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<00:00:07.505>Great <00:00:07.704>to <00:00:07.904>see <00:00:08.104>you <00:00:08.304>all <00:00:08.504>here,

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<00:00:08.615>and <00:00:08.731>of <00:00:08.848>course, <00:00:08.965>great <00:00:09.081>to <00:00:09.198>have <00:00:09.315>you <00:00:09.431>here <00:00:09.548>on <00:00:09.665>the, <00:00:09.781>on <00:00:09.898>the <00:00:10.015>panel.

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<00:00:11.795>Um, <00:00:11.970>maybe <00:00:12.145>quick <00:00:12.320>words <00:00:12.495>for <00:00:12.670>ma <00:00:12.844>myself, <00:00:13.020>um, <00:00:13.195>STOs,

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<00:00:15.755>I'm <00:00:15.955>the <00:00:16.155>CO <00:00:16.355>CEO <00:00:16.555>of <00:00:16.755>I <00:00:16.955>five <00:00:17.155>invest.

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<00:00:18.235>Uh, <00:00:18.515>we're <00:00:18.794>a <00:00:19.075>specialist, <00:00:19.355>tech <00:00:19.634>m

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<00:00:21.295>and <00:00:21.575>a <00:00:21.855>advisory <00:00:22.135>firm <00:00:22.415>focusing <00:00:22.695>exclusively

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<00:00:24.195>on, <00:00:24.436>on <00:00:24.677>tech, <00:00:24.918>if <00:00:25.159>you <00:00:25.401>will.

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<00:00:25.835>And <00:00:26.068>we, <00:00:26.301>we <00:00:26.535>predominantly <00:00:26.768>work <00:00:27.001>with <00:00:27.235>small

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<00:00:27.895>and <00:00:28.035>medium <00:00:28.175>sized <00:00:28.314>companies, <00:00:28.455>mainly <00:00:28.595>in <00:00:28.735>the <00:00:28.875>US <00:00:29.015>and <00:00:29.155>in <00:00:29.294>Europe.

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<00:00:32.595>And, <00:00:32.711>um, <00:00:32.828>then <00:00:32.945>really <00:00:33.061>find <00:00:33.178>help <00:00:33.295>to <00:00:33.411>find <00:00:33.528>those <00:00:33.644>a, <00:00:33.761>a <00:00:33.878>new <00:00:33.995>home,

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<00:00:37.315>the <00:00:37.515>right <00:00:37.714>strategic <00:00:37.915>partners, <00:00:38.114>the <00:00:38.315>right <00:00:38.515>strategic <00:00:38.714>investors,

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<00:00:40.715>um, <00:00:40.890>and <00:00:41.065>often <00:00:41.240>on <00:00:41.415>the <00:00:41.590>basis <00:00:41.765>of <00:00:41.940>their <00:00:42.115>technology

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<00:00:46.435>Um, <00:00:46.668>we're <00:00:46.901>over <00:00:47.135>120 <00:00:47.368>people <00:00:47.601>by <00:00:47.835>now,

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<00:00:49.255>so <00:00:49.410>we've <00:00:49.566>grown <00:00:49.721>quite <00:00:49.877>nicely <00:00:50.032>over <00:00:50.188>the <00:00:50.343>last <00:00:50.499>couple <00:00:50.655>years.

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<00:00:51.675>Two <00:00:51.875>main <00:00:52.074>centers <00:00:52.275>of <00:00:52.474>Gravity, <00:00:52.675>US <00:00:52.875>and <00:00:53.074>Europe.

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<00:00:54.015>That's <00:00:54.365>really <00:00:54.715>our <00:00:55.065>focus. <00:00:55.415>Yeah,

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<00:00:55.915>and, <00:00:56.115>um, <00:00:56.315>interesting <00:00:56.515>to <00:00:56.714>note, <00:00:56.915>the, <00:00:57.115>the <00:00:57.315>origin

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<00:00:59.115>of <00:00:59.315>I <00:00:59.515>five <00:00:59.715>is <00:00:59.915>actually <00:01:00.115>also <00:01:00.315>founder <00:01:00.515>oriented.

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<00:01:01.235>Our <00:01:01.435>founder, <00:01:01.635>Marcus, <00:01:01.835>is <00:01:02.035>not <00:01:02.235>an <00:01:02.435>investment <00:01:02.635>banker,

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<00:01:04.035>he <00:01:04.309>is <00:01:04.584>a <00:01:04.858>software <00:01:05.132>entrepreneur,

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<00:01:05.315>and <00:01:05.595>he, <00:01:05.875>uh, <00:01:06.155>exited <00:01:06.435>his <00:01:06.715>company

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<00:01:09.245>many <00:01:09.595>years <00:01:09.945>ago, <00:01:10.295>very <00:01:10.645>successfully.

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<00:01:12.735>that <00:01:12.930>was <00:01:13.125>the, <00:01:13.321>the <00:01:13.516>roots <00:01:13.712>of <00:01:13.907>I <00:01:14.103>five.

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<00:01:14.275>And <00:01:14.415>then, <00:01:14.555>you <00:01:14.695>know, <00:01:14.835>founders <00:01:14.975>are <00:01:15.115>very <00:01:15.255>much <00:01:15.395>at <00:01:15.535>the <00:01:15.675>heart

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<00:01:16.255>of <00:01:16.371>our <00:01:16.488>approach, <00:01:16.604>so <00:01:16.721>I'm <00:01:16.838>very <00:01:16.955>key <00:01:17.071>in, <00:01:17.188>uh, <00:01:17.304>I'm <00:01:17.421>very, <00:01:17.538>very <00:01:17.655>glad

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<00:01:19.815>to <00:01:19.970>be <00:01:20.126>here <00:01:20.281>today <00:01:20.437>and, <00:01:20.592>you <00:01:20.748>know, <00:01:20.903>host <00:01:21.059>your <00:01:21.215>panel

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<00:01:22.155>and <00:01:22.355>love <00:01:22.555>to <00:01:22.755>maybe <00:01:22.955>introduce <00:01:23.155>all <00:01:23.355>the <00:01:23.555>three

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<00:01:25.615>of <00:01:25.830>you <00:01:26.047>quickly <00:01:26.262>if <00:01:26.479>you <00:01:26.695>want.

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<00:01:27.675>Thanks, <00:01:28.141>Jesus. <00:01:28.608>Hi <00:01:29.075>everybody.

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<00:01:29.575>Thanks <00:01:29.730>for <00:01:29.886>showing <00:01:30.041>up, <00:01:30.197>um, <00:01:30.352>Friday <00:01:30.508>at <00:01:30.663>this <00:01:30.819>time, <00:01:30.975>uh,

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<00:01:32.975>that's <00:01:33.324>not, <00:01:33.675>um, <00:01:34.024>not <00:01:34.375>natural.

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<00:01:36.795>My <00:01:36.970>name <00:01:37.145>is <00:01:37.320>ne, <00:01:37.495>I'm <00:01:37.670>a <00:01:37.845>partner <00:01:38.020>at <00:01:38.195>capna.

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<00:01:38.475>We <00:01:38.708>invest <00:01:38.941>in, <00:01:39.175>uh, <00:01:39.408>early <00:01:39.641>stage <00:01:39.875>tech.

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<00:01:40.715>Um, <00:01:40.915>oftentimes <00:01:41.115>we <00:01:41.315>have <00:01:41.515>invested <00:01:41.715>in, <00:01:41.915>uh, <00:01:42.115>software.

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<00:01:44.384>We've <00:01:44.664>over <00:01:44.945>also <00:01:45.225>moved <00:01:45.505>into <00:01:45.785>hardware

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<00:01:47.835>and <00:01:48.083>did <00:01:48.331>things <00:01:48.580>over <00:01:48.828>the <00:01:49.077>years.

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<00:01:49.875>Um, <00:01:50.152>personally <00:01:50.429>I'm <00:01:50.706>not <00:01:50.983>a <00:01:51.261>techie.

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<00:01:51.435>The <00:01:51.575>only <00:01:51.715>coating <00:01:51.855>I've <00:01:51.995>ever <00:01:52.135>done <00:01:52.275>is, <00:01:52.415>uh, <00:01:52.555>in <00:01:52.695>C <00:01:52.835>Sharp

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<00:01:54.235>and <00:01:54.572>Ruby <00:01:54.910>on <00:01:55.247>Rails <00:01:55.585>and,

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<00:01:55.735>and <00:01:55.968>start <00:01:56.201>during <00:01:56.435>my <00:01:56.668>studies, <00:01:56.901>so, <00:01:57.135>sorry.

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<00:01:58.914>Um, <00:01:59.089>I'm <00:01:59.264>an, <00:01:59.440>uh, <00:01:59.615>advisor <00:01:59.789>turned <00:01:59.964>operator <00:02:00.139>turned <00:02:00.315>investor.

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<00:02:03.515>Uh, <00:02:03.690>I <00:02:03.865>started <00:02:04.040>off <00:02:04.215>at <00:02:04.390>McKinsey <00:02:04.565>some <00:02:04.740>years <00:02:04.915>ago,

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<00:02:06.235>and <00:02:06.390>then, <00:02:06.546>um, <00:02:06.701>I <00:02:06.857>spent <00:02:07.012>the <00:02:07.168>past, <00:02:07.323>uh, <00:02:07.479>70 <00:02:07.635>years

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<00:02:08.695>as <00:02:08.870>an <00:02:09.044>operator <00:02:09.220>in <00:02:09.394>Builder <00:02:09.570>and <00:02:09.745>now <00:02:09.919>joined <00:02:10.095>Capna,

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<00:02:12.715>and <00:02:12.855>I'm <00:02:12.995>lucky <00:02:13.135>to <00:02:13.275>be <00:02:13.415>on <00:02:13.555>stage <00:02:13.695>with <00:02:13.835>the <00:02:13.975>two, <00:02:14.115>uh,

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<00:02:15.915>on <00:02:16.144>my <00:02:16.374>left <00:02:16.603>hand <00:02:16.833>side.

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<00:02:19.235>Hi, <00:02:19.661>uh, <00:02:20.087>I'm <00:02:20.513>Constance.

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<00:02:22.715>I'm <00:02:22.890>partner <00:02:23.065>and <00:02:23.240>we <00:02:23.415>are <00:02:23.590>a <00:02:23.765>venture <00:02:23.940>capital <00:02:24.115>firm.

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<00:02:25.275>Um, <00:02:25.555>been <00:02:25.835>investing <00:02:26.115>in <00:02:26.395>enterprise <00:02:26.675>software

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<00:02:27.995>and <00:02:28.345>deep <00:02:28.695>tech <00:02:29.045>since <00:02:29.395>2010.

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<00:02:30.475>Uh, <00:02:30.630>we <00:02:30.786>usually <00:02:30.941>do <00:02:31.097>sit <00:02:31.252>stage <00:02:31.408>investments <00:02:31.563>in <00:02:31.719>United <00:02:31.875>States

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<00:02:33.615>and <00:02:33.770>Europe, <00:02:33.926>and <00:02:34.081>I <00:02:34.237>particularly <00:02:34.392>focused <00:02:34.548>on <00:02:34.703>open <00:02:34.859>source <00:02:35.015>dev

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<00:02:37.215>tools, <00:02:37.565>infrastructure, <00:02:37.915>of <00:02:38.265>course, <00:02:38.615>ai.

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<00:02:40.315>And, <00:02:40.595>uh, <00:02:40.875>as <00:02:41.155>you <00:02:41.435>could <00:02:41.715>guess,

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<00:02:42.125>because <00:02:42.325>of <00:02:42.525>my <00:02:42.725>focus, <00:02:42.925>I <00:02:43.125>also <00:02:43.325>love <00:02:43.525>coding.

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<00:02:45.325>Have <00:02:45.579>some <00:02:45.833>tech <00:02:46.087>big <00:02:46.341>ground

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<00:02:46.515>and <00:02:46.670>still <00:02:46.826>do <00:02:46.981>some <00:02:47.137>coding <00:02:47.292>on <00:02:47.448>weekends <00:02:47.603>just <00:02:47.759>for <00:02:47.915>fun.

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<00:02:50.635>And, <00:02:50.790>uh, <00:02:50.946>it's <00:02:51.101>really <00:02:51.257>fun <00:02:51.412>to <00:02:51.568>play <00:02:51.723>with <00:02:51.879>new <00:02:52.035>startups

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<00:02:55.155>and, <00:02:55.483>uh, <00:02:55.812>try <00:02:56.140>new <00:02:56.469>things.

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<00:02:57.275>So <00:02:57.531>that's <00:02:57.788>I'm <00:02:58.044>focused <00:02:58.301>on.

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<00:03:00.185>So, <00:03:00.385>hi, <00:03:00.585>my <00:03:00.785>name's <00:03:00.985>Stefan. <00:03:01.185>I'm <00:03:01.385>with <00:03:01.585>vtech.

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<00:03:02.455>Vtech <00:03:02.655>is <00:03:02.855>a <00:03:03.055>European <00:03:03.255>international <00:03:03.455>venture <00:03:03.655>capital <00:03:03.855>firm

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<00:03:05.565>with <00:03:05.765>offices <00:03:05.965>in <00:03:06.165>Paris, <00:03:06.365>Berlin, <00:03:06.565>Munich, <00:03:06.765>Stockholm, <00:03:06.965>Helsinki,

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<00:03:09.585>and <00:03:10.044>also <00:03:10.503>Shanghai.

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<00:03:11.185>Um, <00:03:11.340>we're <00:03:11.496>investing <00:03:11.651>early <00:03:11.807>one <00:03:11.962>to <00:03:12.118>5 <00:03:12.273>million <00:03:12.429>euros <00:03:12.585>initially.

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<00:03:14.005>Usually <00:03:14.285>my <00:03:14.565>background's <00:03:14.845>in <00:03:15.125>software <00:03:15.405>engineering

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<00:03:16.985>and <00:03:17.218>I'm <00:03:17.451>one <00:03:17.685>of <00:03:17.918>the <00:03:18.151>investing <00:03:18.385>partners

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<00:03:19.145>and <00:03:19.320>still <00:03:19.495>every <00:03:19.670>day <00:03:19.845>I'm <00:03:20.020>coding <00:03:20.195>a <00:03:20.370>tiny <00:03:20.545>bit.

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<00:03:21.545>So <00:03:21.720>it's <00:03:21.895>a <00:03:22.070>big <00:03:22.245>part <00:03:22.420>of <00:03:22.595>my <00:03:22.770>personal <00:03:22.945>passion.

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<00:03:23.865>And <00:03:24.005>I <00:03:24.145>must <00:03:24.285>say, <00:03:24.425>since <00:03:24.565>the <00:03:24.705>whole <00:03:24.845>vibe <00:03:24.985>coding <00:03:25.125>thing, <00:03:25.265>uh,

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<00:03:26.835>it's <00:03:26.975>much <00:03:27.115>easier <00:03:27.255>because <00:03:27.395>I <00:03:27.535>can <00:03:27.675>context <00:03:27.815>switch <00:03:27.955>quickly <00:03:28.095>into <00:03:28.235>a

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<00:03:29.925>topic, <00:03:30.100>ask <00:03:30.275>the <00:03:30.450>LLM, <00:03:30.625>Hey, <00:03:30.800>what <00:03:30.975>was <00:03:31.150>this <00:03:31.325>about?

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<00:03:32.125>Again, <00:03:32.325>I <00:03:32.525>can <00:03:32.725>run <00:03:32.925>JavaScript <00:03:33.125>without <00:03:33.325>knowing <00:03:33.525>JavaScript.

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<00:03:36.545>So <00:03:36.776>I, <00:03:37.007>I <00:03:37.238>love <00:03:37.469>this <00:03:37.700>new <00:03:37.931>world

79
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<00:03:38.145>and, <00:03:38.261>uh, <00:03:38.378>I <00:03:38.495>think <00:03:38.611>it, <00:03:38.728>it <00:03:38.845>gives <00:03:38.961>us <00:03:39.078>so <00:03:39.195>much <00:03:39.311>to <00:03:39.428>talk <00:03:39.545>about

80
00:03:40.485 --> 00:03:43.125
<00:03:40.485>because <00:03:40.685>I'm <00:03:40.885>struggling <00:03:41.085>with <00:03:41.285>the <00:03:41.485>same <00:03:41.685>shifting <00:03:41.885>stack

81
00:03:43.125 --> 00:03:45.685
<00:03:43.125>that <00:03:43.300>you're <00:03:43.475>all <00:03:43.650>struggling <00:03:43.825>with <00:03:44.000>today, <00:03:44.175>every <00:03:44.350>new <00:03:44.525>month,

82
00:03:45.785 --> 00:03:47.325
<00:03:45.785>new <00:03:46.131>model, <00:03:46.477>new <00:03:46.824>context, <00:03:47.171>better,

83
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<00:03:47.585>better <00:03:47.816>stuff <00:03:48.047>that <00:03:48.278>you <00:03:48.509>should <00:03:48.740>try <00:03:48.971>out.

84
00:03:49.145 --> 00:03:50.805
<00:03:49.145>And, <00:03:49.378>and <00:03:49.611>everything's <00:03:49.845>changing <00:03:50.078>all <00:03:50.311>the <00:03:50.545>time.

85
00:03:50.805 --> 00:03:52.285
<00:03:50.805>And <00:03:50.953>I <00:03:51.101>think <00:03:51.249>it's <00:03:51.397>super <00:03:51.545>exciting, <00:03:51.693>but <00:03:51.841>at <00:03:51.989>the <00:03:52.137>same

86
00:03:52.285 --> 00:03:53.725
<00:03:52.285>time, <00:03:52.933>very <00:03:53.581>confusing.

87
00:03:55.175 --> 00:03:57.845
<00:03:55.175>Thank <00:03:55.455>you. <00:03:55.735>Let's <00:03:56.015>kick <00:03:56.295>things <00:03:56.575>off.

88
00:03:57.845 --> 00:04:00.045
<00:03:57.845>First <00:03:58.020>question, <00:03:58.195>maybe <00:03:58.370>Stefan, <00:03:58.545>uh, <00:03:58.720>just <00:03:58.895>staying <00:03:59.070>with <00:03:59.245>you,

89
00:04:00.625 --> 00:04:04.725
<00:04:00.625>how <00:04:00.825>are <00:04:01.025>you <00:04:01.225>employing <00:04:01.425>AI <00:04:01.625>when <00:04:01.825>actually <00:04:02.025>scouting

90
00:04:04.725 --> 00:04:06.125
<00:04:04.725>for <00:04:05.144>new <00:04:05.565>investment <00:04:05.985>opportunities?

91
00:04:06.825 --> 00:04:08.325
<00:04:06.825>So, <00:04:06.993>so <00:04:07.162>we're, <00:04:07.331>we're <00:04:07.500>doing <00:04:07.668>quite <00:04:07.837>a <00:04:08.006>few <00:04:08.174>things.

92
00:04:08.325 --> 00:04:10.565
<00:04:08.325>We've <00:04:08.500>been <00:04:08.674>collecting <00:04:08.850>data <00:04:09.024>probably <00:04:09.200>last <00:04:09.375>six, <00:04:09.549>seven <00:04:09.725>years.

93
00:04:10.705 --> 00:04:13.725
<00:04:10.705>So <00:04:10.821>we <00:04:10.938>take <00:04:11.055>every <00:04:11.171>company <00:04:11.288>registry <00:04:11.405>that <00:04:11.521>we <00:04:11.638>can <00:04:11.755>get <00:04:11.871>a <00:04:11.988>hold <00:04:12.105>of.

94
00:04:13.745 --> 00:04:15.285
<00:04:13.745>We <00:04:14.207>take <00:04:14.669>every <00:04:15.131>website,

95
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<00:04:15.285>we <00:04:15.440>look <00:04:15.596>at <00:04:15.751>the <00:04:15.907>web <00:04:16.062>traffic <00:04:16.218>we're <00:04:16.373>trying <00:04:16.529>to <00:04:16.685>classify.

96
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<00:04:19.005>I <00:04:19.204>say, <00:04:19.404>you <00:04:19.605>guys, <00:04:19.805>you <00:04:20.005>girls, <00:04:20.204>like, <00:04:20.404>try

97
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<00:04:20.725>to <00:04:21.005>find <00:04:21.285>basically <00:04:21.565>everyone <00:04:21.845>who's <00:04:22.125>excited.

98
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<00:04:22.545>We <00:04:22.778>look <00:04:23.011>at <00:04:23.245>LinkedIn, <00:04:23.478>we, <00:04:23.711>we <00:04:23.945>try

99
00:04:24.165 --> 00:04:27.085
<00:04:24.165>to <00:04:24.292>track <00:04:24.419>people <00:04:24.546>when <00:04:24.674>they <00:04:24.801>shift <00:04:24.928>out <00:04:25.055>of <00:04:25.183>their, <00:04:25.310>maybe <00:04:25.437>you <00:04:25.565>work

100
00:04:27.105 --> 00:04:28.525
<00:04:27.105>for <00:04:28.383>AWS

101
00:04:28.525 --> 00:04:29.645
<00:04:28.525>and <00:04:28.726>you <00:04:28.928>have, <00:04:29.129>you've <00:04:29.331>been <00:04:29.532>working

102
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<00:04:29.645>something <00:04:29.986>exciting, <00:04:30.329>you're <00:04:30.671>shifting <00:04:31.013>out.

103
00:04:31.585 --> 00:04:33.405
<00:04:31.585>We <00:04:31.818>probably <00:04:32.051>see <00:04:32.284>that <00:04:32.518>shift <00:04:32.751>on <00:04:32.984>LinkedIn

104
00:04:33.405 --> 00:04:35.245
<00:04:33.405>and <00:04:33.544>then <00:04:33.684>someone <00:04:33.825>will <00:04:33.965>reach <00:04:34.104>out <00:04:34.244>to <00:04:34.385>you <00:04:34.525>if <00:04:34.664>that's <00:04:34.804>exciting.

105
00:04:35.265 --> 00:04:36.845
<00:04:35.265>So <00:04:35.544>we're <00:04:35.825>trying <00:04:36.104>to <00:04:36.385>collect <00:04:36.664>signals

106
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<00:04:36.845>and <00:04:37.020>be <00:04:37.195>very, <00:04:37.370>be <00:04:37.545>very <00:04:37.720>forward <00:04:37.895>thinking <00:04:38.070>about, <00:04:38.245>um,

107
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<00:04:39.635>what <00:04:39.974>venture <00:04:40.313>capital <00:04:40.652>means.

108
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<00:04:40.765>And <00:04:40.965>now <00:04:41.164>with <00:04:41.365>all <00:04:41.565>this <00:04:41.765>reasoning <00:04:41.965>capabilities, <00:04:42.164>soon,

109
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<00:04:43.505>I'm <00:04:43.660>sure <00:04:43.816>your <00:04:43.971>pitch <00:04:44.127>deck <00:04:44.282>will <00:04:44.438>be <00:04:44.593>written <00:04:44.749>by <00:04:44.905>AI.

110
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<00:04:45.685>And <00:04:45.825>our <00:04:45.965>pitch, <00:04:46.105>our <00:04:46.245>AI <00:04:46.385>will <00:04:46.525>basically <00:04:46.665>read <00:04:46.805>your <00:04:46.945>pitch <00:04:47.085>deck

111
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<00:04:48.585>and <00:04:48.818>bring <00:04:49.051>it <00:04:49.284>into <00:04:49.518>the <00:04:49.751>CRM <00:04:49.984>system.

112
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<00:04:50.225>So <00:04:50.352>we're <00:04:50.479>gonna <00:04:50.606>have <00:04:50.734>like <00:04:50.861>a <00:04:50.988>whole <00:04:51.115>war <00:04:51.243>of <00:04:51.370>ticking <00:04:51.497>up <00:04:51.625>everyone.

113
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<00:04:54.205>And <00:04:54.360>so <00:04:54.516>it's <00:04:54.671>very, <00:04:54.827>very <00:04:54.982>exciting <00:04:55.138>times <00:04:55.293>in <00:04:55.449>a <00:04:55.604>way.

114
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<00:04:56.375>Thank <00:04:56.892>you, <00:04:57.409>Constantina,

115
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<00:04:57.525>how <00:04:57.746>are <00:04:57.969>you <00:04:58.191>thinking <00:04:58.413>about <00:04:58.635>that? <00:04:58.857>Well,

116
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<00:04:59.105>We <00:04:59.305>started <00:04:59.505>playing <00:04:59.705>with <00:04:59.905>AI <00:05:00.105>for <00:05:00.305>pipeline <00:05:00.505>generation

117
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<00:05:02.905>and <00:05:03.032>other <00:05:03.159>operations <00:05:03.286>that <00:05:03.414>we <00:05:03.541>see <00:05:03.668>from <00:05:03.795>the <00:05:03.923>moment <00:05:04.050>when <00:05:04.177>it <00:05:04.304>was

118
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<00:05:05.805>not <00:05:06.005>called <00:05:06.205>ai, <00:05:06.405>it <00:05:06.605>was <00:05:06.805>called <00:05:07.005>machine <00:05:07.205>learning.

119
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<00:05:08.585>And, <00:05:08.740>uh, <00:05:08.896>I <00:05:09.051>think <00:05:09.207>it <00:05:09.362>was <00:05:09.518>about <00:05:09.673>eight <00:05:09.829>years <00:05:09.984>ago.

120
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<00:05:11.265>So <00:05:11.440>right <00:05:11.615>now <00:05:11.789>we <00:05:11.965>are <00:05:12.140>actively <00:05:12.315>using <00:05:12.490>ai, <00:05:12.664>uh,

121
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<00:05:14.465>to <00:05:14.698>source <00:05:14.931>deals <00:05:15.164>from <00:05:15.398>different <00:05:15.631>data <00:05:15.864>sources.

122
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<00:05:16.905>Not <00:05:17.060>only <00:05:17.216>like, <00:05:17.371>you <00:05:17.527>know, <00:05:17.682>traditional <00:05:17.838>ones <00:05:17.993>like <00:05:18.149>Crunch <00:05:18.304>Base

123
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<00:05:19.625>or <00:05:19.858>some <00:05:20.091>news <00:05:20.325>like <00:05:20.558>TechCrunch, <00:05:20.791>but <00:05:21.025>also

124
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<00:05:21.805>because <00:05:22.155>we'll <00:05:22.505>have <00:05:22.855>several <00:05:23.205>specializations.

125
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<00:05:23.785>We <00:05:23.940>can, <00:05:24.096>uh, <00:05:24.251>work <00:05:24.407>with <00:05:24.562>specialized <00:05:24.718>data <00:05:24.873>source <00:05:25.029>like <00:05:25.185>GitHub

126
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<00:05:27.585>or <00:05:27.935>for <00:05:28.284>example, <00:05:28.635>we're <00:05:28.984>tracking

127
00:05:29.845 --> 00:05:32.325
<00:05:29.845>downloads <00:05:30.045>from <00:05:30.245>package <00:05:30.445>managers <00:05:30.645>like <00:05:30.845>NPM <00:05:31.045>and <00:05:31.245>PII

128
00:05:32.785 --> 00:05:34.725
<00:05:32.784>and <00:05:32.984>these <00:05:33.184>type <00:05:33.385>of <00:05:33.585>things, <00:05:33.784>which <00:05:33.984>allows <00:05:34.184>us

129
00:05:34.725 --> 00:05:36.525
<00:05:34.725>to <00:05:35.005>find <00:05:35.285>interesting <00:05:35.565>developer <00:05:35.845>tools <00:05:36.125>earlier.

130
00:05:37.225 --> 00:05:39.245
<00:05:37.225>Uh, <00:05:37.458>but <00:05:37.691>also <00:05:37.925>like <00:05:38.158>I <00:05:38.391>would <00:05:38.625>say,

131
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<00:05:39.345>AI <00:05:39.500>also <00:05:39.656>changing <00:05:39.811>the <00:05:39.967>stack <00:05:40.122>of <00:05:40.278>VC <00:05:40.433>firm <00:05:40.589>in <00:05:40.745>general.

132
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<00:05:41.645>It's <00:05:41.924>not <00:05:42.205>only <00:05:42.484>about <00:05:42.765>sourcing <00:05:43.044>opportunities,

133
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<00:05:43.565>but <00:05:43.720>it's <00:05:43.876>also <00:05:44.031>about <00:05:44.187>doing <00:05:44.342>better <00:05:44.498>and <00:05:44.653>faster <00:05:44.809>due <00:05:44.965>diligence.

134
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<00:05:46.625>And <00:05:46.825>it's <00:05:47.025>also <00:05:47.225>about <00:05:47.425>helping <00:05:47.625>our <00:05:47.825>existing <00:05:48.025>portfolio

135
00:05:48.755 --> 00:05:50.325
<00:05:48.755>because <00:05:48.955>when <00:05:49.155>you <00:05:49.355>have <00:05:49.555>a <00:05:49.755>lot <00:05:49.955>of <00:05:50.155>data

136
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<00:05:50.625>and <00:05:50.905>you <00:05:51.185>have <00:05:51.465>some <00:05:51.745>AI <00:05:52.025>capabilities,

137
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<00:05:52.835>then <00:05:53.010>you <00:05:53.185>could <00:05:53.359>extract <00:05:53.534>a <00:05:53.710>lot <00:05:53.885>of <00:05:54.060>useful <00:05:54.234>things

138
00:05:54.985 --> 00:05:56.765
<00:05:54.985>for <00:05:55.335>your <00:05:55.685>existing <00:05:56.035>portfolio <00:05:56.385>companies.

139
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<00:05:56.765>It <00:05:56.940>could <00:05:57.115>be <00:05:57.289>new <00:05:57.465>customers, <00:05:57.640>maybe <00:05:57.815>new <00:05:57.990>potential <00:05:58.164>hires

140
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<00:05:59.845>as <00:06:00.045>developers <00:06:00.245>from <00:06:00.445>GitHub <00:06:00.645>or <00:06:00.845>maybe <00:06:01.045>competitor <00:06:01.245>trade

141
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<00:06:03.285>and <00:06:03.635>can, <00:06:03.985>uh, <00:06:04.335>the <00:06:04.685>list

142
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<00:06:04.845>of <00:06:05.078>potential <00:06:05.311>use <00:06:05.545>case <00:06:05.778>is <00:06:06.011>probably <00:06:06.245>unlimited.

143
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<00:06:08.095>Thank <00:06:08.375>you. <00:06:08.655>Neil, <00:06:08.935>what's <00:06:09.215>your <00:06:09.495>perspective?

144
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<00:06:11.605>I <00:06:11.885>mean, <00:06:12.165>there's, <00:06:12.445>there's <00:06:12.725>barely <00:06:13.005>something

145
00:06:13.165 --> 00:06:14.525
<00:06:13.165>to <00:06:13.409>add <00:06:13.654>from <00:06:13.899>a <00:06:14.144>technical <00:06:14.389>side.

146
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<00:06:14.605>I <00:06:14.885>think <00:06:15.165>maybe <00:06:15.445>universities, <00:06:15.725>um, <00:06:16.005>and,

147
00:06:16.865 --> 00:06:18.885
<00:06:16.865>and <00:06:17.098>research <00:06:17.331>institutions <00:06:17.565>is <00:06:17.798>a <00:06:18.031>data <00:06:18.265>source

148
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<00:06:18.885>that <00:06:19.012>we <00:06:19.139>also <00:06:19.266>look <00:06:19.394>at, <00:06:19.521>um, <00:06:19.648>in, <00:06:19.775>in <00:06:19.903>like <00:06:20.030>the <00:06:20.157>GSA <00:06:20.284>region.

149
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<00:06:22.625>Um, <00:06:22.902>and <00:06:23.179>then <00:06:23.456>we <00:06:23.733>use <00:06:24.011>it

150
00:06:24.165 --> 00:06:26.485
<00:06:24.165>to <00:06:24.365>actually <00:06:24.565>become <00:06:24.765>faster <00:06:24.965>in <00:06:25.165>the <00:06:25.365>whole <00:06:25.565>process.

151
00:06:26.635 --> 00:06:30.245
<00:06:26.635>Yeah. <00:06:26.810>Along <00:06:26.985>the <00:06:27.159>sort <00:06:27.335>of <00:06:27.510>opportunity <00:06:27.685>due <00:06:27.860>diligence, <00:06:28.034>um,

152
00:06:30.265 --> 00:06:31.485
<00:06:30.265>or <00:06:30.539>better <00:06:30.814>understanding <00:06:31.088>of <00:06:31.363>it.

153
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<00:06:31.825>And <00:06:32.175>in <00:06:32.525>our <00:06:32.875>communication, <00:06:33.224>um,

154
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<00:06:34.315>what <00:06:34.470>we <00:06:34.626>do <00:06:34.781>still <00:06:34.937>do <00:06:35.092>is <00:06:35.248>focus <00:06:35.403>on <00:06:35.559>the <00:06:35.715>people.

155
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<00:06:37.845>'cause <00:06:38.125>we <00:06:38.405>invest, <00:06:38.685>you <00:06:38.965>know, <00:06:39.245>bare,

156
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<00:06:40.605>I <00:06:40.745>mean <00:06:40.885>rarely <00:06:41.025>in <00:06:41.165>the <00:06:41.305>pre-seed <00:06:41.445>phase, <00:06:41.585>mostly <00:06:41.725>in <00:06:41.865>the <00:06:42.005>seed

157
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<00:06:43.325>and <00:06:43.558>series <00:06:43.791>A <00:06:44.025>stages, <00:06:44.258>so <00:06:44.491>still <00:06:44.724>early

158
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<00:06:46.095>where <00:06:46.536>everything <00:06:46.977>really <00:06:47.418>depends

159
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<00:06:47.565>on <00:06:47.727>the <00:06:47.889>people <00:06:48.051>that <00:06:48.212>we <00:06:48.375>work <00:06:48.537>with.

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<00:06:48.745>And, <00:06:48.932>and <00:06:49.120>the <00:06:49.308>question <00:06:49.495>is <00:06:49.683>whether <00:06:49.871>they're <00:06:50.058>gonna

161
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<00:06:50.205>make <00:06:50.438>it <00:06:50.673>successful <00:06:50.907>or <00:06:51.141>not.

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<00:06:51.465>And <00:06:51.592>that's <00:06:51.719>the <00:06:51.846>thing <00:06:51.974>at, <00:06:52.101>at, <00:06:52.228>at <00:06:52.355>the <00:06:52.483>end <00:06:52.610>of <00:06:52.737>the <00:06:52.865>day,

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<00:06:54.355>team <00:06:54.588>composition, <00:06:54.821>the <00:06:55.055>personalities <00:06:55.288>that <00:06:55.521>we <00:06:55.755>meet

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<00:06:57.505>and <00:06:57.784>the <00:06:58.065>relationships <00:06:58.344>that <00:06:58.625>we <00:06:58.905>try

165
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<00:06:59.325>to <00:06:59.500>keep <00:06:59.675>over <00:06:59.849>time <00:07:00.025>still <00:07:00.200>matter <00:07:00.375>in <00:07:00.550>that <00:07:00.724>process.

166
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<00:07:02.915>Okay, <00:07:03.115>thank <00:07:03.315>you. <00:07:03.515>Um, <00:07:03.715>Constantine, <00:07:03.915>question <00:07:04.115>to <00:07:04.315>you.

167
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<00:07:06.305>Um, <00:07:06.655>on, <00:07:07.005>on <00:07:07.355>Wednesday <00:07:07.705>night,

168
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<00:07:08.005>we <00:07:08.180>had <00:07:08.355>a <00:07:08.530>long <00:07:08.705>discussion <00:07:08.880>about <00:07:09.055>this <00:07:09.230>around <00:07:09.405>defensibility,

169
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<00:07:11.265>around <00:07:11.405>mode, <00:07:11.544>around <00:07:11.685>really <00:07:11.825>what, <00:07:11.965>what <00:07:12.104>it <00:07:12.245>means <00:07:12.385>now, <00:07:12.525>um, <00:07:12.664>like

170
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<00:07:15.825>how <00:07:16.175>commoditized <00:07:16.525>software <00:07:16.875>is <00:07:17.224>getting

171
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<00:07:17.625>and <00:07:17.825>how <00:07:18.025>can <00:07:18.225>we <00:07:18.425>build <00:07:18.625>defensible <00:07:18.825>business <00:07:19.025>models?

172
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<00:07:20.305>How <00:07:20.445>are <00:07:20.585>you <00:07:20.725>thinking <00:07:20.865>about <00:07:21.005>that <00:07:21.145>when <00:07:21.285>you <00:07:21.425>look <00:07:21.565>at <00:07:21.705>companies?

173
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<00:07:23.035>Well, <00:07:23.175>I <00:07:23.315>think <00:07:23.455>we <00:07:23.595>all, <00:07:23.735>this <00:07:23.875>is <00:07:24.015>here <00:07:24.155>we <00:07:24.295>are <00:07:24.435>looking

174
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<00:07:25.445>for <00:07:25.697>our <00:07:25.949>companies, <00:07:26.201>which <00:07:26.453>might <00:07:26.705>become

175
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<00:07:27.485>valuable <00:07:27.625>in <00:07:27.765>the <00:07:27.905>long <00:07:28.045>term, <00:07:28.185>which <00:07:28.325>means <00:07:28.465>they <00:07:28.605>have <00:07:28.745>long <00:07:28.885>term

176
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<00:07:29.845>competitive <00:07:30.852>advantages.

177
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<00:07:31.425>And <00:07:31.600>the <00:07:31.775>AI <00:07:31.950>has <00:07:32.125>changed <00:07:32.300>this <00:07:32.475>equation <00:07:32.650>recently <00:07:32.825>significantly

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<00:07:34.765>because <00:07:34.940>now <00:07:35.115>software <00:07:35.289>is <00:07:35.465>not <00:07:35.640>a <00:07:35.815>competitive <00:07:35.990>advantage <00:07:36.164>anymore.

179
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<00:07:38.585>Now <00:07:38.740>things <00:07:38.896>can <00:07:39.051>be <00:07:39.207>copied <00:07:39.362>not <00:07:39.518>in <00:07:39.673>like <00:07:39.829>six <00:07:39.984>months,

180
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<00:07:41.585>but <00:07:41.760>in <00:07:41.935>six <00:07:42.109>days <00:07:42.284>or <00:07:42.460>maybe <00:07:42.635>in <00:07:42.810>six <00:07:42.984>minutes.

181
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<00:07:44.545>And <00:07:44.745>B2B <00:07:44.945>SA <00:07:45.145>is <00:07:45.345>not <00:07:45.545>so <00:07:45.745>cool <00:07:45.945>anymore.

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<00:07:48.185>But <00:07:48.360>what's <00:07:48.535>cool, <00:07:48.710>I <00:07:48.885>think <00:07:49.060>it's <00:07:49.235>something <00:07:49.410>which, <00:07:49.585>uh,

183
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<00:07:52.115>does <00:07:52.270>not <00:07:52.426>have, <00:07:52.581>uh, <00:07:52.737>something <00:07:52.892>which <00:07:53.048>doesn't <00:07:53.203>have <00:07:53.359>AI <00:07:53.515>pilots

184
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<00:07:55.865>for <00:07:56.005>something <00:07:56.145>which <00:07:56.285>still <00:07:56.425>is <00:07:56.565>hard <00:07:56.705>to <00:07:56.845>copy, <00:07:56.985>but <00:07:57.125>is <00:07:57.265>valuable.

185
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<00:08:00.845>I <00:08:01.001>could <00:08:01.157>give <00:08:01.313>you <00:08:01.469>a <00:08:01.625>few <00:08:01.781>examples.

186
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<00:08:01.885>So <00:08:02.085>one <00:08:02.284>of <00:08:02.485>the <00:08:02.685>things <00:08:02.885>is <00:08:03.085>more <00:08:03.284>traditional,

187
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<00:08:04.405>like <00:08:04.544>a <00:08:04.684>deep <00:08:04.825>tech <00:08:04.965>stuff, <00:08:05.104>like <00:08:05.244>very <00:08:05.385>strong <00:08:05.525>ip, <00:08:05.664>you <00:08:05.804>know,

188
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<00:08:08.005>and <00:08:08.473>research <00:08:08.941>results.

189
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<00:08:09.145>It <00:08:09.495>could <00:08:09.844>be <00:08:10.195>about <00:08:10.544>hardware.

190
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<00:08:11.625>Uh, <00:08:11.800>and <00:08:11.975>the <00:08:12.150>thing <00:08:12.325>which <00:08:12.500>I <00:08:12.675>like <00:08:12.850>the <00:08:13.025>most

191
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<00:08:13.525>and <00:08:13.680>I'm <00:08:13.836>focused <00:08:13.991>on <00:08:14.147>right <00:08:14.302>now <00:08:14.458>is <00:08:14.613>about <00:08:14.769>open <00:08:14.924>source.

192
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<00:08:15.885>Because <00:08:16.118>open <00:08:16.351>source <00:08:16.585>will <00:08:16.818>been <00:08:17.051>living <00:08:17.284>in

193
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<00:08:18.325>paradigm <00:08:18.613>since <00:08:18.901>the <00:08:19.189>very <00:08:19.477>beginning.

194
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<00:08:19.635>That <00:08:19.914>software <00:08:20.195>actually <00:08:20.474>is <00:08:20.755>not <00:08:21.034>valuable

195
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<00:08:21.675>because <00:08:22.025>it <00:08:22.375>can <00:08:22.725>be <00:08:23.075>copied

196
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<00:08:23.515>with <00:08:23.655>using <00:08:23.794>one <00:08:23.935>button <00:08:24.075>called <00:08:24.215>four <00:08:24.354>fork <00:08:24.495>on <00:08:24.635>GitHub, <00:08:24.775>that's <00:08:24.914>it.

197
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<00:08:27.145>But <00:08:27.320>still, <00:08:27.495>we <00:08:27.669>see <00:08:27.844>at <00:08:28.020>least <00:08:28.195>50 <00:08:28.370>open <00:08:28.544>source

198
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<00:08:31.445>unicorns <00:08:31.678>found <00:08:31.911>in <00:08:32.145>the <00:08:32.378>last <00:08:32.611>20 <00:08:32.845>years.

199
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<00:08:33.825>And <00:08:34.044>by <00:08:34.264>the <00:08:34.483>way, <00:08:34.703>roughly <00:08:34.923>half

200
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<00:08:35.044>of <00:08:35.324>them <00:08:35.604>are <00:08:35.885>from <00:08:36.164>Europe <00:08:36.444>originally,

201
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<00:08:37.345>but <00:08:37.563>they <00:08:37.783>look <00:08:38.001>like <00:08:38.221>US <00:08:38.439>companies <00:08:38.659>mostly.

202
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<00:08:39.544>Uh, <00:08:39.684>and, <00:08:39.824>uh, <00:08:39.964>so <00:08:40.104>there <00:08:40.245>is <00:08:40.385>value <00:08:40.525>in <00:08:40.664>open <00:08:40.804>source <00:08:40.944>community,

203
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<00:08:43.355>open <00:08:43.635>source <00:08:43.914>ecosystem <00:08:44.195>in <00:08:44.475>open <00:08:44.755>source,

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<00:08:46.025>you <00:08:46.335>know, <00:08:46.646>brand <00:08:46.956>and <00:08:47.266>trust.

205
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<00:08:47.665>And <00:08:47.944>uh, <00:08:48.224>that's <00:08:48.505>very <00:08:48.785>subtle <00:08:49.064>things.

206
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<00:08:50.635>It's <00:08:50.986>like <00:08:51.337>your <00:08:51.688>reputation.

207
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<00:08:52.025>It <00:08:52.165>could <00:08:52.305>be, <00:08:52.444>it <00:08:52.584>sometimes <00:08:52.725>it <00:08:52.865>requires <00:08:53.005>10 <00:08:53.145>years <00:08:53.285>to <00:08:53.425>build

208
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<00:08:55.505>and <00:08:55.682>it <00:08:55.859>could <00:08:56.037>be <00:08:56.214>lost <00:08:56.392>in <00:08:56.569>one <00:08:56.747>hour

209
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<00:08:57.625>and <00:08:57.800>well, <00:08:57.975>people <00:08:58.150>don't <00:08:58.325>have <00:08:58.500>capital <00:08:58.675>pallets <00:08:58.850>for <00:08:59.025>it.

210
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<00:09:00.065>And <00:09:00.205>even <00:09:00.345>if <00:09:00.485>they <00:09:00.625>will, <00:09:00.765>probably <00:09:00.905>they'll <00:09:01.045>use <00:09:01.185>them <00:09:01.325>for <00:09:01.465>other,

211
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<00:09:03.945>you <00:09:04.178>know, <00:09:04.411>subtle <00:09:04.645>political <00:09:04.878>cultural <00:09:05.111>things <00:09:05.345>not

212
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<00:09:06.405>for <00:09:07.772>communities.

213
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<00:09:08.145>And <00:09:08.425>that's <00:09:08.704>really <00:09:08.985>the <00:09:09.265>mode. <00:09:09.545>Yeah.

214
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<00:09:10.705>Neil's <00:09:11.055>how <00:09:11.405>you're <00:09:11.755>thinking <00:09:12.105>about

215
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<00:09:12.455>moats <00:09:12.788>and <00:09:13.121>DefenS <00:09:13.454>abilities

216
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<00:09:16.085>From <00:09:16.357>the <00:09:16.629>technical <00:09:16.901>side, <00:09:17.174>it,

217
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<00:09:17.365>it's <00:09:17.640>becoming <00:09:17.915>more <00:09:18.191>and <00:09:18.466>more <00:09:18.742>difficult.

218
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<00:09:18.975>I <00:09:19.150>mean, <00:09:19.325>the <00:09:19.500>question <00:09:19.675>is, <00:09:19.850>you <00:09:20.025>know, <00:09:20.200>proprietary <00:09:20.375>data,

219
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<00:09:21.115>you <00:09:21.315>asked <00:09:21.515>that <00:09:21.715>question, <00:09:21.915>I'm <00:09:22.115>not <00:09:22.315>entirely <00:09:22.515>sure

220
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<00:09:23.695>because <00:09:24.151>public <00:09:24.607>data <00:09:25.063>and,

221
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<00:09:25.215>and <00:09:25.355>you <00:09:25.495>know, <00:09:25.635>how <00:09:25.775>to <00:09:25.915>deal <00:09:26.055>with <00:09:26.195>new <00:09:26.335>data, <00:09:26.475>synthetic <00:09:26.615>data,

222
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<00:09:27.695>that <00:09:27.975>that's <00:09:28.255>all <00:09:28.535>becoming <00:09:28.815>much <00:09:29.095>better.

223
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<00:09:30.195>So <00:09:30.350>we <00:09:30.506>do <00:09:30.661>believe <00:09:30.817>that, <00:09:30.972>um, <00:09:31.128>sort <00:09:31.283>of <00:09:31.439>commercial <00:09:31.595>speed

224
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<00:09:33.795>and <00:09:34.101>building <00:09:34.407>a <00:09:34.713>brand

225
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<00:09:34.915>and <00:09:35.148>uh, <00:09:35.381>having <00:09:35.615>a <00:09:35.848>user <00:09:36.081>friendly <00:09:36.314>sort

226
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<00:09:36.735>of <00:09:36.910>product <00:09:37.085>is <00:09:37.260>actually <00:09:37.435>something <00:09:37.610>that <00:09:37.785>makes <00:09:37.960>a <00:09:38.135>difference.

227
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<00:09:39.015>If <00:09:39.189>you <00:09:39.365>look <00:09:39.540>at <00:09:39.715>lovable, <00:09:39.890>for <00:09:40.064>example, <00:09:40.240>I <00:09:40.415>mean,

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<00:09:41.095>I <00:09:41.295>mean <00:09:41.495>even <00:09:41.695>I <00:09:41.895>know <00:09:42.095>lovable, <00:09:42.295>um, <00:09:42.495>and,

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<00:09:43.875>and <00:09:44.108>so <00:09:44.341>the, <00:09:44.575>the, <00:09:44.808>the <00:09:45.041>verticalization, <00:09:45.275>um,

230
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<00:09:47.275>and <00:09:47.430>the <00:09:47.586>brand <00:09:47.741>building <00:09:47.897>and <00:09:48.052>the <00:09:48.208>getting <00:09:48.363>users <00:09:48.519>on <00:09:48.675>board

231
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<00:09:50.395>and <00:09:50.628>the <00:09:50.861>distribution, <00:09:51.095>that <00:09:51.328>actually <00:09:51.561>becomes <00:09:51.795>more

232
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<00:09:53.175>of <00:09:53.408>a <00:09:53.641>mode <00:09:53.875>we <00:09:54.108>believe, <00:09:54.341>than <00:09:54.574>some

233
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<00:09:55.295>of <00:09:55.469>the <00:09:55.645>tech <00:09:55.819>technical <00:09:55.995>stuff, <00:09:56.170>uh, <00:09:56.344>in <00:09:56.520>the <00:09:56.694>past.

234
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<00:09:58.725>Yeah, <00:09:58.880>I, <00:09:59.036>I'd <00:09:59.191>just <00:09:59.347>like <00:09:59.502>to <00:09:59.658>add <00:09:59.813>in <00:09:59.969>a <00:10:00.125>way,

235
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<00:10:00.895>if <00:10:01.035>you <00:10:01.175>think <00:10:01.314>about <00:10:01.454>the <00:10:01.595>capabilities <00:10:01.735>of <00:10:01.875>an <00:10:02.015>LLM <00:10:02.155>today <00:10:02.295>and,

236
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<00:10:03.615>and <00:10:03.881>really <00:10:04.147>from <00:10:04.414>a <00:10:04.680>technical <00:10:04.947>perspective,

237
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<00:10:05.115>and <00:10:05.290>you're <00:10:05.465>trying <00:10:05.640>to <00:10:05.815>get <00:10:05.990>to <00:10:06.165>ground <00:10:06.340>truth <00:10:06.515>and,

238
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<00:10:06.995>and <00:10:07.135>divide <00:10:07.275>away <00:10:07.415>a <00:10:07.555>bit <00:10:07.695>the <00:10:07.835>b******t <00:10:07.975>that <00:10:08.115>I'm <00:10:08.255>assuming <00:10:08.395>most

239
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<00:10:10.095>of <00:10:10.361>you're <00:10:10.627>developers, <00:10:10.894>so, <00:10:11.160>so <00:10:11.427>most

240
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<00:10:11.575>of <00:10:11.775>you <00:10:11.975>will <00:10:12.175>be <00:10:12.375>quite <00:10:12.575>critical <00:10:12.775>every <00:10:12.975>now

241
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<00:10:13.535>and <00:10:13.709>then <00:10:13.885>when <00:10:14.060>you <00:10:14.235>actually <00:10:14.410>bring <00:10:14.584>things <00:10:14.760>into <00:10:14.935>production.

242
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<00:10:15.875>Um, <00:10:16.075>and, <00:10:16.275>and <00:10:16.475>it's <00:10:16.675>a <00:10:16.875>lot <00:10:17.075>about <00:10:17.275>realizing

243
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<00:10:18.415>what's <00:10:18.799>really <00:10:19.183>possible <00:10:19.567>today.

244
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<00:10:19.715>And <00:10:19.890>the, <00:10:20.065>you <00:10:20.240>know, <00:10:20.415>that, <00:10:20.590>that, <00:10:20.765>to <00:10:20.940>me, <00:10:21.115>the,

245
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<00:10:23.875>the <00:10:24.030>real <00:10:24.186>edge <00:10:24.341>in <00:10:24.497>a <00:10:24.652>way <00:10:24.808>is <00:10:24.963>the <00:10:25.119>GTM <00:10:25.275>motion.

246
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<00:10:26.675>So <00:10:26.976>can <00:10:27.278>you <00:10:27.579>build <00:10:27.881>something

247
00:10:28.015 --> 00:10:30.095
<00:10:28.015>that <00:10:28.295>sustainably <00:10:28.574>sticks <00:10:28.855>to <00:10:29.135>your <00:10:29.415>customer?

248
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<00:10:30.555>And <00:10:30.729>if <00:10:30.905>there's <00:10:31.079>data <00:10:31.255>around <00:10:31.430>that, <00:10:31.604>then <00:10:31.780>that's <00:10:31.954>fantastic,

249
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<00:10:33.235>but <00:10:33.435>not <00:10:33.635>even <00:10:33.835>that <00:10:34.035>might <00:10:34.235>be <00:10:34.435>sustainable, <00:10:34.635>right?

250
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<00:10:35.415>Because <00:10:35.638>even <00:10:35.861>if <00:10:36.084>we <00:10:36.307>stay <00:10:36.531>critical

251
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<00:10:36.655>and <00:10:36.871>we <00:10:37.087>say <00:10:37.303>the <00:10:37.519>last <00:10:37.735>10%, <00:10:37.951>like,

252
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<00:10:38.095>and <00:10:38.250>self-driving <00:10:38.406>will <00:10:38.561>remain <00:10:38.717>a <00:10:38.872>long <00:10:39.028>problem <00:10:39.183>for <00:10:39.339>the <00:10:39.495>LLMs,

253
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<00:10:42.245>then <00:10:42.385>the <00:10:42.525>question <00:10:42.665>is <00:10:42.805>just <00:10:42.945>how <00:10:43.085>good <00:10:43.225>does <00:10:43.365>the <00:10:43.505>reasoning <00:10:43.645>become

254
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<00:10:45.725>with <00:10:46.024>or <00:10:46.323>without <00:10:46.622>the <00:10:46.921>data?

255
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<00:10:47.195>And <00:10:47.350>then <00:10:47.506>because, <00:10:47.661>because <00:10:47.817>if <00:10:47.972>you <00:10:48.128>don't <00:10:48.283>need <00:10:48.439>to <00:10:48.595>train

256
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<00:10:49.075>or <00:10:49.275>need <00:10:49.475>to <00:10:49.675>any <00:10:49.875>wreck <00:10:50.075>any <00:10:50.275>existing <00:10:50.475>data,

257
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<00:10:51.335>and <00:10:51.475>you <00:10:51.615>can <00:10:51.755>just <00:10:51.895>deploy <00:10:52.035>something <00:10:52.175>at <00:10:52.315>the <00:10:52.455>customer <00:10:52.595>you <00:10:52.735>have,

258
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<00:10:53.815>there's <00:10:54.058>no <00:10:54.301>more <00:10:54.544>data <00:10:54.787>mode.

259
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<00:10:54.895>The <00:10:55.011>data <00:10:55.128>mode <00:10:55.245>might <00:10:55.361>also <00:10:55.478>be <00:10:55.595>a <00:10:55.711>thing <00:10:55.828>of <00:10:55.944>history <00:10:56.061>in <00:10:56.178>a <00:10:56.295>way.

260
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<00:10:57.595>So, <00:10:57.770>um, <00:10:57.945>very <00:10:58.120>keen <00:10:58.295>on <00:10:58.470>seeing <00:10:58.645>just <00:10:58.820>companies <00:10:58.995>execute

261
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<00:11:00.655>extremely <00:11:00.858>fast <00:11:01.063>in <00:11:01.266>front <00:11:01.471>of <00:11:01.675>the <00:11:01.879>customer.

262
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<00:11:02.015>And <00:11:02.223>these <00:11:02.432>are <00:11:02.641>actually <00:11:02.850>the <00:11:03.059>companies

263
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<00:11:03.175>that <00:11:03.454>right <00:11:03.734>now <00:11:04.015>get <00:11:04.295>the <00:11:04.574>biggest

264
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<00:11:04.975>valuations <00:11:05.281>and <00:11:05.587>the <00:11:05.893>biggest <00:11:06.199>excitement.

265
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<00:11:06.335>And <00:11:06.479>it's <00:11:06.623>not <00:11:06.767>so <00:11:06.911>much <00:11:07.055>about <00:11:07.199>the <00:11:07.343>moat

266
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<00:11:07.455>because <00:11:07.655>there's <00:11:07.855>a <00:11:08.055>million <00:11:08.255>lovable <00:11:08.455>at <00:11:08.655>this <00:11:08.855>point,

267
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<00:11:10.395>but <00:11:10.678>there's <00:11:10.962>only <00:11:11.245>one <00:11:11.529>lovable

268
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<00:11:11.945>Fully <00:11:12.845>agree.

269
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<00:11:13.785>Thank <00:11:13.959>you. <00:11:14.135>Um, <00:11:14.310>Neils, <00:11:14.485>maybe <00:11:14.660>a <00:11:14.834>question <00:11:15.010>to <00:11:15.185>you,

270
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<00:11:16.215>and <00:11:16.370>we, <00:11:16.526>we <00:11:16.681>spoke <00:11:16.837>about <00:11:16.992>this <00:11:17.148>earlier <00:11:17.303>a <00:11:17.459>little <00:11:17.615>bit,

271
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<00:11:18.175>vertical <00:11:18.641>AI <00:11:19.108>horizontal <00:11:19.574>approach.

272
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<00:11:20.805>What <00:11:21.005>do <00:11:21.204>you <00:11:21.405>see <00:11:21.604>the, <00:11:21.805>the <00:11:22.005>stronger <00:11:22.204>values?

273
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<00:11:25.065>I <00:11:25.461>mean, <00:11:25.857>historically <00:11:26.253>speaking,

274
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<00:11:26.405>and <00:11:26.521>we <00:11:26.638>did <00:11:26.755>an <00:11:26.871>analysis <00:11:26.988>on <00:11:27.105>that <00:11:27.221>like <00:11:27.338>two <00:11:27.454>or <00:11:27.571>three <00:11:27.688>years <00:11:27.805>ago.

275
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<00:11:28.725>Um, <00:11:29.005>vertical <00:11:29.285>solutions <00:11:29.565>get <00:11:29.845>larger <00:11:30.125>markets

276
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<00:11:31.045>and <00:11:31.521>larger <00:11:31.999>variations.

277
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<00:11:32.805>I'm <00:11:32.979>not <00:11:33.155>sure <00:11:33.329>whether <00:11:33.505>that's <00:11:33.680>gonna <00:11:33.854>stay <00:11:34.030>the <00:11:34.204>same

278
00:11:34.625 --> 00:11:36.985
<00:11:34.625>because <00:11:34.825>verticalization <00:11:35.025>can <00:11:35.225>help <00:11:35.425>you <00:11:35.625>actually, <00:11:35.825>you <00:11:36.025>know,

279
00:11:37.265 --> 00:11:39.385
<00:11:37.265>increase <00:11:37.420>that <00:11:37.576>speed <00:11:37.731>and, <00:11:37.887>and, <00:11:38.042>you <00:11:38.198>know, <00:11:38.353>the <00:11:38.509>brand <00:11:38.665>building

280
00:11:39.385 --> 00:11:42.265
<00:11:39.385>and <00:11:39.540>the <00:11:39.696>stickiness <00:11:39.851>and <00:11:40.007>the <00:11:40.162>deep <00:11:40.318>context <00:11:40.473>that <00:11:40.629>you <00:11:40.785>need.

281
00:11:42.335 --> 00:11:45.665
<00:11:42.335>Yeah. <00:11:42.535>By, <00:11:42.735>by, <00:11:42.935>um, <00:11:43.135>by, <00:11:43.335>uh, <00:11:43.535>you <00:11:43.735>know,

282
00:11:45.665 --> 00:11:48.385
<00:11:45.665>going <00:11:45.839>across <00:11:46.015>more <00:11:46.189>features, <00:11:46.365>more <00:11:46.540>use <00:11:46.714>cases <00:11:46.890>in <00:11:47.064>a,

283
00:11:48.385 --> 00:11:49.905
<00:11:48.385>in <00:11:48.658>a <00:11:48.932>certain <00:11:49.205>sort <00:11:49.479>of <00:11:49.752>vertical.

284
00:11:50.125 --> 00:11:54.085
<00:11:50.125>Um, <00:11:50.325>um, <00:11:50.525>so <00:11:50.725>I <00:11:50.925>guess <00:11:51.125>my <00:11:51.325>personal <00:11:51.525>hypothesis,

285
00:11:54.085 --> 00:11:56.285
<00:11:54.085>that <00:11:54.260>game <00:11:54.435>will <00:11:54.610>change <00:11:54.785>a <00:11:54.960>little <00:11:55.135>bit, <00:11:55.310>um, <00:11:55.485>because,

286
00:11:56.285 --> 00:11:58.605
<00:11:56.285>So <00:11:56.485>swinging <00:11:56.685>back <00:11:56.885>more <00:11:57.084>towards <00:11:57.285>a <00:11:57.485>horizontal <00:11:57.685>approach

287
00:11:59.795 --> 00:12:03.165
<00:11:59.795>Away <00:11:59.995>from <00:12:00.194>that, <00:12:00.395>away <00:12:00.594>from <00:12:00.795>that <00:12:00.995>towards <00:12:01.194>verticalization

288
00:12:03.165 --> 00:12:04.165
<00:12:03.165>Towards <00:12:03.464>a <00:12:03.765>vertical. <00:12:04.064>Yeah.

290
00:12:05.365 --> 00:12:07.255
<00:12:05.365>Yeah. <00:12:05.715>Well, <00:12:06.065>I <00:12:06.415>think, <00:12:06.765>um,

291
00:12:08.255 --> 00:12:10.415
<00:12:08.255>speaking <00:12:08.535>about <00:12:08.814>horizontal <00:12:09.095>vertical <00:12:09.375>things, <00:12:09.655>um,

292
00:12:10.745 --> 00:12:13.855
<00:12:10.745>there <00:12:10.885>is <00:12:11.025>a <00:12:11.165>very <00:12:11.305>important <00:12:11.445>thing <00:12:11.585>which <00:12:11.725>I <00:12:11.865>think <00:12:12.005>a <00:12:12.145>bit

293
00:12:13.855 --> 00:12:15.055
<00:12:13.855>underappreciated <00:12:14.395>is <00:12:14.935>about.

294
00:12:15.575 --> 00:12:20.375
<00:12:15.575>UX <00:12:15.775>verticalization <00:12:15.975>allows <00:12:16.175>to <00:12:16.375>build <00:12:16.575>uniquely <00:12:16.775>good <00:12:16.975>UX

295
00:12:20.475 --> 00:12:21.775
<00:12:20.475>for <00:12:21.060>specific <00:12:21.645>verticals

296
00:12:21.805 --> 00:12:25.455
<00:12:21.805>because <00:12:21.960>the, <00:12:22.116>the <00:12:22.271>data <00:12:22.427>sources <00:12:22.582>like <00:12:22.738>where, <00:12:22.893>which <00:12:23.049>are <00:12:23.204>specific

297
00:12:25.475 --> 00:12:27.375
<00:12:25.475>for <00:12:25.755>vertical <00:12:26.035>because <00:12:26.315>of <00:12:26.595>some <00:12:26.875>workflows,

298
00:12:27.375 --> 00:12:29.935
<00:12:27.375>because <00:12:27.575>of <00:12:27.775>different <00:12:27.975>things <00:12:28.175>which <00:12:28.375>are <00:12:28.575>very <00:12:28.775>specified.

299
00:12:29.955 --> 00:12:32.455
<00:12:29.955>And <00:12:30.188>that's <00:12:30.421>could <00:12:30.655>explain, <00:12:30.888>for <00:12:31.121>example, <00:12:31.355>lovable

300
00:12:32.475 --> 00:12:35.095
<00:12:32.475>and <00:12:32.675>core <00:12:32.875>store <00:12:33.075>where <00:12:33.275>like <00:12:33.475>they <00:12:33.675>really <00:12:33.875>knows

301
00:12:35.095 --> 00:12:36.975
<00:12:35.095>how <00:12:35.328>developers <00:12:35.561>are <00:12:35.795>using <00:12:36.028>these <00:12:36.261>products <00:12:36.495>and

302
00:12:37.235 --> 00:12:39.095
<00:12:37.235>or <00:12:37.468>like <00:12:37.701>vibe <00:12:37.935>coders <00:12:38.168>using <00:12:38.401>these <00:12:38.635>products.

303
00:12:39.095 --> 00:12:41.055
<00:12:39.095>And <00:12:39.375>they <00:12:39.655>built <00:12:39.935>specifically <00:12:40.215>for <00:12:40.495>this,

304
00:12:41.475 --> 00:12:43.615
<00:12:41.475>but <00:12:41.630>it's, <00:12:41.786>uh, <00:12:41.941>I <00:12:42.097>think <00:12:42.252>it <00:12:42.408>could <00:12:42.563>be <00:12:42.719>used <00:12:42.875>both

305
00:12:43.615 --> 00:12:45.415
<00:12:43.615>for <00:12:43.848>vertical <00:12:44.081>things <00:12:44.315>and <00:12:44.548>for <00:12:44.781>horizontal <00:12:45.015>things.

306
00:12:45.515 --> 00:12:48.535
<00:12:45.515>Uh, <00:12:45.642>one <00:12:45.769>of <00:12:45.896>the <00:12:46.024>most <00:12:46.151>exciting <00:12:46.278>things <00:12:46.405>which <00:12:46.533>I <00:12:46.660>see <00:12:46.787>on <00:12:46.915>the

307
00:12:48.535 --> 00:12:51.535
<00:12:48.535>markets <00:12:48.709>right <00:12:48.885>now <00:12:49.060>is <00:12:49.235>that, <00:12:49.410>uh, <00:12:49.584>perplexity <00:12:49.760>is, <00:12:49.935>uh,

308
00:12:51.845 --> 00:12:54.815
<00:12:51.845>launching <00:12:52.078>their <00:12:52.311>own <00:12:52.545>browser <00:12:52.778>open <00:12:53.011>AI <00:12:53.245>announced

309
00:12:54.815 --> 00:12:56.055
<00:12:54.815>that <00:12:55.038>they <00:12:55.261>also <00:12:55.484>launch <00:12:55.707>their <00:12:55.930>browser.

310
00:12:56.195 --> 00:13:01.015
<00:12:56.195>So <00:12:56.370>essentially <00:12:56.545>browsers <00:12:56.720>nowadays <00:12:56.895>is <00:12:57.070>like <00:12:57.245>for <00:12:57.420>modern <00:12:57.595>work,

311
00:13:01.015 --> 00:13:04.215
<00:13:01.015>because <00:13:01.189>most <00:13:01.365>of <00:13:01.540>work, <00:13:01.715>maybe <00:13:01.890>not <00:13:02.064>like <00:13:02.240>of <00:13:02.415>developers,

312
00:13:04.235 --> 00:13:07.575
<00:13:04.235>but <00:13:04.375>of <00:13:04.515>people <00:13:04.655>who <00:13:04.795>are <00:13:04.935>not <00:13:05.075>coding <00:13:05.215>happens <00:13:05.355>on <00:13:05.495>the <00:13:05.635>browser,

313
00:13:07.995 --> 00:13:10.695
<00:13:07.995>on <00:13:08.195>their <00:13:08.395>email, <00:13:08.595>or <00:13:08.795>just <00:13:08.995>on <00:13:09.195>the <00:13:09.395>internet.

314
00:13:10.715 --> 00:13:13.255
<00:13:10.715>And, <00:13:10.915>um, <00:13:11.115>that's <00:13:11.315>course <00:13:11.515>for, <00:13:11.715>for <00:13:11.915>modern <00:13:12.115>work,

315
00:13:13.255 --> 00:13:15.095
<00:13:13.255>and <00:13:13.605>it'll <00:13:13.955>be <00:13:14.305>purely <00:13:14.655>horizontal

316
00:13:15.795 --> 00:13:17.415
<00:13:15.795>and <00:13:16.074>then <00:13:16.354>people <00:13:16.635>will <00:13:16.915>verticalize <00:13:17.194>it.

317
00:13:17.415 --> 00:13:19.615
<00:13:17.415>But <00:13:17.615>I <00:13:17.814>think <00:13:18.015>it's, <00:13:18.214>that's <00:13:18.415>actually <00:13:18.615>the <00:13:18.814>mode

318
00:13:19.615 --> 00:13:22.495
<00:13:19.615>because <00:13:19.755>if <00:13:19.895>you <00:13:20.035>build <00:13:20.175>a <00:13:20.315>product <00:13:20.455>which <00:13:20.595>is <00:13:20.735>really <00:13:20.875>used <00:13:21.015>every

319
00:13:22.515 --> 00:13:27.055
<00:13:22.515>day <00:13:22.689>course <00:13:22.865>or <00:13:23.040>whatever, <00:13:23.215>uh, <00:13:23.390>commit <00:13:23.564>browser <00:13:23.740>from <00:13:23.915>perplexity

320
00:13:27.075 --> 00:13:28.175
<00:13:27.075>or <00:13:27.570>um, <00:13:28.064>d

321
00:13:28.355 --> 00:13:33.335
<00:13:28.355>or <00:13:28.495>some <00:13:28.635>other <00:13:28.775>NextGen <00:13:28.915>browsers, <00:13:29.055>then, <00:13:29.195>um, <00:13:29.335>it <00:13:29.475>could <00:13:29.615>be, <00:13:29.755>uh,

322
00:13:33.765 --> 00:13:35.495
<00:13:33.765>real <00:13:33.998>competitive <00:13:34.231>advantage <00:13:34.465>in <00:13:34.698>the <00:13:34.931>long <00:13:35.165>term.

323
00:13:36.255 --> 00:13:37.695
<00:13:36.255>I, <00:13:36.440>I'll <00:13:36.625>keep <00:13:36.810>it <00:13:36.995>very <00:13:37.180>short <00:13:37.365>for <00:13:37.551>me,

324
00:13:37.695 --> 00:13:40.655
<00:13:37.695>the <00:13:37.850>world <00:13:38.006>gets <00:13:38.161>always <00:13:38.317>more <00:13:38.472>abstracted <00:13:38.628>in <00:13:38.783>a <00:13:38.939>way, <00:13:39.095>meaning

325
00:13:41.275 --> 00:13:44.975
<00:13:41.275>people <00:13:41.415>say <00:13:41.555>LLM <00:13:41.694>Repper, <00:13:41.834>I <00:13:41.975>think <00:13:42.115>we're <00:13:42.255>wrappers <00:13:42.395>for <00:13:42.535>LP <00:13:42.675>money.

326
00:13:45.055 --> 00:13:46.535
<00:13:45.055>I <00:13:45.245>mean, <00:13:45.435>everyone <00:13:45.625>is <00:13:45.816>a <00:13:46.006>rapper <00:13:46.196>for <00:13:46.387>something.

327
00:13:47.035 --> 00:13:50.495
<00:13:47.035>Uh, <00:13:47.162>and, <00:13:47.289>and, <00:13:47.416>and <00:13:47.544>so <00:13:47.671>if, <00:13:47.798>if <00:13:47.925>we <00:13:48.053>critically <00:13:48.180>reflect <00:13:48.307>on <00:13:48.435>this,

328
00:13:50.495 --> 00:13:52.575
<00:13:50.495>this <00:13:50.670>should <00:13:50.845>not <00:13:51.020>hold <00:13:51.195>us <00:13:51.370>back <00:13:51.545>from <00:13:51.720>thinking <00:13:51.895>about

329
00:13:52.575 --> 00:13:53.695
<00:13:52.575>opportunities <00:13:53.079>as <00:13:53.583>exciting.

330
00:13:53.715 --> 00:13:55.735
<00:13:53.715>And <00:13:53.948>the <00:13:54.181>same <00:13:54.415>for <00:13:54.648>me <00:13:54.881>about <00:13:55.115>specialization.

331
00:13:55.755 --> 00:13:58.535
<00:13:55.755>The <00:13:55.910>world <00:13:56.066>has <00:13:56.221>always <00:13:56.377>specialized <00:13:56.532>if <00:13:56.688>you <00:13:56.843>think <00:13:56.999>about <00:13:57.155>history.

332
00:13:59.035 --> 00:14:00.855
<00:13:59.035>And, <00:13:59.268>and <00:13:59.501>so <00:13:59.735>it's <00:13:59.968>gonna <00:14:00.201>just <00:14:00.435>specialize

333
00:14:00.855 --> 00:14:01.975
<00:14:00.855>more <00:14:01.191>and <00:14:01.527>verticalize <00:14:01.863>more.

334
00:14:01.975 --> 00:14:04.055
<00:14:01.975>And <00:14:02.208>of <00:14:02.441>course, <00:14:02.675>people <00:14:02.908>sometimes <00:14:03.141>will <00:14:03.375>capture

335
00:14:04.115 --> 00:14:06.175
<00:14:04.115>and <00:14:04.348>build <00:14:04.581>new <00:14:04.815>horizontal <00:14:05.048>layers <00:14:05.281>in <00:14:05.515>between,

336
00:14:06.175 --> 00:14:07.255
<00:14:06.175>and <00:14:06.418>these <00:14:06.661>are <00:14:06.904>very <00:14:07.146>exciting.

337
00:14:07.395 --> 00:14:10.975
<00:14:07.395>Mm-hmm. <00:14:07.550>Uh, <00:14:07.706>but <00:14:07.861>it's, <00:14:08.017>uh, <00:14:08.172>it's, <00:14:08.328>it's <00:14:08.483>an <00:14:08.639>exciting <00:14:08.795>moment

338
00:14:10.995 --> 00:14:13.495
<00:14:10.995>as <00:14:11.228>I'm, <00:14:11.461>I'm <00:14:11.695>betting <00:14:11.928>on <00:14:12.161>vertical <00:14:12.395>opportunities.

339
00:14:14.765 --> 00:14:18.095
<00:14:14.765>Okay. <00:14:14.998>Thank <00:14:15.231>you. <00:14:15.465>Really <00:14:15.698>broad <00:14:15.931>question <00:14:16.165>now,

340
00:14:18.765 --> 00:14:23.575
<00:14:18.765>what <00:14:18.905>impact <00:14:19.045>does <00:14:19.185>AI <00:14:19.324>have <00:14:19.465>on <00:14:19.605>your <00:14:19.745>current <00:14:19.885>portfolio <00:14:20.025>in <00:14:20.165>terms

341
00:14:23.595 --> 00:14:26.055
<00:14:23.595>of <00:14:24.061>specific <00:14:24.528>chances, <00:14:24.995>opportunities,

342
00:14:26.115 --> 00:14:28.695
<00:14:26.115>but <00:14:26.290>also <00:14:26.465>challenges, <00:14:26.640>maybe <00:14:26.815>Stefan <00:14:26.990>staying, <00:14:27.165>staying <00:14:27.340>with <00:14:27.515>you?

343
00:14:28.765 --> 00:14:30.695
<00:14:28.765>Yeah, <00:14:28.892>it <00:14:29.019>just, <00:14:29.146>I <00:14:29.274>can <00:14:29.401>give <00:14:29.528>you <00:14:29.655>a <00:14:29.783>story <00:14:29.910>of, <00:14:30.037>you <00:14:30.165>know,

344
00:14:30.695 --> 00:14:31.695
<00:14:30.695>we <00:14:30.875>have <00:14:31.055>companies <00:14:31.235>in <00:14:31.415>the <00:14:31.595>portfolio

345
00:14:31.695 --> 00:14:33.615
<00:14:31.695>that <00:14:31.928>started <00:14:32.161>maybe <00:14:32.395>seven, <00:14:32.628>eight <00:14:32.861>years <00:14:33.095>ago.

346
00:14:33.615 --> 00:14:36.095
<00:14:33.615>They're <00:14:33.755>AI <00:14:33.895>first <00:14:34.035>they <00:14:34.175>started <00:14:34.315>fine <00:14:34.455>tuning <00:14:34.595>Bert <00:14:34.735>when <00:14:34.875>it <00:14:35.015>was

347
00:14:36.095 --> 00:14:37.695
<00:14:36.095>cool, <00:14:36.445>and <00:14:36.795>they're <00:14:37.145>selling <00:14:37.495>towards

348
00:14:37.695 --> 00:14:38.815
<00:14:37.695>the <00:14:37.947>customers, <00:14:38.199>the <00:14:38.451>AI <00:14:38.703>company.

349
00:14:38.815 --> 00:14:42.295
<00:14:38.815>But <00:14:38.942>then <00:14:39.069>when <00:14:39.196>you <00:14:39.324>look <00:14:39.451>inside, <00:14:39.578>uh, <00:14:39.705>they're <00:14:39.833>not <00:14:39.960>that <00:14:40.087>much <00:14:40.215>ai.

350
00:14:42.355 --> 00:14:44.335
<00:14:42.355>And <00:14:42.495>that's <00:14:42.635>an <00:14:42.775>interesting <00:14:42.915>moment <00:14:43.055>to <00:14:43.195>be <00:14:43.335>in, <00:14:43.475>in <00:14:43.615>a <00:14:43.755>world

351
00:14:44.335 --> 00:14:45.935
<00:14:44.335>where <00:14:44.510>you're <00:14:44.685>telling <00:14:44.860>a <00:14:45.035>customer <00:14:45.210>they <00:14:45.385>should <00:14:45.560>be <00:14:45.735>ai,

352
00:14:45.935 --> 00:14:46.975
<00:14:45.935>but <00:14:46.122>not <00:14:46.309>all <00:14:46.496>of <00:14:46.683>your <00:14:46.871>internal

353
00:14:46.975 --> 00:14:48.335
<00:14:46.975>processes <00:14:47.383>are <00:14:47.791>actually <00:14:48.199>supported.

354
00:14:48.475 --> 00:14:50.335
<00:14:48.475>You're <00:14:48.675>not <00:14:48.875>using <00:14:49.075>the <00:14:49.275>latest <00:14:49.475>vibe <00:14:49.675>coding <00:14:49.875>stuff

355
00:14:50.395 --> 00:14:51.605
<00:14:50.395>for <00:14:50.612>good <00:14:50.830>and <00:14:51.048>bad <00:14:51.266>reasons, <00:14:51.484>right?

356
00:14:51.645 --> 00:14:52.685
<00:14:51.645>I <00:14:51.832>mean, <00:14:52.019>you <00:14:52.206>can <00:14:52.393>be <00:14:52.580>critical

357
00:14:52.685 --> 00:14:54.205
<00:14:52.685>and <00:14:52.856>you <00:14:53.026>can <00:14:53.198>hold <00:14:53.369>back <00:14:53.540>maybe <00:14:53.711>on <00:14:53.882>some <00:14:54.053>things,

358
00:14:54.225 --> 00:14:57.205
<00:14:54.225>but <00:14:54.341>I <00:14:54.458>think <00:14:54.575>there's <00:14:54.691>a, <00:14:54.808>there's <00:14:54.925>a <00:14:55.041>real <00:14:55.158>shift <00:14:55.275>to <00:14:55.391>be <00:14:55.508>done <00:14:55.625>now

359
00:14:57.205 --> 00:14:59.805
<00:14:57.205>because <00:14:57.332>the, <00:14:57.459>the, <00:14:57.586>the, <00:14:57.714>the <00:14:57.841>very <00:14:57.968>new <00:14:58.095>guys <00:14:58.223>we <00:14:58.350>seek <00:14:58.477>and, <00:14:58.605>and,

360
00:14:59.805 --> 00:15:01.485
<00:14:59.805>and <00:14:59.960>new, <00:15:00.116>new <00:15:00.271>teams <00:15:00.427>we <00:15:00.582>see <00:15:00.738>coming <00:15:00.893>on <00:15:01.049>the <00:15:01.204>block,

361
00:15:01.755 --> 00:15:03.085
<00:15:01.755>they're <00:15:02.353>really <00:15:02.952>interesting

362
00:15:03.085 --> 00:15:07.845
<00:15:03.085>because <00:15:03.240>they <00:15:03.396>build <00:15:03.551>very <00:15:03.707>interesting <00:15:03.862>POCs <00:15:04.018>with <00:15:04.173>very <00:15:04.329>few, <00:15:04.485>um,

363
00:15:08.095 --> 00:15:10.005
<00:15:08.095>means <00:15:08.445>and <00:15:08.795>very <00:15:09.145>small <00:15:09.495>teams.

364
00:15:10.105 --> 00:15:12.765
<00:15:10.105>So <00:15:10.221>I <00:15:10.338>think <00:15:10.455>everyone <00:15:10.571>needs <00:15:10.688>to <00:15:10.805>wake <00:15:10.921>up <00:15:11.038>in <00:15:11.155>a <00:15:11.271>way <00:15:11.388>to, <00:15:11.505>to

365
00:15:12.765 --> 00:15:15.325
<00:15:12.765>that <00:15:13.045>self <00:15:13.324>disruption <00:15:13.605>perspective <00:15:13.885>that's <00:15:14.165>possible.

366
00:15:15.345 --> 00:15:16.345
Now,

367
00:15:17.065 --> 00:15:18.065
<00:15:17.065>Yo, <00:15:17.365>you <00:15:17.665>wanna <00:15:17.965>comment?

368
00:15:19.665 --> 00:15:22.645
<00:15:19.665>Um, <00:15:19.792>yeah, <00:15:19.919>so, <00:15:20.046>so <00:15:20.174>we <00:15:20.301>have <00:15:20.428>sort <00:15:20.555>of <00:15:20.683>a <00:15:20.810>positive <00:15:20.937>outlier, <00:15:21.064>uh,

369
00:15:22.655 --> 00:15:24.765
<00:15:22.655>where <00:15:22.795>we <00:15:22.935>invested <00:15:23.074>in <00:15:23.214>a, <00:15:23.355>you <00:15:23.495>know, <00:15:23.635>in <00:15:23.775>a <00:15:23.915>founding <00:15:24.055>team

370
00:15:24.765 --> 00:15:26.165
<00:15:24.765>that <00:15:24.975>we've <00:15:25.185>known <00:15:25.395>for <00:15:25.605>like <00:15:25.814>15 <00:15:26.025>years,

371
00:15:26.465 --> 00:15:31.085
<00:15:26.465>and <00:15:26.605>they <00:15:26.745>just <00:15:26.885>ran <00:15:27.025>from <00:15:27.165>I <00:15:27.305>think <00:15:27.445>zero <00:15:27.585>to <00:15:27.725>a <00:15:27.865>million,

372
00:15:31.105 --> 00:15:34.765
<00:15:31.105>almost <00:15:31.260>a <00:15:31.416>million <00:15:31.571>in, <00:15:31.727>um, <00:15:31.882>annual <00:15:32.038>revenue <00:15:32.193>within <00:15:32.349>six <00:15:32.505>months.

373
00:15:34.985 --> 00:15:37.285
<00:15:34.985>So <00:15:35.160>they <00:15:35.335>did <00:15:35.510>a <00:15:35.685>great <00:15:35.860>job, <00:15:36.035>especially, <00:15:36.210>you <00:15:36.385>know,

374
00:15:37.715 --> 00:15:40.165
<00:15:37.715>Germany <00:15:37.890>based, <00:15:38.065>um, <00:15:38.240>you <00:15:38.415>know, <00:15:38.590>not <00:15:38.765>in <00:15:38.940>the <00:15:39.115>US

375
00:15:40.165 --> 00:15:41.685
<00:15:40.165>and <00:15:40.507>stuff <00:15:40.848>like <00:15:41.190>that <00:15:41.532>yet.

376
00:15:42.245 --> 00:15:43.565
<00:15:42.245>I <00:15:42.414>also <00:15:42.584>had <00:15:42.754>the <00:15:42.923>conversation <00:15:43.093>on <00:15:43.263>the <00:15:43.433>weekend

377
00:15:43.565 --> 00:15:46.365
<00:15:43.565>with <00:15:43.720>a <00:15:43.876>very <00:15:44.031>early <00:15:44.187>stage <00:15:44.342>founder <00:15:44.498>who <00:15:44.653>just <00:15:44.809>introduced, <00:15:44.965>uh,

378
00:15:46.365 --> 00:15:48.765
<00:15:46.365>GitHub, <00:15:46.565>uh, <00:15:46.765>copilot <00:15:46.965>in <00:15:47.165>their, <00:15:47.365>uh, <00:15:47.565>tech <00:15:47.765>team.

379
00:15:48.945 --> 00:15:52.725
<00:15:48.945>And <00:15:49.085>he <00:15:49.225>said, <00:15:49.365>now <00:15:49.505>I'm <00:15:49.645>actually <00:15:49.785>not <00:15:49.925>only <00:15:50.065>dealing <00:15:50.205>with <00:15:50.345>culture

380
00:15:52.985 --> 00:15:54.885
<00:15:52.985>and <00:15:53.218>change <00:15:53.451>management <00:15:53.685>on <00:15:53.918>the <00:15:54.151>customer <00:15:54.385>side,

381
00:15:55.025 --> 00:15:56.365
<00:15:55.025>but <00:15:55.226>also <00:15:55.427>in <00:15:55.628>my <00:15:55.829>own <00:15:56.030>tech <00:15:56.231>team

382
00:15:56.365 --> 00:15:58.805
<00:15:56.365>because <00:15:56.505>I <00:15:56.645>need <00:15:56.785>to <00:15:56.925>explain <00:15:57.065>to <00:15:57.205>them, <00:15:57.345>you <00:15:57.485>know, <00:15:57.625>that <00:15:57.765>roles

383
00:15:58.985 --> 00:16:00.165
<00:15:58.985>and <00:15:59.339>processes <00:15:59.693>are <00:16:00.047>changing.

384
00:16:00.225 --> 00:16:01.365
<00:16:00.225>And <00:16:00.567>there's <00:16:00.909>actually <00:16:01.251>a,

385
00:16:01.385 --> 00:16:05.165
<00:16:01.385>we <00:16:01.560>are <00:16:01.735>developers <00:16:01.910>newsletter <00:16:02.085>from <00:16:02.260>today, <00:16:02.435>uh, <00:16:02.610>issue <00:16:02.785>176,

386
00:16:05.165 --> 00:16:07.645
<00:16:05.165>and <00:16:05.365>there's <00:16:05.564>an <00:16:05.765>article <00:16:05.964>in <00:16:06.165>there <00:16:06.365>on <00:16:06.564>Congratulations,

387
00:16:07.755 --> 00:16:08.925
<00:16:07.755>everybody's <00:16:08.281>A <00:16:08.808>CTO.

388
00:16:08.945 --> 00:16:11.205
<00:16:08.945>Now, <00:16:09.145>it's <00:16:09.345>a <00:16:09.545>very <00:16:09.745>worthwhile <00:16:09.945>reading, <00:16:10.145>I <00:16:10.345>think.

389
00:16:12.755 --> 00:16:15.285
<00:16:12.755>Yeah, <00:16:12.930>well, <00:16:13.105>I <00:16:13.280>think <00:16:13.455>for <00:16:13.630>early <00:16:13.805>stage <00:16:13.980>portfolio <00:16:14.155>companies,

390
00:16:15.305 --> 00:16:16.925
<00:16:15.305>it <00:16:15.655>just <00:16:16.005>accelerated <00:16:16.354>their <00:16:16.704>pace

391
00:16:16.985 --> 00:16:19.245
<00:16:16.985>and <00:16:17.218>they <00:16:17.451>become <00:16:17.685>a <00:16:17.918>native <00:16:18.151>very <00:16:18.385>quickly.

392
00:16:19.265 --> 00:16:21.445
<00:16:19.265>But <00:16:19.545>for <00:16:19.824>late <00:16:20.105>stage <00:16:20.385>portfolio, <00:16:20.665>uh,

393
00:16:21.445 --> 00:16:23.405
<00:16:21.445>it <00:16:21.725>had <00:16:22.005>very <00:16:22.285>different, <00:16:22.565>uh, <00:16:22.845>effects.

394
00:16:23.545 --> 00:16:26.405
<00:16:23.545>And <00:16:23.685>for <00:16:23.824>example, <00:16:23.964>we <00:16:24.104>have <00:16:24.245>a <00:16:24.385>company <00:16:24.525>in <00:16:24.665>i <00:16:24.805>tech <00:16:24.944>space,

395
00:16:26.415 --> 00:16:28.005
<00:16:26.415>which <00:16:26.694>is, <00:16:26.974>it's <00:16:27.255>called <00:16:27.535>Brain <00:16:27.814>Lead.

396
00:16:28.005 --> 00:16:29.125
<00:16:28.005>It's, <00:16:28.341>um, <00:16:28.677>very <00:16:29.013>large.

397
00:16:29.745 --> 00:16:32.725
<00:16:29.745>So <00:16:29.900>essentially <00:16:30.056>it's <00:16:30.211>like <00:16:30.367>a <00:16:30.522>social <00:16:30.678>network <00:16:30.833>with <00:16:30.989>cancer, <00:16:31.145>like,

398
00:16:32.725 --> 00:16:35.365
<00:16:32.725>it's <00:16:32.958>like <00:16:33.191>war, <00:16:33.425>but <00:16:33.658>not <00:16:33.891>for <00:16:34.125>developers,

399
00:16:35.365 --> 00:16:36.685
<00:16:35.365>but <00:16:35.602>for <00:16:35.840>students <00:16:36.077>across <00:16:36.315>the <00:16:36.553>globe.

400
00:16:37.105 --> 00:16:39.565
<00:16:37.105>And <00:16:37.280>well, <00:16:37.455>and <00:16:37.630>there <00:16:37.805>is <00:16:37.980>another <00:16:38.155>similar <00:16:38.330>company <00:16:38.505>called

401
00:16:39.565 --> 00:16:43.605
<00:16:39.565>check.com <00:16:39.765>and, <00:16:39.965>uh, <00:16:40.165>AI <00:16:40.365>effect <00:16:40.565>this <00:16:40.765>area <00:16:40.965>significantly.

402
00:16:43.785 --> 00:16:45.725
<00:16:43.785>So <00:16:43.985>check.com <00:16:44.185>is <00:16:44.385>a, <00:16:44.584>was <00:16:44.785>a <00:16:44.985>public <00:16:45.185>company,

403
00:16:45.965 --> 00:16:48.165
<00:16:45.965>I <00:16:46.140>think <00:16:46.315>it <00:16:46.490>still <00:16:46.665>is, <00:16:46.840>and <00:16:47.015>it <00:16:47.190>went <00:16:47.365>almost

404
00:16:48.165 --> 00:16:49.565
<00:16:48.165>to <00:16:48.417>zero <00:16:48.669>in <00:16:48.921>terms <00:16:49.173>of <00:16:49.425>valuation.

405
00:16:49.575 --> 00:16:51.365
<00:16:49.575>Brain <00:16:50.275>basically <00:16:50.975>pivoted,

406
00:16:51.745 --> 00:16:53.965
<00:16:51.745>and <00:16:51.945>now <00:16:52.145>it's <00:16:52.345>AI <00:16:52.545>first <00:16:52.745>company <00:16:52.945>with, <00:16:53.145>uh,

407
00:16:54.555 --> 00:16:55.885
<00:16:54.555>with <00:16:54.954>different <00:16:55.353>business <00:16:55.752>model.

408
00:16:56.105 --> 00:16:58.365
<00:16:56.105>Uh, <00:16:56.260>so <00:16:56.416>they <00:16:56.571>had <00:16:56.727>to <00:16:56.882>reinvent <00:16:57.038>themselves, <00:16:57.193>as <00:16:57.349>you <00:16:57.505>mentioned.

409
00:16:58.515 --> 00:17:00.445
<00:16:58.515>Like <00:16:58.795>some <00:16:59.074>companies <00:16:59.355>worked <00:16:59.635>very <00:16:59.915>well,

410
00:17:00.625 --> 00:17:02.685
<00:17:00.625>but <00:17:00.825>some <00:17:01.025>companies <00:17:01.225>fortunately <00:17:01.425>not <00:17:01.625>in <00:17:01.825>our <00:17:02.025>portfolio.

411
00:17:03.115 --> 00:17:05.805
<00:17:03.115>Yeah, <00:17:03.255>that <00:17:03.395>led <00:17:03.535>to <00:17:03.675>a <00:17:03.815>real <00:17:03.955>disaster. <00:17:04.095>I <00:17:04.234>changed <00:17:04.375>a <00:17:04.515>lot.

412
00:17:07.175 --> 00:17:09.765
<00:17:07.175>Thank <00:17:07.315>you. <00:17:07.454>Now, <00:17:07.595>can <00:17:07.734>echo, <00:17:07.875>can <00:17:08.014>echo <00:17:08.155>that <00:17:08.294>also <00:17:08.435>with <00:17:08.575>some

413
00:17:09.765 --> 00:17:11.365
<00:17:09.765>of <00:17:09.965>my <00:17:10.165>discussions <00:17:10.365>that <00:17:10.565>I'm <00:17:10.765>having <00:17:10.965>with <00:17:11.165>founders,

414
00:17:11.365 --> 00:17:13.285
<00:17:11.365>where <00:17:11.645>oftentimes <00:17:11.925>I'm <00:17:12.204>hearing <00:17:12.484>the <00:17:12.765>story,

415
00:17:13.885 --> 00:17:15.165
<00:17:13.885>I <00:17:14.173>have <00:17:14.461>something <00:17:14.749>defensible <00:17:15.037>now,

416
00:17:15.265 --> 00:17:16.765
<00:17:15.265>but <00:17:15.457>I <00:17:15.650>need <00:17:15.843>to <00:17:16.036>do <00:17:16.229>something <00:17:16.422>very <00:17:16.615>quickly,

417
00:17:16.765 --> 00:17:19.885
<00:17:16.765>otherwise <00:17:16.881>I <00:17:16.998>know <00:17:17.115>I'm <00:17:17.231>gonna <00:17:17.348>be <00:17:17.465>gone <00:17:17.581>in <00:17:17.698>the <00:17:17.815>next <00:17:17.931>year <00:17:18.048>or <00:17:18.165>two.

418
00:17:21.105 --> 00:17:25.085
<00:17:21.105>And <00:17:21.232>maybe <00:17:21.359>on, <00:17:21.486>on <00:17:21.614>this <00:17:21.741>one, <00:17:21.868>just <00:17:21.995>some <00:17:22.123>of <00:17:22.250>your <00:17:22.377>thoughts <00:17:22.505>around

419
00:17:25.935 --> 00:17:29.605
<00:17:25.935>maybe <00:17:26.090>topics <00:17:26.246>that <00:17:26.401>are <00:17:26.557>overhyped <00:17:26.712>in <00:17:26.868>the <00:17:27.023>whole <00:17:27.179>AI <00:17:27.335>arena

420
00:17:29.785 --> 00:17:31.045
<00:17:29.785>and <00:17:30.011>maybe <00:17:30.238>something <00:17:30.465>that's <00:17:30.692>also <00:17:30.919>maybe

421
00:17:31.305 --> 00:17:32.685
<00:17:31.305>underappreciated <00:17:31.926>so <00:17:32.547>far.

422
00:17:32.795 --> 00:17:35.525
<00:17:32.795>What, <00:17:32.935>what, <00:17:33.075>what <00:17:33.215>haven't <00:17:33.355>we <00:17:33.495>been <00:17:33.635>looking <00:17:33.775>at <00:17:33.915>to <00:17:34.055>closely <00:17:34.195>yet?

423
00:17:35.565 --> 00:17:36.685
<00:17:35.565>I <00:17:35.766>know <00:17:35.968>it's <00:17:36.169>a <00:17:36.371>difficult <00:17:36.572>question,

424
00:17:37.865 --> 00:17:40.165
<00:17:37.865>but, <00:17:38.145>uh, <00:17:38.425>to <00:17:38.705>your <00:17:38.985>perspective, <00:17:39.265>Constantine,

425
00:17:40.715 --> 00:17:41.965
<00:17:40.715>Well, <00:17:40.996>I <00:17:41.277>have <00:17:41.558>one <00:17:41.840>example.

426
00:17:41.965 --> 00:17:43.005
<00:17:41.965>It's <00:17:42.433>not <00:17:42.901>overhyped,

427
00:17:43.145 --> 00:17:46.525
<00:17:43.145>but <00:17:43.320>I <00:17:43.495>would <00:17:43.670>say, <00:17:43.845>uh, <00:17:44.020>we <00:17:44.195>are <00:17:44.370>very, <00:17:44.545>um,

428
00:17:46.525 --> 00:17:49.565
<00:17:46.525>fashion <00:17:46.805>driven <00:17:47.085>creatures, <00:17:47.365>uh, <00:17:47.645>in, <00:17:47.925>especially

429
00:17:50.105 --> 00:17:51.165
<00:17:50.105>in <00:17:50.343>things <00:17:50.581>related <00:17:50.820>to <00:17:51.059>ai.

430
00:17:51.175 --> 00:17:55.685
<00:17:51.175>Let's <00:17:51.315>say <00:17:51.455>MCP <00:17:51.595>as <00:17:51.735>a <00:17:51.875>term <00:17:52.014>was <00:17:52.155>introduced <00:17:52.294>eight <00:17:52.435>months <00:17:52.575>ago,

431
00:17:56.105 --> 00:17:58.925
<00:17:56.105>and <00:17:56.280>now <00:17:56.455>everybody's <00:17:56.630>here <00:17:56.805>is <00:17:56.980>talking <00:17:57.155>about <00:17:57.330>MCP <00:17:57.505>servers.

432
00:17:59.785 --> 00:18:02.725
<00:17:59.785>Uh, <00:17:59.912>how <00:18:00.039>many <00:18:00.166>terms <00:18:00.294>do <00:18:00.421>you <00:18:00.548>think <00:18:00.675>will <00:18:00.803>be <00:18:00.930>introduced <00:18:01.057>in <00:18:01.185>the

433
00:18:02.725 --> 00:18:05.605
<00:18:02.725>next <00:18:02.880>12 <00:18:03.036>months <00:18:03.191>and <00:18:03.347>what <00:18:03.502>will <00:18:03.658>be <00:18:03.813>the <00:18:03.969>best, <00:18:04.125>uh,

434
00:18:05.825 --> 00:18:07.765
<00:18:05.825>AI <00:18:06.058>model <00:18:06.291>on <00:18:06.525>the <00:18:06.758>market <00:18:06.991>like <00:18:07.225>today?

435
00:18:07.795 --> 00:18:10.245
<00:18:07.795>Well, <00:18:07.970>it <00:18:08.145>seems <00:18:08.320>to <00:18:08.495>be <00:18:08.670>grog <00:18:08.845>four <00:18:09.020>just <00:18:09.195>released

436
00:18:11.085 --> 00:18:12.165
<00:18:11.085>tomorrow, <00:18:11.328>it'll <00:18:11.571>be <00:18:11.814>something <00:18:12.057>else.

437
00:18:12.825 --> 00:18:15.205
<00:18:12.825>Uh, <00:18:13.025>there <00:18:13.225>are <00:18:13.425>so <00:18:13.625>many <00:18:13.825>things <00:18:14.025>changing <00:18:14.225>there

438
00:18:15.345 --> 00:18:17.125
<00:18:15.345>and <00:18:15.545>they <00:18:15.745>always, <00:18:15.945>you <00:18:16.145>know, <00:18:16.345>create <00:18:16.545>some <00:18:16.745>hype.

439
00:18:17.225 --> 00:18:19.565
<00:18:17.225>And, <00:18:17.504>uh, <00:18:17.784>I <00:18:18.064>would <00:18:18.344>say, <00:18:18.625>uh,

440
00:18:19.665 --> 00:18:22.605
<00:18:19.665>the <00:18:19.820>way <00:18:19.976>which <00:18:20.131>like <00:18:20.287>from <00:18:20.442>my <00:18:20.598>VVC <00:18:20.753>perspective <00:18:20.909>is <00:18:21.065>more,

441
00:18:22.785 --> 00:18:24.205
<00:18:22.785>um, <00:18:24.062>interesting.

442
00:18:24.205 --> 00:18:27.365
<00:18:24.205>It's <00:18:24.485>like <00:18:24.764>people <00:18:25.044>should, <00:18:25.324>like, <00:18:25.605>founders

443
00:18:27.425 --> 00:18:29.245
<00:18:27.425>of <00:18:27.625>startups <00:18:27.825>should <00:18:28.024>focus <00:18:28.225>on <00:18:28.425>things <00:18:28.625>which <00:18:28.825>are

444
00:18:29.865 --> 00:18:30.885
<00:18:29.865>not <00:18:30.171>changing <00:18:30.477>that <00:18:30.783>rapidly.

445
00:18:31.185 --> 00:18:34.045
<00:18:31.185>And <00:18:31.418>AI <00:18:31.651>and, <00:18:31.885>uh, <00:18:32.118>enterprise <00:18:32.351>infrastructure <00:18:32.585>is

446
00:18:34.955 --> 00:18:36.605
<00:18:34.955>rapidly <00:18:35.421>developing, <00:18:35.888>that's <00:18:36.355>great,

447
00:18:36.945 --> 00:18:38.245
<00:18:36.945>but <00:18:37.178>it's <00:18:37.413>very <00:18:37.647>hard <00:18:37.880>to <00:18:38.114>understand

448
00:18:38.265 --> 00:18:40.765
<00:18:38.265>how <00:18:38.420>it'll <00:18:38.576>look <00:18:38.731>like <00:18:38.887>even <00:18:39.042>in <00:18:39.198>six <00:18:39.353>months <00:18:39.509>from <00:18:39.665>now.

449
00:18:41.065 --> 00:18:43.485
<00:18:41.065>But <00:18:41.220>the <00:18:41.376>ethics, <00:18:41.531>which <00:18:41.687>are <00:18:41.842>not <00:18:41.998>changing, <00:18:42.153>it's <00:18:42.309>about <00:18:42.465>solving

450
00:18:44.035 --> 00:18:45.165
<00:18:44.035>real <00:18:44.543>business <00:18:45.052>problems.

451
00:18:45.165 --> 00:18:47.285
<00:18:45.165>It's <00:18:45.514>about, <00:18:45.865>um, <00:18:46.215>you <00:18:46.565>know,

452
00:18:47.685 --> 00:18:50.165
<00:18:47.685>building <00:18:47.885>things <00:18:48.085>which <00:18:48.284>will <00:18:48.485>last <00:18:48.685>for <00:18:48.885>many <00:18:49.085>years.

453
00:18:50.385 --> 00:18:52.725
<00:18:50.385>And <00:18:50.560>that's, <00:18:50.735>I <00:18:50.910>think, <00:18:51.085>what's <00:18:51.260>the <00:18:51.435>most <00:18:51.610>important <00:18:51.785>thing.

454
00:18:53.185 --> 00:18:54.245
<00:18:53.185>Not <00:18:53.503>AI <00:18:53.821>per <00:18:54.139>se.

455
00:18:54.345 --> 00:18:57.165
<00:18:54.345>AI <00:18:54.500>is <00:18:54.656>just <00:18:54.811>a <00:18:54.967>tool <00:18:55.122>to <00:18:55.278>solve <00:18:55.433>real <00:18:55.589>business <00:18:55.745>problems.

456
00:18:57.515 --> 00:18:58.515
<00:18:57.515>That <00:18:57.740>should <00:18:57.965>be <00:18:58.190>the <00:18:58.415>focus,

457
00:19:00.645 --> 00:19:03.405
<00:19:00.645>I <00:19:00.820>think <00:19:00.995>it <00:19:01.170>goes, <00:19:01.345>goes <00:19:01.520>up <00:19:01.695>to <00:19:01.870>the <00:19:02.045>discussion,

458
00:19:03.465 --> 00:19:04.605
<00:19:03.465>what's <00:19:03.807>an <00:19:04.149>AI <00:19:04.491>company?

459
00:19:04.665 --> 00:19:05.925
<00:19:04.665>And, <00:19:04.854>and <00:19:05.043>that's <00:19:05.232>a <00:19:05.421>whole <00:19:05.610>separate <00:19:05.799>topic.

460
00:19:06.065 --> 00:19:08.085
<00:19:06.065>Are <00:19:06.220>you <00:19:06.376>an <00:19:06.531>AI <00:19:06.687>company <00:19:06.842>because <00:19:06.998>you're <00:19:07.153>using <00:19:07.309>an <00:19:07.465>LLM

461
00:19:08.085 --> 00:19:09.965
<00:19:08.085>or <00:19:08.260>in <00:19:08.435>a <00:19:08.610>company <00:19:08.785>when <00:19:08.960>you're <00:19:09.135>doing <00:19:09.310>AI <00:19:09.485>research

462
00:19:09.965 --> 00:19:13.365
<00:19:09.965>and <00:19:10.092>building <00:19:10.219>LLMs, <00:19:10.346>right, <00:19:10.474>uh, <00:19:10.601>or <00:19:10.728>are <00:19:10.855>you're <00:19:10.983>in <00:19:11.110>the <00:19:11.237>ML <00:19:11.365>stack?

463
00:19:13.625 --> 00:19:15.365
<00:19:13.625>And, <00:19:13.800>and <00:19:13.975>I <00:19:14.150>think <00:19:14.325>that's, <00:19:14.500>that's <00:19:14.675>a <00:19:14.850>fair <00:19:15.025>discussion.

464
00:19:15.485 --> 00:19:17.285
<00:19:15.485>I <00:19:15.659>think <00:19:15.834>it's, <00:19:16.010>I <00:19:16.185>understand <00:19:16.360>that <00:19:16.534>every <00:19:16.709>founder <00:19:16.885>wants

465
00:19:17.285 --> 00:19:20.085
<00:19:17.285>to <00:19:17.460>paint <00:19:17.635>themselves <00:19:17.810>AI <00:19:17.985>because <00:19:18.160>it's <00:19:18.335>easier <00:19:18.510>to <00:19:18.685>fundraise,

466
00:19:20.345 --> 00:19:23.765
<00:19:20.345>but, <00:19:20.485>but <00:19:20.625>I, <00:19:20.765>um, <00:19:20.905>honestly, <00:19:21.045>people <00:19:21.185>look <00:19:21.325>behind <00:19:21.465>that <00:19:21.605>of <00:19:21.745>course,

467
00:19:23.785 --> 00:19:25.365
<00:19:23.785>and <00:19:24.065>they <00:19:24.345>try <00:19:24.625>to <00:19:24.905>understand, <00:19:25.185>and,

468
00:19:25.365 --> 00:19:28.405
<00:19:25.365>and <00:19:25.505>just <00:19:25.645>to <00:19:25.785>what <00:19:25.925>you <00:19:26.065>said, <00:19:26.205>I <00:19:26.345>think <00:19:26.485>it's <00:19:26.625>super <00:19:26.765>exciting

469
00:19:28.505 --> 00:19:31.565
<00:19:28.505>to <00:19:28.645>go <00:19:28.785>deep <00:19:28.925>on <00:19:29.065>LLMs <00:19:29.205>and <00:19:29.345>understand <00:19:29.485>what's <00:19:29.625>the <00:19:29.765>real <00:19:29.905>baseline.

470
00:19:31.565 --> 00:19:33.685
<00:19:31.565>You <00:19:31.720>know, <00:19:31.876>if <00:19:32.031>you <00:19:32.187>think <00:19:32.342>about <00:19:32.498>humanities <00:19:32.653>last, <00:19:32.809>last <00:19:32.965>exam,

471
00:19:33.685 --> 00:19:36.285
<00:19:33.685>if <00:19:33.840>you <00:19:33.996>think <00:19:34.151>about <00:19:34.307>ground <00:19:34.462>truth, <00:19:34.618>um, <00:19:34.773>I'd, <00:19:34.929>I'd <00:19:35.085>love

472
00:19:36.285 --> 00:19:39.085
<00:19:36.285>to <00:19:36.485>see <00:19:36.685>a <00:19:36.885>bit <00:19:37.085>more <00:19:37.285>of <00:19:37.485>actual <00:19:37.685>benchmarking

473
00:19:39.085 --> 00:19:42.005
<00:19:39.085>of <00:19:39.285>actual <00:19:39.485>verification <00:19:39.685>of <00:19:39.885>where <00:19:40.085>we <00:19:40.285>stand, <00:19:40.485>uh,

474
00:19:42.005 --> 00:19:44.245
<00:19:42.005>towards <00:19:42.285>customer, <00:19:42.565>customer <00:19:42.845>use <00:19:43.125>cases, <00:19:43.405>right?

475
00:19:44.245 --> 00:19:46.925
<00:19:44.245>Because <00:19:44.372>I <00:19:44.499>see <00:19:44.626>many <00:19:44.754>SaaS <00:19:44.881>companies <00:19:45.008>saying, <00:19:45.135>Hey, <00:19:45.263>I, <00:19:45.390>I <00:19:45.517>used <00:19:45.645>AI

476
00:19:46.925 --> 00:19:48.645
<00:19:46.925>and <00:19:47.125>now <00:19:47.325>that <00:19:47.524>interacts <00:19:47.725>somehow <00:19:47.925>with <00:19:48.125>the <00:19:48.325>customer

477
00:19:48.905 --> 00:19:51.085
<00:19:48.905>and <00:19:49.105>that <00:19:49.305>always <00:19:49.504>looks <00:19:49.705>fantastic <00:19:49.905>on <00:19:50.105>first <00:19:50.305>Lands,

478
00:19:51.085 --> 00:19:52.325
<00:19:51.085>but, <00:19:51.308>but <00:19:51.531>how <00:19:51.754>does <00:19:51.977>that <00:19:52.201>scale?

479
00:19:52.395 --> 00:19:54.245
<00:19:52.395>Does <00:19:52.550>that <00:19:52.706>really <00:19:52.861>work <00:19:53.017>in <00:19:53.172>80% <00:19:53.328>of <00:19:53.483>the <00:19:53.639>use <00:19:53.795>cases

480
00:19:54.305 --> 00:19:55.365
<00:19:54.305>or <00:19:54.495>are <00:19:54.686>we <00:19:54.877>more <00:19:55.068>at <00:19:55.259>50%?

481
00:19:55.445 --> 00:19:57.005
<00:19:55.445>I <00:19:55.678>think <00:19:55.911>that <00:19:56.145>to, <00:19:56.378>to <00:19:56.611>get <00:19:56.845>to

482
00:19:57.005 --> 00:19:59.885
<00:19:57.005>that <00:19:57.160>truth <00:19:57.316>will <00:19:57.471>be <00:19:57.627>very <00:19:57.782>interesting <00:19:57.938>in <00:19:58.093>next <00:19:58.249>1224 <00:19:58.405>months.

483
00:19:59.905 --> 00:20:02.845
<00:19:59.905>And, <00:20:00.080>and <00:20:00.254>people <00:20:00.430>who <00:20:00.605>will <00:20:00.780>capture <00:20:00.955>that <00:20:01.129>stack <00:20:01.305>and,

484
00:20:02.845 --> 00:20:04.645
<00:20:02.845>and <00:20:03.311>the <00:20:03.778>statistic <00:20:04.245>confidence

485
00:20:05.025 --> 00:20:07.805
<00:20:05.025>to <00:20:05.200>have <00:20:05.375>actually <00:20:05.550>great <00:20:05.725>solutions <00:20:05.900>will <00:20:06.075>be <00:20:06.250>really <00:20:06.425>ahead

486
00:20:07.805 --> 00:20:10.405
<00:20:07.805>of <00:20:07.960>the <00:20:08.116>rest <00:20:08.271>because, <00:20:08.427>'cause <00:20:08.582>all <00:20:08.738>that <00:20:08.893>vibe, <00:20:09.049>coding, <00:20:09.205>vibe,

487
00:20:10.405 --> 00:20:11.725
<00:20:10.405>revenue <00:20:10.642>now <00:20:10.880>that <00:20:11.117>we're <00:20:11.355>all <00:20:11.592>seeing,

488
00:20:11.925 --> 00:20:13.205
<00:20:11.925>'cause <00:20:12.089>everyone's <00:20:12.254>exciting, <00:20:12.418>which <00:20:12.583>just <00:20:12.747>wants <00:20:12.912>to <00:20:13.077>try

489
00:20:13.205 --> 00:20:15.005
<00:20:13.205>and <00:20:13.360>buy <00:20:13.516>something <00:20:13.671>and <00:20:13.827>we're <00:20:13.982>all <00:20:14.138>using <00:20:14.293>our <00:20:14.449>credit <00:20:14.605>card

490
00:20:15.005 --> 00:20:17.045
<00:20:15.005>to <00:20:15.205>buy <00:20:15.405>the <00:20:15.605>next <00:20:15.805>tool, <00:20:16.005>it'll <00:20:16.205>fade <00:20:16.405>away.

491
00:20:17.105 --> 00:20:18.405
<00:20:17.105>But <00:20:17.339>because <00:20:17.573>we're <00:20:17.807>gonna <00:20:18.041>run <00:20:18.275>through

492
00:20:18.405 --> 00:20:19.885
<00:20:18.405>that <00:20:18.738>typical <00:20:19.071>Gartner <00:20:19.404>hype <00:20:19.737>cycle,

493
00:20:22.235 --> 00:20:23.895
<00:20:22.235>Do <00:20:22.468>you <00:20:22.701>wanna <00:20:22.935>add <00:20:23.168>any, <00:20:23.401>anything <00:20:23.635>or

494
00:20:25.005 --> 00:20:26.495
<00:20:25.005>Nothing <00:20:25.452>substantial <00:20:25.899>to <00:20:26.346>add?

495
00:20:27.245 --> 00:20:31.015
<00:20:27.245>Okay, <00:20:27.385>thank <00:20:27.524>you <00:20:27.665>Ben. <00:20:27.804>Um, <00:20:27.945>moving <00:20:28.084>on, <00:20:28.225>maybe <00:20:28.364>to <00:20:28.504>tamer <00:20:28.645>to,

496
00:20:31.155 --> 00:20:35.135
<00:20:31.155>to <00:20:31.310>regulation <00:20:31.466>and <00:20:31.621>Neils, <00:20:31.777>you, <00:20:31.932>you <00:20:32.088>said <00:20:32.243>you <00:20:32.399>had <00:20:32.555>some,

497
00:20:35.165 --> 00:20:37.295
<00:20:35.165>some <00:20:35.305>thoughts <00:20:35.445>on <00:20:35.585>that <00:20:35.725>and <00:20:35.865>we <00:20:36.004>were <00:20:36.145>speaking <00:20:36.284>a <00:20:36.425>little <00:20:36.565>bit

498
00:20:37.295 --> 00:20:39.495
<00:20:37.295>about, <00:20:37.435>okay, <00:20:37.575>what <00:20:37.715>do <00:20:37.855>we <00:20:37.995>wanna <00:20:38.135>see <00:20:38.275>in <00:20:38.415>terms <00:20:38.555>of <00:20:38.695>regulation?

499
00:20:39.515 --> 00:20:41.735
<00:20:39.515>What's, <00:20:39.690>what's <00:20:39.865>too <00:20:40.040>much, <00:20:40.215>what's <00:20:40.390>too <00:20:40.565>little, <00:20:40.740>what's <00:20:40.915>missing?

500
00:20:44.745 --> 00:20:46.195
<00:20:44.745>Well, <00:20:45.397>obviously, <00:20:46.050>um,

501
00:20:46.425 --> 00:20:49.085
<00:20:46.425>there's <00:20:46.565>a <00:20:46.705>whole <00:20:46.845>lot <00:20:46.985>this <00:20:47.125>debate <00:20:47.264>going <00:20:47.405>on <00:20:47.544>on <00:20:47.685>the <00:20:47.825>EU

502
00:20:49.085 --> 00:20:50.485
<00:20:49.085>regulation <00:20:49.400>right <00:20:49.715>now <00:20:50.030>and, <00:20:50.344>and,

503
00:20:50.485 --> 00:20:55.245
<00:20:50.485>and <00:20:50.640>we <00:20:50.796>need <00:20:50.951>to <00:20:51.107>be, <00:20:51.262>uh, <00:20:51.418>sort <00:20:51.573>of <00:20:51.729>freed <00:20:51.885>to,

504
00:20:55.425 --> 00:20:58.925
<00:20:55.425>uh, <00:20:55.625>be <00:20:55.825>competitively, <00:20:56.024>um, <00:20:56.225>you <00:20:56.425>know, <00:20:56.625>ahead <00:20:56.825>and,

505
00:20:58.925 --> 00:21:00.885
<00:20:58.925>and <00:20:59.125>you <00:20:59.325>know, <00:20:59.524>to <00:20:59.725>be <00:20:59.925>able <00:21:00.125>to <00:21:00.325>compete

506
00:21:00.885 --> 00:21:02.325
<00:21:00.885>with <00:21:01.101>the <00:21:01.317>US <00:21:01.533>and, <00:21:01.749>and, <00:21:01.965>and <00:21:02.181>China.

507
00:21:03.585 --> 00:21:04.885
<00:21:03.585>And <00:21:03.819>that's <00:21:04.053>a <00:21:04.287>fair <00:21:04.521>discussion <00:21:04.755>and,

508
00:21:04.885 --> 00:21:06.165
<00:21:04.885>and, <00:21:05.173>you <00:21:05.461>know, <00:21:05.749>maybe <00:21:06.037>my,

509
00:21:06.165 --> 00:21:07.845
<00:21:06.165>my <00:21:06.365>colleagues <00:21:06.565>over <00:21:06.764>here <00:21:06.965>wanna <00:21:07.165>comment <00:21:07.365>on <00:21:07.565>that,

510
00:21:07.905 --> 00:21:12.375
<00:21:07.905>but <00:21:08.045>the, <00:21:08.185>the <00:21:08.325>one <00:21:08.465>thing <00:21:08.605>that <00:21:08.745>isn't <00:21:08.885>just <00:21:09.024>sort <00:21:09.165>of <00:21:09.305>urgent

511
00:21:12.435 --> 00:21:15.455
<00:21:12.435>and <00:21:12.575>immediate <00:21:12.715>is <00:21:12.855>the <00:21:12.995>sort <00:21:13.135>of <00:21:13.274>the <00:21:13.415>proliferation <00:21:13.554>of <00:21:13.695>a <00:21:13.835>GI

512
00:21:15.795 --> 00:21:18.015
<00:21:15.795>and <00:21:15.950>the <00:21:16.106>discussion <00:21:16.261>that, <00:21:16.417>you <00:21:16.572>know, <00:21:16.728>Stephen <00:21:16.883>Hawkins <00:21:17.039>and, <00:21:17.195>and,

513
00:21:18.015 --> 00:21:19.175
<00:21:18.015>and <00:21:18.363>Joffrey <00:21:18.711>and, <00:21:19.059>and,

514
00:21:19.175 --> 00:21:20.735
<00:21:19.175>and, <00:21:19.408>you <00:21:19.641>know, <00:21:19.875>those <00:21:20.108>people <00:21:20.341>have <00:21:20.575>been,

515
00:21:21.645 --> 00:21:22.935
<00:21:21.645>have <00:21:21.935>been <00:21:22.225>having <00:21:22.515>with <00:21:22.806>us.

516
00:21:23.035 --> 00:21:26.615
<00:21:23.035>And, <00:21:23.190>and <00:21:23.346>that <00:21:23.501>would <00:21:23.657>be <00:21:23.812>my <00:21:23.968>personal, <00:21:24.123>not <00:21:24.279>not <00:21:24.435>ours

517
00:21:26.615 --> 00:21:28.455
<00:21:26.615>as <00:21:26.815>a <00:21:27.015>company <00:21:27.215>and <00:21:27.415>not <00:21:27.615>ours <00:21:27.815>as <00:21:28.015>investors,

518
00:21:28.835 --> 00:21:31.135
<00:21:28.835>but <00:21:29.185>my <00:21:29.535>personal, <00:21:29.885>um, <00:21:30.235>ask

519
00:21:31.275 --> 00:21:34.095
<00:21:31.275>or <00:21:31.415>that, <00:21:31.555>you <00:21:31.695>know, <00:21:31.835>the <00:21:31.975>sort <00:21:32.115>of <00:21:32.255>the <00:21:32.395>most <00:21:32.535>powerful <00:21:32.675>and,

520
00:21:34.095 --> 00:21:36.255
<00:21:34.095>and <00:21:34.250>rich <00:21:34.406>countries <00:21:34.561>in <00:21:34.717>the <00:21:34.872>world, <00:21:35.028>uh, <00:21:35.183>get <00:21:35.339>some <00:21:35.495>sort

521
00:21:36.255 --> 00:21:37.375
<00:21:36.255>of <00:21:36.456>agreement <00:21:36.658>on <00:21:36.859>how <00:21:37.061>to <00:21:37.263>deal

522
00:21:37.375 --> 00:21:39.255
<00:21:37.375>with <00:21:37.550>a <00:21:37.725>GI <00:21:37.900>when, <00:21:38.075>you <00:21:38.250>know, <00:21:38.425>once <00:21:38.600>it's <00:21:38.775>there.

523
00:21:39.755 --> 00:21:42.455
<00:21:39.755>Um, <00:21:40.035>because <00:21:40.315>that <00:21:40.595>is <00:21:40.875>really, <00:21:41.155>really

524
00:21:43.055 --> 00:21:44.735
<00:21:43.055>a <00:21:43.405>long <00:21:43.755>term <00:21:44.105>threatening <00:21:44.455>question.

525
00:21:47.455 --> 00:21:51.185
<00:21:47.455>Well, <00:21:47.610>uh, <00:21:47.766>I <00:21:47.921>am <00:21:48.077>not <00:21:48.232>in <00:21:48.388>favor <00:21:48.543>of <00:21:48.699>regulation <00:21:48.855>actually.

526
00:21:51.225 --> 00:21:55.305
<00:21:51.225>I <00:21:51.341>think <00:21:51.458>that's, <00:21:51.574>uh, <00:21:51.691>like <00:21:51.808>u <00:21:51.925>ai <00:21:52.041>act <00:21:52.158>or <00:21:52.274>other <00:21:52.391>type <00:21:52.508>of <00:21:52.625>things.

527
00:21:55.305 --> 00:21:57.505
<00:21:55.305>They <00:21:55.585>slow <00:21:55.865>things <00:21:56.145>down <00:21:56.425>and, <00:21:56.705>uh,

528
00:21:57.605 --> 00:22:00.145
<00:21:57.605>but <00:21:57.805>I'll <00:21:58.005>say <00:21:58.205>there <00:21:58.405>is <00:21:58.605>one <00:21:58.805>interesting <00:21:59.005>dimension

529
00:22:00.145 --> 00:22:01.865
<00:22:00.145>where <00:22:00.378>Europe <00:22:00.611>is <00:22:00.845>actually <00:22:01.078>leading <00:22:01.311>in <00:22:01.545>ai.

530
00:22:01.865 --> 00:22:05.025
<00:22:01.865>It's <00:22:02.005>about <00:22:02.145>open <00:22:02.285>source <00:22:02.425>ai, <00:22:02.565>uh, <00:22:02.705>like <00:22:02.845>there <00:22:02.985>are <00:22:03.125>a <00:22:03.265>lot

531
00:22:05.025 --> 00:22:07.185
<00:22:05.025>of <00:22:05.180>things <00:22:05.336>which <00:22:05.491>are <00:22:05.647>done <00:22:05.802>right <00:22:05.958>now, <00:22:06.113>especially <00:22:06.269>in <00:22:06.425>Paris,

532
00:22:07.215 --> 00:22:08.585
<00:22:07.215>like <00:22:07.626>Lama <00:22:08.037>or <00:22:08.448>ral.

533
00:22:09.245 --> 00:22:11.665
<00:22:09.245>And <00:22:09.400>uh, <00:22:09.556>I <00:22:09.711>think <00:22:09.867>it's <00:22:10.022>great <00:22:10.178>moment <00:22:10.333>for <00:22:10.489>Europe, <00:22:10.645>uh,

534
00:22:11.725 --> 00:22:14.265
<00:22:11.725>to <00:22:12.004>build <00:22:12.284>really <00:22:12.564>the <00:22:12.844>foundational <00:22:13.125>layer

535
00:22:14.365 --> 00:22:16.025
<00:22:14.365>of <00:22:14.715>future <00:22:15.065>AI <00:22:15.415>infrastructure <00:22:15.765>just

536
00:22:16.025 --> 00:22:17.625
<00:22:16.025>because <00:22:16.225>if <00:22:16.425>we <00:22:16.625>look <00:22:16.825>at <00:22:17.025>the <00:22:17.225>tech <00:22:17.425>stack,

537
00:22:17.625 --> 00:22:19.345
<00:22:17.625>let's <00:22:17.858>say <00:22:18.091>if <00:22:18.325>we <00:22:18.558>forget <00:22:18.791>about <00:22:19.025>AI

538
00:22:19.365 --> 00:22:23.305
<00:22:19.365>and <00:22:19.481>we <00:22:19.598>look <00:22:19.715>at <00:22:19.831>just <00:22:19.948>usual <00:22:20.065>tech <00:22:20.181>stack, <00:22:20.298>the <00:22:20.415>lower <00:22:20.531>you <00:22:20.648>go, <00:22:20.765>uh,

539
00:22:23.445 --> 00:22:24.665
<00:22:23.445>the <00:22:23.664>more <00:22:23.884>open <00:22:24.103>source <00:22:24.323>you <00:22:24.543>find,

540
00:22:24.665 --> 00:22:27.745
<00:22:24.665>like <00:22:24.865>Linux <00:22:25.065>just <00:22:25.264>won <00:22:25.465>the <00:22:25.665>battle <00:22:25.865>against <00:22:26.065>Windows.

541
00:22:28.215 --> 00:22:30.665
<00:22:28.215>It's <00:22:28.448>just <00:22:28.681>default <00:22:28.915>operating <00:22:29.148>system <00:22:29.381>for <00:22:29.615>servers

542
00:22:30.665 --> 00:22:32.785
<00:22:30.665>for <00:22:30.945>everything, <00:22:31.225>uh, <00:22:31.504>it's <00:22:31.784>lowest <00:22:32.065>level.

543
00:22:33.135 --> 00:22:35.065
<00:22:33.135>Then <00:22:33.335>the <00:22:33.535>next <00:22:33.735>level <00:22:33.935>is <00:22:34.135>open <00:22:34.335>source <00:22:34.535>databases,

544
00:22:35.065 --> 00:22:38.145
<00:22:35.065>and <00:22:35.192>you <00:22:35.319>can <00:22:35.446>find <00:22:35.574>a <00:22:35.701>lot <00:22:35.828>of, <00:22:35.955>uh, <00:22:36.083>these <00:22:36.210>examples <00:22:36.337>here, <00:22:36.465>uh,

545
00:22:38.145 --> 00:22:42.065
<00:22:38.145>like <00:22:38.272>now <00:22:38.399>four <00:22:38.526>J <00:22:38.654>and, <00:22:38.781>uh, <00:22:38.908>you <00:22:39.035>know, <00:22:39.163>all <00:22:39.290>other <00:22:39.417>guys <00:22:39.545>here.

546
00:22:42.245 --> 00:22:44.425
<00:22:42.245>Um, <00:22:42.445>I <00:22:42.645>mean <00:22:42.844>open <00:22:43.044>source, <00:22:43.245>just <00:22:43.445>one <00:22:43.645>there.

547
00:22:44.425 --> 00:22:46.705
<00:22:44.425>And <00:22:44.580>I <00:22:44.736>think <00:22:44.891>it'll <00:22:45.047>be <00:22:45.202>the <00:22:45.358>same <00:22:45.513>with <00:22:45.669>ai, <00:22:45.825>uh,

548
00:22:46.705 --> 00:22:50.785
<00:22:46.705>because <00:22:46.985>open <00:22:47.264>source <00:22:47.544>commoditizes <00:22:47.824>specific <00:22:48.105>parts

549
00:22:50.785 --> 00:22:53.465
<00:22:50.785>of <00:22:50.940>the <00:22:51.096>stack, <00:22:51.251>uh, <00:22:51.407>it's <00:22:51.562>very <00:22:51.718>hard <00:22:51.873>to <00:22:52.029>compete <00:22:52.185>with

550
00:22:53.465 --> 00:22:54.545
<00:22:53.465>because <00:22:53.789>it's <00:22:54.113>essentially <00:22:54.437>free.

551
00:22:55.165 --> 00:22:59.025
<00:22:55.165>And, <00:22:55.305>uh, <00:22:55.445>I <00:22:55.585>think <00:22:55.725>we'll <00:22:55.865>have <00:22:56.004>the <00:22:56.145>lowest <00:22:56.284>level <00:22:56.425>of, <00:22:56.565>uh,

552
00:22:59.565 --> 00:23:01.825
<00:22:59.565>AI <00:22:59.740>infrastructure <00:22:59.915>in <00:23:00.090>the <00:23:00.265>world <00:23:00.440>built <00:23:00.615>actually <00:23:00.790>in <00:23:00.965>Europe,

553
00:23:02.155 --> 00:23:05.145
<00:23:02.155>which <00:23:02.355>will <00:23:02.555>be <00:23:02.754>most <00:23:02.955>likely <00:23:03.155>a <00:23:03.355>lama, <00:23:03.555>um,

554
00:23:05.475 --> 00:23:07.225
<00:23:05.475>which <00:23:05.754>will <00:23:06.034>be <00:23:06.314>like <00:23:06.594>Linux <00:23:06.875>everywhere,

555
00:23:07.245 --> 00:23:08.865
<00:23:07.245>and <00:23:07.419>then <00:23:07.594>people <00:23:07.770>will <00:23:07.945>build <00:23:08.120>on <00:23:08.294>top <00:23:08.469>of <00:23:08.645>this.

556
00:23:09.565 --> 00:23:11.985
<00:23:09.565>And <00:23:09.765>I <00:23:09.965>think <00:23:10.165>that's <00:23:10.365>interesting <00:23:10.565>moment, <00:23:10.765>which, <00:23:10.965>uh,

557
00:23:11.985 --> 00:23:13.105
<00:23:11.985>could <00:23:12.236>be <00:23:12.489>leveraged <00:23:12.741>right <00:23:12.993>now,

558
00:23:13.365 --> 00:23:15.745
<00:23:13.365>but <00:23:13.715>not <00:23:14.065>through <00:23:14.415>regulation, <00:23:14.765>uh,

559
00:23:16.165 --> 00:23:20.945
<00:23:16.165>but <00:23:16.340>let's <00:23:16.514>say <00:23:16.690>probably <00:23:16.865>through, <00:23:17.040>um, <00:23:17.215>exploration <00:23:17.389>of <00:23:17.565>like,

560
00:23:20.965 --> 00:23:22.825
<00:23:20.965>on <00:23:21.245>this <00:23:21.524>open <00:23:21.804>source <00:23:22.084>building <00:23:22.365>here,

561
00:23:23.365 --> 00:23:26.465
<00:23:23.365>but <00:23:23.540>it <00:23:23.715>should <00:23:23.890>be <00:23:24.065>easier <00:23:24.240>to <00:23:24.415>build, <00:23:24.590>not <00:23:24.765>harder.

562
00:23:28.325 --> 00:23:29.425
<00:23:28.325>Stefan, <00:23:28.655>what's <00:23:28.985>your <00:23:29.315>perspective?

563
00:23:29.425 --> 00:23:32.185
<00:23:29.425>Yeah, <00:23:29.625>I <00:23:29.825>mean, <00:23:30.024>I'm, <00:23:30.225>I <00:23:30.425>think <00:23:30.625>it <00:23:30.825>shouldn't,

564
00:23:32.565 --> 00:23:35.105
<00:23:32.565>it <00:23:32.845>shouldn't <00:23:33.125>matter, <00:23:33.405>uh, <00:23:33.685>in <00:23:33.965>reality

565
00:23:35.185 --> 00:23:36.785
<00:23:35.185>because <00:23:35.885>we're, <00:23:36.585>um,

566
00:23:37.285 --> 00:23:39.745
<00:23:37.285>if <00:23:37.412>I <00:23:37.539>think <00:23:37.666>about <00:23:37.794>the <00:23:37.921>average <00:23:38.048>person <00:23:38.175>in <00:23:38.303>the <00:23:38.430>crowd <00:23:38.557>right <00:23:38.685>now,

567
00:23:39.745 --> 00:23:41.425
<00:23:39.745>you're, <00:23:39.978>you're <00:23:40.211>probably <00:23:40.445>an <00:23:40.678>engineer <00:23:40.911>in <00:23:41.145>one

568
00:23:41.425 --> 00:23:42.545
<00:23:41.425>of <00:23:41.677>these <00:23:41.929>very <00:23:42.181>exciting <00:23:42.433>companies

569
00:23:42.545 --> 00:23:44.745
<00:23:42.545>and <00:23:42.700>you're <00:23:42.856>thinking <00:23:43.011>about <00:23:43.167>maybe <00:23:43.322>someday <00:23:43.478>I <00:23:43.633>might <00:23:43.789>do <00:23:43.945>something

570
00:23:44.745 --> 00:23:46.285
<00:23:44.745>because <00:23:44.976>I'm <00:23:45.206>working <00:23:45.437>on <00:23:45.669>something <00:23:45.900>exciting <00:23:46.131>and,

571
00:23:46.505 --> 00:23:47.965
<00:23:46.505>and <00:23:46.767>so <00:23:47.030>I <00:23:47.293>just <00:23:47.556>encourage <00:23:47.819>you

572
00:23:47.965 --> 00:23:50.765
<00:23:47.965>to <00:23:48.165>completely <00:23:48.365>disregard <00:23:48.564>regulation, <00:23:48.764>the <00:23:48.965>deep <00:23:49.165>seek <00:23:49.365>moment

573
00:23:50.765 --> 00:23:51.845
<00:23:50.765>that <00:23:51.089>we've <00:23:51.413>just <00:23:51.737>experienced.

574
00:23:51.845 --> 00:23:53.485
<00:23:51.845>You <00:23:52.000>know, <00:23:52.156>it, <00:23:52.311>it <00:23:52.467>kind <00:23:52.622>of <00:23:52.778>gives <00:23:52.933>us <00:23:53.089>all <00:23:53.245>hope

575
00:23:53.485 --> 00:23:54.485
<00:23:53.485>that <00:23:53.709>it <00:23:53.935>doesn't <00:23:54.159>really <00:23:54.385>matter

576
00:23:54.675 --> 00:23:56.485
<00:23:54.675>because <00:23:54.908>there's <00:23:55.141>gonna <00:23:55.375>be <00:23:55.608>a <00:23:55.841>good <00:23:56.075>LLM

577
00:23:56.485 --> 00:23:58.205
<00:23:56.485>that <00:23:56.685>you <00:23:56.885>can <00:23:57.084>use <00:23:57.284>probably <00:23:57.485>for <00:23:57.685>almost <00:23:57.885>free.

578
00:23:58.545 --> 00:24:00.685
<00:23:58.545>So, <00:23:58.685>so <00:23:58.825>the <00:23:58.965>opportunity <00:23:59.105>is <00:23:59.245>what <00:23:59.385>I'm <00:23:59.525>gonna <00:23:59.665>do <00:23:59.805>with <00:23:59.945>it.

579
00:24:00.685 --> 00:24:03.965
<00:24:00.685>Like <00:24:00.812>what <00:24:00.939>can <00:24:01.066>you <00:24:01.194>really <00:24:01.321>bring, <00:24:01.448>so <00:24:01.575>to <00:24:01.703>say <00:24:01.830>to <00:24:01.957>the <00:24:02.085>world,

580
00:24:04.505 --> 00:24:06.125
<00:24:04.505>um, <00:24:04.971>make <00:24:05.438>it <00:24:05.905>meaningful?

581
00:24:06.185 --> 00:24:08.285
<00:24:06.185>Uh, <00:24:06.418>like <00:24:06.651>to <00:24:06.885>my <00:24:07.118>point <00:24:07.351>earlier, <00:24:07.585>um,

582
00:24:09.145 --> 00:24:10.845
<00:24:09.145>and <00:24:09.378>I <00:24:09.611>think <00:24:09.845>regulation <00:24:10.078>will <00:24:10.311>adapt <00:24:10.545>and,

583
00:24:10.845 --> 00:24:11.885
<00:24:10.845>and <00:24:11.313>reconfigure <00:24:11.781>itself

584
00:24:11.885 --> 00:24:14.845
<00:24:11.885>because <00:24:12.040>what <00:24:12.196>we <00:24:12.351>haven't <00:24:12.507>seen <00:24:12.662>for <00:24:12.818>the <00:24:12.973>longest <00:24:13.129>time <00:24:13.285>is

585
00:24:14.845 --> 00:24:16.965
<00:24:14.845>that <00:24:15.125>regulation <00:24:15.405>is <00:24:15.685>being <00:24:15.965>pulled <00:24:16.245>back,

586
00:24:17.025 --> 00:24:18.365
<00:24:17.025>and <00:24:17.266>so <00:24:17.507>now <00:24:17.748>it's <00:24:17.989>happening <00:24:18.231>slowly.

587
00:24:18.465 --> 00:24:19.725
<00:24:18.465>So <00:24:18.691>it <00:24:18.918>gives <00:24:19.145>me <00:24:19.372>some <00:24:19.599>hope

588
00:24:19.725 --> 00:24:21.525
<00:24:19.725>that <00:24:19.925>we <00:24:20.125>have <00:24:20.324>the <00:24:20.524>flexibility <00:24:20.725>even <00:24:20.925>in <00:24:21.125>Europe,

589
00:24:21.785 --> 00:24:24.165
<00:24:21.785>and <00:24:21.940>it <00:24:22.096>might <00:24:22.251>be <00:24:22.407>for <00:24:22.562>factors <00:24:22.718>that <00:24:22.873>we <00:24:23.029>don't <00:24:23.185>like,

590
00:24:24.295 --> 00:24:26.365
<00:24:24.295>could <00:24:24.495>be <00:24:24.695>the <00:24:24.895>Trump <00:24:25.095>factor, <00:24:25.295>but <00:24:25.495>it's <00:24:25.695>happening.

591
00:24:26.465 --> 00:24:30.285
<00:24:26.465>So, <00:24:26.592>um, <00:24:26.719>you <00:24:26.846>know, <00:24:26.974>let's, <00:24:27.101>let's, <00:24:27.228>uh, <00:24:27.355>I, <00:24:27.483>I, <00:24:27.610>I'd, <00:24:27.737>I'm <00:24:27.865>always

592
00:24:30.305 --> 00:24:33.445
<00:24:30.305>of <00:24:30.445>the <00:24:30.585>pragmatism <00:24:30.725>to <00:24:30.865>kind <00:24:31.005>of <00:24:31.145>ignore <00:24:31.285>what <00:24:31.425>we <00:24:31.565>can <00:24:31.705>control

593
00:24:33.465 --> 00:24:35.165
<00:24:33.465>and, <00:24:33.745>and <00:24:34.024>focus <00:24:34.304>on <00:24:34.584>ourselves. <00:24:34.865>Okay.

594
00:24:35.425 --> 00:24:37.885
<00:24:35.425>And, <00:24:35.600>and <00:24:35.774>when <00:24:35.950>you're <00:24:36.125>then <00:24:36.300>actually <00:24:36.475>looking <00:24:36.649>at <00:24:36.825>companies

595
00:24:37.885 --> 00:24:40.765
<00:24:37.885>thinking <00:24:38.085>about <00:24:38.285>making <00:24:38.485>an <00:24:38.685>investment, <00:24:38.885>are <00:24:39.085>they <00:24:39.285>specific

596
00:24:41.345 --> 00:24:42.925
<00:24:41.345>or <00:24:41.545>which <00:24:41.745>for <00:24:41.945>you <00:24:42.145>are <00:24:42.345>the <00:24:42.545>most <00:24:42.745>critical

597
00:24:42.925 --> 00:24:44.365
<00:24:42.925>metrics <00:24:43.357>in <00:24:43.789>this <00:24:44.221>regard?

598
00:24:44.425 --> 00:24:46.085
<00:24:44.425>Or <00:24:44.625>whether <00:24:44.825>there's <00:24:45.024>something <00:24:45.225>we <00:24:45.425>say, <00:24:45.625>okay, <00:24:45.825>this,

599
00:24:46.285 --> 00:24:48.085
<00:24:46.285>I <00:24:46.440>really <00:24:46.596>care <00:24:46.751>about <00:24:46.907>this <00:24:47.062>and <00:24:47.218>this <00:24:47.373>not <00:24:47.529>so <00:24:47.685>much.

600
00:24:48.105 --> 00:24:50.365
<00:24:48.105>How, <00:24:48.280>how <00:24:48.455>are <00:24:48.630>you <00:24:48.805>thinking? <00:24:48.980>How <00:24:49.155>do <00:24:49.330>you <00:24:49.505>evaluate

601
00:24:50.385 --> 00:24:52.325
<00:24:50.385>or <00:24:50.585>when <00:24:50.785>you <00:24:50.985>evaluate <00:24:51.185>a <00:24:51.385>company, <00:24:51.585>what <00:24:51.785>are,

602
00:24:52.325 --> 00:24:53.485
<00:24:52.325>what <00:24:52.474>are <00:24:52.623>the <00:24:52.772>core <00:24:52.921>things <00:24:53.070>you're <00:24:53.219>looking <00:24:53.369>at?

603
00:24:55.085 --> 00:24:56.085
Neils?

604
00:24:56.475 --> 00:25:00.035
<00:24:56.475>I <00:24:56.708>mean, <00:24:56.941>top <00:24:57.175>down, <00:24:57.408>uh, <00:24:57.641>commercial <00:24:57.875>traction

605
00:25:00.215 --> 00:25:02.955
<00:25:00.215>and <00:25:00.370>speed <00:25:00.526>of <00:25:00.681>commercial <00:25:00.837>traction <00:25:00.992>right <00:25:01.148>now <00:25:01.303>is <00:25:01.459>a <00:25:01.615>good,

606
00:25:03.045 --> 00:25:05.355
<00:25:03.045>let's <00:25:03.245>say <00:25:03.445>proxy, <00:25:03.645>at <00:25:03.845>least <00:25:04.045>of, <00:25:04.245>you <00:25:04.445>know,

607
00:25:05.775 --> 00:25:08.715
<00:25:05.775>how <00:25:05.902>good <00:25:06.029>the <00:25:06.156>solution <00:25:06.284>is <00:25:06.411>and <00:25:06.538>how, <00:25:06.665>you <00:25:06.793>know, <00:25:06.920>sticky <00:25:07.047>it <00:25:07.175>is.

608
00:25:08.715 --> 00:25:11.155
<00:25:08.715>And <00:25:08.855>then <00:25:08.995>of <00:25:09.135>course, <00:25:09.274>you <00:25:09.415>can <00:25:09.554>look <00:25:09.695>at <00:25:09.834>usage <00:25:09.975>rates <00:25:10.115>and,

609
00:25:11.175 --> 00:25:13.155
<00:25:11.175>and <00:25:11.641>adoption <00:25:12.108>rates, <00:25:12.575>uh,

610
00:25:13.175 --> 00:25:14.875
<00:25:13.175>and <00:25:13.408>actually, <00:25:13.641>you <00:25:13.875>know, <00:25:14.108>away <00:25:14.341>from <00:25:14.575>sort

611
00:25:14.875 --> 00:25:16.275
<00:25:14.875>of <00:25:15.295>quantitative <00:25:15.715>measures <00:25:16.135>and,

612
00:25:16.455 --> 00:25:18.715
<00:25:16.455>and <00:25:16.735>metrics <00:25:17.014>actually <00:25:17.294>talking <00:25:17.574>to <00:25:17.855>users

613
00:25:18.895 --> 00:25:21.195
<00:25:18.895>and <00:25:19.175>talking <00:25:19.455>to <00:25:19.735>customers <00:25:20.014>in <00:25:20.295>person

614
00:25:21.335 --> 00:25:23.515
<00:25:21.335>or, <00:25:21.490>you <00:25:21.646>know, <00:25:21.801>at <00:25:21.957>least, <00:25:22.112>you <00:25:22.268>know, <00:25:22.423>via <00:25:22.579>zoom, <00:25:22.735>whatever,

615
00:25:23.985 --> 00:25:26.515
<00:25:23.985>that <00:25:24.185>actually <00:25:24.385>helps <00:25:24.584>to <00:25:24.784>understand <00:25:24.985>where, <00:25:25.185>you <00:25:25.385>know,

616
00:25:26.515 --> 00:25:28.075
<00:25:26.515>where <00:25:26.715>the <00:25:26.915>company <00:25:27.115>and <00:25:27.315>where <00:25:27.515>the <00:25:27.715>solution <00:25:27.915>is.

617
00:25:28.765 --> 00:25:29.915
<00:25:28.765>Thank <00:25:29.282>you, <00:25:29.800>Constantine.

618
00:25:30.305 --> 00:25:32.635
<00:25:30.305>Well, <00:25:30.480>revenues <00:25:30.655>are <00:25:30.830>the <00:25:31.005>best <00:25:31.180>metric, <00:25:31.355>I <00:25:31.530>think, <00:25:31.705>but

619
00:25:32.705 --> 00:25:34.155
<00:25:32.705>because <00:25:33.031>when <00:25:33.357>they <00:25:33.683>this <00:25:34.010>stage,

620
00:25:34.155 --> 00:25:36.995
<00:25:34.155>not <00:25:34.310>all <00:25:34.466>companies <00:25:34.621>at <00:25:34.777>this <00:25:34.932>stage <00:25:35.088>have <00:25:35.243>these, <00:25:35.399>uh, <00:25:35.555>revenues.

621
00:25:36.995 --> 00:25:38.515
<00:25:36.995>So <00:25:37.268>like <00:25:37.542>there <00:25:37.815>are <00:25:38.089>no <00:25:38.363>revenues.

622
00:25:38.515 --> 00:25:42.595
<00:25:38.515>We <00:25:38.655>look <00:25:38.795>at <00:25:38.935>usage, <00:25:39.075>that <00:25:39.215>could <00:25:39.355>be <00:25:39.495>downloads, <00:25:39.635>could <00:25:39.775>be, <00:25:39.915>um,

623
00:25:42.895 --> 00:25:45.395
<00:25:42.895>any <00:25:43.070>other <00:25:43.245>type <00:25:43.420>of <00:25:43.595>metrics <00:25:43.770>which <00:25:43.945>helps <00:25:44.120>to <00:25:44.295>approximate

624
00:25:45.495 --> 00:25:47.195
<00:25:45.495>how <00:25:45.844>enterprises <00:25:46.195>are <00:25:46.544>using <00:25:46.895>software.

625
00:25:47.815 --> 00:25:49.955
<00:25:47.815>Do <00:25:47.955>they <00:25:48.095>deploy <00:25:48.235>it <00:25:48.375>in <00:25:48.515>production <00:25:48.655>or <00:25:48.795>just <00:25:48.935>playing <00:25:49.075>with <00:25:49.215>it?

626
00:25:50.135 --> 00:25:51.635
<00:25:50.135>Uh, <00:25:50.472>these <00:25:50.810>type <00:25:51.147>of <00:25:51.485>things.

627
00:25:51.635 --> 00:25:55.675
<00:25:51.635>Definitely <00:25:51.790>not <00:25:51.946>GitHub <00:25:52.101>stars, <00:25:52.257>uh, <00:25:52.412>while <00:25:52.568>they <00:25:52.723>also <00:25:52.879>could <00:25:53.035>be,

628
00:25:55.775 --> 00:25:57.995
<00:25:55.775>uh, <00:25:56.008>hands <00:25:56.241>for <00:25:56.475>detecting <00:25:56.708>interest <00:25:56.941>in <00:25:57.175>companies.

629
00:25:59.275 --> 00:26:01.475
<00:25:59.275>I, <00:25:59.415>I'll <00:25:59.555>just <00:25:59.695>add <00:25:59.835>because, <00:25:59.975>uh, <00:26:00.115>I <00:26:00.255>don't <00:26:00.395>think <00:26:00.535>it's, <00:26:00.675>it's

630
00:26:01.475 --> 00:26:04.075
<00:26:01.475>that <00:26:01.708>controversial, <00:26:01.941>but, <00:26:02.175>um, <00:26:02.408>I, <00:26:02.641>I <00:26:02.875>think

631
00:26:04.075 --> 00:26:05.755
<00:26:04.075>that <00:26:04.355>human <00:26:04.635>connection <00:26:04.915>is <00:26:05.195>super <00:26:05.475>important.

632
00:26:05.755 --> 00:26:08.115
<00:26:05.755>Can <00:26:05.955>you <00:26:06.155>build <00:26:06.355>trust <00:26:06.555>with <00:26:06.755>your <00:26:06.955>community, <00:26:07.155>uh,

633
00:26:08.115 --> 00:26:09.755
<00:26:08.115>with <00:26:08.395>your <00:26:08.675>investors, <00:26:08.955>with <00:26:09.235>your <00:26:09.515>customers,

634
00:26:10.215 --> 00:26:12.955
<00:26:10.215>and, <00:26:10.415>uh, <00:26:10.615>investors <00:26:10.814>usually <00:26:11.014>speak <00:26:11.215>to <00:26:11.415>your <00:26:11.615>customers.

635
00:26:13.335 --> 00:26:15.275
<00:26:13.335>So, <00:26:13.535>so <00:26:13.735>it's, <00:26:13.935>it's <00:26:14.135>all <00:26:14.335>about, <00:26:14.535>you <00:26:14.735>know,

636
00:26:15.275 --> 00:26:16.515
<00:26:15.275>you're, <00:26:15.498>you're <00:26:15.721>selling <00:26:15.944>them <00:26:16.167>the <00:26:16.391>dream.

637
00:26:16.515 --> 00:26:18.995
<00:26:16.515>Obviously <00:26:16.715>now <00:26:16.915>you <00:26:17.115>have <00:26:17.315>lms <00:26:17.515>so <00:26:17.715>everything's <00:26:17.915>possible,

638
00:26:19.295 --> 00:26:21.155
<00:26:19.295>but <00:26:19.470>in <00:26:19.645>reality, <00:26:19.820>you <00:26:19.995>also <00:26:20.170>need <00:26:20.345>to <00:26:20.520>deliver <00:26:20.695>and,

639
00:26:21.155 --> 00:26:22.915
<00:26:21.155>and <00:26:21.310>you <00:26:21.466>need <00:26:21.621>to <00:26:21.777>deliver <00:26:21.932>to <00:26:22.088>all <00:26:22.243>of <00:26:22.399>your <00:26:22.555>stakeholders,

640
00:26:22.915 --> 00:26:24.635
<00:26:22.915>including <00:26:23.195>your <00:26:23.475>employees <00:26:23.754>and <00:26:24.034>your <00:26:24.315>team.

641
00:26:24.695 --> 00:26:27.675
<00:26:24.695>And, <00:26:24.811>and, <00:26:24.928>and <00:26:25.044>so <00:26:25.161>what <00:26:25.278>I <00:26:25.395>really <00:26:25.511>like <00:26:25.628>to <00:26:25.745>do <00:26:25.861>is, <00:26:25.978>you <00:26:26.095>know,

642
00:26:27.675 --> 00:26:29.475
<00:26:27.675>meet <00:26:27.875>you <00:26:28.075>in <00:26:28.274>person <00:26:28.475>and <00:26:28.675>get <00:26:28.875>real, <00:26:29.075>and,

643
00:26:29.475 --> 00:26:31.475
<00:26:29.475>and <00:26:29.630>kind <00:26:29.786>of <00:26:29.941>understand, <00:26:30.097>hey, <00:26:30.252>this <00:26:30.408>is <00:26:30.563>what <00:26:30.719>I'm <00:26:30.875>selling,

644
00:26:31.665 --> 00:26:33.915
<00:26:31.665>this <00:26:31.805>is <00:26:31.945>where <00:26:32.085>we <00:26:32.225>stand, <00:26:32.365>that's <00:26:32.504>what <00:26:32.645>we <00:26:32.784>have <00:26:32.925>to <00:26:33.065>do,

645
00:26:33.915 --> 00:26:35.955
<00:26:33.915>and <00:26:34.090>we're <00:26:34.264>gonna <00:26:34.440>have <00:26:34.615>a <00:26:34.790>very <00:26:34.965>interesting <00:26:35.139>discussion <00:26:35.315>about

646
00:26:35.955 --> 00:26:38.715
<00:26:35.955>that <00:26:36.129>journey, <00:26:36.304>and <00:26:36.480>then <00:26:36.655>that's <00:26:36.830>super <00:26:37.004>interesting <00:26:37.179>to <00:26:37.355>me.

647
00:26:38.745 --> 00:26:41.875
<00:26:38.745>Perfect. <00:26:39.024>Great. <00:26:39.304>Um, <00:26:39.584>quick <00:26:39.864>last <00:26:40.145>question.

648
00:26:42.495 --> 00:26:45.605
<00:26:42.495>What's <00:26:42.611>a <00:26:42.728>red <00:26:42.844>flag <00:26:42.961>in <00:26:43.078>a <00:26:43.195>pitch <00:26:43.311>deck <00:26:43.428>when <00:26:43.544>it <00:26:43.661>comes <00:26:43.778>to <00:26:43.895>ai?

649
00:26:45.605 --> 00:26:47.525
<00:26:45.605>What <00:26:45.780>is <00:26:45.955>it <00:26:46.130>that <00:26:46.305>you <00:26:46.480>don't <00:26:46.655>want <00:26:46.830>to <00:26:47.005>see?

650
00:26:53.285 --> 00:26:54.725
<00:26:53.285>I <00:26:53.717>mean, <00:26:54.149>beating <00:26:54.581>competition

651
00:26:54.725 --> 00:26:57.645
<00:26:54.725>and <00:26:54.880>existing <00:26:55.036>solutions <00:26:55.191>across <00:26:55.347>sort <00:26:55.502>of <00:26:55.658>the <00:26:55.813>board, <00:26:55.969>you <00:26:56.125>know,

652
00:26:57.865 --> 00:27:00.805
<00:26:57.865>all <00:26:58.098>relevant <00:26:58.331>sort <00:26:58.565>of <00:26:58.798>criteria <00:26:59.031>and <00:26:59.265>dimensions.

653
00:27:00.865 --> 00:27:03.845
<00:27:00.865>Um, <00:27:00.992>a <00:27:01.119>one <00:27:01.246>size <00:27:01.374>fits <00:27:01.501>all <00:27:01.628>solution. <00:27:01.755>I <00:27:01.883>don't <00:27:02.010>believe <00:27:02.137>in <00:27:02.265>that.

654
00:27:06.375 --> 00:27:09.475
<00:27:06.375>Oh, <00:27:06.550>I <00:27:06.725>don't <00:27:06.900>want <00:27:07.075>to <00:27:07.250>see <00:27:07.425>solutions <00:27:07.600>which <00:27:07.775>are,

655
00:27:09.925 --> 00:27:12.635
<00:27:09.925>which <00:27:10.065>don't <00:27:10.205>have <00:27:10.345>a <00:27:10.485>mode <00:27:10.625>actually <00:27:10.764>like <00:27:10.905>ai, <00:27:11.044>I <00:27:11.185>would <00:27:11.325>say

656
00:27:12.655 --> 00:27:13.915
<00:27:12.655>for <00:27:13.789>capitalizing.

657
00:27:15.035 --> 00:27:17.315
<00:27:15.035>I <00:27:15.235>mean, <00:27:15.435>everybody <00:27:15.635>could <00:27:15.835>vibe <00:27:16.035>code <00:27:16.235>it <00:27:16.435>nowadays.

658
00:27:17.615 --> 00:27:20.115
<00:27:17.615>Uh, <00:27:17.770>I <00:27:17.926>mean, <00:27:18.081>obviously <00:27:18.237>there <00:27:18.392>might <00:27:18.548>be <00:27:18.703>some <00:27:18.859>extreme <00:27:19.015>growth

659
00:27:20.115 --> 00:27:23.035
<00:27:20.115>rate <00:27:20.255>and <00:27:20.395>there <00:27:20.535>will <00:27:20.675>be <00:27:20.815>a <00:27:20.955>few <00:27:21.095>really <00:27:21.235>billion <00:27:21.375>dollar <00:27:21.515>companies

660
00:27:23.035 --> 00:27:25.635
<00:27:23.035>built <00:27:23.235>there, <00:27:23.435>but <00:27:23.635>for <00:27:23.835>me <00:27:24.035>it's <00:27:24.235>not <00:27:24.435>exciting

661
00:27:25.635 --> 00:27:28.395
<00:27:25.635>because <00:27:25.868>it's <00:27:26.101>has <00:27:26.335>extremely <00:27:26.568>low <00:27:26.801>entry <00:27:27.035>barrier.

662
00:27:31.545 --> 00:27:34.425
<00:27:31.545>I <00:27:31.672>think <00:27:31.799>not <00:27:31.926>not <00:27:32.054>much <00:27:32.181>to <00:27:32.308>add, <00:27:32.435>just, <00:27:32.563>you <00:27:32.690>know, <00:27:32.817>try <00:27:32.945>to

663
00:27:34.995 --> 00:27:38.505
<00:27:34.995>focus <00:27:35.135>on <00:27:35.274>what, <00:27:35.415>you <00:27:35.554>know, <00:27:35.695>the, <00:27:35.834>you <00:27:35.975>know, <00:27:36.114>what, <00:27:36.254>what's <00:27:36.395>really,

664
00:27:38.505 --> 00:27:40.585
<00:27:38.505>what <00:27:38.738>you're <00:27:38.971>really <00:27:39.205>selling, <00:27:39.438>not, <00:27:39.671>not <00:27:39.905>necessarily

665
00:27:40.585 --> 00:27:42.145
<00:27:40.585>that <00:27:41.285>abstract <00:27:41.985>dream.

666
00:27:42.245 --> 00:27:43.945
<00:27:42.245>Uh, <00:27:42.524>try <00:27:42.804>to <00:27:43.084>make <00:27:43.364>it <00:27:43.645>pragmatic.

667
00:27:44.565 --> 00:27:46.945
<00:27:44.565>Uh, <00:27:44.765>so, <00:27:44.965>so <00:27:45.165>it's, <00:27:45.365>it's, <00:27:45.565>it's <00:27:45.765>grab-able, <00:27:45.965>um,

668
00:27:46.945 --> 00:27:48.225
<00:27:46.945>because <00:27:47.175>people <00:27:47.405>tend <00:27:47.636>to <00:27:47.866>hide <00:27:48.097>now

669
00:27:48.225 --> 00:27:49.545
<00:27:48.225>behind <00:27:48.522>these <00:27:48.819>very <00:27:49.116>large <00:27:49.413>promises.

670
00:27:49.545 --> 00:27:52.065
<00:27:49.545>So <00:27:49.700>I, <00:27:49.856>I, <00:27:50.011>I'd <00:27:50.167>really <00:27:50.322>encourage <00:27:50.478>people <00:27:50.633>to <00:27:50.789>be <00:27:50.945>pragmatic.

671
00:27:52.095 --> 00:27:53.665
<00:27:52.095>It's <00:27:52.295>fine <00:27:52.495>to <00:27:52.695>win <00:27:52.895>a <00:27:53.095>small <00:27:53.295>market <00:27:53.495>first

672
00:27:53.665 --> 00:27:54.785
<00:27:53.665>and <00:27:53.917>then <00:27:54.169>become <00:27:54.421>really <00:27:54.673>big

673
00:27:54.925 --> 00:27:56.105
<00:27:54.925>and <00:27:55.456>uh, <00:27:55.987>um,

674
00:27:56.415 --> 00:27:58.465
<00:27:56.415>that <00:27:56.590>doesn't <00:27:56.764>deter <00:27:56.940>at <00:27:57.115>all <00:27:57.290>from <00:27:57.465>your <00:27:57.639>overall <00:27:57.815>ambition.

675
00:27:59.705 --> 00:28:02.095
<00:27:59.705>Thank <00:27:59.938>you <00:28:00.171>very <00:28:00.405>much. <00:28:00.638>Um, <00:28:00.871>really <00:28:01.105>thanks

676
00:28:02.555 --> 00:28:05.375
<00:28:02.555>for <00:28:02.755>being <00:28:02.955>on <00:28:03.155>the <00:28:03.355>panel <00:28:03.555>here <00:28:03.755>today, <00:28:03.955>Stefan.

677
00:28:05.705 --> 00:28:08.535
<00:28:05.705>Neils <00:28:05.905>Constantine, <00:28:06.105>round <00:28:06.304>of <00:28:06.504>applause. <00:28:06.705>Thanks <00:28:06.905>a <00:28:07.105>lot.