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for the

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thanks

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I so nice to be here and down so I
always had entrepreneurship in my blood

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so I was that kid in six grade you

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sold the Jolly Ranchers for 10 cents
three for core

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I was me and I you know I on this could
be a little bit my

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story I get the slide right which is I
been a banker at lehman brothers

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you now living the dream 120 hours a
week and really are

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you know was kinda thought I was
ridiculous that they have your college

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graduates stay up all night

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you know get some numbers out some all
these documents from a spreadsheet and

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then

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make some analysis and use my brain so I

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had this idea for capital IQ's some you
may have mom

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seen that product so

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started that business in 1998 everyone
thought I was completely insane

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the black archive %um in a hurry and
automate that

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and %uh so I just started building it
names really like me in my twelve people

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in a room

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like now 10 feet by 10 feet started
entering in building

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and so ventrally worries about forty
million dollars from banks

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to build that product and you know

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ran it in a very difficult environments
outside some like I'm here today to

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basically tell you

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all not all my failures by many as many
as I can remember in 17 minutes

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so save you may be a lil bit a pain on
your journey

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at sold that business in 2004 to the
stamp or division mcgraw-hill

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and started relationship science about

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three years ago and raise

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$88 million dollars to build this
business information service private him

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about it later but basically the common
theme was

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I was a bank I knew the business problem
inside out

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and so I could develop the product for
and then with a commercial product

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basically became a client development
person I had all my own

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techniques in spreadsheets to basically
maximize my own personal selling

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and that sort of how it transitions
relations science

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so inside my own little gift dove you
know we're

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information mind it was problems but I
completely understood and a

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and I so basically

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star way since I it's about three years
ago I

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raise this money spent at two and a half
years building I raise my money very

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uniquely

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new venture capitalists all individuals
very high net worth individuals like

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Andy Kravetz can linger own

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stand druckenmiller stand Ron Burke all
other people

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and I was getting pretty nervous for
those you seen Capital IQ its monster a

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product right so

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play should science demonstrably
information proctor

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800 people months three years to build
and I was getting really nervous about

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last december because if I hadn't gone
prod working

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and happy in witness protection I mean I
was scared so the thing came together

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and there we started commercializing yet

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I'm in February this year and as a
testament to the are

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own product which you know I current for
for two as the Death Star

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business development we've %ah you know
gained a mystery clients in the first

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nine months is selling

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its I mean I don't know Stabenow what
firms might mention but many of the

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largest consulting firms banks

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hedge funds private equity funds law
firms cetera

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so basically you know question I get
asked like 10

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is what is it like to be an entrepreneur
so

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basically it's like getting hit in the
face every day okay and I would say

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you up I skipped my my good slide

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there's my good slide is it's really
tough

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you to our in Ashburn I'd say if you
don't have an iron got

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you know I would think twice about you
know starting a business

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it is I it is grueling

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and you know you are every day on the
verge of you know

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success and failure are like two sides
of the same point on any given day

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and Tom interestingly is just

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trapeze interesting from issue I
actually

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do box a bit and the best fighters in
when the most relaxed fighter

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whens and so you gotta have to be able
to not react emotionally to everything

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but so these are just kinda woke you
still remember a few things to tell you

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about

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and so one thing you know when I started
Capital IQ I used to hate it when

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venture capital would say

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what's your market size and I would say
you know big

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you're a jerk me some money and you know

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and and you know and i really

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I am and so but but actually

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years later I came to appreciate this
question because I think

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and a large furs I talked to don't size
their market

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and here's what's going to happen you
start a business

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five years have your life for gonna go
by your not gonna sleep

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much you're gonna worker of your but of

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and you know why do that if it's a tiny
opportunity

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okay so you know I rule a farm with its
not a billion-dollar

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global full potential market size I

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no I'm thats me as servile larger scale
on for wouldn't really go into that

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because

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if I just get five China market fifty
million dollars nice business if you get

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a hundred percent a five million dollar
market

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and have nowhere else to go it's not
really such a great a great way to spend

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your time

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you know the thick skin part I mean you
guys which is a little bit my slide

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before

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I mean you gotta have thick skin and I
have had

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so many people say no to me every day of
my life

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you know every investor in Capital IQ
said no

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okay multiple times and I

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you know no dozen part my side also 0 no
doesn't mean now

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no means not now maybe later come back
to me

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even the just say no so really you know
as

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an entrepreneur who at that point did
not have the success like Apple IQ 2.2

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had no

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you know real relationships no real
capital

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the thing that I did have was execution
skills and so if I saw an investor

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and this is actually good point what I
did was raising money as I picked

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the five metrics that I would talk about
to investors and I made sure no matter

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what happened was when

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up okay and so the next time I saw the
might be like

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this went down last you know when I talk
about it and use or to give people this

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is

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chemical Park people's brain that makes
them want to give you money and I like

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hearing about things going out

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and so %ah still literally everyone said
no

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and I P everyone who I thought would
give me money didn't give me money

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I and I give you up that the first
outside capital this is how crazy

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raising money is

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was on I you know is running around
talking everybody

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and I and I met this guy

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and he says he went to a boarding school
with the at prince of Bahrain

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and came over the office we spent an
hour you know looking at this prototype

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he said this looks pretty interesting I
think we like to sing in the next the

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wired five hundred thousand dollars

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without any documents okay and

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has like Adler laid on the floor like
that awesome

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right on and %ah

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you know I'll tell you another story
about fundraising sort of like the

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you know what's by eyes you have to have
so

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you know we're raised a also first got
some I

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house of start beginning the fundraising
story

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people say you know I don't want to
raise money from my friends and my

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family

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here's the story you're dead okay you
there are no friends and family of

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potential investors

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for stop because if you're not gonna
talk to people every person you know

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you're not gonna raise your money and by
the way your friends your family if you

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don't hassle me successful they're gonna
be mad at you

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why didn't you ask me right so so I

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salty another fund it fun fundraising
story is you know we arm

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I then want to raise couple million
dollars and I thought this business

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would be cool to have a buncha bankers
who knew

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Wall Street with potential clients and
so I am

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II qot I basically wanted to get a
godfather

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okay there's a there's a firm known if
you've ever called with capital

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discuss Bob lesson had become chairman
had been chairman if I dot

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smith-barney and I said I need a bob
listen so what do they do as I called up

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every disenfranchised senior bank on
Wall Street I literally spoke to Jamie

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diamonds house

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okay ice was a true story when he just
conserve

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booted out of Citigroup II I called his
office at City

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and they say is not here I said you have
a number for me gave me his home number

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I call

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I left a message with his you know
housekeeper

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and he called me back and we talked and
I asked everyone to come and be

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now CEO or chairman of my company has
like now no revenue in 10 people

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and here any say you know he was very
gracious as you I think I might do

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something a little bigger

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which he did our balter

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but but to and I'll tell you really have
to be a sleeper online you know when I

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was raising that money

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I'd literally write a one-page letter I
put in a FedEx envelope and I sent it to

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the

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20 CEOs on the above the top 20 banks

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an actual meetings with Prime 9 a.m. and
I mean I just figured like it was

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physical that have to open in the FedEx
important back then

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and you know I was you just have to
leave it on the field and I'll tell you

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about that the fundraising I mean

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so I then really wonder is a whole bunch
of money from banks

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and I like thirty million dollars

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and I had a buncha banks had interested
but you know nobody would take the lead

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and so I had this great attorney with
the time I gave me tremendous

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credibility because he was served like
this

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the chairman of the the corporate
partner Proskauer

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and I and I said here's what we do said

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put together the documents put up a memo
on top of that

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about that the closing happening and
send it out Proskauer envelope

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and what's in let's see what happens in
actually two people funded

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is amazing and Sonia Merrill Lynch and
Credit Suisse

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Kretschmann five million dollars and we
can like mine mail them into investing

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so it's kinda quite a

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complicated processor raising money

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on you know so I guess a couple his
other bullets

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a as a look at my take down here is your
prior decision

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I would say this is one of the most
important I

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things when you're managing a business
starting a business you everyone wants

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to take you in another direction right

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some potential client I mean everyone
has the idea of where you should go and

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and you have to think about that and
part is Asian isn't really just

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order in which you do things it actually
starts with

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you make to list the stuff you gonna do
and stuff you're not gonna do

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and the stuff you're not going to SB
bigger and what you're going to do

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let's first stop because you know if you
wanna go ice fishing it's better to head

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100 times in one place than one time 100
places near focus

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and %ah you know now Capital IQ not many
of you may know this actually started as

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an investment bank

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I we were you know built the school
system and and pop the way we make money

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was be the american express at the small
deal market

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and I you know we're doing the small
deals and literally went to raise that

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money from banks

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00:11:28,110 --> 00:11:32,850
guys who ran big banks like joe joe
perot is now an investor in our company

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was running Morgan Stanley at the time
and who fell asleep in my fundraising

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mark my

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meeting which was held how good I was
then but he said I

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he said in its current things banking
thing but to

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you know I'd love to have this from my
bankers who work in the time where a

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well bill

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and so is benchley when I heard that so
many times

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we became decided with a huge decision
to become an information platform

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now here's the story I probably could
come into college

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so I worked in banking but it was sort
of a at something in between I could

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have gone in

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00:12:03,708 --> 00:12:07,609
interview okayed credits reason meryl
giving us money let alone

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imagine that they would all work on this
platform and put their documents were

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contaminated zone it was

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a crazy idea but we basically went for
it again I maximize the credibility of

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mine disasters and I would

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I guess one common theme there is I also

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have have sought investors that sort of
were useful to my business purpose

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I you know bankers were Capital IQ ives
to raise money from a lot of very

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you know people who were exceptionally
successful and who use their

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relationships to

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to create their career and and by the
way I hustle them every day of the week

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with you now can introduce me this
person that person

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and relationship marketing and so I'll
tell you a little story or two just a

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funny story Managing Board investors

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so I have so many stories I'm never
gonna make it through this but here's a

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story

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I R %uh true story okay I'm we were

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who was a investors can invest and I

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00:13:02,568 --> 00:13:07,448
you know we got down to the week before
closing he stopped returning our calls

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and were freaking out I and so then I

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about I two days later I got a call from
the guy runs the funny goes up

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hey I and understand that there were
supposed to make an investment

237
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I don't really know if you buy a
business key tell me that it's on like

238
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holy crap right leg you know the %uh
start from scratch from

239
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so I didn't like the pitch like on the
phone once wedding

240
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this is okay okay we're gonna fun so I
found out later that the guy who's going

241
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in vast

242
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totally coked out scarface style on the
trading desk like blood in Co

243
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streaming in like basically was fired
but while my deals closing

244
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and strange story and then um so this
this this fun

245
00:13:47,970 --> 00:13:52,899
drops a an investor in char board who'd
never been a VC before

246
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okay so first of all josh is selling her
ears a

247
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is a very good bc I will tell you that
they are very rare

248
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okay the sea is we've never operated
business think if you change cell C 32

249
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Himalaya MW profits next year

250
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have no idea what you what's going on
okay so this person had not been a VC

251
00:14:11,818 --> 00:14:16,248
NRK a story he on he was on a
compensation committee is

252
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I and on missus on

253
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post-9/11 we were kinda very you know
tight on expenses

254
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and Dom it was I'd I'd work this very a

255
00:14:26,799 --> 00:14:30,588
clear and concise memo when I put some
schedules behind it the really

256
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explain compensation how we're doing it
and I

257
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the meeting time arrived and he was not
here there

258
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and so I've called his office in and and
has

259
00:14:40,789 --> 00:14:44,618
spices to put me through demand said is
the No I forgot

260
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and I said well why don't we just a
telephonic leaders from other members I

261
00:14:47,799 --> 00:14:48,349
said

262
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if you turn to page 2 Eagles what would
memory talking about answer fish it out

263
00:14:51,869 --> 00:14:54,100
I told them I sent you this time

264
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and I struck making my present issues
stop

265
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he goes you too many people make a run
two thousand dollars you should fire

266
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them all

267
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as traders get back I Kevin just fire
him

268
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as like I am let me explain to you

269
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you know how what his value is and how
are actually came a lot less is

270
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guaranteed salary and I

271
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and Anne style care fire him and so I
said I'm

272
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I said look I think we should I applause
and we can be in this meeting

273
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another time and had more time attire s
the story but

274
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but are okay was great news I I then had
to basically

275
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you're up for a fight my way around all
my other investors

276
00:15:35,428 --> 00:15:40,139
individually and said on I got someone
might be a problem and I just want to

277
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tell you about it now

278
00:15:41,119 --> 00:15:46,439
flap your support and on the guy then
calls me later that week on the phone

279
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gonna try to work it out behind the
scenes any calls me up and he goes

280
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yours is you know what your job is I
said what's that

281
00:15:55,379 --> 00:15:58,670
as his your jobs do what I tell you to
do

282
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and I said really I said I don't think
that's the case I think actually

283
00:16:02,698 --> 00:16:06,399
my job is to you know what try to
explain to them

284
00:16:06,399 --> 00:16:09,240
to the border to various committees what
I think is in the best interest the

285
00:16:09,240 --> 00:16:11,659
company and you might wanna check with
your attorney

286
00:16:11,659 --> 00:16:15,889
about breaching their fiduciary
obligation means when you tell someone

287
00:16:15,889 --> 00:16:20,079
that youth or you don't just a little
side note my check into

288
00:16:20,078 --> 00:16:23,549
anyway it worked out in my favor and our

289
00:16:23,549 --> 00:16:26,708
me know just to cover few points here is
you know selling

290
00:16:26,708 --> 00:16:30,049
you know people say I'm not good at
selling I'm a total introvert

291
00:16:30,049 --> 00:16:33,669
came here I am with you seriously you
gotta sell your product

292
00:16:33,669 --> 00:16:38,159
your showed everybody and anybody who
wants to see it and you know

293
00:16:38,159 --> 00:16:41,419
generating revenues the best way to
cover your expenses

294
00:16:41,419 --> 00:16:44,479
and I would say 42 her outset

295
00:16:44,480 --> 00:16:47,749
order to order to

296
00:16:47,749 --> 00:16:52,360
outside to ask things in our character
quick applied for something is

297
00:16:52,360 --> 00:16:56,079
so fortitude as you know I think the
best quality you can have

298
00:16:56,078 --> 00:16:59,438
the dome it is a mountain the you have
to move

299
00:16:59,438 --> 00:17:02,868
everyone in the world Stace a summit is
operating

300
00:17:02,869 --> 00:17:06,640
against you it takes monumental effort
and you know what and

301
00:17:06,640 --> 00:17:09,759
and what happens though is when you get
that train moving everyone wants get a

302
00:17:09,759 --> 00:17:10,959
moving train

303
00:17:10,959 --> 00:17:14,890
and you're gonna get beaten you're gonna
you have good days bad days

304
00:17:14,890 --> 00:17:18,220
he's just a with a gift outlast everyone

305
00:17:18,220 --> 00:17:21,440
okay so that's forger and I will give
you

306
00:17:21,440 --> 00:17:25,600
the best piece of advice anyone ever
gave me I'm which is

307
00:17:25,599 --> 00:17:29,369
when you're in a hurry take your time

308
00:17:29,369 --> 00:17:33,969
and to come to go a little deeper on
that is every most mistakes I've made

309
00:17:33,970 --> 00:17:37,350
I've made time and my personal and
professional life

310
00:17:37,349 --> 00:17:42,719
is when I thought the wrist tremendous
Matt time pressure I had to act

311
00:17:42,720 --> 00:17:45,799
and it was really in reality used by me

312
00:17:45,799 --> 00:17:49,079
imposing that time pressure on myself
and I would make mistakes

313
00:17:49,079 --> 00:17:52,849
at the moment so what I punched nor
would I be if I didn't plug my company

314
00:17:52,849 --> 00:17:54,129
for three minutes

315
00:17:54,130 --> 00:17:58,120
I just wanna tell you about Sarel side
basically as I mention

316
00:17:58,119 --> 00:18:01,169
is we nap together

317
00:18:01,170 --> 00:18:05,330
all the most relevant influential people
in the world I across an array of

318
00:18:05,329 --> 00:18:06,769
industries

319
00:18:06,769 --> 00:18:09,950
everything about them professionally
relevant things about them personally

320
00:18:09,950 --> 00:18:11,670
however on into relates

321
00:18:11,670 --> 00:18:14,830
this is not user-contributed contributed
data

322
00:18:14,829 --> 00:18:18,689
this is Paul publicly available but we
disagree dated re aggregated

323
00:18:18,690 --> 00:18:22,779
and we put together an extremely clean
interface so the people who sell

324
00:18:22,779 --> 00:18:26,529
anything by very high nature configure
who do I need to talk to

325
00:18:26,529 --> 00:18:29,500
how can I get from when I get to happen
develop a personal relationship with

326
00:18:29,500 --> 00:18:30,240
them

327
00:18:30,240 --> 00:18:33,630
and so just give you a sense of what
that is a couple slider to

328
00:18:33,630 --> 00:18:38,100
is I wanna meet this person I could
figure out who do I know in common with

329
00:18:38,099 --> 00:18:38,529
them

330
00:18:38,529 --> 00:18:41,849
and we tracked everything who year
brother is

331
00:18:41,849 --> 00:18:46,250
pictured together did deals with
whatever the case may be and so what

332
00:18:46,250 --> 00:18:47,299
this is showing is

333
00:18:47,299 --> 00:18:51,230
I wanna meet her skin I know David is my
neighbor upstate and

334
00:18:51,230 --> 00:18:54,410
you know they know each other this way
in Psych and asking hey

335
00:18:54,410 --> 00:18:57,420
he introduced me all the relationship
someone has

336
00:18:57,420 --> 00:19:01,070
you can see for their family members
education

337
00:19:01,069 --> 00:19:06,750
donations career you know nonprofits
political donations coming up and get a

338
00:19:06,750 --> 00:19:08,400
flavor for their passion about

339
00:19:08,400 --> 00:19:12,980
events they've attended or are attending
case you are super stock them

340
00:19:12,980 --> 00:19:16,539
and you know an example an example love
one is you know

341
00:19:16,539 --> 00:19:20,519
let's say I'm a young entrepreneur
really want to go talk to people Cornell

342
00:19:20,519 --> 00:19:23,559
when scorn our the new york city or in
venture capital

343
00:19:23,559 --> 00:19:27,250
I can run that search all that I could
figure out who do I know who to my

344
00:19:27,250 --> 00:19:28,339
friends now

345
00:19:28,339 --> 00:19:32,439
and then who might one degree from which
it so basically this right hand screen

346
00:19:32,440 --> 00:19:36,299
the top example the saying of I want to
meet reggie I know

347
00:19:36,299 --> 00:19:40,909
a whole host the people can introduce me
to the cut for ideas in your contacts is

348
00:19:40,910 --> 00:19:42,810
a tremendous amount of power

349
00:19:42,809 --> 00:19:45,889
and none of us real dirty contact we
don't know where r

350
00:19:45,890 --> 00:19:49,880
people we know are working let alone all
the extracurricular things they're doing

351
00:19:49,880 --> 00:19:53,170
so we tracked looks retract that for you
and your people serve

352
00:19:53,170 --> 00:19:56,340
mash their own contacts up against that
so

353
00:19:56,339 --> 00:19:59,480
I that's basically I are slight so

354
00:19:59,480 --> 00:20:06,480
thank you and up thanks for having

355
00:20:10,299 --> 00:20:13,680
thanks okay so we have to i think i
deleted post questions

356
00:20:13,680 --> 00:20:16,779
and then you'll have the directions
right there on the screen

357
00:20:16,779 --> 00:20:19,899
K and I'm are kicking off quickly

358
00:20:19,900 --> 00:20:24,160
and so you talk about the importance of
sales which is i mean you're selling

359
00:20:24,160 --> 00:20:25,420
investors are selling

360
00:20:25,420 --> 00:20:29,570
customers you're selling someplace to
join you but they don't teach sales in

361
00:20:29,569 --> 00:20:30,079
school

362
00:20:30,079 --> 00:20:34,099
how do you develop sales skills and
higher for sale skills

363
00:20:34,099 --> 00:20:38,759
if this is so important I'll has a
really great question I would just say

364
00:20:38,759 --> 00:20:42,569
look you have to be fearless I mean

365
00:20:42,569 --> 00:20:46,599
no entry me specifically in sales you
just have to be fearless

366
00:20:46,599 --> 00:20:49,639
unrelenting and willing to go to just
that point

367
00:20:49,640 --> 00:20:52,600
the issue of how high emotional
intelligence channel just that point

368
00:20:52,599 --> 00:20:53,109
where it's

369
00:20:53,109 --> 00:20:56,959
almost annoying and you know in PB
persistent

370
00:20:56,960 --> 00:21:00,350
and you know you have to look for people
I think people

371
00:21:00,349 --> 00:21:04,839
after he also them to handle yourself
with people and be able to

372
00:21:04,839 --> 00:21:09,079
deal with an array of situations and
just they need to sell your stuff

373
00:21:09,079 --> 00:21:12,779
you know you gotta feeling ever proctor
value talk to people by the way

374
00:21:12,779 --> 00:21:16,049
not your you know it's it's a
mathematical equation right

375
00:21:16,049 --> 00:21:19,149
ultimately you're going to get a lot a
nose rain so

376
00:21:19,150 --> 00:21:23,150
one in 10 says yes know is a good thing
because I just 39 more and I'm gonna get

377
00:21:23,150 --> 00:21:23,720
a yes

378
00:21:23,720 --> 00:21:27,440
right and so you just have to have you
know

379
00:21:27,440 --> 00:21:31,019
willingness to go out there and and and
sell

380
00:21:31,019 --> 00:21:35,369
I don't know more than that Nate mystery
but an important one

381
00:21:35,369 --> 00:21:38,879
how it sees a couple couple questions
here when question is how did you

382
00:21:38,880 --> 00:21:40,540
conquer your interviewer nature

383
00:21:40,539 --> 00:21:44,039
d are you entered I i'm i'm a secretly

384
00:21:44,039 --> 00:21:47,909
the secret introvert I I think that you
know what my

385
00:21:47,910 --> 00:21:52,950
my this situations they put myself in

386
00:21:52,950 --> 00:21:55,970
from business contacts required me to

387
00:21:55,970 --> 00:21:59,049
develop certain skills and you know

388
00:21:59,049 --> 00:22:03,000
that you know I did not sell either I
solvency have to be

389
00:22:03,000 --> 00:22:07,509
able to adapt and I mean I used to be
you know I would

390
00:22:07,509 --> 00:22:11,789
would have you made a mess in my pants
speaking from above a group

391
00:22:11,789 --> 00:22:16,109
you know 10 twenty years ago and a
little early so I took I mean I'd

392
00:22:16,109 --> 00:22:20,000
you now I think I took a public speaking
class and got some

393
00:22:20,000 --> 00:22:24,980
you now startin' or am I'll just gotta
do it a base here's another thing

394
00:22:24,980 --> 00:22:28,380
so I you're gonna be an entrepreneur

395
00:22:28,380 --> 00:22:32,520
you basically have two eliminate
procrastination

396
00:22:32,519 --> 00:22:36,839
and I actually used to train my brain
anything that actually I didn't wanna do

397
00:22:36,839 --> 00:22:40,509
I made it make a red flag in my mind and
I meant I should do it right away

398
00:22:40,509 --> 00:22:44,220
and basically so you know you have to

399
00:22:44,220 --> 00:22:48,039
adapt to our to survive

400
00:22:48,039 --> 00:22:51,809
you know entrepreneur knowing assertion
in some ways is a masochistic

401
00:22:51,809 --> 00:22:56,710
skill set is kinda very junior self to
two senate very true

402
00:22:56,710 --> 00:23:00,600
agree I am what major lessons did you
take from founding

403
00:23:00,599 --> 00:23:04,259
Capital IQ and and how there is informed
outside

404
00:23:04,259 --> 00:23:08,359
on one don't take venture capital money

405
00:23:08,359 --> 00:23:12,729
sorry I to on you know I

406
00:23:12,730 --> 00:23:17,240
I think that no I actually do think that
I i was very fortunate

407
00:23:17,240 --> 00:23:21,710
in I was able to pic investors I had my
pick up investors and

408
00:23:21,710 --> 00:23:25,850
and this business and so I pick people I
follow incredibly smart incredibly

409
00:23:25,849 --> 00:23:30,339
kind-hearted and people I wanted to work
with his post just had money and I'd be

410
00:23:30,339 --> 00:23:34,429
uphold into to him I think I am I

411
00:23:34,430 --> 00:23:38,370
you know I also built this business a
little differently which is

412
00:23:38,369 --> 00:23:42,369
you know venture capitalists have a time
frame

413
00:23:42,369 --> 00:23:46,619
which they won and ask and so I'd start
certificate in money that had that time

414
00:23:46,619 --> 00:23:48,909
frame I think that person why talk
before

415
00:23:48,910 --> 00:23:53,300
part of his strategy as investors to
make me so uncomfortable that I want to

416
00:23:53,299 --> 00:23:55,099
get out of that situation which you know

417
00:23:55,099 --> 00:23:58,329
kinda food make people anciens for sale
situation came

418
00:23:58,329 --> 00:24:01,470
go this when I kinda it up to

419
00:24:01,470 --> 00:24:04,870
me in the team to the side what we're
gonna do the business and there's

420
00:24:04,869 --> 00:24:05,629
actually

421
00:24:05,630 --> 00:24:09,920
and no puts know anything like that
people have to control the business so

422
00:24:09,920 --> 00:24:10,900
you have investors

423
00:24:10,900 --> 00:24:14,060
still I do we've got I got a 100 on
credible 1988

424
00:24:14,059 --> 00:24:17,490
million dollars with them so how do you
interviewed as investors were the things

425
00:24:17,490 --> 00:24:19,750
you ask now to make sure you don't get
honest

426
00:24:19,750 --> 00:24:23,630
you know use be people in a sense of
common on you now

427
00:24:23,630 --> 00:24:26,780
to us and people I don't give them
control yes

428
00:24:26,779 --> 00:24:31,379
I yeah people you know literally is like
and I approached it a little bit

429
00:24:31,380 --> 00:24:34,660
I like I don't need your money Here I am

430
00:24:34,660 --> 00:24:38,820
I get a great story i mean i i we have a
lot of I love a TD billionaires for

431
00:24:38,819 --> 00:24:40,259
investors like a

432
00:24:40,259 --> 00:24:43,299
sure we were pressed for time out a
simple area stories

433
00:24:43,299 --> 00:24:46,960
via specific people that hookah

434
00:24:46,960 --> 00:24:50,700
and and and the crazy meetings I had
with them

435
00:24:50,700 --> 00:24:53,890
not enough for the off-the-record
percent chance yes

436
00:24:53,890 --> 00:24:56,910
have your yes I'm what about a

437
00:24:56,910 --> 00:25:00,580
one quick question and you turn it on it
here had

438
00:25:00,579 --> 00:25:05,399
so big data is big and obviously you're
lis prisons capitalize installers data

439
00:25:05,400 --> 00:25:08,300
that's out there and then there's the
question of privacy

440
00:25:08,299 --> 00:25:12,309
and in all the stuff being out there how
are you not only how do you think about

441
00:25:12,309 --> 00:25:14,539
that but also where do you think we're
going

442
00:25:14,539 --> 00:25:18,129
as a society in terms of openness and
transparency

443
00:25:18,130 --> 00:25:22,160
so so I would definitely not call us big
data I would say we're medium data

444
00:25:22,160 --> 00:25:25,880
median payment upon the trademark a so
we you're not

445
00:25:25,880 --> 00:25:29,530
you know if you guys use Capital IQ I
mean it is clean

446
00:25:29,529 --> 00:25:32,750
write the date has to be clean for to
get a professional

447
00:25:32,750 --> 00:25:37,609
at a you know you know 10 plus billion
dollar hedge fund user product

448
00:25:37,609 --> 00:25:41,659
your information has been freed accurate
and so you're not crowdsourcing this

449
00:25:41,660 --> 00:25:43,590
you're not scraping information

450
00:25:43,589 --> 00:25:46,629
and so relations science we got your 600
people

451
00:25:46,630 --> 00:25:49,630
who basically sit around the database
for click data

452
00:25:49,630 --> 00:25:53,790
from tens of thousands sources but we we
integrate is incredibly fine is actually

453
00:25:53,789 --> 00:25:54,599
a

454
00:25:54,599 --> 00:25:58,869
way that you develop you know streams at
work for people basically yes yes no no

455
00:25:58,869 --> 00:25:59,989
yes yes

456
00:25:59,990 --> 00:26:04,819
neural information excision so I'm big
fan meeting David Salisbury specific

457
00:26:04,819 --> 00:26:07,089
business problems for people who

458
00:26:07,089 --> 00:26:11,220
whose time is very valuable and they
will pay for you to help save them time

459
00:26:11,220 --> 00:26:16,789
or help them make some money I'm your
privacy was out I interestingly we have

460
00:26:16,789 --> 00:26:19,129
a lot of creepy stuff in our product
begin with

461
00:26:19,130 --> 00:26:24,090
and we had some a some you feedback
sessions with our investors we had like

462
00:26:24,089 --> 00:26:27,490
everyone's kids read net worth estimates
and things that

463
00:26:27,490 --> 00:26:30,880
so base anything that made an
increasingly stripped out and we for

464
00:26:30,880 --> 00:26:31,770
instance we don't show

465
00:26:31,769 --> 00:26:35,440
your minor children we show chilled
gradual show anybody

466
00:26:35,440 --> 00:26:38,559
their family members unless otherwise
relevant to the database at a concert

467
00:26:38,559 --> 00:26:40,069
pricey so we just tried to

468
00:26:40,069 --> 00:26:43,829
be very respectful we built this product
and I don't know where we going

469
00:26:43,829 --> 00:26:45,629
transparency is

470
00:26:45,630 --> 00:26:49,500
you know it's funny you know ken Ken
Langone who's on our board member

471
00:26:49,500 --> 00:26:52,660
Nationals in a great guy and he said i

472
00:26:52,660 --> 00:26:55,920
I think actually when our first
interview the reporter said that he said

473
00:26:55,920 --> 00:26:58,519
you want to be in the papers you know
what i mean there's a

474
00:26:58,519 --> 00:27:01,490
don't get your picture taken don't give
money in your name you know don't talk

475
00:27:01,490 --> 00:27:02,890
to the press don't you know

476
00:27:02,890 --> 00:27:06,500
but it's just a the world we live in
yeah

477
00:27:06,500 --> 00:27:10,950
are probably more used to it as time
passes what about a

478
00:27:10,950 --> 00:27:14,059
soon 5 your goals you know where the
reissue

479
00:27:14,059 --> 00:27:17,339
already see the business in five years
at just

480
00:27:17,339 --> 00:27:21,149
for me or for the cup white my personal
is to stay upright

481
00:27:21,150 --> 00:27:25,110
okay and for the company a lot still
alive

482
00:27:25,109 --> 00:27:29,599
and I you know is is lucky I think that
any entrepreneur you got a couple major

483
00:27:29,599 --> 00:27:30,169
hurdles

484
00:27:30,170 --> 00:27:33,750
like one is you know you get a raise
money to is you gotta get your product

485
00:27:33,750 --> 00:27:34,690
on

486
00:27:34,690 --> 00:27:38,789
three gotta get a break even you know
and then you can go from there and so

487
00:27:38,789 --> 00:27:42,519
in this particular type a business or by
the way I love this particular business

488
00:27:42,519 --> 00:27:43,829
model in which is

489
00:27:43,829 --> 00:27:47,769
a annual subscription if you delight
your customers

490
00:27:47,769 --> 00:27:51,119
you know you don't have to develop the
new cool widget next year

491
00:27:51,119 --> 00:27:55,159
the new cell phone its people love it
the key buying and occurring revenue

492
00:27:55,160 --> 00:27:58,580
and so in this business have yet to
break even you're basically home free

493
00:27:58,579 --> 00:28:03,199
cousin just as all and by the way to
fixed cost business with you know

494
00:28:03,200 --> 00:28:07,430
it's almost a hundred percent variable
gross margin very bopping margin

495
00:28:07,430 --> 00:28:12,110
what you cover your costs so basically
just grow the business and I

496
00:28:12,109 --> 00:28:14,679
hope you know everyone here hopefully
everybody here you know we can change

497
00:28:14,680 --> 00:28:16,730
the trajectory of your life you know

498
00:28:16,730 --> 00:28:20,160
I think and what's my passion is
building tools

499
00:28:20,160 --> 00:28:25,490
that help people you know do their work
better and be better be their best

500
00:28:25,490 --> 00:28:29,630
and I this product gives access to

501
00:28:29,630 --> 00:28:32,850
relationship maximization that was like
a black heart

502
00:28:32,849 --> 00:28:36,129
before before for us yeah

503
00:28:36,130 --> 00:28:43,130
congratulations and thanks I so far in
the fighting me off

504
00:28:45,359 --> 00:28:48,269
all I I'll