The Exchanges

Q Interesting. Okay. Give me some more of the backstory here. So, so you said, uh, you said you started reporting to Inc like in two, in the 2009 ish So obviously if founding date was before that, when'd you launch the company?

A Yeah. So we launched the company originally in, in 2006 raised our first couple million bucks. Uh, back then the first product, believe it or not, was an online calendar. This is before Google calendar existed. Um, but that was really just a project that wasn't a real, uh, product per se. And we pivoted it into, and we raised the capital into, uh, content management platform for events. So if you were a brand You were doing a movie release or you're doing a new, you know, a new store opening. We had a bunch of marketing software to allow them to do that. We ran that from Oh six through through Oh eight. Uh, and then in Oh nine, uh, we saw this opportunity to build at that time, a rich media, uh, creative platform for programmatic. So it was early days of programmatic media.

AI assessment note: “we launched the company originally in, in 2006”

Q upside there on equity? That's great. So how do you, how did you, for somebody right now in that position, we have a lot of sophisticated people that listen to this. They're in a company, uh, they've helped it grow significantly. Their options are already vested. How did you exit that without having to worry about like claw back on your options or any kind of crazy stuff like that?

A Yeah, I mean, the best strategy I think people can do, provided they have the capital, and this is a function of your capital and when you join the company, but it's an argument for joining startups early, where you have a very low strike price. If you can do, like, an 83 B reverse exercise, then even if the stock appreciates a lot, if the business conditions are correct for you to leave, you can leave without the complexity of having to deal with, ah, alternative minimum tax, or, or needing to sell shares in the secondary, almost definitionally opaque secondary market. Um, So the strategy that I'd recommend that I generally follow is to try and, you know, in tranches, 83 B exercise your options.

AI assessment note: “If you can do, like, an 83 B reverse exercise”

Q Okay, so let's go back real quick and get some history. So, 2007, my trade. What did my trade do, and why did you decide to exit it?

A My trade was basically a, um, it was a Twitter geared directly towards, um, options traders and very active stock traders. And we developed a technology that allowed people to, with one click, copy another person's very complex options trade, which, uh, made it a lot easier for people to share what they were doing, to learn about options trading, that sort of thing. And so, uh, part of the reason that we sold was because, um, basically the, the service, MyTrade itself, was fairly useless without a brokerage backend. And so, um, We developed the technology. Uh, we had a longstanding relationship with, um, TD Ameritrade's subsidiary Thinkorswim, and, um, you know, I pretty much developed it with them in mind, and so, uh, it kind of, it worked out well for us, and for, uh, and for them, it's now probably the number one, uh, stock trading and options trading community in the world.

AI assessment note: “part of the reason that we sold was because... fairly useless without a brokerage backend”

Q guest this morning is Cameron Harold. You may have heard him, or he is known as a rather really around the world as the business All right, so what, first off, uh, give us, give us, like, the beachhead that got you into this. I mean, did you start your own company and sold it, then got into consulting, or you were at McKinsey and left? What was your start?

A Yeah, I was, I was really groomed as an entrepreneur. In fact, I did a TED Talk eight years ago that's on the main TED.com website about raising kids as entrepreneurs, and that was really where my journey started. I got involved with a group called College Pro Painters, which is the world's largest residential house painting company. Um, after then building another couple companies after that, one was Gerber Auto Collision in the U.S., I then became the COO, chief operating officer for a small company called the one 800 got junk. And I took them from 14 employees to 3100 employees in six years. Um, and then left there 10 years ago and started coaching high level CEOs all over the world.

AI assessment note: “left there 10 years ago and started coaching high level CEOs all over the world.”

Q Got it. Okay, good. Let's talk more about what it does. So, so what is privacy.com? For those of us that don't understand crypto or privacy laws, take us to that level. What's it do?

A Yeah, absolutely. So we have a browser extension, a mobile app, uh, basically allows you to generate a brand new unique card number, uh, for every purchase you want to make online with just one click. So our extension automatically detects the checkout field. Uh, you go click the button and boom, it fills in the card number, CVV expiration date. Uh, what's cool is you can use any name, any billing address, uh, you can set a limit on that card. Uh, so the implications as a user is that, you know, You never have to worry again about your info getting leaked in a credit card breach, uh, shady merchants or, you know, subscription billing that you forget about.

AI assessment note: “allows you to generate a brand new unique card number, uh, for every purchase”

Q Salar. Okay, what was that, obviously, what did that company do, and how'd you exit that?

A Yeah, so I think the simple example is it was a company that began to replace some of the really mundane sort of paper processes inside of hospitals at the point of service with tablet OS, if you can remember what that was, and then ultimately sort of iPad and iPhone-based solutions to capture information at the bedside between the physician and the patient, and automate a bunch of business backend processes that are necessary to keep a hospital and a physician group running. And I guess the second part of your question, how do you exit Um, you know, the, the, the race to digitize medicine is dominated by electronic medical record vendors and medical transcription vendors, and we sold that company to the nation's second largest medical transcription firm in, uh, for how much? Yeah, it was a, a fifteen million dollar exit. That was a company that had no venture capital. So it was me and my partners and, um, and our employees. It was a, it was actually a nice exit.

AI assessment note: “we sold that company to the nation's second largest medical transcription firm”

Q There you guys have it. Let's talk about this growth because it's impressive. How did you triple MRR to seven, from 240 grand to 700 grand in, you know, 12 months?

A Um, so we did two things. Uh, one is we landed and expended. So of, I think over a third of our growth, uh, net of churn is coming from existing customers that have Uh, either new plans or just adding new teams. Uh, so for example, we work with HubSpot. HubSpot started with one team on front, their customer success team, and now they have about, I don't know, 14, 15 teams on front. Uh, so that has been, um, driven by our customer success team. Um, and the second thing that we're doing is we have a marketing team now, so it's been five months since we have three people in the market. More co-marketing, more advertising, more content.

AI assessment note: “so we did two things. Uh, one is we landed and expended.”

Q There you guys have it. Let's talk about this growth because it's impressive. How did you triple MRR to seven, from 240 grand to 700 grand in, you know, 12 months?

A Um, so we did two things. Uh, one is we landed and expended. So of, I think over a third of our growth, uh, net of churn is coming from existing customers that have Uh, either new plans or just adding new teams. Uh, so for example, we work with HubSpot. HubSpot started with one team on front, their customer success team, and now they have about, I don't know, 14, 15 teams on front. Uh, so that has been, um, driven by our customer success team. Um, and the second thing that we're doing is we have a marketing team now, so it's been five months since we have three people in the market. More co-marketing, more advertising, more content.

AI assessment note: “so we did two things. Uh, one is we landed and expended.”

Q Why is that surprising to you? That's what I would have guessed.

A Uh, well, I think, I, I thought, particularly in the earlier stages of our company when we weren't as proven, I would have expected them to want us to take on more of the risk and then make money more on the upside, but because of the fragmented nature of the hotel industry where you have a separate party that owns the, the property, another one that manages it, and then another brand that could be on the, you know, on the outside of the building, um, getting alignment among those three parties can be pretty complicated, and what they want is to know what their expenses are going to be and have a A fixed price contract. And so anytime we tried to do a more variable contract, a pricing negotiation that might take one to two weeks would drag on for one to two or three months. And, uh, and so they wanted to limit the risk, but having some of our fee at risk does give them the confidence that we're willing to kind of, um, put our own, uh, livelihood and, you know, behind their success.

AI assessment note: “I would have expected them to want us to take on more of the risk”

Q Yeah. Yeah. Okay, cool. So take us, take us back. We'll actually help us understand kind of averages here. So I imagine you have all kinds of cohorts of different customers that you're selling to. Who are you actually selling to though? Is it the person that owns the building? Is it the Marriott that operates the building? Is like, who are you? Who's the buyer?

A It varies. Um, so if it is a strong brand like Marriott, who's not a customer of ours currently, they control all of their brand systems, and we would need to integrate into their ecosystem of inventory management, distribution, and so on, and they would then have complete control. So if a real estate owner wants to work with us at a Marriott property, um, Marriott would, would prevent that because, We're not integrated into their ecosystem today. Um, so in the case of a very strong brand like that, we have to go to the brand. In the case of smaller brands that maybe don't exert as much control or have more of a membership model, um, or when it's more of just like an independent hotel in a market, um, then it can be more of the management company, the people that are actually hiring the employees and operating them. What a lot of people don't realize about the hotel industry today, though, Is that a lot of times the brand is no longer the operator. They've gone so asset light that they no longer, not only do they not own the underlying real estate, they also don't actually hire the employees that service the guests. Um, and so those management companies tend to be our first point of contact and our ultimate champion to then get alignment from the brand and from the real estate owner to make a purchase of our software.

AI assessment note: “those management companies tend to be our first point of contact and our ultimate champion”

Q And how do you get them to upgrade? In other words, is, is revenue expansion based off usage data or data points or what?

A There's actually two channels. The first one is, um, you can upgrade in terms of like your plan. So if you want to get more accurate data, um, if you want to do, make larger maps, larger, three D models at higher quality, then you need to get our business plan, which is 300 dollars a month. And the other mode is to expand the number of seats. We actually sell not by the drone, but by the number of people using it. And so if you have lots of, you're a person collecting the data, you're probably not the only one using the data. You're probably sharing that. So if you're a construction company, you want other people in your company to be able to figure out what's the volume of the stockpiles on my site, um, comparing what has been built to the plans. All those kinds of features are available in our analytical tools, which people pay a hundred dollars a month for as well.

AI assessment note: “There's actually two channels. The first one is, um, you can upgrade in terms of like your plan.”

Q Thanks for coming on, man. All right. Tell us what, uh, tell us what delve.io does, and how do you sustain yourself? What's your revenue model?

A Sure. Um, so Delvio is, um, a platform that allows advertising and marketing professionals to get peer review, uh, on their creative campaigns. That's a TV ads, website, apps, uh, before they waste, you know, millions of dollars on ineffective ads or ineffective websites or apps. Um, we have two models. First we launched with is marketplace. So we go to agencies and brands and say, Hey, if you don't have the right expertise on this project in house, We'll help you find it. We'll help you work with those people. We'll get the right questions you need to get your feedback, and then we'll package that and give you back. The new model we actually just launched two days ago is a subscription or SaaS based model where you can do that within your own organization. So a company like Ogilvy who has 12,000 employees across 83 offices can start taking advantage of the kind of human capital that they've invested in letting a junior graphic designer in New York coordinate and get feedback on a project from graphic designer in Ogilvy, Australia. Um, but that's only two days old.

AI assessment note: “platform that allows advertising and marketing professionals to get peer review... We have two models”

Q Got it. Okay, makes good sense. And then walk us through, let's kind of dive more into, you know, the HelloFreshes of the world, the ones that are kind of using it. You mentioned your pricing model is built around usage. Can you tell us more about how that works?

A Uh, yeah, sure. So there's a thirty-day free trial for any company that And, um, at the end of that 30 days, they have to enter their credit card information to continue using the product. And then thereafter, um, they're billed monthly based on their total delivery volume. Our pricing is very transparent. It's on our, on our website at monthly.com slash pricing. There's actually a slider there where you can kind of slide across, um, and see approximately how much you'd be paying based on your sort of monthly task volume. So tasks, um, tasks can be deliveries or pickups. Um, and so, you know, a customer that's doing, say, uh, 10,000 tasks in a single month will be paying a little over a thousand dollars a month.

AI assessment note: “they're billed monthly based on their total delivery volume”

Q if you had, I'm going to ask you to pick, pick your favorite child here for a second, which I know is tough. But if you look at your portfolio over the past seven years, under these categories, data security, risk management, and kind of blockchain, when you look at data, which one of your portfolio companies do you think is kind of doing the best job in this area?

A Uh, I'm gonna go back to near the beginning, because, you know, enterprise sales take a while, so digital reasoning came into the program with a very interesting technology that is able to read unstructured data, and they were working for the government, and to give you a sense of the company, they were able to read Urdu and Pashto before they could read Spanish. Oh, wow. Yeah, so they came into the program with very few contacts in financial services, and You know, a very cool technology, but no idea what the product was. And in the program, with the guidance from their mentor financial institutions, what they were advised to do was to focus on compliance because that's where the budget was and that's where the need was. So they've developed a tool for, uh, compliance tool for e-communications. Uh, that's really becoming industry standard in financial services, and so they are signing, uh, six and seven figure multi-year contracts with that technology.

AI assessment note: “digital reasoning came into the program with a very interesting technology”

Q Got it. Okay. So first off you do beautiful design, like in the research I've done, the Kickstarter campaign is beautifully designed. It looks gorgeous. You had 351 backers back and pledged 25,327 bucks. The crema website looks beautiful. Walk me through how you, how you generate revenue. How are you doing it? Direct to consumer? Are you, are you licensing? What's the deal?

A Right. So, uh, so Crema is a marketplace, uh, for coffee drinkers to subscribe to roasted to order beans from specialty roasters, whether that's Ritual here in San Francisco or Toby's Estate in New York. And the way that we make money is we charge a, or we take a platform fee, uh, on every order. So, uh, let's say Uh, yeah, so let's say that you buy an 18 dollar bag of coffee on Crema. Um, we take a platform fee of nine dollars, uh, and then the other nine dollars goes directly to the roaster. Now, um, this is, uh, the price that you pay is about the retail price of the coffee. The price that the roaster gets is usually a little above their typical wholesale price, and then what's great from a customer perspective is When you're paying that 18 dollars, the, the shipping, shipping and handling, all the other fees are already included in that. So you see an 80, 18 dollar price tag, you're paying 18 dollars, and then from our nine dollar platform fee, we then absorb all those costs of postage, credit card processing, box, things like that.

AI assessment note: “the way that we make money is we charge a, or we take a platform fee”

Q Okay. Got it. And, uh, walk me through some of the metrics kind of of the marketplace. So how many coffee, uh, roasters are on your platform?

A Yeah, so, uh, right now we have around 15 roasters, and, uh, probably a total of around 60 coffees, uh, and that, that's, uh, those tend to rotate, uh, fairly regularly, so, um, you know, old ones go off, new ones come on, um, every month. Um, and yeah, in terms of, uh, customers, uh, so last month, um, we had around 750 customers spent around 17,000 dollars on our platform. Um, and, uh, we, we certainly still feel like it's in January. That's correct. Yeah. Yeah. But we really feel like we're just getting started as a company. Uh, and, uh, you know, the last couple of months we've been growing 28% month over month. And we're, we're targeting something like 10 X growth over the next year.

AI assessment note: “right now we have around 15 roasters, and, uh, probably a total of around 60 coffees”

Q Yep. Uh, how'd you get your first customers?

A Well, it's the same way that we got our first customers with Goldmine. Imagine in 1989, you built the first networkable sales and marketing tool when people were figuring out just what to even use a network for. There wasn't any networkable business software, let alone sales and marketing software. So back then, what I did is I identified the trusted advisor of my prospect, and that was the guy that sold them the network, the technology reseller. And that was back then Novell reseller, and I cold called every Novell reseller in the country, and I got them to use it. Because people sell what they know, and they know what they use, then they started to recommend it, and that gave me my first 50,000 dollars a month in revenue for Goldmine.

AI assessment note: “I cold called every Novell reseller in the country, and I got them to use it.”

Q and it costs me between 60 and 80 dollars to leave my car there each time. It's much cheaper to get The Uber ride for 15 bucks, the airport, and when I land another 15, so it's 30 versus 80. Why are you going all in on parking? I mean, are you, you don't think kind of Lyft and Uber and these companies are going to eat that market up?

A Um, you know, there's an interesting balance there. You've got a lot of frequent travelers who live too far away for that to be a cost-effective solution, and because our average, um, customer is a business traveler, they're only gone for three to four days on average. Um, and so when you look at that price compared to taking an Uber or Lyft, both directions, it's actually cheaper to go and park. And remember too, that these are business travelers, so they're getting reimbursed as well. Um, and they've been, they've been, you know, writing these off, um, to their travel account for many years. So it's something that they're used to paying. Um, there's no change there. And in fact, the demand for parking is increasing. The modernization projects that I mentioned At the top 20 airports, they all have, um, parking expansion projects, and these are based on a 15 airport study that was completed last year, um, in partnership with the U.S. government and, you know, some of these top airports. And it really does show that, um, parking demand is increasing, uh, fascinating enough.

AI assessment note: “when you look at that price compared to taking an Uber or Lyft... it's actually cheaper”

Q Got it. And what is the walk me through the process? Obviously, it's called the 10% Entrepreneur. It's a collection of these stories, people you've had lunch with. A lot of people listening are thinking about writing their own books. So why did you decide to publish it with a publisher versus self-publish it?

A Yeah, my number one, so there were a couple things I wanted to achieve. The number one thing was I was not a well-known sort of media figure, and I felt that it would be valuable to have a big publisher behind me in order to give me that credibility. And I also, as I got into it, found that the editorial process and having a great editor, you know, so many people write terrible books because they don't have great editors. A great editor can take reasonably good content and make it really terrific. That was A. B, I wanted to be global, and so having Penguin now, the book's out in Spanish and Korean and Japanese and Chinese.

AI assessment note: “have a big publisher behind me in order to give me that credibility”

Q All right. So tell us what recursion pharma, what kind of, what's your, your main product, your main focus, and what's your business model? How do you generate revenues?

A Yeah, absolutely. So what we're trying to do is shortcut the long, arduous, uh, path of getting, uh, drugs discovered into the market. Um, and so we do this by combining the best elements of biology, automation, and computation, uh, and doing drug discovery at scale across lots of diseases all in parallel. Uh, the business model initially has been to partner with large pharmaceutical companies who have drugs that they know a lot about, but ultimately did not end up making it to market. Um, so we've announced, for example, a partnership with Sanofi Genzyme, and in that particular case, we have drugs that, that, uh, they spent decades working on in many cases, and those drugs never ended up making it to patients, not because they're bad drugs, just because, uh, of a variety of business reasons, or even because the drug didn't show efficacy.

AI assessment note: “The business model initially has been to partner with large pharmaceutical companies”

Q Four months ago. Great. And what is the, so, so, 2015 is when you founded the business. Now, what were, I mean, what got you into this? What were you doing before 2015?

A So I sold my last company to a company called Outbrain, and, um, I was running, I started and ran their strategic initiatives and channel, so my customer was really our 65 US salespeople, and the frustration of trying to use Salesforce and email and weekly meetings to understand what those sales guys needed to sell better so I could do my job striking partnerships was intensely frustrating and led me to the conclusion that the alleged revolution of sales and marketing Uh, on the internet is really a revolution in marketing and that sales, sales management and sales teams, uh, really haven't seen the type of innovation and access to data to transform how they do their jobs. So that's what we set out to build with sales wise.

AI assessment note: “So I sold my last company to a company called Outbrain, and, um, I was running”

Q Great. Thanks for joining me today. So you've had a lot of success. Talk, talk me through your current and your latest and greatest, which is pronounced, I believe, gas and gas management. What do you do and how do you make money?

A Okay, so basically what we did is that we realized that people has a lot of complaints about their gas, and that they're not getting what they're expecting out of it. So, we built a gas management platform that basically we created a device that goes into the stationary tanks. Here in Mexico, our stationary tanks are on the rooftop, so it's really dangerous to go and check your gas. So, uh, we give them an application, and They can see all their consumption, all their statistics, and they can grade which is the best gas supplier and see which is the best option. And we monetize through the service. We sell to the gas supplier, all the information. And at the same time, if the end user wants to have automated services, then we also monetize from it.

AI assessment note: “we built a gas management platform... And we monetize through the service.”

Q Tell us how you make money. What's your business model?

A Yeah. So we're a subscription business. So we actually call it data engineering as a service is kind of the current offering. Um, so we're building a platform out, but while we're building the platform out, we're basically doing this work on behalf of customers. So it's sort of a cross between a services company and a software company at the moment. Uh, and so we, we basically offer access to our team. And our technology for one flat price, you know, uh, six grand a month if you want it to run on in our shared cloud, or 10 grand a month if you want us to put up a private instance of the platform so that your data, so that your work is all separated from other, uh, companies.

AI assessment note: “we're a subscription business... six grand a month... or 10 grand a month”

Q Okay, good. And, and let's just quickly, I'm interesting, some interested in some of the unit economics. So when you're acquiring customers, how are you typically acquiring them? What channels? Do you have an inside sales team?

A Yeah, we have a, we are a company structure. We have a 10 people on our business team. We do sort of sales and marketing. So we basically have three sources by funnel. The first one is the SEO in there. So we have a pretty strong team. If you search, most of these are telemedicine terms. We're on the first page on Google, like whether it's Skype telemedicine or whatever, or telemedicine platform and those things in there. That's our first parameter. Then the second stream is We do using outbound, basically using LinkedIn outbound to target specifically, you know, key demographics. And the third thing, we just have a set of partners, resellers in there, and they actually generate sales. We will work with them.

AI assessment note: “we basically have three sources by funnel. The first one is the SEO”

Q Yep. Okay. That makes good sense. And how are you, talk to me about the engine you're using. To kind of get these companies. Is it, is it manual or are you buying access to like Clearbit and full contact and some other things? How, how's the system, the engine work?

A So, so it's a combination, uh, it's a combination of a few sources. Uh, we tap, right now we have about 85 different sources, uh, that we tap into. Some of them are the most naive ones, you know, the directories, the websites themselves, um, the, the, the U.S. Patent Office, uh, job hunting, uh, directories and sites. Uh, we do a lot of NLP work on the articles. We go ahead and crawl the articles that every company, that the company being reviewed was mentioned in. And from those articles, we are able to extrapolate positive sentiments, negative sentiments, competitors, and lots of other stuff. Um, so all of these sources are run through our business engine. The business engine has a comparable function. So we actually calculate valuations and, and chances of, of exit, et cetera, by comparing the company to the comparable companies that are engine found. Uh, and we have a business rule engine, which flags We have possible risks and possible opportunities for the company based on the information that we found. I'll give you just a couple of very quick examples. If we see that the company, if we see that a company has been hiring employees or is on a hiring spree lately, we flag that as something which, which the investor should, should note. If we see that a single company, a particular company has, you know, 20% more core engineers than its closest competitors, We flag it as an…

AI assessment note: “we tap, right now we have about 85 different sources”

Q Yeah. Thanks for coming on man. So tell us first, what does fruit street do and how do you generate revenue?

A Fruit Street is a HIPAA compliant telemedicine software product that's licensed to healthcare professionals, and it allows the healthcare professional to do HIPAA compliant video consultations with their patients, but also monitor their patient's health, diet, and lifestyle with medical devices, wearable devices, and mobile applications. For example, each patient that uses the software has a personal health record that integrates with Fitbit products to track physical activity and sleep. Wireless bathroom scales, FDA approved blood pressure costs and glucometers. And then our mobile application, which allows the patients to take pictures of their food and get feedback from a registered dietitian, for example. And so we use the software as a service business model where the healthcare professional will pay us a monthly licensing fee to use the software with the patients in their medical practice.

AI assessment note: “we use the software as a service business model where the healthcare professional will pay”

Q Understood. Got it. And okay. So tell us more kind of about the story. So what year did you found the business in?

A Uh, 2010, I found out the business and, uh, it was really just to solve my problem, right? As a, an entrepreneur, as a hustler, as somebody who's dealt with contacts for a long, long time, I was just annoyed that I didn't have a unified central database that was always up to date for me or for my business. And there was no application other than actually focused on contacts. If you think about it, all the SaaS applications focus on something else as the core transaction, right? MailChimp focuses on sending emails. Salesforce focuses on sort of opportunities. Um, NetSuite focuses on financial general ledger, and contacts are sort of like, oh, we have to have that, so let's build a generic table, but it's not really very intelligent, and so we had, we want to add contact intelligence as a layer that unified that data from all these different services.

AI assessment note: “2010, I found out the business and, uh, it was really just to solve”

Q okay, if Clinton gets elected, potentially some of these taxes are going to go up. So one of the things people are saying now is, you know, from a taxless harvesting perspective on equities or securities, maybe what you do is you let go of your losers now, take the loss now. That's one of the things that, am I getting it right, that Wealthfront can kind of do automatically?

A Yeah, and we do it daily. So this is a service, a kind of service that's been offered to the very wealthy for many years, for decades. As a matter of fact, Mitt Romney took advantage of this to pay really low taxes. This was a big issue in the last presidential election, but it's never been possible for the average retail investor to access this kind of capability because traditional advisors can only do it at year end. It just takes too much time. The beauty of software is software works 24 seven, so we can look for these losses daily. And if you do tax loss harvesting just at year end, according to our research, that can add about .6% to your annual after tax return.

AI assessment note: “Yeah, and we do it daily.”

Q And is this, by the way, is this, is your revenue model, is it like a marketplace almost?

A That's exactly right. So, you know, so our approach on this is, uh, as a consumer, you pay simple fees for the services that you need. Say, I want to see a home. I found it online. That's 50 bucks. Um, the thing that's awesome about it is instead of working with one agent, suddenly kind of Uber-like you are working with an army of agents. So that invitation goes out to all the agents in that area. Uh, it's accepted on a first-come, first-served basis. Uh, And so you get an agent when you want, where you want, you pay just for what you need. And when you buy or sell the home, you actually get the entire commission rebated back to you. And that's usually three percent of the home value. And no matter if you're, I think you're in Leesburg, if you're buying in Leesburg, that's a big check. If you're buying in San Francisco, that's a big check. So consumers love it.

AI assessment note: “That's exactly right. So, you know, so our approach on this is”

Q 500. Good. So take us kind of through the process. Uh, let's start at your time at Accenture. The moment you met Roger and Sean, how did you know? And I assume this is when you were making the investments on behalf of, uh, the, the fund there, Accenture Technology Ventures or no?

A Exactly. In 2000, uh, you know, during the height of the dot-com boom, Accenture Technology Ventures had had a successful exit out of Siebel for a billion dollars. We set up a venture fund where we invested in a number of companies, typically startup software companies. One of those companies was Inquira. I think Siri for the web back in the day, they're really exciting AI technology, NLP technology. Uh, we had invested in them. And, uh, uh, really helped them get started. And then I left the firm in 2005. Once inquirer really started getting traction in the market, they had survived the dot com bust and had begun to really find their market. I joined them to help accelerate and scale. And that's where I met my co-founders as well.

AI assessment note: “Exactly. In 2000, uh, you know, during the height of the dot-com boom”