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<v Speaker 1>Latest interview of Elon muss Tasmanian.

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<v Speaker 2>Hi, all right, great, and then we got galile A

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<v Speaker 2>Russell from hyper Change what out third Row?

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<v Speaker 1>And then we got Viv from Who's Falcon Heavy?

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<v Speaker 3>Hey?

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<v Speaker 1>Great? All right, Omar, do you want to introduce our guest.

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<v Speaker 4>Please welcome the inventor of the car fart, Elon miss.

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<v Speaker 1>Thank you, thank you. Please put that on my grapestone.

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<v Speaker 3>I love it so yeah.

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<v Speaker 5>It's kind of crazy that we're actually all here, and thank.

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<v Speaker 1>You so much for doing This're welcome.

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<v Speaker 5>We'll all test the customers, fans, and it's really good

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<v Speaker 5>that is finally happening. I remember that I was looking

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<v Speaker 5>at your Wikipedia tweet that it's like this bizarre fictionalized

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<v Speaker 5>version of reality, and I replied to him, wait, why

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<v Speaker 5>don't you come on a podcast and like tell your

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<v Speaker 5>fictionalize version of reality?

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<v Speaker 1>Sure, exactly, tell my.

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<v Speaker 5>Fictionalized and You're like, okay, sure, And I was kind

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<v Speaker 5>of like taken by surprise by that. And you know

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<v Speaker 5>the way you engage listen to your customers online, It's

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<v Speaker 5>like I've never seen anything like that from you know,

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<v Speaker 5>CEO of a public company or any executive. So can

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<v Speaker 5>you tell us a little bit where that came from.

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<v Speaker 5>Why you communicate directly instead.

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<v Speaker 4>Of like having this PR strategy that.

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<v Speaker 1>Most companies have.

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<v Speaker 6>Sure, well, I mean it started out. I actually had

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<v Speaker 6>one of the very very first Twitter accounts, like when

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<v Speaker 6>it was like less than ten thousand people, and then

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<v Speaker 6>everyone was tweeting at me like what kind of lat

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<v Speaker 6>they had it Starbucks, Like this seems like the silliest

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<v Speaker 6>thing ever. So I'd leaded my Twitter account and then

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<v Speaker 6>someone else took it over and started tweeting in my name. Yeah,

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<v Speaker 6>and then a couple of friends of mine, Wellie and

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<v Speaker 6>Jason Calcaana said they both said, hey, you should really

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<v Speaker 6>use Twitter to get your message out. And also some

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<v Speaker 6>somebody's tweeting in your name and they're crazy things. So

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<v Speaker 6>I'll crazy things in my name.

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<v Speaker 1>Did you have to pay them? No?

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<v Speaker 6>No, they they they I'm not sure who it was,

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<v Speaker 6>but it was for some reason. I got my account

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<v Speaker 6>back great, and and then it was just I don't

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<v Speaker 6>know some of you. It's like just sort of I

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<v Speaker 6>just started tweeting for fine really and my early tweets

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<v Speaker 6>are quite crazy.

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<v Speaker 7>Uh.

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<v Speaker 6>As I was trying to explain, like it has the

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<v Speaker 6>arc of insanity is short and that is not very

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<v Speaker 6>steep because it started off insane, and so if it's

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<v Speaker 6>still insane, it's you know, it hasn't changed that much.

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<v Speaker 6>So yeah, and I don't know, it seemed it seemed

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<v Speaker 6>kind of fun too, you know. Like I said before,

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<v Speaker 6>it's like, you know, some people use their hair to

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<v Speaker 6>express myself.

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<v Speaker 1>I use Twitter. Why did you like Twitter? Some? I

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<v Speaker 1>mean you could use platforms, yeah, exactly.

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<v Speaker 6>Well, like I don't trust Facebook obviously, you know, and

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<v Speaker 6>and and then Instagram is fine, but it's i think,

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<v Speaker 6>not exactly my style. It's hard to convey sort of

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<v Speaker 6>intellectual arguments on Instagram. It's hot on Twitter too, but

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<v Speaker 6>it's but you can't, you know. It's so yeah, Instagram

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<v Speaker 6>is also owned by Facebooks, and I was like, yeah, yeah, deleted, yeah, yeah,

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<v Speaker 6>just deleted it to It's like I don't really need

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<v Speaker 6>to just if I need to say something, I only

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<v Speaker 6>really need to say it on one platform pretty much,

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<v Speaker 6>and so and so if I'm trying and I don't

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<v Speaker 6>spend too much time on social media, so it's just

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<v Speaker 6>like if people want to know what I'm saying, then

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<v Speaker 6>they can just sort of go to Twitter. You know,

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<v Speaker 6>let's keep doing that as long as Twitter is good,

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<v Speaker 6>I suppose more good than bad.

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<v Speaker 1>Yeah, cryptos cameras are really I understand that they've been

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<v Speaker 1>taken advantage of Vincent recently. I know really Yeah, there's

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<v Speaker 1>like ten Vincent's out there.

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<v Speaker 6>All right, but they totally they can copy everything and

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<v Speaker 6>just like changed one my.

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<v Speaker 3>Avadars and then the picture and then they just post

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<v Speaker 3>like right.

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<v Speaker 1>Below yeah your tweet. Yeah yeah wow yeah, and they

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<v Speaker 1>blocked me to We fight them all all the time.

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<v Speaker 2>We're always like reporting them, like every day we report

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<v Speaker 2>like ten people.

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<v Speaker 6>Yeah, yeah, I have so many like yeah, exactly, a

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<v Speaker 6>conversations of Twitter, like come on, can you just like

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<v Speaker 6>I think it would take like three or four customer

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<v Speaker 6>service people to just look look at this. It's cryptos

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<v Speaker 6>can block it, and it should be easy.

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<v Speaker 2>It should be easy. Like my wife Figan Shelley, I

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<v Speaker 2>think you'd like to tweet it. The other day she

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<v Speaker 2>got banned for like replying to one of your tweets

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<v Speaker 2>and quoting like the video inside of it, and then

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<v Speaker 2>she got suspended for like a day.

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<v Speaker 1>Or something, and I was like, what the heck is

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<v Speaker 1>going on? Yeah, So it's just weird how the algorithm works.

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<v Speaker 4>Yeah, yeah, there's a lot of manipulation. But you're going

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<v Speaker 4>back to the Wikipedia page. You know, it's kind of

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<v Speaker 4>interesting just what a decade you've had. I remember I

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<v Speaker 4>was reading somebody's article. I think they interviewed you in

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<v Speaker 4>two thousand and nine or something like that, and they said,

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<v Speaker 4>you know, if you had met Elon Musk in two

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<v Speaker 4>thousand and nine, right after the recession, they're like struggling

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<v Speaker 4>with the roadster. You know, you never would have thought

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<v Speaker 4>that you are where you are today. You're you know,

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<v Speaker 4>launching astronauts into space hopefull. Well yeah, this year, you know,

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<v Speaker 4>servicing the International Space Station, I mean Tesla with the

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<v Speaker 4>Model three, the model why you know, electrification really without Tesla,

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<v Speaker 4>it would not be where it is today. You see

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<v Speaker 4>where the other legacy automakers are, they're not doing great.

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<v Speaker 4>So you know, looking at kind of like this, like

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<v Speaker 4>you've become this legendary figure and looking at kind of

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<v Speaker 4>like how people kind of see you, kind of the

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<v Speaker 4>Ashley Vance biography or Wikipedia page, what is it that

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<v Speaker 4>really kind of sticks out to you or you know,

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<v Speaker 4>makes you laugh like that's just completely off base.

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<v Speaker 6>Yeah, well, I think I mentioned that that I kept

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<v Speaker 6>getting referred to as an investor in like the munch things,

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<v Speaker 6>and it's like, but I actually don't invest really except

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<v Speaker 6>in companies that I help create. So I only have

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<v Speaker 6>the only publicly traded share that I have at all

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<v Speaker 6>is Tesla. I have no diversity on publicly traded share

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<v Speaker 6>so and yeah, that's right, quite unusual. So, uh, you

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<v Speaker 6>know what's everyone diverse by agree? And then the only

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<v Speaker 6>stock that I have of significance outside of Tesla is

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<v Speaker 6>space X, which is privately private corporation. And and and

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<v Speaker 6>then in order to get liquidity, which is mostly to

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<v Speaker 6>reinvest in SpaceX and Tesla and occasionally in like uh,

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<v Speaker 6>provide funding for much more projects like your link and

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<v Speaker 6>boring company. Uh, then I'll actually take out loans against

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<v Speaker 6>the Tesla and space X stock. So the so what,

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<v Speaker 6>so what I actually have is is whatever my tail

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<v Speaker 6>list in space X stock is. And then there's about

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<v Speaker 6>a billion dollars of debt against that, so which you know,

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<v Speaker 6>it's it's that this is starts taking to imply that

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<v Speaker 6>I'm claiming that I have no money, which I'm not claiming,

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<v Speaker 6>but it's it's something to make it clear that you'll

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<v Speaker 6>see some like number some big number in like four

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<v Speaker 6>or something. People will think I have the tessent space

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<v Speaker 6>like stock, and I have the cash, and I'm being

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<v Speaker 6>somehow I'm just sitting on the cash doing nothing like

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<v Speaker 6>hoarding resources, and like, no, it's you know, the only

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<v Speaker 6>alternative would be to say, okay, let's give the stock

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<v Speaker 6>to the government or something, and then the government would

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<v Speaker 6>be running things, and that the government it just is

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<v Speaker 6>not good at running things.

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<v Speaker 1>That's the main thing.

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<v Speaker 6>But there's like a fundamental sort of quick question of

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<v Speaker 6>like consumption versus capital allocation. This is probably gonna get

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<v Speaker 6>me to travel, But the paradigm of say communism versus capitalism,

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<v Speaker 6>I think is fundamentally sort of orthogonal to the reality

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<v Speaker 6>of actual economics in in some ways. So what you

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<v Speaker 6>actually care about is like the responsiveness of the feedback

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<v Speaker 6>loops to the maximizing happiness of the population. And if

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<v Speaker 6>if more resources are controlled by entities that have poor

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<v Speaker 6>response in their feedback leaps. So if it's like a

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<v Speaker 6>monopoly corporation or a small oligopoly or in the limit,

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<v Speaker 6>I would take the monopolistic corporation in the limit is

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<v Speaker 6>the government. So you know, it's just it's it's this

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<v Speaker 6>is not to say people who work at the governor

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<v Speaker 6>a bad if if those same people are taking and

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<v Speaker 6>put in any better sort of operating system situation, that

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<v Speaker 6>outcome will be much better. So it's really just what

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<v Speaker 6>is the responsiveness of the organization to maximize in the

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<v Speaker 6>happiness of the people. And and so you want to

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<v Speaker 6>have a competitive situation where it's truly competitive, where companies

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<v Speaker 6>aren't gaining the system, and then where the rules are

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<v Speaker 6>set correctly, and then you need to be on the alert

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<v Speaker 6>for regulatory capture where the referees are in fact captured

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<v Speaker 6>by the players, which is, you know, and the players

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<v Speaker 6>should not control the referees essentially, which which can happen,

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<v Speaker 6>you know. I think like that happened, for example with

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<v Speaker 6>I think there's a emission vehicle mandate in California where

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<v Speaker 6>California was like really strict on EV's and then they

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<v Speaker 6>the car companies managed to sort of, frankly my view,

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<v Speaker 6>trick the regulators into into saying, Okay, you don't need

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<v Speaker 6>to be so hardcore about the EV's and instead you say, say,

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<v Speaker 6>fuel sales of the future, but fuel sales of of

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<v Speaker 6>course many years away, so.

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<v Speaker 1>Forever this is so then, so that's something that they

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<v Speaker 1>let up the rules.

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<v Speaker 6>And then you know, GM recalled the e V one

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<v Speaker 6>and crushed them in a junk yard, which is against

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<v Speaker 6>the wishes the owner.

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<v Speaker 1>They all lined up to buy them, and they wouldn't

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<v Speaker 1>let them buy that.

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<v Speaker 6>I mean, Chris Paine did this great documentary on it,

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<v Speaker 6>and it's like the you know, the owners of the

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<v Speaker 6>the ev one, which why there wasn't actually that great

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<v Speaker 6>of a car, but they still wanted the electric car

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<v Speaker 6>so bad that they held a candle vigil at the

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<v Speaker 6>junkyard where their cars were crushed. Like it like it

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<v Speaker 6>was like a like a prisoner being executed or something

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<v Speaker 6>like that. That was literally like when is the last time

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<v Speaker 6>you even heard of that for a product?

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<v Speaker 1>Right?

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<v Speaker 6>You know, GM is stops the product. I mean what

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<v Speaker 6>I mean, listen, man, They're not doing that for any

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<v Speaker 6>other GM product. You thought, I'm doing the evo. It's

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<v Speaker 6>kind of time times hard to get through these guys,

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<v Speaker 6>you know. So anyway, I think that's a very important thing.

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<v Speaker 6>So generally, where you could see like these oligopolies forming

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<v Speaker 6>or duopolies and then they get effective of price fixing

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<v Speaker 6>and then they cut back in the R and D.

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<v Speaker 6>But Fudgret like kind of a silly one. Frankly, it's

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<v Speaker 6>like like candy, like there's a there's a candy oligopoly,

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<v Speaker 6>and it's like when's the We don't see much innovation

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<v Speaker 6>in candy, so.

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<v Speaker 4>You're still working on the candy company Still candy?

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<v Speaker 3>Is that boring candy?

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<v Speaker 1>Boring candy? He's gonna be boring.

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<v Speaker 6>I haven't seen a candy yet that's good enough to

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<v Speaker 6>send out. But and it's yeah, but I think I

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<v Speaker 6>think it it's it's there's there's like three companies or

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<v Speaker 6>something that control the candy in the world pretty much.

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<v Speaker 6>It's crazy and dog food, Yeah, there's somebody constructed like this.

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<v Speaker 6>It's this crazy conglomerate and and it's like and it's

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<v Speaker 6>like dog food and baby food and candy, and it's

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<v Speaker 6>like all you know.

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<v Speaker 1>Rendering, Yeah, hundreds of brands.

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<v Speaker 6>Yeah, you think you're buying from different companies, but it

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<v Speaker 6>all funnels up to like three companies or something like that.

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<v Speaker 8>Don't send the rendering food to the candy company.

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<v Speaker 4>Yeah, a big candy.

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<v Speaker 6>So you want to have like a good competitive forcing

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<v Speaker 6>functions so that you have to make the product better.

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<v Speaker 1>Or you'll lose.

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<v Speaker 6>Like, if you don't make the product better and and

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<v Speaker 6>and improve the product for the end consumer, then then

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<v Speaker 6>that company should have relatively less prosperity comparative company it

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<v Speaker 6>makes better products. Now, the car industry you know, is

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<v Speaker 6>actually pretty competitive, so that's good. And then the good

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<v Speaker 6>thing about it competitive company industry, then if if you

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<v Speaker 6>make a product that's better, it's going to do better

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<v Speaker 6>in the marketplace, definitely.

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<v Speaker 1>So this is Gene Wilders Whole House.

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<v Speaker 2>Yeah, that's amazing, it's lovely. Thanks for having us here

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<v Speaker 2>as well. Thanks you really special.

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<v Speaker 1>Yeah, it's a good it's a cool spot and it's

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<v Speaker 1>got a soldo glass roof.

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<v Speaker 4>Yeah, portion too, right, we didn't notice it, but you

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<v Speaker 4>checked it out the second time.

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<v Speaker 1>I'm waiting for my three. So I'm waiting for a

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<v Speaker 1>version three.

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<v Speaker 2>Well, whatever is they're going to put on, I don't

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<v Speaker 2>care human motions, right, yeah, looking forward to it.

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<v Speaker 4>Yeah, we saw it at the store in Torrents. Actually

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<v Speaker 4>they've got in the stores now. It looks really good.

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<v Speaker 6>Well that it's actually design such that you don't notice it.

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<v Speaker 1>So he's like this, look it's old.

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<v Speaker 6>This is like it's an old house, I know, probably

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<v Speaker 6>fifty years old something like that, and it's quite quirky.

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<v Speaker 6>So if you put something on that was like it

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<v Speaker 6>didn't blend in that it would it would not look right.

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<v Speaker 1>It would be pretty straightent. And this had a black

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<v Speaker 1>comp shingle roof.

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<v Speaker 6>So I was like, Okay, let's see if we can

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<v Speaker 6>actually have it weave in and still feel natural, look good.

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<v Speaker 6>And yeah, and I think it's it's sort of achieved

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<v Speaker 6>that goal. But yeah, this is a lovely quirky little house.

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<v Speaker 6>I'll show you around afterwards. It's got all those of

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<v Speaker 6>weird things.

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<v Speaker 1>It's exactly what is it, Francloyd right now? I don't

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<v Speaker 1>think so.

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<v Speaker 6>I think it was just built in increments over time

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<v Speaker 6>by probably several people, but that they would have just

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<v Speaker 6>knocked it down and built a giant house here.

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<v Speaker 1>So it's like, so glad I didn't. Yeah, it's super cool.

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<v Speaker 6>Really So gene Wild is one of my favorite actorms actually,

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<v Speaker 6>so it's great.

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<v Speaker 1>What was some movies?

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<v Speaker 9>So, so when you come up with a product like

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<v Speaker 9>the solar glass roof, I think a lot of people

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<v Speaker 9>misunderstand that, like your goal is to bring these crazy

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<v Speaker 9>technologies to market and really create a change in the world,

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<v Speaker 9>and so I think it's fascinating that you do it

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<v Speaker 9>through companies, and it seems like the fastest way to

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<v Speaker 9>create that feedback loop and to really like get go

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<v Speaker 9>from inventing something to millions of people using it right away. Yes,

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<v Speaker 9>so like like it seems like buying a Tesla is

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<v Speaker 9>almost like the best thing you could do to help

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<v Speaker 9>the climate crisis because you're like turbo charging, R and

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<v Speaker 9>D and products and innovation. I feel like not enough

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<v Speaker 9>people really understand that.

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<v Speaker 6>Yeah, that is I think there's lots of good things

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<v Speaker 6>people can do for the climate, but just generally anything

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<v Speaker 6>that is moving towards sustainable energy, whether it's sustainable.

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<v Speaker 1>Energy, create generation through solar or with an electric vehicle.

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<v Speaker 6>Actually just think just things like better installation in a

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<v Speaker 6>house just is just really effective for energy consumption. But

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<v Speaker 6>but fun is more fun, it's ingratiating. That's mom on

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<v Speaker 6>the motion. I actually got him a little folloween, a

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<v Speaker 6>little mistage mob in the Martian, you know, the helmet

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<v Speaker 6>with it looks super cute.

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<v Speaker 1>You got enough funny.

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<v Speaker 4>So did you always know, like you know, business was

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<v Speaker 4>the way you wanted to kind of attract attack these

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<v Speaker 4>problems versus say, you know, maybe a nonprofit or you know,

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<v Speaker 4>working as a college professor or something. I don't know.

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<v Speaker 6>Uh, well, when I was in in high school, I

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<v Speaker 6>thought I would most likely be doing physics at a

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<v Speaker 6>particle accelerator. So that's what I was if physics and computers.

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<v Speaker 6>I mean, I got distinctions in two areas in physics

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<v Speaker 6>and computer science and those who are yeah, some of

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<v Speaker 6>my two best subjects. And and then I thought, okay,

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<v Speaker 6>well that I want to want to figure out what's

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<v Speaker 6>the nature of the universe, and so you know, go

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<v Speaker 6>try to working with people banging particles together and see

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<v Speaker 6>what happens. And and then these sort of things went along,

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<v Speaker 6>and the superconducting super collider got canceled in the US,

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<v Speaker 6>and that actually I was like, whoa, you know what

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<v Speaker 6>if I was working at a collider, I spent all

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<v Speaker 6>these years and then the gunment just canceled it. Wow,

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<v Speaker 6>and then that would I was like, I'm not going

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<v Speaker 6>to do that. So so it's like, well we roll

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<v Speaker 6>it back a little, like I was trying to forget

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<v Speaker 6>what when I was had like this existential crisis and

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<v Speaker 6>I was about twelve years old or something, and and

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<v Speaker 6>I was like, well, what does the world mean, what's

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<v Speaker 6>it all about?

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<v Speaker 1>We're living some meaningless existence. And then.

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<v Speaker 6>I made the mistake of reading Nieture Inchoprenur and and.

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<v Speaker 1>I'm like, well, don't do that. Not a be a

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<v Speaker 1>little older. And actually lately these days are s rear it.

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<v Speaker 1>It's like, you know, it's actually he's not that bad.

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<v Speaker 1>He's got issues, got issues. I have a question about it,

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<v Speaker 1>but you know, it's so.

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<v Speaker 6>But there are the hitchbacks, guys to the galaxy Douglas Adams,

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<v Speaker 6>which was which is like quite really, quite a good

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<v Speaker 6>book in philosophy, I think, And I was like, Okay,

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<v Speaker 6>we don't really know what the answer is obviously, so

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<v Speaker 6>but the universe, the universe is the answer, and that really,

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<v Speaker 6>what are the questions we should be asking to better

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<v Speaker 6>understand the nature of the universe? And so then to

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<v Speaker 6>the degree that we expand the scope and scale of consciousness,

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<v Speaker 6>then we'll better be able to answer the ask the

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<v Speaker 6>questions and understand the why we're here or.

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<v Speaker 1>What it's all about.

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<v Speaker 6>And so we should sort of take the set of

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<v Speaker 6>actions that are most likely to result in its understanding.

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<v Speaker 6>What questions to ask about the nature of the universe.

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<v Speaker 6>So that so therefore, we must propagate human civilization on

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<v Speaker 6>Earth as far into the future as possible and become

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<v Speaker 6>a multiplanet species to gain extend the scope and scale

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<v Speaker 6>of consciousness and increase the problem lifespan of consciousness, which

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<v Speaker 6>is going to be I think probably a lot of

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<v Speaker 6>machine consciousness as well.

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<v Speaker 1>In the future.

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<v Speaker 6>And that's the best we can do it, basically, you know,

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<v Speaker 6>And yeah, that's the best we can do. So, you know,

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<v Speaker 6>and think about the various problems that we're facing or

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<v Speaker 6>what would most likely change the future. The when they

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<v Speaker 6>were in college, there were five things that I thought

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<v Speaker 6>would be I thought these were actually I would not

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<v Speaker 6>regard this as a profound insight, but rather an obvious one,

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<v Speaker 6>that the Internet would fundamentally change humanity because it's it's

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<v Speaker 6>like a humanity would become more of a super organism

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<v Speaker 6>because the Internet is like the nerves, like the nervous system.

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<v Speaker 6>Now suddenly any part of the human human human organisms

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<v Speaker 6>anywhere would have access to all the information instantly. You

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<v Speaker 6>were like, hey, well, I can imagine if you if

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<v Speaker 6>you didn't have a nervous system, you wouldn't know what's

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<v Speaker 6>going on your fingers wouldn't know what's going on. Your

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<v Speaker 6>total knows what's going on. You'd have to do it

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<v Speaker 6>by diffusion. And yeah, and the way information used to

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<v Speaker 6>work was really by diffusion. One human would have to

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<v Speaker 6>call another human or to write them. Yes, like if

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<v Speaker 6>it was a letter you would have to write. You'd

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<v Speaker 6>have to have that letter to another human. That would

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<v Speaker 6>be carried through a bunch of things and finding another

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<v Speaker 6>person would give it to you inefficiently, extremely slow diffusion.

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<v Speaker 6>And if you wanted access to books, if you're not

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<v Speaker 6>did not have a library, you're not, you don't have it.

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<v Speaker 1>That's okay. So now you have access to all the

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<v Speaker 1>books instantly.

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<v Speaker 6>And if you can be in a remote like you know, mountaintop,

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<v Speaker 6>jungle location or something and have access to all of

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<v Speaker 6>humanity information, if you've got a link to the internet,

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<v Speaker 6>this is a fundamental, profound change. So that's one thing.

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<v Speaker 6>I was on the Internet early because of you know,

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<v Speaker 6>the physics community. That was pretty normal, although it was

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<v Speaker 6>interface was you know, almost entirely text and hard to use.

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<v Speaker 6>But that another one be obviously making life multiplanetary, making

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<v Speaker 6>consciousness multiplanetary, the change human genetics, which obviously I'm not

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<v Speaker 6>doing By the way, there's a thorny subject, but it

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<v Speaker 6>is being done with Crisper and others. You know, it

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<v Speaker 6>would it will, it will become normal to I think,

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<v Speaker 6>to change the human geno. It will become normal.

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<v Speaker 9>Like what's the opportunity, Like why is that something that's inevitable.

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<v Speaker 6>Or well, you know, I think for for sure, as

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<v Speaker 6>far as say getting rid of diseases or propensity to

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<v Speaker 6>various diseases, then that's gonna be like the first thing

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<v Speaker 6>that you'd want to edit out, you know. So it's like,

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<v Speaker 6>if you've got like your you know, a situation where

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<v Speaker 6>you're definitely gonna die of some kind of cancer at

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<v Speaker 6>age fifty five, I prefer to have that edit it out.

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<v Speaker 1>Yeah, definitely, So I think, you know, edit that out.

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<v Speaker 6>You know, there's the Gatacus sort of extreme thing where

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<v Speaker 6>it's not really edited out, but it's like it's edited

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<v Speaker 6>in for various enhancements and that kind of thing, which

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<v Speaker 6>probably will come too.

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<v Speaker 1>But I'm saying, you.

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<v Speaker 6>Know, arguing for against, I'm just saying this more likely

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<v Speaker 6>to come than not down the road.

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<v Speaker 1>Yeah, so then and then aim really major one.

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<v Speaker 2>So these are all big motivational factors to keep our

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<v Speaker 2>consciousness going.

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<v Speaker 6>And it's sustainable, yes, yes, sustainable energy. So sustainable energy

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00:23:24.359 --> 00:23:29.799
<v Speaker 6>actually was something that I thought it was important before

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<v Speaker 6>the vital environmental implications became as obvious as they are,

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<v Speaker 6>because if you mine and burn hydrocarbons, then you're gonna

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<v Speaker 6>run out of them, because it's it's not like it's

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<v Speaker 6>not like mining sort of say metals for example, if

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<v Speaker 6>you if you know that we recycle steel and aluminum,

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<v Speaker 6>and because that's just it's it's it's.

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<v Speaker 1>Not a change of energy state.

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<v Speaker 6>Whereas if you if you take fossil fuels, you're taking

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<v Speaker 6>some from a high energy state converting it to a

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<v Speaker 6>lower energy state like CO two, which is extremely stable.

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<v Speaker 1>You know.

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<v Speaker 6>So whereas we will never run out of metals, not

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<v Speaker 6>a problem, we will run out of mind hydrocobbins. And

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<v Speaker 6>then necessarily, if we have got billions, ultimately twillions of

423
00:24:18.160 --> 00:24:22.519
<v Speaker 6>tons of hydrocobbins that were very deep underground, in solid

424
00:24:22.559 --> 00:24:25.599
<v Speaker 6>liquid gas form whatever, but they're deep underground, you should

425
00:24:25.640 --> 00:24:27.920
<v Speaker 6>remove them from deep underground to the oceans and the atmosphere.

426
00:24:27.960 --> 00:24:29.119
<v Speaker 1>You will have a change in.

427
00:24:29.039 --> 00:24:35.519
<v Speaker 6>The chemistry of the of the surface obviously, and then

428
00:24:35.640 --> 00:24:38.640
<v Speaker 6>there's just a certain probably associated with well, how bad

429
00:24:38.680 --> 00:24:43.440
<v Speaker 6>will that be? And the range of possibilities goes from

430
00:24:43.680 --> 00:24:46.880
<v Speaker 6>wildly bad to extremely bad. But then why would you

431
00:24:46.960 --> 00:24:50.599
<v Speaker 6>run that experiment? That seems like the crazy, especially since

432
00:24:50.599 --> 00:24:54.400
<v Speaker 6>we have to go to sustainable energy anyway, why would

433
00:24:54.400 --> 00:24:57.759
<v Speaker 6>you run that experiment? This is the maddest thing I've

434
00:24:57.759 --> 00:25:00.440
<v Speaker 6>ever heard. I'm not saying it shouldn't be some use

435
00:25:00.440 --> 00:25:02.359
<v Speaker 6>of hydroc commons on Earth, but there just should be

436
00:25:03.079 --> 00:25:07.160
<v Speaker 6>the cover the correct price pay placed on CO two production.

437
00:25:07.680 --> 00:25:10.759
<v Speaker 6>And the obvious thing to do is have a common tax.

438
00:25:10.799 --> 00:25:15.279
<v Speaker 6>It's a no brainer every if I don't know the

439
00:25:15.400 --> 00:25:17.960
<v Speaker 6>ninety plus percent of economists would say this, and I

440
00:25:18.000 --> 00:25:21.559
<v Speaker 6>think of physicists, and it's just the you know, the

441
00:25:21.599 --> 00:25:24.200
<v Speaker 6>mark system works well if you've got the right price

442
00:25:24.240 --> 00:25:28.920
<v Speaker 6>in things, it's very very simple. And if you've got

443
00:25:28.920 --> 00:25:32.839
<v Speaker 6>a price of zero effectively or very low, then it's

444
00:25:34.400 --> 00:25:37.640
<v Speaker 6>well people will wave accordingly, though, So it's just that's

445
00:25:37.720 --> 00:25:39.279
<v Speaker 6>that's the thing that needs to get done.

446
00:25:40.039 --> 00:25:40.920
<v Speaker 1>I think it will get done.

447
00:25:43.279 --> 00:25:47.359
<v Speaker 6>And then the if, over time, as you raise the

448
00:25:47.400 --> 00:25:52.440
<v Speaker 6>price on common you can actually I think encourage sequestration

449
00:25:52.519 --> 00:25:56.680
<v Speaker 6>technologies over time, and and and there'll be a lot

450
00:25:56.720 --> 00:25:59.319
<v Speaker 6>of innovation in that regard and now that's the way

451
00:25:59.400 --> 00:25:59.920
<v Speaker 6>we to do it.

452
00:26:00.799 --> 00:26:03.640
<v Speaker 4>So you had these realizations about you know, areas of

453
00:26:03.640 --> 00:26:08.400
<v Speaker 4>big value and you went and started zip to you

454
00:26:08.440 --> 00:26:11.559
<v Speaker 4>sold it, got you know, twenty million cash. You were

455
00:26:11.559 --> 00:26:14.240
<v Speaker 4>the largest shareholder at PA of Papal at the time

456
00:26:14.279 --> 00:26:16.720
<v Speaker 4>eBay acquired it. I think, you know, you got one

457
00:26:16.799 --> 00:26:22.480
<v Speaker 4>hundred sixty million or something like that. You know, you

458
00:26:22.519 --> 00:26:26.920
<v Speaker 4>have enough money basically for an entire lifetime. Why go

459
00:26:27.200 --> 00:26:30.079
<v Speaker 4>and put your money into SpaceX, which is a huge,

460
00:26:30.799 --> 00:26:33.559
<v Speaker 4>you know, risky operation or Tesla. Why not just kind

461
00:26:33.559 --> 00:26:36.240
<v Speaker 4>of you know, relax.

462
00:26:38.279 --> 00:26:38.799
<v Speaker 1>Sure what?

463
00:26:39.039 --> 00:26:46.319
<v Speaker 6>So yeah, basically, you know, I graduated from from from

464
00:26:46.359 --> 00:26:54.480
<v Speaker 6>Penn with basically physics and economics and then that we're

465
00:26:54.519 --> 00:26:59.240
<v Speaker 6>act a road trip to to Stamford with with Robin

466
00:26:59.279 --> 00:27:02.359
<v Speaker 6>rand who is in my class and now it works

467
00:27:02.359 --> 00:27:02.759
<v Speaker 6>at Tesesla.

468
00:27:02.799 --> 00:27:08.400
<v Speaker 1>Actually yeah, he grew up in Shanghai, so yeah, this

469
00:27:08.519 --> 00:27:09.359
<v Speaker 1>was a very smart guy.

470
00:27:09.880 --> 00:27:12.640
<v Speaker 6>He ended up continuing at Stanford and I ended up

471
00:27:13.279 --> 00:27:15.880
<v Speaker 6>going on Deferma to complate into the semester. But I

472
00:27:16.000 --> 00:27:20.160
<v Speaker 6>was going to be studying material science and the physics

473
00:27:20.200 --> 00:27:23.000
<v Speaker 6>of high in age dentistic capacitors for use electric vehicles.

474
00:27:23.240 --> 00:27:25.640
<v Speaker 6>So the intent was I was going to go, Okay,

475
00:27:25.640 --> 00:27:29.680
<v Speaker 6>I'm want to work on energy storage solutions for electric vehicles,

476
00:27:29.920 --> 00:27:32.519
<v Speaker 6>and I'd worked at a company at Cold Pinnacle Research

477
00:27:32.599 --> 00:27:36.200
<v Speaker 6>for a couple of summers that did high energy density capacitors.

478
00:27:36.839 --> 00:27:38.640
<v Speaker 6>I was going to try to do effect me like

479
00:27:38.680 --> 00:27:42.279
<v Speaker 6>a solid state version of what they were doing with

480
00:27:44.559 --> 00:27:50.279
<v Speaker 6>It's going to get very complicated from a technical standpoint,

481
00:27:50.359 --> 00:27:54.359
<v Speaker 6>but they're using ruthenium tantlemox side. Ruthum is extremely rare

482
00:27:54.359 --> 00:27:57.079
<v Speaker 6>and expensive. You cannot scale that, so like can you

483
00:27:57.119 --> 00:27:59.640
<v Speaker 6>find a substitute for ruthenium? But they were able to

484
00:27:59.640 --> 00:28:02.799
<v Speaker 6>get to uh energy dynasty is comparable to let us

485
00:28:02.799 --> 00:28:06.519
<v Speaker 6>at battery, but with incredibly high power density. So just

486
00:28:06.880 --> 00:28:09.000
<v Speaker 6>I can go down a deep rabbit hole air. But

487
00:28:09.079 --> 00:28:13.160
<v Speaker 6>what's the capacitor in an no?

488
00:28:13.240 --> 00:28:14.319
<v Speaker 1>I think with the.

489
00:28:14.319 --> 00:28:18.759
<v Speaker 6>Advent of high energy lithium batteries, a capacitor is not

490
00:28:18.759 --> 00:28:19.480
<v Speaker 6>not the right path.

491
00:28:19.920 --> 00:28:22.039
<v Speaker 4>What was your thinking back then though, that made you

492
00:28:22.039 --> 00:28:23.480
<v Speaker 4>think you could be useful for evis?

493
00:28:23.680 --> 00:28:27.960
<v Speaker 6>I want to use advanced chip making equipment to make

494
00:28:28.079 --> 00:28:32.680
<v Speaker 6>capacitors that were precise at a molecular level, so at

495
00:28:32.720 --> 00:28:36.759
<v Speaker 6>the you know, just a level of precision that that

496
00:28:36.960 --> 00:28:40.039
<v Speaker 6>was sort of unheard of in in capacitors. Like capacitors,

497
00:28:40.519 --> 00:28:43.279
<v Speaker 6>energy is a function of its area or and a

498
00:28:43.359 --> 00:28:45.680
<v Speaker 6>separation distance. So if you have if you can have

499
00:28:45.960 --> 00:28:49.720
<v Speaker 6>very tiny separation distance, and you can and you can

500
00:28:49.799 --> 00:28:53.440
<v Speaker 6>inhibit quantum tunneling, like so how do you things get

501
00:28:53.519 --> 00:28:56.599
<v Speaker 6>pretty estery? So you're going to inherit quantity tunneling, give

502
00:28:56.920 --> 00:29:03.480
<v Speaker 6>very short gap and and then you can in theory

503
00:29:03.519 --> 00:29:07.559
<v Speaker 6>get to very high energy densities you by making capacitors

504
00:29:07.599 --> 00:29:11.200
<v Speaker 6>in the way that you would make a a an

505
00:29:11.359 --> 00:29:16.240
<v Speaker 6>X eighty six processor. And since there's there there were

506
00:29:16.240 --> 00:29:18.359
<v Speaker 6>tens of billions of dollars going into chip making R

507
00:29:18.400 --> 00:29:21.119
<v Speaker 6>and D that I thought there might be a way

508
00:29:21.160 --> 00:29:25.519
<v Speaker 6>to make an advanced capacitor using chip making equipment instead

509
00:29:25.519 --> 00:29:26.880
<v Speaker 6>of the conventional means.

510
00:29:28.079 --> 00:29:29.880
<v Speaker 8>So is it off the table alter capacity?

511
00:29:29.920 --> 00:29:37.480
<v Speaker 6>It's unnecessary? Interesting, it's unnecessary, It's it's I think I

512
00:29:37.480 --> 00:29:39.839
<v Speaker 6>think it's I think it's probably is physically possible, but

513
00:29:39.880 --> 00:29:42.279
<v Speaker 6>it's it's unnecessary at this point.

514
00:29:42.839 --> 00:29:44.200
<v Speaker 4>I mean, I know a lot of people were talking

515
00:29:44.200 --> 00:29:46.640
<v Speaker 4>about Maxwell and they had been working on some stuff

516
00:29:46.640 --> 00:29:47.759
<v Speaker 4>with capacitors.

517
00:29:47.759 --> 00:29:49.279
<v Speaker 6>The funny thing is that when I was doing the

518
00:29:50.359 --> 00:29:55.039
<v Speaker 6>my intentions that this uh mass capacity company called Pink Research,

519
00:29:55.079 --> 00:29:57.680
<v Speaker 6>which was in Less Godess. We talked a lot about

520
00:29:57.680 --> 00:30:01.240
<v Speaker 6>Maxwell and Maxwell is also trying to kags to Capacitor.

521
00:30:01.319 --> 00:30:04.640
<v Speaker 1>Is no Tesla a required Maxwell?

522
00:30:05.480 --> 00:30:07.440
<v Speaker 8>Yeah, Wow, we're looking forward to that investorday.

523
00:30:07.720 --> 00:30:11.599
<v Speaker 1>Yeah, that's kind of a big deal. That's great. Great

524
00:30:11.599 --> 00:30:11.880
<v Speaker 1>to know.

525
00:30:12.880 --> 00:30:18.119
<v Speaker 6>Maxwell has a bunch of technologies that are that where

526
00:30:18.160 --> 00:30:21.000
<v Speaker 6>if they're applied in the right way, I think can

527
00:30:21.079 --> 00:30:22.720
<v Speaker 6>be have a very big.

528
00:30:22.559 --> 00:30:26.640
<v Speaker 1>Impact, Like the dry electrode stuff that every one of them.

529
00:30:27.559 --> 00:30:28.160
<v Speaker 1>That's a big deal.

530
00:30:28.559 --> 00:30:35.279
<v Speaker 6>Yeah, for sure, much much bigger deal than it may seem. Yeah,

531
00:30:35.559 --> 00:30:38.480
<v Speaker 6>and there's a few other things with the space that

532
00:30:38.519 --> 00:30:40.160
<v Speaker 6>it takes up for the ovens that you know, for

533
00:30:40.240 --> 00:30:42.720
<v Speaker 6>the current technology, you can save all that that real

534
00:30:42.799 --> 00:30:43.319
<v Speaker 6>estate space.

535
00:30:43.400 --> 00:30:47.559
<v Speaker 2>Now that's one aspect. And the cost reduction, the weight savings,

536
00:30:47.680 --> 00:30:49.720
<v Speaker 2>I mean, there's so many pluses.

537
00:30:49.960 --> 00:30:53.880
<v Speaker 6>Right, Yes, and there's many things that but I left

538
00:30:53.920 --> 00:30:57.680
<v Speaker 6>wait until you know whatever battery day. Sure, hope in

539
00:30:57.720 --> 00:30:59.359
<v Speaker 6>a few months, but I think we've had some pretty

540
00:30:59.400 --> 00:31:00.279
<v Speaker 6>exciting things to share.

541
00:31:02.119 --> 00:31:04.400
<v Speaker 4>So Galley's very exciting.

542
00:31:04.480 --> 00:31:06.920
<v Speaker 9>Yeah, it seems like the pace of the innovation of

543
00:31:07.000 --> 00:31:09.519
<v Speaker 9>the battery things just taken off like since you guys

544
00:31:09.519 --> 00:31:12.359
<v Speaker 9>have more capital and being able to like have the

545
00:31:12.359 --> 00:31:14.799
<v Speaker 9>Giga factory be vertically integrated. It seems like know of

546
00:31:14.839 --> 00:31:16.799
<v Speaker 9>their car company is making that many batteries, so they're

547
00:31:16.799 --> 00:31:18.440
<v Speaker 9>not even thinking about what comes next.

548
00:31:18.480 --> 00:31:23.680
<v Speaker 1>But they're not even you know, man, not even come

549
00:31:23.799 --> 00:31:26.799
<v Speaker 1>cool at all. I can two hundred and one mile

550
00:31:27.359 --> 00:31:27.960
<v Speaker 1>not not either.

551
00:31:28.000 --> 00:31:32.559
<v Speaker 6>That's a joke, Yeah, no, it's really, it's true. The

552
00:31:32.799 --> 00:31:36.519
<v Speaker 6>other countries just really want to outsourced battery technology, not

553
00:31:36.720 --> 00:31:39.240
<v Speaker 6>even not even making the like this.

554
00:31:39.240 --> 00:31:40.480
<v Speaker 1>Battery module and cell.

555
00:31:41.200 --> 00:31:43.240
<v Speaker 6>But they're they're obviously outs hosting the cells, but even

556
00:31:43.279 --> 00:31:45.359
<v Speaker 6>out sourcing the modules in the packs. Yeah, you know,

557
00:31:45.400 --> 00:31:49.400
<v Speaker 6>and it's like they're really not thinking about fundamental chemistry improvements.

558
00:31:49.480 --> 00:31:53.559
<v Speaker 6>And there's some pretty deep wizardry at TELSA.

559
00:31:53.279 --> 00:31:53.839
<v Speaker 1>On this front.

560
00:31:54.680 --> 00:31:57.000
<v Speaker 6>I should say a bit about like like electric vehicles,

561
00:31:57.039 --> 00:31:59.640
<v Speaker 6>and it was sustainable energy in general.

562
00:32:00.119 --> 00:32:01.079
<v Speaker 1>I said it was.

563
00:32:01.160 --> 00:32:04.000
<v Speaker 6>It was pretty I think obvious to not not just me,

564
00:32:04.119 --> 00:32:06.160
<v Speaker 6>to me, to a lot of people even go back

565
00:32:06.200 --> 00:32:10.319
<v Speaker 6>thirty years or or longer, that we must have a

566
00:32:10.359 --> 00:32:13.200
<v Speaker 6>sustainable energy solution. In fact, it's it's toto logical, if

567
00:32:13.240 --> 00:32:16.839
<v Speaker 6>it's un if it's if it's not sustainable, we must

568
00:32:16.880 --> 00:32:19.680
<v Speaker 6>at some point find an alternative to it. And so

569
00:32:19.920 --> 00:32:24.279
<v Speaker 6>even if there were no environmental impact to the sort

570
00:32:24.279 --> 00:32:26.839
<v Speaker 6>of fossil fuel economy, then we would run out of

571
00:32:26.839 --> 00:32:29.920
<v Speaker 6>them and then we would have economic collapse and well,

572
00:32:30.319 --> 00:32:33.359
<v Speaker 6>civilization would fall apart. So so that that that was

573
00:32:33.359 --> 00:32:36.200
<v Speaker 6>actually my initial motivation for electric vehicles is like, Okay,

574
00:32:36.200 --> 00:32:39.319
<v Speaker 6>we've got to have a solution that does not require

575
00:32:40.799 --> 00:32:45.559
<v Speaker 6>mining hydrocarbons, that that that is sustainable in the long term.

576
00:32:45.960 --> 00:32:49.160
<v Speaker 6>It was not actually initially from an environmental standpoint, because

577
00:32:49.160 --> 00:32:51.960
<v Speaker 6>I had not realized the gravity of the environmental situation

578
00:32:52.000 --> 00:32:56.119
<v Speaker 6>at that time, and I thought, actually, for sure by

579
00:32:56.119 --> 00:32:59.119
<v Speaker 6>now we'd have electric cars, like for sure, but back

580
00:32:59.160 --> 00:33:01.319
<v Speaker 6>on the moon. Yeah, yeah, totally. Why are we not

581
00:33:01.359 --> 00:33:06.519
<v Speaker 6>back on the moon? It's insane, insane. If you sold

582
00:33:06.559 --> 00:33:10.480
<v Speaker 6>something in sixty nine that, yeah, that would not be

583
00:33:10.519 --> 00:33:13.880
<v Speaker 6>back on the moon, And in like twenty twenty, they'd

584
00:33:13.920 --> 00:33:16.440
<v Speaker 6>be like you probably might have getten punched, honestly, because

585
00:33:16.440 --> 00:33:20.960
<v Speaker 6>they'd be like, you're just it's like so insultingly rude

586
00:33:20.960 --> 00:33:21.839
<v Speaker 6>to if youture.

587
00:33:23.880 --> 00:33:25.839
<v Speaker 1>Because they'd be like, what is wrong with you?

588
00:33:26.119 --> 00:33:29.920
<v Speaker 6>It's encouraging encouraging them, Yeah, yeah, yeah, So it's like,

589
00:33:29.960 --> 00:33:31.519
<v Speaker 6>we should have a sure of a base on the Moon,

590
00:33:31.519 --> 00:33:34.079
<v Speaker 6>we should have sent people to Mars. None of that's occurred.

591
00:33:34.759 --> 00:33:38.480
<v Speaker 6>You know, it's gonna that We've got to make that happen. Yeah,

592
00:33:38.480 --> 00:33:40.839
<v Speaker 6>So it's a bit on the sustainability front. It was really,

593
00:33:40.920 --> 00:33:43.720
<v Speaker 6>like I said, not so much initially, not so much

594
00:33:43.759 --> 00:33:47.880
<v Speaker 6>from an environmental standpoint, but from the necessity of replacing

595
00:33:47.960 --> 00:33:52.640
<v Speaker 6>a finite resource in order to ensure that civilization could

596
00:33:52.640 --> 00:33:55.720
<v Speaker 6>continue to grow. And then the urgency of it became

597
00:33:55.839 --> 00:33:58.519
<v Speaker 6>much more obvious, like, wow, we're just really better do

598
00:33:58.599 --> 00:34:03.319
<v Speaker 6>something because the environmental stuff is becoming quite serious, and

599
00:34:03.400 --> 00:34:07.839
<v Speaker 6>the the the inertia of large existing companies is just

600
00:34:08.000 --> 00:34:11.079
<v Speaker 6>hard to appreciate that they just want to keep doing

601
00:34:11.119 --> 00:34:15.519
<v Speaker 6>the same thing and maybe five percent different every year,

602
00:34:15.679 --> 00:34:22.719
<v Speaker 6>maybe five percent difference. Big companies had changed. So so

603
00:34:22.760 --> 00:34:26.199
<v Speaker 6>then the you know, the time that Tesla you know,

604
00:34:27.239 --> 00:34:30.480
<v Speaker 6>was creator, you know, there was no no one was

605
00:34:30.480 --> 00:34:33.960
<v Speaker 6>doing electric cars. They weren't really startups. There weren't big

606
00:34:33.960 --> 00:34:38.000
<v Speaker 6>car companies weren't doing it. Uh GM tot cancel their

607
00:34:38.039 --> 00:34:38.920
<v Speaker 6>EV programs.

608
00:34:39.480 --> 00:34:41.679
<v Speaker 1>Now everybody's doing it right now, like.

609
00:34:42.320 --> 00:34:50.679
<v Speaker 7>And their mom, the mom is doing it, and we

610
00:34:50.719 --> 00:34:53.039
<v Speaker 7>will all like to congratulate about the take off.

611
00:34:53.119 --> 00:34:55.079
<v Speaker 1>Actually three one, yeah.

612
00:34:54.840 --> 00:34:57.880
<v Speaker 7>Yeah, it's and I would like to know, like why

613
00:34:58.559 --> 00:35:02.760
<v Speaker 7>China is the best country to build a first foreign

614
00:35:02.840 --> 00:35:03.639
<v Speaker 7>Giga factory.

615
00:35:04.760 --> 00:35:09.840
<v Speaker 6>China is the biggest consumer cars in the world, so it's.

616
00:35:11.239 --> 00:35:14.519
<v Speaker 1>So that that that alone would be enough to do it.

617
00:35:15.320 --> 00:35:17.719
<v Speaker 6>I think also there was a lot of uncertainty about

618
00:35:17.920 --> 00:35:22.280
<v Speaker 6>the tariffs, and and you know, it's like potentially would

619
00:35:22.320 --> 00:35:25.440
<v Speaker 6>be unable to sell effectively in China if we did

620
00:35:25.440 --> 00:35:28.320
<v Speaker 6>not have a factory locally, or at least unable to

621
00:35:28.360 --> 00:35:31.280
<v Speaker 6>sell at prices that weren't extremely high. But those are

622
00:35:31.320 --> 00:35:33.599
<v Speaker 6>really the two two main reasons.

623
00:35:34.559 --> 00:35:34.920
<v Speaker 1>I think that.

624
00:35:37.719 --> 00:35:40.320
<v Speaker 6>But I think there's also a third important reason that

625
00:35:40.320 --> 00:35:44.440
<v Speaker 6>that there's just so much talent and drive in China

626
00:35:44.519 --> 00:35:46.880
<v Speaker 6>that I think it's a good place to do a

627
00:35:46.880 --> 00:35:52.599
<v Speaker 6>lot of things. And the evidence is there in the

628
00:35:52.639 --> 00:35:58.320
<v Speaker 6>incredible progress in the factory, which was built with very

629
00:35:58.559 --> 00:36:02.880
<v Speaker 6>very high quality and very short period of time, and

630
00:36:04.760 --> 00:36:07.519
<v Speaker 6>that the car is coming out of of Shanghai are

631
00:36:08.079 --> 00:36:09.800
<v Speaker 6>already very high quality.

632
00:36:10.119 --> 00:36:12.880
<v Speaker 1>I can't tell. And the run rate is amazing.

633
00:36:13.559 --> 00:36:16.079
<v Speaker 2>And I love that they used the Chinese badge as well.

634
00:36:16.079 --> 00:36:18.639
<v Speaker 2>It's like a simple pride and you know made made

635
00:36:18.679 --> 00:36:19.079
<v Speaker 2>in China.

636
00:36:19.239 --> 00:36:20.960
<v Speaker 1>So yeah, it's cool, it's super cool.

637
00:36:21.199 --> 00:36:24.400
<v Speaker 4>How did Tesla manage to get the first wholly owned

638
00:36:24.639 --> 00:36:27.239
<v Speaker 4>foreign car company in China? I mean a factory?

639
00:36:28.639 --> 00:36:33.000
<v Speaker 6>Uh well, I've went to China many times and they

640
00:36:33.320 --> 00:36:35.800
<v Speaker 6>kept saying that we would have to do this, you know,

641
00:36:36.119 --> 00:36:41.559
<v Speaker 6>majority local venture. And I said that, well, we had

642
00:36:41.599 --> 00:36:43.280
<v Speaker 6>to partner with someone, and say, well, oh, you know,

643
00:36:43.800 --> 00:36:45.599
<v Speaker 6>we're a little late to the dance here, you know,

644
00:36:46.000 --> 00:36:50.960
<v Speaker 6>so who do we partner with? You know, there's nobody,

645
00:36:51.119 --> 00:36:54.280
<v Speaker 6>nobody left, and uh and also we're just a little company,

646
00:36:54.480 --> 00:36:59.280
<v Speaker 6>so you know, we're you know, like because they should

647
00:36:59.280 --> 00:37:00.599
<v Speaker 6>get married, like we're young.

648
00:37:04.480 --> 00:37:05.480
<v Speaker 1>That's a good example.

649
00:37:07.159 --> 00:37:11.119
<v Speaker 6>But yeah, you know, and then so then you know,

650
00:37:11.199 --> 00:37:13.679
<v Speaker 6>but and then also is pointing out like you know,

651
00:37:13.760 --> 00:37:16.559
<v Speaker 6>there's so many Chinese companies that are going to you know,

652
00:37:16.559 --> 00:37:19.639
<v Speaker 6>that are establishing factories or in the US, and there's

653
00:37:19.679 --> 00:37:22.840
<v Speaker 6>like Verity Future and that kind of thing, and that's

654
00:37:23.320 --> 00:37:25.280
<v Speaker 6>known by them. And so I mean, to be fair,

655
00:37:25.519 --> 00:37:28.400
<v Speaker 6>it should be allowed that a marine car company should

656
00:37:28.599 --> 00:37:30.639
<v Speaker 6>be able to own its factory in China as well.

657
00:37:31.559 --> 00:37:34.719
<v Speaker 6>And so we talked to him over and over of

658
00:37:34.760 --> 00:37:41.639
<v Speaker 6>years and they eventually said Okay, well.

659
00:37:39.039 --> 00:37:40.159
<v Speaker 1>We'll change law.

660
00:37:40.760 --> 00:37:43.480
<v Speaker 6>They changed law, but now those other companies can do

661
00:37:43.480 --> 00:37:46.280
<v Speaker 6>it as well, so it's not just limited to Tesla.

662
00:37:47.760 --> 00:37:50.360
<v Speaker 9>And how much of that production hell like learnings have

663
00:37:50.519 --> 00:37:52.480
<v Speaker 9>really enabled because one of the I don't want to

664
00:37:52.519 --> 00:37:54.239
<v Speaker 9>like to bring up Capex, but one of my favorite

665
00:37:54.280 --> 00:37:56.280
<v Speaker 9>things is the stats and the shareholder letter. It's so

666
00:37:56.400 --> 00:37:59.639
<v Speaker 9>much cheaper, not only faster, but it seems like that

667
00:37:59.800 --> 00:38:03.320
<v Speaker 9>you have learned so much from this the Fremont factory,

668
00:38:03.320 --> 00:38:05.599
<v Speaker 9>and that really enabled like kind of a turbo charged

669
00:38:06.000 --> 00:38:06.920
<v Speaker 9>build for Shanghai.

670
00:38:09.239 --> 00:38:10.280
<v Speaker 1>Yeah, the.

671
00:38:12.360 --> 00:38:15.360
<v Speaker 6>I think the big difference is is like we are

672
00:38:15.480 --> 00:38:21.320
<v Speaker 6>way less dumb than we were, so the the fullishness

673
00:38:21.360 --> 00:38:26.360
<v Speaker 6>of capital expenditures was very high and it's less high.

674
00:38:26.360 --> 00:38:30.320
<v Speaker 1>Know, and then.

675
00:38:30.599 --> 00:38:35.880
<v Speaker 6>The the Shanghai factory, we designed out all of or

676
00:38:35.880 --> 00:38:39.199
<v Speaker 6>as much of the foolishness as we could think of

677
00:38:40.039 --> 00:38:44.960
<v Speaker 6>that exists at Fremont and at Nevada. So we just

678
00:38:45.199 --> 00:38:49.119
<v Speaker 6>made a lot of decisions that weren't smart and and

679
00:38:49.199 --> 00:38:52.280
<v Speaker 6>we designed those out so such the production line is

680
00:38:52.639 --> 00:38:58.760
<v Speaker 6>much simpler, So it's much simpler and better implemented. And

681
00:38:58.800 --> 00:39:03.400
<v Speaker 6>then we also found like that in most cases the

682
00:39:03.440 --> 00:39:07.199
<v Speaker 6>suppliers were more efficient in China as well than in

683
00:39:07.239 --> 00:39:12.239
<v Speaker 6>the US, so, but we've also managed to get a

684
00:39:12.280 --> 00:39:17.440
<v Speaker 6>lot more output from existing equipment in the US as well.

685
00:39:17.519 --> 00:39:23.920
<v Speaker 6>So the Model three bodyline in Fremont, for example, was

686
00:39:24.440 --> 00:39:27.559
<v Speaker 6>only ever meant to do five thousand cars Model three

687
00:39:27.599 --> 00:39:31.239
<v Speaker 6>is a week and it's doing seven thousand nice, nice

688
00:39:31.800 --> 00:39:35.559
<v Speaker 6>and with with with with turning off a bunch of

689
00:39:36.000 --> 00:39:42.559
<v Speaker 6>unnecessary things that were being done. So it I mean,

690
00:39:42.800 --> 00:39:44.840
<v Speaker 6>there's just there's a lot of bullish things that were

691
00:39:44.880 --> 00:39:50.440
<v Speaker 6>doing so and we changed some of the designs and

692
00:39:50.639 --> 00:39:54.760
<v Speaker 6>made it easier to would it's it's like hundreds of

693
00:39:54.800 --> 00:39:58.840
<v Speaker 6>little things to make it, to make it easier to build,

694
00:39:59.280 --> 00:40:02.280
<v Speaker 6>and and so being able to get forty percent more

695
00:40:02.400 --> 00:40:05.719
<v Speaker 6>output off the same line obviously makes it makes a

696
00:40:05.719 --> 00:40:09.840
<v Speaker 6>big difference, and while while reducing the cost of the module,

697
00:40:09.840 --> 00:40:12.280
<v Speaker 6>cost of production and I and I think improving the

698
00:40:12.320 --> 00:40:17.039
<v Speaker 6>quality of the car. So it's just all good, good stuff.

699
00:40:17.039 --> 00:40:19.400
<v Speaker 6>It was the result of a ton of hard work

700
00:40:20.239 --> 00:40:24.880
<v Speaker 6>by a lot of people. So yeah, it was kind

701
00:40:24.880 --> 00:40:27.840
<v Speaker 6>of necessary in that there was we didn't really have

702
00:40:28.519 --> 00:40:31.800
<v Speaker 6>a place to put a second molitary body line. So

703
00:40:31.840 --> 00:40:33.559
<v Speaker 6>it's like you either we either make with one go

704
00:40:33.719 --> 00:40:38.599
<v Speaker 6>faster or we will not be able to achieve production.

705
00:40:40.480 --> 00:40:45.480
<v Speaker 6>But the Model three body line in Shanghai is much

706
00:40:45.559 --> 00:40:48.599
<v Speaker 6>much simpler than the one in and I said that

707
00:40:48.639 --> 00:40:51.280
<v Speaker 6>a good way then, because it has the same the

708
00:40:51.320 --> 00:40:56.360
<v Speaker 6>same end result. So if if you know and and

709
00:40:56.440 --> 00:41:00.679
<v Speaker 6>but but it's much easier to understand this just getting

710
00:41:00.760 --> 00:41:04.880
<v Speaker 6>rid of unnecessary movement. There's a lot of unnecessary movement

711
00:41:04.960 --> 00:41:08.679
<v Speaker 6>in the Freemont body line, but not in Shanghai.

712
00:41:10.360 --> 00:41:12.760
<v Speaker 4>So you guys said in the production letter that you

713
00:41:12.800 --> 00:41:16.079
<v Speaker 4>just started battery production in Shanghai too, And I heard

714
00:41:16.159 --> 00:41:20.480
<v Speaker 4>that you guys were getting cells from cattle and l GCM.

715
00:41:20.599 --> 00:41:23.800
<v Speaker 4>Are the cells basically kind of like a commodity part

716
00:41:24.039 --> 00:41:26.679
<v Speaker 4>that you can assemble into your battery packs there or

717
00:41:27.000 --> 00:41:28.360
<v Speaker 4>you know, does it make a difference. How do you

718
00:41:28.400 --> 00:41:32.280
<v Speaker 4>see that long term?

719
00:41:32.639 --> 00:41:35.679
<v Speaker 6>I believe these cells are not yet from LG We

720
00:41:35.760 --> 00:41:46.360
<v Speaker 6>do expect to use locally, locally produced cells, but I'm.

721
00:41:43.559 --> 00:41:44.679
<v Speaker 1>Like, I don't know, it's a week clear.

722
00:41:44.719 --> 00:41:47.360
<v Speaker 6>I don't always know exactly what's going on everywhere in

723
00:41:47.440 --> 00:41:50.440
<v Speaker 6>the fifty thousand person company. So some of the things,

724
00:41:50.880 --> 00:41:52.719
<v Speaker 6>like most most most of the things I say, will

725
00:41:52.760 --> 00:41:56.880
<v Speaker 6>be crippets of maybea occasionally something that's not as to

726
00:41:56.920 --> 00:42:00.920
<v Speaker 6>that my knowledge, we're not yet using Algae camp cells.

727
00:42:00.920 --> 00:42:03.480
<v Speaker 6>We are using Panasonic cells made in Nevada.

728
00:42:04.000 --> 00:42:06.480
<v Speaker 4>But LGAE CAM can make pretty much the same cells

729
00:42:06.519 --> 00:42:07.960
<v Speaker 4>as Panasonic.

730
00:42:08.039 --> 00:42:10.719
<v Speaker 6>Yes, but pretty much is not the same as the same.

731
00:42:11.039 --> 00:42:14.599
<v Speaker 6>So there's still a few bugs to work out with

732
00:42:14.800 --> 00:42:18.639
<v Speaker 6>the LGA camp cells before we can use them in

733
00:42:18.679 --> 00:42:25.360
<v Speaker 6>our module and battery pack production system. The CTL cells,

734
00:42:26.079 --> 00:42:30.239
<v Speaker 6>the CL situation will be more of an integrated module

735
00:42:30.679 --> 00:42:35.360
<v Speaker 6>then it will be a cell. And that's so that

736
00:42:35.639 --> 00:42:38.639
<v Speaker 6>it's it's not just it's not super easy to replace

737
00:42:39.159 --> 00:42:46.320
<v Speaker 6>these things. But yeah, we'll be We do expect to

738
00:42:46.400 --> 00:42:49.760
<v Speaker 6>use CTL. We do expect to use Algae. Currently we're

739
00:42:49.880 --> 00:42:52.800
<v Speaker 6>use using Panasonic. Might expect to use I mean like

740
00:42:53.000 --> 00:42:55.960
<v Speaker 6>virtually a matter of months. So by the middle of

741
00:42:55.960 --> 00:42:59.000
<v Speaker 6>this year we will probably be using both LGA and

742
00:42:59.079 --> 00:43:01.239
<v Speaker 6>ctail in volume.

743
00:43:02.079 --> 00:43:02.440
<v Speaker 3>Wow.

744
00:43:03.280 --> 00:43:06.039
<v Speaker 8>So we were talking about a lot of Tesla stuff,

745
00:43:06.039 --> 00:43:07.280
<v Speaker 8>but we kind of wanted to ask you about your

746
00:43:07.320 --> 00:43:09.920
<v Speaker 8>personal history because we were saying you were saying how

747
00:43:09.960 --> 00:43:12.880
<v Speaker 8>there's some misconceptions you would like to make straight. And

748
00:43:12.920 --> 00:43:15.000
<v Speaker 8>you know, Ashley Vance wrote a book about you. I

749
00:43:15.039 --> 00:43:17.440
<v Speaker 8>just read May's loved the book, and it was really wonderful.

750
00:43:17.480 --> 00:43:19.039
<v Speaker 8>I loved it, and I learned a little bit more

751
00:43:19.079 --> 00:43:21.440
<v Speaker 8>history about your family and you. What are some of

752
00:43:21.440 --> 00:43:24.440
<v Speaker 8>the misconceptions that you would like to correct?

753
00:43:25.079 --> 00:43:26.719
<v Speaker 6>You know, most of this is just and it ended

754
00:43:26.800 --> 00:43:28.679
<v Speaker 6>up being kind of water under the bridge that people

755
00:43:28.719 --> 00:43:32.559
<v Speaker 6>didn't notice that much. Yeah, I mean there's a sort

756
00:43:32.599 --> 00:43:35.760
<v Speaker 6>of some stories in there where it sounds like I

757
00:43:35.840 --> 00:43:39.039
<v Speaker 6>like fired people all of a sudden and arbitrarily, which

758
00:43:39.119 --> 00:43:40.079
<v Speaker 6>was not the case.

759
00:43:41.360 --> 00:43:41.760
<v Speaker 1>There.

760
00:43:45.840 --> 00:43:50.039
<v Speaker 6>You know, it just Ashley asked somebody who who didn't

761
00:43:50.039 --> 00:43:51.559
<v Speaker 6>know what was going on, and then that person was

762
00:43:51.559 --> 00:43:52.440
<v Speaker 6>suddenly not there.

763
00:43:52.320 --> 00:43:53.079
<v Speaker 1>And they didn't know why.

764
00:43:53.320 --> 00:43:59.719
<v Speaker 6>Yeah, but I yeah, I definitely do not fire talented people.

765
00:43:59.760 --> 00:44:04.400
<v Speaker 6>And yeah, you know, unless there's no option. So yeah,

766
00:44:04.519 --> 00:44:07.599
<v Speaker 6>and absolutely not not without warning or like.

767
00:44:07.639 --> 00:44:09.559
<v Speaker 8>Keep hearing you say, we like it sounds like you're

768
00:44:09.599 --> 00:44:12.199
<v Speaker 8>always thinking of everybody. I see you as a very

769
00:44:12.199 --> 00:44:17.719
<v Speaker 8>selfless person. I mean seriously, I mean, yeah, it's like

770
00:44:17.760 --> 00:44:19.119
<v Speaker 8>from the age of twelve, it sounds like you've been

771
00:44:19.159 --> 00:44:20.480
<v Speaker 8>thinking about how to help humanity.

772
00:44:21.679 --> 00:44:24.599
<v Speaker 6>Yeah, I mean I'm not trying to be sort of

773
00:44:24.639 --> 00:44:28.800
<v Speaker 6>like some you know, the sort of savior or something

774
00:44:28.880 --> 00:44:34.280
<v Speaker 6>like that. You know, but it's really just that if

775
00:44:36.039 --> 00:44:40.239
<v Speaker 6>it just seems like there, it's just I don't know,

776
00:44:40.280 --> 00:44:43.440
<v Speaker 6>it feels like the obvious things to do. I can't like,

777
00:44:43.599 --> 00:44:51.239
<v Speaker 6>I'm not sure why you do anything else. We want

778
00:44:51.239 --> 00:44:56.760
<v Speaker 6>to maximize happiness to the population and propagating to the

779
00:44:56.800 --> 00:45:01.360
<v Speaker 6>future as far as possible and understand the nature of reality,

780
00:45:02.239 --> 00:45:04.880
<v Speaker 6>and from that, I think everything else follows.

781
00:45:05.880 --> 00:45:09.039
<v Speaker 5>I saw you on Twitter like talking about how like

782
00:45:09.159 --> 00:45:11.800
<v Speaker 5>people are having this rumor that you've been wealthy your

783
00:45:11.800 --> 00:45:13.400
<v Speaker 5>whole life and that would be like the only reason

784
00:45:13.400 --> 00:45:16.280
<v Speaker 5>who became successful and you've debunked that, And can you

785
00:45:16.280 --> 00:45:18.559
<v Speaker 5>ask share more about your upbringing and what led you

786
00:45:18.639 --> 00:45:21.360
<v Speaker 5>to go into North America.

787
00:45:21.440 --> 00:45:26.440
<v Speaker 6>Sure, I was in South Africa and it seemed like

788
00:45:26.920 --> 00:45:30.079
<v Speaker 6>wherever there was like a lot of the advanced technology

789
00:45:30.119 --> 00:45:34.840
<v Speaker 6>in the world was being produced in America and Solucton

790
00:45:34.880 --> 00:45:38.880
<v Speaker 6>Valley especially, So I wanted to be where I could

791
00:45:38.880 --> 00:45:42.800
<v Speaker 6>sort of have an impact on technology, so that's or

792
00:45:42.800 --> 00:45:46.519
<v Speaker 6>be involved in the creation of new technology. So that's

793
00:45:46.719 --> 00:45:50.800
<v Speaker 6>what brought me to go to at first Canada because

794
00:45:51.400 --> 00:45:54.559
<v Speaker 6>I could get citizenship in Canada through my mom, and

795
00:45:54.599 --> 00:45:57.480
<v Speaker 6>then ultimately to the US.

796
00:45:58.199 --> 00:46:05.239
<v Speaker 1>But yeah, I just left Slavco. When I was seventeen and.

797
00:46:06.679 --> 00:46:10.360
<v Speaker 6>Land in Montreal, I had like about two thousand dollars Canadian.

798
00:46:11.880 --> 00:46:12.480
<v Speaker 1>Uh yeah.

799
00:46:12.760 --> 00:46:15.119
<v Speaker 6>I started staying in a youth hustle for a few days,

800
00:46:15.119 --> 00:46:18.519
<v Speaker 6>and then there was a you could buy a ticket

801
00:46:18.559 --> 00:46:21.920
<v Speaker 6>to across the country for hard bucks and stopped along

802
00:46:21.920 --> 00:46:27.559
<v Speaker 6>the way, and so I put that and just took

803
00:46:27.599 --> 00:46:31.599
<v Speaker 6>it greyhound across Canada and sold these like little towns.

804
00:46:33.239 --> 00:46:36.960
<v Speaker 1>Well we were getting I didn't have much.

805
00:46:37.039 --> 00:46:40.840
<v Speaker 6>I had like a backpack again suitcase books, but that

806
00:46:41.400 --> 00:46:47.519
<v Speaker 6>the bus company, the Greyhound, unloaded it in one of

807
00:46:47.519 --> 00:46:51.159
<v Speaker 6>the cities and then the bus left without my stuff.

808
00:46:51.800 --> 00:46:55.159
<v Speaker 1>So I literally had nothing. All your books but you're

809
00:46:55.199 --> 00:46:55.599
<v Speaker 1>closed to.

810
00:46:56.440 --> 00:46:58.679
<v Speaker 6>Actually, weirdly, I think I might have had the books thing,

811
00:46:58.679 --> 00:47:02.679
<v Speaker 6>but I closed that prior you need it, Yeah, because

812
00:47:02.679 --> 00:47:04.599
<v Speaker 6>I needed. I was just sitting in the bus station reading,

813
00:47:04.639 --> 00:47:07.280
<v Speaker 6>waiting for the bus to get ready, and I think

814
00:47:07.280 --> 00:47:08.760
<v Speaker 6>I have the books but not not.

815
00:47:08.880 --> 00:47:09.559
<v Speaker 1>But no clothing.

816
00:47:13.440 --> 00:47:19.400
<v Speaker 6>So anyway, but I managed to get to Swift Current, Saskatchewan,

817
00:47:20.320 --> 00:47:25.559
<v Speaker 6>and then my, my, it's your cousins cousin's son, Yeah,

818
00:47:26.000 --> 00:47:28.280
<v Speaker 6>has a whaed farm there, and I worked on the

819
00:47:28.320 --> 00:47:34.039
<v Speaker 6>wheat farm for about six weeks and turned eighteen and Saskatchewan.

820
00:47:34.880 --> 00:47:36.480
<v Speaker 1>It's just a ton of called swift current.

821
00:47:36.960 --> 00:47:40.039
<v Speaker 2>So that was summertime, right it is June, Yeah, June

822
00:47:40.079 --> 00:47:41.800
<v Speaker 2>twenty eighth, So because I've been there in the winter

823
00:47:41.920 --> 00:47:44.480
<v Speaker 2>and it's like minus forty yeah, yeah, you don't want

824
00:47:44.480 --> 00:47:45.239
<v Speaker 2>to be traveling.

825
00:47:45.400 --> 00:47:47.400
<v Speaker 8>Yeah did you ice kate? Did you try ice skating?

826
00:47:47.800 --> 00:47:49.119
<v Speaker 1>No? There was it was quite warm.

827
00:47:49.719 --> 00:47:50.400
<v Speaker 8>Well, I mean in the winter.

828
00:47:51.079 --> 00:47:53.079
<v Speaker 1>Stay for there in the winter. I was just I

829
00:47:53.079 --> 00:47:55.320
<v Speaker 1>was there for about six weeks. Oh, you're lucky you survived.

830
00:47:55.480 --> 00:47:56.239
<v Speaker 1>That's good. Yeah.

831
00:47:56.400 --> 00:47:59.880
<v Speaker 6>I was old there literally working on the wheat farm,

832
00:48:00.239 --> 00:48:03.039
<v Speaker 6>did a bond raising and they cleared out the wheat binds,

833
00:48:03.280 --> 00:48:05.400
<v Speaker 6>you know, the grain, grain salos, that kind of thing,

834
00:48:05.960 --> 00:48:09.360
<v Speaker 6>and I just worked the vegetable patch basically just doing

835
00:48:09.400 --> 00:48:10.000
<v Speaker 6>various things.

836
00:48:10.199 --> 00:48:12.079
<v Speaker 8>Would your mind just thinking of what you're what you're

837
00:48:12.079 --> 00:48:12.800
<v Speaker 8>going to do after that?

838
00:48:13.800 --> 00:48:17.039
<v Speaker 1>Yeah, t figure what I do next. I don't know

839
00:48:17.039 --> 00:48:17.440
<v Speaker 1>what to do.

840
00:48:18.840 --> 00:48:20.960
<v Speaker 6>So then, but I ended up getting back on the

841
00:48:21.000 --> 00:48:26.559
<v Speaker 6>bus and went to Vancouver and I had a half

842
00:48:26.639 --> 00:48:29.599
<v Speaker 6>uncle there who was kind of in the lumber industry.

843
00:48:30.840 --> 00:48:32.639
<v Speaker 6>He like made lumber, like lumber equipment.

844
00:48:32.760 --> 00:48:33.960
<v Speaker 8>Sounds like the Northwest.

845
00:48:34.760 --> 00:48:41.360
<v Speaker 6>Yeah, yeah, basically throwing up chains, throwing logs and working

846
00:48:41.400 --> 00:48:47.280
<v Speaker 6>on the slumber mill and cleaning out the where they

847
00:48:47.280 --> 00:48:50.719
<v Speaker 6>where they boil the pulp and just like create crazy

848
00:48:52.039 --> 00:48:55.800
<v Speaker 6>so boiler rooms and that that might be the hardest

849
00:48:55.880 --> 00:48:58.960
<v Speaker 6>job I've had, actually, because you had to like crawl

850
00:48:59.000 --> 00:49:02.800
<v Speaker 6>through this little tunnel and it has mat suit and

851
00:49:02.840 --> 00:49:09.920
<v Speaker 6>then with shovel with and then shovel the sort of

852
00:49:10.079 --> 00:49:16.079
<v Speaker 6>steaming sand and mulch out of the boilers.

853
00:49:15.639 --> 00:49:16.320
<v Speaker 1>To clean him out.

854
00:49:17.400 --> 00:49:20.360
<v Speaker 6>And you had to like there's only one entrance to exit,

855
00:49:20.440 --> 00:49:23.119
<v Speaker 6>which is like a little tunnel. If you're classrophobic, you

856
00:49:23.159 --> 00:49:26.920
<v Speaker 6>could be real bad. And then you could shovel the

857
00:49:28.159 --> 00:49:31.639
<v Speaker 6>sand and the mulch through the tunnel and it actually

858
00:49:31.679 --> 00:49:33.719
<v Speaker 6>blocked the tunnel, and then somebody else would reach in

859
00:49:33.840 --> 00:49:35.840
<v Speaker 6>and shovel it out from the outside. So it just

860
00:49:35.920 --> 00:49:38.440
<v Speaker 6>big enough long enough if you have a trovel with

861
00:49:38.480 --> 00:49:41.880
<v Speaker 6>a long handle, one person on the inside can shovel

862
00:49:41.920 --> 00:49:43.840
<v Speaker 6>it far enough that someone on the outside can shovel

863
00:49:43.840 --> 00:49:46.639
<v Speaker 6>it out. And then you have to rotate every fifteen

864
00:49:46.679 --> 00:49:48.559
<v Speaker 6>minutes to avoid getting hyperthermia.

865
00:49:48.719 --> 00:49:54.400
<v Speaker 8>Oh wow, and the safeties just a man looking out

866
00:49:54.440 --> 00:49:54.639
<v Speaker 8>for you.

867
00:49:55.760 --> 00:49:57.880
<v Speaker 6>There were just two people kind of paired up. So

868
00:49:57.920 --> 00:50:01.559
<v Speaker 6>if like one person's collap and you go to call somebody,

869
00:50:02.679 --> 00:50:04.320
<v Speaker 6>but it'd be really hard to drag somebody out. I

870
00:50:04.320 --> 00:50:06.960
<v Speaker 6>have to say that it does not seem safe because

871
00:50:07.000 --> 00:50:09.639
<v Speaker 6>if the tunnel gets blocked, trying to get then and

872
00:50:09.679 --> 00:50:11.880
<v Speaker 6>block that tunnel would be very difficult in a short

873
00:50:11.920 --> 00:50:16.239
<v Speaker 6>period of time. So, but it was the highest painting

874
00:50:16.320 --> 00:50:21.519
<v Speaker 6>job at the employment office. Sorry, I was like, okay,

875
00:50:21.719 --> 00:50:23.679
<v Speaker 6>the other jobs were like, I don't know, eight dollars

876
00:50:23.679 --> 00:50:25.239
<v Speaker 6>an hour and this one was eighteen dollars an hour.

877
00:50:25.599 --> 00:50:27.679
<v Speaker 8>It fire your clothes and were gone.

878
00:50:27.800 --> 00:50:28.960
<v Speaker 1>Well they gave you they did you give you a

879
00:50:28.960 --> 00:50:29.840
<v Speaker 1>have hazmat suits?

880
00:50:30.559 --> 00:50:30.760
<v Speaker 6>Yeah?

881
00:50:30.800 --> 00:50:32.119
<v Speaker 1>How long did you have to did you do that

882
00:50:32.239 --> 00:50:36.119
<v Speaker 1>job for? It was like four days, it was it

883
00:50:36.159 --> 00:50:37.000
<v Speaker 1>was then it was done.

884
00:50:37.280 --> 00:50:39.800
<v Speaker 6>Yeah, you said it was like a short term thing,

885
00:50:39.800 --> 00:50:42.559
<v Speaker 6>clean green fins, continding that the boilers the ball.

886
00:50:42.519 --> 00:50:45.960
<v Speaker 3>Rooms, so what was next? We were in boiler rooms and.

887
00:50:45.920 --> 00:50:48.079
<v Speaker 1>Then yeah, so basically.

888
00:50:49.559 --> 00:50:51.320
<v Speaker 6>Yeah, I mean literally it was like a lump of dragons,

889
00:50:51.400 --> 00:50:57.239
<v Speaker 6>chainselwing logs and just during the lumber or lumber stuff

890
00:50:57.280 --> 00:51:03.199
<v Speaker 6>basically for a few months there and then applied for college,

891
00:51:03.840 --> 00:51:08.320
<v Speaker 6>going to Queen's University and Kingston.

892
00:51:10.519 --> 00:51:13.000
<v Speaker 1>And was there for a couple of years.

893
00:51:13.000 --> 00:51:16.480
<v Speaker 6>And then some of that's just that I should apply

894
00:51:16.559 --> 00:51:20.159
<v Speaker 6>to Jupan, and I didn't think I'd be able to

895
00:51:20.199 --> 00:51:23.239
<v Speaker 6>go because I've paid for my own way through university

896
00:51:23.480 --> 00:51:26.239
<v Speaker 6>just which is actually not that hard in Canada because

897
00:51:26.239 --> 00:51:28.320
<v Speaker 6>the tuition system.

898
00:51:28.800 --> 00:51:30.760
<v Speaker 1>Yeah, the tuitions had yourselves that I is in Canada.

899
00:51:30.920 --> 00:51:35.320
<v Speaker 6>So so with you know, with basically some if you

900
00:51:35.760 --> 00:51:39.920
<v Speaker 6>sort of worked during the summer semester and take out

901
00:51:39.960 --> 00:51:42.360
<v Speaker 6>some omens and get some scholarships, you can pretty much

902
00:51:42.440 --> 00:51:45.440
<v Speaker 6>go to any college in Canada, I think. But I

903
00:51:45.599 --> 00:51:48.960
<v Speaker 6>met someone who was at Yupan and they said you

904
00:51:48.960 --> 00:51:51.280
<v Speaker 6>should at least apply, and I applied and they actually

905
00:51:51.280 --> 00:51:54.639
<v Speaker 6>gave me like quite a big scholarship, so that that

906
00:51:54.719 --> 00:51:57.679
<v Speaker 6>allowed me to go there, and so that I did

907
00:51:57.719 --> 00:52:04.440
<v Speaker 6>the physics and economics there and uh and and then.

908
00:52:04.679 --> 00:52:07.360
<v Speaker 1>That that's what led to the road trip to Stafford

909
00:52:07.480 --> 00:52:08.559
<v Speaker 1>with Robin ran.

910
00:52:10.000 --> 00:52:15.119
<v Speaker 6>And and and then I was during that that summer

911
00:52:15.719 --> 00:52:19.159
<v Speaker 6>that I was was like, Okay, if I can either

912
00:52:19.239 --> 00:52:23.199
<v Speaker 6>spend several years kind of doing a PhD and know

913
00:52:23.280 --> 00:52:24.760
<v Speaker 6>that I care about the PhD actually, but I just

914
00:52:24.760 --> 00:52:28.599
<v Speaker 6>need a lab. But I could either spend a bunch

915
00:52:28.599 --> 00:52:31.440
<v Speaker 6>of years working in a lab and maybe it would

916
00:52:31.719 --> 00:52:33.719
<v Speaker 6>maybe the technology would pan out or maybe it wouldn't,

917
00:52:35.079 --> 00:52:40.320
<v Speaker 6>but the Internet would was definitely about to go super

918
00:52:40.320 --> 00:52:44.360
<v Speaker 6>and over in ninety five. So I was like, Okay,

919
00:52:45.599 --> 00:52:48.639
<v Speaker 6>I can always come back to working on electric cars basically,

920
00:52:50.239 --> 00:52:54.960
<v Speaker 6>and which I did, but the Internet is not going

921
00:52:55.000 --> 00:52:59.320
<v Speaker 6>to wait. So it's so then I put stafford on

922
00:52:59.360 --> 00:53:08.079
<v Speaker 6>defoement and started up to which was really just you know,

923
00:53:08.280 --> 00:53:11.280
<v Speaker 6>I started off with maps and directions, yell pages, white pages,

924
00:53:11.280 --> 00:53:17.800
<v Speaker 6>that kind of thing, and it was the best of

925
00:53:17.800 --> 00:53:19.719
<v Speaker 6>my knowledge of the first maps and directions on the Internet.

926
00:53:20.800 --> 00:53:25.039
<v Speaker 6>So this was some like patents I have. I don't

927
00:53:25.039 --> 00:53:26.960
<v Speaker 6>know how many more of it. They've obviously lapsed at

928
00:53:26.960 --> 00:53:31.159
<v Speaker 6>this point, but for maps and directions and yell pages

929
00:53:31.199 --> 00:53:35.039
<v Speaker 6>and advertising and stuff. And I wrote the whole the

930
00:53:35.079 --> 00:53:37.480
<v Speaker 6>whole initial code base I wrote personally because there wasn't

931
00:53:37.480 --> 00:53:38.000
<v Speaker 6>any reels.

932
00:53:38.159 --> 00:53:39.199
<v Speaker 1>It's just me so.

933
00:53:41.440 --> 00:53:45.719
<v Speaker 6>And I only had a few thousand dollars and my

934
00:53:45.760 --> 00:53:48.320
<v Speaker 6>brother joined and he brought like five thousand dollars, which

935
00:53:48.400 --> 00:53:51.239
<v Speaker 6>was led. Yeah, at least for the first few months,

936
00:53:51.679 --> 00:53:55.000
<v Speaker 6>there was literally only one computer. So the website when

937
00:53:55.000 --> 00:53:57.079
<v Speaker 6>the website wasn't working. It was because I was compiling

938
00:53:57.119 --> 00:54:02.920
<v Speaker 6>code and and even again an interat connection was pretty hard,

939
00:54:03.360 --> 00:54:07.320
<v Speaker 6>but there was an Internet service provider on the flow blows.

940
00:54:08.480 --> 00:54:11.880
<v Speaker 6>We're more or less squatted in this office because the

941
00:54:11.960 --> 00:54:14.920
<v Speaker 6>landlord was like out of the country or something and

942
00:54:15.480 --> 00:54:17.840
<v Speaker 6>nobody was using it.

943
00:54:18.039 --> 00:54:19.760
<v Speaker 1>So so you've lived in there.

944
00:54:20.039 --> 00:54:23.000
<v Speaker 8>Yeah, I think I've read that in Mays book. You

945
00:54:23.079 --> 00:54:25.960
<v Speaker 8>showered at wymc A then, right, that's right. Yeah, it's

946
00:54:25.960 --> 00:54:27.840
<v Speaker 8>smart though, I mean you were thrifty to what you

947
00:54:27.880 --> 00:54:28.159
<v Speaker 8>had to do.

948
00:54:29.199 --> 00:54:33.239
<v Speaker 4>We just like had no no money, so we're gonna

949
00:54:33.239 --> 00:54:35.880
<v Speaker 4>do you know, what did people think about zip tou generally?

950
00:54:36.039 --> 00:54:38.519
<v Speaker 4>Was it like seen as a crazy idea or like

951
00:54:38.599 --> 00:54:41.320
<v Speaker 4>do people even understand the Internet? Back then, most people

952
00:54:41.360 --> 00:54:42.360
<v Speaker 4>didn't understand the Internet.

953
00:54:42.719 --> 00:54:46.079
<v Speaker 6>Most people didn't know Even on sand Hill Road, like

954
00:54:46.159 --> 00:54:50.400
<v Speaker 6>we tried pitching people to invest in an inter company.

955
00:54:50.679 --> 00:54:52.679
<v Speaker 1>Most of the vcs we pitched too had never used

956
00:54:52.679 --> 00:54:53.000
<v Speaker 1>the Internet.

957
00:54:53.000 --> 00:54:54.519
<v Speaker 4>Do you remember some of the VC firms you went

958
00:54:54.559 --> 00:54:55.719
<v Speaker 4>to on sandial.

959
00:54:56.440 --> 00:54:58.679
<v Speaker 6>I remember most of time we wouldn't take a meeting,

960
00:54:58.800 --> 00:55:00.960
<v Speaker 6>and if they didn't take a meeting, there were pretty

961
00:55:00.960 --> 00:55:04.719
<v Speaker 6>bored and not say like who's who's made money on

962
00:55:04.719 --> 00:55:09.400
<v Speaker 6>the Internet. No, like no one, okay, but the seed

963
00:55:09.480 --> 00:55:12.599
<v Speaker 6>change occurred when Escape went public.

964
00:55:13.440 --> 00:55:13.639
<v Speaker 1>Yeah.

965
00:55:14.360 --> 00:55:17.519
<v Speaker 6>So the first thing I tried to do was not

966
00:55:17.559 --> 00:55:18.920
<v Speaker 6>to start a company. I tried to get a job

967
00:55:18.960 --> 00:55:21.320
<v Speaker 6>in Netscape, but they didn't reply to me. Oh no,

968
00:55:22.480 --> 00:55:24.840
<v Speaker 6>oh man, So I just I tried. I tried hanging

969
00:55:24.840 --> 00:55:27.679
<v Speaker 6>out in the lobby at Escape. I don't know who

970
00:55:27.719 --> 00:55:30.199
<v Speaker 6>to talk to. I was really too shy to talk

971
00:55:30.199 --> 00:55:32.280
<v Speaker 6>to you when I don't know. So it's like, Okay,

972
00:55:32.320 --> 00:55:34.119
<v Speaker 6>I can't get a job at the only internet company

973
00:55:34.800 --> 00:55:39.199
<v Speaker 6>that you know that that does Internet software, So then

974
00:55:39.199 --> 00:55:40.480
<v Speaker 6>I'll try writing software.

975
00:55:42.000 --> 00:55:43.159
<v Speaker 1>So that's.

976
00:55:45.360 --> 00:55:48.800
<v Speaker 6>Kind of what happened there. Yeah, and then like I said,

977
00:55:48.840 --> 00:55:50.719
<v Speaker 6>my brother came down and joined. This is like well

978
00:55:50.840 --> 00:55:51.719
<v Speaker 6>like late ninety five.

979
00:55:53.440 --> 00:55:53.880
<v Speaker 4>And then.

980
00:55:55.440 --> 00:55:58.400
<v Speaker 1>In January ninety five, I think it was the.

981
00:56:01.480 --> 00:56:03.239
<v Speaker 6>There was there was a lot more interest in the

982
00:56:03.320 --> 00:56:08.800
<v Speaker 6>internet stuff following the newscape I p O and that's

983
00:56:09.360 --> 00:56:11.639
<v Speaker 6>the software software was more impressive, I guess.

984
00:56:13.000 --> 00:56:16.960
<v Speaker 1>So then we then more more. David aw invested so

985
00:56:18.159 --> 00:56:23.840
<v Speaker 1>they're VC from on sand Hill Road and they.

986
00:56:25.480 --> 00:56:28.239
<v Speaker 6>They invested I think it was like three million dollars

987
00:56:28.519 --> 00:56:31.559
<v Speaker 6>for effectively sixty percent of the company.

988
00:56:31.559 --> 00:56:36.199
<v Speaker 1>Wow, which we thought was crazy.

989
00:56:36.920 --> 00:56:38.760
<v Speaker 6>They're like, well, these get Learn gives us the money

990
00:56:38.840 --> 00:56:48.119
<v Speaker 6>for nothing, they must be mad. Yeah, so they that

991
00:56:48.280 --> 00:56:52.199
<v Speaker 6>this this seems like like crazy that they're to give

992
00:56:52.280 --> 00:56:55.920
<v Speaker 6>so much money for a company that consisted the time

993
00:56:55.960 --> 00:57:02.639
<v Speaker 6>of about five people, like literally I think five people.

994
00:57:02.400 --> 00:57:02.760
<v Speaker 1>At the time.

995
00:57:02.960 --> 00:57:06.159
<v Speaker 6>So but anyway, it worked out well for them in

996
00:57:06.159 --> 00:57:12.519
<v Speaker 6>the end, so we hired a lot more people were

997
00:57:12.719 --> 00:57:16.360
<v Speaker 6>both out the service, and they also ended up writing

998
00:57:16.400 --> 00:57:19.079
<v Speaker 6>a bunch of software to bring the newspapers online. So

999
00:57:19.920 --> 00:57:23.840
<v Speaker 6>Night Ritter, New York Times Company, Hurst well became investors

1000
00:57:24.039 --> 00:57:29.679
<v Speaker 6>and customers, and at one points of two which responsible

1001
00:57:29.760 --> 00:57:35.840
<v Speaker 6>for a significant section of the New York Times company website. Yeah,

1002
00:57:35.920 --> 00:57:37.800
<v Speaker 6>so I got to know the media industry pretty well.

1003
00:57:38.760 --> 00:57:44.440
<v Speaker 6>And but over what really happened with with it effectively

1004
00:57:44.559 --> 00:57:49.599
<v Speaker 6>got too much there was too much control by the

1005
00:57:49.679 --> 00:57:52.719
<v Speaker 6>existing media companies, so that too may board seats and

1006
00:57:52.840 --> 00:57:56.320
<v Speaker 6>too much boarding control, and that they kept trying to

1007
00:57:56.360 --> 00:58:02.039
<v Speaker 6>push the company down directions that made no sense. So

1008
00:58:03.800 --> 00:58:08.039
<v Speaker 6>like so, if you actually had really good software, I'd

1009
00:58:08.079 --> 00:58:11.039
<v Speaker 6>say software is comparable in some ways more advanced than

1010
00:58:11.119 --> 00:58:13.840
<v Speaker 6>say Yahoo were excite at the time, but it was

1011
00:58:13.920 --> 00:58:16.159
<v Speaker 6>just not being used properly, and it was all being

1012
00:58:16.239 --> 00:58:21.440
<v Speaker 6>forced through uh, through media companies who they're not.

1013
00:58:21.599 --> 00:58:22.599
<v Speaker 1>Not use it, you know.

1014
00:58:22.760 --> 00:58:25.199
<v Speaker 6>So it's like it's okay, we've got the best technology,

1015
00:58:25.280 --> 00:58:29.920
<v Speaker 6>but it's it's not being deployed properly. So but unfortunately

1016
00:58:30.639 --> 00:58:37.280
<v Speaker 6>compback came along and they compat compact It acquired Digital Equipment,

1017
00:58:37.760 --> 00:58:41.320
<v Speaker 6>and Digital Equipment had owned Aulti Vesta, which at the

1018
00:58:41.400 --> 00:58:44.400
<v Speaker 6>time was probably the best the search best search engine.

1019
00:58:44.719 --> 00:58:47.719
<v Speaker 6>So they thought that their idea was they will combine

1020
00:58:47.760 --> 00:58:50.480
<v Speaker 6>Altivesta with a bunch of other Internet companies and try

1021
00:58:50.519 --> 00:58:54.719
<v Speaker 6>to compete create a competitor to Yahoo or Excite that

1022
00:58:54.840 --> 00:58:56.440
<v Speaker 6>that was the Excite used to be a big thing,

1023
00:58:56.480 --> 00:58:59.000
<v Speaker 6>amazingly and yeah, who used to be a big thing

1024
00:59:00.039 --> 00:59:00.679
<v Speaker 6>a long time.

1025
00:59:00.559 --> 00:59:03.480
<v Speaker 4>Ago that it was like owned by Verizon or something.

1026
00:59:03.840 --> 00:59:06.760
<v Speaker 8>Yeah, and there was Ala.

1027
00:59:07.400 --> 00:59:10.199
<v Speaker 4>Yeah, it was a crazy story. They you know, they

1028
00:59:10.280 --> 00:59:13.400
<v Speaker 4>failed to ocquord Google twice. You know, Microsoft offered them

1029
00:59:13.440 --> 00:59:16.119
<v Speaker 4>like forty billion or something and they turned.

1030
00:59:15.920 --> 00:59:18.760
<v Speaker 9>It down and then Alibaba saved them out of nowhere.

1031
00:59:19.760 --> 00:59:23.039
<v Speaker 4>Yeah, the Alibaba steak was worth more than the whole

1032
00:59:23.199 --> 00:59:24.239
<v Speaker 4>whole company I went.

1033
00:59:24.280 --> 00:59:27.079
<v Speaker 9>By, like, yeah, huge amount. It was basically a proxy

1034
00:59:27.119 --> 00:59:28.400
<v Speaker 9>for Alibaba shares training.

1035
00:59:29.679 --> 00:59:32.800
<v Speaker 1>Yeah exactly. But at one point, I mean at that time,

1036
00:59:33.519 --> 00:59:34.360
<v Speaker 1>like if you get back.

1037
00:59:34.239 --> 00:59:37.079
<v Speaker 6>To say ninety eight, ninety nine, yeah, who seemed like

1038
00:59:37.119 --> 00:59:42.559
<v Speaker 6>an unstoppable juggernaut, Like literally like this company, will you know?

1039
00:59:42.960 --> 00:59:49.239
<v Speaker 6>It's a behemoth. Nobody could possibly defeat them. But anyway,

1040
00:59:50.760 --> 00:59:52.039
<v Speaker 6>and where's com back today?

1041
00:59:52.199 --> 00:59:52.400
<v Speaker 1>Yeah?

1042
00:59:52.599 --> 00:59:57.280
<v Speaker 6>So, but that was their idea, which is at least,

1043
00:59:57.599 --> 00:59:59.599
<v Speaker 6>if executed well, could have made sense.

1044
01:00:01.719 --> 01:00:06.360
<v Speaker 3>Kimball, Yeah, what do you what are you guys doing?

1045
01:00:06.760 --> 01:00:08.039
<v Speaker 4>We're recording a podcast?

1046
01:00:09.199 --> 01:00:10.199
<v Speaker 3>Yeah, how do you want me to join?

1047
01:00:11.320 --> 01:00:11.519
<v Speaker 1>Yeah?

1048
01:00:14.199 --> 01:00:15.320
<v Speaker 4>So what do you remember about it?

1049
01:00:15.480 --> 01:00:18.079
<v Speaker 1>Too? Well? Remember?

1050
01:00:18.360 --> 01:00:20.880
<v Speaker 3>Yeah? So, but then the Internet came along with came

1051
01:00:20.960 --> 01:00:22.519
<v Speaker 3>this huge thing. I mean it was always it was

1052
01:00:22.559 --> 01:00:25.159
<v Speaker 3>always there, but it became a big deal. And then

1053
01:00:25.199 --> 01:00:29.320
<v Speaker 3>Elan was working on uh, working in Silicon Valley, and

1054
01:00:29.519 --> 01:00:32.519
<v Speaker 3>as I remember it, you know, I never heard a

1055
01:00:32.599 --> 01:00:35.639
<v Speaker 3>meeting where some of the Yellow Pages companies were thinking

1056
01:00:35.719 --> 01:00:38.440
<v Speaker 3>of doing sort of online yellow Pages, And.

1057
01:00:38.719 --> 01:00:43.000
<v Speaker 1>No, where would I why would I have been? This

1058
01:00:43.159 --> 01:00:44.039
<v Speaker 1>is a long time ago.

1059
01:00:44.840 --> 01:00:46.320
<v Speaker 3>You called me up and you said we should do

1060
01:00:46.400 --> 01:00:48.159
<v Speaker 3>you think you can do a better job, so we

1061
01:00:48.199 --> 01:00:48.719
<v Speaker 3>think we can do it.

1062
01:00:48.760 --> 01:00:51.119
<v Speaker 4>Maybe you made that up to try and get Kimball interested.

1063
01:00:51.440 --> 01:00:53.239
<v Speaker 1>How would I be in a meeting with Yellow Pages company.

1064
01:00:53.280 --> 01:00:59.920
<v Speaker 3>I have no idea, that's what I remember Leafless.

1065
01:01:02.639 --> 01:01:04.159
<v Speaker 1>I don't even know any of Yellow Persons.

1066
01:01:04.199 --> 01:01:09.199
<v Speaker 3>Yeah, I agree with you now. But so it was

1067
01:01:09.239 --> 01:01:12.519
<v Speaker 3>like I think April of nineteen ninety five we started

1068
01:01:12.519 --> 01:01:18.400
<v Speaker 3>working on it, and the I guess the idea was

1069
01:01:18.480 --> 01:01:23.360
<v Speaker 3>fairly simple to take mapping and apply it to the Internet,

1070
01:01:24.280 --> 01:01:26.639
<v Speaker 3>and there were a few other companies trying to do it,

1071
01:01:26.719 --> 01:01:31.679
<v Speaker 3>but no one with the very cool technology of sort

1072
01:01:31.719 --> 01:01:34.199
<v Speaker 3>of what was called vector based mapping, which is which

1073
01:01:34.239 --> 01:01:36.679
<v Speaker 3>is what we all use today, where the map is

1074
01:01:36.679 --> 01:01:38.519
<v Speaker 3>actually alive, you know, not just a picture.

1075
01:01:38.719 --> 01:01:39.880
<v Speaker 4>I was very ahead of its time.

1076
01:01:40.639 --> 01:01:42.519
<v Speaker 3>I think we were the first. I know there were

1077
01:01:42.679 --> 01:01:44.519
<v Speaker 3>other people putting maps on the Internet, but I think

1078
01:01:44.519 --> 01:01:47.320
<v Speaker 3>we were the first to put vector based mapping, which

1079
01:01:47.360 --> 01:01:50.039
<v Speaker 3>is what the kind of technology used today on the Internet,

1080
01:01:50.599 --> 01:01:53.880
<v Speaker 3>and orginal directions. So it was cool. I remember my

1081
01:01:53.960 --> 01:01:57.599
<v Speaker 3>brother and I pressing go on his server at our

1082
01:01:57.639 --> 01:02:03.119
<v Speaker 3>office and took about sixty seconds for the first door

1083
01:02:03.119 --> 01:02:07.320
<v Speaker 3>to door directions to come up on the screen. And

1084
01:02:08.039 --> 01:02:11.519
<v Speaker 3>even sixty seconds was amazing. You're like, this is incredible.

1085
01:02:12.920 --> 01:02:17.360
<v Speaker 3>Directions to anywhere. This is just amazing and definitely seen

1086
01:02:17.400 --> 01:02:19.639
<v Speaker 3>amazing at the time. Definitely seen amazing at the time.

1087
01:02:19.760 --> 01:02:25.119
<v Speaker 3>Yeah it now, it's like, but this was like an

1088
01:02:25.159 --> 01:02:32.280
<v Speaker 3>impossible thing. It was so cool and using Java, you know,

1089
01:02:32.480 --> 01:02:37.599
<v Speaker 3>had coated a interactive map, which again all super normal

1090
01:02:37.599 --> 01:02:40.239
<v Speaker 3>stuff today, but the ability to just draw square and

1091
01:02:40.360 --> 01:02:45.239
<v Speaker 3>zoom in or zoom out, that was just unheard of technology.

1092
01:02:46.480 --> 01:02:49.320
<v Speaker 3>Draw square, yeah, you remember that, it was a little

1093
01:02:49.519 --> 01:02:51.559
<v Speaker 3>little red square on the Java browser.

1094
01:02:52.239 --> 01:02:53.000
<v Speaker 1>That was unusual.

1095
01:02:53.440 --> 01:02:56.880
<v Speaker 4>Yes, just like, yeah, well you cheated if you're using

1096
01:02:57.000 --> 01:02:57.760
<v Speaker 4>Java applets.

1097
01:02:58.480 --> 01:03:01.000
<v Speaker 1>Yeah, this is when Java sucked and it was barely.

1098
01:03:01.039 --> 01:03:04.400
<v Speaker 3>Yeah, this was like probably the most I think we

1099
01:03:04.480 --> 01:03:06.760
<v Speaker 3>even got some sort of recognition because it was the

1100
01:03:06.880 --> 01:03:11.519
<v Speaker 3>most advanced Java application on Java at the time because

1101
01:03:11.559 --> 01:03:12.920
<v Speaker 3>it was so ridiculously hot.

1102
01:03:13.519 --> 01:03:13.719
<v Speaker 1>It was.

1103
01:03:13.880 --> 01:03:15.960
<v Speaker 3>It was a really crappy technology at the time, but

1104
01:03:16.480 --> 01:03:17.840
<v Speaker 3>this this was done on it.

1105
01:03:18.559 --> 01:03:20.960
<v Speaker 6>The thing is that if you if you downloaded the

1106
01:03:21.320 --> 01:03:24.400
<v Speaker 6>job outplet, we could we could transmit the vector data,

1107
01:03:24.840 --> 01:03:27.519
<v Speaker 6>not just a betmap. And this is what when everyone's

1108
01:03:27.559 --> 01:03:29.639
<v Speaker 6>on a modem, so something's on like you know, twenty

1109
01:03:29.800 --> 01:03:34.480
<v Speaker 6>covets motem or you know, trying to download a map

1110
01:03:34.599 --> 01:03:38.000
<v Speaker 6>image to take forever, whereas if you had downloading the

1111
01:03:38.079 --> 01:03:41.280
<v Speaker 6>vector data, is that locally rendered using the Java applet

1112
01:03:41.519 --> 01:03:43.880
<v Speaker 6>was super was relatively speaking, super fast.

1113
01:03:44.599 --> 01:03:45.360
<v Speaker 1>That's what made it cool.

1114
01:03:45.360 --> 01:03:49.239
<v Speaker 4>Sparta, I mean yeah, even like vector maps are even

1115
01:03:49.280 --> 01:03:51.639
<v Speaker 4>Google Maps using like raster maps a few years ago,

1116
01:03:51.840 --> 01:03:54.519
<v Speaker 4>like it seems like very out of its time.

1117
01:03:55.280 --> 01:03:57.719
<v Speaker 3>Well, we were the first, I believe. I believe the

1118
01:03:57.760 --> 01:04:00.039
<v Speaker 3>two of us were the first humans to see the

1119
01:04:01.119 --> 01:04:03.760
<v Speaker 3>maps and little directions on the Internet, which I think

1120
01:04:03.840 --> 01:04:05.400
<v Speaker 3>is pretty cool, very cool cool.

1121
01:04:05.519 --> 01:04:09.440
<v Speaker 8>Yeah, Garman came out. When did Garman first launch?

1122
01:04:10.440 --> 01:04:12.719
<v Speaker 3>Well, they were an Internet based right, so you could

1123
01:04:13.199 --> 01:04:16.599
<v Speaker 3>you could. Actually I don't think Garman was even a

1124
01:04:16.679 --> 01:04:19.320
<v Speaker 3>player at this point. It was Navtek was the only

1125
01:04:19.400 --> 01:04:22.000
<v Speaker 3>place that we were. That's where we got the data from. Yeah,

1126
01:04:22.280 --> 01:04:25.360
<v Speaker 3>and they were building it for for Hurts Never Lost,

1127
01:04:25.480 --> 01:04:27.079
<v Speaker 3>which came out a few years lady. You know those

1128
01:04:27.559 --> 01:04:31.760
<v Speaker 3>things that no one uses in the GPS systems, really

1129
01:04:32.000 --> 01:04:34.679
<v Speaker 3>really bad technology. But the actual mapping data was amazing,

1130
01:04:35.360 --> 01:04:39.679
<v Speaker 3>and so we took that and applied it to the Internet.

1131
01:04:39.760 --> 01:04:42.199
<v Speaker 3>That we were twenty two and twenty three at the time.

1132
01:04:43.039 --> 01:04:45.199
<v Speaker 3>It had cost them three hundred million dollars to build

1133
01:04:45.199 --> 01:04:47.880
<v Speaker 3>this data. And they gave it to us for free

1134
01:04:48.639 --> 01:04:50.440
<v Speaker 3>with a simple contract saying, if you ever make any

1135
01:04:50.480 --> 01:04:52.480
<v Speaker 3>money on this, you've got to you've got to come share.

1136
01:04:54.000 --> 01:04:57.840
<v Speaker 3>And that's how we got it. That's amazing that, Yeah,

1137
01:04:57.880 --> 01:05:00.400
<v Speaker 3>you can say it's amazing what happens if you ask nicely.

1138
01:05:02.480 --> 01:05:04.039
<v Speaker 3>And there's also part of it was these guys had

1139
01:05:04.079 --> 01:05:05.840
<v Speaker 3>been working so hard on the tech and no one

1140
01:05:05.880 --> 01:05:08.599
<v Speaker 3>had ever seen what they were doing because it was

1141
01:05:08.679 --> 01:05:10.400
<v Speaker 3>not on the internet and it was not being used

1142
01:05:10.480 --> 01:05:13.679
<v Speaker 3>for for hurts, and so it was just they were

1143
01:05:13.840 --> 01:05:16.679
<v Speaker 3>excited that someone would use the data and it would

1144
01:05:16.800 --> 01:05:19.039
<v Speaker 3>think people could see what they've been they've been working on.

1145
01:05:19.519 --> 01:05:21.880
<v Speaker 9>So how did you guys get the engineering chops to

1146
01:05:21.960 --> 01:05:23.639
<v Speaker 9>pull this off? Because it sounds like you were so

1147
01:05:23.840 --> 01:05:25.559
<v Speaker 9>young you didn't really have any help and then you

1148
01:05:25.639 --> 01:05:27.599
<v Speaker 9>built this like cutting edge piece of technology.

1149
01:05:27.840 --> 01:05:29.920
<v Speaker 3>Did you need to teach yourselves from I don't know

1150
01:05:30.000 --> 01:05:32.159
<v Speaker 3>what time, what age, but publisher for the.

1151
01:05:32.199 --> 01:05:34.920
<v Speaker 9>Like blast Star game, right, yeah, when it was twelve.

1152
01:05:35.719 --> 01:05:38.039
<v Speaker 1>Did you write any other cool stuff back then? Yeah?

1153
01:05:38.039 --> 01:05:45.119
<v Speaker 6>I wrote a bunch of games. Yeah, and then like

1154
01:05:45.159 --> 01:05:48.880
<v Speaker 6>occasionally software for people like asked for software.

1155
01:05:49.199 --> 01:05:51.880
<v Speaker 3>You know, you also worked for a video game company.

1156
01:05:52.239 --> 01:05:57.000
<v Speaker 1>Yeah, our funily it was called rocket Science. Yeah, that's funny.

1157
01:06:00.199 --> 01:06:02.039
<v Speaker 4>By the way, we took a SpaceX to yesterday.

1158
01:06:02.039 --> 01:06:04.760
<v Speaker 1>It was insane. Thank you for that. That was amazing. Yeah,

1159
01:06:04.760 --> 01:06:05.280
<v Speaker 1>it was so good.

1160
01:06:05.360 --> 01:06:07.039
<v Speaker 4>It's like Batman's layer in there.

1161
01:06:08.400 --> 01:06:09.719
<v Speaker 3>It's really it is amazing.

1162
01:06:09.760 --> 01:06:11.920
<v Speaker 2>But it gives your perspective on what Tesla's doing because

1163
01:06:11.920 --> 01:06:14.480
<v Speaker 2>the technology is so advanced and that there's you know,

1164
01:06:14.599 --> 01:06:17.320
<v Speaker 2>interchange of information there. Like the I know they used

1165
01:06:17.360 --> 01:06:20.559
<v Speaker 2>to incannel fuse right, was from SpaceX. When they couldn't

1166
01:06:20.559 --> 01:06:23.079
<v Speaker 2>get the power output right, it kept burning up the

1167
01:06:23.119 --> 01:06:27.440
<v Speaker 2>fuse in the in the performance models. So yeah, that's awesome.

1168
01:06:27.800 --> 01:06:30.239
<v Speaker 3>Yeah, it's pretty cool to see the SpaceX tech being

1169
01:06:30.280 --> 01:06:32.719
<v Speaker 3>applied to Tesla. I think I think there's a joint

1170
01:06:32.760 --> 01:06:35.760
<v Speaker 3>there's one joint employee between SpaceX and Tesla, and it's real.

1171
01:06:35.800 --> 01:06:38.000
<v Speaker 3>It's the materials is it the materials engineer?

1172
01:06:38.440 --> 01:06:39.320
<v Speaker 1>What about you want.

1173
01:06:42.360 --> 01:06:45.239
<v Speaker 3>In addition to el because they're just not that many

1174
01:06:45.320 --> 01:06:47.440
<v Speaker 3>humans on the planet that know how to do this stuff.

1175
01:06:48.199 --> 01:06:49.719
<v Speaker 1>Well, it sounded like back in the old days it

1176
01:06:49.840 --> 01:06:51.960
<v Speaker 1>was was it just elam doing the coding or.

1177
01:06:52.079 --> 01:06:53.920
<v Speaker 6>I mean I did a little for like HTML friend,

1178
01:06:56.079 --> 01:06:59.119
<v Speaker 6>not recently but no, there was there was no money,

1179
01:06:59.199 --> 01:06:59.840
<v Speaker 6>so you can employ it.

1180
01:07:00.119 --> 01:07:03.800
<v Speaker 1>Yeah, so I strolled the software and you worked through

1181
01:07:03.840 --> 01:07:04.039
<v Speaker 1>the night.

1182
01:07:04.159 --> 01:07:06.599
<v Speaker 8>Right, you just never according to his book, he never slept.

1183
01:07:06.639 --> 01:07:06.920
<v Speaker 8>I don't know.

1184
01:07:07.519 --> 01:07:09.400
<v Speaker 3>I mean we we lived in a little office. I

1185
01:07:09.440 --> 01:07:12.679
<v Speaker 3>think this address was four to seventy Sherman Way in

1186
01:07:14.119 --> 01:07:18.679
<v Speaker 3>Palo Alto. It was probably Lea. Yeah, it was probably

1187
01:07:18.800 --> 01:07:22.559
<v Speaker 3>like fifteen feet wide by thirty feet long, with a

1188
01:07:22.599 --> 01:07:26.639
<v Speaker 3>little little closet in the back. And we would we

1189
01:07:27.039 --> 01:07:28.800
<v Speaker 3>we couldn't afford a place to sleep or like a

1190
01:07:29.280 --> 01:07:32.280
<v Speaker 3>house home apartment, so we would sleep in it and

1191
01:07:32.360 --> 01:07:34.280
<v Speaker 3>it had a couch that was a photon and it

1192
01:07:34.360 --> 01:07:36.719
<v Speaker 3>would pull out the futon, take turns sleeping on the

1193
01:07:36.760 --> 01:07:38.880
<v Speaker 3>fouts on or the floor, although he coated a lot

1194
01:07:38.880 --> 01:07:40.639
<v Speaker 3>at night, so I usually got the futon at night,

1195
01:07:42.599 --> 01:07:44.880
<v Speaker 3>and we had we had to coat it at night

1196
01:07:45.000 --> 01:07:48.000
<v Speaker 3>because the server when the Internet was live, needed to

1197
01:07:48.039 --> 01:07:50.280
<v Speaker 3>be functional, and we just had data for the Bay

1198
01:07:50.320 --> 01:07:51.679
<v Speaker 3>area at the time, so we were just kind of

1199
01:07:51.719 --> 01:07:53.320
<v Speaker 3>making sure that the people in the Bay area could

1200
01:07:53.400 --> 01:07:57.440
<v Speaker 3>use it. And then and then we had a little

1201
01:07:57.559 --> 01:08:00.519
<v Speaker 3>little mini fridge with a cooking stove on and we'd

1202
01:08:00.559 --> 01:08:03.880
<v Speaker 3>cook simple things, you know, pasta, sauce and pasta and

1203
01:08:03.960 --> 01:08:06.159
<v Speaker 3>things like that that would be as cheap as dirt.

1204
01:08:06.719 --> 01:08:08.920
<v Speaker 3>People think it's expensive to eat. Real food is actually

1205
01:08:08.920 --> 01:08:12.519
<v Speaker 3>really cheap. Yah, books, vegetables, pasta and beans and stuff.

1206
01:08:12.840 --> 01:08:16.800
<v Speaker 3>Beans super cheap, so that Jack the cheapest, and then

1207
01:08:16.800 --> 01:08:18.399
<v Speaker 3>we would go eat a Jack in the Box, which

1208
01:08:18.439 --> 01:08:20.720
<v Speaker 3>I can still and still kind of shiver a little

1209
01:08:22.000 --> 01:08:26.800
<v Speaker 3>still even there for probably twenty years or longer, maybe

1210
01:08:26.840 --> 01:08:29.439
<v Speaker 3>twenty two years, and I can still probably recite the

1211
01:08:29.640 --> 01:08:30.239
<v Speaker 3>entire menu.

1212
01:08:30.720 --> 01:08:32.720
<v Speaker 6>Yeah, recycled through the menu and Jack in the Box

1213
01:08:33.000 --> 01:08:35.960
<v Speaker 6>because what it was like just a few blocks away

1214
01:08:35.960 --> 01:08:38.279
<v Speaker 6>from and it was up in twenty four hours, over

1215
01:08:38.359 --> 01:08:40.439
<v Speaker 6>twenty four hours, and tried to get to you know,

1216
01:08:40.560 --> 01:08:42.720
<v Speaker 6>dinner at Coalbelta after ten a zero.

1217
01:08:42.840 --> 01:08:43.000
<v Speaker 5>Yeah.

1218
01:08:43.239 --> 01:08:45.680
<v Speaker 1>Yeah, So did they know you very well Jack in

1219
01:08:45.720 --> 01:08:45.960
<v Speaker 1>the Box.

1220
01:08:46.039 --> 01:08:49.000
<v Speaker 3>Well they didn't really, they did know. And I remember

1221
01:08:49.039 --> 01:08:50.680
<v Speaker 3>one time I got a milk chick and I was

1222
01:08:50.760 --> 01:08:52.319
<v Speaker 3>so tired. I was like four in the morning and

1223
01:08:52.520 --> 01:08:54.359
<v Speaker 3>just needed to get some sugar for the rest of

1224
01:08:54.399 --> 01:08:56.960
<v Speaker 3>the night. And there was something in it, and I

1225
01:08:57.000 --> 01:08:59.560
<v Speaker 3>remember just flicking it out and just pertaining it didn't exist,

1226
01:09:00.239 --> 01:09:05.880
<v Speaker 3>kept drinking my milkshake. It was it was like that

1227
01:09:06.159 --> 01:09:07.800
<v Speaker 3>or that kind of like not in the zone to

1228
01:09:07.840 --> 01:09:10.920
<v Speaker 3>go back into Jack argue about a milkshake, but I

1229
01:09:10.920 --> 01:09:12.239
<v Speaker 3>don't want to not drink the milkshake.

1230
01:09:12.439 --> 01:09:14.239
<v Speaker 6>And probably reason that food was like so cheap is

1231
01:09:14.279 --> 01:09:16.159
<v Speaker 6>that they had some people I think that had of

1232
01:09:16.199 --> 01:09:17.239
<v Speaker 6>food poisoning.

1233
01:09:18.960 --> 01:09:20.600
<v Speaker 3>Right around that time when they got fit into a

1234
01:09:20.640 --> 01:09:21.560
<v Speaker 3>food poisoning scare.

1235
01:09:23.560 --> 01:09:25.800
<v Speaker 6>Yeah, so that there, it was just very cheap to

1236
01:09:25.840 --> 01:09:28.680
<v Speaker 6>eat there, and I figured, like, you know, they probably

1237
01:09:28.680 --> 01:09:32.119
<v Speaker 6>you know, have taken some action because that after the

1238
01:09:32.159 --> 01:09:35.359
<v Speaker 6>food poisoning, so hopefully, Yeah.

1239
01:09:35.720 --> 01:09:38.439
<v Speaker 1>There's just like eat a little bit of it, just

1240
01:09:38.600 --> 01:09:42.119
<v Speaker 1>tastes funny. Stop eating if it tastes funny.

1241
01:09:43.600 --> 01:09:46.239
<v Speaker 3>You run out of things to eat because after like

1242
01:09:46.399 --> 01:09:51.399
<v Speaker 3>the seventeenth chicken feet at Peta, you like can't do it.

1243
01:09:52.359 --> 01:09:56.560
<v Speaker 1>The yacha boll, remember that is that one good? It's

1244
01:09:56.560 --> 01:09:58.960
<v Speaker 1>actually it veried, but it was it was edible. It

1245
01:09:59.039 --> 01:09:59.399
<v Speaker 1>was so bad.

1246
01:09:59.439 --> 01:10:02.199
<v Speaker 3>Which one one? The chariochy baal teriochy ball wasn't bad.

1247
01:10:02.239 --> 01:10:06.880
<v Speaker 3>There was the sort of sour dough grilled grilled cheese

1248
01:10:06.960 --> 01:10:08.000
<v Speaker 3>thing that was wasn't bad.

1249
01:10:08.119 --> 01:10:11.840
<v Speaker 4>Yeah, those were the good old days, right, I mean

1250
01:10:11.880 --> 01:10:13.239
<v Speaker 4>it was honestly good days.

1251
01:10:13.239 --> 01:10:15.000
<v Speaker 3>I mean we just we were just hoping that people

1252
01:10:15.039 --> 01:10:16.880
<v Speaker 3>would let us stay in the country.

1253
01:10:19.840 --> 01:10:21.640
<v Speaker 1>We weren't really that word about what we were eating.

1254
01:10:21.720 --> 01:10:25.680
<v Speaker 3>We were just doing everything we could to to get

1255
01:10:25.840 --> 01:10:28.760
<v Speaker 3>to get someone to support the company. We didn't really understand.

1256
01:10:28.760 --> 01:10:30.560
<v Speaker 3>I didn't understand the venture capital that much. So we

1257
01:10:30.640 --> 01:10:33.359
<v Speaker 3>were doing a seed round and angel around and doing

1258
01:10:33.399 --> 01:10:35.960
<v Speaker 3>our best to talk to everyone and anyone we could find.

1259
01:10:37.159 --> 01:10:39.079
<v Speaker 3>We had a very good friend with us, Greg Curry,

1260
01:10:39.119 --> 01:10:42.199
<v Speaker 3>who now passed away, who was older than us by

1261
01:10:42.239 --> 01:10:44.560
<v Speaker 3>about ten years I think, And yeah, it was a

1262
01:10:44.600 --> 01:10:47.920
<v Speaker 3>wonderful mentor helped us out and put a little money

1263
01:10:47.920 --> 01:10:50.560
<v Speaker 3>in as well. And and then I did a lot

1264
01:10:50.600 --> 01:10:53.079
<v Speaker 3>of the work to just find just network with people.

1265
01:10:53.119 --> 01:10:57.560
<v Speaker 3>I think our our first salesman who was selling Yellow

1266
01:10:57.560 --> 01:11:00.520
<v Speaker 3>Pages ads for us, I was a real state agent

1267
01:11:00.560 --> 01:11:04.880
<v Speaker 3>who knew another person who knew this other person who

1268
01:11:04.960 --> 01:11:09.560
<v Speaker 3>helped us, who helped us raise put together We ended

1269
01:11:09.640 --> 01:11:11.760
<v Speaker 3>up not doing the round, but put together a round

1270
01:11:11.840 --> 01:11:13.880
<v Speaker 3>of like two hundred thousand dollars or something.

1271
01:11:14.159 --> 01:11:17.439
<v Speaker 1>Yeah, and then we did like part of it or something.

1272
01:11:18.520 --> 01:11:20.840
<v Speaker 3>But I think once we had the Java Java Map,

1273
01:11:20.920 --> 01:11:23.119
<v Speaker 3>which was really quite impressive. I mean, if you've never

1274
01:11:23.239 --> 01:11:26.359
<v Speaker 3>seen if you're never you've never seen Google maps or

1275
01:11:26.479 --> 01:11:29.560
<v Speaker 3>Java maps before. It really is a remarkable thing to see.

1276
01:11:30.439 --> 01:11:33.439
<v Speaker 3>We started to go to we got it. We got

1277
01:11:33.479 --> 01:11:36.840
<v Speaker 3>some audiences with some venture capitalists, and it just went

1278
01:11:36.920 --> 01:11:40.479
<v Speaker 3>from we were starving, we had no car. Well, the

1279
01:11:40.520 --> 01:11:43.640
<v Speaker 3>car we had it broken, the will fell off, the

1280
01:11:43.680 --> 01:11:45.680
<v Speaker 3>wheel fell off, the wheel fell off. Yeah, what kind

1281
01:11:45.680 --> 01:11:47.520
<v Speaker 3>of car was it? I remember that's an old BMW

1282
01:11:47.600 --> 01:11:50.600
<v Speaker 3>three wed across the country.

1283
01:11:51.000 --> 01:11:52.920
<v Speaker 1>Yeah, the one that my mom mest some pictures of.

1284
01:11:53.159 --> 01:11:55.680
<v Speaker 3>I think there's I think there's still a there's a

1285
01:11:55.840 --> 01:11:57.680
<v Speaker 3>there's a car of in the in the road at

1286
01:11:57.760 --> 01:12:00.399
<v Speaker 3>page Mill and night alchemmed. Literally the wal came off,

1287
01:12:00.520 --> 01:12:02.840
<v Speaker 3>will fell off, and and and the guy literally in

1288
01:12:02.880 --> 01:12:05.880
<v Speaker 3>the air section just drove it without the wheel to

1289
01:12:06.079 --> 01:12:07.520
<v Speaker 3>the to the silence.

1290
01:12:09.079 --> 01:12:10.920
<v Speaker 6>It's pretty much time for the junk yard at that point,

1291
01:12:11.159 --> 01:12:16.840
<v Speaker 6>because the whole car is falling apart. So yeah, it's

1292
01:12:16.840 --> 01:12:19.399
<v Speaker 6>like the point which the wheel falls off, it's time

1293
01:12:19.439 --> 01:12:20.600
<v Speaker 6>to go to the junkyard.

1294
01:12:28.800 --> 01:12:30.600
<v Speaker 4>In the morning. No, that was that was way more.

1295
01:12:30.960 --> 01:12:33.199
<v Speaker 3>That was way later because we already had the deal,

1296
01:12:34.079 --> 01:12:36.760
<v Speaker 3>but we were we were not I don't know if

1297
01:12:36.800 --> 01:12:39.640
<v Speaker 3>you were, but I was not legally in America. So

1298
01:12:39.720 --> 01:12:40.680
<v Speaker 3>I was illegally there.

1299
01:12:42.840 --> 01:12:45.520
<v Speaker 1>I was legally there, but but I was mentioning student work.

1300
01:12:46.920 --> 01:12:48.680
<v Speaker 3>At a student work you you were you were doing

1301
01:12:49.000 --> 01:12:51.000
<v Speaker 3>you were supposed to be doing a PhD in Stanford.

1302
01:12:50.640 --> 01:12:52.760
<v Speaker 1>And yeah, I decided not to do so. And it

1303
01:12:52.880 --> 01:12:54.520
<v Speaker 1>was like I was allowed to do work sort of

1304
01:12:54.640 --> 01:12:56.239
<v Speaker 1>supporting whatever, you know, I don't know.

1305
01:12:58.479 --> 01:13:00.279
<v Speaker 3>I tried to get a visa, but there's just there's

1306
01:13:00.319 --> 01:13:02.840
<v Speaker 3>just not no visa you can get to do a startup.

1307
01:13:03.239 --> 01:13:07.640
<v Speaker 1>Unfortunately, nobody was paying you anything either, and so so

1308
01:13:07.760 --> 01:13:08.279
<v Speaker 1>we ended up.

1309
01:13:09.760 --> 01:13:12.199
<v Speaker 3>We got a deal from from from More David out

1310
01:13:12.279 --> 01:13:16.279
<v Speaker 3>and uh, this really high well respected DC firm, and

1311
01:13:16.840 --> 01:13:18.600
<v Speaker 3>we had to break the news to them that that

1312
01:13:19.000 --> 01:13:21.279
<v Speaker 3>that we take the bus. We took the bus to

1313
01:13:21.359 --> 01:13:24.760
<v Speaker 3>get to to the offices. We don't have a car,

1314
01:13:24.920 --> 01:13:27.319
<v Speaker 3>and we don't have an apartment, and were illegal.

1315
01:13:27.840 --> 01:13:29.880
<v Speaker 1>No, no, no, you're illegal.

1316
01:13:33.079 --> 01:13:35.920
<v Speaker 6>And so I was legal, but my visa was going

1317
01:13:35.960 --> 01:13:38.319
<v Speaker 6>to run out in two years, okay, yeah, but I

1318
01:13:38.439 --> 01:13:39.399
<v Speaker 6>was definita.

1319
01:13:39.920 --> 01:13:42.520
<v Speaker 3>We needed to get it sorted. And so, uh they

1320
01:13:42.600 --> 01:13:46.279
<v Speaker 3>were great. I mean they're the lead investor's wife was

1321
01:13:46.319 --> 01:13:48.720
<v Speaker 3>from Canada. They knew the whole challenge of being an

1322
01:13:48.720 --> 01:13:52.560
<v Speaker 3>immigrant and we had Canadian passports, and so uh. They

1323
01:13:52.840 --> 01:13:56.359
<v Speaker 3>they funded the company and they gave us some money

1324
01:13:56.399 --> 01:13:59.399
<v Speaker 3>to each buy a car, and they gave us a

1325
01:13:59.439 --> 01:14:02.840
<v Speaker 3>salary so could rent an apartment, and they I got

1326
01:14:03.039 --> 01:14:07.479
<v Speaker 3>a visa through the company. But but the day, the

1327
01:14:07.520 --> 01:14:09.279
<v Speaker 3>morning we were supposed to present to the partners, I

1328
01:14:09.359 --> 01:14:12.520
<v Speaker 3>went to Toronto because my mother was freaking out because

1329
01:14:12.560 --> 01:14:16.720
<v Speaker 3>she needed her computer fixed. And seriously, this is brutal.

1330
01:14:17.079 --> 01:14:17.359
<v Speaker 5>So I.

1331
01:14:18.880 --> 01:14:21.800
<v Speaker 3>Flew out there planning to fly back on Sunday and

1332
01:14:21.840 --> 01:14:23.960
<v Speaker 3>the meeting was on Monday. And I get to the

1333
01:14:24.000 --> 01:14:30.399
<v Speaker 3>airport on Sunday and the border control they they called

1334
01:14:30.439 --> 01:14:32.119
<v Speaker 3>me out. They're like, you're you're you're going down to work.

1335
01:14:32.119 --> 01:14:34.319
<v Speaker 3>You're not going down for for for travel. I was like, no, no, no,

1336
01:14:34.399 --> 01:14:37.399
<v Speaker 3>I'm going out to work. I explained, Actually no, I didn't.

1337
01:14:37.439 --> 01:14:39.600
<v Speaker 3>I said I'm not going to work because I think

1338
01:14:39.600 --> 01:14:41.439
<v Speaker 3>that's what I was supposed to say. The Lord's told

1339
01:14:41.439 --> 01:14:43.960
<v Speaker 3>me not to say anything, and so they rejected me

1340
01:14:44.079 --> 01:14:47.560
<v Speaker 3>from the border and so I'm sposed to would do

1341
01:14:47.640 --> 01:14:49.520
<v Speaker 3>the presentation with you on the next morning, and so

1342
01:14:49.600 --> 01:14:51.039
<v Speaker 3>a friend of mine came to pick me up at

1343
01:14:51.039 --> 01:14:54.039
<v Speaker 3>the airport and drove me across the border, and we

1344
01:14:54.119 --> 01:14:56.760
<v Speaker 3>went to the Buffalo border and just said we're going

1345
01:14:56.800 --> 01:14:59.680
<v Speaker 3>to go see the David Letterman show. And the Border

1346
01:14:59.720 --> 01:15:00.920
<v Speaker 3>Control I was like, yeah.

1347
01:15:00.720 --> 01:15:03.800
<v Speaker 1>Go ahead, wow'z I.

1348
01:15:04.239 --> 01:15:06.239
<v Speaker 3>I got on the late night flight from Buffalo to

1349
01:15:06.399 --> 01:15:09.000
<v Speaker 3>San Francisco and we made the meeting in the morning.

1350
01:15:09.079 --> 01:15:11.600
<v Speaker 6>So yeah, I mean, technically we're not going out of

1351
01:15:11.640 --> 01:15:14.039
<v Speaker 6>work because that would have required meant you of being

1352
01:15:14.079 --> 01:15:14.600
<v Speaker 6>paid something.

1353
01:15:15.319 --> 01:15:15.479
<v Speaker 1>Yeah.

1354
01:15:15.479 --> 01:15:17.880
<v Speaker 3>I wasn't actually paid anything. Yeah, yeah, yeah, technically we weren't.

1355
01:15:17.880 --> 01:15:20.640
<v Speaker 3>Actually you're not actually breaking the law. We're not breaking

1356
01:15:20.640 --> 01:15:25.560
<v Speaker 3>the law because we we were not being paid anything. Yeah.

1357
01:15:26.720 --> 01:15:28.239
<v Speaker 3>I should have told them that the Border Control.

1358
01:15:29.880 --> 01:15:33.439
<v Speaker 1>Anyway, it was very getting paid for something. No, no, yeah,

1359
01:15:33.439 --> 01:15:35.960
<v Speaker 1>you're right exactly. We were not not being paid exactly.

1360
01:15:37.920 --> 01:15:38.279
<v Speaker 1>But yeah.

1361
01:15:38.319 --> 01:15:41.359
<v Speaker 3>So so then they approved the deal that Monday, and

1362
01:15:42.680 --> 01:15:46.239
<v Speaker 3>we started buildings up too, you know. And it wasn't

1363
01:15:46.239 --> 01:15:48.319
<v Speaker 3>a business model for you know, back in those days,

1364
01:15:48.760 --> 01:15:49.079
<v Speaker 3>well it was.

1365
01:15:49.119 --> 01:15:51.319
<v Speaker 6>It was kind of like a pre like YELP is

1366
01:15:51.399 --> 01:15:54.479
<v Speaker 6>like business model is similar to sort of yell But

1367
01:15:54.520 --> 01:15:56.680
<v Speaker 6>it was at a time when most businesses didn't didn't

1368
01:15:56.680 --> 01:15:59.439
<v Speaker 6>know what the internet was so and most people didn't

1369
01:15:59.479 --> 01:16:02.760
<v Speaker 6>haven't email address or yeah, we went online flinging to.

1370
01:16:02.760 --> 01:16:04.840
<v Speaker 3>Them what a website was. The internet was kind of

1371
01:16:04.880 --> 01:16:09.079
<v Speaker 3>this cool thing. People were using Netscape browser and I

1372
01:16:09.159 --> 01:16:12.279
<v Speaker 3>think by the end of it, we got eighteen thousand

1373
01:16:12.359 --> 01:16:15.399
<v Speaker 3>businesses to be on our service, pay pain to be

1374
01:16:15.680 --> 01:16:18.399
<v Speaker 3>like with websites and everything, you know a lot of

1375
01:16:18.439 --> 01:16:21.039
<v Speaker 3>the things that you can do today, like automatically build websites.

1376
01:16:21.079 --> 01:16:23.880
<v Speaker 3>We built a lot of those sort of tools to

1377
01:16:24.000 --> 01:16:26.720
<v Speaker 3>make it easier to build websites. And we had to

1378
01:16:26.760 --> 01:16:27.680
<v Speaker 3>sell door to door.

1379
01:16:29.279 --> 01:16:30.399
<v Speaker 1>Because that was the only way.

1380
01:16:31.119 --> 01:16:32.399
<v Speaker 8>Did you hire people or is it just to you

1381
01:16:32.479 --> 01:16:33.000
<v Speaker 8>guys going.

1382
01:16:33.239 --> 01:16:34.479
<v Speaker 3>No, No, We had a team by that time because

1383
01:16:34.479 --> 01:16:37.800
<v Speaker 3>we could hire a team. But I remember talking to

1384
01:16:37.840 --> 01:16:40.159
<v Speaker 3>the Yellow Pages guy once and it was amazing. That

1385
01:16:40.279 --> 01:16:42.520
<v Speaker 3>was the head of the Toronto Star that they owned

1386
01:16:42.920 --> 01:16:43.119
<v Speaker 3>all the.

1387
01:16:43.159 --> 01:16:46.039
<v Speaker 1>Yellow Pages in the Yellow Pages will never die famous last.

1388
01:16:45.880 --> 01:16:49.920
<v Speaker 3>Work literally because we went to talk to him partner.

1389
01:16:50.000 --> 01:16:51.600
<v Speaker 3>We said, we want to part with you and let's

1390
01:16:51.680 --> 01:16:54.199
<v Speaker 3>just be one of your partners to do to put

1391
01:16:54.239 --> 01:16:57.520
<v Speaker 3>the Yellow Pages online. And he picked up the Yellow Pages.

1392
01:16:57.600 --> 01:17:00.239
<v Speaker 3>This book, this big thick book that full of as

1393
01:17:00.319 --> 01:17:02.399
<v Speaker 3>this multi billion dollar Redney stream.

1394
01:17:02.560 --> 01:17:06.039
<v Speaker 1>I mean, these guys were so arrogant and so like

1395
01:17:06.319 --> 01:17:08.840
<v Speaker 1>we are kings of the world and it will never end.

1396
01:17:09.399 --> 01:17:11.520
<v Speaker 3>He picked he picked up this book and grew it

1397
01:17:11.600 --> 01:17:13.840
<v Speaker 3>at me and he said, do you ever think you're

1398
01:17:13.840 --> 01:17:18.439
<v Speaker 3>going to replace this? And I was just literally like,

1399
01:17:20.319 --> 01:17:22.439
<v Speaker 3>I mean my head and my head is like, dude,

1400
01:17:22.479 --> 01:17:23.319
<v Speaker 3>you're already dead.

1401
01:17:28.560 --> 01:17:31.199
<v Speaker 4>The anti Tesla people, you know, guess cars.

1402
01:17:30.960 --> 01:17:35.920
<v Speaker 3>Will never die. Yeah, But I mean, like we we

1403
01:17:36.079 --> 01:17:37.880
<v Speaker 3>saw the growth of the Internet, we saw the use

1404
01:17:37.920 --> 01:17:40.079
<v Speaker 3>of the Yellow Pages, We saw even more our competitors

1405
01:17:40.119 --> 01:17:43.560
<v Speaker 3>and stuff, and no one was using the paper yellow

1406
01:17:43.600 --> 01:17:47.640
<v Speaker 3>Pages if you had the choice, yes, exactly, no one.

1407
01:17:48.760 --> 01:17:50.920
<v Speaker 3>And so so at that point, very few people who

1408
01:17:50.920 --> 01:17:52.439
<v Speaker 3>are on the internet. So it was really a question

1409
01:17:52.479 --> 01:17:55.039
<v Speaker 3>of really is the Internet going to succeed, which we

1410
01:17:55.159 --> 01:17:57.319
<v Speaker 3>were huge believers in, and these guys were not, you know,

1411
01:17:57.560 --> 01:17:58.520
<v Speaker 3>they didn't even clue in.

1412
01:17:59.119 --> 01:18:01.680
<v Speaker 6>Yeah, there was like one one point country after another.

1413
01:18:01.720 --> 01:18:03.880
<v Speaker 6>We say like, listen, we'll just put your l pays online,

1414
01:18:04.119 --> 01:18:06.439
<v Speaker 6>gonna cost very little. You know, you're still own all

1415
01:18:06.479 --> 01:18:09.800
<v Speaker 6>the content and everything. And they're like, just throw us,

1416
01:18:09.840 --> 01:18:10.199
<v Speaker 6>throw us.

1417
01:18:10.159 --> 01:18:12.880
<v Speaker 1>Out of the office. Yeah, you know, like no, and

1418
01:18:13.039 --> 01:18:14.159
<v Speaker 1>how do you even suggest this?

1419
01:18:16.239 --> 01:18:16.880
<v Speaker 3>Extraordinary?

1420
01:18:16.920 --> 01:18:19.479
<v Speaker 1>And we're like, okay, I guess we'll just build it

1421
01:18:19.760 --> 01:18:22.520
<v Speaker 1>and we're Yeah.

1422
01:18:22.760 --> 01:18:24.359
<v Speaker 3>But it's been interesting to watch over the years where

1423
01:18:24.520 --> 01:18:29.680
<v Speaker 3>like in PayPal, the competitors were not uh banks, you know,

1424
01:18:29.880 --> 01:18:31.880
<v Speaker 3>even though that should have been the competitive No, there

1425
01:18:31.920 --> 01:18:34.199
<v Speaker 3>were there were banks that try to compete, but wasn't

1426
01:18:34.199 --> 01:18:36.199
<v Speaker 3>it eBay mostly that was sort of the band.

1427
01:18:37.560 --> 01:18:38.000
<v Speaker 1>Bull point.

1428
01:18:38.880 --> 01:18:42.000
<v Speaker 6>Yeah, that which but it wasn't exactly like PayPal. But

1429
01:18:42.920 --> 01:18:45.840
<v Speaker 6>generally EVA had an issue with trying to get payment

1430
01:18:45.920 --> 01:18:47.560
<v Speaker 6>for stuff like like two.

1431
01:18:47.479 --> 01:18:49.680
<v Speaker 1>People would have to mail checks to each other.

1432
01:18:50.520 --> 01:18:51.439
<v Speaker 3>Yeah, that's gonna work.

1433
01:18:52.239 --> 01:18:53.680
<v Speaker 6>If you have mail a check and you receive the

1434
01:18:53.760 --> 01:18:55.439
<v Speaker 6>check and how do you know the checks real? Then

1435
01:18:55.479 --> 01:18:58.680
<v Speaker 6>you've got to you know, cash check and take you know,

1436
01:18:59.319 --> 01:19:02.960
<v Speaker 6>two to five day for the money to transfer. So

1437
01:19:03.279 --> 01:19:05.640
<v Speaker 6>it could take two weeks before somebody had confirmed payment

1438
01:19:05.760 --> 01:19:08.680
<v Speaker 6>and then I then they would ship you the item

1439
01:19:08.880 --> 01:19:12.920
<v Speaker 6>and so that the transaction velocity was very low. As

1440
01:19:12.960 --> 01:19:16.600
<v Speaker 6>a result, if you had instant payment, you improved transaction

1441
01:19:16.680 --> 01:19:20.520
<v Speaker 6>velostity dramatically, like factor of you know, maybe three to five.

1442
01:19:20.840 --> 01:19:21.039
<v Speaker 1>Yeah.

1443
01:19:21.880 --> 01:19:24.439
<v Speaker 3>I've just sort of seen that the when you when

1444
01:19:24.479 --> 01:19:28.039
<v Speaker 3>in into industry is disrupted, that you worry about the

1445
01:19:28.159 --> 01:19:30.560
<v Speaker 3>major players. I mean, when we saw a test that

1446
01:19:30.640 --> 01:19:33.479
<v Speaker 3>we were aspiring to be the GM of the twenty

1447
01:19:33.520 --> 01:19:38.000
<v Speaker 3>first century. Four years later, GM went bankrupt. You're like, oh, okay,

1448
01:19:38.000 --> 01:19:40.840
<v Speaker 3>we don't we don't read. We're good, We're good, We're good,

1449
01:19:42.560 --> 01:19:45.119
<v Speaker 3>and uh and and it's you know, whoever is going

1450
01:19:45.199 --> 01:19:47.000
<v Speaker 3>to be the main competitors. You know, we don't know yet,

1451
01:19:47.039 --> 01:19:51.960
<v Speaker 3>but uh, it may not be the entrenched players, may

1452
01:19:52.039 --> 01:19:57.439
<v Speaker 3>be sort of other companies. And so so that happened

1453
01:19:57.439 --> 01:20:00.119
<v Speaker 3>it up two where we we we tried our our

1454
01:20:00.239 --> 01:20:03.000
<v Speaker 3>best to partner with the industry because that seemed like

1455
01:20:03.079 --> 01:20:04.720
<v Speaker 3>the best way to make some money and actually have

1456
01:20:04.800 --> 01:20:07.720
<v Speaker 3>a revenue model. And we ended up finding the newspapers

1457
01:20:07.760 --> 01:20:09.880
<v Speaker 3>to be a better partner because they didn't have the

1458
01:20:09.960 --> 01:20:13.279
<v Speaker 3>Yellow Pages business, and I think they seem we're smarter.

1459
01:20:13.520 --> 01:20:18.319
<v Speaker 3>Their classifized business was getting eaten away by Craigslist. You know,

1460
01:20:18.399 --> 01:20:22.039
<v Speaker 3>before craigslist classifies, was the bread and butter of the newspaper.

1461
01:20:22.800 --> 01:20:25.800
<v Speaker 3>And of course anyone who used Craigslist would never use

1462
01:20:26.039 --> 01:20:29.159
<v Speaker 3>the newspapers. So it was it was those folks seemed

1463
01:20:29.159 --> 01:20:33.039
<v Speaker 3>to have a better Uh, at least some of the

1464
01:20:33.079 --> 01:20:36.479
<v Speaker 3>players had a more more vision of the future, and

1465
01:20:36.640 --> 01:20:40.079
<v Speaker 3>so our business became putting major newspapers in New York

1466
01:20:40.159 --> 01:20:45.359
<v Speaker 3>Times to all of the Philadelphia acquirers, Chicago Tribune or whatever,

1467
01:20:45.479 --> 01:20:48.800
<v Speaker 3>all the main players, all the Alley Times, everyone, and

1468
01:20:48.880 --> 01:20:51.039
<v Speaker 3>then we started going internationally doing the same thing. So

1469
01:20:51.119 --> 01:20:53.560
<v Speaker 3>if you went on to the New York Times website

1470
01:20:53.680 --> 01:20:55.640
<v Speaker 3>and you wanted to search for a restaurant, of course

1471
01:20:55.760 --> 01:20:57.560
<v Speaker 3>have all these reviews. Or if you wanted to search

1472
01:20:57.560 --> 01:20:59.920
<v Speaker 3>for a home, then you could. You could. We tie

1473
01:21:00.039 --> 01:21:03.720
<v Speaker 3>the mls together with maps and directions. So all of

1474
01:21:03.800 --> 01:21:06.479
<v Speaker 3>these services that we now use and take for granted

1475
01:21:06.560 --> 01:21:10.199
<v Speaker 3>that use maps and directions, we we did that all

1476
01:21:10.359 --> 01:21:12.720
<v Speaker 3>in the nineties to find a business model.

1477
01:21:15.720 --> 01:21:19.720
<v Speaker 5>Yeah you do PayPal after zup too, Why do didn't

1478
01:21:19.760 --> 01:21:21.720
<v Speaker 5>you go like straight into sustainable.

1479
01:21:21.359 --> 01:21:25.119
<v Speaker 1>Energy, right, so.

1480
01:21:27.880 --> 01:21:31.880
<v Speaker 6>Kind of recall things that are quite a while. So

1481
01:21:32.000 --> 01:21:36.079
<v Speaker 6>it would have been like ninety eight when Compact offered

1482
01:21:36.199 --> 01:21:41.840
<v Speaker 6>to acquire zip to, and which I think it was

1483
01:21:41.880 --> 01:21:43.439
<v Speaker 6>a good thing to put them to acquire it because

1484
01:21:43.479 --> 01:21:46.960
<v Speaker 6>as I mentioned that, the newspapers actually when the media

1485
01:21:47.000 --> 01:21:49.680
<v Speaker 6>companies had too much control over zip too, so they

1486
01:21:49.720 --> 01:21:52.920
<v Speaker 6>were not we had great technology that was not being

1487
01:21:53.000 --> 01:21:57.000
<v Speaker 6>deployed effectively, and they would just generally be averse to

1488
01:21:57.039 --> 01:22:00.399
<v Speaker 6>anything that could remotely be competitive with their new papers.

1489
01:22:00.960 --> 01:22:06.600
<v Speaker 6>So so we're sort of trapped in this situation and

1490
01:22:07.840 --> 01:22:10.159
<v Speaker 6>they think of Compact came along and bought the company

1491
01:22:10.760 --> 01:22:13.319
<v Speaker 6>in late ninety eight and the deal closed early ninety nine.

1492
01:22:13.880 --> 01:22:17.800
<v Speaker 6>So that as a result that Kim that I had

1493
01:22:17.840 --> 01:22:21.000
<v Speaker 6>some capital twenty million dollars with something out of it.

1494
01:22:21.600 --> 01:22:27.039
<v Speaker 6>And I think the thing that was frustrating to me

1495
01:22:27.239 --> 01:22:32.000
<v Speaker 6>was that we're built incredible technology and it had not

1496
01:22:32.159 --> 01:22:37.640
<v Speaker 6>been used. It was just sort of like very disappointing.

1497
01:22:38.800 --> 01:22:40.239
<v Speaker 6>You know, we put a lot of work into this

1498
01:22:40.319 --> 01:22:43.359
<v Speaker 6>technology and just wasn't being used. So I was like, Okay,

1499
01:22:43.399 --> 01:22:45.640
<v Speaker 6>I'm going to I want to do one more thing

1500
01:22:45.720 --> 01:22:47.600
<v Speaker 6>on the Internet, just to show that we can make

1501
01:22:47.680 --> 01:22:52.880
<v Speaker 6>technology that is, when it's used properly, can be extremely effective.

1502
01:22:53.880 --> 01:22:57.279
<v Speaker 6>So I thought about what what's digital? Essentially, what's what's it?

1503
01:22:57.319 --> 01:23:00.720
<v Speaker 6>What's what exists in the form of information and is

1504
01:23:00.760 --> 01:23:05.840
<v Speaker 6>also not high bandwidth because it in ninety nine people

1505
01:23:05.920 --> 01:23:09.399
<v Speaker 6>still mostly had modems, so you couldn't like video is

1506
01:23:09.479 --> 01:23:14.199
<v Speaker 6>not really feasible in ninety nine, so but money is

1507
01:23:14.279 --> 01:23:19.600
<v Speaker 6>low bandwidth and digital effectively mostly digital. So it's like,

1508
01:23:19.680 --> 01:23:25.239
<v Speaker 6>what can we do to make money work better. And

1509
01:23:25.600 --> 01:23:28.439
<v Speaker 6>the money, in my views, is essentially an information system

1510
01:23:28.520 --> 01:23:33.479
<v Speaker 6>for label allocation, so it has no power in and

1511
01:23:33.560 --> 01:23:38.239
<v Speaker 6>of itself. It's a it's like a database for this

1512
01:23:39.000 --> 01:23:42.199
<v Speaker 6>for guiding people what what as to what they should do.

1513
01:23:44.600 --> 01:23:46.399
<v Speaker 6>And so you can think of banks as a set

1514
01:23:46.439 --> 01:23:52.239
<v Speaker 6>of heterogeneous databases with that that are actually not very secure.

1515
01:23:53.199 --> 01:23:57.680
<v Speaker 6>And certainly the the monetary system, the transfer system of

1516
01:23:57.880 --> 01:24:00.479
<v Speaker 6>checks is not is very insecure. Still isn't secure, so

1517
01:24:00.560 --> 01:24:09.000
<v Speaker 6>our credit cards and and it's it's still mostly batch processing.

1518
01:24:09.039 --> 01:24:11.920
<v Speaker 6>And it was entirely batch processing that day, so it

1519
01:24:12.039 --> 01:24:15.920
<v Speaker 6>was not so payments were money. It was just like

1520
01:24:16.000 --> 01:24:23.039
<v Speaker 6>hitero geneous, high latency, low security collection of databases. That's

1521
01:24:23.079 --> 01:24:28.119
<v Speaker 6>what banks are. And so just from an information three standpoint,

1522
01:24:28.159 --> 01:24:30.600
<v Speaker 6>there should be something that could be much better if

1523
01:24:30.680 --> 01:24:36.880
<v Speaker 6>it could be real time uh secure and you know,

1524
01:24:37.720 --> 01:24:45.279
<v Speaker 6>just very fast. Essentially it's just one real time database.

1525
01:24:48.239 --> 01:24:56.079
<v Speaker 6>So it's like, okay, let's tradable that. So that's that's

1526
01:24:56.199 --> 01:24:57.920
<v Speaker 6>that's what x dot com was.

1527
01:24:58.720 --> 01:24:59.199
<v Speaker 7>And then.

1528
01:25:00.560 --> 01:25:02.399
<v Speaker 6>At the time I also thought what we should try

1529
01:25:02.399 --> 01:25:04.800
<v Speaker 6>to do is just do all the financial things as well,

1530
01:25:05.039 --> 01:25:09.399
<v Speaker 6>not just payments. I still think that's really what PayPal

1531
01:25:09.439 --> 01:25:12.039
<v Speaker 6>should have done, but whatever, it's what areuner the bridge

1532
01:25:12.079 --> 01:25:17.000
<v Speaker 6>at this point. And then there was a company that

1533
01:25:17.119 --> 01:25:22.039
<v Speaker 6>was formed around the same time called Confinity, which was petertialed,

1534
01:25:22.079 --> 01:25:27.199
<v Speaker 6>Max Left and Luke Nosak, David Sachs, Ken Howard and

1535
01:25:27.239 --> 01:25:32.600
<v Speaker 6>neberthos and at x dot com there's also like Jeremy.

1536
01:25:32.239 --> 01:25:33.039
<v Speaker 1>Stuffleman and.

1537
01:25:34.720 --> 01:25:39.000
<v Speaker 6>Who created yelp roll off Botza, who then went on

1538
01:25:39.079 --> 01:25:42.159
<v Speaker 6>to run Sequoia and and found YouTube that was it

1539
01:25:42.359 --> 01:25:42.920
<v Speaker 6>was x dot com.

1540
01:25:43.000 --> 01:25:43.760
<v Speaker 1>So we just had this like.

1541
01:25:46.119 --> 01:25:49.079
<v Speaker 6>Two companies with like a crazy amount of talent. X

1542
01:25:49.119 --> 01:25:52.640
<v Speaker 6>dot Common Confinity and Confinity started as a palm pilot

1543
01:25:52.680 --> 01:25:58.159
<v Speaker 6>cryptography company. Back when you you could communicate via the

1544
01:25:58.199 --> 01:26:02.000
<v Speaker 6>infrared port of a home pilot, Yeah, they had one.

1545
01:26:03.159 --> 01:26:06.720
<v Speaker 6>So it was like, so you could you can basically

1546
01:26:06.920 --> 01:26:11.680
<v Speaker 6>communicate cryptotokens between pompouts using the infrared port and then

1547
01:26:11.720 --> 01:26:14.760
<v Speaker 6>reconcile them on a piece on a PC. And obviously

1548
01:26:14.840 --> 01:26:17.920
<v Speaker 6>that's they evolved to go on the in the payments

1549
01:26:17.960 --> 01:26:22.279
<v Speaker 6>direction as well. And we were both in Palo Alto,

1550
01:26:22.479 --> 01:26:27.000
<v Speaker 6>like literally block away from each other. I think at

1551
01:26:27.039 --> 01:26:30.560
<v Speaker 6>one point we're briefly even in the same building that

1552
01:26:30.720 --> 01:26:35.680
<v Speaker 6>was you know, yeah, so, so we were just competing

1553
01:26:35.760 --> 01:26:40.359
<v Speaker 6>with each other like maniacs and and and then we

1554
01:26:41.760 --> 01:26:48.000
<v Speaker 6>had uh a coffee and University Avenue and said, hey,

1555
01:26:48.680 --> 01:26:50.680
<v Speaker 6>when don't we just combine our efforts or we're just

1556
01:26:50.680 --> 01:26:52.039
<v Speaker 6>gonna bludge each other to death here.

1557
01:26:54.439 --> 01:26:57.399
<v Speaker 1>So we merged Confinity and x dot com.

1558
01:26:59.000 --> 01:27:02.720
<v Speaker 6>And raised million dollars in the space of three weeks

1559
01:27:02.880 --> 01:27:07.800
<v Speaker 6>in March of two thousand. Yeah, and then April of

1560
01:27:07.800 --> 01:27:08.960
<v Speaker 6>the market went into free fall.

1561
01:27:09.680 --> 01:27:09.880
<v Speaker 1>Yeah.

1562
01:27:11.119 --> 01:27:15.399
<v Speaker 6>So yeah, I was like, I remember that that was

1563
01:27:15.439 --> 01:27:17.640
<v Speaker 6>insane and we kind of thought it was going to

1564
01:27:17.680 --> 01:27:19.199
<v Speaker 6>go into free fall, but like, we better get this

1565
01:27:19.239 --> 01:27:22.520
<v Speaker 6>thing done fast or we're both gonna die.

1566
01:27:23.359 --> 01:27:25.680
<v Speaker 1>So and so.

1567
01:27:28.119 --> 01:27:30.920
<v Speaker 6>Xo com was technically the acquire of Confinity, but it

1568
01:27:31.039 --> 01:27:33.760
<v Speaker 6>was a you know, fifty point one and forty nine

1569
01:27:33.800 --> 01:27:39.680
<v Speaker 6>point nine or something like that. And and then there's

1570
01:27:39.760 --> 01:27:41.600
<v Speaker 6>a lot of drama that there was so much drama

1571
01:27:42.920 --> 01:27:45.840
<v Speaker 6>at at x dot com. And the company was called

1572
01:27:45.920 --> 01:27:47.680
<v Speaker 6>x dot com for about a year and then we

1573
01:27:47.840 --> 01:27:50.319
<v Speaker 6>changed the company name to the product name. The product

1574
01:27:50.359 --> 01:27:56.560
<v Speaker 6>the product was PayPal, but all the incorporation documents and everything,

1575
01:27:56.600 --> 01:27:59.079
<v Speaker 6>it's all my incorporation.

1576
01:27:58.760 --> 01:28:00.680
<v Speaker 4>Documents that came up with PayPal name.

1577
01:28:01.960 --> 01:28:02.840
<v Speaker 1>I actually don't know.

1578
01:28:03.960 --> 01:28:06.279
<v Speaker 4>People call you guys the PayPal in mafia. Now, you know,

1579
01:28:07.199 --> 01:28:08.279
<v Speaker 4>deal with that in this book.

1580
01:28:09.880 --> 01:28:12.880
<v Speaker 6>You know, I don't know who did the PayPal. I

1581
01:28:13.000 --> 01:28:14.920
<v Speaker 6>was never a huge fan of PayPal as a name,

1582
01:28:16.960 --> 01:28:22.319
<v Speaker 6>the reason being that I thought it made sense for

1583
01:28:23.800 --> 01:28:29.479
<v Speaker 6>the company to kind of broader, be much broader. Yeah, exactly.

1584
01:28:30.039 --> 01:28:32.239
<v Speaker 6>I mean, if you don't know yourself to payments, then

1585
01:28:32.319 --> 01:28:34.880
<v Speaker 6>necessarily people want to transfer money out of the system.

1586
01:28:36.039 --> 01:28:38.399
<v Speaker 6>And as soon as they transfer money out of the system,

1587
01:28:38.479 --> 01:28:41.800
<v Speaker 6>the efficiency of the database drops dramatically because now you're

1588
01:28:41.800 --> 01:28:45.279
<v Speaker 6>in the traditional banking world. So if you just offer

1589
01:28:45.359 --> 01:28:48.399
<v Speaker 6>all the things that if you just basically address all

1590
01:28:48.439 --> 01:28:50.199
<v Speaker 6>the reasons why people are taking money out of the

1591
01:28:50.239 --> 01:28:53.239
<v Speaker 6>PayPal system, so you have to provide them with checks

1592
01:28:53.359 --> 01:28:55.880
<v Speaker 6>so that you have a bridge to the legacy transaction system.

1593
01:28:56.119 --> 01:28:58.800
<v Speaker 6>You got to provide them with a debit card, provide

1594
01:28:58.800 --> 01:28:59.880
<v Speaker 6>them with the ability to.

1595
01:29:01.560 --> 01:29:04.720
<v Speaker 1>Get a loan, and that kind of thing, and.

1596
01:29:06.319 --> 01:29:10.600
<v Speaker 6>That these were all ancelary to accelerating the velocity and

1597
01:29:10.680 --> 01:29:16.800
<v Speaker 6>accuracy and security of payments. Then if basically payper would

1598
01:29:16.800 --> 01:29:20.399
<v Speaker 6>be all the money is, it would just suck all

1599
01:29:20.399 --> 01:29:21.880
<v Speaker 6>the money out of the banks. And they wouldn't be

1600
01:29:22.079 --> 01:29:27.960
<v Speaker 6>the banks would go away. Yeah, so any plan you're

1601
01:29:28.000 --> 01:29:32.680
<v Speaker 6>going to do with the I wrote, if they're just

1602
01:29:32.760 --> 01:29:35.199
<v Speaker 6>execute the business, you know, the product plan I wrote

1603
01:29:35.239 --> 01:29:37.000
<v Speaker 6>in July two thousands, let's just do that.

1604
01:29:37.319 --> 01:29:40.640
<v Speaker 1>But they I talked to them several times, but they

1605
01:29:40.680 --> 01:29:41.079
<v Speaker 1>didn't do it.

1606
01:29:41.920 --> 01:29:44.039
<v Speaker 4>So why did you? And PayPal kind of part way

1607
01:29:44.039 --> 01:29:46.319
<v Speaker 4>of what was really the drama that led to that,

1608
01:29:46.760 --> 01:29:48.479
<v Speaker 4>you know separation.

1609
01:29:48.239 --> 01:29:52.680
<v Speaker 6>Ultimately, Well, things were very dicey in two thousand. You know,

1610
01:29:53.199 --> 01:29:57.479
<v Speaker 6>companies were dying like all over the place, so obvious

1611
01:29:57.479 --> 01:30:03.319
<v Speaker 6>here of the combined company, and we're doing quite well

1612
01:30:03.359 --> 01:30:06.279
<v Speaker 6>from a growth standpoint. We're like adding one hundred thousand

1613
01:30:06.359 --> 01:30:08.600
<v Speaker 6>users a month type of thing, which back then was

1614
01:30:08.680 --> 01:30:14.119
<v Speaker 6>a lot. But financially things were tough and we needed

1615
01:30:14.159 --> 01:30:18.560
<v Speaker 6>to raise financing around We're also like there's some technical

1616
01:30:18.680 --> 01:30:22.159
<v Speaker 6>questions around what what code architecture would we go with?

1617
01:30:23.079 --> 01:30:24.960
<v Speaker 6>And then there's also a branding question, like I said,

1618
01:30:25.000 --> 01:30:27.439
<v Speaker 6>like I think we should not use PayPal as brand

1619
01:30:27.479 --> 01:30:30.840
<v Speaker 6>because this is not consistent with being where all the

1620
01:30:30.880 --> 01:30:31.359
<v Speaker 6>money is.

1621
01:30:34.239 --> 01:30:35.560
<v Speaker 1>We want to centralize database.

1622
01:30:37.039 --> 01:30:40.399
<v Speaker 6>So so I was kind of against the PayPal branding

1623
01:30:40.600 --> 01:30:42.840
<v Speaker 6>and and I wanted to Basically, I wanted to do

1624
01:30:42.920 --> 01:30:46.199
<v Speaker 6>a bunch of things that seemed extremely risky, and I

1625
01:30:47.159 --> 01:30:50.199
<v Speaker 6>think those things would have would have worked out. But

1626
01:30:51.279 --> 01:30:56.079
<v Speaker 6>at a time when companies are dropping like flies, and

1627
01:30:56.279 --> 01:30:59.159
<v Speaker 6>I'm proposing that we do all these things that sound

1628
01:30:59.279 --> 01:31:02.520
<v Speaker 6>very risky, this is this is just much too scary

1629
01:31:02.640 --> 01:31:04.039
<v Speaker 6>for the rest of the team.

1630
01:31:04.439 --> 01:31:07.000
<v Speaker 4>You seem to be attracted to crazy ideas that other

1631
01:31:07.079 --> 01:31:10.560
<v Speaker 4>people are like that, like, you know, I think the

1632
01:31:10.640 --> 01:31:13.199
<v Speaker 4>Autopilot one is a great example where everyone's kind of

1633
01:31:13.279 --> 01:31:16.680
<v Speaker 4>trying the spatial approach to self driving. You know, they're

1634
01:31:16.800 --> 01:31:18.920
<v Speaker 4>doing way more for ten years nobody cares, and you

1635
01:31:19.000 --> 01:31:22.520
<v Speaker 4>come out and say, hey, we think vision is the

1636
01:31:22.560 --> 01:31:26.960
<v Speaker 4>way forward and deep learning and vision you know, will

1637
01:31:27.039 --> 01:31:30.000
<v Speaker 4>take us all the way there. How do you find like, yeah,

1638
01:31:30.039 --> 01:31:32.760
<v Speaker 4>the courage inside to I mean.

1639
01:31:32.720 --> 01:31:34.239
<v Speaker 10>People have to be coming up with you all the

1640
01:31:34.319 --> 01:31:36.800
<v Speaker 10>time and you know, thinking that you're an idiot or

1641
01:31:37.199 --> 01:31:39.279
<v Speaker 10>it's never going to happen, and you know, how do

1642
01:31:39.319 --> 01:31:42.079
<v Speaker 10>you find that in yourself to like go through all

1643
01:31:42.159 --> 01:31:46.560
<v Speaker 10>that resistance and still be confident in you know, your thesis.

1644
01:31:49.039 --> 01:31:51.000
<v Speaker 6>I mean I try to be hyper rational, so it's

1645
01:31:51.079 --> 01:31:55.920
<v Speaker 6>not you know, it's like if this is if the

1646
01:31:56.000 --> 01:31:59.680
<v Speaker 6>reasoning fits, and you're not violating loads of physics or something,

1647
01:31:59.800 --> 01:32:06.359
<v Speaker 6>then that the thing you should do. So and I

1648
01:32:06.439 --> 01:32:10.960
<v Speaker 6>guess at the other day, if we lost all the money,

1649
01:32:11.119 --> 01:32:13.960
<v Speaker 6>I wouldn't as long as we didn't lose other people's money.

1650
01:32:14.000 --> 01:32:16.000
<v Speaker 6>I guess I just lost lose my money out of mind.

1651
01:32:20.119 --> 01:32:23.760
<v Speaker 6>These things just don't seem that crazy to me, so

1652
01:32:25.199 --> 01:32:26.000
<v Speaker 6>like I think, if

1653
01:32:26.960 --> 01:32:29.960
<v Speaker 1>If Thanks for listening, See you in the next episode.
