0:00

the consumer was almost taught

0:02

ten or fifteen minute deliveries and

0:04

more. That's not a sustainable business

0:06

model. We build a new financial

0:08

model that's completely self funded. One

0:10

that doesn't require any more outside capital, one

0:12

that only looks at our balance sheet. Wow.

0:15

This is such a good show. This is twenty NAVC,

0:17

The Go Puff memo, The Monthly Show where we

0:19

deep dive on the business model of one company,

0:21

and really Go Deep. And today, as I mentioned,

0:24

we're going deep on the Go Puff business model

0:26

with Rafael Ishayev, co founder and

0:28

CEO, Gopath, one of the market leaders

0:30

delivering daily essentials in minutes.

0:32

Go Puffs latest funding round, priced the company

0:34

a reported eight point nine billion dollars

0:37

in March twenty twenty one. And to date,

0:39

RAP has raised over two point four billion dollars

0:41

for the company from the Life Excel, Softbank

0:43

Fidelity, Bailey Gifford, and Moore,

0:45

and Rafford scaled the company to over

0:48

one third of the US, with over twelve

0:50

thousand employees nationwide side. But

0:52

before we dive into the show's day, we will

0:54

hope we never need life insurance. But

0:56

for me, nothing is more important than my

0:58

family and knowing they will be protected and

1:00

looked after If you follow my twisty, you know how

1:02

close I am to my mother, and mortgage payments

1:04

and other expenses, they don't disappear

1:07

when you're gone. And life insurance just get

1:09

as more expensive as you age. and so

1:11

now is always the best time to buy.

1:13

Policygenius was built to modernize

1:15

the life insurance industry. Their technology

1:17

makes it easy to compare life insurance

1:19

quotes from top companies like AIG

1:22

and Prudential in just a few clicks to

1:24

find your lowest price. And with Policygenius,

1:26

you can find life insurance policies that start

1:29

just seventeen dollars per month for

1:31

five hundred thousand dollars of coverage,

1:33

and Policygenius has licensed agents

1:35

who can help you find options that offer coverage

1:38

in as little as a week and avoid unnecessary

1:40

medical exams. They're not incentivized

1:42

to recommend one insurer over another, so

1:44

you can really trust that guidance, plus

1:47

there are no added fees. Head over

1:49

to policy genius dot com to get

1:51

your free life insurance quotes and see

1:53

how much you could save. That's policy

1:55

genius dot com. And speaking of game

1:57

changing tools like Policygenious there,

1:59

Gainsight is the world's leading platform

2:02

for helping companies of all sizes and

2:04

industries drive durable growth

2:06

through customer, product, and community

2:08

led strategies. And did you know that

2:10

Gainsight launched a new offering inside

2:12

Essentials in early March this year, Essentials

2:15

makes it easy and more affordable for companies

2:17

at any stage to reduce churn,

2:19

drive more expansion and cross sell dollars

2:22

and improve usage and adoption. And best

2:24

of all, essential starts at just twenty

2:26

thousand dollars per year, and you can be live in

2:28

as little as two weeks. In fact, Essentials

2:30

has been leveraged by companies like Callan Lee,

2:32

Chewy, Dialpad, and nearly a hundred

2:35

others since its launch in Now you

2:37

can start and scale with Gainsight. Go

2:39

to essentials dot gainsight dot com

2:41

to learn more and mention twenty v c

2:43

for special pricing when you schedule

2:45

a demo or sign up, tell them I sent you

2:48

and get that durable gross engine going.

2:50

But now it's time for this incredible So

2:52

Raff was fantastic. So I'm gonna hand over

2:54

to Raff Inishai, I have co founder and

2:56

CEO at Go Path.

3:03

You have now arrived at your destination.

3:06

Raff, this is such a joy to do.

3:08

As we just said, if we're in the same city, we

3:10

would be enjoying it together. Sadly,

3:13

we are not and so we're doing a podcast instead.

3:15

Second best. But thank you so much for joining me

3:17

today. Harry, thanks for having me. Second time

3:19

around, I guess I did something right the first time to

3:21

get invited the second time. Really did something

3:23

brilliantly right the first time. I wanna start of

3:25

those that maybe missed the first show. Two to three

3:27

minutes, how did you come to start Go Puffs?

3:30

What was that founding moment? It's kind of crazy.

3:32

It's been almost ten years. Right? We've been at this for

3:34

a decade. But go about started by

3:36

solving our own use case. Here and I were

3:38

college students realized there's a pretty

3:40

big need in market. Everyone was going to the

3:42

convenience store to drug store to pick up everything

3:45

they needed. That experience wasn't

3:47

always very safe, and it wasn't always great, everyone

3:49

was always busy. And we said why doesn't anyone

3:51

stock and deliver all these goods?

3:54

Two students kind of across the country. Right?

3:56

We could start this in Philadelphia, and had a

3:58

little bit of an unorthodox start. As you know, Harry,

3:59

we didn't raise money for our first three years.

4:02

Profitable from day one, you the profits

4:04

from Philadelphia. Right? Back then, Go Buff was

4:06

different service Right? And today, we're five thousand

4:09

items. Back then, we're a hundred to two hundred items,

4:11

snacks, drinks, and we use the

4:13

profits that we had from early Gopav

4:15

one point o to expand to five cities

4:17

until we raise their first round, and then Gopav

4:20

really started changing. Right? Alcohol, ice cream,

4:22

vertical medication, baby pads,

4:24

this kitchen's business that we have, all these

4:26

new verticals to now where we are today

4:29

over thousand cities on the global scale.

4:31

twelve thousand employees globally,

4:33

much more drivers, obviously. So there's

4:35

so many ways I wanna take this. When we

4:37

spoke last time bluntly, capital was

4:40

cheap. Money was pouring into the space,

4:42

and it's a very different landscape state. The careful

4:44

is dried up across the board, but especially in

4:46

this space. We've seen businesses go

4:49

bust in the space, many. I wanted to want

4:51

to start with a little bit of why. Why do you

4:53

think the capital has dried up specifically

4:55

for this space? And what are the cool drive Capital

4:58

markets have not been friendly for any

5:00

growth companies over the last,

5:02

I would say, two to three quarters. But we're talking

5:04

about instant needs specifically. When you're starting

5:07

business as complicated as our business, right,

5:09

where you have so much technological needs,

5:11

supply chain needs, logistical needs,

5:14

or you really need to nail it before you scale

5:16

it, you have to really focus on

5:19

the inner crops of your business, the infrastructure

5:21

of your business before really expanding

5:23

in a very big way. And that's what we did for

5:25

our first couple of years. We spent a lot of

5:27

time building the technology inside of the four

5:29

wall of the building, building operation excellence

5:32

and then really scaling the business by

5:34

proving that we can deliver really strong unit

5:36

economics. Pretty much everyone else

5:38

in the instant need space from across

5:41

the globe had the opposite strategy. All

5:43

we need to do is open up a whole host of buildings,

5:45

figure out the tech leader. We'll figure out the

5:47

operational excellence leader. The supply

5:49

chain set up. It's fine. We'll figure it out

5:52

later. So it would scale it, then

5:54

nail it. strategy. And when

5:57

the capital markets started getting more

5:59

constricted, they realized their underlying

6:01

business isn't all that strong. They're not

6:03

producing really strong unit economics. As

6:05

a byproduct, a lot of people started really

6:08

struggling. Really, it's just the beginning. I think it's

6:10

gonna continue. That trend is gonna continue

6:12

to accelerate because the initial strategy

6:14

was grow at all cost, not really

6:16

nail our business really nail our

6:18

unit economics and then scale the business.

6:21

My take was bluntly that as the cost

6:23

of capital went up, Capital intense

6:25

low margin businesses became

6:28

more and more of a challenge for investors

6:31

to finance. Would you agree with that summarization

6:33

Or would you say that's not fair to categorize

6:36

our spaces, capital intense and low

6:38

margin? If this business has done right, it's

6:40

actually not a low margin business. if

6:42

you set up your your structure

6:44

correctly and you're buying correctly

6:46

and your ads business is working correctly.

6:49

And now we're launching a whole new host businesses

6:51

that they're gonna improve our margin structure more.

6:53

Our gross margin structure is actually

6:55

among the best in, if you categorize,

6:58

like, our retail peers inside of our tech peers,

7:00

it's among the bets. Right? We have gross margin

7:02

in the high 30s, low 40s depending

7:05

on the region that you're in. It's actually really,

7:07

really healthy margins to operate a profitable

7:09

business. especially on a unit level. What

7:11

I'll say though is a lot of people I don't

7:14

wanna beat the dead horse here, but a lot of people

7:16

when they were expanding to city to city, they

7:18

just weren't focused on how do

7:20

we build really, really strong margin

7:22

profile in the business. Right? It's no question why

7:24

infrastructure is expensive. Right? You have to build

7:26

buildings to the setup rags, you need

7:28

equipment to hold nine yards, but the

7:30

return on capital on this business and how

7:33

fast these markets pay back is really,

7:35

really incredible once you start humming correctly.

7:37

Right? In the beginning, right, it took maybe a year,

7:39

a year and a half for building to recoup its

7:41

investment. now that some buildings you open

7:43

up three months later, you recoup all your

7:46

fixed cost. So it really just

7:48

boils down to did you set

7:50

the right amount of time energy on

7:53

nailing the fiscal responsibility

7:55

portion of this business being really strong

7:58

on fiscal side and then scale the business,

7:59

or you said, hey, I wanna grow at all cost. I

8:02

wanna expense as many cities as I can. And

8:04

we'll figure out our distributors later. We'll figure

8:06

out our technology

8:08

inside of the four walls and routing, bidding, and

8:10

batching leader. That was your strategy. The

8:12

capital markets are gonna crush you the next

8:15

two, three quarters. you mentioned the margin element

8:17

there. First, how do the margin levels

8:19

vary when comparing your most mature

8:21

markets, your Philadelphia, your strongest markets

8:23

in the US? to your incredibly

8:26

new markets, say in Europe or anything that you

8:28

expand to. What is that margin? You said high

8:30

thirties, low forties? Is it like negative

8:32

on the margin side and new. What does that

8:34

variance look like? Margin is not

8:37

the only element to profitability. Right? You

8:39

need a healthy basket size. because

8:41

you take dollars to the bank, right, not percentage

8:43

points. As an example, alcohol is our

8:45

lowest gross margin percentage category,

8:48

but our highest gross margin dollar category.

8:50

his baskets are much higher with algolbaskets

8:52

than on algolbaskets. So you rather lose

8:55

a few percentage points on the gross

8:57

margin percentage side and gain

8:59

ten or fifteen dollars on the basket

9:01

size. The analogy bring home are much higher. So

9:03

across the US today, Right? I'm

9:05

gonna exclude Europe. All the new markets

9:08

that we've spent into generally

9:10

look very similar. They start with

9:13

a slightly slower basket size because there's

9:15

kind of direct correlation between ten year and

9:17

AOV. The longer you stay on the platform, the more

9:19

you start ordering on GoBox. In Europe,

9:22

I'm kind of focused on the UK for a second.

9:24

basket has grown a lot over

9:26

the last two quarters, but it's

9:28

still double digits lower

9:30

than what we see in the U. S. when we're starting

9:33

to market So it's grown fast. I

9:35

think the number one focus we have in

9:37

the UK specifically today is continuing

9:39

to drive a higher basket. Now

9:41

we're in the 20s from basket size

9:44

perspective. I think that business is

9:46

continuing to grow and I think it's

9:48

possible in the next couple of quarters we're in

9:50

the high twenties, low thirties from an AOV perspective.

9:52

Given what we said about kind of the capital availability

9:55

for the space itself, is this a

9:57

race to profitability now? for everyone

9:59

surviving in the space. Any company

10:02

in any space that's not thinking

10:04

about profitability right now

10:06

and is not focused on profitability. There

10:09

is a higher chance they're not

10:11

that these companies will probably not exist

10:13

in the next year or year and a half. no matter

10:15

how stronger balance sheet is because no one

10:17

has a crystal ball. No one knows how long this is

10:19

gonna last. No one knows how long

10:21

the capital markets are gonna continue to stay

10:23

depressed. And the reality is,

10:25

you know, I could speak for us, we build

10:28

a new financial model that's completely

10:30

self funded. One that there's acquire anymore on

10:32

that Capital One that only looks on our balance

10:34

sheet. It's not one where we

10:36

said, hey, we're gonna cut all costs completely. We're

10:38

gonna stop innovation completely. We could be profitable

10:40

and fast. stir. But it's still somewhat of

10:43

a balance of being able to

10:45

continue to grow, continue to innovate, right,

10:47

like our kitchen's business, for example, is

10:49

crushing. Every week is a record from the week

10:51

prior year. We wanna continue to invest into that

10:53

business because it's doing well, but we're not gonna

10:55

invest that how we used to invest. We're not gonna be opening

10:57

up two or three dozen buildings a month that have

10:59

kitchens. So it's a balance between

11:02

driving really strong EBITDA and

11:04

still innovating for the customer show. debt

11:06

balance for us at least meant that we're profitable

11:08

in twenty twenty four. What's the core differences

11:10

between the old financial plan and

11:12

the new financial plan you mentioned? What are

11:14

the big changes? It's less buildings.

11:16

So if you look at on a metro basis,

11:19

all of our existing metros are

11:21

producing cash flow. So you have your

11:23

call in your cash cows. Right? And Philadelphia,

11:25

Chicago, Boston, all

11:28

of our Texas markets of the world that are

11:30

producing cash flow, but you have a lot

11:32

of new markets that need time

11:34

to get first to uneconomic profitability

11:37

and EBITDA profitability. So if

11:39

you continue to open up markets, you're going

11:41

to continue to have existing business

11:44

that produces free cash flow, but this

11:46

emerging business that's still requiring

11:48

investment and causing the overall picture

11:51

to be negative. EBITDA picture. So for

11:53

us, that meant opening up significantly less

11:55

buildings, less kind of fixed cost out the

11:57

door, not focusing on initiatives

11:59

that are might be good

12:02

for tomorrow, but not so good for today,

12:04

like, I'll I'll be one that hits kind of close

12:06

to home. We launched a pharmacy business. we're

12:08

actually delivering prescription drugs to

12:10

folks. And I love that business.

12:13

And it's one that think will come back to

12:15

one day, but we just said, hey, Matt. a great

12:17

idea just not for twenty twenty two.

12:19

Sometimes saying no to these really

12:21

shiny objects that customers might really love,

12:23

but it just like given the environment

12:26

of today, we can't afford to invest

12:28

eight figures in this net new business that's

12:30

gonna take multiple years to pay back.

12:32

Right? Because it takes while for these business incubate

12:34

and then reach a terminal velocity and everything

12:36

else. So being really, really strict from a prioritization

12:39

perspective and then also controlling

12:41

your fixed costs. Right? So we're not gonna add

12:44

of hundreds of more buildings in the next eighteen

12:47

months. We're not gonna be opening buildings

12:49

that we were opening a buildings in the last eighteen months.

12:51

From a prioritization perspective, I spoke to Emmanuel

12:53

Michael before the show, wonderful conversation

12:55

I had with him. But he told me about all the different avenues

12:57

and products that you can build. and I I'm

13:00

fascinated when you think about that and the question that

13:02

we just have that. In this new, more capital

13:04

constrained, newer financial plan

13:06

world, how do you fundamentally prioritize

13:08

between the initiatives you do do versus

13:10

those that you don't do. So a

13:13

lot of products that you build in the product

13:15

roadmap are things that are good for

13:17

you or things that are good for the customer. And sometimes

13:19

there's an overlap. Things that are good for you. You

13:21

meaning the team or the company and the

13:23

customer meaning the So sometimes there's an overlap.

13:26

Being relentlessly focused on things that

13:28

are only gonna drive better consumer

13:30

behavior, and tell you, like a feature that we're launching,

13:32

we've talked to a lot of customers and feedback they

13:34

get as either place an order on go above and right after

13:37

I place an order, like, god, I forgot

13:39

to paste. like mobile, or battery is very

13:41

immediately after I click the place order button.

13:43

So we'll give people a chance to

13:45

post their order to continue to build their basket

13:47

for anything they want remind me, believe, these

13:49

are the items that most frequently most

13:51

people most frequently forget. So a lot

13:53

of those kind of features where we're

13:55

really listening to the customer that we're

13:57

really doubling and tripling down on. The driver's

13:59

side, the first week of October,

14:02

we're having global rollout of

14:04

a new routing software. So we've integrated

14:07

almost entirely the right OS business.

14:09

That's improved routing, bidding, and batching tremendously.

14:12

It's all under the scope of Umbrella now. the

14:14

first week of October, we have

14:16

v two of that launching, which I

14:18

think will keep p ninety delivery

14:20

time stable but will improve our

14:22

ability to bin in batch by

14:24

think pretty close double digits. That's not

14:27

a really huge effect on the consumer side.

14:29

Consumers actually won't see a mass a difference

14:31

from a delivery type perspective, but it'll

14:33

save us a good bit of money on our CPO

14:35

side. It's interesting because what worries me

14:38

and what I've seen is a consumer. I will never

14:40

lie to you, they're half. I have a

14:42

a propensity to switch between different providers.

14:44

And what I've seen with certain providers

14:46

is with the cutting of costs,

14:49

you see two things really happen. Well,

14:51

three things. One is customer service

14:53

is the first to go, live chat goes,

14:55

and that sucks. Two,

14:58

you see increased delivery times. It

15:00

was ten minutes. Now it's forty forty five

15:02

or not a tool in some cases. And

15:04

then three is inventory just depleted

15:06

to shit and unavailable. Unlike

15:08

SaaS businesses where if you cut cost,

15:10

the core NetSuite product or Salesforce

15:13

stays the same, you might not have the same cadence

15:15

of innovation and product. But when you cut

15:17

cost here in our businesses, you

15:20

really feel it. and then it creates this negative

15:22

flywheel of fatware. In most of those

15:24

other services, I don't use them anymore

15:26

because it's so shit across those three dimensions.

15:29

Do you see what I mean? And does that concern

15:31

you? Yep. It absolutely concerns

15:34

us looking back and being a little critical in

15:36

ourselves. Gogo was never built

15:38

to be a ten or fifteen minute delivery service.

15:41

Because the consumer

15:43

global's outside outside the US. Right?

15:45

We're focused on the UK for second. In the

15:47

UK, the consumer was almost taught

15:50

ten or fifteen minute deliveries and

15:52

more. In New York, that was the case too.

15:54

That's not a sustainable business model.

15:57

Right? Any stretch of imagination. The reason

15:59

why it's not sustainable is because you can't

16:01

batch order. Right? What makes a group

16:03

of orders really, really profitable is if

16:05

a driver can leave with 234

16:07

orders at once and still deliver it

16:09

quickly. So what we learned from on the consumer

16:11

side, I'm talking about the US business, and I

16:14

think it translates really well on a

16:16

global scale too, is people don't necessarily

16:18

want a really fast delivery. They want

16:20

a really consistent delivery. So they

16:22

really have, like, a thirty minute

16:24

average with A78 minute

16:27

deviation than a twenty

16:29

minute average with a fifteen minute deviation,

16:31

where there's an inconsistency in

16:33

delivery. And that's kind of been

16:36

our go to for 567

16:38

years. And I think we get a little carried away

16:40

in the UK with trying

16:42

to match what the local

16:45

layers we're doing. Instead of going back to our

16:47

roots, which is like, hey, this is what

16:49

consumers generally want is consistent

16:51

delivery. And two, by the way, that's the

16:53

profitable business. Right? Because you can bid

16:55

and batch a lot better. Your tech can predict

16:57

orders coming in a lot better. And then in

17:00

turn, you can deliver a really great experience.

17:02

How does batching actually change that you

17:04

can always? To me listening from the outside,

17:06

I go, I I see if that makes sense.

17:08

maybe a five ten percent difference,

17:10

but it doesn't like make a inherently unsustainable

17:13

business, suddenly sustainable. How does

17:15

that actually change so you can always

17:18

just to help me understand that. You need a

17:20

lot less drivers when you batch to fulfill

17:22

a lot more deliveries. So your cost

17:24

on a per order basis, it's actually not

17:26

a ten or fifteen percent swing. Yeah. In

17:28

a market that has a high ODH,

17:31

the amount of orders a driver could fill an hour.

17:33

versus a market that has a weak OTH, the

17:35

cost difference on the variable cost side could

17:37

be as high as fifty percent. It's a massive

17:40

difference of, like, metro that look

17:42

good or a metro that doesn't look good. And generally

17:44

speaking, in our business, a metro that doesn't

17:46

look good is a new metro. Right? Because it doesn't

17:48

have enough orders yet on a per day basis

17:51

where you can effectively batch because batch only

17:53

works well is if enough orders

17:55

are coming in or system could predict

17:57

enough orders are gonna about to come in, and

17:59

the same two or three square block

18:02

radius of a given city

18:04

or neighborhood or whatever that MFC is placed.

18:06

So if you're gonna able to with a high degree

18:08

of confidence, predict that, hey, an order came

18:10

in the next two, three minutes, wait to

18:12

send that order out. Next two to three minutes, another

18:15

order is gonna come in within that same block

18:17

or in a really good city. Orders just

18:19

flying in. They're doing 5678

18:21

hundred orders a day. Or you don't even have that

18:23

problem anymore. the system is just kinda working

18:25

in the back end, batching orders together and sending

18:27

it out. And the key to that, right, the on the

18:29

end side,

18:30

why it's lot cheaper? You just need a lot less

18:32

driver partners.

18:32

You have fewer driver partners

18:34

doing a lot more deliveries. And by

18:36

the way, your driver partners love this. Right?

18:39

Because they're making a lot more money. They're getting paid on the

18:41

per delivery side. So they're a lot more money,

18:43

you need less driver partners to fulfill the

18:45

same amount of orders as a byproduct or

18:47

CPO starts decreasing tremendously.

18:50

Oh, sorry. What's CPN? Cost per order.

18:52

You get use of these acronyms internally and

18:54

then you forget that it's not part of common

18:56

vernacular. No. No. Listen. This is

18:58

totally fine. I would just clarify. in the

19:00

old case, I'd be like, oh, you know, CPO.

19:02

Now I'm like, what the fuck is that? Tell

19:05

me. It is ODH, which is the

19:08

orders per driver per hour. Yeah.

19:10

It's the amount of orders your driver fulfilled per

19:12

hour. Is that the governing metric

19:14

of success in your business, do you think? Or

19:16

is it AOV? Or is it What

19:19

is the governing magic of success

19:21

in your mind? So the first thing is

19:23

none of it matters if you're not producing

19:25

positive unit economics. So a market

19:28

is not producing. If your unit economics

19:30

are negative, it really doesn't matter. on

19:32

what you wanna do or you don't want like, today,

19:34

our focus is a little different than

19:36

maybe the way that you want me to answer that question. Like,

19:38

when you're growing, you wanna do everything. Right? You

19:40

wanna increase basket. or you wanna reduce

19:42

cost. That's right. The only way to to deliver

19:45

positive UDENYCA economics. Once that a market

19:47

is achieved, right, it's target UDENYCA economics.

19:49

Right? There's four dollars positive on a per order basis.

19:52

for we have margins that are doing eight or nine dollars

19:54

positive on a per order basis. After that,

19:56

the only thing that matters is volume. You need to

19:58

produce enough volume then in that city to

20:00

cover your fixed cost. So you're not positive

20:02

on a gross margin basis. You're positive

20:04

on an EBITDA basis. So first step,

20:06

right, in this business, is deliver positive unit

20:08

economics. starting with a healthy gross

20:11

margin. So that means underlying right

20:13

built business. Right? You have good vendor relations.

20:15

You have the right distribution centers.

20:17

You have the right contractually and a whole host

20:19

of things that lead to building the right assortment

20:22

and having the right gross margin associated with

20:24

it. And then Two, after

20:26

you've built your your target

20:29

because, like, our AOV's improved hundreds

20:31

of percentages since we've launched the business.

20:33

Right? And we had an AOV in

20:35

the teens, then in the twenties, now

20:37

in the thirties, right, on the on

20:39

average basis, as the basketball sides

20:42

continue to improve and as we continue to build

20:44

more technology to be able to have been in

20:46

batch better, the next layer of

20:48

that is just more orders. because now every

20:50

order that's leaving the door is very profitable.

20:52

So to get profitable on aggregate

20:55

basis, right, and the total EBITDA basis, you

20:57

just need enough orders. That makes sense? It totally

20:59

makes sense in terms of the orders. The thing that I think

21:01

too straightaway is actually Facebook, which

21:03

sounds terribly weird, but I'm gonna explain

21:06

Facebook obviously had the magic that once you added,

21:08

I think it was five friends, you were like a

21:10

retained or an engaged user. Thinking

21:12

about kind of order frequency and cohorts,

21:14

How do you determine a retained Go

21:17

Puff user? What is the frequency which

21:19

shows you that you have a retained user

21:21

with a behavioral change towards Go

21:23

Puff? actually two ways to look at it. A customer

21:26

that orders across three categories in

21:28

their first order will spend six

21:30

hundred dollars more that year. than

21:32

a customer that orders from one or two categories.

21:35

So it's not just how it's

21:37

not just how frequent

21:38

they order. It's what is

21:40

the first time, the very first time they get

21:42

come to go above. What is their shopping behavior?

21:44

So are they coming into the with the intent

21:46

of I heard this place has really great ice

21:48

cream. I'm gonna buy a pint of ice cream. That

21:51

customer their first year will spend

21:53

less money than customer that comes and

21:55

buys their ice cream and also buys a

21:57

snack and also buys some

21:59

household items and maybe some bad Drier

22:02

more categories means significantly more

22:04

spend that first year. So what we

22:06

try to do is read better discovery.

22:09

on the first experience. Right? Give broader

22:11

kind of category discovery, right, when

22:13

you launch a go above, especially on a new time

22:16

And also, we try to drive behavior

22:18

to get to two orders in the first fourteen

22:20

days. That's really, really important. What

22:22

you're seeing is that you have your biggest

22:25

drop off from order one to order two,

22:27

then you have a smaller drop off from

22:29

order two to order three. And once it gets into the third

22:31

order, they're our customer. not leaving go. Right?

22:33

If you look at order three customers

22:35

that meet it over three and you look at the retention

22:37

cohorts over the next twelve months, we're losing,

22:40

like, low single digit percent of our or is that

22:42

two three percent. So once that gets at order

22:44

three, there are hours. The struggle is not

22:46

just getting into order three, but getting into order

22:48

three quickly. us like many other e commerce

22:50

players used to do an incentive only off

22:52

one order. Right? All of our incentives now

22:54

are value over time. Right? We built

22:57

a gamification into our platform

22:59

where daily you could come in, you could spend

23:01

the wheel, get free puff points, which

23:03

can be then used for for prizes. You

23:05

can win things and spin the wheel like a

23:07

white claw sponsor at a Tesla. So one customer

23:10

is gonna get a free Tesla. or Live Nation

23:12

tickets on a global scale to see their favorite

23:14

artist. So, like, we give people a reason to keep

23:16

coming back. Even after purchase, just keep coming

23:18

back in the app and utilize it. And one of

23:20

the single largest driving factors

23:22

is we improved fan tremendously. So

23:25

we started the year with eleven

23:27

percent of our subscribers being fan customers.

23:29

So fan is our subscription program. Two

23:31

quarters later, eleven percent has

23:33

now become thirty percent. Thirty percent now

23:35

of our ordering customers are fan customers

23:37

and their behavior, especially if

23:39

we get them on the first order, is widely

23:42

different than customers that don't sign up

23:44

to fan, whether diverse second third order.

23:46

We believe we're just getting started there. We believe

23:48

the steady state number is north of

23:50

fifty five or sixty percent. couple of things I

23:52

just wanna touch on. Can I push you on

23:54

the fan side? Have you done testing?

23:57

And how much does it cost to be a fan member?

23:59

I am in the UK, but I can't remember how much

24:01

cost, which is not my point, but how

24:03

much is it? Six dollars a month. Have you

24:05

done price elasticity testing on

24:07

that six dollars a month? because if you increase

24:09

it right now, we have test running right now. As

24:12

we speak, we have a test running right now. So it's

24:14

out in the wild. because I think on that

24:16

It's one of those ones where you could unbelievably

24:19

increase revenues without changing

24:21

the thing. So we haven't seen

24:23

a big drop on conversion on

24:25

price The question is is what

24:28

that behavior looks like 234 months

24:30

out. Is that customer continues to hang

24:32

a customer at a higher price point where we think

24:34

consumers spending is gonna get accepted over

24:36

the next couple of quarters. So where I

24:38

believe the world is gonna head is in

24:40

the next two or three quarters, the customer is gonna

24:43

get more price conscious they're gonna have

24:45

less disposable income, and they're gonna start

24:47

making decisions on what are the most important

24:49

things in their life. And the way that

24:51

we've structured Go Pop Is it like

24:54

BAM specifically? It's like a no brainer

24:56

to be a part of BAM? It's very, very affordable.

24:58

In general, Gopah, it's very, very affordable.

25:00

It's in line to what people see in traditional

25:02

retail from a pricing perspective. And

25:05

the last thing that we want them to do in a real

25:07

is start increasing fees and pricing

25:10

in a way where today doesn't matter,

25:12

but two or three quarters where consumer spending

25:14

starts getting affected. They're like, well, I hope it's

25:16

too expensive for me to continue to

25:18

be there's efficient customer or such

25:20

an active customer. Does it change your inventory?

25:23

Do you think about, hey, how do we introduce

25:25

more? We have pound land in the UK,

25:27

I guess, be Dollar General in the US,

25:30

but like very much, very dollar

25:33

centric products, which shine

25:35

on that it to dollaries. Do you think about

25:37

changing inventory in that way or not?

25:39

Yeah. I've been studying a lot the past two

25:41

recessions that have been happening in the US

25:43

and what are the industries that grew

25:46

through recessions. Alcohol is

25:48

particularly resistant to

25:50

any effects of an economic downturn. I

25:52

think people drink when they're happier. They drink

25:54

when they're sad. I think the the type

25:56

of alcohol that's purchased during the recession

25:58

is different. Right? People are not gonna be buying your

26:00

three three hundred dollar price tag item,

26:02

but they're gonna be buying more of

26:04

your fifteen, twenty dollar price point item.

26:07

So I actually don't think baskets are gonna

26:09

change from a dollar amount perspective,

26:11

but the assortment inside of the basket today is

26:13

gonna change. Right? More of the

26:15

budget bottles, but more quantity versus

26:18

one high ticket, high end item. So

26:20

We've been leaning into alcohol in a really big way.

26:22

Convenience also grew during the last

26:25

recession, especially a few categories within Convenience.

26:27

Vices do very well. So we've been focused

26:30

on studying the trends of

26:32

the two previous years as the best data we have. I've never

26:34

lived through a recession. The closest thing I've

26:36

had to economic downturn was on a micro

26:39

basis because we didn't raise any money in the

26:41

beginning. So we had to behave like we were in recession,

26:43

but we actually never lived as CEO's

26:45

third recession. So we've been studying the

26:48

last two times it happened, how did people

26:50

behave? And we've been building continuing to

26:52

build an assortment. that kind of matches those

26:54

kind of behaviors. Before we touch on kind of leadership

26:56

through more macro challenging times,

26:58

we sat with friendlies and so we can do this, but

27:01

I'm just I was interested. Why did you put out

27:03

of Spain? I don't think we should ever launch

27:05

Spain. This is like Harry, me being very,

27:07

very honest with you. We got into Spain

27:09

via the Didia acquisition. we

27:11

probably should have pulled out immediately. I

27:13

think as founder, when you're in the midst

27:15

of a bull market and everything

27:18

is going great and you're core

27:20

US business is rocking. Things

27:22

are just piling on top of each other. Good

27:25

things I'm talking about. Piling on top of each

27:27

other. Everyone is telling you to do more.

27:29

because you've shown a massive track

27:31

record of operational excellence, you

27:33

kinda get this idea that

27:35

you could take on more than you should take

27:37

on. And we've always had

27:40

a nail it, then scale it mentality.

27:43

And Spain was a scale it, then

27:45

nail it strategy. What we really should have

27:47

done in Europe is we should own the UK.

27:49

We're now like I think twenty five percent market

27:51

share in UK and needs Now

27:53

that in the next two months will be in

27:55

low to mid thirties. We're gonna continue to grow

27:58

and kinda dominate dominate there. We should have become

27:59

the number one player. k. On the UK,

28:02

then expanded to our next country. You know, that's what

28:04

we did in the US as we continue to kind

28:06

of expand throughout states. We used to own a market

28:08

entirely own a market, kill everybody in there,

28:10

and then continue to expand. That

28:12

strategy put it out to be super fruitful

28:15

because we opened up New York for example

28:17

last a lot of people thought that, like, you

28:19

guys are way too late. There's so many players.

28:21

Right? We own seventy percent of the Anthony's market

28:23

in New York right now. That's not even close.

28:25

to the number two player, but they were the last player

28:27

to come in because we really part of

28:30

my life, we had our shit together in a very, very

28:32

deep way. That's the way we should have handled

28:34

Europe, right, in hindsight. Right? no one has a crystal

28:36

ball. Right? No one a year ago could have told you in

28:38

the midst of a bull market that we'd be going through

28:40

this kind of economic downturn and maybe it wouldn't

28:42

have mattered. If we continue to stay through a bull

28:44

market, and people continue to value

28:47

kind of growth over consolidated EBITDA.

28:50

Here we are. Have you known that it was

28:52

coming? What else would you have done differently?

28:54

Like, closing Spain straightaway would have been one.

28:56

Is there anything else that you would have done differently?

28:58

Probably wouldn't have test did as many

29:01

things as we've tested. Right? I mentioned pharmacy

29:03

to you. It's not even the money aspect of

29:05

the distraction factor for the team.

29:07

Not focusing on the things that matter most

29:09

and mentioned kitchens earlier, we probably

29:12

opened up too many kitchens too fast.

29:14

Like, right now, we're we're ready to open

29:16

up a lot more kitchens. because the business

29:18

is so well oiled. In general, we

29:20

were moving very very fast because

29:22

the market was rewarding

29:24

us for moving fast. because we continue to deliver

29:26

in a really big way. Here and I continue to

29:28

over deliver in the things that we do it.

29:31

And the market's like, you know, wires and we did

29:33

everything and our investors every we'd be doing

29:35

even more, right, who you're saying no so much.

29:37

What about Southeast Asia? What about Japan?

29:39

What about, you know, the rest of your we said

29:41

no so much of things, but in hindsight,

29:43

we probably should have said no even more. And just

29:45

really focused on the things that we're exceptional

29:48

at. Innovation is good, but innovation just

29:50

for the sake of innovation is not good. I mean,

29:52

innovate where it's important for the customer

29:54

and where the customer really wants. And it's

29:56

a funny thing. Right? You get rewarded as a byproduct.

29:59

My one question though, actually, when I look at it

30:01

is, is this time and, you know, listen, a

30:03

recession is always horrible. People lose

30:05

jobs. It's not a nice thing, obviously.

30:07

But is this time literally secretly

30:10

good for you. And what I mean by that, and I say

30:12

this is your friend. But if I analyze the last two

30:14

years, bluntly the competition, I don't think

30:16

served you well, think the likes of local

30:18

players in the UK made you go to the ten minute

30:20

delivery when or try and do the ten minute delivery when

30:23

it wasn't optimal. It obviously increased cats

30:25

for everyone. Do you at think

30:27

that this period will cause a lot of people

30:29

to not be in business anymore

30:31

and only the strong survive. Any

30:34

business across any industry. Let's not focus

30:36

on profitability is cooked. Instant needs

30:38

is no is no exception. As it

30:40

relates to instant needs, a lot

30:42

more people are gonna find it really hard to stay

30:44

in business, especially the people that are

30:46

today, which is a good majority and

30:48

are thinking that this is not so bad. Right? We're

30:51

gonna come out the other side of this really

30:53

stronger. This is gonna be over in a quarter or

30:55

two. And, Harry, my experience, I've seen

30:57

that paranoid founders are usually

30:59

the founders that win. the ultra paranoid,

31:01

right, that are prepared for anything, right, are usually

31:04

the ones that win. And that's how we're

31:06

church treating it. We're we're ready for

31:08

anything that the macro

31:10

throws at us, and we're building towards

31:13

a business that's completely self funded. Is

31:15

this an acquisition opportunity fee?

31:17

with many of these players really looking for access.

31:20

We've seen them looking for access. We're we're both

31:22

in the business. We've seen them shopping around

31:24

and they're brokers shopping around. Is this one where

31:26

you're like actually we have real opportunity

31:28

to buy something at a good price here that

31:30

wouldn't be around without us buying them.

31:32

You know, yes or no. It's such a massive

31:35

distraction to integrate a

31:37

shitty business. Some of these businesses

31:39

have a decent amount of customers, and

31:41

it just makes sense to to think about acquiring

31:43

them for the user base. which is

31:45

very different than in our business.

31:47

The logistical technological business,

31:50

the acquired business that doesn't have really good infrastructure,

31:52

doesn't have really good tech, You have to scrap

31:54

everything. You have to integrate your systems. You

31:56

go into their buildings. Their buildings are

31:59

their trash. Right? The distraction of

32:01

having to do this the juices not

32:04

worth a squeeze, not out of ten

32:06

times. But at one out of ten where you

32:08

had a really strong founder that really

32:10

focused on building the right kind of business

32:12

that's worth looking at. We saw that in DJ, we

32:14

saw that in Fancy, where not even necessarily

32:16

the businesses were very big or strong, but

32:18

the founders were so good and they

32:20

matched our values so well that it just made

32:22

sense to integrate. Not today. In today's

32:25

environment, we're being very, very picky,

32:27

right, and bringing on businesses that have

32:29

not set up that same correct

32:31

infrastructure that we want them to. And two,

32:33

frankly, like, we don't wanna inherit the

32:35

losses that this business has. and sometimes

32:38

those losses are massive. Very small

32:40

business from a revenue perspective with

32:42

very, very large losses. It's got to be

32:44

right is the long and short way

32:46

of answering that. Two to three years out,

32:48

what does the space look like?

32:51

I'm obviously biased. No.

32:55

I'm not III obviously have a bias.

32:57

The instant needs world

33:00

is very very complicated. And

33:02

I think all kind of a chip on our shoulder.

33:04

A lot of people say, this business can't be profitable

33:07

too decades ago. Web ban and Cosmo

33:09

couldn't make it. So today, two decades

33:11

later, all these players plus go

33:13

by who started this thing it remains

33:16

to be seen whether this could be an even

33:18

a profitable business. That puts a massive

33:20

chip on our shoulder on the Q and I. First of

33:22

all, because we built a profitable business bravo

33:24

for three years. And second of all, a near hundred

33:26

percent degree of confidence that we're gonna do it again in

33:29

the next eighteen months. We have a massive chip on our

33:31

shoulder. delivering that, proving to

33:33

everyone that this is not just an amazing

33:35

consumer business, not just something that consumers

33:37

really love, but a very profitable business.

33:39

and sustainable business. To answer your question,

33:41

folks that are thinking that way, we'll be here to

33:43

stay on top of all of that. We're gonna continue

33:46

to be the number one global player, but

33:48

anyone else that positions themselves

33:50

to build really strong economics and

33:53

profitability will have a right to compete

33:55

in this space. final one for a quick fire.

33:57

If you wouldn't choose one competitor that

33:59

that you most admire, who would it be

34:01

since day one when we launched Gopher.

34:03

We have a look, almost and odd, Amazon.

34:06

I'm talking about not in the instant need space,

34:08

but from a global e commerce perspective,

34:11

everything that we saw from Amazon

34:13

and Bezos why we hired so many people from Amazon.

34:15

It's because we have an immense amount of respect

34:17

for what they built. Right? Specifically in

34:19

the US, getting into any industry

34:21

they see fit. And then for many

34:23

of the years, dominating in that industry

34:26

was something that we drew a lot of inspiration

34:28

from. not even in our industry. I think it's

34:30

probably the most complicated and

34:33

amazing business in the world. Right? And I think

34:35

what they built from logistical perspective

34:38

and then expanding to new business units.

34:40

Right? Whether it's a BA or AWS.

34:43

is something that we take a lot of inspiration

34:45

from. As we launch our new businesses, right,

34:47

whether it's Gopa Bads or some of the

34:49

new businesses that we have brewing, they're launching in

34:51

next two quarters. So If you were to place a bet

34:53

on new business growth for your new business

34:56

lines, it could be ads, it could be kitchens,

34:58

it could be any of the others. What in the next

35:00

two to three years do you think will be the biggest from where

35:02

it is today. I have one that I can't mention that I

35:04

think will be the biggest because we haven't launched it

35:06

yet. I think that business one day can

35:08

be as large as our retail business or as large as

35:10

Go Bub as it exists today. Right? The Go Bub app. think

35:13

we're talking about existing business units that exist

35:15

today. I think our ads business has done

35:17

tremendously well and

35:19

has grown over the last couple of quarters.

35:21

Personally, the kitchen's business is my favorite

35:24

business. I order our cauliflower pizza every

35:26

day. My wife thinks I'm insane, but

35:28

I enjoy it, and I really do think

35:30

that we built an amazing consumer

35:32

product. What I love about the kitchen's business

35:35

even more is that on the stand alone,

35:37

the kitchen's business doesn't make sense. So we

35:39

just launched kind of go up kitchens

35:41

as a stand alone business without

35:43

core go up. Right? All of our general merchandise,

35:46

alcohol, everything else is a byproduct. You

35:48

just don't have in a basket size

35:50

to deliver a profitable business.

35:52

But goboof kitchens married with the core

35:54

goboof assortment together, it really

35:56

is something special that you're seeing in

35:58

markets where we have go of kitchens

36:01

attachment rates of twenty percent. So

36:03

twenty percent of consolidated orders

36:06

adding a kitchen item in there. So I think

36:08

that business shows a lot of promise

36:10

and a lot of growth in something that consumers

36:12

obviously really love. I'm gonna continue

36:14

to place a really massive bet on that business even

36:16

though is capital intensive. Right? You have to physically

36:19

build and open up kitchens. But the

36:21

ROI on those kitchens is becoming

36:23

better and better as we're we're continuing

36:25

to refine this assortment and the quality.

36:27

And then two, it's very rare that you introduce

36:30

a category that improves retention,

36:32

improves frequency, and improves basket. Alcohol

36:35

was one of those categories. The go up of the

36:37

Kitchen's business is another one of those categories.

36:39

It improves all it moves all three KPIs

36:41

in the right direction. One one invests have

36:44

you disagreed with the board on making? And

36:46

it doesn't mean there's like a board disagreement, but like,

36:48

you know, board members have I think we should focus on

36:50

ads. I think we should focus on kits I think it's your first

36:52

home. As I've been one way you've disagreed. Midpoint

36:56

last year, there was a lot of conversation.

36:58

That's just with our board, but investors on how

37:00

fast we should be moving in Europe. and a

37:02

lot of folks were really pushing us

37:04

to expand to Germany, faster, expand

37:07

to other areas in Europe faster, and

37:09

I'm really glad that we didn't. wasn't

37:11

very much a disaster. More of a conversation than

37:13

anything else. I'm like, how fast should we

37:15

be moving in Europe? And how many countries can

37:17

we open up? Because, like, yeah, it's funnier. Right?

37:20

You do well. and you start producing results.

37:22

The word is, like, you know, just replicating that.

37:24

Right? You could get some pattern recognition. Just keep

37:26

replicating what you've been doing. But it's not

37:29

always that simple. Right? Just kinda

37:31

continue to layer. Again, it doesn't

37:33

match our core cut tonnage of nail

37:35

it and scale it. So I think that's probably

37:38

been the

37:38

only one in the last year

37:40

We've had conversations about how fast we should

37:42

be moving in Europe, how much we're expanding. Obviously,

37:45

today, everyone's looking back and saying, good

37:47

that we did it. Again,

37:48

in hindsight, probably should have been

37:50

had a little a little bit more focus if we

37:52

knew this was gonna happen on the bull market basis.

37:54

Ralph, I could talk to you all day as you know. We

37:56

really should do this with every question

37:59

I ask you have to do a Don Julio

38:01

forty two. In every question I answer,

38:03

I can't do that. Oh, yeah. This will

38:05

be a much more open interview. Your

38:07

team are gonna be going holiday. Oh,

38:10

man. I I think fifteen minutes, and we're gonna

38:12

have a hard time talking to one another. There's I'm gonna

38:14

do a quick fire round, which means your screwed if we

38:16

do it to kill a shot. So I say a short statement,

38:18

you give me your immediate thoughts. What gets harder

38:21

and what gets easier with scale? What

38:23

gets harder managing people

38:25

in culture. You have to be even more transparent

38:28

and you have to spend and have been bigger

38:30

time with your team to make sure that everyone

38:32

has the same vision and understanding where you're

38:34

going through. It's easier. Right? It's a

38:36

different kind of hard work. You and

38:38

I still spend a day in the week inside of

38:40

the MFC every single week. who travel to

38:42

a new MFC and visit it. So I think it's

38:45

a core and important part of who we are,

38:47

but the physical labor gets easier

38:49

to mental labor gets a lot harder. Tell

38:51

me, what do you know now that you wish you'd known at

38:53

the start of Goprof? Hire Mueller faster.

38:55

And Mueller doesn't mean a person

38:57

that comes from pedigree of a background,

39:00

but a person that has deep subject matter

39:02

expertise in a given topic.

39:04

So all the advancements that we

39:06

made on the routing side for his but we hired

39:09

we're out and started to have our expertise seven

39:11

years ago instead of five years ago or four years

39:13

ago, we would probably be even more advanced today.

39:16

So given the state we were in our first three

39:18

years of being bootstrapped, we had to be very,

39:20

very careful on the talent we

39:22

bring onboard because of how much it costs. if

39:24

we hired some of that talent earlier, especially

39:27

on the engineering and product side, we would have

39:29

been even further I mean, like, we're the furthest

39:31

ahead of any incident you'd player by

39:33

a mask of margin, but that margin

39:35

would be even wider. They were able to hire

39:37

even earlier. Peninsula one. Who's your closest

39:40

mentor on what he learned from them? So, you know,

39:42

Karen, I've been really, really fortunate.

39:44

You know, we're cognizant of the fact that we're twenty nine.

39:46

And the way that we've gone into the place

39:49

where we got into is by surrounding our owned by

39:51

the best people. I'm gonna mention someone because you

39:53

spoke to them, which is a meal. Meal Michael

39:55

has been close friend and an adviser

39:58

to Jared and I for five years,

40:00

six years now, and he's probably

40:02

the best dealmaker in the world. I firmly

40:04

believe that. He's been nothing besides being

40:06

an ally and a closer Vyze or in everything.

40:09

He's been an amazing friend. He's been he's

40:11

been really, really awesome. Final one for you,

40:13

my friend. Where is Gopuff in five years

40:15

time? Very simple. In the US,

40:17

we are a dumb disputed leader and

40:19

instead needs, hey, we cover a third of the

40:21

US. Hopefully, that number is much higher

40:23

in five years. and we've broken

40:26

into and becoming the dominant player

40:28

in a lot more categories. Again, I never

40:30

thought that the in authority and the baby

40:32

and pet category. I think I'm gonna be

40:34

saying in five years, a lot more categories

40:37

than ever thought that I'd be an authority in,

40:39

but we're an authority in, on a global scale.

40:41

we're continuing to dominate expansion.

40:44

But I think this time around, we're gonna own

40:46

a market entirely and open

40:48

up other markets that we're gonna own entirely

40:50

before expanding to new markets. don't know how

40:52

many markets that includes, but we're excited

40:54

to see. Graph, I could challenge you all day. Nice

40:56

and third time lucky that comes tequila.

40:58

But thank you so much this has been fantastic.

41:01

Here you're an investment.

41:04

I

41:04

just love doing the twenty VC memo

41:06

episodes. Let me know what you think of the memo

41:08

so it's on Twitter at harrystepings. Likewise,

41:11

you can see more from us behind the scenes on

41:13

twenty b c dot com. But before we

41:15

leave each day, but we will hope we never

41:17

need life insurance. But for me, nothing

41:19

is more important than my family and knowing

41:21

they will be protected and looked after. If you

41:23

follow my Twitter, you know how close I am to my

41:26

mother, and mortgage payments and other expenses,

41:28

they don't disappear when you're gone. And

41:30

life insurance just get as more expensive as

41:32

you age, and so now is always the best

41:35

time to buy. Policy genius was

41:37

built to modernize the life insurance industry.

41:39

Their technology makes it easy to compare

41:41

life insurance quotes. from top companies

41:43

like AIG and Prudential in just

41:46

a few clicks to find your lowest price.

41:48

And with Policygenius, you can find life

41:50

insurance policies as start at just seventeen

41:52

dollars per month for five hundred thousand

41:54

dollars of coverage, and Policygenius has

41:57

licensed agents who can help you find options

41:59

that for coverage in as little as a week

42:01

and avoid unnecessary medical exams.

42:04

They're not incentivized to recommend one insurer

42:06

over another, so you can really trust that

42:08

guidance, plus there are no added

42:10

fees. Head over to policy genius

42:12

dot com to get your free life insurance

42:15

quotes and see how much you could save. That's

42:17

policy genius dot com. And speaking

42:19

of game changing tools like Policygenius

42:22

there, Gainsight is the world's leading platform

42:24

for helping companies of all sizes and

42:26

industries drive durable growth through

42:29

customer, product, and community led

42:31

strategies. And did you know that Gainsight

42:33

launched a new offering gainside essentials

42:35

in early March this year. Essentials makes

42:38

it easy and more affordable for companies

42:40

at any stage to reduce churn,

42:42

drive more expansion, and cross sell dollars

42:44

and improve usage and adoption. And best

42:46

of all, essential starts at just twenty

42:48

thousand dollars per year, and you can be in

42:50

as little as two weeks. In fact, Essentials

42:53

has been leveraged by companies like Callon Lee,

42:55

Chewy, Dialpad, and nearly hundred

42:57

others since its launch in March. Now

42:59

you can start and scale with Gainsight.

43:01

Go to a sam chills dot gainsight dot

43:03

com to learn more and mention twenty

43:06

v c for special pricing when you

43:08

schedule a demo or sign up. tell them I

43:10

sent you and get that durable growth engine

43:12

going. As always, I so appreciate all your support.

43:14

And on Friday, we have the wonderful Michael

43:17

Mabusa, one of my favorite writer's

43:19

economic thinkers on the show. He

43:21

is fantastic, stay tuned, incredible

43:23

episode to come.