Equity Live Podcast Recording

Hello and welcome back to equity Tech Wrenches of Metro Capital Focus podcast Where we unpack the numbers and the new Ones behind the headlines my name is Alex I'm the Editor in Chief of tech Wrench plus and we are here live at Disrupt 2023 which feels thank you which Feels fantastic Um it's fun to be live but I'm now Realizing that I'm going to sweat off All my makeup Within the first five minutes of this Show you're looking great so far that's What's supposed to happen Um I'm here with Becca Scouts Becca say Hello hey guys and I'm here with Kirsten Here and Kirsten korsak Thank you and the important question is Did either of you check the share price Of instacart before we got on stage we Both did immediately and we did our Homework it hasn't Debuted yet still right as of 30 seconds Ago 30 seconds ago but it does look like They're predicting like 30 potentially 40 pop really which would maybe bring it Back up to where it was Initially remember when it was 39 Billion dollar valued company yeah I do Remember those days and then the last Time we checked it was what nine billion It's 10 billion I think on a fully Diluted valuation question let's not Let's not cut them too short here uh it

Did raise its range Becca and then price The top end of its range so looking at Instacart not really a pure play Software company but certainly one of The best known unicorns how do you rate Its IPO performance so far well Personally I thought instacart has been One of the smartest late stage companies With what they've been doing over the Last few years in preparation for Potential IPO like this I know chatting With some secondaries investors as well They say that IPO Bankers aren't Interested if there's no upside so Instacart really started this journey to The current valuation they're going to Get now including if it does pop last Year being very intentional cutting the Valuation down so there are room for Bankers to come in and bring it back up Maybe not to what it was 2021 but Somewhere in between it gave them room To grow so I think seeing that they were Able to price toward the top of their Range which was already such a discount From where they would have gone public Say two years ago and that people have Interest in sort of letting the stock Price go higher day one I'm not super Surprised okay but this raises the Important question Kirsten if they're Looking at a 30 to 40 pop we know the Ibankers are happy because they have the Underwriters option in the IPO but did

The company possibly under Bryce and Therefore not raise as much Capital as It might have given that there's so much Interest and shows well I'm kind of with Becca on this I think that there's Something to be said about being a Little bit conservative coming into it Because in my world a great example was Rivian and rivian's IPO was the biggest IPO of the year and where are we at Today I haven't checked today but Certainly is lost at least 50 of its Value and Um I think that there's something to be Said about hype and then there's Something to be said about longevity you Want a strong opening of course and you Don't want to leave money on the table But if you leave lose all that money off The table just six months later that's Not really good either yeah you're Prioritizing either a near-term Fundraising or longer term happy Investors and in this case we're getting An early data point that Instagram shows The latter I'm going to be curious to See where clavio price is I think later Today and I think they trade on Wednesday so we're going to get another Data point but instacart you know Grocery delivery business with ads and a Little bit of software not exactly what Most startups are building so I think Clavio is going to be the more

Interesting debut of the week Becca Because it's just more like a Traditional unicorn you don't think It'll be Birkenstock in a few weeks you Know I does Birkenstock count as a tech Company I mean there was no everything Regenerative AI in their IPO just so you Know I checked and given that like McDonald's is talking about generative AI if they're not they're definitely not A tech company right are you tracking The Birkenstock IPO I mean why not great Company it's the shoe company right Correct yeah the Birkenstock has been Around for a few days oh it's the all Birds for old people For old people okay I don't know I've Seen some genzis walking around I'm I I Kid I could my spouse wears Birkenstocks So don't worry Um so that's the IPO Market this week I'm glad to see stuff going on I do want Some more offerings but at least we're Going to get a couple of data points on The board we had arm go out last week so Progress progress is good it sort of Seems like Certainly Rosier than a year ago IPOs Were pretty It was a quiet area right so what I'm Curious to see is what happens between Now and the end of the year how many More do we get momentum or does it sort Of fizzle out and I've certainly heard

Some of some growth startups that I know Who have been tinkering and thinking About IPO we just talked about this last Week like lime's been talking about an IPO forever it has been yes is it going To happen by the end of this year I Think Lyme definitely needs to be put up Or shut up but we should also mention That Toro which is the the P2P car Rental service sure has been refiling Its own IPO documents for a long time Now they're definitely in the wings but Then the list does get a little short And so I kind of want some other Companies to start calling me up and say Hey you should talk to our CEO off the Record I can't tell you why because I Know what that means and I've done that With other companies that have gone Public but those calls are not yet Happening so well I have a question for Becca so in in the world of IPOs what Kind of company do you think would be A good time right now because we have Got instacart it's sort of like a mixed Bag so what would you like to see Between now and the end of the year in Terms of the kind or sector Company yeah I mean for one I personally Am excited for the turo IPO because one Thing I started looking into earlier This year about oh when will IPOs come Back kind of what will that look like if Someone was telling me about we'll check

The secondary pricing are the sellers And the people looking to buy are they On consensus of price because a lot of Those secondary buyers are also involved In buying toward the IPO so turo Checking when they were rumoring this a Couple months ago that bid ask spread Was Tiny like they were like everyone Was tight on the price so I'm excited to See what happens to them because they Seem like even in the private Market They're getting quite a lot of consensus On sort of what investors and the Company themselves think that they're Worth so it'll be interesting to see Kind of like how that goes also I think It's the first time anyone has ever said Bid ask spread on the show so thank you For bringing that bit of terminology to The podcast sorry to put the little Jargon no no no Alex are you kidding me That like made his entire week just Because you said those words I'm now a Very happy boy Um the last thing I'll throw out there Is databricks just raised another half Billion dollars at a 43 billion dollar Price tag I don't think they're going to Go out soon but like when they do go out I think that's going to be the IPO of The Year whenever that does happen so You know knocking on but didn't you say That we'll probably all be retired by The time that happens just because I

Wanted to be annoying to their comms Team that was strictly just to get a Call from them be like hi it didn't work Actually but no they have to go out Eventually they can't so in the year 2050 it will be the biggest IPO in the Year 20 yes in the year 3000 no earlier Than that Um I missed something in the intro uh Which is that we were going to have our Dear friend Marianne do the show with us As she often does she is not here due to A family emergency so Becca was very Kind and joined us she's a regular on The show so thank you Becca Um but we were going to make some jokes About how much Marianne hates Robo taxis Yes because they're amazing and you've Taken one some this week a couple yeah Um so last year when I was here I took The cruise and waymo wasn't available Yet and also is really Limited I had to Take the cruise to One Stop get out then Hail an Uber and then go to my final Destination so since then they've had The permit that is given waymo and Cruz Basically the entire city 24 7. of Course cruises had some issues and is at 50 right now Um and so I'm unable to hail a cruise Until 9 pm but waymo I've taken a few Rides and I've taken some tech wrenches Along with me and I really wanted to Bring Marianne yes sort of force her in

The vehicle I think we would have had to like bribe Her like we'll give you 500 to get in This car for five blocks it was really Interesting one of our reporters Harry Weber who covers climate Tech and does Some Transportation stuff for us she was In the front seat and at one point it Was very confidently going up right Behind the vehicle and then goes into The turning lane and she wanted to grab The steering wheel at one point and held Back right you're not gonna name this Person though no I just did well you Give what she does yeah no I said Harry Oh oh Harry's trying to take over the cars Yeah but she um but she held back and we Arrived safely at our destination Well I'm very glad that you're safe Because we have another way we might get Around in the future which is apparently Going straight up into the sky on the Power of batteries so what's going on With Joby oh yeah so Joby so this is Really interesting one of our reporters Um Arya who actually covers a lot of um Space but she does quite a bit around EV Tolls and she had a scoop a few weeks Ago Um and I will say that the company was You know adamant about not confirming Anything with us that they that Joby was Going to be building its Factory either

In Dayton Ohio or in North Carolina and They announced they're going to Dayton Ohio with quite a big incentives package Actually Um several hundred dollars or 700 Million dollars thank you Um and they say that they're going to Add something like 2 000 jobs but you Know well that's a long road to that 2000 job Mark yes their adobe's really An interesting company they've been on Our stages before like at our Mobility Event and things like that and they've Been working on this for a long time There's obviously a number number of FAA Certifications that have to be you know Received first and they're on their way So this production facility is the sort Of big kickoff to hey we're going to be Commercial commercially operating Evtol is electric vehicle you know Electric vehicle vertical takeoff you're Adding a couple extra words in there Okay help me out electric vertical Takeoff You can put and but we argued about this Earlier you felt like the and shouldn't Be in there so we took it out for you Okay but essentially you're going Straight up and these are these like Urban Transportation so the the there Are a few different business models out There and when I say business models I'm Going to put them in quotes because they

Don't exist quite yet right but for Joby It's meant to be an um Urban Environments places like La where it Would vertically take off and then Shuttle you to You know your other skyscraper Tower Where you work let's say so this is not Really transport for the masses Becca's Not going to jump on this to like go Across Manhattan well they say it's Transportation for the masses whether it Actually becomes that and it's you know I think that's the big debate is this Um something for the very wealthy or Something actually what they promise Which is something that Uber and Liv Promise too it's going to reduce traffic And uh and people are going to share Rides and we we know what happened there There's Uber and Lyft I use it all the Time did it eliminate traffic not so Much yeah I saw that they had some Partnerships with some Airlines but I'm Like if I have anyone who's flown at all This year knows Airlines aren't really Getting stuff moving around at a good Pace everything's delayed and stuff so They're working with them it's kind of Like oh well let's see how that goes but At the same time though you know these These planes or their planes what do we Call them cars well I mean If you want to strip all the lingo out The electric vertical and take off I

Mean think of it as I mean some people Say think of it as like a smaller Quieter helicopter Um the company might get a little scared About that term because helicopters are Quite loud and that's the big thing that They claim is and I've and I've heard it It's quite quiet Um some people like to call them flying Cars which you know Few pictures something else so it's Trying to be its own category but Basically something that doesn't need a Runway that quietly lifts and then Brings you over the all the traffic yeah So you can peer down at them and It sounds amazing yeah it does sound Amazing because I have to fly from Providence to Newark all the time to get Anywhere else in the country and if I Could take one of these as opposed to Getting on an airplane the size of like A sardine can it'd be amazing it sounds Much better than doing what I have to do On Friday when I go back home well I Don't know what the distance is for that So that initially it might be more short Distances think of what you would do in An Uber So there are other companies out there That are looking at that I guess middle Mile or shorter distances and then there Are companies out there that are looking At hey you should buy one of these and

You should own an EV toll and that's Kind of out there too I don't know about that but they're only Planning to deliver about 500 of these Per year according to what we know about This uh Ohio Factory so certainly not Going to be something that we're going To be able to buy we're not going to be Buying them but um I do predict that They're going to go to La first I feel Pretty strongly based on all the Indicators I'm getting I could be wrong But this would be potentially a fleet Size you can't have too many of these Operating assists in a city you can Imagine I think there's going to be a Lot of pushback from people who live There so I can see let's say how many Would you operate during the day and What time period during the day would You operate and how many do you need a Hundred I don't think you need 500 in La Yeah I also think it's kind of a sign a Good signal to see I mean just up for What we've seen the last few years this Company being like we're making 500 We're not telling you these huge lofty Goals we're not telling you these things We probably won't be able to hit but Being like we're opening this Factory This is so much we're going to produce This is what we think we're going to do It's similar to the instacart thing sure Maybe they could go more but if they say

They are going to do more and they can't That's much better than doing less and Exceeding it yeah so I think the economy Is more under promise over deliver Now Versus right is the world and then hope Like mad you're gonna pull it off yeah Because I know unlike two years ago any Company now that seems like more in that Camp I'm more interested in like the Realistic predictions the stuff that Seems a little bit more better to follow Well and particularly because it is Still Frontier Tech so when Frontier Tech goes we're going to make 10 000 of These a year it is very easy to dismiss Both the technology and their business Model and plans so by bringing it down And also I think these are fairly Complex I don't my understanding is it's Not like the easiest they still have to Manufacturing building things is hard Someone who writes a lot about Tesla and Other EV companies building cars is hard Building flying cars is hard so 500 Seems more reasonable yeah the last Thing I want to say about this is Toyota Is the largest external shareholder of Joby which is great news because Toyota Knows manufacturing Supply chains Regulatory issues across different Continents like a super competent Company so definitely some good backing From them hopefully good advice more Capital and supply chain help and they

Claim they're going to have these Delivered by 2025 which is not that long From now that's five quarters yeah so we Break our lives down in quarters we Absolutely break our lives down in court Um you know Toyota is a reflection of What's also happening out in the Automotive World they are not the only Automaker that is invested or is Interested in EV tolls Hyundai and uh GM Are to others so we'll see What comes of this I just can't whenever You say EV toll it sounds like a toll Road for electric vehicles and it does Not bring to mind this futuristic Helicopter thing that I'm going to use To fly across LA to avoid traffic they Really got to Rebrand okay so think of That in next episode okay you can bring Your rebranding and we'll share it with You I'm a Critic I'm not competent I'm Not gonna be able to come up with my own Idea come on that's not what we do That's your homework that's your Homework you can't you can't give me Homework I'm not I'm not in school Anymore Anyways let's move on uh Becca deal dive We've talked a lot about Elder Care on The show we know it's a pretty big Sector but there's a company that really Caught your eye so tell us who it is and Why yeah so I think it was about a week And a half ago a company named bold

Raised a 17 million series a and what Stood out to me is that bold is a Elder Tech company but it is personalized Exercise routines fully subsidized by Medicare so fully free to all their Users exercise size routines that help Prevent complications from things like Arthritis or balance and stuff like that Help prevent older people from falling Or sort of having some of those more Health issues that come later in life That can be mitigated with exercise and Sort of some of these more preventative Measures and I just thought that was so Interesting because why I have one Grandparent still living and we always Attribute that to the fact that he's Been active his whole life still Walks Like A mile a day and Gardens mows lawn And we've always said that's why he Seems to have made it this far without Heavy Health complications and sort of Some of that other stuff that gets Pretty common when you get older and so This company stood up to me for that Because I was like yes I've seen a Living example of that that's such a Good idea and it also from the Elder Tech side just that sector's grown so Much over the last few years but Something I've noticed is there's been a Lot of reactive Solutions which are good Obviously those you need to have those Kind of solutions when problems do arise

But bold stood out to me as a proactive Solutions start doing this in your 50s Your 60s prevent some of those Healthcare issues and some of those Things that could come up down the line Which I'm hoping the category this is a Sign the category is moving more toward That because it's great to have Solutions to the problems but it's much Better to prevent them from happening Okay so I have a few questions Um we have known about preventative Health care for a long time and this Isn't necessarily a new idea in terms of Hey exercise is good and Mobility is Good and balance and that can prevent Falls so what is the tech piece is it Hardware is there a device that they're Wearing is it a software subscription What does this company actually do yeah So it's a subscription you'd sign up as A user and they would make yourself a Personalized health plan so you would Get different videos they keep adding to The library and they've been taking Direct user feedback they told me so They're hoping to launch more categories For things that's sort of preventative For other conditions to arthritis and Balance or just the first two but I I Think also the piece of it being free For all users they'll specifically Partner with organizations that help Them subsidize it with Medicare so all

The users can get it for free but I mean A lot of people don't exercise to begin With so I know that's definitely I'm not Saying it's going to be totally up and To the right you still have to get users Behavior change and that stuff is hard But I mean making it free and that easy To accept access definitely helps so how Digitally savvy are people in your Grandparents age range because I presume They're going to have to be interactive With this to make it work to pull it up To use it and I just don't know if That's an actual impediment to use for People in their 90s or if that's Actually now part of life and not going To be a hurdle for them you know I think Showed us that we did not give older Individuals enough credit For a lot of that kind of stuff and of Course sure I mean sometimes I feel like I can't figure normal Tech stuff out and Like I'm not that old but there are Definitely some ways where I think Companies take that into mind I don't Think it's going to be like crazily Overly complicated to have them figure It out but yeah I definitely there's Been some definitely some signals that Have proved that 2020 and on we maybe Did not give that group enough credit That makes a lot of sense also we have a Grain population here in the U.S there's Aging populations around the world so we

Talk about Tam quite a lot in the Startup world and the Tam is probably Like several billion people in theory Across the planet so a huge Market if it Works and we could all use more exercise I think the nation's not too healthy Right now no and the personalized aspect Of it is fun because I mean I don't have A Access to a free personalized Exercise plan like I'm like that sounds Pretty good it's going to prevent some Future issues like I don't know maybe They make those for the young people too I'm curious how they're marketing it Because I think of a captured audience You could go and do large contracts with You know big established Assisted Living Places where people are living somewhat Independently Um and so it's like a contractual thing With that Development Group or those Companies and they're pretty large or is It a very one-on-one consumer-based Pitch and is it Global are they they Going after just North America right now Or sort of a global market I'm definitely not sure what Market They're going off to but I did ask them About sort of how they get this in front Of potential customers and they're Saying that it's largely Word of Mouth Through doctors really if you're in that Age demographic and you happen to work

With someone who's recommending bold to That doctor's office practice they're Recommending it to their patients Because they're like well I don't want To have to see you for a fall in two Years why don't you use this free app I Can help you like they'll be checking in With them kind of thing so they're Getting a lot of the word out through Doctors themselves telling their Patients to try it well doctors are Probably tired of fixing the same Problems that come from inactivity and a Lack of just strength so get your core On essentially yeah yeah there's also Been a couple of other Venture firms That have been put together on the Market uh since 2020 that are working on The Elder Care space so it does seem to Be a burgeoning category of both startup Interest and Venture Capital interest Which is pretty cool and we did have Sarah Moscow from Winnie on the podcast To talk about Papa which was another Company in the other Tech space that Didn't go quite as well so we've already Seen some kind of issues with that but Certainly applying the startup model to Any new market will have some you know Issues as you kind of figure it out no That's what I was going to say it seems Like there's signals that the category Is expanding and there's also been some Players that have gotten big and like

Papa had some setbacks had some issues And that honestly just shows that the Market is seeing that expansion because It wasn't going to grow without any Pushback any hurdles anything like that So even the papa thing not great for the Company obviously and sort of the people Who are working with them but not Necessarily a bad sign for the sector as A whole no not at all and speaking of Things that are getting big without any Pushback or any controversy whatsoever Have you guys heard about AI I hear it's A big deal never heard of it yeah well I Haven't heard about it at all in fact I'm surprised we don't have anything Here at all about generative AI at Disrupt no not even not even slightly But just because I know no one else is Going to talk about it for the next Three days I thought I would bring a Generative AI around to the pawn today And there's a company called writer that Just raised a 100 million dollar round And Becca you and I know nine figure Venture Capital rounds are pretty thin On the ground so seeing one for a series B no less kind of blew my socks off I'm Curious what you thought yeah no I think The generative AI specifically the big Rounds has been so funny because there's Now headlines coming out where it's like Oh well it's not just as easy to raise If you're a generative AI company

Anymore and it'll always be the same day Where we get at least a six-figure Generative AI round and it's like well Okay I'm sure not every company can Raise but every company shouldn't be Able to raise necessarily so um it's Good to see late stage funding I know Crunchbase had some numbers on it from August that said late stage funding had Ticked up month over month for like the First time in at least a year oh that's Actually so very important very good and I think a lot of that is back to Generate AI well I mean I'm not shocked I mean iconic growth LED this round so That's a big Capital pool getting to Work and the thing I liked about Ryder More than just kind of your standard gen AI started is that they talked about Revenue growth in their kind of like In-house announcement and they said Their revenue has grown um 10x in the Last two years did you say Revenue Growth actual Revenue I know you cover EV specs where there's never any Revenue Whatsoever such a new word for me a Revenue and growth coupled together Sorry to interrupt but pause for a Moment and take that in no even amongst Degenerative AI companies that are Pretty nascent this is only a series B Company to talk about a multi-year Revenue growth story very interesting And they also said they had 150 net

Revenue retention which implies that Existing customers are expanding their Spend and they should have a lot of Growth to come so it seems like a very Reasonable round what's funny is we Reported that the valuation was between 500 and 700 million post money Often nine figure round in 2021 this Would have been more like a two billion Dollar valuation I feel definitely like It's even in generative AI things do Seem to be more conservative and Reasonable is a value judgment but like Reasonable compared to where we were a Little while ago even in the hottest Part of tech so that seems encouraging Pearson so I have a question though for Both of you is you know as someone who Has ridden the hype cycle when it comes To autonomous vehicles which by the way You know does use AI Um but in this new generative AI world That we're sort of riding down where do You see it in the hype cycle based on These recent raises are you seeing Because as you mentioned you're still Seeing pretty large raises and yet Valuations that seem to be maybe a Little bit more in the world you know Reality based so are we are people still Riding that have we hit the peak of the Hype or are we now settling down I think this is so AI specifically is so Complicated because as you mentioned

With autonomous vehicles there's a lot Of industries that have been using AI For years building AI for years so it is So different from some of those hype Cycles that it's kind of like no one Talked about this no one was using this Total brand new technology now we're all Interested so I think for these kind of Companies for me I'm always looking to See when was the company founded if the Company was founded 2022-2023 and is Getting this kind of around or that kind Of evaluation I'm like whoa whoa whoa Whoa but if it's like this is a couple Years older definitely been building the Whole time and that kind of uh situation It's so different which makes it so hard To Peg the hype cycle because you see a Big round like this and you want to be Like oh general of AI but it's like Maybe you look and the company's been Doing this for seven years yeah and like You said they have Revenue yeah so it's Like it's so hard I have a hard time Kind of pegging where we're at you Almost don't want to paint it with a Broad brush but at least in you know What I've seen you know with AVS and Things it's like you go really through This trough of disillusionment you see a Lot of consolidation and this settling Down but doesn't disappear it you know We as proven yesterday when I took a Driverless ride it didn't disappear but

All the really hypey startups that we're Managing to get you know maybe 100 Million dollars raised or a little bit Less and only being founded for a year Those disappeared yeah so I'll be Interested to see if the same thing Happens in the generative AI space if it Goes through that sort of down cycle Well a lot of the work that's been done On generative AI tooling and the kind of Tech stack for it is being done by Companies that won't disappear full stop Like I mean if you talk to databricks Now they're like we're a data and AI Company they're going nowhere Microsoft Of course is doing quite a lot with open Ai and so forth so when it comes like The hype cycle going down all the big Tech stuff may become less important or Talked about less but it won't go away To your point it's the startups that I Worry about the most because they're not Only going up against one another and Model companies that are just building The kind of core llm Tech but also big Tech and so I'm I'm just more concerned About like the incumbents capture in the Market and not leaving enough room for Startups to build cool new things than I Am about precisely where we are and kind Of the hype curve because I want to see The smaller companies straight up kill The big ones I don't want to see the big Ones kill the little ones yeah no it's

Definitely going to be one of those Categories where it's like a battle of The features some startups will build Something that will last people will Want to adopt it other starts going to Build something that Microsoft is going To release as a feature yeah but the Thing about Ryder that that I think is More defensible is they have their own Models they have their own way of Ingesting uh user data they call it a Knowledge Graph and then they also have Some guard rails built in so your ad Doesn't do Insane things so they've kind Of done a Soup To Nuts thing as a Smaller company which is pretty Encouraging because before this it only Raised 20 25 or something which is not Nothing but compared to what we were Seeing a little bit ago not too crazy so They got a lot done with not much now They have more money how far can they Scale it and then can they get to that You know mythical now rare again Valuation Mark before we get to harass Them about going public hopefully soon Yeah so I'm stoked well and also I think That it'll come down to one thing we Didn't bring up too much is you you Talked a lot about I you worry about Stars being able to raise so the Investor interest matters so right now I Don't see any boredom around generative AI I still see a lot of interest around

It and so as long as it continues to be The most exciting Tech in the room I think that we're Going to continue to see fundraising but I do think that it'll it won't just be Money tossed out everywhere no I think Those days are behind us because Everyone's realized that if they hold on To their money they get five percent in A checking account so You know don't light it on fire safer Options much safer option all right we Need to um let the first panel come on Stage but before we bounce Kirsten what Is your day like and then Becca what are You gonna say Um well I'll be over at the Sustainability stage so I hope to see All of your faces there I'm going to be Doing a climate investing panel we have A bunch of really interesting people Rick Fox is going to be there which is Going to be very cool if you're not Familiar with the Basketball Star but Also has a uh startup a concrete startup That's going to be there we're going to Be talking about AG Tech lab grown meats You know all the tasty tasty bites of uh Climate tech and and then tomorrow can I Can I please switch my tomorrow I have Two really big main stage interviews um That I'm really looking forward to we're Gonna have cruises CEO CTO and Co-founder Kyle Voight our vote and then

We're going to have JB Straubel who a Lot of people know but Tesla co-founder CTO long time left started Redwood Materials they actually just made a big Acquisition today and um we're gonna Have them both that's all it's going to Be awesome I'm going to be in the Audience for hopefully both of those Events sneak away I'm really excited About it Becca you're going to be here Most of the day I will be here you can See me two more times today on this Stage if you're interested we've got a Panel coming up just in about an hour Looking at how to build an equitable cap Table big important subject and then Later in the day we're looking at Employee stock options employee Liquidity and using those kind of things For retention but another shout out for Later this week Thursday morning 9 A.M Kicking off the security stage we'll Have found live we have Windows Snyder Is going to be with us on stage and that Is something you do not want to miss yes Becca is the only one hosting two Different podcasts this week because She's just that cool for everyone at Home listening to this uh we hope you're Wrapped us up we missed you for everyone That's here thank you for showing up and We're going to go ahead and get started Now so welcome to disrupt [Applause]