[00:00:01] Host Create clip I'm gonna start were restarted the conference. How many people remember Regina as first slide? And what did say Do you do? Yes, it's a great way. I didn't know she was gonna use that slide, But I'm mostly gun arm. Be the book. And for that I've never understood why they do podiums where you can't put a bottle of water anywhere on the podium So many other people have covered. In fact, some of the slides you've seen before from other people I had no idea they were planning and using it. Bye, Thais down so many of the teams. And since I'm last, I guess I get plenty of time. It says I'm minus eight minutes already. Ah, that's nice. Um, I'll keep you through lunch. I have 80 some slides, ideo. Honest to God, uh, you can't talk about failure simply. No, but, you know, Condi brought it to the right place. The valley is a undirected place when you see, but a China and model off directed investment which seems powerful or the Russian planned economy off. Fortune 500 companies, five year plans That does not work.
[00:01:43] Host Create clip And I'm gonna talk. Talk about why and maybe how to use failure as a tool. It maybe the single most important tool rehab. This just came out Friday in The Wall Street Journal. Speaks to this issue. On the other side are all the cynics people like Bob Perry that ah, Condi talked about who will tell you all the things that won't happen, Why nobody would need a PC. In fact, when I was starting, son, there was a court from Can Olsen, the sea of Digital Equipment Corporation that said something similar like, nobody needs a computer off their own. That was great for us. And I think he was right. Nobody needs a computer. They need 100 different computers. Um, they're all around us. But if you cynical, you can always convince yourself things can't be done. That's one of my favorite tweets. Give you some of my favorite quotes, and it's amazing the diversity of people who have set the same thing. Robert F. Kennedy, Martin Luther King.
[00:03:10] Host Create clip Unless you're socially maladjusted unless you do something or didn't different, you're not going to do anything important For those of you who have kids, I have a talk on our website. I gave it. Should Isha's school that I had a highly recommend My 1st 6 slides rent something like, Don't listen to your teachers. Disobey your parents color outside the lines, literally. Each was a slide. Ah, and and then, ah, row, Who's here? His son, who was nine years, nine years old. I plank raised his hand and sad. My mom's always trying to get me to improve my hind writing because I got a scene handwriting. Should I practice it? And I said, Not if you have something more important to do, right? This, this sort of I wasn't very popular, Uh, but the kids are loved it, but I actually feel it's a really important way to raise your kids. And so I this and I'll come back to this. But Martin Luther King is right if everybody stuck to being proper and well behaved, and I may be the only parent who at the age of five is throwing food at my kids because they were sitting there to properly Ah, it's honest God too, Onda. Actually, my daughter had a 24th. I just remember 24th 25th 4th but their party a few weeks ago, and she said they had my friends think he's all 20 something on your own kids.
[00:05:13] Host Create clip You're really cool because I actually threw some food across the table. Ah, and they thought that was pretty cool. So if you wanna be cool, no human progress depends on unreasonable people trying to do unreasonable things. I fundamentally believe in the power off. Unreasonable people he people won't accept. The status quo will not compromise on. We'll try thanks but ended premature guts and confidence. And this is really important, because if I knew all the problems we'd run into when we started, son, any rational person would have convinced me not to do it because I didn't know it allowed me to get started, and I'll come back. Do I think these things are self evident, but it's amazing how many people ignore them. The other thing is, when you trying these things, it's not easy. It's not comfortable. It is uncomfortable because you're trying to do things that others don't believe can be done. And you are scared. If you're smart, you scared about all the things. There is no courage. If you're not afraid and so keep that in mind as you ass late. Think about panic sometimes.
[00:06:52] Host Create clip Um, and Pierre asked me to move this up from way back in my slide deck to right in front. Um, it is true. Failure is allowable, but it's not desirable. And you have to have a reason to fail. You should have goals. Why? You might try something that could fail. Failures in good company. I know how many people know. Uh, Einstein was considered dumb. He actually didn't learn to talks until he was four. He didn't learn to read till he was seven. The Wright brothers and Regina had this up. Ah, court from Lord Calvin that said, heavier than air flying machines are impossible. He was the president of the royal Society. I actually had that slight. I took it out. Um, that court experts have all these opinions. A few years later, and through lots and lots of innovations, the Wright brothers kept building one fair on each failure to come up with the first flying machine. Edison went through 10,000 after it orations off the light bulb, and his view was I have not failed. I just found 10,000 things that won't work or 10,000 ways. Think this won't work? Michael Jordan was the other guy who there's some beautiful Michael Jordan courts on failure. I'd recommend reading his courts. I didn't know how many to include, Um, but he says, I've failed over and over and over again in my life, and that is why I succeed.
[00:08:50] Host Create clip I'm not afraid to try the game winning shot that I might miss and embarrass myself. I think about it personally. I feel like having done this for as long as I have. I have a bigger library of failures on ways to fail than almost anybody I know worked with more entrepreneurial companies. And I hope I'm smart enough not to make the same mistake over and over again. Just discover new ways to make mistakes. To me, no failure means no risk means nothing new. It's that simple. This is why failures important. And so, as I say, if you're not failing, if you're exactly on plan exactly on schedule, you are not stretching. What? So I basically said when we started son, if I knew everything that would fail or that I didn't know, I would not have started it jumping into some things that you believe in something you have passion for without a parachute is great, because necessity, not safety, is the mother off invention. It is amazing how often you see an impossible task and when you keep banging your head on the wall because your company's gonna fail. If you don't solve this problem, it gets solved.
[00:10:26] Host Create clip Many of you may have noticed how many off your breakthroughs happened the week before the board meeting. It's amazing half, but necessity is the mother of invention. So let me go through some fax those five year business plans. Steve Blank talked about this. Steve still
[00:10:51] Host Create clip in the room, huh?
[00:10:53] Host Create clip No, he's They create their really the illusion off knowing don't have a clue. And so stop pretending now. That's not to say Don't make plans. Because, frankly, to me, plans do two things. They tell me the quality off your thinking and the things you've thought about and the things you know you need to worry about. But the most important thing is what we don't know. We don't know. Those are the things we can only understand by being in full body contact without problem. This court was used earlier. This was his quote about pre fight fight plans that people have, And I also had a court that see Blank used this morning. All of us know this. Most people doing business plans pretend this is not true. It is way more true. And that's why Steve I said, Get out there and engage. The other thing I want to say is fairly. It is not fun. So don't you know, we reminded size failure? But my goal isn't to do that. I'm essentially saying it's an undesirable necessity because we can't completely No, it's never easy. It's not a party, Um, and we should, um, recognize that.
[00:12:39] Host Create clip But I will say, as our problems get bigger, that freedom to fail is extremely liberating. When I finished graduate school, um, I was talking to my my first re sees about my first company called Daisy System, and I said, This is great because I don't own anything and I said, It's a great deal. If we win, we been. If we lose, you lose because all I had to lose was my student loans. I had nothing else to lose, huh? It's very liberating on while others were worrying about Korea's. I said, Hey, since I have nothing to lose and Eikenberry with other people's money, it's a great deal and I hadn't seen. I didn't even know what this was possible. But think about apples. Apple's board brought Steve Jobs back in a failing company. Imagine if they were doing well if they had something to protect. If they would have let Steve experiment the way he did with whole new ideas that no analyst or expert believed in, I think what's good for the fat off? The fact that Steve failed a couple of times, he succeeded. Sometimes the DreamWorks kinds of experiments next didn't really work, but he got the opportunity. I'll come back to this.
[00:14:24] Host Create clip The other thing is field strategies or failed tactics. A different Pancks. People confuse the two. Many people said Well, friends stood in work, so social networking must not be right or lots of people. That MP three players So it's not, it's a bad market. The difference between the iPod in other MP three players and there was probably dozens off them, including the Microsoft Zune, was the way they approached it for the tactics tactics was what was different. His daughter thing. People don't realize if there's 10 things that important to your success you controlled three of them. Your competitors control three. There was so many things that could have done to completely destroy son, no matter how well we executed. And then some of it is just luck. You run into the right person, the right idea, the right timing. I was on the border picture tell the first video conferencing company and developing the market was such a bear. It was so hard. And then the Iraq war happened, and suddenly videoconferencing took off.
[00:15:51] Host Create clip We had nothing to do with that. We didn't start the war, but we sure took advantage off. So keep this in mind, and that leads. Um um, to this issue off persistence. But let me, um this first time I'm going through this deck. So, uh, I thought I had the different slide next up. So why fail? You really want to test things? Hypotheses, explorations, better findings, careful validations take every possible risk or opportunity you confined, and in the isolation trying test it. But that's a price point for that's a product feature that it's, ah, market risk. It's a competitive risk. That's what lean startup movement is about. It isn't about not let me wait till I get to that. The goal is to find out as much as possible on as little money as possible. That is why failure is allowable. It's to reduce the magnitude of the failure later when you've done a business plan execution based on your assumptions and you run into that first contact with customers or that 1st 1st punch that Mike Tyson talked about.
[00:17:27] Host Create clip And what's the startups goal? It's about flying, buying insurance. It's creating, protecting against downsides. It's risk reduction. But more than anything, it is about creating option value. There are things that just take off. I am almost certain whether he agrees or not. Mark Zuckerberg didn't imagine Facebook the weight Waas. He had an option. He took those options. He did the expirations. He followed the ones that worked. Um, you know, Pinterest is very successful site and Ben So Berman told me once, and there's a video off this on YouTube. He went through 300 iterations off that product before it took off. This is also my favorite most people are limited by what they're willing to try, not what they're capable off. I think Regina in some ways talked about this issue, so just try Epic ship. It is. We're doing so in the startups like this. You don't have strong operating history. You don't have static environments. You can't plan. You can't even manage the way you normally manage.
[00:19:15] Host Create clip You can have a rigorous schedule and hold people toe, but if they're working on the wrong thing, it doesn't matter. So getting to some do's and don'ts, this is absolutely key in the culture off a company. It may be the single most important thing that I see missing in, well executing environments. But Stan Stanley McChrystal said, Just because your love failure don't like people, I feel like they're they're failures and then be really intelligent about what you're going to fail on. Which means, what do you want to try and what you gonna experiment with? There's, Ah, you probably can't see it, he slides will be available. There's a blogger post by Brad Feld, who I try to have come here. That's title of the block posters called small experiments, often as opposed to pretending you have a plan and you have the illusion of knowing what you're building Show. I think some of the people in this room have heard me say, What are you gonna waste money on? Um, in fact, Nutanix when it raised too much money.
[00:20:53] Host Create clip Ah, I said OK to raise the money, But tell me where you going to take 20% of the excess money and waste it on experiments? Experiments that have small downside. You could lose one times your money, but have connects upside and opening up new markets. You can't do it with 100% of your cash balance. And this Brad Feld ports talks about this, you know, in square recently raised a couple of $100 million. I said, Do Jack. I said, Jack, okay to raise that much money, but you gotta define And I gave exactly the same advice to John Herring at Lookout. He just raised a lot of money. Tell me 10 things and in which you can waste $5 million each where the five million is the downside. But 500 million on your market cap is the upside. What experiments can you run? But the same is true. If you have $100,000 to waste, you can run 10 $10,000 experiments. It is not a consequence. Are being large or having lots of money at every level. It's a very good block post.
[00:22:15] Host Create clip This is obvious. It's amazing how often people don't examine their failures. You want to get into your failures. What failed? Why should I try this experiment again, coming at it from five degree different angle. The other thing is, when things fail, we want to rationalize. And then we go talk to others and especially hit. Hearing from people who have no experience. We're trying things in the field. None of that first punch that first contact with customers board members will have opinions about. I told you so. The price was too high, the price was too low. Whatever Whose opinion you trust on what topic? And some people trust everything, somebody says Some people crossed everything. Everybody says some people trust everything. Some supposed experts size. I'll come back to that. Be critical about whose opinion you take and on what topic and ask the question. Why are they qualified to answer this question? and I'll come back to If an expert has qualified, how you take their opinion, More startup should plan not to execute a plan, but plan to build a plan.
[00:23:52] Host Create clip I'll come back to this. Many of you have heard this analogy for me. Think of being in a one of these British roundabouts. This six roads you can take. You can take the road. You think you want to take and go down, but you will only get to wear. That road is leading. It's okay, especially when you're born. Rate is really, really low to go around in circles, trying to scope out these roots. Not enough people do that, especially since most board members and veces want you to start executing on a plan. Exploration is okay. In fact, exploration from my point of view is desirable. As long as you spending tiny months of money, your burn rate, a small and racing time. I talked about wasting money. Racing time isn't a bad thing, depending upon your market. If you erase do something, you have to take a different approach. None of this is always applicable. It is often applicable. I could see why Advice kids the way I d'oh based money race time, not advice you most likely to get so you can discover a road we're taking as opposed to the road you thought was the right turn off. And you went down that and executed really well and ended up in an uninteresting place.
[00:25:19] Host Create clip So don't plan flexi plan, um, and create this culture of experimentation. For those of you who remembered the talk Scott Cook gave, his talk was titled Culture of Experimentation. He's trying to change the culture in large company like Interior to stop planning and doing a lot of experimentation. I think it's a really important phrase that there are people who make this develop a culture of make no errors plan. Well, execute Well, I'd rather you develop plans to recover really rapidly to evolve in it, a rate as opposed to doll up and again, I wanna emphasize it's not one or the other, but these are biases. It's not black and white. These are biases off really high flying. People are leaning the wrong way. You want to focus early on, unlearning learning as much as possible about all the risks and all the opportunities and all the solutions and problems in your market with a bias that every plan you d'oh um, leads to rapid recovery while you're failing before you fail. Before you try experiments ask lots of questions.
[00:27:04] Host Create clip So Gold's off failure. I have talked about this. Let me go a little bit deeper. You notice I'm on slight 41? Ah, validate each element off your vision. Last year we handed out Lean Startup book by Eric Res that covers this in some detail. This is the first goal off a start up. Find out what to build being contact with that customer. That's what Steve Blank talked about. A number of times, the scene startup spilled the wrong thing on budget and on schedule and inconsequential e. The second goal is to test the strategy and assumptions which are again different from what to build. And then execution does become important. It's not unimportant, and I don't wanna leave anybody with the message. Companies go through these phases, and some of these faces run in parallel on some things. You have to execute on budget and schedule and, um, be very, very tight while in parallel on other things. You're experimenting The key goal, in my view, is optimal or maximum learning from each dollar you spend on a risk on an experiment that should be your legal, the Celts or something. People forget.
[00:28:51] Host Create clip I've never had a person come in and say, Here's our liabilities and here's our strategy for our liabilities. I've never had a person come. Here's our comparative strengths in Here's how we're gonna avoid them. Think about it. They're just as important as here's my strengths and here's how we can leverage him. This is like baseball, the Giants winning or the Dodgers losing the game exactly the same time. These are obvious. I can literally talk to this slide for another. This is sort of this collection of failures I have in my library all the ways I've screwed up. So I talked about circling the round up. There's There's also refers to a very good block post by somebody from Ideo Design. This is how people think of business plans. Some talk about standard sequential pivots on Eric Reese talks about them. This article actually talks about this approach highly recommend you read this plug. It's all about testing all these experiments. There are good failures on bad failures, accepting failure or lying. Failure is not an excuse to be casual.
[00:30:41] Host Create clip It is not an excuse to work less hard or be less diligent. Lord last heartful or less purpose for sometimes people mistake ah, lying failure in the culture off experimentation to be it's okay to be un disciplined. It's not okay to be undisciplined. And the goal. Every time you run an experiment, there are some things you can just execute on. Yeah, but the uncertainty is rare. You run experiments. The goal almost always is small experiments where if they fail, you lose very little a small amount of money. But if they succeed, they generate some large upside for you. A new market, the new segment, a new marketing strategy, a new product feature. So we've heard a lot about the lean startup. I won't spend time on it us in some sort of running out of time, but we talked a lot about it before. You have to test your vision and dense tear and then accelerate, but nothing before its time. People also forget the minimum viable product includes a V in it, and they excuse it for a minimum product.
[00:32:17] Host Create clip These are judgment calls. You remember what? At this? Oh, I have a great Edison court coming up. You can give up too easily. I've seen people do it. Your whole startup process should be geared to accelerating this learning loop. Otherwise, you might spend a lot of money doing the wrong thing. How do you do that? That's Ah, seminar by itself. Maybe next year. We can do that even if it's slower to your product vision. At least the illusion you have off your product creation and at least two people in this room in the last month or two have had meetings with me that I said, Oh yeah, I said, You're doing this. You're not worrying about X y Z. They said, Well, we have money. In both cases, dancer was we have money through 2014 I said, because you have money doesn't mean now isn't a time to panic. There is a time, and panic is the appropriate response. And you shouldn't be too boneheaded about recognizing that moment.
[00:33:45] Host Create clip If your vision's wrong, having 18 months or cash isn't gonna help you. Discovering what's right as quickly as possible are doing something different is important, but you have to have the courage of your convictions because everybody outside believes what you're doing can't be done or shouldn't be done or nobody needs it. You heard that from Airbnb. Nobody wanted or talk. You need that product. So this balance between the courage of your convictions on these scary decisions. And that's why I say to people, Be obstinate about your vision. Be flexible about your tactics. I also find people who are in the startup business, and this is almost a religious belief because they want to make money. Always pivot too quickly, always quick to quickly people who have passion about their vision. Stick with it longer, sometimes too long. But I'd rather stick to long than too short. And so missionary founders just tend to do better if you believe. No matter what you do, your plan's not gonna play out as orchestrated, and you'll run into problems.
[00:35:04] Host Create clip If you don't have belief, system religious belief in what you're doing, you'll give up, and you have to have both optimism in paranoia. If you aren't optimistic, you're not gonna attempt tanks. If you're not paranoid, you're not gonna be scared to enough to discover your problems. So you do have to be schizophrenic. No two ways about it bought are absolutely essential. You can talk yourself out of anything important by being pessimistic. Go back to my tweet about the cynics. Experimenting crudely is possible if you break down the experiment and always say now, hiker, how could I test this thing with half the money or 1/10 the money? It's often possible, but people have this view of developing a product in the product region that they're executing on where they'll spend a $1,000,000 right. They could have tested something for 10,000 and then take six months or taking 36 days. Not enough people focused on lowering the cost of experimentation. So this is a chart from my net. Tre. Ah, I I only got this enough review very recently.
[00:36:36] Host Create clip We funded them 10 months ago. 1 31 Product Federations. There are 50 some approximately hard red iterated, distinct hard reiterations of the product they've done in this short period of time because the cost of experimentation has been reduced by their startup process. This is what I mean gear your startup process to accelerate learning. That's a classic example of that. Also, when you're looking outside, people who have nothing to lose, nothing to gain by your success will generally give you politeness. They won't tell you what they're really tank See critique many if you feel uncomfortable, because I'm brutally honest. But it's what you want. We tend to go away from people who criticize us or critique us, and sometimes people don't do it well enough. I often mix critique with criticizing. Ortiz comes across, and for that, I apologize. But it's because I'm passionate about surfacing things you should test or what about. And I've talked about that. You wanna walk down the risk of not up expense cut the number of times I see plans. This is our spend plan for the next two years, when we raised our funding and people keep going down that plan without worrying about what the risk of looks like ifs. Risk shows up.
[00:38:23] Host Create clip Um, something slips. They don't adjust their plan. What do you want to do is walk down that yellow line off risk and at every inflection point of risk, think about increasing your bun, right? The lower your burn, the more flexibility you'll have in taking more time to eliminate these risks and start with the biggest risks, not the order in which you need to do product development, something that might come much later. You might want to test earlier because it's the biggest risk, because if it fails or if it takes three times longer as often happens, you've done it from. Your burn rate is lower and it's much easier also. The fact is, and remember I talked about normal management processes don't work. If anybody here taking a course in F one racing, um, they teach you when approaching a curve. Um, that you accelerate you brake as late as possible. Brake as hard as possible at the last possible moment so you don't get out of the turn as you make the turn, you accelerate as fastest pops.
[00:39:50] Host Create clip That's how what I believe startup should be run, and those curves are the risk curves that I talked about earlier while building an upside plan builder. If then, survival plan upside don't always happen. You have to survive to build an upside, so I'll come back to that with point. This something people forget or not. All hard things are valuable, but most of the hard things there's an occasional Snapchat our instagram, and there are exceptions. But most valuable things are hard. If they weren't hard, somebody else would have done them. And the harder they are, the bigger the comparative lead you build by solving those problems. Persistence is really important. Remember I said, you control three things. You compared those control three and then three. Things are just three or four things that just like if you don't give yourself time to get lucky by being persistent, and this is where bone rate management is so important, give yourself a chance to be lucky, the right things to happen. People also optimized too much. I actually think the most important thing for startups and frankly, I believe about society about anything is not to optimize for flexibility part for for X y like true put in the database, but to optimize for flexibility.
[00:41:49] Host Create clip It's what lets you make those adjustments that changes. If you believe you can't plan, then you have to optimize for flexibility and make explicit tradeoffs in favor of flexibility and ability to change. As you run into problems. This is another good article. Lessons from failed startup. I won't spend too much time on it since I'm out of time. Um, there is a creator off between speed and stability. Each is different and appropriate at a different time. Preserve option value the number of times I see people say Okay, we agreed on this. We're doing this. That means let's license this off. We'll keep it. Let a hang around for a bit, in case you have to pay that. Also knowing things isn't enough. The gap between knowing and doing is a mile wide. And you won't really know what you're doing till you actually do it. This again. This idea Few plans survive first contact with the customer. Very good blogged. Also, we hear a lot about lean startups. Apple wasn't a lean startup.
[00:43:20] Host Create clip Lean isn't always possible. If you're building a satellite system, there are some things you have to do. You can do lots of experiments. But in the end there are some things that just take more time, more money and a lot of the hard things take money, persistence, time patients, a lot of things that go against some of the things I've talked about startup culture. So there is an appropriate strategy for every startup, and they can be different. There's one of my favorite quote. I guess I have few successor pencil represents the 1% if you work, which results from the 99% that is called failure. This was a sadist in court I was talking about It took him more than 10,000 generations to come up for the light bulb, Um, many a few. And last year we talked about base camp. Get to a survival place before you sort of build the grand vision. I'd like to say get to base camp, for you have enough stability as a business. Then you're actually in contact with customers before you plan your sent to the peak. But get your base camp not in the random place, but close enough to the region so you can actually use it to scope out the plan and learn that learning is very important.
[00:45:09] Host Create clip I promised. Ah comment on experts we talked about Den Gardner talked about experts last year. Their average accuracy is the same as doctoring monkeys. This was the result off a 20 s study across 28,000 experiments. Ah, forecasts by experts. Remember when I said I'll come back to how you treat experts street their opinion, especially the ones who are not directly in contact with problems on the ground, not actually doing things as good learnings, which are mostly biases. Many bias is a good, and you should let use them that way. Added to your risk matrix and experts. Opinion is important. It's not to be ignored, but it isn't to be believed either. Talked about that. So I personally believe, and I talked about when I got started, I had nothing to lose, but my student loans that attitude, My willingness to fail is what I fundamentally believe gives me the opportunity to succeed. I know a lot of people who are a lot smarter but a lot more conservative. They don't want to take risks. That Owen try thinks lots of people much better than mean. Most of the things I do, I don't mind failing and I've bean critiques sometimes for saying I don't mind a 90% probability of failure in a start up.
[00:46:55] Host Create clip But most people like the fact when I say, but if there's a 10% chance of changing the world. That's pretty good odds. I find what's important to optimize for your risk is down. Ah, small. But what you've look out try should be what? Succeeding at most investors. And that's why I hate calling myself in investor. In fact, I never have reduce the probability of failure to the point where the consequences of success are inconsequential, goes back to doing epic ship. So let me give you one example and then I'm gonna try and finish up with a few very fast courts. 1996 January I'm working with Pradeep Sindhu. Oh, so what should we do? Decide the world and the Internet should be T c P I p. The Internet Protocol I p stands for Internet protocol. Dr. A dozen customers, they all said, will never use this product. So I called Cisco CTO, and they said they'd never build a public SP i p router above 12 which is like your home service. Now, they said, every customers asking for a technology called him.
[00:48:30] Host Create clip I mean, Pradeep agonized over this and finally said, Let's just do it and we did, and the Internet grew so far fast and we got lucky. And he found one guy guy called Mike O'Dell at a small company called Unit Small Internet Provider. So Cisco focused on what A T and T and Pacific Bell and others were telling him. V focused on what the market need was saying if the Internet was going to grow. This cos I haven't checked market caps recently is 15 or $20 billion. But what's scary is, if he hadn't attempted it, most likely the Internet would be in a T M network. It just gives me the shivers to think what would have happened because Cisco wasn't going to develop it. Lucent and Alcatel didn't have programs. The hottest startup was a company called New Bridge. Um, and this is where the courage of your convictions becomes really, really important. I didn't even tell my partners at Klein of what feedback we're getting from customers. Let's say you crazy because nobody wanted it, but we believed they needed it, and we had conviction around their need until we built that and they came and the same is true that some people try to convince me, but the way I was telling you 18 t 1996 80 and he said they would never use that product.
[00:50:18] Host Create clip Five years later, 18 t was essentially going out of business. People forget. Five years later, it was sold for a song to Cingular Wireless. In fact, only the brand really survived. This massive company disappeared in five years. The same thing happened at Sun. Everybody tried to convince me the best thing for Sun to do. Who's Bill Graphics Terminal for Deck of Axes. We started in February of 1982 in 1987 that God sold to another startup compact. It was the number two computer company in the world, so I could go through all these examples. There's just so many epic shed is worth doing. What would you do if you weren't afraid to fail? Or if you were sure you would succeed? And in fact, you can look at the history of innovation. Where did it come from? Did it ever come from a big company? GM should have owned the electric car, so try and fail. But please don't fail to try my other Michael Jordan court. So let me stop their eye in the interest of time won't take questions.
[00:52:02] Host Create clip So this court was a court. I put in 1982 on a slight dec I ded So we did over heads back then. Not slight, Dex. Ah, And it was on a movie my first day of learning how to hang glide. And this movie was dedicated to those who dare to dream the dreams and a foolish enough to try and make them true. The accident rate for hang gliders was really, really high back then. And I said, This is what entrepreneurship is about. So please go at it. Thank you.
