WEBVTT - Female Innovators Lab Expands in 'Hot' Fintech Space

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes. Tim Stinovic from Bloomberg Radio. We want to,

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<v Speaker 1>as we teased, uh, talk a little bit more about

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<v Speaker 1>venture capital. We love talking about it and we did

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<v Speaker 1>so earlier this week. As we mentioned with Alan patrick Off,

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<v Speaker 1>he's targeting areas that play into aging and older society.

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<v Speaker 1>Our next guest has a focus to Tim, which includes

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<v Speaker 1>cultivating and really funding women and specifically their businesses. Women

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<v Speaker 1>entrepreneurs back with us as Amy no Yaka. She's co

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<v Speaker 1>founder and CEO at the digital financial services investment firm Anthemis.

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<v Speaker 1>She's also founder and CEO of media production company Archer Gray,

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<v Speaker 1>also behind the launch of the Female Innovator's Lab, which

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<v Speaker 1>is a collaboration between Anthemis and Barkley's. And she is

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<v Speaker 1>on the phone in New York City. Um. Amy, great

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<v Speaker 1>to have you back with us. How are you. I'm

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<v Speaker 1>really well. Thank you so much for having me back.

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<v Speaker 1>It's good to talk to you guys. We talked to

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<v Speaker 1>any Think back in November of I mean the pandemic.

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<v Speaker 1>I've got to start with that. What's been the hacked

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<v Speaker 1>on your world? VC investing? Give us some context and

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<v Speaker 1>inside if you could. Yeah, well, it's I mean, it's

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<v Speaker 1>been it's been crazy, right, I mean, it's for so

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<v Speaker 1>many ways. And I think last time I was on,

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<v Speaker 1>we talked a lot about kind of you know what

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<v Speaker 1>what what some of the things that we might be

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<v Speaker 1>kind of reckoning with kind of as as the world

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<v Speaker 1>starts to reopen and such. But I think that, look,

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<v Speaker 1>the last couple of years of venture capital has been unbelievable.

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<v Speaker 1>I think that the year, you know, from the pandemic,

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<v Speaker 1>new year after it's it's been the biggest years venture

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<v Speaker 1>capital I've ever seen. The entire industry is deploying capital

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<v Speaker 1>like it's never has before. And the factor that Anthemis

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<v Speaker 1>is focused on, specifically, fintech has been the hottest spector

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<v Speaker 1>known to known to a man, woman, and child. And

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<v Speaker 1>and it's really interesting, right because we've been doing this

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<v Speaker 1>um at Anthemis for almost you know, going on like

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<v Speaker 1>a decade and a half now, and to find out

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<v Speaker 1>for the first time that we're you know, the things

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<v Speaker 1>that we've always thought important, right, investing in the service

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<v Speaker 1>of trying to make change happen in the financial system,

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<v Speaker 1>focusing on the route founders you know, investing for impact.

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<v Speaker 1>All the things that really mattered to us have now

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<v Speaker 1>become kind of the de facto conversation. And you know,

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<v Speaker 1>it's crazy that that we're getting as much attention, but

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<v Speaker 1>also that the world is starting to finally pay attention

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<v Speaker 1>that the things that are so important for systemic change.

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<v Speaker 1>So in a lot of ways, I'm you know, I

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<v Speaker 1>hate to say it, but I'm I'm feeling really bullish

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<v Speaker 1>on on where where um the world stands from my perspective. Well,

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<v Speaker 1>you have dozens of companies that you've invested on, including

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<v Speaker 1>companies like Carta and Better Meant Easy Health, Fluidity, Goji,

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<v Speaker 1>Happy Money, and more. I'm I'm wondering if if there

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<v Speaker 1>can ever be, in your opinion, too much venture capital

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<v Speaker 1>funding out there, and and and the reason I ask

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<v Speaker 1>is is it because you could be throwing good money

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<v Speaker 1>after bad? Yeah? I think it's about is there too

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<v Speaker 1>much money? We're you know, we're kind of all dealing

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<v Speaker 1>with this sort of capital wall that that's sort of

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<v Speaker 1>upon us in the private equity space generally. But it's

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<v Speaker 1>about whose money, you know, who whose hands is that

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<v Speaker 1>money in? And you know, one of the trends that

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<v Speaker 1>we've been watching really closely, and you guys have probably

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<v Speaker 1>seen it since you dig into venture capitalists. What's been

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<v Speaker 1>happening with a lot of these um, you know, kind

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<v Speaker 1>of mega rounds. I think there was around today where

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<v Speaker 1>where one of the company's fanatics was a Series A

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<v Speaker 1>at ten billion valuation, right, so, you know, being these

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<v Speaker 1>kind of big investors like the Soft Banks of the

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<v Speaker 1>world and the and the Tiger Gold was coming in

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<v Speaker 1>and really just pumping up and getting founders excited about

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<v Speaker 1>um the idea that they could be, you know, tomorrow

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<v Speaker 1>a billion dollar company, and we're all out for building

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<v Speaker 1>really great, fantastic companies in it. As an investor, don't

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<v Speaker 1>get me wrong, we love a unicorn as as well

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<v Speaker 1>as the next. But the reality is, you know, particularly

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<v Speaker 1>when you're deploying capital at the earliest stages you know,

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<v Speaker 1>seried seed precede a B, even C, you need to

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<v Speaker 1>focus on what's really you know, how how a venture

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<v Speaker 1>company can really scale, and that's about building resiliency. Right.

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<v Speaker 1>If you're giving a founder a check, um, you know,

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<v Speaker 1>with no product, no market, no customers, no launch, and

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<v Speaker 1>you're saying, hey, here's a hundred million dollars and we're

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<v Speaker 1>going to value you immediately it's at five hundred million,

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<v Speaker 1>go off and do it. There's a lot of danger

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<v Speaker 1>that that sort of know what are they going to do?

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<v Speaker 1>How are they going to spend that money? Are they

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<v Speaker 1>going to deploy it respectively? How quickly are they gonna

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<v Speaker 1>hire people? How do you maintain a good culture, hire

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<v Speaker 1>the right people, hire for value, the alignment. It has

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<v Speaker 1>got money burning a hole in your pocket. Still with

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<v Speaker 1>us on the phone in New York City. Hey, Amy,

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<v Speaker 1>you're talking about you know, fintech. Obviously that's your area

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<v Speaker 1>where you guys are focusing on. Scott Minored. He's part

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<v Speaker 1>of a story that is among our most right on

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<v Speaker 1>the Bloomberg today. It's where Arsenal Bossk talked to a

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<v Speaker 1>bunch of well known Wall Street names about the next

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<v Speaker 1>big risks for investors, and he is concerned. His number

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<v Speaker 1>one risk is the sustainability of the global payment system.

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<v Speaker 1>And he's also looking at, you know, concerns about hackers

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<v Speaker 1>and so on. So far as we increasingly when it

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<v Speaker 1>comes to our personal and you know, institutional financial world,

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<v Speaker 1>increasingly we are digital and digitizing all of this. How

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<v Speaker 1>do you think about that in terms of investing and

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<v Speaker 1>and kind of account for those worries those risks potentially. Yeah,

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<v Speaker 1>I know, it's so incredibly important, and you know, as

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<v Speaker 1>a the fintech investor, that's that's gonuld be something that

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<v Speaker 1>that that we pay attention to all day, every day.

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<v Speaker 1>And I think one of the challenges um certainly that

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<v Speaker 1>that we're seeing is, you know, in the hype of

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<v Speaker 1>of all the you know, you asked earlier about how

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<v Speaker 1>much money is coming to the sector, and you know,

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<v Speaker 1>if that's going to places responsibly, I think you have

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<v Speaker 1>to be really careful that that not only the companies

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<v Speaker 1>you're backing understand how important it is to operate and

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<v Speaker 1>regulated markets and to focus on things like security. Because

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<v Speaker 1>there's just so much money floating around that it gets

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<v Speaker 1>to a point where people might just say, well, that

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<v Speaker 1>will just be something I think about on the side,

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<v Speaker 1>But this is the real deal, right, And when we're

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<v Speaker 1>back a company, a lot of times you're starting with

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<v Speaker 1>ideas that haven't yet fully formed themselves and so their

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<v Speaker 1>systems are not mature. But you've got to be conscious

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<v Speaker 1>if you're gonna build a startup using technology and financial services,

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<v Speaker 1>that it operates in an already you know sort of

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<v Speaker 1>regulated and and and you know, it's the space I

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<v Speaker 1>don't know. I mean, I guess I'm trying to try

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<v Speaker 1>to to to to sort of think about some of

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<v Speaker 1>the you know, big billion billion dollar companies that we've

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<v Speaker 1>heard about that have made some you know, haven't really

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<v Speaker 1>been so great about playing attention to how they're protecting

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<v Speaker 1>their customers and their consumers. And it does worry me,

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<v Speaker 1>worry me very much. I mean, for people aren't familiar

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<v Speaker 1>to just give us some examples of of instances like that.

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<v Speaker 1>I mean, are you talking like established publicly traded companies already?

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<v Speaker 1>I'm talking about the companies that are started by founders

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<v Speaker 1>that have us certain attitude and ego and tubris about

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<v Speaker 1>what they've created and how the companies that they've created,

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<v Speaker 1>um you know, can help change the world, so to speak.

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<v Speaker 1>And that's great, We're all for that anthemis, but I

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<v Speaker 1>think that there you've got to be careful that if

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<v Speaker 1>those companies aren't paying attention to the way that you

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<v Speaker 1>build a company inside of a very highly regulated financial system,

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<v Speaker 1>and they don't have the experience, they aren't surrounding themselves

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<v Speaker 1>as governors and advisors that can help support that um

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<v Speaker 1>it can be really dangerous and could put consumers in

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<v Speaker 1>a really difficult spot. How do you think you're invested

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<v Speaker 1>in stock twits? You know, we have talked so much

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<v Speaker 1>about robin hood. We've talked about you know, the retail

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<v Speaker 1>investor really taking the institutional investors and sophisticated investors UM,

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<v Speaker 1>you know, for a ride, certainly this year. How do

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<v Speaker 1>you think that continues to evolve and disrupt trading? Yeah,

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<v Speaker 1>I think you have to. I think as a as

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<v Speaker 1>a venture capitalist, you have to look for UM founding

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<v Speaker 1>teams that are authentic and who know what they're doing,

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<v Speaker 1>but also who aren't afraid to take good guidance and

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<v Speaker 1>advice UM, which is one of the ways an investor

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<v Speaker 1>can be really valuable. And if all you're looking for

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<v Speaker 1>as a founder is the quickest way to get to

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<v Speaker 1>a billion dollar valuation, by nature of the type of

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<v Speaker 1>money you're getting or who you're getting it from, you're

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<v Speaker 1>not likely to be paying attention to the stuff that

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<v Speaker 1>are really going to create resiliency in a company and

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<v Speaker 1>therefore security and safety in a company. Right, You're not

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<v Speaker 1>gonna be paying attention to the most important stuff. Evaluation

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<v Speaker 1>is the only thing on your mind so you know,

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<v Speaker 1>as investors, I think we we always say it starts

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<v Speaker 1>with the founder. You know, who are we backing. Are

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<v Speaker 1>they willing to take advice? Are they willing to hear

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<v Speaker 1>difficult things? Are they willing to kind of go with

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<v Speaker 1>the sort of e and flow of it not always

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<v Speaker 1>being the way they want it to be? And that

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<v Speaker 1>makes it big, makes a big difference in how resilient

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<v Speaker 1>a company gets. Hey, we gotta ask you. Got to

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<v Speaker 1>ask you about each toorro because this is another this

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<v Speaker 1>is another company and for people who aren't familiar with it,

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<v Speaker 1>it's a competitor to Robin Hood. UM very popular outside

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<v Speaker 1>of the United States, two million users in a hundred

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<v Speaker 1>and forty countries. UM, give us the latest on you Toro,

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<v Speaker 1>and you are investment in it, especially in the context

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<v Speaker 1>of retail trading growing so much. Yeah, each Ur is

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<v Speaker 1>a company that we invested in very very early. UM.

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<v Speaker 1>I think we were we were one of their first

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<v Speaker 1>investors back in two thousands, gosh maybe twelve uh. And

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<v Speaker 1>and I'm really really delitious on what that team has

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<v Speaker 1>built and what they're doing. And and yes, they are,

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<v Speaker 1>you know, similar to Robin Hood in so much that

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<v Speaker 1>they are aligned along um supporting democratization and access to

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<v Speaker 1>the financial markets for the retail investor. But what Yawning

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<v Speaker 1>and the team have built is a phenomenal back end um,

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<v Speaker 1>highly secure, highly conscious of the market that it's it's

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<v Speaker 1>it's sitting in and I think it's some you know,

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<v Speaker 1>a company that we were quite proud to back early days,

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<v Speaker 1>and we're really excited to see kind of where he

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<v Speaker 1>goes from here. You're the real deal when it comes

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<v Speaker 1>to it. Just talking about where you're going. Hey, talk

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<v Speaker 1>to us about the expansion of the Female Innovator's Lab.

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<v Speaker 1>You've done this into the UK and Europe. Uh, what's

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<v Speaker 1>going on? Tell us the demand and the and the

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<v Speaker 1>fruits of the f hurts. It's super exciting. I mean,

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<v Speaker 1>as you guys well know, you know, investing in diverse

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<v Speaker 1>founders has done something we've done from the very beginning.

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<v Speaker 1>But sometimes in doing so you run into kind of

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<v Speaker 1>snags that things just aren't happening fast enough. And that's

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<v Speaker 1>precisely why we started the Female Innovator's Lab, is that

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<v Speaker 1>two years ago we kept getting frustrated about all the

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<v Speaker 1>sort of people saying, oh, there aren't enough women to

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<v Speaker 1>invest in it's a pipeline issue, etcetera, etcetera, And none

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<v Speaker 1>of it felt very honest to us. And so we said,

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<v Speaker 1>all right, let's let's let's go ahead and figure out

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<v Speaker 1>if this is really a problem, if there's a pipeline problem.

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<v Speaker 1>So we launched a very specific vehicle that invests exclusively

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<v Speaker 1>in women in financial services, but very uniquely at the

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<v Speaker 1>earliest stage of their company. So this is prec this

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<v Speaker 1>is you know, come to us with an idea, We're

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<v Speaker 1>gonna help you build it, We're gonna help you map

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<v Speaker 1>it UM and then we're gonna help you get ready

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<v Speaker 1>to launch it UM and and so we've had a

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<v Speaker 1>lot of successes, seen over hundreds of companies UM in

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<v Speaker 1>the last two years. And last week we announced that

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<v Speaker 1>we are moving from not just employing capital in the

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<v Speaker 1>US market, but we're going to be deploying as well,

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<v Speaker 1>doubling the size of the business in UM the UK

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<v Speaker 1>and Europe. So it's it's great. We've we've had a

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<v Speaker 1>lot of success with it UM, building out some really

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<v Speaker 1>amazing company, finding some really great women UM and and

0:11:11.600 --> 0:11:13.880
<v Speaker 1>you know, fifty percent of those women are also women

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<v Speaker 1>of color, which I think UM. You know, goes to

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<v Speaker 1>the other points that people always say is that there

0:11:18.559 --> 0:11:21.160
<v Speaker 1>just aren't enough women or people of color in the

0:11:21.160 --> 0:11:24.520
<v Speaker 1>market to invest in. And I'm calling I'm calling the

0:11:24.559 --> 0:11:26.520
<v Speaker 1>BS on that one. I love that you call the

0:11:26.520 --> 0:11:28.320
<v Speaker 1>BS on that one. Do you stay in touch and

0:11:28.360 --> 0:11:30.679
<v Speaker 1>come back and let us know how that growth of

0:11:30.720 --> 0:11:34.839
<v Speaker 1>the lab, the Female Innovator's Lab, how it's going. And uh,

0:11:35.320 --> 0:11:37.440
<v Speaker 1>some of the entrepreneurs that you're seeing. We love checking

0:11:37.440 --> 0:11:39.760
<v Speaker 1>in with you. Amy New Yorkus, she's good founder CEO

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<v Speaker 1>of Anthemus Group on the phone in New York City,