0:00

Okay,

0:00

no Molly today. It's day nine

0:02

of her being the co-host and she's

0:04

out sick. Oh my God. She might have, she

0:06

might have to run. Let's hope to but she's doing. So

0:09

I'm going just a quick solo news and then

0:11

I just talked with Zach Coleus

0:13

and do a scan.

0:28

This. Weeks Startups is brought to you

0:30

by Data, AI to

0:32

allows companies to leverage one

0:34

central solution to design, deploy

0:37

and manage AI and analytic

0:39

applications visit data ai

0:41

to to. Lenore, Lemon

0:43

Io need to speed up your productive

0:46

element without draining your budget I

0:48

Ivette at engineers from Europe Lemon,

0:51

Io to Lemon Dot io

0:53

Slash Twist to get. fifteen percent

0:55

off for the first, for week and

0:59

five business is a modern workplace

1:01

for the digital world that team

1:03

of dedicated business success managers

1:05

help dot you with. Best, freelancers

1:08

for your team right now you

1:10

can sign up for five business free

1:12

for the first year and save ten percent

1:14

on your purchase with promo code jason

1:17

that f i v e r dot

1:20

com slash business and use promo

1:22

code jason

1:24

Or it everybody or before we get to

1:26

our ask an angel with that Coleus,

1:28

there was a story that I. Saw across

1:30

my news feed and ear I thought this

1:32

was particularly important and had some to say

1:35

about it and. There's the big

1:37

headline over a million fewer students

1:39

enrolled in college this fall, this

1:41

is in the United States. Compared to

1:43

pre pandemic levels in other

1:45

words, two years ago twenty nineteen I would assume. That

1:48

represents the lowest enrollment numbers in

1:50

fifty years and nonprofit called

1:52

the National Students Clearing House will be sustained

1:55

a Thursday morning, and NPR

1:57

reported on the metrics in the fall of two thousand and

1:59

eighteen there. fifteen point: Four

2:01

million new enrollees and two

2:03

years later in the fall of twenty one. The

2:06

only fourteen point four million since two thousand

2:08

eighteen total undergrad Roman

2:10

has dropped six point, six

2:12

percent undergrad Roman. The

2:14

ready on slight decline is twenty twelve,

2:17

but. The pandemic has accelerated

2:19

this now, I don't know. That had to

2:21

do with the number of young people there are in

2:23

the country who knows if there are other

2:25

demographics they are or the fact

2:27

that we didn't let a lot of people into the country, those

2:29

are two factors that natural were dressed

2:31

in the study. "We have lot less

2:34

immigration and the country trump was anti immigration

2:36

and it's as seem like Biden is

2:39

continuing be less immigration

2:41

or. Great up anti immigration,

2:43

which is big mistake we should be letting. "The

2:46

people into the country when we have over

2:48

certain number of jobs available and we obviously

2:51

want the smartest people in the world to come here" Though

2:53

my feeling on immigration and media. Very

2:56

clear on this program over and over again, anybody

2:58

who's got to some degree who comes to college here,

3:01

she got ten year green card

3:03

with path to citizenship, anybody who

3:05

has some degree or it into band science

3:08

technology. The engineering math.

3:10

For his entrepreneurial starting

3:12

company, we want those people in this country, not

3:14

other countries, we should be looking at them

3:16

as draft prospect like any and be and

3:19

we should be trying to get all of those

3:21

their prospects here now back to the college

3:23

that. Many college were initially hit hard

3:25

with five hundred thousand student decrease in

3:28

the fall of play, nineteen to the fall of Twenty Twenty.

3:30

That represented ten percent decrease in Iraq

3:33

in enrollment me to college enrollment is

3:35

that thirty percent since the fall of and

3:37

he may decrease staggering man. Yeah,

3:39

I let me to colleges don't think are the most

3:41

flush with cash or ready. Thou

3:44

at the pandemic has gone on longer students seeking

3:46

for you degrees of stopped in Raleigh, passer the

3:48

know seeking to year associate's

3:50

degrees, said that an interesting rub here.

3:53

That means to seeking higher level degrees are now

3:55

opting out at a higher rate than those with

3:57

sushi, the Greek town of U.S. said that.

4:00

Fascinating why with that the happening?

4:02

Do people see less value in four year degree,

4:04

two the people get the two year associate degrees, are they Hungrier?

4:07

Very interesting, or maybe people are looking at the

4:09

amount of debt and saying me back, you just get by with two

4:12

year degree and be considered college

4:14

graduate, right that's another possibility. The

4:16

in the workforce today. The

4:18

stigma of not having college degree is much

4:20

less than when I graduated in nineteen ninety

4:23

three are supposed to graduate ninety two, but was

4:25

a couple credit shy.

4:26

Give me four and half to go to

4:28

school at night while working two or three jobs.

4:30

So I was supposed

4:33

to in 92 and your

4:35

college degree did matter and whose name is

4:37

on your college degree actually a

4:39

deciding factor on much you would get paid. and

4:42

which, ah, job you we get so. Literally

4:45

an ivy League degree afford him degree city

4:47

college degree. There was probably

4:49

ten thousand dollars, twenty thousand dollars,

4:51

in salary difference based on your degree. So

4:54

the NPR article quotes why

4:57

young people might be skipping college

4:59

or at this point and wages at the bottom of

5:01

the economy having. The dramatically. Making

5:04

minimum wage jobs especially appealing to young

5:06

people as an alternative to college, let

5:08

that sink in, we've been sitting there saying

5:11

oh, my God, the minimum wage minimum wage. Wow,

5:13

where do we stop letting people immigrate into

5:15

the country? Then we had less people

5:18

fighting it out for minimum wage jobs and

5:20

as the economy boomed and people embraced

5:22

services like door dash or breeds,

5:25

you had all of these gig economy jobs half

5:27

and the gig economy put pressure on.

5:30

The fast food. The factory

5:32

jobs. The Amazon warehouse jobs

5:34

everybody in dark side. Which mean now?

5:38

What you to be seven to twelve dollars is fifteen

5:40

to thirty five dollars. I could see

5:42

people saying could go into debt.

5:45

Or I can make thirty an hour away. It's

5:47

a easy Choice there. If you can make 20 30 bucks an

5:49

hour or go into debt, that's very

5:51

interesting Observation from NPR

5:53

December. For example, jobs for non

5:56

managers working in Leisure and Hospitality The

5:58

15% more than a year ago. According to the Bureau

6:01

of Labor Statistics and the statistics I have.

6:03

The heat from gig economy and

6:05

factory jobs as a even much

6:08

higher than fifty percent increase. The

6:10

back of the envelope matthew with me. We

6:13

love the did the boat e o't

6:15

t back of the a lot man if you want to be good

6:17

business. The able to do to suffer the back the

6:19

envelope. The average pay one for fourteen, sixty

6:21

six to seventeen dollars an hour over the last

6:23

year. That me the average non

6:26

manager or cafe employee

6:28

when for making twenty dollars more day. The

6:30

seventy two hundred thirty sec. They're

6:33

making almost two hundred more per paycheck. I'm

6:35

lab and seventy two to thirteen sixty. Then

6:37

you could actually do that over the entire year

6:40

twenty dollars more day if you work two

6:42

hundred fifty days. Year, the idea

6:44

is five thousand more year it,

6:47

it adds up quick. Then we're just being

6:49

dollar more day working two hundred fifty.

6:51

Days, that would be 250, $10,

6:54

more dollars,

6:59

more a year. That's lot of Coachella or

7:01

lot of crypto if he is A

7:04

quote from the national student Clearinghouse head

7:06

of research, Doug Shapiro. It's

7:09

very tempting for high school graduates, but the

7:11

fear is that they are training pain for long-term

7:13

loss and the longer they

7:15

stay away from college, you know, life starts

7:17

to happen a becomes harder. And harder to start

7:19

thinking about yourself, going back into the classroom

7:22

So this, so I don't know

7:24

what the national student

7:26

Clearinghouse houses Had a research spices,

7:30

or what does personal

7:32

biases here at the head of research, but

7:34

I would assume that he is in

7:37

some way in favor of higher education.

7:39

So who

7:42

knows what his motivation is observation.

7:45

If you don't

7:46

go to and you start operating the real

7:48

world and doing and

7:49

the need to go back to college everything

7:58

for a long time. The

8:00

college was less than.

8:03

The total debt for college was less than.

8:06

The amount of money you make year one getting

8:08

out of school, so if you get out of college and me forty or

8:10

fifty k. Your total that was

8:12

under that number I could see it being worthwhile.

8:15

Still, you have to, they get the right because you gotta pay that

8:17

money back. So if your first job college

8:20

was forty thousand and you're forty thousand in debt.

8:22

And then you, you went up five percent a year.

8:25

You're going to doubt your salary. In about

8:28

five divided into seventy two.

8:30

It you the rule of seventy two of your let's you

8:32

say your growing your salary at seven point, two percent

8:35

just to make it easy. Your growing your salary,

8:37

seven point, two percent a year.

8:39

And ten years you would double that forty case alley bit

8:41

eighty Kendra eighty k be taken I'm

8:43

sixty and change. Hang

8:45

back before decade, not so difficult right",

8:48

he said, paying back. Yeah, six thousand

8:50

a year. While balcony are

8:52

you going to be done without loan pretty quick right now? With.

8:55

Probably accelerate change accessible very low

8:59

central, for positive change with as

9:01

huge system that value is hard

9:04

I driven growth is about organizational

9:06

transformation, not just technology

9:08

and many. Businesses struggle with bringing

9:10

a I initiatives to fruition and that

9:12

to data core comes in data to

9:15

is the platform for every data system

9:17

using the use. Of data for exceptional business

9:19

results at its core data to

9:22

allows companies to leverage one central solution

9:24

for design, deploy and manage and

9:27

analytic applications and it's

9:29

accessible for. Everyone whether

9:31

technical for on the business data

9:34

to also facilitate using pre well components

9:37

and automation wherever possible, my

9:39

work processes as well as consistent

9:41

management in governance across teams

9:44

and projects create transparent repeatable

9:46

and scalable a i and analytic program

9:49

business data to learn more

9:52

that the a teams i a

9:54

huge comes Learn more.

9:57

There's another option. If you're

9:59

going to go one hundred. Today. Right the just

10:01

because that seems to be what lot of can, these

10:04

are looking at one hundred thousand dollars in debt. The

10:06

needed degree which let's face it is.

10:09

Not very practical in

10:11

terms of what you gotta use in the real world when

10:13

compared to trade schools well.

10:16

How about you stay home free, you're and save up twenty five

10:18

thousand dollars right so you work

10:20

for these ubers and door dishes or whatever?

10:22

And you save up twenty five because you have to spend some

10:24

money to exist, you put a twenty five thousand

10:26

dollar deposit town studio apartment.

10:29

The unique the lamp, the tampa. Those are City

10:31

is where I think you could put it on five thousand dollar

10:33

deposit on a hundred fifty K

10:35

studio apartment, I'm not saying this is a three

10:37

bedroom that going to raise your kids and. Or

10:40

small house at Yale, and in that same price

10:42

range might even find one bedroom, I say, go for

10:44

the studio this tiny, tiny tiny. Then

10:47

you don't have high overhead. There

10:49

are you have, like, let's say three thousand a month

10:52

into living expenses for the next twenty five

10:54

months to two years. Stay

10:57

home. Project management learn

10:59

growth learned developer skills get

11:01

on M. I. T. Opencourseware, get

11:03

on coursera, all of this stuff is online,

11:06

and then just to your door dash for twenty hours week, make

11:08

your five hundred bucks week two thousand month. That

11:10

leaves you with one thousand dollars. The

11:13

left. The play the stock market

11:15

by crypto and just screw around

11:17

learning finance.

11:19

Maybe you go on republic, you go on seed

11:22

and vest you start making two hundred fifty dollar

11:24

hundred dollar, five hundred dollar bets now you're

11:26

two years into this.

11:29

And you've got some actual skills that start

11:31

ups need, whether it be a developer project

11:33

manager growth any of those things, even

11:35

cells like enterprise cells. But

11:38

I would go with project management, you ask

11:40

you, gross developer skills those

11:42

are in demand high paying. paying

11:45

mean. Fifty sixty seventy eighty

11:47

k. Entry level air,

11:49

you know, that's what people would get in one of

11:51

those cities or work from home if you are. reasonably

11:54

good", added: "A, you have to be an expert that I'm talking entry

11:56

level. Fifty to eighty K will

11:58

be the entry level for a price. Manager, growth

12:01

manager developer or even sales

12:03

executive with their fault. The

12:06

now. The two years and he got

12:08

real skills.

12:09

Then go to a start up accelerator, go to text

12:11

stars, go to lunch, excel, go to why comedy, whatever the local

12:13

one is. They live at, I have the skill.

12:17

taught myself. Her sit in

12:19

on your accelerator. See

12:21

if there's a start up your that wants third cofounder

12:23

who has scale that they will not need to pay for

12:26

where they can pay very low for little for. And

12:28

now have Sunday get picked up as the

12:30

project manager. Just watched

12:33

the twenty start ups you pick when you have Bastard

12:35

picked the three.

12:36

You go to the founder, say, "Hey, can I work for you, I'll work

12:38

for free, I'll work for minimum wage, I'll work for

12:40

a thousand dollar month for remember your

12:42

expenses are very low and you got the doordash job

12:44

twenty hours week. Basically,

12:47

your weekend the still a work week and her work

12:49

today's week.

12:50

A or maybe you drop that down to ten hours a week,

12:52

right because you got such low overhead.

12:54

The done for people who have three kids as if people

12:57

are dead already, I'm just talking about people who

12:59

are graduating from high school and I have a

13:01

clean slate. There

13:03

you've learned whole bunch of skills. Got

13:06

decent salary, maybe it's bar salary of the

13:08

sort of gets funded, you got equity, and that sort of you might

13:10

have even found level equity which could be

13:12

in the double digits, ten percent or higher. And

13:15

you got your own to heal, partner. It may

13:17

have some Ethan some f T's you got some

13:19

equity and start ups that you've placed bets I

13:21

may be one of those will work. That

13:24

bonus, maybe a few years, he

13:26

put the apartment to make little bit of money. Now.

13:29

Why would people matic this path free pandemic?

13:32

While because it seems crazy and risk taking.

13:35

That. Yeah.

13:38

Then you were learning from home in the pandemic.

13:41

And you couldn't come to the campus. Basically

13:44

unbundled college experience

13:46

than the learn. I think what's

13:48

happening this is my interpretation, my

13:51

opinion. think young people.

13:54

Have had. The awakening

13:56

from the matrix. They were in the college

13:58

matrix. They

14:01

didn't realize, and then they took the pill. They

14:04

got rebelled and then they woke up and realized,

14:07

wait a second, what exactly am I paying for here?

14:09

Good I'm doing this all my learning, and it's both

14:11

as. And I'm not getting

14:14

anything out of it. And it's a boring

14:16

topic. I'm teacher is okay,

14:18

but. I thought a better teacher online

14:20

because. Mit from other courses

14:23

online I'm taking micro economics course. That

14:26

unbelievable. And

14:28

there's no difference when you're doing distance

14:30

learning of watching the mit course. The

14:33

coursera force where the linda course.

14:36

Or you know, or whatever other courses out there's know difference

14:38

between those free courses or cost or free

14:40

courses. And. Watching

14:43

your own teacher. That you're going

14:45

to some meet your college or even lower

14:47

your college are the chances that professor

14:50

is as good as the I'm eighty one. Like

14:53

to be generous, but I would say one and one hundred, one in

14:55

fifty. The about? My

14:57

problem. And

14:59

that's what's happening here. Finally,

15:02

after the millennial generation

15:04

got themselves horribly into debt. Then

15:09

can the? The now onto the next

15:11

connected generation they realized, wait

15:14

a second. This is learning proved it to

15:16

them. The bit of scam and it's not

15:18

worth it again. If your

15:20

parents are rich and you're not paying for

15:22

it short and your the college experience. And

15:25

you could have four year luxuries vacation

15:27

with low expectations and party and.

15:30

The to beat lot of fun people, but the reality

15:32

is if you're trying to make career. Higher

15:34

education at one hundred thousand dollars in debt

15:36

makes no sense.

15:37

Can't

15:40

afford he came that I think graduated with twelve

15:42

game that appeared are often two years discuss didn't

15:44

want to fill out the little vouchers was so boring

15:47

and connections. Gimme a break. Called

15:49

connections you're meeting bunch of our other. Kids

15:52

like yourself. That are an import connections,

15:54

your the connections with people just ahead of you. That's

15:57

my thing. Go to college with budget

15:59

looking. With and. The average people,

16:01

Jen pathetic and Paul. Go

16:04

to the accelerator. There

16:06

there are the people who are just ahead of you and like.

16:09

Two, three, four, five year head of year. That

16:11

self selected because they want to be entrepreneurs,

16:13

they want to change the world.

16:15

Go a run with people who run faster than you,

16:17

you'll be better runner. You go to

16:19

a bunch of people jogging and speed walking,

16:22

it had like the average college. A

16:24

slow you down. The wanted you want to go

16:26

with those you want, a network of the people. slightly

16:29

ahead of you, the people in graduate school. Or

16:31

start ups those people if they're

16:33

an M. B. graduate school, maybe but you really want to

16:35

start founders, the people who are. I cut

16:37

throat okay, listen, that's just my opinion

16:40

if disagree with it, you know where am Twitter

16:42

dot.com com slash Jason instagram dot. com slash Jason

16:44

read mentioned me and we'll have it out on

16:46

Twitter. That my belief. And

16:49

if college wants to change this? There's

16:52

a very simple solution. You

16:54

should. The people to college for free

16:56

and let them pay you back on an eye as

16:58

and income sharing green. If your college

17:00

is so great. Then you

17:02

should pay for college used to take the rest. Then

17:05

get paid double with, and I said that's

17:07

my belief, you know, sorry. A

17:10

again it if you've got rich parents are you on scholarship

17:12

rate and that's what I think should happen, think all

17:14

these. Colleges with a huge endowments

17:17

she go to free and it should be merit based: I think

17:19

all stem degrees in this country should

17:21

be free if you graduate and go

17:23

get a job or they could be on Isis and

17:25

you just, you know, if you pay your first. Twenty

17:28

five thousand dollars in taxes.

17:30

When you hit twenty five thousand dollars in federal taxes,

17:32

your loan is forgiven, how about that as a concept?

17:34

That may make their money back for the government

17:36

makes back. One point, been so you ever twenty

17:39

thousand dollar loan? Second, you pay three

17:41

thousand dollars in taxes, the garments as. Lampard.

17:44

Then you did good enough pain three thousand dollars in

17:46

federal taxes at it. Let go to

17:49

buy all ask an angel with my

17:51

house, Zach ponies.

17:55

When you're growing your sort of as hiring engineers

17:58

can slow you down like nothing. Well.

18:00

Here's the good news lemon I

18:02

have to find you a perfect candidate, insist

18:04

forty eight hours what lemon that

18:06

I owe us of they are a marketplace

18:09

of engineers from Europe. Levin

18:11

Dial is great solution and lot

18:13

of different scenarios, maybe you're technical cofounder

18:16

and you need to delegates I'm tasked with, Jose, listen,

18:18

you're underwater, you're behind schedule. For

18:20

you have project and he's very specific knowledge

18:23

in you don't have that someone you seem right now and you don't want

18:25

to wait for your growing rapidly

18:27

and. You need to add developers quickly and

18:30

let's face it is dogfight out there to get developers,

18:32

and here's way to get one on very

18:34

specific match you with A. Candidate within

18:36

forty eight hours and if it doesn't work out

18:38

the replace the developer right away, they

18:41

test and interview every developer to

18:43

eliminate of risk as cell saga

18:45

so. Here's call to action if

18:47

you could use full time, fourth and developer

18:49

to run your projects passer Buddha Lemon

18:51

Dot IO's last with at eleven

18:54

dot files slash. Press and

18:56

you receive sixteen percent discount for the first

18:58

four weeks of work with any developer CS

19:01

you go to Lemon Dodge Iowa Slash

19:04

ever, be welcome to our We

19:06

ask an angel segment of this is where.

19:09

Hi Jason Calacanis. That's your number

19:11

three hundred companies and my good friend

19:13

and dare I say that the sack coleus

19:15

my brother in Ah micron, we both

19:17

thought on a con at particular of

19:19

super spreader of add that we shall remain nameless.

19:22

weird for people's questions candidly and

19:25

that's the key or this is why Zach is such

19:27

great. The advocate for start ups

19:29

and is so loved in

19:31

the entrepreneurial and investing community

19:33

because he can't. That

19:36

welcome back to ask an age of. Beer,

19:38

I miss you brother much, miss you too,

19:40

but now that we're both on the Crown Brothers

19:43

know we can go anywhere we like

19:45

we go to her title and go snowboarding

19:48

or skiing we can go to Miami.

19:50

And get human sandwiches, we can do

19:52

what we want, what go what we

19:55

are free, ready to go. The

19:57

bike was on. Without to

19:59

drop. got the vaccine and they told me am betting

20:02

doesn't work for the. por cada

20:04

words he keeps you from dying or to catch it we

20:06

didn't either "We did not die and

20:08

it went pretty easy to think the vaccine did a great

20:11

I'm happy high as lot of people here

20:13

I'd give big fat wet kiss off

20:16

big hug I will be two of us could have

20:18

those. Those great am are in

20:20

a folks is literally I'm

20:22

across. Why the kate war

20:24

Zach railey the one of ten on flu

20:26

scale? I read a to have ten

20:28

it was so easy to get through because

20:31

we were both boosted, I believe that is

20:33

there. That is my belief. Then

20:35

we are homey crimes or life.

20:39

Let's get to is at you and I always like to get to

20:41

it, um, this is from Tim Ryan

20:43

on Twitter. Everyone has

20:45

their definition of an outlier based on your experience

20:47

and level of success with big returns,

20:49

what constitutes an outlier. The

20:52

your point of view. Five hundred down thousand

20:54

and please break down your definition

20:56

of a single double triple and home run. Very

20:59

good question, it this point in our careers.

21:03

How do we look at? hitting home

21:05

run. The civically for yourself

21:07

that.

21:09

Yeah, I think in the early season best

21:11

singers who. Then.

21:13

Variables One is a

21:15

multiple or outcome, so right?

21:18

Your, your, your yours. Euro

21:20

burn. Numbers weren't

21:22

class who fight hitting the ball out

21:24

of the park times a thousand you

21:26

and for beautiful strike on that ball

21:28

and it just sale I get bf

21:30

the park it left in universe it

21:33

was a beautiful, beautiful still sounds

21:36

unbelievable. and then ago Then

21:38

obviously I'm ownership. That

21:40

you would own ten percent of Woburn. Then.

21:43

I mean. Then. You

21:46

just take you think mister Bill Girl in just

21:48

trade see them and he just

21:50

take all that money and put that my email

21:52

outlaw make me Bill Girl so.

21:55

nice it would have been a would have been whole

21:57

different ball okay so that's one There.

22:00

Oh, I'm but also like you

22:02

know, I look at some of my best companies they're not

22:05

and thousand Nexus but own.

22:07

Ten percent of a five hundred million dollar business,

22:10

it's growing three hundred percent year.

22:12

Him. That pretty good, pretty amazing.

22:15

I'm that only a needle matters,

22:17

this is key key, important

22:20

concept. So

22:22

I am.

22:23

I think for any angel investor really comes

22:25

down to your portfolio construction.

22:27

And really understanding the end of a day

22:29

how much high quality deal for you have coming

22:31

in. I'm and how do you maximize

22:34

your ownership in those high quality deals,

22:37

but at the same time it as much diversification

22:39

as possible because? One

22:41

ten thousand and X or can totally changed the game

22:43

for the rest of our polio and so you've got both

22:46

through a balancing act between how are

22:49

you and how broader you and I usually comes

22:51

under your judgment and said tricky.

22:53

This is a key point that I was going

22:55

to double click on with you and to just rephrase

22:58

it and reflected back to that. What

23:00

you're saying is. You need to have

23:02

a nerf portfolio companies that you.

23:05

qualify to have an outlier and

23:07

we've talked about this before some people say the number

23:09

is twenty or the people say the numbers fifty,

23:12

you and I both agree the numbers between those two" In

23:15

all likelihood, if you're fishing in there, pods

23:17

if you're investing in Ventura back above companies

23:19

that are in the right sectors, whether it's ass

23:21

or marketplace and ten. For consumers.

23:24

The options, whatever it is. This is a

23:26

t important concept you must be diversified

23:29

and you must be concentrated. And

23:31

he seemed like disparate ideas, but when, in fact,

23:34

You can build. Ownership

23:36

in the winners now, this is something I want a double

23:38

click on with you that. That.

23:41

You. When you identify winner, you try to

23:43

increase your sizing so

23:45

take us through, you talked about a five hundred

23:47

million dollar company, the have ten percent position in

23:49

how did you? Get you that ten position did you bite

23:51

in the first time you invested, did

23:53

your have around? Yeah, so. Both

23:57

him acting, so I think. My

23:59

niche. Check into that company was.

24:02

I syndicated it and put

24:05

in eight hundred km and at

24:07

fifteen three and

24:10

saw it five. Good good

24:12

amount of ownership right other the gate, I'm happy

24:14

with that by itself that would have been awesome.

24:17

Then a year later, the company

24:19

went through fun raise and struggle.

24:21

The and was at good revenue, but

24:23

had some tricky to been slow problems if people

24:25

are still trying to figure out men. The

24:28

the raised wasn't working and they were in position

24:31

where they needed more capita. That's. Where I'd

24:33

sort of had gotten chance to know, the founder

24:35

of the year has been lot of time working with

24:37

them on the business and working with them

24:39

on. Old moving pieces and felt really

24:42

comfortable with where they were, and it was able

24:44

to back up the truck and put in another one

24:46

point five at the same price so.

24:49

The millionaire migration. yummy

24:52

And big man. The

24:54

little posse of her second. The company

24:57

had not figured it out.

24:59

And sometimes his habits, a founder, runs

25:01

out of money or they're running low on money.

25:04

They haven't figured

25:06

out. The made progress. Because

25:09

of your if I. Reflecting

25:11

back to correctly, let me know. Because you

25:13

knew the founder, I trusted the founder you trusted.

25:16

Their assessment of the situation, you agree

25:19

with their assessment of a situation, hey, we tweaked his business

25:21

model. The thing gonna take off. So

25:23

you are able to place an intelligent,

25:25

bad because of your insider information.

25:30

I would argue that this is really one

25:33

key and fortune point in these businesses.

25:35

Which is when it goes from being in. Wow,

25:37

look at it. The quantitative. And

25:40

what that means effectively, as would have qualitative proved

25:43

in the beginning.

25:44

You. "Can make an argument as the why it's good you

25:46

can show the value you can talk the customers

25:48

you can see that this seems really compelling

25:51

but it's not yet reflected" In metrics

25:53

you don't have month over month growth rates, you don't

25:55

have revenue scaling to the moon

25:57

you don't have users going up every single month.

26:00

them Most venture capitalists

26:02

the people who follow us, they come in

26:04

at the point when there's enough meet

26:06

on the bone in terms of quantitative information

26:09

on nuff metrics that they can convince

26:11

their partners that face do that the. Really

26:14

hard to convince your partners with qualitative information,

26:16

but all I feel this once great, trust the CEO,

26:19

ah, it's pretty easy once you got that month

26:21

over month growth rate. So what found this is

26:23

the sweet spot where it's pretty clear

26:25

that the company's doing something awesome, but it's not

26:28

yet showing up on the excel sheet

26:30

and that's when you can basically show up and my

26:32

big jack and next one.

26:34

This is a seat oh this is one of the great things

26:36

you get great question for the audience great job of that

26:38

very question but then you.

26:40

know him ryan as such great question

26:42

but we get to jump off The figure that out

26:44

in terms of for myself single double triple

26:46

at home run. I no longer

26:49

because I've had so many home

26:51

runs and not to be obnoxious about it. Now

26:55

am, kind of feel like I'm in. The,

26:57

you know? Maybe the Michael Jordan

27:00

or the Stephen Curry. After

27:02

three rings after you get a couple rings.

27:06

You're not worried about your legacy, you're not worried

27:09

about paying the rent. The not worried

27:11

or my good at this or not. I know I'm

27:13

good at what do. exact knows

27:15

he's good at what he does. We're now in

27:17

the position and you know it's a great place

27:19

to be I been investing for eleven years

27:21

and think that you're right behind me about.

27:24

a southerner seven or so i'm just

27:26

couple of like literally couple years

27:28

ahead of you in this than Then

27:31

damn what happens is. While

27:33

the thing you're like, okay? I'm

27:35

good at this, I am good at the game of basketball,

27:38

am one of the top. Yeah, I'm in the

27:40

top twenty five percent of the league, whatever it is,

27:43

so I'm going to be successful

27:45

at the game. The matter of how

27:47

successful so them once you're free from that.

27:50

You no longer than single double triple

27:52

or you no longer say I need to deal.

27:54

With nonsense

27:56

or I have to win on every deal you don't

27:59

have to win every day. In

28:01

fact, more unicorns as

28:03

great as why Comedy Year's Run has been recently with

28:05

uniform. More unicorns exists

28:07

outside of y c than any. proving

28:09

the point that even the most. It

28:12

investor by four thousand

28:14

companies is your something crazy. I was

28:16

five hundred, two thousand. They don't have

28:18

to hit everything you don't have to hit everything, so

28:20

now play for the love the game enjoy

28:23

every day.

28:24

Is a founder is Grey founder to work with

28:26

and we're winning, I want to invest more and more,

28:28

we just had a company. Come worth

28:30

a billion dollars that launched at or

28:32

festival. I got you see the name

28:34

of it because it's public now density. There

28:37

are you remember density people counters and wash

28:39

our of add again had inside

28:42

information the founder was brilliant, hard working.

28:44

Your hair was just a I could tell he was like

28:47

an end be a player and I said, listen you're in Syracuse,

28:49

Rev, the heck upstate New York" Come

28:51

you were playing in the y'm C'm come m play. The

28:54

N. B. I. here in the valley. Back

28:56

when it mattered where you were located near, and

28:58

I, you know, he took my advice and he came to sort

29:00

of valley. They mark used to did the I.

29:03

(SIGHS) And did the be, and now

29:06

we've got on Uppercuts, who did the latest round

29:08

so many great investors, a cup is where the billion dollars

29:10

and. It's just

29:12

great to be able to keep investing in, so

29:14

we've it we invested in the last round, it was the largest

29:16

amount we have invested in single startup suit and

29:19

either maintain or keep rubbing your position and

29:21

unicorns. That's whole

29:23

different challenge right the whole different ball

29:26

of wax, okay, I think we did ten minutes on a first

29:28

question was we started to three. What

29:30

great question next question from Twitter is

29:32

coming up at that I'm going to go to my live notice

29:35

if you're watching live, we got one hundred people watching fifty

29:37

two thumbs up. That get that items up

29:39

to seventy five of we can. In go

29:41

ahead into it in share it on whatever you're into if you're

29:43

into tiktok you're into, you're in discords,

29:46

go ahead and share the link and Monsieur subscribe

29:48

and hit that notification bell.

29:50

A let's give thumbs up for your squad for your boys,

29:53

A. In the next question goes to.

29:56

The nobody gang members here we go next up, Todd.

29:59

Though. When proud like

30:01

Rats asks or investors, okay

30:03

with founders, I use know code software like

30:05

Bubble as an mvp Knowing that once

30:07

again, traction. Iterate only iterate

30:09

scales so much so. They invest

30:11

knowing you will need to be hard coded when

30:14

the funding is there a frustrating current

30:16

issue for me, Todd, thank you for that question

30:18

that. Like the and. There's

30:21

the, the short answers sure.

30:23

It's just a question of the value that you're

30:25

presenting to your customers so you can

30:28

act together something with. The duct

30:30

tape and bubble gum and some rubber bands and your customers

30:32

are super duper excited about it and they're happy to

30:34

pay for it and a huge amount of value. them

30:38

Just. Validated that something really

30:40

powerful could be brought to market

30:42

and now the question is, is can you build

30:44

it, can you bring the right

30:46

people together the right team, the right? Productive

30:49

capabilities to make that, you

30:51

know, duct tape and bubble gum into a real.

30:53

And that's kind of are job is to sit down with you

30:55

and figure out know where are you and can you

30:57

pull that off and if you can then absolutely

31:00

it's a great way to figure out? Then. Do

31:03

you really have something valuable? I'll

31:05

even take further zack. I think

31:07

it is. Though. Meaningful

31:11

that. The non technical

31:13

founder.

31:14

Are slightly technical, found it took the time

31:17

and had the audacity. The boldness.

31:20

The Chutzpah the drive

31:22

to say I can't find a developer,

31:25

but I would just. Make it

31:27

mvp will have a hit customers,

31:29

I am not scared of customer feedback, will

31:32

delight those customers and I'll

31:34

start getting customer feedback. Get

31:37

off the you're getting a developer I could do that to the same

31:39

time part of running start up is being able

31:41

to walk and chew gum at the same time while

31:44

using your phone while drinking a latte.

31:47

The'and and everything else so. You,

31:50

you have proven to me if you've

31:52

done that. That your impatient.

31:55

You couldn't find developer, he didn't have the money to pay,

31:57

develop anything looked down and you. The

31:59

really.

32:00

Up to you and say you're fearless

32:02

about customers that's a superpower

32:04

you want to, you're impatient, that's a superpower.

32:07

It course you can rebuild it. And

32:09

this is the great way to do it, I mean, I. Have

32:12

a be tested thing's. The man

32:14

and cages with type warm with Survey

32:16

monkey with that the I were if this than

32:18

that. All the stuff.

32:20

You great way, great way for you

32:23

to get closer to the customer and learn

32:25

before you waste money. The big of the opposite,

32:28

what if they hired? The worst thing would be to give

32:30

a hundred thousand, two hundred fifty thousand dollars

32:33

to some get shot. And

32:35

then not be able to do any changes,

32:37

not be able to learn anything, and then have to start

32:39

over I'd much rather see you do. Loco

32:41

Moco. Though it

32:44

that's Lakers.

32:47

Sort. Of the year is always crazy and you might

32:49

need some extra help, don't I know which, some

32:51

in the weeds right now, folks to look no further

32:53

than five rbis agribusiness?

32:55

Puts a world of X for freelancers at

32:58

your fingertips so you can get any projects

33:00

across the finish line and he

33:02

proud of the were frightened, that's when it's about you.

33:04

Want to move quickly, which you want quality right

33:07

and those things are sometimes you,

33:09

know those two things can sometimes get the trip

33:11

stuff but not with fiber for business.

33:13

Plus, have everything any seamlessly

33:15

integrate your new team members into your worthless

33:18

me love fiber at launch and we've

33:20

hired a bunch of researchers you to know the had researchers

33:23

as. Well, they arrive business researchers and

33:25

we use them to find local founders who

33:27

invited different watch events and for us to potentially

33:29

invest in so stop wasting your time searching for.

33:31

Free less talent to leave it to five or business

33:34

they have team of dedicated business solution

33:36

manager so how much you with the best

33:39

talent for your team, no?

33:41

More endless guessing no more countless

33:43

interviews no more disappearing, freelancers

33:46

was you can save and share your favor for us as for

33:48

future projects with other people within

33:50

your company. So here's your city

33:52

the old call. to action find

33:55

the freelancers you need to give

33:57

your next project the boost it needs

33:59

to finish

34:00

One. Free now, you can sign up for fiber

34:02

business absolutely free for the first year, one

34:04

year free and save ten percent on your purchase

34:07

of fiber business with the promo code.

34:09

Jason Go Fiber Dot. com Such

34:11

Business Don't Forget That Promo Co. Jason

34:14

once again I'v v e R dot.

34:16

com slash business. Okay,

34:18

no, does have questions, we have answers.

34:21

Then. Robert Ah,

34:23

who is a note gang member's as rookie question

34:25

for Zack and Jason, how does that season? Investor

34:28

deal with founder. Who

34:30

in their opinion? Headed

34:32

in the wrong direction. The guy

34:35

who's just basically had it in the wrong direction.

34:38

Yeah, somebody going off the rails and let you say

34:40

I'll make it even clearer. The are refined

34:42

the question. They're clearly. Making

34:45

huge mistake, it's obvious to

34:47

everybody, but there so. You

34:51

know strongly. They

34:53

they feel so strongly about it they're unwilling to change

34:55

course.

34:56

Yeah.

35:00

I mean. The great thing about our business

35:02

is that we have enough shots on goal.

35:04

It's totally okay if

35:06

one of those shots goes far wives,

35:09

and in a one of the one of the most exciting

35:11

things is sometimes those crazy wild

35:14

Headstrong creatures, they are going

35:16

on direction, end up in a promise land that

35:18

nobody else saw and it's full of gold

35:20

and diamonds and. We're

35:22

always it's, and they were right and so. Then

35:25

I think what I'd spend time with of entrepreneurs.

35:29

wanna be as communicative as possible

35:31

about why think what they're doing is not right

35:33

and share examples and sure introductions

35:35

to people that can help them see that as

35:38

experience. But. Also be respectful

35:40

the fact that they're the entrepreneur they're driving

35:42

the car, they have way more information than

35:44

do and sometimes they're

35:46

right and you know if they

35:48

drive the. Car to ditch their the one is the have

35:50

more payment am until they're

35:52

the one who's gonna make the decision at the end of the day.

35:55

It's such a great point, you know, if founder

35:58

is going to say, listen, I'm going to run to that. That

36:00

one. In your the investor

36:02

you like. The pretty formidable

36:04

brick wall. They say yes

36:06

and I'm going to knock it down.

36:09

Okay, I'll be here if

36:11

you bounce off of it, you get hurt, get knocked on hunches

36:13

whatever it is. The what?

36:16

Know? With some founders there going to just do it

36:18

and our job is to either

36:20

clean up the mess and help them,

36:23

you know, get back up and get and the game. Or

36:25

if they break through the wall and they find

36:27

like there is a diamond mine behind it

36:29

or hidden compartment with like. The

36:31

bags, the gold great they were, right?

36:34

Though it's, it's really about

36:36

sometimes in this industry. Giving

36:38

people. The space and make mistakes,

36:40

giving people the space. The learn.

36:43

And I just like phrase things as question, so

36:45

in the case of running into that wall I'd say

36:47

how the war and have

36:49

you run into a wall before. Then. When

36:51

you ask probing questions like that, sometimes the founders

36:54

like yes I've run into was before that's

36:56

thin wall I can break through it and

36:58

if we do break through. It even if the ten percent chance

37:01

my lord there's gold on the other side, am certain.

37:04

That affect, okay?

37:05

You need anything to help you break through, do all give you battering

37:08

Ram. You want somebody else to run

37:10

through with it? You know what, let's have a discussion

37:12

about that so. The project probing

37:14

questions right and common mistakes.

37:17

Or common mistakes you know the.

37:19

most common mistake for me that they picked as they find

37:22

some Then modest amount of revenue.

37:25

The federal him for that oil. Stop

37:27

drilling to find way. And

37:29

and shiny new object happens, and like know what this

37:32

oil rig sucks I want go.

37:36

For gold and I'm like what.

37:38

about the oil we found what if there's more That's

37:41

my we've talked about some for that, my pet

37:43

peeves, what's your biggest pepe right now? The

37:46

founders that like a common mistake

37:48

that you're like, Ah. Focus

37:50

to me and just keep drawing as the stove

37:53

top of my for me to focus is absolutely it.

37:56

The focus em community

37:58

where the hardest things about being a. There is a like.

38:01

You're getting punched head every day you're

38:03

trying to lead you're team. Through.

38:06

Complicated and unclear situations

38:08

you're battling in the dark and in the

38:10

fog and your knee deep in mud and

38:13

you're bleeding out of every hole in your body

38:15

and it's. Like the hardest job in the world

38:17

and of the same time, he somehow have to have the clarity.

38:20

The sort of like, "See the Mountain for what it

38:22

is and direct

38:24

your team of the mountain in a way that is

38:27

going to get you there", as opposed to just sort

38:29

of like putting your head down and charging

38:31

against brick wall when you could just walk around it.

38:33

The and. It's

38:36

it's such hard job and is really,

38:38

really difficult. The A.M. Then

38:41

we did that we both been in the driver's

38:43

seat. We both flip the car. The

38:46

bought any pain and suffering got put into

38:48

the. Around or hospital and

38:50

director.

38:51

Then I forgot your name found her hospital when

38:53

it's like, "Yeah, by the way you're in here for six months"

38:56

You're likely your learn to your.

38:59

I knew took

39:01

that turned to Fess up. with that's

39:03

all i remember all remember going into the

39:05

turn on woke up and a starter

39:07

hospital and like Pass

39:09

my hand like this like. what

39:11

hit me and they're like the google search index

39:16

That. We're decks by the search algorithm, my

39:19

family Facebook literally like be disgusted

39:21

me and my guts for like hanging out

39:23

daughter on my feet, and I looked down could

39:25

see. them if the business was still, was

39:27

gushing fast growing are easy, but knew

39:30

was dead and like, and it was

39:32

like, "Ah, so painful, you like

39:34

and dislike" I know I'm dead but I'm not dead

39:36

yet post this sucks like

39:38

a Facebook zombie horde was eating

39:40

your innards and you're looking down and you're like

39:42

wow I'm. still alive and i've got

39:44

lot of money the bank account

39:47

Facebook lobby Horde is

39:49

eating my innards. Eating me alive

39:51

or. loop skinner maybe

39:53

some relation to bf asked What

39:56

is the most common reason our founders

39:58

love with respect to their head? Not

40:00

knowing their financials, bad valuations

40:02

be a value. When

40:04

you see bad patch, which typically

40:06

problem that. The Irish.

40:09

We live or. The

40:12

demand you, you want it so bad. And

40:15

you don't know every answer.

40:17

And it's for some

40:19

people. Their first inclination

40:21

is to make something up. And

40:24

the, you know? Unfortunately. This

40:27

business, I spend all day

40:29

everyday talking to people who are trying to lie to me.

40:33

got a pretty good. When you are

40:35

in mean, I've gotten pretty good tricking them into line,

40:37

mean or way that I've identified as their lives.

40:40

And that was accuracy, tough

40:42

questions and then see if they know

40:44

I phone sex better to ask, not tough questions

40:46

that seem really gentle, and

40:48

then they just walk himself right off the coast.

40:51

So how do you make money tell me about

40:53

your current customers? Very

40:55

basic, and they just lie.

40:57

Because it's your delphi something that's clearly

41:00

an issue you're like, okay, this isn't the

41:02

issue and a buck. What about

41:04

this and then boom? That's like, okay,

41:06

well, thanks for saving my time by the way

41:08

I'm done here.

41:09

The for young age you have any competition

41:11

and they're like you who are your competitors in the like, yeah, we don't

41:13

have any and you're like I met with your

41:16

competitors last month. And just

41:18

did a Google search for their name alternatives.

41:21

I want about a website six alternatives. Oh,

41:25

you are either. completely

41:27

clueless, your competitors are lying

41:29

and which is it? In

41:31

that case, it's like what's worse.

41:34

They were me God, you're so gorgeous,

41:36

it's too bad because I think oftentimes is

41:39

it just sold the truth they'd be in such

41:41

a better spot.

41:42

So much better now, like what we can

41:44

handle the truth. We

41:47

see currency chaos in this early

41:49

stage. We can handle

41:51

the truth, it's a wet weather people can.

41:54

That, you know, for me, I think

41:56

when the dead. It

41:59

is not okay. On what matters?

42:02

That I start get red flags

42:04

going off everywhere, so what really matters

42:06

going your product? And

42:08

your customers.

42:10

Maybe your go to market strategy, your

42:12

growth techniques, etc, your or

42:14

your, your go to market to or.

42:16

And your team. Small subset

42:19

of important things. Then when

42:21

the slides include? You

42:23

know what our petition you want and what

42:25

branch you got and anything that

42:28

doesn't matter. The read

42:30

you have about the overall block chain,

42:32

you know? Camping from a gardener report. You

42:35

know? The for me. The team

42:37

built product fraud. That

42:39

customer's customers give money. The

42:41

money goes to build the team is

42:44

bigger and better. And to build the

42:46

better product and that's the. Team

42:48

product, customers. Let me be met,

42:50

not those three things. At

42:53

drifting from what matters, especially

42:56

at the early stage when things are not

42:58

that complicated, you need great team.

43:01

The build great product. The

43:03

light customers enough that they use it

43:05

and pay for. They

43:07

focused on there are three things I think you get a lot

43:09

further and know fibbing. No

43:12

stabbing right there. That boy

43:15

if. you have five customers don't say you

43:17

have ten and five of them are free trials

43:19

and never used abroad Perfect example.

43:23

Yea said, "Who asks what

43:25

kind of indicators metrics do you use for evaluating?"

43:28

Whether it makes sense for company to prioritize

43:30

profitability over revenue growth. This

43:34

is great question. When should you go for

43:36

top line vs bottom line zack and

43:38

had you do that is? Let

43:41

me, I think he'the the first thing you have to figure

43:43

out.

43:44

Here's how much to customers want

43:46

and need your probably. Because

43:48

if you've got a product that customers want and need.

43:50

And there's a lot of them out there.

43:53

The first thing you need to focus on its distribution

43:55

and everything else can come later so you're uber

43:58

and you've invented push a button, get a. Or?

44:00

Everybody in the world wants that because everyone

44:02

else who doesn't have that was like, oh, my God, why

44:04

been over hero new birth, yeah, so like,

44:07

and and, and sometimes when you're market is big

44:09

enough that the years and years and years of losses?

44:12

The get fat distribution out into

44:14

the market. You know, on the other hand, sometimes

44:16

you have product that there's lot of competition

44:19

and everybody's already got

44:21

something and you're fighting tooth and nail for

44:23

every new customer. Well. Now,

44:26

basically, like building margin gives

44:28

you the ability in the war chest to win

44:30

those battles against your opponent's because

44:32

if you're offering really low margin and

44:34

you're fairly you. Know barely make and anything

44:37

these customer you're having money to throw

44:39

it next customer and you need those resources

44:41

and know isn't fondue and some building

44:43

business that looks. Really good through

44:46

March expansion and affect the profitability

44:48

can often be worth it when you're faced

44:51

with really hard. Their

44:53

local game against Got Competition. The

44:56

i'll add to this. Yeah.

44:59

It's vibrant funding environment.

45:01

You have people who want to keep giving

45:03

you money and increasingly higher valuations.

45:06

Wow, the and that would be like the

45:08

last that point. Here's

45:11

I mean, the less seven. Where it's just such a tremendous,

45:13

vibrant funding environment. You

45:15

can say, you know what? We're going

45:17

to hire. The an extra two

45:19

or three customer success people an extra two or three

45:21

account exactly. The extra two or three

45:23

developers and we're going to build our business

45:26

to be resilient. And to have

45:28

more cycles to do it better to the like

45:30

customers more and we're not going to

45:32

try to maximize the profitability. We're

45:34

going to try to maximize the top line grow.

45:37

And awaiting is customers and reducing turn. Anybody

45:40

who's sophisticated investor is going to be able

45:42

to look at it and when you explain that. The

45:45

lab were wearing this with twenty seven

45:47

people would guy. Two million dollars

45:49

in annual recurring revenue this business

45:51

could run, we both now with ten people. That

45:54

you're seventeen people are building.

45:57

So we can get to twenty million within three years.

45:59

We want a for x revenue

46:01

and then triple revenue.

46:03

We're going to go for that big jump from to

46:05

eight and we want go from eight

46:07

to thirty. You can actually explain

46:09

that and why you need to be investing ahead

46:12

of bro. Now, if

46:14

you're not growing. Then you're losing

46:16

money, that's different. Though a low growth

46:18

rate. The growing two percent

46:20

month. Yeah, you're growing forty

46:22

fifty percent year over year. And

46:24

your overspending, but then we have to look something fundamentally

46:27

wrong here, maybe people are trying to product or overselling

46:29

it, and they're turning maybe you're charging too

46:31

little for your product. The and for

46:33

Amazon and Liberties, or the to

46:36

canonical examples, the penultimate.

46:39

I believe was. The

46:41

Amazon and would say, "You know, the

46:44

ultimate was goober be some people might

46:46

take out a reverse", Bradley Cooper was building on top

46:48

of what Amazon have proven which is. There's

46:51

huge market capture the market. Don't

46:53

worry about in burning. The you

46:55

don't move or had burned total in their life like

46:57

eight or nine billion dollars. They

47:00

had created even in the markets with. Sold

47:02

off, D.D. Grab

47:04

and the in Russia. Those

47:07

get only one hundred. whereas the

47:09

and action in those markets,

47:11

I think the higgs henry something like twelve

47:14

billion dollars in value. They

47:16

would be just as. Forget about it

47:18

always core business, whether number one in

47:21

the places where they sold off their interest because they knew

47:23

they would be number three or four. They

47:25

had made more money that was invested in number. There

47:27

was a true that if they got one point time, I don't know if it's

47:29

so hot. And would always

47:32

talk business eight overs that we're going to be profitable.

47:35

How many rights the they do? That

47:37

water and it out did or whatever you know, one hundred

47:39

million right to my councillor's on. They

47:42

last x amount.

47:44

I said, "Okay, can you divide these numbers, they did a billion rides,

47:46

they lost two billion dollars dollars, two dollars ride, okay,

47:49

can me next where they lost billion dollars?"

47:51

They did a billion to write mugger to the last

47:53

less than your ninety cents ride or whatever it is. You

47:56

don't have the right where ninety cents more. The

47:58

would stop using the service the were. Yeah, are

48:00

they okay, send the pandemic happens, what happens the right

48:03

double and there's no? But

48:05

exception of people not wanting to ride new burst

48:07

people still use the service right didn't lose

48:09

it double the price they be the last ten percent of the user

48:12

base, bottom people using less

48:14

line. The'and and would report right

48:16

now so. The trouble that have little

48:19

imagination, and I think Amazon the others him.

48:21

If your Amazon costs if your Amazon

48:23

Prime costs.

48:25

Ten dollars more year or twenty dollars more year

48:27

or fifty dollars more a year, would you?

48:29

The actually get rid of is that? The or?

48:32

And the introductory price for

48:34

Amazon Prime People forget was forty to fifty dollars,

48:36

depending on what city you're in the tested

48:39

somebody wants, a let's put fifty your people are paying

48:41

now. Amazon Prime is that one hundred?

48:44

So it shows you that people are willing to pay three times

48:46

as much they charge, and at the beginning know they got

48:48

as many people on it they lose money on today,

48:50

yes. They get people addicted and

48:52

now. People see higher

48:55

price on Amazon than on the actual

48:57

manufacturer's homepage and still buy

48:59

it Amazon. Yeah. They they

49:02

just want. They have the waters in one

49:04

place, they don't care about the three dollars extra, the

49:06

four dollars extra, they just want the simplicity

49:08

of watering and knowing it's coming onto him. Good

49:12

question. I love that much. Nick

49:15

asks. Nick is poti.

49:18

That Biscotti, which love sputnik

49:20

this coffee while some of it's PC

49:22

fans, can replace or institutional peace with individuals,

49:25

okay yoga? The average

49:27

short of shed fit for said. That

49:29

way that PM would founders prefer value,

49:31

added individual peace over institutional

49:34

ones as well. Then just make this clear.

49:36

The person is asking if B&C funds the funds

49:38

that Zakat run instead of having institutional

49:41

Ps thing. There are big retirement

49:44

fund or a fund of funds professional

49:46

limited partners people give us the money. Let

49:48

me let it be just. Individuals,

49:51

civilian citizen of

49:53

America. The word,

49:56

the start of shed fifty percent of the dead

49:58

when I pee out in that L. P. Who

50:00

are institutional might clear their positions,

50:02

that idea, what are you going interesting question? The

50:05

week.

50:06

Yeah, it it's not clear to me, all I know

50:08

is, you know, like a my syndicate, we've

50:10

got thirty six hundred people.

50:12

There were protests indicates and it's like a

50:14

full accounting for power. In every

50:17

day they send me deals everyday.

50:19

Maybe three help on diligence everyday,

50:22

they point out when I'm being stupid, that really

50:24

good enough their way up there is terrible

50:26

deal with the have what you do in my life.

50:28

If we got him thirty six hundred people in

50:30

my team and like I'm playing it to make money,

50:33

and I guess make money will make money together.

50:35

It I don't think would be where am

50:37

if didn't have that those folks with

50:39

me and so I think. Yeah

50:42

the all. marrying individual

50:44

investors joins the stuff like this and

50:46

be part of the opportunity is i

50:48

think one of the biggest travesty That.

50:50

The FCC has ever put in place

50:53

is you can go buy lottery tickets,

50:55

go gamble and Vegas, but we're not going to let you

50:57

make money on really get. Started investing

50:59

were leave that to the rich people like it's just

51:01

like awesome doesn't read now, add

51:03

to it will let you do fantasy sports,

51:06

which is awesome we like to. Decrypt out

51:08

there, it's depending on your by May

51:10

or may not be awesome. The spell.

51:13

If you wrote an, you wrote, "If you

51:15

use Amazon, if you did doordash"

51:18

You can't. Participate,

51:20

they really. It just ordered

51:22

from doordash you drive for doordash you

51:25

can't buy doordash we're but you can buy an n

51:27

of t a monkey okay let's

51:29

makes lot sense folks let's,.

51:32

let's get it together and you know it's so great

51:34

to have so many lps involved because in

51:36

an average deal i think we're at maybe a hundred and fifty

51:38

people hundred twenty five people This made

51:40

in our average deal. They are you going to have

51:43

half of them, probably you know, are

51:46

not going to provide any. Now you, they're

51:48

just putting money beyond the money they put it. The

51:50

other half, you know, they might know somebody

51:52

at Disney or the The SEC. You

51:54

know, or have somebody who could fill that see

51:56

mole position. There there's so many

51:58

opportunities they are. The

52:01

really do think. Having more

52:03

LPs would be great and I was

52:05

just doing a tweet saw.

52:07

matter of his side I was so jealous

52:09

of, like Max V.C., who built his fund

52:11

on social media night, he's going to be on our

52:13

season six is going overseas and six of Angel.

52:16

Then. He was able to

52:18

just bar with people and he get a five or six see,

52:20

which means you are raising and public eye with

52:23

Zack and I. For all school we

52:25

were told not to do five or six, see we didn't

52:27

write that.

52:28

Then I don't know why I'm a really fun, which

52:30

I think again, think that is five or six, see

52:32

ya know now you're doing that and or

52:35

beside you get up people participate who gives you

52:37

didn't have a previous relationship. Developed

52:39

it when they said, "Hey, I'm interested in participating your fund,

52:42

right? So

52:44

this is so powerful by. You

52:46

could only have two hundred fifty of them.

52:49

For ten million, which are is great.

52:51

I you can't go past that ten million, the two

52:53

fifty like would like to have twenty five hundred

52:55

of credit investors. How my kept twenty five

52:57

thousand? Non accredited investors

52:59

may be kept their thousand dollars a year each.

53:02

And maybe a cap your credit investors at million

53:04

dollars your'a you whatever dollars. million dollars

53:07

Come up with reasonable caps, as he say.

53:09

There's nothing exists in Dao Land,

53:11

there's nothing in enough to land there's no rules

53:13

of the road there. And here we are in

53:15

short of land. Being upset

53:17

about the rules, so just a little more fairness and

53:19

let more people get involved, I would love to have

53:21

more people involved in com or

53:23

grid or density when we

53:25

run our syndicates, would look at people who may

53:27

be. Aren't yet wealthy aren't

53:29

accredited and help the become a credited,

53:32

which is the American dream. They're here, we

53:34

go oh Gee Bob G. In

53:36

the his, he always the best questions. Let

53:39

go, thought she says what industries

53:41

would. You like to see disrupted

53:43

like Air bnb and will be, did you got it, he

53:45

had some the top of mine is good question,

53:48

I have to think this one pro? What industry

53:50

whom great question for mogi Bobby always

53:53

that's the first ten ft I'm sending out as the Lg

53:55

about you? What is

53:58

he? He did. Then would

54:00

like to see disrupt the. They

54:02

have. Who? We're

54:05

ready. now got three. got.

54:09

The big about any yet that. That might

54:11

be okay.

54:13

One, let's go you first me one.

54:16

I mean, I'm desperate, desperate

54:18

desperate, desperate for a carbon

54:21

tax is if we put compromise

54:23

like literally climate change

54:25

let. Lawyers will come out

54:27

of the woodwork and some to and cool ass

54:30

so basically save our planet.

54:32

And I'm on it that's just.

54:34

one little change in the law will

54:36

enable what entrepreneurs to like

54:39

actually move the needle constructing politicians

54:41

are never going to get it done and so that's

54:43

what the contrary when i would love imagine

54:45

that carbon tax existed and then some crazy

54:47

entrepreneur said You know what people's

54:50

windows are letting all this energy, yeah, I'm

54:52

going to make it energy efficient window. Then

54:54

I'll put it in your house and I'll install it for

54:56

you.

54:58

In order to get the carbon credits for you, spending

55:00

less and if you prove spending less, then I get the carbon

55:02

credits and you pay me back for the windows over five years

55:05

and break even whatever the. What,

55:07

oh many so many examples, I just came up with, went

55:09

off the top my head because see people with said

55:11

windows and drafty windows. Right here's

55:13

mine. would like

55:15

to see. Higher education.

55:19

And perhaps even home schooling micro

55:21

schooling massively disrupted,

55:23

and think. That vouchers.

55:27

Are the way to do it? Now understand

55:29

the arguments against school vouchers that,

55:31

oh, the best. Students with

55:33

the best parents or. The ignore

55:35

best out pathetic, that a little offensive. Then.

55:39

Really. May be the most engage parents and other

55:41

words, them parents with the most free time who

55:43

have the most income, maybe they're to parents,

55:45

one of them works one of and. Doesn't have to work or acceptance

55:48

of have more time to put as well as opposed to the bar with

55:50

bring jobs who can't come after school because

55:52

the I work a. Second or third job. would love

55:54

to see those vouchers because believe. Five,

55:57

despite our six disadvantaged students, might pick

55:59

their sixteen. The dollars. Out

56:01

of the California school system and

56:03

put that sixteen thousand dollars to work.

56:05

In total, eighty six thousand to hire a

56:07

teacher.

56:08

And run their own micro school and get a better

56:10

outcome. Then I want to see

56:13

education. Up

56:15

and down. Start to finish

56:17

a disruptive and I believe. You suck

56:19

carbon tax or do it think a governments

56:22

or, even you know state by state the old

56:24

voucher system would actually What

56:27

do you got, which are next one that you like seeds? I

56:30

mean, health care get,

56:32

oh, my God, that was my number two. Then.

56:35

The mean, maybe something can be something like

56:37

off the top your head that would be a mean, the so here's

56:39

good exist so so. With

56:41

Kobe it.

56:43

Suddenly. I'm they decided

56:45

hey we're going to like routines rules for

56:47

once instead of sitting on our hands for

56:50

like a half of the last fifty years and so they

56:52

said, oh? We're going to let you do tell health, and

56:54

now we have this unbelievable explosion

56:56

of tell how. People are getting world

56:58

class air regardless of where they

57:00

live. The differences one accompany

57:03

them an investor in of ever now. The

57:05

of medical care.

57:06

And the thing about maps all is really frustrating is your rich,

57:09

you get great care go your doctor,

57:11

and they figure you figure out all your figure,

57:13

give prescription, your totally sorted out.

57:15

But if you live out in the sticks and your and time

57:17

to drive into the hospital every week, three hours

57:19

to hours, your go through untreated menopause

57:22

and your symptoms are excruciating, tell

57:24

how solves that problem, but regulations

57:26

prevented that from occurring.

57:28

Simply by getting the got of the way of

57:30

murder or to the go in and make people's lives

57:33

substantially better and so like I'm.

57:36

That whole system that we got just

57:38

week I'll just attacked it piece by piece and just

57:40

take it down because it is here's a my idea

57:42

mental health is such an acute issue

57:44

if you got people doing telemedicine great.

57:47

There's my idea. The ever go to the post

57:49

office that can be been to the post office.

57:52

Ever in your life when's,

57:55

last time you went to post office be honest like

57:57

ten years ago? don't even know don't

57:59

even The it over ten years.

58:02

Peter. The long time,

58:06

Then. Oh, Socket Dad,

58:08

quit no offense. Hundreds

58:10

similar, we know what we got a lot of them,

58:12

we are people working there. Oh,

58:15

started. Is not,

58:17

and getting postal delivery is not major issue

58:19

for Americans, you notice obesity,

58:22

mental health. That you think mental health? What

58:25

did we February take the budget of the post office?

58:27

We're going to take the post office down to

58:30

two deliveries week.

58:31

You get your Tuesday delivery, you

58:33

get your, you know, Friday delivery, and that's

58:35

it anything else you should get by

58:38

a private carrier, so now we've eliminated

58:40

the other five days of the week they went to seven days

58:42

I think to compete. And we read about

58:44

that budget. Or? Free

58:47

mental health counseling and services.

58:49

Then you could do it at the goddamn post office

58:52

building because, you could get rid

58:54

of you say you know what no more boxes no more no

58:56

more of a subsidizing people selling at

58:58

home nonsense The

59:00

oldest do what the Post Office did

59:02

for getting people their posts and

59:04

their communications with you get all my now anyway.

59:07

Gorgeous redeploy that for mental health services

59:09

anybody who's feeling down boy

59:12

the press or maybe they want to go. Do

59:14

some incredibly violent act or do something

59:17

you know they regret or postal. They can go

59:19

postal at the got them postal service in

59:21

the form of post the building site must irony

59:23

let's go for. The take all

59:25

the postal services, if we want to take another one

59:27

fact, your healthcare, we say we are

59:30

gonna take the Post Office budget and this other

59:32

budget. We're going to fried, I know everybody universal

59:34

healthcare is too. controversial

59:36

we can all agree that being fat sucks. And

59:39

that obesity is the number one risk factor

59:41

for Americans right now and their help. So

59:43

we turn every post office in two. The

59:45

dietary consultation to

59:48

help people who are obese lose

59:50

weight. Just one issue

59:52

and you give them that, Mandy. Oh, stop

59:55

them, think people who carry the people carry

59:57

the posts are not that right, you ever see a fat poster.

1:00:00

Postal delivery person who don't think Summer know

1:00:02

walk too much. They know what I'm talking

1:00:04

to my I don't let people now we're,

1:00:07

will be about the cursor Zack. and

1:00:09

i'm looking at the slack reduction to have to write down

1:00:11

when we trust That it literally like

1:00:13

we're sorry like. The like a.

1:00:17

Minutes: A curse word, forty four minutes and

1:00:19

curse word, forty five minutes and curse words. forty

1:00:22

curse forty three seven cars forty three curse

1:00:24

forty three minutes and first forty four of bump

1:00:26

spaghetti but with the church's solid

1:00:28

argument health care of yourself.

1:00:31

as an alternative i can be a little not

1:00:33

either as lucky you can be pass as great for the show

1:00:35

could hit the beads and Under the one

1:00:37

that's while, Card. I feel like

1:00:40

am your as a sin of file. Really,

1:00:43

really. I'm said.

1:00:47

The funding. The Independent

1:00:49

Films.

1:00:51

And I you and Sex can't to go

1:00:54

do some work together here, you know what he had,

1:00:56

he, it was so painful for him to do, thank

1:00:58

you for smoking that think he. The back

1:01:00

to the technology industry here it's like that makes

1:01:02

like it. I get it is, but think

1:01:04

some funding. The

1:01:06

ownership of the films. Would be

1:01:08

solved with indicates movies

1:01:12

imagine. we emailed arsenic and we said hey

1:01:15

There is a documentary film director. They

1:01:18

have this great idea for dog, in fact, I have three

1:01:20

dogs they want to do. We're going to give them

1:01:22

get a raise. Five million dollars.

1:01:25

And for that five million dollars we are going

1:01:27

to get. Fifty percent ownership and he sounds

1:01:29

and they're going to get fifty percent ownership. However,

1:01:31

it's monetize to this way forward. We

1:01:34

will get our five million dollars back and then split fifty

1:01:36

from that point on. And we're going to. Basically.

1:01:40

agreed to put these ah films

1:01:42

are mine. You know,

1:01:44

it make them accessible to people whatever they can see it. The

1:01:47

to be an incredible way to

1:01:49

bring back. The or tour,

1:01:51

you know, that really considered an independent

1:01:54

filmmaker, weather's documentary or otherwise. And

1:01:57

I would you say to see more interesting films in the world?

1:02:00

Then it gets added, you to do

1:02:02

that with music and other art if you like.

1:02:05

Could you will align the incentives around?

1:02:07

The creators and the backers right now,

1:02:09

the backers always got screwed in films. That

1:02:13

I was like have a vested in one, fell to the front of

1:02:15

my neck directly. And I think we better

1:02:17

money back whatever did do a for that reason I just did it

1:02:19

is for him.

1:02:20

When I looked at how people were doing it, they were like, "Yeah,

1:02:22

you can get back one and a half times your money and that's

1:02:24

it" Then. Middle he kept the money you

1:02:26

can get back and so terrible that

1:02:28

would have enjoyed, been a terrible deal with

1:02:31

the I was thinking about a way to do studio.

1:02:33

Or platform that would back these things, but they

1:02:35

don't have the tradition like we do have not's for each

1:02:37

other, limit tech business. When?

1:02:40

He saw to be vigilant, attacked as us because people can

1:02:42

do all kinds of crazy things like issue more

1:02:44

shares in company, the arm, but

1:02:47

he, oh, and the film. Business or, like, I and our work we're

1:02:49

going to screw you like we're going to do crazy

1:02:51

accounting and if you try to audit

1:02:53

it you can do that, but you'll. Never work with us again

1:02:55

unless you're. Robert Downey Jr.

1:02:57

or whoever and that will let you address and maybe.

1:03:00

You're up against Disney, who has twenty percent of the of

1:03:03

twenty five percent the box office now they're basically.

1:03:06

Movies are Disney okay, James asks how

1:03:08

much have an impact those bad reputation have an

1:03:10

investing. The superior technology

1:03:12

example of a company's mismanagement. Happy

1:03:15

marriage, me has bad reputation for the technology behind

1:03:17

the product, the superior Ah, I must

1:03:19

have a discussion, but we think that. The

1:03:22

reputation metalwork with he was so. Yeah,

1:03:25

it is that.

1:03:27

They, they like, I think it goes back to what

1:03:29

you're saying earlier, like you got three rings in your

1:03:31

fingers and just not worth it to light now

1:03:33

we're here with like cause of losers

1:03:35

and people got flipped, was a promise people who

1:03:37

saw. They're gonna try to you

1:03:39

and you got a gas around them and much as huge

1:03:41

amount of time and wasted cycles

1:03:44

and source that so now run

1:03:46

as far as fast like and of people

1:03:48

and minutes that's abby night is rumors

1:03:50

that tire Newman

1:03:52

from we were of fame.

1:03:54

Is out of Newman is gonna do a new company,

1:03:57

obviously if there are no gets out he's gonna do

1:03:59

in season? You can have company had some boyd that's.

1:04:02

just not worth Not worth

1:04:05

it because you have other options as one

1:04:07

of the great things about our industry you

1:04:09

don't need to hit every single unicorn

1:04:12

to have a successful career as an angel investors,

1:04:14

why deal with people. Who are

1:04:16

of low moral character, they show you that

1:04:19

they're going to do something? Horrible,

1:04:21

he could be sure they're going to do it again.

1:04:23

Ot

1:04:26

boggs, he always. The great concise

1:04:28

questions, the great. Are

1:04:30

you I call him the fourth producer of this,

1:04:32

we could sort of smoky, Bobby or fourth

1:04:34

producer? Coming in

1:04:36

hot with more great questions when you attend

1:04:38

shareholder of board meetings there before board meetings.

1:04:41

What insights questions you look for, what your approach,

1:04:43

what's your approach to board meetings, I'm sure your

1:04:45

doing some boards now? Yeah, I don't take

1:04:48

board seats. You know,

1:04:50

we need a ten percent.

1:04:51

Richard need to a do not take ports

1:04:53

it's I am. I've got

1:04:55

a couple of companies where I'm. Deep

1:04:58

enough, and I own enough that, like the kind of treat me

1:05:00

like a board member, but I'm done.

1:05:03

Did you go to some board meetings and yeah, I do

1:05:05

sometimes I'm? "What you were close

1:05:07

to being productive in a board meeting, what what, what

1:05:09

with your if you're an angel investor now and

1:05:11

you get invited to be on board what productive

1:05:14

in board meeting for", says Unfunny.

1:05:17

I. Mean I think the most important thing is you gotta

1:05:19

remember that, like dealing with investors,

1:05:22

is a cost because you can educate them

1:05:24

and so the more you can get up. To

1:05:26

speed when you shop to the rim know

1:05:28

what's going on in you've read the materials and you're prepared,

1:05:30

I mean, that's just like it seems like such

1:05:33

low hanging fruit. But having seen. So

1:05:35

many board meetings where the bcs did not do

1:05:37

that, it's like that since, like, persistent.

1:05:41

And think. think that this

1:05:43

the second thing go back to what you said earlier is just.

1:05:46

You know, it's not about you telling them

1:05:48

what to do, it's by you asking them what

1:05:50

they're seeing new, asking them how you can

1:05:52

be helpful, you asking questions, and those questions

1:05:54

can go a long way to helping them understand

1:05:57

the truth. Then. Because

1:05:59

it. I mean, it's worse we're so

1:06:01

removed from having our hands on the

1:06:03

metal compared to the it's like literally

1:06:05

like somebody sitting in the stands yelling

1:06:07

at, you know? Though

1:06:10

you a Lewis Hamilton when he ran the race, telling

1:06:12

them how to drive you can do. He

1:06:15

can't hear you there any way to bit unfair

1:06:17

and I guess is gonna try to stay other way and be as useful

1:06:20

as possible without getting in the West. Here's

1:06:22

my three tips. Number one: think

1:06:24

it's important to be relentless, a positive as board member.

1:06:27

You have to be.

1:06:28

Ah, I'm positive even

1:06:31

the face of problems. You

1:06:33

are supposed to be. The elder

1:06:35

statesmen. The unflappable

1:06:37

I come to these things with the

1:06:40

seriousness of. Hey. You

1:06:43

know, a general or general

1:06:45

who, you know, is now working up

1:06:47

on the hell, maybe not, you know, sergeant

1:06:49

on the front lines. I like to be relentless, a

1:06:51

positive, whatever challenges are there are. We

1:06:53

can face them if we define the reality

1:06:56

here by looking at the truth and

1:06:58

we can all be in this together by being candid.

1:07:00

And let's stay positive. Whatever

1:07:02

the problems are will get through them, even semi shutting

1:07:05

the company down and then starting another one and couple

1:07:07

years number two. You

1:07:09

said it yourself, Zach, be prepared. The

1:07:11

should have used the product read the materials sometimes

1:07:13

I have not been able to read the materials and gonna call

1:07:16

most honest about that but. you'll

1:07:18

be as prepared as you can Then would say

1:07:20

three. The concise

1:07:22

in. The feedback and questions do not rambo.

1:07:25

Do not have a question on everything he

1:07:27

concise when I do now. It

1:07:29

write my questions. The now that

1:07:31

when the age of zoom write the questions

1:07:34

and I'll just put. Mitre question.

1:07:37

That it had I'll put it in the chat room so don't

1:07:39

disrupt the flow of the found it. tell

1:07:42

the founder I'm going to put some questions in the if

1:07:44

have any questions, you put him in the chat.

1:07:46

If see them, you can ask them in line or you can wait.

1:07:48

Then I take notes and take notes

1:07:50

on notion, and then I'll cut and paste them into the

1:07:52

Chinese a hero, my notes from the meeting. There

1:07:54

are things I was wondering about I'm one of the my bay.

1:07:57

The eyesore we had a a. A. A

1:08:00

monthly charge and we had our yearly chart, I

1:08:02

would love to see. Nice

1:08:04

quarterly, true. "I

1:08:06

put can have more questions and your follow up from Zen Profit

1:08:09

does and profits and profit of Bobby

1:08:11

Tag Team and menaces like Stockton", Malone

1:08:13

said. The are like the this is like

1:08:15

to have our greatest nobody members. As

1:08:17

a vc is it better to stay off the board

1:08:20

from liability standpoint, what great question? Leaving

1:08:23

said. I think

1:08:25

so. The gets a just question

1:08:27

of your business model. If you are. If

1:08:29

you're in the business of owning large percentage of the business

1:08:32

and.

1:08:33

Been able to spend a huge amount of time with his business

1:08:35

and I think Menino the BBC that have the most respect

1:08:38

for that I've heard talking about this is Peter Fenton over Benchmark.

1:08:41

Like when he talks about his board work.

1:08:43

I mean, he talks about it the way a founder talks

1:08:45

about being founder, I mean, he's just. The

1:08:48

way in the game and his spare, and he's

1:08:50

just like it's all he thinks about it's all he does

1:08:52

and his business model is Nina once or

1:08:55

twice a year, they'll find company that he

1:08:57

can get that level of engagement with and

1:08:59

he can take him to the next level. The

1:09:01

be superstar on that team. whereas

1:09:04

my business model is more about larger

1:09:06

number of bats across

1:09:09

in less clear opportunities I

1:09:11

don't have to be. Thousand percent

1:09:13

sure this is the right thing can be seventy five

1:09:15

percent sure. got enough of them,

1:09:17

I've got a great different diversification and

1:09:19

there is taking for she's just wouldn't

1:09:21

pencil. No, it's just. The

1:09:24

what's best for you? It's great

1:09:27

question. here some things to them

1:09:29

Very rarely does a board get suit,

1:09:32

company can get sued. The ear

1:09:34

piercing the valley going down to board members, it

1:09:36

generally does not happen if it does happen.

1:09:39

For companies have something called directors and

1:09:41

officers insurance, this provides

1:09:44

a massive amount of legal.

1:09:46

The resources to those board

1:09:48

member, so if they do get sued, they don't have to pay for their

1:09:50

lawyer.

1:09:51

So now, you know, you have to have company

1:09:54

get sued and then they have to go after

1:09:56

the board members and then. You

1:09:58

would have to have been for it. The online

1:10:00

or? You know, unless you're committing some

1:10:02

really crazy self be a league. Or

1:10:06

use year really done something

1:10:09

crazy, yeah, I think you're going to be just fine.

1:10:12

You can get sued, it does happen, it just happens

1:10:14

very infrequently, ah, but

1:10:16

it is some liability like

1:10:19

to be on board, saw that as your have a different

1:10:21

approach that Zach, which is for big

1:10:23

wedding. That is, I liked, have a seat at the table. Because

1:10:26

I like to be super helpful and made the commitment

1:10:28

that. Submitted company is, you know,

1:10:30

like density, want to beat or grin, want

1:10:32

to be there when they when they ring that bell.

1:10:35

You know, at the at the stock exchange, it

1:10:37

if TK was still the founder

1:10:40

of Rubber when they went public, would have been

1:10:42

there he was. Then have me there, he a fact

1:10:44

invited me to come and have dinner with him, but he

1:10:46

wasn't allowed to go up and ring the bells because of things.

1:10:49

Without it was the I was six drowsy, let

1:10:52

us tell me to do it, but it was good.

1:10:54

There is a travesty yes he was but.

1:10:57

it is what it is our we move on okay

1:10:59

christian j hoffman winner Wrap

1:11:01

this up, I think with to more Christian J. hoffman

1:11:03

and thank you so much Zack lets everybody give

1:11:06

a thumbs up for Zack and everybody

1:11:08

follow. That Coleus

1:11:10

on Twitter let's get him, like, of one hundred followers,

1:11:12

give thumbs up for your squad. If

1:11:15

you ever want one of the greatest investors

1:11:17

I've ever worked with on your team at that

1:11:20

and you get in there and email banks may.

1:11:23

be overly it's just sad but album of

1:11:25

listen you and i would have pump each other

1:11:27

up so that we can get as the of Hey,

1:11:30

half and says. You're so far can

1:11:32

you talk about current seed stage

1:11:34

valuations I see currently

1:11:37

valuations of twenty three million prestigious companies,

1:11:40

but it's too expensive these days. "The US

1:11:42

a choice they trump's thanks for narrowing the field Christian,

1:11:44

what do you think that what we are seeing these

1:11:46

thirty million dollar valuation so maybe

1:11:48

sometimes even higher for seat", says companies Before

1:11:51

Series I? The only basically have product.

1:11:54

Completed maybe couple of customers or maybe

1:11:56

not even product of more. What you think it

1:11:58

about these valuations? I mean it.

1:12:00

Range is pretty broad, I mean, I'd just

1:12:02

didn't yell see deal.

1:12:04

Just a team. (Founder)

1:12:07

The we had back before we had successful exit,

1:12:09

so, you know, somebody we'd made good

1:12:11

amount of money with the force of and all of the

1:12:13

previous investors is real. It

1:12:15

was forty four.

1:12:17

The and with, but you put your said, their

1:12:19

support this is a season found season

1:12:21

to season, the pro I mean isn't that

1:12:23

and he's going for the moon.

1:12:25

This is, this is there they're shooting

1:12:27

bag and. Then so I felt

1:12:29

very comfortable pay that price. Then.

1:12:32

Then I, just want it twelve

1:12:34

free with. a strong

1:12:37

founder but less experience as The

1:12:40

wouldn't Alexander no big exits

1:12:42

are interesting market relatively unclear.

1:12:45

Then and then. Everything

1:12:47

in the middle, but yeah, I mean. Well,

1:12:50

eighteen months ago, prices would have been half

1:12:52

that, so we getting some pretty significant

1:12:55

appreciation of pricing. The upsides,

1:12:57

you know, we have, you know? Can be

1:12:59

going public for and cause billion dollars

1:13:01

so that those are up even more and so

1:13:03

as long as. When you

1:13:05

think about it will not the way think about it is what I'm back.

1:13:08

We're looking ten years or so like and us

1:13:10

today and they exist that today's

1:13:13

ten years from now and so if an exit. Their

1:13:15

mother built multibillion dollar exit today

1:13:18

in ten years, it's gonna be even significantly

1:13:20

higher and of your background, placing them do a little

1:13:22

probably even more and so. You're

1:13:25

pretty comfortable the pricing has gone up, but it's still

1:13:28

reasonable relative the outcomes of or.

1:13:32

I mean, think this is a great answer,

1:13:34

I don't have much to add here other than, and

1:13:36

reply does matter. Except

1:13:39

the Nikkei service Euro founder who's, you

1:13:41

know, AH can command higher valuation

1:13:44

two or three times what? New

1:13:46

founder can I think the valuations

1:13:49

are? going up because the exits are going

1:13:51

up and the opportunities going Though

1:13:54

if we used to invest that four to twelve in the early

1:13:56

stage, if it goes up to. That

1:13:58

in to twenty. That

1:14:00

is such a big deal, probably not. What

1:14:03

if somebody wants thirty million and product's not

1:14:05

market? It really is no reason

1:14:07

to invest that that. The time as an angel in my

1:14:09

mind because they will be raising more money.

1:14:11

When they get the product to market and when they get you million

1:14:14

dollars in revenue. There are not going

1:14:16

to get more than thirty times or forty

1:14:18

times that number in other words there for

1:14:20

their valuation, when two million revenue will be

1:14:22

forty million of maybe fifty, and now

1:14:25

you've proven massive amount. They

1:14:27

got to million rub your my directional crackers. The

1:14:30

only get. They get to know the founder

1:14:33

and say, "Hey, this isn't fit for me right now"

1:14:36

Love to be your, you know, in touch with you, I'll use

1:14:38

the product in your say, you know, put on your calendar

1:14:40

to reach out to them in six months.

1:14:42

Pretty easy, oh, here's our last question. That

1:14:45

of a weird one, Shawl expanded

1:14:47

beard script says how she to handle large

1:14:49

competitor getting weird, weird defined

1:14:52

as. Offer you job and that infiltrate

1:14:54

your company, oh my God, this crazy undermine

1:14:57

us, Cetera, how should I read this? That

1:14:59

just say, okay, they offer him a job,

1:15:01

I guess. And then

1:15:03

maybe try to infiltrate

1:15:05

the company and. just

1:15:08

some general thoughts that on if you're tracking

1:15:10

a ton of attention from big competitor That

1:15:13

evening. I mean,

1:15:15

think everyone forgets that.

1:15:17

The competition is a war and

1:15:19

they're trying to steal your milkshake. Some

1:15:22

people are going to play fair and some people aren't gonna play

1:15:24

fair. What you're still at war

1:15:26

and you've just gotta fight.

1:15:29

Then he has a lot of ways, sense

1:15:31

to fight back when big companies do stuff

1:15:33

like that. They'll often times I think

1:15:36

it's your advantage of your small company, the big companies

1:15:38

doing all sorts of various things. The public

1:15:40

be loud about it because it's very difficult

1:15:43

for a big company to respond well loud.

1:15:46

Like. Competitors who's pointing out all their dastardly

1:15:48

deeds and it gives you lot of exposure the

1:15:50

press alone so sort of dog bites and

1:15:52

see how to be in Austin Times. You got counter position

1:15:55

against the when they're trying to have to the

1:15:57

of your business, but. That it is

1:15:59

this war. And yet to fight it.

1:16:02

Please remember this is a war or

1:16:04

and you do not want.

1:16:06

You are, you know, if you are. If

1:16:09

you were the underdogs fighter, you

1:16:11

never fight down but you will fight. In

1:16:13

other words. They're fine competing

1:16:15

with Watch Accelerate with y Combinator, I

1:16:18

was very clear, hey worse saw we

1:16:20

have seven people, they have two

1:16:22

hundred euro to get lost that y Combinator, it's

1:16:24

gonna be a more intimate experience that larger salary,

1:16:27

so I would find out. And

1:16:29

criticize y combinator and mix

1:16:31

up, mix it up with them. That I wouldn't

1:16:33

if there were some new. You know, accelerator,

1:16:36

and they were on the rocks at me, would ignore them,

1:16:38

so you ignored town. Then

1:16:40

you engage a survey thirty seven

1:16:42

signals. Remember Hay Dot.com com was getting

1:16:44

into it with Apple, they were fighting and

1:16:47

apples like. I don't they know

1:16:49

if Apple ever responded by which is

1:16:51

the right move for Apple, ah, but if Apple

1:16:53

wants to get into it with appear like baseball.

1:16:56

They don't believe it, do it in a more subtle way like

1:16:58

we don't store your information and we.

1:17:02

A your if your email address and put you

1:17:04

through a A basically a vpn

1:17:06

your A. Your relay so nobody can

1:17:08

track you and we're going stop tracking of your phone

1:17:10

that's how Apple fought with Facebook they never

1:17:12

mentioned their name. They just said where

1:17:14

the privacy company we don't make money from advertising,

1:17:17

we think that's evil. That

1:17:19

might high level come folk here, you're

1:17:21

not say been worth mentioning Zuckerberg

1:17:23

or Facebook name. Family. The

1:17:26

did a great that you're awesome, thanks for spending

1:17:28

an hour about your oh so generous

1:17:31

with your time, ah, and

1:17:33

to the audience, and all these great know any members. The

1:17:35

thumbs up subscribe, hit the

1:17:37

bow, see, get the alerts, get in their cushy

1:17:40

know d and if these are coming. I

1:17:42

need some feedback, what do you think the know the

1:17:44

and f t should be? Should. It be you,

1:17:46

you come ten times, you get one, maybe

1:17:48

you distinguish yourself a great questions, you get one,

1:17:51

and then maybe we have to give you

1:17:53

nickname and. Then we make graphic

1:17:55

and then we put it out there, we gift to you,

1:17:57

and then hey listen, maybe you can resell it.

1:18:04

If somebody will do the work and come up with a good idea

1:18:08

A, U can follow Zac polis it's

1:18:10

c o e l I U s Zac

1:18:12

polis my god. so much your time

1:18:15

pleasure