1 00:00:03,530 --> 00:00:06,149 Sean Aylmer: Welcome to the Fear and Greed Daily Interview. I'm Sean Aylmer. 2 00:00:06,980 --> 00:00:09,800 Sean Aylmer: We love a good entrepreneur success story on Fear and Greed, 3 00:00:09,800 --> 00:00:12,680 Sean Aylmer: particularly when it ends in a deal worth hundreds of 4 00:00:12,680 --> 00:00:17,720 Sean Aylmer: millions of dollars. Soprano Design is an Australian communications technology 5 00:00:17,720 --> 00:00:21,980 Sean Aylmer: company that specialises in mobile messaging software. It was started 6 00:00:21,980 --> 00:00:25,340 Sean Aylmer: by Dr Richard Favero 25 years ago and has grown 7 00:00:25,340 --> 00:00:29,000 Sean Aylmer: into a business that handles 10 billion communications every year 8 00:00:29,180 --> 00:00:32,630 Sean Aylmer: for thousands of customers around the world. This year, Soprano 9 00:00:32,630 --> 00:00:36,050 Sean Aylmer: Design was acquired by a Norwegian company for around $560 10 00:00:36,770 --> 00:00:40,849 Sean Aylmer: million dollars. Dr Richard Favero, the founder and majority shareholder 11 00:00:40,850 --> 00:00:43,820 Sean Aylmer: of Soprano Design, is my guest today. Richard, welcome to 12 00:00:43,820 --> 00:00:44,510 Sean Aylmer: Fear and Greed. 13 00:00:44,870 --> 00:00:46,550 Dr Richard Favero: Thanks very much, Sean. A pleasure to be here. 14 00:00:46,760 --> 00:00:49,190 Sean Aylmer: So when you started the company 25 years ago, did 15 00:00:49,190 --> 00:00:51,080 Sean Aylmer: you ever think you'd be selling it for this much money? 16 00:00:51,890 --> 00:00:54,290 Dr Richard Favero: Oh look, not at all, Sean. I think in those times, it's 17 00:00:54,290 --> 00:00:58,430 Dr Richard Favero: really a hand-to-mouth experience. And I think the process in 18 00:00:58,430 --> 00:01:00,680 Dr Richard Favero: which you go through that actually grows a business to 19 00:01:00,680 --> 00:01:03,860 Dr Richard Favero: this size is much more organic than what the planning 20 00:01:03,860 --> 00:01:05,360 Dr Richard Favero: might otherwise indicate. 21 00:01:05,590 --> 00:01:09,440 Sean Aylmer: Yeah. So tell us what exactly Soprano Design, breakdown what 22 00:01:09,440 --> 00:01:11,090 Sean Aylmer: does your technology allow? 23 00:01:11,690 --> 00:01:15,410 Dr Richard Favero: So first and foremost, we're a software company and what 24 00:01:15,410 --> 00:01:19,100 Dr Richard Favero: we do is our software is making the communications that 25 00:01:19,100 --> 00:01:22,610 Dr Richard Favero: are automated more valuable and meaningful for our enterprise and 26 00:01:22,610 --> 00:01:26,120 Dr Richard Favero: government customers. So essentially it's access via a web portal 27 00:01:26,120 --> 00:01:30,380 Dr Richard Favero: like all other SAS (Statistical Analysis System) applications. But the driver of the application 28 00:01:30,380 --> 00:01:35,600 Dr Richard Favero: is communications, typically known for its SMS (Short Messaging Service) and email and 29 00:01:35,600 --> 00:01:39,970 Dr Richard Favero: voice communications, but increasingly other secure channels or over the 30 00:01:39,980 --> 00:01:43,250 Dr Richard Favero: top communications to WhatsApp and Facebook and the like. 31 00:01:43,890 --> 00:01:45,590 Sean Aylmer: Okay. So can you give us an example? You don't 32 00:01:45,590 --> 00:01:47,720 Sean Aylmer: have to name the customer, but can you give us 33 00:01:47,720 --> 00:01:50,360 Sean Aylmer: an example so it can really bring it down to 34 00:01:50,360 --> 00:01:53,870 Sean Aylmer: understanding exactly that comparative advantage you provide? 35 00:01:54,650 --> 00:01:57,920 Dr Richard Favero: So the key examples most Australian users would know us 36 00:01:57,920 --> 00:02:00,830 Dr Richard Favero: well for the one time passwords that are arriving on 37 00:02:00,830 --> 00:02:04,430 Dr Richard Favero: through most of your financial institutions. They are typically powered by Soprano, 38 00:02:05,360 --> 00:02:07,970 Dr Richard Favero: but also a lot of government communications that you receive 39 00:02:07,970 --> 00:02:11,600 Dr Richard Favero: via text and also, you know, your parcel deliveries or 40 00:02:11,840 --> 00:02:14,990 Dr Richard Favero: the appointment reminders in other jurisdictions. So we do a 41 00:02:14,990 --> 00:02:17,960 Dr Richard Favero: lot of stuff in the US around logistics and in 42 00:02:17,960 --> 00:02:22,160 Dr Richard Favero: particular in Europe with their health services, and it's been quite 43 00:02:22,160 --> 00:02:26,480 Dr Richard Favero: prominent in the COVID-19 handling. So that's been a lot 44 00:02:26,480 --> 00:02:27,050 Dr Richard Favero: of what we do. 45 00:02:27,440 --> 00:02:30,280 Sean Aylmer: Okay, I get it exactly now. So you've been going for 25 years. 46 00:02:30,290 --> 00:02:32,210 Sean Aylmer: Let's look at a couple of milestones. And one was 47 00:02:32,210 --> 00:02:36,889 Sean Aylmer: 2001 when you powered the first mobile payment transaction in Australia. 48 00:02:37,250 --> 00:02:39,650 Sean Aylmer: But then soon after that, and it's probably the one that 49 00:02:39,650 --> 00:02:42,290 Sean Aylmer: people first took notice of you at least in terms 50 00:02:42,290 --> 00:02:45,620 Sean Aylmer: of mass audience, you powered the SMS mass voting for 51 00:02:45,620 --> 00:02:46,609 Sean Aylmer: Australian Idol. 52 00:02:47,090 --> 00:02:50,780 Dr Richard Favero: Yes. So we're often the technology behind the brands that 53 00:02:50,780 --> 00:02:54,350 Dr Richard Favero: are actually driving a lot of these initiatives. So we, quietly in 54 00:02:54,350 --> 00:02:57,260 Dr Richard Favero: the background, are handling a lot of the complexity of 55 00:02:57,260 --> 00:03:00,890 Dr Richard Favero: what's involved in these projects. So that was a key 56 00:03:00,889 --> 00:03:03,770 Dr Richard Favero: milestone where SMS really came to the fore when there 57 00:03:03,770 --> 00:03:07,430 Dr Richard Favero: was a large number of voting applications on TV that 58 00:03:07,430 --> 00:03:11,060 Dr Richard Favero: were really interesting, really high volume, really complicated, really tricky 59 00:03:11,060 --> 00:03:14,060 Dr Richard Favero: to do. But through that, we cut our teeth and 60 00:03:14,210 --> 00:03:16,370 Dr Richard Favero: we're now in a position where we're able to handle 61 00:03:16,370 --> 00:03:19,010 Dr Richard Favero: billions of transactions rather than thousands of. 62 00:03:19,550 --> 00:03:23,060 Sean Aylmer: Okay and so I'm just really interested. Over 25 years, you've built this 63 00:03:23,060 --> 00:03:26,420 Sean Aylmer: incredible expertise and I understand exactly what you do. Is 64 00:03:26,419 --> 00:03:32,090 Sean Aylmer: it about software engineers and investing in research and coders 65 00:03:32,210 --> 00:03:35,090 Sean Aylmer: to create something better than what you've got? Is that 66 00:03:35,090 --> 00:03:37,560 Sean Aylmer: sort of how did the company unfold? 67 00:03:37,970 --> 00:03:40,940 Dr Richard Favero: I think we've been really blessed with a small number 68 00:03:40,940 --> 00:03:43,970 Dr Richard Favero: of really long standing software engineers in our company. There's 69 00:03:43,970 --> 00:03:46,160 Dr Richard Favero: about five of us have had more than 20 years 70 00:03:46,160 --> 00:03:49,580 Dr Richard Favero: in the business. And that software architecture that we began 71 00:03:49,580 --> 00:03:52,730 Dr Richard Favero: with is still current today although we've done one or two rewrites 72 00:03:52,820 --> 00:03:55,850 Dr Richard Favero: over that time. But what's been fantastic with the kit 73 00:03:55,850 --> 00:03:59,240 Dr Richard Favero: that we've got is that we're really inspired by our customers. 74 00:03:59,630 --> 00:04:03,050 Dr Richard Favero: We don't tend to take big random gambles on software 75 00:04:03,050 --> 00:04:07,700 Dr Richard Favero: development or software creation. We're really engaged with our customers. 76 00:04:07,700 --> 00:04:10,640 Dr Richard Favero: We really believe that by listening to them, we're able 77 00:04:10,640 --> 00:04:13,160 Dr Richard Favero: to see the future better than it is for us 78 00:04:13,160 --> 00:04:15,740 Dr Richard Favero: to sit in our rooms and whiteboards and try to 79 00:04:15,740 --> 00:04:18,080 Dr Richard Favero: guess the future. And I think that's what has allowed 80 00:04:18,080 --> 00:04:21,110 Dr Richard Favero: us to really change the software over that time and 81 00:04:21,110 --> 00:04:23,780 Dr Richard Favero: to maintain its relevance over that period of time. 82 00:04:24,110 --> 00:04:26,510 Sean Aylmer: And when you talk about customers, you're talking about Telstra 83 00:04:26,510 --> 00:04:30,049 Sean Aylmer: and AT&T in the US, StarHub in Asia, those sorts 84 00:04:30,050 --> 00:04:30,920 Sean Aylmer: of organisations? 85 00:04:31,490 --> 00:04:34,010 Dr Richard Favero: Them as well. So they're our partners, one of our 86 00:04:34,010 --> 00:04:36,979 Dr Richard Favero: many channels to market through our mobile network operator partners 87 00:04:36,980 --> 00:04:39,690 Dr Richard Favero: and they've been fantastic for us. But ultimately, it's the end 88 00:04:39,740 --> 00:04:42,680 Dr Richard Favero: client who uses it is the real driver. So if 89 00:04:42,680 --> 00:04:46,310 Dr Richard Favero: you sell through AT&T to one of their big fortune 90 00:04:46,550 --> 00:04:51,200 Dr Richard Favero: 50 clients, you get access to just wonderful complexity that 91 00:04:51,200 --> 00:04:53,179 Dr Richard Favero: then allows us to take that to all of our 92 00:04:53,180 --> 00:04:56,210 Dr Richard Favero: other clients around the world that so many other suppliers 93 00:04:56,210 --> 00:04:58,520 Dr Richard Favero: just don't get the benefit of. So I think it's 94 00:04:58,520 --> 00:05:01,190 Dr Richard Favero: a real benefit for us to have access to those 95 00:05:01,490 --> 00:05:06,610 Dr Richard Favero: complex solutions, complex problems that customers are seeking, that then every 96 00:05:06,610 --> 00:05:07,479 Dr Richard Favero: user gets the benefit of. 97 00:05:08,200 --> 00:05:12,070 Sean Aylmer: So how did you manage to expand so globally? 98 00:05:12,670 --> 00:05:16,180 Dr Richard Favero: Well, look, you know, there's a very rough road to riches, Sean, 99 00:05:16,270 --> 00:05:18,700 Dr Richard Favero: and we've had a lot of misstarts. We've got a 100 00:05:18,700 --> 00:05:21,970 Dr Richard Favero: lot of very expensive lessons on the way. But I'm 101 00:05:21,970 --> 00:05:25,289 Dr Richard Favero: not going to shy away. There's a lot of luck involved. 102 00:05:25,339 --> 00:05:27,730 Dr Richard Favero: So sometimes you just get really lucky to meet the 103 00:05:27,730 --> 00:05:30,790 Dr Richard Favero: right people at the right time. I've had sales cycles 104 00:05:30,790 --> 00:05:33,570 Dr Richard Favero: in the offshore markets that have lasted six years and 105 00:05:33,580 --> 00:05:36,550 Dr Richard Favero: I've had sales cycles that last three months. And I 106 00:05:36,550 --> 00:05:39,700 Dr Richard Favero: couldn't tell you why there was a difference. So I'd 107 00:05:39,700 --> 00:05:42,010 Dr Richard Favero: be misleading you and all to say that it's all 108 00:05:42,010 --> 00:05:45,100 Dr Richard Favero: well planned and organised, but it's ultimately you just got 109 00:05:45,100 --> 00:05:48,280 Dr Richard Favero: to keep on chipping away and eventually there is some 110 00:05:48,279 --> 00:05:51,039 Dr Richard Favero: gold behind those what otherwise look like rock walls. 111 00:05:51,600 --> 00:05:54,789 Sean Aylmer: OK, so did you ever think about listing on the ASX? 112 00:05:54,970 --> 00:05:56,770 Sean Aylmer: You've created a really big company. 113 00:05:57,339 --> 00:06:00,039 Dr Richard Favero: Yeah, we looked at it about it would be five years 114 00:06:00,040 --> 00:06:04,120 Dr Richard Favero: ago now. And the unfortunate timing sort of led to 115 00:06:04,420 --> 00:06:07,900 Dr Richard Favero: it being paused and we were quite blessed that our 116 00:06:07,900 --> 00:06:11,020 Dr Richard Favero: listing would have been a rather more a compliance than 117 00:06:11,020 --> 00:06:15,159 Dr Richard Favero: a requirement for investor capital. So we were able to 118 00:06:15,160 --> 00:06:17,409 Dr Richard Favero: sort of pause that while some others still needed to 119 00:06:17,410 --> 00:06:21,490 Dr Richard Favero: go out after that disruption that happened in November 2016 to 120 00:06:21,490 --> 00:06:24,669 Dr Richard Favero: the IPO (Initial Public Offering) market. But that's also allowed us through that 121 00:06:24,670 --> 00:06:27,880 Dr Richard Favero: process we learnt a lot about our business, about ourselves, 122 00:06:28,150 --> 00:06:31,210 Dr Richard Favero: what's required to actually operate really well. And I think 123 00:06:31,210 --> 00:06:35,110 Dr Richard Favero: out of that, we were able to redraft the business 124 00:06:35,110 --> 00:06:39,220 Dr Richard Favero: and become a little bit more precise in our administration 125 00:06:39,220 --> 00:06:44,250 Dr Richard Favero: delivery planning. And we really feel incredibly proud of the 126 00:06:44,589 --> 00:06:47,179 Dr Richard Favero: competence that our team have pulled together. 127 00:06:47,500 --> 00:06:50,620 Sean Aylmer: Richard, you sound like you've always learned from whatever you've done, 128 00:06:50,620 --> 00:06:51,400 Sean Aylmer: good or bad. 129 00:06:51,730 --> 00:06:56,289 Dr Richard Favero: Look, it's a having the scars is what helps you 130 00:06:56,290 --> 00:07:00,550 Dr Richard Favero: avoid the pain later on. And that's part of the joy, 131 00:07:00,550 --> 00:07:02,920 Dr Richard Favero: I think, in the process. If it was all just 132 00:07:03,220 --> 00:07:06,870 Dr Richard Favero: straight planning and execution, then you wouldn't call it entrepreneurship. 133 00:07:06,880 --> 00:07:10,360 Dr Richard Favero: So I think cutting new paths is what opens up 134 00:07:10,360 --> 00:07:12,490 Dr Richard Favero: the opportunity. If you're just going to do what everybody 135 00:07:12,490 --> 00:07:16,330 Dr Richard Favero: else has done, then you may well have a successful business, 136 00:07:16,330 --> 00:07:19,000 Dr Richard Favero: but you're not going to find those new opportunities or 137 00:07:19,000 --> 00:07:19,930 Dr Richard Favero: those new goldfields. 138 00:07:20,140 --> 00:07:21,730 Sean Aylmer: How important was resilience? 139 00:07:22,190 --> 00:07:23,980 Dr Richard Favero: Oh, look, you know, there are many a time when 140 00:07:23,980 --> 00:07:25,810 Dr Richard Favero: you sit up curled in the corner in the foetal 141 00:07:25,810 --> 00:07:29,260 Dr Richard Favero: position and you're thinking, Jesus, is this really what I 142 00:07:29,470 --> 00:07:32,470 Dr Richard Favero: thought was a good idea all those years ago? But 143 00:07:32,740 --> 00:07:36,340 Dr Richard Favero: I think the opportunity that comes from just holding on 144 00:07:36,340 --> 00:07:39,250 Dr Richard Favero: is more important because there's so much more in the 145 00:07:39,250 --> 00:07:42,400 Dr Richard Favero: windscreen than there is in the rearview mirror particularly in our business. 146 00:07:42,760 --> 00:07:46,460 Dr Richard Favero: And if you just walk away when those times are tough, 147 00:07:46,460 --> 00:07:49,630 Dr Richard Favero: then you you miss out so much of that opportunity 148 00:07:49,840 --> 00:07:50,590 Dr Richard Favero: that's in front of you. 149 00:07:51,380 --> 00:07:54,970 Sean Aylmer: So eventually you did sell a 25 per cent stake to HT&E (Here, There & Everywhere), 150 00:07:55,000 --> 00:07:58,570 Sean Aylmer: which is an ASX listed company. Was that because you 151 00:07:58,570 --> 00:08:00,960 Sean Aylmer: needed the money or what was it, access to market? 152 00:08:00,970 --> 00:08:01,960 Sean Aylmer: What was the reason for that? 153 00:08:02,720 --> 00:08:06,940 Dr Richard Favero: So at the time, you're looking at 2000 here. That's when 154 00:08:06,940 --> 00:08:09,910 Dr Richard Favero: everybody was doing it, it was the dotcom boom and its 155 00:08:09,910 --> 00:08:13,990 Dr Richard Favero: eventual crash that happened shortly thereafter. But what it provided 156 00:08:13,990 --> 00:08:15,820 Dr Richard Favero: us was an opportunity to have a little bit of 157 00:08:15,820 --> 00:08:20,710 Dr Richard Favero: stability in the organisation, access to some excellent executives. Over 158 00:08:20,710 --> 00:08:24,010 Dr Richard Favero: the time that HT&E's been involved in Soprano, we've had 159 00:08:24,010 --> 00:08:28,900 Dr Richard Favero: access to their nominated board members and that's allowed us 160 00:08:28,900 --> 00:08:31,270 Dr Richard Favero: to be a little bit more rooted in what is 161 00:08:31,270 --> 00:08:33,130 Dr Richard Favero: best practice and what would be the best way to 162 00:08:33,130 --> 00:08:35,140 Dr Richard Favero: do things. So it bought us a lot of expertise, 163 00:08:35,140 --> 00:08:38,140 Dr Richard Favero: a little bit of money, but more importantly, the expertise 164 00:08:38,140 --> 00:08:39,640 Dr Richard Favero: has been most valuable. 165 00:08:40,150 --> 00:08:42,280 Sean Aylmer: Stay with me, Richard. We'll be back in a minute. 166 00:08:47,140 --> 00:08:50,230 Sean Aylmer: My guest this morning is Dr Richard Favero, founder of 167 00:08:50,230 --> 00:08:55,030 Sean Aylmer: Australian communications company Soprano Design. So why do you think Link Mobility, 168 00:08:55,030 --> 00:08:57,670 Sean Aylmer: the Norwegian organisation, why do you think you were so 169 00:08:57,670 --> 00:08:58,540 Sean Aylmer: attractive to them? 170 00:08:59,230 --> 00:09:03,069 Dr Richard Favero: Well, they're the largest CPaaS (Communications Platform as a Service) organisation in Europe. 171 00:09:04,200 --> 00:09:04,260 Sean Aylmer: Sorry, CPaaS? 172 00:09:04,840 --> 00:09:08,620 Dr Richard Favero: Sorry, Sean, CPaaS is a Communications Platform as a Service. 173 00:09:08,620 --> 00:09:08,970 Sean Aylmer: Right. 174 00:09:08,980 --> 00:09:13,030 Dr Richard Favero: So the software that drives the communication, software like we 175 00:09:13,030 --> 00:09:15,910 Dr Richard Favero: do today. And they're the largest provider of that in 176 00:09:15,910 --> 00:09:19,570 Dr Richard Favero: Europe today. So partnering up with us where we have 177 00:09:19,570 --> 00:09:22,270 Dr Richard Favero: a footprint that is quite different to theirs. We have 178 00:09:22,270 --> 00:09:24,640 Dr Richard Favero: a presence in Europe, but a lot in countries where 179 00:09:24,640 --> 00:09:27,370 Dr Richard Favero: they don't, aren't quite as strong. So the hand in glove 180 00:09:27,370 --> 00:09:30,640 Dr Richard Favero: was quite extraordinary with Link. They don't have a presence 181 00:09:30,640 --> 00:09:34,209 Dr Richard Favero: in Asia or ANZ, Australia, New Zealand. Their presence in 182 00:09:34,420 --> 00:09:37,400 Dr Richard Favero: the US was limited as well and in Latin America. 183 00:09:37,400 --> 00:09:41,110 Dr Richard Favero: So we can bring them an instant global footprint and 184 00:09:41,110 --> 00:09:44,000 Dr Richard Favero: a wonderful set of technology and customers along the way. 185 00:09:44,020 --> 00:09:48,309 Dr Richard Favero: So it's a really exciting opportunity for them to expand globally. 186 00:09:48,309 --> 00:09:50,679 Dr Richard Favero: And it's wonderful for us because we get to continue 187 00:09:50,679 --> 00:09:54,550 Dr Richard Favero: to do what we do already, but in a larger 188 00:09:54,550 --> 00:09:56,570 Dr Richard Favero: framework with a larger opportunity set. 189 00:09:57,100 --> 00:09:58,480 Sean Aylmer: And you'll still be involved? 190 00:09:58,840 --> 00:10:02,200 Dr Richard Favero: Yeah, like my involvement is not fading away in the business, 191 00:10:02,200 --> 00:10:06,309 Dr Richard Favero: so I'll take a position in the Link board, assuming 192 00:10:06,309 --> 00:10:09,309 Dr Richard Favero: all of the regulatory hurdles get jumped and then continue 193 00:10:09,309 --> 00:10:11,650 Dr Richard Favero: to have an impact on the business now but on 194 00:10:11,650 --> 00:10:13,540 Dr Richard Favero: a much larger organisation. 195 00:10:13,900 --> 00:10:16,390 Sean Aylmer: It must be really exciting. And putting the money aside, 196 00:10:16,390 --> 00:10:18,640 Sean Aylmer: just the fact that you've worked on this for 25 years, 197 00:10:18,640 --> 00:10:21,940 Sean Aylmer: particularly if you've worked with five or so software engineers 198 00:10:21,940 --> 00:10:23,439 Sean Aylmer: and you've all more or less been in the same 199 00:10:23,440 --> 00:10:25,930 Sean Aylmer: boat for that period of time to get to this 200 00:10:25,929 --> 00:10:28,179 Sean Aylmer: point where you can actually say, well, we are successful. 201 00:10:28,540 --> 00:10:31,120 Dr Richard Favero: Well, it's often hard when you're in your office to 202 00:10:31,120 --> 00:10:34,810 Dr Richard Favero: actually realise the impact you're having and the success that 203 00:10:34,809 --> 00:10:38,860 Dr Richard Favero: the teams manufactured over this time. We don't tend to court 204 00:10:38,860 --> 00:10:42,340 Dr Richard Favero: a lot of the noise in the market. So we 205 00:10:42,340 --> 00:10:45,520 Dr Richard Favero: are quietly in the background achieving what we do. So the 206 00:10:45,520 --> 00:10:49,140 Dr Richard Favero: transaction represents a wonderful validation of what the team have 207 00:10:49,150 --> 00:10:52,720 Dr Richard Favero: pulled together and it gives the team confidence that we 208 00:10:52,720 --> 00:10:55,450 Dr Richard Favero: are best in class. And moreover, for our customers who 209 00:10:55,750 --> 00:10:58,840 Dr Richard Favero: have been so brave to choose us over those years, 210 00:10:58,840 --> 00:11:01,300 Dr Richard Favero: for them to know that they've actually made wonderful decisions 211 00:11:01,300 --> 00:11:04,550 Dr Richard Favero: in choosing Soprano technology to power their communications. 212 00:11:05,020 --> 00:11:08,309 Sean Aylmer: Richard, I think you're understated. Move over Atlassian, move over Canva, 213 00:11:08,470 --> 00:11:10,449 Sean Aylmer: bring on Soprano Design. I mean, I just think is 214 00:11:10,450 --> 00:11:13,750 Sean Aylmer: a wonderful story of an Australian software company making it 215 00:11:13,750 --> 00:11:15,700 Sean Aylmer: big on the big stage and proving its worth. 216 00:11:18,340 --> 00:11:18,460 Dr Richard Favero: Thanks, Sean. That is well appreciated. 217 00:11:19,210 --> 00:11:20,860 Sean Aylmer: Richard, thank you for talking to Fear and Greed. 218 00:11:21,400 --> 00:11:22,610 Dr Richard Favero: Wonderful, Sean. Thanks very much. 219 00:11:22,960 --> 00:11:26,120 Sean Aylmer: That was Dr Richard Favero, founder of Soprano Design. 220 00:11:26,200 --> 00:11:28,150 Sean Aylmer: This is the Fear and Greed Daily Interview. Join me 221 00:11:28,150 --> 00:11:30,610 Sean Aylmer: every morning for the full Fear and Greed podcast with 222 00:11:30,610 --> 00:11:33,520 Sean Aylmer: all the business news you need to know. I'm Sean Aylmer. 223 00:11:33,520 --> 00:11:34,300 Sean Aylmer: Enjoy your day.