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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 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security. This

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Speaker 2: episode of The Market Monday's World Tour is brought to

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Speaker 2: you with limited interruption by Ally.

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Speaker 3: Time for the unforgettable moments you say we're all better

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Speaker 3: off with an Ally.

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Speaker 4: A bird in the skysh flight away on your feet

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Speaker 4: and give it up from a guy.

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Speaker 5: Dean Fobes a legend in the game, and he came

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Speaker 5: dressed to the nons. He he made a comment about

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Speaker 5: American fashion. I've noticed that, you're. Ah, Now, this is

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Speaker 5: something I've noticed that was funny. Europeans have a very

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Speaker 5: disdain for American fashion. But I understandable most Americans can't dress.

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Speaker 5: But you're not talking about You're not talking about people

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Speaker 5: from New.

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Speaker 4: York though, so that's different.

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Speaker 5: It's just it's a difference, like this New York fashion

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Speaker 5: and then there's Middle America fas. It's good though, if

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Speaker 5: we adopted them. But Dean, you look, you look very shocked,

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Speaker 5: my brother. So let's get into this. Man, what led

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Speaker 5: you to become a CEO in the tech sector and

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Speaker 5: what is your biggest motivator to keep going forward?

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Speaker 4: Oh?

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Speaker 6: Man, Well, firstly, thank you guys for having me here.

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Speaker 6: Like I said before, you know, I'm a big, big

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Speaker 6: fan of the show, big fan of the format, you know.

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Speaker 6: Getting these people together and giving all these jams it's amazing.

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Speaker 6: So so it's a pleasure in the honor to to

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Speaker 6: be part of this. I think I've you know, told

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Speaker 6: that story a couple of times. What got me into

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Speaker 6: tech was the biggest kind of failure in my career,

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Speaker 6: right I was trying to play football that didn't work out.

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Speaker 6: I had a bunch of debt. And then when that

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Speaker 6: kind of all came to a head, my agent at

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Speaker 6: the time said, you've got to go work at motor

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Speaker 6: Oil because you're in so much thatb you need to

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Speaker 6: earn money right now. Why is it going to cripple

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Speaker 6: you for life? And very tough decision, very difficult moment

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Speaker 6: in life, but it turned out it turned out to

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Speaker 6: be turned out to be okay.

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Speaker 3: Yeah, for someone sitting down in the crowd who was

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Speaker 3: inspired by you being here tonight, if you can go

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Speaker 3: back to when you were nineteen or twenty, what three

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Speaker 3: pieces of advice would you give them, and talk about

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Speaker 3: the ups and downs as well, But what three pieces

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Speaker 3: of advice would you give them on the journey to

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Speaker 3: becoming you?

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Speaker 4: I mean nineteen twenty.

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Speaker 6: You know, I'm probably a year after being homeless, a

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Speaker 6: few months having been released from playing football, a mountain

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Speaker 6: of debt. Like if you'd just said to me at

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Speaker 6: that moment in time that life would be what it's become.

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Speaker 6: It was like unimaginable that the things that have happened

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Speaker 6: to me could have happened. So it's a little bit

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Speaker 6: strange to think back and say, what advice would you

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Speaker 6: give yourself, because my advice would be just chill out,

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Speaker 6: you know, like stay calm, don't panic, work hard, And

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Speaker 6: I think I probably wasn't good enough to have made

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Speaker 6: it as a footballer, and that was important because when

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Speaker 6: I failed, I kind of didn't want to fail again

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Speaker 6: to It's like the next thing I go into, you know,

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Speaker 6: if it was bakery or I don't know, track and field,

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Speaker 6: whatever it was, the next thing I went into, I

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Speaker 6: was going to apply myself so hard I was probably

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Speaker 6: going to be okay or maybe even good at it.

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Speaker 6: So if I if I could go back now, I

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Speaker 6: would say, calm down, work ethic has to go up,

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Speaker 6: and you've got to be prepared to kind of play

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Speaker 6: this out for the long term, like this is it's

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Speaker 6: going to take a while, but you gotta keep going

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Speaker 6: with it.

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Speaker 2: So it says a lot about your mindset, right you

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Speaker 2: had the mental foder tool to say it doesn't matter

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Speaker 2: where I go, I'm going to be successful because I

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Speaker 2: want to turn up my mindset. I'm gonna turn out

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Speaker 2: the productivity. I want to go back right because you

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Speaker 2: start that motoroler. But your first CEO role is at

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Speaker 2: the the Paris based firm KDS.

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Speaker 4: So what is that deemed fors like?

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Speaker 2: Because this you've now climbed up a ladder and you've

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Speaker 2: reached the pinnacle of a company at a firm.

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Speaker 4: What was that like for you?

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Speaker 6: That was an interesting learning experience because I'd kind of

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Speaker 6: grown up at Premium Verre. I wasn't CEO at Premire,

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Speaker 6: but I'd led a big part of that company and

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Speaker 6: it became the fastest growing part of that company. It

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Speaker 6: was an American software company, and my part of it

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Speaker 6: became the largest largest part of it. So I think

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Speaker 6: when I when I was in that position. Then we

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Speaker 6: sold the company to Oracle, and I made like life

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Speaker 6: changing money in that transaction. Then Oracle said you got

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Speaker 6: to stay, and we're going to pay you a bunch

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Speaker 6: of money to stay because we think we think you're great.

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Speaker 6: I was like King of the Hill. I thought I

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Speaker 6: thought I'd cracked life, and then I didn't enjoy Oracle.

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Speaker 6: I got approached to go do the KDS thing. And

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Speaker 6: I was so sure of myself. Afore I'd made it.

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Speaker 6: I'd worked this big firm oracle, I had all this

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Speaker 6: money now, And when I became CEO of KDS, I

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Speaker 6: took over from the founder of that company, and the

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Speaker 6: employee base, you know, was just committed to the founder

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Speaker 6: that you know, they didn't care about me. They didn't,

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Speaker 6: I don't know, they cared about the company so much.

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Speaker 6: They just were in love with this founder, with the founder.

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Speaker 6: So I took over. I had these great ideas. I

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Speaker 6: had what I thought was an incredible CV, and I

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Speaker 6: would hold staff meetings and management meetings and people wouldn't

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Speaker 6: turn up, Like they just wouldn't.

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Speaker 4: They wouldn't show up for the meeting.

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Speaker 6: So you'd be sat in the meeting with croissants and

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Speaker 6: coffee and and nobody's just you and just you, yeah,

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Speaker 6: just you. And there was there was even a time

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Speaker 6: I went into a meeting room and I was like

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Speaker 6: pouring coffee before the customer arrived, and the team were

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Speaker 6: complaining and they went off to speak to HR about

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Speaker 6: me because I'd gone in the room and dared to

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Speaker 6: pour coffee, which was there for clients. So it was

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Speaker 6: a very difficult environment, and it kind of brought me

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Speaker 6: back to ground zero and said, you know, not not

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Speaker 6: everybody thinks you're good, not everybody cares, and you're going

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Speaker 6: to have to kind of go back to the basics

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Speaker 6: and kind of win people over, and you know, to

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Speaker 6: work a bit harder than this than I thought than

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Speaker 6: I thought I would. But yeah, I thought I cracked

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Speaker 6: it and everybody was just going to do what I

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Speaker 6: told them because I had this, you know, I had

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Speaker 6: a stellar kind of eight year career. But yeah, it

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Speaker 6: was very, very humbling and very educational. Did you have

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Speaker 6: a thing like you're fired. You're not coming to me,

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Speaker 6: you're fired. Well, like, sometimes you have to have what

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Speaker 6: I call like public executions, you know, like you can't

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Speaker 6: and shouldn't do that to everybody, but there's a professional courtesy,

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Speaker 6: like if there's a meeting happening, you should show up.

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Speaker 6: Like that's just a that's a professional courtesy. So when

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Speaker 6: some of those things continued for a while, yeah, you

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Speaker 6: got you know, you have to make examples of people

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Speaker 6: so that the rest of the village understands this, this

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Speaker 6: behavior isn't isn't sad?

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Speaker 4: Have you heard that? That's right up your public executions.

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Speaker 3: If I can do a follow up real quick example,

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Speaker 3: how are you able to turn the tie to then

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Speaker 3: get them on your side after? Because I'm sure we

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Speaker 3: have some entrepreneurs and here that may be having issues

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Speaker 3: with their staff. How did you turn that ship to

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Speaker 3: get them back or initially with you when they were

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Speaker 3: so invested into the founder.

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Speaker 6: It's a really good point. I think it that was

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Speaker 6: such an important learning moment for me. Right, it just

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Speaker 6: killed my ego. My CV was irrelevant, The amount of

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Speaker 6: money I had was irrelevant. So I had to stop

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Speaker 6: and ask myself, like, how are we going to get

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Speaker 6: these people on side? And it taught me to communicate.

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Speaker 6: It taught me to really spend a lot of time

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Speaker 6: with staff explaining what we were trying to do, why

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Speaker 6: we were trying to do it, and most importantly, ian

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Speaker 6: like what their role in that was going to be right,

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Speaker 6: Because I don't think you can invite hundreds of people

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Speaker 6: to come to work every day because you want to

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Speaker 6: build a big company or a highly valuable company, or

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Speaker 6: because you want the stock price to go through the roof.

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Speaker 6: Because the guy working on the support desk who doesn't

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Speaker 6: have equity in the company. So I learned in that

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Speaker 6: moment to translate the strategy of the company and the

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Speaker 6: aspiration of the company into language that was meaningful for

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Speaker 6: everybody in the company.

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Speaker 4: Right.

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Speaker 6: So I started talking about what we wanted to do,

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Speaker 6: what we wanted to be, and why if you were

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Speaker 6: in this spot in the company it would create opportunities

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Speaker 6: for you or income for you, or you know, something

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Speaker 6: important for you.

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Speaker 4: I made sure every.

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Speaker 6: Communication had that kind of free part trilogy to it.

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Speaker 6: What do we want to be, how we're going to

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Speaker 6: get there, and what it means for you know, rank

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Speaker 6: and file employee and that and and some people loved

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Speaker 6: it and we're excited and some people said, you know,

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Speaker 6: not for me, and they and they left and that

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Speaker 6: was that was okay too.

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Speaker 4: So all right, so let's get into this. So you're

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Speaker 4: the CEO.

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Speaker 5: Correct me if I'm saying is well, you're the CEO

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Speaker 5: of fort Toennaro for terror Portero, your partner in Courting Capital,

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Speaker 5: and you're chairman f FG. So that's a lot. So

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Speaker 5: can you talk about for To Naro Courting Capital? What

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Speaker 5: are those two companies and how does that intersect with

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Speaker 5: your chairman position at f FG.

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Speaker 6: So, so for Terra is an ERP software company focusing

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Speaker 6: on the industrial mid market in Europe is probably the

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Speaker 6: biggest company in that space in Europe, so business to

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Speaker 6: business enterprise software, so we sell direct to customers. Court

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Speaker 6: capitals are private equity firms. So it's a one point

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Speaker 6: two billion euro fund. I've been been part of the

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Speaker 6: team helped raise that fund. So now what we're trying

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Speaker 6: to do is invest from that fund into technology companies.

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Speaker 6: So one of the guys trying to find opportunities convinced

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Speaker 6: managers to sell us a controlling stake in their business.

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Speaker 6: And f FG is something that me and my family

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Speaker 6: created Full's Family Group because on my career journey, I've

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Speaker 6: been helped by so many people.

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Speaker 4: So many people have showed up.

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Speaker 6: At a moment in time giving me advice, introduced me

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Speaker 6: to somebody, helped me out that I realized success isn't

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Speaker 6: always only talent based.

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Speaker 4: Sometimes it's opportunities network.

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Speaker 6: So we set up f FG to try to try

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Speaker 6: to play that network effect back to people like us

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Speaker 6: from places like I said, it's a not for profit

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Speaker 6: trying to help people in their career aspirations.

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Speaker 3: Can you walk us through your investment philosophy everything Everyone

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Speaker 3: here wants an investment jim from you. So when you're

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Speaker 3: looking to acquire a company, what are you looking at

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Speaker 3: in terms of the parameters before you buy a company?

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Speaker 3: And what is something that makes a company like jump

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Speaker 3: off of a sheet to you to say I have

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Speaker 3: to buy this or be involved.

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Speaker 6: With It's different. So at Fortierra we're an acquisitive company.

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Speaker 6: I bought six I bought six companies with for Tierra

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Speaker 6: last year, the largest of which paraded one hundred and

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Speaker 6: fifty million pounds for So the philosophy is are different

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Speaker 6: between how I invest in acquire companies at for Tiro

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Speaker 6: and how I would investors as a personal private investor.

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Speaker 4: Are you sure both? Yeah?

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Speaker 6: Yeah, So on for Tiero, we've got free value creation streams, right,

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Speaker 6: we want to grow to the company by more than fifteen

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Speaker 6: percent organically every year. We want seventy percent or more

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Speaker 6: of the company to be recurring revenue. So that's customers

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Speaker 6: on long term subscription plans. That's a higher quality of revenue.

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Speaker 6: It allows you to invest for the long term because

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Speaker 6: you know you've got this annuity base. And then the

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Speaker 6: third is we want to expand our profit margins, both

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Speaker 6: in net profit and percentage terms, you're a vehic because

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Speaker 6: we want to show the company becomes more efficient as

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Speaker 6: it scales. So when we look at a business, we're

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Speaker 6: trying to figure out which of those parameters is going

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Speaker 6: to accelerate. So I like things that grow faster than us,

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Speaker 6: that are more recurring than seventy percent, and that have

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Speaker 6: a profit margin in percentage terms higher than we have.

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Speaker 6: And if it has all three of those and it's

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Speaker 6: in our space, we're probably going to do the deal.

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Speaker 6: If it has two of those, it's better, and not

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Speaker 6: all three, only two, but I can figure out how

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Speaker 6: to accelerate the third. That's even better. If it has

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Speaker 6: none of those three, but I can look at it

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Speaker 6: and say, when I own it, I will be able

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Speaker 6: to accelerate all three of those. Those are the best

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Speaker 6: because then you buy those for cheaper and they become

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Speaker 6: more accretive in value terms. That's kind of the thesis

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Speaker 6: on the full terrorI side. On the personal side, it's

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Speaker 6: two things. I invest in things that I know and

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Speaker 6: understand because I have a lot of time, so I

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Speaker 6: need to expeble to look from distance and say, okay,

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Speaker 6: you know this, it doesn't look like it's going well. Right,

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Speaker 6: So you need to have pattern recognition and a rhythm

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Speaker 6: for those businesses. So that's normally property and tech, and

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Speaker 6: now I do stuff with startups, which is more to

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Speaker 6: be supportive to founders who've got a great idea and

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Speaker 6: I think I can add value and that's less about

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Speaker 6: whether I'll get a standout return and more just this

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Speaker 6: guy's great there. He's from Lewisham like me. You know,

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Speaker 6: I think if I participate in this, let's go South London. Yeah,

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Speaker 6: then I'll invest in. I'll invest in that.

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Speaker 4: This is interesting.

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Speaker 2: I wonder when you talk to founders, like you said,

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Speaker 2: you do private equity, and so one of the things

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Speaker 2: that we notice, especially in the States, is that when

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Speaker 2: we have a company, we like to hold on to

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Speaker 2: our companies. We don't like to sell because there's a

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Speaker 2: stigma that if I sell a piece of ownership.

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Speaker 4: I've sort of sold out.

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Speaker 2: What's that like when you approach founders when you're looking

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Speaker 2: at to be a part of the investment opportunity and

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Speaker 2: ownership of a company.

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Speaker 6: Yeah, I get it because I talk to founders all

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Speaker 6: the time. You know, they started their company in nineteen

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Speaker 6: ninety eight, they remortgage their house three times. You know,

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Speaker 6: they've been living in this business for twenty years, haven't

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Speaker 6: seen their kids, two divorces, and then I show up

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Speaker 6: and say, you know, on my maths, this thing is

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Speaker 6: worth you know, eighty million, and the guys or the

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Speaker 6: lady saying, I feel like my life's work is worth

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Speaker 6: you know, more than that, or I don't like the

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Speaker 6: emotional element of just handing it over to you for money.

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Speaker 6: There's two hundred people in this company who I know

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Speaker 6: their names, I know their family, so I get the

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Speaker 6: emotional element of doing those deals. What I've always tried

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Speaker 6: to do those conversations explain that the legacy of the

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Speaker 6: founder will continue under my under my ownership, right, so

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Speaker 6: the things that they wanted to do, the things that

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Speaker 6: were important to them in building that company, will continue

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Speaker 6: to be important as long as that's true.

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Speaker 4: Like sometimes you're.

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Speaker 6: Buying a company, you know you're going to have the

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Speaker 6: workforce on day one, which isn't a nice thing to do,

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Speaker 6: but that's the capitalists in us, and that's the that's

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Speaker 6: the business. But as far as you can continue a

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Speaker 6: founder's legacy and cash them out in a meaningful way

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Speaker 6: for it, it's normally it's normally a good a good thing.

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Speaker 6: And fortunately I've kind of built a reputation. So when

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Speaker 6: I speak to founders and say I'm going to continue

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Speaker 6: a legacy. Go talk to these six founders who I

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Speaker 6: acquired companies from before, they'll tell you that that's what happened.

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Speaker 6: I've been able to trade a bit on my reputation,

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Speaker 6: you know, my reputation with that. But there is this

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Speaker 6: like fetish of complete ownership, which you know, which which

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Speaker 6: I just don't agree with, Like it's about value creation,

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Speaker 6: like how does how does ten million become one hundred million?

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Speaker 6: And if if I can make one hundred million owning

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Speaker 6: the minority steak or make twenty million own in all

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Speaker 6: of it, I'm a capitalist, so I'd rather take the

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Speaker 6: hundred than the minority steak. So yeah, I don't know

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Speaker 6: why sometimes, especially in that culture, we're a little bit

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Speaker 6: obsessed with you know, ownership or all costs.

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Speaker 4: And I don't get I don't get that. So let

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Speaker 4: me ask you this.

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Speaker 5: As far as for people that are looking to get capital,

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Speaker 5: whether it's on you know, private equity side, a bunch

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Speaker 5: of capital side, what should they do to prepare themselves

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Speaker 5: to pitch their companies to somebody like you.

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Speaker 4: It's a great question.

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Speaker 6: Well, unfortunately, less than one percent of available private equity

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Speaker 6: capital goes to minority founders. So if you look like me,

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Speaker 6: you have a disproportionately poor likelihood of getting funded, which

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Speaker 6: is something you know through my relationship and ship a

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Speaker 6: cornerstone we're trying to we're trying to train that we're

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Speaker 6: focused on investing in underrepresented founders. I think, yeah, I

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Speaker 6: see pictures all the time, maybe maybe a one hundred

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Speaker 6: messages a week or pictures the team at f FG

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Speaker 6: probably get, probably get more. First of all, I invest

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Speaker 6: when I invest personally in a business, not on the

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Speaker 6: full terier side. Personally, I'm investing in the person first,

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Speaker 6: like the person, because a good person will make an

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Speaker 6: average idea a success. An average person can destroy good

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Speaker 6: but good idea. Right, So first thing is the person.

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Speaker 6: So any business I'm investing on the personal side, I

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Speaker 6: spend so much time with the person, Like they come

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Speaker 6: to my house for dinner, and go and meet their family.

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Speaker 6: We go and watch games, We sit and drink alcohol

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Speaker 6: because people tell the truth after they've been drinking.

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Speaker 4: True, great strategy.

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Speaker 6: So I spent a bunch of time, right and normally.

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Speaker 6: What I'm looking for in that person is, you know,

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Speaker 6: all the all the normal things, good work, ethic, good

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Speaker 6: business mind. But I want I find the reason that

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Speaker 6: this person needs to be successful for themselves. I need

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Speaker 6: the driver in the person. I don't want the person

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Speaker 6: to tell me if you invest in me, I'll make

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Speaker 6: sure you make a return.

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Speaker 4: I don't want that.

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Speaker 6: I want the person to say, I was bullied at school,

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Speaker 6: my girlfriend left me, I lost a bunch of money,

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Speaker 6: and this making this a success. This is how I

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Speaker 6: This is how I change my past and creating future

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Speaker 6: right time. As the person is the first thing. The

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Speaker 6: second thing is a well fought out idea, and a

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Speaker 6: well fought out idea isn't always somebody describing how this

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Speaker 6: is going to be the next Facebook or Snapchat, which

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Speaker 6: too many founders do, and they I don't think they

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Speaker 6: realize the kind of scarcity element of a Facebook or

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Speaker 6: a Snapchat. And I don't think they realize how much

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Speaker 6: money there is to be made, you know, like a

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Speaker 6: free extra return is crazy, right, that's great, So don't

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Speaker 6: tell me I give you fifty grand and give me

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Speaker 6: back fifty million and six years give fifty grand, giveing

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Speaker 6: bick one hundred and fifty grand in six seven years time.

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Speaker 4: Amazing.

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Speaker 6: So a well fought out business idea with a path

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Speaker 6: to like a modest return, I'm all in.

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Speaker 4: And then like accuracy in the numbers.

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Speaker 6: I've seen a lot where people pitch businesses and they're

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Speaker 6: very visionary, they're very creative, which I admire because I'm not.

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Speaker 6: And then we get to the numbers and they're kind

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Speaker 6: of like, well, you know, you don't really need to

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Speaker 6: worry about those too much, and I've forgotten and oh shit,

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Speaker 6: I've just realized this isn't adding up the way it's

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Speaker 6: supposed to. Like, at some point, this company is going

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Speaker 6: to have an amount of pounds in the bank, and

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Speaker 6: if you are not a careful custodian of those pounds, yes,

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Speaker 6: bad things are going to happen. So if you're pitching

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Speaker 6: your business and you didn't have the fortitude to even

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Speaker 6: rehearse to pretend you were going to be good at

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Speaker 6: managing the pounds, yeah, you know, I'm out.

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Speaker 4: I'm out.

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Speaker 6: And sometimes people talk to me as I just have

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Speaker 6: multiple fifty fiveands of pounds that I'm just wanting to

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Speaker 6: toss around, like for vibes and you know, because it's

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Speaker 6: funny to do.

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Speaker 7: Vibes are important, but yeah, it's that's not going to happen. Yeah,

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Speaker 7: so those would be my free I feel.

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Speaker 3: Like the geopolitical market and overall stock market has been

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Speaker 3: in a weird place since twenty nineteen. As an investor

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Speaker 3: and business owner, do you think these next three or

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Speaker 3: four years will become a little bit easier or are

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Speaker 3: we like setting up for a black Swan event here

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Speaker 3: anytime soon.

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Speaker 6: I think it's a great time to be an investor,

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Speaker 6: isn't it. Like all the nervousness, caution, downturn and these

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Speaker 6: are great times for investors because history has told us,

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Speaker 6: you know, we come out of recessions, we come out

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Speaker 6: of downturns, right, That's what history has told us. So

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Speaker 6: if you deploy capital now, if you're able to deploy

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Speaker 6: capital now, and you're able to leave that capital deployed,

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Speaker 6: you're almost invariably going to make money. Now you have

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Speaker 6: to make good choices about where you deploy it. But

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Speaker 6: downturns are just you know, kind of infinite opportunity. So

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Speaker 6: on a personal level, I've been invested more in this

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Speaker 6: downturn then you know in twenty eighteen, twenty nineteen.

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Speaker 3: Quick follow up, Are you worried about VC valuations the

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Speaker 3: commercial real estate bubble that can pop any contagion level

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Speaker 3: events or are you just head down focus focusing on

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Speaker 3: the supercycles and buying.

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Speaker 6: These are timing, These are all timing events. They're all

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Speaker 6: time And like if you if you you know, you

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Speaker 6: buy a house to live in that house, and at

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Speaker 6: some point you might sell that house over a twenty

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Speaker 6: five year period, you're going to lose money on that house.

431
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Speaker 6: Not over twenty five year period that is going to

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Speaker 6: be worth a lot more than you paid for it.

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Speaker 6: So the only thing that matters is the moment in

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Speaker 6: time when you need to sell that house. That's true,

435
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Speaker 6: that's the only thing that matters. So so downturns, if

436
00:21:42,880 --> 00:21:44,920
Speaker 6: you have capital, if you have liquidity, if you can

437
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Speaker 6: get it, are great times to invest. And that's what

438
00:21:47,960 --> 00:21:49,240
Speaker 6: that's what I've been doing. That's what we've been doing

439
00:21:49,240 --> 00:21:52,359
Speaker 6: at FFG. We're so aggressive a court and trying to

440
00:21:52,400 --> 00:21:54,640
Speaker 6: find stuff. You know, we bought six companies last year

441
00:21:55,040 --> 00:21:58,240
Speaker 6: at for Tierra a little bit because of that. So, yeah,

442
00:21:58,240 --> 00:22:00,199
Speaker 6: you don't want to buy something at the peace of

443
00:22:00,280 --> 00:22:04,040
Speaker 6: that absolutely not. That's tough, but yeah, it's a great,

444
00:22:04,440 --> 00:22:05,159
Speaker 6: great time to be.

445
00:22:05,359 --> 00:22:06,280
Speaker 4: What's your holding period?

446
00:22:06,359 --> 00:22:10,600
Speaker 6: My last follow up, It depends, it depends what it is.

447
00:22:10,640 --> 00:22:13,639
Speaker 6: So for real estate, you know, we own a lot

448
00:22:13,640 --> 00:22:19,240
Speaker 6: of properties double digit years, you know, ten, ten, fifteen years.

449
00:22:19,280 --> 00:22:23,320
Speaker 6: Maybe tech clap it up seven seven?

450
00:22:23,560 --> 00:22:25,600
Speaker 4: What seven? Tech? Tech is?

451
00:22:25,880 --> 00:22:29,520
Speaker 6: Tech is up up to seven because normally over a

452
00:22:29,560 --> 00:22:32,800
Speaker 6: seven year cycle and privately held tech, yeah, you find it.

453
00:22:32,840 --> 00:22:35,520
Speaker 6: You find a moment to find a moment to get out.

454
00:22:35,560 --> 00:22:37,840
Speaker 6: But also tech can kind of define valuations. If you

455
00:22:37,880 --> 00:22:40,960
Speaker 6: have a hot company, strategic buyer, you can defy kind

456
00:22:40,960 --> 00:22:43,840
Speaker 6: of market conditions and valuations to tech a little bit.

457
00:22:43,760 --> 00:22:44,119
Speaker 4: A little bit.

458
00:22:44,560 --> 00:22:46,959
Speaker 2: Can we go back to last year February twenty twenty two,

459
00:22:47,560 --> 00:22:49,800
Speaker 2: And I just want to give people context when we

460
00:22:49,800 --> 00:22:51,639
Speaker 2: talk about this is a rare conversation. This is a

461
00:22:51,720 --> 00:22:56,880
Speaker 2: legendary moment for Tero achieved something that I don't think

462
00:22:56,880 --> 00:22:59,400
Speaker 2: we've spoken to anybody that has done this. You achieved

463
00:23:00,080 --> 00:23:04,639
Speaker 2: tech unicorn, right, which means a billion dollars raised.

464
00:23:04,960 --> 00:23:08,440
Speaker 4: Please clap it up for that. That's tough.

465
00:23:08,920 --> 00:23:16,040
Speaker 2: A new market euros euros in euros even more. I mean,

466
00:23:16,400 --> 00:23:19,280
Speaker 2: I trust my intuition, but what is that like for you,

467
00:23:19,320 --> 00:23:22,080
Speaker 2: when you trust your intuition, you've got the process of

468
00:23:22,080 --> 00:23:25,680
Speaker 2: how you're gonna invest in companies. But when you see

469
00:23:25,680 --> 00:23:28,480
Speaker 2: something like this happened, what was that that moment.

470
00:23:28,280 --> 00:23:33,320
Speaker 6: Like, oh oh my god, that was Yeah, that was

471
00:23:33,480 --> 00:23:34,240
Speaker 6: that was unbelievable.

472
00:23:34,320 --> 00:23:36,480
Speaker 4: That was emotional for a few reasons. You know.

473
00:23:36,640 --> 00:23:40,399
Speaker 6: Number one, when I got to for Tero, the evaluation

474
00:23:40,600 --> 00:23:43,280
Speaker 6: was free seven six, So I walked to the door.

475
00:23:43,320 --> 00:23:47,879
Speaker 6: It was free seven six. Number two, I told the

476
00:23:47,880 --> 00:23:50,359
Speaker 6: investor who I was going to work with that twenty

477
00:23:50,400 --> 00:23:53,200
Speaker 6: four months billion euros and he was like, yeah, knowing

478
00:23:53,240 --> 00:23:56,120
Speaker 6: about it, you know six seven will be okay. I said, no,

479
00:23:56,520 --> 00:24:02,720
Speaker 6: been in euros. And just secondly, the again, the scarcity

480
00:24:02,760 --> 00:24:04,520
Speaker 6: of that, right. I think I did some people with

481
00:24:04,520 --> 00:24:08,439
Speaker 6: Bloomberg where they said there are six thy seven hundred

482
00:24:08,680 --> 00:24:12,439
Speaker 6: privately held companies on Earth with a market cap of

483
00:24:12,480 --> 00:24:15,720
Speaker 6: a billion or more, and only eight of them are

484
00:24:15,800 --> 00:24:20,320
Speaker 6: run by black you know, black operatuities. So to be

485
00:24:20,359 --> 00:24:23,360
Speaker 6: in that conversation is just unbelievable.

486
00:24:25,440 --> 00:24:32,320
Speaker 5: That's amazing. Yeah, that's that's all. I mean, that's pretty amazing,

487
00:24:32,359 --> 00:24:36,680
Speaker 5: But it's also pretty alarming. Yeah, six thousand companies, only

488
00:24:36,800 --> 00:24:39,639
Speaker 5: eight and only eight are run by a black person.

489
00:24:40,160 --> 00:24:42,200
Speaker 5: And another thing that's pretty alarm in which you spoke

490
00:24:42,200 --> 00:24:46,560
Speaker 5: about where So we spoke with a gentleman named Don Peebles,

491
00:24:46,600 --> 00:24:49,680
Speaker 5: who's the top black real estate developer in America and yeah,

492
00:24:49,680 --> 00:24:51,000
Speaker 5: shout out to.

493
00:24:52,320 --> 00:24:53,760
Speaker 4: And he he told us.

494
00:24:53,640 --> 00:24:58,560
Speaker 5: That there was eleven trillion in private equity and venture

495
00:24:58,600 --> 00:25:02,440
Speaker 5: capital in America, money that's been flowing every every single year.

496
00:25:03,920 --> 00:25:08,800
Speaker 5: And out of that eleven trillion, ninety seven point five

497
00:25:08,880 --> 00:25:16,440
Speaker 5: percent goals to white men. So that means that two

498
00:25:16,520 --> 00:25:22,399
Speaker 5: point five percent is divvied up between women, all women

499
00:25:22,480 --> 00:25:28,800
Speaker 5: of every race, and every person of any color, Black, Spanish, Indian,

500
00:25:29,440 --> 00:25:33,320
Speaker 5: doesn't matter. So the whole entire, every single person outside

501
00:25:33,359 --> 00:25:36,159
Speaker 5: of white men are fighting for two point five percent.

502
00:25:36,600 --> 00:25:39,400
Speaker 5: So when we spoke to Robert Smith, who.

503
00:25:40,359 --> 00:25:42,600
Speaker 2: This episode is brought to you by P and C Bank.

504
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512
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516
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517
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518
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519
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520
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521
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523
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524
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525
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526
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527
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528
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529
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530
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531
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532
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535
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536
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Speaker 5: Who's the richest Black American ever? He told us the

537
00:27:33,880 --> 00:27:38,560
Speaker 5: other side of that story where he said that seven

538
00:27:39,480 --> 00:27:42,840
Speaker 5: ninety seven point five percent of all venture capital and

539
00:27:42,920 --> 00:27:46,720
Speaker 5: private equity firms are run by white men.

540
00:27:47,040 --> 00:27:49,800
Speaker 4: So now it starts to make sense. White men lend

541
00:27:49,880 --> 00:27:50,360
Speaker 4: to white men.

542
00:27:51,640 --> 00:27:58,400
Speaker 5: So how do we have more private equity venture capital firms?

543
00:27:58,760 --> 00:28:01,800
Speaker 5: Because I mean, it's been proved and that people kind

544
00:28:01,800 --> 00:28:06,919
Speaker 5: of usually look out for each other, and that's just

545
00:28:07,000 --> 00:28:13,919
Speaker 5: like historical fact. So black firms higher proportionally lend to

546
00:28:14,000 --> 00:28:16,399
Speaker 5: black people. It would make sense. The problem is that

547
00:28:16,440 --> 00:28:18,480
Speaker 5: we just don't have enough black companies. So how do

548
00:28:18,560 --> 00:28:22,080
Speaker 5: we get more black private equity firms and more black

549
00:28:22,160 --> 00:28:25,760
Speaker 5: venture capital because that's the part of the wealth gap

550
00:28:25,800 --> 00:28:29,240
Speaker 5: that nobody talks about. Yeah, where it's like, okay, you

551
00:28:29,280 --> 00:28:31,600
Speaker 5: know you can, we can implement programs, we can get

552
00:28:31,640 --> 00:28:35,000
Speaker 5: more college degrees, but you ultimately are only going to

553
00:28:35,040 --> 00:28:37,080
Speaker 5: be as good as the exposure that you have in

554
00:28:37,119 --> 00:28:39,800
Speaker 5: the capital that you can raise. So if you don't

555
00:28:39,840 --> 00:28:43,200
Speaker 5: have access to money and you don't have any relationships,

556
00:28:43,200 --> 00:28:45,240
Speaker 5: you could be the brightest person in the world.

557
00:28:45,320 --> 00:28:46,080
Speaker 4: It's not going to work.

558
00:28:46,480 --> 00:28:52,200
Speaker 5: Where Mark Zuckerberg he has a great idea, but more importantly,

559
00:28:52,600 --> 00:28:56,000
Speaker 5: he has millions of dollars in capital to get Facebook started.

560
00:28:56,320 --> 00:28:59,120
Speaker 5: If he didn't have that money, then Facebook would have

561
00:28:59,120 --> 00:29:01,240
Speaker 5: just been another good idea. Yeah, so how do we

562
00:29:01,280 --> 00:29:03,720
Speaker 5: solve how do we help work to solve this problem?

563
00:29:03,880 --> 00:29:06,200
Speaker 4: Wow? I don't know.

564
00:29:06,760 --> 00:29:10,400
Speaker 6: No, Okay, it's a big it's a big deal. I

565
00:29:10,400 --> 00:29:13,880
Speaker 6: think there's like a few there's a few different elements

566
00:29:13,880 --> 00:29:20,360
Speaker 6: to write. So I'm a big believer in taking responsibility

567
00:29:20,560 --> 00:29:23,440
Speaker 6: for it. Right, let's take let's take responsibility for it.

568
00:29:23,880 --> 00:29:28,040
Speaker 6: I think I don't have hostility towards the way capital

569
00:29:28,120 --> 00:29:31,760
Speaker 6: is deployed by private equity, your bench capital, because of

570
00:29:31,800 --> 00:29:35,320
Speaker 6: the familiarity with what you see. Right, So I don't

571
00:29:35,360 --> 00:29:37,760
Speaker 6: hold any grudge to a white man who's going to

572
00:29:37,800 --> 00:29:41,920
Speaker 6: make a fifty million euro investment in a company doing

573
00:29:41,960 --> 00:29:45,440
Speaker 6: it to something and somebody that he feels very comfortable with,

574
00:29:45,640 --> 00:29:48,320
Speaker 6: very familiar with. He's seen a bunch of times before. Right,

575
00:29:48,520 --> 00:29:51,520
Speaker 6: I don't have any I don't have any any issue

576
00:29:51,520 --> 00:29:53,720
Speaker 6: with that. His job is to turn that capital into

577
00:29:53,720 --> 00:29:56,080
Speaker 6: more capital. So if he's more comfortable with this bet

578
00:29:56,160 --> 00:30:00,120
Speaker 6: versus this one, I don't. I don't have hostility towards

579
00:30:00,920 --> 00:30:04,560
Speaker 6: for doing that. So when I say take responsibility, I

580
00:30:04,600 --> 00:30:07,479
Speaker 6: mean I feel like there's an element, there's an element

581
00:30:07,600 --> 00:30:11,600
Speaker 6: of us understanding this game. And when we walk into

582
00:30:11,640 --> 00:30:15,200
Speaker 6: those rooms understanding the one hundred and ten percent is

583
00:30:15,200 --> 00:30:18,320
Speaker 6: the minimum. One hundred and twenty percent maybe gets us

584
00:30:18,320 --> 00:30:18,720
Speaker 6: the gig.

585
00:30:18,920 --> 00:30:19,080
Speaker 4: Right.

586
00:30:19,080 --> 00:30:22,560
Speaker 6: That's just where we are in society. We're a minority

587
00:30:22,600 --> 00:30:25,320
Speaker 6: in most of the major economies. So whether we like

588
00:30:25,360 --> 00:30:26,760
Speaker 6: it or not, that is the gig.

589
00:30:26,960 --> 00:30:27,120
Speaker 4: Right.

590
00:30:27,160 --> 00:30:29,000
Speaker 6: So when I say to you, I see I spend

591
00:30:29,040 --> 00:30:32,000
Speaker 6: every Saturday morning looking at pictures for f FG. And

592
00:30:32,120 --> 00:30:34,680
Speaker 6: let's say I look at ten pictures each Saturday morning,

593
00:30:35,480 --> 00:30:36,960
Speaker 6: I can tell you that seven or eight of those

594
00:30:36,960 --> 00:30:41,960
Speaker 6: pictures are poorly prepared, contained spelling mistakes, how people are

595
00:30:42,280 --> 00:30:45,920
Speaker 6: wrestling with the technology for the first time. And this

596
00:30:46,000 --> 00:30:48,480
Speaker 6: is before we get to the viability of the business idea.

597
00:30:49,080 --> 00:30:50,960
Speaker 6: Before we get to the viability of the business idea,

598
00:30:51,600 --> 00:30:54,960
Speaker 6: we can show up better than that let's invest and

599
00:30:55,160 --> 00:30:57,560
Speaker 6: use our friends and use our networks to show up

600
00:30:57,760 --> 00:31:00,560
Speaker 6: to show up better. So let's take responsibility for being

601
00:31:00,640 --> 00:31:03,480
Speaker 6: uber excellent in the first place. Then there comes the

602
00:31:03,520 --> 00:31:08,240
Speaker 6: next part, which is, you know, coming up with something

603
00:31:08,240 --> 00:31:12,520
Speaker 6: that is credible, viable, and having the tenacity to push

604
00:31:12,520 --> 00:31:16,000
Speaker 6: it in the first place. Right, So, being prepared for

605
00:31:16,040 --> 00:31:19,480
Speaker 6: the noose, being prepared for the ego bumps, but continue

606
00:31:19,520 --> 00:31:24,160
Speaker 6: to go. Because even Zuckerberg and Jobs and Bezos all

607
00:31:24,200 --> 00:31:26,400
Speaker 6: had their moments where people were kicking them in the

608
00:31:26,400 --> 00:31:28,840
Speaker 6: shins and saying this thing perhaps isn't going to make

609
00:31:28,840 --> 00:31:31,000
Speaker 6: it out. So we have to be ready for those

610
00:31:31,040 --> 00:31:34,360
Speaker 6: things too. And then yeah, there is us in private equity.

611
00:31:34,520 --> 00:31:37,920
Speaker 6: There is us in vcs who have to work harder

612
00:31:37,960 --> 00:31:41,440
Speaker 6: to break that familiarity cycle of only other deploying capital

613
00:31:41,480 --> 00:31:43,440
Speaker 6: and things that we've seen before, things that we know before,

614
00:31:43,640 --> 00:31:46,560
Speaker 6: and people that we've worked with before. Right, And I

615
00:31:46,600 --> 00:31:48,320
Speaker 6: take myself out of that for a moment, because now

616
00:31:48,360 --> 00:31:50,800
Speaker 6: we're talking about the people who control those firms who

617
00:31:50,880 --> 00:31:53,680
Speaker 6: are invariably you know, not us and don't look like us.

618
00:31:53,840 --> 00:31:56,600
Speaker 6: There is more effort that needs to be made, you know,

619
00:31:56,960 --> 00:32:00,960
Speaker 6: to break that familiarity cycle. I definitely put it in

620
00:32:01,000 --> 00:32:04,320
Speaker 6: place free. I definitely put in place free. Do we

621
00:32:04,440 --> 00:32:08,000
Speaker 6: collectively want private equity to deploy a pound behind the

622
00:32:08,040 --> 00:32:12,240
Speaker 6: black founder who is, you know, poorly prepared, poorly researched.

623
00:32:12,240 --> 00:32:16,400
Speaker 6: I don't think that's reasonable. Show up a game, well researched,

624
00:32:16,800 --> 00:32:21,160
Speaker 6: well prepared, good deck, and then yeah, then then you've

625
00:32:21,240 --> 00:32:23,840
Speaker 6: put it on them to back you. At that point,

626
00:32:23,920 --> 00:32:25,280
Speaker 6: I think we've got to take a lot responsible.

627
00:32:25,320 --> 00:32:30,240
Speaker 4: Never follow up. You gotta follow up. Okay, well I

628
00:32:30,240 --> 00:32:32,520
Speaker 4: do have a follow up. I know him, go ahead.

629
00:32:32,560 --> 00:32:34,960
Speaker 5: I agree with everything you said, but I also think

630
00:32:35,000 --> 00:32:38,400
Speaker 5: that it's awareness to have positions of So I we

631
00:32:38,400 --> 00:32:40,400
Speaker 5: was at Diddy's house and.

632
00:32:41,720 --> 00:32:44,480
Speaker 4: Shout out to Black Caesar. You see the little casual,

633
00:32:44,640 --> 00:32:45,800
Speaker 4: humble flex talk.

634
00:32:45,880 --> 00:32:49,200
Speaker 3: Your talk said again, well Miami, Sarry Island, where were

635
00:32:49,240 --> 00:32:49,440
Speaker 3: you at?

636
00:32:49,560 --> 00:32:50,680
Speaker 4: Wait, where were you at.

637
00:32:52,120 --> 00:32:55,360
Speaker 2: That you've heard of that guy before?

638
00:32:55,640 --> 00:32:56,800
Speaker 4: Yeah, that's cool.

639
00:32:57,080 --> 00:32:59,440
Speaker 5: So we was talking and he was very passionate about

640
00:32:59,800 --> 00:33:01,760
Speaker 5: one and to solved the wealth gap and wanting to

641
00:33:01,760 --> 00:33:05,400
Speaker 5: help black people. And I was telling him that, Okay,

642
00:33:05,560 --> 00:33:09,640
Speaker 5: we have some people now that have become billionaires through entertainment,

643
00:33:09,920 --> 00:33:14,600
Speaker 5: through sports, a couple of different areas. It's great to

644
00:33:15,080 --> 00:33:18,240
Speaker 5: start a clothing brand or start a tequila brand. But

645
00:33:18,720 --> 00:33:21,200
Speaker 5: what would be better is if a few of them

646
00:33:21,240 --> 00:33:24,600
Speaker 5: came together and started a private equity firm, or started

647
00:33:24,600 --> 00:33:30,760
Speaker 5: a venture capital firm, or started a political lobby all. So,

648
00:33:30,920 --> 00:33:33,360
Speaker 5: I think that part of that is the education for

649
00:33:34,000 --> 00:33:37,160
Speaker 5: the people that do have resources. They may not be

650
00:33:37,200 --> 00:33:40,720
Speaker 5: able to do it themselves, but collectively, and they're not expertise.

651
00:33:40,720 --> 00:33:42,320
Speaker 5: That's what we said, I'm not expert. Well, you don't

652
00:33:42,360 --> 00:33:44,360
Speaker 5: have to be an expert. This is when you bring

653
00:33:44,400 --> 00:33:47,040
Speaker 5: somebody that has an expertise in to run the company,

654
00:33:47,360 --> 00:33:49,800
Speaker 5: just like somebody might not be an expert in fashion,

655
00:33:50,360 --> 00:33:55,960
Speaker 5: but they'll bring a designer in and they'll So I

656
00:33:57,480 --> 00:34:00,200
Speaker 5: understand why white people would while a white man will

657
00:34:00,240 --> 00:34:06,680
Speaker 5: lend to a white man, But it is not sustainable.

658
00:34:07,160 --> 00:34:10,400
Speaker 5: There's a reason why the economies is on the dcline.

659
00:34:11,440 --> 00:34:12,600
Speaker 5: This is what I told we was in front of

660
00:34:12,680 --> 00:34:15,160
Speaker 5: we was in Bloomberg. I told the room full of Bloomberg.

661
00:34:15,200 --> 00:34:19,520
Speaker 5: I said, look, the way that the capitalistic society in

662
00:34:19,520 --> 00:34:23,359
Speaker 5: America has worked is not working. And if you keep

663
00:34:23,440 --> 00:34:27,239
Speaker 5: if you keep with the same philosophy of empowering, the

664
00:34:27,280 --> 00:34:29,719
Speaker 5: problem is that a lot of people look at empowering

665
00:34:29,800 --> 00:34:31,480
Speaker 5: disenfranchised people as charity.

666
00:34:32,040 --> 00:34:33,400
Speaker 4: It's really it's best practices.

667
00:34:34,080 --> 00:34:36,360
Speaker 5: If you keep looking at like his charity, this is

668
00:34:36,400 --> 00:34:40,120
Speaker 5: why we are declining, right, and other countries are English.

669
00:34:41,560 --> 00:34:44,600
Speaker 5: So I think that we have to start pushing a

670
00:34:44,760 --> 00:34:49,880
Speaker 5: narrative of this, Like we got to push a narrative

671
00:34:49,920 --> 00:34:52,520
Speaker 5: to even make people aware that most people don't even

672
00:34:52,560 --> 00:34:54,480
Speaker 5: know that. They don't even know about private equity in

673
00:34:54,560 --> 00:34:56,440
Speaker 5: venture capital with different things that nature. So it's like,

674
00:34:56,800 --> 00:34:59,600
Speaker 5: we need more private aquit, more venture capital. But if

675
00:34:59,640 --> 00:35:01,760
Speaker 5: they're not even aware of it, or if the narrative

676
00:35:01,840 --> 00:35:04,880
Speaker 5: is not pushed for it, then we're not even in

677
00:35:04,880 --> 00:35:06,960
Speaker 5: a position where we can even try to help ourselves.

678
00:35:07,440 --> 00:35:09,120
Speaker 4: I think you're right.

679
00:35:10,200 --> 00:35:14,480
Speaker 6: But how it happens at scale, I think is something

680
00:35:14,520 --> 00:35:16,640
Speaker 6: that we can really take you know, we can really

681
00:35:16,640 --> 00:35:18,920
Speaker 6: take charge of. If you take court capital. We raised

682
00:35:18,960 --> 00:35:21,839
Speaker 6: one point two billion as part of my participation with them,

683
00:35:21,880 --> 00:35:24,120
Speaker 6: I said we are going to invest in ten black

684
00:35:24,160 --> 00:35:27,799
Speaker 6: lead businesses each and every year, right, which is cool.

685
00:35:28,600 --> 00:35:32,239
Speaker 6: Does it shift the needle entirely? Probably not. The main

686
00:35:32,360 --> 00:35:35,560
Speaker 6: reason that's important to me is it will condition these

687
00:35:35,560 --> 00:35:40,200
Speaker 6: guys to reviewing, you know, fifty sixty businesses right, so

688
00:35:40,239 --> 00:35:42,520
Speaker 6: now they see sixty businesses that they may otherwise not

689
00:35:42,560 --> 00:35:45,320
Speaker 6: have looked at. We'll invest in ten and you get

690
00:35:45,880 --> 00:35:48,719
Speaker 6: You start to change that familiarity cycle. And that, for

691
00:35:48,800 --> 00:35:51,839
Speaker 6: me is the main thing changing that familiarity cycle. That's

692
00:35:51,880 --> 00:35:55,040
Speaker 6: why these conversations are great. That's why you know my

693
00:35:55,200 --> 00:35:57,840
Speaker 6: career I think has been important. Away from the numbers,

694
00:35:58,040 --> 00:36:01,000
Speaker 6: there's now a set of private equity firms think what

695
00:36:01,080 --> 00:36:04,000
Speaker 6: we backed, we backed Dean, we made free for six

696
00:36:04,080 --> 00:36:06,319
Speaker 6: times our money. So when the next Dean walks through

697
00:36:06,360 --> 00:36:08,480
Speaker 6: the room, they kind of going, well, we don't want

698
00:36:08,480 --> 00:36:10,640
Speaker 6: to miss the next Dean, so maybe we listen to

699
00:36:10,680 --> 00:36:13,200
Speaker 6: this a little bit differently. For me, it's like breaking

700
00:36:13,239 --> 00:36:16,719
Speaker 6: that familiarity cycle. But we like we got to show

701
00:36:16,800 --> 00:36:18,960
Speaker 6: up with our a game, like we got to take

702
00:36:19,000 --> 00:36:19,920
Speaker 6: responsibility for that.

703
00:36:20,160 --> 00:36:24,360
Speaker 3: For all the entrepreneurs here, what project products or innovation

704
00:36:24,520 --> 00:36:27,360
Speaker 3: needs to be created and there's a new landscape that

705
00:36:27,400 --> 00:36:31,000
Speaker 3: will allow them like an irresistible path to get funded.

706
00:36:31,040 --> 00:36:34,640
Speaker 3: Because we have enough social media companies, we have enough door,

707
00:36:34,719 --> 00:36:37,080
Speaker 3: dash and delivery service type companies.

708
00:36:37,320 --> 00:36:38,319
Speaker 4: What's the next wave?

709
00:36:38,480 --> 00:36:41,359
Speaker 3: AI is already here, So I think most of us

710
00:36:41,360 --> 00:36:43,080
Speaker 3: may have missed the boat on that. What do you

711
00:36:43,080 --> 00:36:45,520
Speaker 3: think is the next innovation or project or product that

712
00:36:45,560 --> 00:36:47,200
Speaker 3: we need to create that can get funded.

713
00:36:47,600 --> 00:36:51,520
Speaker 6: The thing I struggle with the most for Terror, the

714
00:36:51,600 --> 00:36:56,080
Speaker 6: thing we struggle with the most at Corton and the

715
00:36:56,120 --> 00:36:58,520
Speaker 6: businesses we look at at Corton and even for Tero

716
00:36:58,560 --> 00:37:03,640
Speaker 6: struggle with is talent. It is, you know, finding brilliant people,

717
00:37:04,400 --> 00:37:06,360
Speaker 6: you know, getting them into the company, keeping them in

718
00:37:06,400 --> 00:37:08,600
Speaker 6: the company for the right amount of timing, and I

719
00:37:08,600 --> 00:37:11,480
Speaker 6: know it sounds strained, but like extracting value from them

720
00:37:11,480 --> 00:37:15,080
Speaker 6: whilst they're kind of a talent of our company. So

721
00:37:15,120 --> 00:37:20,520
Speaker 6: I think any technology solution that is helping companies find

722
00:37:20,680 --> 00:37:23,719
Speaker 6: the right talent, engage the right talent, extract value or

723
00:37:23,800 --> 00:37:27,360
Speaker 6: not extract exchange value because people should be compensated for

724
00:37:27,400 --> 00:37:31,280
Speaker 6: their work Like that to me is a really important

725
00:37:31,280 --> 00:37:35,239
Speaker 6: place right now. Our strategy to create value for TIRA,

726
00:37:35,320 --> 00:37:38,960
Speaker 6: I think is very defensible. Market conditions are favorable. Whether

727
00:37:39,120 --> 00:37:42,000
Speaker 6: or not I'm successful depends on, you know, the two

728
00:37:42,000 --> 00:37:45,279
Speaker 6: thousand people that come to work every day, the three

729
00:37:45,320 --> 00:37:47,320
Speaker 6: hundred of them that will leave, and the six hundred

730
00:37:47,360 --> 00:37:50,400
Speaker 6: of them are replaced with Like how does that cycle

731
00:37:50,520 --> 00:37:55,120
Speaker 6: move that that is where success or failure will be determined.

732
00:37:55,120 --> 00:37:59,760
Speaker 6: So anything around optimizing human capital human talent.

733
00:38:00,040 --> 00:38:00,799
Speaker 4: Followup real quick?

734
00:38:01,360 --> 00:38:04,120
Speaker 3: You think we have more talent if tech companies decided

735
00:38:04,160 --> 00:38:04,680
Speaker 3: to pay more?

736
00:38:07,840 --> 00:38:10,560
Speaker 4: You wan, it's a TEXTI somebody's going to work tomorrow.

737
00:38:11,800 --> 00:38:12,200
Speaker 6: That raise.

738
00:38:12,400 --> 00:38:14,560
Speaker 3: I mean, can we be very honest here at in

739
00:38:14,560 --> 00:38:16,600
Speaker 3: the States, there are a lot of people, I think

740
00:38:16,600 --> 00:38:19,200
Speaker 3: who are looking for jobs, But it seems when I

741
00:38:19,239 --> 00:38:22,120
Speaker 3: talk to people on a daily basis, they've almost given

742
00:38:22,200 --> 00:38:24,200
Speaker 3: up hope that almost all the good jobs are gone.

743
00:38:24,719 --> 00:38:27,160
Speaker 3: Or if I have a tremendous value, I won't. Does

744
00:38:27,200 --> 00:38:29,319
Speaker 3: everyone here feel like they're getting paid what they're worth?

745
00:38:33,800 --> 00:38:35,800
Speaker 3: Does anyone here feel like they are getting paid what

746
00:38:35,840 --> 00:38:36,239
Speaker 3: they're worth?

747
00:38:38,120 --> 00:38:40,799
Speaker 5: Shot out to you, nobody's gonna pay you like you

748
00:38:40,840 --> 00:38:45,080
Speaker 5: pay yourself, So you're never gonna get paid how much

749
00:38:45,120 --> 00:38:46,560
Speaker 5: you work unless you're paying yourself.

750
00:38:47,320 --> 00:38:49,920
Speaker 4: Great point. They took their clap back.

751
00:38:53,440 --> 00:38:58,920
Speaker 6: I don't know if if compensation creates talent. I know,

752
00:38:58,920 --> 00:39:01,160
Speaker 6: if I pay a person more, or they become more,

753
00:39:02,320 --> 00:39:05,560
Speaker 6: you know, they become more talented. I do think there's

754
00:39:05,640 --> 00:39:07,520
Speaker 6: like a comp issue. Like in the textplace, we've seen

755
00:39:07,520 --> 00:39:10,040
Speaker 6: Facebook been people Google have laid off a bunch of people.

756
00:39:10,160 --> 00:39:12,720
Speaker 6: I think even Amazon have announced the land of people.

757
00:39:13,040 --> 00:39:15,920
Speaker 6: So yeah, there's a there's a there's clearly a talent

758
00:39:16,120 --> 00:39:18,600
Speaker 6: and compensation issue in the tech space, for sure.

759
00:39:19,080 --> 00:39:21,080
Speaker 4: I think the beauty, but not of my company that

760
00:39:21,719 --> 00:39:26,560
Speaker 4: we got to be clear well comers. Uh.

761
00:39:26,840 --> 00:39:28,839
Speaker 2: The thing about tech and I love it is because

762
00:39:28,880 --> 00:39:31,440
Speaker 2: of the growth and because of innovation, because of the disruption

763
00:39:31,520 --> 00:39:32,200
Speaker 2: that it causes.

764
00:39:32,480 --> 00:39:33,840
Speaker 4: We said, AI is here.

765
00:39:34,400 --> 00:39:36,440
Speaker 2: I wonder how you look at it from a private

766
00:39:36,480 --> 00:39:40,200
Speaker 2: investor in terms of are you looking for companies that

767
00:39:40,400 --> 00:39:43,600
Speaker 2: are creating new forms of AI? Are you looking at

768
00:39:43,600 --> 00:39:47,000
Speaker 2: companies that if they had AI can enhance their performance?

769
00:39:47,719 --> 00:39:50,399
Speaker 6: We love the latter, Like if a company is doing

770
00:39:50,480 --> 00:39:54,239
Speaker 6: great and just haven't figured out that applying AI could

771
00:39:54,239 --> 00:39:57,480
Speaker 6: create a bunch of value, then yeah, you acquire that company,

772
00:39:57,520 --> 00:39:59,480
Speaker 6: you put the AI in and you created a set

773
00:39:59,480 --> 00:40:02,759
Speaker 6: of value. You know, they may they may be missed out.

774
00:40:02,800 --> 00:40:05,279
Speaker 6: And so yeah, we you know, we love AI. We're

775
00:40:05,320 --> 00:40:09,480
Speaker 6: doing some interesting things you know with with AI at

776
00:40:09,480 --> 00:40:11,600
Speaker 6: the moment. But any any company that we can acquire

777
00:40:11,640 --> 00:40:15,360
Speaker 6: where the application of AI is an immediate accelerant is

778
00:40:15,360 --> 00:40:17,000
Speaker 6: a is a great deal to go after.

779
00:40:17,200 --> 00:40:19,120
Speaker 2: Can I get to follow up real quick. Absolutely, So

780
00:40:19,360 --> 00:40:22,120
Speaker 2: in terms of creating talent, I want to go back

781
00:40:22,120 --> 00:40:24,600
Speaker 2: to that a little bit, because yes, AI will make

782
00:40:24,719 --> 00:40:27,359
Speaker 2: things more efficient until that talent level kind of gets

783
00:40:27,360 --> 00:40:29,880
Speaker 2: increased unless they have the talent inside of that space.

784
00:40:30,800 --> 00:40:35,600
Speaker 2: How do we go about forming intentionality around crafting the

785
00:40:35,640 --> 00:40:39,440
Speaker 2: talent or creating an incubator in a sense to have

786
00:40:39,560 --> 00:40:41,719
Speaker 2: talent so that we know where we can go if

787
00:40:41,760 --> 00:40:42,239
Speaker 2: we need it.

788
00:40:42,800 --> 00:40:45,080
Speaker 6: Yeah, Like, there's been a lot of debates about AI,

789
00:40:45,400 --> 00:40:47,720
Speaker 6: like wiping out mass jobs and these kind of things,

790
00:40:47,960 --> 00:40:49,920
Speaker 6: and it comes back to like the innovation question. You know,

791
00:40:50,000 --> 00:40:54,719
Speaker 6: like over over time, over decades, disruptions, innovations happening in

792
00:40:54,719 --> 00:40:57,120
Speaker 6: the market. The wheel took out a bunch of jobs

793
00:40:57,120 --> 00:40:59,680
Speaker 6: where people would carry stuff from one place to another place.

794
00:41:00,080 --> 00:41:02,040
Speaker 6: We had the wheel, so now it needed one person

795
00:41:02,080 --> 00:41:05,000
Speaker 6: to drive wherever it was. So like this stuff happens,

796
00:41:05,080 --> 00:41:08,200
Speaker 6: you know, all of the time. So like humanity will

797
00:41:08,280 --> 00:41:11,880
Speaker 6: just redefine itself. I think although AI is probably the

798
00:41:11,880 --> 00:41:15,600
Speaker 6: biggest you know, innovation disruption of the of the twentieth century,

799
00:41:15,640 --> 00:41:20,120
Speaker 6: of twenty first century, in terms of talent, people are

800
00:41:20,160 --> 00:41:24,719
Speaker 6: staying less in education than they ever have, and people

801
00:41:24,760 --> 00:41:28,319
Speaker 6: are staying shorter tenures in jobs than they ever have.

802
00:41:28,760 --> 00:41:31,120
Speaker 6: So as an employer, I am a little bit worried

803
00:41:31,120 --> 00:41:35,640
Speaker 6: about like the depth of expertise. So where people stayed

804
00:41:36,040 --> 00:41:38,240
Speaker 6: ten years in a job and they built up incredible

805
00:41:38,280 --> 00:41:40,479
Speaker 6: expertise and the main knowledge in the job, don't really

806
00:41:40,520 --> 00:41:43,440
Speaker 6: do that anymore. And where people stayed in education and

807
00:41:43,520 --> 00:41:47,319
Speaker 6: got PhDs because it was the thing to do, they don't.

808
00:41:47,400 --> 00:41:48,440
Speaker 4: They don't do that anymore.

809
00:41:48,480 --> 00:41:52,279
Speaker 6: So you know, statistically you would expect the degree of

810
00:41:52,320 --> 00:41:54,960
Speaker 6: expertise to fall off, which.

811
00:41:54,800 --> 00:41:59,600
Speaker 4: As an employer is a worrying, a worrying phenomenon. That question,

812
00:42:00,280 --> 00:42:01,319
Speaker 4: how are you how are you?

813
00:42:01,320 --> 00:42:03,279
Speaker 5: You say you're excited about AI as far, how are

814
00:42:03,320 --> 00:42:06,800
Speaker 5: you utilizing AI and what are your plans to utilize

815
00:42:06,840 --> 00:42:08,240
Speaker 5: AI in your in your businesses?

816
00:42:08,560 --> 00:42:12,520
Speaker 6: So so at for Terra the main application of AI,

817
00:42:12,560 --> 00:42:15,520
Speaker 6: which I think is pretty cool. So we serve industrial

818
00:42:15,560 --> 00:42:20,640
Speaker 6: companies who are usually manufacturing goods, manufacturing you know, different

819
00:42:20,760 --> 00:42:24,880
Speaker 6: elements and machinery, et cetera. So for some of our customers,

820
00:42:25,080 --> 00:42:27,480
Speaker 6: the goods and products that they make are kind of

821
00:42:27,520 --> 00:42:30,520
Speaker 6: weather dependent. So we have a weather customer who makes

822
00:42:30,719 --> 00:42:37,880
Speaker 6: garden furniture. So we are using AI to predict sales demand,

823
00:42:38,000 --> 00:42:42,640
Speaker 6: which is based on historical trends, effectiveness of their salespeople,

824
00:42:42,800 --> 00:42:47,319
Speaker 6: plus weather patterns forward forward facing weather patterns, so we

825
00:42:47,400 --> 00:42:50,480
Speaker 6: know in good weather times people all the more kind

826
00:42:50,520 --> 00:42:53,960
Speaker 6: of garden furniture, and bad weather times they don't. Now

827
00:42:54,040 --> 00:42:57,080
Speaker 6: that's important because instead of buying I don't know, to

828
00:42:57,120 --> 00:43:00,480
Speaker 6: have a garden table, which is predominantly glass. So instead

829
00:43:00,480 --> 00:43:04,200
Speaker 6: of buying fifty glass sheets for these tables because they've

830
00:43:04,200 --> 00:43:08,640
Speaker 6: got fifty two orders, they buy three hundred glass sheets

831
00:43:09,000 --> 00:43:12,160
Speaker 6: because they anticipate three hundred orders. And as we know,

832
00:43:12,239 --> 00:43:14,600
Speaker 6: you buy three hundred at a lower price per unit

833
00:43:14,640 --> 00:43:17,600
Speaker 6: than you buy fifty. So it's just unlocking margin for

834
00:43:17,640 --> 00:43:20,480
Speaker 6: them with clever use of AI, and you apply that

835
00:43:20,840 --> 00:43:23,880
Speaker 6: across all of their products, all the timelines, all the

836
00:43:23,920 --> 00:43:30,480
Speaker 6: sales people. You help them incrementally buy elements and components

837
00:43:30,520 --> 00:43:33,960
Speaker 6: of their products at a lower and lower per unit price.

838
00:43:34,239 --> 00:43:37,239
Speaker 6: You also help them not stock things that they're not

839
00:43:37,280 --> 00:43:41,040
Speaker 6: going to sell, so now they're not buying things, deploying cash,

840
00:43:41,320 --> 00:43:43,960
Speaker 6: putting it in the warehouse, paying for its storage. So

841
00:43:44,000 --> 00:43:47,239
Speaker 6: you just helping them gain more and more margin. Very

842
00:43:47,320 --> 00:43:51,440
Speaker 6: very simple but effective use of AI Machine learning you've.

843
00:43:51,280 --> 00:43:54,239
Speaker 3: Had a few successful exits, just talk like it's just

844
00:43:54,400 --> 00:43:57,000
Speaker 3: me and you like it's maybe for you. How the

845
00:43:57,040 --> 00:43:59,399
Speaker 3: hell you pull us off this many times? Like welk

846
00:43:59,480 --> 00:44:02,120
Speaker 3: us through your and can you tell us how difficult

847
00:44:02,120 --> 00:44:04,239
Speaker 3: it is to have that many exits? But for all

848
00:44:04,239 --> 00:44:08,560
Speaker 3: the aspiring entrepreneurs entrepreneurs in a building, did you start

849
00:44:08,600 --> 00:44:10,000
Speaker 3: with that end goal in mind?

850
00:44:10,400 --> 00:44:12,319
Speaker 4: Or like what was your rationale?

851
00:44:12,680 --> 00:44:14,359
Speaker 3: Because like to be able to do what you've done

852
00:44:14,400 --> 00:44:16,640
Speaker 3: and be a unicorn that's not by accident.

853
00:44:18,280 --> 00:44:23,520
Speaker 6: Uh. I always had like each project at a time,

854
00:44:23,600 --> 00:44:26,520
Speaker 6: Like I was never when I was at Primavera. I

855
00:44:26,560 --> 00:44:29,160
Speaker 6: was never thinking one day I'll be in a company

856
00:44:29,239 --> 00:44:30,839
Speaker 6: would do with the a unicorn. I was just kind

857
00:44:30,840 --> 00:44:34,279
Speaker 6: of at Primavera thinking man like, these people are talking

858
00:44:34,280 --> 00:44:36,279
Speaker 6: about this thing going for three hundred four hundred million,

859
00:44:36,280 --> 00:44:38,240
Speaker 6: and I've got three percent of this company.

860
00:44:38,440 --> 00:44:40,160
Speaker 4: That would be like life changing.

861
00:44:40,200 --> 00:44:42,200
Speaker 6: So now this deal has to get done because that's

862
00:44:42,239 --> 00:44:45,160
Speaker 6: gonna And then that happened and you go to KDS

863
00:44:45,480 --> 00:44:46,200
Speaker 6: and KDS was.

864
00:44:46,200 --> 00:44:48,120
Speaker 4: A much smaller company losing money.

865
00:44:49,040 --> 00:44:51,560
Speaker 6: So that was a pride thing where it was like, Okay,

866
00:44:51,600 --> 00:44:54,360
Speaker 6: I've come out of the comfort of Oracle you know,

867
00:44:54,440 --> 00:44:58,400
Speaker 6: the cachet of being in one of the world's greatest

868
00:44:58,440 --> 00:44:59,080
Speaker 6: tech companies.

869
00:44:59,320 --> 00:45:01,280
Speaker 4: I'm in this kind of startup in France.

870
00:45:01,320 --> 00:45:04,160
Speaker 6: It's going badly, so now this has to work right,

871
00:45:04,200 --> 00:45:06,120
Speaker 6: So now you're trying to make that work. And that

872
00:45:06,160 --> 00:45:09,640
Speaker 6: was very difficult. And then I went to core HR

873
00:45:10,080 --> 00:45:13,560
Speaker 6: and I was asking myself, are you any good you

874
00:45:13,880 --> 00:45:17,040
Speaker 6: did Primavari? You weren't the CEO you did KDS. Okay,

875
00:45:17,040 --> 00:45:20,680
Speaker 6: you've done one. You need to prove that you're actually

876
00:45:20,680 --> 00:45:22,880
Speaker 6: good and you know what you're doing. So that became

877
00:45:22,920 --> 00:45:24,400
Speaker 6: the core Hr thing. And then when I came out

878
00:45:24,440 --> 00:45:27,839
Speaker 6: of core HR and I had this opportunity. Yeah, that's

879
00:45:27,880 --> 00:45:30,200
Speaker 6: when I put the billion on it to say, I

880
00:45:30,320 --> 00:45:32,520
Speaker 6: like the sound of two billion and exit, So this

881
00:45:32,640 --> 00:45:34,320
Speaker 6: now has to be two billion.

882
00:45:34,640 --> 00:45:36,040
Speaker 4: It was always is.

883
00:45:36,080 --> 00:45:39,120
Speaker 3: Here casually he says that I guess two.

884
00:45:40,760 --> 00:45:43,000
Speaker 6: But you know something, and it's something I heard you

885
00:45:43,000 --> 00:45:47,440
Speaker 6: guys talk about as well. I was very lucky, like

886
00:45:47,520 --> 00:45:51,319
Speaker 6: people broke my horizons because growing up how I grew

887
00:45:51,360 --> 00:45:53,239
Speaker 6: up and how a lot of people grow up like

888
00:45:53,320 --> 00:45:56,440
Speaker 6: you cap your horizons. You start to think that certain

889
00:45:56,440 --> 00:45:59,720
Speaker 6: things are not possible, or certain numbers just sound too big.

890
00:46:00,040 --> 00:46:03,160
Speaker 6: I remember pitching KDS to Google, and we were in

891
00:46:03,160 --> 00:46:05,600
Speaker 6: the hotel room the night before we wanted Google to

892
00:46:05,640 --> 00:46:08,359
Speaker 6: buy KDS. So we're in the hotel room the night before.

893
00:46:08,360 --> 00:46:10,640
Speaker 6: We've had business plan and everything I said about investing

894
00:46:10,640 --> 00:46:12,799
Speaker 6: in well thought out business plan to just pulls that

895
00:46:12,840 --> 00:46:15,640
Speaker 6: for a second, because we're in the hotel room going

896
00:46:15,640 --> 00:46:17,920
Speaker 6: through the business plan, going this isn't exciting enough for

897
00:46:17,960 --> 00:46:19,680
Speaker 6: them to add a zero, add a zero to all

898
00:46:19,719 --> 00:46:22,319
Speaker 6: of these numbers, adding zeros, and then we're looking at

899
00:46:22,360 --> 00:46:22,960
Speaker 6: it again, going.

900
00:46:22,800 --> 00:46:25,560
Speaker 3: We've all done and when applied for a job, this

901
00:46:25,640 --> 00:46:26,399
Speaker 3: is the same thing at.

902
00:46:26,280 --> 00:46:26,919
Speaker 4: A higher level.

903
00:46:27,040 --> 00:46:29,680
Speaker 6: And then we're like, I still like add another zero,

904
00:46:29,760 --> 00:46:32,360
Speaker 6: like just get at it. So we're just dumping numbers

905
00:46:32,400 --> 00:46:35,360
Speaker 6: into this business plan and rehearsing the business plan to

906
00:46:35,360 --> 00:46:37,640
Speaker 6: say it like with authority, like we really did it.

907
00:46:38,000 --> 00:46:41,040
Speaker 6: And we went into Google and the guy said, see

908
00:46:41,040 --> 00:46:43,239
Speaker 6: if we achieved this business plan, what would be our

909
00:46:43,280 --> 00:46:47,080
Speaker 6: market share in those in those economies and every think

910
00:46:47,080 --> 00:46:49,240
Speaker 6: We said, you know, we'll get up to like fourteen

911
00:46:49,320 --> 00:46:53,040
Speaker 6: fifteen percent, which isn't bad market share. And the guy said,

912
00:46:53,080 --> 00:46:54,839
Speaker 6: how do you measure market share? And we said, so

913
00:46:55,040 --> 00:46:57,840
Speaker 6: of all of the companies that would use a product

914
00:46:57,880 --> 00:47:01,080
Speaker 6: like this will have fifteen forty fifteen percent of them.

915
00:47:01,360 --> 00:47:03,840
Speaker 6: And he said, oh, we measure market share differently. So

916
00:47:03,880 --> 00:47:05,600
Speaker 6: I said, how do you measure it? He said, by

917
00:47:05,719 --> 00:47:12,960
Speaker 6: population of the globe that have Internet connectivity. Jesus perspective

918
00:47:13,000 --> 00:47:15,640
Speaker 6: is he so so you're just like, all, you know

919
00:47:15,680 --> 00:47:17,719
Speaker 6: that we couldn't have put enough zeros in this thing

920
00:47:17,840 --> 00:47:20,640
Speaker 6: to make it, you know, to make it relevant.

921
00:47:20,800 --> 00:47:21,440
Speaker 4: But I'm lucky.

922
00:47:21,480 --> 00:47:23,920
Speaker 6: I've had those I've had those moments where people have

923
00:47:24,040 --> 00:47:27,520
Speaker 6: just blown, you know, blown my context. I remember when

924
00:47:27,520 --> 00:47:31,160
Speaker 6: we were pitching I think it was KDS again, and

925
00:47:31,200 --> 00:47:33,759
Speaker 6: we had an offer for sixty five million, and I

926
00:47:33,800 --> 00:47:36,640
Speaker 6: was telling that then investor that it was really difficult

927
00:47:36,680 --> 00:47:39,759
Speaker 6: and maybe we should accept this offer. You know, it's

928
00:47:39,760 --> 00:47:42,279
Speaker 6: a good off for sixty five million. And it was

929
00:47:42,320 --> 00:47:44,479
Speaker 6: on his jet. Actually, we sat on his private jet

930
00:47:44,640 --> 00:47:47,200
Speaker 6: talking through this, talking through this offer. And I've never

931
00:47:47,239 --> 00:47:50,600
Speaker 6: seen anybody me be more disappointed. He invested four million dollars,

932
00:47:50,600 --> 00:47:51,920
Speaker 6: by the way, and he was going to get back

933
00:47:51,960 --> 00:47:55,359
Speaker 6: sixty five and I've never seen anybody more disappointed in

934
00:47:55,400 --> 00:47:58,600
Speaker 6: that return profile like and he said to me, I

935
00:47:58,600 --> 00:47:59,080
Speaker 6: don't forget it.

936
00:47:59,120 --> 00:48:00,240
Speaker 4: And I've told the story before.

937
00:48:00,440 --> 00:48:01,839
Speaker 6: He said, you know what you're going to do if

938
00:48:01,840 --> 00:48:04,040
Speaker 6: we still just coming from sixty five million, you know

939
00:48:04,080 --> 00:48:05,920
Speaker 6: you're going to make a bit of money. You're going

940
00:48:06,000 --> 00:48:08,279
Speaker 6: to buy a beach house, a holiday house in the

941
00:48:08,280 --> 00:48:11,759
Speaker 6: south of France, a watch and a Porsche and then

942
00:48:11,800 --> 00:48:12,480
Speaker 6: what you're going to do?

943
00:48:12,680 --> 00:48:12,839
Speaker 4: Right?

944
00:48:14,120 --> 00:48:16,320
Speaker 7: But he was telling me a truth though, But I

945
00:48:16,440 --> 00:48:22,120
Speaker 7: was as great, you know, you got it.

946
00:48:22,160 --> 00:48:22,680
Speaker 4: I don't need to.

947
00:48:22,920 --> 00:48:26,640
Speaker 6: But he was so disappointed that my aspiration for this

948
00:48:26,680 --> 00:48:30,920
Speaker 6: company was so mediocre because for him it wasn't and

949
00:48:30,960 --> 00:48:33,920
Speaker 6: he he was spending far less time in the company

950
00:48:33,960 --> 00:48:36,080
Speaker 6: that was so it made me think, if I'm going

951
00:48:36,160 --> 00:48:38,480
Speaker 6: to put six days a week into this like I

952
00:48:38,480 --> 00:48:40,600
Speaker 6: should get do you know what I mean? So we

953
00:48:40,680 --> 00:48:44,160
Speaker 6: have I've had those moments that have just blown my horizons.

954
00:48:44,239 --> 00:48:46,880
Speaker 6: So two billion, I know, is a lot of money,

955
00:48:47,760 --> 00:48:50,200
Speaker 6: but it's not nearly enough, like enough.

956
00:48:50,239 --> 00:48:51,440
Speaker 4: How much is enough.

957
00:48:52,719 --> 00:48:56,279
Speaker 6: The tractra horizons the number for me isn't so for Tira,

958
00:48:56,400 --> 00:48:57,759
Speaker 6: we did it. We did it a billion. I think

959
00:48:57,760 --> 00:48:59,960
Speaker 6: by the time we get done, you know, three year

960
00:49:00,160 --> 00:49:02,759
Speaker 6: is four billion would be a good How.

961
00:49:02,719 --> 00:49:03,799
Speaker 4: Much is enough for you? Though?

962
00:49:04,600 --> 00:49:09,279
Speaker 6: In ttern of my own my own my own personal money.

963
00:49:09,520 --> 00:49:13,879
Speaker 6: I'm okay, now, clap it up for that.

964
00:49:14,400 --> 00:49:18,959
Speaker 5: So before we before that's a fact, before we leave.

965
00:49:19,360 --> 00:49:21,879
Speaker 5: Last question, I wanted to ask you about the wine. Oh,

966
00:49:22,120 --> 00:49:23,560
Speaker 5: sparkling wine.

967
00:49:23,840 --> 00:49:25,800
Speaker 4: This is in tech, now, this is a different industry.

968
00:49:26,400 --> 00:49:30,759
Speaker 6: Yeah, you know, I've I've never invested outside of my

969
00:49:30,800 --> 00:49:33,520
Speaker 6: two comfort zones of property in tech. But I've always

970
00:49:33,560 --> 00:49:37,520
Speaker 6: been curious about our culture. And our culture is. But

971
00:49:37,640 --> 00:49:40,600
Speaker 6: forgive me, it's kind of music, food and you know

972
00:49:42,320 --> 00:49:44,040
Speaker 6: to a degree, right, that's kind of our culture. When

973
00:49:44,040 --> 00:49:48,200
Speaker 6: we're enjoying ourselves, when we're celebrating our successes plus family

974
00:49:48,239 --> 00:49:50,480
Speaker 6: and friends, that's really our culture. So I always wanted

975
00:49:50,520 --> 00:49:53,200
Speaker 6: to do a drink. I always kind of had this

976
00:49:53,840 --> 00:49:57,160
Speaker 6: passion to do that, but I knew I couldn't put

977
00:49:57,160 --> 00:49:59,239
Speaker 6: it in our culture. I don't have the connectivity to

978
00:50:00,000 --> 00:50:02,799
Speaker 6: you know, music and the social culture in that way.

979
00:50:03,480 --> 00:50:06,279
Speaker 6: So I never I never really committed to it. And

980
00:50:06,320 --> 00:50:09,680
Speaker 6: then by chance, Corle Loko, who's you know, chairman of

981
00:50:09,880 --> 00:50:13,719
Speaker 6: Black Seed, which is a VC investing only in black Founders,

982
00:50:14,120 --> 00:50:15,759
Speaker 6: had me come and speak at an event, and I

983
00:50:15,760 --> 00:50:18,239
Speaker 6: bumped into a friend of mine do me, who I've

984
00:50:18,280 --> 00:50:20,560
Speaker 6: known a long time, but we've never really collaborated on anything,

985
00:50:20,560 --> 00:50:23,480
Speaker 6: and we're just chatting backstage. He says, what do you

986
00:50:23,480 --> 00:50:25,560
Speaker 6: think of this? He shows me the pitch deck and

987
00:50:25,600 --> 00:50:28,720
Speaker 6: it's the pitch deck for Severn, which is a sparkling wine.

988
00:50:29,400 --> 00:50:32,319
Speaker 6: And the theory behind the wine is it's a it's

989
00:50:32,320 --> 00:50:35,880
Speaker 6: an African grape, so South African Charlon, a grape that

990
00:50:35,960 --> 00:50:38,080
Speaker 6: we bring over to the UK and finished. And Dumi's

991
00:50:38,120 --> 00:50:42,240
Speaker 6: thing was, it's born in Africa, finished in the UK, which.

992
00:50:42,040 --> 00:50:43,320
Speaker 4: Is which is US.

993
00:50:43,600 --> 00:50:45,200
Speaker 6: And if you if you met DOMI or you know,

994
00:50:45,239 --> 00:50:47,719
Speaker 6: Dom's like a damon dash like when you sit with me,

995
00:50:48,520 --> 00:50:50,439
Speaker 6: like you get tired listening to him because he said,

996
00:50:50,480 --> 00:50:52,160
Speaker 6: you know, we got to do this and how culture

997
00:50:52,239 --> 00:50:53,480
Speaker 6: need this and we're going to make a bunch of

998
00:50:53,480 --> 00:50:55,560
Speaker 6: money and we need to stop drinking other people's drinks.

999
00:50:55,719 --> 00:50:59,720
Speaker 6: And he just he was so like passionate about it.

1000
00:50:59,800 --> 00:51:04,080
Speaker 6: And he managed wiz Kid, you know, jessej Tiny Temper,

1001
00:51:04,120 --> 00:51:06,640
Speaker 6: so He's and many others. So his connectivity to the

1002
00:51:06,640 --> 00:51:10,560
Speaker 6: culture is there. He's got amazing energy and passion. Started

1003
00:51:10,560 --> 00:51:14,080
Speaker 6: in Africa, finished in the UK, which is which is US.

1004
00:51:14,719 --> 00:51:16,759
Speaker 6: So I was I was, I was in and I

1005
00:51:16,760 --> 00:51:20,000
Speaker 6: think that. The beautiful part of that was he had

1006
00:51:20,000 --> 00:51:22,880
Speaker 6: a little bit of equity left for investors, and it

1007
00:51:22,920 --> 00:51:24,560
Speaker 6: wasn't enough for me because I wanted to be a

1008
00:51:24,600 --> 00:51:27,120
Speaker 6: meaningful investor. So I said, you know, is there a

1009
00:51:27,120 --> 00:51:29,000
Speaker 6: way for us to make it bigger? And he was

1010
00:51:29,040 --> 00:51:30,640
Speaker 6: just like, yeah, we're gonna you know, we're going to

1011
00:51:30,719 --> 00:51:33,359
Speaker 6: do that because this is a thing for us, so

1012
00:51:33,400 --> 00:51:36,200
Speaker 6: we want us involved in it. And it was It

1013
00:51:36,239 --> 00:51:37,840
Speaker 6: was kind of a beautiful moment for him to just

1014
00:51:37,880 --> 00:51:40,760
Speaker 6: open the door in that way, and I'm like excited.

1015
00:51:40,760 --> 00:51:42,879
Speaker 6: We got bottles backstage. We've been drinking before we came

1016
00:51:42,920 --> 00:51:47,840
Speaker 6: out here. So it seven and wines everybody to go

1017
00:51:47,920 --> 00:51:49,600
Speaker 6: check it out, and I'd love to hear what you thinks.

1018
00:51:49,600 --> 00:51:51,239
Speaker 6: If you buy it and you like it, tell me.

1019
00:51:51,280 --> 00:51:52,759
Speaker 6: If you buy it and you don't like it, you

1020
00:51:52,800 --> 00:51:55,000
Speaker 6: can tell me to We're trying to get it right.

1021
00:51:55,000 --> 00:51:57,839
Speaker 6: It's a very very important investment for me.

1022
00:51:57,880 --> 00:51:59,480
Speaker 4: So we can't wait to go backstage.

1023
00:51:59,520 --> 00:52:03,320
Speaker 5: And so with yes, ladies and gentlemen, make some noise

1024
00:52:03,320 --> 00:52:11,640
Speaker 5: with d.

1025
00:52:08,400 --> 00:52:12,120
Speaker 1: Thank You filmuch an illegal alien from Guatemala charged with

1026
00:52:12,320 --> 00:52:15,920
Speaker 1: raping a child in Massachusetts. An MS thirteen gang member

1027
00:52:15,960 --> 00:52:19,719
Speaker 1: from al Salvador accused of murdering a Texas man of

1028
00:52:19,840 --> 00:52:24,320
Speaker 1: Venezuelan charged with filming and selling child pornography in Michigan.

1029
00:52:24,680 --> 00:52:27,920
Speaker 1: These are just some of the heinous migrant criminals caught

1030
00:52:28,280 --> 00:52:31,799
Speaker 1: because of President Donald J. Trump's leadership. I'm Christy nom

1031
00:52:32,000 --> 00:52:35,920
Speaker 1: the United States Secretary of Homeland Security. Under President Trump,

1032
00:52:36,200 --> 00:52:40,480
Speaker 1: attempted illegal border crossings are at the lowest levels ever recorded,

1033
00:52:40,800 --> 00:52:43,840
Speaker 1: and over one hundred thousand illegal aliens have been arrested.

1034
00:52:44,120 --> 00:52:47,680
Speaker 1: If you are here illegally, your next you will be

1035
00:52:47,719 --> 00:52:51,600
Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,

1036
00:52:52,080 --> 00:52:55,279
Speaker 1: you will never return. But if you register using our

1037
00:52:55,320 --> 00:52:58,520
Speaker 1: CBP home app and leave now, you could be allowed

1038
00:52:58,560 --> 00:53:03,520
Speaker 1: to return legally. What's right leave now? Under President Trump,

1039
00:53:03,680 --> 00:53:07,280
Speaker 1: America's laws, border and families will be protected.

1040
00:53:07,360 --> 00:53:09,520
Speaker 4: Sponsored by the United States Department of Homeland Security.