1 00:00:04,584 --> 00:00:06,604 [music] 2 00:00:14,639 --> 00:00:20,720 Um, well, thanks for coming on. Uh, I 3 00:00:17,600 --> 00:00:22,880 appreciate it. Uh, did some research on 4 00:00:20,720 --> 00:00:24,480 yourself, managing partner at Breadand 5 00:00:22,880 --> 00:00:28,160 Butter Ventures, based out of 6 00:00:24,480 --> 00:00:31,519 Minneapolis, Minnesota. Um, tell me a 7 00:00:28,160 --> 00:00:34,239 little bit about yourself. uh your 15 8 00:00:31,519 --> 00:00:36,640 years inside Google and how you got 9 00:00:34,239 --> 00:00:38,399 started with bread and butter. 10 00:00:36,640 --> 00:00:40,320 >> Well, Johan, thanks for having me on the 11 00:00:38,399 --> 00:00:43,040 show. I'm a big big fan of your work and 12 00:00:40,320 --> 00:00:45,840 appreciate the the opportunity to chat 13 00:00:43,040 --> 00:00:47,280 and yes, as uh as you said. So, so my 14 00:00:45,840 --> 00:00:49,520 name is Mary Grove. I am managing 15 00:00:47,280 --> 00:00:51,600 partner at Bread and Butter Ventures and 16 00:00:49,520 --> 00:00:54,800 just thrilled to be, you know, working 17 00:00:51,600 --> 00:00:56,879 in pursuit of of building uh a venture 18 00:00:54,800 --> 00:00:59,600 capital firm from the Midwest to support 19 00:00:56,879 --> 00:01:01,680 and invest in founders nationally in a 20 00:00:59,600 --> 00:01:03,680 few key sectors. And so the story of of 21 00:01:01,680 --> 00:01:06,000 bread and butter and the story of how I 22 00:01:03,680 --> 00:01:08,000 came to the work just to back up a bit. 23 00:01:06,000 --> 00:01:09,760 So my background is has always been in 24 00:01:08,000 --> 00:01:12,080 in tech and kind of early stage 25 00:01:09,760 --> 00:01:14,560 investing. I was really lucky to grow up 26 00:01:12,080 --> 00:01:17,200 in a a scrappy immigrant entrepreneur 27 00:01:14,560 --> 00:01:20,000 family where my parents both immigrated 28 00:01:17,200 --> 00:01:22,640 separately from Thailand to the US in 29 00:01:20,000 --> 00:01:24,320 search of economic opportunity and a 30 00:01:22,640 --> 00:01:25,600 chance to build for the family they 31 00:01:24,320 --> 00:01:27,770 would go on to create and the family 32 00:01:25,600 --> 00:01:29,439 that they were providing for back home. 33 00:01:27,770 --> 00:01:31,759 [snorts] And it was inspirational to 34 00:01:29,439 --> 00:01:33,520 grow up in this environment. My parents 35 00:01:31,759 --> 00:01:35,600 both had backgrounds in healthcare as 36 00:01:33,520 --> 00:01:38,159 well. And my mom was an operating room 37 00:01:35,600 --> 00:01:41,200 nurse for for 25 years. My dad ran a 38 00:01:38,159 --> 00:01:42,560 clinic and um growing up in that 39 00:01:41,200 --> 00:01:45,119 environment too informed a lot of the 40 00:01:42,560 --> 00:01:47,040 work that I get to do today. So fast 41 00:01:45,119 --> 00:01:50,000 forward, I went to college, I studied at 42 00:01:47,040 --> 00:01:52,000 at Stanford and you know was very 43 00:01:50,000 --> 00:01:53,840 serendipitously in the backyard of of 44 00:01:52,000 --> 00:01:56,000 tech in Silicon Valley at a really 45 00:01:53,840 --> 00:01:57,920 interesting time and a pivotal moment. 46 00:01:56,000 --> 00:02:00,159 So, I was lucky to get to join Google 47 00:01:57,920 --> 00:02:01,920 right out of school and thought I would 48 00:02:00,159 --> 00:02:04,799 go for one year on the way to law 49 00:02:01,920 --> 00:02:07,439 school, but that ballooned into um just 50 00:02:04,799 --> 00:02:10,479 shy of 15 years when I when I left 51 00:02:07,439 --> 00:02:12,080 >> and it was a a great adventure. So, 52 00:02:10,479 --> 00:02:14,480 really got to work on a few things from 53 00:02:12,080 --> 00:02:17,520 the IPO deal team when the company went 54 00:02:14,480 --> 00:02:19,840 public in 2004 and then worked in a team 55 00:02:17,520 --> 00:02:22,000 called new business development helping 56 00:02:19,840 --> 00:02:24,160 incubate new product partnerships and 57 00:02:22,000 --> 00:02:25,840 work on emerging market expansion for 58 00:02:24,160 --> 00:02:27,680 about seven years. 59 00:02:25,840 --> 00:02:29,280 and then got to help build what is 60 00:02:27,680 --> 00:02:30,720 called today the Google for startups 61 00:02:29,280 --> 00:02:33,280 organization which is looking at how 62 00:02:30,720 --> 00:02:36,160 does Google leverage its time its talent 63 00:02:33,280 --> 00:02:38,160 its technology financial resources to 64 00:02:36,160 --> 00:02:42,000 really fuel the next generation of of 65 00:02:38,160 --> 00:02:43,599 Google's to be built launch and grow so 66 00:02:42,000 --> 00:02:46,160 that was chapter one and and really 67 00:02:43,599 --> 00:02:48,480 where I grew my deep love for working 68 00:02:46,160 --> 00:02:52,480 with very early stage companies number 69 00:02:48,480 --> 00:02:54,319 one and number two this concept that we 70 00:02:52,480 --> 00:02:56,400 have an opportunity to democratize 71 00:02:54,319 --> 00:02:58,560 access to capital in more places and 72 00:02:56,400 --> 00:03:01,200 look at emerging markets whether that's 73 00:02:58,560 --> 00:03:03,760 across the United States or across the 74 00:03:01,200 --> 00:03:06,959 world and that has been I'd say a 75 00:03:03,760 --> 00:03:09,680 throughine of of the work. I love that 76 00:03:06,959 --> 00:03:12,800 perspective because an emerging market 77 00:03:09,680 --> 00:03:14,640 could be within nationally within 78 00:03:12,800 --> 00:03:17,280 borders of a certain country with a 79 00:03:14,640 --> 00:03:20,159 country as big as the US. You could 80 00:03:17,280 --> 00:03:22,959 consider a state like Minnesota emerging 81 00:03:20,159 --> 00:03:24,560 market. Um, right. And you don't really 82 00:03:22,959 --> 00:03:25,599 have to leave the borders of the 83 00:03:24,560 --> 00:03:27,360 country. 84 00:03:25,599 --> 00:03:28,560 >> Emerging in in so many senses of the 85 00:03:27,360 --> 00:03:30,080 word, right? There's there's so much 86 00:03:28,560 --> 00:03:31,920 opportunity. You're absolutely right. 87 00:03:30,080 --> 00:03:33,519 And a lot of when I was at Google, a lot 88 00:03:31,920 --> 00:03:34,879 of my work was in emerging markets 89 00:03:33,519 --> 00:03:37,599 internationally, right? In the Middle 90 00:03:34,879 --> 00:03:40,080 East. Um I spent a lot of time there for 91 00:03:37,599 --> 00:03:42,480 example, which was was such a highlight. 92 00:03:40,080 --> 00:03:44,560 But in the US, you're right. And if you 93 00:03:42,480 --> 00:03:47,680 talk about the democratization of access 94 00:03:44,560 --> 00:03:50,720 to capital, for example, still today, 95 00:03:47,680 --> 00:03:53,200 75% of venture capital dollars from a 96 00:03:50,720 --> 00:03:55,840 funding perspective still go to three 97 00:03:53,200 --> 00:03:57,599 markets. Silicon Valley, New York, and 98 00:03:55,840 --> 00:04:00,159 Boston. So if you look at every other 99 00:03:57,599 --> 00:04:00,959 ecosystem by definition is emerging in 100 00:04:00,159 --> 00:04:01,519 that sense. 101 00:04:00,959 --> 00:04:04,720 >> Y 102 00:04:01,519 --> 00:04:07,040 >> and I I say so with a great degree of 103 00:04:04,720 --> 00:04:10,239 optimism about the possibility because 104 00:04:07,040 --> 00:04:11,840 because I chose to physically move from 105 00:04:10,239 --> 00:04:14,720 Silicon Valley in New York where I'd 106 00:04:11,840 --> 00:04:18,239 spent 20 years to the middle of the 107 00:04:14,720 --> 00:04:21,440 country and to be building our firm and 108 00:04:18,239 --> 00:04:23,120 our family here has just been such a a 109 00:04:21,440 --> 00:04:24,639 wildly interesting ride. And so I'm 110 00:04:23,120 --> 00:04:26,560 excited to talk more about that. But our 111 00:04:24,639 --> 00:04:29,759 our whole thesis is rooted in exactly 112 00:04:26,560 --> 00:04:32,960 that. It's capitalizing on these markets 113 00:04:29,759 --> 00:04:35,919 that are that are hidden 114 00:04:32,960 --> 00:04:38,320 >> gigantic global opportunities. 115 00:04:35,919 --> 00:04:40,000 >> You can't imagine now you and I are 116 00:04:38,320 --> 00:04:40,720 family people. You have kids. I have 117 00:04:40,000 --> 00:04:42,320 kids right? 118 00:04:40,720 --> 00:04:44,400 >> You can't imagine some of these young 119 00:04:42,320 --> 00:04:47,680 founders starting and raising a family 120 00:04:44,400 --> 00:04:49,040 in downtown San Francisco, could you? 121 00:04:47,680 --> 00:04:50,800 >> I can imagine doing it everywhere, 122 00:04:49,040 --> 00:04:52,080 right? But the circumstances are are 123 00:04:50,800 --> 00:04:52,560 very different. And I think 124 00:04:52,080 --> 00:04:54,479 >> yeah, 125 00:04:52,560 --> 00:04:57,199 >> one of the things that 126 00:04:54,479 --> 00:04:59,520 >> Minnesota too where my my chosen home 127 00:04:57,199 --> 00:05:01,440 state now is consistently rated one of 128 00:04:59,520 --> 00:05:04,560 the top places in the country to raise a 129 00:05:01,440 --> 00:05:06,400 family in fact and there's a lot of 130 00:05:04,560 --> 00:05:08,720 things going for for us here. But I 131 00:05:06,400 --> 00:05:10,880 think ultimately it's that sense of 132 00:05:08,720 --> 00:05:12,400 community but from the perspective of 133 00:05:10,880 --> 00:05:14,720 building a company 134 00:05:12,400 --> 00:05:16,639 >> markets like Minnesota and many others 135 00:05:14,720 --> 00:05:19,120 around the country. 136 00:05:16,639 --> 00:05:20,880 One of the biggest draws is the capital 137 00:05:19,120 --> 00:05:23,440 efficiency of building a business in a 138 00:05:20,880 --> 00:05:25,600 market like this, right? It's it's just 139 00:05:23,440 --> 00:05:27,280 talent is more affordable, cost of 140 00:05:25,600 --> 00:05:29,199 living is more affordable, the cost of 141 00:05:27,280 --> 00:05:31,600 office space is more affordable. Some of 142 00:05:29,199 --> 00:05:34,160 the fundamental pillars of of building 143 00:05:31,600 --> 00:05:36,960 give you a huge advantage. 144 00:05:34,160 --> 00:05:40,000 >> Now that you're seeing like a lot of the 145 00:05:36,960 --> 00:05:42,960 capital go to San Francisco with the AI 146 00:05:40,000 --> 00:05:47,280 boom, does does that is that hard for 147 00:05:42,960 --> 00:05:49,039 you to see leaving there? And um 148 00:05:47,280 --> 00:05:50,720 yeah, how do you how do you make that 149 00:05:49,039 --> 00:05:53,120 counter case to the people and to the 150 00:05:50,720 --> 00:05:54,160 founders that that you want to build for 151 00:05:53,120 --> 00:05:56,000 you? 152 00:05:54,160 --> 00:05:58,160 >> Well, I I would say that it's not that 153 00:05:56,000 --> 00:05:59,440 the capital is leaving to go to San 154 00:05:58,160 --> 00:06:01,199 Francisco. It's never left San 155 00:05:59,440 --> 00:06:03,039 Francisco, right? It's sort of 156 00:06:01,199 --> 00:06:04,319 >> it's been concentrated there. And and 157 00:06:03,039 --> 00:06:06,960 you're right, a lot of the new funds 158 00:06:04,319 --> 00:06:10,560 that are emerging are, you know, AI 159 00:06:06,960 --> 00:06:12,880 focused funds. So are we. And I I think 160 00:06:10,560 --> 00:06:15,280 it's a good thing that there is more, 161 00:06:12,880 --> 00:06:18,160 you know, more activity more funding 162 00:06:15,280 --> 00:06:19,919 happening in general and I really don't 163 00:06:18,160 --> 00:06:22,080 see borders if you will. So from a 164 00:06:19,919 --> 00:06:24,960 breadandbut ventures perspective for 165 00:06:22,080 --> 00:06:27,600 example you know we invest nationally in 166 00:06:24,960 --> 00:06:29,680 companies in three focus areas. So food 167 00:06:27,600 --> 00:06:32,080 tech which is the the tech stack of the 168 00:06:29,680 --> 00:06:34,319 global food supply chain digital health 169 00:06:32,080 --> 00:06:35,919 which is the you know the tech 170 00:06:34,319 --> 00:06:38,479 infrastructure and tech enabled care 171 00:06:35,919 --> 00:06:40,880 delivery side of of digital health and 172 00:06:38,479 --> 00:06:42,880 then the third is vertical SAS so 173 00:06:40,880 --> 00:06:45,280 enterprise SAS more broadly especially 174 00:06:42,880 --> 00:06:47,520 focused on supply chain manufacturing 175 00:06:45,280 --> 00:06:49,840 future of work and the reason we've 176 00:06:47,520 --> 00:06:52,080 chosen those three sectors 177 00:06:49,840 --> 00:06:54,160 one it maps to our team's expertise and 178 00:06:52,080 --> 00:06:57,360 backgrounds but two I think equally 179 00:06:54,160 --> 00:07:00,800 important point it maps to the 180 00:06:57,360 --> 00:07:02,479 enterprise backbone in Minnesota, which 181 00:07:00,800 --> 00:07:05,280 before I moved here, I I really didn't 182 00:07:02,479 --> 00:07:07,199 know. Minnesota is home to the highest 183 00:07:05,280 --> 00:07:09,919 concentration of Fortune 500 companies 184 00:07:07,199 --> 00:07:12,240 per capita in the nation. And companies 185 00:07:09,919 --> 00:07:14,319 that you know and are really familiar 186 00:07:12,240 --> 00:07:18,400 with ranging from EcoAB, Cargill, 187 00:07:14,319 --> 00:07:19,919 General Mills, Target, 3M, Mayo Clinic, 188 00:07:18,400 --> 00:07:21,759 Hormemell, 189 00:07:19,919 --> 00:07:24,240 you know, you think about Securian 190 00:07:21,759 --> 00:07:25,680 Financial, all headquartered here, 191 00:07:24,240 --> 00:07:27,840 right? global companies but 192 00:07:25,680 --> 00:07:30,720 headquartered here. We have an unfair 193 00:07:27,840 --> 00:07:32,400 advantage in helping companies access 194 00:07:30,720 --> 00:07:35,120 market, go to market more quickly by 195 00:07:32,400 --> 00:07:37,840 leveraging that. So my counterargument 196 00:07:35,120 --> 00:07:39,360 or my my pitch if you will when we're 197 00:07:37,840 --> 00:07:41,599 talking with founders or talking with 198 00:07:39,360 --> 00:07:45,120 LPs about investing in the in the firm 199 00:07:41,599 --> 00:07:47,039 and the funds, it's that we really 200 00:07:45,120 --> 00:07:48,560 aren't trying to replicate Silicon 201 00:07:47,039 --> 00:07:51,840 Valley and build the next Silicon 202 00:07:48,560 --> 00:07:54,080 Valley. We are trying to build 203 00:07:51,840 --> 00:07:54,879 in the heart of America in the middle of 204 00:07:54,080 --> 00:07:57,120 the country 205 00:07:54,879 --> 00:07:59,759 >> in these durable built to last 206 00:07:57,120 --> 00:08:01,520 industries from the ground floor and it 207 00:07:59,759 --> 00:08:02,639 makes total sense to me having seen both 208 00:08:01,520 --> 00:08:05,120 and 209 00:08:02,639 --> 00:08:06,960 >> I have no um anti-Silicon Valley 210 00:08:05,120 --> 00:08:08,160 sentiment. I absolutely love it. I grew 211 00:08:06,960 --> 00:08:10,560 up there professionally and I think 212 00:08:08,160 --> 00:08:12,240 there's so much merit to it and equally 213 00:08:10,560 --> 00:08:15,199 I think there's so much merit just to 214 00:08:12,240 --> 00:08:17,759 speak to to our own state now to 215 00:08:15,199 --> 00:08:20,319 building unique modes and unique 216 00:08:17,759 --> 00:08:21,919 advantages in ecosystems like like the 217 00:08:20,319 --> 00:08:25,280 Midwest. 218 00:08:21,919 --> 00:08:27,199 One of the modes that I see right away 219 00:08:25,280 --> 00:08:29,360 is that your go to market strategy 220 00:08:27,199 --> 00:08:31,440 because of the connected 221 00:08:29,360 --> 00:08:34,320 network that you have in the Midwest 222 00:08:31,440 --> 00:08:38,560 there with those big companies, you 223 00:08:34,320 --> 00:08:41,599 could really take innovative technology 224 00:08:38,560 --> 00:08:43,599 and find a market really instantaneously 225 00:08:41,599 --> 00:08:46,959 if you have a good network. Right? Am I 226 00:08:43,599 --> 00:08:48,880 wrong on that? you you can access one of 227 00:08:46,959 --> 00:08:50,480 the the beautiful things that we've 228 00:08:48,880 --> 00:08:52,560 built is you know how does bread and 229 00:08:50,480 --> 00:08:54,720 butter leverage this Minnesota advantage 230 00:08:52,560 --> 00:08:56,640 that I speak of? We've done so by 231 00:08:54,720 --> 00:08:58,880 building formally what we call the 232 00:08:56,640 --> 00:09:01,519 breadandbut innovation circle which is 233 00:08:58,880 --> 00:09:03,600 19 enterprise partners large Fortune 500 234 00:09:01,519 --> 00:09:05,279 large enterprise partners formally 235 00:09:03,600 --> 00:09:07,440 working with breadandbut with our 236 00:09:05,279 --> 00:09:09,279 companies and with each other right in 237 00:09:07,440 --> 00:09:11,279 support of early stage innovation and 238 00:09:09,279 --> 00:09:13,760 you're absolutely right Johan that the 239 00:09:11,279 --> 00:09:16,000 flywheel of getting insights from 240 00:09:13,760 --> 00:09:18,240 industries getting top- down insights on 241 00:09:16,000 --> 00:09:21,360 what are their strategic priorities pain 242 00:09:18,240 --> 00:09:23,760 points what's around the corner marry 243 00:09:21,360 --> 00:09:25,760 that with bottoms up trend depends on 244 00:09:23,760 --> 00:09:28,160 what are we seeing? We're seeing 2500 245 00:09:25,760 --> 00:09:30,399 deals top of funnel per year. We're 246 00:09:28,160 --> 00:09:33,040 really being able to aggregate themes 247 00:09:30,399 --> 00:09:34,640 around what is 248 00:09:33,040 --> 00:09:36,800 what's the pulse right now from the 249 00:09:34,640 --> 00:09:41,760 ground floor in both directions. So for 250 00:09:36,800 --> 00:09:43,440 example in healthcare thinking about um 251 00:09:41,760 --> 00:09:45,519 you know the urban rural access 252 00:09:43,440 --> 00:09:47,680 challenge thinking about how to enable 253 00:09:45,519 --> 00:09:49,519 care delivery at high quality for more 254 00:09:47,680 --> 00:09:51,760 people in more places. Thinking through 255 00:09:49,519 --> 00:09:54,080 remote patient monitoring chronic care 256 00:09:51,760 --> 00:09:56,720 management is been a huge topic. For 257 00:09:54,080 --> 00:09:59,120 example food as medicine and addressing 258 00:09:56,720 --> 00:10:00,560 long-term health through food at the 259 00:09:59,120 --> 00:10:02,320 core is another big theme that's 260 00:10:00,560 --> 00:10:04,240 emerging. We're seeing that both from 261 00:10:02,320 --> 00:10:05,839 the healthcare side and from the big 262 00:10:04,240 --> 00:10:08,160 enterprise side, on the food side, which 263 00:10:05,839 --> 00:10:10,399 is really interesting from a supply 264 00:10:08,160 --> 00:10:13,760 chain perspective. We're seeing 265 00:10:10,399 --> 00:10:16,079 tremendous use cases for leveraging AI 266 00:10:13,760 --> 00:10:20,079 to do everything from forecast planning 267 00:10:16,079 --> 00:10:22,640 to demand planning to responding to RFPs 268 00:10:20,079 --> 00:10:24,880 to managing, you know, customer 269 00:10:22,640 --> 00:10:26,880 contracts. And a lot of the automation 270 00:10:24,880 --> 00:10:28,640 that we've been talking about for years 271 00:10:26,880 --> 00:10:31,680 is really kicking in. But we're able to 272 00:10:28,640 --> 00:10:33,600 access from, you know, level zero, if 273 00:10:31,680 --> 00:10:35,200 you will, from the ground floor, um, 274 00:10:33,600 --> 00:10:36,560 much more quickly, no matter where the 275 00:10:35,200 --> 00:10:39,040 companies are based. Being able to work 276 00:10:36,560 --> 00:10:41,200 with the corporations here is a is a big 277 00:10:39,040 --> 00:10:44,320 big advantage. 278 00:10:41,200 --> 00:10:47,839 >> Yeah. And it's like having pragmatic use 279 00:10:44,320 --> 00:10:51,600 cases. I it's uh there there was a a 280 00:10:47,839 --> 00:10:56,000 meme that I saw. it was Canada specific, 281 00:10:51,600 --> 00:10:58,959 but um the the Alberta, 282 00:10:56,000 --> 00:11:02,880 you know, part of it was 283 00:10:58,959 --> 00:11:05,200 very uh thinking about profit and an 284 00:11:02,880 --> 00:11:10,640 actual business, whereas the coasts were 285 00:11:05,200 --> 00:11:14,240 more up in the sky um with weird use 286 00:11:10,640 --> 00:11:17,600 cases. But in the Midwest, it kind of 287 00:11:14,240 --> 00:11:20,720 mirrors that to to the Alberta approach. 288 00:11:17,600 --> 00:11:23,040 is like it's very pragmatic. You have 289 00:11:20,720 --> 00:11:27,440 businesses that are real businesses with 290 00:11:23,040 --> 00:11:29,600 real uh global markets and if you can 291 00:11:27,440 --> 00:11:32,399 apply your latest and greatest tech 292 00:11:29,600 --> 00:11:34,240 there like that is the use case that's 293 00:11:32,399 --> 00:11:36,480 going to scale, right? 294 00:11:34,240 --> 00:11:39,200 >> And it's it's real people solving real 295 00:11:36,480 --> 00:11:41,680 problems in tangible industries 296 00:11:39,200 --> 00:11:44,800 >> often bootstrap because they have had 297 00:11:41,680 --> 00:11:46,880 to. And so you can find these very 298 00:11:44,800 --> 00:11:48,800 generational profitable businesses 299 00:11:46,880 --> 00:11:49,920 building in in steel manufacturing for 300 00:11:48,800 --> 00:11:53,040 example 301 00:11:49,920 --> 00:11:54,800 >> and you know it feels like the best kept 302 00:11:53,040 --> 00:11:57,360 secret but it is really the throughline 303 00:11:54,800 --> 00:11:58,959 of that those bread and butter if you 304 00:11:57,360 --> 00:12:03,360 will you know sectors of the modern 305 00:11:58,959 --> 00:12:05,120 economy and we have seen so much 306 00:12:03,360 --> 00:12:06,800 trying to build this permeable membrane 307 00:12:05,120 --> 00:12:08,560 between these titans of industry and the 308 00:12:06,800 --> 00:12:10,399 emerging tech in their verticals. I'll 309 00:12:08,560 --> 00:12:13,680 give you, you know, a recent example of 310 00:12:10,399 --> 00:12:15,839 how we have worked with industry. We 311 00:12:13,680 --> 00:12:17,440 are, we just led um the round of our 312 00:12:15,839 --> 00:12:19,519 newest healthcare investment, a really 313 00:12:17,440 --> 00:12:21,120 exciting company called Q rounds that 314 00:12:19,519 --> 00:12:23,360 that happens to be based in Minnesota. 315 00:12:21,120 --> 00:12:25,360 And they've built a communication 316 00:12:23,360 --> 00:12:28,000 platform that is utilized in hospital 317 00:12:25,360 --> 00:12:29,760 settings to do two things. One, it 318 00:12:28,000 --> 00:12:31,760 optimizes the physician queue of 319 00:12:29,760 --> 00:12:34,160 inpatient rounds when the doctor does 320 00:12:31,760 --> 00:12:36,399 the rounds in the morning. And at two, 321 00:12:34,160 --> 00:12:37,760 it answers that ever important age-old 322 00:12:36,399 --> 00:12:40,240 question. You know, when will the doctor 323 00:12:37,760 --> 00:12:43,920 be here for the family? Providing time 324 00:12:40,240 --> 00:12:46,079 transparency of okay, Mary's in the in 325 00:12:43,920 --> 00:12:48,079 the queue for 9:45 is her rounding time. 326 00:12:46,079 --> 00:12:49,600 Do you as my family member want to RSVP 327 00:12:48,079 --> 00:12:51,680 to join in person? Do you want to join 328 00:12:49,600 --> 00:12:53,200 virtually? Oh, the doctor got pulled 329 00:12:51,680 --> 00:12:55,040 into a meeting now. That time is pushed 330 00:12:53,200 --> 00:12:57,040 out to 10:45. 331 00:12:55,040 --> 00:12:58,720 It's it's a health equity play, too, in 332 00:12:57,040 --> 00:13:01,120 terms of who has access to be at the 333 00:12:58,720 --> 00:13:02,800 bedside. Not everybody can be at the 334 00:13:01,120 --> 00:13:04,639 bedside of their loved one for let's say 335 00:13:02,800 --> 00:13:07,360 a month. And so it actually allows 336 00:13:04,639 --> 00:13:09,760 family members to join and provides real 337 00:13:07,360 --> 00:13:12,000 time language support if that's needed. 338 00:13:09,760 --> 00:13:13,360 And so we we talk about the workflow 339 00:13:12,000 --> 00:13:15,440 optimization on the one hand. It's 340 00:13:13,360 --> 00:13:17,279 vertical SAS healthcare SAS. From a 341 00:13:15,440 --> 00:13:20,000 patient experience perspective, it's 342 00:13:17,279 --> 00:13:22,480 gamechanging and it's super intuitive. 343 00:13:20,000 --> 00:13:25,200 And so with Dr. Mike Pittz, the founder 344 00:13:22,480 --> 00:13:27,440 and CEO of the company. We met him a few 345 00:13:25,200 --> 00:13:29,519 years back when it was an early idea and 346 00:13:27,440 --> 00:13:31,839 earlier than Brennan Butter would invest 347 00:13:29,519 --> 00:13:34,480 and we stayed in touch, but they were 348 00:13:31,839 --> 00:13:35,839 reintroduced to us via Fairview Health 349 00:13:34,480 --> 00:13:38,399 System, one of our partners on the 350 00:13:35,839 --> 00:13:41,839 enterprise side who had been deploying 351 00:13:38,399 --> 00:13:43,839 Hurounds internally for over 2 years and 352 00:13:41,839 --> 00:13:46,000 resurfaced it for us saying, "Hey, the 353 00:13:43,839 --> 00:13:48,240 ROI data here, the outcome data is 354 00:13:46,000 --> 00:13:49,839 incredibly compelling. It's worth, you 355 00:13:48,240 --> 00:13:51,839 know, taking a look as I think about the 356 00:13:49,839 --> 00:13:53,440 round of funding." So we ended up 357 00:13:51,839 --> 00:13:55,680 reconnecting being blown away by what 358 00:13:53,440 --> 00:13:57,199 they're building and led their seed 359 00:13:55,680 --> 00:13:59,680 round earlier this year. So as an 360 00:13:57,199 --> 00:14:02,959 example of keeping that relationship and 361 00:13:59,680 --> 00:14:05,199 then also validating with industry early 362 00:14:02,959 --> 00:14:07,760 and now trying to lean in to help them 363 00:14:05,199 --> 00:14:10,480 scale nationally uh you know Q rounds 364 00:14:07,760 --> 00:14:13,120 across the across the country. 365 00:14:10,480 --> 00:14:16,240 >> You you have a a very big insight into 366 00:14:13,120 --> 00:14:18,560 this. Are we in an AI bubble? Like, are 367 00:14:16,240 --> 00:14:21,519 we seeing 368 00:14:18,560 --> 00:14:23,920 valuations at the sea level too high? 369 00:14:21,519 --> 00:14:26,320 Um, what do you think? 370 00:14:23,920 --> 00:14:28,320 >> I think that we are in an AI bubble. 371 00:14:26,320 --> 00:14:31,360 Absolutely. I don't think we're near the 372 00:14:28,320 --> 00:14:33,279 peak of the bubble. And I think 373 00:14:31,360 --> 00:14:36,399 AI 374 00:14:33,279 --> 00:14:38,240 in a sense is an adjective across 375 00:14:36,399 --> 00:14:40,560 building companies or operating or 376 00:14:38,240 --> 00:14:43,040 working adapting to this environment. So 377 00:14:40,560 --> 00:14:44,959 there are some pure native AI companies. 378 00:14:43,040 --> 00:14:48,160 Absolutely. And then there is the 379 00:14:44,959 --> 00:14:50,000 adjective across every company I think 380 00:14:48,160 --> 00:14:54,160 needs to understand where they are in 381 00:14:50,000 --> 00:14:56,000 the AI continuum and have a a 382 00:14:54,160 --> 00:14:57,839 look around the corner perspective on 383 00:14:56,000 --> 00:15:00,560 that and being able to articulate that 384 00:14:57,839 --> 00:15:02,480 in sales meetings with customers with 385 00:15:00,560 --> 00:15:04,959 investors with potential investors. And 386 00:15:02,480 --> 00:15:06,880 the strategy can actually be we're not 387 00:15:04,959 --> 00:15:08,560 embracing AI. we maybe use it internally 388 00:15:06,880 --> 00:15:11,600 to optimize our efficiency, but we're 389 00:15:08,560 --> 00:15:13,680 not an AI native company. I do think 390 00:15:11,600 --> 00:15:15,920 that yes, you're seeing a lot of the the 391 00:15:13,680 --> 00:15:19,600 coastal in particular, 392 00:15:15,920 --> 00:15:21,360 you know, idea on paper huge valuation 393 00:15:19,600 --> 00:15:25,120 out the gate that we saw in a little bit 394 00:15:21,360 --> 00:15:28,160 in in 2021 too and we've seen in in 395 00:15:25,120 --> 00:15:31,839 previous cycles. But our approach is a 396 00:15:28,160 --> 00:15:33,920 fewold. One, absolutely try to remain uh 397 00:15:31,839 --> 00:15:35,519 fluent current educated testing 398 00:15:33,920 --> 00:15:38,639 building, shipping stuff as a team 399 00:15:35,519 --> 00:15:42,880 internally to experiment. Two is trying 400 00:15:38,639 --> 00:15:45,120 to you know do lean into tech diligence 401 00:15:42,880 --> 00:15:47,360 too when we invest in AI companies which 402 00:15:45,120 --> 00:15:49,440 we we absolutely do. And then three is 403 00:15:47,360 --> 00:15:52,720 work with the portfolio as I alluded to 404 00:15:49,440 --> 00:15:55,279 earlier to understand what what are the 405 00:15:52,720 --> 00:15:58,160 AI components of their strategy and then 406 00:15:55,279 --> 00:15:59,519 how does that help or hurt our our pitch 407 00:15:58,160 --> 00:16:00,880 and I would argue you know I'm a 408 00:15:59,519 --> 00:16:03,839 healthcare investor where I spend most 409 00:16:00,880 --> 00:16:05,440 of my time investing in B2B technology 410 00:16:03,839 --> 00:16:07,920 that sells into health systems health 411 00:16:05,440 --> 00:16:10,079 plans provider networks 412 00:16:07,920 --> 00:16:12,959 that is a we're in the early innings 413 00:16:10,079 --> 00:16:15,120 from an enterprise level adoption still 414 00:16:12,959 --> 00:16:16,959 and some of the companies currently 415 00:16:15,120 --> 00:16:18,959 having the most success are not lenient 416 00:16:16,959 --> 00:16:20,959 to AI 417 00:16:18,959 --> 00:16:24,079 >> and in so I think it's it's part of it 418 00:16:20,959 --> 00:16:26,399 is understanding the timing curve and 419 00:16:24,079 --> 00:16:27,759 where 420 00:16:26,399 --> 00:16:29,600 where and when that's going to land when 421 00:16:27,759 --> 00:16:32,399 you have long enterprise sales cycles. 422 00:16:29,600 --> 00:16:34,639 So thinking about absolutely dreaming 423 00:16:32,399 --> 00:16:37,199 about tomorrow and the future but also 424 00:16:34,639 --> 00:16:40,000 being very pragmatic about what's the 425 00:16:37,199 --> 00:16:43,680 business today 426 00:16:40,000 --> 00:16:47,519 >> I guess and real benefit to the patients 427 00:16:43,680 --> 00:16:50,399 real benefit to the doctors um and how 428 00:16:47,519 --> 00:16:52,320 this technology can actually help that's 429 00:16:50,399 --> 00:16:55,600 a that's an interesting perspective were 430 00:16:52,320 --> 00:16:58,560 you around for the um do bubble do you 431 00:16:55,600 --> 00:16:59,839 take uh well you don't have to answer 432 00:16:58,560 --> 00:17:03,176 that 433 00:16:59,839 --> 00:17:03,176 I was I was alive. [laughter] 434 00:17:03,199 --> 00:17:09,439 >> I was in I was in college and so and 435 00:17:06,319 --> 00:17:13,039 here's the thing. So I have I graduated 436 00:17:09,439 --> 00:17:14,880 I joined Google in 2004 as I you know 437 00:17:13,039 --> 00:17:18,079 joined as that year the company was 438 00:17:14,880 --> 00:17:19,919 going public and so I have enjoyed for 439 00:17:18,079 --> 00:17:23,280 most of my career in tech. We've been in 440 00:17:19,919 --> 00:17:26,160 a you know a really strong market minus 441 00:17:23,280 --> 00:17:28,480 the the 0809 the financial crisis the 442 00:17:26,160 --> 00:17:30,000 housing crisis. Um and that time I was 443 00:17:28,480 --> 00:17:32,400 working at Google. So from a venture 444 00:17:30,000 --> 00:17:36,160 perspective you know we've been enjoying 445 00:17:32,400 --> 00:17:38,720 a pretty long run of market conditions 446 00:17:36,160 --> 00:17:40,720 and that's changed that's that's you 447 00:17:38,720 --> 00:17:42,960 know a general statement I think within 448 00:17:40,720 --> 00:17:45,360 specific sectors things have transformed 449 00:17:42,960 --> 00:17:46,960 a lot in the last six years with the 450 00:17:45,360 --> 00:17:49,360 pandemic as well. Think about, you know, 451 00:17:46,960 --> 00:17:51,919 we invest in in the food system and in 452 00:17:49,360 --> 00:17:54,400 healthcare. And there were actually 453 00:17:51,919 --> 00:17:57,120 tremendous tailwinds for both of those 454 00:17:54,400 --> 00:17:59,120 industries coming through the pandemic. 455 00:17:57,120 --> 00:18:00,880 A lot of investments in teleaalth and 456 00:17:59,120 --> 00:18:03,440 infrastructure, a lot of investments in 457 00:18:00,880 --> 00:18:07,120 supply chain, a lot of investments in 458 00:18:03,440 --> 00:18:08,640 you know some of the the um the 459 00:18:07,120 --> 00:18:11,600 emergency 460 00:18:08,640 --> 00:18:13,280 um protocols where regulations were 461 00:18:11,600 --> 00:18:14,799 momentarily suspended. For example, in 462 00:18:13,280 --> 00:18:16,480 teleaalth, right? reimbursements were 463 00:18:14,799 --> 00:18:18,880 flowing. A lot of innovation could be 464 00:18:16,480 --> 00:18:22,440 tested during that time actually. So 465 00:18:18,880 --> 00:18:22,440 >> I feel like we're 466 00:18:23,679 --> 00:18:26,880 we're always, you know, it's it's always 467 00:18:25,280 --> 00:18:29,440 cyclical. But if you go back and look at 468 00:18:26,880 --> 00:18:32,320 the markets from returns perspective, 469 00:18:29,440 --> 00:18:34,160 the venture fund vintages coming out of 470 00:18:32,320 --> 00:18:36,960 those cycles 471 00:18:34,160 --> 00:18:38,480 performed extraordinarily well from 472 00:18:36,960 --> 00:18:40,240 >> the dot, 473 00:18:38,480 --> 00:18:42,160 >> the 08 09 474 00:18:40,240 --> 00:18:44,960 >> and even coming out of the pandemic. And 475 00:18:42,160 --> 00:18:47,440 so I'm I'm hopeful and confident it's a 476 00:18:44,960 --> 00:18:49,919 great market to be building a company, 477 00:18:47,440 --> 00:18:52,480 but also to be to be investing from a 478 00:18:49,919 --> 00:18:57,280 venture perspective. 479 00:18:52,480 --> 00:18:59,360 >> Yeah. And um those events definitely 480 00:18:57,280 --> 00:19:02,720 give you a lot of perspective and it's 481 00:18:59,360 --> 00:19:04,480 you're just not too focused on uh one 482 00:19:02,720 --> 00:19:06,000 thing. You can see the trends over long 483 00:19:04,480 --> 00:19:08,559 term which I which I bet is a great 484 00:19:06,000 --> 00:19:10,640 skill to have as a as a VC. Well, and 485 00:19:08,559 --> 00:19:13,679 what was what was your experience in 486 00:19:10,640 --> 00:19:14,640 that time if you from a kind of venture 487 00:19:13,679 --> 00:19:17,520 perspective? 488 00:19:14,640 --> 00:19:21,440 >> Oh, man. I I just remember going down 489 00:19:17,520 --> 00:19:24,080 the stairs at my local mall and seeing 490 00:19:21,440 --> 00:19:27,840 um Bill Gates on the TV talking about 491 00:19:24,080 --> 00:19:30,400 Enarta DVD uh CDs and how encyclopedias 492 00:19:27,840 --> 00:19:33,120 on disc were the next big thing. And 493 00:19:30,400 --> 00:19:34,880 then there was a small kiosk with uh the 494 00:19:33,120 --> 00:19:38,080 internet being demoed on a Netscape 495 00:19:34,880 --> 00:19:41,200 navigator browser uh with with with Mr. 496 00:19:38,080 --> 00:19:43,200 Starchy Tuberhead and like it was like 497 00:19:41,200 --> 00:19:47,520 the formation 498 00:19:43,200 --> 00:19:49,760 9697 the formation of the internet right 499 00:19:47,520 --> 00:19:52,799 there and and how people viewed it 500 00:19:49,760 --> 00:19:55,200 differently. Um even a titan like Bill 501 00:19:52,799 --> 00:19:58,640 Gates and how they pivoted too with 502 00:19:55,200 --> 00:20:01,520 Internet Explorer. But uh it it's just a 503 00:19:58,640 --> 00:20:04,320 great it was so hypy very hypy at the 504 00:20:01,520 --> 00:20:07,760 time. You you had the word internet or 505 00:20:04,320 --> 00:20:10,559 you had the word web in your name. 506 00:20:07,760 --> 00:20:12,640 It was people playing stocks. It it it 507 00:20:10,559 --> 00:20:15,760 felt very similar to nowadays. 508 00:20:12,640 --> 00:20:19,840 >> It really now the joke is you just get 509 00:20:15,760 --> 00:20:22,320 theai domain, right? I mean it it feels 510 00:20:19,840 --> 00:20:25,760 uh so so while I was still in school in 511 00:20:22,320 --> 00:20:28,720 that cycle having lived through and 512 00:20:25,760 --> 00:20:31,919 being at Google through the kind of the 513 00:20:28,720 --> 00:20:35,840 the mobile revolution cloud computing 514 00:20:31,919 --> 00:20:39,039 quantum now AI it does feel like a 515 00:20:35,840 --> 00:20:40,960 different era fundamentally has shifted 516 00:20:39,039 --> 00:20:43,120 and you know I have nine-year-old twins 517 00:20:40,960 --> 00:20:45,039 and experiencing 518 00:20:43,120 --> 00:20:47,039 the world and introduction to tech 519 00:20:45,039 --> 00:20:50,880 through their lens through their eyes it 520 00:20:47,039 --> 00:20:52,960 is a completely different I mean it 521 00:20:50,880 --> 00:20:55,360 wasn't that long ago that we were in 522 00:20:52,960 --> 00:20:57,360 their age you know and it fundamentally 523 00:20:55,360 --> 00:20:58,960 feels like like lifetimes ago and I 524 00:20:57,360 --> 00:21:01,600 think there are there are positives and 525 00:20:58,960 --> 00:21:03,600 negatives but really just trying to I 526 00:21:01,600 --> 00:21:05,600 would say embrace 527 00:21:03,600 --> 00:21:08,559 but also embrace with caution right we 528 00:21:05,600 --> 00:21:10,640 we much invest in tech that 529 00:21:08,559 --> 00:21:11,919 >> is has human in the loop or human at the 530 00:21:10,640 --> 00:21:13,120 center 531 00:21:11,919 --> 00:21:15,520 >> when you speak about healthcare 532 00:21:13,120 --> 00:21:18,640 specifically I fundamentally believe 533 00:21:15,520 --> 00:21:21,520 that the applications of AI to health 534 00:21:18,640 --> 00:21:23,280 care will be the most important 535 00:21:21,520 --> 00:21:24,799 applications of our lifetime and I'm 536 00:21:23,280 --> 00:21:27,440 really excited about it 537 00:21:24,799 --> 00:21:29,280 >> and the caution comes from it's lives 538 00:21:27,440 --> 00:21:31,200 its patient lives at stake 539 00:21:29,280 --> 00:21:34,720 >> right and so when in our work with 540 00:21:31,200 --> 00:21:36,559 health systems we and health plans we 541 00:21:34,720 --> 00:21:39,360 think through that continuum of 542 00:21:36,559 --> 00:21:40,960 applications of AI on the front end to 543 00:21:39,360 --> 00:21:43,360 infrastructure the administrative 544 00:21:40,960 --> 00:21:45,039 backend operational efficiency as as one 545 00:21:43,360 --> 00:21:48,400 bucket then we think about the 546 00:21:45,039 --> 00:21:50,000 application of AI to augment things like 547 00:21:48,400 --> 00:21:52,960 clinical decision support where 548 00:21:50,000 --> 00:21:55,200 ultimately human is at the center still 549 00:21:52,960 --> 00:21:57,919 and then optimizing care delivery, 550 00:21:55,200 --> 00:22:00,400 right? And and personalized medicine 551 00:21:57,919 --> 00:22:02,720 >> and the ability to harness the power of 552 00:22:00,400 --> 00:22:04,480 data which we all know to be so powerful 553 00:22:02,720 --> 00:22:06,080 but so many health healthcare 554 00:22:04,480 --> 00:22:07,919 organizations simply 555 00:22:06,080 --> 00:22:09,679 >> cannot utilize the treasure trove of 556 00:22:07,919 --> 00:22:12,320 data that they have. It's unstructured. 557 00:22:09,679 --> 00:22:14,000 It's there isn't a team internally to 558 00:22:12,320 --> 00:22:15,679 support it. And so we've made 559 00:22:14,000 --> 00:22:18,240 investments in companies like NimbleMind 560 00:22:15,679 --> 00:22:20,159 AI as an example, multimodal data 561 00:22:18,240 --> 00:22:22,880 platform specifically for clinical 562 00:22:20,159 --> 00:22:24,799 healthcare data to really harness the 563 00:22:22,880 --> 00:22:27,360 power of it and to standardize it and to 564 00:22:24,799 --> 00:22:29,520 utilize it and to be able to train LLMs 565 00:22:27,360 --> 00:22:31,039 with it. And so I do think that's the 566 00:22:29,520 --> 00:22:34,320 next frontier and we, you know, we want 567 00:22:31,039 --> 00:22:36,880 to be here on the early side. 568 00:22:34,320 --> 00:22:39,120 >> Yeah. No, I seen a an article recently 569 00:22:36,880 --> 00:22:41,919 about how AI is helping diagnose things 570 00:22:39,120 --> 00:22:43,679 earlier, uh curing things earlier. It's 571 00:22:41,919 --> 00:22:46,799 it's really amazing how how this is 572 00:22:43,679 --> 00:22:49,600 helping. Um do you think going back to 573 00:22:46,799 --> 00:22:53,440 the macro level like do you think 574 00:22:49,600 --> 00:22:55,840 >> AI is as big as the internet or 575 00:22:53,440 --> 00:22:58,799 >> bigger in a way? 576 00:22:55,840 --> 00:23:01,600 >> Gosh, that's a great question. I wish I 577 00:22:58,799 --> 00:23:03,760 had a crystal ball. I think it I think 578 00:23:01,600 --> 00:23:07,120 it could be. It does feel like we've 579 00:23:03,760 --> 00:23:10,559 entered a new era and it's it's 580 00:23:07,120 --> 00:23:12,559 happening fast. I have a lot of 581 00:23:10,559 --> 00:23:14,080 you know there's I have concern for 582 00:23:12,559 --> 00:23:17,840 example about the environmental impact 583 00:23:14,080 --> 00:23:20,000 and some of the longer term 584 00:23:17,840 --> 00:23:22,000 elements that we are talking about as 585 00:23:20,000 --> 00:23:24,000 front and center right now but I I do 586 00:23:22,000 --> 00:23:25,520 think and just robotics in general too 587 00:23:24,000 --> 00:23:28,720 has been an area we've spent a lot of 588 00:23:25,520 --> 00:23:30,640 time investing in specifically currently 589 00:23:28,720 --> 00:23:32,720 with respect to the to our food tech 590 00:23:30,640 --> 00:23:34,480 investing and the supply chain and 591 00:23:32,720 --> 00:23:38,159 restaurant tech right we have a an 592 00:23:34,480 --> 00:23:40,720 awesome company called XRobotics that is 593 00:23:38,159 --> 00:23:42,080 robotics and automation for within the 594 00:23:40,720 --> 00:23:44,960 restaurant setting and they're live 595 00:23:42,080 --> 00:23:46,880 within um with within the pizza 596 00:23:44,960 --> 00:23:48,640 preparation line for example at at 597 00:23:46,880 --> 00:23:50,720 restaurants and just thinking through 598 00:23:48,640 --> 00:23:53,600 that future where it feels like you know 599 00:23:50,720 --> 00:23:55,200 it was a movie 10 years ago and we're 600 00:23:53,600 --> 00:23:57,600 actually seeing from a supply chain 601 00:23:55,200 --> 00:23:59,360 logistics manufacturing 602 00:23:57,600 --> 00:24:02,320 a lot is happening from that from the 603 00:23:59,360 --> 00:24:04,159 automation side so I I do think it is 604 00:24:02,320 --> 00:24:06,400 the next frontier of how we think about 605 00:24:04,159 --> 00:24:09,520 labor of how we think about workforce of 606 00:24:06,400 --> 00:24:12,960 how we think about communication 607 00:24:09,520 --> 00:24:16,320 and I'm very cognizant to that I feel 608 00:24:12,960 --> 00:24:18,320 fortunate to be in that generation that 609 00:24:16,320 --> 00:24:21,840 I think has will have experience and 610 00:24:18,320 --> 00:24:23,919 bridge both analog digital and I don't 611 00:24:21,840 --> 00:24:24,640 know if you AI it's third category right 612 00:24:23,919 --> 00:24:27,039 we had the VH 613 00:24:24,640 --> 00:24:30,159 >> I heard of you must be Gen X 614 00:24:27,039 --> 00:24:33,039 >> is that what uh 615 00:24:30,159 --> 00:24:34,400 >> yeah so it's just a it's a fascinating 616 00:24:33,039 --> 00:24:36,320 time to be alive 617 00:24:34,400 --> 00:24:38,320 >> hey you know what we might even be the 618 00:24:36,320 --> 00:24:41,919 first generation or one of the 619 00:24:38,320 --> 00:24:44,320 generations to also go to uh space 620 00:24:41,919 --> 00:24:46,880 fairing as well like who knows like this 621 00:24:44,320 --> 00:24:48,720 we still have many years left right and 622 00:24:46,880 --> 00:24:51,679 >> I know 623 00:24:48,720 --> 00:24:54,480 >> and uh on on that note it's like you see 624 00:24:51,679 --> 00:24:56,880 all of this abundance in terms of 625 00:24:54,480 --> 00:25:00,240 intelligence in terms of digitization in 626 00:24:56,880 --> 00:25:03,039 terms of our knowledge everything is 627 00:25:00,240 --> 00:25:06,080 just kind of like exponentially going up 628 00:25:03,039 --> 00:25:08,080 even scientific discoveries uh human 629 00:25:06,080 --> 00:25:09,600 productivity. 630 00:25:08,080 --> 00:25:11,200 What do we do with all of it? It's just 631 00:25:09,600 --> 00:25:14,559 a small little world that we're on. 632 00:25:11,200 --> 00:25:16,400 We're on a small pale blue dot here. Um 633 00:25:14,559 --> 00:25:17,919 I know what I think's going to happen. 634 00:25:16,400 --> 00:25:22,720 What What are your thoughts? Like what 635 00:25:17,919 --> 00:25:24,320 happens to to to us as a as a as a race, 636 00:25:22,720 --> 00:25:25,520 as a civilization? 637 00:25:24,320 --> 00:25:26,480 >> You you think you know what's going to 638 00:25:25,520 --> 00:25:28,320 happen? 639 00:25:26,480 --> 00:25:29,679 >> Oh, yeah. I know what's going to happen. 640 00:25:28,320 --> 00:25:32,000 >> What's going to happen? 641 00:25:29,679 --> 00:25:33,520 >> We're we're going to be multilanetary. I 642 00:25:32,000 --> 00:25:35,200 think that's that that's the whole 643 00:25:33,520 --> 00:25:37,679 thing. like we have a lot of abundance 644 00:25:35,200 --> 00:25:39,760 in terms of uh like I said all of those 645 00:25:37,679 --> 00:25:42,400 different things probably energy very 646 00:25:39,760 --> 00:25:45,440 soon and the only thing left is just to 647 00:25:42,400 --> 00:25:46,960 to to leave this planet and and uh do 648 00:25:45,440 --> 00:25:48,559 something else with it. I'm not going 649 00:25:46,960 --> 00:25:50,159 personally. I like the earth but you 650 00:25:48,559 --> 00:25:52,480 know some other people can go. 651 00:25:50,159 --> 00:25:54,799 >> I think it's very likely there there 652 00:25:52,480 --> 00:25:56,720 absolutely is is life within other 653 00:25:54,799 --> 00:26:00,559 ecosystems. I mean that just a 654 00:25:56,720 --> 00:26:03,919 mathematical probability. I 655 00:26:00,559 --> 00:26:06,240 I've been really focused lately on on 656 00:26:03,919 --> 00:26:09,679 trying to be I think because of this 657 00:26:06,240 --> 00:26:11,600 this massive shift of digitization so 658 00:26:09,679 --> 00:26:13,919 rapidly. I've I've actually been and 659 00:26:11,600 --> 00:26:16,080 while leaning into that as much as 660 00:26:13,919 --> 00:26:17,679 possible, also trying to lean back into 661 00:26:16,080 --> 00:26:19,440 the human humanity and the human 662 00:26:17,679 --> 00:26:20,320 connection side and the mindfulness side 663 00:26:19,440 --> 00:26:22,960 and the, 664 00:26:20,320 --> 00:26:24,640 >> you know, and trying to raise great 665 00:26:22,960 --> 00:26:27,600 humans too. 666 00:26:24,640 --> 00:26:28,240 >> Just really has has made it so poignant, 667 00:26:27,600 --> 00:26:31,600 if you will. 668 00:26:28,240 --> 00:26:33,039 >> Yeah. And I think in in the because of 669 00:26:31,600 --> 00:26:36,640 growing up at Google professionally all 670 00:26:33,039 --> 00:26:38,080 those years, I've always uh hoped to be, 671 00:26:36,640 --> 00:26:40,000 you know, such an early adopter and on 672 00:26:38,080 --> 00:26:42,960 the aggressive side of of all of that. 673 00:26:40,000 --> 00:26:45,279 And I remember um you know, my husband 674 00:26:42,960 --> 00:26:46,799 was really early at YouTube and he built 675 00:26:45,279 --> 00:26:48,320 out the news and politics team there, 676 00:26:46,799 --> 00:26:50,080 too. The first time that YouTube was 677 00:26:48,320 --> 00:26:52,960 used in a presidential election was the 678 00:26:50,080 --> 00:26:54,720 '08 presidential race. and you know this 679 00:26:52,960 --> 00:26:56,720 the hope and promise of what the 680 00:26:54,720 --> 00:26:59,679 internet what social media could be in 681 00:26:56,720 --> 00:27:01,440 these contexts. And you fast forward, 682 00:26:59,679 --> 00:27:03,200 you know, a couple decades later and you 683 00:27:01,440 --> 00:27:05,279 see 684 00:27:03,200 --> 00:27:08,000 how that has evolved right into the the 685 00:27:05,279 --> 00:27:11,919 fake news and and some of the challenges 686 00:27:08,000 --> 00:27:13,919 of you we we we build so rapidly that 687 00:27:11,919 --> 00:27:15,760 sometimes the 688 00:27:13,919 --> 00:27:17,679 the community parameters around that or 689 00:27:15,760 --> 00:27:19,679 the regulatory framework around that 690 00:27:17,679 --> 00:27:22,000 isn't built in parallel. And so I think 691 00:27:19,679 --> 00:27:23,919 it's thinking trying to to step back 692 00:27:22,000 --> 00:27:25,600 amidst all the excitement and and 693 00:27:23,919 --> 00:27:28,159 actually think at a systems level to 694 00:27:25,600 --> 00:27:29,679 your point about what are the what are 695 00:27:28,159 --> 00:27:31,600 the long-term implications and what do 696 00:27:29,679 --> 00:27:35,360 we need in place to navigate that 697 00:27:31,600 --> 00:27:39,039 thoughtfully before it is a 698 00:27:35,360 --> 00:27:41,600 disaster to to fix. 699 00:27:39,039 --> 00:27:44,400 >> Yeah, it's an exciting time to be alive. 700 00:27:41,600 --> 00:27:46,240 um what what keeps you the and I and I 701 00:27:44,400 --> 00:27:51,679 really did like that point that you had 702 00:27:46,240 --> 00:27:54,000 about um human- centered and um it it AI 703 00:27:51,679 --> 00:27:55,919 is really giving people the opportunity 704 00:27:54,000 --> 00:27:58,720 to say 705 00:27:55,919 --> 00:28:02,159 do you embrace parts of humanity, you 706 00:27:58,720 --> 00:28:04,960 know, like do you cherish it even? And I 707 00:28:02,159 --> 00:28:07,360 and I think I have a thesis of why like 708 00:28:04,960 --> 00:28:10,000 the TCG market, the comic market, the 709 00:28:07,360 --> 00:28:12,880 collectibles market is doing really well 710 00:28:10,000 --> 00:28:17,760 because the these are are artifacts of 711 00:28:12,880 --> 00:28:21,840 human sort of like culture. Um, and it's 712 00:28:17,760 --> 00:28:23,760 just uh people equate it with like a on 713 00:28:21,840 --> 00:28:26,080 a human level, right? Like they've 714 00:28:23,760 --> 00:28:28,799 played games with Pokemon and Magic and 715 00:28:26,080 --> 00:28:30,399 all of these different comics and and 716 00:28:28,799 --> 00:28:32,159 that's why it's going nuts right now. 717 00:28:30,399 --> 00:28:33,679 So, so that's kind of like my thesis on 718 00:28:32,159 --> 00:28:35,279 on why that is. 719 00:28:33,679 --> 00:28:38,080 >> I think there's this this has been the 720 00:28:35,279 --> 00:28:40,000 summer of or the spring of nostalgia for 721 00:28:38,080 --> 00:28:42,720 the '9s, the [clears throat] big trend 722 00:28:40,000 --> 00:28:44,480 of everything from fashion to just the 723 00:28:42,720 --> 00:28:45,760 whole concept that we, 724 00:28:44,480 --> 00:28:47,440 >> you know, if we arranged to meet for 725 00:28:45,760 --> 00:28:49,039 lunch at noon, you either show up or you 726 00:28:47,440 --> 00:28:50,399 didn't. If if I'm running 10 minutes 727 00:28:49,039 --> 00:28:51,679 late, I can't just text you and tell 728 00:28:50,399 --> 00:28:54,080 you. You have to wait there and wait it 729 00:28:51,679 --> 00:28:57,679 out and figure you leave, do you not? 730 00:28:54,080 --> 00:29:00,000 and you know just that that the beauty 731 00:28:57,679 --> 00:29:01,520 of of that to serendipity and the I 732 00:29:00,000 --> 00:29:03,679 think there is a nostalgia for those of 733 00:29:01,520 --> 00:29:04,559 us who experience that that time frame 734 00:29:03,679 --> 00:29:07,360 and 735 00:29:04,559 --> 00:29:09,600 >> and 736 00:29:07,360 --> 00:29:12,559 it's it's well it's interesting just to 737 00:29:09,600 --> 00:29:13,360 see will we revert to that um a bit more 738 00:29:12,559 --> 00:29:14,640 over the coming years. 739 00:29:13,360 --> 00:29:16,880 >> It's funny you mentioned that because 740 00:29:14,640 --> 00:29:19,279 that's how I met my wife. I was I had a 741 00:29:16,880 --> 00:29:21,039 date with her and I was I don't know 20 742 00:29:19,279 --> 00:29:23,600 minutes late and she just decided to 743 00:29:21,039 --> 00:29:24,399 stick around because she was uh 744 00:29:23,600 --> 00:29:28,159 >> she was intrigued. 745 00:29:24,399 --> 00:29:30,159 >> Um well, she was intrigued but also like 746 00:29:28,159 --> 00:29:33,120 it it took her a long bus ride to get 747 00:29:30,159 --> 00:29:34,799 there. So it's like you know I'll stick 748 00:29:33,120 --> 00:29:36,480 around and and then uh she could have 749 00:29:34,799 --> 00:29:38,880 gone she could have left and take 750 00:29:36,480 --> 00:29:41,279 another bus and go back but uh she stuck 751 00:29:38,880 --> 00:29:42,159 around and uh that was very human 752 00:29:41,279 --> 00:29:43,600 element right there. 753 00:29:42,159 --> 00:29:47,679 >> It was meant to be. 754 00:29:43,600 --> 00:29:49,440 >> Yeah. Exactly. Exactly. Um well I thank 755 00:29:47,679 --> 00:29:51,679 you so much for coming on. The the last 756 00:29:49,440 --> 00:29:54,480 thing I wanted to ask you on was like 757 00:29:51,679 --> 00:29:57,760 you you had supported so many 758 00:29:54,480 --> 00:30:00,880 entrepreneurs at Google. Um you now have 759 00:29:57,760 --> 00:30:03,120 your own firm. What is what are you 760 00:30:00,880 --> 00:30:05,120 excited about moving forward and what 761 00:30:03,120 --> 00:30:07,200 kind of companies you vested in? And 762 00:30:05,120 --> 00:30:09,360 lastly what are some of the pains that 763 00:30:07,200 --> 00:30:11,919 you experience being out of major 764 00:30:09,360 --> 00:30:13,760 markets like you just mentioned? 765 00:30:11,919 --> 00:30:16,720 >> Sure. Some of the things I'm excited 766 00:30:13,760 --> 00:30:18,159 about I there's such a sense of and and 767 00:30:16,720 --> 00:30:20,399 the business model of venture, right, is 768 00:30:18,159 --> 00:30:22,080 100%. It's financial return. We we know 769 00:30:20,399 --> 00:30:25,120 the business model and we're we're we're 770 00:30:22,080 --> 00:30:27,279 laser focused on that. And I I believe I 771 00:30:25,120 --> 00:30:28,880 feel so fortunate that the sectors that 772 00:30:27,279 --> 00:30:31,279 we have that we have chosen to invest in 773 00:30:28,880 --> 00:30:34,080 that we get to invest in every day are 774 00:30:31,279 --> 00:30:36,320 some of the most fundamentally important 775 00:30:34,080 --> 00:30:38,720 problems for humanity around the food 776 00:30:36,320 --> 00:30:40,159 supply chain, around healthcare, you 777 00:30:38,720 --> 00:30:43,200 know, around the future of of the 778 00:30:40,159 --> 00:30:45,200 planet. I I truly feel it's a joy and a 779 00:30:43,200 --> 00:30:48,320 privilege and an intellectual gift 780 00:30:45,200 --> 00:30:50,240 frankly to see thousands of of 781 00:30:48,320 --> 00:30:51,919 opportunities a year and then ultimately 782 00:30:50,240 --> 00:30:54,559 to roll up the sleeves and go deep with 783 00:30:51,919 --> 00:30:57,120 with dozens and we have 85 companies in 784 00:30:54,559 --> 00:30:58,799 the portfolio currently and I could you 785 00:30:57,120 --> 00:31:00,480 know talk your ear off all day long 786 00:30:58,799 --> 00:31:03,520 about some of these solutions for and 787 00:31:00,480 --> 00:31:05,200 the power of a company that um I was 788 00:31:03,520 --> 00:31:06,960 meeting you know earlier today with with 789 00:31:05,200 --> 00:31:08,720 Caitlyn Christine the founder and CEO of 790 00:31:06,960 --> 00:31:10,960 Gabby one of our portfolio companies in 791 00:31:08,720 --> 00:31:13,200 women's health and Gabby as a as a 792 00:31:10,960 --> 00:31:15,520 virtual breast specialist helping drive 793 00:31:13,200 --> 00:31:17,200 helping women understand their risk 794 00:31:15,520 --> 00:31:19,120 assessment and ultimately drive early 795 00:31:17,200 --> 00:31:21,840 detection of breast cancer 796 00:31:19,120 --> 00:31:24,240 >> and using an AI powered algorithm 797 00:31:21,840 --> 00:31:26,480 >> right and it's it's they are have 798 00:31:24,240 --> 00:31:30,080 already driven detections that have 799 00:31:26,480 --> 00:31:32,000 saved lives and when when that's the the 800 00:31:30,080 --> 00:31:33,679 goal I mean it's so fundamentally so I 801 00:31:32,000 --> 00:31:36,159 I'm really excited about the application 802 00:31:33,679 --> 00:31:38,240 of of AI in this next era to problems 803 00:31:36,159 --> 00:31:40,480 like that and to some of these most 804 00:31:38,240 --> 00:31:43,919 fundamental problems that are at the end 805 00:31:40,480 --> 00:31:46,960 of the day data challenges in many ways. 806 00:31:43,919 --> 00:31:49,360 >> And so, you know, expect to see us being 807 00:31:46,960 --> 00:31:52,080 continue to be super active uh in these 808 00:31:49,360 --> 00:31:55,279 areas and think about as we usher in the 809 00:31:52,080 --> 00:31:58,880 next wave of manufacturing of supply 810 00:31:55,279 --> 00:32:02,000 chain. A lot of these industries are 811 00:31:58,880 --> 00:32:03,679 operating with analog infrastructure and 812 00:32:02,000 --> 00:32:06,159 then that shift to digital is 813 00:32:03,679 --> 00:32:09,760 transforming over the next you know 1 2 814 00:32:06,159 --> 00:32:13,600 3 5 10 years. And so Ventures is well 815 00:32:09,760 --> 00:32:16,399 positioned for for that. So that's one. 816 00:32:13,600 --> 00:32:18,399 Two, to your question about, you know, I 817 00:32:16,399 --> 00:32:21,360 love 818 00:32:18,399 --> 00:32:22,880 being in that in the underdog um kind of 819 00:32:21,360 --> 00:32:24,960 swimming against the current a bit too, 820 00:32:22,880 --> 00:32:26,399 if you will. And what we're trying to do 821 00:32:24,960 --> 00:32:28,880 from a venture perspective and the 822 00:32:26,399 --> 00:32:32,640 business model, that's not new. what is 823 00:32:28,880 --> 00:32:35,919 new is volitionally choosing is 824 00:32:32,640 --> 00:32:38,240 identifying I think opportunity 825 00:32:35,919 --> 00:32:40,640 going there and trying to unlock it and 826 00:32:38,240 --> 00:32:43,519 harness it 827 00:32:40,640 --> 00:32:44,799 >> nationally from a specific place and 828 00:32:43,519 --> 00:32:46,880 that's what I feel we're in the early 829 00:32:44,799 --> 00:32:49,279 inning still of our breadandbut thesis 830 00:32:46,880 --> 00:32:51,440 around this Minnesota homefield 831 00:32:49,279 --> 00:32:53,760 advantage and our innovation circle with 832 00:32:51,440 --> 00:32:56,000 our 19 partners we're six years into 833 00:32:53,760 --> 00:32:57,440 that strategy now of leveraging of 834 00:32:56,000 --> 00:33:00,640 building and leveraging that corporate 835 00:32:57,440 --> 00:33:02,640 at work. And I'm so excited because I 836 00:33:00,640 --> 00:33:04,240 really think that is the the bread and 837 00:33:02,640 --> 00:33:06,399 butter, if you will, of of the team and 838 00:33:04,240 --> 00:33:09,279 our work. It's how do we create that 839 00:33:06,399 --> 00:33:10,799 flywheel back of industry, you know, 840 00:33:09,279 --> 00:33:13,919 companies being built, selling into 841 00:33:10,799 --> 00:33:15,600 industry, exiting, doing it again. And 842 00:33:13,919 --> 00:33:18,159 we have the opportunity of our lifetime 843 00:33:15,600 --> 00:33:20,159 and it's sitting right here. So my call 844 00:33:18,159 --> 00:33:23,519 to action, you know, to to folks, 845 00:33:20,159 --> 00:33:25,840 whether that be LP Capital, founders, 846 00:33:23,519 --> 00:33:26,960 and an interesting stat, so we've 847 00:33:25,840 --> 00:33:30,080 raised, you know, we're playing out of 848 00:33:26,960 --> 00:33:32,240 our fourth fund now. Collectively, it's 849 00:33:30,080 --> 00:33:35,039 almost evenly split. About half our LP 850 00:33:32,240 --> 00:33:37,039 capital is from Minnesota based limited 851 00:33:35,039 --> 00:33:39,120 partners and about half is from coast to 852 00:33:37,039 --> 00:33:41,679 coast and from Boston to the Bay Area, 853 00:33:39,120 --> 00:33:44,000 everything in between. And I I really 854 00:33:41,679 --> 00:33:45,279 like that because I think that, you 855 00:33:44,000 --> 00:33:46,960 know, we aren't trying to build in a 856 00:33:45,279 --> 00:33:48,720 silo. We aren't investing in companies 857 00:33:46,960 --> 00:33:50,720 only based here. We aren't investing in 858 00:33:48,720 --> 00:33:53,039 companies that only serve Minnesota or 859 00:33:50,720 --> 00:33:55,840 the Midwest market. What we are trying 860 00:33:53,039 --> 00:33:57,919 to do is to shine a light on these 861 00:33:55,840 --> 00:34:00,080 incredible opportunities. And we 862 00:33:57,919 --> 00:34:03,200 absolutely invest in Silicon Valley, New 863 00:34:00,080 --> 00:34:05,279 York, and Boston 100%. We think that, 864 00:34:03,200 --> 00:34:07,919 you know, opportunity is everywhere. and 865 00:34:05,279 --> 00:34:10,000 to try to build those networks of of 866 00:34:07,919 --> 00:34:12,800 helping companies who are based in the 867 00:34:10,000 --> 00:34:14,480 middle of the country access capital as 868 00:34:12,800 --> 00:34:17,520 partners on the coast. You know, it's 869 00:34:14,480 --> 00:34:20,720 it's really to build that one giant 870 00:34:17,520 --> 00:34:22,320 impactful ecosystem. So, it's been 871 00:34:20,720 --> 00:34:24,320 great, but I it has been it is a 872 00:34:22,320 --> 00:34:25,919 challenge when 873 00:34:24,320 --> 00:34:27,440 there isn't the same density here. We 874 00:34:25,919 --> 00:34:29,599 have phenomenal companies being built 875 00:34:27,440 --> 00:34:32,320 here who often will move to the coast 876 00:34:29,599 --> 00:34:35,320 right when they hit series A or B or C 877 00:34:32,320 --> 00:34:35,320 >> and 878 00:34:35,359 --> 00:34:40,320 well while I think that you know 879 00:34:38,320 --> 00:34:42,480 that has made sense historically because 880 00:34:40,320 --> 00:34:44,079 they you go where the capital is I think 881 00:34:42,480 --> 00:34:45,599 less and less it's making sense because 882 00:34:44,079 --> 00:34:46,960 investors are investing everywhere. 883 00:34:45,599 --> 00:34:48,800 You're making decisions virtually. 884 00:34:46,960 --> 00:34:50,720 You're supporting companies virtually. 885 00:34:48,800 --> 00:34:52,879 It's not about the 50 mile drive radius 886 00:34:50,720 --> 00:34:56,320 anymore. So I'm I'm really excited about 887 00:34:52,879 --> 00:34:58,720 the the new frontier. 888 00:34:56,320 --> 00:35:00,640 Yeah. And it seems like you're I just 889 00:34:58,720 --> 00:35:03,119 picked up on it, but like you seem to be 890 00:35:00,640 --> 00:35:05,680 doing a lot for women's health, which is 891 00:35:03,119 --> 00:35:08,320 like know a lot of 892 00:35:05,680 --> 00:35:10,560 >> on is chronically been underfunded, you 893 00:35:08,320 --> 00:35:12,240 know, in in certain ways. I talked to I 894 00:35:10,560 --> 00:35:15,440 talked to other founders like that 895 00:35:12,240 --> 00:35:18,800 serving that ecosystem. moms 896 00:35:15,440 --> 00:35:20,720 um who apparently are the uh well not 897 00:35:18,800 --> 00:35:22,560 apparently I know this for a fact the 898 00:35:20,720 --> 00:35:24,320 the biggest spenders in the household 899 00:35:22,560 --> 00:35:26,400 >> controlling the controlling the economic 900 00:35:24,320 --> 00:35:29,119 spend of the United States yes it is it 901 00:35:26,400 --> 00:35:31,359 is women who control that largely by the 902 00:35:29,119 --> 00:35:33,839 percentages moms from a household 903 00:35:31,359 --> 00:35:35,040 purchasing perspective and yes you know 904 00:35:33,839 --> 00:35:37,359 it's interesting because we have we have 905 00:35:35,040 --> 00:35:40,079 a quite a large women's health portfolio 906 00:35:37,359 --> 00:35:42,640 and another company you know Delfina in 907 00:35:40,079 --> 00:35:45,119 the maternal health space AI powered you 908 00:35:42,640 --> 00:35:46,800 know maternal health platform form that 909 00:35:45,119 --> 00:35:49,760 does maternal fetal monitoring to 910 00:35:46,800 --> 00:35:52,560 predict complications using AI and then 911 00:35:49,760 --> 00:35:56,079 to to create and execute a care plan, 912 00:35:52,560 --> 00:35:58,800 right, to help um another another great 913 00:35:56,079 --> 00:36:00,400 example. But I do think that women are 914 00:35:58,800 --> 00:36:02,800 half the population. So we're not when 915 00:36:00,400 --> 00:36:04,480 we talk about underserved market, it's 916 00:36:02,800 --> 00:36:06,720 underserved absolutely from an 917 00:36:04,480 --> 00:36:08,800 investment perspective, but from a from 918 00:36:06,720 --> 00:36:10,640 a user perspective, 919 00:36:08,800 --> 00:36:12,960 it's maybe the greatest economic 920 00:36:10,640 --> 00:36:14,320 opportunity of our time, right? it's to 921 00:36:12,960 --> 00:36:17,359 build for the other half of the 922 00:36:14,320 --> 00:36:19,680 population. And I'm so excited because a 923 00:36:17,359 --> 00:36:21,280 lot of the healthcare models currently 924 00:36:19,680 --> 00:36:24,960 have been trained using data that's 925 00:36:21,280 --> 00:36:27,599 that's not uh you talk about Gabby, the 926 00:36:24,960 --> 00:36:30,560 breast cancer uh detection company I 927 00:36:27,599 --> 00:36:32,640 mentioned earlier. Their algorithm is 928 00:36:30,560 --> 00:36:35,440 built on the largest most diverse data 929 00:36:32,640 --> 00:36:37,040 set in the world, which is so exciting, 930 00:36:35,440 --> 00:36:38,720 right? because it's the the current 931 00:36:37,040 --> 00:36:40,880 algorithms for breast cancer risk 932 00:36:38,720 --> 00:36:42,880 assessment were not trained using data 933 00:36:40,880 --> 00:36:44,240 of people who look like me. 934 00:36:42,880 --> 00:36:47,599 >> And so that's just a really 935 00:36:44,240 --> 00:36:50,000 fundamentally exciting thing where you 936 00:36:47,599 --> 00:36:52,880 know all this data exists. The ability 937 00:36:50,000 --> 00:36:56,800 to to harness it to structure it and to 938 00:36:52,880 --> 00:36:59,119 use it uh is is where we're focused. 939 00:36:56,800 --> 00:37:03,599 >> That's so cool and and that's a that's a 940 00:36:59,119 --> 00:37:06,240 absolutely great sort of perspective and 941 00:37:03,599 --> 00:37:09,040 thesis. So, thank thanks Mary for coming 942 00:37:06,240 --> 00:37:12,400 on. I'll uh let you get back to your 943 00:37:09,040 --> 00:37:14,240 idealic life out in Midwest. And uh 944 00:37:12,400 --> 00:37:15,680 >> come visit us, please. And I thank you 945 00:37:14,240 --> 00:37:18,640 so much for this opportunity. It's such 946 00:37:15,680 --> 00:37:19,920 a such a fun conversation. And yes, to 947 00:37:18,640 --> 00:37:22,160 anyone listening, you know, I really 948 00:37:19,920 --> 00:37:24,320 just um it's inspiring to see 949 00:37:22,160 --> 00:37:27,200 opportunities in other places and would 950 00:37:24,320 --> 00:37:28,640 just invite invite all of you to come 951 00:37:27,200 --> 00:37:30,880 spend time with us in Minnesota or 952 00:37:28,640 --> 00:37:32,960 virtually, right? bread ventures.com is 953 00:37:30,880 --> 00:37:34,800 our website and we do have open office 954 00:37:32,960 --> 00:37:36,640 hours there that that you could book to 955 00:37:34,800 --> 00:37:38,560 have a virtual chat with with any of our 956 00:37:36,640 --> 00:37:40,880 partners. Um we'd love to get to know 957 00:37:38,560 --> 00:37:43,440 you and just uh do more together. So, 958 00:37:40,880 --> 00:37:46,960 thank you for the time, Johan. 959 00:37:43,440 --> 00:37:46,960 >> You're welcome, Mary. Thank you.