WEBVTT 00:00:00.160 --> 00:00:04.230 align:start position:0% <00:00:00.160>Welcome <00:00:00.393>everyone <00:00:00.626>to <00:00:00.860>our <00:00:01.093>next <00:00:01.326>session <00:00:01.559>uh 00:00:04.230 --> 00:00:04.240 align:start position:0% <00:00:04.230>Welcome <00:00:04.231>everyone <00:00:04.233>to <00:00:04.234>our <00:00:04.236>next <00:00:04.237>session <00:00:04.239>uh 00:00:04.240 --> 00:00:08.549 align:start position:0% <00:00:04.240>Welcome <00:00:04.347>everyone <00:00:04.455>to <00:00:04.563>our <00:00:04.670>next <00:00:04.778>session <00:00:04.886>uh <00:00:04.993>the <00:00:05.101>defensible <00:00:05.209>value <00:00:05.316>uh <00:00:05.424>VCs <00:00:05.532>are <00:00:05.640>looking 00:00:08.549 --> 00:00:08.559 align:start position:0% <00:00:08.549>the <00:00:08.550>defensible <00:00:08.552>value <00:00:08.553>uh <00:00:08.555>VCs <00:00:08.556>are <00:00:08.558>looking 00:00:08.559 --> 00:00:12.790 align:start position:0% <00:00:08.559>the <00:00:08.658>defensible <00:00:08.758>value <00:00:08.859>uh <00:00:08.959>VCs <00:00:09.059>are <00:00:09.158>looking <00:00:09.258>for <00:00:09.359>from <00:00:09.459>SAS <00:00:09.559>to <00:00:09.658>space. <00:00:09.758>This <00:00:09.858>morning <00:00:09.959>we 00:00:12.790 --> 00:00:12.800 align:start position:0% <00:00:12.790>for <00:00:12.791>from <00:00:12.792>SAS <00:00:12.793>to <00:00:12.795>space. <00:00:12.796>This <00:00:12.797>morning <00:00:12.799>we 00:00:12.800 --> 00:00:15.350 align:start position:0% <00:00:12.800>for <00:00:12.907>from <00:00:13.015>SAS <00:00:13.123>to <00:00:13.230>space. <00:00:13.338>This <00:00:13.446>morning <00:00:13.553>we <00:00:13.661>were <00:00:13.769>talking <00:00:13.876>about <00:00:13.984>technical <00:00:14.092>bits <00:00:14.200>VCs 00:00:15.350 --> 00:00:15.360 align:start position:0% <00:00:15.350>were <00:00:15.351>talking <00:00:15.353>about <00:00:15.355>technical <00:00:15.357>bits <00:00:15.359>VCs 00:00:15.360 --> 00:00:18.790 align:start position:0% <00:00:15.360>were <00:00:15.476>talking <00:00:15.593>about <00:00:15.709>technical <00:00:15.826>bits <00:00:15.943>VCs <00:00:16.059>are <00:00:16.176>looking <00:00:16.293>for. <00:00:16.410>This <00:00:16.526>afternoon <00:00:16.643>we <00:00:16.759>go 00:00:18.790 --> 00:00:18.800 align:start position:0% <00:00:18.790>are <00:00:18.791>looking <00:00:18.793>for. <00:00:18.794>This <00:00:18.796>afternoon <00:00:18.797>we <00:00:18.799>go 00:00:18.800 --> 00:00:22.710 align:start position:0% <00:00:18.800>are <00:00:18.907>looking <00:00:19.015>for. <00:00:19.123>This <00:00:19.230>afternoon <00:00:19.338>we <00:00:19.446>go <00:00:19.553>one <00:00:19.661>level <00:00:19.769>deeper. <00:00:19.876>What <00:00:19.984>makes <00:00:20.092>value <00:00:20.200>uh 00:00:22.710 --> 00:00:22.720 align:start position:0% <00:00:22.710>one <00:00:22.711>level <00:00:22.713>deeper. <00:00:22.714>What <00:00:22.716>makes <00:00:22.717>value <00:00:22.718>uh 00:00:22.720 --> 00:00:24.790 align:start position:0% <00:00:22.720>one <00:00:22.827>level <00:00:22.935>deeper. <00:00:23.043>What <00:00:23.150>makes <00:00:23.258>value <00:00:23.366>uh <00:00:23.473>defensible <00:00:23.581>at <00:00:23.689>all <00:00:23.796>in <00:00:23.904>a <00:00:24.012>market <00:00:24.119>where 00:00:24.790 --> 00:00:24.800 align:start position:0% <00:00:24.790>defensible <00:00:24.791>at <00:00:24.793>all <00:00:24.794>in <00:00:24.796>a <00:00:24.797>market <00:00:24.799>where 00:00:24.800 --> 00:00:28.230 align:start position:0% <00:00:24.800>defensible <00:00:24.907>at <00:00:25.015>all <00:00:25.123>in <00:00:25.230>a <00:00:25.338>market <00:00:25.446>where <00:00:25.553>features <00:00:25.661>are <00:00:25.769>copied <00:00:25.876>within <00:00:25.984>weeks? <00:00:26.092>Uh <00:00:26.200>I 00:00:28.230 --> 00:00:28.240 align:start position:0% <00:00:28.230>features <00:00:28.231>are <00:00:28.233>copied <00:00:28.234>within <00:00:28.236>weeks? <00:00:28.237>Uh <00:00:28.238>I 00:00:28.240 --> 00:00:31.910 align:start position:0% <00:00:28.240>features <00:00:28.347>are <00:00:28.455>copied <00:00:28.563>within <00:00:28.670>weeks? <00:00:28.778>Uh <00:00:28.886>I <00:00:28.993>would <00:00:29.101>like <00:00:29.209>to <00:00:29.316>introduce <00:00:29.424>the <00:00:29.532>leading <00:00:29.639>uh 00:00:31.910 --> 00:00:31.920 align:start position:0% <00:00:31.910>would <00:00:31.911>like <00:00:31.913>to <00:00:31.914>introduce <00:00:31.916>the <00:00:31.917>leading <00:00:31.919>uh 00:00:31.920 --> 00:00:35.510 align:start position:0% <00:00:31.920>would <00:00:32.027>like <00:00:32.135>to <00:00:32.243>introduce <00:00:32.350>the <00:00:32.458>leading <00:00:32.566>uh <00:00:32.673>person <00:00:32.781>in <00:00:32.889>this <00:00:32.996>panel, <00:00:33.104>Trevor <00:00:33.212>Cox, <00:00:33.320>a 00:00:35.510 --> 00:00:35.520 align:start position:0% <00:00:35.510>person <00:00:35.511>in <00:00:35.513>this <00:00:35.514>panel, <00:00:35.516>Trevor <00:00:35.517>Cox, <00:00:35.519>a 00:00:35.520 --> 00:00:38.549 align:start position:0% <00:00:35.520>person <00:00:35.660>in <00:00:35.800>this <00:00:35.940>panel, <00:00:36.080>Trevor <00:00:36.220>Cox, <00:00:36.360>a <00:00:36.500>partner <00:00:36.640>at <00:00:36.780>I5 <00:00:36.920>Invest. 00:00:38.549 --> 00:00:38.559 align:start position:0% <00:00:38.549>partner <00:00:38.552>at <00:00:38.555>I5 <00:00:38.558>Invest. 00:00:38.559 --> 00:00:40.950 align:start position:0% <00:00:38.559>partner <00:00:38.714>at <00:00:38.870>I5 <00:00:39.025>Invest. <00:00:39.181>Joining <00:00:39.336>him, <00:00:39.492>Frank <00:00:39.647>Se <00:00:39.803>House, <00:00:39.958>co-founder 00:00:40.950 --> 00:00:40.960 align:start position:0% <00:00:40.950>Joining <00:00:40.951>him, <00:00:40.953>Frank <00:00:40.955>Se <00:00:40.957>House, <00:00:40.959>co-founder 00:00:40.960 --> 00:00:44.229 align:start position:0% <00:00:40.960>Joining <00:00:41.087>him, <00:00:41.214>Frank <00:00:41.341>Se <00:00:41.469>House, <00:00:41.596>co-founder <00:00:41.723>and <00:00:41.850>managing <00:00:41.978>partner <00:00:42.105>of <00:00:42.232>Actton <00:00:42.360>Capital. 00:00:44.229 --> 00:00:44.239 align:start position:0% <00:00:44.229>and <00:00:44.230>managing <00:00:44.232>partner <00:00:44.234>of <00:00:44.236>Actton <00:00:44.238>Capital. 00:00:44.239 --> 00:00:46.630 align:start position:0% <00:00:44.239>and <00:00:44.366>managing <00:00:44.493>partner <00:00:44.620>of <00:00:44.748>Actton <00:00:44.875>Capital. <00:00:45.002>Also <00:00:45.129>as <00:00:45.257>well, <00:00:45.384>Friedria <00:00:45.511>Hoffman, <00:00:45.638>partner 00:00:46.630 --> 00:00:46.640 align:start position:0% <00:00:46.630>Also <00:00:46.631>as <00:00:46.633>well, <00:00:46.635>Friedria <00:00:46.637>Hoffman, <00:00:46.639>partner 00:00:46.640 --> 00:00:49.990 align:start position:0% <00:00:46.640>Also <00:00:46.747>as <00:00:46.855>well, <00:00:46.963>Friedria <00:00:47.070>Hoffman, <00:00:47.178>partner <00:00:47.286>at <00:00:47.393>B2 <00:00:47.501>Venture. <00:00:47.609>And <00:00:47.716>last <00:00:47.824>but <00:00:47.932>not <00:00:48.040>least, 00:00:49.990 --> 00:00:50.000 align:start position:0% <00:00:49.990>at <00:00:49.991>B2 <00:00:49.992>Venture. <00:00:49.993>And <00:00:49.995>last <00:00:49.996>but <00:00:49.997>not <00:00:49.999>least, 00:00:50.000 --> 00:00:53.750 align:start position:0% <00:00:50.000>at <00:00:50.107>B2 <00:00:50.215>Venture. <00:00:50.323>And <00:00:50.430>last <00:00:50.538>but <00:00:50.646>not <00:00:50.753>least, <00:00:50.861>uh <00:00:50.969>Neils <00:00:51.076>Itinire, <00:00:51.184>partner <00:00:51.292>at <00:00:51.400>Cupnamic. 00:00:53.750 --> 00:00:53.760 align:start position:0% <00:00:53.750>uh <00:00:53.751>Neils <00:00:53.753>Itinire, <00:00:53.755>partner <00:00:53.757>at <00:00:53.759>Cupnamic. 00:00:53.760 --> 00:00:56.975 align:start position:0% <00:00:53.760>uh <00:00:53.900>Neils <00:00:54.040>Itinire, <00:00:54.180>partner <00:00:54.320>at <00:00:54.460>Cupnamic. <00:00:54.599>Please <00:00:54.739>a <00:00:54.879>round <00:00:55.019>of <00:00:55.160>applause. 00:00:56.975 --> 00:00:56.985 align:start position:0% <00:00:56.975>Please <00:00:56.977>a <00:00:56.979>round <00:00:56.981>of <00:00:56.984>applause. 00:00:56.985 --> 00:00:59.910 align:start position:0% <00:00:56.985>Please <00:00:57.218>a <00:00:57.451>round <00:00:57.685>of <00:00:57.918>applause. <00:00:58.151>>> <00:00:58.385>[applause] 00:00:59.920 --> 00:01:01.510 align:start position:0% <00:00:59.920>>> <00:01:00.095>Thank <00:01:00.270>you <00:01:00.445>all <00:01:00.620>for <00:01:00.795>being <00:01:00.970>here. <00:01:01.145>So <00:01:01.320>yes, 00:01:01.510 --> 00:01:01.520 align:start position:0% <00:01:01.510>>> <00:01:01.511>Thank <00:01:01.512>you <00:01:01.513>all <00:01:01.514>for <00:01:01.515>being <00:01:01.516>here. <00:01:01.517>So <00:01:01.519>yes, 00:01:01.520 --> 00:01:03.670 align:start position:0% <00:01:01.520>>> <00:01:01.607>Thank <00:01:01.695>you <00:01:01.782>all <00:01:01.870>for <00:01:01.957>being <00:01:02.045>here. <00:01:02.132>So <00:01:02.220>yes, <00:01:02.307>the <00:01:02.395>topic <00:01:02.482>for <00:01:02.570>today <00:01:02.657>as <00:01:02.745>you <00:01:02.832>mentioned <00:01:02.920>is 00:01:03.670 --> 00:01:03.680 align:start position:0% <00:01:03.670>the <00:01:03.671>topic <00:01:03.672>for <00:01:03.673>today <00:01:03.675>as <00:01:03.676>you <00:01:03.677>mentioned <00:01:03.679>is 00:01:03.680 --> 00:01:06.710 align:start position:0% <00:01:03.680>the <00:01:03.780>topic <00:01:03.880>for <00:01:03.980>today <00:01:04.080>as <00:01:04.179>you <00:01:04.280>mentioned <00:01:04.379>is <00:01:04.480>from <00:01:04.580>SAS <00:01:04.679>to <00:01:04.780>space. <00:01:04.879>So <00:01:04.980>the <00:01:05.080>fundamental 00:01:06.710 --> 00:01:06.720 align:start position:0% <00:01:06.710>from <00:01:06.711>SAS <00:01:06.713>to <00:01:06.714>space. <00:01:06.716>So <00:01:06.717>the <00:01:06.719>fundamental 00:01:06.720 --> 00:01:09.350 align:start position:0% <00:01:06.720>from <00:01:06.820>SAS <00:01:06.920>to <00:01:07.020>space. <00:01:07.120>So <00:01:07.220>the <00:01:07.320>fundamental <00:01:07.420>question <00:01:07.520>that <00:01:07.620>we're <00:01:07.720>asking <00:01:07.820>is <00:01:07.920>in <00:01:08.020>the <00:01:08.120>era 00:01:09.350 --> 00:01:09.360 align:start position:0% <00:01:09.350>question <00:01:09.351>that <00:01:09.352>we're <00:01:09.353>asking <00:01:09.355>is <00:01:09.356>in <00:01:09.357>the <00:01:09.359>era 00:01:09.360 --> 00:01:13.109 align:start position:0% <00:01:09.360>question <00:01:09.453>that <00:01:09.546>we're <00:01:09.640>asking <00:01:09.733>is <00:01:09.826>in <00:01:09.920>the <00:01:10.013>era <00:01:10.106>of <00:01:10.200>Gen <00:01:10.293>AI <00:01:10.386>and <00:01:10.480>large <00:01:10.573>language <00:01:10.666>models, <00:01:10.760>uh 00:01:13.109 --> 00:01:13.119 align:start position:0% <00:01:13.109>of <00:01:13.110>Gen <00:01:13.111>AI <00:01:13.112>and <00:01:13.114>large <00:01:13.115>language <00:01:13.116>models, <00:01:13.118>uh 00:01:13.119 --> 00:01:16.070 align:start position:0% <00:01:13.119>of <00:01:13.212>Gen <00:01:13.305>AI <00:01:13.399>and <00:01:13.492>large <00:01:13.585>language <00:01:13.679>models, <00:01:13.772>uh <00:01:13.865>what <00:01:13.959>is <00:01:14.052>a <00:01:14.145>defensible <00:01:14.239>value <00:01:14.332>and <00:01:14.425>do <00:01:14.519>we 00:01:16.070 --> 00:01:16.080 align:start position:0% <00:01:16.070>what <00:01:16.071>is <00:01:16.072>a <00:01:16.073>defensible <00:01:16.075>value <00:01:16.076>and <00:01:16.077>do <00:01:16.079>we 00:01:16.080 --> 00:01:17.670 align:start position:0% <00:01:16.080>what <00:01:16.167>is <00:01:16.255>a <00:01:16.342>defensible <00:01:16.429>value <00:01:16.517>and <00:01:16.605>do <00:01:16.692>we <00:01:16.780>need <00:01:16.867>to <00:01:16.955>go <00:01:17.042>to <00:01:17.130>space <00:01:17.217>to <00:01:17.304>find <00:01:17.392>it? <00:01:17.480>That's 00:01:17.670 --> 00:01:17.680 align:start position:0% <00:01:17.670>need <00:01:17.671>to <00:01:17.672>go <00:01:17.673>to <00:01:17.674>space <00:01:17.675>to <00:01:17.676>find <00:01:17.677>it? <00:01:17.679>That's 00:01:17.680 --> 00:01:19.030 align:start position:0% <00:01:17.680>need <00:01:17.773>to <00:01:17.866>go <00:01:17.960>to <00:01:18.053>space <00:01:18.147>to <00:01:18.240>find <00:01:18.334>it? <00:01:18.427>That's <00:01:18.521>the <00:01:18.614>underlying <00:01:18.708>question <00:01:18.801>that <00:01:18.895>we're 00:01:19.030 --> 00:01:19.040 align:start position:0% <00:01:19.030>the <00:01:19.032>underlying <00:01:19.034>question <00:01:19.036>that <00:01:19.038>we're 00:01:19.040 --> 00:01:21.109 align:start position:0% <00:01:19.039>the <00:01:19.156>underlying <00:01:19.273>question <00:01:19.389>that <00:01:19.506>we're <00:01:19.623>asking <00:01:19.740>here. <00:01:19.856>So <00:01:19.973>we <00:01:20.089>have <00:01:20.206>a <00:01:20.323>great <00:01:20.440>panel 00:01:21.109 --> 00:01:21.119 align:start position:0% <00:01:21.109>asking <00:01:21.110>here. <00:01:21.111>So <00:01:21.112>we <00:01:21.114>have <00:01:21.115>a <00:01:21.116>great <00:01:21.118>panel 00:01:21.119 --> 00:01:22.310 align:start position:0% <00:01:21.119>asking <00:01:21.208>here. <00:01:21.297>So <00:01:21.386>we <00:01:21.476>have <00:01:21.565>a <00:01:21.654>great <00:01:21.744>panel <00:01:21.833>here. <00:01:21.922>I'll <00:01:22.012>have <00:01:22.101>them <00:01:22.190>introduce 00:01:22.310 --> 00:01:22.320 align:start position:0% <00:01:22.310>here. <00:01:22.312>I'll <00:01:22.314>have <00:01:22.316>them <00:01:22.318>introduce 00:01:22.320 --> 00:01:25.109 align:start position:0% <00:01:22.320>here. <00:01:22.447>I'll <00:01:22.574>have <00:01:22.701>them <00:01:22.829>introduce <00:01:22.956>themselves. <00:01:23.083>Uh <00:01:23.210>but <00:01:23.338>first, <00:01:23.465>uh <00:01:23.592>Trevor <00:01:23.720>Cox 00:01:25.109 --> 00:01:25.119 align:start position:0% <00:01:25.109>themselves. <00:01:25.110>Uh <00:01:25.112>but <00:01:25.113>first, <00:01:25.115>uh <00:01:25.116>Trevor <00:01:25.118>Cox 00:01:25.119 --> 00:01:28.550 align:start position:0% <00:01:25.119>themselves. <00:01:25.212>Uh <00:01:25.305>but <00:01:25.399>first, <00:01:25.492>uh <00:01:25.585>Trevor <00:01:25.679>Cox <00:01:25.772>from <00:01:25.865>I5. <00:01:25.959>Uh <00:01:26.052>we <00:01:26.145>are <00:01:26.239>a <00:01:26.332>sellside <00:01:26.425>uh <00:01:26.519>M&A 00:01:28.550 --> 00:01:28.560 align:start position:0% <00:01:28.550>from <00:01:28.551>I5. <00:01:28.552>Uh <00:01:28.553>we <00:01:28.554>are <00:01:28.555>a <00:01:28.556>sellside <00:01:28.557>uh <00:01:28.559>M&A 00:01:28.560 --> 00:01:31.030 align:start position:0% <00:01:28.560>from <00:01:28.700>I5. <00:01:28.840>Uh <00:01:28.980>we <00:01:29.120>are <00:01:29.260>a <00:01:29.400>sellside <00:01:29.540>uh <00:01:29.680>M&A <00:01:29.820>advisory <00:01:29.960>firm. 00:01:31.030 --> 00:01:31.040 align:start position:0% <00:01:31.030>advisory <00:01:31.038>firm. 00:01:31.040 --> 00:01:33.749 align:start position:0% <00:01:31.039>advisory <00:01:31.214>firm. <00:01:31.389>>> <00:01:31.565>Hi <00:01:31.740>everyone, <00:01:31.914>pleasure <00:01:32.089>being <00:01:32.264>here. <00:01:32.440>I'm 00:01:33.749 --> 00:01:33.759 align:start position:0% <00:01:33.749>>> <00:01:33.750>Hi <00:01:33.752>everyone, <00:01:33.753>pleasure <00:01:33.755>being <00:01:33.756>here. <00:01:33.758>I'm 00:01:33.759 --> 00:01:35.910 align:start position:0% <00:01:33.759>>> <00:01:33.886>Hi <00:01:34.013>everyone, <00:01:34.140>pleasure <00:01:34.268>being <00:01:34.395>here. <00:01:34.522>I'm <00:01:34.649>Frank <00:01:34.777>Sehouse, <00:01:34.904>co-founder <00:01:35.031>and <00:01:35.159>managing 00:01:35.910 --> 00:01:35.920 align:start position:0% <00:01:35.910>Frank <00:01:35.912>Sehouse, <00:01:35.914>co-founder <00:01:35.916>and <00:01:35.919>managing 00:01:35.920 --> 00:01:38.469 align:start position:0% <00:01:35.920>Frank <00:01:36.060>Sehouse, <00:01:36.200>co-founder <00:01:36.340>and <00:01:36.480>managing <00:01:36.620>partner <00:01:36.760>at <00:01:36.900>Actton <00:01:37.040>Capital, <00:01:37.180>an <00:01:37.320>early 00:01:38.469 --> 00:01:38.479 align:start position:0% <00:01:38.469>partner <00:01:38.470>at <00:01:38.472>Actton <00:01:38.474>Capital, <00:01:38.476>an <00:01:38.478>early 00:01:38.479 --> 00:01:40.950 align:start position:0% <00:01:38.479>partner <00:01:38.595>at <00:01:38.712>Actton <00:01:38.829>Capital, <00:01:38.945>an <00:01:39.062>early <00:01:39.179>growth <00:01:39.295>investor <00:01:39.412>for <00:01:39.529>A&B <00:01:39.645>rounds <00:01:39.762>based <00:01:39.879>in 00:01:40.950 --> 00:01:40.960 align:start position:0% <00:01:40.950>growth <00:01:40.951>investor <00:01:40.953>for <00:01:40.954>A&B <00:01:40.956>rounds <00:01:40.957>based <00:01:40.959>in 00:01:40.960 --> 00:01:43.749 align:start position:0% <00:01:40.960>growth <00:01:41.087>investor <00:01:41.214>for <00:01:41.341>A&B <00:01:41.469>rounds <00:01:41.596>based <00:01:41.723>in <00:01:41.850>Munich, <00:01:41.978>active <00:01:42.105>in <00:01:42.232>technology <00:01:42.360>companies 00:01:43.749 --> 00:01:43.759 align:start position:0% <00:01:43.749>Munich, <00:01:43.751>active <00:01:43.753>in <00:01:43.755>technology <00:01:43.758>companies 00:01:43.759 --> 00:01:46.389 align:start position:0% <00:01:43.759>Munich, <00:01:43.899>active <00:01:44.039>in <00:01:44.179>technology <00:01:44.319>companies <00:01:44.459>across <00:01:44.599>Europe <00:01:44.739>and <00:01:44.879>North <00:01:45.019>America <00:01:45.159>and 00:01:46.389 --> 00:01:46.399 align:start position:0% <00:01:46.389>across <00:01:46.390>Europe <00:01:46.392>and <00:01:46.394>North <00:01:46.396>America <00:01:46.398>and 00:01:46.399 --> 00:01:49.590 align:start position:0% <00:01:46.399>across <00:01:46.539>Europe <00:01:46.679>and <00:01:46.819>North <00:01:46.959>America <00:01:47.099>and <00:01:47.239>looking <00:01:47.379>forward <00:01:47.519>to <00:01:47.659>the <00:01:47.799>discussion. 00:01:49.590 --> 00:01:49.600 align:start position:0% <00:01:49.590>looking <00:01:49.592>forward <00:01:49.594>to <00:01:49.596>the <00:01:49.598>discussion. 00:01:49.600 --> 00:01:51.590 align:start position:0% <00:01:49.600>looking <00:01:49.727>forward <00:01:49.854>to <00:01:49.981>the <00:01:50.109>discussion. <00:01:50.236>>> <00:01:50.363>Hi <00:01:50.490>everyone, <00:01:50.618>Fedric <00:01:50.745>Hoffman <00:01:50.872>from <00:01:51.000>B2 00:01:51.590 --> 00:01:51.600 align:start position:0% <00:01:51.590>>> <00:01:51.591>Hi <00:01:51.593>everyone, <00:01:51.594>Fedric <00:01:51.596>Hoffman <00:01:51.597>from <00:01:51.598>B2 00:01:51.600 --> 00:01:54.789 align:start position:0% <00:01:51.600>>> <00:01:51.699>Hi <00:01:51.800>everyone, <00:01:51.899>Fedric <00:01:52.000>Hoffman <00:01:52.100>from <00:01:52.199>B2 <00:01:52.300>Venture. <00:01:52.399>I'm <00:01:52.500>a <00:01:52.600>partner. <00:01:52.699>We <00:01:52.800>are <00:01:52.899>an <00:01:53.000>early 00:01:54.789 --> 00:01:54.799 align:start position:0% <00:01:54.789>Venture. <00:01:54.790>I'm <00:01:54.791>a <00:01:54.792>partner. <00:01:54.794>We <00:01:54.795>are <00:01:54.796>an <00:01:54.798>early 00:01:54.799 --> 00:01:58.230 align:start position:0% <00:01:54.799>Venture. <00:01:54.939>I'm <00:01:55.079>a <00:01:55.219>partner. <00:01:55.359>We <00:01:55.499>are <00:01:55.639>an <00:01:55.779>early <00:01:55.919>stage <00:01:56.059>investor <00:01:56.199>in 00:01:58.230 --> 00:01:58.240 align:start position:0% <00:01:58.229>stage <00:01:58.234>investor <00:01:58.239>in 00:01:58.240 --> 00:02:00.469 align:start position:0% <00:01:58.240>stage <00:01:58.380>investor <00:01:58.520>in <00:01:58.660>deep <00:01:58.800>tech <00:01:58.940>mostly <00:01:59.080>right <00:01:59.220>now <00:01:59.360>in <00:01:59.500>the <00:01:59.640>dark 00:02:00.469 --> 00:02:00.479 align:start position:0% <00:02:00.469>deep <00:02:00.470>tech <00:02:00.471>mostly <00:02:00.472>right <00:02:00.474>now <00:02:00.475>in <00:02:00.476>the <00:02:00.478>dark 00:02:00.479 --> 00:02:02.389 align:start position:0% <00:02:00.479>deep <00:02:00.586>tech <00:02:00.694>mostly <00:02:00.802>right <00:02:00.909>now <00:02:01.017>in <00:02:01.125>the <00:02:01.232>dark <00:02:01.340>region. <00:02:01.448>Um <00:02:01.555>I'm <00:02:01.663>personally <00:02:01.771>based <00:02:01.879>in 00:02:02.389 --> 00:02:02.399 align:start position:0% <00:02:02.389>region. <00:02:02.390>Um <00:02:02.392>I'm <00:02:02.394>personally <00:02:02.396>based <00:02:02.398>in 00:02:02.399 --> 00:02:04.230 align:start position:0% <00:02:02.399>region. <00:02:02.506>Um <00:02:02.614>I'm <00:02:02.722>personally <00:02:02.829>based <00:02:02.937>in <00:02:03.045>Switzerland <00:02:03.152>in <00:02:03.260>Zurich <00:02:03.368>and <00:02:03.475>we <00:02:03.583>do <00:02:03.691>have <00:02:03.799>one 00:02:04.230 --> 00:02:04.240 align:start position:0% <00:02:04.230>Switzerland <00:02:04.231>in <00:02:04.232>Zurich <00:02:04.233>and <00:02:04.235>we <00:02:04.236>do <00:02:04.237>have <00:02:04.238>one 00:02:04.240 --> 00:02:07.350 align:start position:0% <00:02:04.240>Switzerland <00:02:04.339>in <00:02:04.440>Zurich <00:02:04.539>and <00:02:04.640>we <00:02:04.740>do <00:02:04.839>have <00:02:04.940>one <00:02:05.039>of <00:02:05.140>the <00:02:05.240>largest <00:02:05.339>angel <00:02:05.440>networks <00:02:05.539>in <00:02:05.640>Europe 00:02:07.350 --> 00:02:07.360 align:start position:0% <00:02:07.350>of <00:02:07.351>the <00:02:07.353>largest <00:02:07.354>angel <00:02:07.356>networks <00:02:07.357>in <00:02:07.359>Europe 00:02:07.360 --> 00:02:09.350 align:start position:0% <00:02:07.360>of <00:02:07.460>the <00:02:07.560>largest <00:02:07.660>angel <00:02:07.760>networks <00:02:07.860>in <00:02:07.960>Europe <00:02:08.060>also <00:02:08.160>one <00:02:08.259>of <00:02:08.359>the <00:02:08.460>oldest <00:02:08.560>with <00:02:08.660>hundreds <00:02:08.759>of 00:02:09.350 --> 00:02:09.360 align:start position:0% <00:02:09.350>also <00:02:09.351>one <00:02:09.352>of <00:02:09.353>the <00:02:09.355>oldest <00:02:09.356>with <00:02:09.357>hundreds <00:02:09.359>of 00:02:09.360 --> 00:02:12.229 align:start position:0% <00:02:09.360>also <00:02:09.467>one <00:02:09.575>of <00:02:09.683>the <00:02:09.790>oldest <00:02:09.898>with <00:02:10.006>hundreds <00:02:10.113>of <00:02:10.221>operators <00:02:10.329>and <00:02:10.436>former <00:02:10.544>founders <00:02:10.652>um <00:02:10.760>joining 00:02:12.229 --> 00:02:12.239 align:start position:0% <00:02:12.228>operators <00:02:12.230>and <00:02:12.232>former <00:02:12.234>founders <00:02:12.236>um <00:02:12.238>joining 00:02:12.239 --> 00:02:14.949 align:start position:0% <00:02:12.239>operators <00:02:12.414>and <00:02:12.589>former <00:02:12.764>founders <00:02:12.939>um <00:02:13.114>joining <00:02:13.289>forces <00:02:13.464>with <00:02:13.639>us. 00:02:14.949 --> 00:02:14.959 align:start position:0% <00:02:14.949>forces <00:02:14.953>with <00:02:14.958>us. 00:02:14.959 --> 00:02:18.070 align:start position:0% <00:02:14.959>forces <00:02:15.086>with <00:02:15.213>us. <00:02:15.340>>> <00:02:15.468>Hi <00:02:15.595>everyone, <00:02:15.722>nice <00:02:15.849>to <00:02:15.977>meet <00:02:16.104>you <00:02:16.231>at <00:02:16.359>partner 00:02:18.070 --> 00:02:18.080 align:start position:0% <00:02:18.070>>> <00:02:18.071>Hi <00:02:18.072>everyone, <00:02:18.073>nice <00:02:18.074>to <00:02:18.075>meet <00:02:18.076>you <00:02:18.077>at <00:02:18.078>partner 00:02:18.080 --> 00:02:21.190 align:start position:0% <00:02:18.079>>> <00:02:18.167>Hi <00:02:18.255>everyone, <00:02:18.342>nice <00:02:18.429>to <00:02:18.517>meet <00:02:18.605>you <00:02:18.692>at <00:02:18.779>partner <00:02:18.867>at <00:02:18.954>KNIK. <00:02:19.042>We <00:02:19.130>are <00:02:19.217>an <00:02:19.304>early <00:02:19.392>stage <00:02:19.480>investor 00:02:21.190 --> 00:02:21.200 align:start position:0% <00:02:21.190>at <00:02:21.191>KNIK. <00:02:21.192>We <00:02:21.193>are <00:02:21.195>an <00:02:21.196>early <00:02:21.197>stage <00:02:21.198>investor 00:02:21.200 --> 00:02:23.030 align:start position:0% <00:02:21.200>at <00:02:21.299>KNIK. <00:02:21.399>We <00:02:21.500>are <00:02:21.600>an <00:02:21.700>early <00:02:21.799>stage <00:02:21.899>investor <00:02:22.000>uh <00:02:22.100>from <00:02:22.200>preced <00:02:22.299>to <00:02:22.399>series <00:02:22.500>A <00:02:22.600>across 00:02:23.030 --> 00:02:23.040 align:start position:0% <00:02:23.030>uh <00:02:23.031>from <00:02:23.033>preced <00:02:23.034>to <00:02:23.036>series <00:02:23.037>A <00:02:23.039>across 00:02:23.040 --> 00:02:25.110 align:start position:0% <00:02:23.040>uh <00:02:23.179>from <00:02:23.320>preced <00:02:23.459>to <00:02:23.600>series <00:02:23.739>A <00:02:23.880>across <00:02:24.019>enterprise <00:02:24.160>software <00:02:24.299>hardware <00:02:24.440>like 00:02:25.110 --> 00:02:25.120 align:start position:0% <00:02:25.110>enterprise <00:02:25.113>software <00:02:25.116>hardware <00:02:25.119>like 00:02:25.120 --> 00:02:27.589 align:start position:0% <00:02:25.120>enterprise <00:02:25.247>software <00:02:25.374>hardware <00:02:25.501>like <00:02:25.629>robotics <00:02:25.756>deep <00:02:25.883>tech <00:02:26.010>as <00:02:26.138>well. <00:02:26.265>Uh <00:02:26.392>we <00:02:26.520>pride 00:02:27.589 --> 00:02:27.599 align:start position:0% <00:02:27.589>robotics <00:02:27.590>deep <00:02:27.591>tech <00:02:27.592>as <00:02:27.594>well. <00:02:27.595>Uh <00:02:27.596>we <00:02:27.597>pride 00:02:27.599 --> 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<00:02:30.797>very <00:02:30.799>closely 00:02:30.800 --> 00:02:33.030 align:start position:0% <00:02:30.800>deals <00:02:30.916>a <00:02:31.033>year <00:02:31.150>and <00:02:31.266>working <00:02:31.383>very <00:02:31.500>closely <00:02:31.616>with <00:02:31.733>our <00:02:31.850>portfolio <00:02:31.966>companies <00:02:32.083>and <00:02:32.200>uh 00:02:33.030 --> 00:02:33.040 align:start position:0% <00:02:33.030>with <00:02:33.031>our <00:02:33.033>portfolio <00:02:33.035>companies <00:02:33.037>and <00:02:33.039>uh 00:02:33.040 --> 00:02:34.949 align:start position:0% <00:02:33.040>with <00:02:33.179>our <00:02:33.320>portfolio <00:02:33.459>companies <00:02:33.600>and <00:02:33.739>uh <00:02:33.880>looking <00:02:34.019>forward <00:02:34.160>to <00:02:34.299>the <00:02:34.440>discussion. 00:02:34.949 --> 00:02:34.959 align:start position:0% <00:02:34.949>looking <00:02:34.951>forward <00:02:34.953>to <00:02:34.955>the <00:02:34.958>discussion. 00:02:34.959 --> 00:02:36.390 align:start position:0% <00:02:34.959>looking <00:02:35.076>forward <00:02:35.193>to <00:02:35.310>the <00:02:35.427>discussion. <00:02:35.544>>> <00:02:35.661>All <00:02:35.778>right. <00:02:35.895>Excellent. <00:02:36.012>Well, <00:02:36.129>let's <00:02:36.246>start 00:02:36.390 --> 00:02:36.400 align:start position:0% <00:02:36.390>>> <00:02:36.391>All <00:02:36.393>right. <00:02:36.394>Excellent. <00:02:36.396>Well, <00:02:36.397>let's <00:02:36.399>start 00:02:36.400 --> 00:02:38.949 align:start position:0% <00:02:36.400>>> <00:02:36.500>All <00:02:36.600>right. <00:02:36.700>Excellent. <00:02:36.800>Well, <00:02:36.900>let's <00:02:37.000>start <00:02:37.100>with <00:02:37.200>the <00:02:37.300>the <00:02:37.400>the <00:02:37.500>the <00:02:37.600>prime <00:02:37.700>question <00:02:37.800>and 00:02:38.949 --> 00:02:38.959 align:start position:0% <00:02:38.949>with <00:02:38.950>the <00:02:38.951>the <00:02:38.952>the <00:02:38.954>the <00:02:38.955>prime <00:02:38.956>question 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<00:02:45.751>how <00:02:45.752>has <00:02:45.753>uh <00:02:45.754>Gen <00:02:45.755>AI <00:02:45.756>uh <00:02:45.757>changed <00:02:45.757>the <00:02:45.759>way 00:02:45.760 --> 00:02:50.150 align:start position:0% <00:02:45.760>is <00:02:45.859>how <00:02:45.959>has <00:02:46.060>uh <00:02:46.160>Gen <00:02:46.260>AI <00:02:46.359>uh <00:02:46.459>changed <00:02:46.560>the <00:02:46.660>way <00:02:46.760>you <00:02:46.859>view <00:02:46.959>the <00:02:47.060>investment <00:02:47.160>environment? 00:02:50.160 --> 00:02:54.309 align:start position:0% <00:02:50.160>So <00:02:50.440>actually <00:02:50.720>from <00:02:51.000>our <00:02:51.280>side, <00:02:51.560>technology 00:02:54.309 --> 00:02:54.319 align:start position:0% <00:02:54.309>So <00:02:54.310>actually <00:02:54.312>from <00:02:54.314>our <00:02:54.316>side, <00:02:54.318>technology 00:02:54.319 --> 00:02:58.150 align:start position:0% <00:02:54.319>So <00:02:54.435>actually <00:02:54.552>from <00:02:54.669>our <00:02:54.785>side, <00:02:54.902>technology <00:02:55.019>has <00:02:55.135>always <00:02:55.252>been <00:02:55.369>an <00:02:55.485>enabler, <00:02:55.602>an <00:02:55.719>enabler 00:02:58.150 --> 00:02:58.160 align:start position:0% <00:02:58.150>has <00:02:58.151>always <00:02:58.153>been <00:02:58.154>an <00:02:58.156>enabler, <00:02:58.157>an <00:02:58.159>enabler 00:02:58.160 --> 00:03:01.350 align:start position:0% <00:02:58.160>has <00:02:58.276>always <00:02:58.393>been <00:02:58.510>an <00:02:58.626>enabler, <00:02:58.743>an <00:02:58.859>enabler <00:02:58.976>to <00:02:59.093>serve <00:02:59.210>customers <00:02:59.326>better, <00:02:59.443>to <00:02:59.560>have 00:03:01.350 --> 00:03:01.360 align:start position:0% <00:03:01.350>to <00:03:01.351>serve <00:03:01.353>customers <00:03:01.355>better, <00:03:01.357>to <00:03:01.359>have 00:03:01.360 --> 00:03:04.149 align:start position:0% <00:03:01.360>to <00:03:01.500>serve <00:03:01.640>customers <00:03:01.780>better, <00:03:01.920>to <00:03:02.060>have <00:03:02.200>superior <00:03:02.340>products <00:03:02.480>and <00:03:02.620>technology <00:03:02.760>has 00:03:04.149 --> 00:03:04.159 align:start position:0% <00:03:04.149>superior <00:03:04.151>products <00:03:04.153>and <00:03:04.155>technology <00:03:04.158>has 00:03:04.159 --> 00:03:08.869 align:start position:0% <00:03:04.159>superior <00:03:04.275>products <00:03:04.392>and <00:03:04.509>technology <00:03:04.625>has <00:03:04.742>always <00:03:04.858>changed <00:03:04.975>and <00:03:05.092>mo <00:03:05.209>most <00:03:05.325>end <00:03:05.442>users <00:03:05.559>are 00:03:08.869 --> 00:03:08.879 align:start position:0% <00:03:08.869>always <00:03:08.870>changed <00:03:08.871>and <00:03:08.872>mo <00:03:08.874>most <00:03:08.875>end <00:03:08.876>users <00:03:08.878>are 00:03:08.879 --> 00:03:11.190 align:start position:0% <00:03:08.879>always <00:03:08.986>changed <00:03:09.094>and <00:03:09.202>mo <00:03:09.309>most <00:03:09.417>end <00:03:09.525>users <00:03:09.632>are <00:03:09.740>never <00:03:09.848>interested <00:03:09.955>in <00:03:10.063>technology <00:03:10.171>but <00:03:10.279>the 00:03:11.190 --> 00:03:11.200 align:start position:0% <00:03:11.190>never <00:03:11.191>interested <00:03:11.193>in <00:03:11.195>technology <00:03:11.197>but <00:03:11.198>the 00:03:11.200 --> 00:03:15.270 align:start position:0% <00:03:11.200>never <00:03:11.299>interested <00:03:11.399>in <00:03:11.500>technology <00:03:11.600>but <00:03:11.700>the <00:03:11.799>value <00:03:11.899>they <00:03:12.000>get <00:03:12.100>out <00:03:12.200>of <00:03:12.299>the <00:03:12.399>product <00:03:12.500>and <00:03:12.600>uh 00:03:15.270 --> 00:03:15.280 align:start position:0% <00:03:15.270>value <00:03:15.271>they <00:03:15.272>get <00:03:15.273>out <00:03:15.274>of <00:03:15.275>the <00:03:15.276>product <00:03:15.277>and <00:03:15.279>uh 00:03:15.280 --> 00:03:16.949 align:start position:0% <00:03:15.280>value <00:03:15.435>they <00:03:15.591>get <00:03:15.746>out <00:03:15.902>of <00:03:16.057>the <00:03:16.213>product <00:03:16.368>and <00:03:16.524>uh <00:03:16.680>AI 00:03:16.949 --> 00:03:16.959 align:start position:0% AI 00:03:16.959 --> 00:03:20.390 align:start position:0% <00:03:16.959>AI <00:03:17.134>uh <00:03:17.309>for <00:03:17.484>us <00:03:17.659>is <00:03:17.834>perfectly <00:03:18.009>in <00:03:18.184>line <00:03:18.359>with 00:03:20.390 --> 00:03:20.400 align:start position:0% <00:03:20.390>uh <00:03:20.391>for <00:03:20.392>us <00:03:20.393>is <00:03:20.395>perfectly <00:03:20.396>in <00:03:20.397>line <00:03:20.399>with 00:03:20.400 --> 00:03:24.309 align:start position:0% <00:03:20.400>uh <00:03:20.487>for <00:03:20.575>us <00:03:20.662>is <00:03:20.750>perfectly <00:03:20.837>in <00:03:20.925>line <00:03:21.012>with <00:03:21.100>that. <00:03:21.187>So <00:03:21.275>an <00:03:21.362>AI <00:03:21.450>is <00:03:21.537>an <00:03:21.625>enabler <00:03:21.712>to <00:03:21.800>serve 00:03:24.309 --> 00:03:24.319 align:start position:0% <00:03:24.309>that. <00:03:24.310>So <00:03:24.311>an <00:03:24.312>AI <00:03:24.313>is <00:03:24.314>an <00:03:24.315>enabler <00:03:24.316>to <00:03:24.317>serve 00:03:24.319 --> 00:03:28.390 align:start position:0% <00:03:24.319>that. <00:03:24.412>So <00:03:24.505>an <00:03:24.599>AI <00:03:24.692>is <00:03:24.785>an <00:03:24.879>enabler <00:03:24.972>to <00:03:25.065>serve <00:03:25.159>customers <00:03:25.252>better <00:03:25.345>and <00:03:25.439>as <00:03:25.532>the <00:03:25.625>cycles <00:03:25.719>have 00:03:28.390 --> 00:03:28.400 align:start position:0% <00:03:28.390>customers <00:03:28.391>better <00:03:28.393>and <00:03:28.394>as <00:03:28.396>the <00:03:28.397>cycles <00:03:28.399>have 00:03:28.400 --> 00:03:30.869 align:start position:0% <00:03:28.400>customers <00:03:28.507>better <00:03:28.615>and <00:03:28.723>as <00:03:28.830>the <00:03:28.938>cycles <00:03:29.046>have <00:03:29.153>become <00:03:29.261>much <00:03:29.369>shorter <00:03:29.476>for <00:03:29.584>us <00:03:29.692>the <00:03:29.800>question 00:03:30.869 --> 00:03:30.879 align:start position:0% <00:03:30.869>become <00:03:30.870>much <00:03:30.872>shorter <00:03:30.873>for <00:03:30.875>us <00:03:30.876>the <00:03:30.878>question 00:03:30.879 --> 00:03:33.670 align:start position:0% <00:03:30.879>become <00:03:30.986>much <00:03:31.094>shorter <00:03:31.202>for <00:03:31.309>us <00:03:31.417>the <00:03:31.525>question <00:03:31.632>is <00:03:31.740>more <00:03:31.848>about <00:03:31.955>the <00:03:32.063>sustainability <00:03:32.171>of <00:03:32.279>the 00:03:33.670 --> 00:03:33.680 align:start position:0% <00:03:33.670>is <00:03:33.671>more <00:03:33.673>about <00:03:33.674>the <00:03:33.676>sustainability <00:03:33.677>of <00:03:33.679>the 00:03:33.680 --> 00:03:37.190 align:start position:0% <00:03:33.680>is <00:03:33.787>more <00:03:33.895>about <00:03:34.003>the <00:03:34.110>sustainability <00:03:34.218>of <00:03:34.326>the <00:03:34.433>value <00:03:34.541>proposition. <00:03:34.649>So <00:03:34.756>what <00:03:34.864>mode <00:03:34.972>can <00:03:35.080>you 00:03:37.190 --> 00:03:37.200 align:start position:0% <00:03:37.190>value <00:03:37.191>proposition. <00:03:37.192>So <00:03:37.194>what <00:03:37.196>mode <00:03:37.197>can <00:03:37.198>you 00:03:37.200 --> 00:03:40.309 align:start position:0% <00:03:37.200>value <00:03:37.316>proposition. <00:03:37.433>So <00:03:37.549>what <00:03:37.666>mode <00:03:37.783>can <00:03:37.899>you <00:03:38.016>create? <00:03:38.133>What <00:03:38.250>is <00:03:38.366>compounding? <00:03:38.483>And <00:03:38.600>the 00:03:40.309 --> 00:03:40.319 align:start position:0% <00:03:40.309>create? <00:03:40.310>What <00:03:40.312>is <00:03:40.314>compounding? <00:03:40.316>And <00:03:40.318>the 00:03:40.319 --> 00:03:44.070 align:start position:0% <00:03:40.319>create? <00:03:40.435>What <00:03:40.552>is <00:03:40.669>compounding? <00:03:40.785>And <00:03:40.902>the <00:03:41.019>very <00:03:41.135>origin <00:03:41.252>of <00:03:41.369>that <00:03:41.485>is <00:03:41.602>the <00:03:41.719>understanding 00:03:44.070 --> 00:03:44.080 align:start position:0% <00:03:44.070>very <00:03:44.071>origin <00:03:44.072>of <00:03:44.074>that <00:03:44.076>is <00:03:44.077>the <00:03:44.078>understanding 00:03:44.080 --> 00:03:48.630 align:start position:0% <00:03:44.079>very <00:03:44.173>origin <00:03:44.266>of <00:03:44.359>that <00:03:44.453>is <00:03:44.546>the <00:03:44.640>understanding <00:03:44.733>of <00:03:44.826>the <00:03:44.920>user <00:03:45.013>of <00:03:45.106>the <00:03:45.200>customer <00:03:45.293>and <00:03:45.386>AI <00:03:45.480>helps 00:03:48.630 --> 00:03:48.640 align:start position:0% <00:03:48.630>of <00:03:48.631>the <00:03:48.632>user <00:03:48.633>of <00:03:48.634>the <00:03:48.635>customer <00:03:48.636>and <00:03:48.637>AI <00:03:48.638>helps 00:03:48.640 --> 00:03:52.070 align:start position:0% <00:03:48.640>of <00:03:48.722>the <00:03:48.804>user <00:03:48.887>of <00:03:48.969>the <00:03:49.051>customer <00:03:49.134>and <00:03:49.216>AI <00:03:49.298>helps <00:03:49.381>you <00:03:49.463>to <00:03:49.545>be <00:03:49.628>faster <00:03:49.710>if <00:03:49.792>you <00:03:49.875>get <00:03:49.957>that <00:03:50.040>right. 00:03:52.070 --> 00:03:52.080 align:start position:0% <00:03:52.070>you <00:03:52.071>to <00:03:52.072>be <00:03:52.073>faster <00:03:52.074>if <00:03:52.075>you <00:03:52.076>get <00:03:52.077>that <00:03:52.078>right. 00:03:52.080 --> 00:03:54.949 align:start position:0% <00:03:52.079>you <00:03:52.173>to <00:03:52.266>be <00:03:52.359>faster <00:03:52.453>if <00:03:52.546>you <00:03:52.640>get <00:03:52.733>that <00:03:52.826>right. <00:03:52.920>So <00:03:53.013>actually <00:03:53.106>it's <00:03:53.200>pretty <00:03:53.293>much <00:03:53.386>in <00:03:53.480>line 00:03:54.949 --> 00:03:54.959 align:start position:0% <00:03:54.949>So 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<00:04:01.039>question. 00:04:01.040 --> 00:04:05.589 align:start position:0% <00:04:01.040>critical <00:04:01.320>question. <00:04:01.600>What <00:04:01.880>does <00:04:02.160>sustainability <00:04:02.440>mean? 00:04:05.589 --> 00:04:05.599 align:start position:0% <00:04:05.589>What <00:04:05.591>does <00:04:05.595>sustainability <00:04:05.597>mean? 00:04:05.599 --> 00:04:08.710 align:start position:0% <00:04:05.599>What <00:04:05.738>does <00:04:05.879>sustainability <00:04:06.018>mean? <00:04:06.159>Um <00:04:06.298>yeah, <00:04:06.439>I <00:04:06.578>absolutely <00:04:06.719>agree. <00:04:06.858>We <00:04:06.999>still 00:04:08.710 --> 00:04:08.720 align:start position:0% <00:04:08.710>Um <00:04:08.711>yeah, <00:04:08.713>I <00:04:08.714>absolutely <00:04:08.716>agree. <00:04:08.717>We <00:04:08.719>still 00:04:08.720 --> 00:04:11.270 align:start position:0% <00:04:08.720>Um <00:04:08.820>yeah, <00:04:08.920>I <00:04:09.020>absolutely <00:04:09.120>agree. <00:04:09.220>We <00:04:09.320>still <00:04:09.420>look <00:04:09.520>at <00:04:09.620>great <00:04:09.720>teams. <00:04:09.820>We <00:04:09.920>look <00:04:10.020>at <00:04:10.120>real 00:04:11.270 --> 00:04:11.280 align:start position:0% <00:04:11.270>look <00:04:11.271>at <00:04:11.272>great <00:04:11.273>teams. <00:04:11.275>We <00:04:11.276>look <00:04:11.277>at <00:04:11.279>real 00:04:11.280 --> 00:04:15.110 align:start position:0% <00:04:11.280>look <00:04:11.373>at <00:04:11.466>great <00:04:11.560>teams. <00:04:11.653>We <00:04:11.746>look <00:04:11.840>at <00:04:11.933>real <00:04:12.026>life, <00:04:12.120>real <00:04:12.213>world <00:04:12.306>problems <00:04:12.400>and <00:04:12.493>we <00:04:12.586>look <00:04:12.680>at 00:04:15.110 --> 00:04:15.120 align:start position:0% <00:04:15.110>life, <00:04:15.111>real <00:04:15.112>world <00:04:15.113>problems <00:04:15.115>and <00:04:15.116>we <00:04:15.117>look <00:04:15.119>at 00:04:15.120 --> 00:04:17.030 align:start position:0% <00:04:15.120>life, <00:04:15.227>real <00:04:15.335>world <00:04:15.443>problems <00:04:15.550>and <00:04:15.658>we <00:04:15.766>look <00:04:15.873>at <00:04:15.981>close <00:04:16.089>customer <00:04:16.196>relationships. <00:04:16.304>And <00:04:16.412>if <00:04:16.519>you 00:04:17.030 --> 00:04:17.040 align:start position:0% <00:04:17.029>close <00:04:17.031>customer <00:04:17.033>relationships. <00:04:17.035>And <00:04:17.037>if <00:04:17.039>you 00:04:17.040 --> 00:04:18.629 align:start position:0% <00:04:17.040>close <00:04:17.180>customer <00:04:17.320>relationships. <00:04:17.460>And <00:04:17.600>if <00:04:17.740>you <00:04:17.880>have <00:04:18.020>that, <00:04:18.160>then <00:04:18.300>the <00:04:18.440>underlying 00:04:18.629 --> 00:04:18.639 align:start position:0% <00:04:18.629>have <00:04:18.631>that, <00:04:18.633>then <00:04:18.635>the <00:04:18.638>underlying 00:04:18.639 --> 00:04:21.189 align:start position:0% <00:04:18.639>have <00:04:18.779>that, 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<00:04:33.913>to <00:04:33.914>add <00:04:33.916>anything <00:04:33.918>smart 00:04:33.919 --> 00:04:37.909 align:start position:0% <00:04:33.919>Well, <00:04:34.019>difficult <00:04:34.119>to <00:04:34.219>to <00:04:34.318>add <00:04:34.419>anything <00:04:34.519>smart <00:04:34.619>to <00:04:34.719>that. <00:04:34.818>Um, <00:04:34.919>so <00:04:35.019>while <00:04:35.119>I <00:04:35.219>would <00:04:35.318>agree 00:04:37.909 --> 00:04:37.919 align:start position:0% <00:04:37.909>to <00:04:37.910>that. <00:04:37.911>Um, <00:04:37.912>so <00:04:37.914>while <00:04:37.915>I <00:04:37.916>would <00:04:37.918>agree 00:04:37.919 --> 00:04:39.670 align:start position:0% <00:04:37.919>to <00:04:38.012>that. <00:04:38.105>Um, <00:04:38.198>so <00:04:38.292>while <00:04:38.385>I <00:04:38.479>would <00:04:38.572>agree <00:04:38.665>that, <00:04:38.758>you <00:04:38.852>know, <00:04:38.945>not <00:04:39.039>much <00:04:39.132>has <00:04:39.225>changed <00:04:39.318>in 00:04:39.670 --> 00:04:39.680 align:start position:0% <00:04:39.670>that, <00:04:39.671>you <00:04:39.672>know, <00:04:39.673>not <00:04:39.675>much <00:04:39.676>has <00:04:39.677>changed <00:04:39.679>in 00:04:39.680 --> 00:04:41.590 align:start position:0% <00:04:39.680>that, <00:04:39.835>you <00:04:39.991>know, <00:04:40.146>not <00:04:40.302>much <00:04:40.457>has <00:04:40.613>changed <00:04:40.768>in <00:04:40.924>terms <00:04:41.080>of 00:04:41.590 --> 00:04:41.600 align:start position:0% <00:04:41.590>terms <00:04:41.599>of 00:04:41.600 --> 00:04:44.629 align:start position:0% <00:04:41.600>terms <00:04:41.800>of <00:04:42.000>it's <00:04:42.200>still <00:04:42.400>about <00:04:42.600>problems <00:04:42.800>and <00:04:43.000>customers, 00:04:44.629 --> 00:04:44.639 align:start position:0% <00:04:44.629>it's <00:04:44.630>still <00:04:44.632>about <00:04:44.634>problems <00:04:44.636>and <00:04:44.638>customers, 00:04:44.639 --> 00:04:46.870 align:start position:0% <00:04:44.639>it's 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<00:05:10.187>with <00:05:10.295>enterprise <00:05:10.403>software <00:05:10.510>that <00:05:10.618>was <00:05:10.726>easier <00:05:10.833>to <00:05:10.941>answer <00:05:11.049>um <00:05:11.156>from <00:05:11.264>my <00:05:11.372>point <00:05:11.479>of 00:05:13.270 --> 00:05:13.280 align:start position:0% <00:05:13.270>easier <00:05:13.271>to <00:05:13.272>answer <00:05:13.273>um <00:05:13.275>from <00:05:13.276>my <00:05:13.277>point <00:05:13.279>of 00:05:13.280 --> 00:05:16.790 align:start position:0% <00:05:13.280>easier <00:05:13.380>to <00:05:13.479>answer <00:05:13.580>um <00:05:13.679>from <00:05:13.780>my <00:05:13.880>point <00:05:13.979>of <00:05:14.080>view <00:05:14.179>in <00:05:14.280>in <00:05:14.380>essence <00:05:14.479>it's <00:05:14.580>about <00:05:14.679>the 00:05:16.790 --> 00:05:16.800 align:start position:0% <00:05:16.790>view <00:05:16.791>in <00:05:16.793>in <00:05:16.794>essence <00:05:16.796>it's <00:05:16.797>about <00:05:16.799>the 00:05:16.800 --> 00:05:18.550 align:start position:0% <00:05:16.800>view <00:05:16.916>in <00:05:17.033>in <00:05:17.150>essence <00:05:17.266>it's <00:05:17.383>about <00:05:17.500>the <00:05:17.616>founders <00:05:17.733>and <00:05:17.850>the <00:05:17.966>problem <00:05:18.083>and <00:05:18.200>that's 00:05:18.550 --> 00:05:18.560 align:start position:0% <00:05:18.550>founders <00:05:18.551>and <00:05:18.553>the <00:05:18.555>problem <00:05:18.557>and <00:05:18.559>that's 00:05:18.560 --> 00:05:20.150 align:start position:0% <00:05:18.560>founders <00:05:18.760>and <00:05:18.960>the <00:05:19.160>problem <00:05:19.360>and <00:05:19.560>that's <00:05:19.760>nothing <00:05:19.960>new. 00:05:20.150 --> 00:05:20.160 align:start position:0% <00:05:20.150>nothing <00:05:20.159>new. 00:05:20.160 --> 00:05:23.350 align:start position:0% <00:05:20.160>nothing <00:05:20.300>new. <00:05:20.440>>> <00:05:20.580>Okay. <00:05:20.720>Has <00:05:20.860>uh <00:05:21.000>has <00:05:21.140>the <00:05:21.280>new <00:05:21.420>technology <00:05:21.560>uh 00:05:23.350 --> 00:05:23.360 align:start position:0% <00:05:23.350>>> <00:05:23.351>Okay. <00:05:23.352>Has <00:05:23.353>uh <00:05:23.354>has <00:05:23.355>the <00:05:23.356>new <00:05:23.357>technology <00:05:23.359>uh 00:05:23.360 --> 00:05:25.189 align:start position:0% <00:05:23.360>>> <00:05:23.447>Okay. <00:05:23.535>Has <00:05:23.622>uh <00:05:23.710>has <00:05:23.797>the <00:05:23.885>new <00:05:23.972>technology <00:05:24.060>uh <00:05:24.147>caused <00:05:24.235>any <00:05:24.322>of <00:05:24.410>you <00:05:24.497>not <00:05:24.585>to <00:05:24.672>invest <00:05:24.760>where 00:05:25.189 --> 00:05:25.199 align:start position:0% <00:05:25.189>caused <00:05:25.190>any <00:05:25.191>of <00:05:25.192>you <00:05:25.194>not <00:05:25.195>to <00:05:25.196>invest <00:05:25.198>where 00:05:25.199 --> 00:05:27.029 align:start position:0% <00:05:25.199>caused <00:05:25.286>any <00:05:25.374>of <00:05:25.461>you <00:05:25.549>not 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<00:05:34.319>the 00:05:34.320 --> 00:05:37.670 align:start position:0% <00:05:34.320>>> <00:05:34.420>Maybe <00:05:34.520>maybe <00:05:34.620>I <00:05:34.719>start <00:05:34.820>not <00:05:34.920>because <00:05:35.020>of <00:05:35.120>the <00:05:35.219>technology <00:05:35.320>but <00:05:35.420>because <00:05:35.520>the <00:05:35.620>evaluation <00:05:35.719>of 00:05:37.670 --> 00:05:37.680 align:start position:0% <00:05:37.670>technology <00:05:37.671>but <00:05:37.673>because <00:05:37.675>the <00:05:37.677>evaluation <00:05:37.679>of 00:05:37.680 --> 00:05:40.150 align:start position:0% <00:05:37.680>technology <00:05:37.807>but <00:05:37.934>because <00:05:38.061>the <00:05:38.189>evaluation <00:05:38.316>of <00:05:38.443>preede <00:05:38.570>company <00:05:38.698>has <00:05:38.825>been <00:05:38.952>companies <00:05:39.080>has 00:05:40.150 --> 00:05:40.160 align:start position:0% <00:05:40.150>preede <00:05:40.151>company <00:05:40.153>has <00:05:40.155>been <00:05:40.157>companies <00:05:40.159>has 00:05:40.160 --> 00:05:43.029 align:start position:0% <00:05:40.159>preede <00:05:40.276>company <00:05:40.393>has <00:05:40.510>been <00:05:40.626>companies <00:05:40.743>has <00:05:40.859>been <00:05:40.976>crazy <00:05:41.093>and <00:05:41.210>we <00:05:41.326>couldn't <00:05:41.443>invest <00:05:41.559>with 00:05:43.029 --> 00:05:43.039 align:start position:0% <00:05:43.029>been <00:05:43.030>crazy <00:05:43.032>and <00:05:43.033>we <00:05:43.034>couldn't <00:05:43.036>invest <00:05:43.038>with 00:05:43.039 --> 00:05:45.270 align:start position:0% <00:05:43.039>been <00:05:43.155>crazy <00:05:43.272>and <00:05:43.389>we <00:05:43.505>couldn't <00:05:43.622>invest <00:05:43.739>with <00:05:43.855>our <00:05:43.972>early <00:05:44.089>stage <00:05:44.205>fund <00:05:44.322>because <00:05:44.438>the 00:05:45.270 --> 00:05:45.280 align:start position:0% <00:05:45.270>our <00:05:45.271>early <00:05:45.273>stage <00:05:45.275>fund 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<00:05:49.195>watching <00:05:49.198>very 00:05:49.199 --> 00:05:50.550 align:start position:0% <00:05:49.199>something <00:05:49.309>that <00:05:49.420>we're <00:05:49.530>watching <00:05:49.641>very <00:05:49.751>closely. <00:05:49.862>We <00:05:49.972>would <00:05:50.083>have <00:05:50.193>loved <00:05:50.304>to <00:05:50.414>invest 00:05:50.550 --> 00:05:50.560 align:start position:0% <00:05:50.550>closely. <00:05:50.551>We <00:05:50.553>would <00:05:50.554>have <00:05:50.556>loved <00:05:50.557>to <00:05:50.559>invest 00:05:50.560 --> 00:05:52.310 align:start position:0% <00:05:50.560>closely. <00:05:50.667>We <00:05:50.775>would <00:05:50.883>have <00:05:50.990>loved <00:05:51.098>to <00:05:51.206>invest <00:05:51.313>in <00:05:51.421>a <00:05:51.529>couple <00:05:51.636>of <00:05:51.744>companies <00:05:51.852>especially <00:05:51.960>this 00:05:52.310 --> 00:05:52.320 align:start position:0% <00:05:52.310>in <00:05:52.311>a <00:05:52.313>couple <00:05:52.314>of <00:05:52.316>companies <00:05:52.317>especially <00:05:52.319>this 00:05:52.320 --> 00:05:54.710 align:start position:0% <00:05:52.320>in <00:05:52.420>a <00:05:52.520>couple <00:05:52.620>of <00:05:52.719>companies <00:05:52.820>especially <00:05:52.920>this <00:05:53.020>year <00:05:53.120>but <00:05:53.219>it <00:05:53.320>was <00:05:53.420>just <00:05:53.520>not <00:05:53.620>feasible <00:05:53.719>and 00:05:54.710 --> 00:05:54.720 align:start position:0% <00:05:54.710>year <00:05:54.711>but <00:05:54.712>it <00:05:54.713>was <00:05:54.715>just <00:05:54.716>not <00:05:54.717>feasible <00:05:54.719>and 00:05:54.720 --> 00:05:56.950 align:start position:0% <00:05:54.720>year <00:05:54.813>but <00:05:54.906>it <00:05:55.000>was <00:05:55.093>just <00:05:55.186>not <00:05:55.280>feasible <00:05:55.373>and <00:05:55.466>that <00:05:55.560>is <00:05:55.653>something <00:05:55.746>that <00:05:55.840>has <00:05:55.933>to <00:05:56.026>do <00:05:56.120>with 00:05:56.950 --> 00:05:56.960 align:start position:0% <00:05:56.950>that <00:05:56.951>is <00:05:56.952>something <00:05:56.953>that <00:05:56.955>has <00:05:56.956>to <00:05:56.957>do <00:05:56.959>with 00:05:56.960 --> 00:06:00.550 align:start position:0% <00:05:56.960>that <00:05:57.060>is <00:05:57.159>something <00:05:57.260>that <00:05:57.359>has <00:05:57.460>to <00:05:57.560>do <00:05:57.659>with <00:05:57.760>large <00:05:57.859>American <00:05:57.960>VCs <00:05:58.060>coming <00:05:58.159>in <00:05:58.260>and <00:05:58.359>paying 00:06:00.550 --> 00:06:00.560 align:start position:0% <00:06:00.550>large <00:06:00.551>American <00:06:00.553>VCs <00:06:00.554>coming <00:06:00.556>in <00:06:00.557>and <00:06:00.559>paying 00:06:00.560 --> 00:06:04.070 align:start position:0% <00:06:00.560>large <00:06:00.700>American <00:06:00.840>VCs <00:06:00.980>coming <00:06:01.120>in <00:06:01.260>and <00:06:01.400>paying <00:06:01.540>an <00:06:01.680>extreme <00:06:01.820>high <00:06:01.960>valuation. 00:06:04.070 --> 00:06:04.080 align:start position:0% <00:06:04.070>an <00:06:04.073>extreme <00:06:04.075>high <00:06:04.079>valuation. 00:06:04.080 --> 00:06:05.909 align:start position:0% <00:06:04.080>an <00:06:04.430>extreme <00:06:04.780>high <00:06:05.130>valuation. <00:06:05.479>Okay. 00:06:05.909 --> 00:06:05.919 align:start position:0% Okay. 00:06:05.919 --> 00:06:09.350 align:start position:0% <00:06:05.919>Okay. <00:06:06.119>So <00:06:06.318>for <00:06:06.519>us <00:06:06.719>actually <00:06:06.919>there <00:06:07.119>are <00:06:07.318>two 00:06:09.350 --> 00:06:09.360 align:start position:0% <00:06:09.350>So <00:06:09.351>for <00:06:09.353>us <00:06:09.354>actually <00:06:09.356>there <00:06:09.357>are <00:06:09.359>two 00:06:09.360 --> 00:06:11.350 align:start position:0% <00:06:09.360>So <00:06:09.476>for <00:06:09.593>us <00:06:09.710>actually <00:06:09.826>there <00:06:09.943>are <00:06:10.060>two <00:06:10.176>elements <00:06:10.293>or <00:06:10.410>two <00:06:10.526>arguments <00:06:10.643>why <00:06:10.760>we 00:06:11.350 --> 00:06:11.360 align:start position:0% <00:06:11.350>elements <00:06:11.351>or <00:06:11.353>two <00:06:11.355>arguments <00:06:11.357>why <00:06:11.359>we 00:06:11.360 --> 00:06:15.670 align:start position:0% <00:06:11.360>elements <00:06:11.467>or <00:06:11.575>two <00:06:11.683>arguments <00:06:11.790>why <00:06:11.898>we <00:06:12.006>declined. <00:06:12.113>On <00:06:12.221>one <00:06:12.329>hand <00:06:12.436>is <00:06:12.544>a <00:06:12.652>very <00:06:12.760>thin 00:06:15.670 --> 00:06:15.680 align:start position:0% <00:06:15.670>declined. <00:06:15.671>On <00:06:15.672>one <00:06:15.673>hand <00:06:15.675>is <00:06:15.676>a <00:06:15.677>very <00:06:15.679>thin 00:06:15.680 --> 00:06:17.590 align:start position:0% <00:06:15.680>declined. <00:06:15.787>On <00:06:15.895>one <00:06:16.003>hand <00:06:16.110>is <00:06:16.218>a <00:06:16.326>very <00:06:16.433>thin <00:06:16.541>value <00:06:16.649>proposition. <00:06:16.756>So <00:06:16.864>like <00:06:16.972>a <00:06:17.080>thin 00:06:17.590 --> 00:06:17.600 align:start position:0% <00:06:17.590>value <00:06:17.591>proposition. <00:06:17.593>So <00:06:17.595>like <00:06:17.597>a <00:06:17.599>thin 00:06:17.600 --> 00:06:20.150 align:start position:0% <00:06:17.600>value <00:06:17.740>proposition. <00:06:17.880>So <00:06:18.020>like <00:06:18.160>a <00:06:18.300>thin <00:06:18.440>wrapper <00:06:18.580>around <00:06:18.720>that <00:06:18.860>creating <00:06:19.000>an 00:06:20.150 --> 00:06:20.160 align:start position:0% <00:06:20.150>wrapper <00:06:20.152>around <00:06:20.154>that <00:06:20.156>creating <00:06:20.159>an 00:06:20.160 --> 00:06:24.950 align:start position:0% <00:06:20.160>wrapper <00:06:20.276>around <00:06:20.393>that <00:06:20.510>creating <00:06:20.626>an <00:06:20.743>astonishing <00:06:20.860>UI <00:06:20.976>uh <00:06:21.093>and <00:06:21.210>uh <00:06:21.326>but <00:06:21.443>actually <00:06:21.560>is 00:06:24.950 --> 00:06:24.960 align:start position:0% <00:06:24.950>astonishing <00:06:24.951>UI <00:06:24.952>uh <00:06:24.953>and <00:06:24.955>uh <00:06:24.956>but <00:06:24.957>actually <00:06:24.959>is 00:06:24.960 --> 00:06:27.590 align:start position:0% <00:06:24.960>astonishing <00:06:25.053>UI <00:06:25.146>uh <00:06:25.239>and <00:06:25.333>uh <00:06:25.426>but <00:06:25.520>actually <00:06:25.613>is <00:06:25.706>something <00:06:25.799>that <00:06:25.893>can <00:06:25.986>be <00:06:26.080>solved <00:06:26.173>in <00:06:26.266>the <00:06:26.359>next 00:06:27.590 --> 00:06:27.600 align:start position:0% <00:06:27.590>something <00:06:27.591>that <00:06:27.592>can <00:06:27.593>be <00:06:27.595>solved <00:06:27.596>in <00:06:27.597>the <00:06:27.599>next 00:06:27.600 --> 00:06:31.270 align:start position:0% <00:06:27.600>something <00:06:27.707>that <00:06:27.815>can <00:06:27.923>be <00:06:28.030>solved <00:06:28.138>in <00:06:28.246>the <00:06:28.353>next <00:06:28.461>iteration <00:06:28.569>of <00:06:28.676>whoever <00:06:28.784>Claude <00:06:28.892>for <00:06:29.000>instance 00:06:31.270 --> 00:06:31.280 align:start position:0% <00:06:31.270>iteration <00:06:31.271>of <00:06:31.273>whoever <00:06:31.275>Claude <00:06:31.277>for <00:06:31.279>instance 00:06:31.280 --> 00:06:34.309 align:start position:0% <00:06:31.280>iteration <00:06:31.387>of <00:06:31.495>whoever <00:06:31.603>Claude <00:06:31.710>for <00:06:31.818>instance <00:06:31.926>um <00:06:32.033>and <00:06:32.141>this <00:06:32.249>is <00:06:32.356>not <00:06:32.464>sustainable. <00:06:32.572>So <00:06:32.679>this 00:06:34.309 --> 00:06:34.319 align:start position:0% <00:06:34.308>um <00:06:34.310>and <00:06:34.311>this <00:06:34.312>is <00:06:34.314>not <00:06:34.315>sustainable. <00:06:34.316>So <00:06:34.318>this 00:06:34.319 --> 00:06:36.790 align:start position:0% <00:06:34.319>um <00:06:34.401>and <00:06:34.483>this <00:06:34.566>is <00:06:34.648>not <00:06:34.730>sustainable. <00:06:34.813>So 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--> 00:06:56.230 align:start position:0% <00:06:52.080>and <00:06:52.180>uh <00:06:52.280>the <00:06:52.380>second <00:06:52.479>piece <00:06:52.580>is <00:06:52.680>actually <00:06:52.780>losing <00:06:52.880>track <00:06:52.979>of <00:06:53.080>the <00:06:53.180>customer <00:06:53.280>and <00:06:53.380>you <00:06:53.479>are 00:06:56.230 --> 00:06:56.240 align:start position:0% <00:06:56.230>losing <00:06:56.231>track <00:06:56.232>of <00:06:56.233>the <00:06:56.235>customer <00:06:56.236>and <00:06:56.237>you <00:06:56.239>are 00:06:56.240 --> 00:06:59.110 align:start position:0% <00:06:56.240>losing <00:06:56.347>track <00:06:56.455>of <00:06:56.563>the <00:06:56.670>customer <00:06:56.778>and <00:06:56.886>you <00:06:56.993>are <00:06:57.101>amazed <00:06:57.209>when <00:06:57.316>I'm <00:06:57.424>asking <00:06:57.532>the <00:06:57.640>question 00:06:59.110 --> 00:06:59.120 align:start position:0% <00:06:59.110>amazed <00:06:59.111>when <00:06:59.113>I'm <00:06:59.115>asking 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<00:07:13.960>catering <00:07:14.053>to <00:07:14.146>everyone, <00:07:14.240>I <00:07:14.333>want <00:07:14.426>to <00:07:14.520>be 00:07:15.189 --> 00:07:15.199 align:start position:0% <00:07:15.189>catering <00:07:15.190>to <00:07:15.192>everyone, <00:07:15.193>I <00:07:15.195>want <00:07:15.196>to <00:07:15.198>be 00:07:15.199 --> 00:07:17.029 align:start position:0% <00:07:15.199>catering <00:07:15.339>to <00:07:15.479>everyone, <00:07:15.619>I <00:07:15.759>want <00:07:15.899>to <00:07:16.039>be <00:07:16.179>everyone's <00:07:16.319>starling <00:07:16.459>because <00:07:16.599>I'm 00:07:17.029 --> 00:07:17.039 align:start position:0% <00:07:17.029>everyone's <00:07:17.032>starling <00:07:17.034>because <00:07:17.038>I'm 00:07:17.039 --> 00:07:20.150 align:start position:0% <00:07:17.039>everyone's <00:07:17.194>starling <00:07:17.350>because <00:07:17.505>I'm <00:07:17.661>horizontal <00:07:17.816>and <00:07:17.972>across <00:07:18.127>the <00:07:18.283>globe <00:07:18.438>starring 00:07:20.150 --> 00:07:20.160 align:start position:0% <00:07:20.150>horizontal <00:07:20.151>and <00:07:20.153>across <00:07:20.155>the <00:07:20.157>globe <00:07:20.159>starring 00:07:20.160 --> 00:07:22.790 align:start position:0% <00:07:20.160>horizontal <00:07:20.267>and <00:07:20.375>across <00:07:20.483>the <00:07:20.590>globe <00:07:20.698>starring <00:07:20.806>down <00:07:20.913>in <00:07:21.021>in <00:07:21.129>Germany, <00:07:21.236>but <00:07:21.344>then <00:07:21.452>the <00:07:21.560>world 00:07:22.790 --> 00:07:22.800 align:start position:0% <00:07:22.790>down <00:07:22.791>in <00:07:22.792>in <00:07:22.793>Germany, <00:07:22.795>but <00:07:22.796>then <00:07:22.797>the <00:07:22.799>world 00:07:22.800 --> 00:07:26.950 align:start position:0% <00:07:22.800>down <00:07:22.900>in <00:07:23.000>in <00:07:23.100>Germany, <00:07:23.200>but <00:07:23.300>then <00:07:23.400>the <00:07:23.500>world <00:07:23.600>is <00:07:23.700>open. 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<00:07:41.034>say <00:07:41.210>no. <00:07:41.385>>> <00:07:41.559>Okay. 00:07:43.840 --> 00:07:46.710 align:start position:0% <00:07:43.840>I <00:07:45.240>guess 00:07:46.710 --> 00:07:46.720 align:start position:0% <00:07:46.710>I <00:07:46.719>guess 00:07:46.720 --> 00:07:49.430 align:start position:0% <00:07:46.720>I <00:07:46.860>guess <00:07:47.000>we <00:07:47.140>we <00:07:47.280>say <00:07:47.420>no <00:07:47.560>to <00:07:47.700>almost <00:07:47.840>anything <00:07:47.980>where <00:07:48.120>we 00:07:49.430 --> 00:07:49.440 align:start position:0% <00:07:49.430>we <00:07:49.431>we <00:07:49.432>say <00:07:49.433>no <00:07:49.434>to <00:07:49.435>almost <00:07:49.436>anything <00:07:49.437>where <00:07:49.439>we 00:07:49.440 --> 00:07:51.909 align:start position:0% <00:07:49.440>we <00:07:49.527>we <00:07:49.615>say <00:07:49.702>no <00:07:49.790>to <00:07:49.877>almost <00:07:49.965>anything <00:07:50.052>where <00:07:50.140>we <00:07:50.227>feel <00:07:50.315>there 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<00:08:02.391>sometimes <00:08:02.393>you <00:08:02.394>know <00:08:02.395>you <00:08:02.397>might <00:08:02.399>lose 00:08:02.400 --> 00:08:04.950 align:start position:0% <00:08:02.400>Um <00:08:02.507>sometimes <00:08:02.615>you <00:08:02.723>know <00:08:02.830>you <00:08:02.938>might <00:08:03.046>lose <00:08:03.153>let's <00:08:03.261>say <00:08:03.369>[snorts] <00:08:03.476>lovable <00:08:03.584>not <00:08:03.692>sure <00:08:03.799>you 00:08:04.950 --> 00:08:04.960 align:start position:0% <00:08:04.950>let's <00:08:04.951>say <00:08:04.953>[snorts] <00:08:04.954>lovable <00:08:04.955>not <00:08:04.957>sure <00:08:04.959>you 00:08:04.960 --> 00:08:07.189 align:start position:0% <00:08:04.960>let's <00:08:05.060>say <00:08:05.159>[snorts] <00:08:05.260>lovable <00:08:05.359>not <00:08:05.460>sure <00:08:05.560>you <00:08:05.659>know <00:08:05.760>how <00:08:05.859>things <00:08:05.960>are <00:08:06.060>today <00:08:06.159>but <00:08:06.260>let's <00:08:06.359>say 00:08:07.189 --> 00:08:07.199 align:start position:0% <00:08:07.189>know <00:08:07.190>how <00:08:07.191>things <00:08:07.192>are <00:08:07.194>today <00:08:07.195>but <00:08:07.196>let's <00:08:07.198>say 00:08:07.199 --> 00:08:09.430 align:start position:0% <00:08:07.199>know <00:08:07.299>how <00:08:07.399>things <00:08:07.499>are <00:08:07.599>today <00:08:07.699>but <00:08:07.799>let's <00:08:07.899>say <00:08:07.999>you <00:08:08.099>you <00:08:08.199>you <00:08:08.299>know <00:08:08.399>we <00:08:08.499>probably <00:08:08.599>wouldn't 00:08:09.430 --> 00:08:09.440 align:start position:0% <00:08:09.430>you <00:08:09.431>you <00:08:09.433>you <00:08:09.434>know <00:08:09.436>we <00:08:09.437>probably <00:08:09.439>wouldn't 00:08:09.440 --> 00:08:11.270 align:start position:0% <00:08:09.440>you <00:08:09.547>you <00:08:09.655>you <00:08:09.763>know <00:08:09.870>we <00:08:09.978>probably <00:08:10.086>wouldn't <00:08:10.193>have <00:08:10.301>invested <00:08:10.409>in <00:08:10.516>lovable 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<00:08:18.107>put <00:08:18.215>it <00:08:18.323>earlier <00:08:18.430>for <00:08:18.538>trying <00:08:18.646>to <00:08:18.753>find <00:08:18.861>something <00:08:18.969>that <00:08:19.076>we <00:08:19.184>believe <00:08:19.292>is <00:08:19.400>sustainable 00:08:19.749 --> 00:08:19.759 align:start position:0% <00:08:19.749>something <00:08:19.750>that <00:08:19.752>we <00:08:19.754>believe <00:08:19.756>is <00:08:19.758>sustainable 00:08:19.759 --> 00:08:21.189 align:start position:0% <00:08:19.759>something <00:08:19.876>that <00:08:19.993>we <00:08:20.110>believe <00:08:20.227>is <00:08:20.344>sustainable <00:08:20.461>and <00:08:20.578>building <00:08:20.695>actually <00:08:20.812>a <00:08:20.929>business <00:08:21.046>that 00:08:21.189 --> 00:08:21.199 align:start position:0% <00:08:21.189>and <00:08:21.190>building <00:08:21.192>actually <00:08:21.194>a <00:08:21.196>business <00:08:21.198>that 00:08:21.199 --> 00:08:23.749 align:start position:0% <00:08:21.199>and <00:08:21.306>building <00:08:21.414>actually <00:08:21.522>a <00:08:21.629>business <00:08:21.737>that <00:08:21.845>lasts <00:08:21.952>because <00:08:22.060>there's <00:08:22.168>no <00:08:22.275>for <00:08:22.383>us <00:08:22.491>with <00:08:22.599>our 00:08:23.749 --> 00:08:23.759 align:start position:0% <00:08:23.749>lasts <00:08:23.750>because <00:08:23.751>there's <00:08:23.752>no <00:08:23.754>for <00:08:23.755>us <00:08:23.756>with <00:08:23.758>our 00:08:23.759 --> 00:08:25.909 align:start position:0% <00:08:23.759>lasts <00:08:23.866>because <00:08:23.974>there's <00:08:24.082>no <00:08:24.189>for <00:08:24.297>us <00:08:24.405>with <00:08:24.512>our <00:08:24.620>investment <00:08:24.728>strategy <00:08:24.835>and <00:08:24.943>that's <00:08:25.051>you <00:08:25.159>know 00:08:25.909 --> 00:08:25.919 align:start position:0% <00:08:25.909>investment <00:08:25.910>strategy <00:08:25.912>and <00:08:25.914>that's <00:08:25.916>you <00:08:25.918>know 00:08:25.919 --> 00:08:28.070 align:start position:0% <00:08:25.919>investment <00:08:26.046>strategy <00:08:26.173>and <00:08:26.300>that's <00:08:26.428>you <00:08:26.555>know <00:08:26.682>similar <00:08:26.809>to <00:08:26.937>my <00:08:27.064>colleagues <00:08:27.191>there's <00:08:27.318>no 00:08:28.070 --> 00:08:28.080 align:start position:0% <00:08:28.070>similar <00:08:28.071>to <00:08:28.073>my <00:08:28.075>colleagues <00:08:28.077>there's <00:08:28.079>no 00:08:28.080 --> 00:08:30.550 align:start position:0% <00:08:28.080>similar <00:08:28.196>to <00:08:28.313>my <00:08:28.430>colleagues <00:08:28.546>there's <00:08:28.663>no <00:08:28.780>value <00:08:28.896>in <00:08:29.013>finding <00:08:29.130>something <00:08:29.246>that <00:08:29.363>can <00:08:29.479>be 00:08:30.550 --> 00:08:30.560 align:start position:0% <00:08:30.550>value <00:08:30.551>in <00:08:30.553>finding <00:08:30.554>something <00:08:30.556>that <00:08:30.557>can <00:08:30.559>be 00:08:30.560 --> 00:08:32.630 align:start position:0% <00:08:30.560>value <00:08:30.660>in <00:08:30.760>finding <00:08:30.860>something <00:08:30.960>that <00:08:31.060>can <00:08:31.160>be <00:08:31.260>hyped <00:08:31.360>for <00:08:31.460>2 <00:08:31.560>years <00:08:31.660>but <00:08:31.760>doesn't <00:08:31.860>last <00:08:31.960>you 00:08:32.630 --> 00:08:32.640 align:start position:0% <00:08:32.630>hyped <00:08:32.631>for <00:08:32.632>2 <00:08:32.633>years <00:08:32.635>but <00:08:32.636>doesn't <00:08:32.637>last <00:08:32.639>you 00:08:32.640 --> 00:08:34.709 align:start position:0% <00:08:32.640>hyped <00:08:32.722>for <00:08:32.804>2 <00:08:32.887>years <00:08:32.969>but <00:08:33.051>doesn't <00:08:33.134>last <00:08:33.216>you <00:08:33.298>know <00:08:33.381>for <00:08:33.463>6 <00:08:33.545>7 <00:08:33.628>8 <00:08:33.710>years <00:08:33.792>to <00:08:33.875>become <00:08:33.957>a <00:08:34.039>large 00:08:34.709 --> 00:08:34.719 align:start position:0% <00:08:34.709>know <00:08:34.710>for <00:08:34.711>6 <00:08:34.712>7 <00:08:34.713>8 <00:08:34.714>years <00:08:34.715>to <00:08:34.716>become <00:08:34.717>a <00:08:34.718>large 00:08:34.719 --> 00:08:37.269 align:start position:0% <00:08:34.719>know <00:08:34.806>for <00:08:34.894>6 <00:08:34.981>7 <00:08:35.069>8 <00:08:35.156>years <00:08:35.244>to <00:08:35.331>become <00:08:35.419>a <00:08:35.506>large <00:08:35.594>company <00:08:35.681>that <00:08:35.769>then <00:08:35.856>NSAP <00:08:35.944>or <00:08:36.031>somebody <00:08:36.119>else 00:08:37.269 --> 00:08:37.279 align:start position:0% <00:08:37.269>company <00:08:37.270>that <00:08:37.272>then <00:08:37.273>NSAP <00:08:37.275>or <00:08:37.276>somebody <00:08:37.278>else 00:08:37.279 --> 00:08:39.509 align:start position:0% <00:08:37.279>company <00:08:37.395>that <00:08:37.512>then <00:08:37.629>NSAP <00:08:37.745>or <00:08:37.862>somebody <00:08:37.979>else <00:08:38.095>is <00:08:38.212>really <00:08:38.328>interested <00:08:38.445>in <00:08:38.562>you <00:08:38.679>know 00:08:39.509 --> 00:08:39.519 align:start position:0% <00:08:39.509>is <00:08:39.510>really <00:08:39.512>interested <00:08:39.514>in <00:08:39.516>you <00:08:39.518>know 00:08:39.519 --> 00:08:41.909 align:start position:0% <00:08:39.519>is <00:08:39.693>really <00:08:39.869>interested <00:08:40.044>in <00:08:40.219>you <00:08:40.394>know <00:08:40.568>possessing <00:08:40.744>and <00:08:40.919>acquiring. 00:08:41.909 --> 00:08:41.919 align:start position:0% <00:08:41.909>possessing <00:08:41.913>and <00:08:41.918>acquiring. 00:08:41.919 --> 00:08:43.750 align:start position:0% <00:08:41.919>possessing <00:08:42.035>and <00:08:42.152>acquiring. <00:08:42.269>>> <00:08:42.385>Okay. <00:08:42.502>So <00:08:42.619>let's <00:08:42.735>dive <00:08:42.852>in <00:08:42.968>a <00:08:43.085>little <00:08:43.202>bit <00:08:43.318>more 00:08:43.750 --> 00:08:43.760 align:start position:0% <00:08:43.750>>> <00:08:43.751>Okay. <00:08:43.751>So <00:08:43.753>let's <00:08:43.754>dive <00:08:43.755>in <00:08:43.756>a <00:08:43.756>little <00:08:43.758>bit <00:08:43.759>more 00:08:43.760 --> 00:08:46.470 align:start position:0% <00:08:43.760>>> <00:08:43.867>Okay. <00:08:43.975>So <00:08:44.083>let's <00:08:44.190>dive <00:08:44.298>in <00:08:44.406>a <00:08:44.513>little <00:08:44.621>bit <00:08:44.729>more <00:08:44.836>around <00:08:44.944>defensibility <00:08:45.052>and <00:08:45.160>sustainability. 00:08:46.470 --> 00:08:46.480 align:start position:0% <00:08:46.470>around <00:08:46.473>defensibility <00:08:46.476>and <00:08:46.479>sustainability. 00:08:46.480 --> 00:08:49.190 align:start position:0% <00:08:46.480>around <00:08:46.607>defensibility <00:08:46.734>and <00:08:46.861>sustainability. <00:08:46.989>So <00:08:47.116>uh <00:08:47.243>let's <00:08:47.370>start <00:08:47.498>with <00:08:47.625>maybe <00:08:47.752>deep <00:08:47.880>tech 00:08:49.190 --> 00:08:49.200 align:start position:0% <00:08:49.190>So <00:08:49.191>uh <00:08:49.192>let's <00:08:49.193>start <00:08:49.195>with <00:08:49.196>maybe <00:08:49.197>deep <00:08:49.199>tech 00:08:49.200 --> 00:08:51.110 align:start position:0% <00:08:49.200>So <00:08:49.300>uh <00:08:49.400>let's <00:08:49.500>start <00:08:49.600>with <00:08:49.700>maybe <00:08:49.800>deep <00:08:49.900>tech <00:08:50.000>um <00:08:50.100>and <00:08:50.200>start <00:08:50.300>looking <00:08:50.400>at <00:08:50.500>different <00:08:50.600>areas 00:08:51.110 --> 00:08:51.120 align:start position:0% <00:08:51.110>um <00:08:51.111>and <00:08:51.113>start <00:08:51.114>looking <00:08:51.116>at <00:08:51.117>different <00:08:51.119>areas 00:08:51.120 --> 00:08:52.470 align:start position:0% <00:08:51.120>um <00:08:51.221>and <00:08:51.322>start <00:08:51.423>looking <00:08:51.525>at <00:08:51.626>different <00:08:51.727>areas <00:08:51.828>like <00:08:51.930>you <00:08:52.031>know <00:08:52.132>from <00:08:52.233>anywhere <00:08:52.335>from 00:08:52.470 --> 00:08:52.480 align:start position:0% 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00:08:57.910 --> 00:08:57.920 align:start position:0% <00:08:57.910>the <00:08:57.911>robotics. <00:08:57.912>So <00:08:57.913>tell <00:08:57.915>me <00:08:57.916>a <00:08:57.917>little <00:08:57.919>bit 00:08:57.920 --> 00:08:59.269 align:start position:0% <00:08:57.920>the <00:08:58.013>robotics. <00:08:58.106>So <00:08:58.200>tell <00:08:58.293>me <00:08:58.386>a <00:08:58.480>little <00:08:58.573>bit <00:08:58.667>more <00:08:58.760>about <00:08:58.853>what <00:08:58.947>you <00:08:59.040>see <00:08:59.134>as 00:08:59.269 --> 00:08:59.279 align:start position:0% <00:08:59.269>more <00:08:59.270>about <00:08:59.272>what <00:08:59.274>you <00:08:59.276>see <00:08:59.278>as 00:08:59.279 --> 00:09:02.630 align:start position:0% <00:08:59.279>more <00:08:59.386>about <00:08:59.494>what <00:08:59.602>you <00:08:59.709>see <00:08:59.817>as <00:08:59.925>sustainability, <00:09:00.032>what <00:09:00.140>you <00:09:00.248>see <00:09:00.355>as <00:09:00.463>a <00:09:00.571>a <00:09:00.679>moat 00:09:02.630 --> 00:09:02.640 align:start position:0% <00:09:02.630>sustainability, <00:09:02.631>what <00:09:02.632>you <00:09:02.633>see <00:09:02.635>as <00:09:02.636>a <00:09:02.637>a <00:09:02.639>moat 00:09:02.640 --> 00:09:04.630 align:start position:0% <00:09:02.640>sustainability, <00:09:02.747>what <00:09:02.855>you <00:09:02.963>see <00:09:03.070>as <00:09:03.178>a <00:09:03.286>a <00:09:03.393>moat <00:09:03.501>um <00:09:03.609>generally <00:09:03.716>and <00:09:03.824>more <00:09:03.932>specifically <00:09:04.040>if 00:09:04.630 --> 00:09:04.640 align:start position:0% <00:09:04.630>um <00:09:04.631>generally <00:09:04.633>and <00:09:04.635>more <00:09:04.637>specifically <00:09:04.639>if 00:09:04.640 --> 00:09:05.910 align:start position:0% <00:09:04.640>um <00:09:04.754>generally <00:09:04.868>and <00:09:04.982>more <00:09:05.097>specifically <00:09:05.211>if <00:09:05.325>there's <00:09:05.440>any <00:09:05.554>particular <00:09:05.668>markets 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00:09:11.200 --> 00:09:14.070 align:start position:0% <00:09:11.200>So <00:09:11.307>for <00:09:11.415>us <00:09:11.523>actually <00:09:11.630>that's <00:09:11.738>the <00:09:11.846>key <00:09:11.953>and <00:09:12.061>the <00:09:12.169>key <00:09:12.276>is <00:09:12.384>about <00:09:12.492>understanding <00:09:12.600>the 00:09:14.070 --> 00:09:14.080 align:start position:0% <00:09:14.070>the <00:09:14.071>key <00:09:14.073>is <00:09:14.075>about <00:09:14.077>understanding <00:09:14.079>the 00:09:14.080 --> 00:09:16.070 align:start position:0% <00:09:14.080>the <00:09:14.313>key <00:09:14.546>is <00:09:14.780>about <00:09:15.013>understanding <00:09:15.246>the <00:09:15.480>customer 00:09:16.070 --> 00:09:16.080 align:start position:0% customer 00:09:16.080 --> 00:09:20.389 align:start position:0% <00:09:16.080>customer <00:09:16.255>and <00:09:16.430>also <00:09:16.605>to <00:09:16.780>cater <00:09:16.955>to <00:09:17.130>the <00:09:17.305>customer <00:09:17.480>needs 00:09:20.389 --> 00:09:20.399 align:start position:0% <00:09:20.389>and <00:09:20.390>also <00:09:20.391>to <00:09:20.392>cater <00:09:20.394>to <00:09:20.395>the <00:09:20.396>customer <00:09:20.398>needs 00:09:20.399 --> 00:09:22.790 align:start position:0% <00:09:20.399>and <00:09:20.492>also <00:09:20.585>to <00:09:20.679>cater <00:09:20.772>to <00:09:20.865>the <00:09:20.959>customer <00:09:21.052>needs <00:09:21.145>and <00:09:21.239>there <00:09:21.332>was <00:09:21.425>always <00:09:21.519>one <00:09:21.612>argument <00:09:21.705>in <00:09:21.799>the 00:09:22.790 --> 00:09:22.800 align:start position:0% <00:09:22.790>and <00:09:22.791>there <00:09:22.792>was <00:09:22.793>always <00:09:22.795>one <00:09:22.796>argument <00:09:22.797>in <00:09:22.799>the 00:09:22.800 --> 00:09:25.910 align:start position:0% <00:09:22.800>and <00:09:22.900>there <00:09:23.000>was <00:09:23.099>always <00:09:23.199>one <00:09:23.300>argument <00:09:23.400>in <00:09:23.500>the <00:09:23.599>past <00:09:23.699>I 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<00:11:07.920>you <00:11:08.007>time <00:11:08.094>to <00:11:08.182>serve <00:11:08.270>your <00:11:08.357>customer <00:11:08.444>best <00:11:08.532>and <00:11:08.620>this <00:11:08.707>is <00:11:08.795>for <00:11:08.882>us <00:11:08.969>the <00:11:09.057>mode <00:11:09.145>rather <00:11:09.232>than <00:11:09.319>DTE 00:11:10.870 --> 00:11:10.880 align:start position:0% <00:11:10.870>this <00:11:10.871>is <00:11:10.872>for <00:11:10.873>us <00:11:10.874>the <00:11:10.875>mode <00:11:10.876>rather <00:11:10.877>than <00:11:10.879>DTE 00:11:10.880 --> 00:11:12.389 align:start position:0% <00:11:10.880>this <00:11:10.964>is <00:11:11.049>for <00:11:11.134>us <00:11:11.219>the <00:11:11.304>mode <00:11:11.389>rather <00:11:11.474>than <00:11:11.559>DTE <00:11:11.643>but <00:11:11.728>there <00:11:11.813>are <00:11:11.898>others <00:11:11.983>around <00:11:12.068>here <00:11:12.153>in <00:11:12.238>the 00:11:12.389 --> 00:11:12.399 align:start position:0% <00:11:12.389>but 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00:11:34.800 --> 00:11:37.269 align:start position:0% <00:11:34.800>again <00:11:34.927>about <00:11:35.054>understanding <00:11:35.181>customers <00:11:35.309>and <00:11:35.436>gaining <00:11:35.563>their <00:11:35.690>trust <00:11:35.818>to <00:11:35.945>handle <00:11:36.072>you <00:11:36.199>know 00:11:37.269 --> 00:11:37.279 align:start position:0% <00:11:37.269>gaining <00:11:37.270>their <00:11:37.272>trust <00:11:37.273>to <00:11:37.275>handle <00:11:37.276>you <00:11:37.278>know 00:11:37.279 --> 00:11:39.030 align:start position:0% <00:11:37.279>gaining <00:11:37.386>their <00:11:37.494>trust <00:11:37.602>to <00:11:37.709>handle <00:11:37.817>you <00:11:37.925>know <00:11:38.032>you <00:11:38.140>to <00:11:38.248>become <00:11:38.355>part <00:11:38.463>of <00:11:38.571>their <00:11:38.679>critical 00:11:39.030 --> 00:11:39.040 align:start position:0% <00:11:39.030>you <00:11:39.031>to <00:11:39.033>become <00:11:39.034>part <00:11:39.036>of <00:11:39.037>their 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00:11:50.069 --> 00:11:50.079 align:start position:0% <00:11:50.069>and <00:11:50.070>and <00:11:50.071>into <00:11:50.072>physical <00:11:50.073>AI <00:11:50.074>if <00:11:50.075>you <00:11:50.076>want <00:11:50.078>to 00:11:50.079 --> 00:11:52.310 align:start position:0% <00:11:50.079>and <00:11:50.161>and <00:11:50.243>into <00:11:50.326>physical <00:11:50.408>AI <00:11:50.490>if <00:11:50.573>you <00:11:50.655>want <00:11:50.737>to <00:11:50.820>put <00:11:50.902>it <00:11:50.984>this <00:11:51.067>way <00:11:51.149>and <00:11:51.231>it's <00:11:51.314>based <00:11:51.396>on <00:11:51.478>the 00:11:52.310 --> 00:11:52.320 align:start position:0% <00:11:52.310>put <00:11:52.311>it <00:11:52.312>this <00:11:52.313>way <00:11:52.314>and <00:11:52.315>it's <00:11:52.316>based <00:11:52.317>on <00:11:52.319>the 00:11:52.320 --> 00:11:54.230 align:start position:0% <00:11:52.320>put <00:11:52.420>it <00:11:52.520>this <00:11:52.620>way <00:11:52.720>and <00:11:52.820>it's <00:11:52.920>based <00:11:53.020>on <00:11:53.120>the <00:11:53.220>same <00:11:53.320>customer <00:11:53.420>understanding <00:11:53.520>and <00:11:53.620>then <00:11:53.720>the 00:11:54.230 --> 00:11:54.240 align:start position:0% <00:11:54.230>same <00:11:54.231>customer <00:11:54.233>understanding <00:11:54.235>and <00:11:54.237>then <00:11:54.239>the 00:11:54.240 --> 00:11:58.230 align:start position:0% <00:11:54.240>same <00:11:54.356>customer <00:11:54.473>understanding <00:11:54.590>and <00:11:54.706>then <00:11:54.823>the <00:11:54.940>same <00:11:55.056>ability <00:11:55.173>of <00:11:55.290>founders <00:11:55.406>to <00:11:55.523>earn <00:11:55.640>you 00:11:58.230 --> 00:11:58.240 align:start position:0% <00:11:58.230>same <00:11:58.231>ability <00:11:58.233>of <00:11:58.234>founders <00:11:58.236>to <00:11:58.237>earn <00:11:58.239>you 00:11:58.240 --> 00:12:01.670 align:start position:0% <00:11:58.240>same <00:11:58.380>ability <00:11:58.520>of <00:11:58.660>founders <00:11:58.800>to <00:11:58.940>earn <00:11:59.080>you <00:11:59.220>know <00:11:59.360>potential <00:11:59.500>customers <00:11:59.640>trust. 00:12:01.670 --> 00:12:01.680 align:start position:0% <00:12:01.670>know <00:12:01.673>potential <00:12:01.675>customers <00:12:01.679>trust. 00:12:01.680 --> 00:12:04.710 align:start position:0% <00:12:01.680>know <00:12:01.796>potential <00:12:01.913>customers <00:12:02.030>trust. <00:12:02.146>>> <00:12:02.263>Um <00:12:02.380>I <00:12:02.496>have <00:12:02.613>two <00:12:02.729>examples <00:12:02.846>that <00:12:02.963>play <00:12:03.079>play 00:12:04.710 --> 00:12:04.720 align:start position:0% <00:12:04.710>>> <00:12:04.711>Um <00:12:04.712>I <00:12:04.713>have <00:12:04.714>two <00:12:04.715>examples <00:12:04.716>that <00:12:04.717>play <00:12:04.719>play 00:12:04.720 --> 00:12:07.030 align:start position:0% <00:12:04.720>>> <00:12:04.813>Um <00:12:04.906>I <00:12:05.000>have <00:12:05.093>two <00:12:05.186>examples <00:12:05.280>that <00:12:05.373>play <00:12:05.466>play <00:12:05.560>along <00:12:05.653>quite <00:12:05.746>well. <00:12:05.840>We <00:12:05.933>have <00:12:06.026>one <00:12:06.120>portfolio 00:12:07.030 --> 00:12:07.040 align:start position:0% <00:12:07.030>along <00:12:07.031>quite <00:12:07.033>well. <00:12:07.034>We <00:12:07.036>have <00:12:07.037>one <00:12:07.039>portfolio 00:12:07.040 --> 00:12:09.829 align:start position:0% <00:12:07.040>along <00:12:07.156>quite <00:12:07.273>well. <00:12:07.390>We <00:12:07.506>have <00:12:07.623>one <00:12:07.740>portfolio <00:12:07.856>company <00:12:07.973>called <00:12:08.089>Noira <00:12:08.206>Robotics. <00:12:08.323>They <00:12:08.439>do 00:12:09.829 --> 00:12:09.839 align:start position:0% <00:12:09.829>company <00:12:09.830>called <00:12:09.832>Noira <00:12:09.834>Robotics. <00:12:09.836>They <00:12:09.838>do 00:12:09.839 --> 00:12:11.910 align:start position:0% <00:12:09.839>company <00:12:09.966>called <00:12:10.093>Noira <00:12:10.220>Robotics. <00:12:10.348>They <00:12:10.475>do <00:12:10.602>um <00:12:10.729>humanoids <00:12:10.857>in <00:12:10.984>Germany. <00:12:11.111>Quite <00:12:11.239>quite 00:12:11.910 --> 00:12:11.920 align:start position:0% <00:12:11.910>um <00:12:11.911>humanoids <00:12:11.913>in <00:12:11.915>Germany. <00:12:11.917>Quite <00:12:11.919>quite 00:12:11.920 --> 00:12:14.389 align:start position:0% <00:12:11.920>um <00:12:12.027>humanoids <00:12:12.135>in <00:12:12.243>Germany. <00:12:12.350>Quite <00:12:12.458>quite <00:12:12.566>large <00:12:12.673>company <00:12:12.781>by <00:12:12.889>now. <00:12:12.996>What <00:12:13.104>they <00:12:13.212>do <00:12:13.319>and 00:12:14.389 --> 00:12:14.399 align:start position:0% <00:12:14.389>large <00:12:14.390>company <00:12:14.391>by <00:12:14.392>now. <00:12:14.394>What <00:12:14.395>they <00:12:14.396>do <00:12:14.398>and 00:12:14.399 --> 00:12:16.230 align:start position:0% <00:12:14.399>large <00:12:14.499>company <00:12:14.599>by <00:12:14.699>now. <00:12:14.799>What <00:12:14.899>they <00:12:14.999>do <00:12:15.099>and <00:12:15.199>what <00:12:15.299>is <00:12:15.399>one <00:12:15.499>of <00:12:15.599>their <00:12:15.699>biggest <00:12:15.799>advantages 00:12:16.230 --> 00:12:16.240 align:start position:0% <00:12:16.230>what <00:12:16.231>is <00:12:16.233>one <00:12:16.234>of <00:12:16.236>their <00:12:16.237>biggest <00:12:16.239>advantages 00:12:16.240 --> 00:12:18.710 align:start position:0% <00:12:16.240>what <00:12:16.333>is <00:12:16.426>one <00:12:16.520>of <00:12:16.613>their <00:12:16.706>biggest <00:12:16.800>advantages <00:12:16.893>is <00:12:16.986>that <00:12:17.080>they <00:12:17.173>have <00:12:17.266>the <00:12:17.360>robots <00:12:17.453>out <00:12:17.546>in <00:12:17.640>the 00:12:18.710 --> 00:12:18.720 align:start position:0% <00:12:18.710>is <00:12:18.711>that <00:12:18.712>they <00:12:18.713>have <00:12:18.714>the <00:12:18.715>robots <00:12:18.716>out <00:12:18.717>in <00:12:18.719>the 00:12:18.720 --> 00:12:20.310 align:start position:0% <00:12:18.720>is <00:12:18.813>that <00:12:18.906>they <00:12:19.000>have <00:12:19.093>the <00:12:19.186>robots <00:12:19.280>out <00:12:19.373>in <00:12:19.466>the <00:12:19.560>field <00:12:19.653>in <00:12:19.746>care <00:12:19.840>homes <00:12:19.933>and <00:12:20.026>they <00:12:20.120>collect 00:12:20.310 --> 00:12:20.320 align:start position:0% <00:12:20.310>field <00:12:20.311>in <00:12:20.313>care <00:12:20.314>homes <00:12:20.316>and <00:12:20.317>they <00:12:20.319>collect 00:12:20.320 --> 00:12:22.310 align:start position:0% <00:12:20.320>field <00:12:20.436>in <00:12:20.553>care <00:12:20.670>homes <00:12:20.786>and <00:12:20.903>they <00:12:21.020>collect <00:12:21.136>real <00:12:21.253>world <00:12:21.370>data <00:12:21.486>and <00:12:21.603>applications <00:12:21.720>and 00:12:22.310 --> 00:12:22.320 align:start position:0% <00:12:22.310>real <00:12:22.311>world <00:12:22.313>data <00:12:22.315>and <00:12:22.317>applications <00:12:22.319>and 00:12:22.320 --> 00:12:24.870 align:start position:0% <00:12:22.320>real <00:12:22.427>world <00:12:22.535>data <00:12:22.643>and <00:12:22.750>applications <00:12:22.858>and <00:12:22.966>they <00:12:23.073>learn <00:12:23.181>while <00:12:23.289>doing <00:12:23.396>that. <00:12:23.504>And <00:12:23.612>this <00:12:23.720>is 00:12:24.870 --> 00:12:24.880 align:start position:0% <00:12:24.870>they <00:12:24.871>learn <00:12:24.872>while <00:12:24.873>doing <00:12:24.875>that. <00:12:24.876>And <00:12:24.877>this <00:12:24.879>is 00:12:24.880 --> 00:12:26.310 align:start position:0% <00:12:24.880>they <00:12:24.979>learn <00:12:25.078>while <00:12:25.177>doing <00:12:25.276>that. <00:12:25.375>And <00:12:25.473>this <00:12:25.573>is <00:12:25.671>something <00:12:25.771>that <00:12:25.870>you <00:12:25.968>just <00:12:26.068>can't <00:12:26.166>replicate 00:12:26.310 --> 00:12:26.320 align:start position:0% <00:12:26.310>something <00:12:26.311>that <00:12:26.313>you <00:12:26.315>just <00:12:26.317>can't <00:12:26.319>replicate 00:12:26.320 --> 00:12:28.710 align:start position:0% <00:12:26.320>something <00:12:26.436>that <00:12:26.553>you <00:12:26.670>just <00:12:26.786>can't <00:12:26.903>replicate <00:12:27.020>with <00:12:27.136>training <00:12:27.253>data. <00:12:27.370>this <00:12:27.486>is <00:12:27.603>how <00:12:27.720>you 00:12:28.710 --> 00:12:28.720 align:start position:0% <00:12:28.710>with <00:12:28.711>training <00:12:28.713>data. <00:12:28.714>this <00:12:28.716>is <00:12:28.717>how <00:12:28.719>you 00:12:28.720 --> 00:12:30.389 align:start position:0% <00:12:28.720>with <00:12:28.827>training <00:12:28.935>data. <00:12:29.043>this <00:12:29.150>is <00:12:29.258>how <00:12:29.366>you <00:12:29.473>improve <00:12:29.581>and <00:12:29.689>this <00:12:29.796>is <00:12:29.904>how <00:12:30.012>you <00:12:30.120>create 00:12:30.389 --> 00:12:30.399 align:start position:0% <00:12:30.389>improve <00:12:30.390>and <00:12:30.392>this 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00:12:39.670 --> 00:12:39.680 align:start position:0% <00:12:39.670>robots <00:12:39.671>are <00:12:39.673>much <00:12:39.674>cheaper <00:12:39.675>and <00:12:39.677>already <00:12:39.679>out 00:12:39.680 --> 00:12:42.629 align:start position:0% <00:12:39.680>robots <00:12:39.773>are <00:12:39.866>much <00:12:39.959>cheaper <00:12:40.053>and <00:12:40.146>already <00:12:40.239>out <00:12:40.333>to <00:12:40.426>be <00:12:40.520>delivered. <00:12:40.613>So <00:12:40.706>this <00:12:40.800>to <00:12:40.893>to <00:12:40.986>invest <00:12:41.079>in 00:12:42.629 --> 00:12:42.639 align:start position:0% <00:12:42.629>to <00:12:42.630>be <00:12:42.631>delivered. <00:12:42.632>So <00:12:42.633>this <00:12:42.634>to <00:12:42.635>to <00:12:42.636>invest <00:12:42.638>in 00:12:42.639 --> 00:12:44.150 align:start position:0% <00:12:42.639>to <00:12:42.736>be <00:12:42.833>delivered. <00:12:42.930>So <00:12:43.027>this <00:12:43.124>to <00:12:43.221>to <00:12:43.318>invest <00:12:43.416>in <00:12:43.513>really <00:12:43.610>getting <00:12:43.707>the <00:12:43.804>problem <00:12:43.901>right <00:12:43.998>and 00:12:44.150 --> 00:12:44.160 align:start position:0% <00:12:44.150>really <00:12:44.151>getting <00:12:44.153>the <00:12:44.155>problem <00:12:44.157>right <00:12:44.159>and 00:12:44.160 --> 00:12:45.910 align:start position:0% <00:12:44.160>really <00:12:44.276>getting <00:12:44.393>the <00:12:44.510>problem <00:12:44.626>right <00:12:44.743>and <00:12:44.860>working <00:12:44.976>with <00:12:45.093>real <00:12:45.209>life <00:12:45.326>data <00:12:45.443>is <00:12:45.560>one 00:12:45.910 --> 00:12:45.920 align:start position:0% <00:12:45.910>working <00:12:45.911>with <00:12:45.913>real <00:12:45.914>life <00:12:45.915>data <00:12:45.917>is <00:12:45.919>one 00:12:45.920 --> 00:12:52.150 align:start position:0% <00:12:45.920>working <00:12:46.013>with <00:12:46.106>real <00:12:46.199>life <00:12:46.293>data <00:12:46.386>is <00:12:46.479>one <00:12:46.573>thing. <00:12:46.666>Um <00:12:46.760>and <00:12:46.853>the <00:12:46.946>the <00:12:47.040>second <00:12:47.133>thing <00:12:47.226>is <00:12:47.319>to 00:12:52.150 --> 00:12:52.160 align:start position:0% <00:12:52.150>thing. <00:12:52.151>Um <00:12:52.152>and <00:12:52.153>the <00:12:52.154>the <00:12:52.155>second <00:12:52.156>thing <00:12:52.157>is <00:12:52.159>to 00:12:52.160 --> 00:12:54.310 align:start position:0% <00:12:52.160>thing. <00:12:52.247>Um <00:12:52.334>and <00:12:52.422>the <00:12:52.510>the <00:12:52.597>second <00:12:52.685>thing <00:12:52.772>is <00:12:52.860>to <00:12:52.947>I <00:12:53.035>I've <00:12:53.122>I <00:12:53.209>come <00:12:53.297>from <00:12:53.385>the <00:12:53.472>operator <00:12:53.560>side. 00:12:54.310 --> 00:12:54.320 align:start position:0% <00:12:54.310>I <00:12:54.311>I've <00:12:54.312>I <00:12:54.313>come <00:12:54.315>from <00:12:54.316>the <00:12:54.317>operator <00:12:54.319>side. 00:12:54.320 --> 00:12:56.949 align:start position:0% <00:12:54.320>I <00:12:54.420>I've <00:12:54.520>I <00:12:54.620>come <00:12:54.720>from <00:12:54.820>the <00:12:54.920>operator <00:12:55.020>side. <00:12:55.120>I've <00:12:55.220>worked <00:12:55.320>multiple <00:12:55.420>years <00:12:55.520>in <00:12:55.620>the <00:12:55.720>telco 00:12:56.949 --> 00:12:56.959 align:start position:0% <00:12:56.949>I've <00:12:56.950>worked <00:12:56.952>multiple <00:12:56.953>years <00:12:56.955>in <00:12:56.956>the <00:12:56.958>telco 00:12:56.959 --> 00:12:59.590 align:start position:0% <00:12:56.959>I've <00:12:57.066>worked <00:12:57.174>multiple <00:12:57.282>years <00:12:57.389>in <00:12:57.497>the <00:12:57.605>telco <00:12:57.712>industry. <00:12:57.820>We <00:12:57.928>would <00:12:58.035>never <00:12:58.143>rip <00:12:58.251>out <00:12:58.359>a 00:12:59.590 --> 00:12:59.600 align:start position:0% <00:12:59.590>industry. <00:12:59.591>We <00:12:59.593>would <00:12:59.594>never <00:12:59.596>rip <00:12:59.597>out <00:12:59.599>a 00:12:59.600 --> 00:13:02.310 align:start position:0% <00:12:59.600>industry. <00:12:59.716>We <00:12:59.833>would <00:12:59.950>never <00:13:00.066>rip <00:13:00.183>out <00:13:00.300>a <00:13:00.416>system <00:13:00.533>that <00:13:00.650>we <00:13:00.766>have <00:13:00.883>implemented. <00:13:01.000>That's 00:13:02.310 --> 00:13:02.320 align:start position:0% <00:13:02.310>system <00:13:02.311>that <00:13:02.313>we <00:13:02.315>have <00:13:02.317>implemented. <00:13:02.319>That's 00:13:02.320 --> 00:13:04.069 align:start position:0% <00:13:02.320>system <00:13:02.460>that <00:13:02.600>we <00:13:02.740>have <00:13:02.880>implemented. <00:13:03.020>That's <00:13:03.160>like <00:13:03.300>open <00:13:03.440>heart <00:13:03.580>surgery <00:13:03.720>without 00:13:04.069 --> 00:13:04.079 align:start position:0% <00:13:04.069>like <00:13:04.071>open <00:13:04.073>heart <00:13:04.075>surgery <00:13:04.078>without 00:13:04.079 --> 00:13:06.629 align:start position:0% <00:13:04.079>like <00:13:04.195>open <00:13:04.312>heart <00:13:04.429>surgery <00:13:04.545>without <00:13:04.662>anesthesia. <00:13:04.779>We <00:13:04.895>try <00:13:05.012>to <00:13:05.128>hold <00:13:05.245>on <00:13:05.362>to <00:13:05.478>things 00:13:06.629 --> 00:13:06.639 align:start position:0% <00:13:06.629>anesthesia. <00:13:06.630>We <00:13:06.631>try <00:13:06.632>to <00:13:06.634>hold <00:13:06.635>on <00:13:06.636>to <00:13:06.638>things 00:13:06.639 --> 00:13:08.949 align:start position:0% <00:13:06.639>anesthesia. <00:13:06.726>We <00:13:06.814>try <00:13:06.901>to <00:13:06.989>hold <00:13:07.076>on <00:13:07.164>to <00:13:07.251>things <00:13:07.339>as <00:13:07.426>much <00:13:07.514>as <00:13:07.601>possible. <00:13:07.689>So <00:13:07.776>if <00:13:07.864>you <00:13:07.951>manage <00:13:08.039>to 00:13:08.949 --> 00:13:08.959 align:start position:0% <00:13:08.949>as <00:13:08.950>much <00:13:08.951>as <00:13:08.952>possible. <00:13:08.953>So <00:13:08.954>if <00:13:08.955>you <00:13:08.956>manage <00:13:08.958>to 00:13:08.959 --> 00:13:10.470 align:start position:0% <00:13:08.959>as <00:13:09.049>much <00:13:09.140>as <00:13:09.230>possible. <00:13:09.321>So <00:13:09.412>if <00:13:09.502>you <00:13:09.593>manage <00:13:09.684>to <00:13:09.774>get <00:13:09.865>those <00:13:09.956>clients <00:13:10.046>and <00:13:10.137>that's <00:13:10.228>what <00:13:10.318>you 00:13:10.470 --> 00:13:10.480 align:start position:0% <00:13:10.470>get <00:13:10.471>those <00:13:10.473>clients <00:13:10.474>and <00:13:10.476>that's <00:13:10.477>what <00:13:10.479>you 00:13:10.480 --> 00:13:12.870 align:start position:0% <00:13:10.480>get <00:13:10.596>those <00:13:10.713>clients <00:13:10.830>and <00:13:10.946>that's <00:13:11.063>what <00:13:11.180>you <00:13:11.296>basically <00:13:11.413>said, <00:13:11.530>they <00:13:11.646>they <00:13:11.763>rather <00:13:11.880>stick 00:13:12.870 --> 00:13:12.880 align:start position:0% <00:13:12.870>basically <00:13:12.871>said, <00:13:12.873>they <00:13:12.875>they <00:13:12.877>rather <00:13:12.879>stick 00:13:12.880 --> 00:13:14.870 align:start position:0% <00:13:12.880>basically <00:13:12.996>said, <00:13:13.113>they <00:13:13.230>they <00:13:13.346>rather <00:13:13.463>stick <00:13:13.580>with <00:13:13.696>you <00:13:13.813>than <00:13:13.930>then <00:13:14.046>take <00:13:14.163>the <00:13:14.280>next 00:13:14.870 --> 00:13:14.880 align:start position:0% <00:13:14.870>with <00:13:14.871>you <00:13:14.873>than <00:13:14.874>then <00:13:14.876>take <00:13:14.877>the <00:13:14.879>next 00:13:14.880 --> 00:13:17.269 align:start position:0% <00:13:14.880>with <00:13:14.987>you <00:13:15.095>than <00:13:15.203>then <00:13:15.310>take <00:13:15.418>the <00:13:15.526>next <00:13:15.633>software <00:13:15.741>that <00:13:15.849>might <00:13:15.956>sound <00:13:16.064>cheaper <00:13:16.172>or <00:13:16.280>or 00:13:17.269 --> 00:13:17.279 align:start position:0% <00:13:17.269>software <00:13:17.270>that <00:13:17.272>might <00:13:17.273>sound <00:13:17.275>cheaper <00:13:17.276>or <00:13:17.278>or 00:13:17.279 --> 00:13:19.509 align:start position:0% <00:13:17.279>software <00:13:17.372>that <00:13:17.465>might <00:13:17.559>sound <00:13:17.652>cheaper <00:13:17.745>or <00:13:17.839>or <00:13:17.932>better <00:13:18.025>or <00:13:18.119>you <00:13:18.212>know <00:13:18.305>as <00:13:18.399>as <00:13:18.492>soon <00:13:18.585>as <00:13:18.679>you're 00:13:19.509 --> 00:13:19.519 align:start position:0% <00:13:19.509>better <00:13:19.510>or <00:13:19.511>you <00:13:19.512>know <00:13:19.513>as <00:13:19.514>as <00:13:19.515>soon <00:13:19.516>as <00:13:19.518>you're 00:13:19.519 --> 00:13:21.350 align:start position:0% <00:13:19.519>better <00:13:19.612>or <00:13:19.705>you <00:13:19.799>know <00:13:19.892>as <00:13:19.985>as <00:13:20.079>soon <00:13:20.172>as <00:13:20.265>you're <00:13:20.359>integrated <00:13:20.452>you're <00:13:20.545>in <00:13:20.639>and <00:13:20.732>and <00:13:20.825>and <00:13:20.919>stay 00:13:21.350 --> 00:13:21.360 align:start position:0% <00:13:21.350>integrated <00:13:21.351>you're <00:13:21.353>in <00:13:21.354>and <00:13:21.356>and <00:13:21.357>and <00:13:21.359>stay 00:13:21.360 --> 00:13:24.150 align:start position:0% <00:13:21.360>integrated <00:13:21.467>you're <00:13:21.575>in <00:13:21.683>and <00:13:21.790>and <00:13:21.898>and <00:13:22.006>stay <00:13:22.113>there <00:13:22.221>and <00:13:22.329>use <00:13:22.436>that <00:13:22.544>trust <00:13:22.652>that <00:13:22.760>you've 00:13:24.150 --> 00:13:24.160 align:start position:0% <00:13:24.150>there <00:13:24.151>and <00:13:24.153>use <00:13:24.154>that <00:13:24.156>trust <00:13:24.157>that <00:13:24.159>you've 00:13:24.160 --> 00:13:25.509 align:start position:0% <00:13:24.160>there <00:13:24.261>and <00:13:24.362>use <00:13:24.463>that <00:13:24.564>trust <00:13:24.665>that <00:13:24.767>you've <00:13:24.868>created <00:13:24.969>and <00:13:25.070>that <00:13:25.171>is <00:13:25.272>something <00:13:25.374>that 00:13:25.509 --> 00:13:25.519 align:start position:0% <00:13:25.509>created <00:13:25.510>and <00:13:25.512>that <00:13:25.514>is <00:13:25.516>something <00:13:25.518>that 00:13:25.519 --> 00:13:28.629 align:start position:0% <00:13:25.519>created <00:13:25.635>and <00:13:25.752>that <00:13:25.869>is <00:13:25.985>something <00:13:26.102>that <00:13:26.219>investors <00:13:26.335>love <00:13:26.452>to <00:13:26.569>see. <00:13:26.685>So <00:13:26.802>even <00:13:26.919>though 00:13:28.629 --> 00:13:28.639 align:start position:0% <00:13:28.629>investors <00:13:28.630>love <00:13:28.632>to <00:13:28.633>see. <00:13:28.635>So <00:13:28.636>even <00:13:28.638>though 00:13:28.639 --> 00:13:30.790 align:start position:0% <00:13:28.639>investors <00:13:28.746>love <00:13:28.854>to <00:13:28.962>see. <00:13:29.069>So <00:13:29.177>even <00:13:29.285>though <00:13:29.392>you <00:13:29.500>know <00:13:29.608>every <00:13:29.715>bit <00:13:29.823>of <00:13:29.931>real <00:13:30.039>world 00:13:30.790 --> 00:13:30.800 align:start position:0% <00:13:30.790>you <00:13:30.791>know <00:13:30.793>every <00:13:30.794>bit <00:13:30.795>of <00:13:30.797>real <00:13:30.799>world 00:13:30.800 --> 00:13:32.949 align:start position:0% <00:13:30.800>you <00:13:30.900>know <00:13:31.000>every <00:13:31.099>bit <00:13:31.199>of <00:13:31.300>real <00:13:31.400>world <00:13:31.500>traction <00:13:31.599>is <00:13:31.699>helping <00:13:31.800>us <00:13:31.900>to <00:13:32.000>make <00:13:32.099>a <00:13:32.199>better 00:13:32.949 --> 00:13:32.959 align:start position:0% <00:13:32.949>traction <00:13:32.950>is <00:13:32.951>helping <00:13:32.952>us <00:13:32.954>to <00:13:32.955>make <00:13:32.956>a <00:13:32.958>better 00:13:32.959 --> 00:13:33.990 align:start position:0% <00:13:32.959>traction <00:13:33.074>is <00:13:33.190>helping <00:13:33.306>us <00:13:33.422>to <00:13:33.538>make <00:13:33.654>a <00:13:33.770>better <00:13:33.886>decision. 00:13:33.990 --> 00:13:34.000 align:start position:0% decision. 00:13:34.000 --> 00:13:36.470 align:start position:0% <00:13:34.000>decision. <00:13:34.155>>> <00:13:34.311>Okay. <00:13:34.466>And <00:13:34.622>one <00:13:34.777>follow <00:13:34.933>on <00:13:35.088>just <00:13:35.244>for <00:13:35.400>the 00:13:36.470 --> 00:13:36.480 align:start position:0% <00:13:36.470>>> <00:13:36.471>Okay. <00:13:36.472>And <00:13:36.473>one <00:13:36.474>follow <00:13:36.475>on <00:13:36.476>just <00:13:36.477>for <00:13:36.479>the 00:13:36.480 --> 00:13:38.230 align:start position:0% <00:13:36.480>>> <00:13:36.573>Okay. <00:13:36.666>And <00:13:36.760>one <00:13:36.853>follow <00:13:36.946>on <00:13:37.040>just <00:13:37.133>for <00:13:37.226>the <00:13:37.320>conversations <00:13:37.413>over <00:13:37.506>the <00:13:37.600>last <00:13:37.693>uh <00:13:37.786>day <00:13:37.880>or 00:13:38.230 --> 00:13:38.240 align:start position:0% <00:13:38.230>conversations <00:13:38.231>over <00:13:38.233>the <00:13:38.234>last <00:13:38.236>uh <00:13:38.237>day <00:13:38.239>or 00:13:38.240 --> 00:13:40.470 align:start position:0% <00:13:38.240>conversations <00:13:38.340>over <00:13:38.440>the <00:13:38.540>last <00:13:38.640>uh <00:13:38.740>day <00:13:38.840>or <00:13:38.940>two <00:13:39.040>is <00:13:39.140>what <00:13:39.240>about <00:13:39.340>hardware? <00:13:39.440>How <00:13:39.540>do <00:13:39.640>you 00:13:40.470 --> 00:13:40.480 align:start position:0% <00:13:40.470>two <00:13:40.471>is <00:13:40.472>what <00:13:40.473>about <00:13:40.475>hardware? <00:13:40.476>How <00:13:40.477>do <00:13:40.479>you 00:13:40.480 --> 00:13:42.150 align:start position:0% <00:13:40.480>two <00:13:40.587>is <00:13:40.695>what <00:13:40.803>about <00:13:40.910>hardware? <00:13:41.018>How <00:13:41.126>do <00:13:41.233>you <00:13:41.341>see <00:13:41.449>hardware <00:13:41.556>with <00:13:41.664>you <00:13:41.772>know <00:13:41.880>hardware 00:13:42.150 --> 00:13:42.160 align:start position:0% <00:13:42.150>see <00:13:42.151>hardware <00:13:42.153>with <00:13:42.155>you <00:13:42.157>know <00:13:42.159>hardware 00:13:42.160 --> 00:13:44.470 align:start position:0% <00:13:42.160>see <00:13:42.267>hardware <00:13:42.375>with <00:13:42.483>you <00:13:42.590>know <00:13:42.698>hardware <00:13:42.806>coming <00:13:42.913>from <00:13:43.021>China <00:13:43.129>these <00:13:43.236>days? <00:13:43.344>Is <00:13:43.452>it <00:13:43.560>are 00:13:44.470 --> 00:13:44.480 align:start position:0% <00:13:44.470>coming <00:13:44.471>from <00:13:44.472>China <00:13:44.473>these <00:13:44.475>days? <00:13:44.476>Is <00:13:44.477>it <00:13:44.479>are 00:13:44.480 --> 00:13:46.150 align:start position:0% <00:13:44.480>coming <00:13:44.596>from <00:13:44.713>China <00:13:44.830>these <00:13:44.946>days? <00:13:45.063>Is <00:13:45.180>it <00:13:45.296>are <00:13:45.413>you <00:13:45.530>investing <00:13:45.646>in <00:13:45.763>hardware <00:13:45.880>specifically? 00:13:46.150 --> 00:13:46.160 align:start position:0% <00:13:46.150>you <00:13:46.152>investing <00:13:46.154>in <00:13:46.156>hardware <00:13:46.159>specifically? 00:13:46.160 --> 00:13:48.230 align:start position:0% <00:13:46.160>you <00:13:46.276>investing <00:13:46.393>in <00:13:46.510>hardware <00:13:46.626>specifically? <00:13:46.743>I <00:13:46.860>know <00:13:46.976>robotics <00:13:47.093>is <00:13:47.209>a <00:13:47.326>very <00:13:47.443>specific <00:13:47.560>case 00:13:48.230 --> 00:13:48.240 align:start position:0% <00:13:48.230>I <00:13:48.231>know <00:13:48.232>robotics <00:13:48.233>is <00:13:48.235>a <00:13:48.236>very <00:13:48.237>specific <00:13:48.239>case 00:13:48.240 --> 00:13:50.310 align:start position:0% <00:13:48.240>I <00:13:48.367>know <00:13:48.494>robotics <00:13:48.621>is <00:13:48.749>a <00:13:48.876>very <00:13:49.003>specific <00:13:49.130>case <00:13:49.258>but <00:13:49.385>generally <00:13:49.512>speaking <00:13:49.640>hardware 00:13:50.310 --> 00:13:50.320 align:start position:0% <00:13:50.310>but <00:13:50.313>generally <00:13:50.316>speaking <00:13:50.319>hardware 00:13:50.320 --> 00:13:51.990 align:start position:0% <00:13:50.320>but <00:13:50.495>generally <00:13:50.670>speaking <00:13:50.845>hardware <00:13:51.020>companies <00:13:51.195>or <00:13:51.370>software <00:13:51.545>combined <00:13:51.720>with 00:13:51.990 --> 00:13:52.000 align:start position:0% <00:13:51.990>companies <00:13:51.992>or <00:13:51.994>software <00:13:51.996>combined <00:13:51.999>with 00:13:52.000 --> 00:13:53.430 align:start position:0% <00:13:52.000>companies <00:13:52.107>or <00:13:52.214>software <00:13:52.321>combined <00:13:52.429>with <00:13:52.536>hardware <00:13:52.643>how <00:13:52.750>do <00:13:52.858>you <00:13:52.965>view <00:13:53.072>that <00:13:53.179>from <00:13:53.286>an 00:13:53.430 --> 00:13:53.440 align:start position:0% <00:13:53.430>hardware <00:13:53.431>how <00:13:53.432>do <00:13:53.433>you <00:13:53.435>view <00:13:53.436>that <00:13:53.437>from <00:13:53.439>an 00:13:53.440 --> 00:13:56.470 align:start position:0% <00:13:53.440>hardware <00:13:53.595>how <00:13:53.751>do <00:13:53.906>you <00:13:54.062>view <00:13:54.217>that <00:13:54.373>from <00:13:54.528>an <00:13:54.684>investment <00:13:54.840>standpoint? 00:13:56.470 --> 00:13:56.480 align:start position:0% <00:13:56.470>investment <00:13:56.479>standpoint? 00:13:56.480 --> 00:13:59.670 align:start position:0% <00:13:56.480>investment <00:13:56.635>standpoint? <00:13:56.791>So <00:13:56.946>I <00:13:57.102>think <00:13:57.257>if <00:13:57.413>you <00:13:57.568>read <00:13:57.724>the <00:13:57.880>VC 00:13:59.670 --> 00:13:59.680 align:start position:0% <00:13:59.670>So <00:13:59.671>I <00:13:59.672>think <00:13:59.673>if <00:13:59.675>you <00:13:59.676>read <00:13:59.677>the <00:13:59.679>VC 00:13:59.680 --> 00:14:03.910 align:start position:0% <00:13:59.680>So <00:13:59.787>I <00:13:59.895>think <00:14:00.003>if <00:14:00.110>you <00:14:00.218>read <00:14:00.326>the <00:14:00.433>VC <00:14:00.541>newsletters <00:14:00.649>then <00:14:00.756>you <00:14:00.864>say <00:14:00.972>that <00:14:01.079>hardware 00:14:03.910 --> 00:14:03.920 align:start position:0% <00:14:03.910>newsletters <00:14:03.911>then <00:14:03.913>you <00:14:03.915>say <00:14:03.917>that <00:14:03.919>hardware 00:14:03.920 --> 00:14:07.350 align:start position:0% <00:14:03.920>newsletters <00:14:04.075>then <00:14:04.231>you <00:14:04.386>say <00:14:04.542>that <00:14:04.697>hardware <00:14:04.853>hardware <00:14:05.008>networks <00:14:05.164>are <00:14:05.319>remote 00:14:07.350 --> 00:14:07.360 align:start position:0% <00:14:07.350>hardware <00:14:07.353>networks <00:14:07.356>are <00:14:07.359>remote 00:14:07.360 --> 00:14:11.110 align:start position:0% <00:14:07.360>hardware <00:14:07.515>networks <00:14:07.671>are <00:14:07.826>remote <00:14:07.982>because <00:14:08.137>it's <00:14:08.293>harder <00:14:08.448>to <00:14:08.604>replace <00:14:08.760>them. 00:14:11.110 --> 00:14:11.120 align:start position:0% <00:14:11.110>because <00:14:11.111>it's <00:14:11.113>harder <00:14:11.115>to <00:14:11.117>replace <00:14:11.119>them. 00:14:11.120 --> 00:14:14.230 align:start position:0% <00:14:11.120>because <00:14:11.227>it's <00:14:11.335>harder <00:14:11.443>to <00:14:11.550>replace <00:14:11.658>them. <00:14:11.766>Well <00:14:11.873>actually <00:14:11.981>I <00:14:12.089>buy <00:14:12.196>to <00:14:12.304>some <00:14:12.412>extent <00:14:12.520>into 00:14:14.230 --> 00:14:14.240 align:start position:0% <00:14:14.230>Well <00:14:14.231>actually <00:14:14.232>I <00:14:14.233>buy <00:14:14.235>to <00:14:14.236>some <00:14:14.237>extent <00:14:14.239>into 00:14:14.240 --> 00:14:19.590 align:start position:0% <00:14:14.240>Well <00:14:14.340>actually <00:14:14.440>I <00:14:14.540>buy <00:14:14.640>to <00:14:14.740>some <00:14:14.840>extent <00:14:14.940>into <00:14:15.040>that <00:14:15.140>argument. <00:14:15.240>However <00:14:15.340>as <00:14:15.440>all <00:14:15.540>mode <00:14:15.640>is 00:14:19.590 --> 00:14:19.600 align:start position:0% <00:14:19.590>that <00:14:19.591>argument. <00:14:19.593>However <00:14:19.594>as <00:14:19.596>all <00:14:19.597>mode <00:14:19.599>is 00:14:19.600 --> 00:14:23.110 align:start position:0% <00:14:19.600>that <00:14:19.693>argument. <00:14:19.786>However <00:14:19.880>as <00:14:19.973>all <00:14:20.066>mode <00:14:20.160>is <00:14:20.253>time <00:14:20.346>barred. <00:14:20.440>So <00:14:20.533>it <00:14:20.626>buys <00:14:20.720>you <00:14:20.813>time <00:14:20.906>but <00:14:21.000>you 00:14:23.110 --> 00:14:23.120 align:start position:0% <00:14:23.110>time <00:14:23.111>barred. <00:14:23.112>So <00:14:23.113>it <00:14:23.114>buys <00:14:23.115>you <00:14:23.116>time <00:14:23.117>but <00:14:23.119>you 00:14:23.120 --> 00:14:27.750 align:start position:0% <00:14:23.120>time <00:14:23.207>barred. <00:14:23.295>So <00:14:23.382>it <00:14:23.470>buys <00:14:23.557>you <00:14:23.645>time <00:14:23.732>but <00:14:23.820>you <00:14:23.907>cannot <00:14:23.995>lay <00:14:24.082>back. <00:14:24.170>Um <00:14:24.257>you <00:14:24.345>need <00:14:24.432>to <00:14:24.520>decide 00:14:27.750 --> 00:14:27.760 align:start position:0% <00:14:27.750>cannot <00:14:27.751>lay <00:14:27.752>back. <00:14:27.753>Um <00:14:27.755>you <00:14:27.756>need <00:14:27.757>to <00:14:27.759>decide 00:14:27.760 --> 00:14:31.829 align:start position:0% <00:14:27.760>cannot <00:14:27.860>lay <00:14:27.960>back. <00:14:28.060>Um <00:14:28.160>you <00:14:28.260>need <00:14:28.360>to <00:14:28.460>decide <00:14:28.560>whether <00:14:28.660>you <00:14:28.760>need <00:14:28.860>that <00:14:28.960>and <00:14:29.060>well <00:14:29.160>actually 00:14:31.829 --> 00:14:31.839 align:start position:0% <00:14:31.829>whether <00:14:31.830>you <00:14:31.832>need <00:14:31.833>that <00:14:31.834>and <00:14:31.836>well <00:14:31.838>actually 00:14:31.839 --> 00:14:35.269 align:start position:0% <00:14:31.839>whether <00:14:31.932>you <00:14:32.025>need <00:14:32.118>that <00:14:32.212>and <00:14:32.305>well <00:14:32.398>actually <00:14:32.492>for <00:14:32.585>us <00:14:32.679>uh <00:14:32.772>we <00:14:32.865>are <00:14:32.959>always <00:14:33.052>a <00:14:33.145>bit <00:14:33.238>reluctant 00:14:35.269 --> 00:14:35.279 align:start position:0% <00:14:35.269>for <00:14:35.270>us <00:14:35.271>uh <00:14:35.272>we <00:14:35.273>are <00:14:35.274>always <00:14:35.275>a <00:14:35.276>bit <00:14:35.278>reluctant 00:14:35.279 --> 00:14:37.509 align:start position:0% <00:14:35.279>for <00:14:35.379>us <00:14:35.479>uh <00:14:35.579>we <00:14:35.679>are <00:14:35.779>always <00:14:35.879>a <00:14:35.979>bit <00:14:36.079>reluctant <00:14:36.179>still <00:14:36.279>reluctant <00:14:36.379>when <00:14:36.479>it <00:14:36.579>comes <00:14:36.679>to 00:14:37.509 --> 00:14:37.519 align:start position:0% <00:14:37.509>still <00:14:37.510>reluctant <00:14:37.512>when <00:14:37.514>it <00:14:37.516>comes <00:14:37.518>to 00:14:37.519 --> 00:14:40.710 align:start position:0% <00:14:37.519>still <00:14:37.626>reluctant <00:14:37.734>when <00:14:37.842>it <00:14:37.949>comes <00:14:38.057>to <00:14:38.165>hardware. <00:14:38.272>We <00:14:38.380>think <00:14:38.488>that <00:14:38.595>other <00:14:38.703>modes <00:14:38.811>as <00:14:38.919>I 00:14:40.710 --> 00:14:40.720 align:start position:0% <00:14:40.710>hardware. <00:14:40.711>We <00:14:40.712>think <00:14:40.713>that <00:14:40.715>other <00:14:40.716>modes <00:14:40.717>as <00:14:40.719>I 00:14:40.720 --> 00:14:43.670 align:start position:0% <00:14:40.720>hardware. <00:14:40.827>We <00:14:40.935>think <00:14:41.043>that <00:14:41.150>other <00:14:41.258>modes <00:14:41.366>as <00:14:41.473>I <00:14:41.581>described <00:14:41.689>are <00:14:41.796>easier <00:14:41.904>to <00:14:42.012>achieve <00:14:42.120>and 00:14:43.670 --> 00:14:43.680 align:start position:0% <00:14:43.670>described <00:14:43.671>are <00:14:43.673>easier <00:14:43.675>to <00:14:43.677>achieve <00:14:43.679>and 00:14:43.680 --> 00:14:46.470 align:start position:0% <00:14:43.680>described <00:14:43.807>are <00:14:43.934>easier <00:14:44.061>to <00:14:44.189>achieve <00:14:44.316>and <00:14:44.443>there <00:14:44.570>is <00:14:44.698>also <00:14:44.825>one <00:14:44.952>word <00:14:45.079>capital 00:14:46.470 --> 00:14:46.480 align:start position:0% <00:14:46.470>there <00:14:46.471>is <00:14:46.473>also <00:14:46.475>one <00:14:46.477>word <00:14:46.479>capital 00:14:46.480 --> 00:14:49.110 align:start position:0% <00:14:46.480>there <00:14:46.596>is <00:14:46.713>also <00:14:46.830>one <00:14:46.946>word <00:14:47.063>capital <00:14:47.180>efficiency. <00:14:47.296>So <00:14:47.413>if <00:14:47.530>you <00:14:47.646>need <00:14:47.763>tons <00:14:47.880>of 00:14:49.110 --> 00:14:49.120 align:start position:0% <00:14:49.110>efficiency. <00:14:49.111>So <00:14:49.113>if <00:14:49.114>you <00:14:49.116>need <00:14:49.117>tons <00:14:49.119>of 00:14:49.120 --> 00:14:52.389 align:start position:0% <00:14:49.120>efficiency. <00:14:49.236>So <00:14:49.353>if <00:14:49.470>you <00:14:49.586>need <00:14:49.703>tons <00:14:49.820>of <00:14:49.936>capitals <00:14:50.053>for <00:14:50.170>hardware <00:14:50.286>for <00:14:50.403>instance <00:14:50.520>then 00:14:52.389 --> 00:14:52.399 align:start position:0% <00:14:52.389>capitals <00:14:52.390>for <00:14:52.392>hardware <00:14:52.394>for <00:14:52.396>instance <00:14:52.398>then 00:14:52.399 --> 00:14:55.350 align:start position:0% <00:14:52.399>capitals <00:14:52.506>for <00:14:52.614>hardware <00:14:52.722>for <00:14:52.829>instance <00:14:52.937>then <00:14:53.045>that's <00:14:53.152>definitely <00:14:53.260>a <00:14:53.368>mode <00:14:53.475>but <00:14:53.583>you <00:14:53.691>need <00:14:53.799>to 00:14:55.350 --> 00:14:55.360 align:start position:0% <00:14:55.350>that's <00:14:55.351>definitely <00:14:55.352>a <00:14:55.353>mode <00:14:55.355>but <00:14:55.356>you <00:14:55.357>need <00:14:55.359>to 00:14:55.360 --> 00:14:57.350 align:start position:0% <00:14:55.360>that's <00:14:55.460>definitely <00:14:55.560>a <00:14:55.660>mode <00:14:55.760>but <00:14:55.860>you <00:14:55.960>need <00:14:56.060>to <00:14:56.160>like <00:14:56.260>that <00:14:56.360>as <00:14:56.460>an <00:14:56.560>entrepreneur <00:14:56.660>because <00:14:56.760>you 00:14:57.350 --> 00:14:57.360 align:start position:0% <00:14:57.350>like <00:14:57.351>that <00:14:57.353>as <00:14:57.354>an <00:14:57.356>entrepreneur <00:14:57.357>because <00:14:57.359>you 00:14:57.360 --> 00:15:00.550 align:start position:0% <00:14:57.360>like <00:14:57.460>that <00:14:57.560>as <00:14:57.660>an <00:14:57.760>entrepreneur <00:14:57.860>because <00:14:57.960>you <00:14:58.060>get <00:14:58.160>diluted <00:14:58.260>and <00:14:58.360>it's <00:14:58.460>a <00:14:58.560>risk <00:14:58.660>in <00:14:58.760>itself 00:15:00.550 --> 00:15:00.560 align:start position:0% <00:15:00.550>get <00:15:00.551>diluted <00:15:00.552>and <00:15:00.553>it's <00:15:00.555>a <00:15:00.556>risk <00:15:00.557>in <00:15:00.559>itself 00:15:00.560 --> 00:15:04.310 align:start position:0% <00:15:00.560>get <00:15:00.653>diluted <00:15:00.746>and <00:15:00.839>it's <00:15:00.933>a <00:15:01.026>risk <00:15:01.119>in <00:15:01.213>itself <00:15:01.306>because <00:15:01.400>well <00:15:01.493>that <00:15:01.586>can <00:15:01.680>be <00:15:01.773>sunk <00:15:01.866>cost <00:15:01.959>at 00:15:04.310 --> 00:15:04.320 align:start position:0% <00:15:04.310>because <00:15:04.311>well <00:15:04.312>that <00:15:04.313>can <00:15:04.315>be <00:15:04.316>sunk <00:15:04.317>cost <00:15:04.319>at 00:15:04.320 --> 00:15:07.110 align:start position:0% <00:15:04.320>because <00:15:04.407>well <00:15:04.495>that <00:15:04.582>can <00:15:04.670>be <00:15:04.757>sunk <00:15:04.845>cost <00:15:04.932>at <00:15:05.020>one <00:15:05.107>point <00:15:05.195>in <00:15:05.282>time <00:15:05.370>and <00:15:05.457>we <00:15:05.545>like <00:15:05.632>to <00:15:05.720>invest 00:15:07.110 --> 00:15:07.120 align:start position:0% <00:15:07.110>one <00:15:07.111>point <00:15:07.112>in <00:15:07.113>time <00:15:07.114>and <00:15:07.115>we <00:15:07.116>like <00:15:07.117>to <00:15:07.119>invest 00:15:07.120 --> 00:15:09.910 align:start position:0% <00:15:07.120>one <00:15:07.220>point <00:15:07.320>in <00:15:07.420>time <00:15:07.520>and <00:15:07.620>we <00:15:07.720>like <00:15:07.820>to <00:15:07.920>invest <00:15:08.020>in <00:15:08.120>capital <00:15:08.220>efficient <00:15:08.320>companies. <00:15:08.420>This <00:15:08.520>is 00:15:09.910 --> 00:15:09.920 align:start position:0% <00:15:09.910>in <00:15:09.911>capital <00:15:09.913>efficient <00:15:09.915>companies. <00:15:09.917>This <00:15:09.919>is 00:15:09.920 --> 00:15:12.470 align:start position:0% <00:15:09.920>in <00:15:10.013>capital <00:15:10.106>efficient <00:15:10.199>companies. <00:15:10.293>This <00:15:10.386>is <00:15:10.479>why <00:15:10.573>we <00:15:10.666>see <00:15:10.760>that <00:15:10.853>it <00:15:10.946>is <00:15:11.040>to <00:15:11.133>some <00:15:11.226>extent <00:15:11.319>a 00:15:12.470 --> 00:15:12.480 align:start position:0% <00:15:12.470>why <00:15:12.471>we <00:15:12.472>see <00:15:12.473>that <00:15:12.474>it <00:15:12.475>is <00:15:12.476>to <00:15:12.477>some <00:15:12.478>extent <00:15:12.479>a 00:15:12.480 --> 00:15:17.750 align:start position:0% <00:15:12.480>why <00:15:12.557>we <00:15:12.635>see <00:15:12.713>that <00:15:12.791>it <00:15:12.868>is <00:15:12.946>to <00:15:13.024>some <00:15:13.102>extent <00:15:13.180>a <00:15:13.257>mode <00:15:13.335>but <00:15:13.413>we <00:15:13.491>are <00:15:13.568>a <00:15:13.646>bit <00:15:13.724>shying <00:15:13.802>away <00:15:13.880>still 00:15:17.750 --> 00:15:17.760 align:start position:0% <00:15:17.750>mode <00:15:17.751>but <00:15:17.752>we <00:15:17.753>are <00:15:17.754>a <00:15:17.755>bit <00:15:17.756>shying <00:15:17.757>away <00:15:17.759>still 00:15:17.760 --> 00:15:20.069 align:start position:0% <00:15:17.760>mode <00:15:17.853>but <00:15:17.946>we <00:15:18.040>are <00:15:18.133>a <00:15:18.226>bit <00:15:18.319>shying <00:15:18.413>away <00:15:18.506>still <00:15:18.600>from <00:15:18.693>the <00:15:18.786>sector <00:15:18.880>if <00:15:18.973>it's <00:15:19.066>too <00:15:19.160>hardware 00:15:20.069 --> 00:15:20.079 align:start position:0% <00:15:20.069>from <00:15:20.070>the <00:15:20.072>sector <00:15:20.073>if <00:15:20.074>it's <00:15:20.076>too <00:15:20.078>hardware 00:15:20.079 --> 00:15:21.910 align:start position:0% <00:15:20.079>from <00:15:20.206>the <00:15:20.333>sector <00:15:20.460>if <00:15:20.588>it's <00:15:20.715>too <00:15:20.842>hardware <00:15:20.969>related <00:15:21.097>and <00:15:21.224>too <00:15:21.351>much <00:15:21.478>capital 00:15:21.910 --> 00:15:21.920 align:start position:0% <00:15:21.910>related <00:15:21.912>and <00:15:21.914>too <00:15:21.916>much <00:15:21.919>capital 00:15:21.920 --> 00:15:27.670 align:start position:0% <00:15:21.920>related <00:15:22.199>and <00:15:22.479>too <00:15:22.760>much <00:15:23.040>capital <00:15:23.319>expenditure. 00:15:27.680 --> 00:15:30.150 align:start position:0% <00:15:27.680>Well, <00:15:27.959>we've <00:15:28.239>we've <00:15:28.520>invested <00:15:28.800>in <00:15:29.079>hardware 00:15:30.150 --> 00:15:30.160 align:start position:0% <00:15:30.150>Well, <00:15:30.151>we've <00:15:30.153>we've <00:15:30.155>invested <00:15:30.157>in <00:15:30.159>hardware 00:15:30.160 --> 00:15:32.150 align:start position:0% <00:15:30.160>Well, <00:15:30.267>we've <00:15:30.375>we've <00:15:30.483>invested <00:15:30.590>in <00:15:30.698>hardware <00:15:30.806>for <00:15:30.913>seven <00:15:31.021>years <00:15:31.129>now, <00:15:31.236>I <00:15:31.344>believe, <00:15:31.452>if <00:15:31.560>I 00:15:32.150 --> 00:15:32.160 align:start position:0% <00:15:32.150>for <00:15:32.151>seven <00:15:32.152>years <00:15:32.153>now, <00:15:32.155>I <00:15:32.156>believe, <00:15:32.157>if <00:15:32.159>I 00:15:32.160 --> 00:15:34.550 align:start position:0% <00:15:32.160>for <00:15:32.300>seven <00:15:32.439>years <00:15:32.579>now, <00:15:32.719>I <00:15:32.860>believe, <00:15:33.000>if <00:15:33.140>I <00:15:33.280>remember <00:15:33.420>it <00:15:33.560>correctly 00:15:34.550 --> 00:15:34.560 align:start position:0% <00:15:34.550>remember <00:15:34.554>it <00:15:34.559>correctly 00:15:34.560 --> 00:15:36.150 align:start position:0% <00:15:34.560>remember <00:15:35.026>it <00:15:35.493>correctly <00:15:35.959>and 00:15:36.150 --> 00:15:36.160 align:start position:0% and 00:15:36.160 --> 00:15:38.470 align:start position:0% <00:15:36.160>and <00:15:36.334>there <00:15:36.510>is <00:15:36.685>a <00:15:36.860>lot <00:15:37.035>of <00:15:37.209>challenges <00:15:37.385>around <00:15:37.560>it. 00:15:38.470 --> 00:15:38.480 align:start position:0% <00:15:38.470>there <00:15:38.471>is <00:15:38.472>a <00:15:38.473>lot <00:15:38.475>of <00:15:38.476>challenges <00:15:38.477>around <00:15:38.479>it. 00:15:38.480 --> 00:15:42.870 align:start position:0% <00:15:38.480>there <00:15:38.573>is <00:15:38.666>a <00:15:38.760>lot <00:15:38.853>of <00:15:38.946>challenges <00:15:39.040>around <00:15:39.133>it. <00:15:39.226>You <00:15:39.320>know, <00:15:39.413>as <00:15:39.506>Frank <00:15:39.600>put <00:15:39.693>it. <00:15:39.786>Um <00:15:39.880>there's 00:15:42.870 --> 00:15:42.880 align:start position:0% <00:15:42.870>You <00:15:42.871>know, <00:15:42.872>as <00:15:42.873>Frank <00:15:42.875>put <00:15:42.876>it. <00:15:42.877>Um <00:15:42.879>there's 00:15:42.880 --> 00:15:45.750 align:start position:0% <00:15:42.880>You <00:15:42.973>know, <00:15:43.066>as <00:15:43.160>Frank <00:15:43.253>put <00:15:43.346>it. <00:15:43.439>Um <00:15:43.533>there's <00:15:43.626>additional <00:15:43.720>things <00:15:43.813>to <00:15:43.906>care <00:15:44.000>for <00:15:44.093>in <00:15:44.186>the <00:15:44.280>due 00:15:45.750 --> 00:15:45.760 align:start position:0% <00:15:45.750>additional <00:15:45.751>things <00:15:45.752>to <00:15:45.753>care <00:15:45.755>for <00:15:45.756>in <00:15:45.757>the <00:15:45.759>due 00:15:45.760 --> 00:15:48.150 align:start position:0% <00:15:45.760>additional <00:15:45.867>things <00:15:45.975>to <00:15:46.083>care <00:15:46.190>for <00:15:46.298>in <00:15:46.406>the <00:15:46.513>due <00:15:46.621>diligence. <00:15:46.729>There's <00:15:46.836>lots <00:15:46.944>of <00:15:47.052>other <00:15:47.160>risks 00:15:48.150 --> 00:15:48.160 align:start position:0% <00:15:48.150>diligence. <00:15:48.151>There's <00:15:48.153>lots <00:15:48.155>of <00:15:48.157>other <00:15:48.159>risks 00:15:48.160 --> 00:15:50.069 align:start position:0% <00:15:48.160>diligence. <00:15:48.393>There's <00:15:48.626>lots <00:15:48.860>of <00:15:49.093>other <00:15:49.326>risks <00:15:49.560>involved 00:15:50.069 --> 00:15:50.079 align:start position:0% involved 00:15:50.079 --> 00:15:53.110 align:start position:0% <00:15:50.079>involved <00:15:50.218>but <00:15:50.358>we <00:15:50.498>try <00:15:50.638>to <00:15:50.779>not <00:15:50.919>come <00:15:51.059>so <00:15:51.199>much <00:15:51.339>from <00:15:51.478>the 00:15:53.110 --> 00:15:53.120 align:start position:0% <00:15:53.110>but <00:15:53.111>we <00:15:53.112>try <00:15:53.113>to <00:15:53.114>not <00:15:53.115>come <00:15:53.116>so <00:15:53.117>much <00:15:53.118>from <00:15:53.119>the 00:15:53.120 --> 00:15:56.230 align:start position:0% <00:15:53.120>but <00:15:53.213>we <00:15:53.306>try <00:15:53.400>to <00:15:53.493>not <00:15:53.586>come <00:15:53.680>so <00:15:53.773>much <00:15:53.866>from <00:15:53.960>the <00:15:54.053>specific <00:15:54.146>technology <00:15:54.240>side <00:15:54.333>or <00:15:54.426>the <00:15:54.520>specific 00:15:56.230 --> 00:15:56.240 align:start position:0% <00:15:56.230>specific <00:15:56.231>technology <00:15:56.233>side <00:15:56.235>or <00:15:56.237>the <00:15:56.239>specific 00:15:56.240 --> 00:15:58.629 align:start position:0% <00:15:56.240>specific <00:15:56.356>technology <00:15:56.473>side <00:15:56.590>or <00:15:56.706>the <00:15:56.823>specific <00:15:56.940>business <00:15:57.056>model. <00:15:57.173>We <00:15:57.290>try <00:15:57.406>to <00:15:57.523>come <00:15:57.640>from 00:15:58.629 --> 00:15:58.639 align:start position:0% <00:15:58.629>business <00:15:58.630>model. <00:15:58.632>We <00:15:58.633>try <00:15:58.635>to <00:15:58.636>come <00:15:58.638>from 00:15:58.639 --> 00:16:00.470 align:start position:0% <00:15:58.639>business <00:15:58.755>model. <00:15:58.872>We <00:15:58.989>try <00:15:59.105>to <00:15:59.222>come <00:15:59.339>from <00:15:59.455>again <00:15:59.572>understanding <00:15:59.689>the <00:15:59.805>customer <00:15:59.922>and <00:16:00.039>you 00:16:00.470 --> 00:16:00.480 align:start position:0% <00:16:00.470>again <00:16:00.471>understanding <00:16:00.473>the <00:16:00.475>customer <00:16:00.477>and <00:16:00.479>you 00:16:00.480 --> 00:16:02.470 align:start position:0% <00:16:00.480>again <00:16:00.587>understanding <00:16:00.695>the <00:16:00.803>customer <00:16:00.910>and <00:16:01.018>you <00:16:01.126>know <00:16:01.233>where <00:16:01.341>are <00:16:01.449>the <00:16:01.556>problems <00:16:01.664>the <00:16:01.772>the <00:16:01.880>mega 00:16:02.470 --> 00:16:02.480 align:start position:0% <00:16:02.470>know <00:16:02.471>where <00:16:02.472>are <00:16:02.473>the <00:16:02.475>problems <00:16:02.476>the <00:16:02.477>the <00:16:02.479>mega 00:16:02.480 --> 00:16:04.629 align:start position:0% <00:16:02.480>know <00:16:02.573>where <00:16:02.666>are <00:16:02.760>the <00:16:02.853>problems <00:16:02.946>the <00:16:03.040>the <00:16:03.133>mega <00:16:03.226>markets <00:16:03.320>that <00:16:03.413>are <00:16:03.506>opening <00:16:03.600>up <00:16:03.693>where <00:16:03.786>do <00:16:03.880>we 00:16:04.629 --> 00:16:04.639 align:start position:0% <00:16:04.629>markets <00:16:04.630>that <00:16:04.631>are <00:16:04.632>opening <00:16:04.634>up <00:16:04.635>where <00:16:04.636>do <00:16:04.638>we 00:16:04.639 --> 00:16:07.350 align:start position:0% <00:16:04.639>markets <00:16:04.746>that <00:16:04.854>are <00:16:04.962>opening <00:16:05.069>up <00:16:05.177>where <00:16:05.285>do <00:16:05.392>we <00:16:05.500>see <00:16:05.608>structural <00:16:05.715>shifts. <00:16:05.823>So <00:16:05.931>let's <00:16:06.039>let's 00:16:07.350 --> 00:16:07.360 align:start position:0% <00:16:07.350>see <00:16:07.351>structural <00:16:07.353>shifts. <00:16:07.355>So <00:16:07.357>let's <00:16:07.359>let's 00:16:07.360 --> 00:16:09.110 align:start position:0% <00:16:07.360>see <00:16:07.476>structural <00:16:07.593>shifts. <00:16:07.710>So <00:16:07.826>let's <00:16:07.943>let's <00:16:08.060>for <00:16:08.176>instance <00:16:08.293>one <00:16:08.410>of <00:16:08.526>our <00:16:08.643>core <00:16:08.760>clusters 00:16:09.110 --> 00:16:09.120 align:start position:0% <00:16:09.110>for <00:16:09.111>instance <00:16:09.113>one <00:16:09.114>of <00:16:09.116>our <00:16:09.117>core <00:16:09.119>clusters 00:16:09.120 --> 00:16:10.949 align:start position:0% <00:16:09.120>for <00:16:09.220>instance <00:16:09.320>one <00:16:09.420>of <00:16:09.520>our <00:16:09.620>core <00:16:09.720>clusters <00:16:09.820>that <00:16:09.920>we <00:16:10.020>believe <00:16:10.120>in <00:16:10.220>in <00:16:10.320>terms <00:16:10.420>of <00:16:10.520>where 00:16:10.949 --> 00:16:10.959 align:start position:0% <00:16:10.949>that <00:16:10.950>we <00:16:10.951>believe <00:16:10.952>in <00:16:10.954>in <00:16:10.955>terms <00:16:10.956>of <00:16:10.958>where 00:16:10.959 --> 00:16:12.949 align:start position:0% <00:16:10.959>that <00:16:11.059>we <00:16:11.159>believe <00:16:11.258>in <00:16:11.358>in <00:16:11.459>terms <00:16:11.559>of <00:16:11.659>where <00:16:11.758>should <00:16:11.858>we <00:16:11.959>put <00:16:12.059>our <00:16:12.159>bets <00:16:12.258>is <00:16:12.358>demographic 00:16:12.949 --> 00:16:12.959 align:start position:0% <00:16:12.949>should <00:16:12.950>we <00:16:12.952>put <00:16:12.953>our <00:16:12.954>bets <00:16:12.956>is <00:16:12.958>demographic 00:16:12.959 --> 00:16:14.470 align:start position:0% <00:16:12.959>should <00:16:13.153>we <00:16:13.347>put <00:16:13.541>our <00:16:13.736>bets <00:16:13.930>is <00:16:14.124>demographic <00:16:14.318>shifts. 00:16:14.470 --> 00:16:14.480 align:start position:0% shifts. 00:16:14.480 --> 00:16:16.710 align:start position:0% <00:16:14.480>shifts. <00:16:14.655>We <00:16:14.830>have <00:16:15.005>way <00:16:15.180>too <00:16:15.355>few <00:16:15.530>babies <00:16:15.705>in <00:16:15.880>Germany 00:16:16.710 --> 00:16:16.720 align:start position:0% <00:16:16.710>We <00:16:16.711>have <00:16:16.712>way <00:16:16.713>too <00:16:16.715>few <00:16:16.716>babies <00:16:16.717>in <00:16:16.719>Germany 00:16:16.720 --> 00:16:19.749 align:start position:0% <00:16:16.720>We <00:16:16.813>have <00:16:16.906>way <00:16:17.000>too <00:16:17.093>few <00:16:17.186>babies <00:16:17.280>in <00:16:17.373>Germany <00:16:17.466>and <00:16:17.560>Europe <00:16:17.653>as <00:16:17.746>a <00:16:17.840>whole. <00:16:17.933>That <00:16:18.026>means <00:16:18.120>we 00:16:19.749 --> 00:16:19.759 align:start position:0% <00:16:19.749>and <00:16:19.750>Europe <00:16:19.751>as <00:16:19.752>a <00:16:19.754>whole. <00:16:19.755>That <00:16:19.756>means <00:16:19.758>we 00:16:19.759 --> 00:16:21.829 align:start position:0% <00:16:19.759>and <00:16:19.852>Europe <00:16:19.945>as <00:16:20.039>a <00:16:20.132>whole. <00:16:20.225>That <00:16:20.319>means <00:16:20.412>we <00:16:20.505>need <00:16:20.599>to <00:16:20.692>do <00:16:20.785>something <00:16:20.879>about <00:16:20.972>it. <00:16:21.065>One <00:16:21.159>thing 00:16:21.829 --> 00:16:21.839 align:start position:0% <00:16:21.829>need <00:16:21.830>to <00:16:21.831>do <00:16:21.832>something <00:16:21.834>about <00:16:21.835>it. <00:16:21.836>One <00:16:21.838>thing 00:16:21.839 --> 00:16:23.829 align:start position:0% <00:16:21.839>need <00:16:21.946>to <00:16:22.054>do <00:16:22.162>something <00:16:22.269>about <00:16:22.377>it. <00:16:22.485>One <00:16:22.592>thing <00:16:22.700>is <00:16:22.808>automation. <00:16:22.915>There's <00:16:23.023>lots <00:16:23.131>of <00:16:23.238>software 00:16:23.829 --> 00:16:23.839 align:start position:0% <00:16:23.829>is <00:16:23.830>automation. <00:16:23.832>There's <00:16:23.834>lots <00:16:23.836>of <00:16:23.838>software 00:16:23.839 --> 00:16:25.910 align:start position:0% <00:16:23.839>is <00:16:23.966>automation. <00:16:24.093>There's <00:16:24.220>lots <00:16:24.348>of <00:16:24.475>software <00:16:24.602>involved. <00:16:24.729>Another <00:16:24.857>thing <00:16:24.984>would <00:16:25.111>be, <00:16:25.238>you 00:16:25.910 --> 00:16:25.920 align:start position:0% <00:16:25.910>involved. <00:16:25.911>Another <00:16:25.913>thing <00:16:25.915>would <00:16:25.917>be, <00:16:25.919>you 00:16:25.920 --> 00:16:27.910 align:start position:0% <00:16:25.920>involved. <00:16:26.020>Another <00:16:26.120>thing <00:16:26.219>would <00:16:26.319>be, <00:16:26.420>you <00:16:26.520>know, <00:16:26.620>how <00:16:26.719>do <00:16:26.819>we <00:16:26.920>take <00:16:27.020>care <00:16:27.120>of <00:16:27.219>our <00:16:27.319>elderly 00:16:27.910 --> 00:16:27.920 align:start position:0% <00:16:27.910>know, <00:16:27.911>how <00:16:27.912>do <00:16:27.913>we <00:16:27.914>take <00:16:27.915>care <00:16:27.916>of <00:16:27.917>our <00:16:27.919>elderly 00:16:27.920 --> 00:16:29.350 align:start position:0% <00:16:27.920>know, <00:16:28.005>how <00:16:28.091>do <00:16:28.177>we <00:16:28.263>take <00:16:28.348>care <00:16:28.434>of <00:16:28.520>our <00:16:28.606>elderly <00:16:28.692>people? <00:16:28.778>So, <00:16:28.863>we <00:16:28.949>invested <00:16:29.035>in <00:16:29.121>a <00:16:29.207>company 00:16:29.350 --> 00:16:29.360 align:start position:0% <00:16:29.350>people? <00:16:29.351>So, <00:16:29.353>we <00:16:29.354>invested <00:16:29.356>in <00:16:29.357>a <00:16:29.359>company 00:16:29.360 --> 00:16:31.509 align:start position:0% <00:16:29.360>people? <00:16:29.460>So, <00:16:29.560>we <00:16:29.660>invested <00:16:29.760>in <00:16:29.860>a <00:16:29.960>company <00:16:30.060>called <00:16:30.160>MATA <00:16:30.260>a <00:16:30.360>few <00:16:30.460>years <00:16:30.560>ago <00:16:30.660>that <00:16:30.760>helps 00:16:31.509 --> 00:16:31.519 align:start position:0% <00:16:31.509>called <00:16:31.510>MATA <00:16:31.511>a <00:16:31.512>few <00:16:31.514>years <00:16:31.515>ago <00:16:31.516>that <00:16:31.518>helps 00:16:31.519 --> 00:16:33.590 align:start position:0% <00:16:31.519>called <00:16:31.619>MATA <00:16:31.719>a <00:16:31.819>few <00:16:31.919>years <00:16:32.019>ago <00:16:32.119>that <00:16:32.219>helps <00:16:32.319>you <00:16:32.419>find <00:16:32.519>the <00:16:32.619>right <00:16:32.719>caretakers <00:16:32.819>as <00:16:32.919>a 00:16:33.590 --> 00:16:33.600 align:start position:0% <00:16:33.590>you <00:16:33.591>find <00:16:33.593>the <00:16:33.594>right <00:16:33.596>caretakers <00:16:33.597>as <00:16:33.599>a 00:16:33.600 --> 00:16:35.670 align:start position:0% <00:16:33.600>you <00:16:33.716>find <00:16:33.833>the <00:16:33.950>right <00:16:34.066>caretakers <00:16:34.183>as <00:16:34.300>a <00:16:34.416>platform <00:16:34.533>model. <00:16:34.650>Might <00:16:34.766>shift <00:16:34.883>again <00:16:35.000>a 00:16:35.670 --> 00:16:35.680 align:start position:0% <00:16:35.670>platform <00:16:35.671>model. <00:16:35.673>Might <00:16:35.675>shift <00:16:35.677>again <00:16:35.679>a 00:16:35.680 --> 00:16:37.350 align:start position:0% <00:16:35.680>platform <00:16:35.807>model. <00:16:35.934>Might <00:16:36.061>shift <00:16:36.189>again <00:16:36.316>a <00:16:36.443>little <00:16:36.570>bit <00:16:36.698>the <00:16:36.825>business, <00:16:36.952>but <00:16:37.079>that's 00:16:37.350 --> 00:16:37.360 align:start position:0% <00:16:37.350>little <00:16:37.351>bit <00:16:37.353>the <00:16:37.355>business, <00:16:37.357>but <00:16:37.359>that's 00:16:37.360 --> 00:16:39.030 align:start position:0% <00:16:37.360>little <00:16:37.467>bit <00:16:37.575>the <00:16:37.683>business, <00:16:37.790>but <00:16:37.898>that's <00:16:38.006>where <00:16:38.113>we <00:16:38.221>invested. <00:16:38.329>And <00:16:38.436>now <00:16:38.544>it <00:16:38.652>might <00:16:38.760>mean 00:16:39.030 --> 00:16:39.040 align:start position:0% <00:16:39.030>where <00:16:39.031>we <00:16:39.032>invested. <00:16:39.033>And <00:16:39.035>now <00:16:39.036>it <00:16:39.037>might <00:16:39.039>mean 00:16:39.040 --> 00:16:41.670 align:start position:0% <00:16:39.040>where <00:16:39.147>we <00:16:39.255>invested. <00:16:39.363>And <00:16:39.470>now <00:16:39.578>it <00:16:39.686>might <00:16:39.793>mean <00:16:39.901>humanoid <00:16:40.009>robotics. <00:16:40.116>uh <00:16:40.224>another <00:16:40.332>you <00:16:40.439>know 00:16:41.670 --> 00:16:41.680 align:start position:0% <00:16:41.670>humanoid <00:16:41.671>robotics. <00:16:41.673>uh <00:16:41.675>another <00:16:41.677>you <00:16:41.679>know 00:16:41.680 --> 00:16:44.389 align:start position:0% <00:16:41.680>humanoid <00:16:41.807>robotics. <00:16:41.934>uh <00:16:42.061>another <00:16:42.189>you <00:16:42.316>know <00:16:42.443>different <00:16:42.570>sort <00:16:42.698>of <00:16:42.825>answer <00:16:42.952>to <00:16:43.079>essenti 00:16:44.389 --> 00:16:44.399 align:start position:0% <00:16:44.389>different <00:16:44.390>sort <00:16:44.392>of <00:16:44.394>answer <00:16:44.396>to <00:16:44.398>essenti 00:16:44.399 --> 00:16:46.389 align:start position:0% <00:16:44.399>different <00:16:44.515>sort <00:16:44.632>of <00:16:44.749>answer <00:16:44.865>to <00:16:44.982>essenti <00:16:45.099>essentially <00:16:45.215>the <00:16:45.332>same <00:16:45.449>problem. <00:16:45.565>So <00:16:45.682>we <00:16:45.799>try 00:16:46.389 --> 00:16:46.399 align:start position:0% <00:16:46.389>essentially <00:16:46.390>the <00:16:46.392>same <00:16:46.393>problem. <00:16:46.395>So <00:16:46.396>we <00:16:46.398>try 00:16:46.399 --> 00:16:49.350 align:start position:0% <00:16:46.399>essentially <00:16:46.499>the <00:16:46.599>same <00:16:46.699>problem. <00:16:46.799>So <00:16:46.899>we <00:16:46.999>try <00:16:47.099>to <00:16:47.199>come <00:16:47.299>rather <00:16:47.399>from <00:16:47.499>that <00:16:47.599>side <00:16:47.699>and <00:16:47.799>and 00:16:49.350 --> 00:16:49.360 align:start position:0% <00:16:49.350>to <00:16:49.351>come <00:16:49.352>rather <00:16:49.353>from <00:16:49.355>that <00:16:49.356>side <00:16:49.357>and <00:16:49.359>and 00:16:49.360 --> 00:16:53.189 align:start position:0% <00:16:49.360>to <00:16:49.447>come <00:16:49.535>rather <00:16:49.622>from <00:16:49.710>that <00:16:49.797>side <00:16:49.885>and <00:16:49.972>and <00:16:50.060>and <00:16:50.147>then <00:16:50.235>we <00:16:50.322>try <00:16:50.410>to <00:16:50.497>understand <00:16:50.585>do <00:16:50.672>we <00:16:50.760>see 00:16:53.189 --> 00:16:53.199 align:start position:0% <00:16:53.189>and <00:16:53.190>then <00:16:53.191>we <00:16:53.192>try <00:16:53.193>to <00:16:53.194>understand <00:16:53.195>do <00:16:53.196>we <00:16:53.198>see 00:16:53.199 --> 00:16:56.550 align:start position:0% <00:16:53.199>and <00:16:53.292>then <00:16:53.385>we <00:16:53.478>try <00:16:53.572>to <00:16:53.665>understand <00:16:53.758>do <00:16:53.852>we <00:16:53.945>see <00:16:54.039>founders <00:16:54.132>etc. <00:16:54.225>Do <00:16:54.319>we <00:16:54.412>see <00:16:54.505>a <00:16:54.598>technology 00:16:56.550 --> 00:16:56.560 align:start position:0% <00:16:56.550>founders <00:16:56.551>etc. <00:16:56.553>Do <00:16:56.554>we <00:16:56.555>see <00:16:56.557>a <00:16:56.559>technology 00:16:56.560 --> 00:16:58.790 align:start position:0% <00:16:56.560>founders <00:16:56.676>etc. <00:16:56.793>Do <00:16:56.910>we <00:16:57.026>see <00:16:57.143>a <00:16:57.260>technology <00:16:57.376>that <00:16:57.493>helps <00:16:57.609>us <00:16:57.726>deliver <00:16:57.843>unit <00:16:57.959>economics 00:16:58.790 --> 00:16:58.800 align:start position:0% <00:16:58.790>that <00:16:58.791>helps <00:16:58.793>us <00:16:58.795>deliver <00:16:58.797>unit <00:16:58.799>economics 00:16:58.800 --> 00:17:01.189 align:start position:0% <00:16:58.800>that <00:16:58.916>helps <00:16:59.033>us <00:16:59.150>deliver <00:16:59.266>unit <00:16:59.383>economics <00:16:59.500>sustainably <00:16:59.616>in <00:16:59.733>the <00:16:59.849>long <00:16:59.966>term <00:17:00.083>that <00:17:00.199>are 00:17:01.189 --> 00:17:01.199 align:start position:0% <00:17:01.189>sustainably <00:17:01.190>in <00:17:01.192>the <00:17:01.193>long <00:17:01.194>term <00:17:01.196>that <00:17:01.198>are 00:17:01.199 --> 00:17:03.590 align:start position:0% <00:17:01.199>sustainably <00:17:01.315>in <00:17:01.432>the <00:17:01.549>long <00:17:01.665>term <00:17:01.782>that <00:17:01.899>are <00:17:02.015>attractive? <00:17:02.132>And <00:17:02.248>if <00:17:02.365>those <00:17:02.482>are <00:17:02.598>attractive 00:17:03.590 --> 00:17:03.600 align:start position:0% <00:17:03.590>attractive? <00:17:03.591>And <00:17:03.593>if <00:17:03.595>those <00:17:03.597>are <00:17:03.599>attractive 00:17:03.600 --> 00:17:05.270 align:start position:0% <00:17:03.600>attractive? <00:17:03.707>And <00:17:03.815>if <00:17:03.923>those <00:17:04.030>are <00:17:04.138>attractive <00:17:04.246>and <00:17:04.353>we <00:17:04.461>believe <00:17:04.569>there <00:17:04.676>can <00:17:04.784>be <00:17:04.892>a <00:17:05.000>company 00:17:05.270 --> 00:17:05.280 align:start position:0% <00:17:05.270>and <00:17:05.271>we <00:17:05.272>believe <00:17:05.273>there <00:17:05.275>can <00:17:05.276>be <00:17:05.277>a <00:17:05.279>company 00:17:05.280 --> 00:17:07.110 align:start position:0% <00:17:05.280>and <00:17:05.373>we <00:17:05.466>believe <00:17:05.560>there <00:17:05.653>can <00:17:05.746>be <00:17:05.839>a <00:17:05.933>company <00:17:06.026>built <00:17:06.119>for <00:17:06.213>the <00:17:06.306>long <00:17:06.399>term, <00:17:06.493>then <00:17:06.586>you <00:17:06.680>will 00:17:07.110 --> 00:17:07.120 align:start position:0% <00:17:07.109>built <00:17:07.111>for <00:17:07.112>the <00:17:07.113>long <00:17:07.115>term, <00:17:07.116>then <00:17:07.117>you <00:17:07.118>will 00:17:07.120 --> 00:17:09.669 align:start position:0% <00:17:07.119>built <00:17:07.207>for <00:17:07.294>the <00:17:07.382>long <00:17:07.469>term, <00:17:07.557>then <00:17:07.645>you <00:17:07.732>will <00:17:07.819>find <00:17:07.907>a <00:17:07.994>buyer <00:17:08.082>one <00:17:08.169>day. <00:17:08.257>And <00:17:08.344>you <00:17:08.432>know <00:17:08.520>and 00:17:09.669 --> 00:17:09.679 align:start position:0% <00:17:09.669>find <00:17:09.670>a <00:17:09.671>buyer <00:17:09.672>one <00:17:09.673>day. <00:17:09.674>And <00:17:09.675>you <00:17:09.676>know <00:17:09.678>and 00:17:09.679 --> 00:17:11.189 align:start position:0% <00:17:09.679>find <00:17:09.776>a <00:17:09.873>buyer <00:17:09.970>one <00:17:10.067>day. <00:17:10.164>And <00:17:10.261>you <00:17:10.358>know <00:17:10.455>and <00:17:10.552>and <00:17:10.649>just <00:17:10.746>answering <00:17:10.843>to <00:17:10.940>the <00:17:11.038>China 00:17:11.189 --> 00:17:11.199 align:start position:0% <00:17:11.189>and <00:17:11.190>just <00:17:11.192>answering <00:17:11.194>to <00:17:11.196>the <00:17:11.198>China 00:17:11.199 --> 00:17:14.710 align:start position:0% <00:17:11.199>and <00:17:11.306>just <00:17:11.414>answering <00:17:11.522>to <00:17:11.629>the <00:17:11.737>China <00:17:11.845>question, <00:17:11.952>we <00:17:12.060>see <00:17:12.168>that <00:17:12.275>all <00:17:12.383>of <00:17:12.491>us <00:17:12.599>we 00:17:14.710 --> 00:17:14.720 align:start position:0% <00:17:14.710>question, <00:17:14.711>we <00:17:14.712>see <00:17:14.713>that <00:17:14.715>all <00:17:14.716>of <00:17:14.717>us <00:17:14.719>we 00:17:14.720 --> 00:17:17.429 align:start position:0% <00:17:14.720>question, <00:17:14.847>we <00:17:14.974>see <00:17:15.101>that <00:17:15.229>all <00:17:15.356>of <00:17:15.483>us <00:17:15.610>we <00:17:15.738>believe <00:17:15.865>in <00:17:15.992>Europe, <00:17:16.120>right? 00:17:17.429 --> 00:17:17.439 align:start position:0% <00:17:17.429>believe <00:17:17.432>in <00:17:17.435>Europe, <00:17:17.438>right? 00:17:17.439 --> 00:17:19.750 align:start position:0% <00:17:17.439>believe <00:17:17.579>in <00:17:17.719>Europe, <00:17:17.859>right? <00:17:17.999>And <00:17:18.139>we <00:17:18.279>also <00:17:18.419>see <00:17:18.559>that <00:17:18.699>finally <00:17:18.839>large 00:17:19.750 --> 00:17:19.760 align:start position:0% <00:17:19.750>And <00:17:19.751>we <00:17:19.752>also <00:17:19.754>see <00:17:19.756>that <00:17:19.757>finally <00:17:19.759>large 00:17:19.760 --> 00:17:22.150 align:start position:0% <00:17:19.760>And <00:17:19.876>we <00:17:19.993>also <00:17:20.109>see <00:17:20.226>that <00:17:20.343>finally <00:17:20.460>large <00:17:20.576>corporate <00:17:20.693>customers <00:17:20.810>are <00:17:20.926>willing <00:17:21.043>to <00:17:21.160>pay 00:17:22.150 --> 00:17:22.160 align:start position:0% <00:17:22.150>corporate <00:17:22.151>customers <00:17:22.153>are <00:17:22.155>willing <00:17:22.157>to <00:17:22.159>pay 00:17:22.160 --> 00:17:24.150 align:start position:0% <00:17:22.160>corporate <00:17:22.276>customers <00:17:22.393>are <00:17:22.510>willing <00:17:22.626>to <00:17:22.743>pay <00:17:22.860>for <00:17:22.976>that <00:17:23.093>because <00:17:23.210>that <00:17:23.326>was <00:17:23.443>different <00:17:23.560>5 00:17:24.150 --> 00:17:24.160 align:start position:0% <00:17:24.150>for <00:17:24.151>that <00:17:24.153>because <00:17:24.154>that <00:17:24.156>was <00:17:24.157>different <00:17:24.159>5 00:17:24.160 --> 00:17:26.470 align:start position:0% <00:17:24.160>for <00:17:24.260>that <00:17:24.360>because <00:17:24.460>that <00:17:24.560>was <00:17:24.660>different <00:17:24.760>5 <00:17:24.860>years <00:17:24.960>ago. <00:17:25.060>Nobody <00:17:25.160>was <00:17:25.260>willing <00:17:25.360>to <00:17:25.460>pay <00:17:25.560>for 00:17:26.470 --> 00:17:26.480 align:start position:0% <00:17:26.470>years <00:17:26.471>ago. <00:17:26.472>Nobody <00:17:26.473>was <00:17:26.475>willing <00:17:26.476>to <00:17:26.477>pay <00:17:26.479>for 00:17:26.480 --> 00:17:29.029 align:start position:0% <00:17:26.480>years <00:17:26.587>ago. <00:17:26.695>Nobody <00:17:26.803>was <00:17:26.910>willing <00:17:27.018>to <00:17:27.126>pay <00:17:27.233>for <00:17:27.341>something <00:17:27.449>being <00:17:27.556>European <00:17:27.664>if <00:17:27.772>we <00:17:27.880>didn't 00:17:29.029 --> 00:17:29.039 align:start position:0% <00:17:29.029>something <00:17:29.030>being <00:17:29.032>European <00:17:29.034>if <00:17:29.036>we <00:17:29.038>didn't 00:17:29.039 --> 00:17:31.669 align:start position:0% <00:17:29.039>something <00:17:29.146>being <00:17:29.254>European <00:17:29.362>if <00:17:29.469>we <00:17:29.577>didn't <00:17:29.685>match <00:17:29.792>the <00:17:29.900>quality <00:17:30.008>or <00:17:30.115>the <00:17:30.223>pricing <00:17:30.331>and <00:17:30.439>the 00:17:31.669 --> 00:17:31.679 align:start position:0% <00:17:31.669>match <00:17:31.670>the <00:17:31.671>quality <00:17:31.672>or <00:17:31.674>the <00:17:31.675>pricing <00:17:31.676>and <00:17:31.678>the 00:17:31.679 --> 00:17:34.390 align:start position:0% <00:17:31.679>match <00:17:31.772>the <00:17:31.865>quality <00:17:31.959>or <00:17:32.052>the <00:17:32.145>pricing <00:17:32.239>and <00:17:32.332>the <00:17:32.425>cost <00:17:32.519>so <00:17:32.612>to <00:17:32.705>say. <00:17:32.799>But <00:17:32.892>now <00:17:32.985>that's <00:17:33.079>changing. 00:17:34.390 --> 00:17:34.400 align:start position:0% <00:17:34.390>cost <00:17:34.391>so <00:17:34.392>to <00:17:34.393>say. <00:17:34.395>But <00:17:34.396>now <00:17:34.397>that's <00:17:34.399>changing. 00:17:34.400 --> 00:17:36.549 align:start position:0% <00:17:34.400>cost <00:17:34.500>so <00:17:34.600>to <00:17:34.700>say. <00:17:34.800>But <00:17:34.900>now <00:17:35.000>that's <00:17:35.100>changing. <00:17:35.200>Yeah. <00:17:35.300>People <00:17:35.400>are <00:17:35.500>actually <00:17:35.600>willing <00:17:35.700>to <00:17:35.800>pay 00:17:36.549 --> 00:17:36.559 align:start position:0% <00:17:36.549>Yeah. <00:17:36.550>People <00:17:36.552>are <00:17:36.553>actually <00:17:36.555>willing <00:17:36.556>to <00:17:36.558>pay 00:17:36.559 --> 00:17:38.390 align:start position:0% <00:17:36.559>Yeah. <00:17:36.675>People <00:17:36.792>are <00:17:36.908>actually <00:17:37.025>willing <00:17:37.142>to <00:17:37.259>pay <00:17:37.375>for <00:17:37.492>something <00:17:37.609>being <00:17:37.725>European <00:17:37.842>and <00:17:37.959>not 00:17:38.390 --> 00:17:38.400 align:start position:0% <00:17:38.390>for <00:17:38.391>something <00:17:38.393>being <00:17:38.395>European <00:17:38.397>and <00:17:38.399>not 00:17:38.400 --> 00:17:40.630 align:start position:0% <00:17:38.400>for <00:17:38.516>something <00:17:38.633>being <00:17:38.750>European <00:17:38.866>and <00:17:38.983>not <00:17:39.100>Chinese <00:17:39.216>or <00:17:39.333>American. <00:17:39.450>But <00:17:39.566>that <00:17:39.683>needs <00:17:39.800>to 00:17:40.630 --> 00:17:40.640 align:start position:0% <00:17:40.630>Chinese <00:17:40.631>or <00:17:40.633>American. <00:17:40.634>But <00:17:40.636>that <00:17:40.637>needs <00:17:40.639>to 00:17:40.640 --> 00:17:42.150 align:start position:0% <00:17:40.640>Chinese <00:17:40.753>or <00:17:40.866>American. <00:17:40.979>But <00:17:41.093>that <00:17:41.206>needs <00:17:41.319>to <00:17:41.432>happen <00:17:41.546>for <00:17:41.659>business <00:17:41.772>models <00:17:41.885>to <00:17:41.999>evolve 00:17:42.150 --> 00:17:42.160 align:start position:0% <00:17:42.150>happen <00:17:42.151>for <00:17:42.153>business <00:17:42.155>models <00:17:42.157>to <00:17:42.159>evolve 00:17:42.160 --> 00:17:43.190 align:start position:0% <00:17:42.160>happen <00:17:42.292>for <00:17:42.424>business <00:17:42.557>models <00:17:42.689>to <00:17:42.822>evolve <00:17:42.954>that <00:17:43.087>way. 00:17:43.190 --> 00:17:43.200 align:start position:0% <00:17:43.190>that <00:17:43.199>way. 00:17:43.200 --> 00:17:46.470 align:start position:0% <00:17:43.200>that <00:17:43.340>way. <00:17:43.480>>> <00:17:43.620>Mhm. <00:17:43.760>If <00:17:43.900>we <00:17:44.040>look <00:17:44.180>at <00:17:44.320>the <00:17:44.460>ecosystems, <00:17:44.600>it's 00:17:46.470 --> 00:17:46.480 align:start position:0% <00:17:46.470>>> <00:17:46.471>Mhm. <00:17:46.472>If <00:17:46.473>we <00:17:46.474>look <00:17:46.475>at <00:17:46.476>the <00:17:46.477>ecosystems, <00:17:46.479>it's 00:17:46.480 --> 00:17:48.390 align:start position:0% <00:17:46.480>>> <00:17:46.580>Mhm. <00:17:46.680>If <00:17:46.780>we <00:17:46.880>look <00:17:46.980>at <00:17:47.080>the <00:17:47.180>ecosystems, <00:17:47.280>it's <00:17:47.380>quite <00:17:47.480>amazing <00:17:47.580>what's <00:17:47.680>been <00:17:47.780>built <00:17:47.880>right 00:17:48.390 --> 00:17:48.400 align:start position:0% <00:17:48.390>quite <00:17:48.391>amazing <00:17:48.393>what's <00:17:48.395>been <00:17:48.397>built <00:17:48.399>right 00:17:48.400 --> 00:17:50.950 align:start position:0% <00:17:48.400>quite <00:17:48.500>amazing <00:17:48.600>what's <00:17:48.700>been <00:17:48.800>built <00:17:48.900>right <00:17:49.000>now <00:17:49.100>in <00:17:49.200>in <00:17:49.300>terms <00:17:49.400>of <00:17:49.500>hardware. <00:17:49.600>So, <00:17:49.700>we <00:17:49.800>see 00:17:50.950 --> 00:17:50.960 align:start position:0% <00:17:50.950>now <00:17:50.951>in <00:17:50.952>in <00:17:50.953>terms <00:17:50.954>of <00:17:50.955>hardware. <00:17:50.956>So, <00:17:50.957>we <00:17:50.959>see 00:17:50.960 --> 00:17:52.630 align:start position:0% <00:17:50.960>now <00:17:51.053>in <00:17:51.146>in <00:17:51.240>terms <00:17:51.333>of <00:17:51.426>hardware. <00:17:51.520>So, <00:17:51.613>we <00:17:51.706>see <00:17:51.800>a <00:17:51.893>lot <00:17:51.986>of <00:17:52.080>very <00:17:52.173>exciting <00:17:52.266>companies <00:17:52.360>that 00:17:52.630 --> 00:17:52.640 align:start position:0% <00:17:52.630>a <00:17:52.631>lot <00:17:52.633>of <00:17:52.634>very <00:17:52.636>exciting <00:17:52.637>companies <00:17:52.639>that 00:17:52.640 --> 00:17:54.070 align:start position:0% <00:17:52.640>a <00:17:52.731>lot <00:17:52.823>of <00:17:52.915>very <00:17:53.007>exciting <00:17:53.099>companies <00:17:53.191>that <00:17:53.283>we'd <00:17:53.375>love <00:17:53.467>to <00:17:53.559>invest <00:17:53.651>in <00:17:53.743>and <00:17:53.835>that <00:17:53.927>we've 00:17:54.070 --> 00:17:54.080 align:start position:0% <00:17:54.070>we'd <00:17:54.071>love <00:17:54.072>to <00:17:54.073>invest <00:17:54.075>in <00:17:54.076>and <00:17:54.077>that <00:17:54.079>we've 00:17:54.080 --> 00:17:56.630 align:start position:0% <00:17:54.080>we'd <00:17:54.187>love <00:17:54.295>to <00:17:54.403>invest <00:17:54.510>in <00:17:54.618>and <00:17:54.726>that <00:17:54.833>we've <00:17:54.941>invested <00:17:55.049>in <00:17:55.156>already. <00:17:55.264>Nautica <00:17:55.372>is <00:17:55.480>is 00:17:56.630 --> 00:17:56.640 align:start position:0% <00:17:56.630>invested <00:17:56.631>in <00:17:56.633>already. <00:17:56.635>Nautica <00:17:56.637>is <00:17:56.639>is 00:17:56.640 --> 00:17:59.029 align:start position:0% <00:17:56.640>invested <00:17:56.756>in <00:17:56.873>already. <00:17:56.990>Nautica <00:17:57.106>is <00:17:57.223>is <00:17:57.340>another <00:17:57.456>example <00:17:57.573>from <00:17:57.690>ETH <00:17:57.806>in <00:17:57.923>Zurich. <00:17:58.040>It's 00:17:59.029 --> 00:17:59.039 align:start position:0% <00:17:59.029>another <00:17:59.030>example <00:17:59.032>from <00:17:59.033>ETH <00:17:59.035>in <00:17:59.036>Zurich. <00:17:59.038>It's 00:17:59.039 --> 00:18:02.390 align:start position:0% <00:17:59.039>another <00:17:59.166>example <00:17:59.293>from <00:17:59.420>ETH <00:17:59.548>in <00:17:59.675>Zurich. <00:17:59.802>It's <00:17:59.929>a <00:18:00.057>marine <00:18:00.184>company <00:18:00.311>without <00:18:00.439>Switzerland 00:18:02.390 --> 00:18:02.400 align:start position:0% <00:18:02.390>a <00:18:02.392>marine <00:18:02.394>company <00:18:02.396>without <00:18:02.399>Switzerland 00:18:02.400 --> 00:18:04.950 align:start position:0% <00:18:02.400>a <00:18:02.527>marine <00:18:02.654>company <00:18:02.781>without <00:18:02.909>Switzerland <00:18:03.036>having <00:18:03.163>any <00:18:03.290>access <00:18:03.418>to <00:18:03.545>any <00:18:03.672>any <00:18:03.800>ocean 00:18:04.950 --> 00:18:04.960 align:start position:0% <00:18:04.950>having <00:18:04.951>any <00:18:04.953>access <00:18:04.954>to <00:18:04.956>any <00:18:04.957>any <00:18:04.959>ocean 00:18:04.960 --> 00:18:08.150 align:start position:0% <00:18:04.960>having <00:18:05.076>any <00:18:05.193>access <00:18:05.310>to <00:18:05.426>any <00:18:05.543>any <00:18:05.660>ocean <00:18:05.776>anywhere <00:18:05.893>anytime <00:18:06.010>soon. <00:18:06.126>Um <00:18:06.243>however <00:18:06.360>when 00:18:08.150 --> 00:18:08.160 align:start position:0% <00:18:08.150>anywhere <00:18:08.151>anytime <00:18:08.153>soon. <00:18:08.155>Um <00:18:08.157>however <00:18:08.159>when 00:18:08.160 --> 00:18:10.549 align:start position:0% <00:18:08.160>anywhere <00:18:08.287>anytime <00:18:08.414>soon. <00:18:08.541>Um <00:18:08.669>however <00:18:08.796>when <00:18:08.923>you <00:18:09.050>combine <00:18:09.178>those <00:18:09.305>great <00:18:09.432>engineers <00:18:09.560>with 00:18:10.549 --> 00:18:10.559 align:start position:0% <00:18:10.549>you <00:18:10.550>combine <00:18:10.552>those <00:18:10.554>great <00:18:10.556>engineers <00:18:10.558>with 00:18:10.559 --> 00:18:12.710 align:start position:0% <00:18:10.559>you <00:18:10.686>combine <00:18:10.813>those <00:18:10.940>great <00:18:11.068>engineers <00:18:11.195>with <00:18:11.322>software <00:18:11.449>engineers <00:18:11.577>all <00:18:11.704>of <00:18:11.831>a <00:18:11.959>sudden 00:18:12.710 --> 00:18:12.720 align:start position:0% <00:18:12.710>software <00:18:12.711>engineers <00:18:12.713>all <00:18:12.715>of <00:18:12.717>a <00:18:12.719>sudden 00:18:12.720 --> 00:18:14.710 align:start position:0% <00:18:12.720>software <00:18:12.836>engineers <00:18:12.953>all <00:18:13.070>of <00:18:13.186>a <00:18:13.303>sudden <00:18:13.420>things <00:18:13.536>happen <00:18:13.653>quite <00:18:13.770>quickly <00:18:13.886>and <00:18:14.003>you <00:18:14.120>you 00:18:14.710 --> 00:18:14.720 align:start position:0% <00:18:14.710>things <00:18:14.711>happen <00:18:14.713>quite <00:18:14.714>quickly <00:18:14.716>and <00:18:14.717>you <00:18:14.719>you 00:18:14.720 --> 00:18:17.029 align:start position:0% <00:18:14.720>things <00:18:14.827>happen <00:18:14.935>quite <00:18:15.043>quickly <00:18:15.150>and <00:18:15.258>you <00:18:15.366>you <00:18:15.473>have <00:18:15.581>market <00:18:15.689>access <00:18:15.796>that <00:18:15.904>is <00:18:16.012>amazing <00:18:16.120>if 00:18:17.029 --> 00:18:17.039 align:start position:0% <00:18:17.029>have <00:18:17.030>market <00:18:17.032>access <00:18:17.033>that <00:18:17.035>is <00:18:17.036>amazing <00:18:17.038>if 00:18:17.039 --> 00:18:18.710 align:start position:0% <00:18:17.039>have <00:18:17.132>market <00:18:17.225>access <00:18:17.319>that <00:18:17.412>is <00:18:17.505>amazing <00:18:17.599>if <00:18:17.692>you're <00:18:17.785>at <00:18:17.879>a <00:18:17.972>hub <00:18:18.065>like <00:18:18.158>Zurich <00:18:18.252>where <00:18:18.345>a <00:18:18.439>lot 00:18:18.710 --> 00:18:18.720 align:start position:0% <00:18:18.710>you're <00:18:18.711>at <00:18:18.712>a <00:18:18.713>hub <00:18:18.714>like <00:18:18.715>Zurich <00:18:18.716>where <00:18:18.717>a <00:18:18.719>lot 00:18:18.720 --> 00:18:22.470 align:start position:0% <00:18:18.720>you're <00:18:18.820>at <00:18:18.920>a <00:18:19.020>hub <00:18:19.120>like <00:18:19.220>Zurich <00:18:19.320>where <00:18:19.420>a <00:18:19.520>lot <00:18:19.620>of <00:18:19.720>those <00:18:19.820>large <00:18:19.920>um <00:18:20.020>shipping <00:18:20.120>container 00:18:22.470 --> 00:18:22.480 align:start position:0% <00:18:22.470>of <00:18:22.471>those <00:18:22.473>large <00:18:22.475>um <00:18:22.477>shipping <00:18:22.479>container 00:18:22.480 --> 00:18:25.830 align:start position:0% <00:18:22.480>of <00:18:22.596>those <00:18:22.713>large <00:18:22.830>um <00:18:22.946>shipping <00:18:23.063>container <00:18:23.180>owners <00:18:23.296>are <00:18:23.413>located <00:18:23.530>for <00:18:23.646>some <00:18:23.763>tax <00:18:23.880>reason 00:18:25.830 --> 00:18:25.840 align:start position:0% <00:18:25.830>owners <00:18:25.831>are <00:18:25.832>located <00:18:25.834>for <00:18:25.836>some <00:18:25.837>tax <00:18:25.839>reason 00:18:25.840 --> 00:18:28.070 align:start position:0% <00:18:25.840>owners <00:18:25.967>are <00:18:26.094>located <00:18:26.221>for <00:18:26.349>some <00:18:26.476>tax <00:18:26.603>reason <00:18:26.730>probably. <00:18:26.858>So <00:18:26.985>bringing <00:18:27.112>together <00:18:27.240>an 00:18:28.070 --> 00:18:28.080 align:start position:0% <00:18:28.070>probably. <00:18:28.072>So <00:18:28.074>bringing <00:18:28.076>together <00:18:28.079>an 00:18:28.080 --> 00:18:30.230 align:start position:0% <00:18:28.080>probably. <00:18:28.220>So <00:18:28.360>bringing <00:18:28.500>together <00:18:28.639>an <00:18:28.780>ecosystem <00:18:28.919>and <00:18:29.060>finding <00:18:29.199>the <00:18:29.340>hardware <00:18:29.480>that 00:18:30.230 --> 00:18:30.240 align:start position:0% <00:18:30.230>ecosystem <00:18:30.231>and <00:18:30.233>finding <00:18:30.235>the <00:18:30.237>hardware <00:18:30.239>that 00:18:30.240 --> 00:18:31.909 align:start position:0% <00:18:30.240>ecosystem <00:18:30.356>and <00:18:30.473>finding <00:18:30.590>the <00:18:30.706>hardware <00:18:30.823>that <00:18:30.940>is <00:18:31.056>deployable <00:18:31.173>right <00:18:31.290>away <00:18:31.406>is <00:18:31.523>something <00:18:31.640>I 00:18:31.909 --> 00:18:31.919 align:start position:0% <00:18:31.909>is <00:18:31.910>deployable <00:18:31.912>right <00:18:31.913>away <00:18:31.915>is <00:18:31.916>something <00:18:31.918>I 00:18:31.919 --> 00:18:33.830 align:start position:0% <00:18:31.919>is <00:18:32.026>deployable <00:18:32.134>right <00:18:32.242>away <00:18:32.349>is <00:18:32.457>something <00:18:32.565>I <00:18:32.672>find <00:18:32.780>very <00:18:32.888>exciting <00:18:32.995>and <00:18:33.103>seeing <00:18:33.211>the <00:18:33.319>hubs 00:18:33.830 --> 00:18:33.840 align:start position:0% <00:18:33.830>find <00:18:33.831>very <00:18:33.832>exciting <00:18:33.834>and <00:18:33.836>seeing <00:18:33.837>the <00:18:33.839>hubs 00:18:33.840 --> 00:18:36.470 align:start position:0% <00:18:33.840>find <00:18:33.939>very <00:18:34.040>exciting <00:18:34.139>and <00:18:34.240>seeing <00:18:34.340>the <00:18:34.439>hubs <00:18:34.540>develop <00:18:34.639>in <00:18:34.740>Berlin <00:18:34.840>and <00:18:34.939>in <00:18:35.040>Munich <00:18:35.139>and <00:18:35.240>in 00:18:36.470 --> 00:18:36.480 align:start position:0% <00:18:36.470>develop <00:18:36.471>in <00:18:36.472>Berlin <00:18:36.473>and <00:18:36.475>in <00:18:36.476>Munich <00:18:36.477>and <00:18:36.479>in 00:18:36.480 --> 00:18:38.710 align:start position:0% <00:18:36.480>develop <00:18:36.587>in <00:18:36.695>Berlin <00:18:36.803>and <00:18:36.910>in <00:18:37.018>Munich <00:18:37.126>and <00:18:37.233>in <00:18:37.341>the <00:18:37.449>Alpine <00:18:37.556>wider <00:18:37.664>Alpine <00:18:37.772>region <00:18:37.880>is 00:18:38.710 --> 00:18:38.720 align:start position:0% <00:18:38.710>the <00:18:38.711>Alpine <00:18:38.713>wider <00:18:38.715>Alpine <00:18:38.717>region <00:18:38.719>is 00:18:38.720 --> 00:18:40.470 align:start position:0% <00:18:38.720>the <00:18:38.836>Alpine <00:18:38.953>wider <00:18:39.070>Alpine <00:18:39.186>region <00:18:39.303>is <00:18:39.420>something <00:18:39.536>that <00:18:39.653>we <00:18:39.770>should <00:18:39.886>be <00:18:40.003>quite <00:18:40.120>proud 00:18:40.470 --> 00:18:40.480 align:start position:0% <00:18:40.470>something <00:18:40.471>that <00:18:40.473>we <00:18:40.474>should <00:18:40.476>be <00:18:40.477>quite <00:18:40.479>proud 00:18:40.480 --> 00:18:43.190 align:start position:0% <00:18:40.480>something <00:18:40.580>that <00:18:40.680>we <00:18:40.780>should <00:18:40.880>be <00:18:40.980>quite <00:18:41.080>proud <00:18:41.180>of <00:18:41.280>and <00:18:41.380>look <00:18:41.480>carefully <00:18:41.580>into <00:18:41.680>and <00:18:41.780>not <00:18:41.880>just 00:18:43.190 --> 00:18:43.200 align:start position:0% <00:18:43.190>of <00:18:43.191>and <00:18:43.192>look <00:18:43.193>carefully <00:18:43.195>into <00:18:43.196>and <00:18:43.197>not <00:18:43.199>just 00:18:43.200 --> 00:18:46.390 align:start position:0% <00:18:43.200>of <00:18:43.307>and <00:18:43.415>look <00:18:43.523>carefully <00:18:43.630>into <00:18:43.738>and <00:18:43.846>not <00:18:43.953>just <00:18:44.061>avoid <00:18:44.169>hardware <00:18:44.276>because <00:18:44.384>it's <00:18:44.492>rather <00:18:44.600>new 00:18:46.390 --> 00:18:46.400 align:start position:0% <00:18:46.390>avoid <00:18:46.391>hardware <00:18:46.393>because <00:18:46.395>it's <00:18:46.397>rather <00:18:46.399>new 00:18:46.400 --> 00:18:48.390 align:start position:0% <00:18:46.400>avoid <00:18:46.493>hardware <00:18:46.586>because <00:18:46.680>it's <00:18:46.773>rather <00:18:46.866>new <00:18:46.960>um <00:18:47.053>for <00:18:47.146>us <00:18:47.240>as <00:18:47.333>VCs <00:18:47.426>and <00:18:47.520>I <00:18:47.613>think <00:18:47.706>we <00:18:47.800>can 00:18:48.390 --> 00:18:48.400 align:start position:0% <00:18:48.390>um <00:18:48.391>for <00:18:48.392>us <00:18:48.393>as <00:18:48.394>VCs <00:18:48.395>and <00:18:48.396>I <00:18:48.397>think <00:18:48.398>we <00:18:48.399>can 00:18:48.400 --> 00:18:49.990 align:start position:0% <00:18:48.400>um <00:18:48.487>for <00:18:48.575>us <00:18:48.662>as <00:18:48.750>VCs <00:18:48.837>and <00:18:48.925>I <00:18:49.012>think <00:18:49.100>we <00:18:49.187>can <00:18:49.275>learn <00:18:49.362>a <00:18:49.450>lot <00:18:49.537>of <00:18:49.625>from <00:18:49.712>our <00:18:49.800>investment 00:18:49.990 --> 00:18:50.000 align:start position:0% <00:18:49.990>learn <00:18:49.991>a <00:18:49.993>lot <00:18:49.994>of <00:18:49.996>from <00:18:49.997>our <00:18:49.999>investment 00:18:50.000 --> 00:18:52.310 align:start position:0% <00:18:50.000>learn <00:18:50.155>a <00:18:50.311>lot <00:18:50.466>of <00:18:50.622>from <00:18:50.777>our <00:18:50.933>investment <00:18:51.088>strategies <00:18:51.244>in <00:18:51.400>SARS. 00:18:52.310 --> 00:18:52.320 align:start position:0% <00:18:52.310>strategies <00:18:52.314>in <00:18:52.319>SARS. 00:18:52.320 --> 00:18:54.549 align:start position:0% <00:18:52.320>strategies <00:18:52.460>in <00:18:52.600>SARS. <00:18:52.740>>> <00:18:52.879>Okay, <00:18:53.020>excellent. <00:18:53.159>So <00:18:53.300>moving <00:18:53.439>to <00:18:53.580>some <00:18:53.720>of 00:18:54.549 --> 00:18:54.559 align:start position:0% <00:18:54.549>>> <00:18:54.550>Okay, <00:18:54.551>excellent. <00:18:54.552>So <00:18:54.554>moving <00:18:54.555>to <00:18:54.556>some <00:18:54.558>of 00:18:54.559 --> 00:18:56.789 align:start position:0% <00:18:54.559>>> <00:18:54.652>Okay, <00:18:54.745>excellent. <00:18:54.839>So <00:18:54.932>moving <00:18:55.025>to <00:18:55.119>some <00:18:55.212>of <00:18:55.305>the <00:18:55.399>more <00:18:55.492>softer <00:18:55.585>side <00:18:55.678>of <00:18:55.772>things. <00:18:55.865>Uh <00:18:55.959>what 00:18:56.789 --> 00:18:56.799 align:start position:0% <00:18:56.789>the <00:18:56.790>more <00:18:56.791>softer <00:18:56.792>side <00:18:56.794>of <00:18:56.795>things. <00:18:56.796>Uh <00:18:56.798>what 00:18:56.799 --> 00:18:58.950 align:start position:0% <00:18:56.799>the <00:18:56.892>more <00:18:56.985>softer <00:18:57.079>side <00:18:57.172>of <00:18:57.265>things. <00:18:57.359>Uh <00:18:57.452>what <00:18:57.545>do <00:18:57.639>you <00:18:57.732>guys <00:18:57.825>think <00:18:57.918>about <00:18:58.012>uh <00:18:58.105>things <00:18:58.199>more 00:18:58.950 --> 00:18:58.960 align:start position:0% <00:18:58.950>do <00:18:58.951>you <00:18:58.952>guys <00:18:58.953>think <00:18:58.955>about <00:18:58.956>uh <00:18:58.957>things <00:18:58.959>more 00:18:58.960 --> 00:19:01.590 align:start position:0% <00:18:58.960>do <00:18:59.053>you <00:18:59.146>guys <00:18:59.240>think <00:18:59.333>about <00:18:59.426>uh <00:18:59.520>things <00:18:59.613>more <00:18:59.706>on <00:18:59.800>the <00:18:59.893>consumer <00:18:59.986>side <00:19:00.080>of <00:19:00.173>things? <00:19:00.266>So <00:19:00.360>is 00:19:01.590 --> 00:19:01.600 align:start position:0% <00:19:01.590>on <00:19:01.591>the <00:19:01.592>consumer <00:19:01.593>side <00:19:01.595>of <00:19:01.596>things? <00:19:01.597>So <00:19:01.599>is 00:19:01.600 --> 00:19:04.789 align:start position:0% <00:19:01.600>on <00:19:01.699>the <00:19:01.800>consumer <00:19:01.899>side <00:19:02.000>of <00:19:02.100>things? <00:19:02.199>So <00:19:02.300>is <00:19:02.399>there <00:19:02.500>still <00:19:02.600>a <00:19:02.699>moat <00:19:02.800>in <00:19:02.899>like <00:19:03.000>community 00:19:04.789 --> 00:19:04.799 align:start position:0% <00:19:04.789>there <00:19:04.790>still <00:19:04.792>a <00:19:04.793>moat <00:19:04.795>in <00:19:04.796>like <00:19:04.798>community 00:19:04.799 --> 00:19:08.230 align:start position:0% <00:19:04.799>there <00:19:04.926>still <00:19:05.053>a <00:19:05.180>moat <00:19:05.308>in <00:19:05.435>like <00:19:05.562>community <00:19:05.689>brand <00:19:05.817>uh <00:19:05.944>networking <00:19:06.071>effects <00:19:06.199>distribution 00:19:08.230 --> 00:19:08.240 align:start position:0% <00:19:08.230>brand <00:19:08.232>uh <00:19:08.234>networking <00:19:08.236>effects <00:19:08.239>distribution 00:19:08.240 --> 00:19:10.630 align:start position:0% <00:19:08.240>brand <00:19:08.367>uh <00:19:08.494>networking <00:19:08.621>effects <00:19:08.749>distribution <00:19:08.876>things <00:19:09.003>outside <00:19:09.130>of <00:19:09.258>deep <00:19:09.385>tech <00:19:09.512>but <00:19:09.640>still 00:19:10.630 --> 00:19:10.640 align:start position:0% <00:19:10.630>things <00:19:10.631>outside <00:19:10.633>of <00:19:10.634>deep <00:19:10.636>tech <00:19:10.637>but <00:19:10.639>still 00:19:10.640 --> 00:19:13.270 align:start position:0% <00:19:10.640>things <00:19:10.727>outside <00:19:10.815>of <00:19:10.902>deep <00:19:10.990>tech <00:19:11.077>but <00:19:11.165>still <00:19:11.252>have <00:19:11.340>you <00:19:11.427>know <00:19:11.515>in <00:19:11.602>the <00:19:11.690>past <00:19:11.777>have <00:19:11.865>been <00:19:11.952>a <00:19:12.040>a 00:19:13.270 --> 00:19:13.280 align:start position:0% <00:19:13.270>have <00:19:13.271>you <00:19:13.272>know <00:19:13.273>in <00:19:13.274>the <00:19:13.275>past <00:19:13.276>have <00:19:13.277>been <00:19:13.278>a <00:19:13.279>a 00:19:13.280 --> 00:19:15.669 align:start position:0% <00:19:13.280>have <00:19:13.367>you <00:19:13.455>know <00:19:13.542>in <00:19:13.629>the <00:19:13.717>past <00:19:13.805>have <00:19:13.892>been <00:19:13.980>a <00:19:14.067>a <00:19:14.155>differentiator <00:19:14.242>and <00:19:14.330>a <00:19:14.417>moat <00:19:14.504>for <00:19:14.592>people. <00:19:14.680>So 00:19:15.669 --> 00:19:15.679 align:start position:0% <00:19:15.669>differentiator <00:19:15.670>and <00:19:15.672>a <00:19:15.673>moat <00:19:15.675>for <00:19:15.676>people. <00:19:15.678>So 00:19:15.679 --> 00:19:16.950 align:start position:0% <00:19:15.679>differentiator <00:19:15.760>and <00:19:15.842>a <00:19:15.924>moat <00:19:16.005>for <00:19:16.087>people. <00:19:16.169>So <00:19:16.250>what <00:19:16.332>do <00:19:16.414>you <00:19:16.496>think <00:19:16.577>about <00:19:16.659>that <00:19:16.741>today <00:19:16.822>in 00:19:16.950 --> 00:19:16.960 align:start position:0% <00:19:16.950>what <00:19:16.951>do <00:19:16.952>you <00:19:16.953>think <00:19:16.955>about <00:19:16.956>that <00:19:16.957>today <00:19:16.959>in 00:19:16.960 --> 00:19:20.630 align:start position:0% <00:19:16.960>what <00:19:17.076>do <00:19:17.193>you <00:19:17.310>think <00:19:17.426>about <00:19:17.543>that <00:19:17.660>today <00:19:17.776>in <00:19:17.893>today's <00:19:18.010>environment? <00:19:18.126>So <00:19:18.243>I <00:19:18.360>mean 00:19:20.630 --> 00:19:20.640 align:start position:0% <00:19:20.630>today's <00:19:20.632>environment? <00:19:20.634>So <00:19:20.636>I <00:19:20.639>mean 00:19:20.640 --> 00:19:22.870 align:start position:0% <00:19:20.640>today's <00:19:20.747>environment? <00:19:20.855>So <00:19:20.963>I <00:19:21.070>mean <00:19:21.178>yes <00:19:21.286>that's <00:19:21.393>mode <00:19:21.501>and <00:19:21.609>that <00:19:21.716>can <00:19:21.824>be <00:19:21.932>you <00:19:22.040>know 00:19:22.870 --> 00:19:22.880 align:start position:0% <00:19:22.870>yes <00:19:22.871>that's <00:19:22.872>mode <00:19:22.873>and <00:19:22.874>that <00:19:22.875>can <00:19:22.876>be <00:19:22.877>you <00:19:22.879>know 00:19:22.880 --> 00:19:25.350 align:start position:0% <00:19:22.880>yes <00:19:22.957>that's <00:19:23.035>mode <00:19:23.113>and <00:19:23.191>that <00:19:23.268>can <00:19:23.346>be <00:19:23.424>you <00:19:23.502>know <00:19:23.580>that <00:19:23.657>can <00:19:23.735>be <00:19:23.813>mode. <00:19:23.891>If <00:19:23.968>I <00:19:24.046>look <00:19:24.124>at <00:19:24.202>lean <00:19:24.280>ex 00:19:25.350 --> 00:19:25.360 align:start position:0% <00:19:25.350>that <00:19:25.351>can <00:19:25.351>be <00:19:25.352>mode. <00:19:25.353>If <00:19:25.355>I <00:19:25.356>look <00:19:25.357>at <00:19:25.358>lean <00:19:25.359>ex 00:19:25.360 --> 00:19:27.270 align:start position:0% <00:19:25.360>that <00:19:25.447>can <00:19:25.534>be <00:19:25.622>mode. <00:19:25.709>If <00:19:25.797>I <00:19:25.885>look <00:19:25.972>at <00:19:26.060>lean <00:19:26.147>ex <00:19:26.235>for <00:19:26.322>example <00:19:26.409>a <00:19:26.497>company <00:19:26.584>that <00:19:26.672>we <00:19:26.760>invested 00:19:27.270 --> 00:19:27.280 align:start position:0% <00:19:27.270>for <00:19:27.271>example <00:19:27.273>a <00:19:27.274>company <00:19:27.276>that <00:19:27.277>we <00:19:27.279>invested 00:19:27.280 --> 00:19:29.590 align:start position:0% <00:19:27.280>for <00:19:27.379>example <00:19:27.480>a <00:19:27.580>company <00:19:27.680>that <00:19:27.780>we <00:19:27.879>invested <00:19:27.980>very <00:19:28.080>early <00:19:28.180>that's <00:19:28.280>you <00:19:28.379>know <00:19:28.480>was <00:19:28.580>sold <00:19:28.680>to 00:19:29.590 --> 00:19:29.600 align:start position:0% <00:19:29.590>very <00:19:29.591>early <00:19:29.592>that's <00:19:29.593>you <00:19:29.595>know <00:19:29.596>was <00:19:29.597>sold <00:19:29.599>to 00:19:29.600 --> 00:19:31.350 align:start position:0% <00:19:29.600>very <00:19:29.774>early <00:19:29.949>that's <00:19:30.125>you <00:19:30.300>know <00:19:30.475>was <00:19:30.649>sold <00:19:30.824>to <00:19:31.000>SAP 00:19:31.350 --> 00:19:31.360 align:start position:0% SAP 00:19:31.360 --> 00:19:33.350 align:start position:0% <00:19:31.360>SAP <00:19:31.500>2 <00:19:31.639>and <00:19:31.780>a <00:19:31.919>half <00:19:32.060>years <00:19:32.199>ago <00:19:32.340>for <00:19:32.479>for <00:19:32.620>a <00:19:32.760>little 00:19:33.350 --> 00:19:33.360 align:start position:0% <00:19:33.350>2 <00:19:33.351>and <00:19:33.351>a <00:19:33.352>half <00:19:33.353>years <00:19:33.355>ago <00:19:33.356>for <00:19:33.357>for <00:19:33.358>a <00:19:33.359>little 00:19:33.360 --> 00:19:36.310 align:start position:0% <00:19:33.360>2 <00:19:33.437>and <00:19:33.515>a <00:19:33.593>half <00:19:33.671>years <00:19:33.748>ago <00:19:33.826>for <00:19:33.904>for <00:19:33.982>a <00:19:34.060>little <00:19:34.137>more <00:19:34.215>than <00:19:34.293>a <00:19:34.371>billion <00:19:34.448>euro <00:19:34.526>that <00:19:34.604>is <00:19:34.682>a <00:19:34.760>brand 00:19:36.310 --> 00:19:36.320 align:start position:0% <00:19:36.310>more <00:19:36.311>than <00:19:36.312>a <00:19:36.313>billion <00:19:36.314>euro <00:19:36.315>that <00:19:36.316>is <00:19:36.317>a <00:19:36.319>brand 00:19:36.320 --> 00:19:38.310 align:start position:0% <00:19:36.320>more <00:19:36.413>than <00:19:36.506>a <00:19:36.600>billion <00:19:36.693>euro <00:19:36.786>that <00:19:36.879>is <00:19:36.973>a <00:19:37.066>brand <00:19:37.159>name <00:19:37.253>and <00:19:37.346>you <00:19:37.439>know <00:19:37.533>everybody <00:19:37.626>working <00:19:37.720>in 00:19:38.310 --> 00:19:38.320 align:start position:0% <00:19:38.310>name <00:19:38.311>and <00:19:38.312>you <00:19:38.314>know <00:19:38.316>everybody <00:19:38.317>working <00:19:38.319>in 00:19:38.320 --> 00:19:40.630 align:start position:0% <00:19:38.320>name <00:19:38.447>and <00:19:38.574>you <00:19:38.701>know <00:19:38.829>everybody <00:19:38.956>working <00:19:39.083>in <00:19:39.210>enterprise <00:19:39.338>architecture <00:19:39.465>knows <00:19:39.592>Lena <00:19:39.720>X. 00:19:40.630 --> 00:19:40.640 align:start position:0% <00:19:40.630>enterprise <00:19:40.632>architecture <00:19:40.634>knows <00:19:40.636>Lena <00:19:40.639>X. 00:19:40.640 --> 00:19:43.830 align:start position:0% <00:19:40.640>enterprise <00:19:40.756>architecture <00:19:40.873>knows <00:19:40.990>Lena <00:19:41.106>X. <00:19:41.223>It's <00:19:41.340>like <00:19:41.456>I <00:19:41.573>don't <00:19:41.690>know <00:19:41.806>Mercedes <00:19:41.923>for <00:19:42.040>cars 00:19:43.830 --> 00:19:43.840 align:start position:0% <00:19:43.830>It's <00:19:43.831>like <00:19:43.832>I <00:19:43.833>don't <00:19:43.835>know <00:19:43.836>Mercedes <00:19:43.837>for <00:19:43.839>cars 00:19:43.840 --> 00:19:46.710 align:start position:0% <00:19:43.840>It's <00:19:43.939>like <00:19:44.040>I <00:19:44.139>don't <00:19:44.240>know <00:19:44.340>Mercedes <00:19:44.439>for <00:19:44.540>cars <00:19:44.639>or <00:19:44.740>whatever. <00:19:44.840>Um, <00:19:44.939>and <00:19:45.040>that's <00:19:45.139>a <00:19:45.240>mode, 00:19:46.710 --> 00:19:46.720 align:start position:0% <00:19:46.710>or <00:19:46.711>whatever. <00:19:46.713>Um, <00:19:46.714>and <00:19:46.716>that's <00:19:46.717>a <00:19:46.719>mode, 00:19:46.720 --> 00:19:49.350 align:start position:0% <00:19:46.720>or <00:19:46.847>whatever. <00:19:46.974>Um, <00:19:47.101>and <00:19:47.229>that's <00:19:47.356>a <00:19:47.483>mode, <00:19:47.610>that's <00:19:47.738>distribution, <00:19:47.865>that's <00:19:47.992>trust, <00:19:48.120>uh, 00:19:49.350 --> 00:19:49.360 align:start position:0% <00:19:49.350>that's <00:19:49.352>distribution, <00:19:49.354>that's <00:19:49.356>trust, <00:19:49.359>uh, 00:19:49.360 --> 00:19:50.950 align:start position:0% <00:19:49.360>that's <00:19:49.487>distribution, <00:19:49.614>that's <00:19:49.741>trust, <00:19:49.869>uh, <00:19:49.996>that's <00:19:50.123>also <00:19:50.250>the <00:19:50.378>ability <00:19:50.505>to <00:19:50.632>push <00:19:50.760>new 00:19:50.950 --> 00:19:50.960 align:start position:0% <00:19:50.950>that's <00:19:50.951>also <00:19:50.953>the <00:19:50.954>ability <00:19:50.956>to <00:19:50.957>push <00:19:50.959>new 00:19:50.960 --> 00:19:53.830 align:start position:0% <00:19:50.960>that's <00:19:51.076>also <00:19:51.193>the <00:19:51.310>ability <00:19:51.426>to <00:19:51.543>push <00:19:51.660>new <00:19:51.776>things <00:19:51.893>into <00:19:52.010>the <00:19:52.126>system. <00:19:52.243>The <00:19:52.360>question, 00:19:53.830 --> 00:19:53.840 align:start position:0% <00:19:53.830>things <00:19:53.831>into <00:19:53.833>the <00:19:53.835>system. <00:19:53.837>The <00:19:53.839>question, 00:19:53.840 --> 00:19:56.230 align:start position:0% <00:19:53.840>things <00:19:53.947>into <00:19:54.055>the <00:19:54.163>system. <00:19:54.270>The <00:19:54.378>question, <00:19:54.486>however, <00:19:54.593>is <00:19:54.701>how <00:19:54.809>easy <00:19:54.916>is <00:19:55.024>that <00:19:55.132>to <00:19:55.240>be 00:19:56.230 --> 00:19:56.240 align:start position:0% <00:19:56.230>however, <00:19:56.231>is <00:19:56.232>how <00:19:56.233>easy <00:19:56.235>is <00:19:56.236>that <00:19:56.237>to <00:19:56.239>be 00:19:56.240 --> 00:19:59.510 align:start position:0% <00:19:56.240>however, <00:19:56.340>is <00:19:56.440>how <00:19:56.540>easy <00:19:56.640>is <00:19:56.740>that <00:19:56.840>to <00:19:56.940>be <00:19:57.040>rebuilt? <00:19:57.140>Uh, <00:19:57.240>because <00:19:57.340>the <00:19:57.440>SAPs <00:19:57.540>in <00:19:57.640>this 00:19:59.510 --> 00:19:59.520 align:start position:0% <00:19:59.510>rebuilt? <00:19:59.511>Uh, <00:19:59.513>because <00:19:59.514>the <00:19:59.516>SAPs <00:19:59.517>in <00:19:59.519>this 00:19:59.520 --> 00:20:01.669 align:start position:0% <00:19:59.520>rebuilt? <00:19:59.627>Uh, <00:19:59.735>because <00:19:59.843>the <00:19:59.950>SAPs <00:20:00.058>in <00:20:00.166>this <00:20:00.273>world, <00:20:00.381>they <00:20:00.489>are <00:20:00.596>also <00:20:00.704>moving <00:20:00.812>fast <00:20:00.920>now. 00:20:01.669 --> 00:20:01.679 align:start position:0% <00:20:01.669>world, <00:20:01.670>they <00:20:01.672>are <00:20:01.673>also <00:20:01.675>moving <00:20:01.676>fast <00:20:01.678>now. 00:20:01.679 --> 00:20:03.590 align:start position:0% <00:20:01.679>world, <00:20:01.806>they <00:20:01.933>are <00:20:02.060>also <00:20:02.188>moving <00:20:02.315>fast <00:20:02.442>now. <00:20:02.569>They're <00:20:02.697>also <00:20:02.824>aggressive <00:20:02.951>in <00:20:03.079>acquiring 00:20:03.590 --> 00:20:03.600 align:start position:0% <00:20:03.590>They're <00:20:03.592>also <00:20:03.594>aggressive <00:20:03.596>in <00:20:03.599>acquiring 00:20:03.600 --> 00:20:06.310 align:start position:0% <00:20:03.600>They're <00:20:03.727>also <00:20:03.854>aggressive <00:20:03.981>in <00:20:04.109>acquiring <00:20:04.236>talent <00:20:04.363>and <00:20:04.490>spending <00:20:04.618>money <00:20:04.745>on <00:20:04.872>on <00:20:05.000>problems 00:20:06.310 --> 00:20:06.320 align:start position:0% <00:20:06.310>talent <00:20:06.311>and <00:20:06.312>spending <00:20:06.314>money <00:20:06.316>on <00:20:06.317>on <00:20:06.319>problems 00:20:06.320 --> 00:20:09.110 align:start position:0% <00:20:06.320>talent <00:20:06.407>and <00:20:06.495>spending <00:20:06.582>money <00:20:06.669>on <00:20:06.757>on <00:20:06.845>problems <00:20:06.932>that <00:20:07.020>need <00:20:07.107>to <00:20:07.195>be <00:20:07.282>solved. <00:20:07.370>So <00:20:07.457>in <00:20:07.544>in <00:20:07.632>sort <00:20:07.720>of 00:20:09.110 --> 00:20:09.120 align:start position:0% <00:20:09.110>that <00:20:09.110>need <00:20:09.111>to <00:20:09.112>be <00:20:09.113>solved. <00:20:09.114>So <00:20:09.116>in <00:20:09.117>in <00:20:09.118>sort <00:20:09.119>of 00:20:09.120 --> 00:20:11.190 align:start position:0% <00:20:09.120>that <00:20:09.213>need <00:20:09.306>to <00:20:09.399>be <00:20:09.493>solved. <00:20:09.586>So <00:20:09.679>in <00:20:09.773>in <00:20:09.866>sort <00:20:09.959>of <00:20:10.053>in <00:20:10.146>pure <00:20:10.239>software <00:20:10.333>place <00:20:10.426>especially <00:20:10.520>in 00:20:11.190 --> 00:20:11.200 align:start position:0% <00:20:11.190>in <00:20:11.191>pure <00:20:11.193>software <00:20:11.195>place <00:20:11.197>especially <00:20:11.199>in 00:20:11.200 --> 00:20:14.230 align:start position:0% <00:20:11.200>in <00:20:11.400>pure <00:20:11.600>software <00:20:11.800>place <00:20:12.000>especially <00:20:12.200>in <00:20:12.400>horizontal <00:20:12.600>ones 00:20:14.230 --> 00:20:14.240 align:start position:0% <00:20:14.230>horizontal <00:20:14.239>ones 00:20:14.240 --> 00:20:18.230 align:start position:0% <00:20:14.240>horizontal <00:20:14.380>ones <00:20:14.520>yes <00:20:14.660>that <00:20:14.800>can <00:20:14.940>be <00:20:15.080>mode <00:20:15.220>but <00:20:15.360>the <00:20:15.500>question <00:20:15.640>is 00:20:18.230 --> 00:20:18.240 align:start position:0% <00:20:18.230>yes <00:20:18.231>that <00:20:18.232>can <00:20:18.233>be <00:20:18.234>mode <00:20:18.235>but <00:20:18.236>the <00:20:18.237>question <00:20:18.239>is 00:20:18.240 --> 00:20:21.669 align:start position:0% <00:20:18.240>yes <00:20:18.327>that <00:20:18.415>can <00:20:18.502>be <00:20:18.590>mode <00:20:18.677>but <00:20:18.765>the <00:20:18.852>question <00:20:18.940>is <00:20:19.027>do <00:20:19.115>we <00:20:19.202>believe <00:20:19.290>that <00:20:19.377>will <00:20:19.465>still <00:20:19.552>be <00:20:19.640>built 00:20:21.669 --> 00:20:21.679 align:start position:0% <00:20:21.669>do <00:20:21.670>we <00:20:21.671>believe <00:20:21.672>that <00:20:21.674>will <00:20:21.675>still <00:20:21.676>be <00:20:21.678>built 00:20:21.679 --> 00:20:24.150 align:start position:0% <00:20:21.679>do <00:20:21.772>we <00:20:21.865>believe <00:20:21.959>that <00:20:22.052>will <00:20:22.145>still <00:20:22.239>be <00:20:22.332>built <00:20:22.425>in <00:20:22.519>vertical <00:20:22.612>place <00:20:22.705>with <00:20:22.799>a <00:20:22.892>niche <00:20:22.985>sort <00:20:23.079>of 00:20:24.150 --> 00:20:24.160 align:start position:0% <00:20:24.150>in <00:20:24.151>vertical <00:20:24.152>place <00:20:24.153>with <00:20:24.155>a <00:20:24.156>niche <00:20:24.157>sort <00:20:24.159>of 00:20:24.160 --> 00:20:27.350 align:start position:0% <00:20:24.160>in <00:20:24.267>vertical <00:20:24.375>place <00:20:24.483>with <00:20:24.590>a <00:20:24.698>niche <00:20:24.806>sort <00:20:24.913>of <00:20:25.021>problem <00:20:25.129>with <00:20:25.236>domain <00:20:25.344>expertise <00:20:25.452>with <00:20:25.560>with 00:20:27.350 --> 00:20:27.360 align:start position:0% <00:20:27.350>problem <00:20:27.351>with <00:20:27.353>domain <00:20:27.355>expertise <00:20:27.357>with <00:20:27.359>with 00:20:27.360 --> 00:20:29.990 align:start position:0% <00:20:27.360>problem <00:20:27.476>with <00:20:27.593>domain <00:20:27.709>expertise <00:20:27.826>with <00:20:27.943>with <00:20:28.060>also <00:20:28.176>domain <00:20:28.293>sort <00:20:28.409>of <00:20:28.526>specific <00:20:28.643>access <00:20:28.760>to 00:20:29.990 --> 00:20:30.000 align:start position:0% <00:20:29.990>also <00:20:29.991>domain <00:20:29.993>sort <00:20:29.994>of <00:20:29.996>specific <00:20:29.997>access <00:20:29.999>to 00:20:30.000 --> 00:20:32.470 align:start position:0% <00:20:30.000>also <00:20:30.107>domain <00:20:30.215>sort <00:20:30.323>of <00:20:30.430>specific <00:20:30.538>access <00:20:30.646>to <00:20:30.753>players <00:20:30.861>in <00:20:30.969>the <00:20:31.076>industry <00:20:31.184>that <00:20:31.292>can <00:20:31.400>be 00:20:32.470 --> 00:20:32.480 align:start position:0% <00:20:32.470>players <00:20:32.471>in <00:20:32.473>the <00:20:32.474>industry <00:20:32.476>that <00:20:32.477>can <00:20:32.479>be 00:20:32.480 --> 00:20:36.070 align:start position:0% <00:20:32.480>players <00:20:32.587>in <00:20:32.695>the <00:20:32.803>industry <00:20:32.910>that <00:20:33.018>can <00:20:33.126>be <00:20:33.233>rebuilt <00:20:33.341>we <00:20:33.449>believe <00:20:33.556>a <00:20:33.664>little <00:20:33.772>more <00:20:33.880>easily 00:20:36.070 --> 00:20:36.080 align:start position:0% <00:20:36.070>rebuilt <00:20:36.071>we <00:20:36.072>believe <00:20:36.074>a <00:20:36.076>little <00:20:36.077>more <00:20:36.079>easily 00:20:36.080 --> 00:20:39.669 align:start position:0% <00:20:36.080>rebuilt <00:20:36.179>we <00:20:36.280>believe <00:20:36.379>a <00:20:36.480>little <00:20:36.580>more <00:20:36.679>easily <00:20:36.780>now <00:20:36.879>than <00:20:36.980>um <00:20:37.080>than <00:20:37.179>it <00:20:37.280>is <00:20:37.379>in <00:20:37.480>horizontal 00:20:39.669 --> 00:20:39.679 align:start position:0% <00:20:39.669>now <00:20:39.670>than <00:20:39.671>um <00:20:39.672>than <00:20:39.674>it <00:20:39.675>is <00:20:39.676>in <00:20:39.678>horizontal 00:20:39.679 --> 00:20:41.110 align:start position:0% <00:20:39.679>now <00:20:39.770>than <00:20:39.862>um <00:20:39.954>than <00:20:40.046>it <00:20:40.138>is <00:20:40.230>in <00:20:40.322>horizontal <00:20:40.414>place. <00:20:40.506>So <00:20:40.598>we <00:20:40.690>invested <00:20:40.782>in <00:20:40.874>a <00:20:40.966>company 00:20:41.110 --> 00:20:41.120 align:start position:0% <00:20:41.110>place. <00:20:41.111>So <00:20:41.112>we <00:20:41.114>invested <00:20:41.116>in <00:20:41.117>a <00:20:41.119>company 00:20:41.120 --> 00:20:42.710 align:start position:0% <00:20:41.120>place. <00:20:41.247>So <00:20:41.374>we <00:20:41.501>invested <00:20:41.629>in <00:20:41.756>a <00:20:41.883>company <00:20:42.010>called <00:20:42.138>Logistic <00:20:42.265>Buddha <00:20:42.392>for <00:20:42.520>instance. 00:20:42.710 --> 00:20:42.720 align:start position:0% <00:20:42.710>called <00:20:42.712>Logistic <00:20:42.714>Buddha <00:20:42.716>for <00:20:42.719>instance. 00:20:42.720 --> 00:20:44.630 align:start position:0% <00:20:42.720>called <00:20:42.847>Logistic <00:20:42.974>Buddha <00:20:43.101>for <00:20:43.229>instance. <00:20:43.356>It's <00:20:43.483>a <00:20:43.610>supply <00:20:43.738>chain <00:20:43.865>software <00:20:43.992>and <00:20:44.120>it's 00:20:44.630 --> 00:20:44.640 align:start position:0% <00:20:44.630>It's <00:20:44.631>a <00:20:44.633>supply <00:20:44.634>chain <00:20:44.636>software <00:20:44.637>and <00:20:44.639>it's 00:20:44.640 --> 00:20:46.710 align:start position:0% <00:20:44.640>It's <00:20:44.756>a <00:20:44.873>supply <00:20:44.990>chain <00:20:45.106>software <00:20:45.223>and <00:20:45.340>it's <00:20:45.456>for <00:20:45.573>founders <00:20:45.690>uh <00:20:45.806>from <00:20:45.923>a <00:20:46.040>frownover 00:20:46.710 --> 00:20:46.720 align:start position:0% <00:20:46.710>for <00:20:46.711>founders <00:20:46.713>uh <00:20:46.715>from <00:20:46.717>a <00:20:46.719>frownover 00:20:46.720 --> 00:20:48.950 align:start position:0% <00:20:46.720>for <00:20:46.860>founders <00:20:47.000>uh <00:20:47.140>from <00:20:47.280>a <00:20:47.420>frownover <00:20:47.560>institute. <00:20:47.700>So <00:20:47.840>former <00:20:47.980>researchers <00:20:48.120>they 00:20:48.950 --> 00:20:48.960 align:start position:0% <00:20:48.950>institute. <00:20:48.952>So <00:20:48.954>former <00:20:48.956>researchers <00:20:48.959>they 00:20:48.960 --> 00:20:51.669 align:start position:0% <00:20:48.960>institute. <00:20:49.087>So <00:20:49.214>former <00:20:49.341>researchers <00:20:49.469>they <00:20:49.596>really <00:20:49.723>know <00:20:49.850>the <00:20:49.978>issue <00:20:50.105>is <00:20:50.232>super <00:20:50.360>niche 00:20:51.669 --> 00:20:51.679 align:start position:0% <00:20:51.669>really <00:20:51.670>know <00:20:51.672>the <00:20:51.673>issue <00:20:51.675>is <00:20:51.676>super <00:20:51.678>niche 00:20:51.679 --> 00:20:54.549 align:start position:0% <00:20:51.679>really <00:20:51.786>know <00:20:51.894>the <00:20:52.002>issue <00:20:52.109>is <00:20:52.217>super <00:20:52.325>niche <00:20:52.432>it's <00:20:52.540>unsexy <00:20:52.648>and <00:20:52.755>they're <00:20:52.863>building <00:20:52.971>a <00:20:53.079>brand 00:20:54.549 --> 00:20:54.559 align:start position:0% <00:20:54.549>it's <00:20:54.550>unsexy <00:20:54.552>and <00:20:54.553>they're <00:20:54.555>building <00:20:54.556>a <00:20:54.558>brand 00:20:54.559 --> 00:20:56.950 align:start position:0% <00:20:54.559>it's <00:20:54.666>unsexy <00:20:54.774>and <00:20:54.882>they're <00:20:54.989>building <00:20:55.097>a <00:20:55.205>brand <00:20:55.312>play <00:20:55.420>you <00:20:55.528>know <00:20:55.635>apart <00:20:55.743>from <00:20:55.851>any <00:20:55.959>other 00:20:56.950 --> 00:20:56.960 align:start position:0% <00:20:56.950>play <00:20:56.951>you <00:20:56.953>know <00:20:56.954>apart <00:20:56.956>from <00:20:56.957>any <00:20:56.959>other 00:20:56.960 --> 00:20:59.270 align:start position:0% <00:20:56.960>play <00:20:57.067>you <00:20:57.175>know <00:20:57.283>apart <00:20:57.390>from <00:20:57.498>any <00:20:57.606>other <00:20:57.713>questions <00:20:57.821>and <00:20:57.929>a <00:20:58.036>trust <00:20:58.144>play. <00:20:58.252>But <00:20:58.360>in 00:20:59.270 --> 00:20:59.280 align:start position:0% <00:20:59.270>questions <00:20:59.271>and <00:20:59.273>a <00:20:59.274>trust <00:20:59.276>play. <00:20:59.277>But <00:20:59.279>in 00:20:59.280 --> 00:21:01.350 align:start position:0% <00:20:59.280>questions <00:20:59.387>and <00:20:59.495>a <00:20:59.603>trust <00:20:59.710>play. <00:20:59.818>But <00:20:59.926>in <00:21:00.033>horizontal <00:21:00.141>cases <00:21:00.249>I <00:21:00.356>would <00:21:00.464>be <00:21:00.572>a <00:21:00.680>little 00:21:01.350 --> 00:21:01.360 align:start position:0% <00:21:01.350>horizontal <00:21:01.351>cases <00:21:01.352>I <00:21:01.354>would <00:21:01.356>be <00:21:01.357>a <00:21:01.359>little 00:21:01.360 --> 00:21:03.990 align:start position:0% <00:21:01.360>horizontal <00:21:01.467>cases <00:21:01.575>I <00:21:01.683>would <00:21:01.790>be <00:21:01.898>a <00:21:02.006>little <00:21:02.113>more <00:21:02.221>careful <00:21:02.329>to <00:21:02.436>answer <00:21:02.544>the <00:21:02.652>question <00:21:02.760>with 00:21:03.990 --> 00:21:04.000 align:start position:0% <00:21:03.990>more <00:21:03.991>careful <00:21:03.993>to <00:21:03.994>answer <00:21:03.996>the <00:21:03.997>question <00:21:03.999>with 00:21:04.000 --> 00:21:06.870 align:start position:0% <00:21:04.000>more <00:21:04.100>careful <00:21:04.200>to <00:21:04.300>answer <00:21:04.400>the <00:21:04.500>question <00:21:04.600>with <00:21:04.700>yes <00:21:04.800>for <00:21:04.900>sure <00:21:05.000>that <00:21:05.100>can <00:21:05.200>be <00:21:05.300>mode. <00:21:05.400>We 00:21:06.870 --> 00:21:06.880 align:start position:0% <00:21:06.870>yes <00:21:06.871>for <00:21:06.872>sure <00:21:06.873>that <00:21:06.875>can <00:21:06.876>be <00:21:06.877>mode. <00:21:06.879>We 00:21:06.880 --> 00:21:09.270 align:start position:0% <00:21:06.880>yes <00:21:06.996>for <00:21:07.113>sure <00:21:07.230>that <00:21:07.346>can <00:21:07.463>be <00:21:07.580>mode. <00:21:07.696>We <00:21:07.813>believe <00:21:07.930>that <00:21:08.046>will <00:21:08.163>be <00:21:08.280>built 00:21:09.270 --> 00:21:09.280 align:start position:0% <00:21:09.270>believe <00:21:09.272>that <00:21:09.274>will <00:21:09.276>be <00:21:09.279>built 00:21:09.280 --> 00:21:11.830 align:start position:0% <00:21:09.280>believe <00:21:09.387>that <00:21:09.495>will <00:21:09.603>be <00:21:09.710>built <00:21:09.818>>> <00:21:09.926>in <00:21:10.033>in <00:21:10.141>areas <00:21:10.249>where <00:21:10.356>trust <00:21:10.464>is <00:21:10.572>required <00:21:10.680>and 00:21:11.830 --> 00:21:11.840 align:start position:0% <00:21:11.830>>> <00:21:11.831>in <00:21:11.832>in <00:21:11.833>areas <00:21:11.834>where <00:21:11.835>trust <00:21:11.836>is <00:21:11.837>required <00:21:11.839>and 00:21:11.840 --> 00:21:13.110 align:start position:0% <00:21:11.840>>> <00:21:11.916>in <00:21:11.992>in <00:21:12.068>areas <00:21:12.144>where <00:21:12.221>trust <00:21:12.297>is <00:21:12.373>required <00:21:12.449>and <00:21:12.525>this <00:21:12.601>is <00:21:12.678>pretty <00:21:12.754>much <00:21:12.830>everything <00:21:12.906>in <00:21:12.983>the 00:21:13.110 --> 00:21:13.120 align:start position:0% <00:21:13.110>this <00:21:13.111>is <00:21:13.112>pretty <00:21:13.114>much <00:21:13.116>everything <00:21:13.117>in <00:21:13.119>the 00:21:13.120 --> 00:21:15.270 align:start position:0% <00:21:13.120>this <00:21:13.227>is <00:21:13.335>pretty <00:21:13.443>much <00:21:13.550>everything <00:21:13.658>in <00:21:13.766>the <00:21:13.873>B2B <00:21:13.981>business. <00:21:14.089>As <00:21:14.196>soon <00:21:14.304>as <00:21:14.412>you <00:21:14.520>enterprise 00:21:15.270 --> 00:21:15.280 align:start position:0% <00:21:15.270>B2B <00:21:15.271>business. <00:21:15.273>As <00:21:15.274>soon <00:21:15.276>as <00:21:15.277>you <00:21:15.279>enterprise 00:21:15.280 --> 00:21:17.430 align:start position:0% <00:21:15.280>B2B <00:21:15.387>business. <00:21:15.495>As <00:21:15.603>soon <00:21:15.710>as <00:21:15.818>you <00:21:15.926>enterprise <00:21:16.033>business, <00:21:16.141>the <00:21:16.249>brand <00:21:16.356>and <00:21:16.464>the <00:21:16.572>trust <00:21:16.680>and 00:21:17.430 --> 00:21:17.440 align:start position:0% <00:21:17.430>business, <00:21:17.431>the <00:21:17.433>brand <00:21:17.434>and <00:21:17.436>the <00:21:17.437>trust <00:21:17.439>and 00:21:17.440 --> 00:21:19.830 align:start position:0% <00:21:17.440>business, <00:21:17.567>the <00:21:17.694>brand <00:21:17.821>and <00:21:17.949>the <00:21:18.076>trust <00:21:18.203>and <00:21:18.330>certifications <00:21:18.458>I <00:21:18.585>know <00:21:18.712>that <00:21:18.840>sounds 00:21:19.830 --> 00:21:19.840 align:start position:0% <00:21:19.830>certifications <00:21:19.832>I <00:21:19.834>know <00:21:19.836>that <00:21:19.839>sounds 00:21:19.840 --> 00:21:21.669 align:start position:0% <00:21:19.840>certifications <00:21:20.014>I <00:21:20.189>know <00:21:20.365>that <00:21:20.540>sounds <00:21:20.715>regulation <00:21:20.889>and <00:21:21.064>certifications <00:21:21.240>always 00:21:21.669 --> 00:21:21.679 align:start position:0% <00:21:21.669>regulation <00:21:21.672>and <00:21:21.675>certifications <00:21:21.678>always 00:21:21.679 --> 00:21:23.510 align:start position:0% <00:21:21.679>regulation <00:21:21.819>and <00:21:21.959>certifications <00:21:22.099>always <00:21:22.239>sounds <00:21:22.379>boring <00:21:22.519>and <00:21:22.659>coming <00:21:22.799>from <00:21:22.939>the <00:21:23.079>telco 00:21:23.510 --> 00:21:23.520 align:start position:0% <00:21:23.510>sounds <00:21:23.511>boring <00:21:23.513>and <00:21:23.514>coming <00:21:23.516>from <00:21:23.517>the <00:21:23.519>telco 00:21:23.520 --> 00:21:26.070 align:start position:0% <00:21:23.520>sounds <00:21:23.620>boring <00:21:23.720>and <00:21:23.820>coming <00:21:23.920>from <00:21:24.020>the <00:21:24.120>telco <00:21:24.220>industry. <00:21:24.320>I'm <00:21:24.420>not <00:21:24.520>a <00:21:24.620>big <00:21:24.720>fan <00:21:24.820>as <00:21:24.920>an 00:21:26.070 --> 00:21:26.080 align:start position:0% <00:21:26.070>industry. <00:21:26.071>I'm <00:21:26.072>not <00:21:26.073>a <00:21:26.075>big <00:21:26.076>fan <00:21:26.077>as <00:21:26.079>an 00:21:26.080 --> 00:21:28.310 align:start position:0% <00:21:26.080>industry. <00:21:26.179>I'm <00:21:26.280>not <00:21:26.379>a <00:21:26.480>big <00:21:26.580>fan <00:21:26.679>as <00:21:26.780>an <00:21:26.879>investor. <00:21:26.980>I <00:21:27.080>am. <00:21:27.179>That's <00:21:27.280>lovely. <00:21:27.379>If <00:21:27.480>you 00:21:28.310 --> 00:21:28.320 align:start position:0% <00:21:28.310>investor. <00:21:28.311>I <00:21:28.312>am. <00:21:28.314>That's <00:21:28.316>lovely. <00:21:28.317>If <00:21:28.319>you 00:21:28.320 --> 00:21:30.310 align:start position:0% <00:21:28.320>investor. <00:21:28.447>I <00:21:28.574>am. <00:21:28.701>That's <00:21:28.829>lovely. <00:21:28.956>If <00:21:29.083>you <00:21:29.210>have <00:21:29.338>something <00:21:29.465>certified, <00:21:29.592>that's <00:21:29.720>really 00:21:30.310 --> 00:21:30.320 align:start position:0% <00:21:30.310>have <00:21:30.312>something <00:21:30.314>certified, <00:21:30.316>that's <00:21:30.319>really 00:21:30.320 --> 00:21:33.669 align:start position:0% <00:21:30.320>have <00:21:30.427>something <00:21:30.535>certified, <00:21:30.643>that's <00:21:30.750>really <00:21:30.858>hard <00:21:30.966>to <00:21:31.073>get. <00:21:31.181>it <00:21:31.289>takes <00:21:31.396>you <00:21:31.504>years <00:21:31.612>of <00:21:31.720>work 00:21:33.669 --> 00:21:33.679 align:start position:0% <00:21:33.669>hard <00:21:33.670>to <00:21:33.671>get. <00:21:33.672>it <00:21:33.673>takes <00:21:33.674>you <00:21:33.675>years <00:21:33.676>of <00:21:33.678>work 00:21:33.679 --> 00:21:36.390 align:start position:0% <00:21:33.679>hard <00:21:33.756>to <00:21:33.834>get. 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<00:21:39.030>earth. <00:21:39.031>Um <00:21:39.032>so <00:21:39.034>that <00:21:39.035>is <00:21:39.036>something <00:21:39.038>that 00:21:39.039 --> 00:21:40.789 align:start position:0% <00:21:39.039>the <00:21:39.155>earth. <00:21:39.272>Um <00:21:39.389>so <00:21:39.505>that <00:21:39.622>is <00:21:39.739>something <00:21:39.855>that <00:21:39.972>makes <00:21:40.089>something <00:21:40.205>very <00:21:40.322>very <00:21:40.439>interesting 00:21:40.789 --> 00:21:40.799 align:start position:0% <00:21:40.789>makes <00:21:40.791>something <00:21:40.793>very <00:21:40.795>very <00:21:40.798>interesting 00:21:40.799 --> 00:21:42.950 align:start position:0% <00:21:40.799>makes <00:21:40.915>something <00:21:41.032>very <00:21:41.149>very <00:21:41.265>interesting <00:21:41.382>and <00:21:41.499>it's <00:21:41.615>it's <00:21:41.732>a <00:21:41.849>great <00:21:41.965>mode <00:21:42.082>for <00:21:42.199>this 00:21:42.950 --> 00:21:42.960 align:start position:0% <00:21:42.950>and 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<00:21:48.713>we <00:21:48.715>can't <00:21:48.717>really <00:21:48.719>consider 00:21:48.720 --> 00:21:52.070 align:start position:0% <00:21:48.720>something <00:21:48.836>that <00:21:48.953>we <00:21:49.070>can't <00:21:49.186>really <00:21:49.303>consider <00:21:49.420>as <00:21:49.536>as <00:21:49.653>a <00:21:49.770>lockin <00:21:49.886>necessarily <00:21:50.003>that <00:21:50.120>might 00:21:52.070 --> 00:21:52.080 align:start position:0% <00:21:52.070>as <00:21:52.071>as <00:21:52.072>a <00:21:52.074>lockin <00:21:52.076>necessarily <00:21:52.077>that <00:21:52.079>might 00:21:52.080 --> 00:21:54.710 align:start position:0% <00:21:52.080>as <00:21:52.179>as <00:21:52.280>a <00:21:52.379>lockin <00:21:52.480>necessarily <00:21:52.580>that <00:21:52.679>might <00:21:52.780>your <00:21:52.879>community <00:21:52.980>might <00:21:53.080>move <00:21:53.179>in <00:21:53.280>move <00:21:53.379>on <00:21:53.480>if 00:21:54.710 --> 00:21:54.720 align:start position:0% <00:21:54.710>your 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<00:21:59.053>out <00:21:59.146>there <00:21:59.240>is 00:21:59.750 --> 00:21:59.760 align:start position:0% <00:21:59.750>keep <00:21:59.751>them <00:21:59.752>because <00:21:59.753>the <00:21:59.755>world <00:21:59.756>out <00:21:59.757>there <00:21:59.759>is 00:21:59.760 --> 00:22:01.830 align:start position:0% <00:21:59.760>keep <00:21:59.860>them <00:21:59.960>because <00:22:00.060>the <00:22:00.160>world <00:22:00.260>out <00:22:00.360>there <00:22:00.460>is <00:22:00.560>quite <00:22:00.660>interesting. <00:22:00.760>So <00:22:00.860>just <00:22:00.960>to <00:22:01.060>have <00:22:01.160>a 00:22:01.830 --> 00:22:01.840 align:start position:0% <00:22:01.830>quite <00:22:01.831>interesting. <00:22:01.832>So <00:22:01.834>just <00:22:01.836>to <00:22:01.837>have <00:22:01.839>a 00:22:01.840 --> 00:22:03.830 align:start position:0% <00:22:01.840>quite <00:22:01.947>interesting. <00:22:02.055>So <00:22:02.163>just <00:22:02.270>to <00:22:02.378>have <00:22:02.486>a <00:22:02.593>community <00:22:02.701>built <00:22:02.809>and <00:22:02.916>and <00:22:03.024>and <00:22:03.132>a <00:22:03.240>strong 00:22:03.830 --> 00:22:03.840 align:start position:0% <00:22:03.830>community <00:22:03.831>built <00:22:03.832>and <00:22:03.834>and <00:22:03.836>and <00:22:03.837>a <00:22:03.839>strong 00:22:03.840 --> 00:22:06.149 align:start position:0% <00:22:03.840>community <00:22:03.995>built <00:22:04.151>and <00:22:04.306>and <00:22:04.462>and <00:22:04.617>a <00:22:04.773>strong <00:22:04.928>brand <00:22:05.084>is <00:22:05.240>unfortunately 00:22:06.149 --> 00:22:06.159 align:start position:0% <00:22:06.149>brand <00:22:06.153>is <00:22:06.158>unfortunately 00:22:06.159 --> 00:22:10.950 align:start position:0% <00:22:06.159>brand <00:22:06.359>is <00:22:06.559>unfortunately <00:22:06.759>necessary <00:22:06.959>but <00:22:07.159>not <00:22:07.359>sufficient <00:22:07.559>anymore. 00:22:10.960 --> 00:22:13.909 align:start position:0% <00:22:10.960>>> <00:22:11.160>Yeah. <00:22:11.360>I <00:22:11.560>also <00:22:11.760>think <00:22:11.960>that <00:22:12.160>brand <00:22:12.360>is 00:22:13.909 --> 00:22:13.919 align:start position:0% <00:22:13.909>>> <00:22:13.910>Yeah. <00:22:13.911>I <00:22:13.912>also <00:22:13.914>think <00:22:13.915>that <00:22:13.916>brand <00:22:13.918>is 00:22:13.919 --> 00:22:15.830 align:start position:0% <00:22:13.919>>> <00:22:14.094>Yeah. <00:22:14.269>I <00:22:14.444>also <00:22:14.619>think <00:22:14.794>that <00:22:14.969>brand <00:22:15.144>is <00:22:15.319>important. 00:22:15.830 --> 00:22:15.840 align:start position:0% important. 00:22:15.840 --> 00:22:19.190 align:start position:0% <00:22:15.840>important. <00:22:16.040>It's <00:22:16.240>not <00:22:16.439>sufficient <00:22:16.639>if <00:22:16.840>your <00:22:17.040>product <00:22:17.240>is 00:22:19.190 --> 00:22:19.200 align:start position:0% <00:22:19.190>It's <00:22:19.191>not <00:22:19.193>sufficient <00:22:19.194>if <00:22:19.196>your <00:22:19.197>product <00:22:19.199>is 00:22:19.200 --> 00:22:23.190 align:start position:0% <00:22:19.200>It's <00:22:19.307>not <00:22:19.415>sufficient <00:22:19.523>if <00:22:19.630>your <00:22:19.738>product <00:22:19.846>is <00:22:19.953>inferior <00:22:20.061>obviously <00:22:20.169>but <00:22:20.276>there <00:22:20.384>are <00:22:20.492>lots <00:22:20.600>of 00:22:23.190 --> 00:22:23.200 align:start position:0% <00:22:23.190>inferior <00:22:23.191>obviously <00:22:23.193>but <00:22:23.194>there <00:22:23.196>are <00:22:23.197>lots <00:22:23.199>of 00:22:23.200 --> 00:22:26.630 align:start position:0% <00:22:23.200>inferior <00:22:23.340>obviously <00:22:23.480>but <00:22:23.620>there <00:22:23.760>are <00:22:23.900>lots <00:22:24.040>of <00:22:24.180>questions <00:22:24.320>specifically <00:22:24.460>from <00:22:24.600>enterprises 00:22:26.630 --> 00:22:26.640 align:start position:0% <00:22:26.630>questions <00:22:26.633>specifically <00:22:26.636>from <00:22:26.639>enterprises 00:22:26.640 --> 00:22:29.990 align:start position:0% <00:22:26.640>questions <00:22:26.873>specifically <00:22:27.106>from <00:22:27.340>enterprises <00:22:27.573>around <00:22:27.806>using <00:22:28.040>AI. 00:22:29.990 --> 00:22:30.000 align:start position:0% <00:22:29.990>around <00:22:29.994>using <00:22:29.999>AI. 00:22:30.000 --> 00:22:33.750 align:start position:0% <00:22:30.000>around <00:22:30.127>using <00:22:30.254>AI. <00:22:30.381>Is <00:22:30.509>my <00:22:30.636>data <00:22:30.763>safe? <00:22:30.890>Is <00:22:31.018>it <00:22:31.145>compliant? <00:22:31.272>Is <00:22:31.400>my 00:22:33.750 --> 00:22:33.760 align:start position:0% <00:22:33.750>Is <00:22:33.751>my <00:22:33.752>data <00:22:33.753>safe? <00:22:33.754>Is <00:22:33.755>it <00:22:33.756>compliant? <00:22:33.757>Is <00:22:33.759>my 00:22:33.760 --> 00:22:36.310 align:start position:0% <00:22:33.760>Is <00:22:33.860>my <00:22:33.960>data <00:22:34.060>safe? <00:22:34.160>Is <00:22:34.260>it <00:22:34.360>compliant? <00:22:34.460>Is <00:22:34.560>my <00:22:34.660>competitor <00:22:34.760>learning <00:22:34.860>from <00:22:34.960>me <00:22:35.060>because <00:22:35.160>they 00:22:36.310 --> 00:22:36.320 align:start position:0% <00:22:36.310>competitor <00:22:36.311>learning <00:22:36.313>from <00:22:36.315>me <00:22:36.317>because <00:22:36.319>they 00:22:36.320 --> 00:22:40.789 align:start position:0% <00:22:36.320>competitor <00:22:36.427>learning <00:22:36.535>from <00:22:36.643>me <00:22:36.750>because <00:22:36.858>they <00:22:36.966>are <00:22:37.073>training <00:22:37.181>the <00:22:37.289>model <00:22:37.396>based <00:22:37.504>on <00:22:37.612>my <00:22:37.720>data 00:22:40.789 --> 00:22:40.799 align:start position:0% <00:22:40.789>are <00:22:40.790>training <00:22:40.791>the <00:22:40.792>model <00:22:40.794>based <00:22:40.795>on <00:22:40.796>my <00:22:40.798>data 00:22:40.799 --> 00:22:42.950 align:start position:0% <00:22:40.799>are <00:22:40.906>training <00:22:41.014>the <00:22:41.122>model <00:22:41.229>based <00:22:41.337>on <00:22:41.445>my <00:22:41.552>data <00:22:41.660>with <00:22:41.768>a <00:22:41.875>company <00:22:41.983>claiming <00:22:42.091>they <00:22:42.199>have 00:22:42.950 --> 00:22:42.960 align:start position:0% <00:22:42.950>with <00:22:42.951>a <00:22:42.953>company <00:22:42.955>claiming <00:22:42.957>they <00:22:42.959>have 00:22:42.960 --> 00:22:46.630 align:start position:0% <00:22:42.960>with <00:22:43.076>a <00:22:43.193>company <00:22:43.310>claiming <00:22:43.426>they <00:22:43.543>have <00:22:43.660>proprietary <00:22:43.776>access <00:22:43.893>to <00:22:44.010>my <00:22:44.126>data <00:22:44.243>and <00:22:44.360>there 00:22:46.630 --> 00:22:46.640 align:start position:0% <00:22:46.630>proprietary <00:22:46.631>access <00:22:46.633>to <00:22:46.634>my <00:22:46.636>data <00:22:46.637>and <00:22:46.639>there 00:22:46.640 --> 00:22:48.870 align:start position:0% <00:22:46.640>proprietary <00:22:46.756>access <00:22:46.873>to <00:22:46.990>my <00:22:47.106>data <00:22:47.223>and <00:22:47.340>there <00:22:47.456>are <00:22:47.573>all <00:22:47.690>these <00:22:47.806>things <00:22:47.923>around <00:22:48.040>including 00:22:48.870 --> 00:22:48.880 align:start position:0% <00:22:48.870>are <00:22:48.871>all <00:22:48.873>these <00:22:48.875>things <00:22:48.877>around <00:22:48.879>including 00:22:48.880 --> 00:22:51.750 align:start position:0% <00:22:48.880>are <00:22:48.987>all <00:22:49.095>these <00:22:49.203>things <00:22:49.310>around <00:22:49.418>including <00:22:49.526>compliance. <00:22:49.633>Well, <00:22:49.741>we <00:22:49.849>all <00:22:49.956>know <00:22:50.064>that <00:22:50.172>AI <00:22:50.280>is 00:22:51.750 --> 00:22:51.760 align:start position:0% <00:22:51.750>compliance. <00:22:51.751>Well, <00:22:51.752>we <00:22:51.753>all <00:22:51.755>know <00:22:51.756>that <00:22:51.757>AI <00:22:51.759>is 00:22:51.760 --> 00:22:55.110 align:start position:0% <00:22:51.760>compliance. <00:22:51.860>Well, <00:22:51.960>we <00:22:52.060>all <00:22:52.160>know <00:22:52.260>that <00:22:52.360>AI <00:22:52.460>is <00:22:52.560>a <00:22:52.660>blackbox <00:22:52.760>thing <00:22:52.860>to <00:22:52.960>some <00:22:53.060>extent. <00:22:53.160>Well, 00:22:55.110 --> 00:22:55.120 align:start position:0% <00:22:55.110>a <00:22:55.111>blackbox <00:22:55.112>thing <00:22:55.114>to <00:22:55.116>some <00:22:55.117>extent. <00:22:55.119>Well, 00:22:55.120 --> 00:22:57.590 align:start position:0% <00:22:55.120>a <00:22:55.219>blackbox <00:22:55.320>thing <00:22:55.419>to <00:22:55.520>some <00:22:55.620>extent. <00:22:55.719>Well, <00:22:55.820>you <00:22:55.919>know <00:22:56.020>there <00:22:56.120>is <00:22:56.219>some <00:22:56.320>behavior <00:22:56.419>but <00:22:56.520>you 00:22:57.590 --> 00:22:57.600 align:start position:0% <00:22:57.590>you <00:22:57.591>know <00:22:57.592>there <00:22:57.593>is <00:22:57.595>some <00:22:57.596>behavior <00:22:57.597>but <00:22:57.599>you 00:22:57.600 --> 00:23:01.110 align:start position:0% <00:22:57.600>you <00:22:57.699>know <00:22:57.800>there <00:22:57.899>is <00:22:58.000>some <00:22:58.100>behavior <00:22:58.199>but <00:22:58.300>you <00:22:58.399>don't <00:22:58.500>actually <00:22:58.600>don't <00:22:58.699>know <00:22:58.800>now <00:22:58.899>uh <00:22:59.000>exactly 00:23:01.110 --> 00:23:01.120 align:start position:0% <00:23:01.110>don't <00:23:01.111>actually <00:23:01.112>don't <00:23:01.114>know <00:23:01.116>now <00:23:01.117>uh <00:23:01.119>exactly 00:23:01.120 --> 00:23:03.830 align:start position:0% <00:23:01.120>don't <00:23:01.219>actually <00:23:01.320>don't <00:23:01.419>know <00:23:01.520>now <00:23:01.620>uh <00:23:01.719>exactly <00:23:01.820>why <00:23:01.919>this <00:23:02.020>behavior <00:23:02.120>happens <00:23:02.219>and <00:23:02.320>so <00:23:02.419>on <00:23:02.520>and 00:23:03.830 --> 00:23:03.840 align:start position:0% <00:23:03.830>why 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00:23:08.640 --> 00:23:11.669 align:start position:0% <00:23:08.640>are <00:23:08.747>a <00:23:08.855>bit <00:23:08.963>critical. <00:23:09.070>We <00:23:09.178>are <00:23:09.286>currently <00:23:09.393>in <00:23:09.501>a <00:23:09.609>phase <00:23:09.716>where <00:23:09.824>innovators <00:23:09.932>are <00:23:10.040>trying 00:23:11.669 --> 00:23:11.679 align:start position:0% <00:23:11.669>a <00:23:11.670>phase <00:23:11.672>where <00:23:11.674>innovators <00:23:11.676>are <00:23:11.678>trying 00:23:11.679 --> 00:23:15.510 align:start position:0% <00:23:11.679>a <00:23:11.779>phase <00:23:11.879>where <00:23:11.979>innovators <00:23:12.079>are <00:23:12.179>trying <00:23:12.279>things <00:23:12.379>out. <00:23:12.479>We <00:23:12.579>are <00:23:12.679>not <00:23:12.779>yet <00:23:12.879>in <00:23:12.979>the <00:23:13.079>early 00:23:15.510 --> 00:23:15.520 align:start position:0% <00:23:15.510>things <00:23:15.511>out. <00:23:15.512>We <00:23:15.513>are <00:23:15.514>not <00:23:15.515>yet <00:23:15.516>in <00:23:15.517>the <00:23:15.519>early 00:23:15.520 --> 00:23:18.710 align:start position:0% <00:23:15.520>things <00:23:15.613>out. <00:23:15.706>We <00:23:15.800>are <00:23:15.893>not <00:23:15.986>yet <00:23:16.080>in <00:23:16.173>the <00:23:16.266>early <00:23:16.360>majority <00:23:16.453>phase <00:23:16.546>and <00:23:16.639>in <00:23:16.733>order <00:23:16.826>to <00:23:16.920>cross 00:23:18.710 --> 00:23:18.720 align:start position:0% <00:23:18.710>majority <00:23:18.711>phase <00:23:18.713>and <00:23:18.714>in <00:23:18.716>order <00:23:18.717>to <00:23:18.719>cross 00:23:18.720 --> 00:23:22.950 align:start position:0% <00:23:18.720>majority <00:23:18.820>phase <00:23:18.920>and <00:23:19.020>in <00:23:19.120>order <00:23:19.220>to <00:23:19.320>cross <00:23:19.420>that <00:23:19.520>we <00:23:19.620>need <00:23:19.720>to <00:23:19.820>solve <00:23:19.920>those <00:23:20.020>issues <00:23:20.120>and 00:23:22.950 --> 00:23:22.960 align:start position:0% <00:23:22.950>that <00:23:22.951>we <00:23:22.952>need <00:23:22.953>to <00:23:22.955>solve <00:23:22.956>those <00:23:22.957>issues <00:23:22.959>and 00:23:22.960 --> 00:23:27.350 align:start position:0% <00:23:22.960>that <00:23:23.053>we <00:23:23.146>need <00:23:23.240>to <00:23:23.333>solve <00:23:23.426>those <00:23:23.520>issues <00:23:23.613>and <00:23:23.706>brand <00:23:23.800>is <00:23:23.893>a <00:23:23.986>strong <00:23:24.080>helper <00:23:24.173>in <00:23:24.266>doing <00:23:24.360>so. 00:23:27.350 --> 00:23:27.360 align:start position:0% <00:23:27.350>brand <00:23:27.351>is <00:23:27.352>a <00:23:27.353>strong <00:23:27.355>helper <00:23:27.356>in <00:23:27.357>doing <00:23:27.359>so. 00:23:27.360 --> 00:23:29.510 align:start position:0% <00:23:27.360>brand <00:23:27.459>is <00:23:27.560>a <00:23:27.659>strong <00:23:27.760>helper <00:23:27.860>in <00:23:27.959>doing <00:23:28.060>so. <00:23:28.159>Well <00:23:28.260>actually <00:23:28.360>you <00:23:28.459>all <00:23:28.560>know <00:23:28.659>that <00:23:28.760>there 00:23:29.510 --> 00:23:29.520 align:start position:0% <00:23:29.510>Well <00:23:29.511>actually <00:23:29.513>you <00:23:29.514>all <00:23:29.516>know <00:23:29.517>that <00:23:29.519>there 00:23:29.520 --> 00:23:32.950 align:start position:0% <00:23:29.520>Well <00:23:29.647>actually <00:23:29.774>you <00:23:29.901>all <00:23:30.029>know <00:23:30.156>that <00:23:30.283>there <00:23:30.410>are <00:23:30.538>probably <00:23:30.665>superior <00:23:30.792>solutions <00:23:30.920>for 00:23:32.950 --> 00:23:32.960 align:start position:0% <00:23:32.950>are <00:23:32.952>probably <00:23:32.954>superior <00:23:32.956>solutions <00:23:32.959>for 00:23:32.960 --> 00:23:34.870 align:start position:0% <00:23:32.960>are <00:23:33.193>probably <00:23:33.426>superior <00:23:33.660>solutions <00:23:33.893>for <00:23:34.126>office <00:23:34.360>software 00:23:34.870 --> 00:23:34.880 align:start position:0% <00:23:34.870>office <00:23:34.879>software 00:23:34.880 --> 00:23:39.270 align:start position:0% <00:23:34.880>office <00:23:34.996>software <00:23:35.113>than <00:23:35.230>from <00:23:35.346>the <00:23:35.463>big <00:23:35.580>M. <00:23:35.696>But <00:23:35.813>if <00:23:35.930>you <00:23:36.046>do <00:23:36.163>big <00:23:36.280>M 00:23:39.270 --> 00:23:39.280 align:start position:0% <00:23:39.270>than <00:23:39.270>from <00:23:39.271>the <00:23:39.272>big <00:23:39.273>M. <00:23:39.274>But <00:23:39.275>if <00:23:39.276>you <00:23:39.277>do <00:23:39.278>big <00:23:39.279>M 00:23:39.280 --> 00:23:43.110 align:start position:0% <00:23:39.280>than <00:23:39.357>from <00:23:39.435>the <00:23:39.513>big <00:23:39.591>M. <00:23:39.668>But <00:23:39.746>if <00:23:39.824>you <00:23:39.902>do <00:23:39.980>big <00:23:40.057>M <00:23:40.135>then <00:23:40.213>you <00:23:40.291>can't <00:23:40.368>do <00:23:40.446>wrong. <00:23:40.524>And <00:23:40.602>so <00:23:40.680>that's 00:23:43.110 --> 00:23:43.120 align:start position:0% <00:23:43.110>then <00:23:43.111>you <00:23:43.112>can't <00:23:43.113>do <00:23:43.115>wrong. <00:23:43.116>And <00:23:43.117>so <00:23:43.119>that's 00:23:43.120 --> 00:23:45.750 align:start position:0% <00:23:43.120>then <00:23:43.207>you <00:23:43.294>can't <00:23:43.382>do <00:23:43.469>wrong. <00:23:43.557>And <00:23:43.645>so <00:23:43.732>that's <00:23:43.820>an <00:23:43.907>good <00:23:43.995>example. <00:23:44.082>So <00:23:44.169>even <00:23:44.257>if <00:23:44.344>you <00:23:44.432>have <00:23:44.520>a 00:23:45.750 --> 00:23:45.760 align:start position:0% <00:23:45.750>an <00:23:45.751>good <00:23:45.752>example. <00:23:45.753>So <00:23:45.754>even <00:23:45.755>if <00:23:45.756>you <00:23:45.757>have <00:23:45.759>a 00:23:45.760 --> 00:23:49.270 align:start position:0% <00:23:45.760>an <00:23:45.853>good <00:23:45.946>example. <00:23:46.040>So <00:23:46.133>even <00:23:46.226>if <00:23:46.320>you <00:23:46.413>have <00:23:46.506>a <00:23:46.600>better <00:23:46.693>office <00:23:46.786>solution, <00:23:46.879>a <00:23:46.973>better <00:23:47.066>AI, <00:23:47.160>a 00:23:49.270 --> 00:23:49.280 align:start position:0% <00:23:49.270>better <00:23:49.271>office <00:23:49.273>solution, <00:23:49.274>a <00:23:49.276>better <00:23:49.277>AI, <00:23:49.279>a 00:23:49.280 --> 00:23:53.669 align:start position:0% <00:23:49.280>better <00:23:49.407>office <00:23:49.534>solution, <00:23:49.661>a <00:23:49.789>better <00:23:49.916>AI, <00:23:50.043>a <00:23:50.170>strong <00:23:50.298>brand <00:23:50.425>can <00:23:50.552>go <00:23:50.680>beyond 00:23:53.669 --> 00:23:53.679 align:start position:0% <00:23:53.669>strong <00:23:53.671>brand <00:23:53.673>can <00:23:53.675>go <00:23:53.678>beyond 00:23:53.679 --> 00:23:57.510 align:start position:0% <00:23:53.679>strong <00:23:53.806>brand <00:23:53.933>can <00:23:54.060>go <00:23:54.188>beyond <00:23:54.315>because <00:23:54.442>if <00:23:54.569>you're <00:23:54.697>using <00:23:54.824>AI <00:23:54.951>in <00:23:55.079>an 00:23:57.510 --> 00:23:57.520 align:start position:0% <00:23:57.510>because <00:23:57.511>if <00:23:57.513>you're <00:23:57.514>using <00:23:57.516>AI <00:23:57.517>in <00:23:57.519>an 00:23:57.520 --> 00:23:59.830 align:start position:0% <00:23:57.520>because <00:23:57.647>if <00:23:57.774>you're <00:23:57.901>using <00:23:58.029>AI <00:23:58.156>in <00:23:58.283>an <00:23:58.410>enterprise <00:23:58.538>environment, <00:23:58.665>you <00:23:58.792>don't <00:23:58.920>want 00:23:59.830 --> 00:23:59.840 align:start position:0% <00:23:59.830>enterprise <00:23:59.832>environment, <00:23:59.834>you <00:23:59.836>don't <00:23:59.839>want 00:23:59.840 --> 00:24:02.630 align:start position:0% <00:23:59.840>enterprise <00:23:59.947>environment, <00:24:00.055>you <00:24:00.163>don't <00:24:00.270>want <00:24:00.378>to <00:24:00.486>be <00:24:00.593>the <00:24:00.701>idiot <00:24:00.809>and <00:24:00.916>you're <00:24:01.024>not <00:24:01.132>the <00:24:01.240>idiot 00:24:02.630 --> 00:24:02.640 align:start position:0% <00:24:02.630>to <00:24:02.631>be <00:24:02.632>the <00:24:02.633>idiot <00:24:02.634>and <00:24:02.635>you're <00:24:02.636>not <00:24:02.637>the <00:24:02.639>idiot 00:24:02.640 --> 00:24:05.430 align:start position:0% <00:24:02.640>to <00:24:02.740>be <00:24:02.840>the <00:24:02.940>idiot <00:24:03.040>and <00:24:03.140>you're <00:24:03.240>not <00:24:03.340>the <00:24:03.440>idiot <00:24:03.540>if <00:24:03.640>you're <00:24:03.740>following <00:24:03.840>a <00:24:03.940>strong <00:24:04.040>brand. 00:24:05.430 --> 00:24:05.440 align:start position:0% <00:24:05.430>if <00:24:05.431>you're <00:24:05.433>following <00:24:05.435>a <00:24:05.437>strong <00:24:05.439>brand. 00:24:05.440 --> 00:24:07.430 align:start position:0% <00:24:05.440>if <00:24:05.547>you're <00:24:05.655>following <00:24:05.763>a <00:24:05.870>strong <00:24:05.978>brand. <00:24:06.086>>> <00:24:06.193>Okay, <00:24:06.301>so <00:24:06.409>we <00:24:06.516>have <00:24:06.624>about <00:24:06.732>five <00:24:06.840>minutes 00:24:07.430 --> 00:24:07.440 align:start position:0% <00:24:07.430>>> <00:24:07.431>Okay, <00:24:07.432>so <00:24:07.433>we <00:24:07.435>have <00:24:07.436>about <00:24:07.437>five <00:24:07.439>minutes 00:24:07.440 --> 00:24:09.510 align:start position:0% <00:24:07.440>>> <00:24:07.527>Okay, <00:24:07.615>so <00:24:07.702>we <00:24:07.790>have <00:24:07.877>about <00:24:07.965>five <00:24:08.052>minutes <00:24:08.140>left. <00:24:08.227>So <00:24:08.315>we <00:24:08.402>have <00:24:08.490>to <00:24:08.577>get <00:24:08.665>to <00:24:08.752>space. <00:24:08.840>Well, 00:24:09.510 --> 00:24:09.520 align:start position:0% <00:24:09.510>left. <00:24:09.511>So <00:24:09.512>we <00:24:09.513>have <00:24:09.514>to <00:24:09.515>get <00:24:09.516>to <00:24:09.517>space. <00:24:09.519>Well, 00:24:09.520 --> 00:24:11.750 align:start position:0% <00:24:09.520>left. <00:24:09.597>So <00:24:09.675>we <00:24:09.753>have <00:24:09.831>to <00:24:09.908>get <00:24:09.986>to <00:24:10.064>space. <00:24:10.142>Well, <00:24:10.220>I <00:24:10.297>so <00:24:10.375>at <00:24:10.453>first <00:24:10.531>when <00:24:10.608>we <00:24:10.686>we <00:24:10.764>were <00:24:10.842>talking, <00:24:10.920>I 00:24:11.750 --> 00:24:11.760 align:start position:0% <00:24:11.750>I <00:24:11.751>so <00:24:11.752>at <00:24:11.753>first <00:24:11.754>when <00:24:11.755>we <00:24:11.756>we <00:24:11.757>were <00:24:11.758>talking, <00:24:11.759>I 00:24:11.760 --> 00:24:13.510 align:start position:0% <00:24:11.760>I <00:24:11.847>so <00:24:11.935>at <00:24:12.022>first <00:24:12.110>when <00:24:12.197>we <00:24:12.285>we <00:24:12.372>were <00:24:12.460>talking, <00:24:12.547>I <00:24:12.635>thought <00:24:12.722>for <00:24:12.810>certain <00:24:12.897>no <00:24:12.985>one <00:24:13.072>will <00:24:13.160>have 00:24:13.510 --> 00:24:13.520 align:start position:0% <00:24:13.510>thought <00:24:13.511>for <00:24:13.513>certain <00:24:13.514>no <00:24:13.516>one <00:24:13.517>will <00:24:13.519>have 00:24:13.520 --> 00:24:15.510 align:start position:0% <00:24:13.520>thought <00:24:13.613>for <00:24:13.706>certain <00:24:13.800>no <00:24:13.893>one <00:24:13.986>will <00:24:14.080>have <00:24:14.173>invested <00:24:14.266>in <00:24:14.360>space. <00:24:14.453>It <00:24:14.546>was <00:24:14.639>just <00:24:14.733>kind <00:24:14.826>of <00:24:14.920>a 00:24:15.510 --> 00:24:15.520 align:start position:0% <00:24:15.510>invested <00:24:15.511>in <00:24:15.512>space. <00:24:15.513>It <00:24:15.514>was <00:24:15.515>just <00:24:15.516>kind <00:24:15.517>of <00:24:15.519>a 00:24:15.520 --> 00:24:17.750 align:start position:0% <00:24:15.520>invested <00:24:15.613>in <00:24:15.706>space. <00:24:15.800>It <00:24:15.893>was <00:24:15.986>just <00:24:16.080>kind <00:24:16.173>of <00:24:16.266>a <00:24:16.360>topic <00:24:16.453>to <00:24:16.546>jour <00:24:16.639>because <00:24:16.733>uh <00:24:16.826>SpaceX <00:24:16.920>just 00:24:17.750 --> 00:24:17.760 align:start position:0% <00:24:17.750>topic <00:24:17.751>to <00:24:17.753>jour <00:24:17.754>because <00:24:17.756>uh <00:24:17.757>SpaceX <00:24:17.759>just 00:24:17.760 --> 00:24:20.470 align:start position:0% <00:24:17.760>topic <00:24:17.860>to <00:24:17.960>jour <00:24:18.060>because <00:24:18.160>uh <00:24:18.260>SpaceX <00:24:18.360>just <00:24:18.460>went <00:24:18.560>public. <00:24:18.660>But <00:24:18.760>sure <00:24:18.860>enough, <00:24:18.960>we <00:24:19.060>are <00:24:19.160>we 00:24:20.470 --> 00:24:20.480 align:start position:0% <00:24:20.470>went <00:24:20.471>public. <00:24:20.472>But <00:24:20.473>sure <00:24:20.475>enough, <00:24:20.476>we <00:24:20.477>are <00:24:20.479>we 00:24:20.480 --> 00:24:23.190 align:start position:0% <00:24:20.480>went <00:24:20.567>public. <00:24:20.655>But <00:24:20.742>sure <00:24:20.830>enough, <00:24:20.917>we <00:24:21.005>are <00:24:21.092>we <00:24:21.180>do <00:24:21.267>have <00:24:21.355>uh <00:24:21.442>VCs <00:24:21.530>here <00:24:21.617>that <00:24:21.705>have <00:24:21.792>looked <00:24:21.880>at 00:24:23.190 --> 00:24:23.200 align:start position:0% <00:24:23.190>do <00:24:23.191>have <00:24:23.192>uh <00:24:23.193>VCs <00:24:23.194>here <00:24:23.195>that <00:24:23.196>have <00:24:23.197>looked <00:24:23.199>at 00:24:23.200 --> 00:24:25.029 align:start position:0% <00:24:23.200>do <00:24:23.293>have <00:24:23.386>uh <00:24:23.480>VCs <00:24:23.573>here <00:24:23.666>that <00:24:23.760>have <00:24:23.853>looked <00:24:23.946>at <00:24:24.040>the <00:24:24.133>space <00:24:24.226>and <00:24:24.320>have <00:24:24.413>actually <00:24:24.506>invested <00:24:24.600>in 00:24:25.029 --> 00:24:25.039 align:start position:0% <00:24:25.029>the <00:24:25.030>space <00:24:25.032>and <00:24:25.033>have <00:24:25.035>actually <00:24:25.036>invested <00:24:25.038>in 00:24:25.039 --> 00:24:27.510 align:start position:0% <00:24:25.039>the <00:24:25.132>space <00:24:25.225>and <00:24:25.319>have <00:24:25.412>actually <00:24:25.505>invested <00:24:25.599>in <00:24:25.692>in <00:24:25.785>the <00:24:25.879>area. <00:24:25.972>So <00:24:26.065>love <00:24:26.158>to <00:24:26.252>hear <00:24:26.345>a <00:24:26.439>little 00:24:27.510 --> 00:24:27.520 align:start position:0% <00:24:27.510>in <00:24:27.511>the <00:24:27.512>area. <00:24:27.513>So <00:24:27.514>love <00:24:27.515>to <00:24:27.516>hear <00:24:27.517>a <00:24:27.519>little 00:24:27.520 --> 00:24:29.990 align:start position:0% <00:24:27.520>in <00:24:27.613>the <00:24:27.706>area. <00:24:27.800>So <00:24:27.893>love <00:24:27.986>to <00:24:28.080>hear <00:24:28.173>a <00:24:28.266>little <00:24:28.360>bit <00:24:28.453>more <00:24:28.546>about <00:24:28.639>uh <00:24:28.733>what <00:24:28.826>you've <00:24:28.920>invested 00:24:29.990 --> 00:24:30.000 align:start position:0% <00:24:29.990>bit <00:24:29.991>more <00:24:29.993>about <00:24:29.994>uh <00:24:29.996>what <00:24:29.997>you've <00:24:29.999>invested 00:24:30.000 --> 00:24:32.950 align:start position:0% <00:24:30.000>bit <00:24:30.100>more <00:24:30.200>about <00:24:30.300>uh <00:24:30.400>what <00:24:30.500>you've <00:24:30.600>invested <00:24:30.700>in <00:24:30.800>the <00:24:30.900>space, <00:24:31.000>why <00:24:31.100>you <00:24:31.200>invested, <00:24:31.300>and <00:24:31.400>do 00:24:32.950 --> 00:24:32.960 align:start position:0% <00:24:32.950>in <00:24:32.951>the <00:24:32.952>space, <00:24:32.953>why <00:24:32.955>you <00:24:32.956>invested, <00:24:32.957>and <00:24:32.959>do 00:24:32.960 --> 00:24:35.269 align:start position:0% <00:24:32.960>in <00:24:33.047>the <00:24:33.135>space, <00:24:33.222>why <00:24:33.310>you <00:24:33.397>invested, <00:24:33.485>and <00:24:33.572>do <00:24:33.660>you <00:24:33.747>think <00:24:33.835>space <00:24:33.922>is <00:24:34.010>a <00:24:34.097>where <00:24:34.185>a <00:24:34.272>place <00:24:34.360>you 00:24:35.269 --> 00:24:35.279 align:start position:0% <00:24:35.269>you <00:24:35.270>think <00:24:35.271>space <00:24:35.272>is <00:24:35.273>a <00:24:35.274>where <00:24:35.275>a <00:24:35.276>place <00:24:35.278>you 00:24:35.279 --> 00:24:39.110 align:start position:0% <00:24:35.279>you <00:24:35.386>think <00:24:35.494>space <00:24:35.602>is <00:24:35.709>a <00:24:35.817>where <00:24:35.925>a <00:24:36.032>place <00:24:36.140>you <00:24:36.248>can <00:24:36.355>find <00:24:36.463>a <00:24:36.571>defensible <00:24:36.679>moat? 00:24:39.110 --> 00:24:39.120 align:start position:0% <00:24:39.110>can <00:24:39.112>find <00:24:39.114>a <00:24:39.116>defensible <00:24:39.119>moat? 00:24:39.120 --> 00:24:40.870 align:start position:0% <00:24:39.120>can <00:24:39.236>find <00:24:39.353>a <00:24:39.469>defensible <00:24:39.586>moat? <00:24:39.703>Can <00:24:39.820>you <00:24:39.936>can <00:24:40.053>you <00:24:40.169>repeat <00:24:40.286>the <00:24:40.403>letter <00:24:40.520>part 00:24:40.870 --> 00:24:40.880 align:start position:0% <00:24:40.870>Can <00:24:40.871>you <00:24:40.872>can <00:24:40.873>you <00:24:40.875>repeat <00:24:40.876>the <00:24:40.877>letter <00:24:40.879>part 00:24:40.880 --> 00:24:42.149 align:start position:0% <00:24:40.880>Can <00:24:40.994>you <00:24:41.108>can <00:24:41.222>you <00:24:41.336>repeat <00:24:41.451>the <00:24:41.565>letter <00:24:41.679>part <00:24:41.793>of <00:24:41.907>the <00:24:42.022>question? 00:24:42.149 --> 00:24:42.159 align:start position:0% <00:24:42.149>of <00:24:42.153>the <00:24:42.158>question? 00:24:42.159 --> 00:24:43.510 align:start position:0% <00:24:42.159>of <00:24:42.280>the <00:24:42.402>question? <00:24:42.523>>> <00:24:42.645>Yeah. <00:24:42.766>No, <00:24:42.888>it's <00:24:43.010>just <00:24:43.131>it's <00:24:43.253>it's <00:24:43.374>just 00:24:43.510 --> 00:24:43.520 align:start position:0% <00:24:43.510>>> <00:24:43.511>Yeah. <00:24:43.512>No, <00:24:43.513>it's <00:24:43.515>just <00:24:43.516>it's <00:24:43.517>it's <00:24:43.519>just 00:24:43.520 --> 00:24:45.830 align:start position:0% <00:24:43.520>>> <00:24:43.620>Yeah. <00:24:43.720>No, <00:24:43.820>it's <00:24:43.920>just <00:24:44.020>it's <00:24:44.120>it's <00:24:44.220>just <00:24:44.320>basically <00:24:44.420>a <00:24:44.520>question <00:24:44.620>of <00:24:44.720>tell <00:24:44.820>a <00:24:44.920>little 00:24:45.830 --> 00:24:45.840 align:start position:0% <00:24:45.830>basically <00:24:45.831>a <00:24:45.832>question <00:24:45.834>of <00:24:45.836>tell <00:24:45.837>a <00:24:45.839>little 00:24:45.840 --> 00:24:47.669 align:start position:0% <00:24:45.840>basically <00:24:45.947>a <00:24:46.055>question <00:24:46.163>of <00:24:46.270>tell <00:24:46.378>a <00:24:46.486>little <00:24:46.593>bit <00:24:46.701>more <00:24:46.809>about <00:24:46.916>uh <00:24:47.024>the <00:24:47.132>investments <00:24:47.240>that 00:24:47.669 --> 00:24:47.679 align:start position:0% <00:24:47.669>bit <00:24:47.670>more <00:24:47.672>about <00:24:47.673>uh <00:24:47.675>the <00:24:47.676>investments <00:24:47.678>that 00:24:47.679 --> 00:24:50.870 align:start position:0% <00:24:47.679>bit <00:24:47.779>more <00:24:47.879>about <00:24:47.979>uh <00:24:48.079>the <00:24:48.179>investments <00:24:48.279>that <00:24:48.379>you've <00:24:48.479>made <00:24:48.579>in <00:24:48.679>space <00:24:48.779>and <00:24:48.879>then <00:24:48.979>also <00:24:49.079>you 00:24:50.870 --> 00:24:50.880 align:start position:0% <00:24:50.870>you've <00:24:50.871>made <00:24:50.872>in <00:24:50.873>space <00:24:50.875>and <00:24:50.876>then <00:24:50.877>also <00:24:50.879>you 00:24:50.880 --> 00:24:52.390 align:start position:0% <00:24:50.880>you've <00:24:50.964>made <00:24:51.049>in <00:24:51.134>space <00:24:51.219>and <00:24:51.304>then <00:24:51.389>also <00:24:51.474>you <00:24:51.559>know <00:24:51.644>do <00:24:51.729>you <00:24:51.814>think <00:24:51.899>it's <00:24:51.984>a <00:24:52.069>place <00:24:52.154>where <00:24:52.239>you 00:24:52.390 --> 00:24:52.400 align:start position:0% <00:24:52.390>know <00:24:52.391>do <00:24:52.392>you <00:24:52.393>think <00:24:52.394>it's <00:24:52.395>a <00:24:52.396>place <00:24:52.397>where <00:24:52.399>you 00:24:52.400 --> 00:24:54.149 align:start position:0% <00:24:52.400>know <00:24:52.493>do <00:24:52.586>you <00:24:52.680>think <00:24:52.773>it's <00:24:52.866>a <00:24:52.960>place <00:24:53.053>where <00:24:53.146>you <00:24:53.240>need <00:24:53.333>for <00:24:53.426>where <00:24:53.520>there's <00:24:53.613>a <00:24:53.706>defensible <00:24:53.800>mode 00:24:54.149 --> 00:24:54.159 align:start position:0% <00:24:54.149>need <00:24:54.150>for <00:24:54.152>where <00:24:54.153>there's <00:24:54.155>a <00:24:54.156>defensible <00:24:54.158>mode 00:24:54.159 --> 00:24:56.390 align:start position:0% <00:24:54.159>need <00:24:54.252>for <00:24:54.345>where <00:24:54.439>there's <00:24:54.532>a <00:24:54.625>defensible <00:24:54.719>mode <00:24:54.812>and <00:24:54.905>how <00:24:54.999>would <00:24:55.092>you <00:24:55.185>think <00:24:55.279>about <00:24:55.372>u <00:24:55.465>you <00:24:55.559>know 00:24:56.390 --> 00:24:56.400 align:start position:0% <00:24:56.390>and <00:24:56.391>how <00:24:56.392>would <00:24:56.393>you <00:24:56.394>think <00:24:56.395>about <00:24:56.396>u <00:24:56.397>you <00:24:56.399>know 00:24:56.400 --> 00:25:01.510 align:start position:0% <00:24:56.400>and <00:24:56.527>how <00:24:56.654>would <00:24:56.781>you <00:24:56.909>think <00:24:57.036>about <00:24:57.163>u <00:24:57.290>you <00:24:57.418>know <00:24:57.545>defensibility <00:24:57.672>in <00:24:57.800>space? 00:25:01.520 --> 00:25:04.390 align:start position:0% <00:25:01.520>Fortunately, <00:25:01.753>there's <00:25:01.986>not <00:25:02.220>much <00:25:02.453>time <00:25:02.686>to <00:25:02.920>to 00:25:04.390 --> 00:25:04.400 align:start position:0% <00:25:04.390>Fortunately, <00:25:04.391>there's <00:25:04.393>not <00:25:04.394>much <00:25:04.396>time <00:25:04.397>to <00:25:04.399>to 00:25:04.400 --> 00:25:06.710 align:start position:0% <00:25:04.400>Fortunately, <00:25:04.507>there's <00:25:04.615>not <00:25:04.723>much <00:25:04.830>time <00:25:04.938>to <00:25:05.046>to <00:25:05.153>talk, <00:25:05.261>so <00:25:05.369>you <00:25:05.476>might <00:25:05.584>not <00:25:05.692>discover <00:25:05.800>how 00:25:06.710 --> 00:25:06.720 align:start position:0% <00:25:06.710>talk, <00:25:06.711>so <00:25:06.713>you <00:25:06.714>might <00:25:06.716>not <00:25:06.717>discover <00:25:06.719>how 00:25:06.720 --> 00:25:09.430 align:start position:0% <00:25:06.720>talk, <00:25:06.827>so <00:25:06.935>you <00:25:07.043>might <00:25:07.150>not <00:25:07.258>discover <00:25:07.366>how <00:25:07.473>stupid <00:25:07.581>I <00:25:07.689>am. <00:25:07.796>Um, <00:25:07.904>so <00:25:08.012>we've <00:25:08.120>actually 00:25:09.430 --> 00:25:09.440 align:start position:0% <00:25:09.430>stupid <00:25:09.431>I <00:25:09.433>am. <00:25:09.434>Um, <00:25:09.436>so <00:25:09.437>we've <00:25:09.439>actually 00:25:09.440 --> 00:25:11.750 align:start position:0% <00:25:09.440>stupid <00:25:09.540>I <00:25:09.640>am. <00:25:09.740>Um, <00:25:09.840>so <00:25:09.940>we've <00:25:10.040>actually <00:25:10.140>invested <00:25:10.240>in <00:25:10.340>space <00:25:10.440>uh <00:25:10.540>one <00:25:10.640>and <00:25:10.740>a <00:25:10.840>half 00:25:11.750 --> 00:25:11.760 align:start position:0% <00:25:11.750>invested <00:25:11.751>in <00:25:11.752>space <00:25:11.753>uh <00:25:11.755>one <00:25:11.756>and <00:25:11.757>a <00:25:11.759>half 00:25:11.760 --> 00:25:15.510 align:start position:0% <00:25:11.760>invested <00:25:11.853>in <00:25:11.946>space <00:25:12.040>uh <00:25:12.133>one <00:25:12.226>and <00:25:12.320>a <00:25:12.413>half <00:25:12.506>times <00:25:12.600>so <00:25:12.693>far. <00:25:12.786>Uh <00:25:12.879>we <00:25:12.973>uh <00:25:13.066>pandemic <00:25:13.160>invested 00:25:15.510 --> 00:25:15.520 align:start position:0% <00:25:15.510>times <00:25:15.511>so <00:25:15.512>far. <00:25:15.513>Uh <00:25:15.515>we <00:25:15.516>uh <00:25:15.517>pandemic <00:25:15.519>invested 00:25:15.520 --> 00:25:19.590 align:start position:0% <00:25:15.520>times <00:25:15.620>so <00:25:15.720>far. <00:25:15.820>Uh <00:25:15.920>we <00:25:16.020>uh <00:25:16.120>pandemic <00:25:16.220>invested <00:25:16.320>in <00:25:16.420>Polaris, <00:25:16.520>a <00:25:16.620>bream <00:25:16.720>based <00:25:16.820>unmanned <00:25:16.920>sort 00:25:19.590 --> 00:25:19.600 align:start position:0% <00:25:19.590>in <00:25:19.591>Polaris, <00:25:19.592>a <00:25:19.594>bream <00:25:19.596>based <00:25:19.597>unmanned <00:25:19.599>sort 00:25:19.600 --> 00:25:23.350 align:start position:0% <00:25:19.600>in <00:25:19.707>Polaris, <00:25:19.815>a <00:25:19.923>bream <00:25:20.030>based <00:25:20.138>unmanned <00:25:20.246>sort <00:25:20.353>of <00:25:20.461>spaceship <00:25:20.569>uh <00:25:20.676>company <00:25:20.784>uh <00:25:20.892>that <00:25:21.000>works 00:25:23.350 --> 00:25:23.360 align:start position:0% <00:25:23.350>of <00:25:23.351>spaceship <00:25:23.352>uh <00:25:23.354>company <00:25:23.356>uh <00:25:23.357>that <00:25:23.359>works 00:25:23.360 --> 00:25:25.830 align:start position:0% <00:25:23.360>of <00:25:23.476>spaceship <00:25:23.593>uh <00:25:23.709>company <00:25:23.826>uh <00:25:23.943>that <00:25:24.060>works <00:25:24.176>for <00:25:24.293>Bundesva <00:25:24.409>for <00:25:24.526>instance <00:25:24.643>and <00:25:24.760>we're 00:25:25.830 --> 00:25:25.840 align:start position:0% <00:25:25.830>for <00:25:25.831>Bundesva <00:25:25.833>for <00:25:25.835>instance <00:25:25.837>and <00:25:25.839>we're 00:25:25.840 --> 00:25:27.909 align:start position:0% <00:25:25.840>for <00:25:25.947>Bundesva <00:25:26.055>for <00:25:26.163>instance <00:25:26.270>and <00:25:26.378>we're <00:25:26.486>about <00:25:26.593>to <00:25:26.701>do <00:25:26.809>another <00:25:26.916>investment <00:25:27.024>in <00:25:27.132>a <00:25:27.240>in 00:25:27.909 --> 00:25:27.919 align:start position:0% <00:25:27.909>about <00:25:27.910>to <00:25:27.911>do <00:25:27.912>another <00:25:27.914>investment <00:25:27.915>in <00:25:27.916>a <00:25:27.918>in 00:25:27.919 --> 00:25:33.430 align:start position:0% <00:25:27.919>about <00:25:28.012>to <00:25:28.105>do <00:25:28.199>another <00:25:28.292>investment <00:25:28.385>in <00:25:28.479>a <00:25:28.572>in <00:25:28.665>an <00:25:28.759>edge <00:25:28.852>AI <00:25:28.945>case <00:25:29.039>in <00:25:29.132>the <00:25:29.225>satellite <00:25:29.319>uh 00:25:33.430 --> 00:25:33.440 align:start position:0% <00:25:33.430>an <00:25:33.431>edge <00:25:33.432>AI <00:25:33.433>case <00:25:33.435>in <00:25:33.436>the <00:25:33.437>satellite <00:25:33.439>uh 00:25:33.440 --> 00:25:37.269 align:start position:0% <00:25:33.440>an <00:25:33.533>edge <00:25:33.626>AI <00:25:33.720>case <00:25:33.813>in <00:25:33.906>the <00:25:34.000>satellite <00:25:34.093>uh <00:25:34.186>system <00:25:34.280>which <00:25:34.373>I <00:25:34.466>can't <00:25:34.560>talk <00:25:34.653>about <00:25:34.746>yet. <00:25:34.840>Um 00:25:37.269 --> 00:25:37.279 align:start position:0% <00:25:37.269>system <00:25:37.270>which <00:25:37.271>I <00:25:37.272>can't <00:25:37.274>talk <00:25:37.275>about <00:25:37.276>yet. <00:25:37.278>Um 00:25:37.279 --> 00:25:40.710 align:start position:0% <00:25:37.279>system <00:25:37.379>which <00:25:37.479>I <00:25:37.579>can't <00:25:37.679>talk <00:25:37.779>about <00:25:37.879>yet. <00:25:37.979>Um <00:25:38.079>we <00:25:38.179>believe <00:25:38.279>that <00:25:38.379>it's <00:25:38.479>not <00:25:38.579>the <00:25:38.679>the 00:25:40.710 --> 00:25:40.720 align:start position:0% <00:25:40.710>we <00:25:40.711>believe <00:25:40.713>that <00:25:40.714>it's <00:25:40.716>not <00:25:40.717>the <00:25:40.719>the 00:25:40.720 --> 00:25:41.990 align:start position:0% <00:25:40.720>we <00:25:40.801>believe <00:25:40.883>that <00:25:40.964>it's <00:25:41.046>not <00:25:41.128>the <00:25:41.209>the <00:25:41.291>question <00:25:41.373>is <00:25:41.454>not <00:25:41.536>so <00:25:41.618>much <00:25:41.699>about <00:25:41.781>you <00:25:41.863>know 00:25:41.990 --> 00:25:42.000 align:start position:0% <00:25:41.990>question <00:25:41.991>is <00:25:41.992>not <00:25:41.993>so <00:25:41.995>much <00:25:41.996>about <00:25:41.997>you <00:25:41.999>know 00:25:42.000 --> 00:25:43.830 align:start position:0% <00:25:42.000>question <00:25:42.082>is <00:25:42.164>not <00:25:42.247>so <00:25:42.329>much <00:25:42.411>about <00:25:42.494>you <00:25:42.576>know <00:25:42.658>is <00:25:42.741>it <00:25:42.823>in <00:25:42.905>space <00:25:42.988>or <00:25:43.070>not. <00:25:43.152>I <00:25:43.235>mean <00:25:43.317>it's <00:25:43.400>just 00:25:43.830 --> 00:25:43.840 align:start position:0% <00:25:43.830>is <00:25:43.831>it <00:25:43.831>in <00:25:43.832>space <00:25:43.833>or <00:25:43.835>not. <00:25:43.836>I <00:25:43.837>mean <00:25:43.838>it's <00:25:43.839>just 00:25:43.840 --> 00:25:46.149 align:start position:0% <00:25:43.840>is <00:25:43.956>it <00:25:44.073>in <00:25:44.189>space <00:25:44.306>or <00:25:44.423>not. <00:25:44.540>I <00:25:44.656>mean <00:25:44.773>it's <00:25:44.889>just <00:25:45.006>an <00:25:45.123>extension <00:25:45.240>of 00:25:46.149 --> 00:25:46.159 align:start position:0% <00:25:46.149>an <00:25:46.153>extension <00:25:46.158>of 00:25:46.159 --> 00:25:50.149 align:start position:0% <00:25:46.159>an <00:25:46.334>extension <00:25:46.509>of <00:25:46.684>hardware <00:25:46.859>physical <00:25:47.034>AI <00:25:47.209>those <00:25:47.384>sort <00:25:47.559>of 00:25:50.149 --> 00:25:50.159 align:start position:0% <00:25:50.149>hardware <00:25:50.150>physical <00:25:50.152>AI <00:25:50.154>those <00:25:50.156>sort <00:25:50.158>of 00:25:50.159 --> 00:25:52.070 align:start position:0% <00:25:50.159>hardware <00:25:50.299>physical <00:25:50.439>AI <00:25:50.579>those <00:25:50.719>sort <00:25:50.859>of <00:25:50.999>technology <00:25:51.139>components <00:25:51.279>being <00:25:51.419>put <00:25:51.559>together 00:25:52.070 --> 00:25:52.080 align:start position:0% <00:25:52.070>technology <00:25:52.072>components <00:25:52.074>being <00:25:52.076>put <00:25:52.079>together 00:25:52.080 --> 00:25:54.870 align:start position:0% <00:25:52.080>technology <00:25:52.196>components <00:25:52.313>being <00:25:52.429>put <00:25:52.546>together <00:25:52.663>into <00:25:52.780>a <00:25:52.896>business <00:25:53.013>model. <00:25:53.129>What <00:25:53.246>we <00:25:53.363>see <00:25:53.480>is 00:25:54.870 --> 00:25:54.880 align:start position:0% <00:25:54.870>into <00:25:54.871>a <00:25:54.872>business <00:25:54.873>model. <00:25:54.875>What <00:25:54.876>we <00:25:54.877>see <00:25:54.879>is 00:25:54.880 --> 00:25:57.590 align:start position:0% <00:25:54.880>into <00:25:54.980>a <00:25:55.080>business <00:25:55.180>model. <00:25:55.280>What <00:25:55.380>we <00:25:55.480>see <00:25:55.580>is <00:25:55.680>again <00:25:55.780>a <00:25:55.880>super <00:25:55.980>large <00:25:56.080>market <00:25:56.180>trend. <00:25:56.280>Yeah, 00:25:57.590 --> 00:25:57.600 align:start position:0% <00:25:57.590>again <00:25:57.591>a <00:25:57.592>super <00:25:57.594>large <00:25:57.596>market <00:25:57.597>trend. <00:25:57.599>Yeah, 00:25:57.600 --> 00:26:00.230 align:start position:0% <00:25:57.600>again <00:25:57.699>a <00:25:57.800>super <00:25:57.899>large <00:25:58.000>market <00:25:58.100>trend. <00:25:58.199>Yeah, <00:25:58.300>SpaceX <00:25:58.399>is <00:25:58.500>a <00:25:58.600>little <00:25:58.699>bit <00:25:58.800>of <00:25:58.899>the <00:25:59.000>huge 00:26:00.230 --> 00:26:00.240 align:start position:0% <00:26:00.230>SpaceX <00:26:00.231>is <00:26:00.232>a <00:26:00.233>little <00:26:00.235>bit <00:26:00.236>of <00:26:00.237>the <00:26:00.239>huge 00:26:00.240 --> 00:26:02.710 align:start position:0% <00:26:00.240>SpaceX <00:26:00.340>is <00:26:00.440>a <00:26:00.540>little <00:26:00.640>bit <00:26:00.740>of <00:26:00.840>the <00:26:00.940>huge <00:26:01.040>example <00:26:01.140>now, <00:26:01.240>but <00:26:01.340>I <00:26:01.440>mean <00:26:01.540>SpaceX <00:26:01.640>valuation 00:26:02.710 --> 00:26:02.720 align:start position:0% <00:26:02.710>example <00:26:02.711>now, <00:26:02.713>but <00:26:02.714>I <00:26:02.716>mean <00:26:02.717>SpaceX <00:26:02.719>valuation 00:26:02.720 --> 00:26:05.110 align:start position:0% <00:26:02.720>example <00:26:02.813>now, <00:26:02.906>but <00:26:03.000>I <00:26:03.093>mean <00:26:03.186>SpaceX <00:26:03.280>valuation <00:26:03.373>is <00:26:03.466>is, <00:26:03.560>you <00:26:03.653>know, <00:26:03.746>more <00:26:03.840>than <00:26:03.933>in <00:26:04.026>the <00:26:04.120>entire 00:26:05.110 --> 00:26:05.120 align:start position:0% <00:26:05.110>is <00:26:05.111>is, <00:26:05.112>you <00:26:05.113>know, <00:26:05.114>more <00:26:05.115>than <00:26:05.116>in <00:26:05.117>the <00:26:05.119>entire 00:26:05.120 --> 00:26:09.190 align:start position:0% <00:26:05.120>is <00:26:05.202>is, <00:26:05.284>you <00:26:05.367>know, <00:26:05.449>more <00:26:05.531>than <00:26:05.614>in <00:26:05.696>the <00:26:05.778>entire <00:26:05.861>industry <00:26:05.943>a <00:26:06.025>few <00:26:06.108>years <00:26:06.190>ago. <00:26:06.272>Um, <00:26:06.355>we <00:26:06.437>see <00:26:06.520>a 00:26:09.190 --> 00:26:09.200 align:start position:0% <00:26:09.190>industry <00:26:09.191>a <00:26:09.192>few <00:26:09.193>years <00:26:09.194>ago. <00:26:09.195>Um, <00:26:09.196>we <00:26:09.197>see <00:26:09.199>a 00:26:09.200 --> 00:26:12.070 align:start position:0% <00:26:09.200>industry <00:26:09.300>a <00:26:09.400>few <00:26:09.500>years <00:26:09.600>ago. <00:26:09.700>Um, <00:26:09.800>we <00:26:09.900>see <00:26:10.000>a <00:26:10.100>market <00:26:10.200>that <00:26:10.300>globally <00:26:10.400>is <00:26:10.500>growing, <00:26:10.600>it's 00:26:12.070 --> 00:26:12.080 align:start position:0% <00:26:12.070>market <00:26:12.071>that <00:26:12.073>globally <00:26:12.075>is <00:26:12.077>growing, <00:26:12.079>it's 00:26:12.080 --> 00:26:14.710 align:start position:0% <00:26:12.080>market <00:26:12.179>that <00:26:12.280>globally <00:26:12.379>is <00:26:12.480>growing, <00:26:12.580>it's <00:26:12.679>expected <00:26:12.780>to <00:26:12.879>grow <00:26:12.980>by <00:26:13.080>two <00:26:13.179>to <00:26:13.280>3x <00:26:13.379>within <00:26:13.480>the 00:26:14.710 --> 00:26:14.720 align:start position:0% <00:26:14.710>expected <00:26:14.711>to <00:26:14.712>grow <00:26:14.713>by <00:26:14.714>two <00:26:14.715>to <00:26:14.716>3x <00:26:14.717>within <00:26:14.719>the 00:26:14.720 --> 00:26:18.310 align:start position:0% <00:26:14.720>expected <00:26:14.802>to <00:26:14.884>grow <00:26:14.967>by <00:26:15.049>two <00:26:15.131>to <00:26:15.214>3x <00:26:15.296>within <00:26:15.378>the <00:26:15.461>next <00:26:15.543>7 <00:26:15.625>8 <00:26:15.708>to <00:26:15.790>10 <00:26:15.872>years. <00:26:15.955>uh <00:26:16.037>even <00:26:16.120>the 00:26:18.310 --> 00:26:18.320 align:start position:0% <00:26:18.310>next <00:26:18.311>7 <00:26:18.312>8 <00:26:18.313>to <00:26:18.314>10 <00:26:18.315>years. <00:26:18.316>uh <00:26:18.317>even <00:26:18.319>the 00:26:18.320 --> 00:26:21.830 align:start position:0% <00:26:18.320>next <00:26:18.419>7 <00:26:18.520>8 <00:26:18.620>to <00:26:18.720>10 <00:26:18.820>years. <00:26:18.919>uh <00:26:19.020>even <00:26:19.120>the <00:26:19.220>European <00:26:19.320>market <00:26:19.419>is <00:26:19.520>is <00:26:19.620>growing <00:26:19.720>relatively 00:26:21.830 --> 00:26:21.840 align:start position:0% <00:26:21.830>European <00:26:21.831>market <00:26:21.833>is <00:26:21.835>is <00:26:21.837>growing <00:26:21.839>relatively 00:26:21.840 --> 00:26:23.430 align:start position:0% <00:26:21.840>European <00:26:22.073>market <00:26:22.306>is <00:26:22.540>is <00:26:22.773>growing <00:26:23.006>relatively <00:26:23.240>fast 00:26:23.430 --> 00:26:23.440 align:start position:0% fast 00:26:23.440 --> 00:26:25.669 align:start position:0% <00:26:23.440>fast <00:26:23.615>with <00:26:23.790>the <00:26:23.965>issue <00:26:24.140>that <00:26:24.315>the <00:26:24.490>global <00:26:24.665>market <00:26:24.840>is 00:26:25.669 --> 00:26:25.679 align:start position:0% <00:26:25.669>with <00:26:25.670>the <00:26:25.671>issue <00:26:25.672>that <00:26:25.674>the <00:26:25.675>global <00:26:25.676>market <00:26:25.678>is 00:26:25.679 --> 00:26:28.950 align:start position:0% <00:26:25.679>with <00:26:25.786>the <00:26:25.894>issue <00:26:26.002>that <00:26:26.109>the <00:26:26.217>global <00:26:26.325>market <00:26:26.432>is <00:26:26.540>is <00:26:26.648>primarily <00:26:26.755>driven <00:26:26.863>by <00:26:26.971>private <00:26:27.079>capital. 00:26:28.950 --> 00:26:28.960 align:start position:0% <00:26:28.950>is <00:26:28.951>primarily <00:26:28.953>driven <00:26:28.955>by <00:26:28.957>private <00:26:28.959>capital. 00:26:28.960 --> 00:26:30.710 align:start position:0% <00:26:28.960>is <00:26:29.087>primarily <00:26:29.214>driven <00:26:29.341>by <00:26:29.469>private <00:26:29.596>capital. <00:26:29.723>Whether <00:26:29.850>that's <00:26:29.978>under <00:26:30.105>state <00:26:30.232>control <00:26:30.360>or 00:26:30.710 --> 00:26:30.720 align:start position:0% <00:26:30.710>Whether <00:26:30.711>that's <00:26:30.713>under <00:26:30.715>state <00:26:30.717>control <00:26:30.719>or 00:26:30.720 --> 00:26:32.310 align:start position:0% <00:26:30.720>Whether <00:26:30.836>that's <00:26:30.953>under <00:26:31.070>state <00:26:31.186>control <00:26:31.303>or <00:26:31.420>not <00:26:31.536>is <00:26:31.653>a <00:26:31.770>different <00:26:31.886>question <00:26:32.003>that <00:26:32.120>we 00:26:32.310 --> 00:26:32.320 align:start position:0% <00:26:32.310>not <00:26:32.311>is <00:26:32.312>a <00:26:32.314>different <00:26:32.316>question <00:26:32.317>that <00:26:32.319>we 00:26:32.320 --> 00:26:34.630 align:start position:0% <00:26:32.320>not <00:26:32.427>is <00:26:32.535>a <00:26:32.643>different <00:26:32.750>question <00:26:32.858>that <00:26:32.966>we <00:26:33.073>touched <00:26:33.181>on <00:26:33.289>briefly <00:26:33.396>before <00:26:33.504>and <00:26:33.612>while <00:26:33.720>the 00:26:34.630 --> 00:26:34.640 align:start position:0% <00:26:34.630>touched <00:26:34.631>on <00:26:34.633>briefly <00:26:34.634>before <00:26:34.636>and <00:26:34.637>while <00:26:34.639>the 00:26:34.640 --> 00:26:36.149 align:start position:0% <00:26:34.640>touched <00:26:34.753>on <00:26:34.866>briefly <00:26:34.979>before <00:26:35.092>and <00:26:35.205>while <00:26:35.319>the <00:26:35.432>European <00:26:35.545>market <00:26:35.658>really <00:26:35.771>depends <00:26:35.884>on <00:26:35.998>public 00:26:36.149 --> 00:26:36.159 align:start position:0% <00:26:36.149>European <00:26:36.150>market <00:26:36.152>really <00:26:36.154>depends <00:26:36.156>on <00:26:36.158>public 00:26:36.159 --> 00:26:38.390 align:start position:0% <00:26:36.159>European <00:26:36.286>market <00:26:36.413>really <00:26:36.540>depends <00:26:36.668>on <00:26:36.795>public <00:26:36.922>spending. <00:26:37.049>Yeah. <00:26:37.177>Uh <00:26:37.304>private <00:26:37.431>spending <00:26:37.559>in 00:26:38.390 --> 00:26:38.400 align:start position:0% <00:26:38.390>spending. <00:26:38.391>Yeah. <00:26:38.393>Uh <00:26:38.395>private <00:26:38.397>spending <00:26:38.399>in 00:26:38.400 --> 00:26:40.950 align:start position:0% <00:26:38.400>spending. <00:26:38.507>Yeah. <00:26:38.615>Uh <00:26:38.723>private <00:26:38.830>spending <00:26:38.938>in <00:26:39.046>in <00:26:39.153>in <00:26:39.261>Europe <00:26:39.369>is <00:26:39.476>is <00:26:39.584>is <00:26:39.692>uh <00:26:39.800>actually 00:26:40.950 --> 00:26:40.960 align:start position:0% <00:26:40.950>in <00:26:40.951>in <00:26:40.952>Europe <00:26:40.953>is <00:26:40.955>is <00:26:40.956>is <00:26:40.957>uh <00:26:40.959>actually 00:26:40.960 --> 00:26:42.950 align:start position:0% <00:26:40.960>in <00:26:41.060>in <00:26:41.160>Europe <00:26:41.260>is <00:26:41.360>is <00:26:41.460>is <00:26:41.560>uh <00:26:41.660>actually <00:26:41.760>shrinking <00:26:41.860>as <00:26:41.960>a <00:26:42.060>percentage <00:26:42.160>in <00:26:42.260>that <00:26:42.360>sort 00:26:42.950 --> 00:26:42.960 align:start position:0% <00:26:42.950>shrinking <00:26:42.951>as <00:26:42.953>a <00:26:42.954>percentage <00:26:42.956>in <00:26:42.957>that <00:26:42.959>sort 00:26:42.960 --> 00:26:46.390 align:start position:0% <00:26:42.960>shrinking <00:26:43.115>as <00:26:43.271>a <00:26:43.426>percentage <00:26:43.582>in <00:26:43.737>that <00:26:43.893>sort <00:26:44.048>of <00:26:44.204>market. <00:26:44.360>Um 00:26:46.390 --> 00:26:46.400 align:start position:0% <00:26:46.390>of <00:26:46.394>market. <00:26:46.399>Um 00:26:46.400 --> 00:26:48.950 align:start position:0% <00:26:46.400>of <00:26:46.540>market. <00:26:46.680>Um <00:26:46.820>why <00:26:46.960>is <00:26:47.100>it <00:26:47.240>important <00:26:47.380>as <00:26:47.520>a <00:26:47.660>market? <00:26:47.800>Because 00:26:48.950 --> 00:26:48.960 align:start position:0% <00:26:48.950>why <00:26:48.951>is <00:26:48.952>it <00:26:48.953>important <00:26:48.955>as <00:26:48.956>a <00:26:48.957>market? <00:26:48.959>Because 00:26:48.960 --> 00:26:51.990 align:start position:0% <00:26:48.960>why <00:26:49.087>is <00:26:49.214>it <00:26:49.341>important <00:26:49.469>as <00:26:49.596>a <00:26:49.723>market? <00:26:49.850>Because <00:26:49.978>communications <00:26:50.105>technologies <00:26:50.232>depend <00:26:50.360>on 00:26:51.990 --> 00:26:52.000 align:start position:0% <00:26:51.990>communications <00:26:51.993>technologies <00:26:51.996>depend <00:26:51.999>on 00:26:52.000 --> 00:26:53.510 align:start position:0% <00:26:52.000>communications <00:26:52.151>technologies <00:26:52.302>depend <00:26:52.453>on <00:26:52.604>what's <00:26:52.755>happening <00:26:52.906>in <00:26:53.057>space. <00:26:53.208>Yeah. <00:26:53.359>Just 00:26:53.510 --> 00:26:53.520 align:start position:0% <00:26:53.510>what's <00:26:53.511>happening <00:26:53.513>in <00:26:53.515>space. <00:26:53.517>Yeah. <00:26:53.519>Just 00:26:53.520 --> 00:26:55.510 align:start position:0% <00:26:53.520>what's <00:26:53.647>happening <00:26:53.774>in <00:26:53.901>space. <00:26:54.029>Yeah. <00:26:54.156>Just <00:26:54.283>look <00:26:54.410>at <00:26:54.538>Starlink, <00:26:54.665>how <00:26:54.792>powerful <00:26:54.920>that's 00:26:55.510 --> 00:26:55.520 align:start position:0% <00:26:55.510>look <00:26:55.511>at <00:26:55.513>Starlink, <00:26:55.515>how <00:26:55.517>powerful <00:26:55.519>that's 00:26:55.520 --> 00:26:58.630 align:start position:0% <00:26:55.520>look <00:26:55.636>at <00:26:55.753>Starlink, <00:26:55.870>how <00:26:55.986>powerful <00:26:56.103>that's <00:26:56.220>become. <00:26:56.336>Um <00:26:56.453>it's <00:26:56.570>also <00:26:56.686>important <00:26:56.803>for <00:26:56.920>for 00:26:58.630 --> 00:26:58.640 align:start position:0% <00:26:58.630>become. <00:26:58.631>Um <00:26:58.633>it's <00:26:58.634>also <00:26:58.636>important <00:26:58.637>for <00:26:58.639>for 00:26:58.640 --> 00:27:00.549 align:start position:0% <00:26:58.640>become. <00:26:58.767>Um <00:26:58.894>it's <00:26:59.021>also <00:26:59.149>important <00:26:59.276>for <00:26:59.403>for <00:26:59.530>military <00:26:59.658>reasons. <00:26:59.785>Bonuses <00:26:59.912>this <00:27:00.040>week 00:27:00.549 --> 00:27:00.559 align:start position:0% <00:27:00.549>military <00:27:00.551>reasons. <00:27:00.553>Bonuses <00:27:00.555>this <00:27:00.558>week 00:27:00.559 --> 00:27:03.190 align:start position:0% <00:27:00.559>military <00:27:00.686>reasons. <00:27:00.813>Bonuses <00:27:00.940>this <00:27:01.068>week <00:27:01.195>announced <00:27:01.322>that <00:27:01.449>they <00:27:01.577>are <00:27:01.704>launching <00:27:01.831>a <00:27:01.959>new 00:27:03.190 --> 00:27:03.200 align:start position:0% <00:27:03.190>announced <00:27:03.191>that <00:27:03.193>they <00:27:03.194>are <00:27:03.196>launching <00:27:03.197>a <00:27:03.199>new 00:27:03.200 --> 00:27:05.990 align:start position:0% <00:27:03.200>announced <00:27:03.327>that <00:27:03.454>they <00:27:03.581>are <00:27:03.709>launching <00:27:03.836>a <00:27:03.963>new <00:27:04.090>satellite <00:27:04.218>initiative <00:27:04.345>which <00:27:04.472>if <00:27:04.600>done 00:27:05.990 --> 00:27:06.000 align:start position:0% <00:27:05.990>satellite <00:27:05.992>initiative <00:27:05.994>which <00:27:05.996>if <00:27:05.999>done 00:27:06.000 --> 00:27:08.710 align:start position:0% <00:27:06.000>satellite <00:27:06.127>initiative <00:27:06.254>which <00:27:06.381>if <00:27:06.509>done <00:27:06.636>successfully <00:27:06.763>within <00:27:06.890>the <00:27:07.018>next <00:27:07.145>3 <00:27:07.272>or <00:27:07.400>5 00:27:08.710 --> 00:27:08.720 align:start position:0% <00:27:08.710>successfully <00:27:08.711>within <00:27:08.713>the <00:27:08.714>next <00:27:08.716>3 <00:27:08.717>or <00:27:08.719>5 00:27:08.720 --> 00:27:11.350 align:start position:0% <00:27:08.720>successfully <00:27:08.836>within <00:27:08.953>the <00:27:09.070>next <00:27:09.186>3 <00:27:09.303>or <00:27:09.420>5 <00:27:09.536>years <00:27:09.653>will <00:27:09.770>mean <00:27:09.886>that <00:27:10.003>after <00:27:10.120>Starink 00:27:11.350 --> 00:27:11.360 align:start position:0% <00:27:11.350>years <00:27:11.351>will <00:27:11.353>mean <00:27:11.355>that <00:27:11.357>after <00:27:11.359>Starink 00:27:11.360 --> 00:27:13.110 align:start position:0% <00:27:11.360>years <00:27:11.500>will <00:27:11.639>mean <00:27:11.780>that <00:27:11.919>after <00:27:12.060>Starink <00:27:12.199>Bundeswware <00:27:12.340>is <00:27:12.479>the <00:27:12.620>largest <00:27:12.760>satellite 00:27:13.110 --> 00:27:13.120 align:start position:0% <00:27:13.110>Bundeswware <00:27:13.112>is <00:27:13.114>the <00:27:13.116>largest <00:27:13.119>satellite 00:27:13.120 --> 00:27:18.149 align:start position:0% <00:27:13.120>Bundeswware <00:27:13.247>is <00:27:13.374>the <00:27:13.501>largest <00:27:13.629>satellite <00:27:13.756>operator <00:27:13.883>in <00:27:14.010>space <00:27:14.138>globally <00:27:14.265>so <00:27:14.392>to <00:27:14.520>say 00:27:18.149 --> 00:27:18.159 align:start position:0% <00:27:18.149>operator <00:27:18.150>in <00:27:18.152>space <00:27:18.153>globally <00:27:18.155>so <00:27:18.156>to <00:27:18.158>say 00:27:18.159 --> 00:27:20.870 align:start position:0% <00:27:18.159>operator <00:27:18.266>in <00:27:18.374>space <00:27:18.482>globally <00:27:18.589>so <00:27:18.697>to <00:27:18.805>say <00:27:18.912>yet <00:27:19.020>much <00:27:19.128>smaller <00:27:19.235>than <00:27:19.343>Starink <00:27:19.451>we <00:27:19.559>just 00:27:20.870 --> 00:27:20.880 align:start position:0% <00:27:20.870>yet <00:27:20.871>much <00:27:20.873>smaller <00:27:20.874>than <00:27:20.876>Starink <00:27:20.877>we <00:27:20.879>just 00:27:20.880 --> 00:27:22.950 align:start position:0% <00:27:20.880>yet <00:27:20.980>much <00:27:21.080>smaller <00:27:21.180>than <00:27:21.280>Starink <00:27:21.380>we <00:27:21.480>just <00:27:21.580>had <00:27:21.680>the <00:27:21.780>discussion <00:27:21.880>I <00:27:21.980>mean <00:27:22.080>of <00:27:22.180>the <00:27:22.280>15,000 00:27:22.950 --> 00:27:22.960 align:start position:0% <00:27:22.950>had <00:27:22.951>the <00:27:22.952>discussion <00:27:22.953>I <00:27:22.955>mean <00:27:22.956>of <00:27:22.957>the <00:27:22.959>15,000 00:27:22.960 --> 00:27:24.710 align:start position:0% <00:27:22.960>had <00:27:23.067>the <00:27:23.175>discussion <00:27:23.283>I <00:27:23.390>mean <00:27:23.498>of <00:27:23.606>the <00:27:23.713>15,000 <00:27:23.821>satellites <00:27:23.929>out <00:27:24.036>there <00:27:24.144>12,000 <00:27:24.252>belong <00:27:24.360>to 00:27:24.710 --> 00:27:24.720 align:start position:0% <00:27:24.710>satellites <00:27:24.711>out <00:27:24.713>there <00:27:24.715>12,000 <00:27:24.717>belong <00:27:24.719>to 00:27:24.720 --> 00:27:27.830 align:start position:0% <00:27:24.720>satellites <00:27:24.827>out <00:27:24.935>there <00:27:25.043>12,000 <00:27:25.150>belong <00:27:25.258>to <00:27:25.366>Starink <00:27:25.473>now <00:27:25.581>um <00:27:25.689>so <00:27:25.796>it's <00:27:25.904>a <00:27:26.012>question <00:27:26.120>of 00:27:27.830 --> 00:27:27.840 align:start position:0% <00:27:27.830>Starink <00:27:27.831>now <00:27:27.832>um <00:27:27.833>so <00:27:27.835>it's <00:27:27.836>a <00:27:27.837>question <00:27:27.839>of 00:27:27.840 --> 00:27:30.470 align:start position:0% <00:27:27.840>Starink <00:27:27.939>now <00:27:28.040>um <00:27:28.139>so <00:27:28.240>it's <00:27:28.340>a <00:27:28.439>question <00:27:28.540>of <00:27:28.639>sovereignty <00:27:28.740>of <00:27:28.840>Germany <00:27:28.939>in <00:27:29.040>Europe <00:27:29.139>or <00:27:29.240>the 00:27:30.470 --> 00:27:30.480 align:start position:0% <00:27:30.470>sovereignty <00:27:30.471>of <00:27:30.473>Germany <00:27:30.474>in <00:27:30.476>Europe <00:27:30.477>or <00:27:30.479>the 00:27:30.480 --> 00:27:33.029 align:start position:0% <00:27:30.480>sovereignty <00:27:30.587>of <00:27:30.695>Germany <00:27:30.803>in <00:27:30.910>Europe <00:27:31.018>or <00:27:31.126>the <00:27:31.233>European <00:27:31.341>Union. <00:27:31.449>Um, <00:27:31.556>and <00:27:31.664>that's <00:27:31.772>why <00:27:31.880>it's 00:27:33.029 --> 00:27:33.039 align:start position:0% <00:27:33.029>European <00:27:33.030>Union. <00:27:33.032>Um, <00:27:33.033>and <00:27:33.035>that's <00:27:33.036>why <00:27:33.038>it's 00:27:33.039 --> 00:27:34.630 align:start position:0% <00:27:33.039>European <00:27:33.146>Union. <00:27:33.254>Um, <00:27:33.362>and <00:27:33.469>that's <00:27:33.577>why <00:27:33.685>it's <00:27:33.792>important <00:27:33.900>and <00:27:34.008>we <00:27:34.115>see <00:27:34.223>that <00:27:34.331>there's <00:27:34.439>a 00:27:34.630 --> 00:27:34.640 align:start position:0% <00:27:34.630>important <00:27:34.631>and <00:27:34.633>we <00:27:34.634>see <00:27:34.636>that <00:27:34.637>there's <00:27:34.639>a 00:27:34.640 --> 00:27:37.350 align:start position:0% <00:27:34.640>important <00:27:34.756>and <00:27:34.873>we <00:27:34.990>see <00:27:35.106>that <00:27:35.223>there's <00:27:35.340>a <00:27:35.456>willingness <00:27:35.573>to <00:27:35.690>pay <00:27:35.806>for <00:27:35.923>it. <00:27:36.040>Defensibility 00:27:37.350 --> 00:27:37.360 align:start position:0% <00:27:37.350>willingness <00:27:37.351>to <00:27:37.353>pay <00:27:37.355>for <00:27:37.357>it. <00:27:37.359>Defensibility 00:27:37.360 --> 00:27:39.430 align:start position:0% <00:27:37.360>willingness <00:27:37.487>to <00:27:37.614>pay <00:27:37.741>for <00:27:37.869>it. <00:27:37.996>Defensibility <00:27:38.123>comes <00:27:38.250>back <00:27:38.378>to <00:27:38.505>the <00:27:38.632>technology <00:27:38.760>questions 00:27:39.430 --> 00:27:39.440 align:start position:0% <00:27:39.430>comes <00:27:39.431>back <00:27:39.433>to <00:27:39.435>the <00:27:39.437>technology <00:27:39.439>questions 00:27:39.440 --> 00:27:41.430 align:start position:0% <00:27:39.440>comes <00:27:39.567>back <00:27:39.694>to <00:27:39.821>the <00:27:39.949>technology <00:27:40.076>questions <00:27:40.203>and <00:27:40.330>much <00:27:40.458>more <00:27:40.585>to <00:27:40.712>the <00:27:40.840>customer 00:27:41.430 --> 00:27:41.440 align:start position:0% <00:27:41.430>and <00:27:41.431>much <00:27:41.433>more <00:27:41.435>to <00:27:41.437>the <00:27:41.439>customer 00:27:41.440 --> 00:27:43.350 align:start position:0% <00:27:41.440>and <00:27:41.580>much <00:27:41.720>more <00:27:41.860>to <00:27:42.000>the <00:27:42.140>customer <00:27:42.280>understanding <00:27:42.420>and <00:27:42.560>the <00:27:42.700>customer <00:27:42.840>access 00:27:43.350 --> 00:27:43.360 align:start position:0% <00:27:43.350>understanding <00:27:43.352>and <00:27:43.354>the <00:27:43.356>customer <00:27:43.359>access 00:27:43.360 --> 00:27:47.350 align:start position:0% <00:27:43.360>understanding <00:27:43.500>and <00:27:43.639>the <00:27:43.780>customer <00:27:43.919>access <00:27:44.060>and <00:27:44.199>the <00:27:44.340>regulatory <00:27:44.479>um <00:27:44.620>provisions <00:27:44.760>behind 00:27:47.350 --> 00:27:47.360 align:start position:0% <00:27:47.350>and <00:27:47.351>the <00:27:47.353>regulatory <00:27:47.355>um <00:27:47.357>provisions <00:27:47.359>behind 00:27:47.360 --> 00:27:50.070 align:start position:0% <00:27:47.360>and <00:27:47.500>the <00:27:47.639>regulatory <00:27:47.780>um <00:27:47.919>provisions <00:27:48.060>behind <00:27:48.199>and <00:27:48.340>the <00:27:48.479>trust <00:27:48.620>by <00:27:48.760>governments 00:27:50.070 --> 00:27:50.080 align:start position:0% <00:27:50.070>and <00:27:50.072>the <00:27:50.074>trust <00:27:50.076>by <00:27:50.079>governments 00:27:50.080 --> 00:27:54.230 align:start position:0% <00:27:50.080>and <00:27:50.235>the <00:27:50.391>trust <00:27:50.546>by <00:27:50.702>governments <00:27:50.857>uh <00:27:51.013>and <00:27:51.168>government <00:27:51.324>controlled <00:27:51.480>customers 00:27:54.230 --> 00:27:54.240 align:start position:0% <00:27:54.230>uh <00:27:54.232>and <00:27:54.234>government <00:27:54.236>controlled <00:27:54.239>customers 00:27:54.240 --> 00:27:56.950 align:start position:0% <00:27:54.240>uh <00:27:54.356>and <00:27:54.473>government <00:27:54.590>controlled <00:27:54.706>customers <00:27:54.823>um <00:27:54.940>to <00:27:55.056>trust <00:27:55.173>you <00:27:55.290>with <00:27:55.406>their <00:27:55.523>business <00:27:55.640>so 00:27:56.950 --> 00:27:56.960 align:start position:0% <00:27:56.950>um <00:27:56.951>to <00:27:56.952>trust <00:27:56.953>you <00:27:56.955>with <00:27:56.956>their <00:27:56.957>business <00:27:56.959>so 00:27:56.960 --> 00:28:00.470 align:start position:0% <00:27:56.960>um <00:27:57.047>to <00:27:57.135>trust <00:27:57.222>you <00:27:57.310>with <00:27:57.397>their <00:27:57.485>business <00:27:57.572>so <00:27:57.660>to <00:27:57.747>say. <00:27:57.835>Um, <00:27:57.922>and <00:27:58.010>I <00:27:58.097>I <00:27:58.185>guess <00:27:58.272>there's <00:27:58.360>much 00:28:00.470 --> 00:28:00.480 align:start position:0% <00:28:00.470>to <00:28:00.471>say. <00:28:00.472>Um, <00:28:00.473>and <00:28:00.474>I <00:28:00.475>I <00:28:00.476>guess <00:28:00.477>there's <00:28:00.479>much 00:28:00.480 --> 00:28:02.549 align:start position:0% <00:28:00.480>to <00:28:00.562>say. <00:28:00.644>Um, <00:28:00.727>and <00:28:00.809>I <00:28:00.891>I <00:28:00.974>guess <00:28:01.056>there's <00:28:01.138>much <00:28:01.221>more <00:28:01.303>to <00:28:01.385>be <00:28:01.468>added <00:28:01.550>by <00:28:01.632>Fer <00:28:01.715>and <00:28:01.797>Frank, <00:28:01.880>but 00:28:02.549 --> 00:28:02.559 align:start position:0% <00:28:02.549>more <00:28:02.550>to <00:28:02.551>be <00:28:02.552>added <00:28:02.553>by <00:28:02.554>Fer <00:28:02.555>and <00:28:02.556>Frank, <00:28:02.558>but 00:28:02.559 --> 00:28:04.470 align:start position:0% <00:28:02.559>more <00:28:02.646>to <00:28:02.734>be <00:28:02.821>added <00:28:02.908>by <00:28:02.996>Fer <00:28:03.084>and <00:28:03.171>Frank, <00:28:03.259>but <00:28:03.346>you <00:28:03.434>know, <00:28:03.521>that's <00:28:03.609>for <00:28:03.696>for <00:28:03.783>now. <00:28:03.871>Uh, <00:28:03.959>my 00:28:04.470 --> 00:28:04.480 align:start position:0% <00:28:04.470>you <00:28:04.471>know, <00:28:04.472>that's <00:28:04.473>for <00:28:04.475>for <00:28:04.476>now. <00:28:04.477>Uh, <00:28:04.479>my 00:28:04.480 --> 00:28:06.310 align:start position:0% <00:28:04.480>you <00:28:04.596>know, <00:28:04.713>that's <00:28:04.830>for <00:28:04.946>for <00:28:05.063>now. <00:28:05.180>Uh, <00:28:05.296>my <00:28:05.413>answer <00:28:05.530>in <00:28:05.646>very <00:28:05.763>short. <00:28:05.880>Okay. 00:28:06.310 --> 00:28:06.320 align:start position:0% <00:28:06.310>answer <00:28:06.312>in <00:28:06.314>very <00:28:06.316>short. <00:28:06.319>Okay. 00:28:06.320 --> 00:28:08.310 align:start position:0% <00:28:06.320>answer <00:28:06.419>in <00:28:06.520>very <00:28:06.620>short. <00:28:06.720>Okay. <00:28:06.820>>> <00:28:06.919>All <00:28:07.020>right. <00:28:07.120>I'd <00:28:07.220>love <00:28:07.320>to <00:28:07.419>add. <00:28:07.520>So, <00:28:07.620>it's <00:28:07.720>a 00:28:08.310 --> 00:28:08.320 align:start position:0% <00:28:08.310>>> <00:28:08.311>All <00:28:08.312>right. <00:28:08.312>I'd <00:28:08.313>love <00:28:08.315>to <00:28:08.316>add. <00:28:08.317>So, <00:28:08.318>it's <00:28:08.319>a 00:28:08.320 --> 00:28:11.029 align:start position:0% <00:28:08.320>>> <00:28:08.402>All <00:28:08.484>right. <00:28:08.567>I'd <00:28:08.649>love <00:28:08.731>to <00:28:08.814>add. <00:28:08.896>So, <00:28:08.978>it's <00:28:09.061>a <00:28:09.143>news. <00:28:09.225>We <00:28:09.308>have <00:28:09.390>1 <00:28:09.472>minute <00:28:09.555>45 <00:28:09.637>seconds <00:28:09.720>left. 00:28:11.029 --> 00:28:11.039 align:start position:0% <00:28:11.029>news. <00:28:11.030>We <00:28:11.031>have <00:28:11.032>1 <00:28:11.034>minute <00:28:11.035>45 <00:28:11.036>seconds <00:28:11.038>left. 00:28:11.039 --> 00:28:13.110 align:start position:0% <00:28:11.039>news. <00:28:11.126>We <00:28:11.214>have <00:28:11.301>1 <00:28:11.389>minute <00:28:11.476>45 <00:28:11.564>seconds <00:28:11.651>left. <00:28:11.739>I <00:28:11.826>try <00:28:11.914>to <00:28:12.001>be <00:28:12.089>really <00:28:12.176>really <00:28:12.264>brief. <00:28:12.351>We <00:28:12.439>have 00:28:13.110 --> 00:28:13.120 align:start position:0% <00:28:13.110>I <00:28:13.111>try <00:28:13.112>to <00:28:13.113>be <00:28:13.114>really <00:28:13.115>really <00:28:13.116>brief. <00:28:13.117>We <00:28:13.119>have 00:28:13.120 --> 00:28:15.750 align:start position:0% <00:28:13.120>I <00:28:13.227>try <00:28:13.335>to <00:28:13.443>be <00:28:13.550>really <00:28:13.658>really <00:28:13.766>brief. <00:28:13.873>We <00:28:13.981>have <00:28:14.089>three <00:28:14.196>investments <00:28:14.304>in <00:28:14.412>space <00:28:14.520>companies 00:28:15.750 --> 00:28:15.760 align:start position:0% <00:28:15.750>three <00:28:15.752>investments <00:28:15.754>in <00:28:15.756>space <00:28:15.759>companies 00:28:15.760 --> 00:28:17.510 align:start position:0% <00:28:15.760>three <00:28:15.900>investments <00:28:16.040>in <00:28:16.180>space <00:28:16.320>companies <00:28:16.460>already. <00:28:16.600>That <00:28:16.740>is <00:28:16.879>huge <00:28:17.020>considering <00:28:17.160>that 00:28:17.510 --> 00:28:17.520 align:start position:0% <00:28:17.510>already. <00:28:17.511>That <00:28:17.513>is <00:28:17.515>huge <00:28:17.517>considering <00:28:17.519>that 00:28:17.520 --> 00:28:21.190 align:start position:0% <00:28:17.520>already. <00:28:17.620>That <00:28:17.720>is <00:28:17.820>huge <00:28:17.920>considering <00:28:18.020>that <00:28:18.120>this <00:28:18.220>space <00:28:18.320>is <00:28:18.420>not <00:28:18.520>very <00:28:18.620>very <00:28:18.720>old. <00:28:18.820>um <00:28:18.920>at 00:28:21.190 --> 00:28:21.200 align:start position:0% <00:28:21.190>this <00:28:21.191>space <00:28:21.192>is <00:28:21.193>not <00:28:21.194>very <00:28:21.195>very <00:28:21.196>old. <00:28:21.197>um <00:28:21.199>at 00:28:21.200 --> 00:28:24.389 align:start position:0% <00:28:21.200>this <00:28:21.293>space <00:28:21.386>is <00:28:21.480>not <00:28:21.573>very <00:28:21.666>very <00:28:21.760>old. <00:28:21.853>um <00:28:21.946>at <00:28:22.040>the <00:28:22.133>excavation <00:28:22.226>company <00:28:22.320>and <00:28:22.413>um <00:28:22.506>pave <00:28:22.600>space 00:28:24.389 --> 00:28:24.399 align:start position:0% <00:28:24.389>the <00:28:24.390>excavation <00:28:24.391>company <00:28:24.393>and <00:28:24.395>um <00:28:24.396>pave <00:28:24.398>space 00:28:24.399 --> 00:28:27.190 align:start position:0% <00:28:24.399>the <00:28:24.506>excavation <00:28:24.614>company <00:28:24.722>and <00:28:24.829>um <00:28:24.937>pave <00:28:25.045>space <00:28:25.152>which <00:28:25.260>was <00:28:25.368>this <00:28:25.475>year's <00:28:25.583>largest <00:28:25.691>round <00:28:25.799>um 00:28:27.190 --> 00:28:27.200 align:start position:0% <00:28:27.190>which <00:28:27.191>was <00:28:27.193>this <00:28:27.194>year's <00:28:27.196>largest <00:28:27.197>round <00:28:27.199>um 00:28:27.200 --> 00:28:29.990 align:start position:0% <00:28:27.200>which <00:28:27.316>was <00:28:27.433>this <00:28:27.550>year's <00:28:27.666>largest <00:28:27.783>round <00:28:27.900>um <00:28:28.016>preede <00:28:28.133>ever. <00:28:28.250>Um <00:28:28.366>two <00:28:28.483>amazing <00:28:28.600>female 00:28:29.990 --> 00:28:30.000 align:start position:0% <00:28:29.990>preede <00:28:29.991>ever. <00:28:29.993>Um <00:28:29.995>two <00:28:29.997>amazing <00:28:29.999>female 00:28:30.000 --> 00:28:32.070 align:start position:0% <00:28:30.000>preede <00:28:30.140>ever. <00:28:30.280>Um <00:28:30.420>two <00:28:30.560>amazing <00:28:30.700>female <00:28:30.840>founders <00:28:30.980>that <00:28:31.120>show <00:28:31.260>that <00:28:31.400>engineering 00:28:32.070 --> 00:28:32.080 align:start position:0% <00:28:32.070>founders <00:28:32.072>that <00:28:32.074>show <00:28:32.076>that <00:28:32.079>engineering 00:28:32.080 --> 00:28:34.549 align:start position:0% <00:28:32.080>founders <00:28:32.196>that <00:28:32.313>show <00:28:32.429>that <00:28:32.546>engineering <00:28:32.663>brings <00:28:32.780>you <00:28:32.896>quite <00:28:33.013>you <00:28:33.129>know <00:28:33.246>far <00:28:33.363>in <00:28:33.480>the 00:28:34.549 --> 00:28:34.559 align:start position:0% <00:28:34.549>brings <00:28:34.550>you <00:28:34.551>quite <00:28:34.552>you <00:28:34.554>know <00:28:34.555>far <00:28:34.556>in <00:28:34.558>the 00:28:34.559 --> 00:28:36.389 align:start position:0% <00:28:34.559>brings <00:28:34.658>you <00:28:34.759>quite <00:28:34.859>you <00:28:34.959>know <00:28:35.059>far <00:28:35.158>in <00:28:35.259>the <00:28:35.359>area. <00:28:35.459>However, <00:28:35.559>one <00:28:35.658>I'd <00:28:35.759>like <00:28:35.859>to <00:28:35.959>highlight 00:28:36.389 --> 00:28:36.399 align:start position:0% <00:28:36.389>area. <00:28:36.390>However, <00:28:36.391>one <00:28:36.393>I'd <00:28:36.395>like <00:28:36.396>to <00:28:36.398>highlight 00:28:36.399 --> 00:28:39.269 align:start position:0% <00:28:36.399>area. <00:28:36.498>However, <00:28:36.599>one <00:28:36.698>I'd <00:28:36.799>like <00:28:36.899>to <00:28:36.998>highlight <00:28:37.099>is <00:28:37.198>life <00:28:37.299>eo <00:28:37.399>and <00:28:37.498>that <00:28:37.599>is <00:28:37.698>um <00:28:37.799>interesting 00:28:39.269 --> 00:28:39.279 align:start position:0% <00:28:39.269>is <00:28:39.270>life <00:28:39.271>eo <00:28:39.272>and <00:28:39.274>that <00:28:39.275>is <00:28:39.276>um <00:28:39.278>interesting 00:28:39.279 --> 00:28:42.549 align:start position:0% <00:28:39.279>is <00:28:39.379>life <00:28:39.479>eo <00:28:39.579>and <00:28:39.679>that <00:28:39.779>is <00:28:39.879>um <00:28:39.979>interesting <00:28:40.079>because <00:28:40.179>there <00:28:40.279>it <00:28:40.379>shows <00:28:40.479>the <00:28:40.579>importance <00:28:40.679>of 00:28:42.549 --> 00:28:42.559 align:start position:0% <00:28:42.549>because <00:28:42.550>there <00:28:42.552>it <00:28:42.553>shows <00:28:42.555>the <00:28:42.556>importance <00:28:42.558>of 00:28:42.559 --> 00:28:44.789 align:start position:0% <00:28:42.559>because <00:28:42.675>there <00:28:42.792>it <00:28:42.908>shows <00:28:43.025>the <00:28:43.142>importance <00:28:43.259>of <00:28:43.375>downstream <00:28:43.492>services <00:28:43.609>that <00:28:43.725>will <00:28:43.842>be <00:28:43.959>derived 00:28:44.789 --> 00:28:44.799 align:start position:0% <00:28:44.789>downstream <00:28:44.790>services <00:28:44.792>that <00:28:44.794>will <00:28:44.796>be <00:28:44.798>derived 00:28:44.799 --> 00:28:46.310 align:start position:0% <00:28:44.799>downstream <00:28:44.903>services <00:28:45.008>that <00:28:45.112>will <00:28:45.217>be <00:28:45.322>derived <00:28:45.426>and <00:28:45.531>this <00:28:45.635>is <00:28:45.740>why <00:28:45.845>this <00:28:45.949>is <00:28:46.054>very <00:28:46.158>relevant 00:28:46.310 --> 00:28:46.320 align:start position:0% <00:28:46.310>and <00:28:46.311>this <00:28:46.312>is <00:28:46.313>why <00:28:46.315>this <00:28:46.316>is <00:28:46.317>very <00:28:46.319>relevant 00:28:46.320 --> 00:28:48.389 align:start position:0% <00:28:46.320>and <00:28:46.419>this <00:28:46.520>is <00:28:46.620>why <00:28:46.720>this <00:28:46.820>is <00:28:46.919>very <00:28:47.020>relevant <00:28:47.120>for <00:28:47.220>this <00:28:47.320>conference <00:28:47.419>because <00:28:47.520>what <00:28:47.620>do <00:28:47.720>we 00:28:48.389 --> 00:28:48.399 align:start position:0% <00:28:48.389>for <00:28:48.390>this <00:28:48.391>conference <00:28:48.393>because <00:28:48.395>what <00:28:48.396>do <00:28:48.398>we 00:28:48.399 --> 00:28:50.230 align:start position:0% <00:28:48.399>for <00:28:48.492>this <00:28:48.585>conference <00:28:48.678>because <00:28:48.772>what <00:28:48.865>do <00:28:48.958>we <00:28:49.052>do <00:28:49.145>with <00:28:49.238>the <00:28:49.332>data <00:28:49.425>we <00:28:49.518>generate? <00:28:49.612>How <00:28:49.705>do <00:28:49.799>we 00:28:50.230 --> 00:28:50.240 align:start position:0% <00:28:50.230>do <00:28:50.231>with <00:28:50.232>the <00:28:50.233>data <00:28:50.234>we <00:28:50.235>generate? <00:28:50.236>How <00:28:50.237>do <00:28:50.239>we 00:28:50.240 --> 00:28:51.830 align:start position:0% <00:28:50.240>do <00:28:50.340>with <00:28:50.440>the <00:28:50.540>data <00:28:50.640>we <00:28:50.740>generate? <00:28:50.840>How <00:28:50.940>do <00:28:51.040>we <00:28:51.140>protect <00:28:51.240>our <00:28:51.340>infrastructure? <00:28:51.440>How <00:28:51.540>do <00:28:51.640>we 00:28:51.830 --> 00:28:51.840 align:start position:0% <00:28:51.830>protect <00:28:51.831>our <00:28:51.833>infrastructure? <00:28:51.835>How <00:28:51.837>do <00:28:51.839>we 00:28:51.840 --> 00:28:53.110 align:start position:0% <00:28:51.840>protect <00:28:51.943>our <00:28:52.047>infrastructure? <00:28:52.151>How <00:28:52.255>do <00:28:52.359>we <00:28:52.463>use <00:28:52.567>it <00:28:52.671>to <00:28:52.775>make <00:28:52.879>our <00:28:52.983>infrastructure 00:28:53.110 --> 00:28:53.120 align:start position:0% <00:28:53.110>use <00:28:53.111>it <00:28:53.113>to <00:28:53.115>make <00:28:53.117>our <00:28:53.119>infrastructure 00:28:53.120 --> 00:28:55.669 align:start position:0% <00:28:53.120>use <00:28:53.236>it <00:28:53.353>to <00:28:53.469>make <00:28:53.586>our <00:28:53.703>infrastructure <00:28:53.820>better? <00:28:53.936>How <00:28:54.053>do <00:28:54.169>we <00:28:54.286>generate <00:28:54.403>new <00:28:54.520>services 00:28:55.669 --> 00:28:55.679 align:start position:0% <00:28:55.669>better? <00:28:55.670>How <00:28:55.672>do <00:28:55.673>we <00:28:55.675>generate <00:28:55.676>new <00:28:55.678>services 00:28:55.679 --> 00:28:57.590 align:start position:0% <00:28:55.679>better? <00:28:55.779>How <00:28:55.879>do <00:28:55.979>we <00:28:56.079>generate <00:28:56.179>new <00:28:56.279>services <00:28:56.379>that <00:28:56.479>are <00:28:56.579>going <00:28:56.679>to <00:28:56.779>disrupt <00:28:56.879>and <00:28:56.979>that <00:28:57.079>is 00:28:57.590 --> 00:28:57.600 align:start position:0% <00:28:57.590>that <00:28:57.591>are <00:28:57.592>going <00:28:57.593>to <00:28:57.595>disrupt <00:28:57.596>and <00:28:57.597>that <00:28:57.599>is 00:28:57.600 --> 00:28:59.669 align:start position:0% <00:28:57.600>that <00:28:57.707>are <00:28:57.815>going <00:28:57.923>to <00:28:58.030>disrupt <00:28:58.138>and <00:28:58.246>that <00:28:58.353>is <00:28:58.461>probably <00:28:58.569>my <00:28:58.676>personal <00:28:58.784>bet <00:28:58.892>the <00:28:59.000>telco 00:28:59.669 --> 00:28:59.679 align:start position:0% <00:28:59.669>probably <00:28:59.670>my <00:28:59.672>personal <00:28:59.674>bet <00:28:59.676>the <00:28:59.678>telco 00:28:59.679 --> 00:29:01.669 align:start position:0% <00:28:59.679>probably <00:28:59.806>my <00:28:59.933>personal <00:29:00.060>bet <00:29:00.188>the <00:29:00.315>telco <00:29:00.442>industry <00:29:00.569>among <00:29:00.697>many <00:29:00.824>others? <00:29:00.951>And <00:29:01.079>it's 00:29:01.669 --> 00:29:01.679 align:start position:0% <00:29:01.669>industry <00:29:01.670>among <00:29:01.672>many <00:29:01.674>others? <00:29:01.676>And <00:29:01.678>it's 00:29:01.679 --> 00:29:04.070 align:start position:0% <00:29:01.679>industry <00:29:01.779>among <00:29:01.879>many <00:29:01.979>others? <00:29:02.079>And <00:29:02.179>it's <00:29:02.279>about <00:29:02.379>time. <00:29:02.479>So <00:29:02.579>this <00:29:02.679>is <00:29:02.779>why <00:29:02.879>this <00:29:02.979>is <00:29:03.079>a 00:29:04.070 --> 00:29:04.080 align:start position:0% <00:29:04.070>about <00:29:04.071>time. <00:29:04.072>So <00:29:04.073>this <00:29:04.074>is <00:29:04.075>why <00:29:04.076>this <00:29:04.077>is <00:29:04.079>a 00:29:04.080 --> 00:29:06.950 align:start position:0% <00:29:04.080>about <00:29:04.173>time. <00:29:04.266>So <00:29:04.360>this <00:29:04.453>is <00:29:04.546>why <00:29:04.639>this <00:29:04.733>is <00:29:04.826>a <00:29:04.919>very <00:29:05.013>exciting <00:29:05.106>time <00:29:05.199>for <00:29:05.293>space <00:29:05.386>and <00:29:05.480>going 00:29:06.950 --> 00:29:06.960 align:start position:0% <00:29:06.950>very <00:29:06.951>exciting <00:29:06.953>time <00:29:06.954>for <00:29:06.956>space <00:29:06.957>and <00:29:06.959>going 00:29:06.960 --> 00:29:09.269 align:start position:0% <00:29:06.960>very <00:29:07.067>exciting <00:29:07.175>time <00:29:07.283>for <00:29:07.390>space <00:29:07.498>and <00:29:07.606>going <00:29:07.713>into <00:29:07.821>that <00:29:07.929>space. <00:29:08.036>um <00:29:08.144>because <00:29:08.252>this <00:29:08.360>is 00:29:09.269 --> 00:29:09.279 align:start position:0% <00:29:09.269>into <00:29:09.270>that <00:29:09.272>space. <00:29:09.273>um <00:29:09.275>because <00:29:09.276>this <00:29:09.278>is 00:29:09.279 --> 00:29:11.190 align:start position:0% <00:29:09.279>into <00:29:09.395>that <00:29:09.512>space. <00:29:09.629>um <00:29:09.745>because <00:29:09.862>this <00:29:09.979>is <00:29:10.095>where <00:29:10.212>our <00:29:10.329>hardware, <00:29:10.445>the <00:29:10.562>knowledge <00:29:10.679>we've 00:29:11.190 --> 00:29:11.200 align:start position:0% <00:29:11.190>where <00:29:11.191>our <00:29:11.193>hardware, <00:29:11.195>the <00:29:11.197>knowledge <00:29:11.199>we've 00:29:11.200 --> 00:29:12.870 align:start position:0% <00:29:11.200>where <00:29:11.316>our <00:29:11.433>hardware, <00:29:11.550>the <00:29:11.666>knowledge <00:29:11.783>we've <00:29:11.900>built <00:29:12.016>over <00:29:12.133>the <00:29:12.250>past <00:29:12.366>years <00:29:12.483>and <00:29:12.600>the 00:29:12.870 --> 00:29:12.880 align:start position:0% <00:29:12.870>built <00:29:12.871>over <00:29:12.873>the <00:29:12.874>past <00:29:12.876>years <00:29:12.877>and <00:29:12.879>the 00:29:12.880 --> 00:29:14.950 align:start position:0% <00:29:12.880>built <00:29:12.996>over <00:29:13.113>the <00:29:13.230>past <00:29:13.346>years <00:29:13.463>and <00:29:13.580>the <00:29:13.696>software <00:29:13.813>capabilities <00:29:13.930>that <00:29:14.046>we <00:29:14.163>have <00:29:14.280>in 00:29:14.950 --> 00:29:14.960 align:start position:0% <00:29:14.950>software <00:29:14.951>capabilities <00:29:14.953>that <00:29:14.955>we <00:29:14.957>have <00:29:14.959>in 00:29:14.960 --> 00:29:18.070 align:start position:0% <00:29:14.960>software <00:29:15.087>capabilities <00:29:15.214>that <00:29:15.341>we <00:29:15.469>have <00:29:15.596>in <00:29:15.723>Europe <00:29:15.850>is <00:29:15.978>beautifully <00:29:16.105>combined <00:29:16.232>and <00:29:16.360>will 00:29:18.070 --> 00:29:18.080 align:start position:0% <00:29:18.070>Europe <00:29:18.071>is <00:29:18.073>beautifully <00:29:18.075>combined <00:29:18.077>and <00:29:18.079>will 00:29:18.080 --> 00:29:20.310 align:start position:0% <00:29:18.080>Europe <00:29:18.187>is <00:29:18.295>beautifully <00:29:18.403>combined <00:29:18.510>and <00:29:18.618>will <00:29:18.726>will <00:29:18.833>help <00:29:18.941>us <00:29:19.049>a <00:29:19.156>lot <00:29:19.264>way <00:29:19.372>beyond <00:29:19.480>uh 00:29:20.310 --> 00:29:20.320 align:start position:0% <00:29:20.310>will <00:29:20.311>help <00:29:20.312>us <00:29:20.313>a <00:29:20.315>lot <00:29:20.316>way <00:29:20.317>beyond <00:29:20.319>uh 00:29:20.320 --> 00:29:22.310 align:start position:0% <00:29:20.320>will <00:29:20.436>help <00:29:20.553>us <00:29:20.669>a <00:29:20.786>lot <00:29:20.903>way <00:29:21.020>beyond <00:29:21.136>uh <00:29:21.253>European <00:29:21.370>sovereignity <00:29:21.486>issues <00:29:21.603>that <00:29:21.720>we 00:29:22.310 --> 00:29:22.320 align:start position:0% <00:29:22.310>European <00:29:22.312>sovereignity <00:29:22.314>issues <00:29:22.316>that <00:29:22.319>we 00:29:22.320 --> 00:29:24.389 align:start position:0% <00:29:22.320>European <00:29:22.460>sovereignity <00:29:22.600>issues <00:29:22.740>that <00:29:22.879>we <00:29:23.020>need <00:29:23.159>to <00:29:23.300>tackle <00:29:23.439>as <00:29:23.580>well. <00:29:23.720>All 00:29:24.389 --> 00:29:24.399 align:start position:0% <00:29:24.389>need <00:29:24.390>to <00:29:24.392>tackle <00:29:24.394>as <00:29:24.396>well. <00:29:24.398>All 00:29:24.399 --> 00:29:26.630 align:start position:0% <00:29:24.399>need <00:29:24.506>to <00:29:24.614>tackle <00:29:24.722>as <00:29:24.829>well. <00:29:24.937>All <00:29:25.045>>> <00:29:25.152>right, <00:29:25.260>we've <00:29:25.368>left <00:29:25.475>you <00:29:25.583>with <00:29:25.691>30 <00:29:25.799>seconds. 00:29:26.630 --> 00:29:26.640 align:start position:0% <00:29:26.630>>> <00:29:26.631>right, <00:29:26.632>we've <00:29:26.633>left <00:29:26.635>you <00:29:26.636>with <00:29:26.637>30 <00:29:26.639>seconds. 00:29:26.640 --> 00:29:28.549 align:start position:0% <00:29:26.640>>> <00:29:26.733>right, <00:29:26.826>we've <00:29:26.920>left <00:29:27.013>you <00:29:27.106>with <00:29:27.200>30 <00:29:27.293>seconds. <00:29:27.386>>> <00:29:27.480>Okay, <00:29:27.573>we <00:29:27.666>don't <00:29:27.760>have <00:29:27.853>an <00:29:27.946>investment <00:29:28.040>in 00:29:28.549 --> 00:29:28.559 align:start position:0% <00:29:28.549>>> <00:29:28.550>Okay, <00:29:28.551>we <00:29:28.552>don't <00:29:28.554>have <00:29:28.555>an <00:29:28.556>investment <00:29:28.558>in 00:29:28.559 --> 00:29:31.269 align:start position:0% <00:29:28.559>>> <00:29:28.652>Okay, <00:29:28.745>we <00:29:28.839>don't <00:29:28.932>have <00:29:29.025>an <00:29:29.119>investment <00:29:29.212>in <00:29:29.305>space <00:29:29.399>and <00:29:29.492>I <00:29:29.585>don't <00:29:29.678>believe <00:29:29.772>that <00:29:29.865>space <00:29:29.959>in 00:29:31.269 --> 00:29:31.279 align:start position:0% <00:29:31.269>space <00:29:31.270>and <00:29:31.271>I <00:29:31.272>don't <00:29:31.274>believe <00:29:31.275>that <00:29:31.276>space <00:29:31.278>in 00:29:31.279 --> 00:29:34.630 align:start position:0% <00:29:31.279>space <00:29:31.372>and <00:29:31.465>I <00:29:31.559>don't <00:29:31.652>believe <00:29:31.745>that <00:29:31.839>space <00:29:31.932>in <00:29:32.025>itself <00:29:32.119>is <00:29:32.212>a <00:29:32.305>mode. <00:29:32.399>If <00:29:32.492>you <00:29:32.585>talk <00:29:32.679>about 00:29:34.630 --> 00:29:34.640 align:start position:0% <00:29:34.630>itself <00:29:34.631>is <00:29:34.632>a <00:29:34.633>mode. <00:29:34.635>If <00:29:34.636>you <00:29:34.637>talk <00:29:34.639>about 00:29:34.640 --> 00:29:38.149 align:start position:0% <00:29:34.640>itself <00:29:34.747>is <00:29:34.855>a <00:29:34.963>mode. <00:29:35.070>If <00:29:35.178>you <00:29:35.286>talk <00:29:35.393>about <00:29:35.501>space <00:29:35.609>as <00:29:35.716>biotech <00:29:35.824>characteristics, <00:29:35.932>so <00:29:36.040>you 00:29:38.149 --> 00:29:38.159 align:start position:0% <00:29:38.149>space <00:29:38.150>as <00:29:38.152>biotech <00:29:38.154>characteristics, <00:29:38.156>so <00:29:38.158>you 00:29:38.159 --> 00:29:41.110 align:start position:0% <00:29:38.159>space <00:29:38.275>as <00:29:38.392>biotech <00:29:38.509>characteristics, <00:29:38.625>so <00:29:38.742>you <00:29:38.859>invest <00:29:38.975>tons <00:29:39.092>of <00:29:39.209>money, <00:29:39.325>wait <00:29:39.442>for <00:29:39.559>years, 00:29:41.110 --> 00:29:41.120 align:start position:0% <00:29:41.110>invest <00:29:41.111>tons <00:29:41.112>of <00:29:41.114>money, <00:29:41.116>wait <00:29:41.117>for <00:29:41.119>years, 00:29:41.120 --> 00:29:44.630 align:start position:0% <00:29:41.120>invest <00:29:41.219>tons <00:29:41.320>of <00:29:41.419>money, <00:29:41.520>wait <00:29:41.620>for <00:29:41.719>years, <00:29:41.820>then <00:29:41.919>you <00:29:42.020>have <00:29:42.120>a <00:29:42.219>zero <00:29:42.320>or <00:29:42.419>one <00:29:42.520>outcome, 00:29:44.630 --> 00:29:44.640 align:start position:0% <00:29:44.630>then <00:29:44.631>you <00:29:44.632>have <00:29:44.633>a <00:29:44.635>zero <00:29:44.636>or <00:29:44.637>one <00:29:44.639>outcome, 00:29:44.640 --> 00:29:46.549 align:start position:0% <00:29:44.640>then <00:29:44.747>you <00:29:44.855>have <00:29:44.963>a <00:29:45.070>zero <00:29:45.178>or <00:29:45.286>one <00:29:45.393>outcome, <00:29:45.501>then <00:29:45.609>definitely <00:29:45.716>that's <00:29:45.824>a <00:29:45.932>mode <00:29:46.040>because 00:29:46.549 --> 00:29:46.559 align:start position:0% <00:29:46.549>then <00:29:46.550>definitely <00:29:46.552>that's <00:29:46.554>a <00:29:46.556>mode <00:29:46.558>because 00:29:46.559 --> 00:29:49.350 align:start position:0% <00:29:46.559>then <00:29:46.675>definitely <00:29:46.792>that's <00:29:46.908>a <00:29:47.025>mode <00:29:47.142>because <00:29:47.259>it's <00:29:47.375>hard <00:29:47.492>to <00:29:47.609>find <00:29:47.725>money <00:29:47.842>and <00:29:47.959>replicate. 00:29:49.350 --> 00:29:49.360 align:start position:0% <00:29:49.350>it's <00:29:49.351>hard <00:29:49.352>to <00:29:49.354>find <00:29:49.356>money <00:29:49.357>and <00:29:49.359>replicate. 00:29:49.360 --> 00:29:53.029 align:start position:0% <00:29:49.360>it's <00:29:49.476>hard <00:29:49.593>to <00:29:49.709>find <00:29:49.826>money <00:29:49.943>and <00:29:50.060>replicate. <00:29:50.176>If <00:29:50.293>not, <00:29:50.409>and <00:29:50.526>launcher <00:29:50.643>prices <00:29:50.760>etc 00:29:53.029 --> 00:29:53.039 align:start position:0% <00:29:53.029>If <00:29:53.030>not, <00:29:53.032>and <00:29:53.034>launcher <00:29:53.036>prices <00:29:53.038>etc 00:29:53.039 --> 00:29:56.230 align:start position:0% <00:29:53.039>If <00:29:53.146>not, <00:29:53.254>and <00:29:53.362>launcher <00:29:53.469>prices <00:29:53.577>etc <00:29:53.685>declining <00:29:53.792>etc. <00:29:53.900>So <00:29:54.008>it's <00:29:54.115>easier <00:29:54.223>to <00:29:54.331>set <00:29:54.439>up 00:29:56.230 --> 00:29:56.240 align:start position:0% <00:29:56.230>declining <00:29:56.231>etc. <00:29:56.232>So <00:29:56.233>it's <00:29:56.235>easier <00:29:56.236>to <00:29:56.237>set <00:29:56.239>up 00:29:56.240 --> 00:29:59.269 align:start position:0% <00:29:56.240>declining <00:29:56.340>etc. <00:29:56.440>So <00:29:56.540>it's <00:29:56.640>easier <00:29:56.740>to <00:29:56.840>set <00:29:56.940>up <00:29:57.040>new <00:29:57.140>businesses <00:29:57.240>with <00:29:57.340>a <00:29:57.440>space <00:29:57.540>angle, <00:29:57.640>then 00:29:59.269 --> 00:29:59.279 align:start position:0% <00:29:59.269>new <00:29:59.270>businesses <00:29:59.272>with <00:29:59.273>a <00:29:59.275>space <00:29:59.276>angle, <00:29:59.278>then 00:29:59.279 --> 00:30:01.430 align:start position:0% <00:29:59.279>new <00:29:59.386>businesses <00:29:59.494>with <00:29:59.602>a <00:29:59.709>space <00:29:59.817>angle, <00:29:59.925>then <00:30:00.032>you <00:30:00.140>face <00:30:00.248>the <00:30:00.355>similar <00:30:00.463>issues <00:30:00.571>as <00:30:00.679>we 00:30:01.430 --> 00:30:01.440 align:start position:0% <00:30:01.430>you <00:30:01.431>face <00:30:01.433>the <00:30:01.434>similar <00:30:01.436>issues <00:30:01.437>as <00:30:01.439>we 00:30:01.440 --> 00:30:03.190 align:start position:0% <00:30:01.440>you <00:30:01.615>face <00:30:01.790>the <00:30:01.965>similar <00:30:02.140>issues <00:30:02.315>as <00:30:02.490>we <00:30:02.665>discussed <00:30:02.840>before. 00:30:03.190 --> 00:30:03.200 align:start position:0% <00:30:03.190>discussed <00:30:03.199>before. 00:30:03.200 --> 00:30:05.669 align:start position:0% <00:30:03.200>discussed <00:30:03.340>before. <00:30:03.480>So <00:30:03.620>you <00:30:03.760>need <00:30:03.900>to <00:30:04.040>create <00:30:04.180>a <00:30:04.320>mode <00:30:04.460>that <00:30:04.600>is 00:30:05.669 --> 00:30:05.679 align:start position:0% <00:30:05.669>So <00:30:05.670>you <00:30:05.671>need <00:30:05.672>to <00:30:05.673>create <00:30:05.674>a <00:30:05.675>mode <00:30:05.676>that <00:30:05.678>is 00:30:05.679 --> 00:30:09.590 align:start position:0% <00:30:05.679>So <00:30:05.772>you <00:30:05.865>need <00:30:05.959>to <00:30:06.052>create <00:30:06.145>a <00:30:06.239>mode <00:30:06.332>that <00:30:06.425>is <00:30:06.519>different <00:30:06.612>from <00:30:06.705>just <00:30:06.799>being <00:30:06.892>I'm <00:30:06.985>in <00:30:07.079>space. 00:30:09.590 --> 00:30:09.600 align:start position:0% <00:30:09.590>different <00:30:09.591>from <00:30:09.592>just <00:30:09.594>being <00:30:09.596>I'm <00:30:09.597>in <00:30:09.599>space. 00:30:09.600 --> 00:30:12.149 align:start position:0% <00:30:09.600>different <00:30:09.699>from <00:30:09.800>just <00:30:09.899>being <00:30:10.000>I'm <00:30:10.100>in <00:30:10.199>space. <00:30:10.300>>> <00:30:10.399>Excellent. <00:30:10.500>Well, <00:30:10.600>thank <00:30:10.699>you <00:30:10.800>for <00:30:10.899>thank <00:30:11.000>you 00:30:12.149 --> 00:30:12.159 align:start position:0% <00:30:12.149>>> <00:30:12.150>Excellent. <00:30:12.151>Well, <00:30:12.152>thank <00:30:12.154>you <00:30:12.155>for <00:30:12.156>thank <00:30:12.158>you 00:30:12.159 --> 00:30:14.230 align:start position:0% <00:30:12.159>>> <00:30:12.246>Excellent. <00:30:12.334>Well, <00:30:12.421>thank <00:30:12.509>you <00:30:12.596>for <00:30:12.684>thank <00:30:12.771>you <00:30:12.859>for <00:30:12.946>your <00:30:13.034>time <00:30:13.121>today. <00:30:13.209>I <00:30:13.296>hope <00:30:13.384>I <00:30:13.471>hope <00:30:13.559>for 00:30:14.230 --> 00:30:14.240 align:start position:0% <00:30:14.230>for <00:30:14.231>your <00:30:14.232>time <00:30:14.233>today. <00:30:14.234>I <00:30:14.235>hope <00:30:14.236>I <00:30:14.237>hope <00:30:14.239>for 00:30:14.240 --> 00:30:15.990 align:start position:0% <00:30:14.240>for <00:30:14.340>your <00:30:14.440>time <00:30:14.540>today. <00:30:14.640>I <00:30:14.740>hope <00:30:14.840>I <00:30:14.940>hope <00:30:15.040>for <00:30:15.140>the <00:30:15.240>audience <00:30:15.340>that <00:30:15.440>this <00:30:15.540>was <00:30:15.640>informative 00:30:15.990 --> 00:30:16.000 align:start position:0% <00:30:15.990>the <00:30:15.991>audience <00:30:15.993>that <00:30:15.995>this <00:30:15.997>was <00:30:15.999>informative 00:30:16.000 --> 00:30:18.070 align:start position:0% <00:30:16.000>the <00:30:16.127>audience <00:30:16.254>that <00:30:16.381>this <00:30:16.509>was <00:30:16.636>informative <00:30:16.763>about <00:30:16.890>the <00:30:17.018>plenty <00:30:17.145>of <00:30:17.272>opportunities <00:30:17.400>and 00:30:18.070 --> 00:30:18.080 align:start position:0% <00:30:18.070>about <00:30:18.071>the <00:30:18.073>plenty <00:30:18.075>of <00:30:18.077>opportunities <00:30:18.079>and 00:30:18.080 --> 00:30:20.389 align:start position:0% <00:30:18.080>about <00:30:18.187>the <00:30:18.295>plenty <00:30:18.403>of <00:30:18.510>opportunities <00:30:18.618>and <00:30:18.726>the <00:30:18.833>hype <00:30:18.941>over <00:30:19.049>Gen <00:30:19.156>AI <00:30:19.264>and <00:30:19.372>large <00:30:19.480>language 00:30:20.389 --> 00:30:20.399 align:start position:0% <00:30:20.389>the <00:30:20.390>hype <00:30:20.391>over <00:30:20.392>Gen <00:30:20.394>AI <00:30:20.395>and <00:30:20.396>large <00:30:20.398>language 00:30:20.399 --> 00:30:21.990 align:start position:0% <00:30:20.399>the <00:30:20.506>hype <00:30:20.614>over <00:30:20.722>Gen <00:30:20.829>AI <00:30:20.937>and <00:30:21.045>large <00:30:21.152>language <00:30:21.260>models. <00:30:21.368>Obviously, <00:30:21.475>it's <00:30:21.583>been <00:30:21.691>kind <00:30:21.799>of 00:30:21.990 --> 00:30:22.000 align:start position:0% <00:30:21.990>models. <00:30:21.991>Obviously, <00:30:21.993>it's <00:30:21.995>been <00:30:21.997>kind <00:30:21.999>of 00:30:22.000 --> 00:30:23.990 align:start position:0% <00:30:22.000>models. <00:30:22.127>Obviously, <00:30:22.254>it's <00:30:22.381>been <00:30:22.509>kind <00:30:22.636>of <00:30:22.763>dispelled <00:30:22.890>as <00:30:23.018>something <00:30:23.145>that's <00:30:23.272>going <00:30:23.400>to 00:30:23.990 --> 00:30:24.000 align:start position:0% <00:30:23.990>dispelled <00:30:23.991>as <00:30:23.993>something <00:30:23.995>that's <00:30:23.997>going <00:30:23.999>to 00:30:24.000 --> 00:30:26.470 align:start position:0% <00:30:24.000>dispelled <00:30:24.116>as <00:30:24.233>something <00:30:24.350>that's <00:30:24.466>going <00:30:24.583>to <00:30:24.700>end <00:30:24.816>all <00:30:24.933>innovation, <00:30:25.050>but <00:30:25.166>there's <00:30:25.283>quite <00:30:25.400>a 00:30:26.470 --> 00:30:26.480 align:start position:0% <00:30:26.470>end <00:30:26.471>all <00:30:26.473>innovation, <00:30:26.474>but <00:30:26.476>there's <00:30:26.477>quite <00:30:26.479>a 00:30:26.480 --> 00:30:27.990 align:start position:0% <00:30:26.480>end <00:30:26.584>all <00:30:26.689>innovation, <00:30:26.793>but <00:30:26.898>there's <00:30:27.002>quite <00:30:27.107>a <00:30:27.211>number <00:30:27.316>of <00:30:27.420>areas <00:30:27.525>that <00:30:27.629>we <00:30:27.734>can <00:30:27.839>innovate 00:30:27.990 --> 00:30:28.000 align:start position:0% <00:30:27.990>number <00:30:27.991>of <00:30:27.993>areas <00:30:27.994>that <00:30:27.996>we <00:30:27.997>can <00:30:27.999>innovate 00:30:28.000 --> 00:30:30.549 align:start position:0% <00:30:28.000>number <00:30:28.107>of <00:30:28.215>areas <00:30:28.323>that <00:30:28.430>we <00:30:28.538>can <00:30:28.646>innovate <00:30:28.753>more. <00:30:28.861>So <00:30:28.969>the <00:30:29.076>panelists <00:30:29.184>have <00:30:29.292>also <00:30:29.400>said 00:30:30.549 --> 00:30:30.559 align:start position:0% <00:30:30.549>more. <00:30:30.550>So <00:30:30.552>the <00:30:30.553>panelists <00:30:30.555>have <00:30:30.556>also <00:30:30.558>said 00:30:30.559 --> 00:30:32.230 align:start position:0% <00:30:30.559>more. <00:30:30.666>So <00:30:30.774>the <00:30:30.882>panelists <00:30:30.989>have <00:30:31.097>also <00:30:31.205>said <00:30:31.312>that <00:30:31.420>they <00:30:31.528>would <00:30:31.635>love <00:30:31.743>to <00:30:31.851>chat <00:30:31.959>further 00:30:32.230 --> 00:30:32.240 align:start position:0% <00:30:32.230>that <00:30:32.231>they <00:30:32.233>would <00:30:32.234>love <00:30:32.236>to <00:30:32.237>chat <00:30:32.239>further 00:30:32.240 --> 00:30:34.310 align:start position:0% <00:30:32.240>that <00:30:32.347>they <00:30:32.455>would <00:30:32.563>love <00:30:32.670>to <00:30:32.778>chat <00:30:32.886>further <00:30:32.993>with <00:30:33.101>you <00:30:33.209>afterwards <00:30:33.316>if <00:30:33.424>anyone <00:30:33.532>has <00:30:33.640>any 00:30:34.310 --> 00:30:34.320 align:start position:0% <00:30:34.310>with <00:30:34.311>you <00:30:34.312>afterwards <00:30:34.314>if <00:30:34.316>anyone <00:30:34.317>has <00:30:34.319>any 00:30:34.320 --> 00:30:36.630 align:start position:0% <00:30:34.320>with <00:30:34.436>you <00:30:34.553>afterwards <00:30:34.669>if <00:30:34.786>anyone <00:30:34.903>has <00:30:35.020>any <00:30:35.136>more <00:30:35.253>questions <00:30:35.370>or <00:30:35.486>followup. <00:30:35.603>Um <00:30:35.720>they'd 00:30:36.630 --> 00:30:36.640 align:start position:0% <00:30:36.630>more <00:30:36.631>questions <00:30:36.633>or <00:30:36.635>followup. <00:30:36.637>Um <00:30:36.639>they'd 00:30:36.640 --> 00:30:41.430 align:start position:0% <00:30:36.640>more <00:30:36.747>questions <00:30:36.855>or <00:30:36.963>followup. <00:30:37.070>Um <00:30:37.178>they'd <00:30:37.286>love <00:30:37.393>to <00:30:37.501>engage <00:30:37.609>and <00:30:37.716>chat <00:30:37.824>more <00:30:37.932>with <00:30:38.040>you. 00:30:41.440 --> 00:30:42.310 align:start position:0% <00:30:41.440>>> <00:30:41.831>Thank <00:30:42.223>you. 00:30:42.310 --> 00:30:42.320 align:start position:0% <00:30:42.310>>> <00:30:42.314>Thank <00:30:42.319>you. 00:30:42.320 --> 00:30:43.029 align:start position:0% <00:30:42.320>>> <00:30:42.426>Thank <00:30:42.532>you. <00:30:42.639>>> <00:30:42.745>Thank <00:30:42.851>you. <00:30:42.958>[applause] 00:30:43.029 --> 00:30:43.039 align:start position:0% <00:30:43.029>>> <00:30:43.032>Thank <00:30:43.035>you. <00:30:43.038>[applause] 00:30:43.039 --> 00:30:44.310 align:start position:0% <00:30:43.039>>> <00:30:43.166>Thank <00:30:43.293>you. <00:30:43.420>[applause] <00:30:43.547>>> <00:30:43.674>Thank <00:30:43.801>you <00:30:43.928>everyone. <00:30:44.055>Enjoy <00:30:44.182>the 00:30:44.310 --> 00:30:44.320 align:start position:0% <00:30:44.310>>> <00:30:44.311>Thank <00:30:44.313>you <00:30:44.315>everyone. <00:30:44.317>Enjoy <00:30:44.319>the 00:30:44.320 --> 00:30:47.320 align:start position:0% <00:30:44.320>>> <00:30:44.553>Thank <00:30:44.786>you <00:30:45.020>everyone. <00:30:45.253>Enjoy <00:30:45.486>the <00:30:45.720>conference.