IoT Coffee Talk: Episode 147 - Silicon Valley Bank

foreign foreign [Music] [Music] [Music] [Applause] it is a beautiful day it's a beautiful it is a beautiful day it's a beautiful week and uh over it's raining like crazy week and uh over it's raining like crazy week and uh over it's raining like crazy here man it's like here man it's like here man it's like all night listen all you guys stop all night listen all you guys stop all night listen all you guys stop complaining stop complaining you guys complaining stop complaining you guys complaining stop complaining you guys have nothing else to do but complain you have nothing else to do but complain you have nothing else to do but complain you complain when there's no water no snow complain when there's no water no snow complain when there's no water no snow and now you complain when there is too and now you complain when there is too and now you complain when there is too much snow and water what the hell is much snow and water what the hell is much snow and water what the hell is wrong with you guys out there wrong with you guys out there wrong with you guys out there yeah I know we're like we're like schizo yeah I know we're like we're like schizo yeah I know we're like we're like schizo and and we don't know how to drive in and and we don't know how to drive in and and we don't know how to drive in anything other than perfect weather oh anything other than perfect weather oh anything other than perfect weather oh my gosh that's a fact that is bad my gosh that's a fact that is bad my gosh that's a fact that is bad it's crazy so gentlemen what's up what's it's crazy so gentlemen what's up what's it's crazy so gentlemen what's up what's up with that Laura stuff in the up with that Laura stuff in the up with that Laura stuff in the background Steve you know what I try and background Steve you know what I try and background Steve you know what I try and be live on site baby when we're doing be live on site baby when we're doing be live on site baby when we're doing coffee talk so I am out in Orlando at coffee talk so I am out in Orlando at coffee talk so I am out in Orlando at the Laura Alliance show for a couple of the Laura Alliance show for a couple of the Laura Alliance show for a couple of days and so I figured I'd be you know days and so I figured I'd be you know days and so I figured I'd be you know really cool and have that crap in the really cool and have that crap in the really cool and have that crap in the background so you so the world knows background so you so the world knows background so you so the world knows where I am the crap in the background where I am the crap in the background where I am the crap in the background yeah you got it you gotta have the crack yeah you got it you gotta have the crack yeah you got it you gotta have the crack yep exactly that's exactly right hey yep exactly that's exactly right hey yep exactly that's exactly right hey Bill what have you been up to man it's Bill what have you been up to man it's Bill what have you been up to man it's been way too long

been way too long been way too long way too long yeah yeah yeah I mean it's way too long yeah yeah yeah I mean it's way too long yeah yeah yeah I mean it's been a lot of activity activity going on been a lot of activity activity going on been a lot of activity activity going on I mean I mean I mean um well one one so um well one one so um well one one so two weeks ago and we're gonna we're two weeks ago and we're gonna we're two weeks ago and we're gonna we're gonna have a splash about it but gonna have a splash about it but gonna have a splash about it but launched a new company launched a new company launched a new company uh oh wow and uh this is with a couple uh oh wow and uh this is with a couple uh oh wow and uh this is with a couple of guys uh Trav uh well I will I'll keep of guys uh Trav uh well I will I'll keep of guys uh Trav uh well I will I'll keep their names straight I won't say their their names straight I won't say their their names straight I won't say their names until until it's time uh but names until until it's time uh but names until until it's time uh but launched a new company that that is launched a new company that that is launched a new company that that is basically at the end of last year went basically at the end of last year went basically at the end of last year went through looked at all the cities that we through looked at all the cities that we through looked at all the cities that we had worked with looked at all the had worked with looked at all the had worked with looked at all the companies that we we had worked with and companies that we we had worked with and companies that we we had worked with and all the things that we had built and all the things that we had built and all the things that we had built and heat mapped them because I kept saying heat mapped them because I kept saying heat mapped them because I kept saying you know look we've experienced very you know look we've experienced very you know look we've experienced very close to 28 year-over-year growth for close to 28 year-over-year growth for close to 28 year-over-year growth for the past 10 years wow and that that is the past 10 years wow and that that is the past 10 years wow and that that is uh for me I'm like I'm extremely uh for me I'm like I'm extremely uh for me I'm like I'm extremely uh Happy extremely uh I mean I'm I'm uh Happy extremely uh I mean I'm I'm uh Happy extremely uh I mean I'm I'm gratified that the clients have actually gratified that the clients have actually gratified that the clients have actually stuck with us that long stuck with us that long stuck with us that long um um um but we looked at those things and then but we looked at those things and then but we looked at those things and then it popped out you know that well there's it popped out you know that well there's it popped out you know that well there's five to six things that they all are are five to six things that they all are are five to six things that they all are are interested in so we you know decided interested in so we you know decided interested in so we you know decided well here we go we're gonna walk the well here we go we're gonna walk the well here we go we're gonna walk the walk walk walk um and um and um and you know what problem are you trying to you know what problem are you trying to you know what problem are you trying to solve we're going to productize those solve we're going to productize those solve we're going to productize those five things

five things five things um yeah we will not it is not a platform um yeah we will not it is not a platform um yeah we will not it is not a platform so let's thank goodness spend with that so let's thank goodness spend with that so let's thank goodness spend with that up front it is a series of modules that up front it is a series of modules that up front it is a series of modules that uh that have a common base uh that have a common base uh that have a common base um but it's around security it's around um but it's around security it's around um but it's around security it's around device life cycle management it's around device life cycle management it's around device life cycle management it's around digital twins it's around all of that digital twins it's around all of that digital twins it's around all of that so wow that's what I've been really so wow that's what I've been really so wow that's what I've been really working on working on working on um for the past you know a few months um for the past you know a few months um for the past you know a few months just attractive at this point you know just attractive at this point you know just attractive at this point you know the whole time we were explaining that the whole time we were explaining that the whole time we were explaining that by the way congratulations that's by the way congratulations that's by the way congratulations that's freaking awesome is that you you you freaking awesome is that you you you freaking awesome is that you you you would be the ideal depositor for HPP I'm saying dude dude it's like I'm saying dude dude it's like I mean obviously that's like the big I mean obviously that's like the big I mean obviously that's like the big news right svb and the friggins pseudo news right svb and the friggins pseudo news right svb and the friggins pseudo Bank you know pseudo bailout Bank you know pseudo bailout Bank you know pseudo bailout um but um that's awesome congratulations um but um that's awesome congratulations um but um that's awesome congratulations dude you know what you are I I think and dude you know what you are I I think and dude you know what you are I I think and Steve you might agree with me because Steve you might agree with me because Steve you might agree with me because you're actually sort of in the same you're actually sort of in the same you're actually sort of in the same class as well as an entrepreneur and class as well as an entrepreneur and class as well as an entrepreneur and someone who uh you know started up a someone who uh you know started up a someone who uh you know started up a business their own business and grew business their own business and grew business their own business and grew that thing organically that that that's that thing organically that that that's that thing organically that that that's that's how you do iot that's how you do that's how you do iot that's how you do that's how you do iot that's how you do so many other businesses and this whole so many other businesses and this whole so many other businesses and this whole svb thing is just I I I think an example svb thing is just I I I think an example svb thing is just I I I think an example of how of how of how um a lot of capital has been committed

um a lot of capital has been committed um a lot of capital has been committed and uh to a bunch of entities that have and uh to a bunch of entities that have and uh to a bunch of entities that have no fundamental value or growth potential no fundamental value or growth potential no fundamental value or growth potential profitable growth potential and that's profitable growth potential and that's profitable growth potential and that's why you get run on banks you know it was why you get run on banks you know it was why you get run on banks you know it was like it you know I I read this really like it you know I I read this really like it you know I I read this really interesting at Carney interesting at Carney interesting at Carney um post and I thought was really good um post and I thought was really good um post and I thought was really good um usually I I'm you know I'm lukewarm um usually I I'm you know I'm lukewarm um usually I I'm you know I'm lukewarm about the uh you know stuff from about the uh you know stuff from about the uh you know stuff from strategy firms but strategy firms but strategy firms but uh some of the stuff is good right and uh some of the stuff is good right and uh some of the stuff is good right and the the there was one sentence that the the there was one sentence that the the there was one sentence that basically said it all which is there's a basically said it all which is there's a basically said it all which is there's a difference between profitability and difference between profitability and difference between profitability and viability so sure svb and some of these viability so sure svb and some of these viability so sure svb and some of these uh banks that have been banking on uh banks that have been banking on uh banks that have been banking on basically or based you know high-risk basically or based you know high-risk basically or based you know high-risk derivatives or toxic derivatives uh and derivatives or toxic derivatives uh and derivatives or toxic derivatives uh and and you know crap uh depositors is and you know crap uh depositors is and you know crap uh depositors is um you know the bank took a a hit yeah um you know the bank took a a hit yeah um you know the bank took a a hit yeah it was pretty big but it was it was pretty big but it was it was pretty big but it was unprofitable and we have a lot of unprofitable and we have a lot of unprofitable and we have a lot of unprofit companies that have a quarter unprofit companies that have a quarter unprofit companies that have a quarter or two or three or four or maybe a year or two or three or four or maybe a year or two or three or four or maybe a year of unprofitable uh you know of unprofitable uh you know of unprofitable uh you know unprofitability because of an issue unprofitability because of an issue unprofitability because of an issue right right right um maybe some of that is mismanagement um maybe some of that is mismanagement um maybe some of that is mismanagement but to fire that management executive but to fire that management executive but to fire that management executive team for you know a mistake okay and team for you know a mistake okay and team for you know a mistake okay and then not looking at the grander picture then not looking at the grander picture then not looking at the grander picture of why the hell did was there a run on of why the hell did was there a run on of why the hell did was there a run on the bank because it wasn't an unviable

the bank because it wasn't an unviable the bank because it wasn't an unviable Bank it was just not profitable for a Bank it was just not profitable for a Bank it was just not profitable for a moment right I thought that was a really moment right I thought that was a really moment right I thought that was a really um cool post that was super clarifying um cool post that was super clarifying um cool post that was super clarifying but of course these guys are trying to but of course these guys are trying to but of course these guys are trying to sort of pivot things toward hey look you sort of pivot things toward hey look you sort of pivot things toward hey look you know let's blame management but I know let's blame management but I know let's blame management but I appreciated that they did highlight that appreciated that they did highlight that appreciated that they did highlight that look there was also an issue of look there was also an issue of look there was also an issue of viability in these Banks there there's a viability in these Banks there there's a viability in these Banks there there's a reason why this contagion or if it is reason why this contagion or if it is reason why this contagion or if it is even a contagion started with a company even a contagion started with a company even a contagion started with a company a bank who's a bank who's a bank who's um uh you know depositors are mostly VCS um uh you know depositors are mostly VCS um uh you know depositors are mostly VCS and startups and startups and startups there's a reason you know but and we can there's a reason you know but and we can there's a reason you know but and we can we shouldn't ignore it but I think we're we shouldn't ignore it but I think we're we shouldn't ignore it but I think we're going to forget about this in about a going to forget about this in about a going to forget about this in about a month or two I don't know it I mean I month or two I don't know it I mean I month or two I don't know it I mean I was uh I saw the president and CEO of a was uh I saw the president and CEO of a was uh I saw the president and CEO of a very very large Laura WAN network very very large Laura WAN network very very large Laura WAN network provider here this morning provider here this morning provider here this morning and the first thing he told me at eight and the first thing he told me at eight and the first thing he told me at eight o'clock this morning was thank God my o'clock this morning was thank God my o'clock this morning was thank God my money was still there at svb because I money was still there at svb because I money was still there at svb because I had payroll on Friday had payroll on Friday had payroll on Friday and he said he had the longest four days and he said he had the longest four days and he said he had the longest four days of his entire investment career of his entire investment career of his entire investment career begging and making sure that he could begging and making sure that he could begging and making sure that he could get his money out of svb to keep the get his money out of svb to keep the get his money out of svb to keep the company afloat company afloat company afloat so you look at those stories you go oh so you look at those stories you go oh so you look at those stories you go oh can you imagine going through that can you imagine going through that can you imagine going through that agenda for four days of of that but I agenda for four days of of that but I agenda for four days of of that but I also will say there's no there was no

also will say there's no there was no also will say there's no there was no other place to go for a lot of people other place to go for a lot of people other place to go for a lot of people than Seb than Seb than Seb right around the country from an right around the country from an right around the country from an entrepreneurial standpoint there weren't entrepreneurial standpoint there weren't entrepreneurial standpoint there weren't a lot of other Banks especially the a lot of other Banks especially the a lot of other Banks especially the traditional Banks maybe the Community traditional Banks maybe the Community traditional Banks maybe the Community Banks but the traditional Banks were not Banks but the traditional Banks were not Banks but the traditional Banks were not banking us for years and years and years banking us for years and years and years banking us for years and years and years and so where what do we do for and so where what do we do for and so where what do we do for backfilling like where do entrepreneurs backfilling like where do entrepreneurs backfilling like where do entrepreneurs in Silicon Valley go now for money like in Silicon Valley go now for money like in Silicon Valley go now for money like that from a banking situation because that from a banking situation because that from a banking situation because Wells Fargo and B of A they're not going Wells Fargo and B of A they're not going Wells Fargo and B of A they're not going to take those kind of companies sure and to take those kind of companies sure and to take those kind of companies sure and but you know here's the thing I I can but you know here's the thing I I can but you know here's the thing I I can appreciate but there's a thing called appreciate but there's a thing called appreciate but there's a thing called collateral damage and what I don't think collateral damage and what I don't think collateral damage and what I don't think should happen is that we take the cases should happen is that we take the cases should happen is that we take the cases of collateral damage and try to humanize of collateral damage and try to humanize of collateral damage and try to humanize and and you know uh basically cover up a and and you know uh basically cover up a and and you know uh basically cover up a serious problem that we have which is serious problem that we have which is serious problem that we have which is these high risk speculative non-value these high risk speculative non-value these high risk speculative non-value um um um um mentality of a of building businesses um mentality of a of building businesses um mentality of a of building businesses and this notion that somehow that is the and this notion that somehow that is the and this notion that somehow that is the how Innovation happens which is not the how Innovation happens which is not the how Innovation happens which is not the case case case um there's very few of these startups um there's very few of these startups um there's very few of these startups actually ever make it that's a fact but actually ever make it that's a fact but actually ever make it that's a fact but that's another fact right that is the that's another fact right that is the that's another fact right that is the fact but I mean that's never going to fact but I mean that's never going to fact but I mean that's never going to change though Leonard huh I mean it's change though Leonard huh I mean it's change though Leonard huh I mean it's never going to change I mean you go down never going to change I mean you go down never going to change I mean you go down to the valley again I don't know about to the valley again I don't know about to the valley again I don't know about that I don't know so

that I don't know so that I don't know so I don't know 80 of them don't get their I don't know 80 of them don't get their I don't know 80 of them don't get their money back I mean I love this by the way money back I mean I love this by the way money back I mean I love this by the way because we're arguing oh yeah no but I because we're arguing oh yeah no but I because we're arguing oh yeah no but I mean because look here's here's the mean because look here's here's the mean because look here's here's the thing yeah I took a specific I took a thing yeah I took a specific I took a thing yeah I took a specific I took a specific approach 100 specific approach 100 specific approach 100 the having been in startups and having the having been in startups and having the having been in startups and having watched the promise of hey come join watched the promise of hey come join watched the promise of hey come join this startup we're new emerging Tech this startup we're new emerging Tech this startup we're new emerging Tech we're going to take over the world we're we're going to take over the world we're we're going to take over the world we're going to do these things and and at the going to do these things and and at the going to do these things and and at the quote unquote exit all I got shown was quote unquote exit all I got shown was quote unquote exit all I got shown was the door and maybe a few dollars were the ones that got paid out right were the ones that got paid out right that's that's the problem and be real that's that's the problem and be real that's that's the problem and be real about that and we have to be real about about that and we have to be real about about that and we have to be real about that you know that's right for real and that you know that's right for real and that you know that's right for real and so I was like look I'm gonna do this so I was like look I'm gonna do this so I was like look I'm gonna do this and and like I said at the you know and and like I said at the you know and and like I said at the you know ironically it was the 10-year Mark ironically it was the 10-year Mark ironically it was the 10-year Mark that's a that's a flipping Slow Burn for that's a that's a flipping Slow Burn for that's a that's a flipping Slow Burn for real you know in an incremental let me real you know in an incremental let me real you know in an incremental let me go out let me do my own biz Dev I did go out let me do my own biz Dev I did go out let me do my own biz Dev I did zero marketing Word of Mouth people zero marketing Word of Mouth people zero marketing Word of Mouth people trusting and believing that I'm gonna trusting and believing that I'm gonna trusting and believing that I'm gonna deliver on what I say I'm gonna deliver deliver on what I say I'm gonna deliver deliver on what I say I'm gonna deliver and then executing a team that are 1099s and then executing a team that are 1099s and then executing a team that are 1099s to go out and and help do this and stick to go out and and help do this and stick to go out and and help do this and stick with me throughout this period of time with me throughout this period of time with me throughout this period of time then then then at the end of the day you say okay well at the end of the day you say okay well at the end of the day you say okay well now wait a minute we're going to turn now wait a minute we're going to turn now wait a minute we're going to turn this into a real business yeah and and this into a real business yeah and and this into a real business yeah and and if you go back and you look at the early

if you go back and you look at the early if you go back and you look at the early days the.com Days of what a days the.com Days of what a days the.com Days of what a quote-unquote unicorn was they did not quote-unquote unicorn was they did not quote-unquote unicorn was they did not take money take money take money yeah I mean it's like a freaking yeah I mean it's like a freaking yeah I mean it's like a freaking In-N-Out Burger dude you're like In-N-Out Burger dude you're like In-N-Out Burger dude you're like freaking In and Out Burger is using me freaking In and Out Burger is using me freaking In and Out Burger is using me profit day one like my business profit profit day one like my business profit profit day one like my business profit day one day one day one you know I was meeting my family day one you know I was meeting my family day one you know I was meeting my family day one uh you know I wasn't I wasn't going out uh you know I wasn't I wasn't going out uh you know I wasn't I wasn't going out for a loan I wasn't doing any of that for a loan I wasn't doing any of that for a loan I wasn't doing any of that crap I built my business from the ground crap I built my business from the ground crap I built my business from the ground up just like you just like you Steve I I up just like you just like you Steve I I up just like you just like you Steve I I know this but no one else is doing that know this but no one else is doing that know this but no one else is doing that they're they're they want they want to they're they're they want they want to they're they're they want they want to go and they want to get like freaking VC go and they want to get like freaking VC go and they want to get like freaking VC funding and all this other crap but funding and all this other crap but funding and all this other crap but their ideas you know statistically 90 of their ideas you know statistically 90 of their ideas you know statistically 90 of them are crap ideas I mean if they're them are crap ideas I mean if they're them are crap ideas I mean if they're not viable they don't make it and the not viable they don't make it and the not viable they don't make it and the board continues to hire as president and board continues to hire as president and board continues to hire as president and CEOs guys that all they do for a living CEOs guys that all they do for a living CEOs guys that all they do for a living is raise money yeah the the grueling Gauntlet of work that the the grueling Gauntlet of work that it takes to go out and raise money it takes to go out and raise money it takes to go out and raise money because yeah I've seen it it's painful because yeah I've seen it it's painful because yeah I've seen it it's painful been a part of it don't want no part of been a part of it don't want no part of been a part of it don't want no part of it but but what I did see was one it but but what I did see was one it but but what I did see was one I did not want to be accountable at the I did not want to be accountable at the I did not want to be accountable at the very beginning of for for putting food very beginning of for for putting food very beginning of for for putting food on someone else's table on someone else's table on someone else's table I wanted the first time prove that I had I wanted the first time prove that I had I wanted the first time prove that I had the I had the right stuff

the I had the right stuff the I had the right stuff and you you move in that direction but and you you move in that direction but and you you move in that direction but then the next in this next phase what I then the next in this next phase what I then the next in this next phase what I promised was we're going to do this promised was we're going to do this promised was we're going to do this organically we're going to bootstrap the organically we're going to bootstrap the organically we're going to bootstrap the damn thing and we're gonna go out and damn thing and we're gonna go out and damn thing and we're gonna go out and we're gonna do this and it will be an we're gonna do this and it will be an we're gonna do this and it will be an employee-owned company yeah where when employee-owned company yeah where when employee-owned company yeah where when the exit happens we all exit with a bag the exit happens we all exit with a bag the exit happens we all exit with a bag yeah yeah yeah yeah I mean and Steve I get your point yeah I mean and Steve I get your point yeah I mean and Steve I get your point man I mean you know ideally the system man I mean you know ideally the system man I mean you know ideally the system should work in a way that Fosters and should work in a way that Fosters and should work in a way that Fosters and nurtures quote unquote Innovation right nurtures quote unquote Innovation right nurtures quote unquote Innovation right and combat and technological development and combat and technological development and combat and technological development um but it hasn't worked like that in a um but it hasn't worked like that in a um but it hasn't worked like that in a long time I mean anyone who who's there long time I mean anyone who who's there long time I mean anyone who who's there during the.com era saw Wall Street come during the.com era saw Wall Street come during the.com era saw Wall Street come in because before the investment Banks in because before the investment Banks in because before the investment Banks were not there I mean there was like were not there I mean there was like were not there I mean there was like Montgomery Securities and then if you Montgomery Securities and then if you Montgomery Securities and then if you wanted to get out wanted to get out wanted to get out back then oh dude I was trying to get an back then oh dude I was trying to get an back then oh dude I was trying to get an eye banking job in San Francisco I eye banking job in San Francisco I eye banking job in San Francisco I didn't want to go to New York didn't want to go to New York didn't want to go to New York and um but then when the.com thing and um but then when the.com thing and um but then when the.com thing started dude you saw all this money come started dude you saw all this money come started dude you saw all this money come in you know ridiculous just money in you know ridiculous just money in you know ridiculous just money looking to be placed and that's what looking to be placed and that's what looking to be placed and that's what created this created this created this um it was a toxic environment I mean um it was a toxic environment I mean um it was a toxic environment I mean seriously I lived in this crap and it seriously I lived in this crap and it seriously I lived in this crap and it was not healthy you know you have people was not healthy you know you have people was not healthy you know you have people taking you know uh taking half their taking you know uh taking half their taking you know uh taking half their salary you know to join a startup for X

salary you know to join a startup for X salary you know to join a startup for X number of worthless but ended up being number of worthless but ended up being number of worthless but ended up being worthless stock options and then kind of worthless stock options and then kind of worthless stock options and then kind of setting back their careers because you setting back their careers because you setting back their careers because you know once you from a 6K six you know know once you from a 6K six you know know once you from a 6K six you know figure salary to now half of that figure salary to now half of that figure salary to now half of that right and you went and took a gamble you right and you went and took a gamble you right and you went and took a gamble you get judged you know they go why did you get judged you know they go why did you get judged you know they go why did you do that you had a great gig at a stable do that you had a great gig at a stable do that you had a great gig at a stable you know company what kind of uh you know company what kind of uh you know company what kind of uh employee are you and what kind of employee are you and what kind of employee are you and what kind of judgment do you have because you uh you judgment do you have because you uh you judgment do you have because you uh you took a gamble with your career you know took a gamble with your career you know took a gamble with your career you know um so Leonard you know let's be yeah um so Leonard you know let's be yeah um so Leonard you know let's be yeah let's take the opportunity whatever you let's take the opportunity whatever you let's take the opportunity whatever you want look for the future want look for the future want look for the future so if the if this whole world was that so if the if this whole world was that so if the if this whole world was that we're talking about yeah was under your we're talking about yeah was under your we're talking about yeah was under your domain yeah what would you do now for domain yeah what would you do now for domain yeah what would you do now for the next several years because we're all the next several years because we're all the next several years because we're all in this together again in this together again in this together again right so I'm very interested in hearing right so I'm very interested in hearing right so I'm very interested in hearing okay what do these people do where do okay what do these people do where do okay what do these people do where do they go you know or are they all you they go you know or are they all you they go you know or are they all you know they all don't have Deep Pockets in know they all don't have Deep Pockets in know they all don't have Deep Pockets in order to throw Millions at a what may be order to throw Millions at a what may be order to throw Millions at a what may be a really cool idea yeah I mean I think a really cool idea yeah I mean I think a really cool idea yeah I mean I think you know here's the thing is that you know here's the thing is that you know here's the thing is that um there there is going to be a residual um there there is going to be a residual um there there is going to be a residual effect of all of this right there's effect of all of this right there's effect of all of this right there's always when there's uh when there's always when there's uh when there's always when there's uh when there's damage there's it has to be a recovery

damage there's it has to be a recovery damage there's it has to be a recovery period and unfortunately during that period and unfortunately during that period and unfortunately during that recovery period everyone's going to have recovery period everyone's going to have recovery period everyone's going to have to figure out to figure out to figure out um how to reconstitute the engine but um how to reconstitute the engine but um how to reconstitute the engine but the problem here is this is that before the problem here is this is that before the problem here is this is that before we even do that we're going to forget we even do that we're going to forget we even do that we're going to forget that the how the damage happened and that the how the damage happened and that the how the damage happened and we're just going to repeat it we you we're just going to repeat it we you we're just going to repeat it we you know what we see today is just a similar know what we see today is just a similar know what we see today is just a similar pattern of what we've seen pattern of what we've seen pattern of what we've seen um during the financial crisis uh the um during the financial crisis uh the um during the financial crisis uh the global financial crisis which originated global financial crisis which originated global financial crisis which originated out of the US okay and what uh in out of the US okay and what uh in out of the US okay and what uh in the.com disaster and bubble which the.com disaster and bubble which the.com disaster and bubble which originated out of the U.S but the thing originated out of the U.S but the thing originated out of the U.S but the thing is is that you know with the zero is is that you know with the zero is is that you know with the zero interest uh environment from these interest uh environment from these interest uh environment from these disasters that were sort of the policy disasters that were sort of the policy disasters that were sort of the policy response it we've we've basically run response it we've we've basically run response it we've we've basically run out of road now this is it it's like I out of road now this is it it's like I out of road now this is it it's like I think at some point we do have to pay think at some point we do have to pay think at some point we do have to pay back and the thing that scares the crap back and the thing that scares the crap back and the thing that scares the crap out of me right now is how China is out of me right now is how China is out of me right now is how China is looking at this you know we don't like looking at this you know we don't like looking at this you know we don't like to think about that but that's the thing to think about that but that's the thing to think about that but that's the thing that bothers me a lot because you know that bothers me a lot because you know that bothers me a lot because you know last year we were spending so much time last year we were spending so much time last year we were spending so much time making fun of China of their you know making fun of China of their you know making fun of China of their you know real estate stuff look at this real estate stuff look at this real estate stuff look at this and how does that how does that reflect and how does that how does that reflect and how does that how does that reflect on the rest of the world and how people on the rest of the world and how people on the rest of the world and how people look at uh um the U.S culture of look at uh um the U.S culture of look at uh um the U.S culture of innovation you know I mean that's where innovation you know I mean that's where innovation you know I mean that's where I think one of the things that Hallmarks I think one of the things that Hallmarks I think one of the things that Hallmarks of the US and the United States of the US and the United States of the US and the United States Financial system and our systems in Financial system and our systems in Financial system and our systems in general has been integrity and um just

general has been integrity and um just general has been integrity and um just the ability to be more trustworthy than the ability to be more trustworthy than the ability to be more trustworthy than everyone else but if we continue to fail everyone else but if we continue to fail everyone else but if we continue to fail ourselves ourselves ourselves in front of the world in front of the world in front of the world um we lose a lot of that that perceived um we lose a lot of that that perceived um we lose a lot of that that perceived leadership and trust and that's that leadership and trust and that's that leadership and trust and that's that becomes material so the bigger question becomes material so the bigger question becomes material so the bigger question is do we adjust when we finally lose is do we adjust when we finally lose is do we adjust when we finally lose and that's that's horrible that that is and that's that's horrible that that is and that's that's horrible that that is not what we should do but we should wake not what we should do but we should wake not what we should do but we should wake up my question to you is will we wake up up my question to you is will we wake up up my question to you is will we wake up will we learn from this or are we just will we learn from this or are we just will we learn from this or are we just gonna bury it gonna bury it gonna bury it okay let's start again the word okay let's start again the word okay let's start again the word technology guys right so technology guys right so technology guys right so did did this really did did this really did did this really it I don't think it changed on Monday it I don't think it changed on Monday it I don't think it changed on Monday our whole focus of innovation our whole focus of innovation our whole focus of innovation what it changed was the fundamental what it changed was the fundamental what it changed was the fundamental funding of it right funding of it right funding of it right yeah okay I mean yeah okay I mean yeah okay I mean yeah I mean there's people are still yeah I mean there's people are still yeah I mean there's people are still innovating today they're even after a innovating today they're even after a innovating today they're even after a collapse like that I mean they're still collapse like that I mean they're still collapse like that I mean they're still going out and needing funding they're going out and needing funding they're going out and needing funding they're still going there so sure what did we still going there so sure what did we still going there so sure what did we lose we lost dumbasses that didn't lose we lost dumbasses that didn't lose we lost dumbasses that didn't really know what they were doing really know what they were doing really know what they were doing I mean did we I mean they're they're I mean did we I mean they're they're I mean did we I mean they're they're gonna they have access to their deposits gonna they have access to their deposits gonna they have access to their deposits I mean it was kind of like a a pseudo I mean it was kind of like a a pseudo I mean it was kind of like a a pseudo bailout right they're getting loans

bailout right they're getting loans bailout right they're getting loans um it were rewarding speculation you know speculation Innovation I don't you know speculation Innovation I don't think see this is where I think we get think see this is where I think we get think see this is where I think we get confused we we apply a myopic view on confused we we apply a myopic view on confused we we apply a myopic view on the problem saying hey this is a funding the problem saying hey this is a funding the problem saying hey this is a funding issue but it's bigger than that the issue but it's bigger than that the issue but it's bigger than that the question is why did question is why did question is why did the positives look at the next guy and the positives look at the next guy and the positives look at the next guy and say say say oh my God we better pull our money out oh my God we better pull our money out oh my God we better pull our money out again going back to the statement uh again going back to the statement uh again going back to the statement uh that the Carney guys made and this is that the Carney guys made and this is that the Carney guys made and this is not an issue this is a profitability not an issue this is a profitability not an issue this is a profitability thing it's a a moment in time thing it's thing it's a a moment in time thing it's thing it's a a moment in time thing it's not a viability thing not a viability thing not a viability thing but when you ask why is did the Run but when you ask why is did the Run but when you ask why is did the Run happen is because there it was a happen is because there it was a happen is because there it was a viability problem the depositors looked viability problem the depositors looked viability problem the depositors looked at each other the VCS said hey yeah hey at each other the VCS said hey yeah hey at each other the VCS said hey yeah hey get your money out as quickly as get your money out as quickly as get your money out as quickly as possible that's how everyone happened possible that's how everyone happened possible that's how everyone happened right I mean it was the equivalent to me right I mean it was the equivalent to me right I mean it was the equivalent to me it was the equivalent of having a it was the equivalent of having a it was the equivalent of having a conference room full of people and one conference room full of people and one conference room full of people and one person said fire person said fire person said fire [Music] [Music] [Music] some people were running and didn't even some people were running and didn't even some people were running and didn't even know why yeah so we should have listened know why yeah so we should have listened know why yeah so we should have listened to him on Thursday when he said Hey to him on Thursday when he said Hey to him on Thursday when he said Hey listen everybody you need to calm down listen everybody you need to calm down listen everybody you need to calm down oh yeah no no here's the thing it's like oh yeah no no here's the thing it's like oh yeah no no here's the thing it's like if there was a if everyone at the table if there was a if everyone at the table if there was a if everyone at the table was like bill was like you okay was like

was like bill was like you okay was like was like bill was like you okay was like me and we knew that we had businesses me and we knew that we had businesses me and we knew that we had businesses that were profitable and that the guy that were profitable and that the guy that were profitable and that the guy next to us next to us next to us had stable businesses too because the had stable businesses too because the had stable businesses too because the bank bank bank um wasn't uh dabbling in crypto and um wasn't uh dabbling in crypto and um wasn't uh dabbling in crypto and funding crypto guys at zero you wouldn't funding crypto guys at zero you wouldn't funding crypto guys at zero you wouldn't be so freaked out I would go you know be so freaked out I would go you know be so freaked out I would go you know whatever okay so the bank made a bad you whatever okay so the bank made a bad you whatever okay so the bank made a bad you know decision and you know investing uh know decision and you know investing uh know decision and you know investing uh deposits okay it took a hit deposits okay it took a hit deposits okay it took a hit all right that's going to be all right that's going to be all right that's going to be shareholders getting hit but as a shareholders getting hit but as a shareholders getting hit but as a depositor why do I need to freak out depositor why do I need to freak out depositor why do I need to freak out you're afraid of the next guy that's why you're afraid of the next guy that's why you're afraid of the next guy that's why you freak out and then the VCS come in you freak out and then the VCS come in you freak out and then the VCS come in and they're freaked out because they and they're freaked out because they and they're freaked out because they know what's they know who know what's they know who know what's they know who who that bank is funding their funding who that bank is funding their funding who that bank is funding their funding the VCS and and the startups the the VCS and and the startups the the VCS and and the startups the unicorns these companies that have unicorns these companies that have unicorns these companies that have largely no okay so it so is this a largely no okay so it so is this a largely no okay so it so is this a regulation thing regulation thing regulation thing I don't think so I I I don't think it's I don't think so I I I don't think it's I don't think so I I I don't think it's the original thing dude and we can try the original thing dude and we can try the original thing dude and we can try to regulate the crap out of this it's to regulate the crap out of this it's to regulate the crap out of this it's it's it you know it takes me back to you it's it you know it takes me back to you it's it you know it takes me back to you know Rob makes fun of me for attending know Rob makes fun of me for attending know Rob makes fun of me for attending the Milken Institute uh Global the Milken Institute uh Global the Milken Institute uh Global conference but one of the things that I conference but one of the things that I conference but one of the things that I took away from there is that even guys took away from there is that even guys took away from there is that even guys like Michael Milken who started junk like Michael Milken who started junk like Michael Milken who started junk bonds right my prison for that stuff he bonds right my prison for that stuff he bonds right my prison for that stuff he was like saying this is ridiculous what was like saying this is ridiculous what was like saying this is ridiculous what happened in the Nifty you know the 50 happened in the Nifty you know the 50 happened in the Nifty you know the 50 50. what happened to that but that was

50. what happened to that but that was 50. what happened to that but that was um that was an investment funding um that was an investment funding um that was an investment funding mentality of the the of the country mentality of the the of the country mentality of the the of the country anyone who is investing in stops and law anyone who is investing in stops and law anyone who is investing in stops and law they they if you came up to them with they they if you came up to them with they they if you came up to them with you know 90 of the crap that they're you you know 90 of the crap that they're you you know 90 of the crap that they're you know Brokers and Financial finance know Brokers and Financial finance know Brokers and Financial finance people are trying to sell you the crypto people are trying to sell you the crypto people are trying to sell you the crypto guys guys guys there would be no market for this stuff there would be no market for this stuff there would be no market for this stuff because the mentality was different it because the mentality was different it because the mentality was different it was value focused now it's all valuation was value focused now it's all valuation was value focused now it's all valuation and fomo and and all this other and fomo and and all this other and fomo and and all this other ridiculous stuff no no but but you know ridiculous stuff no no but but you know ridiculous stuff no no but but you know it goes back to what we've been talking it goes back to what we've been talking it goes back to what we've been talking about iot coffee talk for a long time about iot coffee talk for a long time about iot coffee talk for a long time and it relates to I think uh this and it relates to I think uh this and it relates to I think uh this question of viability of business models question of viability of business models question of viability of business models and stuff like that and economic models and stuff like that and economic models and stuff like that and economic models or industry models is or industry models is or industry models is um you know is there a foundation of um you know is there a foundation of um you know is there a foundation of value here and are you focused on value value here and are you focused on value value here and are you focused on value or are you just trying to scale out and or are you just trying to scale out and or are you just trying to scale out and do the play the valuation game that's do the play the valuation game that's do the play the valuation game that's totally different and that I think totally different and that I think totally different and that I think that's the toxicity because you guys and that's the toxicity because you guys and that's the toxicity because you guys and hopefully for our audience I know we hopefully for our audience I know we hopefully for our audience I know we should probably have a beer or you know should probably have a beer or you know should probably have a beer or you know freaking shots of bourbon after this one freaking shots of bourbon after this one freaking shots of bourbon after this one because I'm I don't know why I'm so because I'm I don't know why I'm so because I'm I don't know why I'm so serious today no I'm freaking scary I'm serious today no I'm freaking scary I'm serious today no I'm freaking scary I'm like looking at myself going to do what like looking at myself going to do what like looking at myself going to do what the hell are you doing well listen you the hell are you doing well listen you the hell are you doing well listen you know this is why we love doing what know this is why we love doing what know this is why we love doing what we're doing because like at eight we're doing because like at eight we're doing because like at eight o'clock in the morning when a guy turns o'clock in the morning when a guy turns o'clock in the morning when a guy turns around I was shaking in my pants for

around I was shaking in my pants for around I was shaking in my pants for four days with my CFO because of it and four days with my CFO because of it and four days with my CFO because of it and it hits home then because I like the guy it hits home then because I like the guy it hits home then because I like the guy and his business is fantastic and it's and his business is fantastic and it's and his business is fantastic and it's focused on profitability but again you focused on profitability but again you focused on profitability but again you know and Leonard you know what I talk know and Leonard you know what I talk know and Leonard you know what I talk about a lot tomorrow's talk it's how to about a lot tomorrow's talk it's how to about a lot tomorrow's talk it's how to make money with Laura Wayne I just got make money with Laura Wayne I just got make money with Laura Wayne I just got approved to be at the national Channel approved to be at the national Channel approved to be at the national Channel Partners conference in May in Las Vegas Partners conference in May in Las Vegas Partners conference in May in Las Vegas how to make money in iot because it how to make money in iot because it how to make money in iot because it seems to be you could come up with the seems to be you could come up with the seems to be you could come up with the greatest widgets and the greatest greatest widgets and the greatest greatest widgets and the greatest technology in the world but if you don't technology in the world but if you don't technology in the world but if you don't know how to sell this I don't care know how to sell this I don't care know how to sell this I don't care yeah money in the world if you're not yeah money in the world if you're not yeah money in the world if you're not selling it and figuring out how to selling it and figuring out how to selling it and figuring out how to partner with people to get it down to partner with people to get it down to partner with people to get it down to the next level you it's not going to the next level you it's not going to the next level you it's not going to work you're going to be broke you're work you're going to be broke you're work you're going to be broke you're going to be looking for a freaking job going to be looking for a freaking job going to be looking for a freaking job yeah yeah yeah and and again you know there's there's and and again you know there's there's and and again you know there's there's there's the the perpetrators and then there's the the perpetrators and then there's the the perpetrators and then there's the victims and so they're the there's the victims and so they're the there's the victims and so they're the victim that's why I'm saying this stuff victim that's why I'm saying this stuff victim that's why I'm saying this stuff is so you know all this hype all this is so you know all this hype all this is so you know all this hype all this freaking you know speculative freaking you know speculative freaking you know speculative detrimental speculative mentality it it detrimental speculative mentality it it detrimental speculative mentality it it it damages it hurts people some deserved it damages it hurts people some deserved it damages it hurts people some deserved guys people who are gambling was like guys people who are gambling was like guys people who are gambling was like freaking too bad but don't come in ask freaking too bad but don't come in ask freaking too bad but don't come in ask for tax money or government support you for tax money or government support you for tax money or government support you lost right um but then at this in the lost right um but then at this in the lost right um but then at this in the same breath and the same motion you have same breath and the same motion you have same breath and the same motion you have innocent people getting taken out but innocent people getting taken out but innocent people getting taken out but those people should be pissed they

those people should be pissed they those people should be pissed they should be pissed at how the system and should be pissed at how the system and should be pissed at how the system and the culture the culture the culture um took them out um took them out um took them out so now tell me what the hell do you do so now tell me what the hell do you do so now tell me what the hell do you do then so what's the answer I I think then so what's the answer I I think then so what's the answer I I think really I mean you I'm gonna ask you do really I mean you I'm gonna ask you do really I mean you I'm gonna ask you do you think we will learn from this what you think we will learn from this what you think we will learn from this what do what do we think what did we learn do what do we think what did we learn do what do we think what did we learn from FTX from FTX from FTX that's been two months three months that's been two months three months that's been two months three months whatever the hell it is I mean well you whatever the hell it is I mean well you whatever the hell it is I mean well you know we learned that it was it was uh BS know we learned that it was it was uh BS know we learned that it was it was uh BS okay well and it hurt a lot of people okay well and it hurt a lot of people okay well and it hurt a lot of people there's a lot of I mean I need a lot of there's a lot of I mean I need a lot of there's a lot of I mean I need a lot of people who are going dude that bastard people who are going dude that bastard people who are going dude that bastard um stole my money yeah you know um stole my money yeah you know um stole my money yeah you know um so will they learn but here's the um so will they learn but here's the um so will they learn but here's the thing that's disturbing they haven't thing that's disturbing they haven't thing that's disturbing they haven't given up on crypto they don't get it given up on crypto they don't get it given up on crypto they don't get it this is like they don't get the game this is like they don't get the game this is like they don't get the game it's like you're you're not you're not it's like you're you're not you're not it's like you're you're not you're not the one making money man you're the one making money man you're the one making money man you're you're just a little shrimp in between a you're just a little shrimp in between a you're just a little shrimp in between a few huge whales that are playing the few huge whales that are playing the few huge whales that are playing the hell out of everybody hell out of everybody hell out of everybody it because I mean that's a fact too you it because I mean that's a fact too you it because I mean that's a fact too you go and look at how many people own uh go and look at how many people own uh go and look at how many people own uh most of the value of the cryptos today most of the value of the cryptos today most of the value of the cryptos today is just very few people this is nothing is just very few people this is nothing is just very few people this is nothing Democratic about this stuff yet we have Democratic about this stuff yet we have Democratic about this stuff yet we have these people somehow thinking this is these people somehow thinking this is these people somehow thinking this is going to be in Future Finance and going to be in Future Finance and going to be in Future Finance and currently blah blah and it has failed currently blah blah and it has failed currently blah blah and it has failed every single thesis you can imagine every single thesis you can imagine every single thesis you can imagine every single one every single one every single one you know it's a 24 or five I bought it

you know it's a 24 or five I bought it you know it's a 24 or five I bought it really low so Bitcoins really low so Bitcoins really low so Bitcoins yeah ethereum I made a lot of money I yeah ethereum I made a lot of money I yeah ethereum I made a lot of money I know you're gonna you're gonna Steve know you're gonna you're gonna Steve know you're gonna you're gonna Steve you're going to call it diversification you're going to call it diversification you're going to call it diversification and uh maybe I'll give you a pass on and uh maybe I'll give you a pass on and uh maybe I'll give you a pass on that Hey listen my wife and I bought it that Hey listen my wife and I bought it that Hey listen my wife and I bought it was it made a lot of freaking money off was it made a lot of freaking money off was it made a lot of freaking money off that so we're fine yeah I mean you that so we're fine yeah I mean you that so we're fine yeah I mean you know I mean Bill what do you think I know I mean Bill what do you think I know I mean Bill what do you think I mean do you think I mean mean do you think I mean mean do you think I mean I I really I really think a lot of it I I really I really think a lot of it I I really I really think a lot of it comes down to I mean it's a comes down to I mean it's a comes down to I mean it's a philosophical approach to to it all philosophical approach to to it all philosophical approach to to it all right I mean I did what I did for a right I mean I did what I did for a right I mean I did what I did for a specific reason specific reason specific reason um and that is I I I no longer trusted um and that is I I I no longer trusted um and that is I I I no longer trusted the startup the startup the startup idea of you know I'm gonna join this idea of you know I'm gonna join this idea of you know I'm gonna join this startup and okay you know the the the startup and okay you know the the the startup and okay you know the the the promise of heaven and rainbows and promise of heaven and rainbows and promise of heaven and rainbows and unicorns and all of that stuff you know unicorns and all of that stuff you know unicorns and all of that stuff you know and I was gonna just be happy you know and I was gonna just be happy you know and I was gonna just be happy you know oh well you know with all these shares oh well you know with all these shares oh well you know with all these shares You're Gonna Get You Know Millions on You're Gonna Get You Know Millions on You're Gonna Get You Know Millions on the exit and every exit takes 10 years the exit and every exit takes 10 years the exit and every exit takes 10 years before you ever even see it and then by before you ever even see it and then by before you ever even see it and then by that time you're diluted and it gave me that time you're diluted and it gave me that time you're diluted and it gave me a financial education a financial education a financial education by watching that and experiencing that by watching that and experiencing that by watching that and experiencing that that I never wanted to do again so at that I never wanted to do again so at that I never wanted to do again so at that point I said I am going to bet on that point I said I am going to bet on that point I said I am going to bet on me yeah and I'm going to do it me yeah and I'm going to do it me yeah and I'm going to do it organically I'm not gonna take because organically I'm not gonna take because organically I'm not gonna take because the minute that you take money you no the minute that you take money you no the minute that you take money you no longer are that entrepreneur you work longer are that entrepreneur you work longer are that entrepreneur you work for the board yeah yeah yeah yeah so so

for the board yeah yeah yeah yeah so so for the board yeah yeah yeah yeah so so do you think that as Leonard was asking do you think that as Leonard was asking do you think that as Leonard was asking so will we learn will all these people so will we learn will all these people so will we learn will all these people learn that valuable lesson of having to learn that valuable lesson of having to learn that valuable lesson of having to become become become entrepreneurs no absolutely not entrepreneurs no absolutely not entrepreneurs no absolutely not absolutely not because they want to absolutely not because they want to absolutely not because they want to LeapFrog the whole the whole exercise of LeapFrog the whole the whole exercise of LeapFrog the whole the whole exercise of the grind and get that money the grind and get that money the grind and get that money so that they you know now now you have a so that they you know now now you have a so that they you know now now you have a fiduciary responsibility to the board fiduciary responsibility to the board fiduciary responsibility to the board you know yo the the greatest fiduciary you know yo the the greatest fiduciary you know yo the the greatest fiduciary responsibility that you can have is to responsibility that you can have is to responsibility that you can have is to yourself huh and and and think about it yourself huh and and and think about it yourself huh and and and think about it you know the VCS what they're doing is you know the VCS what they're doing is you know the VCS what they're doing is they're they're they're they're raising they're they're they're they're raising they're they're they're they're raising funds they're and some of these are funds they're and some of these are funds they're and some of these are really huge they're based off of hype really huge they're based off of hype really huge they're based off of hype you know there's some VCS that focus on you know there's some VCS that focus on you know there's some VCS that focus on AI AI AI um um um and and you know and the people who are and and you know and the people who are and and you know and the people who are um so they have their little uh friggin um so they have their little uh friggin um so they have their little uh friggin uh deck and it has a ridiculous number uh deck and it has a ridiculous number uh deck and it has a ridiculous number that's probably complete that's probably complete that's probably complete and they have to they have all these and they have to they have all these and they have to they have all these funds because they told everyone this is funds because they told everyone this is funds because they told everyone this is going to have a tam of well it's gonna going to have a tam of well it's gonna going to have a tam of well it's gonna be ridiculous 50 gajillion dollar market be ridiculous 50 gajillion dollar market be ridiculous 50 gajillion dollar market opportunity in two years and they gotta opportunity in two years and they gotta opportunity in two years and they gotta place all these funds so they got to place all these funds so they got to place all these funds so they got to find as many find as many find as many um companies and entities to place and um companies and entities to place and um companies and entities to place and then turn around and and be able to tell then turn around and and be able to tell then turn around and and be able to tell the investors they have a story the investors they have a story the investors they have a story that's going to support a a thesis on a that's going to support a a thesis on a that's going to support a a thesis on a ridiculous returns

ridiculous returns ridiculous returns in order no man that that's to me that in order no man that that's to me that in order no man that that's to me that just sounds like science fiction I mean just sounds like science fiction I mean just sounds like science fiction I mean that's that's like freaking Lord of the that's that's like freaking Lord of the that's that's like freaking Lord of the Rings like fantasy you know friggin why Rings like fantasy you know friggin why Rings like fantasy you know friggin why don't we bring into balrogs and the don't we bring into balrogs and the don't we bring into balrogs and the dragons and friggin elves with Elven dragons and friggin elves with Elven dragons and friggin elves with Elven princesses with like friggin magic princesses with like friggin magic princesses with like friggin magic swords I mean it's just swords I mean it's just swords I mean it's just again going back to China again going back to China again going back to China If These Guys these guys have been If These Guys these guys have been If These Guys these guys have been looking I mean have you seen Jack ma looking I mean have you seen Jack ma looking I mean have you seen Jack ma anywhere anywhere anywhere nowhere nowhere one of the reasons nowhere nowhere one of the reasons nowhere nowhere one of the reasons I don't think he's alive anymore I don't think he's alive anymore I don't think he's alive anymore I know and he was sort of the poster I know and he was sort of the poster I know and he was sort of the poster child for a startup China they squashed child for a startup China they squashed child for a startup China they squashed that crap right they squashed him he's a that crap right they squashed him he's a that crap right they squashed him he's a he's in a rice paddy someplace yeah I he's in a rice paddy someplace yeah I he's in a rice paddy someplace yeah I know they squashed a lot of stuff but know they squashed a lot of stuff but know they squashed a lot of stuff but they're they're you know they look at they're they're you know they look at they're they're you know they look at this stuff and they're they're probably this stuff and they're they're probably this stuff and they're they're probably going going going you know what I'm saying yeah no so you know what I'm saying yeah no so you know what I'm saying yeah no so here's kind of you know we cannot we here's kind of you know we cannot we here's kind of you know we cannot we cannot compete on fantasy no I I I I I cannot compete on fantasy no I I I I I cannot compete on fantasy no I I I I I think I think there has to be a new think I think there has to be a new think I think there has to be a new education oh yeah of of business education oh yeah of of business education oh yeah of of business creation uh people wake up I mean you creation uh people wake up I mean you creation uh people wake up I mean you have to think about this in a different have to think about this in a different have to think about this in a different way because over the past what 10 20 way because over the past what 10 20 way because over the past what 10 20 let's call it 25 years there's been an let's call it 25 years there's been an let's call it 25 years there's been an education of of business owners education of of business owners education of of business owners entrepreneurs in terms of how to tell

entrepreneurs in terms of how to tell entrepreneurs in terms of how to tell the story to get the funding from the the story to get the funding from the the story to get the funding from the VCS yeah okay you've got to tell a story VCS yeah okay you've got to tell a story VCS yeah okay you've got to tell a story of innovation of innovation of innovation attraction and what the future is going attraction and what the future is going attraction and what the future is going to look like and and and I swear when to look like and and and I swear when to look like and and and I swear when they're doing this they're doing this they're doing this Bruce Lee said don't focus on the finger Bruce Lee said don't focus on the finger Bruce Lee said don't focus on the finger or you will miss All That Glory lovely or you will miss All That Glory lovely or you will miss All That Glory lovely Glory yeah little kids around yeah right and I mean little kids around yeah right and I mean there's there's there's so much to you there's there's there's so much to you there's there's there's so much to you know the grind that it takes you know know the grind that it takes you know know the grind that it takes you know the the work that it takes in the world the the work that it takes in the world the the work that it takes in the world how do I go out and build that business how do I go out and build that business how do I go out and build that business how do I build the following how do I how do I build the following how do I how do I build the following how do I build the people that are going to build the people that are going to build the people that are going to actually talk about what I do and how I actually talk about what I do and how I actually talk about what I do and how I do it and how it's delivered and when do it and how it's delivered and when do it and how it's delivered and when they come to me and they say tell me they come to me and they say tell me they come to me and they say tell me about this I'm not talking about AI I'm about this I'm not talking about AI I'm about this I'm not talking about AI I'm not talking about this I'm not in in not talking about this I'm not in in not talking about this I'm not in in nine times out of ten I'm truly not nine times out of ten I'm truly not nine times out of ten I'm truly not talking about digital twins I'm talking talking about digital twins I'm talking talking about digital twins I'm talking about a single pane of glass that shows about a single pane of glass that shows about a single pane of glass that shows you what you want to see when you want you what you want to see when you want you what you want to see when you want to see it at various layers yeah because to see it at various layers yeah because to see it at various layers yeah because that's what the people really care about that's what the people really care about that's what the people really care about show me the answers that I'm looking for show me the answers that I'm looking for show me the answers that I'm looking for don't tell me about your AI and your ML don't tell me about your AI and your ML don't tell me about your AI and your ML and your hijk Elemental p it goes back to the fundamental thing it goes back to the fundamental thing and and literally we said this so many

and and literally we said this so many and and literally we said this so many times right what problem are you trying times right what problem are you trying times right what problem are you trying to solve to solve to solve it is there a market is there a market it is there a market is there a market it is there a market is there a market money yeah right money yeah right money yeah right this is our Market because you know you this is our Market because you know you this is our Market because you know you know I've seen I've seen so many pitch know I've seen I've seen so many pitch know I've seen I've seen so many pitch decks and then I get to the uh the money decks and then I get to the uh the money decks and then I get to the uh the money the money the money slide the money the money slide the money the money slide 90 almost 100 is like where the did 90 almost 100 is like where the did 90 almost 100 is like where the did you get that number and you know the you get that number and you know the you get that number and you know the multiple they they instead of talking multiple they they instead of talking multiple they they instead of talking about tabs now they want to talk about about tabs now they want to talk about about tabs now they want to talk about what what would our value be and they what what would our value be and they what what would our value be and they basically take a multiple this basically take a multiple this basically take a multiple this outrageous multiple of a unicorn and outrageous multiple of a unicorn and outrageous multiple of a unicorn and they apply it to their own business and they apply it to their own business and they apply it to their own business and it's like you know what you and you it's like you know what you and you it's like you know what you and you think people are gonna idiot and you're think people are gonna idiot and you're think people are gonna idiot and you're gonna believe that you're gonna believe gonna believe that you're gonna believe gonna believe that you're gonna believe that stuff exactly no but they do they that stuff exactly no but they do they that stuff exactly no but they do they do a VC Under Pressure will go and say do a VC Under Pressure will go and say do a VC Under Pressure will go and say look I buy that I can I can sell that look I buy that I can I can sell that look I buy that I can I can sell that slide I can sell that slide I can figure slide I can sell that slide I can figure slide I can sell that slide I can figure it out I know that it's but I it out I know that it's but I it out I know that it's but I can sell it because I need to place can sell it because I need to place can sell it because I need to place money and if this this guy has a slide money and if this this guy has a slide money and if this this guy has a slide and a story that sounds good and a story that sounds good and a story that sounds good here here's 20 million so who's wrong here here's 20 million so who's wrong here here's 20 million so who's wrong you know what yeah you know here's the you know what yeah you know here's the you know what yeah you know here's the thing we will be we will learn we have thing we will be we will learn we have thing we will be we will learn we have we will have learned when the people who we will have learned when the people who we will have learned when the people who can be like you it can be like Bill do

can be like you it can be like Bill do can be like you it can be like Bill do what they do and the rest of the folks what they do and the rest of the folks what they do and the rest of the folks who can't because this this stuff is who can't because this this stuff is who can't because this this stuff is hard like you said it's a grind you do hard like you said it's a grind you do hard like you said it's a grind you do sleepless nights the entrepreneurial sleepless nights the entrepreneurial sleepless nights the entrepreneurial journey is friggin scary as hell for 99 journey is friggin scary as hell for 99 journey is friggin scary as hell for 99 of the people out there the rest of the of the people out there the rest of the of the people out there the rest of the people look at people who are driving people look at people who are driving people look at people who are driving value building organ I mean look at all value building organ I mean look at all value building organ I mean look at all the in and out the in and out the in and out um managers make a freaking ton of money um managers make a freaking ton of money um managers make a freaking ton of money you know and they sell hamburgers man you know and they sell hamburgers man you know and they sell hamburgers man Chick-fil-A you know and if you get a Chick-fil-A you know and if you get a Chick-fil-A you know and if you get a gig there man they take care of you so gig there man they take care of you so gig there man they take care of you so you want to go to the in and out you you want to go to the in and out you you want to go to the in and out you know what I'm saying so find people that know what I'm saying so find people that know what I'm saying so find people that actually have game and are actually actually have game and are actually actually have game and are actually delivering value to customers because delivering value to customers because delivering value to customers because you know number one that's gonna be a you know number one that's gonna be a you know number one that's gonna be a much happier place to work because much happier place to work because much happier place to work because you're not going to be dealing with like you're not going to be dealing with like you're not going to be dealing with like pissed off clients all the time and and pissed off clients all the time and and pissed off clients all the time and and the boss that's desperate to you know the boss that's desperate to you know the boss that's desperate to you know satisfy the board and shareholders and satisfy the board and shareholders and satisfy the board and shareholders and all this stuff you have somebody their all this stuff you have somebody their all this stuff you have somebody their only dedication is to customers and only dedication is to customers and only dedication is to customers and their employees their employees their employees but that comes from like having a but that comes from like having a but that comes from like having a fundamentally valuable company you know fundamentally valuable company you know fundamentally valuable company you know you know going back to what you're you know going back to what you're you know going back to what you're saying Bill how do a lot of these smart saying Bill how do a lot of these smart saying Bill how do a lot of these smart uh startups attract people they sit uh startups attract people they sit uh startups attract people they sit there and tell all kinds of ridiculous there and tell all kinds of ridiculous there and tell all kinds of ridiculous fantasy stories to attract people to fantasy stories to attract people to fantasy stories to attract people to basically take a huge pickup from the basically take a huge pickup from the basically take a huge pickup from the gig that they already have gig that they already have gig that they already have and then give them worthless you know and then give them worthless you know and then give them worthless you know basically what amounts to statistically basically what amounts to statistically basically what amounts to statistically worthless stock options and then and

worthless stock options and then and worthless stock options and then and that's because how is that this is good that's because how is that this is good that's because how is that this is good I mean people don't understand I've got I mean people don't understand I've got I mean people don't understand I've got these shares these shares these shares and they're talking about they're and they're talking about they're and they're talking about they're talking about scenario modeling and oh talking about scenario modeling and oh talking about scenario modeling and oh my shares will potentially be worth what my shares will potentially be worth what my shares will potentially be worth what your Shares are worth zero right now so your Shares are worth zero right now so your Shares are worth zero right now so what you operate with yeah yeah worth what you operate with yeah yeah worth what you operate with yeah yeah worth zero yeah zero yeah zero yeah that they can't feed their family it's that they can't feed their family it's that they can't feed their family it's like I mean I've seen it all you know like I mean I've seen it all you know like I mean I've seen it all you know um guys we're old we're old grumpy um guys we're old we're old grumpy um guys we're old we're old grumpy people especially you Steve thank you I people especially you Steve thank you I people especially you Steve thank you I resemble that remark Leonard I love you resemble that remark Leonard I love you resemble that remark Leonard I love you too by the way too by the way too by the way well I mean that's what you know there well I mean that's what you know there well I mean that's what you know there was a post there was a post that was was a post there was a post that was was a post there was a post that was saying that about about you know I think saying that about about you know I think saying that about about you know I think you were going back and forth on you were going back and forth on you were going back and forth on something and and it has something to do something and and it has something to do something and and it has something to do with chat GPT or something like that it with chat GPT or something like that it with chat GPT or something like that it was like you know oh you gotta learn you was like you know oh you gotta learn you was like you know oh you gotta learn you guys are just grumpy old grumpy guys I'm guys are just grumpy old grumpy guys I'm guys are just grumpy old grumpy guys I'm glad that you're not over here because glad that you're not over here because glad that you're not over here because Innovation would never take off it's Innovation would never take off it's Innovation would never take off it's like no you gotta call where like no you gotta call where like no you gotta call where there's yeah I could be the only Godfather of iot I could be the only Godfather of iot who's paying the 20 a month the chat gbt who's paying the 20 a month the chat gbt who's paying the 20 a month the chat gbt oh my god dude I mean seriously maybe we oh my god dude I mean seriously maybe we oh my god dude I mean seriously maybe we should talk about that next week because should talk about that next week because should talk about that next week because I'm telling you there's some there's I'm telling you there's some there's I'm telling you there's some there's some stuff that people aren't talking some stuff that people aren't talking some stuff that people aren't talking about they should be talking about that about they should be talking about that about they should be talking about that crap I know but you know what really it crap I know but you know what really it crap I know but you know what really it does spit out some really cool does spit out some really cool does spit out some really cool maybe maybe that's something

maybe maybe that's something maybe maybe that's something I I I said it I said it I think the the I I I said it I said it I think the the I I I said it I said it I think the the I mean it hit and all of a sudden you I mean it hit and all of a sudden you I mean it hit and all of a sudden you know people were talking about it it was know people were talking about it it was know people were talking about it it was like one week everybody was talking like one week everybody was talking like one week everybody was talking about it and I was like I said first off about it and I was like I said first off about it and I was like I said first off it's flat out I don't care what it's flat out I don't care what it's flat out I don't care what anybody says it's because if anybody says it's because if anybody says it's because if you're not again if you're not willing you're not again if you're not willing you're not again if you're not willing to put in the damn work oh well that's to put in the damn work oh well that's to put in the damn work oh well that's of them that's okay good in the word but of them that's okay good in the word but of them that's okay good in the word but I'm gonna tell you but Bill yes you are I'm gonna tell you but Bill yes you are I'm gonna tell you but Bill yes you are 100 correct but let me give you two 100 correct but let me give you two 100 correct but let me give you two examples of this chat GP t-shirt number examples of this chat GP t-shirt number examples of this chat GP t-shirt number one is I had an iot client that turned one is I had an iot client that turned one is I had an iot client that turned around and said I want to develop a new around and said I want to develop a new around and said I want to develop a new marketing business strategy and they marketing business strategy and they marketing business strategy and they said okay great they go in the chat gbt said okay great they go in the chat gbt said okay great they go in the chat gbt and sends it and and does this and comes and sends it and and does this and comes and sends it and and does this and comes out with a 27 page document on how to out with a 27 page document on how to out with a 27 page document on how to build an iot go to market marketing build an iot go to market marketing build an iot go to market marketing strategy now my wife has been doing strategy now my wife has been doing strategy now my wife has been doing digital strategy and has many iot digital strategy and has many iot digital strategy and has many iot clients clients clients thank you do I see any money back from thank you do I see any money back from thank you do I see any money back from that uh and and I showed her and her that uh and and I showed her and her that uh and and I showed her and her business partner this report they said business partner this report they said business partner this report they said oh oh oh that's what we would design for them so that's what we would design for them so that's what we would design for them so so I am doing it because the things that so I am doing it because the things that so I am doing it because the things that I am asking it by clients are asking me I am asking it by clients are asking me I am asking it by clients are asking me about and I have to make sure that I about and I have to make sure that I about and I have to make sure that I know what the hell that damn thing spits

know what the hell that damn thing spits know what the hell that damn thing spits out in order for me to protect my ass out in order for me to protect my ass out in order for me to protect my ass and my con am I am I am my company and my con am I am I am my company and my con am I am I am my company hey um yeah go ahead one more point and hey um yeah go ahead one more point and hey um yeah go ahead one more point and then we got I gotta go because I had to then we got I gotta go because I had to then we got I gotta go because I had to take a school my wife is going to kick take a school my wife is going to kick take a school my wife is going to kick my crap my ass and my son's sitting my crap my ass and my son's sitting my crap my ass and my son's sitting there staring at me there staring at me there staring at me it's like Daddy last thing I'll say I'll it's like Daddy last thing I'll say I'll it's like Daddy last thing I'll say I'll say on that is when it was released say on that is when it was released say on that is when it was released the world became the pmf you trained the the world became the pmf you trained the the world became the pmf you trained the model you did all for free so I got all model you did all for free so I got all model you did all for free so I got all of that for free thank you I'm a genius of that for free thank you I'm a genius of that for free thank you I'm a genius because I threw it out there and because I threw it out there and because I threw it out there and everybody finished up my product for me everybody finished up my product for me everybody finished up my product for me yeah well we got a lot of to do with yeah well we got a lot of to do with yeah well we got a lot of to do with college campuses and high schools too college campuses and high schools too college campuses and high schools too using that damn we got to figure using that damn we got to figure using that damn we got to figure that one out because they're going to be that one out because they're going to be that one out because they're going to be able to you know what are they gonna do able to you know what are they gonna do able to you know what are they gonna do they're going to submit something and they're going to submit something and they're going to submit something and the last comment I want to make hey the last comment I want to make hey the last comment I want to make hey what's going on what's going on what's going on hi hi hi um so Friday my lecture because you I um so Friday my lecture because you I um so Friday my lecture because you I think I told you I do the University of think I told you I do the University of think I told you I do the University of Colorado Boulder with that um funded Colorado Boulder with that um funded Colorado Boulder with that um funded program program program I have 60 students in my lecture on I have 60 students in my lecture on I have 60 students in my lecture on Friday Friday Friday because they are freaking out about not because they are freaking out about not because they are freaking out about not being able to get internships at Google being able to get internships at Google being able to get internships at Google Facebook or all the other big schools so Facebook or all the other big schools so Facebook or all the other big schools so they're freaking out on what they're they're freaking out on what they're they're freaking out on what they're going to do for summer internships and going to do for summer internships and going to do for summer internships and they're freaking out with the amount of they're freaking out with the amount of they're freaking out with the amount of layoffs because all of them and their

layoffs because all of them and their layoffs because all of them and their professors have been telling them that professors have been telling them that professors have been telling them that that's where they need to go to work that's where they need to go to work that's where they need to go to work well find some real companies well find some real companies well find some real companies There's Hope a lot of purpose work hard no kidding no none of this is work hard no kidding no none of this is entitled BS you know work hard just entitled BS you know work hard just entitled BS you know work hard just because you want to XYZ school doesn't because you want to XYZ school doesn't because you want to XYZ school doesn't mean that you you know life is is going mean that you you know life is is going mean that you you know life is is going to be easy to be easy to be easy bust your ass bust your ass bust your ass bust your ass bust your ass bust your ass listen if you weren't in the right pool listen if you weren't in the right pool listen if you weren't in the right pool yep Mary rich yep Mary rich yep Mary rich there you go or you know become a there you go or you know become a there you go or you know become a YouTuber when we start moving our stuff over to when we start moving our stuff over to that other tube channel then we'll be that other tube channel then we'll be that other tube channel then we'll be okay okay I gotta go because I gotta okay okay I gotta go because I gotta okay okay I gotta go because I gotta take this little school so hey to RIT take this little school so hey to RIT take this little school so hey to RIT Coffee Talk uh listeners thanks for Coffee Talk uh listeners thanks for Coffee Talk uh listeners thanks for tuning in we got this damn you know we tuning in we got this damn you know we tuning in we got this damn you know we know this is know this is know this is another Rabbit Hole yeah another Rabbit Hole yeah another Rabbit Hole yeah um uh you know I have a bourbon have a um uh you know I have a bourbon have a um uh you know I have a bourbon have a drink after this one if you made it this drink after this one if you made it this drink after this one if you made it this far and gentlemen it was so good to wrap far and gentlemen it was so good to wrap far and gentlemen it was so good to wrap with you with you with you um I hope the audience found it uh um I hope the audience found it uh um I hope the audience found it uh interesting so remember to subscribe interesting so remember to subscribe interesting so remember to subscribe like repost to do all that nice stuff like repost to do all that nice stuff like repost to do all that nice stuff and and and um you know at um you know at um you know at www.iotcoffee.com and we will see you www.iotcoffee.com and we will see you www.iotcoffee.com and we will see you see ya have a great day take care guys

see ya have a great day take care guys see ya have a great day take care guys bye later