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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 2: Sponsored by the United States Department of Homeland Security, EYL

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Speaker 2: University is the biggest online platform for education, but it's

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Speaker 5: My graduates from my school being forced bad drop.

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Speaker 4: Drop my drop, bad drop.

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Speaker 3: Shout to everybody that's been checking out the Wealth Principles, Man,

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Speaker 3: everybody has been giving great feedback on so far. Everybody

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Speaker 3: has thoroughly enjoyed what we have going on. John, what's going.

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Speaker 6: On some boys in l A.

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Speaker 3: Somebody's gotta do it.

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Speaker 6: Flight work the same kriva from last time. Nah No, damn,

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Speaker 6: you guys are real good. It's a good look on you.

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Speaker 6: But you guys need to have you guys need to

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Speaker 6: make some summer swag. Then that's a.

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Speaker 7: Fact that's in the works. That chilly out here. It's

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Speaker 7: still a little chilly.

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Speaker 6: Out here, but it can be tank tops. Man, that's

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Speaker 6: cost of entry. I need some fly.

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Speaker 3: No, no, we got it.

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Speaker 4: We got it.

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Speaker 6: Man. You know Who's line?

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Speaker 4: I like? Who?

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Speaker 6: Summer line? I like, uh, honestly not. I'm a big

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Speaker 6: nos fan just in general. But history, that history really smooth.

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Speaker 6: It's not as popular, but it's real smooth.

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Speaker 3: Shout out to nods man.

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Speaker 4: I got a few history views.

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Speaker 6: On Ziah Jones. All right, boys, let's get into it.

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Speaker 3: Let's do it.

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Speaker 6: Another week, another episode of The Well Principles Thursday time

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Speaker 6: diving into special topics every week. Special guests PDFs available

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Speaker 6: for download. You already know how it is, man. This

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Speaker 6: week we got some heat cooking. This week we are

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Speaker 6: going to talk about the mandy. Can you fix my

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Speaker 6: light and put it more more head on?

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Speaker 4: Please?

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Speaker 6: This week we're gonna be talking about startup secrets. We

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Speaker 6: made a little pivot. We made a pivot. We did

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Speaker 6: a pivot. Initially, I was thinking we would talk about

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Speaker 6: real estate, but I figured, man, a lot of people

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Speaker 6: could talk about real estate. But based on the feedback

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Speaker 6: from last week, I thought, what are some of the

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Speaker 6: things that we could talk about that I feel like

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Speaker 6: are unique to my experience, and so we came up

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Speaker 6: with the startup Secrets. I'm gonna share my screen. Well,

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Speaker 6: but before I do it, before I do it, before

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Speaker 6: I do Right now, I'm in the middle of you know,

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Speaker 6: I started a company. I raised venture capital. It's called Loop.

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Speaker 6: And in this company, you know, when you're a startup,

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Speaker 6: like Eyl, like Loop, like many startup founders out there,

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Speaker 6: you have every reason why you're going to fail working

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Speaker 6: against you. You have the weight of the market, you

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Speaker 6: have downward pressure, you have timing. You may break up

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Speaker 6: with your co founder, your team may get unmotivated and quit.

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Speaker 6: You may not catch your shride in time. You may

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Speaker 6: run out of money, you may have to take a job.

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Speaker 6: You may split up with your girl and then have

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Speaker 6: all types of shit going on. There's so many going on,

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Speaker 6: but I guarantee you when Jeff Bezos split up with

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Speaker 6: Mackenzie Bezos, nothing happened to Amazon. I still was able

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Speaker 6: to get my packaged next day. And that's because that

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Speaker 6: business hit maturity. But before you hit maturity, you have

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Speaker 6: to navigate through the seemingly shark the endless, endlessly sharkish waters.

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Speaker 6: That is navigating a startup. So I am very excited

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Speaker 6: to share with the audience here. By the way, I

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Speaker 6: announced today that I am making angel investments. I'm making

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Speaker 6: angel investments, not the major but I'm throwing ten k

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Speaker 6: checks out to the different founders out there who are

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Speaker 6: working on some special shit. So if you hear this

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Speaker 6: and you think you got what it takes or whatever

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Speaker 6: the fact may whatever the case may be, hit me up.

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Speaker 6: I might be an angel investor in your company.

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Speaker 3: Might be.

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Speaker 6: I made two investments over the last few days.

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Speaker 7: Boys, backups.

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Speaker 3: Oh yeah, let's not. Let's not breeze over that real

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Speaker 3: quick for anybody on YouTube. So you are, you're getting

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Speaker 3: back into angel investing world, and you have allocated ten

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Speaker 3: thousand dollars for different businesses that you will personally be

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Speaker 3: invested in.

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Speaker 6: Yes, sir, ten thousand dollars a pop. I hope to

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Speaker 6: make maybe five seven angel investments this year. And yeah,

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Speaker 6: I guess the difference between what I was doing before

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Speaker 6: was I was a venture capitalist, so I was investing

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Speaker 6: in other people's money professionally. Now I made a little

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Speaker 6: bit of my own cash, and I'm going to be

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Speaker 6: put on my own cash in these companies Now, look,

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Speaker 6: tenk K is not going to make it rain for

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Speaker 6: any startup. However, you are also going to get a

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Speaker 6: little bit of chops that I do have some of

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Speaker 6: my knowledge, some of my marketing chops, and I am

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Speaker 6: going to put that to work. So that tenk K

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Speaker 6: is probably more like one hundred k investment and could

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Speaker 6: potentially help some of you founders out there. So get

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Speaker 6: at me.

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Speaker 8: How did they get in contact with you if they

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Speaker 8: got a business that potentially you know they want you

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Speaker 8: to take a look at.

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Speaker 6: Yes, sir, the best way is the Loop waitlist. So

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Speaker 6: head over to loopinshare dot com, slash eyl loop and

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Speaker 6: shirt dot coat slash you well and joining the Loop

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Speaker 6: wait list. But secondly, you can hit me on on Honestly,

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Speaker 6: you can hit me at but maybe I shouldn't have

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Speaker 6: to make an email called pitch JH. Pitch j I'm

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Speaker 6: gonna buy PITCHJH dot com and then you'll be able

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Speaker 6: to hit me. But in the meanwhile you could just

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Speaker 6: hit me direct man Jhi co found Harlem dot com.

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Speaker 6: Jhi co found Harlem dot com And yeah, man, the

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Speaker 6: the the people have been hitting me all day and

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Speaker 6: I wanted to open the show with that. So let me,

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Speaker 6: let me let's get into some concepts. We've been popularizing

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Speaker 6: the word framework. Let's get some framework action. This is

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Speaker 6: the well principles, and we are on episode three of four,

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Speaker 6: three of four. This is it, seventy five percent of

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Speaker 6: the way through the series. Get it here why you

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Speaker 6: can otherwise and these nuggets may not be around for you.

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Speaker 6: But today, if you go to lupa sher dot co

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Speaker 6: slash ey l, you can download this framework and use

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Speaker 6: it at your leisure, right, So okay, cool man. So look,

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Speaker 6: there's a few lessons here. Riches in this which is

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Speaker 6: riches in niches. This is by far the most prevalent

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Speaker 6: theme that we'll be discussing. I'm going to keep this

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Speaker 6: particular presentation on the shorter side because we have my boy,

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Speaker 6: none other than song Lo Wrong, who's going to be

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Speaker 6: chopping up with us. By the way, his company Squires

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Speaker 6: were two hundred and fifty million dollars. I know because

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Speaker 6: it was reported on tech crunch. You ra ay seventy

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Speaker 6: eighty ninety million dollars something crazy like that. It is

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Speaker 6: now the de facto barbershop booking platform that's out there.

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Speaker 6: And I know I know my shit. I'm not gonna

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Speaker 6: hold you. I know my shit. But Song knows his

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Speaker 6: fucking shit like brouh. You guys know me because I

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Speaker 6: talk a lot. Song don't talk. He just does. And

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Speaker 6: I'm excited to learn from him. Now. Look, I've been

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Speaker 6: talking about this all season long with like over love, man,

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Speaker 6: But some of you guys, some of you guys out

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Speaker 6: there are do you can't resist the temptation. You're thirsty.

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Speaker 6: You're thirsty for likes, you're thirsty for shares, your thirty,

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Speaker 6: you're just thirsty in general. Man. And when you're thirsty

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Speaker 6: and you don't resist the temptation to grow quickly for

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Speaker 6: growing quickly's sake, then you build luke warm products, experiences,

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Speaker 6: and services. And that is a losing strategy that will

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Speaker 6: get you all the way to bankruptcy. So now how

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Speaker 6: do we how do we keep competitors at Bay? You

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Speaker 6: got to build a.

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Speaker 3: Moat all right?

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Speaker 6: Now, this is something that's often discussed, but we're going

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Speaker 6: to break down also what a moat is specifically, because

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Speaker 6: I hear a lot of people say the frame, the phrase,

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Speaker 6: but they don't really talk about it. Okay, So now

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Speaker 6: let's explore what most people try to do in my

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Speaker 6: experience that I've potentially I definitely have made this mistake before.

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Speaker 6: I'm potentially remaking the mistake, but to a lesser extent,

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Speaker 6: and that is most startups try to boil the ocean. Okay,

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Speaker 6: you try to boil the ocean. The market is a

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Speaker 6: lot bigger than you ideally. If you're going for it

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Speaker 6: for two to two niche of a market, then it's a

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Speaker 6: no go. But for the most part, any market out there,

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Speaker 6: the total addressable market is going to be much much,

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Speaker 6: much bigger than you can afford to take on. You

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Speaker 6: don't have enough dollars, you don't have enough resources, you

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Speaker 6: don't have enough time, enough people, enough talent, human talent

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Speaker 6: that is to come at it. And so when you

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Speaker 6: try to boil the ocean, you're gonna dilute your your proposition,

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Speaker 6: and your resources to no end. You are not going

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Speaker 6: to heat up the ocean even one degree. So instead,

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Speaker 6: what I like to do is head into the market

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Speaker 6: and find a segment of the market that is more

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Speaker 6: comparably sized to the size of your startup. Right, So,

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Speaker 6: for example, to put it into context, eyl Media is

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Speaker 6: a large, large, large business and the vision is to

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Speaker 6: take the world by storm. However, you first focused on

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Speaker 6: a very urban audience, and you do that and you're delivered.

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Speaker 6: Whether or not it was you know, of course it

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Speaker 6: was intentional. But there are so many things that came

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Speaker 6: about as a result of authenticity. For example, the guests

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Speaker 6: that you would attract on the platform and so on,

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Speaker 6: you know from Wall Street Trappa, man is the trap,

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Speaker 6: you know, you know, like all all the guests, all

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Speaker 6: the brand, the swag, the collective ethos that is E

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Speaker 6: Y L. You you went and found a segment of

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Speaker 6: the market that leads to this right here, This is

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Speaker 6: where you want to be when you're a startup. Okay,

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Speaker 6: you had the minimum viable product right which which has

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Speaker 6: been discussed often, but what is discussed less often is

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Speaker 6: the minimum viable audience. And then the space and that

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Speaker 6: overlap in the middle is much much small. All they're

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Speaker 6: easier to cover territory.

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Speaker 3: Okay.

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Speaker 6: So, for example, Loop is an insurance. If we try

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Speaker 6: to tackle all of private passenger auto, that's a two

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Speaker 6: hundred and fifty six billion dollar a year market. Man,

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Speaker 6: we only raise a few million dollars. Progressive spends that

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Speaker 6: in a day, probably more than that so we would

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Speaker 6: never win if we were going toe to toe. However,

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Speaker 6: what we did do is find a very very specific

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Speaker 6: audience within the large field that is insurance, and what

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Speaker 6: we're doing is resonating real, real, real, real, real deeply

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Speaker 6: with them. And it seems like we're covered, we're making grounds,

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Speaker 6: we're making our way, and our dollar can stretch a

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Speaker 6: lot further here in this particular arrangement, this graphic is

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Speaker 6: a this shout out to y Combinator song from Squire

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Speaker 6: is a y Combinator alum that is the world's most

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Speaker 6: successful startup accelera They created Airbnb, Dropbox, not created, but funded,

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Speaker 6: and one of them is Squire. But this I learned

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Speaker 6: from them, and that is this is fascinating. Here on

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Speaker 6: the left hand side of this graph, this is the

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Speaker 6: amount of that people like you. The light blue is

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Speaker 6: like the red is love. So here's here's the fascinating thing.

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Speaker 6: You start out here in the middle with no one

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Speaker 6: liking or loving you. Now here's the thing. A lot

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Speaker 6: of people that scale a lukewarm brand, service product podcast

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Speaker 6: where people only kind of.

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Speaker 3: Sort of fuck with you.

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Speaker 6: It's misleading because when a lot of people like you,

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Speaker 6: you think, oh well, all I gotta do is convert

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Speaker 6: them to love me. But you're actually much much further away.

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Speaker 6: Like and love move in the opposite directions. So when

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Speaker 6: you get a lot of people with a like you,

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Speaker 6: that lukewarmness, you now have a lot more masks that

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Speaker 6: you have to heat up to convert it into a deep, deep, deep,

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Speaker 6: deep deep affinity. So when you're a startup, you're actually

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Speaker 6: much much better off focusing on a small amount of people, users,

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Speaker 6: listeners that really fuck with your shit heavy, and then

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Speaker 6: you can ensure that you grow in the right direction.

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Speaker 6: And this here is what I believe is the perfect

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Speaker 6: startup storm. Now, we talked a lot about a moat earlier.

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Speaker 6: We mentioned a little bit about a moat emote being

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Speaker 6: something that can keep your competitors at bay. But people

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Speaker 6: say that, but then they never say what the fuck

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Speaker 6: it is? But what is it? And so then people

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Speaker 6: have like they talk about IP a lot of patents,

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Speaker 6: but patents are I personally believe patents are to a

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Speaker 6: large degree bullshit. People say, oh, you need some IP,

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Speaker 6: I guess, but I was going to invest in a

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Speaker 6: startup that needed the needed IP. But guess what, you

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Speaker 6: know what large companies do is they They will surround

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Speaker 6: your patent with a portfolio of patents. Patents are very

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Speaker 6: expensive to make, and they'll fucking bury you in legal

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Speaker 6: costs and outdo your competitive edge. So patents are hardly

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Speaker 6: ever the answer. The answer more commonly is technology. But

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Speaker 6: that's only one part of the the equation. A novel

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Speaker 6: segment and a unique business model. All three of these,

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Speaker 6: or two of these, or just one. Sometimes it is

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Speaker 6: enough to be a disruptor. And so for example, a

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Speaker 6: great a great example is, in my opinion, is zip Car.

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Speaker 6: Zip Car, you know, didn't really innovate on a whole lot,

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Speaker 6: but the business model, so they you know, you were

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Speaker 6: able to subscribe to a monthly you know, arrangement with them,

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Speaker 6: and and and that was enough for Loop. We have

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Speaker 6: unique technology. We do not have a unique business model.

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Speaker 6: We have unique technology, and we're servicing a very particular segment.

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Speaker 6: So that's been enough for us. So for anyone watching listening,

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Speaker 6: we'll watch, will listen. Consider these three elements here, these

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Speaker 6: are the buckets within which you can innovate. So you

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Speaker 6: do not need all three. You do not need all three,

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Speaker 6: but having one or two work in your favor gives

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Speaker 6: you a reason to have the market, you know, have

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Speaker 6: it work in your favor a little bit, because it's

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Speaker 6: hard to break through. So a lot of depth there,

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Speaker 6: and I walked through the quickly. These are available for

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Speaker 6: download as usual at loopinsure dot Co slash eyl. But

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Speaker 6: look those that's the frameworks, man, that's the frameworks that

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Speaker 6: those are the things that I have thought about consistently

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Speaker 6: over the last ten years, easy as I built my

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Speaker 6: my respective businesses. I see a number of you guys

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Speaker 6: raising your hands. I'm happy to take questions. Although first

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Speaker 6: I definitely want to chop with my brother's song wrong,

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Speaker 6: someone asked, Loop Eyl. Yes, oh uh, not looping. Well,

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Speaker 6: we'll get to that. Well, we're gonna link it up.

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Speaker 6: We're gonna link it up, link it up in the

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Speaker 6: in the YouTube. But first you got my boys song

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Speaker 6: What's good?

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Speaker 4: Bro?

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Speaker 6: How you on the wrong?

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Speaker 4: Man?

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Speaker 3: Was great?

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Speaker 7: A living legend.

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Speaker 3: What's going on brother?

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Speaker 4: Watching man? How are you feeling everything?

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Speaker 9: Good?

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Speaker 4: Bro?

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Speaker 6: I like that new squire swag. Did you guys do

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Speaker 6: a brand refresh or is that just like a limited.

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Speaker 4: Day we got some new merhout shop like last month?

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Speaker 4: I can I can get you on.

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Speaker 6: Yeah, send me one for real, real real. Also shout

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Speaker 6: out Debut Capital, whom as a mutual investor in US,

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Speaker 6: I just invested in their fund at today.

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Speaker 4: Uh.

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Speaker 6: And so that maybe the fact that makes me an

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Speaker 6: investor of Squire. We'll see it does work out.

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Speaker 7: It's not always working.

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Speaker 3: Uh.

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Speaker 6: So, EYL community, I'm really pleased to bring Song in

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Speaker 6: uh into the EYL orbit Song. If you don't know

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Speaker 6: these brothers man Rashot and Troy co founders at Earn

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Speaker 6: Your Leisure building something real, real, real, real special. Two

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Speaker 6: cats came out of fucking nowhere and somehow be Dave Rancy,

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Speaker 6: Tim Ferris and all these other whack motherfuckers who have

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Speaker 6: ripped and we got to bring charge.

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Speaker 10: Bro.

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Speaker 6: I'm stopped everywhere constantly for being on the Earner Leasure

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Speaker 6: Show like real talk so so so it's great to

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Speaker 6: make the introduction, and I would love for Song to

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Speaker 6: jump on the Earn Your Leasure Show proper. I think

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Speaker 6: that having an in depth discussion would be really, really,

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Speaker 6: really rich for the community. Now, just as a cliff

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Speaker 6: no intro to song and Song and I've been connected

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Speaker 6: for a minute in the streets of Hulla, we were bumping

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Speaker 6: to each other so many times at random different cafes

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Speaker 6: and shit. And he was working on the early early

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Speaker 6: days of Squire, and at that time I was working

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Speaker 6: at Kofund Harlem. Squire is a platform, I'll put I

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Speaker 6: let you put in your own word song, but as

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Speaker 6: best I understand it, you know, it's a platform that

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Speaker 6: at this point has grown to be the end to

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Speaker 6: end solutions that barbers need to power their barber shops.

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Speaker 6: But talk about those frameworks. You might've glossed over them,

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Speaker 6: but I was talking about, you know, the MVP meets

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Speaker 6: minimum Bible audience. Squire started at first as a scheduling

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Speaker 6: tool and then eventually rolled out additional micro services. Once

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Speaker 6: they got their foot in the market, rolled out additional

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Speaker 6: micro services, and now it's capturing the full value chain

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Speaker 6: in the barber in the barbershop industry. And man, you've

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Speaker 6: Squire has broken out. It was a tough fight. It

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Speaker 6: was a tough battle.

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Speaker 3: Saw.

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Speaker 6: I'm sure it seemed many times like I don't know

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Speaker 6: if it was gonna shake out in your way or whatever.

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Speaker 6: You know, I'm in my head sometimes about the shit

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Speaker 6: too with Loop. But you know, in the last year,

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Speaker 6: you definitely have broken through tech Crunch reported, you guys

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Speaker 6: have soared to a two hundred and fifty million dollar valuation.

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Speaker 6: I hate to focus on evaluation or dollars raise. I

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Speaker 6: actually love to focus more on the fact that your

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Speaker 6: product is used. People use your shit. I'm here in Austin.

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Speaker 6: I went to go book my barber and he was like,

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Speaker 6: yeah you Squire, Like that's it. You have become the ubiquitous.

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Speaker 6: Like you broke through, you cross the chasm.

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Speaker 8: So John, the crazy part is that when when you

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Speaker 8: sent the information, I didn't realize it. But I've been

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Speaker 8: using Squire for the past two to three years to

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Speaker 8: schedule my son's barbershop.

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Speaker 7: Well, I want to thank you because what you have

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Speaker 7: done is saved us a.

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Speaker 8: Lot of time of sitting in the barbershop waiting for

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Speaker 8: hours for appointments that people walk in and say, I

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Speaker 8: was there before you, So I appreciate you.

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Speaker 6: Yo, let's zoom in for a moment the people could

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Speaker 6: go and find all the info on like the early

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Speaker 6: early days of you know, Squire, But let's zoom into

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Speaker 6: a moment on the days maybe that it was actually

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Speaker 6: that maybe it might have been hardest because now you're

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Speaker 6: you know, the you've hit escape velocity and you have

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Speaker 6: the market dynamics working in your favor, I might say,

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Speaker 6: but I'm curious, when was the time that it was

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Speaker 6: most difficult for Squire and you know, just kind of

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Speaker 6: double click on into that, zoom into that, and walk

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Speaker 6: us through, like what the what were some of the

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Speaker 6: challenges that could have been existential to the success of

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Speaker 6: the business, And what were some of the things that

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Speaker 6: you felt you did well that that you maybe others didn't.

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Speaker 11: Yeah, yeah, I mean, like you said, it's it's it

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Speaker 11: is hard. It's hard building companies, and even at this

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Speaker 11: level that we're right now, it's still difficult, but it's

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Speaker 11: just different problems. But earlier on those problems, you know,

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Speaker 11: they were existential, you know, like if we didn't figure

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Speaker 11: out how to raise money in a certain time period,

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Speaker 11: you know, there's that risk of running out of money,

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Speaker 11: or if we didn't figure out, you know, how to

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Speaker 11: find somebody that could actually build the product for us.

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Speaker 11: So both my co founder or not, neither one of

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Speaker 11: us our programmers are technical. So when you're when you're

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Speaker 11: early on, you don't have the money to pay for,

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Speaker 11: you know, a good engineer to work for you. So

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Speaker 11: it can be really hard just getting started and actually

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Speaker 11: getting your idea out into the real world to start

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Speaker 11: trying it and testing.

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Speaker 4: And selling it.

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Speaker 11: So those were some of like the really you know,

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Speaker 11: the really tough times, I'll say, like the first the

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Speaker 11: first year. You know, it took us almost a year

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Speaker 11: to just get an empty f out, you know, that

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Speaker 11: minimum viable product that actually we could have people start

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Speaker 11: testing and using. You know, we went through about three, uh,

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Speaker 11: you know, engineers that we tried to work with and

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Speaker 11: didn't work out, and you know, it took months for

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Speaker 11: us to figure out that, Wow, you know, we should

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Speaker 11: have had something that we could actually see and play

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Speaker 11: with as we build it. We thought, okay, you're just

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Speaker 11: gonna send me the app when it's ready, like when

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Speaker 11: it's finished, send it to me, and I'll start selling it.

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Speaker 11: But that's not how pod development works. So you know,

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Speaker 11: we learned that the hard way. But there were many, many,

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Speaker 11: many challenging, challenging times in the early days, for sure.

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Speaker 3: Yeah.

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Speaker 6: Yeah, And and what what were something So when when

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Speaker 6: the MVP was when you finally they learned that lesson

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Speaker 6: and got it out there. I'm sure there's a lot

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Speaker 6: of people listening and me myself, I'm in this phase

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Speaker 6: now where I'm like, I'm trying to get people to

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Speaker 6: use the damn thing. What were some of the things

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Speaker 6: that you guys did in those early days to get

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Speaker 6: people to use squad?

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Speaker 11: Those days, those days were fun yc calls that doing

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Speaker 11: things that don't scale. And in the early days it

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Speaker 11: should really be the founders doing as much as humanly

437
00:24:10,320 --> 00:24:14,000
Speaker 11: possible to get to know their customers to get people

438
00:24:14,000 --> 00:24:16,920
Speaker 11: to try to test it. So we were literally walking

439
00:24:17,000 --> 00:24:19,320
Speaker 11: to barbershops, you know, spend the whole day in the

440
00:24:19,320 --> 00:24:22,600
Speaker 11: barbershop talking to customers, talking to barbers. And this is

441
00:24:22,600 --> 00:24:26,760
Speaker 11: in New York and New Yorkers are known most friendly,

442
00:24:27,119 --> 00:24:27,800
Speaker 11: you know people.

443
00:24:28,240 --> 00:24:30,480
Speaker 4: So sometimes were walking in the barber were like, yo,

444
00:24:30,520 --> 00:24:32,159
Speaker 4: what fuck? What do you want? Like you're getting a

445
00:24:32,160 --> 00:24:33,600
Speaker 4: haircut and not sound like what's good?

446
00:24:34,119 --> 00:24:36,520
Speaker 11: We have to like we were like, I'll book a

447
00:24:36,520 --> 00:24:39,280
Speaker 11: haircut or a beer trip or something like just to

448
00:24:39,320 --> 00:24:43,000
Speaker 11: get his seat to talk for fifteen minutes, so half

449
00:24:43,040 --> 00:24:44,560
Speaker 11: an hour, like I'll pay for your time.

450
00:24:45,920 --> 00:24:47,280
Speaker 4: And it was, it was.

451
00:24:47,320 --> 00:24:51,320
Speaker 11: It was tough, but fortunately eventually we were able to

452
00:24:51,320 --> 00:24:54,200
Speaker 11: get some people that were interested in trying it and

453
00:24:54,880 --> 00:24:55,520
Speaker 11: using the app.

454
00:24:56,119 --> 00:24:59,280
Speaker 4: And on the consumer side. Right now, we're much more

455
00:24:59,320 --> 00:25:00,800
Speaker 4: of a B to B company.

456
00:25:00,960 --> 00:25:04,520
Speaker 11: We focus on selling to barbershops. We don't really focus

457
00:25:04,520 --> 00:25:06,680
Speaker 11: on building a consumer brand. Maybe in the future will

458
00:25:06,680 --> 00:25:08,840
Speaker 11: do that, but right now everything is super focused on

459
00:25:09,000 --> 00:25:12,679
Speaker 11: driving more new barbershops and barbers to the platform. But

460
00:25:12,760 --> 00:25:14,440
Speaker 11: at first we didn't know that, so we were trying

461
00:25:14,480 --> 00:25:17,600
Speaker 11: to do like this kind of consumer marketing thing and

462
00:25:17,680 --> 00:25:19,919
Speaker 11: trying to get barbers at the same time, and we

463
00:25:19,960 --> 00:25:22,959
Speaker 11: were just all over the place. And consumer marketing, as

464
00:25:23,000 --> 00:25:25,080
Speaker 11: you probably know this, I'm sure it's shit is hard.

465
00:25:26,640 --> 00:25:30,119
Speaker 11: We have a big budgets. Unfortunately, you're great, you know,

466
00:25:30,160 --> 00:25:33,000
Speaker 11: you're really great at marketing, so you'll be able to

467
00:25:33,040 --> 00:25:33,240
Speaker 11: do it.

468
00:25:33,240 --> 00:25:33,879
Speaker 4: But like we didn't.

469
00:25:33,880 --> 00:25:37,399
Speaker 11: We didn't have, you know, that kind of platform to

470
00:25:37,720 --> 00:25:39,439
Speaker 11: get the word out to the masses. So we used

471
00:25:39,480 --> 00:25:42,880
Speaker 11: to do just random In New York City, I don't

472
00:25:42,880 --> 00:25:44,480
Speaker 11: know if you remember, we used to do like a

473
00:25:45,040 --> 00:25:47,879
Speaker 11: chalk signs on the sidewalk Downholtst.

474
00:25:47,880 --> 00:25:50,639
Speaker 4: Wire app It was actually pretty good, like it was

475
00:25:50,680 --> 00:25:51,320
Speaker 4: free marketing.

476
00:25:51,359 --> 00:25:52,960
Speaker 11: We would do it all over the city and people

477
00:25:53,000 --> 00:25:54,600
Speaker 11: would be like, yeah, I heard about I saw that

478
00:25:55,040 --> 00:25:56,359
Speaker 11: Union Square.

479
00:25:57,040 --> 00:25:58,919
Speaker 4: So you know, whatever you can think of you have

480
00:25:58,960 --> 00:26:00,000
Speaker 4: to be creative in the early day.

481
00:26:01,280 --> 00:26:04,920
Speaker 7: How did you know? How did you know? How?

482
00:26:05,160 --> 00:26:08,040
Speaker 12: Like when was that moment that you learned like, Yo, okay,

483
00:26:08,359 --> 00:26:10,560
Speaker 12: we're going to cut our losses on the consumer thing

484
00:26:10,680 --> 00:26:13,800
Speaker 12: and focus on like ongoing barbershop because that sounds like

485
00:26:13,800 --> 00:26:16,240
Speaker 12: a pivotal decision in a Squire trajectory.

486
00:26:17,119 --> 00:26:19,879
Speaker 11: Yeah, Well, a good thing about being early safe is

487
00:26:19,920 --> 00:26:22,159
Speaker 11: that you can get so much information so fast and

488
00:26:22,200 --> 00:26:25,359
Speaker 11: iterate based on the data that you're getting. And it

489
00:26:25,440 --> 00:26:29,639
Speaker 11: was very clear that these individual barbers and consumers was

490
00:26:29,680 --> 00:26:30,600
Speaker 11: not fucking with our app.

491
00:26:31,119 --> 00:26:33,000
Speaker 4: Frank like, we just weren't getting usage.

492
00:26:33,040 --> 00:26:34,840
Speaker 11: You know, they would they would downloaded and just not

493
00:26:35,040 --> 00:26:37,359
Speaker 11: use it because they didn't need it to run their business.

494
00:26:37,760 --> 00:26:40,520
Speaker 4: And when we were talking to the owners, the owners would.

495
00:26:40,320 --> 00:26:43,480
Speaker 11: Be like, yeah, the app look's cool, but is it

496
00:26:43,520 --> 00:26:45,320
Speaker 11: going to integrate with my point of sale system?

497
00:26:45,520 --> 00:26:47,920
Speaker 4: Can I track inventory on here? Can I pay out?

498
00:26:47,920 --> 00:26:49,800
Speaker 4: I've got six barbers to work for my shop? Like

499
00:26:50,320 --> 00:26:51,239
Speaker 4: are they going to use it?

500
00:26:51,600 --> 00:26:53,480
Speaker 11: So we were like, wow, you know, we need to

501
00:26:53,480 --> 00:26:56,879
Speaker 11: build something that the owner can use for everything, to

502
00:26:56,920 --> 00:26:57,600
Speaker 11: manage everything.

503
00:26:57,640 --> 00:26:59,159
Speaker 4: And it was pretty clear.

504
00:26:59,000 --> 00:27:01,440
Speaker 11: Like based on the feedback from from our customers like

505
00:27:01,480 --> 00:27:04,040
Speaker 11: that's what the market really was needing and would respond

506
00:27:04,080 --> 00:27:07,560
Speaker 11: well to. Uh So we actually ran a barbershop around

507
00:27:07,600 --> 00:27:10,000
Speaker 11: that same time. One of our customers was going to

508
00:27:10,080 --> 00:27:13,679
Speaker 11: close the shop down down to Chelsea Market downtown, and

509
00:27:13,720 --> 00:27:16,359
Speaker 11: we actually took it over for about eight months and

510
00:27:16,960 --> 00:27:19,320
Speaker 11: put ourselves in the shoes of our customers because since

511
00:27:19,359 --> 00:27:22,000
Speaker 11: we couldn't get anybody else to use it, we use it.

512
00:27:22,040 --> 00:27:25,119
Speaker 11: We use it ourselves as shop owners. And during that

513
00:27:25,200 --> 00:27:27,520
Speaker 11: time we were like running the shop and also building

514
00:27:27,840 --> 00:27:31,000
Speaker 11: building the platform, kind of like the B two.

515
00:27:31,200 --> 00:27:32,680
Speaker 7: Of square Sean.

516
00:27:34,040 --> 00:27:36,920
Speaker 8: The beginning stage. Where did the innovation come from? Was

517
00:27:36,960 --> 00:27:40,240
Speaker 8: there a series of experiences that you've been through at

518
00:27:40,320 --> 00:27:42,200
Speaker 8: you know, going into barbershops and saying this is always

519
00:27:42,240 --> 00:27:43,960
Speaker 8: time like what sparked the innovation?

520
00:27:44,840 --> 00:27:45,800
Speaker 4: Yeah, it was exactly that.

521
00:27:45,880 --> 00:27:46,080
Speaker 7: It was.

522
00:27:46,119 --> 00:27:50,240
Speaker 11: It was solving my own pain points that I think

523
00:27:50,240 --> 00:27:53,880
Speaker 11: are very universal that I experienced my co found experience,

524
00:27:54,000 --> 00:27:56,639
Speaker 11: like like most people, you know, I started going to

525
00:27:56,680 --> 00:27:59,960
Speaker 11: the barbershop six or seven if my dad as a kid,

526
00:28:00,720 --> 00:28:04,919
Speaker 11: and here it was two decades later and it hadn't changed.

527
00:28:05,119 --> 00:28:05,880
Speaker 4: It was the one.

528
00:28:05,720 --> 00:28:09,399
Speaker 11: Area of life that innovation and technology was just totally

529
00:28:09,400 --> 00:28:11,080
Speaker 11: overlooking and it didn't make sense.

530
00:28:10,920 --> 00:28:13,159
Speaker 4: To me that you have to just walk in and

531
00:28:13,200 --> 00:28:17,240
Speaker 4: wait for an unknown amount of time every couple.

532
00:28:17,040 --> 00:28:20,399
Speaker 11: Of weeks to get a haircut, that these shops didn't

533
00:28:20,400 --> 00:28:22,320
Speaker 11: take cats, that didn't take card, I had to pay

534
00:28:22,359 --> 00:28:22,880
Speaker 11: cash or go.

535
00:28:22,880 --> 00:28:24,719
Speaker 4: To the ATM and pay that ATM fee.

536
00:28:24,840 --> 00:28:26,840
Speaker 11: So there was just all these little, you know, minor

537
00:28:26,880 --> 00:28:29,320
Speaker 11: annoyances that just seemed like they should be able to

538
00:28:29,359 --> 00:28:32,679
Speaker 11: be improved with technology. And that was the impetus was

539
00:28:32,760 --> 00:28:35,280
Speaker 11: just like solving our own problem.

540
00:28:36,080 --> 00:28:38,720
Speaker 3: At what point did you scale to the point where

541
00:28:38,760 --> 00:28:43,280
Speaker 3: you started to take outside money for people that starting businesses?

542
00:28:43,280 --> 00:28:45,240
Speaker 3: And you know, at what point did you think you

543
00:28:45,320 --> 00:28:48,120
Speaker 3: needed it? And when did you realize, Okay, this is

544
00:28:48,160 --> 00:28:50,160
Speaker 3: this is how we're going to go about doing that.

545
00:28:50,840 --> 00:28:57,080
Speaker 11: Yeah. So I we needed it very early on in

546
00:28:57,200 --> 00:29:00,440
Speaker 11: order to be able to build a product and to

547
00:29:00,520 --> 00:29:02,400
Speaker 11: kind of get that initial attraction.

548
00:29:02,800 --> 00:29:04,080
Speaker 4: But it was it was difficult.

549
00:29:04,280 --> 00:29:08,440
Speaker 11: Yeah, at first I quit my job to work on Squire,

550
00:29:08,760 --> 00:29:11,680
Speaker 11: as did my co founder, and it was about a

551
00:29:11,720 --> 00:29:15,520
Speaker 11: good eight months to a year after that before we

552
00:29:15,560 --> 00:29:18,760
Speaker 11: actually were able to raise some money, which you know,

553
00:29:18,960 --> 00:29:22,920
Speaker 11: going eight months with no paycheck just real really quickly,

554
00:29:23,360 --> 00:29:26,160
Speaker 11: and the personal you know, financial risk. You know, you

555
00:29:26,200 --> 00:29:28,080
Speaker 11: start to really feel it as your bank account is

556
00:29:28,120 --> 00:29:30,479
Speaker 11: going down every month and you're not getting anything.

557
00:29:30,480 --> 00:29:34,360
Speaker 4: In so many of us.

558
00:29:34,040 --> 00:29:36,920
Speaker 11: Meaning like black people, you know, people of color, we

559
00:29:37,040 --> 00:29:39,240
Speaker 11: generally don't have the wealth position in our families to

560
00:29:39,320 --> 00:29:41,640
Speaker 11: kind of go to the rich uncle for friends and

561
00:29:41,680 --> 00:29:44,560
Speaker 11: family around to get a few hundred thousand dollars. So

562
00:29:44,680 --> 00:29:48,160
Speaker 11: we weren't in that position. But fortunately, being in New

563
00:29:48,240 --> 00:29:52,640
Speaker 11: York being professionals, we knew some people from like finance,

564
00:29:52,800 --> 00:29:55,800
Speaker 11: you know, tech, mostly black professionals who did believe in

565
00:29:55,880 --> 00:29:57,560
Speaker 11: us and who kind of like gave us those early

566
00:29:57,760 --> 00:30:00,640
Speaker 11: angel checks that enabled us to get the next level

567
00:30:00,640 --> 00:30:03,000
Speaker 11: so we could raise a bigger amount later on.

568
00:30:04,160 --> 00:30:05,400
Speaker 7: What's that process like.

569
00:30:07,040 --> 00:30:09,840
Speaker 8: Ahead, Yeah, what's the process like of creating how much

570
00:30:09,880 --> 00:30:12,640
Speaker 8: your company is going to need as far as series

571
00:30:13,760 --> 00:30:15,440
Speaker 8: rounds of funding? Like what do you how do you

572
00:30:15,480 --> 00:30:17,880
Speaker 8: think the evaluation in the early stages because you're just starting.

573
00:30:18,480 --> 00:30:22,000
Speaker 11: Yeah, in the early stages, it's very it's much more

574
00:30:22,120 --> 00:30:22,880
Speaker 11: art and science.

575
00:30:23,720 --> 00:30:25,600
Speaker 4: It's it's a balance of.

576
00:30:27,280 --> 00:30:29,040
Speaker 11: You know, coming over with terms that are that are

577
00:30:29,080 --> 00:30:31,640
Speaker 11: reasonable and kind of kind of fair. Like everybody knows

578
00:30:31,680 --> 00:30:34,360
Speaker 11: that there's not a lot of data to really come

579
00:30:34,440 --> 00:30:37,960
Speaker 11: up with a precise valuation very early on, so the

580
00:30:38,000 --> 00:30:41,560
Speaker 11: investors are really just placing a bed on the founders

581
00:30:41,760 --> 00:30:43,840
Speaker 11: and the vision and then they'll be able to execute

582
00:30:43,840 --> 00:30:47,560
Speaker 11: on it. So from when we got that initial check,

583
00:30:47,560 --> 00:30:51,200
Speaker 11: which I think was like twenty fifteen ish till now,

584
00:30:51,360 --> 00:30:54,840
Speaker 11: evaluations have skyrocketed. So like what was normal then for

585
00:30:54,920 --> 00:30:58,840
Speaker 11: like our first money in, you know, precede round. Now

586
00:30:59,280 --> 00:31:01,440
Speaker 11: you know it's like probably three or four x that

587
00:31:01,920 --> 00:31:04,840
Speaker 11: John would know better than me. But you know, at

588
00:31:04,840 --> 00:31:07,200
Speaker 11: the time, when you don't have a lot of options,

589
00:31:07,200 --> 00:31:08,840
Speaker 11: you take whatever you can get. So it was kind

590
00:31:08,840 --> 00:31:11,040
Speaker 11: of the terms that people would agree on and you

591
00:31:11,120 --> 00:31:13,520
Speaker 11: just kind of take it and move on and just

592
00:31:13,720 --> 00:31:14,920
Speaker 11: get back to business.

593
00:31:15,400 --> 00:31:15,560
Speaker 4: Yo.

594
00:31:15,640 --> 00:31:19,280
Speaker 6: What's fascinating to me is the problem that you chose.

595
00:31:19,880 --> 00:31:21,920
Speaker 6: It's like it's a common problem, which means it's an

596
00:31:22,040 --> 00:31:28,040
Speaker 6: enormous problem. But you must have faced undoubtedly and probably

597
00:31:28,080 --> 00:31:30,640
Speaker 6: to a lesser extent now, but maybe you even face

598
00:31:30,720 --> 00:31:33,960
Speaker 6: this qualm at the A round, which is like, yo,

599
00:31:34,120 --> 00:31:37,160
Speaker 6: it's a big market, you know, like it's a me

600
00:31:37,240 --> 00:31:40,200
Speaker 6: too business, like everyone could do it, you know, blah

601
00:31:40,240 --> 00:31:44,080
Speaker 6: blah blah. And I think that similar thing could be

602
00:31:44,120 --> 00:31:48,320
Speaker 6: said of like the industry that I'm in insurance, in beauty,

603
00:31:48,840 --> 00:31:52,400
Speaker 6: in cosmetics and e comm So you happen to pick

604
00:31:52,440 --> 00:31:55,120
Speaker 6: a business or or the business pick you, whichever way.

605
00:31:55,520 --> 00:31:58,960
Speaker 6: But you were in a space where it was it

606
00:31:59,000 --> 00:32:01,840
Speaker 6: was law charge, there was no clear winner. So I

607
00:32:01,840 --> 00:32:04,440
Speaker 6: guess you had that to your advantage. But what were

608
00:32:04,480 --> 00:32:07,560
Speaker 6: some of the ways that you were able to verbalize

609
00:32:08,280 --> 00:32:11,400
Speaker 6: to those initial initial believers that you needed to get

610
00:32:11,400 --> 00:32:15,360
Speaker 6: on board to survive about like why you felt like

611
00:32:15,400 --> 00:32:16,600
Speaker 6: you could you could do this?

612
00:32:17,960 --> 00:32:22,600
Speaker 11: Yeah, earlier on the Marcus host question was was something

613
00:32:22,600 --> 00:32:26,360
Speaker 11: that we had to grapple with, and I think more

614
00:32:26,400 --> 00:32:29,040
Speaker 11: than anything, it was a factor of one this blind

615
00:32:29,040 --> 00:32:31,760
Speaker 11: spots form vcs, Like a lot of these guys are like.

616
00:32:31,880 --> 00:32:34,640
Speaker 4: You know, sixty year old, fifty year old super.

617
00:32:34,320 --> 00:32:36,320
Speaker 11: Wealthy dudes, Like they probably don't go to They probably

618
00:32:36,360 --> 00:32:38,760
Speaker 11: go to some highend salon or something like. They weren't

619
00:32:38,800 --> 00:32:42,440
Speaker 11: very familiar with barbershop, with the barbershop culture and community

620
00:32:42,440 --> 00:32:45,400
Speaker 11: and how important it is. So just convincing them that look,

621
00:32:45,440 --> 00:32:48,920
Speaker 11: this is actually like a big opportunity getting past the

622
00:32:48,960 --> 00:32:51,480
Speaker 11: bias that some people would have. Not everybody, but a

623
00:32:51,520 --> 00:32:54,080
Speaker 11: lot of people would assume oh, this is black barbershop business,

624
00:32:54,680 --> 00:32:57,120
Speaker 11: since my co found and I are both black, so

625
00:32:57,160 --> 00:33:01,360
Speaker 11: we would have to be really proactive saying without saying it. Then, look,

626
00:33:01,400 --> 00:33:03,400
Speaker 11: this is for a general audience, like this is for

627
00:33:03,480 --> 00:33:06,080
Speaker 11: all types of barbershops, which is annoying that it's just

628
00:33:06,280 --> 00:33:10,560
Speaker 11: you know, it's just reality that you face. And another

629
00:33:10,600 --> 00:33:12,880
Speaker 11: thing is just because it is an underserved market. There's

630
00:33:12,880 --> 00:33:16,080
Speaker 11: not a lot of publicly available data out there on

631
00:33:16,120 --> 00:33:18,320
Speaker 11: the number of barbershops in the US. So if you

632
00:33:18,440 --> 00:33:21,120
Speaker 11: like Google search it, you'll see like some department and

633
00:33:21,240 --> 00:33:24,080
Speaker 11: labor number that will say something stupid like there's eight

634
00:33:24,080 --> 00:33:27,360
Speaker 11: thousand barbershops in the US. So like lazy investors would

635
00:33:27,360 --> 00:33:30,200
Speaker 11: just like Google and see that, and they'd be like, well,

636
00:33:30,240 --> 00:33:32,600
Speaker 11: here they say eight thousand barbershops, So how do you

637
00:33:32,640 --> 00:33:35,400
Speaker 11: think this time is I'm like, there's one hundred and

638
00:33:35,400 --> 00:33:39,280
Speaker 11: fifty million men I know that voice, Yeah, one hundred

639
00:33:39,320 --> 00:33:42,160
Speaker 11: and fifty million men in this country. At least you

640
00:33:42,240 --> 00:33:45,239
Speaker 11: think that eight thousand barbershops, like really like it's just

641
00:33:45,320 --> 00:33:49,240
Speaker 11: not as nonsensical. So we would have to really like

642
00:33:51,040 --> 00:33:53,360
Speaker 11: do our homework to say, look, you know, we scraped

643
00:33:53,400 --> 00:33:55,000
Speaker 11: all of your's data and you know, we can show

644
00:33:55,040 --> 00:33:58,040
Speaker 11: that there's at least two hundred thousand conservatively, and then

645
00:33:58,120 --> 00:34:00,840
Speaker 11: if there's two hundred thousand, shops can make this much

646
00:34:00,880 --> 00:34:03,000
Speaker 11: per shot life. Here's how you show, you know, one

647
00:34:03,040 --> 00:34:05,640
Speaker 11: hundred million plus revenue, you know, business, and you have

648
00:34:05,680 --> 00:34:08,319
Speaker 11: to really break it down kind of spoon feed man

649
00:34:08,560 --> 00:34:11,000
Speaker 11: sometimes to get past their vices.

650
00:34:11,960 --> 00:34:13,520
Speaker 3: Let me let me, let me ask you this, because

651
00:34:13,520 --> 00:34:15,960
Speaker 3: I've heard someone the other day, somebodyself out said it.

652
00:34:16,000 --> 00:34:19,520
Speaker 3: But there was like a lot of startups, you know,

653
00:34:19,560 --> 00:34:22,680
Speaker 3: in the A round, that's when they're most vulnerable because

654
00:34:22,719 --> 00:34:24,000
Speaker 3: they need the money the most and they don't have

655
00:34:24,040 --> 00:34:27,279
Speaker 3: any real leverage. So you know, the angel investors in

656
00:34:27,320 --> 00:34:31,400
Speaker 3: the vcs will come and they'll get you know, bad terms,

657
00:34:31,440 --> 00:34:33,640
Speaker 3: so they'll get like seventy percent of the company for

658
00:34:33,680 --> 00:34:35,359
Speaker 3: a couple hundred thousand, and then by the time they

659
00:34:35,400 --> 00:34:38,920
Speaker 3: get to the later rounds, they've diluted their share so

660
00:34:39,080 --> 00:34:44,120
Speaker 3: much and it really hurts them because they took so

661
00:34:44,239 --> 00:34:45,960
Speaker 3: much money. They took a little bit of money at

662
00:34:45,960 --> 00:34:48,600
Speaker 3: the beginning, but now the company is worth a million

663
00:34:48,640 --> 00:34:52,799
Speaker 3: times more. But they're screwed. So what's your what's your

664
00:34:52,880 --> 00:34:54,200
Speaker 3: what's your perspective on that?

665
00:34:55,760 --> 00:34:59,200
Speaker 11: Yeah, I think regardless of the round of this, the

666
00:34:59,239 --> 00:35:02,880
Speaker 11: founders that do advantage if they don't have competition amongst

667
00:35:02,880 --> 00:35:03,520
Speaker 11: the investors.

668
00:35:03,840 --> 00:35:06,000
Speaker 4: So whether it's the A round or the.

669
00:35:05,960 --> 00:35:09,400
Speaker 11: C round, if you need money to fund a company

670
00:35:09,480 --> 00:35:13,200
Speaker 11: and you're not profitable, which most startups aren't, and you

671
00:35:13,200 --> 00:35:17,200
Speaker 11: don't have competing interest amongst investors, then that investor has

672
00:35:17,200 --> 00:35:19,640
Speaker 11: a leverage. They can say, look, here's the terms, take

673
00:35:19,640 --> 00:35:21,319
Speaker 11: it to leave it, and this is what I'm going

674
00:35:21,400 --> 00:35:24,919
Speaker 11: to do. But if you if you have at least

675
00:35:25,200 --> 00:35:29,840
Speaker 11: more than one interested investor, automatically evaluations is going to

676
00:35:29,880 --> 00:35:32,520
Speaker 11: go up significantly because now they're in competition with each

677
00:35:32,520 --> 00:35:34,480
Speaker 11: other and they both want to win the deal. I mean,

678
00:35:34,480 --> 00:35:38,200
Speaker 11: it's basic market market dynamics, like you know, supplying demand,

679
00:35:38,239 --> 00:35:39,960
Speaker 11: Like the more the demand there is for your share

680
00:35:40,040 --> 00:35:43,560
Speaker 11: is the higher the value it's going to be. But

681
00:35:43,600 --> 00:35:45,359
Speaker 11: the way I look at dilution though, is that it's

682
00:35:45,400 --> 00:35:49,880
Speaker 11: really it's if you're going the VC you know, funded route,

683
00:35:49,920 --> 00:35:52,640
Speaker 11: you know, trying to create a gross scale company, like

684
00:35:53,000 --> 00:35:57,120
Speaker 11: you're going to get diluted. But the bigger way to

685
00:35:57,120 --> 00:36:00,200
Speaker 11: look at is like what is the total pod you're

686
00:36:00,200 --> 00:36:03,200
Speaker 11: having a slice of, Like you know, if you only own,

687
00:36:03,320 --> 00:36:05,920
Speaker 11: you know, ten percent or eight percent, you know, of

688
00:36:06,040 --> 00:36:08,680
Speaker 11: a five billion dollar company, Like you're still very rich

689
00:36:08,680 --> 00:36:12,120
Speaker 11: and wealthy, you know, versus you can own one hundred

690
00:36:12,120 --> 00:36:15,560
Speaker 11: percent or ninety percent of a small business and not

691
00:36:15,680 --> 00:36:19,120
Speaker 11: have as much wealth relative to you know, a bigger company.

692
00:36:20,000 --> 00:36:21,719
Speaker 4: So you know that, That's how I look at it.

693
00:36:21,760 --> 00:36:23,640
Speaker 11: But the main thing that you want to do is

694
00:36:23,640 --> 00:36:25,200
Speaker 11: get multiple investors interested.

695
00:36:25,280 --> 00:36:27,479
Speaker 4: That's the best way to not get to looted.

696
00:36:27,920 --> 00:36:30,120
Speaker 8: So can can you take me through the range of

697
00:36:30,120 --> 00:36:34,239
Speaker 8: emotions that you've had over the past year, especially here

698
00:36:34,239 --> 00:36:37,680
Speaker 8: in New York barbershops were closed and so that hurts

699
00:36:37,680 --> 00:36:40,480
Speaker 8: the business. But knowing that you have a product that

700
00:36:40,520 --> 00:36:43,440
Speaker 8: can thrive in that type of environment because you have

701
00:36:43,560 --> 00:36:48,200
Speaker 8: contactless payments, right, you have scheduled appointments which allows people

702
00:36:48,760 --> 00:36:51,360
Speaker 8: the flow of people in and out to be minimized

703
00:36:51,360 --> 00:36:52,840
Speaker 8: so that it can meet restrictions.

704
00:36:53,360 --> 00:36:55,520
Speaker 7: What are your range of emotions over the past twelve

705
00:36:55,560 --> 00:36:55,960
Speaker 7: must Man?

706
00:36:56,719 --> 00:36:59,040
Speaker 4: Yeah, twenty twenty was wild.

707
00:36:59,040 --> 00:37:02,360
Speaker 11: It was a wild year like nothing I've ever seen

708
00:37:02,440 --> 00:37:03,279
Speaker 11: or predicted.

709
00:37:05,000 --> 00:37:05,160
Speaker 4: Yo.

710
00:37:05,600 --> 00:37:09,480
Speaker 6: Also, one thing real quick is song We when we

711
00:37:09,560 --> 00:37:12,239
Speaker 6: hosted so we did a Cadillac, We did a dinner

712
00:37:12,320 --> 00:37:16,719
Speaker 6: for Cadillac called the Driven Ones twenty nineteen at the

713
00:37:16,760 --> 00:37:21,640
Speaker 6: close of the year, and Song was invited and there

714
00:37:21,680 --> 00:37:23,960
Speaker 6: was a moment we was having conversation and Song. I

715
00:37:23,960 --> 00:37:25,360
Speaker 6: don't know if you look back on that, but I

716
00:37:25,400 --> 00:37:28,680
Speaker 6: do sometimes, and I think, Yo, that was at the

717
00:37:28,680 --> 00:37:31,440
Speaker 6: close of the decade, and I remember at one point

718
00:37:31,520 --> 00:37:33,239
Speaker 6: we was all like, yo, twenty twenty.

719
00:37:33,040 --> 00:37:35,120
Speaker 7: Cheers and everyone was just toasting.

720
00:37:35,280 --> 00:37:37,759
Speaker 6: It was, you know, the market was just just kept

721
00:37:37,800 --> 00:37:39,799
Speaker 6: going up. It was so frothy. There was just so

722
00:37:39,920 --> 00:37:43,560
Speaker 6: much money around and even at that point, Song, you

723
00:37:43,600 --> 00:37:46,000
Speaker 6: had just announced your eight million dollar series a round

724
00:37:46,880 --> 00:37:50,160
Speaker 6: and so you know, of course the market had all

725
00:37:50,200 --> 00:37:53,120
Speaker 6: different types of things in store for you all. But

726
00:37:53,160 --> 00:37:56,840
Speaker 6: I wanted to slip that in there for the listeners

727
00:37:56,840 --> 00:37:59,960
Speaker 6: for contexts, like, you know, twenty nineteen was a hell

728
00:38:00,080 --> 00:38:02,080
Speaker 6: a fucking year and we thought that, you know, twenty

729
00:38:02,120 --> 00:38:05,600
Speaker 6: twenty that would continue. But I think to Troy's point,

730
00:38:05,600 --> 00:38:08,000
Speaker 6: your business had all different kinds of interesting dynamics play

731
00:38:08,040 --> 00:38:09,920
Speaker 6: out in twenty twenty. So yeah, we'd love to hear it.

732
00:38:10,520 --> 00:38:13,160
Speaker 11: Yeah, And at that dinner, I don't know if I

733
00:38:13,239 --> 00:38:15,719
Speaker 11: told you before, but like I was already raising to

734
00:38:15,800 --> 00:38:17,879
Speaker 11: be you know, it wasn't public, but we were raising

735
00:38:17,920 --> 00:38:20,360
Speaker 11: to be at that time, and you know, we had

736
00:38:20,800 --> 00:38:23,879
Speaker 11: competitive term sheets and the whole thing was in danger

737
00:38:23,920 --> 00:38:28,640
Speaker 11: of collapsing. Like I was so stressed. You know, you

738
00:38:28,680 --> 00:38:30,960
Speaker 11: know how deals goways go, they're always in danger, and

739
00:38:31,000 --> 00:38:32,640
Speaker 11: like it looked like it wasn't going to happen, and

740
00:38:32,680 --> 00:38:35,520
Speaker 11: it was like very significant. So I was like, man,

741
00:38:35,560 --> 00:38:36,800
Speaker 11: I said, I was going to go to this dinner,

742
00:38:36,800 --> 00:38:37,360
Speaker 11: so I gotta go.

743
00:38:37,400 --> 00:38:41,680
Speaker 4: But in terms, I was stressed that night.

744
00:38:43,160 --> 00:38:45,880
Speaker 11: But it ended up working out, and we were fortunate

745
00:38:45,920 --> 00:38:49,360
Speaker 11: because we closed on the be the second close, like

746
00:38:49,520 --> 00:38:54,879
Speaker 11: in March twenty twenty, right before, so so when all

747
00:38:54,920 --> 00:38:58,560
Speaker 11: the barbershops shut down, we had you know, forty to

748
00:38:58,600 --> 00:39:01,040
Speaker 11: fifty whatever the amount, we had a lot of money

749
00:39:01,040 --> 00:39:04,800
Speaker 11: on the balance sheet. So that relieved the stress because

750
00:39:04,800 --> 00:39:07,080
Speaker 11: we weren't going to be in danger of like running

751
00:39:07,080 --> 00:39:09,640
Speaker 11: out of going out of business, but also allowed us

752
00:39:09,640 --> 00:39:12,319
Speaker 11: to focus on how can we help our customers to

753
00:39:12,360 --> 00:39:15,480
Speaker 11: your point, like, you know, our platform really has been

754
00:39:15,520 --> 00:39:18,200
Speaker 11: preaching a lot of these things, but the pandemic was

755
00:39:18,200 --> 00:39:22,480
Speaker 11: an accelerator and forced a lot of businesses to kind

756
00:39:22,520 --> 00:39:24,400
Speaker 11: of level up and embrace technology.

757
00:39:25,360 --> 00:39:27,360
Speaker 4: So twenty twenty was crazy.

758
00:39:27,400 --> 00:39:31,680
Speaker 11: I mean it was very scary, very uncertain in March April.

759
00:39:31,880 --> 00:39:34,120
Speaker 4: But when the.

760
00:39:33,960 --> 00:39:37,440
Speaker 11: Shops started reopening in like May, June, going into the summer,

761
00:39:37,520 --> 00:39:41,359
Speaker 11: we started doing more numbers than ever, which was like unexpected,

762
00:39:41,800 --> 00:39:43,359
Speaker 11: and that propelled us.

763
00:39:44,760 --> 00:39:47,000
Speaker 8: This episode is brought to you by P and C Bank.

764
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777
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778
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779
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780
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782
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783
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784
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786
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789
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Speaker 11: Apply Dave, what's the kind of the momentum to then

817
00:42:37,560 --> 00:42:40,080
Speaker 11: raise the c later in the fall of that year.

818
00:42:40,200 --> 00:42:42,239
Speaker 11: So all in all, I mean it was probably our

819
00:42:42,239 --> 00:42:45,120
Speaker 11: best year just in terms of growth and revenue, and

820
00:42:45,320 --> 00:42:47,760
Speaker 11: you know, we went from about thirty employees to one hundred.

821
00:42:48,280 --> 00:42:51,440
Speaker 8: In point that is during this time is this is

822
00:42:51,440 --> 00:42:55,040
Speaker 8: where you're becoming more innovative with the micro services.

823
00:42:56,200 --> 00:42:58,839
Speaker 11: Yeah, I mean we it was always our vision to

824
00:42:59,000 --> 00:43:01,719
Speaker 11: expand on our offering and build what I call like

825
00:43:01,719 --> 00:43:04,600
Speaker 11: the Squire ecosystem, and you know, to do pretty much

826
00:43:04,600 --> 00:43:09,080
Speaker 11: everything that these businesses need. But the pandemic forced us

827
00:43:09,080 --> 00:43:11,120
Speaker 11: to think of other things that we wouldn't have otherwise

828
00:43:11,160 --> 00:43:14,040
Speaker 11: thought of to help them while they were closed down

829
00:43:14,080 --> 00:43:14,520
Speaker 11: and as.

830
00:43:14,400 --> 00:43:15,719
Speaker 4: They were as they were reopening.

831
00:43:16,440 --> 00:43:18,440
Speaker 11: But yeah, we did launch a few of like uh

832
00:43:18,760 --> 00:43:21,319
Speaker 11: you know, the these these types of businesses during that time.

833
00:43:21,400 --> 00:43:24,320
Speaker 11: One of them, for example, is the Squire Supply, which

834
00:43:24,920 --> 00:43:28,040
Speaker 11: enabled the barbershop owners to like buy everything they need

835
00:43:28,080 --> 00:43:30,520
Speaker 11: to run their business, like the alcohol the next trips.

836
00:43:30,760 --> 00:43:33,640
Speaker 11: We were included like ppe so they could buy like

837
00:43:33,680 --> 00:43:37,960
Speaker 11: the masks and you know, uh disinfecting all that stuff

838
00:43:38,080 --> 00:43:40,279
Speaker 11: on our system and get a direct ship right to

839
00:43:40,320 --> 00:43:43,319
Speaker 11: their shop so they don't have to physically go to

840
00:43:43,360 --> 00:43:45,640
Speaker 11: the beauty supplies Stir or wherever to pick it up.

841
00:43:45,840 --> 00:43:48,200
Speaker 11: So those kind of futures and things we rolled out

842
00:43:48,239 --> 00:43:49,640
Speaker 11: like in the midst of all this chaos.

843
00:43:49,719 --> 00:43:51,239
Speaker 6: So how did you how'd you execute that?

844
00:43:51,400 --> 00:43:51,600
Speaker 4: Was that?

845
00:43:51,640 --> 00:43:53,960
Speaker 6: Like did you buy did you find like a common

846
00:43:53,960 --> 00:43:57,120
Speaker 6: denominator of goods that were needed at scale, Uh, ship

847
00:43:57,200 --> 00:43:58,840
Speaker 6: them to a facility and ship them out or did

848
00:43:58,880 --> 00:44:00,960
Speaker 6: you use a vendor partner in a marginal way.

849
00:44:01,280 --> 00:44:04,840
Speaker 4: Yeah, so that's the first raise that originally we're thinking of.

850
00:44:04,960 --> 00:44:07,480
Speaker 11: And then we were like, you know what, we don't

851
00:44:07,480 --> 00:44:09,759
Speaker 11: want to be holding all this inventory and you know,

852
00:44:09,760 --> 00:44:11,839
Speaker 11: taking on that risk, So we partner with like one

853
00:44:11,840 --> 00:44:14,920
Speaker 11: of the biggest distributors, and then we do we do

854
00:44:15,040 --> 00:44:18,400
Speaker 11: like a reps split, but our customer only is interfacing

855
00:44:18,440 --> 00:44:20,360
Speaker 11: with Square, so everything that they do, they're for filling

856
00:44:20,400 --> 00:44:23,440
Speaker 11: on the back end, and then we have access to

857
00:44:23,520 --> 00:44:26,200
Speaker 11: every sku imaginable that they would need.

858
00:44:27,239 --> 00:44:29,399
Speaker 6: So you pretty much like you did a loss Leader,

859
00:44:29,400 --> 00:44:34,000
Speaker 6: where it was like the scheduling to build your brain

860
00:44:34,120 --> 00:44:36,920
Speaker 6: in the industry and the space, and then you you

861
00:44:37,120 --> 00:44:41,120
Speaker 6: kept kind of introducing more and more services and now

862
00:44:41,160 --> 00:44:44,200
Speaker 6: you're you're at the place where you know, where we

863
00:44:44,320 --> 00:44:46,160
Speaker 6: kind of all want to be as a business, where

864
00:44:46,200 --> 00:44:50,040
Speaker 6: it's like it's the platform play. Now people go to

865
00:44:50,120 --> 00:44:53,920
Speaker 6: Square for anything and you can kind of introduce additional

866
00:44:53,960 --> 00:44:57,480
Speaker 6: services as needed and just continue growing the business. That's

867
00:44:57,600 --> 00:44:59,480
Speaker 6: just that's hot, bro, Like that's why we get into

868
00:44:59,480 --> 00:45:01,600
Speaker 6: the ship for but like, damn hat's up.

869
00:45:01,719 --> 00:45:01,919
Speaker 8: Man.

870
00:45:02,040 --> 00:45:03,840
Speaker 11: Hey, look, we've got a long way to go, but

871
00:45:03,960 --> 00:45:05,960
Speaker 11: that's the vision. That's what we're trying to execute on.

872
00:45:06,120 --> 00:45:09,080
Speaker 11: But we have so much room to grow, man, and

873
00:45:09,160 --> 00:45:11,719
Speaker 11: so many more barbershops to get it on squire. But yeah,

874
00:45:11,719 --> 00:45:12,840
Speaker 11: that's that's that's the vision.

875
00:45:12,880 --> 00:45:13,800
Speaker 4: O heah.

876
00:45:13,840 --> 00:45:15,600
Speaker 3: So let me ask you this because I know we

877
00:45:15,600 --> 00:45:18,239
Speaker 3: don't want to harp on the numbers, but it's not

878
00:45:18,360 --> 00:45:20,040
Speaker 3: every day that we get to speak to somebody that

879
00:45:20,160 --> 00:45:22,640
Speaker 3: is companies valued at two hundred and fifty million dollars

880
00:45:22,640 --> 00:45:26,360
Speaker 3: And I think that that's an inspiring story for anybody

881
00:45:26,360 --> 00:45:29,759
Speaker 3: that's listening. But more so than being inspiring, we have

882
00:45:29,920 --> 00:45:32,759
Speaker 3: to provide information. So how does that how do you

883
00:45:33,120 --> 00:45:35,440
Speaker 3: how do they determine that level of like, Okay, this

884
00:45:35,560 --> 00:45:38,279
Speaker 3: is what your company is valued at. I know John

885
00:45:38,320 --> 00:45:40,080
Speaker 3: has spoken about that, so maybe he wants to add

886
00:45:40,080 --> 00:45:42,080
Speaker 3: it too as far as like valuations for companies. But

887
00:45:42,280 --> 00:45:44,160
Speaker 3: we hear these numbers all the time and this companies

888
00:45:44,239 --> 00:45:46,680
Speaker 3: value that, this company's value at this what is what

889
00:45:46,719 --> 00:45:48,920
Speaker 3: does that mean? And how do they actually determine that?

890
00:45:50,800 --> 00:45:54,880
Speaker 11: Yeah, John is as an investor probably speak more from

891
00:45:54,960 --> 00:45:57,640
Speaker 11: like investors perspective perspective.

892
00:45:57,120 --> 00:45:57,279
Speaker 4: But.

893
00:45:59,520 --> 00:46:02,479
Speaker 11: At this at this stage, what they're doing is they're

894
00:46:02,680 --> 00:46:06,799
Speaker 11: they're they're looking at the company's dynamics, the uni economics,

895
00:46:08,320 --> 00:46:11,400
Speaker 11: and they're looking at the revenue and like the growth,

896
00:46:11,680 --> 00:46:14,440
Speaker 11: like how fast you're growing, and they're applying a multiple

897
00:46:14,480 --> 00:46:17,000
Speaker 11: on that because what they're trying to do is project

898
00:46:18,000 --> 00:46:19,879
Speaker 11: how big this company can get and what it could

899
00:46:19,880 --> 00:46:21,920
Speaker 11: potentially like I po for and what kind of you know,

900
00:46:21,960 --> 00:46:26,279
Speaker 11: returns they can get. So if you can show a

901
00:46:26,320 --> 00:46:28,680
Speaker 11: plain and clear story like this is where we are now,

902
00:46:28,800 --> 00:46:30,160
Speaker 11: this is how we're going to get to you know,

903
00:46:30,239 --> 00:46:33,000
Speaker 11: a billion plus you know valuation, and it makes sense

904
00:46:33,040 --> 00:46:37,520
Speaker 11: because the numbers are defending it, then investors are okay

905
00:46:38,080 --> 00:46:42,920
Speaker 11: giving you multiples that are like, uh, you know, software

906
00:46:42,960 --> 00:46:45,439
Speaker 11: type multiples, meaning that this is bigger than you would

907
00:46:45,440 --> 00:46:46,239
Speaker 11: get if you were just like.

908
00:46:46,200 --> 00:46:47,840
Speaker 4: A regular brick brick and mortar business.

909
00:46:47,840 --> 00:46:50,560
Speaker 11: The way they value is companies is very much like

910
00:46:51,120 --> 00:46:55,640
Speaker 11: projecting future earnings and future growth. So that's that's kind

911
00:46:55,640 --> 00:46:57,400
Speaker 11: of I know, that's that's the kind of vague answer,

912
00:46:57,440 --> 00:46:59,080
Speaker 11: but that's really what it's based on. It's still not

913
00:46:59,120 --> 00:47:01,440
Speaker 11: one hundred percent sign aiences of the art and a science,

914
00:47:02,160 --> 00:47:04,120
Speaker 11: but from my perspective, they look at like how much

915
00:47:04,160 --> 00:47:06,480
Speaker 11: revenue you're doing, how fast you're growing, and they compare

916
00:47:06,520 --> 00:47:10,120
Speaker 11: you to other companies in your industry or in your space,

917
00:47:10,239 --> 00:47:12,040
Speaker 11: and they look at what they've done, and then they

918
00:47:12,120 --> 00:47:13,640
Speaker 11: base evaluation on that.

919
00:47:13,880 --> 00:47:16,719
Speaker 4: I mean, that's John, What do you think I mean?

920
00:47:17,400 --> 00:47:20,479
Speaker 6: You said eloquently, man, I think I think that's exactly right.

921
00:47:20,520 --> 00:47:23,120
Speaker 6: And I think that from One of the things that

922
00:47:23,160 --> 00:47:26,120
Speaker 6: has surprised me is really how much of it comes

923
00:47:26,120 --> 00:47:29,279
Speaker 6: down to storytelling. And I know you've used that word

924
00:47:29,280 --> 00:47:31,040
Speaker 6: a number of times, something that we think a lot

925
00:47:31,080 --> 00:47:35,600
Speaker 6: about in the venture industry. But people I believe mistakenly

926
00:47:35,800 --> 00:47:40,400
Speaker 6: over index on the metrics. But you can never have

927
00:47:40,640 --> 00:47:44,680
Speaker 6: enough sales growth or any hard metric for any VC.

928
00:47:45,520 --> 00:47:49,640
Speaker 6: And I bet you you can take let's say we

929
00:47:49,680 --> 00:47:51,280
Speaker 6: could live in a world we can clone a situation.

930
00:47:51,880 --> 00:47:55,360
Speaker 6: Let's take the same exact business with the same exact metrics,

931
00:47:55,520 --> 00:47:59,640
Speaker 6: the same everything, and then put two founders with the

932
00:47:59,640 --> 00:48:02,879
Speaker 6: same business to go and sell it, and you will

933
00:48:02,920 --> 00:48:07,080
Speaker 6: have different valuation results based on who told the story

934
00:48:07,239 --> 00:48:10,600
Speaker 6: the most confidently, but also who told the grander story.

935
00:48:11,840 --> 00:48:14,600
Speaker 6: And in VC, there's a paradix that I've noticed that

936
00:48:14,680 --> 00:48:17,480
Speaker 6: has adversely affected our communities as a whole, and that

937
00:48:17,640 --> 00:48:23,359
Speaker 6: is that you know, going smaller is safer because it's

938
00:48:23,360 --> 00:48:28,480
Speaker 6: more familiar, but going bigger works better in venture because

939
00:48:28,480 --> 00:48:32,319
Speaker 6: it's harder. And there's something about a bigger vision that

940
00:48:32,560 --> 00:48:35,680
Speaker 6: is grant. It just puts that it puts, It gives

941
00:48:35,680 --> 00:48:37,359
Speaker 6: you that face, it makes it go oh, you know,

942
00:48:37,400 --> 00:48:39,200
Speaker 6: and it makes other people say, yo, dam this shit

943
00:48:39,239 --> 00:48:42,440
Speaker 6: could work potentially, And if you think big enough and

944
00:48:42,520 --> 00:48:45,560
Speaker 6: it's the vision is just crazy enough, then it just

945
00:48:45,680 --> 00:48:49,120
Speaker 6: might work. So this is really a game where it's

946
00:48:49,160 --> 00:48:52,319
Speaker 6: a home run theory, you know, and you go into

947
00:48:52,360 --> 00:48:54,440
Speaker 6: it for you know, to to slam it out of

948
00:48:54,480 --> 00:48:57,759
Speaker 6: the park. Man. So that's that's kind of so I

949
00:48:57,760 --> 00:48:59,840
Speaker 6: agree with you, man, and I guess I want to

950
00:48:59,840 --> 00:49:02,600
Speaker 6: say offishly ask you know. Of course a lot of

951
00:49:02,640 --> 00:49:06,560
Speaker 6: the audience will be in the earlier stages, but man,

952
00:49:07,120 --> 00:49:09,480
Speaker 6: there's a lot of talk on early stage shit like

953
00:49:09,640 --> 00:49:12,080
Speaker 6: I'm curious, like, you know, before we get to audience

954
00:49:12,160 --> 00:49:14,600
Speaker 6: questions like what's what type of shit that you're thinking

955
00:49:14,640 --> 00:49:18,040
Speaker 6: through now? Like you know, there's probably mad decisions that

956
00:49:18,239 --> 00:49:20,880
Speaker 6: like today Thursday, April twenty second, twenty twenty one is

957
00:49:20,880 --> 00:49:24,680
Speaker 6: mad shit that you're thinking, working through put me in

958
00:49:24,160 --> 00:49:26,879
Speaker 6: in your shoes for today, and all the types stuff

959
00:49:26,880 --> 00:49:27,279
Speaker 6: you think too.

960
00:49:27,960 --> 00:49:30,520
Speaker 11: Yeah, man, I mean what I love about this game

961
00:49:30,640 --> 00:49:35,040
Speaker 11: is that you're constantly having to like level up. And

962
00:49:35,360 --> 00:49:37,560
Speaker 11: the company that you're running when you're one to ten

963
00:49:37,600 --> 00:49:41,640
Speaker 11: employees is like fundamentally a different company than ten to twenty,

964
00:49:42,000 --> 00:49:45,000
Speaker 11: you know, fifty to one hundred, one hundred fifty like

965
00:49:45,000 --> 00:49:47,520
Speaker 11: where we are now. So like, if you're going to

966
00:49:47,560 --> 00:49:49,760
Speaker 11: be successful, you have to you have to be learning,

967
00:49:49,840 --> 00:49:52,600
Speaker 11: you have to be I have a very like what

968
00:49:52,680 --> 00:49:54,680
Speaker 11: I call like a flexible mind. Like you can't be

969
00:49:54,760 --> 00:49:56,919
Speaker 11: rigid in your thinking, because the ship that you learned

970
00:49:56,920 --> 00:50:00,240
Speaker 11: that worked, you know six you know, a year ago,

971
00:50:01,320 --> 00:50:03,239
Speaker 11: it stops working, you know, So you have to you

972
00:50:03,280 --> 00:50:05,000
Speaker 11: have to be thinking of like how can I almost

973
00:50:05,040 --> 00:50:08,400
Speaker 11: like reinvent reinvent myself to continue running this company successfully.

974
00:50:08,840 --> 00:50:11,720
Speaker 11: So it's a challenge, but it's also keeps it interesting.

975
00:50:12,640 --> 00:50:12,839
Speaker 4: Yeah.

976
00:50:12,880 --> 00:50:15,280
Speaker 11: I've been working on Square longer than I've done anything

977
00:50:15,280 --> 00:50:18,520
Speaker 11: else now six years professionally. But it never gets at

978
00:50:18,600 --> 00:50:21,799
Speaker 11: least it hasn't gotten stale because it's so dynamic. But

979
00:50:21,880 --> 00:50:26,200
Speaker 11: to answer your question, now, at this level, it's it's

980
00:50:26,320 --> 00:50:33,239
Speaker 11: very much about like recruiting executives, you know, keeping them motivated,

981
00:50:33,320 --> 00:50:37,960
Speaker 11: inspiring them, setting out the vision of the company. There's

982
00:50:38,080 --> 00:50:40,120
Speaker 11: issues that you have to think of that just weren't

983
00:50:40,440 --> 00:50:43,080
Speaker 11: on my radar, Like how important like people is and

984
00:50:43,360 --> 00:50:46,200
Speaker 11: hr like that's that's not something that you think.

985
00:50:46,000 --> 00:50:47,200
Speaker 4: About earlier on.

986
00:50:47,680 --> 00:50:50,279
Speaker 11: I didn't, but you see how important it is and

987
00:50:50,320 --> 00:50:53,680
Speaker 11: how important the culture is. So those are the kind

988
00:50:53,680 --> 00:50:57,600
Speaker 11: of things that that you know are on my mind now.

989
00:50:59,640 --> 00:51:04,239
Speaker 11: It's it's different when you haven't met personally majority of

990
00:51:04,320 --> 00:51:08,200
Speaker 11: employees that work for your company, not because there's so

991
00:51:08,239 --> 00:51:11,000
Speaker 11: many now, but also because they're hired in the pandemic,

992
00:51:11,600 --> 00:51:14,840
Speaker 11: right and we've all been working remotely. So it's like

993
00:51:15,120 --> 00:51:17,520
Speaker 11: thinking about ways to kind of solve of that and

994
00:51:17,560 --> 00:51:19,200
Speaker 11: to keep the culture and to keep a sense of

995
00:51:19,280 --> 00:51:24,200
Speaker 11: community amongst everybody working a squire. It's yeah, there's a lot,

996
00:51:24,280 --> 00:51:25,680
Speaker 11: a lot of challenges, but it's exciting.

997
00:51:26,120 --> 00:51:26,239
Speaker 4: Yea.

998
00:51:26,560 --> 00:51:28,319
Speaker 6: So how do you run teams? Right? Because like at

999
00:51:28,320 --> 00:51:31,400
Speaker 6: this point at Loop the teams are small enough that

1000
00:51:31,920 --> 00:51:33,839
Speaker 6: you know, I could pretty much have my hands on

1001
00:51:34,040 --> 00:51:36,440
Speaker 6: in in a lot of the product teams, but like

1002
00:51:36,560 --> 00:51:39,640
Speaker 6: at this point, there's no way you're interfacing with with

1003
00:51:39,719 --> 00:51:42,399
Speaker 6: all the you know, employees, so like do you kind

1004
00:51:42,400 --> 00:51:44,799
Speaker 6: of have like a suite of like captains around you

1005
00:51:45,360 --> 00:51:48,120
Speaker 6: that and then you trust that they're da da da da.

1006
00:51:48,280 --> 00:51:50,640
Speaker 6: But do you ever start thinking, like, yo, fuck, someone's slack.

1007
00:51:50,719 --> 00:51:53,440
Speaker 6: You know, someone's not doing their ship somewhere down the

1008
00:51:53,480 --> 00:51:56,280
Speaker 6: line or like you know, it would give me nerves

1009
00:51:56,280 --> 00:51:58,440
Speaker 6: and like not be as involved.

1010
00:51:58,000 --> 00:52:01,760
Speaker 11: Pretty much kind of give up that level of control

1011
00:52:01,800 --> 00:52:05,839
Speaker 11: at some point. And you have your executive team, so

1012
00:52:05,840 --> 00:52:08,520
Speaker 11: those are usually like your direct reports, and then they

1013
00:52:08,560 --> 00:52:12,040
Speaker 11: each have you know, they're people that report to them,

1014
00:52:12,080 --> 00:52:15,600
Speaker 11: and it's very like hierarchical, which we never work. We're

1015
00:52:15,640 --> 00:52:18,840
Speaker 11: always very flat. But like you almost can't. It's impossible

1016
00:52:18,880 --> 00:52:21,480
Speaker 11: to scale to this level like without having some kind

1017
00:52:21,480 --> 00:52:26,719
Speaker 11: of systems in hierarchy, uh in place. But I think

1018
00:52:26,719 --> 00:52:28,640
Speaker 11: it's okay to still get your hands dirty, but you

1019
00:52:28,719 --> 00:52:31,560
Speaker 11: got you have to optimize for like what you're actually

1020
00:52:31,680 --> 00:52:33,200
Speaker 11: really the best at.

1021
00:52:33,440 --> 00:52:35,200
Speaker 4: Like like I've heard that that.

1022
00:52:35,280 --> 00:52:37,880
Speaker 11: Uh you know, I must like still like working like design,

1023
00:52:38,320 --> 00:52:41,680
Speaker 11: like like for for like you know, his products and

1024
00:52:41,680 --> 00:52:46,520
Speaker 11: space an incredible designer and engineer, so like that that

1025
00:52:46,560 --> 00:52:49,279
Speaker 11: makes sense, but like you can't do that for every group,

1026
00:52:49,640 --> 00:52:51,520
Speaker 11: like you have. Maybe there's like one or two areas

1027
00:52:51,520 --> 00:52:53,680
Speaker 11: that you're still like down to, like get get your

1028
00:52:53,680 --> 00:52:56,280
Speaker 11: hands dirty in, but it's not plausible.

1029
00:52:57,320 --> 00:52:59,760
Speaker 6: The last question I have for you real quick. Sorry,

1030
00:52:59,800 --> 00:53:03,799
Speaker 6: so well, so a lot of people know me, but

1031
00:53:03,840 --> 00:53:07,640
Speaker 6: that's because I'm just talking all the fucking time, right,

1032
00:53:08,000 --> 00:53:13,080
Speaker 6: But it creates this false perception that in order to

1033
00:53:13,280 --> 00:53:18,080
Speaker 6: be a startup CEO that you have to over index

1034
00:53:18,160 --> 00:53:20,239
Speaker 6: on the media and be on all the panels and

1035
00:53:20,280 --> 00:53:23,920
Speaker 6: things like that. So to me is very fascinating because

1036
00:53:24,360 --> 00:53:27,960
Speaker 6: it's almost more rooted in pure skill and execution when

1037
00:53:28,000 --> 00:53:31,799
Speaker 6: you're not out there. So what's your thoughts around Like,

1038
00:53:31,880 --> 00:53:37,239
Speaker 6: you haven't been a more private CEO, but you've hit

1039
00:53:37,440 --> 00:53:40,960
Speaker 6: you know, scale, So what's your your thoughts on that?

1040
00:53:41,200 --> 00:53:44,239
Speaker 6: And tips for people that don't see themselves as inherently

1041
00:53:44,640 --> 00:53:45,720
Speaker 6: extroverted or whatever.

1042
00:53:46,320 --> 00:53:52,520
Speaker 11: Yeah, I mean my thoughts are you should you only

1043
00:53:52,600 --> 00:53:54,600
Speaker 11: have so many hours in the day, right, so you

1044
00:53:54,600 --> 00:53:58,000
Speaker 11: should optimize your time on doing things that are going

1045
00:53:58,080 --> 00:54:00,480
Speaker 11: to move the need of the most for your company,

1046
00:54:00,760 --> 00:54:04,560
Speaker 11: and that very very may well be media and that stuff.

1047
00:54:04,640 --> 00:54:07,360
Speaker 11: You know, if that's the nature you know your business,

1048
00:54:07,360 --> 00:54:09,319
Speaker 11: if you're creating a consumer brand, like you are like

1049
00:54:09,640 --> 00:54:14,040
Speaker 11: the return on your time is there. A lot of

1050
00:54:14,040 --> 00:54:15,799
Speaker 11: people do it for the wrong reason. They do it

1051
00:54:15,800 --> 00:54:19,600
Speaker 11: for the ego and like to feel successful. But my

1052
00:54:19,719 --> 00:54:23,000
Speaker 11: thoughts is always like if you build a big company,

1053
00:54:23,080 --> 00:54:25,560
Speaker 11: and you build and and you build a successful company,

1054
00:54:25,600 --> 00:54:28,000
Speaker 11: like you can always be famous later, like if you're

1055
00:54:28,120 --> 00:54:30,440
Speaker 11: rich enough, especially if you're black, like there's so few

1056
00:54:30,480 --> 00:54:33,319
Speaker 11: of us, like you can always you can always play

1057
00:54:33,360 --> 00:54:35,160
Speaker 11: that card if that's important to you.

1058
00:54:35,840 --> 00:54:37,400
Speaker 4: But for me, it's like not.

1059
00:54:37,080 --> 00:54:39,000
Speaker 11: Not not really point that I don't mind doing it,

1060
00:54:39,080 --> 00:54:42,320
Speaker 11: Like people asking me to speak on things, and generally

1061
00:54:42,440 --> 00:54:44,040
Speaker 11: you know, you know, I'll do it, but like I

1062
00:54:44,040 --> 00:54:46,439
Speaker 11: don't go looking for it because it just doesn't move

1063
00:54:46,440 --> 00:54:49,839
Speaker 11: the needle for for for our business, Like barbers are

1064
00:54:49,840 --> 00:54:52,680
Speaker 11: not reading Tech Crunch barbershop owners or not or not,

1065
00:54:52,760 --> 00:54:56,200
Speaker 11: they don't care about that. But when it comes time

1066
00:54:56,239 --> 00:55:00,600
Speaker 11: to fundraise, you know, I will strategically utilize, utilize, you know,

1067
00:55:00,680 --> 00:55:04,040
Speaker 11: these resources and these channels, because, like you do, it

1068
00:55:04,080 --> 00:55:06,200
Speaker 11: is important on the investors side to have your name

1069
00:55:06,239 --> 00:55:08,520
Speaker 11: bubbling a little bit. But also I'm of the mind that,

1070
00:55:08,640 --> 00:55:10,319
Speaker 11: like you don't want to be too accessible. It's good

1071
00:55:10,320 --> 00:55:12,960
Speaker 11: to have a little mystery.

1072
00:55:15,440 --> 00:55:17,600
Speaker 8: I want to talk really quickly because and what we'll

1073
00:55:17,600 --> 00:55:20,040
Speaker 8: open the floor for all our earners to ask questions

1074
00:55:20,160 --> 00:55:22,200
Speaker 8: because one of the things I know you're you're very

1075
00:55:22,640 --> 00:55:25,120
Speaker 8: proud about it is global expansion, and so I want

1076
00:55:25,160 --> 00:55:27,440
Speaker 8: to know if you could just share maybe some strategies

1077
00:55:27,480 --> 00:55:29,919
Speaker 8: and some testniques that you're going to use to make

1078
00:55:29,960 --> 00:55:31,600
Speaker 8: that vision come to fruition.

1079
00:55:33,040 --> 00:55:33,320
Speaker 4: Yeah.

1080
00:55:33,760 --> 00:55:35,360
Speaker 11: One of the things I love about our business, and

1081
00:55:35,560 --> 00:55:38,200
Speaker 11: I love about just the nature of startups, you know,

1082
00:55:38,280 --> 00:55:41,120
Speaker 11: technology companies now is that the world is just so

1083
00:55:41,200 --> 00:55:44,680
Speaker 11: much smaller and it's a lot easier to launch in

1084
00:55:44,760 --> 00:55:49,279
Speaker 11: other countries, uh successfully, much easier than than it used

1085
00:55:49,320 --> 00:55:53,120
Speaker 11: to be. So for us, like I have global ambitions

1086
00:55:53,400 --> 00:55:57,319
Speaker 11: for Squire, and I want nearly every barbershop in the

1087
00:55:57,320 --> 00:56:01,560
Speaker 11: world to default to using square Fire is, you know,

1088
00:56:01,760 --> 00:56:04,800
Speaker 11: is where we would like to go. And we already

1089
00:56:04,840 --> 00:56:08,920
Speaker 11: are in Canada, in the in the UK, and you know,

1090
00:56:08,960 --> 00:56:12,680
Speaker 11: we have to launch in some other countries. We're starting

1091
00:56:12,719 --> 00:56:16,200
Speaker 11: off with, like English speaking, just because it's easier culturally,

1092
00:56:16,200 --> 00:56:19,719
Speaker 11: it's easier. We don't have to change the product. But

1093
00:56:19,840 --> 00:56:22,600
Speaker 11: there's no reason that eventually we can't have Squire you

1094
00:56:22,640 --> 00:56:25,560
Speaker 11: know on different continents, in different languages because everybody gets

1095
00:56:25,560 --> 00:56:28,000
Speaker 11: a haircut in the world. It's a universal thing. Just

1096
00:56:28,160 --> 00:56:31,600
Speaker 11: barbershops in every country and every city in the world, So.

1097
00:56:31,520 --> 00:56:35,000
Speaker 7: Why not is it limited to just barbershops or SALONSA

1098
00:56:35,719 --> 00:56:36,120
Speaker 7: is that.

1099
00:56:36,000 --> 00:56:37,680
Speaker 4: Next using it?

1100
00:56:37,719 --> 00:56:43,120
Speaker 11: But we are very focused on barbershops because uh, you know,

1101
00:56:43,160 --> 00:56:45,000
Speaker 11: I think I was talking about this earlier, but like

1102
00:56:45,600 --> 00:56:48,920
Speaker 11: that focus is like we look at it as an advantage.

1103
00:56:49,200 --> 00:56:49,920
Speaker 4: It allows us to.

1104
00:56:49,880 --> 00:56:54,239
Speaker 11: Build a better product, to build with specificity, and there's

1105
00:56:54,239 --> 00:56:57,560
Speaker 11: a lot of other salon systems out there, but barbershops

1106
00:56:57,560 --> 00:56:59,839
Speaker 11: we could be like the dominant, the dominant player.

1107
00:57:01,400 --> 00:57:04,359
Speaker 3: So you guys spoke previously about going public. Is that

1108
00:57:04,400 --> 00:57:07,719
Speaker 3: in your plans to go public? And if so, what's

1109
00:57:07,760 --> 00:57:10,879
Speaker 3: the blueprint that you are putting forward to take the

1110
00:57:11,000 --> 00:57:11,720
Speaker 3: company public?

1111
00:57:12,920 --> 00:57:16,200
Speaker 11: I mean, you know, and it's it's it's an option

1112
00:57:16,800 --> 00:57:18,880
Speaker 11: at this stage when you've raised as much capital as

1113
00:57:18,880 --> 00:57:22,080
Speaker 11: we have after vibrations that we have raised on it's

1114
00:57:22,080 --> 00:57:24,680
Speaker 11: always going to be something that's considered. But if so,

1115
00:57:24,800 --> 00:57:29,440
Speaker 11: it's probably a ways off. So I always think really

1116
00:57:29,480 --> 00:57:31,920
Speaker 11: focus on like the next you know, twelve and twenty

1117
00:57:31,920 --> 00:57:35,240
Speaker 11: four months, but ultimately, if we build a big business

1118
00:57:35,640 --> 00:57:38,440
Speaker 11: that's doing you know, it's doing type of revenue that

1119
00:57:38,600 --> 00:57:41,560
Speaker 11: we want to do. They'll be uh, there'll be options,

1120
00:57:41,720 --> 00:57:44,120
Speaker 11: and an IPO would definitely be one of those options

1121
00:57:44,120 --> 00:57:45,000
Speaker 11: in terms of exist.

1122
00:57:46,320 --> 00:57:52,920
Speaker 6: Yeah here, that's interesting here. But yeah, hats off to

1123
00:57:53,000 --> 00:57:55,360
Speaker 6: some man and Dave Salvaon and the whole team. I

1124
00:57:55,400 --> 00:57:57,720
Speaker 6: know it's a team effort and we have the chance

1125
00:57:57,800 --> 00:58:00,800
Speaker 6: to chop it up with your to it early and

1126
00:58:00,840 --> 00:58:03,280
Speaker 6: you guys gave his guidance that loop, and it's just

1127
00:58:04,040 --> 00:58:07,080
Speaker 6: I'll forever be appreciative. Of course. Also a song is

1128
00:58:07,120 --> 00:58:10,880
Speaker 6: instrumental for the loop Raise introduces to mad investors. Got

1129
00:58:10,920 --> 00:58:15,000
Speaker 6: invested himself. And I appreciate you, man, because it's founders

1130
00:58:15,000 --> 00:58:17,600
Speaker 6: helping founders, and it's black founders specifically helping black founders

1131
00:58:17,640 --> 00:58:19,720
Speaker 6: because we understand, we kind of understand the path. So

1132
00:58:20,080 --> 00:58:21,760
Speaker 6: I always see you as a fan of that's around

1133
00:58:21,760 --> 00:58:25,800
Speaker 6: the band for me, and you can see further year round.

1134
00:58:25,840 --> 00:58:29,800
Speaker 6: And I appreciate you just extending the handback to help

1135
00:58:29,840 --> 00:58:31,760
Speaker 6: another founder out as we grow together.

1136
00:58:32,440 --> 00:58:35,040
Speaker 4: Man, I love it. We've got to do that. We

1137
00:58:35,120 --> 00:58:35,760
Speaker 4: got to do that.

1138
00:58:36,360 --> 00:58:38,520
Speaker 6: One hundred percent. Let's get some questions, Troy.

1139
00:58:39,400 --> 00:58:41,080
Speaker 8: Well, let's see ern is what you got a question.

1140
00:58:41,120 --> 00:58:43,919
Speaker 8: You can raise your hand while they're doing it. I'm

1141
00:58:44,360 --> 00:58:47,320
Speaker 8: another one in there. So you briefly talked over you start,

1142
00:58:47,400 --> 00:58:50,520
Speaker 8: you had thirty employees during the pandemic, you scale to

1143
00:58:50,640 --> 00:58:51,200
Speaker 8: over one hundred.

1144
00:58:51,200 --> 00:58:52,560
Speaker 7: I think you said you had one hundred and fifty.

1145
00:58:52,560 --> 00:58:54,760
Speaker 8: Now, can you talk about the complexities of doing that,

1146
00:58:54,800 --> 00:58:57,240
Speaker 8: because I mean, do you guys you don't have a

1147
00:58:57,520 --> 00:59:00,480
Speaker 8: central location. So I'm assuming everybody is spread out throughout

1148
00:59:00,520 --> 00:59:02,600
Speaker 8: the country. What what are some of the dynamics and

1149
00:59:02,720 --> 00:59:04,040
Speaker 8: difficulties as you've grown.

1150
00:59:04,960 --> 00:59:07,160
Speaker 4: Yeah, everybody spread out over the country.

1151
00:59:07,520 --> 00:59:11,840
Speaker 11: It's not because of the technological kind of innovations on

1152
00:59:12,280 --> 00:59:14,600
Speaker 11: that side, people management stuff.

1153
00:59:14,600 --> 00:59:17,400
Speaker 4: It's not as difficult as you might be.

1154
00:59:17,520 --> 00:59:21,720
Speaker 11: Like you might think logistically, there's just like so many

1155
00:59:22,440 --> 00:59:25,720
Speaker 11: uh uh. You know, there's slack, the zoom, there's there's

1156
00:59:25,760 --> 00:59:28,560
Speaker 11: a bunch of you know, cr M tools and different things.

1157
00:59:30,040 --> 00:59:32,640
Speaker 11: But for me, this struggles more like just like culturally

1158
00:59:33,040 --> 00:59:35,960
Speaker 11: and and and you know, it's hard to get it

1159
00:59:36,040 --> 00:59:39,360
Speaker 11: like a pull somewhere around when you're not seeing people physically.

1160
00:59:40,280 --> 00:59:41,920
Speaker 11: So those are the things that we're thinking of. Like,

1161
00:59:42,080 --> 00:59:44,800
Speaker 11: as as we're reopening, how are we going to incorporate

1162
00:59:44,880 --> 00:59:48,360
Speaker 11: some type of in person team events. Are we going

1163
00:59:48,440 --> 00:59:50,480
Speaker 11: to open like clubs in different cities have kind of

1164
00:59:50,480 --> 00:59:53,200
Speaker 11: reopen some of the offices we had before. So those

1165
00:59:53,240 --> 00:59:55,840
Speaker 11: are other things we're thinking through now. There's a lot

1166
00:59:55,840 --> 00:59:58,320
Speaker 11: of uncertainty COVID though, because we don't know. It could

1167
00:59:58,360 --> 01:00:01,120
Speaker 11: be a new wave or whatever new trained. Hopefully they

1168
01:00:01,160 --> 01:00:04,080
Speaker 11: won't be so things go well, we plan on having

1169
01:00:04,120 --> 01:00:06,240
Speaker 11: some more in person you know, interactions soon.

1170
01:00:08,400 --> 01:00:10,360
Speaker 7: I got I got another one. That's another one.

1171
01:00:12,040 --> 01:00:12,439
Speaker 4: I'm thinking.

1172
01:00:12,440 --> 01:00:14,080
Speaker 7: This is like so brilliant man, Like I said, you

1173
01:00:14,080 --> 01:00:14,960
Speaker 7: saved me a lot of time.

1174
01:00:15,040 --> 01:00:20,760
Speaker 8: But so when when you're pitching the app to barbershop owners,

1175
01:00:21,080 --> 01:00:25,200
Speaker 8: obviously you're going to have the barbers preferably become part

1176
01:00:25,240 --> 01:00:28,200
Speaker 8: of that. Is there any type of brand like ambassador,

1177
01:00:28,280 --> 01:00:31,000
Speaker 8: Like I could see you having a like a celebrity

1178
01:00:31,080 --> 01:00:33,160
Speaker 8: barber in this space and really taking off.

1179
01:00:33,240 --> 01:00:35,080
Speaker 7: Is that something that you guys are have a vision?

1180
01:00:35,720 --> 01:00:36,040
Speaker 4: Yeah.

1181
01:00:36,400 --> 01:00:41,920
Speaker 11: So in the barber subculture, which is really subculture. You know,

1182
01:00:41,960 --> 01:00:45,120
Speaker 11: if you go on Instagram, they live on Instagram. Uh,

1183
01:00:45,240 --> 01:00:47,920
Speaker 11: they have barbers who are like celebrities, and some of

1184
01:00:47,960 --> 01:00:50,120
Speaker 11: them are celebrities. They cut celebrities here and some of

1185
01:00:50,160 --> 01:00:52,520
Speaker 11: them are just celebrities in their own right in the space,

1186
01:00:52,520 --> 01:00:54,800
Speaker 11: and they have like a million followers and they're very

1187
01:00:54,800 --> 01:00:58,640
Speaker 11: influential for other barbers. So we're working with what I

1188
01:00:58,640 --> 01:01:00,680
Speaker 11: would call like some of the most wunch of ones.

1189
01:01:00,840 --> 01:01:03,520
Speaker 11: We call them our champions, their squad champions, and they

1190
01:01:03,560 --> 01:01:06,640
Speaker 11: represent us when we go back to having advanced. They

1191
01:01:06,640 --> 01:01:08,240
Speaker 11: go to the events for us, and they're kind of

1192
01:01:08,280 --> 01:01:12,680
Speaker 11: like our our you know, our barber representatives, and they're

1193
01:01:12,720 --> 01:01:15,160
Speaker 11: like just some of the dopest, well known barbers. And

1194
01:01:15,240 --> 01:01:17,640
Speaker 11: they're all shop owners too, so that's one of the requirements.

1195
01:01:17,640 --> 01:01:19,800
Speaker 11: They have to actually own own a shop as well.

1196
01:01:19,880 --> 01:01:22,120
Speaker 11: So yeah, it's it's pretty it's pretty cool to work

1197
01:01:22,120 --> 01:01:22,320
Speaker 11: with them.

1198
01:01:22,640 --> 01:01:25,840
Speaker 8: Yeah, e y, y'all has earners, Buff has his rock Boys,

1199
01:01:26,360 --> 01:01:27,560
Speaker 8: squad guys is champions.

1200
01:01:32,280 --> 01:01:34,560
Speaker 3: That's that's a fact. So all right, do we have

1201
01:01:34,600 --> 01:01:38,080
Speaker 3: any questions from uy University? If you guys have any questions.

1202
01:01:38,080 --> 01:01:40,640
Speaker 3: This is the time. Once again, like I said, it's

1203
01:01:40,680 --> 01:01:42,320
Speaker 3: not every day that you get to speak to somebody

1204
01:01:42,360 --> 01:01:47,360
Speaker 3: that has, you know, future billion dollar business very soon

1205
01:01:47,480 --> 01:01:48,320
Speaker 3: on their hands.

1206
01:01:48,520 --> 01:01:51,760
Speaker 7: So yeah, I saw Jamie had a question in the chat.

1207
01:01:52,160 --> 01:01:55,600
Speaker 6: Billion used to be the main vision and now it

1208
01:01:55,760 --> 01:01:58,800
Speaker 6: feels like it feels doable. I used to be scared.

1209
01:01:58,960 --> 01:02:00,720
Speaker 6: I used to be scared of Bill, so I don't

1210
01:02:01,240 --> 01:02:03,080
Speaker 6: you know, And now it's like, okay, Billy, but.

1211
01:02:03,000 --> 01:02:04,440
Speaker 7: Like I think, you know, we can hit that.

1212
01:02:04,680 --> 01:02:09,720
Speaker 11: You know, really there's this pressure externally and then internally

1213
01:02:09,760 --> 01:02:12,800
Speaker 11: as well. It's always be thinking bigger, especially like you said,

1214
01:02:12,800 --> 01:02:13,920
Speaker 11: for black black.

1215
01:02:13,640 --> 01:02:15,160
Speaker 4: Founders, founders of color.

1216
01:02:15,440 --> 01:02:17,120
Speaker 11: But yeah, when I first started, I was, you know,

1217
01:02:17,160 --> 01:02:20,120
Speaker 11: I was thinking maybe twenty thirty million, that'd be huge,

1218
01:02:20,200 --> 01:02:23,040
Speaker 11: like that, just sell it through something else.

1219
01:02:23,360 --> 01:02:24,840
Speaker 4: And then if you raise a little more and you're like.

1220
01:02:24,840 --> 01:02:29,840
Speaker 11: Okay, it's big, like one hundred million, I could And

1221
01:02:29,840 --> 01:02:32,480
Speaker 11: now honestly I'm thinking like billion, Yeah, we definitely want

1222
01:02:32,480 --> 01:02:32,760
Speaker 11: to do that.

1223
01:02:32,800 --> 01:02:35,320
Speaker 4: But I'm like, how do we get the ten billion exactly?

1224
01:02:35,400 --> 01:02:39,120
Speaker 4: Yeah that's good.

1225
01:02:39,200 --> 01:02:42,480
Speaker 11: Maybe it's bad, you know, maybe that's just evil capitalism whatever,

1226
01:02:42,640 --> 01:02:43,560
Speaker 11: but that's what I'm thinking.

1227
01:02:45,880 --> 01:02:47,880
Speaker 7: All Right, we got a question. Ao og, my god,

1228
01:02:47,960 --> 01:02:48,520
Speaker 7: what's going on?

1229
01:02:48,560 --> 01:02:51,680
Speaker 10: You've been hey, I'm doing well. Thank you. Thank you

1230
01:02:51,720 --> 01:02:55,120
Speaker 10: guys again for just sharing, always sharing knowledge and just

1231
01:02:55,160 --> 01:02:59,280
Speaker 10: be being true to the community. Really appreciate you both.

1232
01:03:00,960 --> 01:03:04,560
Speaker 10: I was approached by a business to develop an app,

1233
01:03:04,760 --> 01:03:07,280
Speaker 10: and I was we just want some guidance on how

1234
01:03:07,320 --> 01:03:10,600
Speaker 10: I can structure that deal in a way that it

1235
01:03:10,680 --> 01:03:16,040
Speaker 10: protects my code and also secures me for the revenue

1236
01:03:16,400 --> 01:03:21,160
Speaker 10: that the business predicts to receive after building the code

1237
01:03:21,200 --> 01:03:25,080
Speaker 10: for them.

1238
01:03:25,200 --> 01:03:27,240
Speaker 3: John, you got any suggestions about that?

1239
01:03:28,080 --> 01:03:28,960
Speaker 4: Uh?

1240
01:03:29,040 --> 01:03:31,240
Speaker 6: Yeah, I mean some would love your t I have

1241
01:03:31,360 --> 01:03:33,560
Speaker 6: some thoughts, but would love your take as as someone

1242
01:03:33,600 --> 01:03:37,440
Speaker 6: who had to like myself, non technical founders. You got

1243
01:03:37,480 --> 01:03:39,760
Speaker 6: to bring a dev in. So how do you approach it?

1244
01:03:41,400 --> 01:03:43,400
Speaker 11: So if you believe in the company and you think

1245
01:03:43,440 --> 01:03:46,040
Speaker 11: that they can actually you know they're going after something

1246
01:03:46,080 --> 01:03:51,920
Speaker 11: big as equity, i'd be my my my suggestion. If

1247
01:03:51,960 --> 01:03:54,360
Speaker 11: you need the cash, then you can do a split

1248
01:03:54,480 --> 01:03:56,360
Speaker 11: where you say, you know this, this would be the

1249
01:03:56,400 --> 01:03:58,320
Speaker 11: cash payment, and then I want some portion of the

1250
01:03:58,320 --> 01:04:01,280
Speaker 11: payment equity. That way they protect and your upside if

1251
01:04:01,280 --> 01:04:03,760
Speaker 11: they go on to create that next billion or ten

1252
01:04:03,800 --> 01:04:06,000
Speaker 11: billion dollar company, you're you're going to do very well

1253
01:04:06,640 --> 01:04:08,240
Speaker 11: that That's the first thing.

1254
01:04:08,160 --> 01:04:11,240
Speaker 4: That comes to mind. Okay, what's a fair amount? What's

1255
01:04:11,280 --> 01:04:12,400
Speaker 4: the industry standard?

1256
01:04:12,440 --> 01:04:16,360
Speaker 10: Because I was approached with fifteen percent equity stake in

1257
01:04:16,360 --> 01:04:18,520
Speaker 10: the business, I don't know if that's u This is

1258
01:04:18,600 --> 01:04:20,600
Speaker 10: my first project, so I don't know if this is

1259
01:04:20,920 --> 01:04:25,040
Speaker 10: that's the industry standard, or if I could ask demand

1260
01:04:25,080 --> 01:04:25,640
Speaker 10: for more.

1261
01:04:29,120 --> 01:04:31,120
Speaker 6: I say that's I mean, that's a good amount. I mean,

1262
01:04:31,280 --> 01:04:35,800
Speaker 6: I'm not sure how how you know how much traction

1263
01:04:36,080 --> 01:04:38,760
Speaker 6: the business has already. I'm assuming it's like it's just

1264
01:04:38,800 --> 01:04:40,920
Speaker 6: an idea, right, It's like PowerPoint.

1265
01:04:40,840 --> 01:04:41,960
Speaker 4: It's just an idea for now.

1266
01:04:42,640 --> 01:04:44,320
Speaker 6: I think you have leverage to ask for more. This

1267
01:04:44,440 --> 01:04:46,640
Speaker 6: is a PowerPoint and there really needs you, and development

1268
01:04:46,720 --> 01:04:49,320
Speaker 6: talent is expensive. You know, I'm not sure if in

1269
01:04:49,440 --> 01:04:51,560
Speaker 6: New York, but if you are, you know, engineers are

1270
01:04:51,560 --> 01:04:54,760
Speaker 6: getting a buck eighty and you know you're you're getting

1271
01:04:54,800 --> 01:04:58,400
Speaker 6: stock options at Google, Facebook, Microsoft, any of these companies.

1272
01:04:58,440 --> 01:05:00,960
Speaker 6: So they got golden handcuffs. They don't want to leave

1273
01:05:01,480 --> 01:05:03,720
Speaker 6: because they're making a lot of money at their cushing

1274
01:05:03,720 --> 01:05:05,960
Speaker 6: engineering job. And oh, by the way, there's fucking always

1275
01:05:05,960 --> 01:05:10,040
Speaker 6: granola and lunch and dinner at the office, So you're

1276
01:05:10,120 --> 01:05:12,720
Speaker 6: luck competing with that as a startup. So I think

1277
01:05:12,800 --> 01:05:15,800
Speaker 6: you're if you are technical and you are full stack

1278
01:05:16,000 --> 01:05:18,200
Speaker 6: or front or back end, whatever your stack might be,

1279
01:05:18,560 --> 01:05:22,240
Speaker 6: I think you're at a position of advantage now. But

1280
01:05:22,280 --> 01:05:25,000
Speaker 6: here's the thing though, if you are already thinking about

1281
01:05:25,000 --> 01:05:28,400
Speaker 6: how you can exploit the business then keep a pushing

1282
01:05:28,640 --> 01:05:30,600
Speaker 6: and save yourself the time and save them the time.

1283
01:05:31,040 --> 01:05:33,960
Speaker 6: But I think that your mindset should be and probably is,

1284
01:05:34,400 --> 01:05:38,040
Speaker 6: but just spelling it out, it should be. Yo. You know,

1285
01:05:38,640 --> 01:05:41,240
Speaker 6: I want to be part of this business and I

1286
01:05:41,280 --> 01:05:44,360
Speaker 6: want you guys to see yourselves as a unit. And

1287
01:05:44,400 --> 01:05:47,800
Speaker 6: the best thing with the deal is there's no such

1288
01:05:47,800 --> 01:05:49,840
Speaker 6: thing as a good deal if you feel good at

1289
01:05:49,880 --> 01:05:52,880
Speaker 6: their expense or vice versa, because then it's all that

1290
01:05:52,960 --> 01:05:55,240
Speaker 6: friction is always going to come up. So the best

1291
01:05:55,240 --> 01:05:57,640
Speaker 6: thing is to cut a fair deal, which means that

1292
01:05:57,680 --> 01:05:59,040
Speaker 6: you're going to get a little bit less than you

1293
01:05:59,080 --> 01:06:00,480
Speaker 6: want and they're going to give a wagh a little

1294
01:06:00,520 --> 01:06:02,760
Speaker 6: bit more than they want. But if you can find

1295
01:06:02,760 --> 01:06:05,400
Speaker 6: that middle ground, then you cut the deal and then

1296
01:06:05,440 --> 01:06:07,120
Speaker 6: you forget the deal and you can focus on the

1297
01:06:07,120 --> 01:06:08,320
Speaker 6: work perfect.

1298
01:06:08,360 --> 01:06:11,480
Speaker 4: Thank you very much for that. Appreciate you aog my guy.

1299
01:06:11,600 --> 01:06:14,360
Speaker 6: Be well, bro, thank you for the question for yo.

1300
01:06:14,440 --> 01:06:16,640
Speaker 6: For those of you guys asking in the chat, if

1301
01:06:16,640 --> 01:06:19,360
Speaker 6: you guys, head over to loopinsure dot co slash e

1302
01:06:19,480 --> 01:06:21,840
Speaker 6: y l loop insure dot co slash e y l

1303
01:06:22,480 --> 01:06:25,960
Speaker 6: that entire PDF framework along with all the other ones

1304
01:06:25,960 --> 01:06:28,400
Speaker 6: from the past weeks is available for download, so head

1305
01:06:28,400 --> 01:06:30,120
Speaker 6: over to loop insure dot co slash e y l

1306
01:06:30,320 --> 01:06:34,960
Speaker 6: to get your pdf. Hot off the press. Let's get

1307
01:06:34,960 --> 01:06:38,440
Speaker 6: maybe two more. I want to respect songs time. A

1308
01:06:38,440 --> 01:06:39,800
Speaker 6: couple of hands raised.

1309
01:06:39,680 --> 01:06:42,360
Speaker 8: Yeah, earners. The link is in the chat in too.

1310
01:06:42,680 --> 01:06:44,520
Speaker 8: It's in the chat as well, so you can find

1311
01:06:44,560 --> 01:06:44,760
Speaker 8: a day.

1312
01:06:45,120 --> 01:06:47,120
Speaker 6: I'm watching the wait list, folks, I'm watching the list.

1313
01:06:47,160 --> 01:06:51,200
Speaker 6: I'm watching the downloads, so go ahead and download it downloaded.

1314
01:06:51,200 --> 01:06:55,080
Speaker 7: Tough Mountain, Chris, what's going on me yourself? You've been unmuted?

1315
01:06:58,400 --> 01:07:00,600
Speaker 7: He yeah, yeah, what's going on?

1316
01:07:00,640 --> 01:07:01,880
Speaker 10: Bro? Man?

1317
01:07:02,320 --> 01:07:05,440
Speaker 3: Lesson to Kings. I just had a question for Sanja.

1318
01:07:06,120 --> 01:07:09,760
Speaker 14: You spoke briefly about having to expand your team from

1319
01:07:09,760 --> 01:07:13,080
Speaker 14: the thirty two one hundred and twenty. This was kind

1320
01:07:13,080 --> 01:07:15,440
Speaker 14: of a piggybacking off of Troy's question. Was what were

1321
01:07:15,480 --> 01:07:20,240
Speaker 14: some of the hiccups for failure, successes, tips or tricks

1322
01:07:20,240 --> 01:07:24,840
Speaker 14: that you had about or had with your human resources?

1323
01:07:26,600 --> 01:07:31,120
Speaker 11: Yeah? This song, yeah, by the way, just this song,

1324
01:07:31,240 --> 01:07:34,720
Speaker 11: just like the word. But uh yeah, man. The first

1325
01:07:34,720 --> 01:07:38,200
Speaker 11: thing that I that I I would say is I

1326
01:07:38,280 --> 01:07:42,040
Speaker 11: learned how important it is to have an HR leader

1327
01:07:42,200 --> 01:07:43,960
Speaker 11: on the on the team, Like, we didn't have that

1328
01:07:45,040 --> 01:07:49,160
Speaker 11: for till recently. And I think I under underestimated like

1329
01:07:49,200 --> 01:07:52,400
Speaker 11: the importance of that, you know, I just think hr whatever,

1330
01:07:52,560 --> 01:07:55,800
Speaker 11: you know, compliance, you know, but it's actually very important.

1331
01:07:56,920 --> 01:08:02,400
Speaker 11: So making that higher was a key utilizing good recruiting

1332
01:08:02,440 --> 01:08:05,640
Speaker 11: firms because actually recruiting people is a job in and

1333
01:08:05,640 --> 01:08:06,160
Speaker 11: of itself.

1334
01:08:07,600 --> 01:08:11,160
Speaker 4: It takes a lot of time and energy.

1335
01:08:11,560 --> 01:08:14,400
Speaker 11: And at first, the founders we were doing it, but

1336
01:08:14,640 --> 01:08:18,840
Speaker 11: it can become a time dream if you're out there

1337
01:08:18,840 --> 01:08:21,040
Speaker 11: trying to do it yourself all the time. So eventually

1338
01:08:21,120 --> 01:08:23,840
Speaker 11: we started bringing on recruiting firms and their job is

1339
01:08:23,880 --> 01:08:26,320
Speaker 11: to go find the candidates for us, bet them, and

1340
01:08:26,360 --> 01:08:28,679
Speaker 11: then you know, send them to us to be interviewed.

1341
01:08:29,040 --> 01:08:31,519
Speaker 11: So I think those two things really allowed us to

1342
01:08:31,560 --> 01:08:35,240
Speaker 11: expedite the number of people were bringing on and hire

1343
01:08:35,400 --> 01:08:38,160
Speaker 11: and scale up pretty fast during twenty twenty.

1344
01:08:38,360 --> 01:08:41,000
Speaker 6: And what were you paying those recruit those head hunters?

1345
01:08:41,040 --> 01:08:43,479
Speaker 6: Song like twenty percent of the salary? Twenty five percent?

1346
01:08:44,080 --> 01:08:53,000
Speaker 4: Like twenty twenty five percent? Yeah, too much expensive?

1347
01:08:53,680 --> 01:08:57,120
Speaker 6: You have to do it, yes, sir, appreciate you.

1348
01:08:57,200 --> 01:08:58,599
Speaker 3: Chris, all right.

1349
01:08:58,600 --> 01:09:00,640
Speaker 6: Last one, let's get it in here.

1350
01:09:00,640 --> 01:09:02,519
Speaker 8: Uh, Jimmy, we're coming to you. I mute yourself. You've

1351
01:09:02,520 --> 01:09:03,720
Speaker 8: been immune. What's going on?

1352
01:09:06,920 --> 01:09:08,400
Speaker 4: Good team? Goodness?

1353
01:09:10,960 --> 01:09:16,160
Speaker 3: Well Jimmy the matrix you choppy? Yeah type type of

1354
01:09:17,160 --> 01:09:18,679
Speaker 3: type Jimmy Again.

1355
01:09:19,360 --> 01:09:23,080
Speaker 2: I'm tapping in based on the idea my company. Oh

1356
01:09:23,160 --> 01:09:24,679
Speaker 2: my bad give me two seconds?

1357
01:09:24,920 --> 01:09:27,599
Speaker 8: All right, yeah you got they got you on the

1358
01:09:27,600 --> 01:09:28,360
Speaker 8: Optimus Prime.

1359
01:09:29,600 --> 01:09:30,000
Speaker 3: I'm here.

1360
01:09:30,040 --> 01:09:30,600
Speaker 6: Can you hear me?

1361
01:09:30,720 --> 01:09:31,320
Speaker 7: Yeah?

1362
01:09:31,360 --> 01:09:31,720
Speaker 4: Here we go?

1363
01:09:32,640 --> 01:09:33,680
Speaker 6: Okay, great, thank you.

1364
01:09:34,160 --> 01:09:39,200
Speaker 15: Okay, So my mom, I talked to you about this

1365
01:09:39,360 --> 01:09:46,800
Speaker 15: on market Mondays, got my brandy.

1366
01:09:46,080 --> 01:09:49,080
Speaker 3: Jimmy Jimmy type Jimmy type in the chat. Yeah, your

1367
01:09:49,120 --> 01:09:52,960
Speaker 3: WiFi is crazy right now. They unfortunately we can't. We

1368
01:09:52,960 --> 01:09:53,960
Speaker 3: can't actually hear around.

1369
01:09:53,960 --> 01:09:54,519
Speaker 4: But I'm trying to do that.

1370
01:09:54,640 --> 01:09:55,519
Speaker 6: We have to think towards text.

1371
01:09:55,680 --> 01:09:57,360
Speaker 2: We have to think towards you know, in that teams

1372
01:09:57,360 --> 01:09:58,200
Speaker 2: being in the market right now.

1373
01:09:59,720 --> 01:10:02,000
Speaker 3: Yeah, we can't. We can't hear what you We can't

1374
01:10:02,000 --> 01:10:02,639
Speaker 3: hear what you said.

1375
01:10:02,760 --> 01:10:09,400
Speaker 8: That was Johnny five talk use Yeah, Jimmy, just type

1376
01:10:09,439 --> 01:10:11,360
Speaker 8: in the chat so we can ask the questions.

1377
01:10:11,680 --> 01:10:14,360
Speaker 3: Fi. Man, it's a bad time to have bad Wi fi.

1378
01:10:14,439 --> 01:10:16,599
Speaker 8: Yeah, somebody actually put in chat, So I'm gonna ask.

1379
01:10:17,320 --> 01:10:19,280
Speaker 8: I'm gonna ask you the one that Uh that is

1380
01:10:19,280 --> 01:10:21,799
Speaker 8: in the chat it says, in the case of your business,

1381
01:10:22,160 --> 01:10:25,280
Speaker 8: could you say, in maybe just a sentence, what your

1382
01:10:25,320 --> 01:10:28,280
Speaker 8: mote is in terms of segment, technology, business model, what

1383
01:10:28,360 --> 01:10:30,040
Speaker 8: separates you from from everybody else?

1384
01:10:31,280 --> 01:10:35,080
Speaker 11: Yeah, so I think it's kind of all it's so

1385
01:10:35,120 --> 01:10:40,040
Speaker 11: it's it's the demographic were going after being very specific.

1386
01:10:40,760 --> 01:10:44,160
Speaker 11: We're the only ones that are really like so focused

1387
01:10:44,360 --> 01:10:47,760
Speaker 11: on barbershops in particular, and that that gives us an advantage.

1388
01:10:48,680 --> 01:10:52,200
Speaker 11: It's a product mix, uh, like the ecosystem that that

1389
01:10:52,200 --> 01:10:55,320
Speaker 11: that I mentioned. The more things that they're using a Squire,

1390
01:10:56,760 --> 01:10:58,960
Speaker 11: the harder it is for them to just leave and

1391
01:10:59,040 --> 01:11:01,960
Speaker 11: use something else. And you can't use Squire and you

1392
01:11:01,960 --> 01:11:05,280
Speaker 11: know another company, like we're really all all encompassing. Uh

1393
01:11:05,320 --> 01:11:09,839
Speaker 11: So as a result, the business operations really just depend

1394
01:11:09,880 --> 01:11:11,360
Speaker 11: on being on the platform when they're on.

1395
01:11:11,400 --> 01:11:13,200
Speaker 4: It, and it's very integrated.

1396
01:11:13,479 --> 01:11:16,240
Speaker 11: For example, we handle their payroll for the shop, so

1397
01:11:16,240 --> 01:11:18,120
Speaker 11: when they're paying out the barbers, like that goes to

1398
01:11:18,160 --> 01:11:21,639
Speaker 11: the squire, the barbers get their money, you know, directly

1399
01:11:21,680 --> 01:11:24,960
Speaker 11: positive into their accounts. So just we just end up

1400
01:11:24,960 --> 01:11:28,320
Speaker 11: having a lot of tentacles that's providing.

1401
01:11:27,960 --> 01:11:28,679
Speaker 4: A lot of value.

1402
01:11:28,720 --> 01:11:31,599
Speaker 11: We think making their lives easier, making their operations smoother.

1403
01:11:31,760 --> 01:11:34,559
Speaker 11: But at the same time, it's a product mode. Uh,

1404
01:11:34,600 --> 01:11:38,839
Speaker 11: and it provides the defensibility because not many other companies

1405
01:11:38,840 --> 01:11:39,920
Speaker 11: can do everything that we do.

1406
01:11:40,840 --> 01:11:44,080
Speaker 7: Good old product mode. John Jimmy said he has his.

1407
01:11:44,200 --> 01:11:46,840
Speaker 3: Uh, let's just before let's try to get this shot.

1408
01:11:47,240 --> 01:11:52,080
Speaker 6: M say, by the Jimmy Jimmy, what's up?

1409
01:11:52,320 --> 01:11:53,080
Speaker 3: I appreciate you.

1410
01:11:53,120 --> 01:11:53,760
Speaker 4: I appreciate you.

1411
01:11:54,160 --> 01:11:54,639
Speaker 3: Are we back?

1412
01:11:54,680 --> 01:11:55,120
Speaker 4: Are we good?

1413
01:11:55,160 --> 01:11:55,439
Speaker 3: Okay?

1414
01:11:55,640 --> 01:11:57,000
Speaker 6: Let me try to make this snappy?

1415
01:11:58,000 --> 01:11:58,639
Speaker 4: Okay? Great.

1416
01:11:59,200 --> 01:12:02,000
Speaker 2: So my my idea is I'm trying to change in

1417
01:12:02,080 --> 01:12:04,720
Speaker 2: the light of everything we've been talking about n ft S,

1418
01:12:04,840 --> 01:12:07,200
Speaker 2: about innovation and spaces and about of course what Gary

1419
01:12:07,280 --> 01:12:10,120
Speaker 2: v is talking about. I'm changing the hangtags on my

1420
01:12:10,200 --> 01:12:14,640
Speaker 2: garments into limited edition collectible art pieces.

1421
01:12:14,280 --> 01:12:15,719
Speaker 4: From artists that are around.

1422
01:12:15,840 --> 01:12:18,880
Speaker 2: My brand is associated with street art, and I want

1423
01:12:18,880 --> 01:12:21,840
Speaker 2: to exemplify street art into living life and you know,

1424
01:12:22,080 --> 01:12:25,440
Speaker 2: doing what we do. So I've commissioned a few artists,

1425
01:12:25,600 --> 01:12:27,360
Speaker 2: but I want to see how we can create a

1426
01:12:27,439 --> 01:12:30,439
Speaker 2: space that's like a a more you know what I'm saying,

1427
01:12:30,479 --> 01:12:33,599
Speaker 2: A more innovative space for the garment things. So part

1428
01:12:33,600 --> 01:12:36,200
Speaker 2: of the issue was getting rid of waste because we're

1429
01:12:36,200 --> 01:12:38,680
Speaker 2: buying hangtags. The first thing you throw away, So I said,

1430
01:12:38,720 --> 01:12:40,840
Speaker 2: letstead of it making a hangtag, did you throw away,

1431
01:12:40,880 --> 01:12:41,400
Speaker 2: let's make it.

1432
01:12:41,320 --> 01:12:43,040
Speaker 7: A collector's item.

1433
01:12:43,600 --> 01:12:45,439
Speaker 2: Is in the n FT space and the collectors in

1434
01:12:45,439 --> 01:12:46,479
Speaker 2: the collector's card space.

1435
01:12:47,080 --> 01:12:48,679
Speaker 7: That's huge, Like, especially if.

1436
01:12:48,560 --> 01:12:50,880
Speaker 2: You have an artist over there, like a cryptic or

1437
01:12:50,920 --> 01:12:53,879
Speaker 2: a Retina or somebody really dope, you know, Ruben Rojas.

1438
01:12:54,520 --> 01:12:56,880
Speaker 2: These cats have ways to move the market in that

1439
01:12:56,920 --> 01:12:58,439
Speaker 2: Internet regard. I just wanted to see if we could

1440
01:12:58,439 --> 01:13:00,840
Speaker 2: talk about innovation in the space that hasn't really been

1441
01:13:00,920 --> 01:13:04,240
Speaker 2: Like we talked about the barbershop being left alone for decades,

1442
01:13:04,880 --> 01:13:06,439
Speaker 2: you know what I'm saying, Garments have been doing things

1443
01:13:06,479 --> 01:13:08,360
Speaker 2: in the same way and it's very very difficulty the

1444
01:13:08,400 --> 01:13:09,719
Speaker 2: physical thing into a digital space.

1445
01:13:09,760 --> 01:13:12,599
Speaker 3: Just want to talk about that some more, Okay, so

1446
01:13:12,840 --> 01:13:16,960
Speaker 3: content request, Yeah, we can cover that. I mean, we

1447
01:13:17,000 --> 01:13:21,040
Speaker 3: always cover new different topics, and there's different industries that

1448
01:13:21,240 --> 01:13:23,840
Speaker 3: you know need light over other industries as well. So

1449
01:13:24,439 --> 01:13:26,599
Speaker 3: I'm assuming that, yeah, you would like us to have

1450
01:13:26,680 --> 01:13:30,080
Speaker 3: more of an in depth conversation on the garment industry

1451
01:13:30,320 --> 01:13:33,559
Speaker 3: and fusing you know, it's interesting as far as fusing

1452
01:13:33,880 --> 01:13:37,479
Speaker 3: fashion with new age technology. NFTs and all that stuff.

1453
01:13:37,520 --> 01:13:40,519
Speaker 3: We've been talking a lot about NFTs lately, so yeah,

1454
01:13:40,560 --> 01:13:41,840
Speaker 3: we'll put it on the gin that, we'll put it

1455
01:13:41,880 --> 01:13:44,640
Speaker 3: on the do list, talk about fashion and technology and

1456
01:13:44,640 --> 01:13:47,240
Speaker 3: how they are coming together and how they can possibly

1457
01:13:47,280 --> 01:13:47,759
Speaker 3: come together.

1458
01:13:47,960 --> 01:13:49,880
Speaker 8: I think we spoke about it in the early crypto

1459
01:13:49,960 --> 01:13:53,240
Speaker 8: days when we were investing. There was a few coins

1460
01:13:53,240 --> 01:13:56,080
Speaker 8: that were trying to do that to help counterfeit production

1461
01:13:56,320 --> 01:13:59,080
Speaker 8: of merchandise, and so they had technology inside of the

1462
01:13:59,120 --> 01:14:00,880
Speaker 8: clothing that you couldn't replicate it.

1463
01:14:00,960 --> 01:14:02,800
Speaker 3: Yeah, I was thinking the NFT is gonna be big

1464
01:14:02,840 --> 01:14:06,320
Speaker 3: for know that that's actually really big for sneaker world

1465
01:14:06,479 --> 01:14:09,839
Speaker 3: because the sneaker counterfeit industry is a billion dollar industry

1466
01:14:10,280 --> 01:14:13,040
Speaker 3: and it's hard to really tell if you're getting a

1467
01:14:13,080 --> 01:14:15,599
Speaker 3: real sneaker or not. So if they can somehow put

1468
01:14:15,640 --> 01:14:18,880
Speaker 3: the NFT in with the sneakers, now you know that

1469
01:14:18,920 --> 01:14:22,719
Speaker 3: you have the real Jordans because you have a receipt

1470
01:14:22,720 --> 01:14:25,960
Speaker 3: on a blockchain and you know for a fact, so

1471
01:14:26,280 --> 01:14:29,080
Speaker 3: that in my brain that will work well with sneakers,

1472
01:14:30,200 --> 01:14:35,280
Speaker 3: luxury bags, anything that has counterfeit attached to it. The

1473
01:14:35,400 --> 01:14:38,519
Speaker 3: NFT thing, or just any kind of blockchain technology where

1474
01:14:38,520 --> 01:14:41,080
Speaker 3: you can certify that. So yeah, it's interesting. We could

1475
01:14:41,080 --> 01:14:44,439
Speaker 3: definitely have a more in depth conversation about that. Yeah yeah, yeah.

1476
01:14:44,520 --> 01:14:49,200
Speaker 6: Stock Acts actually became a billion dollar business doing precisely that.

1477
01:14:49,240 --> 01:14:52,720
Speaker 6: They did annual authentication. When I went to Detroit, they

1478
01:14:52,720 --> 01:14:54,840
Speaker 6: tore me around the facility. I try to blog it.

1479
01:14:55,280 --> 01:14:58,439
Speaker 6: They had a shit lot down and actually have people

1480
01:14:58,560 --> 01:15:03,320
Speaker 6: specifically trained to identify counterfeit babes and shit and it's

1481
01:15:03,360 --> 01:15:05,000
Speaker 6: real cool. They school you, and there was like, Yo,

1482
01:15:05,040 --> 01:15:07,960
Speaker 6: if you look on the third panel underneath the sweater

1483
01:15:08,040 --> 01:15:10,439
Speaker 6: on the inside, then there's always an upside down monkey,

1484
01:15:10,479 --> 01:15:11,960
Speaker 6: and that's how you know that the ship is real.

1485
01:15:13,040 --> 01:15:16,320
Speaker 6: So so I do find it fascinating, but it's fascinating

1486
01:15:16,360 --> 01:15:21,600
Speaker 6: to me how capitalists will do that shit manually to

1487
01:15:21,720 --> 01:15:25,240
Speaker 6: create the value and then build brand around having that authentication,

1488
01:15:25,840 --> 01:15:27,640
Speaker 6: and it just it kind of reminds me of in

1489
01:15:27,680 --> 01:15:31,800
Speaker 6: a similar way, Squire and ey L and any other

1490
01:15:31,840 --> 01:15:34,640
Speaker 6: business out there building brain equity. E y L is

1491
01:15:34,640 --> 01:15:36,639
Speaker 6: now known as that platform where you get the real

1492
01:15:37,160 --> 01:15:41,080
Speaker 6: the real business ship. Squire, same thing on on the

1493
01:15:41,120 --> 01:15:44,640
Speaker 6: barbershop side, and Loop hopefully same thing on fair transparent

1494
01:15:44,680 --> 01:15:48,240
Speaker 6: inclusive insurance. But Yo, this has been a great episode. Man,

1495
01:15:48,320 --> 01:15:51,880
Speaker 6: Thank you song. I appreciate you coming on for the

1496
01:15:51,920 --> 01:15:55,560
Speaker 6: folks listening. Man, It's just these are these are rich conversations.

1497
01:15:55,920 --> 01:15:58,360
Speaker 6: You will get out of them what you so please.

1498
01:15:58,760 --> 01:16:03,559
Speaker 6: The depth is there and oftentimes, you know when I

1499
01:16:03,720 --> 01:16:08,599
Speaker 6: was kind of getting started and still today, sometimes like

1500
01:16:08,640 --> 01:16:11,680
Speaker 6: a line will breeze by, but if you rewind it

1501
01:16:11,720 --> 01:16:14,280
Speaker 6: and just listen to it and unpack it absorb it,

1502
01:16:14,280 --> 01:16:17,360
Speaker 6: there's a lot of depth and a lot of these lines, like,

1503
01:16:17,400 --> 01:16:19,200
Speaker 6: for example, one that stuck out with me. It's like

1504
01:16:19,200 --> 01:16:21,960
Speaker 6: a product mode and they got me thinking, mmm, that

1505
01:16:22,040 --> 01:16:24,280
Speaker 6: makes sense, which is why, like an insurance, for example,

1506
01:16:24,280 --> 01:16:26,840
Speaker 6: they bundle. You know, they'll they'll give you the loss

1507
01:16:26,920 --> 01:16:30,680
Speaker 6: leader and then bundle. So it creates an entire ecosystem

1508
01:16:30,680 --> 01:16:33,759
Speaker 6: that's difficult for you to leave, and then it increases

1509
01:16:33,760 --> 01:16:36,519
Speaker 6: your lifetime value, your customer and so on. But so

1510
01:16:36,680 --> 01:16:38,840
Speaker 6: always a pleasure, man, Thank you so much for coming on.

1511
01:16:38,920 --> 01:16:39,080
Speaker 3: Bro.

1512
01:16:39,160 --> 01:16:41,680
Speaker 6: I appreciate you. We're all rooting for you. We are

1513
01:16:41,760 --> 01:16:46,320
Speaker 6: rooting for you, and yeah, man, we can't wait to

1514
01:16:46,320 --> 01:16:49,080
Speaker 6: see your success to the whole EYL community. If your

1515
01:16:49,080 --> 01:16:51,719
Speaker 6: barber is not on Squire, ask them to get on Squire.

1516
01:16:52,760 --> 01:16:56,040
Speaker 6: Let's show them what the EYL community could do for

1517
01:16:56,080 --> 01:16:57,680
Speaker 6: each other. And when you go public, man, we'll be

1518
01:16:57,760 --> 01:17:02,040
Speaker 6: right there waiting to buy some shares. So so loot man,

1519
01:17:02,080 --> 01:17:03,720
Speaker 6: good luck to you. Of course you and I will

1520
01:17:03,760 --> 01:17:06,760
Speaker 6: be in touch, but it was great to have you

1521
01:17:06,800 --> 01:17:08,479
Speaker 6: on man, and I hope that you and e y

1522
01:17:08,560 --> 01:17:10,160
Speaker 6: L will do we'll do more things in the future

1523
01:17:10,160 --> 01:17:12,000
Speaker 6: because they got a crazy barber community for real.

1524
01:17:13,160 --> 01:17:15,240
Speaker 3: Sure, thank you, brother, I appreciate your time.

1525
01:17:15,560 --> 01:17:16,200
Speaker 4: You for having me.

1526
01:17:17,160 --> 01:17:20,320
Speaker 3: For sure, for sure I got shout out to the

1527
01:17:20,360 --> 01:17:24,000
Speaker 3: good brother man that does it for this. Yeah, John,

1528
01:17:24,040 --> 01:17:27,439
Speaker 3: here it goes there. There was another one man, we

1529
01:17:27,520 --> 01:17:27,960
Speaker 3: only got.

1530
01:17:27,880 --> 01:17:34,879
Speaker 6: One got so yeah, it's been real man. I appreciate

1531
01:17:34,920 --> 01:17:38,920
Speaker 6: you guys. This this uh, this experiment has been has

1532
01:17:38,960 --> 01:17:41,800
Speaker 6: been great fun. And for those listening like sometimes you

1533
01:17:41,840 --> 01:17:45,400
Speaker 6: gotta experiment. Sometimes you gotta, you know, come together with

1534
01:17:45,439 --> 01:17:48,080
Speaker 6: people that you think are doing interesting things and see

1535
01:17:48,360 --> 01:17:50,760
Speaker 6: if there's magic to be made and if you could

1536
01:17:50,760 --> 01:17:53,639
Speaker 6: strike but one magic moment, then for me, the experience

1537
01:17:53,760 --> 01:17:56,840
Speaker 6: is typically have been well worth it. You deep in

1538
01:17:57,000 --> 01:17:59,439
Speaker 6: with a collaborator in the space, you bring value to

1539
01:17:59,479 --> 01:18:02,720
Speaker 6: the community at large, and you create some magic moments

1540
01:18:03,080 --> 01:18:05,360
Speaker 6: and I'm told that when one shoty is is writ

1541
01:18:05,400 --> 01:18:07,120
Speaker 6: and he's writing down moments.

1542
01:18:09,280 --> 01:18:09,800
Speaker 4: Ship out.

1543
01:18:10,000 --> 01:18:12,560
Speaker 6: So you already know, man, I respect you guys, have

1544
01:18:12,600 --> 01:18:14,800
Speaker 6: a ton of respect for you know that. Honestly, you

1545
01:18:14,840 --> 01:18:16,320
Speaker 6: guys work that think it's ridiculous.

1546
01:18:16,560 --> 01:18:18,240
Speaker 3: I was just thinking that today. You know, it's so

1547
01:18:18,280 --> 01:18:19,920
Speaker 3: crazy that you say that. And by the way, Jim

1548
01:18:20,000 --> 01:18:22,040
Speaker 3: Jones shout out to Jimmy, he told me to turn

1549
01:18:22,080 --> 01:18:23,080
Speaker 3: this pad into an NFC.

1550
01:18:25,479 --> 01:18:26,160
Speaker 6: That's a good idea.

1551
01:18:26,200 --> 01:18:26,840
Speaker 7: That's a good idea.

1552
01:18:27,280 --> 01:18:30,920
Speaker 3: Yeah, But I was just thinking that today. Man, I'm like, Yo,

1553
01:18:31,000 --> 01:18:33,559
Speaker 3: it's crazy. You know, just we we did a lot

1554
01:18:33,600 --> 01:18:35,680
Speaker 3: of stuff today and we still got to do some

1555
01:18:35,720 --> 01:18:38,160
Speaker 3: more stuff, and I was just thinking about that. Like

1556
01:18:38,200 --> 01:18:40,960
Speaker 3: you know, a lot of times people they don't understand,

1557
01:18:41,040 --> 01:18:43,840
Speaker 3: like what goes into being any level of you know,

1558
01:18:44,000 --> 01:18:47,280
Speaker 3: success is you know, the consistency and the work you

1559
01:18:47,280 --> 01:18:49,320
Speaker 3: can give somebody. You can give somebody the blueprint. Even

1560
01:18:49,360 --> 01:18:51,720
Speaker 3: this is a message like we for three weeks, We've

1561
01:18:51,720 --> 01:18:56,080
Speaker 3: given you a lot of tools and resources, but the

1562
01:18:56,080 --> 01:18:58,080
Speaker 3: ones that's really gonna win are the ones that I

1563
01:18:58,160 --> 01:19:00,880
Speaker 3: only apply it, but apply it every single day, day

1564
01:19:00,920 --> 01:19:04,280
Speaker 3: in day out. No, there's no breaks, there's no, you know,

1565
01:19:04,479 --> 01:19:06,880
Speaker 3: you got to just do the work, and that can

1566
01:19:06,920 --> 01:19:10,799
Speaker 3: never be discounted. Whenever we have these conversations, you cannot

1567
01:19:10,840 --> 01:19:14,519
Speaker 3: skip over work. Work has to be done one percent.

1568
01:19:14,600 --> 01:19:16,720
Speaker 6: And that shit is inconvenient too, right, because you guys

1569
01:19:16,760 --> 01:19:18,919
Speaker 6: are in LA and the sun is shining out, there.

1570
01:19:20,479 --> 01:19:23,400
Speaker 8: Be a lot smooth to be by the pool that right,

1571
01:19:23,600 --> 01:19:27,639
Speaker 8: come alive at night, John, We come alive at night.

1572
01:19:28,200 --> 01:19:28,800
Speaker 3: You come alive.

1573
01:19:28,840 --> 01:19:31,160
Speaker 6: I got you, got you, but you got to stay

1574
01:19:31,200 --> 01:19:31,960
Speaker 6: putting in the hours.

1575
01:19:31,960 --> 01:19:32,080
Speaker 3: Man.

1576
01:19:32,160 --> 01:19:34,720
Speaker 6: The community takes note. I'm doing the same thing over

1577
01:19:34,720 --> 01:19:37,479
Speaker 6: here on this side, and we are excited to close

1578
01:19:37,520 --> 01:19:42,280
Speaker 6: out the series strong next week Thursday, six pm Eastern time. Man, people,

1579
01:19:42,760 --> 01:19:45,559
Speaker 6: I don't care what anyone says. Man, people will not

1580
01:19:45,680 --> 01:19:49,200
Speaker 6: be able to say that we didn't deliver value and

1581
01:19:49,280 --> 01:19:52,080
Speaker 6: drop jewels and left the fucking blueprint right there and

1582
01:19:52,080 --> 01:19:54,080
Speaker 6: plain sight for people to follow. So if you don't

1583
01:19:54,080 --> 01:19:58,160
Speaker 6: follow it, honestly, it's on you, So thank you.

1584
01:19:58,160 --> 01:19:58,400
Speaker 3: Guys.

1585
01:19:58,439 --> 01:20:01,200
Speaker 6: Head over to Loopinshure dot co slash ey L. Guys. Listen,

1586
01:20:01,240 --> 01:20:04,640
Speaker 6: those frameworks are not gonna be there forever we are.

1587
01:20:04,760 --> 01:20:07,439
Speaker 6: The moment this series is done is fucking going away,

1588
01:20:07,840 --> 01:20:11,000
Speaker 6: all right. These are ship that I've learned, like I've

1589
01:20:11,080 --> 01:20:14,200
Speaker 6: wasted a lot of my own money. Fuck producing it.

1590
01:20:14,240 --> 01:20:17,320
Speaker 6: Producing it is easy. It's just designing it. Learning this shit,

1591
01:20:18,280 --> 01:20:23,240
Speaker 6: internalizing it, putting it to the test, and then packaging

1592
01:20:23,280 --> 01:20:25,559
Speaker 6: it in a way that is consumable for you all.

1593
01:20:25,840 --> 01:20:27,439
Speaker 6: I wish I would have had these frameworks when I

1594
01:20:27,439 --> 01:20:29,960
Speaker 6: was getting started. There's tremendous depth to them. I hope

1595
01:20:29,960 --> 01:20:33,120
Speaker 6: that you guys can apply them to your game, and

1596
01:20:33,840 --> 01:20:35,680
Speaker 6: if you're finding value in them, let me know. Hit

1597
01:20:35,720 --> 01:20:38,439
Speaker 6: me up Jhi Loopinshure dot co. That's my actual email,

1598
01:20:38,479 --> 01:20:41,080
Speaker 6: by the way, this one that I use every day,

1599
01:20:41,080 --> 01:20:43,320
Speaker 6: so don't fucking spam me. But if you have questions

1600
01:20:43,680 --> 01:20:45,960
Speaker 6: Jhi Loopingshure dot co. I would love to uh. I

1601
01:20:45,960 --> 01:20:48,519
Speaker 6: would love to chop with you all, and I guess

1602
01:20:48,520 --> 01:20:49,960
Speaker 6: to sign it off until next week.

1603
01:20:51,000 --> 01:20:53,080
Speaker 3: You have it, brother, Appreciate you all right, y'all?

1604
01:20:53,160 --> 01:20:54,040
Speaker 7: Love is love. Listen.

1605
01:20:54,840 --> 01:20:57,360
Speaker 6: That's week p that's week it is.

1606
01:20:59,720 --> 01:21:03,519
Speaker 5: Brad do it from my school being forced bad drop

1607
01:21:04,120 --> 01:21:16,840
Speaker 5: bag drop drop drop drops.

1608
01:21:18,840 --> 01:21:22,760
Speaker 9: You just realized your business needed to hire someone yesterday?

1609
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Speaker 9: How can you find amazing candidates fast?

1610
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Speaker 7: Easy?

1611
01:21:27,000 --> 01:21:30,360
Speaker 9: Just use indeed, stop struggling to get your job posts

1612
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1613
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1614
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1615
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1616
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1617
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1620
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1621
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1622
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1623
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1624
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1625
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Speaker 9: Indeed is all you need