35 Burst results for "Twenty Twenty"
Fentanyl Deaths Are Growing Rapidly
"The last segment, I was talking to you about the outrageous lies that we hear from many people in power nowadays, big and small. Ranging from a fire that happened 40 years ago in our current president's home to a foreign adversary potentially meddling in one of our elections. But nevertheless, a lie big and small is still a lie. And I also want to point out to you that as much as we see these lies of co mission, these active lies, we see an equal amount of lies of omission, which are just as insidious. One of the biggest lies of omission that I see today, it is the biggest news story in the United States, and yet it never almost never gets reported by The New York Times a Washington Post CNN MSNBC. That is, of course, the fentanyl crisis. I was reading yesterday that 300 Americans a week die of fentanyl. That's 300 Americans a week. That is the equivalent of a 7 57 plane crashing every single week. Don't you think that's news? Why aren't we talking about that? I looked at the cover of The New York Times for the past two weeks, and you know in the corner they have this saying that they've been printing for 200 years. All the news that is fit to print. And yet, they barely, if ever, the reason why I use the word never is because I have never, seriously, I've never seen it myself. They barely, if ever, report on the fentanyl crisis.
Biden Plays With the Truth
"Of course, there was the whole Hunter Biden scandal, which has now come out every day in the news that Hunter Biden is under investigation for his dealings with China and for serving on the board of a corrupt Ukrainian oil company. He got a $1 million a year for serving on the board of that company. And there are photos that have surfaced of President Biden in 2015 at cafe Milano a restaurant in Washington, D.C., sharing drinks and dinner with Ukrainian businessmen. I believe there are also Kazakh businessmen there and also another Chinese businessman. And when President Biden was asked during a presidential debate if he knew anything about his son's business dealings, he denied it. And then when he was further pressed about Hunter Biden, he denied that he got a wire transfer from the mayor of Moscow's wife. Let's play the clip. China ate your lunch, Joe. And no wonder your son goes in and he takes out, he takes out billions of dollars, takes out billions of dollars to manage he makes millions of dollars and also while we're at it. Why is it just out of curiosity? The mayor of Moscow's wife gave you son three and a half $1 million. What did he do to deserve it? What did he do with Paris? None of the $153,000 of that. If not, none of that is true. Totally. Mister president. It's totally president. Totally discredited. Totally discredited. And by the way, wait. Totally untrue, he says.
Biden Lies About Puerto Rican Roots
"President Biden has been in the news a lot recently and not for things that he should be in the news for, like, running our country correctly. But he's been in the news for the really astounding litany of lies that he's been telling. Of course we all know that President Biden is no stranger to deception, but it seems like even in the past week or two weeks. There's been an extraordinarily high uptick in them. I want to play some of them for you. First, he said that he was sort of raised in the Puerto Rican community of Delaware. Let's roll that clip. We have a very relative terms, large Puerto Rican population in Delaware, relative to our population. We have the 8th largest black population in the country and between all minorities. We have 20% of our state is minority. And so I was sort of raised in the Puerto Rican community at home, politically.
University of Minnesota Medical Students Go 'Woke'
"And the last segment I played for you a truly disturbing clip of university of Minnesota medical students reciting a woke Pledge of Allegiance about how they pledge that they will try to upend racism and colonialism in honor, indigenous ways of healing. Honestly, I couldn't comprehend most of what they were saying. But I want to finish off on this commentary because there's something really important here that I want to highlight to you. I ended the last segment by saying that this was an act of humiliation. I tried to picture myself being one of those medical school students reading this garbage. And again, I realized, if you look at that video and you look into the audience, I can bet you, I can promise you that 90% of those people reading that know that it is BS. And yet they still read it, and they're modeling tone the way that they were cited. It shows that they don't really believe it. And I think that really is an act of coercion. It's an act from a powerful woke cabal of people at the top who are intentionally trying to humiliate you. They know that it's BS, they know that the people who are reciting the woke Pledge of Allegiance know that it's BS. And yet they are still making them do it to substantiate their own power.
Whose Truth Is It Anyway?
"You are not the problem. Your desires your impulses are not the problem. It's society that's the problem. Society is oppressing you if they are telling you that you can not live your truth. But what they don't understand and what they don't tell people my age and it is so detrimental is that there is no such thing as your truth or my truth. There is the truth. There are standards that are unchanging that we all have to live by. And I really just wonder, I wonder what this is doing to people who are young. Of course, we can see what it's doing to people who are my age. Many of many people in my age are unhappy. We are the most depressed and medicated generation. But for people who are 5 and 6 years old and they are learning in school, literally, that it is fat phobic when someone tells you to eat healthy. That it is heteronormative when you see a straight couple on the television. What is that doing to the minds of young children? Seriously, what are they going to be like in ten years?
Fighting the Urges of the Left
"Left is so attractive to people because it tells you that you can essentially do and believe whatever you want as long as it's in accordance with your truth. It made me reflect that one of the main things that the left does is it normalizes pathologies. All of us, human beings, and this is something that I have really learned thanks to Dennis's Torah commentaries and the way that he talks about human nature. By the way, shameless plug for deuteronomy, which I believe came out last week. It's Dennis's third Torah commentary. I haven't read it, but I've read the previous two, and if it's anything like the previous two, it's exceptional. So please order it. But what Dennis's Torah commentary has taught me is that human beings have malignant inclinations. We all have urges to do things that are not healthy. All of us want to sit on the couch and eat junk food. Many of us would Sean is pumping his vis in the air. I love it. We should really get a camera on Sean one of these days. Everyone wants to sit on the couch and eat junk food. Everyone has an inclination towards chaos. Think about the protests that we saw in the summer of 2020. People running into the street, throwing things in the air, people even in those protests took off their clothes. We haven't impulse towards anarchy within us. And yet the task of parenting, the task of leadership, and indeed the task of civilization writ large is to try to control those impulses within you. It's to tell you, look, again, we may all want to eat junk food and be able to say that that's healthy and be praised for doing so. But that's just not in accordance with the way the world works. And that is not a healthy road for us to be going down. But in the world of the left, the left tells you no, you can live your truth. If that is true to you, if that's what you want to do, that's totally fine. It's the rest of the world. That's the problem.
Pompeo talks to 1/6 panel, Mastriano cuts own meeting short
"The house battle investigating the U.S. capitol insurrection interviewed former secretary state Mike Pompeo and met briefly with Pennsylvania's Republican nominee for governor Doug mastriano I'm Norman hall Former Secretary of State Mike Pompeo is among several former cabinet officials to committee wanted to talk to after it was disclosed that some of them raised concerns about the former president's actions and considered invoking the Twenty-fifth Amendment process to remove Trump from office after the riot The governor's interview with Doug mastriano was brief the Pennsylvania candidate for governor was outside the capitol on January 6th and he helped organize efforts in his state to submit alternate presidential electors His lawyers say mastriano didn't answer questions and disputed the validity of the committee Norman hall Washington
White House's Funniest Home Videos: Trump Has a Blooper Reel
"Where do we start with obviously the big J 6 hearing tonight? Oh, we're going to see the blooper reel. Yeah. Which is the multiple times that got tried to get Trump, right? Yeah. And CNN's reporting this morning that Trump only made the video because he was afraid of the Twenty-fifth Amendment, his cabinet Twenty-fifth Amendment. Yes. They said he only stopped he almost said go home in the insurrection because a it failed and be they were talking about Twenty-fifth Amendment. And they have every version. Yes. Yes. No. Yes. Every version of the videos that he cut. Is there one where he gets hit in the balls? I'm just hoping. I'm just, is that just me? I miss all The White House is funniest videos. I'm old school. I want Dick Clark and Ed McMahon to show up. Yes. Like the old TV bloopers and practical stuff. I just said Bob Saget, and then I realized that we can't have nice things anymore. Somebody shows up.
Filmmaker Michael Moore Pens HisOwn version of 2nd Amendment
"I want to tell y'all about this story. Of this man whose brain is completely faulting him. In his name is Michael Moore, now Michael Moore, he made one documentary that I have any respect for him. It's the one calling out these liberals virtue signaling about climate change. I mean, he may 1 documentary. Maybe he fell on his head and accidentally made a documentary telling the truth. But the rest of his life, he's being an incredible idiotic individual. So now what is Michael Moore decided to decide to do? Michael Moore has decided that we need a Twenty-eighth Amendment to repeal and replace the Second Amendment. Whoo. You know he's stupid. The repeal replaced the Second Amendment. Now, let me read to you some articles or sections of his amendment. I'm going to read them to you verbatim, so I don't miss any of the stupidity. Initially saying that he wants to get rid of the Second Amendment because of violence or whatever the case may be, he claimed that the section one should read the rights of the free people to be kept free from gun violence. And the fear thereof must not be in French and Shelby protected by the Congress and the states.
Trump Is Ready to Abandon Attorney John Eastman
"Reporting this morning, I'm sure you've heard is that they're getting ready to turn on John eastman that Trump is getting ready to throw Josh. Which you look at any history and go, of course he is. He does it to everybody. What's John eastman going to do is the question, is he going to flip, do you think, is he going to save himself? You know, what could he do that would hurt? He is a lawyer who is in total disrepute because let's face it. His theory was total nonsense. It had even he in a red line version had said, here's the opposite, which is true. And so he knew that what he was saying was fraudulent. Donald Trump knew it was fraudulent because everybody else, including his own lawyers, and his vice president were saying, this is not a power that I have. I can not do this. It's illegal. It seems to me that you can't get away with this continuously. So even if eastman were to turn on him, it would certainly would help. I mean, everybody who turns is good. It's just, I wonder what happened to people like Pence, why didn't he come forward? Why didn't he enforce the Twenty-fifth Amendment? When his own life was put in
Tkachuk scores 3, Flames beat Oilers 9-6 in Game 1
"Matthew Matthew Matthew Matthew could could could could Chuck Chuck Chuck Chuck registered registered registered registered a a a a hat hat hat hat trick trick trick trick in in in in the the the the flames flames flames flames nine nine nine nine six six six six win win win win over over over over the the the the Oilers Oilers Oilers Oilers at at at at least least least least when when when when Holman Holman Holman Holman injury injury injury injury major major major major party party party party scored scored scored scored in in in in the the the the game's game's game's game's opening opening opening opening minute minute minute minute before before before before Brett Brett Brett Brett Ritchie Ritchie Ritchie Ritchie tally tally tally tally five five five five minutes minutes minutes minutes later later later later Blake Blake Blake Blake Coleman Coleman Coleman Coleman had had had had two two two two goals goals goals goals in in in in the the the the opening opening opening opening six six six six ten ten ten ten of of of of the the the the second second second second period period period period to to to to give give give give Calgary Calgary Calgary Calgary a a a a five five five five one one one one lead lead lead lead but but but but Edmonton Edmonton Edmonton Edmonton chipped chipped chipped chipped away away away away and and and and eventually eventually eventually eventually tied tied tied tied in in in in a a a a killer killer killer killer Yamamoto's Yamamoto's Yamamoto's Yamamoto's goal goal goal goal early early early early in in in in the the the the third third third third Rasmus Rasmus Rasmus Rasmus Andersson Andersson Andersson Andersson netted netted netted netted the the the the go go go go ahead ahead ahead ahead goal goal goal goal one one one one twenty twenty twenty twenty nine nine nine nine later later later later Zach Zach Zach Zach Hyman Hyman Hyman Hyman scored scored scored scored twice twice twice twice and and and and Connor Connor Connor Connor McDavid McDavid McDavid McDavid had had had had a a a a goal goal goal goal and and and and three three three three assists assists assists assists for for for for the the the the Oilers Oilers Oilers Oilers the the the the flames flames flames flames host host host host game game game game two two two two on on on on Friday Friday Friday Friday I'm I'm I'm I'm Dave Dave Dave Dave Ferrie Ferrie Ferrie Ferrie
Curry's 21 points, 12 boards lead Warriors in Game 1, 112-87
"Steph Steph Steph Steph curry curry curry curry had had had had twenty twenty twenty twenty one one one one points points points points and and and and a a a a game game game game high high high high twelve twelve twelve twelve rebounds rebounds rebounds rebounds as as as as the the the the warrior warrior warrior warrior stifled stifled stifled stifled the the the the Mavericks Mavericks Mavericks Mavericks one one one one twelve twelve twelve twelve eighty eighty eighty eighty seven seven seven seven for for for for the the the the most most most most part part part part we we we we we we we we had had had had a a a a couple couple couple couple possessions possessions possessions possessions a a a a third third third third quarter quarter quarter quarter we we we we got got got got trouble trouble trouble trouble but but but but for for for for the the the the most most most most part part part part we we we we we're we're we're pretty pretty pretty decisive decisive decisive or or or what what what we we we wanted wanted wanted to to to attack attack attack and and and what what what you you you get get get to to to pay pay pay you you you do do do have have have a a a little little little a a a couple couple couple more more more options options options we we we just just just got got got to to to be be be assertive assertive assertive and and and decisive decisive decisive what what what you're you're you're trying trying trying to to to do do do Andrew Andrew Andrew Wiggins Wiggins Wiggins added added added nineteen nineteen nineteen points points points getting getting getting Golden Golden Golden State State State going going going by by by making making making six six six of of of his his his first first first eight eight eight attempts attempts attempts on on on his his his way way way to to to shooting shooting shooting eight eight eight for for for seventeen seventeen seventeen Jordan Jordan Jordan Poole Poole Poole chipped chipped chipped in in in nineteen nineteen nineteen points points points off off off the the the bench bench bench and and and Klay Klay Klay Thompson Thompson Thompson had had had seventeen seventeen seventeen while while while they they they both both both help help help curry curry curry keep keep keep look look look at at at dot dot dot you you you can can can check check check the the the Dallas Dallas Dallas guard guard guard scored scored scored twenty twenty twenty points points points but but but shot shot shot just just just six six six of of of eighteen eighteen eighteen and and and three three three of of of ten ten ten from from from deep deep deep game game game two two two is is is Friday Friday Friday in in in San San San Francisco Francisco Francisco I'm I'm I'm Dave Dave Dave Ferrie Ferrie Ferrie
Cole's OT goal lift Hurricanes past Rangers for Game 1 win
"Ian Ian Ian Ian Cole's Cole's Cole's Cole's goal goal goal goal completed completed completed completed the the the the hurricanes hurricanes hurricanes hurricanes come come come come back back back back at at at at two two two two one one one one overtime overtime overtime overtime win win win win against against against against the the the the Rangers Rangers Rangers Rangers giving giving giving giving Carolina Carolina Carolina Carolina the the the the opener opener opener opener in in in in the the the the second second second second round round round round series series series series Colby Colby Colby Colby Igor Igor Igor Igor sister sister sister sister king king king king at at at at three three three three twelve twelve twelve twelve of of of of O. O. O. O. T. T. T. T. the the the the second second second second career career career career playoff playoff playoff playoff goal goal goal goal for for for for the the the the kings kings kings kings defenseman defenseman defenseman defenseman look look look look at at at at obviously obviously obviously obviously win win win win the the the the game game game game is is is is is is is is is is is is what what what what matters matters matters matters no no no no can can can can again again again again our our our our first first first first taste taste taste taste of of of of tea tea tea tea is is is is great great great great you you you you know know know know gonna gonna gonna gonna turn turn turn turn on on on on the the the the third third third third peered peered peered peered in in in in continuing continuing continuing continuing that that that that into into into into the the the the O. O. O. O. T. T. T. T. I I I I think think think think was was was was a a a a great great great great science science science science while while while while Chesterton Chesterton Chesterton Chesterton was was was was perfect perfect perfect perfect until until until until Sebastian Sebastian Sebastian Sebastian aho aho aho aho tied tied tied tied the the the the game game game game with with with with just just just just two two two two twenty twenty twenty twenty three three three three remaining remaining remaining remaining in in in in regulation regulation regulation regulation former former former former ranger ranger ranger ranger anti anti anti anti Ron Ron Ron Ron to to to to stop stop stop stop twenty twenty twenty twenty seven seven seven seven shots shots shots shots and and and and blanked blanked blanked blanked the the the the Blueshirts Blueshirts Blueshirts Blueshirts after after after after Filipino Filipino Filipino Filipino beat beat beat beat him him him him seven seven seven seven oh oh oh oh seven seven seven seven into into into into the the the the game game game game game game game game two two two two is is is is Friday Friday Friday Friday in in in in Raleigh Raleigh Raleigh Raleigh I'm I'm I'm I'm Dave Dave Dave Dave Ferrie Ferrie Ferrie Ferrie
Officials say more areas of US may see mask recommendations
"Health health health health officials officials officials officials say say say say America's America's America's America's virus virus virus virus pandemic pandemic pandemic pandemic could could could could get get get get worse worse worse worse in in in in coming coming coming coming weeks weeks weeks weeks may may may may bring bring bring bring with with with with it it it it a a a a return return return return to to to to mask mask mask mask recommendations recommendations recommendations recommendations there's there's there's there's a a a a lot lot lot lot of of of of infections infections infections infections across across across across America America America America White White White White House House House House virus virus virus virus response response response response chief chief chief chief I I I I she she she she she she she she jotted jotted jotted jotted notes notes notes notes a a a a steady steady steady steady increase increase increase increase the the the the past past past past five five five five weeks weeks weeks weeks twenty twenty twenty twenty six six six six percent percent percent percent just just just just last last last last week week week week CDC CDC CDC CDC director director director director Richelle Richelle Richelle Richelle Wilensky Wilensky Wilensky Wilensky says says says says nearly nearly nearly nearly a a a a third third third third of of of of Americans Americans Americans Americans now now now now live live live live in in in in areas areas areas areas with with with with medium medium medium medium or or or or high high high high covert covert covert covert nineteen nineteen nineteen nineteen community community community community levels levels levels levels where where where where they they they they are are are are high high high high we we we we urge urge urge urge local local local local leaders leaders leaders leaders to to to to encourage encourage encourage encourage the the the the use use use use of of of of prevention prevention prevention prevention strategies strategies strategies strategies like like like like masking masking masking masking a a a a public public public public indoor indoor indoor indoor settings settings settings settings Polanski Polanski Polanski Polanski says says says says hospitalization hospitalization hospitalization hospitalization rates rates rates rates are are are are also also also also up up up up nineteen nineteen nineteen nineteen percent percent percent percent in in in in the the the the past past past past week week week week but but but but still still still still much much much much lower lower lower lower than than than than during during during during the the the the Omicron Omicron Omicron Omicron wave wave wave wave Sager Sager Sager Sager mag mag mag mag on on on on the the the the at at at at the the the the White White White White House House House House
Printing errors mar mailed ballots in Oregon, Pennsylvania
"Printing printing printing printing errors errors errors errors Mar Mar Mar Mar mail mail mail mail in in in in ballots ballots ballots ballots in in in in Oregon Oregon Oregon Oregon in in in in Pennsylvania's Pennsylvania's Pennsylvania's Pennsylvania's primary primary primary primary elections elections elections elections holding holding holding holding up up up up some some some some vote vote vote vote counting counting counting counting election election election election officials officials officials officials say say say say thousands thousands thousands thousands of of of of mail mail mail mail ballots ballots ballots ballots will will will will have have have have to to to to be be be be hand hand hand hand counted counted counted counted and and and and remarked remarked remarked remarked which which which which adds adds adds adds delays delays delays delays to to to to some some some some hotly hotly hotly hotly contested contested contested contested races races races races like like like like the the the the Republican Republican Republican Republican primaries primaries primaries primaries for for for for Senate Senate Senate Senate and and and and governor governor governor governor in in in in Pennsylvania Pennsylvania Pennsylvania Pennsylvania Lancaster Lancaster Lancaster Lancaster County County County County Board Board Board Board of of of of elections elections elections elections chief chief chief chief Christa Christa Christa Christa Miller Miller Miller Miller every every every every now now now now and and and and then then then then we we we we have have have have received received received received will will will will be be be be counted counted counted counted there there there there will will will will not not not not be be be be a a a a valid valid valid valid out out out out there there there there that that that that is is is is not not not not counted counted counted counted that that that that is is is is supposed supposed supposed supposed to to to to be be be be she she she she says says says says the the the the printer printer printer printer used used used used the the the the wrong wrong wrong wrong I I I I decoded decoded decoded decoded at at at at least least least least twenty twenty twenty twenty one one one one thousand thousand thousand thousand mailed mailed mailed mailed ballots ballots ballots ballots only only only only a a a a third third third third were were were were scanning scanning scanning scanning properly properly properly properly in in in in Oregon Oregon Oregon Oregon Clackamas Clackamas Clackamas Clackamas county county county county about about about about half half half half the the the the ballots ballots ballots ballots sent sent sent sent to to to to voters voters voters voters included included included included a a a a blurry blurry blurry blurry bar bar bar bar code code code code that that that that can't can't can't can't be be be be read read read read by by by by machines machines machines machines I'm I'm I'm I'm Julie Julie Julie Julie Walker Walker Walker Walker
Sherpa woman climbs Everest for 10th time, breaks own record
"Hundreds hundreds hundreds hundreds of of of of climbers climbers climbers climbers who who who who scaled scaled scaled scaled Mount Mount Mount Mount Everest Everest Everest Everest over over over over the the the the past past past past few few few few days days days days are are are are taking taking taking taking advantage advantage advantage advantage of of of of favorable favorable favorable favorable weather weather weather weather conditions conditions conditions conditions to to to to return return return return safely safely safely safely down down down down the the the the mountain mountain mountain mountain British British British British climber climber climber climber Kenton Kenton Kenton Kenton cool cool cool cool scaled scaled scaled scaled Everest Everest Everest Everest for for for for the the the the sixteenth sixteenth sixteenth sixteenth time time time time setting setting setting setting the the the the record record record record for for for for the the the the most most most most Everest Everest Everest Everest summits summits summits summits by by by by a a a a non non non non Nepalese Nepalese Nepalese Nepalese climber climber climber climber Ukrainian Ukrainian Ukrainian Ukrainian Antonino Antonino Antonino Antonino samba samba samba samba Lobo Lobo Lobo Lobo hopes hopes hopes hopes the the the the message message message message from from from from her her her her climb climb climb climb is is is is to to to to be be be be aware aware aware aware that that that that in in in in Ukraine Ukraine Ukraine Ukraine we we we we have have have have still still still still war war war war and and and and the the the the Ukrainian Ukrainian Ukrainian Ukrainian people people people people are are are are still still still still fighting fighting fighting fighting for for for for their their their their freedom freedom freedom freedom of of of of for for for for their their their their future future future future and and and and we we we we need need need need help help help help from from from from all all all all the the the the sides sides sides sides are are are are sharper sharper sharper sharper from from from from Nepal Nepal Nepal Nepal who who who who now now now now lives lives lives lives in in in in the the the the U. U. U. U. S. S. S. S. broke broke broke broke her her her her own own own own record record record record reaching reaching reaching reaching the the the the twenty twenty twenty twenty nine nine nine nine thousand thousand thousand thousand foot foot foot foot summit summit summit summit for for for for the the the the tenth tenth tenth tenth time time time time the the the the most most most most times times times times any any any any woman woman woman woman has has has has climbed climbed climbed climbed Mount Mount Mount Mount Everest Everest Everest Everest lock lock lock lock by by by by sherpa sherpa sherpa sherpa has has has has sights sights sights sights on on on on the the the the second second second second highest highest highest highest peak peak peak peak maybe maybe maybe maybe get get get get you you you you are are are are that that that that is is is is due due due due to to to to seasonal seasonal seasonal seasonal very very very very coming coming coming coming soon soon soon soon K. K. K. K. two two two two is is is is in in in in Pakistan Pakistan Pakistan Pakistan I'm I'm I'm I'm at at at at Donahue Donahue Donahue Donahue
Russian soldier pleads guilty at Ukraine war crimes trial
"In in in in the the the the head head head head through through through through an an an an open open open open call call call call windows windows windows windows in in in in the the the the south south south south east east east east of of of of Ukraine Ukraine Ukraine Ukraine on on on on February February February February twenty twenty twenty twenty eight eight eight eight full full full full days days days days into into into into the the the the invasion invasion invasion invasion Ukraine's Ukraine's Ukraine's Ukraine's prosecutor prosecutor prosecutor prosecutor general general general general previously previously previously previously said said said said the the the the office office office office was was was was raging raging raging raging war war war war crimes crimes crimes crimes cases cases cases cases against against against against forty forty forty forty one one one one Russian Russian Russian Russian soldiers soldiers soldiers soldiers for for for for offenses offenses offenses offenses that that that that included included included included bombing bombing bombing bombing civilian civilian civilian civilian infrastructure infrastructure infrastructure infrastructure killing killing killing killing civilians civilians civilians civilians rape rape rape rape and and and and looting looting looting looting it's it's it's it's not not not not immediately immediately immediately immediately clear clear clear clear how how how how many many many many of of of of the the the the suspects suspects suspects suspects are are are are in in in in Ukrainian Ukrainian Ukrainian Ukrainian hands hands hands hands on on on on how how how how many many many many will will will will be be be be tried tried tried tried in in in in absentia absentia absentia absentia I'm I'm I'm I'm Charles Charles Charles Charles to to to to this this this this month month month month a a a a twenty twenty twenty twenty one one one one year year year year old old old old Russian Russian Russian Russian soldier soldier soldier soldier facing facing facing facing the the the the first first first first war war war war crimes crimes crimes crimes trial trial trial trial since since since since Moscow Moscow Moscow Moscow invaded invaded invaded invaded Ukraine Ukraine Ukraine Ukraine has has has has pleaded pleaded pleaded pleaded guilty guilty guilty guilty to to to to killing killing killing killing an an an an unarmed unarmed unarmed unarmed civilian civilian civilian civilian Sajjan Sajjan Sajjan Sajjan
Manson scores 8:02 into OT, Avs beat Blues 3-2 in Game 1
"Josh Josh Josh Josh Manson Manson Manson Manson and and and and Darcy Darcy Darcy Darcy camper camper camper camper carried carried carried carried the the the the avalanche avalanche avalanche avalanche two two two two or or or or three three three three two two two two overtime overtime overtime overtime win win win win against against against against the the the the blues blues blues blues in in in in game game game game one one one one of of of of their their their their second second second second round round round round series series series series Manson Manson Manson Manson wanted wanted wanted wanted by by by by scoring scoring scoring scoring eight eight eight eight oh oh oh oh two two two two into into into into the the the the extra extra extra extra session session session session for for for for the the the the ABS ABS ABS ABS who who who who out out out out shot shot shot shot St St St St Louis Louis Louis Louis thirteen thirteen thirteen thirteen nothing nothing nothing nothing in in in in O. O. O. O. T. T. T. T. camper camper camper camper stopped stopped stopped stopped twenty twenty twenty twenty three three three three shots shots shots shots in in in in his his his his return return return return from from from from an an an an eye eye eye eye injury injury injury injury the the the the blues blues blues blues tied tied tied tied the the the the game game game game with with with with Jordan Jordan Jordan Jordan Kyrou Kyrou Kyrou Kyrou scored scored scored scored with with with with three three three three fourteen fourteen fourteen fourteen left left left left in in in in regulation regulation regulation regulation ballerina ballerina ballerina ballerina to to to to skin skin skin skin and and and and Samuel Samuel Samuel Samuel Girard Girard Girard Girard also also also also scored scored scored scored for for for for Colorado Colorado Colorado Colorado which which which which out out out out shot shot shot shot St St St St Louis Louis Louis Louis fifty fifty fifty fifty four four four four twenty twenty twenty twenty five five five five Jordan Jordan Jordan Jordan Bennington Bennington Bennington Bennington handled handled handled handled fifty fifty fifty fifty one one one one shots shots shots shots in in in in defeat defeat defeat defeat game game game game two two two two is is is is Thursday Thursday Thursday Thursday in in in in Denver Denver Denver Denver I'm I'm I'm I'm Dave Dave Dave Dave Ferrie Ferrie Ferrie Ferrie
"twenty " Discussed on Twenty Thousand Hertz
"With open captions as we call them. Was julia child. The french chef white sauce base with yours twenty years later in the early nineties w. h. applied for a grant to essentially do a similar service for people who are blind or have low vision and that was descriptive video service. They started with adult program in case john. Thank you myself like three dramas documentaries but by the time. Brian came to w gbh years later. The goal was to reach a much broader audience including kids like me every day. When you're walking down the street in fact the first video description i ever heard was on a show that brian helped describe right here w. gbh called. Arthur it's called the descriptive video service. It's for people who are blind so they can watch. Tv use the remote to choose the sap. Then a voice comes on the tv show to tell you what's happening whenever arthur would come on. I'd run to the television and be transfixed for half an hour. The little girl turns into a crap. Because i knew exactly what was happening funny. My parents weren't very good at describing but these professional describes knew what they were doing. I could trust. I felt in the know and at home like these describes we're talking directly to me. Check it for yourself. On arthur and other. Pbs kids throw band so the the process of description. Maybe i should talk a little bit about that. Tends to be you'll watch the whole program. I normally i would never suggest a harebrained scheme like this. But i think we should follow him so as you can imagine the process they developed at. Wbz h is a little different from what my friend benz. You went inside. You sometimes watch scenes for a long time for many many times. Normally i would never suggest normally okay. Scratch that very different. So you need to in some ways map out in a scene. Say it's a five minute scene. You can think of all kinds of ways to describe it but that's not worth anything until you know how many seconds and when there may be a pause so you could actually describe something you know if it's a new scene with new characters in a new place you need to set the stage. I what was that and sometimes there's only one second you can only say later or at night. Sunlight cross the earth surface as rotates in the milky way. Giant gold letters revolve around the planet spelling universal by the late nineties. Wbz started to expand video description from television to movie. Mardi runs down the fire trails toward him so We developed in an entire business of selling vhs tapes with description on them. He faints and falls to the ground. Arthur was great but the vhs tapes were total game changer. Flag waves on top of castles. Thomas spire when i was five. My mom brought one home from the local libraries. It was the lion king now. In a cartoon giant yellow sun rises into a golden sky. It lights up a huge savannah a flat grassland that stretches as far as the great thing about those matthew. I don't know if you've ever experienced those is that you just put it in the vcr and it plays and has description on it. Don't have to do anything. No menus long no settings just press play. They fly over a waterfall which tumbles over a cliff as tall as a skyscraper..
"twenty " Discussed on The Twenty Minute VC
"That things are going to be done. Unbudgeted on-time if. I'm on the board of a company that fails it fails in a very organized way. If i'm lucky enough to be on company succeeds extremely well. It succeeds on the very organiz way. But i knew that those traits were not conducive to being a leader. Those a great trades for being a manager. And i read a whole bunch of books. As soon as mike moore is a step down. I went to the bookstore. I might have bought twenty books on leadership. And i might even have read another twenty and it became clear to me. Leadership is when manish and leadership is really vision. It is inspiration. It's execution is instincts. It is not just let the trains run on time at all costs. And so i understood if you will to let the horses run to hide. Great people said the direction led the horses run. Use my instincts. A little more and again. I mentioned self-awareness. I think that is one of the greatest things. It's good to know. It's good to not know which means you can learn. It is not good to know what you don't know. And that is the killer. And i was lucky enough to know what i didn't know and do something about that. Sat in a vision of o'brien boom one aligned kind of setting the culture and i remember before hearing you say this quiz not a family. Were a team. I was intrigued to dig. Deep promise wanted you mean by this. What does that mean to the team. And what does that mean kind of number one is so the first thing i did when i took over the sole whatever titled that you wanna give me at sequoia the leader of sequoia. I rode the tenants of sequoia capital. It's a play on words. It with ten tenants and i put performance of as one and teamwork to and you've heard me say in other interviews that if you're missing one that the other nine don't matter if you have one then you better have to teamwork. We hate the. I pronoun at sequoia capital in order to perform. We can't be family. We all family members were stuck with. I know your family. I'm willing to bet you can point to a family members that is going to be a family. Member forever is not a performer. I know we have a few in our family but we are team. It could be a production company. It could be the making of a movie or show. There are actors. they're called investors. They're supporting casts. They are the producers. The writers the lighting people even the people that make lunch for the actors in everybody else. Same at sequoia. We have people who invest people in data science our systems finance and so on and we better have high performance in all those areas and we better have a good deal of expertise in using the we pronoun. That is the only chance we have. And if you don't perform sequoia we will give you some time. We will figure out a way to help you but a deanne. The very first person that knows not performing is the individual himself or herself and then when we part ways with people it's usually with a little bit of forward investing a bit of forward pavement a hug. And how can we help you. We've learned not to make enemies with a few people. With whom we part ways he said before south. Elias is key. If i'm on ice one arrow. I saw food life not identifying performance challenges early but she acting how long does one give someone and how does one communicate in that time of down a phone lines. Keep in mind that the venture business is a latency business. If you're investing a hedge fund you have a mark of the end of each day of how you doing and you can actually have a numeric score. Every day every week every month every year every three years while somebody does in business you make a seed investment. You might not know the answer. For twelve fifteen months there are some indicators is accompanying plan that on plan and so on but it is a latency type of business so you have to be almost the whole point one point two you have people of different age groups in different experience and i found possibly because i was one of those candidates. You want to give young people a little more runway. I will tell you there. Were people wanted me out of sequoia capital after twenty four months and it was only through the good graces in good judgement and now save from don valentine that i'm still here and so we've learned to give people some time. Keep in mind. The people we on that the people who the quarterback of the football team they weren't the popular kids. They're a bit of the outlier kids. They're the people that spend time alone. Most of us never knew the we pronoun coming up because we taught in team sports and all those things you know. I think that most of us would quirky loner in the type of individuals and so we bring them in. We want them to really work on their incredible trait. We wanna take advantage. And i mean in a good way of the incredible trait round them off any other traits so they become suffer -able because i was insufferable and i became suffer -able and then we teach them to use the we pronoun teaching someone to use. We pronoun is not just words. Not just culture. You've got to get compensation right because if you say we we and one person is on the male the money. It's a lot of words what you're doing is talking to talk and not walking the walk. So we've learned to get all the aspects a right including the compensation. What does that mean. Getting the compensation piece right means not having. Suzy make three percent more than johnny. It means saying either you're in or you're out and if you're in as a partner or as an associate or something in between there are compensation level and when you finally make partner. There's not fourteen levels we don't use the word junior. We even call in the us associates. We even call them partners. There's no need to be little dome in public. If i'm in a meeting with someone was twenty four years old. I don't have to say this is our socio. Everybody knows this is our associate and so to make sure we show people the right level of respect that we give them the right level of feedback at times means giving more feedback times giving them less feedback. You want him to struggle at times and overcome the challenges in front of them just to make them better. It is getting all these things right and at the end of the road. If you seen all these monkey experiments where monkeys are being given the love grace by the love..
"twenty " Discussed on The Twenty Minute VC
"Lychee save you with a threat By save thread them that that good. So thank you so much for joining me. Say well appreciate the kind words and so happy to be here. I would love to stall there. I always love a little bit of context. So tell me how did she doesn't tackle one to one leading intact investors today with q d while the story is really. The story of nigel morrison myself. He's the only constant in my adult life. We've been together now. Twenty eight years as of august ninth. And i don't remember getting an anniversary present so he's a little delinquent but basically i was hired directly out of the university of virginia graduate degree in artificial intelligence systems engineering math and statistics like a whole bunch of really nerdy. Math type. things was hired by nigel into it was signet bank at the time and signet bank at this little credit card division and i was hired with a small team of people to go figure out how to turn into something much bigger. We eventually on it off into capital one. And i played a variety of roles within capital one over the twelve or so years that i spent there mainly building businesses from scratch that the company needed but also fix some of the big businesses. When they're broken and i played some horizontal roles. I was the first officer for the company before there. Even was the chief. Credit officer help niger with internationalization eventually helped by banks and the nigel left in two thousand four. I left shortly thereafter to build a student lending company and that whole story did not end well but it was amazing to actually try. Hand is not poor but then joined back up with nigel in late. Two thousand seven to really envision what became the two of us just wanted to work together in and it turned into leading. I mean i love. The twenty eight years stories advocates an incredible but also a little bit modest beginning capital jenny. But your new forgot one part of your skills that which is apparently your rostov polka plan. According to nigel you actually knows any jute out of a person. And how do you think about the comparisons of pokot event show. Why are they similar. Why are they different. While i anne is the actual rockstar. Just slay a poker player at night on tv. So it's not exactly a superpower. But i did play a lot of high stakes cash games but poker there a lot of analogies in it teaches you a lot about decision making more than anything else. Poker taught me a lot about being processed focused rather than results oriented the clarity of thinking and the ability to understand why you're making the decisions that you're making and being able to see the outcome see how people react as a result of your actions over and over and over again recognized. The decision making process is more important because it's repeatable over time rather than being results focused you know the biggest difference though between poker and venture investing is that you get very few decisions that you end up making in the venture world is very small and in poker and is very large so you end up playing tens of thousands of hands. You can actually have a feedback loop..
"twenty " Discussed on The Twenty Minute VC
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"twenty " Discussed on The Twenty Minute VC
"Have now arrived at. Your destination is such a joint. Do this. I've had so many great things. Marcos mocatta lebron david knee by fred at feature polls and the hanna nico on your team so thank you so much for joining me stay. Hurry honored to be here. It is so good to have you. But i didn't associate with you because you have this incredible operational career and then major way into anxious to tell me. How did you make your way into venture and how did you come to co found kazic over ten years ago. Yeah sure before kasich. I was part of the founding team. Mcculloch lebron and that was hyper intense. Experience that led me to venture. We had the most extraordinary roller coaster journey with something like a hand with competitors in the region. Doing exactly what we were doing. At the peak of the bubble in early two thousand we had a slight in our beach deck that showed all of the logos op each one of these competitors and then the bubble burst and a nuclear winter came were. There was no funding available at all for the next five years or so and this sounds really difficult to understand in the current environment but he became impossible to close around ciro additional capital that it was available and all sources of financing had vanished. So i think we recognized faster than others that had changed and we focused on building the best -nology and the best product experience with these. He'd been roi mentality at the time we acquired some of our competitors to consolidate the market we ebay as an investor and a reminder ebay in two thousand two thousand one was we will end of amazon in two thousand and twenty one. These gave peace of mind to our investors as we generated a potential source of exit. And then a few more things in two thousand and three you incubated dot for mcardle bi-lo and today you would say that. We launched our fintech strategy. No words like that in those days. And i forty years. We took the company public or nasr in two thousand seven. I was cfo. So i the charge there. We did that with half of the capital. We had raised in two thousand stealing the bank. We had a very profitable business can point before we move to canada. I'm just so fascinating. Because i've never seen a macro bubble burst. They how did seeing that seeing the fairwinds that followed how did it. Impact your mindset day and maybe how you think about the types of businesses that you love to invest in. Yes i think when you are born and raised in let them. They give you financial crisis. Were breakfast so this is something that we have all grown up with even during our elementary school days and high school days and college. There's always something going on. So of course they mentioned of the bubble bursting was offering proportion and it was extremely hard because everything vanished. Everything disappeared in front of our eyes. But i'm sure that we were better suited than most of the founders from more developed countries. That they were not aware that something like this could happen. And the dna of the company montgomery even before this even they crazy days where we are getting really huge checks. We had these dna where we knew. We had to build a sustainable business because the music what they could stop. We had to be ready for that impact. How using businesses. You'd like to come stay. Do you like businesses. That have levers that can move to catholic profitability easier. That can be self sustaining eight foster mode or did not impact you in that way. It has impacted us in a very significant way. We don't back businesses that lame that have capital as a source of mode. We don't believe in that. We really believe in building sustainable businesses with fundamental value with solid unit economics. The right i mean the first few years you really need to invest and you need to have aleppo faith that you need to see the light at the end of the donald by. We're very focused on building businesses. That if things get tough you can pull a few levers and your survive and you'd be doing something for a couple of years and then when capitals available laguardia will reaccelerate. Yes okay when two thousand seven. Pm economy bright. Everything is incredible. And it's been an incredible. Johnny decide to leave him. Why found counter so he was extremely hard work to get there. We were doing. We had to reinvent the wheel many times. And i stayed on board after the ipo for a couple of years. Seafo for publicly traded company. And i was ready to move on. I was quite convinced that i would have more. Impact reinventing myself as an investor vs continuing an operator to was an incredibly hard decision because mainly had a great culture by then we were who befriends as much as professional partners. But the timing was the right one. We got successfully in the most volatile times. We talked about nine thousand nine. In two thousand seventeen thousand and eight two thousand seven when the subprime mortgages thing was beginning to appear and then two thousand eight we were running the company thing that were stock price. We had been public for a few months when the ninety percent like everybody else most companies into those made. The market's really did a lot of damage but by the end of the year we were in great shape. Business was always very solid. I was stuck had gone down but we were making money and we thirty percent. They beat the margins. We were doubling our business. Year-over-year we know that so. This was all something external to us. By the way we started a program to buy stock. There's a navy was amazing. We were buying stock price. Something like ten dollars. Something like seven eight dollars per share and we had an ideal that eighteen we had gone up all the way to fifty sixty and then we were down to seven for a few months but by the end of two thousand eight. We were back on truck extraordinarily and of course internally. Nothing had changed. The business was was very robust. And i thought things are in good shape and they had these strong desire to move on and begin to learn the ropes us investor. Id want to move to the region itself there and start there and go talk down when we think back to the historical perspective so much has changed today time on the hold us regions so when we give the founding of coverage what did the system then and i guess one of the fundamental differences compatible today so if you allow me i would go all the way back to the phone. They were melodies and say that until ninety eight ninety nine. There was nothing that could be called a ticket system. There wasn't even a word for nerd or word for startup in spanish and then there was this brief window that opened in one thousand nine before eighteen months and then the bubble burst probably nuclear winter for the next five six years when we raise money at mainly there was not even one. Vc firm that was operating out of them. These was twenty years ago. A no international had any interest in the to all of our funding mainly came from some vehicles were set up by banks that had a presence in the region like goldman and j. p. morgan they were investors then. Nothing desert gradually two thousand and six seven. Some funds like tiger gpa. They began to look into some of the surviving companies and the begun to do some later stage rounds but when you look now at the picture in twenty twenty one versus two thousand eleven when the very very little it is obviously materially stronger. You read the headline so many things going on and to put this in perspective 2021 versus twenty seven i were first fund was one hundred million dollars in two thousand eleven. This year we raised a billion between our early stage. Now we're opportunity vehicles. There are several other local funds. Every global investor is looking into the region. Mostly doing series. I'm beyond but the most significant difference today vs.
"twenty " Discussed on The Twenty Minute VC
"Success looks like. You are simple. answer is always been like. We don't think of ourselves in the venture that growth business but in the business of making asymmetric bets on the exceptional people are gonna change finance so whether we're investing it's eat or in a public company whether we tell ourselves that a price around is cheaper. Not the conversation has to come back to the question. You're asking which is how. Jim this be you know for us. It's like him. This become one of the most important companies in the future of financial services. I think finance is big enough. That if you get that question right you can earn venture type returns even at a later stage and sometimes even when it's incredibly hard to write down on paper what you need to believe for something to be that big to to earn exceptional returns assert framing. That i would bring it back to a little different. What you're asking. But i think it kind of cuts to the core is like if you want to generate several multiples of whatever. Lp's trust you with. Which is our goal. The only way to do that is to be contrarian since otherwise returns get competed away just sort of like the law of investing so we always ask ourselves like do we have a non obvious or non consensus point of view. And it's not always clear like it's very obvious when you're truly non consensus. In retrospect like how it felt. When we i invested in bitcoin base and most people just had no idea what we're talking about. But then you look at something like crypto. Today with coin base is a public company and is a non consensus like in the broader scheme of things. It's still is exceptionally early. So you know even when everyone seems to agree with your general points like say new banks can be big. They might not agree on degree. And you know gets to the heart of what you're talking about one of the hardest things i've found in investing is updating. Your priors one point you can only see gripe is a billion dollar company and then you've got comfortable with his ten billion dollar company. But how do you get over that view. See one hundred billion dollar company or trillion dollar company and this imagination in constant reframing is seems to be one of the key intellectual traits of the best investors. It certainly might be the case that people are making themselves and over applying this kind of thinking. I think that definitely happens. He see too many companies price through richly. But for us it might be true that the best fintech companies are still in the phase of selling. Dvd's in books. And if you believe that like what might happen next. Warren buffett as the saying that time is the friend of the wonderful company more than valuation which is very important we all need to focus above all things like what are really the wonderful companies and imagine that true for you to it. Absolutely any what i find. Challenging also is bumped me in wall of kobe on last impassive attractions the compression fundraising timelines zoom fundraising blunt needs has made much to build a relationship with the founder. Bill deriving was wider team members. Feel the culture of the office and understand that fabric of wonderful if that makes sense isn't t- cheesy jeez struggle with that two hundred percent. I think that's the biggest challenge for us the fundraising environment evaluation environment. I should say is one thing. I think that's just a reality that you have to adapt to but how to build meaningful relationships and partnerships which we see as a cornerstone of how to be a great investor that that's harder to do. We always think when we're underwriting deal. And this i i learned you know as an lp to the first decisions important but it's you should do the work to make the second decision. 'cause you often will have to especially arriving. You have to make that decision before you have a chance to collect all that much more data but even more importantly if something goes wrong which is almost is inevitably the case in fintech companies. If there is some you know regulatory issue or balanced issue you want have to get back to that word. You wanna have the conviction to be great partners at that time and i think a lot of the worst behavior we see from investors as where they came into something quickly and they didn't really understand it and we really work hard not to be those investors. But it's hard to do on a three daytime line on zoom so we're working on it adjusting and trying to do a lot of things to figure out how to be on the front foot rather than the back foot. I mean i'm so savant that i'm not laying in that one. I do have lost a unique in terms of like you mentioned the reinvestments decision making process that when you think about ownership overloaded funds sunday of you'll size have a specific ownership requirements. How do you think about initiate requirements on industry. And how possible do you think. It is to build a Overtime often. I find with the best pleased. Get taken away by the best and never seen again. How do you think butler Ownership definitely matters to me. That's like almost the immutable law. But i think this is one of the tricky dichotomies of the business in there that you can never quite reconcile. There's this fs god. It's gerald quote that i remember from college that like the test of a true i rate intelligence is the ability to hold two ideas. You're at the same time and still retain the ability to function. And that's what i think about on this topic all the time. So here's my two opposing ideas. That seem hard to reconcile like. I ownership really matters mostly because we're all limited by the time we allocate and ribbit. We really believe in making concentrated focus investments and putting our money where our mouth is like second at the same time i think investing in the best companies should be the tail wags the dog. You certainly shouldn't back a weaker company because you thank you can own a few more percent of it. So the thought experiment for me goes like this like if the best founders only want to sell you experts in their company and access lower than your ideal. You kinda have three choices one. You don't back the founders to you just shut your business or.
"twenty " Discussed on The Twenty Minute VC
"Quite enough for me. So now i'm so excited. Town davis jeff. Immelt venture paul nerd any a. You have now arrived at your destination. Jeff it is such a joy to have you on the show that i've had so many great things from ray from vanessa. Thank you so much for joining me. Stay with you and we know a lot of the same people so it's great to finally meet you in person. I mean the pleasures will mind. Jack but i want to start with a bit of an unconventional question for the show but is take me back to the moment that you were named. Ceo chee can you pan as story and how it came about for us. Yeah so long of people forgotten about it but back in the year two thousand. Ge like him on taking over that caliber of company at the time whereas most ceo succession as they are done quietly. This was done loudly with three of us kind of competing for the job of he. Will i heard about it over thanksgiving weekend of the year. Two thousand and i was told the flight of florida and meet with you. Know the at that subject while to the board and It was kind of an excruciating final year and to be honest with the like when it finally happened it was more like relief than anything else. That was kind of like over. And i knew what my next gig was going to be but it was just a very different context very different time in a very different process than one that anybody would do today. Also very fashionably becomes a little bit burnt. But it's like. Did you feel the pressure. I would've felt this immense weight someday. Did you feel that straight away or did it come until i guess what basically happened was. The process was so excruciating fundamentally. I just wanted the process to be over. And so when i found is going to be g. It wasn't like it was joy it was more like relief to finally know what was going to be doing. And then i caught my breath for about fifteen minutes and then looked at like job ahead was going to be and then i started getting nervous about what was next. But it was kind of like all those in two phases. If you will what would happen in incredible we need back at it. And i really wanna still on the element of innovation eastbound a lot of time and resources really maxine innovation at ge and committed to it very strongly our stolen on kind of always review in hindsight which is like when you look at the strategy. What of strategy really. What's out. well and would you do again. So i would say that. We were a big company. And i tend to part of innovation that worked best was the kind of innovation that could really leverage scale and make size in advantage and disadvantage so for instance. We were great global company. We move from you know. Being a core imaging company healthcare to doing life science. We were a very good cleantech company because we could leverage everything we don in the energy sector in the aviation sector so the places where innovation word for places where we can really leverage size and big size advantage and those are the businesses that bill twenty billion dollar wind business. We had a successful a life sciences. Business we were in eighty billion dollar company outside the united states just the size and scope. Those are the things that worked the best here. He discusses on syria. Lines of business. You build onto real scale. I'm just really interested because everyone's told state of focus focus focus. How do you think about advice of simplicity and focus in the context of also building out those incredible ancillary lines of business. You know so. Airing look at i robbed a conglomerate right so i grew up that way before people started saying focus. A certain sake diversify. I think when you grow up in a conglomerate you know how to manage complexity and you don't have to take an idea from one business to leverage something you learned one business and take it to another you know. Look i was. Ceo for almost sixteen years. We grew organically over that time for. Let's say five or six percent now. Silicon valley if i talked about growing five or six percent. Every say you terrible should be yourself another big one hundred billion dollars growing six or seven billion dollars a year. It's not bad right. So that's kind of the context as you learn how to be system's thinker. You learn how to look both horizontally and vertically in a market and that's where things can take place look. We launched to clean tech initiative in two thousand and five long before fashionable long before you had any public policy but we could look across appliances and energy and renewables and engines and we can see trends that were actually taking place to get ahead of them. and so that's how you leverage that's really leverage. Size i totally get it. And i love that. In terms of the the growing up in the control of the difference it gives the sometimes be investigated innovation. When you look back and things that didn't like what do you think the core of as well i'm why do you think they didn't lie. Your guy exit things that really required not just a new idea but also new culture at the same time are really hard legacy companies. Look we started in and out of the industrial internet initiative in two thousand nine. We started before anybody else got there and we could see the power that data was going to have on the machine that we make right. We saw that we tried to build. It wasn't like you could in those days. you know. microsoft or salesforce amazon. Nobody was really playing in that space in the big data space kind of did it on our own and we recruited we did advertisements to recruit people recruit talent and we built in. Its day a decent size offer but it was just too hard. You know harry. In other words we had to recruit. We had to invest. We had to change the culture. We had to be able to leverage the internal at the same time that we were creating different kinds of people paid and the different way and to a certain extent being able to leverage all those things inside a legacy company..
"twenty " Discussed on The Twenty Minute VC
"Which is that. I really care about people. And i'd like to have real in deep relationships and i think being a founder and being a leader is incredibly hard so i try to share both the struggled. I'm going through as a person as a leader. Inside of my firm with the founders. I work with. And i tried to invite that to to do the same and often i think people are looking for a place that they can be fully transparent where they can be heard with can get support again be sounding board and i try to be that so i invest a lot to try to be supportive in that way and sometimes it's just listening in helping him being sonneborn sometimes being much more tactical like hey you know we do have to figure out this channel sales strategy so i know you don't really have anybody inside the oregon's doing that. Lemme like really work extra hard to get four or five people from the outside that you can consult with and like figure out the right strategies i think it ranges from all sorts of conversations but to me it's been the joy in this job has been i love the growth model. Which is you can invest a significant amount of capital into a company. So you can justify spending a lot of time and for me that sort of brings a mix of the operating that i love and getting very involved with kind of understanding the scaling challenges as well as getting to work with lots of new investments. So the thing. I love is the same the kind of made. Which is you have to give a piece of yourself as well in terms of what you'll struck me with because it's not a war cited. It's a it's both sided. So i totally agree with that. You mentioned i. I as you often think about. I've never lost. But i'm to intrigued by if i in a capital cheese very interesting structures an amnesty in south one l. p. evergreen. What does that mean in terms of how you think about portfolio construction because he didn't have the normal confines of light three found investing in twenty five companies to how does one think about before the construction without a mind. Yeah so we're very lucky. We have an incredible structure capital g. In that i you know important to note that word independent growth fund backed by google alphabet. So the gp's we have investment decisions. We operate entirely separate from google alphabet but alphabet is our single lp so we think about portfolio construction based on sort of driving our strategy which overall strategy is to be the most valuable partner to every technology company. That's in hyper growth through their scaling challenges and to do that we think the right portfolio sizes for each of the gp's to invest in a bout to companies a year. And so what that means is that we tend to invest in about seven or eight companies a year and we have about forty five active portfolio companies. You know right now. That number goes up and down a bit over the years. And you know as we add. Gp capacity will expand a bit from there but that model is really works for us. Because it's the right size to get great. Diversity and diversification exposure to major sectors across enterprise consumer fantastic healthcare and. It also gives the gp's opportunity to go really deep in the sectors understand the trends really well and then once they make investment have the time and energy to really go deep portfolio companies in help as much as they can so that has really like our strategy has really all is complementary in terms of how we think about a building out the the organization's capabilities and then we have a really great l. p. alphabet which is hot supported us and we capitalists not our constraint. My question is like you mentioned about being the most supportive parliament through the hypoc very stages when you think about continuing capital support. How do you think about that. Reinvestment investment decision and. How do you tell them what. Addison trade capital and what to be disciplined and allow thumbing malkin. Student support going forward. Yeah and that's where i think. Our strategy of being really value added partners has been really great passed as an example there. So i i invested you. I in series. B we co lead the series see and invested in several other rounds so in total invested. One hundred sixty million and you path over the course of several rounds guys Turned out to be a great investment. So that's a good example in that our goal is to support companies over multiple rounds. And because we're working so closely with the companies we have both of my view on the business in the market opportunity. I think we also have been able to to have a great relationship with management teams which physicians us well to invest more capital. Because we're we're helping so many different ways. You mentioned a stripe. A new ipod obviously multiples. Investments have been incredible so huge congrats on the question. That i have is is early. Stage investor. Your hundred axes very rare. And i'm not saying they often but they can happen given the entry position. How do you underwriting think about multiple expectation in. It's sorry for the naive question. Life is five acts. attractive is tannock's attractive. Where does it become a catalyst for. We need to engage. Because i see the upside. Yeah harry if i ever get one hundred actually my first call. That's not in gross stage. You would be very very impressive till you know. In general we look for gross investing to have a sort of three to five x return as a minimum threshold for money. Money return on investments with an eye toward investments. That have a ten x opportunity. So i would say that point. It's going to be a probability but you want to see that. Every investment has an opportunity to everything. Went right this is a big enough market and the expansion extensions. How could this be a ten x opportunity. But i would say five. X is really more of the sweet spot and the expectation. So that's what you see. In our portfolio like some of the best investments capacity crowd strikes are going to be in stride in the ten range. But you'll see many veteran fightbacks north of that as well so when we look at that given the end she point being much later on the flip side of the upside being much greater in the states. You haven't seen this much greater loss ratio right. How about most ratio incoming laser. Yeah so typically in growth stage you don't expect to lose money so sort of the downside because you're typically investing post product market fit and there's usually a path even on the downside for a things really don't work out some sort of exit that would preserve capital two. That's generally what the downside of course there's always the great things that you can't predict that go right. There's some time. I think go in the wrong direction. But in general across our portfolio we wouldn't expect to lose money and that's sort of i'd say most growth stage investors when you look at their portfolio and what drives returns over the long haul. That's typically the case so it's quite very different model than where you know you're expecting early stage venture to several of those two zero..
"twenty " Discussed on The Twenty Minute VC
"How do you think about whether recent proliferation of capital is actually good for the entrepreneurial. Not great question harriet it. I think it was a complicated question which deserves a sort of somewhat complicated answer. Which is it really varies. So i mean. I think in the simple way if you think for entrepreneurs it say there's lots of capital out there. The cost of capital is lower than it's ever been what that means is lots of great things that means you can focus on operating the business and you can raise money really quickly. It means you can take risks if something's that require significant amount of capital if you're a great team and have both vision in the execution you can raise capital easily and be able to invest way ahead of where you would be even a couple of years ago where you probably had to prove so much more out. Great teams can now get access to that capital much earlier in our building. Their vision even sooner. So that's fantastic. But of course not everything is always rainbows and unicorns and up into the right. So i think there are some costs like it you know. There are complications. If you raise too much capital too quickly. I think sometimes the discipline of being doing things in a more methodical way and learning a bit running in crawling and walking before you run type of metaphor really helps build out a stronger team. I think you have seen some companies not build too much capital quickly. Not have the leadership team. The executive team not really have the business model and that can cause complications. It'd be hard to recover from. The reality is when there's a lot of capital a lot of great companies. There's also a lot of advantage that accrues to those that have momentum and so founders have to really think about that when there's a lot of stumbling or a lot of challenges you may lose talent. You may lose competitive positionings. So it's not always as simple as raise as much money as humanly fast as possible. I think you have to really think through. What's the market structure your in. What's the team you have. And what's going. Bill give you the biggest advantage to build a company of the long-term attorney ingredient being very market dependent in situation depending on especially on my side. I'm i'm intrigued from your perspective and with your hat on you mentioned that the entry price being double may be what it a couple of years ago when you think about inserts is so hard but when you think about winning again some of the new engines we've though they have different most expectations and they have different rutan profiles in a lot of ways to compete and win when the playing field is unfair because they'll pay double because that expectations are different. How do you think about winning world. Yes well i think there's a few nuances to that. So i think i in terms of choosing the opportunities where you really want to be as aggressive as you can on valuation is wise and that's your essential job as investor. So i mean. I learned that lesson best what. I co lead stripe series d. investment in two thousand sixteen at the time that that was a nine billion dollars valuation. That can twenty sixty minutes. I remember getting so many questions from all sorts of people. What are you thinking this. And that like obviously believing that. Maybe i was a bit rosie in my thinking that again and paying that evaluation and of course like you know looking back for five years it sure strikes most recent route ninety five billion dollar valuation. There was a lot more room to go up. And i think of course. I'm not the only one that saw this. Stripe is one of the. I think most foundational transformative companies in technology. And they've been that way since almost the beginning had just absolutely incredible technical founders team around them that was the best in the industry from the beginning and just playing huge market where they had a very big vision. You know where. I i learned my lesson of like just absolute valuation. Nine billion seemed very high at the time but it was thinking about valuation in relation to the total opportunity. So i think even in really rich evaluation environments you can find the out liars where to really stretch. And that's our job is to try to find. Those cannot really hold on again. Yeah i was like an incredibly competitive round. And i know it's a high price but that was a lot of people. He wanted to win it why he wanted. So i guess this goes to your other point which is why ceos and founders twos the investors that they wanna work with so i think most in my experience. Especially the visionary founders. They're not just choosing evaluation. They're really choosing on who the partner that they want to work with. And who's the firm that they wanna work with. You know that comes down to a number of things that comes down to. I think chemistry. Between for me when i think about the founders that that i i wanna work with i like them as people admire them as leaders at i want to use my serve time in life force to help them succeed. And i'll try my hardest do that and bring all the resources. I happen to the table to try to help them in the company succeed. And i think founders. I'm guessing just like they think about hiring decisions. Who are the people they wanna work with over the long term and a lot has to do with chemistry between two individual people complementary skill sets how they think you'll add as a board member and then also the resources that your firm could bring to bear so i think capital g. We've invested a significant amount in our resources to help companies scale so we have a bunch of things around cybersecurity marketing technical infrastructure that sort of our founders can tap into a really easy way. I think that helps a great deal and when our new founders go to talk to our existing portfolio companies. They can tell the story of how we've been helpful. So i think it's a number of factors that goes way beyond valuation for the very best companies and deciding who they want their investors to pay. You manage the relationship that is supposed to gene. Before he said latest unwavering superpower is finish abilities true relationships of authenticity trust with founders anyone. He seemed before which i thought it was so lovely to hear. Not i mean that was amazing what specifically do think hugh do and i guess how many you think about that in a world of compressed timelines when it comes to the fundraising so we have. Today is very kind of jeans. Thanks for sharing that so all start one of my ways. I try to live. My life is too. I know you. Harry were friends. I try to be real and authentic. And kind of who i am and i you know. Relationships are incredibly important to me. Like second of four girls had three sisters and grew up in a family where family and friends and community were really really important to make away out of silicon valley born jamaica. I grew up in cooper city florida so it saw very different from where i'm living now but think those values orientation or the same..
"twenty " Discussed on The Twenty Minute VC
"Start. There is p right the web hosting company. And i gave him the ten thousand and then and they pay me fifteen percent interest plus wards so got the ten thousand dollars back and then the worst and then they went public and i make forty on the wards by the way twenty five hundred dollars investment so i had to bug now. Of course. I lost money going toward. But i had the bug and then i started to invest in other companies that were our clients and we as a firm we're investing in other funds and it just gave me a real good feeling for how to manage and become fresh investor which is where we are now but i do want to move into my favorite which is a quickfire so i say the statement and then you mean your immediate says that Fee sure okay. So what's the favorite book. And why what. Must i been reading in. Well i'm going to give you a couple of books. One is called undaunted courage. Which is the lewis and clark expedition. And then you might enjoy anything about james cook but the endeavor and the reason. I love those books. Today is that we're all maybe complaining a little bit. Hey i've got five zoom meetings etc like go read books and stop complaining like what they were able to accomplish and the hardships they overcame where unbelievable and inspiring how to become a fall that change your phrasing mines. That's wow so long ago now. Look you've heard this before you absolutely have this unique individual that is now your responsibility and it just has to change your mentality whether you know her not so changed my life for sure and very very proud to say that. What is the biggest lie. You think people will tell themselves. I pay too much in taxes. Won't muscle saying gee most frequently by two. i'm why why use this with both my kids and myself. I always say be bigger than you are. You know whether that's physically or mentally you know. Put yourself out there as being bigger whether it's which talking about a maybe physicality just to have that confidence in yourself bigger than you are. What piece of advice do you often give. But find and yourself. Don't worry about it. it's not in delegate. I'm worst delegate and tell me what do you know now you wish none of the start of your career in venture all that. Anybody can do this job. I mean i think visa has is is up on this pedestal in some ways and that it's some sort of secret key to lock the door become a c and i think you can do it from any type of position and so you know at times. I think a little bit intimidated by getting into the bbc world. But i wish. I had known that. Then what would you change about the world adventure today. I wish everybody would have to post their returns. Publicly every quarter. Oh why competition. Let's see what everybody's hands people were plan now. This this business is very opaque right. You can be a vc. Never have a return for like ten years somehow figured out you can say put twenty five k into billion dollar companies and put the logo on your side and say l. e. avesta you can find a one also most recent publicly announced investment. And why did you say yes. I get so excited. I think you saw recently. It's a company called. Kobe gennabra bat. Jim was very passionate about the business. We ended up using them. I don't know if you've seen it kind of entering in the metaverse here for business we used it for a event that we get with the bonfire founders. And it's really cool different in terms of how you interact with team instead of just using zoom. This is your own world that you can make. We can make a bonfire world so it's very different than you'd ever think that we would do. Maybe as bonfire firm software. It is cloud and we were there early. We started to get to know the founding team and as you see alexa hannigan from seven seven six with us and we both saw and believe that being a partner in that deal would be great ford in the firm in the fun i mean. Excuse me company not listened in two thousand sixteen. I'm so glad only took his five years to make it happen honesty. I started love this discussion. So thank you for joining me. Stay see in london soon. I i told you. Some of my favorite venture passion points in terms of the discussion. That i so hope you enjoyed it absolutely loved having mark on the show. If you'd like to see more from us you can find on the twenty minute. Bbc dot com. But before we leave each day did you know that more than eighty percent of. Us public stories owned by just ten percent of americans. This divide is even greater in the private markets is.
"twenty " Discussed on The Twenty Minute VC
"It's really hard right. And especially since i have a team i can't just walk into out. We're gonna invest in this company. We need to really talk about it. Get through it. The pluses and minuses get people's opinions. And so we just need to make sure we're little nimble though in terms of moving and taking advantage of opportunities and not turning down water driver and jeff green zone world because the raising a small amount of money or we don't understand sir. Can i ask you silence david. Tissue box. I said if you think about your biggest miss what would you big as mississippi and guess what were the tangible takeaways. That changed how you think about investing. Because of that yeah. I give you two quick examples because they're related to what i just said about the individuals that i met in one meeting and invested. I meant shawn rats from tender. And i met the guys from honey and i turned out honey twice and actually go back to the email exchanges. I had with him. And i actually turned down as i said in the email because i didn't have the time. That's a terrible answer. Terrible answer and i think it was more. Maybe i just didn't understand the business as well. And there's going to be those types of situations and i think that the learning is that as i get deeper into our investment career. Both bonfire double am as a fresh oil. I guess maybe professional center at work but you still end up. Investing in we invest in the stage were really investing in the founder and the person and the team and we need to be. I just need to continue to be to get conviction on those types of feelings. When i have with founder i tend to agree with you. Sorry young over into some form of short sheelah. My question is when you said about that kind of the brain trust and you know you call and say yes. Ima first meeting and then you said about kind of that found a centrist in the relationship with them. My concern is today with liquid markets that we have in a proliferation of capital. That we have. You don't have the time on the fundraisers themselves and bluntly you just have to make decisions false than ever before. How do you balance centrist founder relationship with the need to make decisions vary very false in these markets. Well we're all in the same boat so we talked a lot about this. Been need to move. It's been fun to find a situation where we all have this feeling around the founding team. We gotta move fast. We have done a meeting term sheet in nine days which is now apparently a little bit long. I'm hearing things are happening over the weekend but nine days is a big move for somebody. Investing in seed company. We can talk about the tigers and all those guys. they're doing great fine. They're looking at companies. That have quite a bit more traction and things happening so they can make those decisions faster. We still need to go back. We're trying to understand how big the market is very little traction with these companies. We're trying to understand that founding team and in order standing team. You need to do those types of references. You need to have the conversation with people around him. And the other side of the coin. Very hard i think. All of the expectations for these founders. Now they do twenty zoom meetings in a week and they wanna decision faster. So we're all dealing with that and learning to move faster and we'll see how plays out it will be totally insane. You're right. I think a big part in terms of the compression of the fundraising timelines when we get into bone. Fine the brain trust Honestly one of my biggest passions in life one of the many reasons why limited friendship group is portfolio construction when we think about forty construction fee. Today how do you think about this story. Adventure vastagh. I'm sure he thought about this a lot with one hundred one analyst that you have in your fund. What's the right number of lines. And how do you approach it right. But we have made our bed. We said we are seeing investors in. B2b's offer and we're very good at it. We're getting better always trying to get better. But we're not gonna move out of that so we have a very clear focus in what we do and we do about seven to eight. Seventy nine deals a year. We'll have a twenty four to twenty eight company portfolio and we do about forty percent of the best are the primary check and sixty percent. Follow on very methodical ways. We think about follow on and how much we're going to put into additional companies but we stick to our knitting and we're trying to get deeper in what we know and our knitting and not wider. That makes sense. Look we lucked out. We focused on. Jim and i've been focused on for many years the b. to b. cloud software and that has turned out to be a pretty big business. But we want to stay focused there and on the construction. We may dial up risk. Obviously we're monitoring the portfolio at all times. We meet dial up risk if the portfolio is kind of down the middle after maybe do three or four investments. That are down the middle type of things that we like to do. We'll dial up risk for some opportunities that may be a unique founder or some situation where there's not as much traction Tell us you mentioned that. Twenty four to twenty eight when you think about ownership. I think this is one which is actually really changing every time before. Five ten years twenty percent ownership was pretty feasible impossible. Now i think is more challenging. How do you think about the centrality of ownership today. When you're making a decision and this is why i made big mistakes honestly markup said no because it was eight percent and i want to thirteen or fourteen and it was pugin. Thanks how do you think centrality of ownership right so we focus on. I heard you david tissue that everybody has their opinions. And i think they're all valid depends on what you believe in what you're fund is set up to do. We invest in the seat. As i keep saying and we really liked to take ownership because we understand and believe will be diluted over time we'd like to take as much ownership in the seed. We almost doubled down. Because of the amount of capital we put in not necessarily ownership will maintain are pro rata in the around. We might do a little bit in the be and then we're done and so we believe that if we are going to be the type of measures we are which is we get very involved with companies. We spend time we want to be the first call. You make or bad news and good news. If we're going to be putting all that work into these companies we want to have ownership and such that when this company takes off or has an exit that we've actually been rewarded for the time we put in and the capital we put in us..
"twenty " Discussed on The Twenty Minute VC
"From moment that products open for ordered from a distributor or coming from our own larger fulfillment center to win a hit the dock the microfinance that are receiving so it looks like random stone insider facilities. I'm not gonna go too. Deep into how the inside of the four walls operate and then they can pack ultimately been in batch and route all of that is entirely proprietary in house two years developed and by no means. Are we done right. This is going to take years and years border region to get better and more efficient rate listens our drivers on what's happening on the go drive. World drive his our driver application over driver partners using innovation. That's happening there but this is not an easy problem to solve and by no means that we solve completely right. We have a long way to go but to imagine that this could be solved in the year or six months. It's crazy where years in the making with hundreds and hundreds of engineers and we're just getting started off to eight years of grueling. Very few still look. Incredibly young files demo. It's alison invention. The incredible growth plans coming in terms of like retaining profitability in that kind of unity can only mindset concerned stash. Worried with aggressive expansion. Plans comes a reduction in unity can make some reduction in profitability inherent within that kind of leave a model. I think it's important herod understand. How cheering i grew ops. You're i grew up in leg. The spurs generation immigrant small business parents kind of upbringing right. We didn't really have much of a early childhood right. All of our child for myself any cure all we can remember working working with our parents delivering everything. They can't bring customer and building a profitable business. 'cause that was just the way that our parents survived and gave us a better life in america. I think for us would treat business the same way right. Look the most important thing is the customer we do everything that its expert a customer that shouldn't contradict inability to build a profitable sustainable long-term business. So i think for us now. I'll never say we never kind of made an investment into decreasing unit nominees for group. But we'll never do away that makes the aggregate more profitable. Never that black and white usually don't like to have black and white approaches to these kind of things. But i think what's important to understand is like we have a really really strong balance between high growth and sustainable growth in usually. It's very tougher. Business have that balance and quite frankly was talking to earlier's on your agency come a lot easier because you have so many markets that have been established for so many years that are just producing massive amounts of cash flow. So are scaling back that we've been around for so long as really helped us kind of be able to continue to make pretty aggressive investment. You mentioned starting the business in nineteen going through that incredible skating price building. Go puff into what it is today. He a scale company. What's been the most challenging moments for you in terms of scaling you'll leadership alongside such fast company skating because that's awesome. Yeah i mean the number one thing is humility relieving your ego at the door and realizing you know show little compared to what it needs to take kind of build a business like this. And i'll tell you we're really really fortunate right over the years we had a number of coaches that have come in and help. Here's the businesses three xing year over year ninety two tax year over year. If we don't do that then we're really screwed her in a position where the business won't be able to scale because he is not able to scale and we're to have really really great people around us really amazing folks that are coming joined the team and believed that this crazy vision and took a massive betton cured. I started with a lot of humility really understanding that. You don't know show much and you have to learn but you have to learn fast and you have to outpace the businesses growth right. You're just on par with our business growing. You're developing it's a disaster so it's really just surrounding yourself. The best talent right your coaches that are helping you scale mentally and think through problems and avoid landmines and internally bringing the best talent from all over the world to run all different aspects of your business. Can i was find one. You mentioned that going. The ice done on perspectives. Spoke to jaffa evancho's now headline he said about the prominence of statement for you and for the business which was making moves. Tell me what is making moves mean to you. And how do you think about kind of velocity and speed in everything. The make movies is like a an early rally. Cry that we had right so they just a bias for action right. Instead of focusing on all the problems and there were many rain there still are being really solution oriented and focusing on fixing those problems seventy it just really important in the business that pretty simple like delivering things from point a to point b but is extremely complicated at scale so we kinda now call it makes you moves move. That makes sense for a lot of scale but especially really early on and now quite frankly. There needed to be a bias for action. There needed to be. How do we really again go back to nailing business model nailing the unit economics and then ultimately scaling and scaling very fast after we got it right so a lot of folks that have joined a team from all walks of life have this innate thought within them we need to figure out how to move and move faster than anyone else the thing that was going to ultimately cause us the failed so early we've got out execute and even today we have this mindset that we have to execute everyone in our way we treat you figure it out so many things in this business scale infrastructure. How do we scale the regulatory environment within the us and globally. How do we figure out that the knowledge that our does things operational excellence the supply chain and logistics portion of this business to get items to the microphone centers. It's now really out execute. Everyone in our way cannot one final on this again. Jack told me in a fundraising as a modise. Didn't also understand the full. Vertical integration style and approach and. There were quite a lot of nice. It's always shit and hearts state knows. How do you think the persistence and grit. And how it feel. And how did you got through the nose. As the founder of the learned generally humans operate on pattern recognition and. We're talking about two thousand thirteen. We launched the business twenty fifteen. We started raising money. The pattern recognition at the time was we are not uber or airbnb is model to that means. This is not going to work right. What do you mean you're gonna own inventory. You can have hard assets on your balance. this makes sense spray. you're never going to be able to scale. You'll never going to be able to ward twenty or twenty five or thirty buildings year. And i think we just took it as a lesson. We took all the about that. People got is a lesson we had investors on board that were bold and visionary enough to say like that model that people have scaled with right. Now maybe be a good model in the industry or in some regards. It maybe not a good model in that industry that they're expanding but for delivery specifically this is probably the model. That's going to win because the model that makes yes. It's harder to scale. Yes it's harder to figure out that technology. Yes qb show many more complexities. But it's ultimately the right thing for the customer and it's the right thing for economics. And i just believe the businesses that are most customer obsessed Amazon us anything rates that are two businesses that are going to and this is the model that customers has jet took a bet on us in the series b. aller and as a byproduct of the business started developing more and more it started becoming more and more evident. This model is going to win so like by the time we got twenty one thousand nine hundred a whole bunch of people right or really interested in the business and love kind of the scale. That was not really the case in twenty fifteen. Two thousand sixteen were vertical. Integration was just a scary thought an idea event nicer when the company sees it through your eyes but a lot of learnings listen. I'm not by nature of eternal. Both of us were not like reggie people learn through all of this. We established learnings from every experience in alternately became better leaders is a byproduct but i do want to dive into quickfire on now is say she'll statement wrath and then you hit me with your immediate foolish. Does that will be sure okay. So what's the favorite mccain. Wha what's the must read. I love trillion dollar coach about bill campbell just kind of a reminder for everyone that now you need rockstar coach to build something truly generational and they think bill campbell. Was that for so many folks. We were fortunate enough to have some of those as well if you had to choose one thing above any else..
"twenty " Discussed on The Twenty Minute VC
"So it's important to get people within your loyalty program but more important right. People need a reason to try the product and once they try their really hooked so the most important thing is to make sure that you give people a chance to try in the best way to do it by expanding the scope of the things that are most important for your customers so like our first holy grail was alcohol then i never thought twenty thirteen. We've been authority the baby category but here we are right. Something that's really really important to our customers in our single largest grown category kind of from a year over year basis. So we're really really focused on the moments that matter most for our customers anything about paid product promotion. When you think about say baby kids you've got unilever at u. p. and g. I didn't have children. So i've run out of names. Already of baby could provide as bug. There's many and i'm sure they wanna be number one on very puffs discovery. How eating about paid product promotion. Because when you look at amazon stay that paid such a huge business for them. How do you think about the internal discussions on that you know we created a group years ago marketing solution for this exact need right now. We have our consumer products and our cpg partners our customers as well and they were telling us about a breath features that they would love to see young upset we said. How do we prioritize this whole thing so we created pro teams hired really really great leaders to run the gobert marketing solutions business and built a number of products that were really really important for our customers. We actually just launched our self service platform or brand can go on and create campaigns themselves obviously more intricate and more detail campaigns we still someone internally in the of side helping but whether shelf space product placement sampling we created some really really amazing tack first. Cg partners to us and ultimately not just grow their share go pup grow their share nationally regionally in the place that are really important for them as well. It's a place that we're investing a whole bunch of dollars right and the bulk of is happening through kind of product innovation and really making sure we're listening to our cg partners and innovating ultimately in that regard as well so really really great relationships with the of unilever's png's mars nestle's of the world but we're also working with a lot of players that have like a one million dollar budget instead of a multibillion dollar budget that said. Hey i'm not big nationally. But i'm gonna authority in dallas texas. How do i grow my business here. So it's really important to kind of pull bow to those levers cannot locations earlier in terms of expansion plans each little bit before they were calling about asking the move to london in europe and increasing focus on europe. Why did you decide. Now is the right time. And how did you think. About this expansion. Into europe i talked about like nailing the business before scaling the business right and i think we had all the chances in the world's expand to europe two years ago three years ago or even last year and it was important for us to really make sure that we had really strong grasp in the us and can expand after that so nafta we definitely in california. We kind of had a total grasp of the california market at remember exhibited sixty or sixty five percent of california's total population is within an eleven minute drive of bevo so it really gave us the network. We needed in california. We're launching in new york extremely aggressive way this summer. We're gonna have very very fast. Delivery is not just in the island but all the boroughs so we have a pretty good grasp in the us. We're not gonna stop expanding in the us. We're going to open tune of four hundred buildings in the us just this year but we feel we have all the operational firepower and the technology firepower to take over europe as well so we'll be investing hundreds of millions of dollars in the european market. We have already started with our acquisition too. Fancy in the uk. But we're really just getting started so we're gonna expand to a number of countries and be really really aggressive there but again just following the customer following what the customer wants you know. There's a lot of players that have been around about three or four days all over europe where to go puff of the country that they're from important. I think to remind people. There's one go pop and we wanna make sure we continue to expense of that country and give the customers what they want. Can i also what happens with the specs. Is it likely consolidate your environment where there's one massive players. It's an acquisitive environment is it. They die a painful death. Count as it play out in your mind. I think up until like two years ago or maybe even eighteen months ago the idea still vertical integration with like a scary thought there like other just one player in the us yeah kind of scaling in owning the us can't really expand globally doesn't make sense. You need a third party model now. I think the more time passed than more people realize that if you don't own and you don't vertically integrate. It's very tough to control the consumer experience totally and it's really tough to make money so everyone is realizing that this is the model to expand to the reality is. It's an extremely complicated very very difficult to scale business. One of the easiest things is actually open to buildings right. Get them open. All the technology takes the power to inside. These buildings took years to build. Can i tell you what is challenging. The pick and pack is the ski selection..
"twenty " Discussed on The Twenty Minute VC
"That's an extension of you can do things as well as you could. In some cases they're going to do things differently in some cases they need to do the same things and you know we invested atlassian. We invested early on. We had built this self service online ecommerce flywheel for customers about the product and as we moved into the enterprise we an opportunity to either invest directly in building an enterprise sales organization or indirectly in investing in a partner network in a channel that could help resell our products into larger companies around the globe but also service and support and configure install and upgrade all those products and that requires a lot of faith. When you're young company. You could say. Well i know what i need to. I know how to do this in probably a more. Sure footed path for me just to do that directly and it takes both faith. Investments patients to invest in an alternative. But you've got to believe that that alternative provides sort of long term durable positive benefit to the company. There's some tension in that. I think there's also tension and continuing to invest in even if you pick channel as sort of one component of connie you can build. I think you know history's littered with. Examples of companies have begun to build out a channel as either greed or kind of the desire for growth becomes more acute potentially the company. It can kind of push their channel down. The value stack were early on. The channel has the ability to kind of work with the biggest most valuable customers in over time. Maybe a direct sales organization says well we're going to take that segment and run it directly because it's more valuable important to us and you'll take the mid market segment or the segment and what i see happen. A lot is the channel loses opportunity. They begin to diversify and they say well actually instead of exclusively focusing on building a business around this one software company. I actually needed more things in my portfolio. I need to de risk my concentration on this one thing and overall if you think about it then they become less valuable to you over time. Because their focus is fragmented there now thinking about two companies or three companies are four companies instead of exclusively yours and that requires i think fortitude learning and patients and investment. But it's not easy. I'm really interested in this going to pop in that kind of thinking especially around the timing. Because i often have found is he say oh. We're going to have apartment network. That's going to help us scale to five million in there. They say no. You don't help the brown to convert through appointment when they didn't have found lead. Sales team led sales and then on retention side if it's aced also of which it might not be again you don't have the bryan to retain. How do you think about. When's the right time to build that partner network because for me. i didn't think it's day one. You have to reach your sudden the height and my ride or might missing this. Will you need market there. I mean you need market for the partners to be able to grow their businesses. And then i think you need alignment around what they do what you do and where you work together. And where some of the rubs will be in our particular case part of the catalyst for building the partner network. Was this need that. We weren't directly fulfilling in the enterprise segment with a knee geographically. We were selling online at. Us dollars and so part of the value. Add a partner could support us through. Is i can sell in euros or i can sell in japanese yen. And i can invoice you locally. Because you're going to buy online from effectively. Australian entity might want an invoice with a local address for tax reasons. That was sort of like one thing that the party could fill the other thing. That was really symbiotic. With our particular approaches there was a surface opportunity in our products for partners to service. They could configure tune customized deploy. There's a kind of a bunch of things that potentially a large customer would need help with that we could either choose to invest directly or we could choose to invest through a partner to service those kinds of things and i think one of the mistakes that companies make is. I learned this in the company priority. Atlassian there's a gravitational pull towards the big service integrators like the deloittes and the accenture 's sort of like really big companies and they take a lot of time because again. They've got a jillion things that they're focused on and lots of different technology in the practice of the firm that they're talking to. We focused on more boutique dedicated partners that we could invest and actually get more return on that investment with their focus and dedication to our products in our market and then because we structured in a way that really advantaged their ability to build the business in a market. They didn't need to kind of look around for other things to diversify their business. We gave them so much opportunity to grow and then back to the top of kind of this item that growth compound positive properties backed us meant that as they hired more sales people or services people. Those employees that little boutique consulting company when they went from twenty people the forty to sixty people. They all didn't carry atlassian business cards. But man they woke up everyday thinking about atlassian our market our customers i mean their livelihoods were aligned with what we were trying to bill. Wanting to think about this. I mean the big thing i hear is that you have to really meaningful part of that business if the sole part of that business because you have to be aligned it how do you think about equipping your team to manage partner network. What does that internal infrastructure life to ensure you get the best from the paul network in our particular case about architecture program. That has clarity around the purpose. And the mission. And you're aligning with the partners that you're recruiting into that program. What's going to happen on top of that program. We didn't have sales people in the field but we had the time what we call experts. We refer to our partners as experts because we wanted to signal to the market and do our customers that there are companies alongside us that have deep expertise in our products. And that's actually what you want. You want somebody that really knows how to take atlassian products and put them to work inside of your business and so we're going to represent not a reseller not avar not a service provider..
"twenty " Discussed on Twenty Thousand Hertz
"Don't get involved the only director i've ever worked with who was very specific and who would come on the stage. Is david fincher. David fincher is the director behind movies. Like seven fight club a social network and the girl with the dragon tattoo. He loves folly so he would always have notes and always have something interesting in his mind and girl with the dragon tattoo. He wanted her to have things in her pocket that she travels with everything she needs in her pockets..
"twenty " Discussed on The Twenty Minute VC
"The hard part is you may not be right in defining the problem at each stage or in between each mile marker and so when you reduce the scope you're actually reducing the complexity and the variance of outcomes and that way hopefully a better chance at defining well defined statements so that you can actually work with your team to go and execute. How do you think about understanding the interplay between the different variants yeah. There's no secret sauce for your. I mean this is a dynamic approach where you have to start somewhere and you have to put it in writing. Ideally of how you think you can go from where you are to where the target is as you. Climb each hill as you progress from each mile. You're stitching together really whether or not you collected the right inputs to lead to the outcome and the sooner you can write down that transfer function of how the inputs leads into the outcomes. I think the greater your return on investment will be but it's this dynamic iterative learning process that starts with having a perspective of how do you move from where you are to where the target is. What the different mile markers in between are reducing the scope of each one of those so you can actually make progress and then keep updating. Your learning algorithm could tell as a question related to kind of decision making around talent when you a high someone on it's a strategy and then it dawns on you that it might be a stretch to fall. How long do you give them to prove out whether it is a stretch to fall or actually you arrive and it is stretched to for. How don't you give them. That is something. I'm still learning. I would say. I guess documents some of the things i've observed i think one of the things that's going to matter is. How important is this role. If this role is a role in which you believe you have more time in which you can give and then that certainly would influence. I think the answer to what you're considering something else i would think through is. What is the potential of this person. Because perhaps you've actually fit them to the wrong problem one of the beliefs. We have a short ashes to try to manage people to their superpowers. But especially with folks who have maybe more talent or hustle than experience. You may not know what that super is. They may not know what that superpowers and so you may have to trial a couple of different assignments before he can can lock on the target. And what a shame. It would be if you gave up too soon before you locked onto something where they can ten x one hundred x in that area. Those are some of the observations. I've made so. I think the answer is going to be different by the individual. I think with leaders. You probably can get information a lot faster but especially with folks who have may be more potential than they do years of experience. I think there is when you may want to give it a bit more time. What do you think you'll superpower is tiny. It's something i'm still trying to lock in a non. I think in looking at things where it doesn't feel like work were aware i naturally gravitate towards i think one of them is actually in recruiting especially identifying. I think people before. They're identified by everyone else as being world class in some domain and i think the second area is. I really enjoy spending time solving problems. Those technical problems this business problems. Those are probably the two areas where more naturally gravitated towards Said about recruiting Is totally line within your investor base. I mean everyone komai. Sonia recruiting skills news the v. Who sat in particular when we hit the war for talent that we have today many well-funded big compatibles and he named them play. When you think about how and why you won some of the best time you did. How did you win them in your mind when you. I'm sure you do post-mortems what you think you did that. Allow you to win them. I wish we didn't are post-mortems on the success cases. I think we do lots of post-mortems onto not successful outcomes. But i guess in looking backwards i think i is taking a investment into markets. People that may be others where others aren't looking and early on. When i think of about the team adored ash it was mostly people with more talent than experience and because we were venturing into a new field where we're trying to create this type of company where you have to be both excellent at engineering and operations and it's very hyper local. Where you kind of have to go city by city to compete and there wasn't a super well defined playbook was being written as we creating the company more important to really bad on you know the general athlete. We felt as results result the pool talent. There was actually quite big. You know we were all looking for the same machine learning or ai expert in the world that's going to be a very very competitive battle for talent in our situation. We were actually looking for folks who were not scared about new types of problems who can fit both business and product and engineering into the same conversation. Very seamlessly and so really. we're looking for attributes. As opposed to experience. It took us a while. It probably took a year year and a half before. I started observing the most successful people at door dashing writing down what i call the six attributes of excellence and those became ultimately the replicable sets or the playbook will of what we were looking for what they immediately obvious when you think back to some of those meetings some his empty percy's would those ashby's obvious. And how do you drool them out of people. 'cause austin myself as an interview the show but also with talent. Maybe that brilliant. And i'm just fucking out the questions like how did they show itself hume was incredibly obvious. Well i i wouldn't be so hard on yourself. I think one of my mentors told me if you're the michael jordan of recruiting you're probably going to be right. Sixty five to seventy percent of the time and this is coming from someone who hired tens of thousands of people and and maybe has managed out know similar number. And so i wouldn't be so hard on yourself. It's it's a good reminder at at times when things don't go well but look i think for every company. Whatever those attributes are you're gonna figure out the questions that i think are most successful at teasing out those factors One of the earliest it. Will it still one of our attributes. We call it the bias for action. Someone who's willing to do things in addition to just thinking about things or analyzing things when there's uncertainty and the best tell there was we would ask candidates to acquire one hundred new customers in eight hours with twenty dollars and that was the entire interview and they would have twenty minutes to ask me anything they wanted to in order to prepare for that. But we ask many questions to get that one..
"twenty " Discussed on The Twenty Minute VC
"And it's just really wonderful to say a year ago we had zero customers and our strategy to acquire customers is to genuinely be helpful and sure. Maybe it's not one hundred percent of what they might otherwise spend but having ninety seven percent versus zero percent. Sounds pretty good to me. And so i think that's powered a lot of the early genuine head. We build valuable software for users. But i think that now as we evolve. It's the question of how do we create the value in some of this is by seeing lots of different workflows and seeing lots of patterns. You can see how really efficient businesses either one wears. There are a lot of waste in time processes. And where can you start to automate in invest in software that will cascade and would save reduce the amount of time for accounting integrations wilco. In speed up later as you're starting to actually have more of the ecosystem on your rails you can see price discrimination in action. You can benefit and so in a lot of ways. There's still this element around if we can really build great software we probably can go and distribute some of these interesting insights backout which will create this faster flywheel and bieber. We're not capturing everything. And i think we're as long as we're willing to give more that value away to customers. I think it's okay. And i think you get alignment through the benefit of the crowd and the wisdom that goes back to each and every business speaking of linemen. There's no better alignment in the alignment of vc and found that as we both know because he sees are just remember that on the fundraising side. I do want to talk to because it's been such an incredible journey drums fundraising save. Least tell you before. Said the funding rounds can be filled science experiment. What did you mean by this. How does that shape how you can fundraising. I actually think it was someone. That's slow ventures. Who i think had this notion that i lifted this from so i'll give them credit but it's this really interesting daunting thing right. You're starting accompanying you're like. We wanna build ford motors tesla or google. And we're going to raise two million dollars and go do that and like it's crazy to start a company. I think you're going to take on in the world but yet only have a small amount of dollars and i. I think that this notion of a science experiment is this really interesting thing and often experiments. You're running. Let's say like five six different ways to cove an approach. A question in figure out. Could you actually prove something to be true. And i think often early in the life of a business. It's kind of like that. You're trying to answer the question of like do customers want this. Can i build a team effectively. That can ship software. Do i have an efficient way to. Maybe i have a good product. I have a good team. But i can't figure out how to get customers and i think the church trying to answer a series of questions and so when our first round at ramp was an unusual one. We raised eight million dollar round imports to fund the company in parts of fund. The credit card purchases that our customers we making but what said is like all right. We wanna prove out. Call it five out of eight core things and if we can at least prove a core set of these five we will know we have a business and we have the right momentum in are probably a good investment for allegra around maybe where we raised twenty million dollars or fifty year old at and we said okay with our first eight million dollars science experiment. Could we prove that we could actually create a credit card that people will use. Could we have his credit card. Add value above just giving customers cash back. That would be different. Improved part of this core thesis. Could we effectively acquire customers. How would we do that and there was some nice to have to and if we could do that at the end of the experiment we might be able to say. Look we have a business that works. It makes revenue customers. You're using it. Were not losing too much money. Were able to acquire more. We've now proven enough things out that with this next call at twenty million dollar. We're going to take on these harder and bigger in different experiments. And i think in thinking in that way it again comes back to this notion of constraints with this limited amount of money you can only do a limited number of things manav them work but if you get a couple of them right which does seem to be go do that. So i love that in terms of the science experiment and i agree the antennas last stage thinking they have to you now. This is a little bit harsh just owning creativity that brilliant each raise quite a lot of money. Concerns are a little bit lifted on my friend. How do you think about moving from wild of constrains approving this this and this to baz quote a lot of cash. Yeah it's pretty interesting. I mean i'll put it this way so right now. Our burn rate is not far but it was like even like a year ago. And so there's an element of we'd now just have a lot more time before the expiration call like a decade versus like we can run out of stuff in two years and i still think it's possible even with a lot on the balance sheet to take that rigor operationally the chief establish and put in the heart of the dna notches among the founders but really deeply throughout the organization that will cascade and compound into some of it is just training the system. I think early on is an important but to this next question of all right. We now have a lot of cash on the balance sheet. How do we not go get crazy wasteful about it. I think it's really a test of did you do it right. Did you build an organization that says we're gonna value shipping stuff over it. I think that we internally we perform in look at our our decision makings is. Is it gonna go and cost efficiently. So we have certain bands that were trying to achieve like move things from a growth perspective from a shipping perspective. All that goes what. I guess i would say that with all the cash on the balance sheet now in why why was it. That's certainly we went from like not raising much to you. Know we just closed one hundred fifty million dollar equity around one hundred fifty million dollar debt round. What's that about. I think some of his is really just about really amping up the pace of hiring great people and then to we've grown very quietly in the past. I think we spent like fifty thousand dollars on marketing last month. Butter doing like a billion dollars at transactions a year. So it's like each the zero interesting disconnect. And i think now with this very highly rated product system that people really like we do think now this is the time to start to go more aggressively and other things like marketing and like potentially acquisition to so more to come on that one. But i think we've earned it you totally happy mentioned can how much one hundred and fifty million prices around the price itself. It was a high price well spent before you said about never taking the highest price tool tools me about how you think about as a founder how you think about price selecting you'll financing partner totally.