WEBVTT - Breaking Down Venture Capital

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<v Speaker 2>In terms of so like what are the economics in

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<v Speaker 2>you investing into a company? Like how does that work?

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<v Speaker 2>As far as you go you say I have one

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<v Speaker 2>hundred thousand dollars, I want ten percent of your company,

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<v Speaker 2>And then they come back and they say, no, well

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<v Speaker 2>we want only give up five percent. How does this work?

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<v Speaker 2>As far as you going in and actually offering to

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<v Speaker 2>buy somebody's company and.

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<v Speaker 3>Buy some equity. Yeah, usually they have around that they're raising,

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<v Speaker 3>so they the company usually itself says we want to

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<v Speaker 3>go out and raise a million dollars and they know

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<v Speaker 3>how much they want to raise for the reasons that

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<v Speaker 3>they figured out internally, and then they go to investors

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<v Speaker 3>and say, what, you know, what exchange will you do

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<v Speaker 3>for a million? Then you'll have the In a good scenario,

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<v Speaker 3>you'll have two or three, you know, lead investors come

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<v Speaker 3>back to you with a term sheet that says, okay,

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<v Speaker 3>we'll buy that on a five million dollar valuation, meaning

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<v Speaker 3>that's twenty percent d D. And then the next one

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<v Speaker 3>may say we'll do it on a six million, So

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<v Speaker 3>it's better for you. You get a little less diluted

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<v Speaker 3>because we want the deal so bad. And so usually,

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<v Speaker 3>like the best case scenario is you have two or

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<v Speaker 3>three lead investors buying for to lead you around, and

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<v Speaker 3>you take their terms. You don't necessarily take the terms

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<v Speaker 3>that are most expensive. You take the terms that you

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<v Speaker 3>feel like, that's the company, that's the fund I want

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<v Speaker 3>to work with, that's who I want to lead and represent.

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<v Speaker 3>So we have that, and then you have other investors

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<v Speaker 3>around it who are followers, who like, you know, follow

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<v Speaker 3>whatever terms have been created. So it's it's usually that negotiating.

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<v Speaker 3>So most of the time backstage does not lead just

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<v Speaker 3>because of the amounts that we're putting in, but we

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<v Speaker 3>always advise, so it's almost like we act like we're

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<v Speaker 3>on their board even if we're not on their board,

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<v Speaker 3>like with their help.

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<v Speaker 1>Well, what are some of the because you brought up

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<v Speaker 1>challenges earlier, and I'm thinking to myself, we've heard about

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<v Speaker 1>what it is to try to be a founder and

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<v Speaker 1>race capital, but actually having a VC and representing three

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<v Speaker 1>categories right like yes woman, yes, LBGTQ, yes, underestimated popula population.

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<v Speaker 1>What is it like from that end? What are some

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<v Speaker 1>of the challenges that you face and how have you

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<v Speaker 1>dealt with it? Out of you overcome them.

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<v Speaker 3>A lot of a lot of people who just you know,

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<v Speaker 3>they talk, they say they're going to do something publicly,

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<v Speaker 3>they get the picture or whatever, but they really don't

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<v Speaker 3>do anything. But then there's really more like people actively

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<v Speaker 3>trying to not like to stop what I'm doing. So

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<v Speaker 3>I had a white investor. I have a lot of

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<v Speaker 3>white investors, and I had one guy who is like,

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<v Speaker 3>I don't know, I think he's kind of like mafia

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<v Speaker 3>in Silicon Valley, Like he truly he's interesting and I

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<v Speaker 3>don't think he's literally mafia, but he can make a

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<v Speaker 3>phone call and stuff gets done and stuff goes away, right.

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<v Speaker 3>And he called me in the middle of night one

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<v Speaker 3>time a few years ago and he said, I just

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<v Speaker 3>want to let you know I just left a closed door,

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<v Speaker 3>like you know, poker games essentially with a bunch of

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<v Speaker 3>guys who are very powerful, and there's an understanding that

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<v Speaker 3>you're not going to raise more than you know, ten

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<v Speaker 3>or twenty million dollars ever in Silicon Valley. And I

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<v Speaker 3>was like, okay, that was a conversation. Y'all had time

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<v Speaker 3>for that. And he's like, no, I'm serious. He's like

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<v Speaker 3>you the powers that be are like, there's only a

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<v Speaker 3>few of us. And the conversation, he's like, I you know,

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<v Speaker 3>I said what I could, but I had to be

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<v Speaker 3>able to not say certain things so I could come

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<v Speaker 3>back and tell you. He's like, they don't want you

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<v Speaker 3>to win. And look, we've raised I've raised thirty million

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<v Speaker 3>dollars maybe twenty five twenty four of that has been

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<v Speaker 3>like direct LP money to invest in other companies. We

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<v Speaker 3>should buy our track record by the trailblazing part of it,

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<v Speaker 3>the groundbreaking part of it. We should be at least

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<v Speaker 3>one hundred million dollar fund, if not ten times to

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<v Speaker 3>what we are at least, and so I believed him

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<v Speaker 3>when he said it. But I always thought I could

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<v Speaker 3>break through that. I think that I think that, yeah,

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<v Speaker 3>there's there's you see like Elon Musk and like how

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<v Speaker 3>he he's direct click going after Cuban talking about DEI

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<v Speaker 3>is racist and all of that. That's what was happening

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<v Speaker 3>behind the scenes. That's who I deal with. I've had

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<v Speaker 3>so many conversations behind the scenes that are like a movie.

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<v Speaker 3>They're like, I can't believe this person is saying this

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<v Speaker 3>out loud to me, or somebody calling me and saying,

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<v Speaker 3>you know, you need to shut up. You need to

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<v Speaker 3>stop being so vocal about stuff. It's not good for you,

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<v Speaker 3>like I've had so I had what was Paul Graham

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<v Speaker 3>at YC speaking of YC. So I'm friendly with Sam Alman.

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<v Speaker 3>I think he's cool. I've invested in Open AI, very

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<v Speaker 3>happy about that. Paul Graham, his mentor and the founder

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<v Speaker 3>of YC, I do not like very much. And it's

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<v Speaker 3>because he sicked his minions on me on Twitter and

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<v Speaker 3>I had to get security before I should really have

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<v Speaker 3>had security because I said something he said about his wife,

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<v Speaker 3>and I said it was very sexist and chauvinistic, and

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<v Speaker 3>I said, I just commented myself on it, you know,

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<v Speaker 3>on Twitter, because I'm outspoken, and he just like came

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<v Speaker 3>after me. And it's happened a lot, like with different

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<v Speaker 3>different people. Of note, that's happened because I'll just speak

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<v Speaker 3>up when I want to speak up. I feel like

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<v Speaker 3>I have the moral high ground to speak up because

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<v Speaker 3>I'm actually doing action and I'm not just pontificating and

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<v Speaker 3>criticizing from the sidelines. Like I feel like we could

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<v Speaker 3>all be better. So I'm trying to be better. Why

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<v Speaker 3>can't this billionaire be better?

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<v Speaker 2>So as far as like valuations, right, valuations a lot

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<v Speaker 2>like how do you guys look at the valuations, Because

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<v Speaker 2>we were talking to one of our friends, John Henry,

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<v Speaker 2>and he was saying a few years ago, like, depending

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<v Speaker 2>on what kind of company it is, it has a

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<v Speaker 2>different valuation, right, Like if it's a hair company, the

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<v Speaker 2>evaluation might be a lot different from a media company.

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<v Speaker 2>That might be a lot different from artificial intelligence technology

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<v Speaker 2>based company. So and then part of raising the money

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<v Speaker 2>is you have to raise one evaluation. That's one right, Yeah,

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<v Speaker 2>So how do you know, Okay, this is a fair

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<v Speaker 2>valuation and this is this company's overvaluated, this company's undervaluated.

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<v Speaker 3>Yeah. John Henry is a good friend and I've invested

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<v Speaker 3>in his company and after he became a founder.

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<v Speaker 2>Yeah.

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<v Speaker 3>So a lot of it is just like what the

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<v Speaker 3>market will bear. A lot of it is a lot

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<v Speaker 3>of people just deciding just to say, well, what can

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<v Speaker 3>I push across the table and somebody says yes to essentially,

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<v Speaker 3>and it's kind of a joke in the industry because

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<v Speaker 3>it's like every year it's different. In twenty twenty two

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<v Speaker 3>and twenty twenty one is super frothy, super everything was

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<v Speaker 3>valued so high, ridiculously not sustainable, but everybody was like, okay, cool,

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<v Speaker 3>sounds good, more money for us. And then when second

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<v Speaker 3>half of twenty twenty two and twenty twenty three, everything

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<v Speaker 3>came crashing down because you could understand that, yeah, you

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<v Speaker 3>go ahead and y'ah. So the the so the valuations,

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<v Speaker 3>but the reason that the valuations are different is because

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<v Speaker 3>the multiples on an exit or a purchase are usually

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<v Speaker 3>much different. So a hair care product or a CpG

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<v Speaker 3>company is gonna sell different multiples than a SaaS AI company,

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<v Speaker 3>meaning like a you might for something CpG, you might

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<v Speaker 3>have like a one and a half x to six

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<v Speaker 3>x multiple on your on your on your net revenue.

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<v Speaker 3>If somebody buys you on a SaaS ai, you may

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<v Speaker 3>have like twenty x or ten x. So when someone's

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<v Speaker 3>valuing you to invest in you, all they're doing is projecting.

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<v Speaker 3>All they're saying is, Okay, if I put a dollar in,

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<v Speaker 3>what's the best what's the best guess I can make

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<v Speaker 3>as to what your will sell for based on how

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<v Speaker 3>you're doing today?

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<v Speaker 4>So is that from from your perspective? Is what a success?

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<v Speaker 4>Is it a company to exit? Is it to create more?

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<v Speaker 4>Is it to create more opportunities for founders?

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<v Speaker 1>Again from the three categories that we spoke about, how

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<v Speaker 1>do you determine to measure success?

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<v Speaker 3>I love that question. To me, it's all three. That's it, right.

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<v Speaker 3>For very very sharky investors, they don't care about impact

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<v Speaker 3>and they don't care about like people coming up. Yeah,

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<v Speaker 3>that's just not important to them. That's not necessarily bad,

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<v Speaker 3>but it's just not my vibe. Right. They're like apples

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<v Speaker 3>to apples, how much about getting back? So that is

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<v Speaker 3>a juggle thing. But I say, and many of us say,

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<v Speaker 3>you can do both. And I just want to say

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<v Speaker 3>one thing, you said earlier that there are not a

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<v Speaker 3>lot of black investors. So there's so many now, which

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<v Speaker 3>I'm so excited about. You know, like ten years ago

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<v Speaker 3>it was so different, but today like that, like John

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<v Speaker 3>Henry and I can be in a room and it's

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<v Speaker 3>just back to you know, back to back. Still not enough,

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<v Speaker 3>but so you have within black investors, you have some

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<v Speaker 3>like six four or five ventures. Aaron and Nyambi. They

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<v Speaker 3>are two black men. They've raised I don't know how

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<v Speaker 3>much more than a hundred million dollars. I can't remember,

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<v Speaker 3>maybe two or three hundred million dollars. And they're like,

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<v Speaker 3>let me put it into this spreadsheet and do these

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<v Speaker 3>numbers and see what this company might or may not make.

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<v Speaker 3>And I don't care. You know, it doesn't matter to

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<v Speaker 3>me if you're a woman or if you're purple. I

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<v Speaker 3>want to do that because my success as a black

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<v Speaker 3>man is then going to be my success story and

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<v Speaker 3>help others. Right. So I'm on the category and so

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<v Speaker 3>which I love that. By the way, I'm on the

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<v Speaker 3>category of I want to get this one shot. I'm

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<v Speaker 3>going to just make this more well known to people

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<v Speaker 3>like you all are doing with your education, like being

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<v Speaker 3>a bridge to understanding this with my audience, which is

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<v Speaker 3>mostly women of color, and I'm going, so that's impact

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<v Speaker 3>and success that I have a video right now that

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<v Speaker 3>I put up today. A black woman comes up to me.

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<v Speaker 3>She's crying, she's saying that she's essentially saying that she

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<v Speaker 3>felt she felt heard and represented and seen because of

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<v Speaker 3>the work that I do. And she said a tangible

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<v Speaker 3>something that happened. That to me is like the biggest

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<v Speaker 3>that's the legacy. That's the thing that you can't take away.

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<v Speaker 3>But I also not only want to. I feel like

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<v Speaker 3>I have to make a lot of money from what

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<v Speaker 3>I'm doing, even though even though we're not funded enough,

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<v Speaker 3>I want to make multiples for our investors so that

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<v Speaker 3>it serves as an example that you can do both.

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<v Speaker 3>And that's a high pressure, but I also agree that

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<v Speaker 3>it should be high pressure.

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<v Speaker 5>An illegal alien from Guatemala charged with raping a child

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<v Speaker 5>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 5>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 5>filming and selling child pornography in Michigan. These are just

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<v Speaker 5>some of the heinous migrant criminals caught because of President

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<v Speaker 5>Donald J. Trump's leadership. I'm Christinoman, the United States Secretary

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<v Speaker 5>of Homeland Security. Under President Trump, attempted illegal border crossings

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<v Speaker 5>are at the lowest levels ever recorded, and over one

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<v Speaker 5>hundred thousand illegal aliens have been arrested. If you are

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<v Speaker 5>here illegally, your next you will be fined nearly one

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<v Speaker 5>thousand dollars a day, imprisoned, and deported. You will never return.

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<v Speaker 5>But if you register using our CBP home app and

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<v Speaker 5>leave now, you could be allowed to return legally. Do

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<v Speaker 5>what's right, leave now. Under President Trump, America's laws, border

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<v Speaker 5>and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security,