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Automatic TRANSCRIPT

How do I win my way into the arts? I do, I think through how to get them to talk to their friends and the best way to build a brand is to own mind share in someone's heart. It's very easy these days to scale a brand from zero to fifty million by using hyper targeting on Facebook. It's very hard to take a brand from fifty million, five hundred million enduring way and to create billions inequity night. And I think the companies that do a best are the ones that focused on very much on who their customers are, what they want and to use paid marketing as. A part of a toolkit, but not as the tool kit. Absolutely. And I'm safeties. He said that about paid acquisition channels. I had peace offensive on the show, and he said about the lack of free and open distribution being the biggest barrier to consume Eric FANG and Jeremy Levin. Bessemer said that we're being a follow period Cosima because of the lack of distribution channel availibility. How do you think about this today kind of investing heavily into transactional consumer businesses. I think it'd be era of being able to toss up to start a new brand online and scale it and take it public. I think it's very hard to do. I was struck by there was an article in Inc from war and how they were like four hundred new vertical brands that were started in the past few years, and they all start to look the same. I think we're, we've been spending a lot of our time is in areas where it's hard when we're the solutions include touching the consumer. So to bring that to life, I think a couple of areas where that plays out is in real estate in healthcare in real estate. We've invested in a couple of companies, one called common, and then there. Hospitality, we haven't announced yet which are thinking about what are ways were millennials wanted us space which are able for developers and property owners to yield higher dollars per square foot than current uses of that space. Now, that's a brand that requires having people on the ground requires contracting housecleaners, but you kind of look at it and say, you know, there's not a brand like Starwood that represents multifamily housing, and that's what common is really creating. It's creating a community that millennials can call her own when they live in urban cities. So I think that's a brand that's not not in any way dependent upon launching than scaling. It's dependent upon creating long-term relationships with developers. It's dependent upon creating mindshare within consumers and it's dependent upon changing out. People think about living might think we invested in another company called booster fuels, which is illiterate gas on demand, corpora parking lots, and really enabling people never go to a gas station again. So I think a lot of the businesses where we think a lot of that. Economic value is created today are hard. They require hiring a lot of employees. They require touching people off line. They're looking at big industries like real estate, transportation, a health care where they're hard to transform, you don't transform them just digitally, but if you're able to transform them, there's not a brand today that a millennial relates to an emotionally positive way. And I think the fact that Facebook and Google have so much power from a distribution standpoint point us in the direction of disrupting old-line industries with business models that are more people Centric in just operationally harder than the ones we would've invested in five to seven years ago. Now, obselete I mean, you mentioned quite a few of you for their companies which brings out the role of see. And he said to me before the VC is a struggle. So I'd love to talk down with this one. What elements of the road you pass, any fine. The hall, Jason. I think there's a couple of things. I think first and foremost as young VC, it takes a long time to north. If you're any good. So I was lucky enough to be on the board of the zoo, lily. It went zero two billion in revenue and five years. It was a great outcome. And after that proceeded to lose fifteen million dollars and you go through in your head, you are. It's an emotional roller coaster. It takes a long time to north through any good..