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<00:00:05.505>Hello <00:00:06.180>everybody.

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<00:00:06.595>I'm <00:00:06.750>STOs. <00:00:06.906>I'm <00:00:07.061>the <00:00:07.217>CO <00:00:07.372>CEO <00:00:07.528>of <00:00:07.683>I <00:00:07.839>five <00:00:07.994>Invest.

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<00:02:04.865>Um, <00:02:05.020>and <00:02:05.176>maybe <00:02:05.331>companies <00:02:05.487>you <00:02:05.642>may <00:02:05.798>know <00:02:05.953>we've <00:02:06.109>invested <00:02:06.265>in,

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<00:02:07.725>there <00:02:07.880>is, <00:02:08.036>uh, <00:02:08.191>Neo <00:02:08.347>four <00:02:08.502>J <00:02:08.658>that's, <00:02:08.813>uh, <00:02:08.969>just <00:02:09.125>there.

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<00:02:10.005>So <00:02:10.160>if <00:02:10.316>you <00:02:10.471>haven't <00:02:10.627>checked <00:02:10.782>their <00:02:10.938>booth, <00:02:11.093>please, <00:02:11.249>please <00:02:11.405>go.

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<00:02:22.185>uh, <00:02:22.447>uh, <00:02:22.710>excited <00:02:22.973>to <00:02:23.236>be <00:02:23.499>here.

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<00:02:23.825>And, <00:02:23.964>uh, <00:02:24.105>thank <00:02:24.244>you. <00:02:24.385>Thanks <00:02:24.524>to, <00:02:24.665>thanks <00:02:24.804>to <00:02:24.945>thank <00:02:25.084>you <00:02:25.225>everyone

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<00:02:26.845>for, <00:02:27.020>for, <00:02:27.195>for <00:02:27.370>being <00:02:27.545>here <00:02:27.720>for <00:02:27.895>this, <00:02:28.070>uh, <00:02:28.245>session.

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<00:02:30.335>Super. <00:02:30.615>So, <00:02:30.895>hi <00:02:31.175>everyone. <00:02:31.455>I'm <00:02:31.735>Shika.

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<00:02:47.645>around <00:02:47.925>1.3 <00:02:48.205>billion <00:02:48.485>across <00:02:48.765>two <00:02:49.045>funds.

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<00:02:50.465>Uh, <00:02:50.640>and <00:02:50.815>that <00:02:50.990>is <00:02:51.165>from <00:02:51.340>seed <00:02:51.515>to <00:02:51.690>pre <00:02:51.865>IPO,

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<00:02:54.204>Uh, <00:02:54.380>some <00:02:54.554>of <00:02:54.730>the <00:02:54.904>investments <00:02:55.079>that <00:02:55.255>you <00:02:55.429>may <00:02:55.605>know

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<00:02:58.605>or <00:02:58.929>Contentful <00:02:59.253>here <00:02:59.577>in <00:02:59.900>Berlin,

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<00:03:00.225>or <00:03:00.505>more <00:03:00.785>recently, <00:03:01.065>a <00:03:01.345>prior <00:03:01.625>labs.

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<00:03:02.385>That's <00:03:02.618>a <00:03:02.851>foundational <00:03:03.084>model <00:03:03.318>for <00:03:03.551>tabular <00:03:03.785>data

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<00:03:04.385>or <00:03:04.512>even <00:03:04.639>tra <00:03:04.766>that's, <00:03:04.894>that's <00:03:05.021>on <00:03:05.148>the <00:03:05.275>energy <00:03:05.403>side <00:03:05.530>for, <00:03:05.657>for <00:03:05.785>SMBs.

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<00:03:08.465>Uh, <00:03:08.665>my <00:03:08.865>personal <00:03:09.065>background <00:03:09.265>actually, <00:03:09.465>I'm, <00:03:09.665>I <00:03:09.865>used

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<00:03:11.485>before <00:03:11.809>I <00:03:12.133>moved <00:03:12.457>into <00:03:12.781>investing.

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<00:03:12.945>Uh, <00:03:13.100>I <00:03:13.256>ran <00:03:13.411>a <00:03:13.567>VC <00:03:13.722>funded <00:03:13.878>company <00:03:14.033>based <00:03:14.189>in <00:03:14.345>India

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<00:03:15.325>that <00:03:15.524>scaled <00:03:15.725>$200 <00:03:15.924>million <00:03:16.125>in <00:03:16.325>revenue <00:03:16.524>with <00:03:16.725>50%

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<00:03:18.905>GP <00:03:19.255>margins <00:03:19.605>and <00:03:19.955>300 <00:03:20.305>employees.

78
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<00:03:20.865>And <00:03:20.981>we <00:03:21.098>built <00:03:21.215>quite, <00:03:21.331>quite <00:03:21.448>a <00:03:21.565>lot <00:03:21.681>of <00:03:21.798>our <00:03:21.915>own, <00:03:22.031>uh, <00:03:22.148>stack <00:03:22.265>and,

79
00:03:24.365 --> 00:03:25.485
<00:03:24.365>and, <00:03:24.617>and <00:03:24.869>software <00:03:25.121>in <00:03:25.373>house.

80
00:03:25.585 --> 00:03:28.125
<00:03:25.585>And <00:03:25.712>things <00:03:25.839>would've <00:03:25.966>been <00:03:26.094>a <00:03:26.221>lot <00:03:26.348>different <00:03:26.475>in <00:03:26.603>the <00:03:26.730>age <00:03:26.857>of <00:03:26.985>ai,

81
00:03:28.145 --> 00:03:30.685
<00:03:28.145>how <00:03:28.345>we <00:03:28.545>would've <00:03:28.745>thought <00:03:28.945>about <00:03:29.145>building <00:03:29.345>and <00:03:29.545>scaling.

82
00:03:31.065 --> 00:03:32.925
<00:03:31.065>So <00:03:31.265>I'm <00:03:31.465>very <00:03:31.665>excited <00:03:31.865>about <00:03:32.065>this, <00:03:32.265>uh, <00:03:32.465>panel

83
00:03:32.985 --> 00:03:35.285
<00:03:32.985>and <00:03:33.125>for <00:03:33.265>the <00:03:33.405>next, <00:03:33.545>uh, <00:03:33.685>25 <00:03:33.825>minutes <00:03:33.965>with <00:03:34.105>all <00:03:34.245>of <00:03:34.385>you.

84
00:03:36.325 --> 00:03:37.765
<00:03:36.325>Excellent. <00:03:36.584>Thank <00:03:36.843>you <00:03:37.102>very <00:03:37.361>much. <00:03:37.620>Um,

85
00:03:37.835 --> 00:03:39.085
<00:03:37.835>yeah, <00:03:38.060>let's, <00:03:38.285>let's <00:03:38.510>kick <00:03:38.735>it <00:03:38.960>off.

86
00:03:39.145 --> 00:03:41.445
<00:03:39.145>And <00:03:39.378>really <00:03:39.611>first <00:03:39.845>question <00:03:40.078>in <00:03:40.311>terms <00:03:40.545>of

87
00:03:41.445 --> 00:03:43.605
<00:03:41.445>how <00:03:41.678>you <00:03:41.911>guys <00:03:42.144>are <00:03:42.378>actually <00:03:42.611>employing <00:03:42.845>AI

88
00:03:43.665 --> 00:03:46.925
<00:03:43.665>to <00:03:43.820>build <00:03:43.976>your <00:03:44.131>pipeline, <00:03:44.287>how <00:03:44.442>are <00:03:44.598>you <00:03:44.753>using <00:03:44.909>that <00:03:45.065>to,

89
00:03:46.985 --> 00:03:49.365
<00:03:46.985>to <00:03:47.335>identify <00:03:47.685>potential <00:03:48.035>investment <00:03:48.385>opportunities?

90
00:03:49.505 --> 00:03:51.725
<00:03:49.505>And <00:03:49.644>I <00:03:49.785>think <00:03:49.924>it's <00:03:50.065>interesting, <00:03:50.204>we <00:03:50.345>have <00:03:50.484>really <00:03:50.625>the <00:03:50.765>very <00:03:50.905>early

91
00:03:51.735 --> 00:03:54.325
<00:03:51.735>stage <00:03:51.935>to <00:03:52.135>the <00:03:52.335>later <00:03:52.535>stage <00:03:52.735>here, <00:03:52.935>so <00:03:53.135>curious

92
00:03:54.325 --> 00:03:55.485
<00:03:54.325>to <00:03:54.533>see <00:03:54.742>what <00:03:54.951>the <00:03:55.160>differences <00:03:55.369>are.

93
00:03:56.675 --> 00:03:59.045
<00:03:56.675>Yeah. <00:03:56.830>Um, <00:03:56.986>we <00:03:57.141>started, <00:03:57.297>uh, <00:03:57.452>quite <00:03:57.608>some <00:03:57.763>time <00:03:57.919>ago, <00:03:58.075>already,

94
00:03:59.045 --> 00:04:00.805
<00:03:59.045>seven <00:03:59.245>years <00:03:59.445>ago <00:03:59.645>to <00:03:59.845>build <00:04:00.045>our <00:04:00.245>own <00:04:00.445>software,

95
00:04:00.945 --> 00:04:02.125
<00:04:00.945>AI <00:04:01.299>based <00:04:01.653>software, <00:04:02.007>uh,

96
00:04:02.145 --> 00:04:05.285
<00:04:02.145>to <00:04:02.300>basically <00:04:02.456>help <00:04:02.611>us <00:04:02.767>find <00:04:02.922>the <00:04:03.078>best <00:04:03.233>talent <00:04:03.389>out <00:04:03.545>there.

97
00:04:05.815 --> 00:04:08.765
<00:04:05.815>Since <00:04:06.015>things <00:04:06.215>are <00:04:06.415>happening <00:04:06.615>faster, <00:04:06.815>um, <00:04:07.015>you <00:04:07.215>have

98
00:04:08.765 --> 00:04:10.645
<00:04:08.765>to <00:04:09.045>make <00:04:09.325>it <00:04:09.605>visible <00:04:09.885>data <00:04:10.165>based.

99
00:04:10.785 --> 00:04:13.565
<00:04:10.785>Um, <00:04:10.984>and <00:04:11.185>also <00:04:11.385>things <00:04:11.585>are <00:04:11.785>happening <00:04:11.984>more <00:04:12.185>distributed.

100
00:04:13.825 --> 00:04:15.205
<00:04:13.825>So <00:04:14.073>we <00:04:14.321>are, <00:04:14.570>we <00:04:14.818>are <00:04:15.067>basically,

101
00:04:15.205 --> 00:04:17.485
<00:04:15.205>things <00:04:15.380>are <00:04:15.555>happening <00:04:15.730>everywhere, <00:04:15.905>not, <00:04:16.080>not <00:04:16.255>just <00:04:16.430>in <00:04:16.605>London,

102
00:04:17.655 --> 00:04:19.205
<00:04:17.654>Paris, <00:04:17.933>and, <00:04:18.212>and, <00:04:18.491>and, <00:04:18.770>and <00:04:19.049>Berlin.

103
00:04:19.945 --> 00:04:21.205
<00:04:19.945>So <00:04:20.171>that's <00:04:20.398>why <00:04:20.625>we <00:04:20.852>built <00:04:21.079>this

104
00:04:21.205 --> 00:04:22.565
<00:04:21.204>basically <00:04:21.449>to <00:04:21.694>find <00:04:21.939>the <00:04:22.184>best <00:04:22.429>talent.

105
00:04:22.705 --> 00:04:25.565
<00:04:22.705>And <00:04:22.860>this <00:04:23.016>is <00:04:23.171>gonna <00:04:23.327>be <00:04:23.482>used <00:04:23.638>for, <00:04:23.793>for <00:04:23.949>finding <00:04:24.104>talent.

106
00:04:25.565 --> 00:04:28.645
<00:04:25.565>This <00:04:25.740>is <00:04:25.915>going <00:04:26.090>to <00:04:26.265>be <00:04:26.440>used <00:04:26.615>for <00:04:26.790>having, <00:04:26.965>uh,

107
00:04:29.045 --> 00:04:31.085
<00:04:29.045>a <00:04:29.325>support <00:04:29.605>on <00:04:29.885>our <00:04:30.165>analytical <00:04:30.445>sites.

108
00:04:31.105 --> 00:04:34.045
<00:04:31.105>So <00:04:31.280>when <00:04:31.455>it <00:04:31.630>comes <00:04:31.805>to <00:04:31.980>our <00:04:32.155>due <00:04:32.330>diligence, <00:04:32.505>uh,

109
00:04:34.045 --> 00:04:36.005
<00:04:34.045>and <00:04:34.200>the <00:04:34.356>question <00:04:34.511>comes <00:04:34.667>up, <00:04:34.822>uh, <00:04:34.978>who <00:04:35.133>are <00:04:35.289>your <00:04:35.445>competitors?

110
00:04:36.025 --> 00:04:38.485
<00:04:36.025>And <00:04:36.132>then <00:04:36.240>we, <00:04:36.348>we <00:04:36.455>know <00:04:36.563>it <00:04:36.671>at <00:04:36.778>the <00:04:36.886>click <00:04:36.994>on <00:04:37.101>the, <00:04:37.209>on <00:04:37.317>the <00:04:37.424>button.

111
00:04:38.745 --> 00:04:42.285
<00:04:38.745>Um, <00:04:38.885>and <00:04:39.025>also <00:04:39.165>we <00:04:39.305>use <00:04:39.445>it <00:04:39.585>for <00:04:39.725>finding <00:04:39.865>the <00:04:40.005>best <00:04:40.145>talent

112
00:04:42.745 --> 00:04:44.045
<00:04:42.745>for <00:04:43.135>our <00:04:43.525>portfolio <00:04:43.915>companies.

113
00:04:44.225 --> 00:04:46.845
<00:04:44.225>So <00:04:44.325>it's <00:04:44.425>a <00:04:44.525>big <00:04:44.625>value <00:04:44.725>add <00:04:44.825>we <00:04:44.925>can <00:04:45.025>have <00:04:45.125>now <00:04:45.225>since <00:04:45.325>we <00:04:45.425>have <00:04:45.525>a <00:04:45.625>big

114
00:04:47.085 --> 00:04:49.965
<00:04:47.085>database, <00:04:47.212>a <00:04:47.339>lot <00:04:47.466>of <00:04:47.594>talent <00:04:47.721>in <00:04:47.848>there <00:04:47.975>so <00:04:48.103>we <00:04:48.230>can <00:04:48.357>match, <00:04:48.484>um,

115
00:04:50.175 --> 00:04:53.365
<00:04:50.175>match, <00:04:50.350>uh, <00:04:50.525>and <00:04:50.700>which <00:04:50.875>is <00:04:51.050>obviously <00:04:51.225>very <00:04:51.400>important <00:04:51.575>throughout

116
00:04:53.425 --> 00:04:57.445
<00:04:53.425>all <00:04:53.565>stages <00:04:53.705>from <00:04:53.845>c <00:04:53.985>to <00:04:54.125>basically <00:04:54.265>a <00:04:54.405>pre <00:04:54.545>pre <00:04:54.685>IPO <00:04:54.825>stage.

117
00:04:58.375 --> 00:05:00.365
<00:04:58.375>Thank <00:04:58.608>you <00:04:58.841>Wilmar. <00:04:59.075>Yeah, <00:04:59.308>I'm, <00:04:59.541>uh, <00:04:59.775>happy

118
00:05:00.545 --> 00:05:01.725
<00:05:00.545>to <00:05:00.899>give <00:05:01.253>another <00:05:01.607>perspective

119
00:05:01.725 --> 00:05:04.205
<00:05:01.725>because, <00:05:01.880>uh, <00:05:02.036>for <00:05:02.191>us, <00:05:02.347>we <00:05:02.502>are, <00:05:02.658>we <00:05:02.813>are <00:05:02.969>more <00:05:03.125>lazy

120
00:05:04.435 --> 00:05:08.605
<00:05:04.435>because, <00:05:04.575>uh, <00:05:04.715>we <00:05:04.855>can <00:05:04.995>rely <00:05:05.135>on, <00:05:05.275>uh, <00:05:05.415>external <00:05:05.555>markers, <00:05:05.695>uh, <00:05:05.835>like,

121
00:05:08.765 --> 00:05:12.165
<00:05:08.765>uh, <00:05:08.905>employee <00:05:09.044>growth <00:05:09.185>or <00:05:09.325>the <00:05:09.465>fact <00:05:09.604>that <00:05:09.745>our <00:05:09.885>friends, <00:05:10.025>uh, <00:05:10.164>here

122
00:05:12.165 --> 00:05:13.685
<00:05:12.165>around <00:05:12.507>me <00:05:12.849>have <00:05:13.191>invested <00:05:13.533>before.

123
00:05:13.825 --> 00:05:16.525
<00:05:13.825>So <00:05:14.000>when <00:05:14.175>we <00:05:14.349>come <00:05:14.525>in, <00:05:14.700>uh, <00:05:14.875>actually <00:05:15.050>like <00:05:15.224>we,

124
00:05:16.525 --> 00:05:20.285
<00:05:16.525>we <00:05:16.724>don't <00:05:16.924>necessarily <00:05:17.125>AI <00:05:17.325>to <00:05:17.525>identify <00:05:17.724>companies, <00:05:17.924>uh,

125
00:05:20.585 --> 00:05:23.805
<00:05:20.585>but, <00:05:20.724>uh, <00:05:20.864>actually <00:05:21.005>we <00:05:21.145>use <00:05:21.284>a <00:05:21.424>lot <00:05:21.565>AI <00:05:21.705>to <00:05:21.844>analyze <00:05:21.984>companies.

126
00:05:24.225 --> 00:05:26.885
<00:05:24.225>Um, <00:05:24.400>and <00:05:24.575>you <00:05:24.750>can <00:05:24.925>think <00:05:25.100>of <00:05:25.275>our <00:05:25.450>job, <00:05:25.625>um,

127
00:05:27.185 --> 00:05:28.925
<00:05:27.185>as <00:05:27.535>close <00:05:27.885>to <00:05:28.235>private <00:05:28.585>equity.

128
00:05:29.025 --> 00:05:30.245
<00:05:29.025>We <00:05:29.244>do <00:05:29.464>a <00:05:29.683>lot <00:05:29.903>of <00:05:30.123>analysis.

129
00:05:30.305 --> 00:05:33.685
<00:05:30.305>We <00:05:30.445>do <00:05:30.585>big <00:05:30.725>investment <00:05:30.865>memos, <00:05:31.005>so <00:05:31.145>it's <00:05:31.285>a <00:05:31.425>lot <00:05:31.565>of, <00:05:31.705>um,

130
00:05:34.555 --> 00:05:36.885
<00:05:34.555>task <00:05:34.835>actually <00:05:35.115>that <00:05:35.395>can <00:05:35.675>be <00:05:35.955>automated.

131
00:05:37.425 --> 00:05:42.285
<00:05:37.425>Um, <00:05:37.552>and <00:05:37.679>so <00:05:37.806>we, <00:05:37.934>we <00:05:38.061>are <00:05:38.188>using <00:05:38.315>a <00:05:38.443>lot, <00:05:38.570>uh, <00:05:38.697>of <00:05:38.825>tools.

132
00:05:42.295 --> 00:05:46.085
<00:05:42.295>We're <00:05:42.435>bid <00:05:42.575>some <00:05:42.715>in-house <00:05:42.855>to <00:05:42.995>do <00:05:43.135>like <00:05:43.275>a <00:05:43.415>review <00:05:43.555>of, <00:05:43.695>uh,

133
00:05:46.085 --> 00:05:49.005
<00:05:46.085>data <00:05:46.318>room, <00:05:46.551>uh, <00:05:46.784>fully, <00:05:47.018>uh, <00:05:47.251>automated, <00:05:47.484>uh,

134
00:05:49.465 --> 00:05:52.045
<00:05:49.465>and <00:05:49.698>converting <00:05:49.931>that <00:05:50.165>to, <00:05:50.398>uh, <00:05:50.631>to <00:05:50.865>memos.

135
00:05:52.425 --> 00:05:55.685
<00:05:52.425>Um, <00:05:52.625>so, <00:05:52.825>so <00:05:53.025>that's <00:05:53.225>actually <00:05:53.425>pretty <00:05:53.625>exciting, <00:05:53.825>uh,

136
00:05:55.685 --> 00:05:59.405
<00:05:55.685>because <00:05:55.812>I <00:05:55.939>think <00:05:56.066>we <00:05:56.194>can <00:05:56.321>do <00:05:56.448>much <00:05:56.575>more <00:05:56.703>with, <00:05:56.830>uh, <00:05:56.957>with <00:05:57.085>less.

137
00:05:59.625 --> 00:06:01.685
<00:05:59.625>And, <00:05:59.780>uh, <00:05:59.936>it's <00:06:00.091>a <00:06:00.247>bit <00:06:00.402>of <00:06:00.558>opening <00:06:00.713>your <00:06:00.869>question <00:06:01.025>in,

138
00:06:01.685 --> 00:06:04.845
<00:06:01.685>in <00:06:01.860>our <00:06:02.035>industry, <00:06:02.210>which <00:06:02.385>is, <00:06:02.560>um, <00:06:02.735>uh, <00:06:02.910>you <00:06:03.085>know,

139
00:06:05.235 --> 00:06:07.365
<00:06:05.235>what <00:06:05.390>would <00:06:05.546>be <00:06:05.701>the <00:06:05.857>role <00:06:06.012>of <00:06:06.168>a, <00:06:06.323>of <00:06:06.479>an <00:06:06.635>analyst

140
00:06:07.385 --> 00:06:09.645
<00:06:07.385>and <00:06:07.664>would <00:06:07.945>we <00:06:08.224>recruit, <00:06:08.505>uh, <00:06:08.784>analyst?

141
00:06:10.185 --> 00:06:11.365
<00:06:10.185>Um, <00:06:10.716>and, <00:06:11.247>uh,

142
00:06:11.365 --> 00:06:14.685
<00:06:11.365>and <00:06:11.520>we <00:06:11.676>see <00:06:11.831>actually <00:06:11.987>now <00:06:12.142>that, <00:06:12.298>uh, <00:06:12.453>you <00:06:12.609>know, <00:06:12.765>um,

143
00:06:14.685 --> 00:06:15.885
<00:06:14.685>investment <00:06:15.765>bank

144
00:06:15.885 --> 00:06:19.605
<00:06:15.885>and <00:06:16.085>private <00:06:16.284>equity, <00:06:16.485>uh, <00:06:16.685>some <00:06:16.885>stopped <00:06:17.085>recruiting <00:06:17.284>analysts.

145
00:06:20.065 --> 00:06:23.365
<00:06:20.065>Um, <00:06:20.205>but <00:06:20.344>you <00:06:20.485>know, <00:06:20.625>if <00:06:20.765>you <00:06:20.905>want <00:06:21.045>to <00:06:21.185>get, <00:06:21.325>uh, <00:06:21.465>the,

146
00:06:23.385 --> 00:06:25.045
<00:06:23.385>the <00:06:23.735>right <00:06:24.085>senior <00:06:24.435>people, <00:06:24.784>uh,

147
00:06:25.145 --> 00:06:27.005
<00:06:25.145>at <00:06:25.320>some <00:06:25.495>point <00:06:25.669>you <00:06:25.844>also <00:06:26.020>need <00:06:26.195>to <00:06:26.370>train <00:06:26.544>them.

148
00:06:27.105 --> 00:06:29.005
<00:06:27.105>So, <00:06:27.338>uh, <00:06:27.571>a <00:06:27.805>bit <00:06:28.038>of <00:06:28.271>a <00:06:28.505>debate

149
00:06:29.005 --> 00:06:31.645
<00:06:29.005>and <00:06:29.180>let's <00:06:29.355>see <00:06:29.530>how <00:06:29.705>this <00:06:29.880>is <00:06:30.055>going <00:06:30.230>to <00:06:30.405>evolve.

150
00:06:32.595 --> 00:06:33.605
<00:06:32.595>Yeah, <00:06:32.898>I <00:06:33.201>absolutely <00:06:33.504>agree.

151
00:06:33.605 --> 00:06:34.845
<00:06:33.605>It's <00:06:33.977>an <00:06:34.349>interesting <00:06:34.721>discussion

152
00:06:34.845 --> 00:06:36.045
<00:06:34.845>because <00:06:35.025>at <00:06:35.205>the <00:06:35.385>end <00:06:35.565>of <00:06:35.745>the <00:06:35.925>day,

153
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<00:06:36.435>venture <00:06:36.668>capital <00:06:36.901>is <00:06:37.135>a <00:06:37.368>people <00:06:37.601>space <00:06:37.835>business.

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<00:06:39.305>Um, <00:06:39.582>although <00:06:39.859>we <00:06:40.136>invest <00:06:40.413>in <00:06:40.691>technology,

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<00:06:41.125>ultimately <00:06:41.341>the <00:06:41.557>industry <00:06:41.772>is <00:06:41.989>very <00:06:42.205>small

156
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<00:06:42.325>in <00:06:42.526>terms <00:06:42.728>of <00:06:42.929>count <00:06:43.131>of <00:06:43.332>people.

157
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<00:06:43.945>Um, <00:06:44.100>so <00:06:44.256>there <00:06:44.411>are <00:06:44.567>two <00:06:44.722>specific <00:06:44.878>areas <00:06:45.033>we've <00:06:45.189>been <00:06:45.344>using

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<00:06:46.445>technology <00:06:46.795>or <00:06:47.145>more <00:06:47.495>recently, <00:06:47.844>ai.

159
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<00:06:48.345>Um, <00:06:48.545>and <00:06:48.745>one <00:06:48.945>of <00:06:49.145>the <00:06:49.345>famous <00:06:49.545>internal <00:06:49.745>applications

160
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<00:06:50.325>that <00:06:50.500>we <00:06:50.675>have <00:06:50.849>is <00:06:51.025>called <00:06:51.200>the <00:06:51.375>pitch <00:06:51.550>deck <00:06:51.724>cruncher.

161
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<00:06:52.784>Um, <00:06:52.984>and <00:06:53.184>that's <00:06:53.385>ultimately <00:06:53.585>you're <00:06:53.784>forwarding <00:06:53.984>ready <00:06:54.184>pitch

162
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<00:06:55.725>decks <00:06:55.880>from <00:06:56.036>founders, <00:06:56.191>uh, <00:06:56.347>to <00:06:56.502>an <00:06:56.658>internal, <00:06:56.813>um, <00:06:56.969>AI <00:06:57.125>pipeline

163
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<00:06:59.235>that <00:06:59.362>then <00:06:59.489>posts <00:06:59.616>the <00:06:59.744>summary <00:06:59.871>of <00:06:59.998>the <00:07:00.125>pitch <00:07:00.253>deck <00:07:00.380>in <00:07:00.507>the <00:07:00.635>CRM.

164
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<00:07:02.435>That <00:07:02.680>comes <00:07:02.925>in <00:07:03.170>very <00:07:03.416>handy.

165
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<00:07:03.585>And <00:07:03.701>that's <00:07:03.818>to <00:07:03.935>your <00:07:04.051>point, <00:07:04.168>that <00:07:04.284>you <00:07:04.401>are <00:07:04.518>sort <00:07:04.635>of <00:07:04.751>using, <00:07:04.868>um, <00:07:04.984>AI

166
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<00:07:07.225>as <00:07:07.341>a, <00:07:07.458>as <00:07:07.575>a, <00:07:07.691>as <00:07:07.808>a <00:07:07.925>VC <00:07:08.041>analyst <00:07:08.158>or <00:07:08.275>as <00:07:08.391>a <00:07:08.508>junior <00:07:08.625>resource.

167
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<00:07:10.985>Um, <00:07:11.423>and <00:07:11.861>that's, <00:07:12.299>and,

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<00:07:12.545>and <00:07:12.661>that's <00:07:12.778>not <00:07:12.895>to <00:07:13.011>say <00:07:13.128>that <00:07:13.245>we <00:07:13.361>don't <00:07:13.478>use <00:07:13.595>it <00:07:13.711>for, <00:07:13.828>for, <00:07:13.945>for,

169
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<00:07:15.025>for <00:07:15.256>signals <00:07:15.486>or <00:07:15.717>sort <00:07:15.949>signals <00:07:16.180>in <00:07:16.411>general,

170
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<00:07:16.625>but <00:07:16.752>I <00:07:16.879>would <00:07:17.006>say <00:07:17.134>that <00:07:17.261>the <00:07:17.388>signals <00:07:17.515>that <00:07:17.643>we <00:07:17.770>use, <00:07:17.897>for <00:07:18.025>example,

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<00:07:18.715>open <00:07:18.914>source <00:07:19.114>or <00:07:19.315>web <00:07:19.515>traffic <00:07:19.715>signals <00:07:19.914>are <00:07:20.114>signals

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<00:07:20.885>that <00:07:21.040>have <00:07:21.196>been <00:07:21.351>existing <00:07:21.507>in <00:07:21.662>the <00:07:21.818>pre <00:07:21.973>AI <00:07:22.129>era <00:07:22.284>already.

173
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<00:07:23.585>So <00:07:23.724>that's <00:07:23.864>not <00:07:24.005>super <00:07:24.145>fair <00:07:24.284>to <00:07:24.424>say <00:07:24.565>that's, <00:07:24.705>that's, <00:07:24.844>that's <00:07:24.984>just,

174
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<00:07:26.305>uh, <00:07:26.480>based <00:07:26.655>on <00:07:26.830>ai, <00:07:27.005>but <00:07:27.180>it's <00:07:27.355>an <00:07:27.530>ongoing <00:07:27.705>effort.

175
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<00:07:28.405>We've <00:07:28.638>got <00:07:28.871>a <00:07:29.104>three <00:07:29.338>people <00:07:29.571>team <00:07:29.804>internally.

176
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<00:07:31.025>And <00:07:31.290>I <00:07:31.556>think <00:07:31.821>finally <00:07:32.087>something

177
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<00:07:32.205>that <00:07:32.332>you <00:07:32.459>would <00:07:32.586>not <00:07:32.714>see <00:07:32.841>at <00:07:32.968>Bulletin <00:07:33.095>is <00:07:33.223>that <00:07:33.350>we <00:07:33.477>wouldn't <00:07:33.604>use,

178
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<00:07:34.665>uh, <00:07:34.840>AI <00:07:35.015>to <00:07:35.190>draft <00:07:35.365>mass <00:07:35.540>messages <00:07:35.715>to <00:07:35.890>founders, <00:07:36.065>uh,

179
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<00:07:37.925>and <00:07:38.100>reach <00:07:38.275>out <00:07:38.450>to <00:07:38.625>founders <00:07:38.800>because <00:07:38.975>we <00:07:39.150>believe <00:07:39.325>that

180
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<00:07:40.085>that <00:07:40.265>should, <00:07:40.445>uh, <00:07:40.625>a <00:07:40.805>human <00:07:40.985>should <00:07:41.165>do <00:07:41.345>that.

181
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<00:07:42.625>Thanks. <00:07:42.800>Um, <00:07:42.975>Omo, <00:07:43.150>maybe <00:07:43.325>question <00:07:43.500>to <00:07:43.675>you, <00:07:43.850>starting <00:07:44.025>with

182
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<00:07:46.125>that, <00:07:46.300>how <00:07:46.475>do <00:07:46.650>you, <00:07:46.825>how <00:07:47.000>do <00:07:47.175>you <00:07:47.350>diligence <00:07:47.525>defensibility

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<00:07:50.395>when <00:07:50.594>a <00:07:50.794>lot <00:07:50.995>of <00:07:51.195>the <00:07:51.395>startups <00:07:51.594>actually <00:07:51.794>use

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<00:07:51.965>the <00:07:52.301>same <00:07:52.637>foundational <00:07:52.972>models?

185
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<00:07:53.235>Like <00:07:53.435>what <00:07:53.635>are <00:07:53.835>you <00:07:54.035>using <00:07:54.235>looking <00:07:54.435>at <00:07:54.635>data

186
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<00:07:55.645>distribution, <00:07:56.239>ux, <00:07:56.833>how

187
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<00:07:56.965>Are <00:07:57.190>you <00:07:57.415>looking? <00:07:57.640>Yeah, <00:07:57.865>it's,

188
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<00:07:57.965>uh, <00:07:58.169>it's <00:07:58.373>a <00:07:58.577>very <00:07:58.781>good <00:07:58.985>topic, <00:07:59.188>uh,

189
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<00:07:59.385>and <00:07:59.540>I <00:07:59.696>think, <00:07:59.851>um, <00:08:00.007>it's <00:08:00.162>on <00:08:00.318>a <00:08:00.473>case <00:08:00.629>by <00:08:00.784>case

190
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<00:08:01.865>and <00:08:01.981>we <00:08:02.098>will <00:08:02.215>look <00:08:02.331>where, <00:08:02.448>where, <00:08:02.565>uh, <00:08:02.681>it <00:08:02.798>is <00:08:02.915>on, <00:08:03.031>on <00:08:03.148>the <00:08:03.265>stack,

191
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<00:08:05.085>whether <00:08:05.318>it's, <00:08:05.551>uh, <00:08:05.784>infrastructure <00:08:06.018>or, <00:08:06.251>uh, <00:08:06.484>application.

192
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<00:08:08.745>Um, <00:08:08.978>I <00:08:09.211>think <00:08:09.445>what <00:08:09.678>we're, <00:08:09.911>we're <00:08:10.145>looking

193
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<00:08:10.485>after <00:08:10.685>is, <00:08:10.885>um, <00:08:11.085>uh, <00:08:11.285>founder <00:08:11.485>that <00:08:11.685>can <00:08:11.885>come

194
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<00:08:14.745>and <00:08:15.010>create <00:08:15.276>a <00:08:15.541>mode <00:08:15.807>whether

195
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<00:08:15.925>because <00:08:16.205>they <00:08:16.485>have <00:08:16.765>a <00:08:17.045>strong, <00:08:17.325>uh,

196
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<00:08:18.035>expertise <00:08:18.175>in <00:08:18.315>a <00:08:18.455>certain <00:08:18.595>domain <00:08:18.735>and <00:08:18.875>can <00:08:19.015>apply <00:08:19.155>AI <00:08:19.295>to <00:08:19.435>it,

197
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<00:08:21.625>or <00:08:21.780>whether <00:08:21.936>they <00:08:22.091>can <00:08:22.247>create <00:08:22.402>a <00:08:22.558>network <00:08:22.713>effect <00:08:22.869>with, <00:08:23.025>uh,

198
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<00:08:24.425>an <00:08:24.803>open <00:08:25.181>source <00:08:25.559>community.

199
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<00:08:26.185>Um, <00:08:26.418>but, <00:08:26.651>uh, <00:08:26.885>you <00:08:27.118>always, <00:08:27.351>uh, <00:08:27.585>need

200
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<00:08:29.065>to <00:08:29.265>push <00:08:29.465>forward <00:08:29.665>your <00:08:29.865>thesis, <00:08:30.065>you <00:08:30.265>know, <00:08:30.465>three,

201
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<00:08:33.434>five <00:08:34.123>years <00:08:34.812>ahead.

202
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<00:08:35.105>Uh, <00:08:35.459>and, <00:08:35.813>and, <00:08:36.166>um,

203
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<00:08:36.625>before <00:08:36.765>it <00:08:36.905>was <00:08:37.044>in <00:08:37.184>every <00:08:37.325>deck <00:08:37.465>you <00:08:37.605>would <00:08:37.745>have <00:08:37.885>like <00:08:38.025>a

204
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<00:08:39.955>what <00:08:40.155>if <00:08:40.355>Amazon <00:08:40.555>or <00:08:40.755>Google, <00:08:40.955>uh, <00:08:41.155>does <00:08:41.355>it,

205
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<00:08:42.945>and <00:08:43.100>now <00:08:43.256>it's <00:08:43.411>what <00:08:43.567>if, <00:08:43.722>uh, <00:08:43.878>OpenAI, <00:08:44.033>uh, <00:08:44.189>does <00:08:44.345>it?

206
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<00:08:46.465>Um, <00:08:46.745>and, <00:08:47.025>uh, <00:08:47.305>it's <00:08:47.585>clearly <00:08:47.865>something

207
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<00:08:50.605>that's <00:08:50.885>gonna <00:08:51.165>contribute <00:08:51.445>to, <00:08:51.725>to <00:08:52.005>accelerate.

208
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<00:08:52.665>And, <00:08:52.820>um, <00:08:52.976>we <00:08:53.131>will <00:08:53.287>need, <00:08:53.442>especially <00:08:53.598>at <00:08:53.753>the <00:08:53.909>growth <00:08:54.064>stage,

209
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<00:08:55.730>we <00:08:55.930>cannot <00:08:56.130>miss <00:08:56.330>because <00:08:56.530>we <00:08:56.730>invest, <00:08:56.930>you <00:08:57.130>know,

210
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<00:08:57.885>20 <00:08:58.257>to <00:08:58.629>hundred <00:08:59.001>million.

211
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<00:08:59.265>So <00:08:59.439>a <00:08:59.615>a <00:08:59.790>write <00:08:59.965>off, <00:09:00.140>uh, <00:09:00.314>is <00:09:00.490>actually, <00:09:00.665>uh,

212
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<00:09:02.125>extremely <00:09:02.557>painful <00:09:02.989>for <00:09:03.421>us.

213
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<00:09:04.025>Um, <00:09:04.141>so <00:09:04.258>we <00:09:04.375>are <00:09:04.491>trying <00:09:04.608>to, <00:09:04.725>um, <00:09:04.841>to <00:09:04.958>stay <00:09:05.074>ahead <00:09:05.191>of <00:09:05.308>the <00:09:05.425>curve.

214
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<00:09:08.105>Um, <00:09:08.221>but, <00:09:08.338>uh, <00:09:08.455>at <00:09:08.571>the <00:09:08.688>pace, <00:09:08.805>uh, <00:09:08.921>at <00:09:09.038>which, <00:09:09.155>um, <00:09:09.271>open <00:09:09.388>AI <00:09:09.505>release,

215
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<00:09:13.585>uh, <00:09:13.865>completely <00:09:14.145>smash, <00:09:14.425>uh, <00:09:14.705>entire <00:09:14.985>cohort

216
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<00:09:17.985>of <00:09:18.140>startup <00:09:18.296>is, <00:09:18.451>is, <00:09:18.607>is <00:09:18.762>pretty, <00:09:18.918>uh, <00:09:19.073>um, <00:09:19.229>uh, <00:09:19.385>stressful,

217
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<00:09:21.905>but <00:09:22.045>again, <00:09:22.185>we're <00:09:22.324>growth <00:09:22.464>stage, <00:09:22.605>so <00:09:22.745>we <00:09:22.885>have <00:09:23.025>a <00:09:23.165>bit <00:09:23.305>more

218
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<00:09:24.845>of <00:09:25.032>a <00:09:25.219>step <00:09:25.406>back <00:09:25.593>on <00:09:25.781>this.

219
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<00:09:26.345>Uh, <00:09:26.485>but, <00:09:26.625>uh, <00:09:26.765>but <00:09:26.905>it's, <00:09:27.045>um, <00:09:27.185>it's, <00:09:27.325>it's <00:09:27.465>a <00:09:27.605>very, <00:09:27.745>uh,

220
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<00:09:29.565>important <00:09:30.033>matter <00:09:30.501>indeed.

221
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<00:09:33.035>Christian, <00:09:33.494>what's <00:09:33.953>your <00:09:34.412>perspective?

222
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<00:09:35.385>Um, <00:09:35.540>yeah, <00:09:35.696>I <00:09:35.851>mean, <00:09:36.007>this, <00:09:36.162>this, <00:09:36.318>um, <00:09:36.473>is <00:09:36.629>something <00:09:36.785>we,

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<00:09:39.005>we <00:09:39.180>discuss <00:09:39.355>a <00:09:39.530>lot, <00:09:39.705>basically <00:09:39.880>whether, <00:09:40.055>whether <00:09:40.230>this, <00:09:40.405>uh,

224
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<00:09:41.585>can <00:09:41.740>be, <00:09:41.896>can <00:09:42.051>be <00:09:42.207>tackled <00:09:42.362>by <00:09:42.518>horizontal <00:09:42.673>models <00:09:42.829>or <00:09:42.985>not.

225
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<00:09:44.185>Um, <00:09:44.312>it, <00:09:44.439>it, <00:09:44.566>it, <00:09:44.694>uh, <00:09:44.821>depends <00:09:44.948>on <00:09:45.075>which <00:09:45.203>layer <00:09:45.330>you <00:09:45.457>are <00:09:45.584>on.

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<00:09:46.965>Basically <00:09:47.217>it's <00:09:47.469>the <00:09:47.721>foundation <00:09:47.973>models.

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<00:09:48.105>We <00:09:48.385>believe <00:09:48.665>foundation <00:09:48.945>models <00:09:49.225>will <00:09:49.505>become

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<00:09:49.715>commodities <00:09:50.078>in <00:09:50.441>the <00:09:50.804>end.

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<00:09:51.145>So <00:09:51.464>this <00:09:51.784>is <00:09:52.103>basically <00:09:52.423>nothing

230
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<00:09:53.075>with <00:09:53.356>which <00:09:53.637>you <00:09:53.918>can't <00:09:54.200>differentiate.

231
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<00:09:54.785>Um, <00:09:54.912>it's <00:09:55.039>also <00:09:55.166>hardly <00:09:55.294>to, <00:09:55.421>to <00:09:55.548>be <00:09:55.675>financed <00:09:55.803>in <00:09:55.930>Europe <00:09:56.057>at <00:09:56.185>least.

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<00:09:58.825>Um, <00:09:59.025>and <00:09:59.225>nobody <00:09:59.425>would <00:09:59.625>pour <00:09:59.825>billions <00:10:00.025>now <00:10:00.225>into,

233
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<00:10:01.165>into <00:10:01.399>a <00:10:01.633>new <00:10:01.867>foundation <00:10:02.101>model.

234
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<00:10:02.205>It's <00:10:02.448>not, <00:10:02.691>not <00:10:02.934>gonna <00:10:03.177>happen.

235
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<00:10:03.675>Then <00:10:03.904>you <00:10:04.134>have <00:10:04.363>the <00:10:04.593>middle <00:10:04.822>layer, <00:10:05.052>um,

236
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<00:10:05.225>in <00:10:05.438>the <00:10:05.651>middle <00:10:05.864>layer, <00:10:06.077>obviously <00:10:06.290>it's <00:10:06.502>different.

237
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<00:10:06.645>It's <00:10:06.800>DevOps <00:10:06.956>s <00:10:07.111>on <00:10:07.267>every, <00:10:07.422>the <00:10:07.578>application <00:10:07.733>layer <00:10:07.889>on <00:10:08.045>top.

238
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<00:10:10.265>On <00:10:10.439>the <00:10:10.615>foundation <00:10:10.790>model, <00:10:10.965>we <00:10:11.140>actually <00:10:11.314>invested <00:10:11.490>in <00:10:11.665>two

239
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<00:10:12.245>foundation <00:10:12.478>models, <00:10:12.711>but <00:10:12.945>very <00:10:13.178>specific <00:10:13.411>foundation <00:10:13.645>models

240
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<00:10:15.225>for <00:10:15.458>very <00:10:15.691>specific <00:10:15.925>narrow <00:10:16.158>problems, <00:10:16.391>um, <00:10:16.625>uh,

241
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<00:10:18.885>with <00:10:19.221>big <00:10:19.557>markets <00:10:19.893>still,

242
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<00:10:20.425>but <00:10:20.766>also <00:10:21.109>with <00:10:21.451>data,

243
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<00:10:21.575>which <00:10:21.730>can <00:10:21.886>just <00:10:22.041>be <00:10:22.197>trained <00:10:22.352>from <00:10:22.508>the <00:10:22.663>general <00:10:22.819>available <00:10:22.975>data.

244
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<00:10:25.185>So <00:10:25.468>that <00:10:25.752>can <00:10:26.035>make <00:10:26.319>sense.

245
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<00:10:27.065>On <00:10:27.220>the <00:10:27.376>DevOps, <00:10:27.531>they <00:10:27.687>are <00:10:27.842>a <00:10:27.998>little <00:10:28.153>bit <00:10:28.309>the <00:10:28.465>same.

246
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<00:10:29.345>On <00:10:29.545>the <00:10:29.745>application <00:10:29.945>day, <00:10:30.145>it's <00:10:30.345>even <00:10:30.545>more <00:10:30.745>complicated

247
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<00:10:31.365>because <00:10:31.565>on <00:10:31.765>the <00:10:31.965>application <00:10:32.165>day, <00:10:32.365>you <00:10:32.565>can <00:10:32.765>have,

248
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<00:10:33.005>you <00:10:33.205>have <00:10:33.405>agents, <00:10:33.605>you <00:10:33.805>have <00:10:34.005>agent <00:10:34.205>systems <00:10:34.405>now,

249
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<00:10:35.385>and <00:10:35.739>they <00:10:36.093>become <00:10:36.447>stronger

250
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<00:10:36.665>and <00:10:36.898>stronger, <00:10:37.131>uh, <00:10:37.365>with <00:10:37.598>all <00:10:37.831>the <00:10:38.064>releases.

251
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<00:10:38.545>And <00:10:38.719>there <00:10:38.895>we <00:10:39.069>always <00:10:39.245>question <00:10:39.420>ourself, <00:10:39.594>is <00:10:39.770>this <00:10:39.944>really,

252
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<00:10:41.905>can <00:10:42.112>this <00:10:42.319>really <00:10:42.526>become <00:10:42.733>a <00:10:42.939>big <00:10:43.146>company

253
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<00:10:43.345>or <00:10:43.592>will <00:10:43.840>this <00:10:44.087>be <00:10:44.335>replaced

254
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<00:10:44.445>by <00:10:44.645>an <00:10:44.845>agent <00:10:45.045>which <00:10:45.245>can <00:10:45.445>fulfill <00:10:45.645>certain <00:10:45.845>tasks?

255
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<00:10:47.945>And <00:10:48.178>though <00:10:48.411>they <00:10:48.645>are <00:10:48.878>obviously <00:10:49.111>getting <00:10:49.345>better,

256
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<00:10:50.205>they're <00:10:50.485>getting <00:10:50.765>yeah, <00:10:51.045>uh, <00:10:51.325>more <00:10:51.605>compelling.

257
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<00:10:53.265>So <00:10:53.442>this <00:10:53.619>is <00:10:53.797>all <00:10:53.974>the, <00:10:54.152>all <00:10:54.329>the <00:10:54.507>question.

258
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<00:10:54.705>And <00:10:54.860>the <00:10:55.016>way <00:10:55.171>we <00:10:55.327>see <00:10:55.482>it <00:10:55.638>is, <00:10:55.793>um, <00:10:55.949>you <00:10:56.105>can,

259
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<00:10:57.185>you <00:10:57.563>can <00:10:57.941>differentiate <00:10:58.319>yourself.

260
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<00:10:58.625>You <00:10:59.050>can <00:10:59.477>basically <00:10:59.903>have

261
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<00:11:00.045>what <00:11:00.324>was <00:11:00.604>mentioned <00:11:00.885>already, <00:11:01.165>network <00:11:01.444>effects.

262
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<00:11:01.905>You <00:11:02.021>can <00:11:02.138>have <00:11:02.255>something <00:11:02.371>like <00:11:02.488>a <00:11:02.605>good <00:11:02.721>log <00:11:02.838>in <00:11:02.954>if <00:11:03.071>you <00:11:03.188>are <00:11:03.305>well

263
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<00:11:04.725>designed <00:11:05.005>into <00:11:05.285>processes <00:11:05.565>and <00:11:05.845>so <00:11:06.125>on.

264
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<00:11:06.445>It's, <00:11:06.678>it's <00:11:06.911>hard <00:11:07.145>to <00:11:07.378>be <00:11:07.611>designed <00:11:07.845>out.

265
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<00:11:09.515>It's <00:11:09.715>not <00:11:09.915>something <00:11:10.115>which <00:11:10.314>you <00:11:10.515>can <00:11:10.715>basically <00:11:10.915>switch.

266
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<00:11:11.905>And <00:11:12.167>also, <00:11:12.430>if <00:11:12.693>you <00:11:12.956>create <00:11:13.219>something

267
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<00:11:13.365>and <00:11:13.505>use <00:11:13.645>data, <00:11:13.785>which <00:11:13.925>you <00:11:14.065>generate, <00:11:14.205>which <00:11:14.345>you <00:11:14.485>can <00:11:14.625>also <00:11:14.765>use

268
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<00:11:16.625>for <00:11:17.003>training <00:11:17.381>the <00:11:17.759>product,

269
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<00:11:17.885>making <00:11:18.060>the <00:11:18.235>product <00:11:18.410>better, <00:11:18.585>this <00:11:18.760>can <00:11:18.935>be <00:11:19.110>very <00:11:19.285>helpful.

270
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<00:11:19.945>We <00:11:20.178>call <00:11:20.411>it <00:11:20.645>the <00:11:20.878>forward <00:11:21.111>locking <00:11:21.345>lock-in.

271
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<00:11:21.965>So <00:11:22.105>if <00:11:22.245>you <00:11:22.385>have <00:11:22.525>something <00:11:22.665>with <00:11:22.805>which <00:11:22.945>you <00:11:23.085>can <00:11:23.225>attract <00:11:23.365>new

272
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<00:11:24.445>customers <00:11:24.645>to <00:11:24.845>your <00:11:25.045>product, <00:11:25.245>that's <00:11:25.445>also <00:11:25.645>very <00:11:25.845>strong.

273
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<00:11:26.625>So <00:11:26.752>if <00:11:26.879>these, <00:11:27.006>um, <00:11:27.134>basic <00:11:27.261>points <00:11:27.388>are, <00:11:27.515>are <00:11:27.643>there, <00:11:27.770>we, <00:11:27.897>we <00:11:28.025>tend

274
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<00:11:30.285>to <00:11:30.485>like <00:11:30.685>it <00:11:30.885>and <00:11:31.084>look <00:11:31.285>deeper. <00:11:31.485>Makes <00:11:31.685>sense.

275
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<00:11:33.625>And <00:11:33.765>I <00:11:33.905>guess <00:11:34.045>I, <00:11:34.185>I'll <00:11:34.325>just <00:11:34.465>pick <00:11:34.605>one <00:11:34.745>of <00:11:34.885>the <00:11:35.025>things

276
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<00:11:35.485>that <00:11:35.660>you <00:11:35.835>mentioned <00:11:36.010>between <00:11:36.185>data <00:11:36.360>distribution <00:11:36.535>and <00:11:36.710>and <00:11:36.885>ux.

277
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<00:11:39.445>I <00:11:39.585>would <00:11:39.725>say <00:11:39.865>that's, <00:11:40.005>I, <00:11:40.145>I <00:11:40.285>think <00:11:40.425>it's <00:11:40.565>an <00:11:40.705>interesting <00:11:40.845>fallacy

278
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<00:11:41.885>to <00:11:42.165>think <00:11:42.444>that <00:11:42.725>UX <00:11:43.005>is <00:11:43.285>defensible.

279
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<00:11:45.445>I <00:11:45.645>certainly <00:11:45.845>believe <00:11:46.045>it's, <00:11:46.245>it's <00:11:46.445>not <00:11:46.645>it's <00:11:46.845>own.

280
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<00:11:47.645>I <00:11:47.878>I <00:11:48.111>would <00:11:48.345>say <00:11:48.578>UX <00:11:48.811>is <00:11:49.045>defensible

281
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<00:11:50.265>if <00:11:50.498>the <00:11:50.731>underlying <00:11:50.965>business <00:11:51.198>model <00:11:51.431>is <00:11:51.665>changed.

282
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<00:11:53.065>And <00:11:53.205>I <00:11:53.345>guess <00:11:53.485>an <00:11:53.625>example <00:11:53.765>for <00:11:53.905>this <00:11:54.045>would <00:11:54.185>be <00:11:54.325>Google <00:11:54.465>search

283
00:11:56.345 --> 00:11:58.045
<00:11:56.345>versus <00:11:57.045>AI <00:11:57.745>search.

284
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<00:11:58.385>So <00:11:58.560>Google <00:11:58.735>search <00:11:58.910>runs <00:11:59.085>on, <00:11:59.260>um, <00:11:59.435>cost <00:11:59.610>per <00:11:59.785>click.

285
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<00:12:02.305>Now, <00:12:02.588>if <00:12:02.872>AI <00:12:03.155>search <00:12:03.439>comes

286
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<00:12:03.665>and <00:12:03.805>says, <00:12:03.944>well, <00:12:04.084>I <00:12:04.224>want <00:12:04.365>to <00:12:04.505>challenge <00:12:04.645>that, <00:12:04.785>the <00:12:04.925>only <00:12:05.064>way

287
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<00:12:06.125>to <00:12:06.325>really <00:12:06.525>truly <00:12:06.725>defend <00:12:06.925>that <00:12:07.125>is <00:12:07.325>to <00:12:07.525>say

288
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<00:12:07.925>that <00:12:08.099>the <00:12:08.275>underlying <00:12:08.449>business <00:12:08.625>model <00:12:08.800>is <00:12:08.974>changed, <00:12:09.150>for <00:12:09.324>example,

289
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<00:12:11.555>through <00:12:11.905>cost <00:12:12.255>per <00:12:12.604>converter <00:12:12.954>transaction.

290
00:12:14.545 --> 00:12:17.005
<00:12:14.545>And <00:12:14.719>that's <00:12:14.895>something <00:12:15.069>that <00:12:15.245>Google <00:12:15.420>can't <00:12:15.594>as <00:12:15.770>easily <00:12:15.944>copy

291
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<00:12:17.005>because <00:12:17.180>the <00:12:17.355>business <00:12:17.530>model <00:12:17.705>is <00:12:17.880>entirely <00:12:18.055>driven <00:12:18.230>on <00:12:18.405>clicks.

292
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<00:12:19.225>So <00:12:19.352>I, <00:12:19.479>I <00:12:19.606>think <00:12:19.734>it's <00:12:19.861>worth <00:12:19.988>thinking <00:12:20.115>about, <00:12:20.243>not <00:12:20.370>just <00:12:20.497>about <00:12:20.625>ui,

293
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<00:12:21.985>but <00:12:22.218>really <00:12:22.451>what <00:12:22.685>is <00:12:22.918>the <00:12:23.151>underlying <00:12:23.385>business

294
00:12:23.565 --> 00:12:24.725
<00:12:23.565>model <00:12:23.826>that, <00:12:24.087>that <00:12:24.348>you're <00:12:24.609>changing.

295
00:12:26.255 --> 00:12:29.565
<00:12:26.255>Thank <00:12:26.395>you. <00:12:26.535>And <00:12:26.675>Sheika, <00:12:26.814>maybe <00:12:26.955>we <00:12:27.095>staying <00:12:27.235>with <00:12:27.375>you <00:12:27.515>just <00:12:27.655>in,

296
00:12:29.625 --> 00:12:31.765
<00:12:29.625>in <00:12:29.765>terms <00:12:29.905>of, <00:12:30.045>we <00:12:30.185>spoke <00:12:30.325>about <00:12:30.465>this <00:12:30.605>a <00:12:30.745>little <00:12:30.885>bit <00:12:31.025>before.

297
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<00:12:33.145>Do <00:12:33.495>you <00:12:33.845>believe <00:12:34.194>vertical <00:12:34.545>AI

298
00:12:35.065 --> 00:12:39.205
<00:12:35.065>for <00:12:35.265>specific <00:12:35.465>segments <00:12:35.665>will <00:12:35.865>outperform <00:12:36.065>horizontal <00:12:36.265>AI <00:12:36.465>tools?

299
00:12:40.235 --> 00:12:43.085
<00:12:40.235>What, <00:12:40.375>what <00:12:40.515>do <00:12:40.655>people <00:12:40.795>get <00:12:40.935>around <00:12:41.075>here? <00:12:41.215>What <00:12:41.355>do <00:12:41.495>get, <00:12:41.635>right.

300
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<00:12:43.415>Super <00:12:43.878>interesting <00:12:44.342>question.

301
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<00:12:44.665>Um, <00:12:44.820>and <00:12:44.976>I <00:12:45.131>also <00:12:45.287>think <00:12:45.442>so <00:12:45.598>hard <00:12:45.753>to <00:12:45.909>generalize, <00:12:46.064>but,

302
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<00:12:47.165>but <00:12:47.292>my <00:12:47.419>quick <00:12:47.546>2 <00:12:47.674>cents <00:12:47.801>on <00:12:47.928>this <00:12:48.055>would <00:12:48.183>be <00:12:48.310>there <00:12:48.437>are <00:12:48.564>certain

303
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<00:12:49.965>verticals <00:12:50.120>where <00:12:50.276>it <00:12:50.431>absolutely <00:12:50.587>makes <00:12:50.742>sense <00:12:50.898>to <00:12:51.053>be <00:12:51.209>closed <00:12:51.365>off.

304
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<00:12:52.745>And <00:12:52.900>that <00:12:53.056>would, <00:12:53.211>for <00:12:53.367>example, <00:12:53.522>include, <00:12:53.678>um, <00:12:53.833>the <00:12:53.989>legal <00:12:54.145>space

305
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<00:12:56.625>or <00:12:56.905>the <00:12:57.185>health <00:12:57.465>space, <00:12:57.745>including <00:12:58.025>radiology,

306
00:12:58.935 --> 00:13:01.485
<00:12:58.935>where <00:12:59.074>you <00:12:59.214>have <00:12:59.354>a <00:12:59.494>certain <00:12:59.635>level <00:12:59.775>of <00:12:59.915>security <00:13:00.055>that <00:13:00.194>is <00:13:00.334>required

307
00:13:01.485 --> 00:13:03.285
<00:13:01.485>around <00:13:01.660>data, <00:13:01.835>where <00:13:02.010>you <00:13:02.185>have <00:13:02.360>a <00:13:02.535>certain <00:13:02.710>level <00:13:02.885>of,

308
00:13:03.785 --> 00:13:08.725
<00:13:03.785>in <00:13:04.064>German <00:13:04.344>you <00:13:04.625>say, <00:13:04.905>um, <00:13:05.185>certain,

309
00:13:08.865 --> 00:13:13.645
<00:13:08.865>um, <00:13:09.040>certain, <00:13:09.215>uh, <00:13:09.390>linguistic, <00:13:09.565>um, <00:13:09.740>uh, <00:13:09.915>um, <00:13:10.090>so <00:13:10.265>sorry,

310
00:13:13.645 --> 00:13:16.685
<00:13:13.645>I'm <00:13:13.800>missing <00:13:13.956>the <00:13:14.111>word, <00:13:14.267>but <00:13:14.422>essentially <00:13:14.578>take <00:13:14.733>the, <00:13:14.889>in <00:13:15.045>English

311
00:13:16.685 --> 00:13:19.445
<00:13:16.685>that <00:13:16.859>you <00:13:17.035>have, <00:13:17.209>uh, <00:13:17.385>certain, <00:13:17.560>uh, <00:13:17.734>subject <00:13:17.910>matter <00:13:18.084>experts,

312
00:13:19.445 --> 00:13:22.845
<00:13:19.445>that's <00:13:19.600>the <00:13:19.756>word <00:13:19.911>that <00:13:20.067>have <00:13:20.222>certain, <00:13:20.378>um, <00:13:20.533>words, <00:13:20.689>um, <00:13:20.845>and,

313
00:13:22.845 --> 00:13:25.765
<00:13:22.845>and <00:13:22.985>areas <00:13:23.125>that <00:13:23.265>is <00:13:23.405>hard <00:13:23.545>to <00:13:23.685>generalize <00:13:23.825>with, <00:13:23.965>with <00:13:24.105>any <00:13:24.245>sort

314
00:13:25.765 --> 00:13:27.005
<00:13:25.765>of <00:13:26.137>horizontal, <00:13:26.509>uh, <00:13:26.881>layer

315
00:13:27.105 --> 00:13:29.565
<00:13:27.105>or <00:13:27.280>even <00:13:27.455>player <00:13:27.630>that <00:13:27.805>makes <00:13:27.980>sense <00:13:28.155>to <00:13:28.330>be <00:13:28.505>vertical.

316
00:13:30.145 --> 00:13:33.685
<00:13:30.145>Um, <00:13:30.285>but, <00:13:30.425>but <00:13:30.564>I <00:13:30.704>think <00:13:30.845>there <00:13:30.985>is <00:13:31.125>1, <00:13:31.265>1, <00:13:31.405>1 <00:13:31.545>piece

317
00:13:33.685 --> 00:13:35.485
<00:13:33.685>around <00:13:34.151>the <00:13:34.618>horizontal <00:13:35.084>approach

318
00:13:35.545 --> 00:13:36.645
<00:13:35.545>or <00:13:35.875>even <00:13:36.204>the <00:13:36.535>distribution

319
00:13:36.645 --> 00:13:38.485
<00:13:36.645>that <00:13:36.819>you <00:13:36.995>mentioned <00:13:37.170>in <00:13:37.345>your <00:13:37.520>previous <00:13:37.694>point <00:13:37.870>that <00:13:38.045>is,

320
00:13:38.795 --> 00:13:39.965
<00:13:38.795>that <00:13:39.005>is <00:13:39.216>worth <00:13:39.426>mentioning <00:13:39.637>as <00:13:39.848>well.

321
00:13:40.345 --> 00:13:42.525
<00:13:40.345>So <00:13:40.520>you <00:13:40.695>even <00:13:40.870>listed <00:13:41.045>potentially, <00:13:41.220>there <00:13:41.395>is <00:13:41.570>a <00:13:41.745>lot

322
00:13:42.525 --> 00:13:46.765
<00:13:42.525>of <00:13:42.665>frenzy <00:13:42.805>going <00:13:42.944>on <00:13:43.084>right <00:13:43.225>now <00:13:43.365>around <00:13:43.505>procurement, <00:13:43.645>um, <00:13:43.785>in <00:13:43.925>AI

323
00:13:46.785 --> 00:13:48.765
<00:13:46.785>and <00:13:47.018>sort <00:13:47.251>of <00:13:47.485>is <00:13:47.718>procurement <00:13:47.951>a <00:13:48.185>vertical?

324
00:13:49.185 --> 00:13:50.485
<00:13:49.185>Um, <00:13:49.352>and <00:13:49.519>I <00:13:49.686>would <00:13:49.853>even <00:13:50.020>go <00:13:50.187>as <00:13:50.355>far

325
00:13:50.485 --> 00:13:53.245
<00:13:50.485>as <00:13:50.640>saying <00:13:50.796>procurement <00:13:50.951>isn't <00:13:51.107>really <00:13:51.262>a <00:13:51.418>vertical, <00:13:51.573>per <00:13:51.729>se, <00:13:51.885>it's,

326
00:13:53.245 --> 00:13:54.965
<00:13:53.245>it's <00:13:53.525>also <00:13:53.805>not <00:13:54.085>horizontal <00:13:54.365>per <00:13:54.645>se,

327
00:13:54.965 --> 00:13:57.685
<00:13:54.965>but <00:13:55.092>the <00:13:55.219>question <00:13:55.346>is <00:13:55.474>how <00:13:55.601>do <00:13:55.728>you <00:13:55.855>build <00:13:55.983>a <00:13:56.110>company <00:13:56.237>that <00:13:56.365>is

328
00:13:57.825 --> 00:14:02.525
<00:13:57.825>as <00:13:57.980>complex <00:13:58.136>in <00:13:58.291>that <00:13:58.447>area, <00:13:58.602>um, <00:13:58.758>while, <00:13:58.913>while <00:13:59.069>maintaining <00:13:59.225>the,

329
00:14:02.625 --> 00:14:03.765
<00:14:02.625>the <00:14:02.881>horizontal <00:14:03.138>aspects <00:14:03.394>of <00:14:03.651>it?

330
00:14:03.825 --> 00:14:06.245
<00:14:03.825>I'm, <00:14:03.941>I'm <00:14:04.058>happy <00:14:04.175>to <00:14:04.291>dive <00:14:04.408>into <00:14:04.525>this <00:14:04.641>a <00:14:04.758>bit <00:14:04.875>more <00:14:04.991>in <00:14:05.108>detail, <00:14:05.225>but

331
00:14:06.805 --> 00:14:08.325
<00:14:06.805>I <00:14:07.000>think <00:14:07.195>it, <00:14:07.391>what <00:14:07.586>you <00:14:07.782>say <00:14:07.977>is <00:14:08.173>exactly,

332
00:14:08.525 --> 00:14:09.605
<00:14:08.525>I <00:14:08.719>mean, <00:14:08.913>it's <00:14:09.108>about <00:14:09.302>the <00:14:09.497>knowhow.

333
00:14:09.665 --> 00:14:13.045
<00:14:09.665>So <00:14:09.820>the <00:14:09.976>founder <00:14:10.131>who <00:14:10.287>really <00:14:10.442>know <00:14:10.598>very <00:14:10.753>well <00:14:10.909>an <00:14:11.064>industry,

334
00:14:13.365 --> 00:14:14.725
<00:14:13.365>a <00:14:13.977>vertical, <00:14:14.589>uh,

335
00:14:14.905 --> 00:14:18.325
<00:14:14.905>and <00:14:15.105>can <00:14:15.305>apply <00:14:15.505>AI <00:14:15.704>to <00:14:15.905>it, <00:14:16.105>um, <00:14:16.305>uh,

336
00:14:18.325 --> 00:14:19.605
<00:14:18.325>then <00:14:18.555>they, <00:14:18.785>they <00:14:19.016>can <00:14:19.246>be <00:14:19.477>value.

337
00:14:19.985 --> 00:14:21.965
<00:14:19.985>Uh, <00:14:20.265>also <00:14:20.545>if <00:14:20.825>you <00:14:21.105>can <00:14:21.385>rely,

338
00:14:21.965 --> 00:14:23.885
<00:14:21.965>and <00:14:22.140>that's <00:14:22.315>the <00:14:22.490>point <00:14:22.665>we're <00:14:22.840>saying <00:14:23.015>on, <00:14:23.190>you <00:14:23.365>know,

339
00:14:24.165 --> 00:14:27.645
<00:14:24.165>specific <00:14:24.398>data, <00:14:24.631>uh, <00:14:24.865>for <00:14:25.098>certain, <00:14:25.331>uh, <00:14:25.564>vertical

340
00:14:27.645 --> 00:14:30.765
<00:14:27.645>that <00:14:27.800>is <00:14:27.956>actually <00:14:28.111>very <00:14:28.267>hard <00:14:28.422>and <00:14:28.578>proprietary <00:14:28.733>to, <00:14:28.889>to <00:14:29.045>collect.

341
00:14:31.105 --> 00:14:33.845
<00:14:31.105>And <00:14:31.232>actually <00:14:31.359>we, <00:14:31.486>we, <00:14:31.614>we <00:14:31.741>are <00:14:31.868>seeing, <00:14:31.995>uh, <00:14:32.123>a <00:14:32.250>few <00:14:32.377>of <00:14:32.505>that,

342
00:14:33.905 --> 00:14:35.045
<00:14:33.905>uh, <00:14:34.161>at <00:14:34.418>the <00:14:34.674>later <00:14:34.930>stage.

343
00:14:35.045 --> 00:14:37.045
<00:14:35.045>This <00:14:35.245>is <00:14:35.444>what, <00:14:35.645>for <00:14:35.844>instance, <00:14:36.045>give <00:14:36.245>us <00:14:36.444>confirm,

344
00:14:37.045 --> 00:14:38.885
<00:14:37.045>there <00:14:37.511>is <00:14:37.978>also <00:14:38.444>defensibility

345
00:14:38.885 --> 00:14:41.645
<00:14:38.885>because <00:14:39.118>this <00:14:39.351>data <00:14:39.585>can <00:14:39.818>only <00:14:40.051>be <00:14:40.285>collected.

346
00:14:41.825 --> 00:14:43.885
<00:14:41.825>Uh, <00:14:42.058>for <00:14:42.291>instance, <00:14:42.525>we <00:14:42.758>invested <00:14:42.991>in <00:14:43.225>e

347
00:14:44.305 --> 00:14:46.485
<00:14:44.305>so <00:14:44.538>it's <00:14:44.771>the <00:14:45.005>largest <00:14:45.238>ESG <00:14:45.471>scoring <00:14:45.704>platform.

348
00:14:46.545 --> 00:14:49.045
<00:14:46.545>So <00:14:46.719>it's <00:14:46.895>like, <00:14:47.069>you <00:14:47.245>know, <00:14:47.420>you <00:14:47.594>need <00:14:47.770>to <00:14:47.944>go

349
00:14:49.045 --> 00:14:50.805
<00:14:49.045>and <00:14:49.245>get <00:14:49.444>this <00:14:49.645>data <00:14:49.844>in <00:14:50.045>a <00:14:50.245>specific <00:14:50.444>format

350
00:14:50.945 --> 00:14:53.885
<00:14:50.945>and <00:14:51.100>you <00:14:51.256>cannot, <00:14:51.411>uh, <00:14:51.567>have, <00:14:51.722>uh, <00:14:51.878>then <00:14:52.033>AI <00:14:52.189>comes <00:14:52.345>and,

351
00:14:53.885 --> 00:14:55.005
<00:14:53.885>and <00:14:54.389>enables <00:14:54.893>it.

352
00:14:55.025 --> 00:14:58.285
<00:14:55.025>But, <00:14:55.180>um, <00:14:55.336>uh, <00:14:55.491>it's <00:14:55.647>pretty, <00:14:55.802>uh, <00:14:55.958>uh, <00:14:56.113>long <00:14:56.269>term <00:14:56.425>defensible.

353
00:14:58.345 --> 00:15:01.165
<00:14:58.345>And <00:14:58.520>so, <00:14:58.695>uh, <00:14:58.870>so <00:14:59.045>I <00:14:59.220>think, <00:14:59.395>uh, <00:14:59.570>there, <00:14:59.745>um,

354
00:15:01.585 --> 00:15:03.325
<00:15:01.585>we <00:15:01.865>would <00:15:02.145>see <00:15:02.425>definitely, <00:15:02.705>uh, <00:15:02.985>um,

355
00:15:03.885 --> 00:15:06.005
<00:15:03.885>a <00:15:04.165>strong <00:15:04.444>opportunities <00:15:04.725>than <00:15:05.005>for <00:15:05.285>horizontal.

356
00:15:06.275 --> 00:15:09.685
<00:15:06.275>This <00:15:06.449>is <00:15:06.625>probably <00:15:06.800>where <00:15:06.975>there <00:15:07.150>is <00:15:07.324>least, <00:15:07.500>uh, <00:15:07.675>defensible

357
00:15:09.725 --> 00:15:11.365
<00:15:09.725>to <00:15:10.005>your <00:15:10.285>point <00:15:10.565>on <00:15:10.845>application <00:15:11.125>Christian,

358
00:15:11.625 --> 00:15:14.045
<00:15:11.625>and <00:15:11.800>where <00:15:11.975>we <00:15:12.150>are <00:15:12.325>always <00:15:12.500>asking <00:15:12.675>ourself, <00:15:12.850>you <00:15:13.025>know,

359
00:15:14.065 --> 00:15:15.125
<00:15:14.065>can <00:15:14.303>an <00:15:14.542>agent <00:15:14.780>do <00:15:15.019>that?

360
00:15:15.325 --> 00:15:18.165
<00:15:15.325>I <00:15:15.480>was <00:15:15.636>at <00:15:15.791>raise <00:15:15.947>the, <00:15:16.102>the <00:15:16.258>AI <00:15:16.413>conference, <00:15:16.569>uh, <00:15:16.725>in,

361
00:15:18.345 --> 00:15:20.125
<00:15:18.345>in <00:15:18.811>Paris <00:15:19.278>yesterday, <00:15:19.745>uh,

362
00:15:20.265 --> 00:15:23.165
<00:15:20.265>and <00:15:20.392>I <00:15:20.519>was <00:15:20.646>at <00:15:20.774>this, <00:15:20.901>uh, <00:15:21.028>there <00:15:21.155>was <00:15:21.283>the <00:15:21.410>startup, <00:15:21.537>uh, <00:15:21.665>program,

363
00:15:23.345 --> 00:15:26.805
<00:15:23.345>and, <00:15:23.485>uh, <00:15:23.625>like <00:15:23.765>three <00:15:23.905>out <00:15:24.045>of <00:15:24.185>the <00:15:24.325>10 <00:15:24.465>selected, <00:15:24.605>uh, <00:15:24.745>uh,

364
00:15:26.805 --> 00:15:30.765
<00:15:26.805>startup <00:15:26.960>early <00:15:27.116>stage <00:15:27.271>startup, <00:15:27.427>we <00:15:27.582>are <00:15:27.738>building, <00:15:27.893>uh, <00:15:28.049>kind <00:15:28.204>of,

365
00:15:30.785 --> 00:15:33.885
<00:15:30.785>um, <00:15:31.064>uh, <00:15:31.344>agent <00:15:31.625>workflow <00:15:31.905>automation <00:15:32.185>similar

366
00:15:34.025 --> 00:15:37.125
<00:15:34.025>to <00:15:34.199>N <00:15:34.375>eight <00:15:34.550>A <00:15:34.725>eight, <00:15:34.900>and <00:15:35.074>so <00:15:35.250>super <00:15:35.425>horizontal.

367
00:15:37.225 --> 00:15:39.605
<00:15:37.225>And, <00:15:37.365>and <00:15:37.505>you <00:15:37.645>could <00:15:37.785>think <00:15:37.925>that <00:15:38.065>typically <00:15:38.205>this <00:15:38.345>is <00:15:38.485>the <00:15:38.625>kind

368
00:15:39.605 --> 00:15:41.005
<00:15:39.605>of <00:15:40.235>application, <00:15:40.865>uh,

369
00:15:41.155 --> 00:15:43.765
<00:15:41.155>that <00:15:41.355>could <00:15:41.555>become <00:15:41.755>integrated <00:15:41.954>to <00:15:42.155>the <00:15:42.355>bigger <00:15:42.555>platform.

370
00:15:43.785 --> 00:15:46.085
<00:15:43.785>So <00:15:43.985>I <00:15:44.185>think, <00:15:44.385>um, <00:15:44.584>I <00:15:44.785>think <00:15:44.985>that's, <00:15:45.185>uh,

371
00:15:46.085 --> 00:15:47.205
<00:15:46.085>that <00:15:46.253>would <00:15:46.421>be <00:15:46.589>my <00:15:46.757>take <00:15:46.925>on <00:15:47.093>it.

372
00:15:47.655 --> 00:15:49.365
<00:15:47.655>Thank <00:15:48.121>you. <00:15:48.588>Yeah, <00:15:49.055>it's,

373
00:15:49.445 --> 00:15:51.165
<00:15:49.445>I <00:15:49.600>think <00:15:49.756>it's <00:15:49.911>a <00:15:50.067>lot <00:15:50.222>about <00:15:50.378>also <00:15:50.533>when <00:15:50.689>it <00:15:50.845>comes

374
00:15:51.165 --> 00:15:53.405
<00:15:51.165>to <00:15:51.398>applications <00:15:51.631>about <00:15:51.865>the <00:15:52.098>pro <00:15:52.331>proprietary <00:15:52.564>data.

375
00:15:53.705 --> 00:15:56.365
<00:15:53.705>So <00:15:53.880>if <00:15:54.055>you <00:15:54.230>build <00:15:54.405>something <00:15:54.580>basically <00:15:54.755>which <00:15:54.930>plan, <00:15:55.105>process,

376
00:15:56.725 --> 00:15:59.365
<00:15:56.725>software, <00:15:56.958>whatever, <00:15:57.191>and <00:15:57.425>it <00:15:57.658>uses <00:15:57.891>proprietary <00:15:58.125>data

377
00:15:59.585 --> 00:16:01.925
<00:15:59.585>and <00:15:59.818>which <00:16:00.051>cannot <00:16:00.285>leave <00:16:00.518>the, <00:16:00.751>the <00:16:00.985>company,

378
00:16:02.185 --> 00:16:04.285
<00:16:02.185>so <00:16:02.385>then <00:16:02.584>it <00:16:02.785>can <00:16:02.984>be <00:16:03.185>very <00:16:03.385>strong, <00:16:03.584>basically

379
00:16:04.315 --> 00:16:05.605
<00:16:04.315>because <00:16:04.605>you <00:16:04.895>learn <00:16:05.185>on <00:16:05.476>this,

380
00:16:05.605 --> 00:16:07.285
<00:16:05.605>you <00:16:05.838>also <00:16:06.071>bet <00:16:06.305>get, <00:16:06.538>get <00:16:06.771>very <00:16:07.005>sticky.

381
00:16:07.385 --> 00:16:08.725
<00:16:07.385>You <00:16:07.626>can't <00:16:07.867>design <00:16:08.108>our <00:16:08.349>bet <00:16:08.591>easily

382
00:16:08.725 --> 00:16:11.965
<00:16:08.725>because <00:16:08.880>obviously <00:16:09.036>that's <00:16:09.191>a <00:16:09.347>trained <00:16:09.502>thing <00:16:09.658>so <00:16:09.813>that, <00:16:09.969>that <00:16:10.125>can,

383
00:16:12.025 --> 00:16:15.085
<00:16:12.025>can <00:16:12.180>be <00:16:12.336>very <00:16:12.491>strong, <00:16:12.647>uh, <00:16:12.802>in <00:16:12.958>terms <00:16:13.113>of <00:16:13.269>defensibility. <00:16:13.425>Okay.

384
00:16:15.255 --> 00:16:18.565
<00:16:15.255>Thank <00:16:15.410>you. <00:16:15.566>And <00:16:15.721>we, <00:16:15.877>we <00:16:16.032>spoke <00:16:16.188>about <00:16:16.343>it <00:16:16.499>very <00:16:16.655>briefly,

385
00:16:18.565 --> 00:16:22.125
<00:16:18.565>just <00:16:18.720>in <00:16:18.876>terms <00:16:19.031>of <00:16:19.187>geography, <00:16:19.342>US <00:16:19.498>versus <00:16:19.653>Europe <00:16:19.809>versus <00:16:19.965>China,

386
00:16:23.065 --> 00:16:24.285
<00:16:23.065>how <00:16:23.248>should <00:16:23.431>we <00:16:23.614>be <00:16:23.797>thinking <00:16:23.980>about <00:16:24.163>that?

387
00:16:26.295 --> 00:16:29.065
<00:16:26.295>Well, <00:16:26.469>well, <00:16:26.645>there <00:16:26.819>was <00:16:26.995>was <00:16:27.170>this <00:16:27.344>deep <00:16:27.520>seek <00:16:27.694>moment.

388
00:16:29.095 --> 00:16:31.465
<00:16:29.095>Yeah, <00:16:29.328>um, <00:16:29.561>which <00:16:29.795>we <00:16:30.028>are <00:16:30.261>aware <00:16:30.495>of.

389
00:16:31.605 --> 00:16:34.465
<00:16:31.605>And, <00:16:31.780>um, <00:16:31.955>we <00:16:32.130>were <00:16:32.305>actually <00:16:32.480>very <00:16:32.655>happy <00:16:32.830>about <00:16:33.005>that

390
00:16:34.465 --> 00:16:35.785
<00:16:34.465>because <00:16:34.762>that <00:16:35.059>showed <00:16:35.356>that, <00:16:35.653>uh,

391
00:16:35.785 --> 00:16:37.505
<00:16:35.785>things <00:16:36.018>can <00:16:36.251>be <00:16:36.485>done <00:16:36.718>much <00:16:36.951>more <00:16:37.185>efficient.

392
00:16:37.605 --> 00:16:39.545
<00:16:37.605>Um, <00:16:37.838>I <00:16:38.071>mean, <00:16:38.305>we <00:16:38.538>don't <00:16:38.771>believe <00:16:39.005>everything,

393
00:16:39.545 --> 00:16:41.105
<00:16:39.545>what <00:16:39.778>they <00:16:40.011>told <00:16:40.245>us <00:16:40.478>about <00:16:40.711>deep <00:16:40.944>seek,

394
00:16:41.105 --> 00:16:43.225
<00:16:41.105>but <00:16:41.305>uh, <00:16:41.505>still <00:16:41.705>it's, <00:16:41.905>it's <00:16:42.105>a <00:16:42.305>different <00:16:42.505>approach.

395
00:16:43.245 --> 00:16:45.465
<00:16:43.245>And <00:16:43.400>this <00:16:43.556>approach <00:16:43.711>can <00:16:43.867>be, <00:16:44.022>is, <00:16:44.178>is <00:16:44.333>much <00:16:44.489>more <00:16:44.645>efficient

396
00:16:45.465 --> 00:16:48.745
<00:16:45.465>and <00:16:45.592>it <00:16:45.719>shows <00:16:45.846>also <00:16:45.974>that <00:16:46.101>the <00:16:46.228>dominance <00:16:46.355>is <00:16:46.483>not <00:16:46.610>just <00:16:46.737>the <00:16:46.865>us

397
00:16:48.845 --> 00:16:49.865
<00:16:48.845>it <00:16:49.074>can <00:16:49.304>be <00:16:49.533>done <00:16:49.763>differently.

398
00:16:49.925 --> 00:16:51.505
<00:16:49.925>And <00:16:50.125>so <00:16:50.324>we <00:16:50.525>have <00:16:50.724>been <00:16:50.925>since <00:16:51.125>then, <00:16:51.324>very,

399
00:16:51.535 --> 00:16:53.825
<00:16:51.535>very <00:16:51.709>positive <00:16:51.885>basically <00:16:52.060>on, <00:16:52.235>on, <00:16:52.410>on, <00:16:52.584>on <00:16:52.760>the <00:16:52.935>fact,

400
00:16:54.115 --> 00:16:56.545
<00:16:54.115>especially <00:16:54.290>given <00:16:54.465>that <00:16:54.640>we <00:16:54.815>believe <00:16:54.990>the <00:16:55.165>foundation <00:16:55.340>models <00:16:55.515>will

401
00:16:56.545 --> 00:16:59.225
<00:16:56.545>become <00:16:56.824>commodities, <00:16:57.104>which <00:16:57.385>means <00:16:57.665>that, <00:16:57.944>um,

402
00:16:59.435 --> 00:17:02.585
<00:16:59.435>there <00:16:59.609>is <00:16:59.785>obviously <00:16:59.959>value <00:17:00.135>in <00:17:00.310>those <00:17:00.484>companies, <00:17:00.660>big <00:17:00.834>value.

403
00:17:02.685 --> 00:17:05.265
<00:17:02.685>And <00:17:02.859>they're <00:17:03.035>also <00:17:03.209>basically, <00:17:03.385>um, <00:17:03.560>we <00:17:03.734>are <00:17:03.910>tracking, <00:17:04.085>well,

404
00:17:05.365 --> 00:17:09.625
<00:17:05.365>if <00:17:05.481>you <00:17:05.598>look <00:17:05.714>for <00:17:05.831>the <00:17:05.948>metrics <00:17:06.065>of, <00:17:06.181>of, <00:17:06.298>um, <00:17:06.415>of, <00:17:06.531>uh, <00:17:06.648>open <00:17:06.765>ai,

405
00:17:09.655 --> 00:17:11.025
<00:17:09.655>they, <00:17:09.963>they <00:17:10.271>look <00:17:10.579>pretty <00:17:10.888>healthy.

406
00:17:11.615 --> 00:17:13.265
<00:17:11.615>It's <00:17:11.815>a <00:17:12.015>different <00:17:12.214>model. <00:17:12.415>And <00:17:12.615>there <00:17:12.815>will <00:17:13.015>be

407
00:17:13.265 --> 00:17:14.345
<00:17:13.265>not <00:17:13.459>too <00:17:13.653>many <00:17:13.848>of <00:17:14.042>those <00:17:14.237>models.

408
00:17:14.655 --> 00:17:16.865
<00:17:14.655>Like <00:17:14.795>today <00:17:14.935>we <00:17:15.075>have <00:17:15.214>browsers. <00:17:15.355>How <00:17:15.494>many <00:17:15.635>browsers <00:17:15.774>do <00:17:15.915>we <00:17:16.055>use?

409
00:17:16.865 --> 00:17:18.585
<00:17:16.865>Maybe <00:17:17.020>one <00:17:17.176>or <00:17:17.331>two, <00:17:17.487>but, <00:17:17.642>and, <00:17:17.798>and <00:17:17.953>this <00:17:18.109>is <00:17:18.265>it.

410
00:17:19.085 --> 00:17:21.585
<00:17:19.085>And <00:17:19.285>that's <00:17:19.485>the <00:17:19.685>market <00:17:19.885>that's <00:17:20.085>99% <00:17:20.285>market <00:17:20.485>share.

411
00:17:21.725 --> 00:17:24.345
<00:17:21.724>Um, <00:17:21.899>and <00:17:22.074>so <00:17:22.250>we <00:17:22.425>see <00:17:22.599>the <00:17:22.774>same <00:17:22.949>happening <00:17:23.125>there.

412
00:17:24.605 --> 00:17:27.425
<00:17:24.605>Um, <00:17:24.745>and <00:17:24.885>so <00:17:25.025>that's <00:17:25.165>why <00:17:25.305>we, <00:17:25.444>we <00:17:25.585>see <00:17:25.724>there's <00:17:25.865>a <00:17:26.005>big,

413
00:17:28.065 --> 00:17:29.545
<00:17:28.065>I <00:17:28.287>would <00:17:28.509>say <00:17:28.731>even <00:17:28.953>moment <00:17:29.175>for <00:17:29.397>Europe,

414
00:17:29.795 --> 00:17:32.225
<00:17:29.795>since <00:17:30.075>we <00:17:30.355>have <00:17:30.635>good <00:17:30.915>research <00:17:31.195>capabilities.

415
00:17:32.685 --> 00:17:35.345
<00:17:32.685>We <00:17:32.860>have, <00:17:33.034>uh, <00:17:33.210>AI <00:17:33.385>institutes <00:17:33.560>since <00:17:33.735>a <00:17:33.909>long <00:17:34.085>time

416
00:17:35.345 --> 00:17:36.585
<00:17:35.345>everywhere <00:17:35.903>across <00:17:36.461>Europe.

417
00:17:36.805 --> 00:17:37.825
<00:17:36.805>Um, <00:17:37.111>they're <00:17:37.417>pretty <00:17:37.723>good.

418
00:17:38.175 --> 00:17:40.505
<00:17:38.175>They <00:17:38.302>came <00:17:38.429>a <00:17:38.556>little <00:17:38.684>bit <00:17:38.811>or <00:17:38.938>originally <00:17:39.065>came <00:17:39.193>a <00:17:39.320>little <00:17:39.447>bit <00:17:39.575>out

419
00:17:40.505 --> 00:17:42.545
<00:17:40.505>of <00:17:40.645>the <00:17:40.785>old <00:17:40.925>world, <00:17:41.065>but <00:17:41.205>they're <00:17:41.345>around <00:17:41.485>since <00:17:41.625>a <00:17:41.765>long <00:17:41.905>time.

420
00:17:43.125 --> 00:17:44.545
<00:17:43.125>And <00:17:43.380>now <00:17:43.636>they <00:17:43.891>produce <00:17:44.147>great <00:17:44.403>stuff.

421
00:17:44.605 --> 00:17:46.265
<00:17:44.605>At <00:17:44.780>least <00:17:44.955>we <00:17:45.130>see <00:17:45.305>great <00:17:45.480>stuff <00:17:45.655>coming <00:17:45.830>out <00:17:46.005>there.

422
00:17:46.365 --> 00:17:48.425
<00:17:46.365>And, <00:17:46.540>uh, <00:17:46.715>so <00:17:46.890>that's <00:17:47.065>why <00:17:47.240>we <00:17:47.415>are <00:17:47.590>pretty <00:17:47.765>positive

423
00:17:48.425 --> 00:17:49.965
<00:17:48.425>about, <00:17:49.118>about <00:17:49.811>Europe.

424
00:17:50.185 --> 00:17:52.605
<00:17:50.185>Um, <00:17:50.385>China, <00:17:50.585>I <00:17:50.784>don't <00:17:50.985>know <00:17:51.185>to <00:17:51.385>be <00:17:51.585>honest,

425
00:17:52.605 --> 00:17:55.165
<00:17:52.605>because <00:17:52.885>it's <00:17:53.165>too <00:17:53.445>uncertain <00:17:53.725>what, <00:17:54.005>what

426
00:17:55.165 --> 00:17:58.005
<00:17:55.165>with <00:17:55.340>the <00:17:55.514>reg <00:17:55.690>regulatory <00:17:55.865>environment, <00:17:56.040>it's <00:17:56.215>hard <00:17:56.389>to <00:17:56.565>judge.

427
00:17:58.465 --> 00:17:59.525
<00:17:58.465>And <00:17:58.655>the <00:17:58.846>US <00:17:59.037>is <00:17:59.228>the <00:17:59.419>us.

428
00:17:59.625 --> 00:18:03.445
<00:17:59.625>Uh, <00:17:59.752>um, <00:17:59.879>I <00:18:00.006>think, <00:18:00.134>uh, <00:18:00.261>what <00:18:00.388>Europe <00:18:00.515>also <00:18:00.643>helps <00:18:00.770>is <00:18:00.897>this <00:18:01.025>tendency

429
00:18:03.445 --> 00:18:07.325
<00:18:03.445>to <00:18:03.600>become <00:18:03.756>this <00:18:03.911>sort <00:18:04.067>of <00:18:04.222>very <00:18:04.378>remedy <00:18:04.533>aspect <00:18:04.689>becomes <00:18:04.845>important.

430
00:18:07.545 --> 00:18:10.445
<00:18:07.545>Uh, <00:18:07.685>France <00:18:07.825>is <00:18:07.965>doing <00:18:08.105>a <00:18:08.245>great <00:18:08.385>job <00:18:08.525>basically <00:18:08.665>in <00:18:08.805>really <00:18:08.945>pushing

431
00:18:10.625 --> 00:18:11.725
<00:18:10.625>for, <00:18:11.120>for <00:18:11.615>ai.

432
00:18:11.785 --> 00:18:14.205
<00:18:11.785>Uh, <00:18:11.940>Germany <00:18:12.096>could <00:18:12.251>do <00:18:12.407>much <00:18:12.562>better <00:18:12.718>in <00:18:12.873>this <00:18:13.029>respect, <00:18:13.185>um,

433
00:18:14.665 --> 00:18:16.925
<00:18:14.665>but <00:18:14.820>at <00:18:14.976>least <00:18:15.131>we <00:18:15.287>have <00:18:15.442>some <00:18:15.598>in <00:18:15.753>Europe <00:18:15.909>pushing <00:18:16.065>for

434
00:18:16.925 --> 00:18:18.805
<00:18:16.925>that, <00:18:17.125>which <00:18:17.325>is, <00:18:17.524>which <00:18:17.725>is <00:18:17.925>good. <00:18:18.125>Thank <00:18:18.325>you.

435
00:18:19.475 --> 00:18:21.445
<00:18:19.475>Yeah, <00:18:19.675>maybe, <00:18:19.875>um, <00:18:20.074>what, <00:18:20.274>what <00:18:20.475>I <00:18:20.675>can <00:18:20.875>add,

436
00:18:21.785 --> 00:18:23.605
<00:18:21.785>I'm <00:18:22.018>also <00:18:22.251>pretty <00:18:22.485>enthusiastic <00:18:22.718>for, <00:18:22.951>for <00:18:23.185>Europe,

437
00:18:23.745 --> 00:18:28.005
<00:18:23.745>but <00:18:23.872>I <00:18:23.999>think <00:18:24.126>we <00:18:24.254>need <00:18:24.381>to <00:18:24.508>remember, <00:18:24.635>um, <00:18:24.763>also <00:18:24.890>that, <00:18:25.017>um, <00:18:25.145>we,

438
00:18:28.135 --> 00:18:30.925
<00:18:28.135>there <00:18:28.290>have <00:18:28.446>been <00:18:28.601>different <00:18:28.757>wave <00:18:28.912>of, <00:18:29.068>uh, <00:18:29.223>uh, <00:18:29.379>tech <00:18:29.535>innovation,

439
00:18:31.185 --> 00:18:33.365
<00:18:31.185>uh, <00:18:31.418>the, <00:18:31.651>the <00:18:31.885>first <00:18:32.118>being <00:18:32.351>internet <00:18:32.585>and,

440
00:18:33.385 --> 00:18:37.005
<00:18:33.385>and <00:18:33.560>European <00:18:33.735>gave <00:18:33.910>everything <00:18:34.085>to, <00:18:34.260>uh, <00:18:34.435>Google <00:18:34.610>and <00:18:34.785>Yahoo.

441
00:18:37.555 --> 00:18:39.165
<00:18:37.555>Then <00:18:37.905>there <00:18:38.255>was <00:18:38.605>cloud <00:18:38.955>and,

442
00:18:39.185 --> 00:18:41.445
<00:18:39.185>and <00:18:39.418>we <00:18:39.651>gave, <00:18:39.885>you <00:18:40.118>know, <00:18:40.351>everything, <00:18:40.585>uh,

443
00:18:41.445 --> 00:18:46.205
<00:18:41.445>to <00:18:41.585>the <00:18:41.725>US <00:18:41.865>infrastructure, <00:18:42.004>uh, <00:18:42.145>whether <00:18:42.284>it's, <00:18:42.425>uh, <00:18:42.564>uh, <00:18:42.705>AWS <00:18:42.845>uh,

444
00:18:46.565 --> 00:18:47.885
<00:18:46.565>Microsoft, <00:18:47.159>Google <00:18:47.753>again.

445
00:18:48.385 --> 00:18:50.765
<00:18:48.385>Um, <00:18:48.585>and <00:18:48.785>so <00:18:48.985>what <00:18:49.185>it <00:18:49.385>has <00:18:49.585>created <00:18:49.785>is

446
00:18:50.765 --> 00:18:54.205
<00:18:50.765>that <00:18:50.940>over <00:18:51.115>the <00:18:51.290>past <00:18:51.465>15 <00:18:51.640>years, <00:18:51.815>uh, <00:18:51.990>where <00:18:52.165>the,

447
00:18:54.465 --> 00:18:56.965
<00:18:54.465>the <00:18:54.620>stock <00:18:54.776>exchange, <00:18:54.931>like <00:18:55.087>the <00:18:55.242>sum <00:18:55.398>of, <00:18:55.553>uh, <00:18:55.709>the <00:18:55.865>valuation

448
00:18:56.965 --> 00:18:59.485
<00:18:56.965>of <00:18:57.165>the <00:18:57.365>stock <00:18:57.564>exchange, <00:18:57.764>uh, <00:18:57.965>in, <00:18:58.165>in <00:18:58.365>Europe

449
00:18:59.585 --> 00:19:03.205
<00:18:59.585>and <00:18:59.701>US <00:18:59.818>were <00:18:59.935>at <00:19:00.051>the <00:19:00.168>same <00:19:00.285>level, <00:19:00.401>uh, <00:19:00.518>over <00:19:00.635>the <00:19:00.751>past <00:19:00.868>15 <00:19:00.985>years,

450
00:19:03.345 --> 00:19:06.285
<00:19:03.345>US <00:19:03.520>has <00:19:03.695>completely <00:19:03.870>outpaced <00:19:04.045>Europe <00:19:04.220>by <00:19:04.395>roughly <00:19:04.570>a <00:19:04.745>third,

451
00:19:06.385 --> 00:19:07.725
<00:19:06.385>uh, <00:19:06.686>becoming <00:19:06.988>a <00:19:07.289>third <00:19:07.591>bigger.

452
00:19:08.345 --> 00:19:09.365
<00:19:08.345>Um, <00:19:09.263>and,

453
00:19:09.545 --> 00:19:14.445
<00:19:09.545>and <00:19:09.685>this <00:19:09.825>is <00:19:09.965>mainly <00:19:10.105>related <00:19:10.245>to, <00:19:10.385>uh, <00:19:10.525>the <00:19:10.665>tech <00:19:10.805>giant, <00:19:10.945>um,

454
00:19:14.825 --> 00:19:19.165
<00:19:14.825>uh, <00:19:14.980>actually <00:19:15.136>getting <00:19:15.291>so <00:19:15.447>much, <00:19:15.602>uh, <00:19:15.758>dollar <00:19:15.913>money <00:19:16.069>from <00:19:16.225>Europe

455
00:19:19.315 --> 00:19:22.005
<00:19:19.315>because <00:19:19.490>we're <00:19:19.665>their <00:19:19.840>biggest, <00:19:20.015>one <00:19:20.190>of <00:19:20.365>their <00:19:20.540>biggest <00:19:20.715>market,

456
00:19:22.265 --> 00:19:23.685
<00:19:22.265>um, <00:19:22.691>in <00:19:23.117>the <00:19:23.543>world.

457
00:19:23.905 --> 00:19:27.205
<00:19:23.905>And <00:19:24.032>so <00:19:24.159>I <00:19:24.286>think <00:19:24.414>it's <00:19:24.541>very <00:19:24.668>important <00:19:24.795>with <00:19:24.923>this <00:19:25.050>new <00:19:25.177>wave, <00:19:25.305>uh,

458
00:19:27.205 --> 00:19:28.925
<00:19:27.205>to <00:19:27.485>have, <00:19:27.764>uh, <00:19:28.044>a <00:19:28.324>sovereignty <00:19:28.605>aspect.

459
00:19:28.925 --> 00:19:30.405
<00:19:28.925>Yeah. <00:19:29.258>You <00:19:29.591>mentioned <00:19:29.924>the, <00:19:30.257>the,

460
00:19:30.655 --> 00:19:33.445
<00:19:30.655>there <00:19:30.830>are <00:19:31.004>some <00:19:31.180>initiatives <00:19:31.355>across <00:19:31.530>Europe, <00:19:31.705>indeed, <00:19:31.879>in <00:19:32.055>France,

461
00:19:33.475 --> 00:19:36.285
<00:19:33.475>they, <00:19:33.630>there <00:19:33.786>are <00:19:33.941>like <00:19:34.097>some <00:19:34.252>initiative <00:19:34.408>with <00:19:34.563>Misra <00:19:34.719>and, <00:19:34.875>and,

462
00:19:36.285 --> 00:19:39.045
<00:19:36.285>and, <00:19:36.518>and <00:19:36.751>putting <00:19:36.985>down, <00:19:37.218>uh, <00:19:37.451>GPU <00:19:37.685>infrastructure

463
00:19:39.045 --> 00:19:41.085
<00:19:39.045>because <00:19:39.278>it's <00:19:39.511>very <00:19:39.745>important <00:19:39.978>to <00:19:40.211>train <00:19:40.445>model.

464
00:19:41.705 --> 00:19:44.525
<00:19:41.705>Um, <00:19:41.879>and <00:19:42.054>so <00:19:42.230>I, <00:19:42.405>I <00:19:42.580>would <00:19:42.754>say <00:19:42.929>that, <00:19:43.105>um,

465
00:19:44.715 --> 00:19:47.405
<00:19:44.715>it's <00:19:44.915>important <00:19:45.115>politics <00:19:45.314>also <00:19:45.514>will <00:19:45.715>be <00:19:45.915>important <00:19:46.115>here.

466
00:19:47.465 --> 00:19:51.485
<00:19:47.465>If <00:19:47.592>we <00:19:47.719>can <00:19:47.846>have, <00:19:47.974>uh, <00:19:48.101>make <00:19:48.228>sure <00:19:48.355>that, <00:19:48.483>uh, <00:19:48.610>we <00:19:48.737>have <00:19:48.865>one

467
00:19:51.505 --> 00:19:55.925
<00:19:51.505>or <00:19:51.705>a <00:19:51.905>few <00:19:52.105>actually, <00:19:52.305>um, <00:19:52.505>platform, <00:19:52.705>uh, <00:19:52.905>with,

468
00:19:56.985 --> 00:19:58.405
<00:19:56.985>um, <00:19:57.304>the <00:19:57.624>four <00:19:57.943>national <00:19:58.263>model

469
00:19:58.785 --> 00:20:02.725
<00:19:58.785>and <00:19:58.940>also <00:19:59.096>the <00:19:59.251>cloud, <00:19:59.407>European <00:19:59.562>cloud, <00:19:59.718>uh, <00:19:59.873>on <00:20:00.029>which, <00:20:00.185>uh,

470
00:20:03.185 --> 00:20:06.885
<00:20:03.185>you <00:20:03.360>developer <00:20:03.534>can <00:20:03.710>build, <00:20:03.885>uh, <00:20:04.060>application, <00:20:04.235>uh, <00:20:04.409>I <00:20:04.585>think

471
00:20:06.885 --> 00:20:09.525
<00:20:06.885>that <00:20:07.012>would <00:20:07.139>be, <00:20:07.266>uh, <00:20:07.394>important <00:20:07.521>in <00:20:07.648>the <00:20:07.775>future <00:20:07.903>if <00:20:08.030>you <00:20:08.157>don't <00:20:08.285>want

472
00:20:09.525 --> 00:20:12.245
<00:20:09.525>to, <00:20:09.700>to, <00:20:09.875>to <00:20:10.050>increase, <00:20:10.225>uh, <00:20:10.400>the <00:20:10.575>gap <00:20:10.750>too <00:20:10.925>much.

473
00:20:12.975 --> 00:20:15.325
<00:20:12.975>Thank <00:20:13.175>you. <00:20:13.375>I'm, <00:20:13.574>I'm <00:20:13.774>probably <00:20:13.975>somewhere <00:20:14.175>in, <00:20:14.375>in,

474
00:20:15.425 --> 00:20:17.565
<00:20:15.425>in <00:20:15.658>the <00:20:15.891>middle, <00:20:16.125>um, <00:20:16.358>between <00:20:16.591>you <00:20:16.825>both.

475
00:20:17.585 --> 00:20:20.085
<00:20:17.585>So <00:20:17.760>I <00:20:17.935>fully <00:20:18.110>agree <00:20:18.285>and, <00:20:18.460>and <00:20:18.635>see <00:20:18.810>the <00:20:18.985>argument.

476
00:20:20.185 --> 00:20:21.485
<00:20:20.185>I'm <00:20:20.477>super <00:20:20.770>enthusiastic <00:20:21.062>about <00:20:21.355>Europe.

477
00:20:21.685 --> 00:20:24.045
<00:20:21.685>I <00:20:21.812>also <00:20:21.939>see <00:20:22.066>that <00:20:22.194>we <00:20:22.321>need <00:20:22.448>a <00:20:22.575>level <00:20:22.703>of <00:20:22.830>European <00:20:22.957>sovereignty <00:20:23.085>too,

478
00:20:24.385 --> 00:20:25.845
<00:20:24.385>but <00:20:24.604>I <00:20:24.823>also <00:20:25.042>see <00:20:25.261>the <00:20:25.480>level <00:20:25.699>that

479
00:20:26.685 --> 00:20:29.685
<00:20:26.685>I <00:20:26.801>don't <00:20:26.918>think <00:20:27.034>the <00:20:27.151>battle <00:20:27.268>in <00:20:27.385>AI <00:20:27.501>is <00:20:27.618>about <00:20:27.735>out <00:20:27.851>funding <00:20:27.968>open <00:20:28.085>ai,

480
00:20:30.105 --> 00:20:32.765
<00:20:30.105>um, <00:20:30.338>or, <00:20:30.571>or <00:20:30.805>having <00:20:31.038>more <00:20:31.271>capital <00:20:31.505>available.

481
00:20:32.825 --> 00:20:34.125
<00:20:32.825>And, <00:20:32.992>and <00:20:33.159>I <00:20:33.326>don't <00:20:33.493>think <00:20:33.660>that's <00:20:33.827>what <00:20:33.995>Europe

482
00:20:34.225 --> 00:20:36.725
<00:20:34.225>or <00:20:34.365>we <00:20:34.504>should <00:20:34.645>focus <00:20:34.784>on <00:20:34.925>as <00:20:35.064>a, <00:20:35.205>as <00:20:35.344>as <00:20:35.485>a <00:20:35.625>society.

483
00:20:36.785 --> 00:20:38.325
<00:20:36.785>But <00:20:37.016>what <00:20:37.247>is <00:20:37.478>also <00:20:37.709>really <00:20:37.940>important <00:20:38.171>is

484
00:20:38.325 --> 00:20:41.045
<00:20:38.325>to <00:20:38.465>put <00:20:38.605>guardrails <00:20:38.745>in <00:20:38.885>place <00:20:39.025>to <00:20:39.165>be <00:20:39.305>able <00:20:39.445>to <00:20:39.585>have <00:20:39.725>continuous

485
00:20:41.105 --> 00:20:44.165
<00:20:41.105>and <00:20:41.305>safe <00:20:41.505>and <00:20:41.705>ethical <00:20:41.905>access <00:20:42.105>to <00:20:42.305>AI <00:20:42.505>globally

486
00:20:44.225 --> 00:20:47.500
<00:20:44.225>and <00:20:44.425>think <00:20:44.625>about <00:20:44.824>more <00:20:45.024>structured <00:20:45.225>partnerships <00:20:45.425>between <00:20:45.625>Europe

487
00:20:47.665 --> 00:20:50.405
<00:20:47.665>and <00:20:47.840>us <00:20:48.014>to, <00:20:48.190>to <00:20:48.365>safeguard <00:20:48.540>and <00:20:48.715>secure <00:20:48.889>that <00:20:49.065>access.

488
00:20:50.715 --> 00:20:52.565
<00:20:50.715>What <00:20:50.948>is, <00:20:51.181>what <00:20:51.415>is <00:20:51.648>undeniably <00:20:51.881>true <00:20:52.115>is

489
00:20:52.565 --> 00:20:53.965
<00:20:52.565>that <00:20:52.817>Europe <00:20:53.069>has <00:20:53.321>been <00:20:53.572>massively <00:20:53.824>active

490
00:20:53.965 --> 00:20:55.045
<00:20:53.965>in <00:20:54.289>the <00:20:54.613>application <00:20:54.937>layer.

491
00:20:55.185 --> 00:20:58.085
<00:20:55.185>And <00:20:55.325>so <00:20:55.465>my <00:20:55.605>hunch <00:20:55.745>would <00:20:55.885>be <00:20:56.024>that <00:20:56.165>a <00:20:56.304>lot <00:20:56.445>of <00:20:56.585>customers

492
00:20:58.105 --> 00:21:00.085
<00:20:58.105>of <00:20:58.280>this <00:20:58.455>foundation <00:20:58.630>bubbles <00:20:58.805>are <00:20:58.980>actually <00:20:59.155>sitting <00:20:59.330>in <00:20:59.505>Europe.

493
00:21:00.185 --> 00:21:02.045
<00:21:00.185>So <00:21:00.360>hopefully <00:21:00.534>that <00:21:00.710>should <00:21:00.885>help <00:21:01.060>negotiate <00:21:01.235>down <00:21:01.409>the <00:21:01.585>line.

494
00:21:02.575 --> 00:21:05.645
<00:21:02.575>Thank <00:21:02.730>you. <00:21:02.886>Maybe <00:21:03.041>looking <00:21:03.197>at <00:21:03.352>talent <00:21:03.508>for <00:21:03.663>a <00:21:03.819>little <00:21:03.975>bit,

495
00:21:05.665 --> 00:21:07.685
<00:21:05.665>and <00:21:05.898>we've <00:21:06.131>all <00:21:06.365>read <00:21:06.598>the, <00:21:06.831>the <00:21:07.065>stories

496
00:21:07.785 --> 00:21:11.085
<00:21:07.785>and <00:21:07.940>heard <00:21:08.096>about <00:21:08.251>the, <00:21:08.407>uh, <00:21:08.562>the <00:21:08.718>crazy <00:21:08.873>numbers <00:21:09.029>being <00:21:09.185>flown

497
00:21:11.085 --> 00:21:12.845
<00:21:11.085>around <00:21:11.365>and <00:21:11.645>Oma <00:21:11.925>you <00:21:12.205>mentioned, <00:21:12.485>um,

498
00:21:12.905 --> 00:21:14.685
<00:21:12.905>an <00:21:13.254>very <00:21:13.605>interesting <00:21:13.955>situation <00:21:14.305>earlier

499
00:21:14.685 --> 00:21:16.925
<00:21:14.685>and <00:21:14.840>with <00:21:14.996>one <00:21:15.151>of <00:21:15.307>your <00:21:15.462>portfolio <00:21:15.618>companies, <00:21:15.773>how <00:21:15.929>can <00:21:16.085>you,

500
00:21:17.025 --> 00:21:18.045
<00:21:17.025>how <00:21:17.254>can <00:21:17.484>you <00:21:17.713>retain <00:21:17.943>talent?

501
00:21:18.355 --> 00:21:20.125
<00:21:18.355>What, <00:21:18.495>what <00:21:18.635>do <00:21:18.775>you <00:21:18.915>need <00:21:19.055>to <00:21:19.195>do <00:21:19.335>to <00:21:19.475>keep <00:21:19.615>the <00:21:19.755>really

502
00:21:20.125 --> 00:21:21.565
<00:21:20.125>good <00:21:20.773>AI <00:21:21.421>engineers?

503
00:21:22.865 --> 00:21:23.765
<00:21:22.865>Do <00:21:23.000>you <00:21:23.135>wanna <00:21:23.270>start <00:21:23.405>with <00:21:23.540>that <00:21:23.675>because

504
00:21:23.845 --> 00:21:24.645
<00:21:23.845>it <00:21:24.025>was <00:21:24.205>such <00:21:24.385>an <00:21:24.565>interesting

505
00:21:24.645 --> 00:21:25.645
<00:21:24.645>Story? <00:21:24.773>Yeah, <00:21:24.902>yeah. <00:21:25.030>I'll, <00:21:25.159>I'll <00:21:25.287>give <00:21:25.416>you <00:21:25.545>the

506
00:21:25.645 --> 00:21:25.885
story.

507
00:21:25.905 --> 00:21:27.725
<00:21:25.905>So <00:21:26.105>it, <00:21:26.305>it's <00:21:26.504>not <00:21:26.705>yet <00:21:26.905>a <00:21:27.105>portfolio <00:21:27.305>company,

508
00:21:27.745 --> 00:21:29.765
<00:21:27.745>but <00:21:27.919>it <00:21:28.094>was <00:21:28.270>a <00:21:28.445>company <00:21:28.620>that <00:21:28.794>our <00:21:28.969>venture <00:21:29.145>team,

509
00:21:30.185 --> 00:21:31.565
<00:21:30.185>uh, <00:21:30.495>wa <00:21:30.806>was <00:21:31.116>talking <00:21:31.427>to.

510
00:21:31.585 --> 00:21:34.085
<00:21:31.585>And <00:21:31.818>during <00:21:32.051>the <00:21:32.285>process, <00:21:32.518>the <00:21:32.751>founder, <00:21:32.985>uh,

511
00:21:34.145 --> 00:21:37.045
<00:21:34.145>got <00:21:34.285>an <00:21:34.425>offer <00:21:34.565>at <00:21:34.705>6 <00:21:34.845>million <00:21:34.985>for, <00:21:35.125>uh, <00:21:35.264>you <00:21:35.405>know, <00:21:35.545>uh,

512
00:21:37.555 --> 00:21:41.845
<00:21:37.555>from <00:21:37.695>a <00:21:37.835>Facebook, <00:21:37.975>um, <00:21:38.115>with <00:21:38.255>a <00:21:38.395>$6 <00:21:38.535>million, <00:21:38.675>uh, <00:21:38.815>annual <00:21:38.955>salary.

513
00:21:42.345 --> 00:21:44.725
<00:21:42.345>And, <00:21:42.520>and <00:21:42.695>the <00:21:42.870>founder <00:21:43.045>actually <00:21:43.220>say, <00:21:43.395>no, <00:21:43.570>I <00:21:43.745>wanna,

514
00:21:44.845 --> 00:21:47.245
<00:21:44.845>I <00:21:45.045>wanna <00:21:45.245>stay, <00:21:45.445>uh, <00:21:45.645>uh, <00:21:45.845>doing <00:21:46.045>my <00:21:46.245>business

515
00:21:47.245 --> 00:21:50.125
<00:21:47.245>because <00:21:47.385>I <00:21:47.524>think <00:21:47.665>I <00:21:47.804>can, <00:21:47.945>you <00:21:48.084>know, <00:21:48.225>uh, <00:21:48.364>1,000 <00:21:48.504>x <00:21:48.645>that.

516
00:21:50.225 --> 00:21:52.485
<00:21:50.225>So <00:21:50.425>it's <00:21:50.625>good. <00:21:50.824>It, <00:21:51.024>it <00:21:51.225>was <00:21:51.425>very <00:21:51.625>ambitious,

517
00:21:52.585 --> 00:21:54.005
<00:21:52.585>but <00:21:52.798>I <00:21:53.011>think <00:21:53.224>it's, <00:21:53.437>it's <00:21:53.650>gonna <00:21:53.863>come

518
00:21:54.005 --> 00:21:55.445
<00:21:54.005>indeed <00:21:54.329>more, <00:21:54.653>more <00:21:54.977>and <00:21:55.301>more.

519
00:21:55.785 --> 00:21:58.765
<00:21:55.785>So <00:21:55.912>what <00:21:56.039>can <00:21:56.166>we <00:21:56.294>do? <00:21:56.421>Uh, <00:21:56.548>I <00:21:56.675>think, <00:21:56.803>uh, <00:21:56.930>couple <00:21:57.057>of <00:21:57.185>things.

520
00:21:59.115 --> 00:22:01.645
<00:21:59.115>It's <00:21:59.395>important <00:21:59.675>to, <00:21:59.955>uh, <00:22:00.235>make <00:22:00.515>sure

521
00:22:01.645 --> 00:22:04.885
<00:22:01.645>that <00:22:01.820>Europe <00:22:01.995>is <00:22:02.170>an <00:22:02.345>attractive, <00:22:02.520>uh, <00:22:02.695>place <00:22:02.870>to <00:22:03.045>innovate

522
00:22:04.885 --> 00:22:08.085
<00:22:04.885>because, <00:22:05.012>you <00:22:05.139>know, <00:22:05.266>we <00:22:05.394>have <00:22:05.521>a <00:22:05.648>lot <00:22:05.775>of <00:22:05.903>those <00:22:06.030>very <00:22:06.157>talented, <00:22:06.285>uh,

523
00:22:08.325 --> 00:22:11.965
<00:22:08.325>European <00:22:08.452>AI <00:22:08.579>general <00:22:08.706>engineer <00:22:08.834>in <00:22:08.961>the <00:22:09.088>US <00:22:09.215>in <00:22:09.343>the <00:22:09.470>big <00:22:09.597>AI <00:22:09.725>labs.

524
00:22:12.105 --> 00:22:13.965
<00:22:12.105>Uh, <00:22:12.280>if <00:22:12.455>you <00:22:12.630>look <00:22:12.805>at <00:22:12.980>the, <00:22:13.155>the <00:22:13.330>top, <00:22:13.505>uh,

525
00:22:14.205 --> 00:22:15.765
<00:22:14.205>researcher, <00:22:14.554>a <00:22:14.905>lot <00:22:15.254>are <00:22:15.605>European.

526
00:22:15.905 --> 00:22:17.445
<00:22:15.905>So, <00:22:16.182>and <00:22:16.459>often <00:22:16.736>when <00:22:17.013>they <00:22:17.291>come

527
00:22:17.445 --> 00:22:19.805
<00:22:17.445>and <00:22:17.572>they <00:22:17.699>want <00:22:17.826>to <00:22:17.954>build, <00:22:18.081>they're <00:22:18.208>happy <00:22:18.335>to, <00:22:18.463>to <00:22:18.590>come <00:22:18.717>back <00:22:18.845>home,

528
00:22:20.145 --> 00:22:22.445
<00:22:20.145>but <00:22:20.300>for <00:22:20.456>that, <00:22:20.611>it <00:22:20.767>needs <00:22:20.922>to <00:22:21.078>be <00:22:21.233>easy <00:22:21.389>for <00:22:21.545>them

529
00:22:22.465 --> 00:22:25.645
<00:22:22.465>to <00:22:22.665>set <00:22:22.865>up <00:22:23.064>a <00:22:23.264>company, <00:22:23.465>recruit <00:22:23.665>people, <00:22:23.865>uh,

530
00:22:25.865 --> 00:22:29.485
<00:22:25.865>and <00:22:26.005>also <00:22:26.145>to <00:22:26.285>be <00:22:26.425>fair, <00:22:26.565>uh, <00:22:26.705>exit, <00:22:26.845>uh, <00:22:26.985>not <00:22:27.125>having <00:22:27.265>too,

531
00:22:29.485 --> 00:22:31.205
<00:22:29.485>too <00:22:29.685>many <00:22:29.885>tax <00:22:30.084>and, <00:22:30.284>and <00:22:30.485>too <00:22:30.685>many <00:22:30.885>hurdles.

532
00:22:31.265 --> 00:22:34.485
<00:22:31.265>So <00:22:31.420>this <00:22:31.576>is <00:22:31.731>what, <00:22:31.887>uh, <00:22:32.042>um, <00:22:32.198>public <00:22:32.353>policy <00:22:32.509>can <00:22:32.665>do.

533
00:22:34.865 --> 00:22:37.365
<00:22:34.865>Uh, <00:22:35.065>I <00:22:35.265>had <00:22:35.465>another <00:22:35.665>anecdote <00:22:35.865>is <00:22:36.065>that, <00:22:36.265>uh,

534
00:22:37.825 --> 00:22:39.325
<00:22:37.825>I'm <00:22:38.095>right <00:22:38.365>now <00:22:38.635>investing <00:22:38.905>in <00:22:39.175>Germany

535
00:22:39.585 --> 00:22:42.285
<00:22:39.585>and, <00:22:39.760>uh, <00:22:39.935>had <00:22:40.110>to <00:22:40.285>sign, <00:22:40.460>uh, <00:22:40.635>a <00:22:40.810>paper <00:22:40.985>to,

536
00:22:42.285 --> 00:22:44.205
<00:22:42.285>to <00:22:42.635>the <00:22:42.985>notary, <00:22:43.335>uh, <00:22:43.685>physically.

537
00:22:44.425 --> 00:22:47.925
<00:22:44.425>Uh, <00:22:44.541>and <00:22:44.658>you <00:22:44.774>know, <00:22:44.891>this <00:22:45.008>is <00:22:45.125>the <00:22:45.241>kind <00:22:45.358>of <00:22:45.475>stuff <00:22:45.591>that <00:22:45.708>maybe, <00:22:45.825>uh,

538
00:22:47.945 --> 00:22:49.485
<00:22:47.945>we <00:22:48.176>can <00:22:48.407>make <00:22:48.638>a <00:22:48.869>bit, <00:22:49.100>uh, <00:22:49.331>smoother.

539
00:22:49.985 --> 00:22:52.485
<00:22:49.985>Um, <00:22:50.218>so <00:22:50.451>that, <00:22:50.685>uh, <00:22:50.918>those <00:22:51.151>very <00:22:51.385>bright

540
00:22:52.485 --> 00:22:54.925
<00:22:52.485>and <00:22:52.764>talented <00:22:53.044>ai, <00:22:53.324>uh, <00:22:53.604>uh, <00:22:53.885>engineer

541
00:22:54.925 --> 00:22:56.925
<00:22:54.925>and <00:22:55.205>leaders <00:22:55.485>can, <00:22:55.764>can <00:22:56.044>fill <00:22:56.325>the,

542
00:22:56.965 --> 00:22:58.005
<00:22:56.965>they <00:22:57.120>are <00:22:57.277>here <00:22:57.433>in <00:22:57.589>a <00:22:57.745>safe <00:22:57.901>place.

543
00:22:58.025 --> 00:23:01.325
<00:22:58.025>And <00:22:58.180>the <00:22:58.336>last <00:22:58.491>element <00:22:58.647>is, <00:22:58.802>uh, <00:22:58.958>getting <00:22:59.113>access <00:22:59.269>to <00:22:59.425>capital.

544
00:23:01.505 --> 00:23:04.485
<00:23:01.505>And <00:23:01.621>this <00:23:01.738>is <00:23:01.855>where <00:23:01.971>we, <00:23:02.088>we <00:23:02.205>all <00:23:02.321>play, <00:23:02.438>play <00:23:02.555>our <00:23:02.671>role <00:23:02.788>here, <00:23:02.905>uh,

545
00:23:04.665 --> 00:23:07.845
<00:23:04.665>in <00:23:04.805>this <00:23:04.945>panel, <00:23:05.085>um, <00:23:05.225>to, <00:23:05.365>to <00:23:05.504>make <00:23:05.645>sure <00:23:05.784>we <00:23:05.925>can, <00:23:06.065>uh,

546
00:23:07.845 --> 00:23:08.845
<00:23:07.845>bring <00:23:08.145>them <00:23:08.445>also <00:23:08.745>capital

547
00:23:08.945 --> 00:23:11.805
<00:23:08.945>and <00:23:09.120>value <00:23:09.294>add <00:23:09.470>to, <00:23:09.645>to, <00:23:09.820>to <00:23:09.995>create, <00:23:10.169>uh, <00:23:10.345>um,

548
00:23:12.785 --> 00:23:14.365
<00:23:12.785>to <00:23:13.065>create <00:23:13.345>category <00:23:13.625>leaders <00:23:13.905>from <00:23:14.185>Europe.

549
00:23:14.465 --> 00:23:18.525
<00:23:14.465>But <00:23:14.592>I <00:23:14.719>think <00:23:14.846>it <00:23:14.974>has <00:23:15.101>never <00:23:15.228>been, <00:23:15.355>uh, <00:23:15.483>a <00:23:15.610>best <00:23:15.737>moment <00:23:15.865>actually

550
00:23:18.665 --> 00:23:20.925
<00:23:18.665>to <00:23:18.898>launch <00:23:19.131>a <00:23:19.365>business, <00:23:19.598>uh, <00:23:19.831>in <00:23:20.065>Europe.

551
00:23:22.545 --> 00:23:23.805
<00:23:22.545>Any <00:23:23.112>comment? <00:23:23.679>Yeah,

552
00:23:23.855 --> 00:23:24.885
<00:23:23.855>Maybe, <00:23:24.164>maybe <00:23:24.473>to <00:23:24.782>add.

553
00:23:24.885 --> 00:23:28.205
<00:23:24.885>So, <00:23:25.040>um, <00:23:25.196>I <00:23:25.351>think <00:23:25.507>the <00:23:25.662>simple <00:23:25.818>formula, <00:23:25.973>um, <00:23:26.129>applies, <00:23:26.285>um,

554
00:23:28.205 --> 00:23:30.085
<00:23:28.205>great <00:23:28.485>talent, <00:23:28.764>it <00:23:29.044>attracts <00:23:29.324>great <00:23:29.605>talent,

555
00:23:30.505 --> 00:23:31.645
<00:23:30.505>so <00:23:30.761>that's <00:23:31.018>just <00:23:31.274>a <00:23:31.531>fact.

556
00:23:31.785 --> 00:23:34.925
<00:23:31.785>So <00:23:31.925>if <00:23:32.065>we <00:23:32.205>invest <00:23:32.345>in <00:23:32.485>great <00:23:32.625>talent, <00:23:32.765>the <00:23:32.905>likelihood <00:23:33.045>is <00:23:33.185>high

557
00:23:34.925 --> 00:23:37.325
<00:23:34.925>that <00:23:35.125>they <00:23:35.325>will <00:23:35.524>also <00:23:35.725>attract, <00:23:35.925>uh, <00:23:36.125>good <00:23:36.325>talent.

558
00:23:37.905 --> 00:23:39.765
<00:23:37.905>And <00:23:38.045>if <00:23:38.185>you're <00:23:38.325>an <00:23:38.465>expert <00:23:38.605>or <00:23:38.745>you <00:23:38.885>have <00:23:39.024>an <00:23:39.165>expert <00:23:39.305>team,

559
00:23:39.765 --> 00:23:41.285
<00:23:39.765>you're <00:23:40.107>really <00:23:40.449>leading <00:23:40.791>in <00:23:41.133>something.

560
00:23:41.505 --> 00:23:44.085
<00:23:41.505>We <00:23:41.660>have <00:23:41.816>a <00:23:41.971>couple <00:23:42.127>of <00:23:42.282>companies <00:23:42.438>in <00:23:42.593>our <00:23:42.749>portfolio, <00:23:42.905>they,

561
00:23:44.115 --> 00:23:47.165
<00:23:44.115>they <00:23:44.290>just <00:23:44.465>attracted <00:23:44.640>the <00:23:44.815>best <00:23:44.990>talents <00:23:45.165>globally, <00:23:45.340>basically <00:23:45.515>for

562
00:23:47.165 --> 00:23:49.565
<00:23:47.165>what <00:23:47.398>they <00:23:47.631>do <00:23:47.865>and <00:23:48.098>for <00:23:48.331>no <00:23:48.565>money.

563
00:23:49.795 --> 00:23:52.605
<00:23:49.795>Like, <00:23:49.995>like <00:23:50.195>you <00:23:50.395>described, <00:23:50.595>for <00:23:50.795>the <00:23:50.995>6 <00:23:51.195>million,

564
00:23:52.605 --> 00:23:54.285
<00:23:52.605>they <00:23:52.838>would <00:23:53.071>leave <00:23:53.305>or <00:23:53.538>would <00:23:53.771>go <00:23:54.005>away

565
00:23:54.885 --> 00:23:56.605
<00:23:54.885>'cause <00:23:55.118>they're <00:23:55.351>so <00:23:55.585>convinced <00:23:55.818>about <00:23:56.051>what <00:23:56.285>they,

566
00:23:56.605 --> 00:23:59.365
<00:23:56.605>what <00:23:56.745>they <00:23:56.885>build, <00:23:57.025>and <00:23:57.165>they <00:23:57.305>like <00:23:57.445>to <00:23:57.585>be <00:23:57.725>surrounded <00:23:57.865>with <00:23:58.005>a,

567
00:23:59.365 --> 00:24:01.245
<00:23:59.365>with <00:23:59.540>a, <00:23:59.715>with <00:23:59.890>the <00:24:00.065>same <00:24:00.240>type <00:24:00.415>of <00:24:00.590>top <00:24:00.765>talent,

568
00:24:01.585 --> 00:24:03.085
<00:24:01.585>deeply <00:24:02.035>routed <00:24:02.485>into <00:24:02.935>something.

569
00:24:03.665 --> 00:24:05.525
<00:24:03.665>And <00:24:03.840>it's <00:24:04.014>also <00:24:04.190>obviously <00:24:04.365>a <00:24:04.540>lot <00:24:04.715>about <00:24:04.889>the <00:24:05.065>vision.

570
00:24:05.665 --> 00:24:06.925
<00:24:05.665>So <00:24:05.854>whenever <00:24:06.043>you <00:24:06.232>have <00:24:06.421>a <00:24:06.610>great <00:24:06.799>vision

571
00:24:06.985 --> 00:24:09.445
<00:24:06.985>and <00:24:07.159>you <00:24:07.334>really <00:24:07.510>want <00:24:07.685>to <00:24:07.860>disrupt <00:24:08.034>something, <00:24:08.209>change <00:24:08.385>something,

572
00:24:09.605 --> 00:24:11.405
<00:24:09.605>I <00:24:09.838>think <00:24:10.071>that <00:24:10.305>can <00:24:10.538>really <00:24:10.771>unite <00:24:11.005>people.

573
00:24:11.465 --> 00:24:15.205
<00:24:11.465>And <00:24:11.592>I <00:24:11.719>think <00:24:11.846>most <00:24:11.974>of <00:24:12.101>the, <00:24:12.228>of <00:24:12.355>the <00:24:12.483>people <00:24:12.610>we <00:24:12.737>invest <00:24:12.865>into,

574
00:24:15.205 --> 00:24:17.925
<00:24:15.205>they're <00:24:15.485>not <00:24:15.764>basically <00:24:16.044>off <00:24:16.324>for, <00:24:16.605>out

575
00:24:17.925 --> 00:24:19.085
<00:24:17.925>for <00:24:18.186>short <00:24:18.447>term <00:24:18.708>making <00:24:18.969>money.

576
00:24:19.715 --> 00:24:22.405
<00:24:19.715>It's <00:24:19.889>really <00:24:20.064>about <00:24:20.240>the <00:24:20.415>big <00:24:20.590>vision. <00:24:20.764>They're, <00:24:20.939>they're <00:24:21.115>after.

577
00:24:24.295 --> 00:24:25.985
<00:24:24.295>Yeah, <00:24:24.495>it's, <00:24:24.695>it's, <00:24:24.895>it's <00:24:25.095>been <00:24:25.295>said, <00:24:25.495>I, <00:24:25.695>i,

578
00:24:26.025 --> 00:24:27.385
<00:24:26.025>I <00:24:26.199>can <00:24:26.374>just <00:24:26.549>sum <00:24:26.724>this <00:24:26.899>up <00:24:27.074>as <00:24:27.249>saying

579
00:24:27.385 --> 00:24:28.945
<00:24:27.385>that <00:24:27.585>it's <00:24:27.785>the <00:24:27.985>age <00:24:28.185>old <00:24:28.385>question <00:24:28.585>of <00:24:28.785>how

580
00:24:28.945 --> 00:24:30.225
<00:24:28.945>to <00:24:29.175>build <00:24:29.405>a <00:24:29.636>strong <00:24:29.866>company <00:24:30.097>culture

581
00:24:30.225 --> 00:24:31.705
<00:24:30.225>that <00:24:30.491>you're <00:24:30.757>retaining <00:24:31.024>talent <00:24:31.290>in <00:24:31.557>general.

582
00:24:31.865 --> 00:24:34.465
<00:24:31.865>I <00:24:32.005>think <00:24:32.145>this <00:24:32.285>is <00:24:32.425>no <00:24:32.565>different <00:24:32.705>as <00:24:32.845>in <00:24:32.985>a <00:24:33.125>talent <00:24:33.265>board

583
00:24:34.465 --> 00:24:36.025
<00:24:34.465>that <00:24:34.605>we <00:24:34.745>may <00:24:34.885>have <00:24:35.024>had <00:24:35.165>a <00:24:35.304>couple <00:24:35.445>of <00:24:35.584>years <00:24:35.725>ago, <00:24:35.865>just

584
00:24:36.025 --> 00:24:38.705
<00:24:36.025>that <00:24:36.180>now <00:24:36.336>there <00:24:36.491>is <00:24:36.647>a <00:24:36.802>added <00:24:36.958>speed <00:24:37.113>element <00:24:37.269>to <00:24:37.425>it.

585
00:24:38.705 --> 00:24:39.785
<00:24:38.705>Of <00:24:38.867>course, <00:24:39.029>you <00:24:39.191>want <00:24:39.353>to <00:24:39.515>be <00:24:39.677>fastest

586
00:24:40.005 --> 00:24:42.345
<00:24:40.005>and <00:24:40.180>retain <00:24:40.355>the <00:24:40.530>talent, <00:24:40.705>so <00:24:40.880>there <00:24:41.055>is <00:24:41.230>more <00:24:41.405>urgency,

587
00:24:42.685 --> 00:24:44.985
<00:24:42.685>but <00:24:42.812>it <00:24:42.939>ultimately <00:24:43.066>comes <00:24:43.194>also <00:24:43.321>down <00:24:43.448>to <00:24:43.575>what, <00:24:43.703>what <00:24:43.830>is <00:24:43.957>the <00:24:44.085>type

588
00:24:44.985 --> 00:24:46.665
<00:24:44.985>of <00:24:45.140>company <00:24:45.296>you <00:24:45.451>want <00:24:45.607>to <00:24:45.762>build <00:24:45.918>and <00:24:46.073>the <00:24:46.229>values <00:24:46.385>you're

589
00:24:46.665 --> 00:24:48.265
<00:24:46.665>instilling <00:24:46.898>to <00:24:47.131>people <00:24:47.365>that <00:24:47.598>people <00:24:47.831>are <00:24:48.065>really

590
00:24:48.275 --> 00:24:49.625
<00:24:48.275>proud <00:24:48.578>of <00:24:48.882>and <00:24:49.186>aligned <00:24:49.490>with.

591
00:24:50.145 --> 00:24:53.935
<00:24:50.145>Thank <00:24:50.285>you. <00:24:50.425>And <00:24:50.565>maybe <00:24:50.705>a <00:24:50.845>really <00:24:50.985>broad <00:24:51.125>question <00:24:51.264>just <00:24:51.405>on <00:24:51.545>your

592
00:24:53.935 --> 00:24:57.655
<00:24:53.935>general <00:24:54.168>portfolio, <00:24:54.401>what <00:24:54.635>impact <00:24:54.868>does <00:24:55.101>AI <00:24:55.335>have?

593
00:24:57.755 --> 00:25:00.935
<00:24:57.755>Are <00:24:57.955>there <00:24:58.155>any <00:24:58.355>common <00:24:58.555>themes, <00:24:58.755>any <00:24:58.955>particular <00:24:59.155>examples

594
00:25:00.935 --> 00:25:02.735
<00:25:00.935>to <00:25:01.110>highlight <00:25:01.284>where <00:25:01.460>you'd <00:25:01.635>say, <00:25:01.810>oh, <00:25:01.985>this <00:25:02.159>is <00:25:02.335>really,

595
00:25:02.905 --> 00:25:04.895
<00:25:02.905>we're <00:25:03.080>in <00:25:03.254>a <00:25:03.430>new <00:25:03.605>world <00:25:03.780>now, <00:25:03.955>things <00:25:04.129>are <00:25:04.305>changing,

596
00:25:05.605 --> 00:25:07.335
<00:25:05.605>this <00:25:05.805>could <00:25:06.005>either <00:25:06.205>be <00:25:06.405>a <00:25:06.605>really <00:25:06.805>big <00:25:07.005>challenge

597
00:25:07.435 --> 00:25:08.695
<00:25:07.435>or <00:25:07.812>it's <00:25:08.191>actually <00:25:08.569>opportunity.

598
00:25:13.515 --> 00:25:14.815
<00:25:13.515>Do <00:25:13.749>you <00:25:13.983>wanna <00:25:14.217>go, <00:25:14.451>Kristen? <00:25:14.685>Yeah,

599
00:25:14.815 --> 00:25:15.815
<00:25:14.815>Yeah. <00:25:15.715>Well,

600
00:25:15.815 --> 00:25:18.655
<00:25:15.815>I <00:25:15.970>mean, <00:25:16.126>um, <00:25:16.281>we <00:25:16.437>have <00:25:16.592>obviously <00:25:16.748>some <00:25:16.903>of <00:25:17.059>the <00:25:17.215>companies,

601
00:25:18.655 --> 00:25:21.815
<00:25:18.655>which <00:25:18.810>are, <00:25:18.966>I <00:25:19.121>would <00:25:19.277>say <00:25:19.432>native <00:25:19.588>AI <00:25:19.743>companies <00:25:19.899>who <00:25:20.055>make,

602
00:25:21.965 --> 00:25:23.095
<00:25:21.965>make <00:25:22.473>basically <00:25:22.982>are,

603
00:25:23.235 --> 00:25:26.615
<00:25:23.235>are <00:25:23.435>basically <00:25:23.635>grounded <00:25:23.834>on <00:25:24.034>building <00:25:24.235>something <00:25:24.435>I <00:25:24.635>mentioned.

604
00:25:26.615 --> 00:25:28.415
<00:25:26.615>We <00:25:26.815>have <00:25:27.015>two <00:25:27.215>invested <00:25:27.415>in <00:25:27.615>two <00:25:27.815>foundation <00:25:28.015>models,

605
00:25:28.425 --> 00:25:30.655
<00:25:28.425>which <00:25:28.705>obviously <00:25:28.985>is <00:25:29.264>very <00:25:29.544>native <00:25:29.825>ai,

606
00:25:31.005 --> 00:25:33.095
<00:25:31.005>also <00:25:31.205>the <00:25:31.405>DevOps <00:25:31.605>level <00:25:31.805>is <00:25:32.005>also <00:25:32.205>as <00:25:32.405>well.

607
00:25:33.595 --> 00:25:34.935
<00:25:33.595>But <00:25:33.836>we've <00:25:34.077>also, <00:25:34.318>I <00:25:34.559>would <00:25:34.801>say

608
00:25:35.455 --> 00:25:36.575
<00:25:35.455>companies <00:25:35.706>which <00:25:35.959>are <00:25:36.211>more <00:25:36.463>advanced,

609
00:25:36.575 --> 00:25:38.335
<00:25:36.575>which <00:25:36.750>have <00:25:36.925>been <00:25:37.100>founded <00:25:37.275>6, <00:25:37.450>7, <00:25:37.625>8 <00:25:37.800>years <00:25:37.975>ago,

610
00:25:38.335 --> 00:25:40.175
<00:25:38.335>where <00:25:38.568>there <00:25:38.801>was <00:25:39.035>no <00:25:39.268>churchy <00:25:39.501>BT <00:25:39.735>around.

611
00:25:40.275 --> 00:25:42.775
<00:25:40.275>Um, <00:25:40.450>and <00:25:40.625>they <00:25:40.800>make <00:25:40.975>use <00:25:41.150>of <00:25:41.325>this <00:25:41.500>obviously, <00:25:41.675>um,

612
00:25:43.155 --> 00:25:45.895
<00:25:43.155>and <00:25:43.310>could <00:25:43.466>be <00:25:43.621>it <00:25:43.777>in <00:25:43.932>customer <00:25:44.088>service, <00:25:44.243>be <00:25:44.399>on, <00:25:44.555>on,

613
00:25:45.895 --> 00:25:47.215
<00:25:45.895>on <00:25:46.489>basically <00:25:47.082>analytics.

614
00:25:47.355 --> 00:25:49.935
<00:25:47.355>So <00:25:47.495>lots <00:25:47.635>of <00:25:47.775>things <00:25:47.915>where, <00:25:48.055>where <00:25:48.195>they, <00:25:48.335>where <00:25:48.475>they <00:25:48.615>use <00:25:48.755>it.

615
00:25:49.995 --> 00:25:53.135
<00:25:49.995>And <00:25:50.150>the <00:25:50.306>good <00:25:50.461>thing <00:25:50.617>is <00:25:50.772>that <00:25:50.928>if <00:25:51.083>it's <00:25:51.239>good <00:25:51.395>talent,

616
00:25:53.135 --> 00:25:55.415
<00:25:53.135>they <00:25:53.290>have <00:25:53.446>good <00:25:53.601>people <00:25:53.757>in <00:25:53.912>there, <00:25:54.068>they <00:25:54.223>adapt <00:25:54.379>very <00:25:54.535>quickly.

617
00:25:55.835 --> 00:25:57.335
<00:25:55.835>So <00:25:56.060>it's <00:25:56.285>not <00:25:56.510>that <00:25:56.735>they <00:25:56.960>fall <00:25:57.185>behind.

618
00:25:57.435 --> 00:25:58.775
<00:25:57.435>In <00:25:57.676>some <00:25:57.917>cases <00:25:58.158>we <00:25:58.399>have <00:25:58.641>seen,

619
00:25:59.155 --> 00:26:01.175
<00:25:59.155>if <00:25:59.310>they're <00:25:59.466>more <00:25:59.621>on <00:25:59.777>the <00:25:59.932>foundational <00:26:00.088>side, <00:26:00.243>they <00:26:00.399>can <00:26:00.555>fall

620
00:26:01.175 --> 00:26:02.975
<00:26:01.175>behind <00:26:01.524>Indeed <00:26:01.875>because <00:26:02.225>they're <00:26:02.575>disrupted

621
00:26:02.975 --> 00:26:04.775
<00:26:02.975>by <00:26:03.254>something <00:26:03.534>new <00:26:03.814>or <00:26:04.094>by <00:26:04.375>agents.

622
00:26:04.795 --> 00:26:06.255
<00:26:04.795>We <00:26:05.057>mentioned <00:26:05.320>the <00:26:05.583>point <00:26:05.846>of <00:26:06.109>agents,

623
00:26:06.255 --> 00:26:09.295
<00:26:06.255>so <00:26:06.430>some <00:26:06.605>companies <00:26:06.780>we <00:26:06.955>invested, <00:26:07.130>they, <00:26:07.305>they <00:26:07.480>are <00:26:07.655>irrelevant,

624
00:26:09.295 --> 00:26:11.655
<00:26:09.295>more <00:26:09.435>or <00:26:09.575>less <00:26:09.715>today <00:26:09.855>because <00:26:09.995>there <00:26:10.135>are <00:26:10.275>many <00:26:10.415>agents <00:26:10.555>out <00:26:10.695>there,

625
00:26:11.835 --> 00:26:13.975
<00:26:11.835>and <00:26:12.115>it's <00:26:12.395>companies <00:26:12.675>out <00:26:12.955>of <00:26:13.235>this,

626
00:26:14.275 --> 00:26:16.495
<00:26:14.275>but <00:26:14.475>many <00:26:14.675>existing <00:26:14.875>companies, <00:26:15.075>they <00:26:15.275>adapt <00:26:15.475>very <00:26:15.675>fast.

627
00:26:16.555 --> 00:26:18.895
<00:26:16.555>And <00:26:16.710>that's <00:26:16.866>the <00:26:17.021>beauty <00:26:17.177>obviously <00:26:17.332>our <00:26:17.488>business <00:26:17.643>we <00:26:17.799>are <00:26:17.955>in

628
00:26:19.655 --> 00:26:23.175
<00:26:19.655>compared <00:26:19.795>to <00:26:19.935>to, <00:26:20.075>to <00:26:20.215>basically <00:26:20.355>incumbents <00:26:20.495>who <00:26:20.635>have <00:26:20.774>a <00:26:20.915>hard <00:26:21.055>time

629
00:26:23.275 --> 00:26:25.095
<00:26:23.275>to, <00:26:23.555>to <00:26:23.835>inherit <00:26:24.115>these <00:26:24.395>things <00:26:24.675>quickly

630
00:26:26.685 --> 00:26:28.335
<00:26:26.685>From <00:26:26.965>a <00:26:27.245>growth <00:26:27.524>perspective <00:26:27.804>perspective, <00:26:28.085>yeah,

631
00:26:28.335 --> 00:26:30.295
<00:26:28.335>Happy <00:26:28.568>to, <00:26:28.801>to <00:26:29.035>give <00:26:29.268>the <00:26:29.501>growth <00:26:29.735>perspective.

632
00:26:30.435 --> 00:26:33.975
<00:26:30.435>So <00:26:30.575>it's <00:26:30.715>interesting <00:26:30.855>because <00:26:30.995>it's <00:26:31.135>really <00:26:31.274>like <00:26:31.415>a, <00:26:31.554>uh, <00:26:31.695>a <00:26:31.835>moment

633
00:26:34.105 --> 00:26:35.855
<00:26:34.105>where, <00:26:34.385>uh, <00:26:34.665>we <00:26:34.945>can <00:26:35.225>see <00:26:35.505>that.

634
00:26:35.915 --> 00:26:39.295
<00:26:35.915>So <00:26:36.042>part <00:26:36.169>of <00:26:36.296>our <00:26:36.424>portfolio <00:26:36.551>from <00:26:36.678>the, <00:26:36.805>from <00:26:36.933>the <00:26:37.060>SaaS <00:26:37.187>cohort <00:26:37.315>of,

635
00:26:39.295 --> 00:26:42.815
<00:26:39.295>uh, <00:26:39.575>2000, <00:26:39.855>2020, <00:26:40.135>um, <00:26:40.415>have <00:26:40.695>managed

636
00:26:42.815 --> 00:26:45.725
<00:26:42.815>to <00:26:42.990>reach <00:26:43.165>like <00:26:43.340>very <00:26:43.515>large <00:26:43.690>scales, <00:26:43.865>couple <00:26:44.040>of <00:26:44.215>hundreds

637
00:26:45.725 --> 00:26:47.485
<00:26:45.725>of <00:26:46.074>million <00:26:46.425>of <00:26:46.774>r <00:26:47.125>um,

638
00:26:47.745 --> 00:26:49.845
<00:26:47.745>and <00:26:47.978>suddenly, <00:26:48.211>you <00:26:48.445>know, <00:26:48.678>all <00:26:48.911>their <00:26:49.145>business,

639
00:26:49.905 --> 00:26:54.365
<00:26:49.905>all <00:26:50.021>their <00:26:50.138>stack <00:26:50.254>is, <00:26:50.371>is <00:26:50.488>based <00:26:50.605>on, <00:26:50.721>on, <00:26:50.838>you <00:26:50.955>know, <00:26:51.071>um, <00:26:51.188>pre <00:26:51.305>ai.

640
00:26:54.825 --> 00:26:56.725
<00:26:54.825>Um, <00:26:55.000>and, <00:26:55.175>and <00:26:55.350>I <00:26:55.525>will <00:26:55.700>give <00:26:55.875>you <00:26:56.050>an <00:26:56.225>example.

641
00:26:56.785 --> 00:26:58.605
<00:26:56.785>We <00:26:56.985>have <00:26:57.185>a <00:26:57.385>company, <00:26:57.585>they're <00:26:57.785>called <00:26:57.985>Content <00:26:58.185>Square.

642
00:26:58.605 --> 00:27:02.445
<00:26:58.605>They're <00:26:58.760>the <00:26:58.916>leader <00:26:59.071>in <00:26:59.227>enter <00:26:59.382>and <00:26:59.538>website, <00:26:59.693>um, <00:26:59.849>uh, <00:27:00.005>analytics.

643
00:27:03.025 --> 00:27:06.885
<00:27:03.025>Um, <00:27:03.165>but <00:27:03.305>what <00:27:03.445>happens <00:27:03.585>now <00:27:03.725>in, <00:27:03.865>in, <00:27:04.005>you <00:27:04.145>know, <00:27:04.285>tomorrow's <00:27:04.425>world

644
00:27:06.885 --> 00:27:08.765
<00:27:06.885>where <00:27:07.085>you, <00:27:07.285>you <00:27:07.485>don't <00:27:07.685>need <00:27:07.885>a <00:27:08.085>website <00:27:08.285>anymore

645
00:27:08.765 --> 00:27:11.205
<00:27:08.765>because <00:27:08.965>you <00:27:09.165>are <00:27:09.365>just <00:27:09.565>interacting <00:27:09.765>through <00:27:09.965>a <00:27:10.165>prompt

646
00:27:11.355 --> 00:27:14.605
<00:27:11.355>with <00:27:11.495>a <00:27:11.635>brand <00:27:11.775>or, <00:27:11.915>uh, <00:27:12.055>with, <00:27:12.195>with <00:27:12.335>a <00:27:12.475>company, <00:27:12.615>um, <00:27:12.755>uh,

647
00:27:14.605 --> 00:27:18.685
<00:27:14.605>in <00:27:14.745>general, <00:27:14.885>uh, <00:27:15.025>or <00:27:15.165>with, <00:27:15.305>uh, <00:27:15.445>uh, <00:27:15.585>also <00:27:15.725>e-commerce, <00:27:15.865>uh, <00:27:16.005>it,

648
00:27:18.685 --> 00:27:19.805
<00:27:18.685>it, <00:27:18.937>it's <00:27:19.189>not <00:27:19.441>there <00:27:19.693>yet,

649
00:27:19.985 --> 00:27:22.325
<00:27:19.985>but <00:27:20.159>you <00:27:20.334>need <00:27:20.510>to <00:27:20.685>rethink <00:27:20.860>then <00:27:21.034>suddenly, <00:27:21.209>like <00:27:21.385>what,

650
00:27:22.325 --> 00:27:24.485
<00:27:22.325>what's <00:27:22.525>gonna <00:27:22.725>be, <00:27:22.925>uh, <00:27:23.125>your, <00:27:23.325>your <00:27:23.525>value <00:27:23.725>add.

651
00:27:24.505 --> 00:27:28.885
<00:27:24.505>And <00:27:24.645>so, <00:27:24.785>so <00:27:24.925>for <00:27:25.065>those <00:27:25.205>companies, <00:27:25.345>uh, <00:27:25.485>AI <00:27:25.625>is <00:27:25.765>very <00:27:25.905>important

652
00:27:29.025 --> 00:27:31.605
<00:27:29.025>and, <00:27:29.132>and <00:27:29.240>part <00:27:29.348>of <00:27:29.455>what <00:27:29.563>we <00:27:29.671>do <00:27:29.778>is <00:27:29.886>we <00:27:29.994>are <00:27:30.101>making <00:27:30.209>sure <00:27:30.317>we <00:27:30.425>are

653
00:27:31.605 --> 00:27:34.765
<00:27:31.605>connecting <00:27:31.760>them <00:27:31.916>to, <00:27:32.071>you <00:27:32.227>know, <00:27:32.382>um, <00:27:32.538>uh, <00:27:32.693>AI <00:27:32.849>thought <00:27:33.005>leader

654
00:27:34.785 --> 00:27:38.525
<00:27:34.785>and <00:27:34.925>that <00:27:35.065>can <00:27:35.205>do <00:27:35.345>also <00:27:35.485>relevant <00:27:35.625>recruitment <00:27:35.765>to, <00:27:35.905>to <00:27:36.045>make <00:27:36.185>them,

655
00:27:38.705 --> 00:27:41.925
<00:27:38.705>um, <00:27:38.905>uh, <00:27:39.105>more, <00:27:39.304>um, <00:27:39.504>you <00:27:39.705>know, <00:27:39.905>AI <00:27:40.105>ready.

656
00:27:42.465 --> 00:27:44.365
<00:27:42.465>Uh, <00:27:42.639>and, <00:27:42.814>and <00:27:42.990>I <00:27:43.165>think <00:27:43.340>it's <00:27:43.514>across <00:27:43.689>the <00:27:43.865>board.

657
00:27:44.365 --> 00:27:46.725
<00:27:44.365>And <00:27:44.540>then <00:27:44.715>there <00:27:44.890>are <00:27:45.065>the <00:27:45.240>AI <00:27:45.415>native, <00:27:45.590>uh, <00:27:45.765>companies,

658
00:27:47.105 --> 00:27:48.605
<00:27:47.105>and <00:27:47.375>then <00:27:47.645>they <00:27:47.915>are, <00:27:48.185>you <00:27:48.455>know,

659
00:27:48.605 --> 00:27:50.885
<00:27:48.605>from <00:27:48.805>the <00:27:49.005>ground <00:27:49.205>their <00:27:49.405>DNA <00:27:49.605>is, <00:27:49.805>is <00:27:50.005>ai.

660
00:27:51.065 --> 00:27:53.245
<00:27:51.065>Uh, <00:27:51.265>and <00:27:51.465>so <00:27:51.665>it's <00:27:51.865>on <00:27:52.065>case <00:27:52.265>by <00:27:52.465>case.

661
00:27:53.255 --> 00:27:55.565
<00:27:53.255>Every, <00:27:53.488>every, <00:27:53.721>every <00:27:53.955>case <00:27:54.188>is, <00:27:54.421>is <00:27:54.655>different.

662
00:27:56.185 --> 00:27:58.845
<00:27:56.185>Uh, <00:27:56.385>some <00:27:56.585>adapt <00:27:56.784>better <00:27:56.985>to <00:27:57.185>AI <00:27:57.385>than <00:27:57.585>others.

663
00:27:59.545 --> 00:28:03.965
<00:27:59.545>Um, <00:27:59.685>but <00:27:59.825>I <00:27:59.965>think <00:28:00.105>across <00:28:00.245>the <00:28:00.385>board, <00:28:00.525>uh, <00:28:00.665>it's <00:28:00.805>a, <00:28:00.945>like,

664
00:28:04.435 --> 00:28:07.685
<00:28:04.435>it's <00:28:04.562>one <00:28:04.689>of <00:28:04.816>the <00:28:04.944>main <00:28:05.071>topic <00:28:05.198>that <00:28:05.325>is <00:28:05.453>discussed <00:28:05.580>at <00:28:05.707>any, <00:28:05.835>uh,

665
00:28:07.695 --> 00:28:08.845
<00:28:07.695>board, <00:28:08.212>uh, <00:28:08.730>meeting.

666
00:28:09.125 --> 00:28:10.405
<00:28:09.125>I <00:28:09.269>don't <00:28:09.413>know <00:28:09.557>if <00:28:09.701>it's <00:28:09.845>the <00:28:09.989>case <00:28:10.133>for <00:28:10.277>you,

667
00:28:10.425 --> 00:28:13.045
<00:28:10.425>but <00:28:10.580>uh, <00:28:10.736>uh, <00:28:10.891>for, <00:28:11.047>for <00:28:11.202>us, <00:28:11.358>that <00:28:11.513>that's <00:28:11.669>for <00:28:11.825>sure.

668
00:28:14.575 --> 00:28:16.555
<00:28:14.575>Yes. <00:28:14.775>And, <00:28:14.975>and <00:28:15.175>on <00:28:15.375>our <00:28:15.575>end, <00:28:15.775>I <00:28:15.975>think

669
00:28:17.255 --> 00:28:20.875
<00:28:17.255>AI <00:28:17.488>definitely <00:28:17.721>poses <00:28:17.955>the <00:28:18.188>biggest <00:28:18.421>threat, <00:28:18.655>uh,

670
00:28:20.875 --> 00:28:24.795
<00:28:20.875>but <00:28:21.030>also <00:28:21.186>opportunity <00:28:21.341>on, <00:28:21.497>um, <00:28:21.652>the <00:28:21.808>product <00:28:21.963>side <00:28:22.119>of <00:28:22.275>businesses.

671
00:28:25.135 --> 00:28:26.875
<00:28:25.135>So <00:28:25.290>if <00:28:25.446>you've <00:28:25.601>were <00:28:25.757>born <00:28:25.912>in <00:28:26.068>a <00:28:26.223>pre <00:28:26.379>AI <00:28:26.535>era

672
00:28:26.935 --> 00:28:28.515
<00:28:26.935>and <00:28:27.215>your <00:28:27.495>product <00:28:27.774>look <00:28:28.054>completely <00:28:28.335>different,

673
00:28:28.755 --> 00:28:30.275
<00:28:28.755>suddenly <00:28:28.983>your <00:28:29.211>product <00:28:29.439>can <00:28:29.667>be <00:28:29.895>obsolete <00:28:30.123>overnight.

674
00:28:30.275 --> 00:28:31.595
<00:28:30.275>And <00:28:30.407>I <00:28:30.539>think <00:28:30.671>that's <00:28:30.803>something <00:28:30.935>we <00:28:31.067>need <00:28:31.199>to <00:28:31.331>be <00:28:31.463>really

675
00:28:31.595 --> 00:28:32.635
<00:28:31.595>thoughtful <00:28:31.907>and <00:28:32.219>careful <00:28:32.531>about.

676
00:28:32.635 --> 00:28:35.635
<00:28:32.635>But <00:28:32.835>at <00:28:33.035>the <00:28:33.235>same <00:28:33.435>time, <00:28:33.635>weaving <00:28:33.835>in <00:28:34.035>AI

677
00:28:36.235 --> 00:28:38.515
<00:28:36.235>features <00:28:36.409>thoughtfully <00:28:36.584>in <00:28:36.760>your <00:28:36.935>product <00:28:37.110>can <00:28:37.284>be <00:28:37.459>really <00:28:37.635>game

678
00:28:38.675 --> 00:28:40.555
<00:28:38.675>changing, <00:28:38.908>for <00:28:39.141>example, <00:28:39.375>for <00:28:39.608>retention <00:28:39.841>as <00:28:40.075>well.

679
00:28:41.175 --> 00:28:44.315
<00:28:41.175>Um, <00:28:41.330>probably <00:28:41.486>the <00:28:41.641>lowest <00:28:41.797>hanging <00:28:41.952>fruit <00:28:42.108>you <00:28:42.263>have, <00:28:42.419>um, <00:28:42.575>is,

680
00:28:44.415 --> 00:28:47.235
<00:28:44.415>is <00:28:44.590>is <00:28:44.764>using <00:28:44.940>AI <00:28:45.115>to <00:28:45.290>help <00:28:45.465>you <00:28:45.639>automate <00:28:45.815>operations.

681
00:28:47.775 --> 00:28:48.835
<00:28:47.775>Um, <00:28:48.013>and <00:28:48.252>that's <00:28:48.490>something <00:28:48.729>that,

682
00:28:48.835 --> 00:28:50.715
<00:28:48.835>that <00:28:49.010>we've <00:28:49.185>seen <00:28:49.360>across <00:28:49.535>the <00:28:49.710>board <00:28:49.885>working <00:28:50.060>really <00:28:50.235>well.

683
00:28:52.045 --> 00:28:55.115
<00:28:52.045>Thank <00:28:52.220>you. <00:28:52.395>Final <00:28:52.570>question, <00:28:52.745>just <00:28:52.920>a <00:28:53.095>really <00:28:53.270>quick <00:28:53.445>answer.

684
00:28:55.825 --> 00:28:58.515
<00:28:55.825>What, <00:28:55.980>what's <00:28:56.136>a <00:28:56.291>red <00:28:56.447>flag <00:28:56.602>in <00:28:56.758>an <00:28:56.913>AI <00:28:57.069>pitch <00:28:57.225>deck?

685
00:29:01.095 --> 00:29:04.795
<00:29:01.095>Um, <00:29:01.222>go, <00:29:01.349>go. <00:29:01.476>So <00:29:01.604>say <00:29:01.731>we <00:29:01.858>use <00:29:01.985>AI <00:29:02.113>for <00:29:02.240>X, <00:29:02.367>y, <00:29:02.495>z,

686
00:29:06.215 --> 00:29:10.395
<00:29:06.215>Uh, <00:29:06.389>to <00:29:06.564>show <00:29:06.740>merchandising, <00:29:06.915>uh, <00:29:07.090>on, <00:29:07.264>on <00:29:07.439>your <00:29:07.615>brand,

687
00:29:13.175 --> 00:29:15.115
<00:29:13.175>To <00:29:13.330>suddenly <00:29:13.486>say <00:29:13.641>that <00:29:13.797>the <00:29:13.952>market <00:29:14.108>is <00:29:14.263>a <00:29:14.419>lot <00:29:14.575>bigger

688
00:29:15.115 --> 00:29:16.755
<00:29:15.115>because <00:29:15.315>of <00:29:15.515>ai, <00:29:15.715>because <00:29:15.915>it's <00:29:16.115>the <00:29:16.315>same <00:29:16.515>market.

689
00:29:16.815 --> 00:29:18.635
<00:29:16.815>We <00:29:17.015>just <00:29:17.215>need <00:29:17.415>to <00:29:17.615>penetrate <00:29:17.815>it <00:29:18.015>with <00:29:18.215>ai.

690
00:29:19.435 --> 00:29:22.845
<00:29:19.435>Perfect. <00:29:19.635>Thank <00:29:19.835>you <00:29:20.034>very <00:29:20.235>much. <00:29:20.435>Really <00:29:20.635>appreciate <00:29:20.835>it.

691
00:29:22.865 --> 00:29:24.245
<00:29:22.865>Thanks <00:29:23.175>for <00:29:23.485>a <00:29:23.796>great <00:29:24.107>discussion

692
00:29:24.665 --> 00:29:27.605
<00:29:24.665>and <00:29:24.805>yeah, <00:29:24.945>thanks <00:29:25.085>for, <00:29:25.225>uh, <00:29:25.365>thanks <00:29:25.504>for <00:29:25.645>being <00:29:25.784>with <00:29:25.925>us <00:29:26.065>today.