Investing with Discipline at the EGLAVATOR in Boca Raton, FL

We held a series of panels at the EGLAVATOR, all on financing and tech ventures including local Miami ventures.   Some quotes from the panel:

“that’s am a publicly traded company an inflated valuation and they
were issued options of that valuation other completely under water and
and it’s a bit of a catch twenty two for those companies because they
want to read those teams that’s even more dilutive and they’re gonna
get further hammered in the public markets so that that can have a
disparate she was loop is….”


to focus on in terms of overcapitalized make sure you have maybe even
eighteen to twenty four months at the variety of capital are being
very efficient with funding etc but in terms of that the upcoming
recessions out which insistent that it’s going to be more similar to
the one of the year two thousand and because they’re run up to it was
very similar to what sort of million ninety nine ….


Invited to the Panels :

  • Webb Knudsen, Co Founder of Knudsen Capital
  • Andrew Craissati, Founder of The Bricks
  • Ben Patz, Partner at DeepWork Capital 
  • Mitch Laskey, Co Founder at DeepWork Capital
  • Keith Glickman, Founder of Gutsy Capital 
  • Adam Besviknick, Investor 
  • Gleb Chuvpilo, Thundermakerts 
  • Jonas Brandon, Business Expert
  • John Jacobs, Leon Holdings
  • Sinjin Lee – EGLA CORP Consultant
  • Dr. Edwin Hernandez – EGLA CORP founder 
  • Dr. Sumi Helal – Innovator, Investor
  • EGLAVATOR Tenants 




Generated with our Artificial Intelligence engine:


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we’re going to it

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we’re going to shares were done

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so thanks everyone for coming in

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we got a full house today our we have up quite a few interesting guess
i would make sure that we have the right make for here that we use

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when i get is that a microphone over there had does is our now

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hey i preferred yeah same say of offer comment is is make a this is
the the of can you click on now

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yeah think it

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so as things up for comment

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i guess i didn’t ya to start off sort of an odd topic

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essentially we wanted to focus on the allison in the room saw see
there’s been a huge market correction our funds like tiger global
coats your arc ah huge losses recently said the topic is investing
with discipline and we want to focus on valuation term sheets and due

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edmonds going to be moderate and the piano here in boca and join us
will be helping out in toronto but i jonas our you take it from here
yeah been more did figure as recommend think you get for a comment
bertolli as well from all different parts of the country and and more
more than happy to as you guess invited to gone to the you better here
in a book or a donate

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don’t you guys want to and i want to start with my right hand you
would weigh land and see like where his thoughts on now

00:02:05.790 –> 00:02:11.730
on the future of any besson with this is was going on what you do you
share little bit of your experience at yes it about

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church or yeah i mean it first hand with definitely experienced on an
incredible influx of of of capital from the sidelines you know coming
in the last year too

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he added i think he hit the supply of of quality opportunities where
maybe not match matching that that that demand and we’ve seen
firsthand you just rounds get bit off and

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funded exceptionally quickly especially and you know that the web
three space on an emerging markets that we focus on in the past year
or so it’s been it’s been created to see that you know that that speed
of capital getting deployed and i think when you know you mentioned a
tiger globalist the points only to stick

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coaches i mean they they definitely should things up as they as they
came in at the you know we added to be cognizant that they’re they’re
also playing probably the a different game

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then then that than a lot of that that the medium size or smaller
funds than them so that’s that’s something we’ve we’ve realized and
especially emerging market we’ve seen them else to take take a more
like index approach across the space like a tighter on you know their
their mandate has been saying we’ve been hearing date

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they said get to deals a day done on and it

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they’re their their manage as a part of the have to do not call me
after we’re not we’re not here to you know sit sit on your board and
give advice for your to deploy capital and and you know that separate
change again for at least you know the the venture stages kind of the
planets and eighty his race of a million dollars were like that’s
their okay doesn’t either well

00:03:52.320 –> 00:04:05.010
my dad and his is the yeah relation to this i’m subject matter yes i’m
in i’m a star of founder of so i have seen ah we raise we bred course
of ten now and i’ve seen sort of the to your point

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all of the you know influx of capital and talk to other founders on
which really the were in a sort of catch twenty two here like what do
you want me to do well i’m going to take the money right like while
refuse the money if it’s you know coming to me really after the first
meeting on the way we do

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on it and are positioning ourselves are you know just build the best
business right focus on your customers focus on building a product
that matters go back to the fundamentals i think a lot of stop that
happen from the founder perspective played into the market dynamics a
lot and i saw a lot of businesses ah

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and sort of move away from just delivering products and really went to
sort of marketing for front fundraising purposes but for us were
enterprise sas were delivering software to retailers on we are very ai
based so we have to get the best talent out there so on raising is
critical to that strategy

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when a big heart of where were bogus now is again heads down working
alongside or rats we do how strategic center kept table as well so
that is definitely on supportive of or or girl but again it’s back to
the fundamentals and i have the password of consistent occur

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raw support from other founders of doctor

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ah about on the other sailors and off like a little bit of the
discussion do or guys on about religion is what what’s your it was you
reboot on this subject i’m well you know by the the sound of cannons

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is is my take a if you look historically at both venture returns and
also kind of outcomes for entrepreneurs these periods map to hands
down the the best outcomes

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so certainly you know the tides are going out in the public markets i
was not net but one hundred percent sure

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in in que one and or to to so there was a number of can adjust obvious
i’d want to call them fraud spider have been close to it

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a publicly traded companies that went out with with can earn next to
no analysis

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these are these facts had no business and with fundamental miss
alignments between the the you know the principles and and are
partners that they’re listed them and and investors so i think is
certainly the bloom came off the rose on things like xbox and some of
his mean a lot of money

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calling it and and some people unfortunately lost money day you know
getting getting sold a story there

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abide you know as far as i’m concerned you know in terms of go forward
investment strategy i think you don’t you know said some practical
considerations would be

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you know not not counting necessarily on follow on rounds following
it’s quite the same clip so you you know you want to plan a little bit
more to raise your your next round

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i think you wanna know is a fun reserve more capital to to support
your winners

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i think that the in the emanating environment got more complex so for
a while there

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there was some you know there’s a cool quite a few paths to liquidity

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either and and and kind of inflated sale on the back of kind of
inflated stock prices and we see deals fall apart frankly

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so corp down kind of i think is the

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retrenched went a bit

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and i guess in a sequel i in terms of hiring is it’s going to
potentially be a little bit easier to get to recruit great talent
because it you had engineers which are the lifeblood of technology
companies at least who joined

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that’s am a publicly traded company an inflated valuation and they
were issued options of that valuation other completely under water and
and it’s a bit of a catch twenty two for those companies because they
want to read those teams that’s even more dilutive and they’re gonna
get further hammered in the public markets so that that can have a
disparate she was loop is

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the is advantageous from my point of view when you’re when you’re
starting afresh

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i also think that will be opportunities and to kind of let’s call it
in a move things off balance sheet so a good friend of mine here in

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recently sold take in the last year of so sold

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in his venture backed company to a private equity roller but in the
process actually was able to extract the corey

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i p and reposition his company is a developer tools and a p i centric
company whereas the private equity group really was only focused on
the customers revenue and iba that that they’re kind of existing

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had so i think that the beacon of a lot of carve out spit out have
opportunities where companies are need to either raise money and
creative ways or move call centers off their balance sheets or at i
don’t have that that was too broad over summary of some of the guy
thing i like it at the out i don’t buy any pointed out what i like it

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like it is been of being created with the with your assets for example
they give your friend dated in canada sounds like a very good
opportunity i’ll move in extracted the valley of intellectual
properties and as is mess in many startups way now maybe potential to
that could be the best value play in case a downturn in case you need
to do rio

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the to be creative with the capitals out what what were your thoughts

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ah wayland knows me well and i’ve been harping on i i

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borderline been disgusted by the activity in the last two years on a
it’s just too cheap of capital really bad deals getting funded by the
fact that people can get information rates are due diligence done
where they’re gonna miss out on the deal i i can’t think of a larger
warning sign and so and the last two years as an investor i

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the priced out of deals are of i did one deal in the last two years
which i did with wailing curl trusted his judgment on in that time
what we decided to do was we incubated a few projects because it was
more capital efficient and we’ve started the process

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one get this is no problem

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we have some olive

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yeah are so we started the process or to be lose the soon

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are you there solar flare gray i’ll aga yeah so i’m we were able to
launch some successful businesses that are already free cash flowing
arm while everyone else is on a hiring freeze we’ve now opened up to
hiring but at a reasonable in responsible rate and will be doing
acquisitions this year now

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axe then i’m very excited to see all this crap get flushed down the
toilet and focus on businesses that are actually drive real value and
enough of the games that nonsense

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so i i’m probably the only one in the room excited to see ah a
pullback on and i think it’s i think it’s healthy and we need it
otherwise we’re chasing nonsense that shouldn’t get funded and at
valuations that are impractical let me as you want that you mentioned
yes i do my right where are you what what happened and what your

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firsthand experience with my for the discussing live i love each other
and or the right yeah

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yeah know that definitely ah my bad

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we have good enough clothes will advise i get the a few friends and
and the a larger hedge fund on this year so we we’ve reached or road
road that whole crypto away with them and it’s been there it’s been
you know from a private markets perspective we’ve seen with i’ve never
seen deals get on

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did with this velocity and you know talking to one of the porters at
at one the biggest funds and the day i will not name that fine but it
he talk to them about a they just that they had just like a route and
i said what’s what what’s a company what were they do they said me out
the part of like i truly have no idea yeah i haven’t done due
diligence and they’ve committed to leading right

00:12:32.125 –> 00:12:52.285
so it’s it with environment like that i mean that the know who knows
the world are bound to happen and use of the big balloons that were
just pumping exactly exactly the is just so much and when you talk
about the race that i changed this was inevitable a hum at the you
know it’s it’s it’s it was it is through that too cute three

00:12:52.285 –> 00:12:59.425
into for last year i mean that the velocity was was incredible and
rebuilt the whole in a crash at it took a lot of

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air out of this bubble

00:13:02.125 –> 00:13:22.285
the especially in the wet dream crypto space which again i think it’s
a very healthy day there is actually be a diligence been done and you
know when you talked about the word utility especially cross web three
and crypto now i think there’s a lot more awareness around it from on
you know led by at least the institutional

00:13:22.285 –> 00:13:35.755
or groups in the space opera were all literally i mean just getting
into the space not really having any idea about what they are
investing in frankly speaking especially more the traditional probes
that god active in the space

00:13:37.405 –> 00:13:41.815
it was yeah just truly incredible see firsthand and and this whole you

00:13:42.775 –> 00:13:51.145
i pick now there’s there’s there’s a reason for you know regulators to
start you know becoming more involved which you know it’s

00:13:53.095 –> 00:14:00.355
i don’t know yet either if it’s if that’s a good thing or a bad thing
for that particular space but they’re certainly you know more

00:14:01.255 –> 00:14:21.325
more discipline intelligence that that that will be coming around this
time around you know and also you know the average age i think the
participants in that in that space r are are are definitely younger
outside and traditional finance or even venture private equity so for
a lot of people this is their first time now entering not only a a

00:14:21.325 –> 00:14:23.635
market in the crypto space but

00:14:24.565 –> 00:14:44.605
coinciding with a macro economic right down turning so this will be
interesting to see how you know all than them that than just yea
sounds i go for the last the say dagger people would just throw money
at different points and use even randomly picking and then he was
sufficient do get an exit be with the current situation then that the

00:14:44.605 –> 00:15:04.765
come due to the region and people with the smarts and to delegates are
you describe the that the discipline to invest or does or bibles and
all of those that did it in the random way they will follow be wiped
out and have not been able to continue so in that regard they get that
we have offered here arm adam so armed you want wanted to been on the

00:15:04.970 –> 00:15:14.155
the the absolutely mean i i’ve been investing and van since twenty
fourteen i run a fun now that focus on preceding seed investing

00:15:15.085 –> 00:15:31.825
come looking glass and i don’t invest in companies on are raising it
valuations above fifty million post my average over the last two years
has been nine million posts money in rounds and are typically like a
million and a half to two million dollars and size and so for me like

00:15:33.265 –> 00:15:52.765
honestly i ever that’s going on right now as validating of the
strategy live in executing for last twenty four months because of the
companies on a bath have such significant margin for error or they can
rent for a small rounds at low valuation so there isn’t this untenable
benchmark that they need to clear further next round of funny

00:15:52.765 –> 00:15:58.435
nothing of and five companies are now raising three and a half to four
million dollar seed rounds

00:15:59.035 –> 00:15:59.335

00:16:00.415 –> 00:16:13.105
the valuations will be no certainly suppressed compared to what they
were twelve months ago but they shouldn’t have rate they shouldn’t
they should have been what they were twelve months ago right if you’re
raising four million dollars right now

00:16:13.675 –> 00:16:16.975
after you raised and of nine hundred k twelve months ago

00:16:17.575 –> 00:16:24.895
that’s a totally reasonable yeah trajectory of of capital for a
capital raises and

00:16:25.675 –> 00:16:30.775
a company raised nine hundred and five million dollar capital months
ago in their interest four million at

00:16:31.885 –> 00:16:32.575
are between

00:16:33.445 –> 00:16:49.135
you know sixteen and twenty million post and they’ll give up twenty to
twenty five percent of the company for four million dollars as a
totally reasonable now dilution but that round four months ago was
getting done and forty million dollar valuation i had which

00:16:49.945 –> 00:17:04.285
was total not that i mean frankly not at twenty years even connected
to fundamentals but at least it’s close to what a market valuation
should be and would have been for the last you know caught the pre pre
pandemic period

00:17:05.005 –> 00:17:06.655
come on so

00:17:08.185 –> 00:17:23.995
at this point i’m now i would prefer that the market one tightening
for a whole bunch of reasons not least of which is my own fundraising
that’s going on but i’m as a pre seed and very i’ll say frugal seed

00:17:25.285 –> 00:17:33.265
i still feel fairly well insulated from what’s transpiring right now
and i think it’s and take a long time before it even comes to on a

00:17:34.255 –> 00:17:35.935
now the rap on i’m doing

00:17:37.165 –> 00:17:41.695
i would i think them waters in a look like over the next know if if
this is a prolonged

00:17:42.805 –> 00:17:52.945
you know tightening i think it’s going to mimic what happened at the
beginning of covered in march and april twenty twenty where you saw
the sort of bifurcation of deals that got done

00:17:54.085 –> 00:17:55.315
tons of money went into

00:17:56.155 –> 00:18:13.315
air table and fig my stray been kanwal large established you know real
legitimately company that probably could be public and they’re clearly
going to be winners are not and disappear they might be slightly
overpriced but these are companies doing

00:18:14.125 –> 00:18:17.845
you know hundreds of millions in in revenue

00:18:18.475 –> 00:18:29.845
and then there’s gonna be tons of capital entering into the precede
and seed world sub twenty million dollar valuations where people stone
that wanna write checks they can move really quickly

00:18:30.745 –> 00:18:39.235
comparatively and still put a bunch of you know ah so their budget at
bats and that middle that series a b c

00:18:40.135 –> 00:19:00.205
no one wants to touch those deals because at the be encoded it was
because it was hard to know if those companies are real or not doing
diligence over zoom now we’re cool with doing diligence hover zoom but
no one wants to touch them because you had companies raising billion
dollar raising serious be is at two hundred x you know revenue

00:19:00.205 –> 00:19:04.615
us and so none of those companies are actually going to take down

00:19:06.655 –> 00:19:10.465
interest and injuries at and discussing a days what timeframe and

00:19:11.515 –> 00:19:19.225
how do you had do the panel and i will likely to hear your thoughts on
that compares with two thousand a downturn a hurdler like people up

00:19:20.262 –> 00:19:33.925
basically compare in the current situation to what happened to doesn’t
made the bubble burst into real estate market a how it affected
trickled down to the the that side effect all the your markets a glue
ventures so wonder where are your thoughts and started whalen here

00:19:35.515 –> 00:19:36.685
sure that gun

00:19:38.815 –> 00:19:47.725
i experience two thousand and eight it out and a second hand from from
my parents were both a corporate finance at a time my mom’s no
actually i’m

00:19:49.885 –> 00:20:01.345
with a beam and even before that so i saw that growing up on the that
that that that first crisis i think that it was sort of ingrained in
me at an early age that been out

00:20:03.385 –> 00:20:10.135
these downturns do happen as much as we’d like to believe in the last
thirteen or fourteen years that you know it’s it’s

00:20:11.455 –> 00:20:27.355
the it was nice i think it’s it’s reality really hit me in the last
four or five months it in a way that on it it being a professional in
in my work working career seeing that person and experiencing that
percent definitely on

00:20:28.650 –> 00:20:33.960
what left that impact personally so it’s how to how do i take that you
know moving forward i think it’s

00:20:36.210 –> 00:20:54.630
going back your device it’s yeah go to really really know it’s been a
test for us going back to basics we expected this over the last it
said three or four corners so we’ve been already pulling back and
deploying capital we’ve been reserved and you know much about balance
is possible for you know it going into this is downturn or or bear
market and

00:20:55.350 –> 00:20:58.680
we’ve also switched more of a you know incubation model

00:20:59.220 –> 00:21:05.130
looking at some with like on mentioned you’re looking at incubating
opportunities that we’ve identified over the last year two

00:21:06.720 –> 00:21:26.100
so i think that’s that’s how we’re playing defense through this
through the cycle and looking to go back the fundamentals building a
again and waiting patiently sort of for the right opportunities in on
i think across the board that’s a sentiment i’ve been hearing from the
a lot of my male friends across your p firms wallstreet hedge funds
you’re a bronze kind of sitting at sitting on

00:21:26.130 –> 00:21:45.630
there and so i think you know that’s how we’re we’re approaching every
wanna you know state discipline keep building and and and waiting for
thanks to shake out so gonna wear your thoughts on that i do things
going to be a downturn that it’s going to be a momentary downturn are
you think that he says not call me maybe like some people bring are
predicting maybe

00:21:46.260 –> 00:21:49.620
two thousand and twenty three two thousand twenty four to be actual
recession’s over

00:21:50.580 –> 00:21:57.900
hum i don’t know just like anyone else i think there’s a lot of ah

00:21:59.310 –> 00:22:09.870
there’s a lot of unknowns including what’s happening in ukraine both
from what’s happening with the russian invasion but also all what
could happen with our food supply

00:22:11.340 –> 00:22:30.390
you know with inflated our currency away there’s a lot of our issues
even stateside that we’re dealing with and so i could see this
disappearing in eighteen months or i could see this being the three or
for your thing i think what we have to see it is is what happens next

00:22:30.830 –> 00:22:50.820
i’m so i think there’s just too many unknowns and it’s healthy to get
no more defensive position and figure out you know what what are the
assets you want to shore up and and one of the things you wanna get
rid of i’m because right now ah like everyone else has been harping is
free cash flow matters and if you’re now

00:22:50.940 –> 00:23:03.240
in a position to get free cash flow in the next six months i think
you’re in a really ugly position ah unless you’re you gonna you got
the next google which i think a lot of founders think they do but none
of unhealthy do

00:23:04.050 –> 00:23:24.180
so i thank god it’s a it’s healthy to figure out how you can be
default alive as a turn that’s been running around a lot and got
nodded and i we have maybe like another like up with didn’t win him as
right but as i want to like see like a bar ah or friends in and zoom
join us for

00:23:24.210 –> 00:23:36.150
have you can japan do believe this is a long term downturn are you
saying that is love maybe just a little glitch in the system i when a
good back had to manuela question we we actually haven’t heard from my
glove yet

00:23:36.690 –> 00:23:56.820
augment i doubt did see i is there a growler sorry now your around
zora well i like i assume you’re the bad guys were this question
actually we’re not we’re gonna get this would leave our honest and i i
week so we and on mom but i really love what adams said because i
think that i’m just gonna zero

00:23:56.820 –> 00:24:04.440
and for just a second the barbell nature of venture capital that we’re
gonna feel the next couple of years is really scary for startups

00:24:04.980 –> 00:24:25.140
angel funding will be there late stage funding will still be there but
that’s and of vod desert to cross i mean really teams need to start
sort of focusing on marketing and growth strategy thank you for their
fish in the capital guess this is what usually happens isn’t a sort of
in recessions so i definitely am on the something that the not just
how we tell all of upper floor companies

00:24:25.140 –> 00:24:45.300
to focus on in terms of overcapitalized make sure you have maybe even
eighteen to twenty four months at the variety of capital are being
very efficient with funding etc but in terms of that the upcoming
recessions out which insistent that it’s going to be more similar to
the one of the year two thousand and because they’re run up to it was
very similar to what sort of million ninety nine ah

00:24:45.300 –> 00:25:05.460
i’m and i think it’s going to me it’s or were planning for maybe to
forty five years of bad news unfortunately processing i think the
lehman crisis and i was at the my myself i was a former trader so i
think was more focused on arms and over expansion of credit to
homeowners right doesn’t manage sort of i a lot of people because
homeownership is huge in the united states are but it it really was
focused on

00:25:05.460 –> 00:25:25.620
instead of that the glitch in eventual steps from the snow starts
launched should not have been written but the issued today is arms
edgy central banks armed have used to up on all of their rules are in
terms of fighting inflation right so they’ve done so much we are of
last year’s balance sheets post in the united states

00:25:25.710 –> 00:25:45.600
and the european union are huge and on our rates you saw that you
don’t know much start hiking rates of jitters show up and the market
and everything is selling off attack check from especially big ones
instead of really innovating have been just don’t share buybacks right
i mean if you’d like he felt he two years ago and you look at the i

00:25:45.990 –> 00:26:05.940
basic things right do you really see transformation my an animal same
of there should be obvious it’s hard to innovate ride but in general
arm in i don’t think with lived in innovated enough to the pay back is
we are overextended and of course it doesn’t make any sense that you
can be a way she graduate waiting on two guys in a dog and raising it
on a noise

00:26:05.940 –> 00:26:21.450
evaluation right that doesn’t make any sense like this is not how
innovation march so i think what would we are focusing on we were
making sure that our people are belong in our startups are capitalized
well and we also have good going vests the guys know again the other
some aspect of

00:26:22.260 –> 00:26:42.420
was brought up either opt for private equity late stage be sees i
really helpful right to making sure again of start ups as you guys a
building things and he sees as you’re investing in in and startups i
think this is the most valuable thing you can do his arm speaking to
later stages of capital beat use your be your corporate venture
capital our strategic

00:26:42.420 –> 00:27:02.580
right to that’s the ask like dancing would be armed gonna a protecting
your for yourself for the downside bosses and investor as much for
know right now but yeah the plan as next few years and in the awful
war is auditing it’s happening food shortages on if we don’t get our
food to africa you get this great migration again to europe germany

00:27:02.580 –> 00:27:22.740
he has already screwed because they can’t use russian oil and gas so
their economies like there’s just so much bad news coming up that i
feel like on are we need to be sort of to prepare for one last comment
i don’t want to preserve the makes too much or it might be more fun
also you to look as a b c him at certain slices of the ecos

00:27:22.740 –> 00:27:42.900
system that usually do very well and recessions right i don’t think
think that web series wonderful i mean luna was a disaster but it’s
mostly because he was not a collateralized bomb stable going right and
it’s the algorithm make approach was interesting but it was reliant on
this sort of honeypot of twenty percent a few a sort of yields ah that
people were sort of attracted to

00:27:42.900 –> 00:28:03.060
right but i do think web three has a lot a great stuff right i think
in terms of as a method of payments right as as a method of access to
banking for the underbanked i think they’re going to you bought a
great play to earn engaged or and all of that would stop me including
silly things like you know a single step step on its etc like wouldn’t
walking and and earning money but also automation

00:28:03.060 –> 00:28:23.220
and autonomy like all of these things that are helping on businesses
be more efficient i’m not saying fire the people but i’m staying turn
people into trainers of ai systems or or robots doors or efficiencies
that we really like and in the recession’s one companies are looking
at this at the payroll they’d rather invest capital as

00:28:23.250 –> 00:28:43.380
capital versus them versa salaries so whatever business as can sort of
feet it into this automation and autonomy ah i think that the going to
well despite their the slowdown i’ll pause now but i mean yeah not i
got it was over there was a great me say that and i wanted to bring
back due to the room here we have handed with with euro which are sort
of i do you see the is up

00:28:43.440 –> 00:28:45.780
their job downturn affecting your bases

00:28:46.500 –> 00:28:52.560
but i feel well i saw this week with the ellen de la mars

00:28:53.460 –> 00:29:13.620
i’m actually admired him for a couple of things that showed how
decisive he was or is if you look at it like the best seals are
decisive in these times they can say okay and sequoias and thought
this brilliant presentation which i’m sure some of your scene where
the top they talked about this moment being a really pivotal moment
where you have to me

00:29:13.620 –> 00:29:33.780
it decisions or what i think happens a lot of time especially the
founders at you get rid of frozen in this moment and you like you
don’t know what to do we don’t like what decisions to make you know
what to call it is very easy to say do this was the next thing is when
you how twenty five people on your payroll a you have to drive

00:29:33.810 –> 00:29:53.850
efficiencies in your business and one of the things that i admired
about most was a has so much stuff going on has a twitter thing
blowing up his life of the concept mess and he was able to just get
his executives and say look everyone back to work everyone in the
office even know that was an unpopular potentially an unpopular

00:29:53.940 –> 00:30:14.100
decision plus then obviously cutting and percent of this is workforce
similar mindset with me right up to be as be very decisive apt to say
look team this is what we instead of looking at a six month road map
cut it down to three months cut it down to one month what we have the
cut this month what we have to focus on were

00:30:14.190 –> 00:30:34.170
customers we have the clothes etc it’s just all about being indecisive
right now and just taking it it in the moment that i think that once
in i i heard as you know what you said about bifurcation in the market
i completely agree i think angel deals or when you get done i think
road states companies are going to get done i think

00:30:34.500 –> 00:30:54.660
the companies in the middle on that have to grow and have to show that
you’re missing class to get funded especially later rounds will come
down to this moment where they have to be decisive they have to meet
the right decisions arm and to have to be ruthlessly efficient with
capital to survive

00:30:55.500 –> 00:31:07.860
an entire server on their in our panel of their our join as what do
you think will be those opportunities or those markets that potential
it will become our am valuable than it is a potential downturn

00:31:10.830 –> 00:31:12.960
i’ll walk you know ah

00:31:14.430 –> 00:31:22.560
i in know despite the all the negative headlines i don’t think that
the world is coming to a screeching halt

00:31:23.220 –> 00:31:26.070
alan people still need ah

00:31:26.100 –> 00:31:40.860
food and shelter and credit and and the march of progress denominated
in technology which is really the only form of gains that we have as a
a species

00:31:42.930 –> 00:31:47.550
in continues i don’t see it slowing down at all i think it’s actually
continues to compound

00:31:48.420 –> 00:31:53.370
i’m when i think about these you know chaotic times

00:31:55.470 –> 00:31:58.650
i think about canal returning to say

00:31:59.520 –> 00:32:10.050
i think a basic formulas so one would be carrying it’s opportunity to
tear down bad law is is is in a one thesis to explore

00:32:11.070 –> 00:32:22.800
when you think about goober and air bnb what did they really do have
had they they tore down bad laws and that and the destruction of bad
law napped to the creation of value

00:32:23.700 –> 00:32:26.310
to touch on can have some of the web three opportunities

00:32:28.258 –> 00:32:47.220
that that gleb a noted yeah and i and others as well sure yeah you
know luna his approach was a was a house of cards by the idea of of
securitization and fractional ownership of

00:32:47.220 –> 00:33:00.270
that is ultimately add backed by collateral is interesting and so i
think what will begin to see is some of the infrastructure that was

00:33:01.230 –> 00:33:21.270
for things like and ft marketplaces which you know up and way back
down really quickly get me purpose to things with social utility and
adding will end up building over the next five to seven years ah a
huge number of companies that reorganize

00:33:21.360 –> 00:33:22.950
core parts of our society

00:33:23.550 –> 00:33:28.920
whether that be commercial real estate ah healthcare you know like it

00:33:30.300 –> 00:33:40.020
i think that that covered you know did that to shift the the out back
in time just two years from the the present crisis and in europe and
the war in ukraine

00:33:40.980 –> 00:33:46.770
i’m covered i think provided us with an opportunity to challenge some
of our assumptions the society

00:33:47.490 –> 00:34:07.320
around a you know from at it’s so you know it’s going to focus on
health care how long it takes to develop and bring the market new new
modalities of a vaccination than and medicines you know we we had
operation lightspeed a the administration notwithstanding

00:34:08.100 –> 00:34:14.113
i think it was just phenomenal that we we brought to market you know
that all these i’m already

00:34:15.180 –> 00:34:34.890
a vaccine options was it enough in retrospect probably not ah but i
think it it it creates a new set of kind of expectations and abilities
that we have to have to create value so i i think it is simple things
like the rise of virtual care

00:34:35.220 –> 00:34:51.120
it’s so convenient now you know my kid has a a problem on my wife’s a
doctor but by hit a like it as a my neighbor’s kid had a problem and
over the weekend they were able to the inner ring their gp you know
their gp other family doctor and and get an answer

00:34:51.810 –> 00:35:04.290
and that wasn’t something that was normal in a few years ago so i know
that’s that’s duffy a little bit on health care of a in terms of you

00:35:05.370 –> 00:35:18.120
consumers centric opportunities you have kind of all this
infrastructure that was spun up to extend credit and you say what does
that matter right well yeah sure there’s going to be an enormous
implosion around by now pay later

00:35:18.900 –> 00:35:29.160
right so that she was built on the back of by now pay later a whole
host of companies were built in the buy a that could by now pay later
type offers which is really just consumer credit and in an inner under
new name

00:35:30.630 –> 00:35:37.530
but i think the extension of credit to literally billions of people is
now possible

00:35:38.550 –> 00:35:57.600
and that’s an enormous opportunity for progress now imagine for
example you wanted to build a house but you you didn’t have available
a mortgage or need a home equity line of credit in order to buy
materials and funded up the both the purchase of the land of the and
the underlying development health

00:35:58.380 –> 00:36:00.750
how many people would be able to build homes

00:36:01.590 –> 00:36:21.540
credit is is you know in addition i’d say that like the the to wonders
of the world or technology and the extension of credit and i think the
again this in infrastructure both web three and otherwise to extend
credit to a billions of people who presently don’t have it is is just
an enormous opportunity night

00:36:21.540 –> 00:36:29.550
think we’ll we’ll see is that it being expressed as infrastructure
that gets baked into all sorts of consumer experiences

00:36:30.360 –> 00:36:39.990
i’m so out of this are a couple of teams that are of answer to
question and i a huge huge huge huge huge huge you actually did very
well as a and touching on that i wanted to ah

00:36:40.020 –> 00:36:53.190
curse adults position on on the the finance is it wage and the credit
lines and their the central is financing and way trip or know what are
your thoughts on that and would you see an avenue for use in the fight
for funding startups

00:36:54.330 –> 00:37:08.040
and full transparency i don’t really spend much time on when three d
if i i am a bear when it comes to dallas replace that are nicer both
because they would put me out of a job and also because i’m

00:37:08.940 –> 00:37:17.490
i don’t think great decisions are made by consensus in in venture
particularly early stage venture in deal said for the most part

00:37:18.420 –> 00:37:29.640
like or non consensus like the best investment opportunities at the
earliest stages probably have fifty percent of vcs laughing at me and
the other fifty percent thinking it’s a brilliant investment

00:37:30.420 –> 00:37:30.570

00:37:31.540 –> 00:37:35.160
i have it’s it’s why i think a lot of investing committees

00:37:36.430 –> 00:37:49.080
don’t have for consensus when they make decisions and allow you know
the sponsoring and maps or to pound the table and convince others that
they’re wonder you know what their neck out there and ah

00:37:49.980 –> 00:37:54.180
you know and and and take take a back on a founder and a company

00:37:56.070 –> 00:37:57.120
so and i

00:37:58.260 –> 00:38:15.630
i’m involved in another dow like as a side project on wing style
monaco founders of that project and candidly i think towels are
probably one of the worst forms of a have of management and and
operation all governance i actually think that or probably have a
product of

00:38:16.500 –> 00:38:16.800

00:38:18.060 –> 00:38:26.130
probably a product of covered and people’s ability to work from home
and work remotely and have a lot more time on their hands

00:38:27.060 –> 00:38:29.610
then they probably actually do hum

00:38:30.480 –> 00:38:32.550
if everyone were an office you wouldn’t have

00:38:33.330 –> 00:38:35.910
probably fifty people working tend to twenty hours a week

00:38:36.660 –> 00:38:39.360
on the scored the hum

00:38:40.020 –> 00:38:44.550
because they would have a boss looking over their shoulder asking them
why they’re using some app

00:38:45.060 –> 00:38:53.880
instead of in an excel spreadsheet i’m not turning the genesis point
landing a lot of behaviors and a lot of things or accelerated

00:38:54.690 –> 00:38:56.790
and and took place strictly because of a covered

00:38:57.540 –> 00:38:57.840

00:38:58.560 –> 00:38:59.400
work from home

00:38:59.940 –> 00:39:01.020
remote environment

00:39:02.280 –> 00:39:21.870
but sir bring it back to original question like i as an investor i
don’t spend a lot of time investing in in that space kind of accident
do you believe there is a big disconnect bigger between the the way
investment is actually done by human beings and trying to turn it into
a divide that sir is

00:39:22.020 –> 00:39:32.280
rapture might be dislocated in a way the i think decision making
diligence like these especially at the earliest stages right these are
such people and human driven

00:39:33.270 –> 00:39:45.120
evaluations of company is only i’m at now i know glove invest very
early ah i’m you know i’m investing oftentimes pre revenue a lot of
times pre products

00:39:45.810 –> 00:39:53.850
a it’s just me and an entrepreneur and i’m trying to make a judgment
on the or that person’s ability to execute recruit

00:39:54.990 –> 00:40:09.270
ah yes ship products and to outsource that decision making to a can i
got a white a massive committee to vote i think it it’s great as a
compliment right in some ways it’s sort of like it’s like crowdfunding

00:40:10.260 –> 00:40:19.380
i appear in a do it on chain and as soon as the vote happens you know
that capitalise on chance or automatically happens and it’s all about
the wired

00:40:21.090 –> 00:40:35.160
but ultimately i view it as just the nother a form of crowd funding
and it’s the or another of capital that your entrepreneurs can tap
into which is fantastic when we think about sort of funding innovation
in a bunch of different ways

00:40:35.875 –> 00:40:36.115

00:40:37.405 –> 00:40:42.775
different forms of capital align with different sounders in terms of
what they’re trying to accomplish right venture

00:40:43.585 –> 00:40:44.665
i think has become a blood

00:40:45.565 –> 00:40:52.375
to all over the last decade and actually it’s like a very and that’s
what happens when you raise billions of dollars in venture

00:40:53.305 –> 00:41:04.045
for venture funds but i think venture is of is a precision instrument
it’s you it’s meant to be used for very particular type of company and
a very particular type of objective which has to grow added

00:41:05.035 –> 00:41:06.685
for of an unnatural rate

00:41:07.615 –> 00:41:11.605
i get the first to grow as a company faster than years of your are you
actually should

00:41:12.355 –> 00:41:13.315
it on

00:41:13.975 –> 00:41:23.905
and when you got billions and billions of dollars raised in venture
funding it’s gotta go to a bunch of different founders and
entrepreneurs and companies that probably shouldn’t raise

00:41:25.045 –> 00:41:30.835
that type of capital they should raise you know less aggressive
capital more patient capital

00:41:31.825 –> 00:41:43.255
capital that’s a or underwriting to multi billion dollar outcomes but
can be comfortable with a hundred million dollar outcome which could
be life changing for an entrepreneur who the retain fifty percent of
that company but

00:41:44.875 –> 00:42:04.195
even on a ten million dollar find that i invest out of hundred billion
dollar outcome actually doesn’t really move the needle for me i hate
it so like there are there are things that it that i think defy ends
or even non crypto enabled you know capital pools of capital enable
that i think are great for entrepreneurs and

00:42:04.765 –> 00:42:16.555
i think entrepreneurs and investors a like to do a better job of
matching capitalsource and expectations with the entrepreneur
objectives and this goes well beyond the five i think defy isn’t it

00:42:17.155 –> 00:42:22.345
that is it as an element of that yeah well i think we have our

00:42:23.335 –> 00:42:24.205
connor right

00:42:26.065 –> 00:42:39.625
guess russians yeah no sorry sites or we have a few minutes for a
question of from the from the panelists or to the panelists from the
audience and you guys roof welcome to join this sit here and i love to
your question

00:42:41.815 –> 00:42:45.805
the vacancy where they’re sitting by pope john james

00:42:46.435 –> 00:42:47.425
every questions

00:42:48.475 –> 00:42:50.695
ah question for glad

00:42:51.475 –> 00:42:54.205
the subjects by the way to see if a person

00:42:55.075 –> 00:42:55.465

00:42:56.395 –> 00:42:59.695
i agree with you this reminds me back in two thousand right

00:43:00.955 –> 00:43:06.355
it in this downturn he always the call that that all right to the that

00:43:07.135 –> 00:43:13.195
and that it happen and and st paddy’s day march seventeenth with it
when it when the market took a downturn but damn

00:43:14.335 –> 00:43:21.835
yeah at time i had an incubator cargo cult believe believe that met in
two thousand that was you know interesting

00:43:22.735 –> 00:43:38.005
are you can bet it nor backs which became go health which is chicago
base me talk about a downturn have gone what six point six billion
when they when i peel a in may the of the pandemic i think today the
market cap spot two hundred and eighty million

00:43:39.865 –> 00:43:46.765
they’re the biggest brokers up of medicare advantage programs you know
with humana about thirty percent of their business

00:43:47.905 –> 00:43:59.605
but you know when you say risk you know look at the the recession
proof industries and and up a big and health care we have your own
cable company out of chicago and florida here

00:44:00.895 –> 00:44:08.065
just announced to do and a man mobile app for independent living as
get streaming a virtually right now very nicely

00:44:09.295 –> 00:44:15.895
what are those recession proof verticals or use case of step that you
are reflecting back

00:44:16.735 –> 00:44:19.885
glad that you think would be good to focus

00:44:21.655 –> 00:44:33.925
you know and to wayland point and connors point you know counter did
make it a basket of the last two years pretty smart move right and
maybe maybe he saw a news and work on inside edition that that things
were going to take a downturn

00:44:34.435 –> 00:44:42.715
but here we are what can we take advantage of in these recession proof
recalls were categories are use cases that you would recommend a look

00:44:43.855 –> 00:45:03.475
for investment well yeah i mean it’s it’s a great open quit or actual
where am i think we should also chime in on as the answer my take on
on this is slightly biased i’m a roboticist by training so i love or
mentioned startups rights or any time you dealing with efficiency
rights or rod brooks are my favorite professor actual as

00:45:03.715 –> 00:45:23.845
mit he he has his great that talk about robotics from years ago and he
says you’re saying workers should become robots trainers right because
simply not demographics to such that we’re getting older and a society
we don’t want to be doing the jobs of stayed mining or in all the ones
that are she really affecting your health so

00:45:23.905 –> 00:45:44.035
we’re actually i’m fully on better off on becoming machine trainers
and this also placed artificial intelligence so automation and
autonomy in general on is is a great trade or during recession banks
because companies are looking to are either cut the costs were
increased efficiencies right and some smart ones they that instead of
cutting their staff they try to

00:45:44.035 –> 00:45:59.995
greece new efficiencies and so this is where you can really
supercharged the workers at a contract nigel finding these nice place
as an example of the in life science does you come up with a way to a
better look at all the patent filings and summarized them for their
patent lawyers that work for for pharmaceutical company right

00:46:00.625 –> 00:46:20.485
what could you could be like atomize which as you know ah helping our
scientists invent new drugs right so you’re introducing the extra
efficiency you’re not displacing their scientists in fact you’re still
grinning super bowl so this the space that i like a lot and i seem to
have been touching on now who web three quite a bit i do feel like an
odd the

00:46:20.785 –> 00:46:35.365
bit better that the idea of access to credit and to banking and to
payments or for the emerging markets where there are are literally
billions of people who have not had the benefits that we’ve had in in
in the united states or canada north america broadening the right

00:46:35.905 –> 00:46:55.795
so was this is a huge space i just don’t know exactly how to take
about the jobless right now because you know where the whole of crypto
still up in and about like you know ledger is a is difficult to use
heads are hard to explain to somebody knew how this works security is
a problem my because obviously you know how many hacks happen on
discord everyday

00:46:56.155 –> 00:47:16.075
or enough keys you know they don’t really have more cynical have
utility so lot of you got excited maybe you know it’s it’s it’s fun
for bit and then the market cells up so i do think there are
fundamental things to solve their rights or it would be infrastructure
i could you communicate between our avalanche and it’s theory i’m in a
just pragmatic mouth sort of way like our bridges safe but then

00:47:16.195 –> 00:47:36.265
you build a bridge and then it gets hacked so he security safe for
those bridges can you know his company salon is not say they’re saying
fifty five thousand package for seconds on of messages per second out
they were able to process and then they go down for seven hours that’s
is still a problem there’s plenty of things to fix and if you’re the
one fixing it i think you’ll do well right but again arm

00:47:36.355 –> 00:47:47.305
i tend to focus more on the automation aspects or a and robotics a
traditional sort of industry for point all future for that’s the space
that’s my answer but out would love to swim videos to gonna chime in
see what people think

00:47:48.115 –> 00:47:52.855
what what i’ll hop finish by saying we got commonality between jonas
and lab that

00:47:53.695 –> 00:48:03.835
the market for for helping the on bubbles right in the billions of
people that are out there were a big trouble if we can go after a
market like that and do it efficiently well

00:48:05.185 –> 00:48:24.835
that would be a good business to get into were awesome they autumn is
that the ads it as you’re driving that’s exactly what we’re actually
looking at the very utilizing are not utilizing the fyi i mean that’s
that’s a powerful tool as you as you mention i don’t think the only
way to play it is with now governance or

00:48:24.955 –> 00:48:37.945
can you know editors of that i wanted any credit is huge i’m a read
you know it’s been said a couple times credit on it were try to turn
around and i think in emerging markets which we play a lot and
especially when america

00:48:39.085 –> 00:48:58.525
to credits not existing you know there’s there’s significant lack of
access to not just read it but all sorts of financing options up until
the last year or two were with ninety and a half billion dollars a
venture capital flip the don’t float through the baby eventually
ecosystem in latin america a prior to that it was or the

00:48:58.675 –> 00:49:11.155
less than three and prior prior to the year before that was less than
one so brief up until the last winter years it’s really been not
existed in terms of credit there is no such thing as real life venture
that there

00:49:12.115 –> 00:49:20.965
credit cards or nonexistent about eighty percent of the population
down there do you know had never access any form of credit in their

00:49:21.955 –> 00:49:33.175
so i think the fire has huge use case in terms of the democratizing
access to financial products it may not be in the form of

00:49:34.285 –> 00:49:54.115
what it is today because i bet web three as a whole is in my opinion
one point no version right just like the dot com era where you know ah
space dot com or pizza that car was worth a lot of money without any
real utility ah but then what did you do it you could order online
that you could deliver and

00:49:54.115 –> 00:50:14.275
that you know so i went there there’s gonna be a significant evolution
especially when the smartest people always we know or have migrated
into that space on whether or not it’s for a cash grab or not only
that’s what being but when the smartest developers we know engineers
reno builders we know are moving into that’s that’s based at this at
this place

00:50:14.275 –> 00:50:23.035
i agree i think this next edited or a shit will be will be very very
interesting to observe a derby huge opportunities and ah

00:50:23.785 –> 00:50:40.255
you know that’s that’s kind of what rate with what we’ve been looking
outside your your question i think there’s going to be a lot of
opportunity across web three added this next next way this to boy know
will be significant improvement of in a lot of the garbage has been
flushed out as we speak

00:50:41.645 –> 00:51:01.385
and and even in it in emerging markets where take out the fire as why
i’ve been in contact in in a lot of these regions terms of emerging
markets and others and america there’s southeast asia and or even of
and yes considered that any more but even africa right lot of a lot of
that the first layers

00:51:01.669 –> 00:51:21.605
i’m of the ecosystem in terms of the tap or the the digital financial
infrastructure is lay down a lot of what what is has been building the
last year with not even be possible without a lot of what has happened
you know in the last two or three years prior to that you not even
even in in latin america there’s a

00:51:21.695 –> 00:51:32.495
been painting just you know serves entered that market over the last
two years there’s no such thing as automatic got it on okay you know
there’s there’s still a lot of still very analog is still very bad
walk on yet

00:51:33.215 –> 00:51:53.375
the next generation of consumers are yearning and surgery even even in
even in emerging countries they still grew up with an i phone or you
know some sort of you know smartphone in their hands of they are
connected the are digitally native and i think web three has disorders
such change the narrative as well in terms of the access points right
you know in terms

00:51:53.375 –> 00:52:13.535
a be on rent and add to have some sort of digital financial footprint
which their plan occurrences prior generation probably never had a
chance and in having so i think a lot of these are very interesting
things that that were actually you know looking at the age few baiting
a couple of opportunities in that that space is there’s so much why to
a still there and assets nearby

00:52:13.535 –> 00:52:33.695
one acts insanity right during the bad times ride on scold me that
allowed in l a licensing and filipino grandmother’s to make money
because they couldn’t sell you know snacks to choice anymore right so
these things you i mean they’re exciting exactly i mean the oh cool
statistic was enough that during the last year in the in the
philippines there was more people

00:52:33.725 –> 00:52:41.315
with and accidentally wallet than a bank account and while right so
and they were meeting more a minimum wage

00:52:41.855 –> 00:52:50.585
the or even more than minimum wage plane accede ability versus you
know what do you know is and as a waiter or you know even that you
know so i think

00:52:51.755 –> 00:53:11.615
is not sustainable know clearly not but i think you know it’s a it’s
it’s one big giant math problem which i think it’s inevitably going to
be solved on and you know there is gonna be a a token comic structure
that will work on anyone can argue that right is the current economic
structure blue

00:53:11.645 –> 00:53:31.775
billy in traditional finance is that sustainable you know if there was
not unlimited pretty going on right so i think yeah i mean any a he
proposes good good good questions and and disruption to you know i
think like what jonas mention terms of you know laws right and how how
how society will perceive things and and

00:53:31.775 –> 00:53:37.985
it’s how innovation happened certain change happens to break the laws
that are right so i think women are

00:53:39.095 –> 00:53:40.445
have a little break right now

00:53:41.465 –> 00:53:48.005
around the pitch yeah so you’re willing like a rabid beach in the next
us we we take a little five minutes with the the

00:53:48.935 –> 00:53:56.465
residents here the incubator can come for and and see here for the
beach skills by medicine and thing i saw a few of them are really

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