  be
• 39:29
  utilizing
• 39:29
  this?
• 39:30
  Number
• 39:30
  one.
• 39:31
  That's
• 39:31
  always
• 39:31
  your
• 39:31
  end
• 39:31
  goal.
• 39:32
  Is
• 39:32
  this
• 39:32
  zipper
• 39:33
  going
• 39:33
  to
• 39:33
  change
• 39:34
  pants?
• 39:34
  Is
• 39:34
  it
• 39:34
  revolutionary?
• 39:35
  Great.
• 39:36
  Then-
• 39:36
  then
• 39:36
  have
• 39:36
  that
• 39:37
  passion
• 39:38
  and
• 39:38
  that
• 39:38
  drive
• 39:39
  to
• 39:39
  keep
• 39:39
  moving
• 39:39
  it
• 39:39
  forward
• 39:40
  at
• 39:40
  every
• 39:40
  step
• 39:41
  of
• 39:41
  the
• 39:41
  way,
• 39:41
  and
• 39:41
  then
• 39:41
  test
• 39:42
  it
• 39:42
  be-
• 39:42
  every
• 39:42
  step
• 39:43
  of
• 39:43
  the
• 39:43
  way.
• 39:43
  Okay,
• 39:43
  great.
• 39:44
  Five
• 39:44
  users
• 39:44
  like
• 39:45
  this.
• 39:45
  Great.
• 39:45
  How
• 39:45
  do
• 39:46
  I
• 39:46
  get
• 39:46
  10
• 39:46
  users
• 39:46
  to
• 39:46
  like
• 39:47
  this?
• 39:47
  What's
• 39:47
  the
• 39:47
  price
• 39:48
  point
• 39:48
  that
• 39:48
  they
• 39:48
  will
• 39:48
  do?
• 39:49
  What,
• 39:49
  like
• 39:49
  test
• 39:49
  it.
• 39:49
  Always
• 39:50
  look
• 39:50
  for
• 39:50
  the
• 39:50
  no.
• 39:51
  Don't
• 39:51
  be
• 39:51
  scared
• 39:51
  of
• 39:51
  the
• 39:51
  no.
• 39:52
  Like,
• 39:52
  'cause
• 39:52
  the
• 39:52
  no
• 39:52
  you
• 39:53
  can
• 39:53
  recover
• 39:53
  from.
• 39:54
  If
• 39:54
  you
• 39:54
  just
• 39:54
  blindly
• 39:55
  run
• 39:55
  into
• 39:55
  a
• 39:55
  wall,
• 39:56
  there's
• 39:56
  no
• 39:56
  fixing
• 39:57
  that,
• 39:57
  right?
• 39:58
  Like,
• 39:58
  if
• 39:58
  you-
• 39:58
  if
• 39:58
  you're
• 39:59
  just,
• 39:59
  like
• 39:59
  I
• 39:59
  c-
• 40:00
  again,
• 40:00
  if
• 40:00
  you're
• 40:00
  gonna
• 40:01
  be
• 40:01
  the
• 40:01
  captain
• 40:01
  of
• 40:01
  your
• 40:01
  ship
• 40:02
  and
• 40:02
  you
• 40:02
  see
• 40:02
  an
• 40:02
  iceberg,
• 40:03
  the
• 40:03
  Titanic
• 40:04
  could
• 40:04
  have
• 40:04
  been
• 40:04
  avoided
• 40:05
  if
• 40:05
  you
• 40:05
  just
• 40:05
  turned
• 40:05
  the
• 40:06
  ship
• 40:06
  a
• 40:06
  little
• 40:06
  bit.
• 40:06
  Exactly.
• 40:06
  All
• 40:07
  you
• 40:07
  had
• 40:07
  to
• 40:07
  do
• 40:07
  is
• 40:07
  turn
• 40:07
  the
• 40:08
  ship.
• 40:08
  So
• 40:08
  I,
• 40:08
  like
• 40:09
  always
• 40:09
  validate
• 40:10
  against
• 40:11
  what's
• 40:11
  the
• 40:11
  market
• 40:11
  handling
• 40:12
  right
• 40:12
  now?
• 40:12
  What's
• 40:13
  the
• 40:13
  feedback?
• 40:13
  What's
• 40:14
  the
• 40:14
  honest
• 40:14
  answer?
• 40:15
  Like,
• 40:15
  again,
• 40:15
  leave
• 40:16
  your
• 40:16
  ego
• 40:16
  at
• 40:16
  the
• 40:16
  door.
• 40:16
  Hear
• 40:17
  all
• 40:17
  the
• 40:17
  nos
• 40:17
  'cause
• 40:17
  then
• 40:18
  you
• 40:18
  can
• 40:18
  make
• 40:18
  a
• 40:18
  better
• 40:18
  product
• 40:19
  100%.
• 40:20
  And
• 40:20
  I'm
• 40:21
  looking
• 40:21
  at
• 40:21
  the
• 40:21
  time,
• 40:21
  and
• 40:21
  I
• 40:21
  don't
• 40:22
  I,
• 40:22
  I
• 40:22
  say
• 40:22
  this
• 40:22
  on
• 40:22
  every
• 40:23
  episode,
• 40:23
  I
• 40:23
  can't
• 40:23
  believe
• 40:23
  how
• 40:24
  quickly
• 40:24
  the
• 40:24
  time
• 40:24
  goes.
• 40:24
  So-
• 40:25
  I
• 40:25
  know.
• 40:26
  have
• 40:26
  we
• 40:27
  moved
• 40:27
  towards
• 40:27
  the
• 40:27
  end?
• 40:27
  And
• 40:28
  I've
• 40:28
  got
• 40:28
  the
• 40:28
  decision-making
• 40:29
  scenario
• 40:29
  that
• 40:29
  I
• 40:29
  give
• 40:29
  to
• 40:29
  all
• 40:30
  my
• 40:30
  guests,
• 40:31
  which
• 40:31
  is
• 40:31
  based
• 40:31
  on
• 40:31
  the
• 40:32
  topic
• 40:32
  we're
• 40:32
  talking
• 40:32
  about,
• 40:33
  and
• 40:33
  something
• 40:34
  that
• 40:34
  I
• 40:34
  hope
• 40:35
  that
• 40:35
  people
• 40:35
  will
• 40:36
  have
• 40:36
  either
• 40:36
  seen
• 40:37
  or
• 40:37
  they're
• 40:37
  about
• 40:37
  to
• 40:38
  see.
• 40:38
  So
• 40:38
  it's
• 40:38
  just
• 40:38
  hopefully,
• 40:39
  an
• 40:39
  opportunity
• 40:39
  to
• 40:40
  give
• 40:40
  a
• 40:40
  hypothetical
• 40:41
  and
• 40:41
  then
• 40:41
  with
• 40:41
  your
• 40:41
  answer.
• 40:42
  So
• 40:42
  the
• 40:42
  decision-
• 40:43
  Yeah
• 40:43
  scenario
• 40:43
  for
• 40:43
  you,
• 40:43
  Jordan,
• 40:44
  is
• 40:44
  that
• 40:44
  you
• 40:45
  are
• 40:45
  advising
• 40:45
  a
• 40:45
  startup
• 40:46
  with
• 40:46
  a
• 40:46
  promising
• 40:47
  medical
• 40:47
  device.
• 40:47
  Early
• 40:48
  trials
• 40:48
  are
• 40:48
  encouraging,
• 40:49
  but
• 40:49
  regulatory
• 40:50
  hurdles
• 40:50
  are
• 40:51
  slowing
• 40:51
  progress.
• 40:51
  So
• 40:52
  do
• 40:52
  you,
• 40:52
  A,
• 40:52
  push
• 40:53
  ahead
• 40:53
  with
• 40:53
  a
• 40:53
  full
• 40:53
  submission;
• 40:54
  do
• 40:54
  you,
• 40:54
  B,
• 40:55
  generate
• 40:55
  more
• 40:55
  clinical
• 40:55
  evidence;
• 40:56
  do
• 40:56
  you,
• 40:56
  C,
• 40:56
  adapt
• 40:57
  the
• 40:57
  products
• 40:57
  based
• 40:57
  on
• 40:58
  clinical
• 40:58
  feedback;
• 40:58
  or
• 40:58
  do
• 40:59
  you,
• 40:59
  D,
• 40:59
  partner
• 41:00
  with
• 41:00
  a
• 41:00
  larger
• 41:00
  company
• 41:00
  to
• 41:01
  push
• 41:01
  it
• 41:01
  through?
• 41:01
  What's
• 41:02
  your
• 41:02
  choice
• 41:02
  and
• 41:02
  why
• 41:03
  So
• 41:03
  tune
• 41:04
  in
• 41:04
  to
• 41:04
  the
• 41:04
  next
• 41:05
  episode
• 41:05
  to
• 41:06
  hear
• 41:06
  Jordans,
• 41:06
  answer.
• 41:07
  on
• 41:07
  that
• 41:07
  particular
• 41:08
  scenario.
• 41:09
  But
• 41:09
  before
• 41:09
  I
• 41:09
  let
• 41:09
  you
• 41:09
  go,
• 41:09
  Jordans
• 41:10
  what
• 41:10
  I've
• 41:10
  decided
• 41:11
  to
• 41:11
  do
• 41:11
  is
• 41:11
  I
• 41:11
  wanna
• 41:11
  start
• 41:11
  finishing
• 41:12
  e-
• 41:12
  up
• 41:12
  each
• 41:13
  e-
• 41:13
  episode
• 41:13
  with
• 41:13
  one
• 41:14
  question.
• 41:14
  So
• 41:15
  the
• 41:15
  question
• 41:15
  I
• 41:16
  want
• 41:16
  you
• 41:16
  to
• 41:16
  answer
• 41:16
  is
• 41:16
  complete
• 41:17
  this
• 41:17
  sentence.
• 41:18
  Most
• 41:18
  med
• 41:19
  tech
• 41:19
  companies
• 41:19
  fail
• 41:20
  because...
• 41:20
  Take
• 41:21
  it
• 41:21
  away.
• 41:21
  Most
• 41:21
  med
• 41:22
  tech
• 41:22
  companies
• 41:22
  fail
• 41:23
  because
• 41:23
  they
• 41:23
  don't
• 41:24
  move
• 41:24
  forward.
• 41:24
  They
• 41:24
  get
• 41:25
  stuck
• 41:25
  in
• 41:25
  one
• 41:26
  way
• 41:26
  or
• 41:26
  another.
• 41:26
  That's
• 41:27
  what
• 41:27
  I
• 41:27
  see.
• 41:27
  They
• 41:27
  get
• 41:28
  stuck
• 41:28
  at
• 41:28
  one
• 41:28
  point
• 41:29
  or
• 41:29
  another.
• 41:29
  Again,
• 41:29
  that's
• 41:29
  a
• 41:29
  great
• 41:30
  one.
• 41:30
  I
• 41:30
  see
• 41:30
  a
• 41:30
  hurdle,
• 41:31
  and
• 41:31
  instead
• 41:31
  of
• 41:31
  jumping
• 41:32
  over
• 41:32
  the
• 41:32
  hurdle,
• 41:32
  instead
• 41:33
  of
• 41:33
  going
• 41:33
  around
• 41:33
  the
• 41:33
  hurdle,
• 41:34
  they
• 41:34
  just
• 41:34
  run
• 41:34
  straight
• 41:35
  into
• 41:35
  it,
• 41:35
  and
• 41:35
  they
• 41:35
  don't
• 41:36
  know
• 41:36
  how
• 41:36
  to
• 41:36
  pick
• 41:36
  themselves
• 41:36
  up.
• 41:37
  So
• 41:37
  be
• 41:38
  comfortable
• 41:38
  with
• 41:39
  failure,
• 41:39
  and
• 41:40
  then
• 41:40
  you
• 41:40
  will
• 41:40
  succeed.
• 41:41
  Thank
• 41:41
  you
• 41:41
  very
• 41:41
  much.
• 41:42
  And
• 41:42
  we've
• 41:42
  come
• 41:42
  to
• 41:42
  the
• 41:42
  end
• 41:43
  of
• 41:43
  it.
• 41:43
  And
• 41:43
  what
• 41:43
  I've
• 41:44
  taken
• 41:44
  away
• 41:44
  from
• 41:44
  this
• 41:44
  conversation,
• 41:45
  there's
• 41:45
  millions
• 41:46
  of
• 41:46
  things,
• 41:46
  but
• 41:46
  if
• 41:46
  I
• 41:46
  have
• 41:46
  to
• 41:46
  try
• 41:47
  and
• 41:47
  condense
• 41:47
  it
• 41:47
  down-
• 41:48
  Yeah
• 41:48
  it's
• 41:48
  really
• 41:49
  that
• 41:49
  successful
• 41:49
  med
• 41:50
  tech
• 41:50
  companies
• 41:50
  don't
• 41:51
  just
• 41:51
  build
• 41:51
  products,
• 41:52
  they
• 41:52
  build
• 41:52
  a
• 41:52
  path
• 41:53
  to
• 41:53
  adoption.
• 41:54
  Yeah
• 41:54
  and
• 41:54
  that's,
• 41:54
  that...
• 41:54
  Everything
• 41:55
  you've
• 41:55
  said
• 41:55
  is
• 41:55
  really
• 41:56
  that
• 41:56
  from
• 41:56
  start
• 41:57
  to
• 41:57
  finish.
• 41:57
  Yeah.
• 41:57
  In
• 41:57
  fact,
• 41:57
  you've
• 41:57
  got
• 41:57
  to
• 41:58
  build
• 41:58
  that
• 41:58
  path
• 41:58
  all
• 41:59
  the
• 41:59
  way,
• 41:59
  and
• 41:59
  you
• 42:00
  do
• 42:00
  it
• 42:00
  from
• 42:00
  day
• 42:00
  one,
• 42:00
  rather
• 42:01
  than
• 42:01
  focusing
• 42:02
  on
• 42:02
  just
• 42:02
  a
• 42:02
  specific
• 42:03
  aspect
• 42:03
  to
• 42:03
  start
• 42:04
  with.
• 42:04
  Yeah.
• 42:04
  Thank
• 42:04
  you
• 42:05
  very
• 42:05
  much
• 42:05
  for
• 42:05
  joining
• 42:06
  us
• 42:06
  on
• 42:06
  Clinician
• 42:06
  to
• 42:07
  CEO,
• 42:07
  and,
• 42:08
  really
• 42:08
  appreciate
• 42:09
  you.
• 42:09
  'Cause
• 42:09
  to
• 42:09
  everyone
• 42:10
  listening,
• 42:10
  if
• 42:11
  you're
• 42:11
  developing
• 42:11
  a
• 42:11
  healthcare
• 42:11
  innovation,
• 42:12
  remember
• 42:12
  this,
• 42:13
  a
• 42:13
  clinical
• 42:13
  problem
• 42:14
  may
• 42:14
  spark
• 42:14
  the
• 42:14
  idea,
• 42:15
  but
• 42:15
  adoption
• 42:16
  is
• 42:16
  what
• 42:16
  determines
• 42:17
  whether
• 42:17
  or
• 42:17
  not
• 42:18
  you
• 42:18
  actually
• 42:19
  make
• 42:19
  some
• 42:19
  money
• 42:19
  from
• 42:19
  it,
• 42:19
  and
• 42:20
  it
• 42:20
  becomes
• 42:20
  a
• 42:20
  successful
• 42:21
  business.
• 42:21
  And
• 42:21
  you
• 42:21
  actually
• 42:22
  change
• 42:22
  patient
• 42:23
  lives.
• 42:23
  You
• 42:23
  can-
• 42:23
  Yes
• 42:23
  can't
• 42:23
  change
• 42:23
  a
• 42:24
  patient
• 42:24
  life
• 42:24
  if
• 42:24
  nobody
• 42:25
  wants
• 42:25
  to
• 42:25
  buy
• 42:25
  it..
• 42:25
  So
• 42:26
  thank
• 42:26
  you
• 42:26
  very
• 42:26
  much
• 42:26
  for
• 42:26
  that,
• 42:26
  Jordan.
• 42:27
  Hakeem: And
• 42:27
  Hakeem: if
• 42:27
  Hakeem: you're
• 42:27
  Hakeem: building
• 42:28
  Hakeem: a
• 42:28
  Hakeem: MedTech
• 42:29
  Hakeem: business
• 42:30
  Hakeem: and
• 42:30
  Hakeem: you're
• 42:30
  Hakeem: not
• 42:30
  Hakeem: sure
• 42:30
  Hakeem: whether
• 42:31
  Hakeem: your
• 42:31
  Hakeem: next
• 42:31
  Hakeem: move
• 42:31
  Hakeem: should
• 42:32
  Hakeem: be
• 42:32
  Hakeem: around
• 42:32
  Hakeem: evidence,
• 42:33
  Hakeem: market
• 42:33
  Hakeem: access,
• 42:33
  Hakeem: commercialization,
• 42:34
  Hakeem: distributor
• 42:35
  Hakeem: strategy.
• 42:35
  Hakeem: Or
• 42:36
  Hakeem: adoption.
• 42:36
  Hakeem: Do
• 42:37
  Hakeem: not
• 42:37
  Hakeem: guess.
• 42:38
  Hakeem: Book
• 42:38
  Hakeem: a
• 42:38
  Hakeem: healthcare
• 42:39
  Hakeem: export
• 42:39
  Hakeem: accelerator
• 42:40
  Hakeem: diagnostic
• 42:40
  Hakeem: Call
• 42:41
  Hakeem: with
• 42:41
  Hakeem: me.
• 42:41
  Hakeem: Use
• 42:42
  Hakeem: my
• 42:42
  Hakeem: link
• 42:42
  Hakeem: in
• 42:42
  Hakeem: the
• 42:42
  Hakeem: show
• 42:43
  Hakeem: notes.
• 42:43
  Hakeem: And
• 42:44
  Hakeem: in
• 42:44
  Hakeem: that
• 42:44
  Hakeem: session
• 42:44
  Hakeem: I'll
• 42:45
  Hakeem: help
• 42:45
  Hakeem: you
• 42:45
  Hakeem: identify
• 42:46
  Hakeem: the
• 42:46
  Hakeem: specific
• 42:46
  Hakeem: constraints
• 42:47
  Hakeem: blocking
• 42:48
  Hakeem: your
• 42:48
  Hakeem: momentum
• 42:49
  Hakeem: and
• 42:49
  Hakeem: the
• 42:49
  Hakeem: commercial
• 42:50
  Hakeem: move
• 42:50
  Hakeem: most
• 42:51
  Hakeem: likely
• 42:51
  Hakeem: to
• 42:51
  Hakeem: unlock
• 42:52
  Hakeem: your
• 42:52
  Hakeem: progress.
• 42:53
  Hakeem: Thanks
• 42:53
  Hakeem: for
• 42:53
  Hakeem: tuning
• 42:53
  Hakeem: in.
• 42:54
  Hakeem: Until
• 42:54
  Hakeem: next
• 42:54
  Hakeem: time,
• 42:55
  Hakeem: thanks
• 42:55
  Hakeem: for
• 42:55
  Hakeem: listening.
• 42:56
  Hakeem: Keep
• 42:56
  Hakeem: challenging
• 42:57
  Hakeem: your
• 42:57
  Hakeem: assumptions
• 42:58
  Hakeem: and
• 42:58
  Hakeem: keep
• 42:58
  Hakeem: growing.