1 00:00:00,561 --> 00:00:02,406 Mark Haney: Yes, this is Mark Haney's show on a mission 2 00:00:02,527 --> 00:00:04,211 Mark Haney: to ignite the entrepreneurial revolution 3 00:00:04,271 --> 00:00:05,223 Mark Haney: right here in the hometown. 4 00:00:05,243 --> 00:00:07,512 Mark Haney: We love, and we do that by building the 5 00:00:07,592 --> 00:00:09,420 Mark Haney: Backyard Advantage, the most connected 6 00:00:10,041 --> 00:00:12,526 Mark Haney: community in the world for local 7 00:00:12,627 --> 00:00:14,791 Mark Haney: entrepreneurs, and it's based around a 8 00:00:14,811 --> 00:00:18,363 Mark Haney: culture of love, but it's soon going to be 9 00:00:18,444 --> 00:00:20,969 Mark Haney: driven by artificial intelligence in many 10 00:00:21,009 --> 00:00:21,290 Mark Haney: ways. 11 00:00:21,350 --> 00:00:23,143 Mark Haney: And today on the show I have my partners in 12 00:00:23,164 --> 00:00:24,091 Mark Haney: the Growth Factory, rick Spencer, who has 13 00:00:24,111 --> 00:00:24,514 Mark Haney: today on the show. 14 00:00:24,534 --> 00:00:25,340 Mark Haney: I have my partners in the growth factory, 15 00:00:25,720 --> 00:00:27,604 Mark Haney: rick Spencer, who has been on the show 16 00:00:27,644 --> 00:00:30,530 Mark Haney: before, and our newest partner, ali Makani, 17 00:00:31,392 --> 00:00:32,881 Mark Haney: and these guys, well, I'm going to have 18 00:00:32,901 --> 00:00:34,928 Mark Haney: them give a little bit of their background, 19 00:00:34,968 --> 00:00:36,161 Mark Haney: but I'm going to set up the show. 20 00:00:36,361 --> 00:00:37,764 Mark Haney: I think today's show is going to be 21 00:00:38,967 --> 00:00:42,414 Mark Haney: interesting because these two gentlemen are 22 00:00:42,520 --> 00:00:43,062 Mark Haney: brilliant. 23 00:00:43,944 --> 00:00:46,511 Mark Haney: They both come from a tech background, but 24 00:00:46,531 --> 00:00:50,507 Mark Haney: they're also right at the heart of venture 25 00:00:50,527 --> 00:00:52,512 Mark Haney: capital as well, as we build out the growth 26 00:00:52,572 --> 00:00:52,953 Mark Haney: factory. 27 00:00:53,013 --> 00:00:55,908 Mark Haney: So it's an interesting concept to think 28 00:00:55,948 --> 00:00:59,117 Mark Haney: about the overarching economy, where we are 29 00:00:59,258 --> 00:01:01,925 Mark Haney: at as a country and all the different 30 00:01:01,965 --> 00:01:05,695 Mark Haney: things that we are facing, and then where 31 00:01:05,895 --> 00:01:08,622 Mark Haney: is technology and artificial intelligence 32 00:01:08,702 --> 00:01:13,452 Mark Haney: and the amount of productivity that that 33 00:01:13,512 --> 00:01:16,559 Mark Haney: technology brings, and it's the 34 00:01:16,639 --> 00:01:20,407 Mark Haney: intersection for where venture capital fits 35 00:01:20,467 --> 00:01:22,031 Mark Haney: in driving a lot of these solutions. 36 00:01:22,071 --> 00:01:24,043 Mark Haney: So we're going to talk about those three 37 00:01:24,124 --> 00:01:27,024 Mark Haney: subjects today, but before we get into it 38 00:01:27,084 --> 00:01:29,390 Mark Haney: too deep, maybe I'll have Rick why don't 39 00:01:29,410 --> 00:01:30,192 Mark Haney: you introduce yourself? 40 00:01:30,212 --> 00:01:31,624 Mark Haney: And then we'll go to Ali and give you a 41 00:01:31,644 --> 00:01:33,148 Mark Haney: little bit of your backgrounds and then 42 00:01:33,910 --> 00:01:35,602 Mark Haney: I'll sort of try to lead this conversation. 43 00:01:36,083 --> 00:01:36,384 Rick Spencer: Great. 44 00:01:36,424 --> 00:01:37,967 Rick Spencer: Well, it's been a while since I've been on 45 00:01:37,988 --> 00:01:40,801 Rick Spencer: the pod, Excited to be back. 46 00:01:41,262 --> 00:01:42,285 Rick Spencer: As you know, we've been building the 47 00:01:42,325 --> 00:01:45,052 Rick Spencer: backyard and approaching nearly 70 48 00:01:45,112 --> 00:01:47,426 Rick Spencer: companies in the portfolio, seeing exits, 49 00:01:47,486 --> 00:01:50,916 Rick Spencer: seeing great progress, and now we're 50 00:01:51,457 --> 00:01:53,442 Rick Spencer: thinking about our next fund, fund 2. 51 00:01:53,703 --> 00:01:55,267 Rick Spencer: We launched our first fund three and a half 52 00:01:55,327 --> 00:01:55,888 Rick Spencer: years ago. 53 00:01:56,469 --> 00:01:58,033 Rick Spencer: We launched the growth factory. 54 00:01:58,120 --> 00:02:00,488 Rick Spencer: We created it from scratch and it really 55 00:02:00,528 --> 00:02:02,695 Rick Spencer: was about how to build that community, how 56 00:02:02,756 --> 00:02:05,526 Rick Spencer: to bring capital together in this region, 57 00:02:06,260 --> 00:02:08,104 Rick Spencer: and you know, as you mentioned now, this 58 00:02:08,204 --> 00:02:11,071 Rick Spencer: intersection of timing with technology, as 59 00:02:11,111 --> 00:02:12,775 Rick Spencer: well as the culture and the community that 60 00:02:12,795 --> 00:02:14,960 Rick Spencer: we built, really exciting. 61 00:02:15,301 --> 00:02:17,685 Rick Spencer: And so, you know, as the managing partner 62 00:02:17,706 --> 00:02:19,489 Rick Spencer: of the fund, I get to work with these 63 00:02:19,529 --> 00:02:22,181 Rick Spencer: amazing founders day in and day out, and 64 00:02:22,221 --> 00:02:23,824 Rick Spencer: from the beginning, we always said, look, 65 00:02:23,904 --> 00:02:25,086 Rick Spencer: we can't predict the future. 66 00:02:25,527 --> 00:02:27,330 Rick Spencer: The founders predict the future and we have 67 00:02:27,370 --> 00:02:28,392 Rick Spencer: to bet on those founders. 68 00:02:28,973 --> 00:02:32,045 Rick Spencer: And that is proving true, not only prior to 69 00:02:32,065 --> 00:02:34,210 Rick Spencer: this AI boom, but in this AI boom. 70 00:02:34,631 --> 00:02:36,061 Rick Spencer: We're betting on the right founders. 71 00:02:36,442 --> 00:02:38,627 Rick Spencer: They're building the future and to be part 72 00:02:38,668 --> 00:02:40,893 Rick Spencer: of that future is incredibly exciting. 73 00:02:41,301 --> 00:02:43,025 Rick Spencer: And to bring on new partners that can help 74 00:02:43,126 --> 00:02:45,961 Rick Spencer: us see the vision of not only how do we 75 00:02:46,061 --> 00:02:48,225 Rick Spencer: choose those partners, but how do we think 76 00:02:48,767 --> 00:02:51,733 Rick Spencer: as a firm, how do we change ourselves for 77 00:02:51,753 --> 00:02:52,221 Rick Spencer: the future. 78 00:02:52,882 --> 00:02:55,048 Rick Spencer: Yeah, I'm thrilled and I'm pumped and I'm 79 00:02:55,068 --> 00:02:55,589 Rick Spencer: ready to do it. 80 00:02:55,870 --> 00:02:56,852 Mark Haney: Super excited about it. 81 00:02:56,912 --> 00:02:58,283 Mark Haney: So, ali, why don't we have you do your 82 00:02:58,324 --> 00:03:00,773 Mark Haney: background a little bit, and then we'll 83 00:03:00,833 --> 00:03:03,121 Mark Haney: sort of incorporate the three of us into 84 00:03:03,141 --> 00:03:03,843 Mark Haney: this conversation? 85 00:03:04,244 --> 00:03:05,567 Ali Mackani: Well, thank you for having me. 86 00:03:05,908 --> 00:03:07,070 Ali Mackani: It's awesome to be here. 87 00:03:07,130 --> 00:03:10,888 Ali Mackani: I think this is my first actual podcast. 88 00:03:10,948 --> 00:03:11,971 Mark Haney: Oh, let's break you in. 89 00:03:13,162 --> 00:03:13,523 Ali Mackani: There you go. 90 00:03:13,563 --> 00:03:16,410 Ali Mackani: I try not to make too many mistakes or too 91 00:03:16,430 --> 00:03:17,572 Ali Mackani: many predictions. 92 00:03:17,612 --> 00:03:19,943 Ali Mackani: That may not be true down the line, but 93 00:03:20,063 --> 00:03:20,845 Ali Mackani: it's great to be here. 94 00:03:21,025 --> 00:03:23,489 Ali Mackani: I think it's an exciting time in regards to 95 00:03:24,110 --> 00:03:26,794 Ali Mackani: entrepreneurs building and venture 96 00:03:26,834 --> 00:03:27,375 Ali Mackani: investing. 97 00:03:29,404 --> 00:03:31,394 Ali Mackani: So I've been on the other side for a long 98 00:03:31,434 --> 00:03:32,520 Ali Mackani: time as an entrepreneur. 99 00:03:33,322 --> 00:03:36,050 Ali Mackani: I have now six startups that I've been 100 00:03:36,110 --> 00:03:38,563 Ali Mackani: involved in, fortunate enough to go through 101 00:03:38,583 --> 00:03:42,010 Ali Mackani: that experience of up and down of building 102 00:03:42,070 --> 00:03:44,535 Ali Mackani: a company, growing it, learning failing. 103 00:03:49,080 --> 00:03:49,962 Ali Mackani: Up and down of building a company, growing 104 00:03:49,982 --> 00:03:50,363 Ali Mackani: it, learning, failing. 105 00:03:50,383 --> 00:03:51,846 Ali Mackani: But as I reflect back on the companies that 106 00:03:51,866 --> 00:03:53,810 Ali Mackani: I've built in the past and think about how 107 00:03:54,030 --> 00:03:57,583 Ali Mackani: AI could have really changed the trajectory 108 00:03:57,623 --> 00:03:59,445 Ali Mackani: of those companies or how we could have 109 00:03:59,666 --> 00:04:04,173 Ali Mackani: solved problems that we could only do now 110 00:04:04,233 --> 00:04:06,216 Ali Mackani: because of the solutions that are available, 111 00:04:07,438 --> 00:04:10,363 Ali Mackani: and not only, it's a great reflection to go 112 00:04:10,444 --> 00:04:11,286 Ali Mackani: back and think about it. 113 00:04:11,326 --> 00:04:13,792 Ali Mackani: But then you think about what if we could 114 00:04:13,832 --> 00:04:14,241 Ali Mackani: do that? 115 00:04:14,802 --> 00:04:15,724 Ali Mackani: How do we do that? 116 00:04:15,965 --> 00:04:16,987 Ali Mackani: Why would we do it? 117 00:04:17,088 --> 00:04:18,812 Ali Mackani: And I think it's an exciting time to look 118 00:04:18,952 --> 00:04:24,825 Ali Mackani: at how do we invest, how do we be smarter 119 00:04:25,465 --> 00:04:26,787 Ali Mackani: in the investment process? 120 00:04:26,847 --> 00:04:29,329 Ali Mackani: But then, once we do invest, how do we 121 00:04:29,409 --> 00:04:32,111 Ali Mackani: ensure that we're seeing around the corner? 122 00:04:32,411 --> 00:04:34,874 Ali Mackani: How do we see the white space that allows 123 00:04:34,954 --> 00:04:38,917 Ali Mackani: us to help our founders, our builders, to 124 00:04:39,017 --> 00:04:39,297 Ali Mackani: build. 125 00:05:05,180 --> 00:05:05,342 Mark Haney: And you know what the art of investment 126 00:05:05,185 --> 00:05:05,577 Mark Haney: comes with art of pivot. 127 00:05:05,420 --> 00:05:06,365 Mark Haney: How fast can they pivot to get closer to 128 00:05:06,208 --> 00:05:07,628 Mark Haney: what eventually be the product that they 129 00:05:07,471 --> 00:05:08,044 Mark Haney: find the market for it? 130 00:05:07,886 --> 00:05:08,791 Mark Haney: So it's exciting times and I'm proud to be 131 00:05:08,634 --> 00:05:09,036 Mark Haney: part of this team and excited about what 132 00:05:08,879 --> 00:05:09,421 Mark Haney: we're going to build, moving forward as far 133 00:05:09,264 --> 00:05:09,590 Mark Haney: as Fund2 goes. 134 00:05:09,433 --> 00:05:09,935 Mark Haney: So thank you for having me, well welcome, 135 00:05:09,778 --> 00:05:10,100 Mark Haney: and I'm going to set up the conversation 136 00:05:09,943 --> 00:05:11,535 Mark Haney: with my overarching thesis about 137 00:05:11,378 --> 00:05:12,094 Mark Haney: entrepreneurs being the heroes of the 138 00:05:11,937 --> 00:05:12,458 Mark Haney: American economy. 139 00:05:12,478 --> 00:05:14,944 Mark Haney: They solve the world's biggest problems, 140 00:05:14,984 --> 00:05:17,652 Mark Haney: they create opportunity and they figure out 141 00:05:17,692 --> 00:05:18,963 Mark Haney: a way to change the world and they take a 142 00:05:19,003 --> 00:05:21,068 Mark Haney: lot of risk, and so I really have 143 00:05:21,248 --> 00:05:24,865 Mark Haney: entrepreneurs up there on a pedestal as 144 00:05:24,925 --> 00:05:27,082 Mark Haney: somebody that I look up to and I'm really 145 00:05:27,142 --> 00:05:28,728 Mark Haney: inspired to be around entrepreneurs. 146 00:05:28,840 --> 00:05:32,731 Mark Haney: But a lot of that is because of really what 147 00:05:32,771 --> 00:05:35,559 Mark Haney: they're doing for the world and our country 148 00:05:35,599 --> 00:05:39,428 Mark Haney: specifically, and I watch a lot of these TV 149 00:05:39,488 --> 00:05:42,856 Mark Haney: shows around the economy CNBC and there's a 150 00:05:42,956 --> 00:05:47,133 Mark Haney: lot of noise out there and there's so many 151 00:05:47,274 --> 00:05:49,602 Mark Haney: moving parts to what's happening in our 152 00:05:49,663 --> 00:05:53,710 Mark Haney: economy now that it's easy to be frightened. 153 00:05:53,971 --> 00:05:57,363 Mark Haney: Right, you have talk about tariffs, you've 154 00:05:57,403 --> 00:06:00,029 Mark Haney: got inflation and interest rates going up, 155 00:06:00,109 --> 00:06:02,534 Mark Haney: you've got wars, geopolitical unrest, 156 00:06:03,621 --> 00:06:04,766 Mark Haney: people are worried about the strength of 157 00:06:04,786 --> 00:06:05,529 Mark Haney: the consumer. 158 00:06:06,080 --> 00:06:07,904 Mark Haney: And now there's this big, beautiful bill 159 00:06:08,045 --> 00:06:10,431 Mark Haney: that may or may not pass and, you know, are 160 00:06:10,451 --> 00:06:12,844 Mark Haney: the Trump tax cuts going to stay in place, 161 00:06:13,145 --> 00:06:17,496 Mark Haney: and many, many more moving parts to what 162 00:06:17,637 --> 00:06:19,541 Mark Haney: might trigger different things that are 163 00:06:19,561 --> 00:06:20,522 Mark Haney: happening in the economy. 164 00:06:20,562 --> 00:06:25,330 Mark Haney: But I think the overarching issue that the 165 00:06:25,450 --> 00:06:28,715 Mark Haney: US faces is this debt that we're in. 166 00:06:28,960 --> 00:06:33,933 Mark Haney: We have $36 trillion in debt and growing 167 00:06:34,033 --> 00:06:36,318 Mark Haney: $36 trillion plus, and we're adding a 168 00:06:36,379 --> 00:06:39,929 Mark Haney: couple trillion to that every year in 169 00:06:39,969 --> 00:06:42,657 Mark Haney: deficit spending, and it doesn't look like 170 00:06:42,817 --> 00:06:44,476 Mark Haney: we're going to get that under control with 171 00:06:44,388 --> 00:06:44,858 Mark Haney: this new bill. 172 00:06:44,771 --> 00:06:45,164 Mark Haney: And so what are we going to do? 173 00:06:45,076 --> 00:06:45,268 Mark Haney: Like we're going to get that under control 174 00:06:45,181 --> 00:06:47,591 Mark Haney: with this new bill, and so what are we 175 00:06:47,611 --> 00:06:48,152 Mark Haney: going to do? 176 00:06:48,272 --> 00:06:49,914 Mark Haney: We're going to continue to print some money 177 00:06:50,075 --> 00:06:52,323 Mark Haney: and see interest rates tick up is what a 178 00:06:52,363 --> 00:06:55,109 Mark Haney: lot of people predict, and nobody knows the 179 00:06:55,149 --> 00:06:55,991 Mark Haney: future for sure. 180 00:06:56,191 --> 00:06:59,924 Mark Haney: But when I say that entrepreneurs are the 181 00:06:59,964 --> 00:07:02,709 Mark Haney: heroes of the American economy, one of the 182 00:07:02,729 --> 00:07:04,673 Mark Haney: things that they do is they build better 183 00:07:04,713 --> 00:07:08,066 Mark Haney: mousetraps and they drive efficiency. 184 00:07:08,146 --> 00:07:10,933 Mark Haney: So, as we think about you know how we're 185 00:07:10,973 --> 00:07:14,261 Mark Haney: going to, you know, raise more money with 186 00:07:14,281 --> 00:07:15,645 Mark Haney: the federal government through taxes. 187 00:07:16,187 --> 00:07:17,731 Mark Haney: If we're going to keep taxes low, it means 188 00:07:17,751 --> 00:07:19,263 Mark Haney: we're going to have more profits at the 189 00:07:19,303 --> 00:07:21,689 Mark Haney: corporate level and you know, overall we 190 00:07:21,729 --> 00:07:24,341 Mark Haney: have to drive more profits so that we pay a 191 00:07:24,361 --> 00:07:26,562 Mark Haney: little bit more in tax and we can make up 192 00:07:26,623 --> 00:07:29,905 Mark Haney: and maybe get this spending issues under 193 00:07:29,925 --> 00:07:31,786 Mark Haney: control and basically grow our way out of 194 00:07:31,806 --> 00:07:35,949 Mark Haney: this situation that we've got ourselves 195 00:07:37,450 --> 00:07:37,851 Mark Haney: into. 196 00:07:37,891 --> 00:07:42,474 Mark Haney: To get you guys' perspective on that issue, 197 00:07:42,934 --> 00:07:47,638 Mark Haney: am I overstating the possibilities of what 198 00:07:47,760 --> 00:07:49,505 Mark Haney: entrepreneurship is going to be able to do 199 00:07:49,565 --> 00:07:50,207 Mark Haney: for our country? 200 00:07:51,129 --> 00:07:52,460 Rick Spencer: Yeah, I mean I'm going to set this up for 201 00:07:52,500 --> 00:07:53,705 Rick Spencer: Ali a little bit, because he's been 202 00:07:53,766 --> 00:07:57,058 Rick Spencer: thinking deeply about, you know, this idea 203 00:07:57,079 --> 00:08:00,146 Rick Spencer: of venture science and you're exactly right 204 00:08:00,326 --> 00:08:02,851 Rick Spencer: with you know, historically, entrepreneurs 205 00:08:02,891 --> 00:08:04,769 Rick Spencer: being the heroes of the American economy 206 00:08:04,870 --> 00:08:07,043 Rick Spencer: and they will be in the future as well. 207 00:08:08,086 --> 00:08:09,490 Rick Spencer: I think when you talk about, like a better 208 00:08:09,530 --> 00:08:11,442 Rick Spencer: mousetrap, some of that derivative thinking, 209 00:08:11,583 --> 00:08:13,568 Rick Spencer: I think where we're at now and it is easy 210 00:08:13,588 --> 00:08:16,382 Rick Spencer: to get distracted with all the noise of 211 00:08:16,462 --> 00:08:18,867 Rick Spencer: things that are, you know, incrementally 212 00:08:18,907 --> 00:08:21,412 Rick Spencer: changing the economy and, you know, not 213 00:08:21,633 --> 00:08:25,147 Rick Spencer: having the impact that you know AI and 214 00:08:25,187 --> 00:08:28,181 Rick Spencer: technology has the potential to have and so 215 00:08:28,201 --> 00:08:30,366 Rick Spencer: when I think about it, I think, like this 216 00:08:30,647 --> 00:08:33,493 Rick Spencer: moment in time, we're building a new future. 217 00:08:33,980 --> 00:08:35,723 Rick Spencer: It's not derivative thinking, right, and 218 00:08:35,763 --> 00:08:38,708 Rick Spencer: these entrepreneurs have to be trained and 219 00:08:38,748 --> 00:08:40,631 Rick Spencer: have the tools to build that new future, 220 00:08:41,032 --> 00:08:43,041 Rick Spencer: which is not just capital, right, it can't 221 00:08:43,081 --> 00:08:44,927 Rick Spencer: just be the same as before. 222 00:08:45,489 --> 00:08:47,065 Rick Spencer: And I think about this personally a lot too, 223 00:08:47,085 --> 00:08:49,896 Rick Spencer: because I think about my daughter's 14 and 224 00:08:49,937 --> 00:08:52,244 Rick Spencer: I talked she just turned 14 and I say I 225 00:08:52,284 --> 00:08:53,087 Rick Spencer: don't know if you're ever gonna have a 226 00:08:53,127 --> 00:08:54,871 Rick Spencer: driver's license, I don't know if you'll 227 00:08:54,980 --> 00:08:57,666 Rick Spencer: have to have one, right like when that 228 00:08:57,707 --> 00:08:59,130 Rick Spencer: conversation hasn't happened before. 229 00:08:59,190 --> 00:09:00,433 Rick Spencer: Right like I don't know. 230 00:09:00,560 --> 00:09:02,243 Rick Spencer: And your daughter's 14 yeah, she's just 231 00:09:02,283 --> 00:09:03,045 Rick Spencer: yeah, just turned 14. 232 00:09:03,065 --> 00:09:05,289 Mark Haney: I mean, yeah, in four years you know how 233 00:09:05,309 --> 00:09:07,954 Mark Haney: many years before she's got a self-driving 234 00:09:07,974 --> 00:09:10,666 Mark Haney: car In two years maybe we say why do you 235 00:09:10,706 --> 00:09:11,628 Mark Haney: need a driver's license? 236 00:09:11,708 --> 00:09:13,392 Rick Spencer: Don't worry about it, I don't know, right, 237 00:09:13,513 --> 00:09:15,206 Rick Spencer: right, but we've never had that 238 00:09:15,246 --> 00:09:15,788 Rick Spencer: conversation. 239 00:09:15,848 --> 00:09:17,562 Rick Spencer: Right, when I talk about where are we going 240 00:09:17,582 --> 00:09:18,704 Rick Spencer: to need and the things that we think about, 241 00:09:25,100 --> 00:09:27,301 Rick Spencer: I think about her learning experience Will 242 00:09:27,341 --> 00:09:30,201 Rick Spencer: you have teachers or will you be have your 243 00:09:30,482 --> 00:09:31,144 Rick Spencer: own teacher? 244 00:09:31,164 --> 00:09:34,051 Rick Spencer: That is AI that learns you and teaches you. 245 00:09:34,112 --> 00:09:36,307 Rick Spencer: Right, we have not had these conversations 246 00:09:36,367 --> 00:09:40,329 Rick Spencer: before and I share that just because it's 247 00:09:40,470 --> 00:09:41,865 Rick Spencer: easy to tell those personal stories. 248 00:09:42,340 --> 00:09:44,606 Rick Spencer: And then I think about the founders, who 249 00:09:44,646 --> 00:09:46,310 Rick Spencer: we're investing into, who we want to invest 250 00:09:46,330 --> 00:09:47,633 Rick Spencer: into the things that we want to build. 251 00:09:48,381 --> 00:09:50,467 Rick Spencer: And we're not just building more companies, 252 00:09:50,508 --> 00:09:53,302 Rick Spencer: we're building the future, and I think that 253 00:09:53,382 --> 00:09:58,768 Rick Spencer: requires more of a system science 254 00:09:58,968 --> 00:10:02,051 Rick Spencer: methodology that still takes that grit and 255 00:10:02,071 --> 00:10:05,395 Rick Spencer: that passion, that courage, but is not just 256 00:10:05,956 --> 00:10:08,543 Rick Spencer: capital and let's get lucky, right, there 257 00:10:08,603 --> 00:10:10,487 Rick Spencer: is this mashup of building that future. 258 00:10:10,507 --> 00:10:15,141 Rick Spencer: To me, that are these foundation of tools, 259 00:10:15,682 --> 00:10:18,227 Rick Spencer: this foundation of community and this 260 00:10:18,288 --> 00:10:20,712 Rick Spencer: timing that creates that future. 261 00:10:20,753 --> 00:10:22,201 Rick Spencer: And so maybe, ali, you want to share a 262 00:10:22,221 --> 00:10:24,144 Rick Spencer: little bit about how we've been thinking 263 00:10:24,184 --> 00:10:27,990 Rick Spencer: about that and how that helps today. 264 00:10:28,191 --> 00:10:30,114 Rick Spencer: And then, maybe, in five years, what does 265 00:10:30,134 --> 00:10:31,421 Rick Spencer: that look like for entrepreneurs? 266 00:10:32,163 --> 00:10:34,408 Ali Mackani: Yeah, I mean it's kind of interesting 267 00:10:34,448 --> 00:10:37,381 Ali Mackani: listening to the way you explain your 268 00:10:37,502 --> 00:10:40,606 Ali Mackani: daughter's potential for the future, right, 269 00:10:41,187 --> 00:10:43,851 Ali Mackani: and that's you know. 270 00:10:43,891 --> 00:10:47,155 Ali Mackani: You think back or you know when we were 14, 271 00:10:47,175 --> 00:10:49,790 Ali Mackani: like if, imagine you know I was my first 272 00:10:49,811 --> 00:10:51,378 Ali Mackani: year in the United States, or not, like, 273 00:10:51,418 --> 00:10:54,585 Ali Mackani: imagine when you were 14 and what you were 274 00:10:54,645 --> 00:10:55,407 Ali Mackani: doing, right. 275 00:10:55,767 --> 00:10:56,909 Mark Haney: I was driving by the way. 276 00:10:56,949 --> 00:11:03,145 Ali Mackani: That's right, that's right so and and 277 00:11:03,446 --> 00:11:07,331 Ali Mackani: imagine the progress that we lived over the 278 00:11:07,391 --> 00:11:13,102 Ali Mackani: last you know, 35, 40 years, right, and how 279 00:11:15,306 --> 00:11:17,870 Ali Mackani: the last five years have accelerated the 280 00:11:17,970 --> 00:11:18,571 Ali Mackani: change. 281 00:11:18,791 --> 00:11:21,355 Ali Mackani: The multiplier in change has been amazing 282 00:11:22,401 --> 00:11:24,969 Ali Mackani: and I could only imagine what the next five 283 00:11:24,989 --> 00:11:25,831 Ali Mackani: years is gonna look like. 284 00:11:26,300 --> 00:11:29,869 Ali Mackani: You know, you talk about not needing a 285 00:11:29,929 --> 00:11:30,892 Ali Mackani: driver's license. 286 00:11:31,480 --> 00:11:36,325 Ali Mackani: You know I'm going well, she's gonna fly to 287 00:11:36,406 --> 00:11:40,503 Ali Mackani: go to her first day at college in a 288 00:11:41,124 --> 00:11:43,511 Ali Mackani: personal flying vehicle. 289 00:11:48,500 --> 00:11:49,862 Ali Mackani: That's a reality in five years, when she's 290 00:11:49,882 --> 00:11:51,685 Ali Mackani: ready to college, she has that option, 291 00:11:51,725 --> 00:11:52,466 Ali Mackani: right. 292 00:11:52,486 --> 00:11:57,033 Ali Mackani: So when we think about venture and how do 293 00:11:57,073 --> 00:12:00,083 Ali Mackani: we empower these heroes, as you mentioned, 294 00:12:00,264 --> 00:12:03,730 Ali Mackani: as entrepreneurs, they need better tools. 295 00:12:05,213 --> 00:12:08,146 Ali Mackani: We need better tools, which means that we 296 00:12:08,207 --> 00:12:12,947 Ali Mackani: have to be more deliberate on how we source 297 00:12:14,080 --> 00:12:16,247 Ali Mackani: and then, beyond sourcing, how do we 298 00:12:16,348 --> 00:12:19,033 Ali Mackani: actually validate and how do we create 299 00:12:19,174 --> 00:12:21,431 Ali Mackani: opportunities for these entrepreneurs to be 300 00:12:21,512 --> 00:12:24,907 Ali Mackani: able to move faster than the change in 301 00:12:24,947 --> 00:12:25,609 Ali Mackani: technology? 302 00:12:26,000 --> 00:12:27,926 Ali Mackani: Because the multiplier is really hard right 303 00:12:27,966 --> 00:12:28,949 Ali Mackani: now to keep up. 304 00:12:29,700 --> 00:12:34,020 Ali Mackani: So if we decide to invest in something and 305 00:12:34,060 --> 00:12:36,588 Ali Mackani: we predict that in 12 months is gonna do 306 00:12:36,729 --> 00:12:40,669 Ali Mackani: this, we're wrong because the change is 307 00:12:40,810 --> 00:12:42,980 Ali Mackani: faster than what we can predict and in 308 00:12:43,061 --> 00:12:47,772 Ali Mackani: order for us to meet the demand and the 309 00:12:47,852 --> 00:12:50,585 Ali Mackani: change in the industry and support our 310 00:12:50,665 --> 00:12:54,893 Ali Mackani: entrepreneurs, we believe you know that we 311 00:12:54,933 --> 00:12:56,120 Ali Mackani: have to take a different approach. 312 00:12:56,601 --> 00:12:57,421 Ali Mackani: So what is the approach? 313 00:12:57,822 --> 00:12:59,282 Ali Mackani: The first approach is we really have to be 314 00:13:03,345 --> 00:13:04,468 Ali Mackani: testing it differently. 315 00:13:04,829 --> 00:13:07,776 Ali Mackani: We should validate it differently and we 316 00:13:07,816 --> 00:13:11,789 Ali Mackani: should be ready to pivot much faster. 317 00:13:12,711 --> 00:13:15,536 Ali Mackani: And our entrepreneurs need to have that 318 00:13:15,596 --> 00:13:18,747 Ali Mackani: type of a system around them as builders to 319 00:13:18,787 --> 00:13:23,933 Ali Mackani: be able to test, remove the bias and only 320 00:13:23,993 --> 00:13:25,995 Ali Mackani: move forward when you actually have 321 00:13:26,096 --> 00:13:28,659 Ali Mackani: indicators, the signals that are true 322 00:13:28,719 --> 00:13:31,101 Ali Mackani: signals, not gut feel right. 323 00:13:32,046 --> 00:13:34,805 Ali Mackani: So I've been on both sides of this now and 324 00:13:34,966 --> 00:13:37,193 Ali Mackani: as entrepreneurs, we kind of get into this 325 00:13:37,334 --> 00:13:40,466 Ali Mackani: mode of if I just have three more months or 326 00:13:40,506 --> 00:13:43,367 Ali Mackani: if I have one more million, right, but I 327 00:13:43,427 --> 00:13:49,170 Ali Mackani: think on the investor side we're more on. 328 00:13:49,350 --> 00:13:51,876 Ali Mackani: Do I like this founder? 329 00:13:51,976 --> 00:13:53,379 Ali Mackani: Do we think the team is good? 330 00:13:53,845 --> 00:13:55,649 Ali Mackani: You know, I think those are all great and 331 00:13:55,669 --> 00:13:58,396 Ali Mackani: it has worked for the last 30, 40 years. 332 00:13:58,817 --> 00:14:00,708 Ali Mackani: I think things need to change and that's 333 00:14:00,748 --> 00:14:03,454 Ali Mackani: where the venture science as a playbook 334 00:14:04,015 --> 00:14:07,148 Ali Mackani: should become a way for us to at least do a 335 00:14:07,209 --> 00:14:10,336 Ali Mackani: better job of identifying what the problem 336 00:14:10,437 --> 00:14:13,089 Ali Mackani: is, how are we going to solve it and how 337 00:14:13,129 --> 00:14:14,554 Ali Mackani: we're going to truly measure it. 338 00:14:14,734 --> 00:14:16,787 Ali Mackani: So that's kind of the framework of the 339 00:14:16,847 --> 00:14:19,172 Ali Mackani: venture science that I think will allow us 340 00:14:19,332 --> 00:14:25,028 Ali Mackani: to do a much better job, much faster job 341 00:14:25,569 --> 00:14:27,834 Ali Mackani: and hopefully because of that that we are 342 00:14:28,094 --> 00:14:30,659 Ali Mackani: returning a much higher return to our 343 00:14:30,745 --> 00:14:31,670 Ali Mackani: investors, right? 344 00:14:31,690 --> 00:14:33,298 Ali Mackani: So that's kind of how I think about the 345 00:14:33,318 --> 00:14:33,600 Ali Mackani: venture. 346 00:14:33,640 --> 00:14:35,687 Mark Haney: Science will play in a role in what we're 347 00:14:35,728 --> 00:14:37,191 Mark Haney: going to do in the future so, of course, 348 00:14:37,272 --> 00:14:39,537 Mark Haney: venture capital, like every industry, is 349 00:14:39,585 --> 00:14:41,813 Mark Haney: going to be utilizing AI and using 350 00:14:41,873 --> 00:14:43,860 Mark Haney: technology to get better and do it better. 351 00:14:44,663 --> 00:14:45,967 Mark Haney: So let's dive into that in a second. 352 00:14:46,067 --> 00:14:50,397 Mark Haney: But what industries are going to be, I'd 353 00:14:50,437 --> 00:14:51,687 Mark Haney: say, the first adopters? 354 00:14:51,707 --> 00:14:53,311 Mark Haney: You talked a little bit about education, 355 00:14:53,391 --> 00:14:54,554 Mark Haney: transportation. 356 00:14:55,336 --> 00:14:59,595 Mark Haney: Where else are we seeing AI adopted more 357 00:14:59,816 --> 00:15:00,077 Mark Haney: early? 358 00:15:00,117 --> 00:15:01,622 Mark Haney: Because I know we're investing into these 359 00:15:01,662 --> 00:15:04,809 Mark Haney: companies at the startup level and I can 360 00:15:04,869 --> 00:15:07,254 Mark Haney: tell you that I haven't even Googled 361 00:15:07,294 --> 00:15:08,997 Mark Haney: anything in months. 362 00:15:09,297 --> 00:15:09,718 Mark Haney: It's been. 363 00:15:09,838 --> 00:15:12,090 Mark Haney: You know I'm, I'm using uh, you know I'm 364 00:15:12,110 --> 00:15:13,856 Mark Haney: using the chat, gpt or something else. 365 00:15:14,457 --> 00:15:17,607 Mark Haney: So which industries are getting disrupted 366 00:15:17,687 --> 00:15:19,912 Mark Haney: and where do we want to, I guess, be 367 00:15:19,952 --> 00:15:20,373 Mark Haney: focused? 368 00:15:21,034 --> 00:15:23,018 Rick Spencer: Yeah, I think disruption is the key word, 369 00:15:23,105 --> 00:15:23,285 Rick Spencer: right? 370 00:15:23,345 --> 00:15:26,151 Rick Spencer: So I think every industry needs to have an 371 00:15:26,211 --> 00:15:26,932 Rick Spencer: AI strategy. 372 00:15:27,313 --> 00:15:29,817 Rick Spencer: You know, if they don't, they're going to 373 00:15:29,837 --> 00:15:31,566 Rick Spencer: get beat by their competition, right? 374 00:15:31,586 --> 00:15:33,172 Rick Spencer: So it's not optional anymore, it's 375 00:15:33,232 --> 00:15:36,893 Rick Spencer: necessary the ones that can truly be 376 00:15:37,013 --> 00:15:37,695 Rick Spencer: disrupted. 377 00:15:38,590 --> 00:15:40,326 Rick Spencer: We still don't know that yet, but you know 378 00:15:40,546 --> 00:15:43,011 Rick Spencer: some of the early things we see when it 379 00:15:43,031 --> 00:15:45,676 Rick Spencer: comes to life sciences, and you know new 380 00:15:45,756 --> 00:15:47,399 Rick Spencer: medicine for the future, right, like? 381 00:15:47,459 --> 00:15:50,264 Rick Spencer: We have a company called Symphony in our 382 00:15:50,564 --> 00:15:52,438 Rick Spencer: portfolio that's looking to take all this 383 00:15:52,539 --> 00:15:55,092 Rick Spencer: virus data and predict future vaccines, 384 00:15:55,493 --> 00:15:55,654 Rick Spencer: right? 385 00:15:55,745 --> 00:15:57,110 Rick Spencer: So you think about that. 386 00:15:57,170 --> 00:16:00,128 Rick Spencer: That's been reactive Vaccines, the flu 387 00:16:00,169 --> 00:16:01,293 Rick Spencer: vaccine, for example. 388 00:16:01,765 --> 00:16:03,611 Rick Spencer: They wait, they see what the predominant 389 00:16:03,631 --> 00:16:05,296 Rick Spencer: strand is, they develop that. 390 00:16:05,585 --> 00:16:07,092 Rick Spencer: And why do you get one every year? 391 00:16:07,225 --> 00:16:08,645 Rick Spencer: It's because it changes, right. 392 00:16:08,665 --> 00:16:11,831 Rick Spencer: It modifies, it mutates, and so what if you 393 00:16:11,871 --> 00:16:15,778 Rick Spencer: could have a vaccine developing for where 394 00:16:15,839 --> 00:16:17,888 Rick Spencer: you see that the virus is going? 395 00:16:18,449 --> 00:16:21,075 Rick Spencer: So you have the vaccine ready for two years 396 00:16:21,195 --> 00:16:24,068 Rick Spencer: out and as soon as that mutation happens, 397 00:16:24,248 --> 00:16:25,952 Rick Spencer: it's ready, it's in, it's in in. 398 00:16:26,032 --> 00:16:28,297 Rick Spencer: You know inventory if there's a 399 00:16:28,357 --> 00:16:30,128 Rick Spencer: distribution plan, all those things I mean 400 00:16:30,589 --> 00:16:34,098 Rick Spencer: that fundamental change you know would be 401 00:16:34,185 --> 00:16:38,136 Rick Spencer: massive for the economy for the health for 402 00:16:38,176 --> 00:16:41,485 Rick Spencer: the prosperity of the US and I think 403 00:16:41,786 --> 00:16:43,275 Rick Spencer: similarly with even just health care in 404 00:16:43,315 --> 00:16:43,697 Rick Spencer: general. 405 00:16:43,757 --> 00:16:44,119 Rick Spencer: Right, like. 406 00:16:44,702 --> 00:16:45,990 Rick Spencer: Will you have a doctor in the future? 407 00:16:46,010 --> 00:16:46,634 Rick Spencer: Right, will you go to a doctor's? 408 00:16:46,654 --> 00:16:46,735 Rick Spencer: Like. 409 00:16:46,775 --> 00:16:47,520 Rick Spencer: Will you have a doctor in the future? 410 00:16:47,540 --> 00:16:48,987 Rick Spencer: Right, will you go to a doctor's office or 411 00:16:49,047 --> 00:16:51,032 Rick Spencer: will you have your own personal assistant 412 00:16:51,072 --> 00:16:53,458 Rick Spencer: in your pocket and you ask them questions. 413 00:16:54,246 --> 00:16:55,409 Rick Spencer: The tests come to your house. 414 00:16:56,352 --> 00:16:58,679 Rick Spencer: You never go to a doctor's office again. 415 00:16:59,060 --> 00:16:59,381 Rick Spencer: Right, like. 416 00:17:00,123 --> 00:17:01,948 Rick Spencer: Never before have we thought that is 417 00:17:02,028 --> 00:17:03,451 Rick Spencer: possible right. 418 00:17:03,572 --> 00:17:05,997 Rick Spencer: And so some of that is technology, some of 419 00:17:06,017 --> 00:17:08,552 Rick Spencer: that is the disruption of the standard way 420 00:17:08,592 --> 00:17:11,109 Rick Spencer: that businesses work Healthcare is a great 421 00:17:11,149 --> 00:17:13,819 Rick Spencer: example of we have so much infrastructure 422 00:17:13,840 --> 00:17:16,390 Rick Spencer: around medical billing and insurance and 423 00:17:16,891 --> 00:17:19,911 Rick Spencer: all these things, and so that is one of the 424 00:17:19,931 --> 00:17:22,777 Rick Spencer: things I think about, which is which of 425 00:17:22,837 --> 00:17:26,646 Rick Spencer: these industries will drag down the 426 00:17:26,666 --> 00:17:29,894 Rick Spencer: innovation because of the infrastructure 427 00:17:30,075 --> 00:17:32,388 Rick Spencer: and the thinking that they have and the 428 00:17:32,469 --> 00:17:36,680 Rick Spencer: mental model that requires a change okay um, 429 00:17:36,880 --> 00:17:38,585 Rick Spencer: and that same with you can look at military 430 00:17:38,705 --> 00:17:39,387 Rick Spencer: right, like so many. 431 00:17:39,467 --> 00:17:42,353 Rick Spencer: So I don't know what you think, ali, but I 432 00:17:42,393 --> 00:17:44,598 Rick Spencer: always think about, like, where are these 433 00:17:45,126 --> 00:17:45,607 Rick Spencer: industry? 434 00:17:45,727 --> 00:17:47,812 Rick Spencer: You know there's both, I think, a maturity, 435 00:17:47,832 --> 00:17:50,958 Rick Spencer: but also who's going to disrupt, right, 436 00:17:51,065 --> 00:17:51,406 Rick Spencer: like you? 437 00:17:51,447 --> 00:17:54,306 Rick Spencer: Look at Elon Musk, right, and how many 438 00:17:54,346 --> 00:17:55,309 Rick Spencer: things you know. 439 00:17:55,731 --> 00:17:57,115 Rick Spencer: Whether you like him or you're not, you 440 00:17:57,155 --> 00:17:59,510 Rick Spencer: don't, right, like the disruption he has 441 00:17:59,550 --> 00:18:00,012 Rick Spencer: introduced. 442 00:18:00,393 --> 00:18:02,346 Rick Spencer: Spacex is a great example, right, a 443 00:18:02,446 --> 00:18:06,455 Rick Spencer: historically slow, bureaucratic aerospace 444 00:18:06,575 --> 00:18:08,880 Rick Spencer: industry that was mainly government driven, 445 00:18:09,903 --> 00:18:11,988 Rick Spencer: and now the government is relying on his 446 00:18:12,489 --> 00:18:14,914 Rick Spencer: spaceships to manage the international 447 00:18:14,954 --> 00:18:15,476 Rick Spencer: space station. 448 00:18:15,496 --> 00:18:15,636 Rick Spencer: Right? 449 00:18:16,077 --> 00:18:18,410 Rick Spencer: If you would have asked someone at nasa 30 450 00:18:18,450 --> 00:18:20,635 Rick Spencer: years ago, do you think a private company 451 00:18:20,655 --> 00:18:23,408 Rick Spencer: can come in and build a spaceship in a way 452 00:18:23,428 --> 00:18:25,833 Rick Spencer: that's reliable and that we would use to 453 00:18:25,994 --> 00:18:26,915 Rick Spencer: operate our in-house? 454 00:18:27,537 --> 00:18:29,587 Rick Spencer: Everyone would have said no, no way, never 455 00:18:29,668 --> 00:18:30,349 Rick Spencer: gonna happen. 456 00:18:30,489 --> 00:18:30,690 Rick Spencer: Right? 457 00:18:31,331 --> 00:18:32,774 Rick Spencer: So you know that's. 458 00:18:32,834 --> 00:18:34,698 Rick Spencer: A big part of it is that you either have a 459 00:18:34,805 --> 00:18:38,172 Rick Spencer: disruptor that you know has the ability to 460 00:18:38,352 --> 00:18:40,937 Rick Spencer: change an industry, um, or you have 461 00:18:41,097 --> 00:18:43,268 Rick Spencer: industries that are maturing and are more 462 00:18:43,368 --> 00:18:45,993 Rick Spencer: ready for change okay, wally, you want to 463 00:18:46,014 --> 00:18:46,294 Rick Spencer: comment? 464 00:18:46,515 --> 00:18:49,408 Ali Mackani: I would say that I mean, we don't know how 465 00:18:49,549 --> 00:18:50,492 Ali Mackani: AI is gonna change. 466 00:18:51,005 --> 00:18:53,493 Ali Mackani: I think there's a lot of opinions and we 467 00:18:53,533 --> 00:18:53,854 Ali Mackani: see it. 468 00:18:56,265 --> 00:18:59,335 Ali Mackani: We have now, in just less than 18 months, 469 00:18:59,725 --> 00:19:01,872 Ali Mackani: for most people, their vocabulary has 470 00:19:01,952 --> 00:19:02,354 Ali Mackani: changed. 471 00:19:04,085 --> 00:19:08,251 Ali Mackani: How we conduct our family business around, 472 00:19:08,832 --> 00:19:10,014 Ali Mackani: ai has changed. 473 00:19:10,034 --> 00:19:12,277 Ali Mackani: You know how AI has changed how we manage 474 00:19:12,318 --> 00:19:14,260 Ali Mackani: our family dealings. 475 00:19:14,846 --> 00:19:19,032 Ali Mackani: So I think we're in a kind of a time 476 00:19:19,092 --> 00:19:23,578 Ali Mackani: capsule that it's going to be interesting 477 00:19:23,779 --> 00:19:24,980 Ali Mackani: to look back. 478 00:19:25,105 --> 00:19:27,095 Ali Mackani: And you know, for me, the sad part about 479 00:19:27,135 --> 00:19:29,285 Ali Mackani: this is well, the great part is I'm living 480 00:19:29,405 --> 00:19:29,886 Ali Mackani: in it, right? 481 00:19:29,906 --> 00:19:32,372 Ali Mackani: The sad part is that will I be here 50 482 00:19:32,412 --> 00:19:34,678 Ali Mackani: years from now to reflect back, to go? 483 00:19:34,845 --> 00:19:36,647 Ali Mackani: We were in that time, right? 484 00:19:37,949 --> 00:19:46,459 Ali Mackani: So I think that we are in a crossroad of 485 00:19:46,800 --> 00:19:51,188 Ali Mackani: technology impacting humanity like no other 486 00:19:52,031 --> 00:19:54,468 Ali Mackani: technology change in the history of 487 00:19:54,830 --> 00:19:55,753 Ali Mackani: humanity, right? 488 00:19:56,485 --> 00:20:03,362 Ali Mackani: So I believe that we will see significant 489 00:20:03,423 --> 00:20:05,349 Ali Mackani: changes when we're thinking about 490 00:20:05,389 --> 00:20:06,131 Ali Mackani: productivity. 491 00:20:07,265 --> 00:20:10,255 Ali Mackani: I believe AI will change how we experience 492 00:20:10,315 --> 00:20:10,535 Ali Mackani: things. 493 00:20:10,806 --> 00:20:11,508 Ali Mackani: You mentioned it. 494 00:20:11,589 --> 00:20:14,278 Ali Mackani: I haven't Googled in, you know, but I'm 495 00:20:14,338 --> 00:20:16,425 Ali Mackani: like AI is going to make you do things that 496 00:20:16,606 --> 00:20:18,350 Ali Mackani: you're like, oh my God, what do you mean? 497 00:20:18,490 --> 00:20:20,435 Ali Mackani: I don't have to do that anymore, right? 498 00:20:20,755 --> 00:20:23,610 Ali Mackani: So I think it's really going to change how 499 00:20:24,934 --> 00:20:25,896 Ali Mackani: we operate. 500 00:20:26,157 --> 00:20:29,246 Ali Mackani: So I can't tell you this is the industry or 501 00:20:29,266 --> 00:20:30,913 Ali Mackani: this is how it's going to really change, 502 00:20:31,628 --> 00:20:32,973 Ali Mackani: because it's going to change everything. 503 00:20:34,426 --> 00:20:39,357 Ali Mackani: I imagine how we watch TV in a few years is 504 00:20:39,377 --> 00:20:40,058 Ali Mackani: going to be changed. 505 00:20:40,386 --> 00:20:41,901 Ali Mackani: We're not going to be bound to a screen 506 00:20:41,961 --> 00:20:44,514 Ali Mackani: anymore, because AI is going to enable us 507 00:20:44,554 --> 00:20:49,691 Ali Mackani: to have experiences in ways that we could 508 00:20:49,731 --> 00:20:52,778 Ali Mackani: only imagine or we thought in movies that 509 00:20:53,039 --> 00:20:55,385 Ali Mackani: those would never be a reality in our time 510 00:20:55,405 --> 00:20:55,505 Ali Mackani: frame. 511 00:20:56,026 --> 00:20:58,288 Ali Mackani: So we're going to see a lot of change and 512 00:20:58,909 --> 00:21:01,792 Ali Mackani: we just have to be open to it and 513 00:21:01,812 --> 00:21:04,935 Ali Mackani: experience, experiment and experience it, 514 00:21:04,955 --> 00:21:06,737 Ali Mackani: experience, experiment and experience it. 515 00:21:07,238 --> 00:21:10,561 Mark Haney: I feel like we're seeing like centuries of, 516 00:21:15,985 --> 00:21:17,107 Mark Haney: or about to see centuries of technological 517 00:21:17,127 --> 00:21:17,969 Mark Haney: improvement in decades. 518 00:21:17,989 --> 00:21:18,751 Mark Haney: Right, it's just happening so fast. 519 00:21:18,771 --> 00:21:19,452 Mark Haney: Just an incredible. 520 00:21:19,512 --> 00:21:21,937 Mark Haney: I'm excited to be alive right now and 521 00:21:21,977 --> 00:21:25,875 Mark Haney: excited to be, I guess, at the heartbeat of 522 00:21:26,096 --> 00:21:27,561 Mark Haney: where a lot of this stuff is happening, be 523 00:21:27,601 --> 00:21:29,868 Mark Haney: around these startups and around the 524 00:21:29,908 --> 00:21:30,510 Mark Haney: technology. 525 00:21:30,570 --> 00:21:33,238 Mark Haney: As a non-tech guy, it's really interesting 526 00:21:33,258 --> 00:21:37,288 Mark Haney: to be up close and personal with a lot of 527 00:21:37,308 --> 00:21:39,973 Mark Haney: these companies, but one of the things that 528 00:21:40,635 --> 00:21:42,765 Mark Haney: we're seeing in real time with a lot of 529 00:21:42,785 --> 00:21:45,991 Mark Haney: companies is people are using AI to augment 530 00:21:46,011 --> 00:21:46,813 Mark Haney: their workforce. 531 00:21:47,293 --> 00:21:50,039 Mark Haney: I haven't seen it really replacing a lot of 532 00:21:50,139 --> 00:21:53,453 Mark Haney: jobs yet or eliminating a lot of jobs, even 533 00:21:53,473 --> 00:21:54,636 Mark Haney: though there's a lot of people that fear 534 00:21:54,656 --> 00:21:55,326 Mark Haney: that that's coming. 535 00:21:55,386 --> 00:21:59,473 Mark Haney: But how would you envision companies 536 00:21:59,513 --> 00:22:03,580 Mark Haney: becoming more productive because they have 537 00:22:03,846 --> 00:22:07,937 Mark Haney: AI agents or AI agents managing AI agents 538 00:22:07,977 --> 00:22:10,565 Mark Haney: and swarms of agents really driving things 539 00:22:10,705 --> 00:22:13,015 Mark Haney: that really maybe changing the way we do a 540 00:22:13,035 --> 00:22:14,079 Mark Haney: call center or changed? 541 00:22:14,460 --> 00:22:18,110 Mark Haney: I heard Amazon is spending $200 billion on 542 00:22:18,550 --> 00:22:21,195 Mark Haney: AI for their logistics and factories, so 543 00:22:21,857 --> 00:22:24,149 Mark Haney: it's like wow, the investment is coming at 544 00:22:24,169 --> 00:22:26,259 Mark Haney: the big company level and a lot of these 545 00:22:26,280 --> 00:22:28,108 Mark Haney: small companies are at the heart of the 546 00:22:28,148 --> 00:22:28,590 Mark Haney: innovation. 547 00:22:28,932 --> 00:22:29,213 Mark Haney: Yeah. 548 00:22:29,626 --> 00:22:31,473 Rick Spencer: We have a company, our portfolio, called 549 00:22:31,513 --> 00:22:34,833 Rick Spencer: Hulu, and so they deploy AI agents to do 550 00:22:34,913 --> 00:22:37,828 Rick Spencer: mundane, repeatable tasks, and this is, you 551 00:22:37,848 --> 00:22:39,052 Rick Spencer: know, one of the core things that their 552 00:22:39,093 --> 00:22:39,875 Rick Spencer: customers reveal. 553 00:22:40,065 --> 00:22:42,052 Rick Spencer: So, like they're having a lot of progress 554 00:22:42,072 --> 00:22:46,289 Rick Spencer: with banks and you know, banks are 555 00:22:46,349 --> 00:22:47,951 Rick Spencer: notorious for not being innovative right, 556 00:22:47,991 --> 00:22:50,935 Rick Spencer: there's a lot of just moving around paper 557 00:22:51,516 --> 00:22:53,960 Rick Spencer: and moving around data, not actually 558 00:22:54,020 --> 00:22:56,369 Rick Spencer: driving value, and so you think of a bank 559 00:22:56,410 --> 00:22:57,734 Rick Spencer: that wants to have better relationships 560 00:22:57,754 --> 00:22:58,356 Rick Spencer: with their clients. 561 00:22:58,405 --> 00:23:00,325 Rick Spencer: They want to know their clients more, they 562 00:23:00,346 --> 00:23:02,413 Rick Spencer: want to have used data and have better 563 00:23:02,453 --> 00:23:03,035 Rick Spencer: intelligence. 564 00:23:03,486 --> 00:23:06,911 Rick Spencer: So now you can take that person who 50% of 565 00:23:06,931 --> 00:23:09,816 Rick Spencer: their job is just emailing PDFs and 566 00:23:09,836 --> 00:23:11,739 Rick Spencer: tracking PDFs right. 567 00:23:11,759 --> 00:23:14,369 Rick Spencer: Like that exists, and if you can change 568 00:23:14,429 --> 00:23:16,373 Rick Spencer: that to an AI agent and that person, now 569 00:23:16,393 --> 00:23:18,817 Rick Spencer: you can say call the customer and figure 570 00:23:18,837 --> 00:23:21,228 Rick Spencer: out their pain points, go, research this 571 00:23:21,328 --> 00:23:23,834 Rick Spencer: and use that data to inform our customers 572 00:23:24,134 --> 00:23:25,878 Rick Spencer: so they can build better businesses, right? 573 00:23:26,386 --> 00:23:29,275 Rick Spencer: So that's a very simple example of a bank 574 00:23:30,107 --> 00:23:33,233 Rick Spencer: that can improve their deposits the same 575 00:23:33,313 --> 00:23:36,059 Rick Spencer: personnel, but their business changes. 576 00:23:36,099 --> 00:23:37,970 Rick Spencer: They improve their deposits, they have 577 00:23:38,471 --> 00:23:40,236 Rick Spencer: longer relationships with their customers. 578 00:23:40,356 --> 00:23:44,190 Rick Spencer: Right, I mean meaningful change applying AI. 579 00:23:44,591 --> 00:23:46,534 Rick Spencer: And I think those are the examples where 580 00:23:47,075 --> 00:23:48,177 Rick Spencer: it's everyone. 581 00:23:49,058 --> 00:23:52,231 Rick Spencer: Most people worry about oh, if that task is 582 00:23:52,271 --> 00:23:54,679 Rick Spencer: eliminated, that person is eliminated, and 583 00:23:54,760 --> 00:23:56,966 Rick Spencer: not about what does that person learn to do 584 00:23:57,026 --> 00:23:57,347 Rick Spencer: next? 585 00:23:57,788 --> 00:24:00,713 Rick Spencer: Right, we stop and say this is going away. 586 00:24:00,994 --> 00:24:03,759 Rick Spencer: We don't say and what do they do next? 587 00:24:04,345 --> 00:24:05,849 Rick Spencer: And that's where we have to be thinking, 588 00:24:06,751 --> 00:24:09,878 Rick Spencer: not only as companies responding to AI, but 589 00:24:09,958 --> 00:24:12,269 Rick Spencer: as entrepreneurs what do we do next? 590 00:24:13,392 --> 00:24:14,113 Rick Spencer: What do we do next? 591 00:24:14,173 --> 00:24:17,426 Rick Spencer: And so that's why I think we have to, even 592 00:24:17,446 --> 00:24:19,414 Rick Spencer: with entrepreneurs, get them to think 593 00:24:19,495 --> 00:24:21,363 Rick Spencer: differently, because traditionally, 594 00:24:21,423 --> 00:24:24,050 Rick Spencer: entrepreneurs have been saying, oh, I found 595 00:24:24,091 --> 00:24:26,376 Rick Spencer: a problem, let me build a solution, but is 596 00:24:26,396 --> 00:24:27,198 Rick Spencer: that solution? 597 00:24:27,745 --> 00:24:31,166 Rick Spencer: You know, ai is moving so quickly, we don't 598 00:24:31,206 --> 00:24:32,945 Rick Spencer: know if that solution is gonna be viable in 599 00:24:32,985 --> 00:24:35,325 Rick Spencer: three months, six months, nine months, and 600 00:24:35,406 --> 00:24:37,132 Rick Spencer: so you know that's a really, I think, 601 00:24:37,625 --> 00:24:39,572 Rick Spencer: important mindset, not only for companies 602 00:24:40,085 --> 00:24:40,768 Rick Spencer: but for entrepreneurs. 603 00:24:42,466 --> 00:24:45,314 Ali Mackani: I would say venture has to change how it 604 00:24:45,354 --> 00:24:46,416 Ali Mackani: thinks as well. 605 00:24:47,185 --> 00:24:50,333 Ali Mackani: If we're seeing founders and startups 606 00:24:50,915 --> 00:24:54,431 Ali Mackani: accelerate how they built and we demand 607 00:24:54,472 --> 00:24:58,011 Ali Mackani: them to go faster because AI right. 608 00:24:58,386 --> 00:25:00,754 Ali Mackani: If we think about the narrative of how AI 609 00:25:01,225 --> 00:25:03,647 Ali Mackani: has played in a venture role, we're putting 610 00:25:03,727 --> 00:25:06,455 Ali Mackani: these pressure on our founders that says, 611 00:25:07,086 --> 00:25:09,843 Ali Mackani: oh, two founders and AI should build a 612 00:25:09,884 --> 00:25:11,527 Ali Mackani: billion dollar company in 12 months. 613 00:25:13,010 --> 00:25:18,098 Ali Mackani: So if that's the kind of North Star that 614 00:25:18,118 --> 00:25:20,809 Ali Mackani: we're setting up for what the future AI and 615 00:25:20,869 --> 00:25:23,775 Ali Mackani: startups going to be, how is venture 616 00:25:23,895 --> 00:25:29,465 Ali Mackani: thinking about keeping up with that venture? 617 00:25:29,485 --> 00:25:30,267 Ali Mackani: Thinking about keeping up with that? 618 00:25:30,287 --> 00:25:30,387 Ali Mackani: Right? 619 00:25:30,407 --> 00:25:31,349 Ali Mackani: How's venture looking at AI to say how am I 620 00:25:31,389 --> 00:25:32,351 Ali Mackani: going to run my business? 621 00:25:32,372 --> 00:25:34,276 Ali Mackani: Not investment, yeah, we have to invest in 622 00:25:34,296 --> 00:25:37,187 Ali Mackani: it, but how do we run our business, the 623 00:25:37,547 --> 00:25:40,010 Ali Mackani: business of venture, the principal 624 00:25:40,190 --> 00:25:44,535 Ali Mackani: operating system of venture that AI allows 625 00:25:44,675 --> 00:25:46,176 Ali Mackani: us to accelerate. 626 00:25:47,097 --> 00:25:51,587 Ali Mackani: When founders now building product using 627 00:25:52,409 --> 00:25:56,716 Ali Mackani: these vibe coding systems and AI driven 628 00:25:56,756 --> 00:25:59,189 Ali Mackani: solution, how are we going to do the 629 00:25:59,249 --> 00:26:00,153 Ali Mackani: diligence on that? 630 00:26:00,765 --> 00:26:03,967 Ali Mackani: How is venture going to come up with 631 00:26:04,028 --> 00:26:04,868 Ali Mackani: solutions? 632 00:26:05,148 --> 00:26:09,091 Ali Mackani: To start thinking about AI-built solution 633 00:26:09,271 --> 00:26:10,472 Ali Mackani: and validation of that? 634 00:26:10,692 --> 00:26:13,214 Ali Mackani: Not only should, but how can it change the 635 00:26:13,233 --> 00:26:15,535 Ali Mackani: trajectory of our success by having it at 636 00:26:15,555 --> 00:26:29,790 Ali Mackani: the fabric level of our operation? 637 00:26:29,910 --> 00:26:33,520 Ali Mackani: Right, and that's how I think about AI will 638 00:26:33,560 --> 00:26:36,708 Ali Mackani: impacting us, enabling our entrepreneurs 639 00:26:36,748 --> 00:26:37,209 Ali Mackani: moving forward. 640 00:26:37,310 --> 00:26:37,791 Mark Haney: Interesting. 641 00:26:37,871 --> 00:26:40,847 Mark Haney: So, as I think about us, we're building the 642 00:26:40,887 --> 00:26:42,690 Mark Haney: backyard advantage right the most connected 643 00:26:42,730 --> 00:26:45,295 Mark Haney: community in the world centered around this 644 00:26:45,335 --> 00:26:46,197 Mark Haney: culture of love. 645 00:26:46,237 --> 00:26:47,706 Mark Haney: I talk about it all the time, but a lot of 646 00:26:47,746 --> 00:26:48,950 Mark Haney: that is engineering wins. 647 00:26:48,990 --> 00:26:52,703 Mark Haney: So we make helpful connections, meaningful 648 00:26:52,783 --> 00:26:55,849 Mark Haney: connections, to drive positive outcomes. 649 00:26:55,909 --> 00:26:59,133 Mark Haney: We help people get to third base a lot. 650 00:26:59,514 --> 00:27:02,839 Mark Haney: You, rick both of you do a tremendous job 651 00:27:03,079 --> 00:27:06,424 Mark Haney: of bringing people together to solve 652 00:27:06,504 --> 00:27:08,229 Mark Haney: problems through introductions. 653 00:27:09,833 --> 00:27:12,642 Mark Haney: So now my question of us is how do we use 654 00:27:12,662 --> 00:27:15,771 Mark Haney: AI and technology to be a force multiplier 655 00:27:15,811 --> 00:27:17,616 Mark Haney: for this tribe that we built? 656 00:27:19,126 --> 00:27:20,931 Rick Spencer: Yeah, I think it goes back to some of the 657 00:27:20,951 --> 00:27:22,275 Rick Spencer: things I was saying about preparing the 658 00:27:22,355 --> 00:27:24,366 Rick Spencer: entrepreneurs, right, and so one of the 659 00:27:24,406 --> 00:27:25,667 Rick Spencer: things that we do well with this 660 00:27:25,707 --> 00:27:27,849 Rick Spencer: engineering of wins is, you know, it's not 661 00:27:27,889 --> 00:27:30,571 Rick Spencer: just, oh, let me email this person and 662 00:27:30,611 --> 00:27:31,272 Rick Spencer: connect them. 663 00:27:31,973 --> 00:27:33,814 Rick Spencer: It's no having a conversation with the 664 00:27:33,854 --> 00:27:35,416 Rick Spencer: founder saying, let me educate you on who 665 00:27:35,436 --> 00:27:37,077 Rick Spencer: this person is, let me give you the 666 00:27:37,137 --> 00:27:38,378 Rick Spencer: questions that you need to ask. 667 00:27:38,979 --> 00:27:41,180 Rick Spencer: Let's talk about your objectives, right, 668 00:27:41,541 --> 00:27:43,686 Rick Spencer: and so there's a lot the way that we do it. 669 00:27:43,786 --> 00:27:46,233 Rick Spencer: There's a lot more that goes into just, you 670 00:27:46,273 --> 00:27:48,528 Rick Spencer: know, giving someone a business card, right, 671 00:27:49,009 --> 00:27:51,919 Rick Spencer: and AI will only help us do that more where 672 00:27:51,959 --> 00:27:54,207 Rick Spencer: we can say, look, you know, these are the 673 00:27:54,287 --> 00:27:54,708 Rick Spencer: prompts. 674 00:27:54,728 --> 00:27:56,372 Rick Spencer: You need to go, use our engine. 675 00:27:56,753 --> 00:27:58,426 Rick Spencer: You need to create the report that you're 676 00:27:58,446 --> 00:27:58,968 Rick Spencer: gonna use for that meeting. 677 00:27:58,988 --> 00:27:59,691 Rick Spencer: You're going to need to set up your 678 00:27:59,711 --> 00:28:00,032 Rick Spencer: objectives, right. 679 00:28:00,052 --> 00:28:00,775 Rick Spencer: I mean, this is like where it changes 680 00:28:00,795 --> 00:28:01,619 Rick Spencer: everything is that it's that you're going 681 00:28:01,639 --> 00:28:02,100 Rick Spencer: to use for that meeting. 682 00:28:02,120 --> 00:28:02,823 Rick Spencer: You're going to need to set up your 683 00:28:02,843 --> 00:28:03,185 Rick Spencer: objectives, right. 684 00:28:03,205 --> 00:28:05,931 Rick Spencer: I mean, this is like where it changes 685 00:28:06,011 --> 00:28:08,497 Rick Spencer: everything is that it's not cold calling, 686 00:28:08,517 --> 00:28:09,707 Rick Spencer: where you're like, hey, let me just keep 687 00:28:09,747 --> 00:28:12,093 Rick Spencer: dialing and hopefully I get lucky right, 688 00:28:12,233 --> 00:28:14,407 Rick Spencer: and yeah, I have a script, but a lot of 689 00:28:14,447 --> 00:28:16,452 Rick Spencer: this is did I catch this person in the 690 00:28:16,472 --> 00:28:16,993 Rick Spencer: right mood? 691 00:28:17,374 --> 00:28:18,717 Rick Spencer: You know all those things. 692 00:28:18,777 --> 00:28:21,379 Rick Spencer: It's like no, the level of planning and 693 00:28:21,419 --> 00:28:22,760 Rick Spencer: preparedness that you can have. 694 00:28:22,800 --> 00:28:24,240 Rick Spencer: I mean, think of like an athlete, right? 695 00:28:24,700 --> 00:28:27,922 Rick Spencer: I mean now athletics has changed so much 696 00:28:27,942 --> 00:28:29,282 Rick Spencer: with the data that you have and how 697 00:28:29,362 --> 00:28:31,383 Rick Spencer: athletes prepare, entrepreneurs have to 698 00:28:31,403 --> 00:28:34,451 Rick Spencer: prepare the same way, and so, as we think 699 00:28:34,471 --> 00:28:36,097 Rick Spencer: about our future and what we're building, 700 00:28:36,157 --> 00:28:38,305 Rick Spencer: it's like how do we educate the 701 00:28:38,365 --> 00:28:40,931 Rick Spencer: entrepreneurs, prepare the entrepreneurs 702 00:28:41,393 --> 00:28:43,678 Rick Spencer: and give the entrepreneurs the best chance 703 00:28:43,698 --> 00:28:44,386 Rick Spencer: of succeeding? 704 00:28:44,868 --> 00:28:46,191 Rick Spencer: And when we talk about de-risking in 705 00:28:46,211 --> 00:28:48,377 Rick Spencer: venture, yeah, how do we reduce that risk? 706 00:28:48,397 --> 00:28:50,690 Rick Spencer: Where it's like, oh, don't just call on. 707 00:28:50,850 --> 00:28:53,315 Rick Spencer: You know SMUD, you know you need to be 708 00:28:53,415 --> 00:28:56,028 Rick Spencer: prepared for that meeting and this is how 709 00:28:56,068 --> 00:28:58,053 Rick Spencer: you prepare, yeah, and not only for the 710 00:28:58,094 --> 00:29:00,068 Rick Spencer: first meeting, but every you know 711 00:29:00,088 --> 00:29:01,233 Rick Spencer: subsequent meeting and and and getting the 712 00:29:01,253 --> 00:29:01,534 Rick Spencer: contract right. 713 00:29:01,554 --> 00:29:02,357 Rick Spencer: Every you know subsequent meeting and 714 00:29:02,397 --> 00:29:05,006 Rick Spencer: getting the contract right and you know, 715 00:29:05,368 --> 00:29:07,534 Rick Spencer: using the right way to deploy, right, like 716 00:29:07,574 --> 00:29:08,236 Rick Spencer: the whole plan. 717 00:29:08,725 --> 00:29:09,469 Mark Haney: Yeah, I think about you. 718 00:29:09,690 --> 00:29:11,619 Mark Haney: The word data has come up a couple of times 719 00:29:11,679 --> 00:29:12,825 Mark Haney: already in this conversation. 720 00:29:12,925 --> 00:29:14,472 Mark Haney: I think you talked about it with the 721 00:29:14,512 --> 00:29:17,384 Mark Haney: vaccine company, you talked about it with 722 00:29:17,504 --> 00:29:19,887 Mark Haney: you know just now, and I think about these 723 00:29:20,047 --> 00:29:23,129 Mark Haney: pockets of data that are, I guess, 724 00:29:23,170 --> 00:29:24,531 Mark Haney: proprietary in nature. 725 00:29:24,551 --> 00:29:26,132 Mark Haney: And then there's obviously the data that's 726 00:29:26,212 --> 00:29:28,014 Mark Haney: out there, that's available to everybody. 727 00:29:28,594 --> 00:29:31,997 Mark Haney: But identifying those pockets of data that 728 00:29:32,778 --> 00:29:35,420 Mark Haney: we have unique access to or somebody has 729 00:29:35,500 --> 00:29:37,682 Mark Haney: unique access to, and how to bring that 730 00:29:37,702 --> 00:29:45,806 Mark Haney: together for a solution, solution yeah, I 731 00:29:45,826 --> 00:29:46,749 Mark Haney: mean, I think you're hitting the nail right 732 00:29:46,769 --> 00:29:47,692 Mark Haney: on the head is that it's about that data, 733 00:29:47,732 --> 00:29:48,273 Mark Haney: that information, right? 734 00:29:48,293 --> 00:29:51,282 Ali Mackani: So when we think about how are we going to 735 00:29:51,362 --> 00:29:56,012 Ali Mackani: leverage AI as part of our operation, we 736 00:29:56,052 --> 00:29:57,955 Ali Mackani: think about it you know, we call it 737 00:29:58,035 --> 00:30:01,930 Ali Mackani: VentureOS and it's about how we 738 00:30:02,051 --> 00:30:05,162 Ali Mackani: systematically understand every interaction. 739 00:30:05,503 --> 00:30:08,572 Ali Mackani: To me, every interaction is a data, and how 740 00:30:08,592 --> 00:30:11,519 Ali Mackani: do we capture that, how do we analyze it, 741 00:30:11,960 --> 00:30:14,728 Ali Mackani: how do we create the patterns out of it and 742 00:30:14,768 --> 00:30:16,955 Ali Mackani: how do we make it part of our decision 743 00:30:17,016 --> 00:30:17,317 Ali Mackani: making? 744 00:30:17,838 --> 00:30:20,189 Ali Mackani: I think, when you think about venture and 745 00:30:20,349 --> 00:30:22,496 Ali Mackani: as you put it, Rick, how are we going to 746 00:30:22,797 --> 00:30:25,766 Ali Mackani: prepare our founders to take advantage of 747 00:30:25,846 --> 00:30:28,492 Ali Mackani: every opportunity and it's not just a 748 00:30:28,572 --> 00:30:31,358 Ali Mackani: business card, but it is a plan we have to 749 00:30:31,398 --> 00:30:33,870 Ali Mackani: have a system that allows to do that. 750 00:30:34,391 --> 00:30:36,957 Ali Mackani: We're not talking about AI as a tool. 751 00:30:37,037 --> 00:30:39,710 Ali Mackani: We're not talking about uploading a deck in 752 00:30:39,731 --> 00:30:43,342 Ali Mackani: ChatGTP and say what should I do with this? 753 00:30:43,382 --> 00:30:43,542 Ali Mackani: Right? 754 00:30:43,984 --> 00:30:46,050 Ali Mackani: We're talking about that the fabric of 755 00:30:46,090 --> 00:30:49,259 Ali Mackani: understanding data from not only the 756 00:30:49,420 --> 00:30:52,268 Ali Mackani: ingestion part of it, but the extraction, 757 00:30:52,750 --> 00:30:56,100 Ali Mackani: to be able to have the truth of the matter 758 00:30:56,160 --> 00:30:58,046 Ali Mackani: that you it's in front of you that you need 759 00:30:58,066 --> 00:30:59,429 Ali Mackani: to make a decision, right? 760 00:31:00,010 --> 00:31:03,819 Ali Mackani: I think, in a traditional way of venture. 761 00:31:03,939 --> 00:31:07,827 Ali Mackani: We rely on CRMs and Excel spreadsheets and 762 00:31:09,009 --> 00:31:13,556 Ali Mackani: the general partner's memory and their past 763 00:31:13,596 --> 00:31:14,537 Ali Mackani: success right. 764 00:31:15,759 --> 00:31:19,289 Ali Mackani: I think, as we're accelerating, we need to 765 00:31:19,510 --> 00:31:23,897 Ali Mackani: augment all that with data, which is facts, 766 00:31:24,818 --> 00:31:29,446 Ali Mackani: truth, predictions, modeling and be able to 767 00:31:29,646 --> 00:31:32,992 Ali Mackani: understand the opportunities much faster 768 00:31:33,132 --> 00:31:35,857 Ali Mackani: and at a much greater depth and levels. 769 00:31:36,198 --> 00:31:39,850 Ali Mackani: And that's where our philosophy around how 770 00:31:39,890 --> 00:31:42,916 Ali Mackani: do we run our business on AI and how do we 771 00:31:42,956 --> 00:31:46,690 Ali Mackani: have an OS that helps us to ensure that not 772 00:31:46,750 --> 00:31:49,015 Ali Mackani: only we understand the opportunities that's 773 00:31:49,056 --> 00:31:52,730 Ali Mackani: in front of us and the growth trajectory 774 00:31:52,750 --> 00:31:56,376 Ali Mackani: that it could have, but all the other 775 00:31:56,456 --> 00:31:58,720 Ali Mackani: things that we decided to pass on? 776 00:32:00,886 --> 00:32:01,769 Ali Mackani: Where are they now? 777 00:32:02,672 --> 00:32:03,977 Ali Mackani: Why did we pass on them? 778 00:32:04,238 --> 00:32:05,462 Ali Mackani: How do we learn from that? 779 00:32:05,582 --> 00:32:08,509 Ali Mackani: So next time we're trying to invest, we had 780 00:32:08,849 --> 00:32:11,975 Ali Mackani: good enough loopback feed from our 781 00:32:12,657 --> 00:32:14,926 Ali Mackani: activities, our investments, our founders, 782 00:32:15,006 --> 00:32:17,952 Ali Mackani: their pivots, their opportunities to learn 783 00:32:18,393 --> 00:32:21,786 Ali Mackani: faster and better in how we do our job next 784 00:32:21,846 --> 00:32:24,534 Ali Mackani: time that there is a deck in front of us 785 00:32:24,595 --> 00:32:25,606 Ali Mackani: that we have to evaluate. 786 00:32:25,626 --> 00:32:27,571 Rick Spencer: Yeah, and I think that just kind of 787 00:32:28,112 --> 00:32:30,598 Rick Spencer: continuing on the data theme, two things is 788 00:32:30,966 --> 00:32:31,246 Rick Spencer: moving. 789 00:32:31,467 --> 00:32:33,553 Rick Spencer: You know we need awareness and education, 790 00:32:33,954 --> 00:32:35,197 Rick Spencer: which the data can help with. 791 00:32:35,626 --> 00:32:37,193 Rick Spencer: But then there's the preparation, right. 792 00:32:37,534 --> 00:32:39,824 Rick Spencer: So imagine, you know, one of our portfolio 793 00:32:39,844 --> 00:32:41,528 Rick Spencer: companies is preparing for a big pitch to 794 00:32:41,568 --> 00:32:43,572 Rick Spencer: Google and they've got their plan and their 795 00:32:43,632 --> 00:32:45,857 Rick Spencer: ideas and we said, hey, we've created a 796 00:32:45,917 --> 00:32:46,839 Rick Spencer: simulation for you. 797 00:32:47,666 --> 00:32:49,694 Rick Spencer: Now, you don't just like the athlete thing, 798 00:32:50,076 --> 00:32:52,003 Rick Spencer: you don't just show up to the game and you 799 00:32:52,284 --> 00:32:54,657 Rick Spencer: don't have any reps, right, they've, we've, 800 00:32:54,697 --> 00:32:55,963 Rick Spencer: we've created a scenario and they're 801 00:32:55,984 --> 00:32:57,488 Rick Spencer: actually going to practice three scenarios. 802 00:32:58,109 --> 00:32:59,573 Rick Spencer: And so now they go into that meeting with 803 00:32:59,613 --> 00:33:01,738 Rick Spencer: Google and they're prepared. 804 00:33:01,878 --> 00:33:03,939 Rick Spencer: They're not just educated and aware, but 805 00:33:03,979 --> 00:33:07,361 Rick Spencer: they've actually pitched the AI model three 806 00:33:07,381 --> 00:33:09,282 Rick Spencer: different ways, based on three scenarios, 807 00:33:09,363 --> 00:33:10,463 Rick Spencer: and they've learned from that. 808 00:33:10,925 --> 00:33:12,430 Rick Spencer: And so now, going into that meeting, 809 00:33:13,092 --> 00:33:15,049 Rick Spencer: they're ready, right, more ready than they 810 00:33:15,069 --> 00:33:15,371 Rick Spencer: would be. 811 00:33:16,005 --> 00:33:18,053 Rick Spencer: And so, moving from awareness, education to 812 00:33:18,093 --> 00:33:21,195 Rick Spencer: preparedness, and then to Ali's point, the 813 00:33:21,255 --> 00:33:23,183 Rick Spencer: other thing, specifically with data and 814 00:33:23,264 --> 00:33:25,649 Rick Spencer: venture, is all this IP right. 815 00:33:26,451 --> 00:33:29,176 Rick Spencer: Venture is very much you know invest or 816 00:33:29,216 --> 00:33:32,187 Rick Spencer: pass, and when you pass, you know, it just 817 00:33:32,247 --> 00:33:32,909 Rick Spencer: kind of goes away. 818 00:33:33,190 --> 00:33:35,356 Rick Spencer: Right, we're not tracking those things, 819 00:33:35,416 --> 00:33:36,968 Rick Spencer: we're not thinking about those things, 820 00:33:37,529 --> 00:33:37,750 Rick Spencer: right. 821 00:33:38,090 --> 00:33:40,877 Rick Spencer: But what if we said you know, oh hey, we're 822 00:33:40,897 --> 00:33:44,191 Rick Spencer: looking at this company and or we invested 823 00:33:44,231 --> 00:33:45,995 Rick Spencer: in this company and they need to go to the 824 00:33:46,035 --> 00:33:46,716 Rick Spencer: next level. 825 00:33:47,137 --> 00:33:47,738 Rick Spencer: Didn't we hear it? 826 00:33:48,206 --> 00:33:50,153 Rick Spencer: We try to do that as humans now and connect 827 00:33:50,173 --> 00:33:50,474 Rick Spencer: the dots. 828 00:33:50,645 --> 00:33:51,689 Rick Spencer: Didn't we hear about a company like this? 829 00:33:52,030 --> 00:33:53,194 Rick Spencer: Could we do this, could we do that? 830 00:33:54,488 --> 00:33:56,433 Rick Spencer: But what if it gave us the game plan? 831 00:33:56,955 --> 00:34:00,231 Rick Spencer: and said hey, this is your portfolio 832 00:34:00,271 --> 00:34:00,632 Rick Spencer: company. 833 00:34:00,672 --> 00:34:01,655 Rick Spencer: They need to get here. 834 00:34:04,265 --> 00:34:05,215 Rick Spencer: You, three years ago, saw this company and 835 00:34:05,235 --> 00:34:06,145 Rick Spencer: you also saw this founder. 836 00:34:06,606 --> 00:34:09,307 Rick Spencer: And if you got that founder and that IP and 837 00:34:09,328 --> 00:34:11,467 Rick Spencer: you applied it to this company, here's your 838 00:34:11,487 --> 00:34:12,370 Rick Spencer: projected return. 839 00:34:13,073 --> 00:34:15,611 Rick Spencer: Right Now we're talking a whole different 840 00:34:15,651 --> 00:34:15,872 Rick Spencer: level. 841 00:34:15,892 --> 00:34:18,930 Ali Mackani: That's right, yeah, and I'll just add that 842 00:34:19,051 --> 00:34:20,776 Ali Mackani: I think it should. 843 00:34:21,527 --> 00:34:23,932 Ali Mackani: If it's not already a demand, it will be a 844 00:34:23,972 --> 00:34:28,770 Ali Mackani: demand of our LPs that how are we thinking 845 00:34:28,830 --> 00:34:32,582 Ali Mackani: about, you know, quicker return, higher 846 00:34:32,622 --> 00:34:33,465 Ali Mackani: returns, right? 847 00:34:33,906 --> 00:34:37,911 Ali Mackani: I mean, there's no you know, mystery in 848 00:34:37,951 --> 00:34:40,715 Ali Mackani: that the last 10 years has been, you know, 849 00:34:40,815 --> 00:34:43,679 Ali Mackani: a kind of a challenging venture time in 850 00:34:43,739 --> 00:34:47,691 Ali Mackani: regards to exits and returns, and that 851 00:34:47,791 --> 00:34:51,680 Ali Mackani: demand will be upon the VC industry to go. 852 00:34:51,740 --> 00:34:54,526 Ali Mackani: How can we, you know, move faster and how 853 00:34:54,546 --> 00:34:56,389 Ali Mackani: do we return better to our LPs? 854 00:34:56,830 --> 00:35:00,437 Ali Mackani: And I think the understanding of all the 855 00:35:00,918 --> 00:35:06,687 Ali Mackani: touch points, understanding of all the 856 00:35:06,707 --> 00:35:07,849 Ali Mackani: touch points, which, to me, that's every 857 00:35:07,869 --> 00:35:08,831 Ali Mackani: piece of data, every piece of information 858 00:35:08,851 --> 00:35:09,873 Ali Mackani: that comes across our desk has to be 859 00:35:09,933 --> 00:35:13,299 Ali Mackani: understood, has to be evaluated, has to 860 00:35:13,379 --> 00:35:16,010 Ali Mackani: have the relationships built that we could 861 00:35:16,131 --> 00:35:17,173 Ali Mackani: reference it on quickly. 862 00:35:17,674 --> 00:35:20,406 Ali Mackani: And this is not about replacing, you know, 863 00:35:21,128 --> 00:35:23,332 Ali Mackani: a general partner or an associate, an 864 00:35:23,352 --> 00:35:23,592 Ali Mackani: associate. 865 00:35:23,733 --> 00:35:26,538 Ali Mackani: No, it's actually about the productivity 866 00:35:27,225 --> 00:35:29,970 Ali Mackani: and ability to make better decisions faster. 867 00:35:30,070 --> 00:35:33,917 Ali Mackani: Right today, you're probably dealing with 868 00:35:34,017 --> 00:35:37,948 Ali Mackani: 30 to 60 days of, you know, venture 869 00:35:38,048 --> 00:35:40,672 Ali Mackani: evaluating and deciding if they're going to 870 00:35:40,772 --> 00:35:43,336 Ali Mackani: invest in a particular startup. 871 00:35:44,618 --> 00:35:47,788 Ali Mackani: I find that to be a little bit ridiculous 872 00:35:48,649 --> 00:35:50,413 Ali Mackani: in the day and age that we live in, right? 873 00:35:50,814 --> 00:35:52,438 Ali Mackani: So how do we bring that in? 874 00:35:52,558 --> 00:35:54,710 Ali Mackani: How do you turn that into a? 875 00:35:54,951 --> 00:35:57,438 Ali Mackani: I'm not suggesting instant, but how do you 876 00:35:57,518 --> 00:36:00,827 Ali Mackani: make that so you are moving forward faster 877 00:36:00,887 --> 00:36:03,175 Ali Mackani: because our world is moving faster? 878 00:36:03,965 --> 00:36:06,909 Ali Mackani: And that's how I believe understanding of 879 00:36:06,969 --> 00:36:10,033 Ali Mackani: data and managing data and running it as an 880 00:36:10,253 --> 00:36:12,696 Ali Mackani: operating system that helps us run our 881 00:36:12,756 --> 00:36:15,720 Ali Mackani: company from a principles level will allow 882 00:36:15,800 --> 00:36:19,144 Ali Mackani: us to become a leader inside of the venture 883 00:36:19,804 --> 00:36:20,165 Ali Mackani: ecosystem. 884 00:36:20,506 --> 00:36:22,212 Mark Haney: I think about the relationships that we've 885 00:36:22,332 --> 00:36:29,368 Mark Haney: built with, obviously, our investors. 886 00:36:29,468 --> 00:36:30,953 Mark Haney: We've got a hundred plus investors, but we 887 00:36:30,973 --> 00:36:32,457 Mark Haney: have all these other partners and many 888 00:36:32,477 --> 00:36:33,701 Mark Haney: within the venture capital industry who all 889 00:36:33,721 --> 00:36:34,343 Mark Haney: have portfolio companies. 890 00:36:34,363 --> 00:36:37,870 Mark Haney: So the relationships that we've built so 891 00:36:37,930 --> 00:36:39,994 Mark Haney: far and we're just getting started they 892 00:36:40,034 --> 00:36:42,819 Mark Haney: extend beyond the ones that are in the top 893 00:36:42,859 --> 00:36:43,420 Mark Haney: of our mind. 894 00:36:43,926 --> 00:36:47,152 Mark Haney: They extended venture capital firms, 895 00:36:47,213 --> 00:36:48,655 Mark Haney: portfolio companies and so on. 896 00:36:48,695 --> 00:36:52,088 Mark Haney: So the relationships go deep and I try to 897 00:36:52,148 --> 00:36:56,035 Mark Haney: imagine how to utilize that data in order 898 00:36:56,115 --> 00:36:59,446 Mark Haney: to engineer wins better, make better 899 00:36:59,486 --> 00:37:01,893 Mark Haney: decisions and really build better companies. 900 00:37:01,953 --> 00:37:04,648 Mark Haney: So it's really interesting and I also think 901 00:37:04,708 --> 00:37:08,658 Mark Haney: about the companies that we invest into. 902 00:37:09,079 --> 00:37:13,671 Mark Haney: Many times we see a technical visionary and 903 00:37:13,731 --> 00:37:16,659 Mark Haney: maybe a technical co-founder or somebody 904 00:37:16,679 --> 00:37:19,026 Mark Haney: who's more of a product market person and a 905 00:37:19,126 --> 00:37:21,169 Mark Haney: technical person and maybe a financial 906 00:37:21,230 --> 00:37:22,532 Mark Haney: person is kind of the founding team. 907 00:37:23,073 --> 00:37:25,818 Mark Haney: It makes me wonder and I think about the 908 00:37:25,858 --> 00:37:26,919 Mark Haney: example that comes to mind. 909 00:37:28,142 --> 00:37:29,724 Mark Haney: Is Apple right? 910 00:37:29,744 --> 00:37:32,169 Mark Haney: They started with Steve Jobs and Steve 911 00:37:32,229 --> 00:37:32,971 Mark Haney: Wozniak. 912 00:37:33,271 --> 00:37:36,237 Mark Haney: One is a technical visionary, one is the 913 00:37:36,357 --> 00:37:39,408 Mark Haney: technical co-founder right, and so will 914 00:37:39,468 --> 00:37:44,417 Mark Haney: companies be built in our near future that 915 00:37:44,457 --> 00:37:46,768 Mark Haney: don't need Steve Wozniak, they just need 916 00:37:46,808 --> 00:37:52,587 Mark Haney: Steve Jobs, and I am a fan of Steve. 917 00:37:52,607 --> 00:38:01,395 Ali Mackani: Wozniak, by the way for a very technical 918 00:38:01,955 --> 00:38:09,542 Ali Mackani: founder to leverage tools and technology, 919 00:38:09,742 --> 00:38:13,005 Ali Mackani: AI driven, to be able to build a company 920 00:38:13,286 --> 00:38:18,658 Ali Mackani: that achieves the highest level of success. 921 00:38:20,727 --> 00:38:24,878 Ali Mackani: I think that's the same as us saying there 922 00:38:24,898 --> 00:38:27,325 Ali Mackani: will be a unicorn inside of 100 companies 923 00:38:27,425 --> 00:38:29,671 Ali Mackani: that we invest in, but there will be others 924 00:38:29,711 --> 00:38:31,636 Ali Mackani: who's going to do things a little bit 925 00:38:31,676 --> 00:38:32,297 Ali Mackani: different, right? 926 00:38:32,845 --> 00:38:34,589 Ali Mackani: So, yes, there will be that. 927 00:38:34,709 --> 00:38:37,094 Ali Mackani: I think that the writing is on the wall 928 00:38:37,154 --> 00:38:39,239 Ali Mackani: that the AI is going to. 929 00:38:48,725 --> 00:38:49,848 Ali Mackani: Ai is going to enable a single founder who 930 00:38:49,868 --> 00:38:51,692 Ali Mackani: is very technical I think it's actually 931 00:38:51,712 --> 00:38:53,255 Ali Mackani: going to be a lot more of non-technical 932 00:38:53,275 --> 00:38:56,783 Ali Mackani: founders liberated to be able to do things 933 00:38:56,823 --> 00:38:59,067 Ali Mackani: that they never thought they can, and I 934 00:38:59,128 --> 00:39:01,492 Ali Mackani: think that's, to me, is the exciting part, 935 00:39:01,572 --> 00:39:01,833 Ali Mackani: right? 936 00:39:02,394 --> 00:39:04,558 Ali Mackani: You know I geek out with. 937 00:39:04,719 --> 00:39:08,009 Ali Mackani: You know, Farzad, our CTO, you know working 938 00:39:08,069 --> 00:39:10,654 Ali Mackani: on different things, but we're techie guys. 939 00:39:11,376 --> 00:39:16,129 Ali Mackani: But then I see a couple of people that are 940 00:39:16,349 --> 00:39:19,133 Ali Mackani: part of my group that are not technical, 941 00:39:19,914 --> 00:39:20,975 Ali Mackani: are becoming technicals. 942 00:39:21,075 --> 00:39:24,580 Ali Mackani: I have designers that are now saying, oh, 943 00:39:24,660 --> 00:39:27,730 Ali Mackani: I've built my own product when before they 944 00:39:27,770 --> 00:39:29,974 Ali Mackani: just designed and they needed an 945 00:39:30,054 --> 00:39:32,459 Ali Mackani: engineering team to help them. 946 00:39:33,007 --> 00:39:35,134 Ali Mackani: I think AI is going to actually empower 947 00:39:35,314 --> 00:39:38,164 Ali Mackani: non-technical people to do a lot of 948 00:39:38,204 --> 00:39:40,351 Ali Mackani: technical innovation, and that's the 949 00:39:40,412 --> 00:39:43,302 Ali Mackani: exciting part about how this could become 950 00:39:43,743 --> 00:39:44,888 Ali Mackani: an interesting path forward. 951 00:39:44,948 --> 00:39:47,037 Rick Spencer: Yeah, I actually I don't disagree with that 952 00:39:47,358 --> 00:39:49,045 Rick Spencer: and I look at it a little bit differently 953 00:39:49,205 --> 00:39:51,553 Rick Spencer: of, like you know, we know the Apple story 954 00:39:51,573 --> 00:39:54,583 Rick Spencer: because it's a huge success, right, but for 955 00:39:54,623 --> 00:39:56,488 Rick Spencer: every Apple, there's a thousand Steve 956 00:39:56,508 --> 00:39:58,553 Rick Spencer: Wozniaks that just haven't met their Steve 957 00:39:58,573 --> 00:39:58,954 Rick Spencer: Jobs. 958 00:39:59,696 --> 00:40:01,633 Rick Spencer: Right, and they've got a brilliant idea and 959 00:40:01,673 --> 00:40:03,945 Rick Spencer: they could do something incredibly 960 00:40:04,045 --> 00:40:05,970 Rick Spencer: disruptive, but they don't have that person 961 00:40:05,990 --> 00:40:08,055 Rick Spencer: that can tell the story, set the vision, 962 00:40:08,376 --> 00:40:09,098 Rick Spencer: close the deal. 963 00:40:09,725 --> 00:40:11,971 Rick Spencer: And so when I think about AI and I think 964 00:40:12,011 --> 00:40:14,016 Rick Spencer: about the thousand Steve Wozniak acts that 965 00:40:14,036 --> 00:40:16,328 Rick Spencer: we don't know because they never met Steve 966 00:40:16,348 --> 00:40:20,216 Rick Spencer: Jobs, I think that's where AI can now help 967 00:40:20,316 --> 00:40:22,951 Rick Spencer: those people get to the next level and 968 00:40:22,991 --> 00:40:25,426 Rick Spencer: there's the acceleration of innovation that 969 00:40:25,466 --> 00:40:27,471 Rick Spencer: can happen with that now, because you don't 970 00:40:27,531 --> 00:40:29,436 Rick Spencer: hear about those people, because they're in 971 00:40:29,476 --> 00:40:32,313 Rick Spencer: their garage tinkering and geeking out with 972 00:40:32,353 --> 00:40:35,823 Rick Spencer: their engineer friends and they don't have 973 00:40:36,264 --> 00:40:39,892 Rick Spencer: the skill set, the drive, the vision to 974 00:40:40,012 --> 00:40:43,279 Rick Spencer: take their innovation and break it through. 975 00:40:43,825 --> 00:40:44,026 Mark Haney: Okay. 976 00:40:44,046 --> 00:40:45,450 Mark Haney: So I want can you elaborate on that a 977 00:40:45,470 --> 00:40:45,811 Mark Haney: little bit? 978 00:40:45,831 --> 00:40:48,307 Mark Haney: So you're seeing the tech, the Steve 979 00:40:48,347 --> 00:40:50,934 Mark Haney: Wozniak of the world Not that there's, 980 00:40:51,094 --> 00:40:52,686 Mark Haney: they're everywhere but there's a lot of 981 00:40:52,746 --> 00:40:54,250 Mark Haney: technical people in there that are out 982 00:40:54,270 --> 00:40:56,316 Mark Haney: there that are brilliant and have great 983 00:40:56,356 --> 00:40:56,637 Mark Haney: ideas. 984 00:40:57,707 --> 00:40:59,014 Mark Haney: Are you saying they're going to be able to 985 00:40:59,034 --> 00:41:00,844 Mark Haney: build the companies without the technical 986 00:41:00,884 --> 00:41:02,088 Mark Haney: visionary, or they're going to use AI to 987 00:41:02,108 --> 00:41:03,072 Mark Haney: build the companies without the technical 988 00:41:03,112 --> 00:41:04,175 Mark Haney: visionary, or they're going to use ai to 989 00:41:04,196 --> 00:41:04,637 Mark Haney: find the visionary? 990 00:41:04,657 --> 00:41:05,038 Rick Spencer: that can both sell. 991 00:41:05,058 --> 00:41:06,945 Rick Spencer: Yeah, I think they'll be able to get more 992 00:41:07,045 --> 00:41:09,656 Rick Spencer: progress than they would using ai, because 993 00:41:09,696 --> 00:41:11,704 Rick Spencer: they can put it and say, like I, I need 994 00:41:11,724 --> 00:41:12,746 Rick Spencer: help telling the story right. 995 00:41:12,786 --> 00:41:15,733 Rick Spencer: Like I can explain the technical roadmap, I 996 00:41:15,753 --> 00:41:18,599 Rick Spencer: can explain the architecture, I can geek 997 00:41:18,705 --> 00:41:20,347 Rick Spencer: out all day long, I don't know how to tell 998 00:41:20,387 --> 00:41:20,707 Rick Spencer: a story. 999 00:41:21,688 --> 00:41:23,150 Rick Spencer: Um, not only do I not always tell a story, 1000 00:41:23,190 --> 00:41:26,557 Rick Spencer: I'm scared of telling stories, right, and 1001 00:41:26,597 --> 00:41:28,942 Rick Spencer: so now they can get AI to help them tell 1002 00:41:28,982 --> 00:41:29,303 Rick Spencer: the story. 1003 00:41:29,370 --> 00:41:31,756 Rick Spencer: They could practice with AI right, and so 1004 00:41:32,237 --> 00:41:36,948 Rick Spencer: now they have more chance of sharing their 1005 00:41:37,129 --> 00:41:39,514 Rick Spencer: technology innovation with the world. 1006 00:41:40,156 --> 00:41:41,599 Rick Spencer: Could they also find someone? 1007 00:41:41,699 --> 00:41:43,791 Rick Spencer: Yes, they could say look, you know, let me. 1008 00:41:44,272 --> 00:41:46,296 Rick Spencer: I want my AI model to interview 10 people, 1009 00:41:46,356 --> 00:41:48,661 Rick Spencer: right, and now I'm not out there kind of 1010 00:41:48,741 --> 00:41:49,724 Rick Spencer: randomly dating folks. 1011 00:41:49,990 --> 00:41:51,997 Rick Spencer: I'm focused on the things that are going to 1012 00:41:52,037 --> 00:41:52,980 Rick Spencer: fit, the things that I need. 1013 00:41:53,130 --> 00:41:55,691 Rick Spencer: So all of that can help and all of those 1014 00:41:55,751 --> 00:41:55,891 Rick Spencer: are. 1015 00:41:56,471 --> 00:41:58,534 Rick Spencer: Again, we don't have the data to know how 1016 00:41:58,574 --> 00:42:02,317 Rick Spencer: many Steve Wozniaks had ideas better than 1017 00:42:02,498 --> 00:42:05,621 Rick Spencer: Apple, but they never had Steve Jobs, and 1018 00:42:05,701 --> 00:42:10,185 Rick Spencer: so that potential it gets me really excited, 1019 00:42:10,245 --> 00:42:13,254 Rick Spencer: because you know that acceleration of 1020 00:42:13,294 --> 00:42:16,163 Rick Spencer: innovation can happen with these use cases. 1021 00:42:16,565 --> 00:42:18,891 Mark Haney: So we're hyping this up pretty big on this 1022 00:42:18,931 --> 00:42:20,094 Mark Haney: show because it's our. 1023 00:42:20,395 --> 00:42:22,660 Mark Haney: It's not our job to hype it up, but it's 1024 00:42:22,720 --> 00:42:22,941 Mark Haney: our. 1025 00:42:23,241 --> 00:42:24,971 Mark Haney: We get hyped up about it because we're 1026 00:42:24,991 --> 00:42:26,814 Mark Haney: right in the middle of you know, I know 1027 00:42:26,834 --> 00:42:28,617 Mark Haney: we're at the beginning of the first inning 1028 00:42:29,077 --> 00:42:30,319 Mark Haney: and it's exciting. 1029 00:42:31,941 --> 00:42:33,303 Mark Haney: You think it's overhyped right now. 1030 00:42:33,924 --> 00:42:36,834 Mark Haney: You think AI and technology are people 1031 00:42:36,974 --> 00:42:39,821 Mark Haney: overhyping it, or where is it overhyped and 1032 00:42:39,881 --> 00:42:41,063 Mark Haney: who's missing the boat? 1033 00:42:44,051 --> 00:42:45,553 Ali Mackani: Honestly, I don't think it's overhyped. 1034 00:42:45,753 --> 00:42:49,458 Ali Mackani: I think the part that is overhyped and I 1035 00:42:49,518 --> 00:42:54,664 Ali Mackani: may be wrong is what AI is going to do as 1036 00:42:54,724 --> 00:42:56,066 Ali Mackani: far as taking away jobs. 1037 00:43:02,477 --> 00:43:03,699 Ali Mackani: I think that is a little overhyped is 1038 00:43:03,779 --> 00:43:06,062 Ali Mackani: outlining from how it's going to change our 1039 00:43:06,122 --> 00:43:09,025 Ali Mackani: lives, how it's going to improve our 1040 00:43:09,245 --> 00:43:13,138 Ali Mackani: ability to experience and reach the goals 1041 00:43:13,178 --> 00:43:16,065 Ali Mackani: that we want to have and even solve 1042 00:43:16,145 --> 00:43:18,771 Ali Mackani: problems that we never thought could be 1043 00:43:18,832 --> 00:43:22,380 Ali Mackani: solvable Cure cancer that we never thought 1044 00:43:22,420 --> 00:43:23,303 Ali Mackani: it could be cured, right. 1045 00:43:24,350 --> 00:43:27,716 Ali Mackani: But I think the overhyped part to me is how 1046 00:43:27,756 --> 00:43:31,462 Ali Mackani: many people are fixated on it's going to 1047 00:43:31,482 --> 00:43:32,123 Ali Mackani: take out our jobs. 1048 00:43:34,370 --> 00:43:37,535 Ali Mackani: I think we look at how technology has 1049 00:43:37,635 --> 00:43:43,363 Ali Mackani: changed humanity and our requirement to 1050 00:43:43,543 --> 00:43:45,726 Ali Mackani: scale up over the last hundred years. 1051 00:43:46,391 --> 00:43:49,278 Ali Mackani: It just moves us to a different level of 1052 00:43:49,920 --> 00:43:53,472 Ali Mackani: set of scales that we need to have, and I 1053 00:43:53,512 --> 00:44:01,399 Ali Mackani: believe AI will allow every skilled worker 1054 00:44:01,919 --> 00:44:10,127 Ali Mackani: to be able to accelerate, achieve and live 1055 00:44:10,187 --> 00:44:13,678 Ali Mackani: a better life because AI helped them to be 1056 00:44:13,738 --> 00:44:14,521 Ali Mackani: more productive. 1057 00:44:15,870 --> 00:44:19,561 Ali Mackani: That I wish more people talked about that 1058 00:44:19,630 --> 00:44:21,431 Ali Mackani: and hyped that opportunity up, because 1059 00:44:21,451 --> 00:44:21,793 Ali Mackani: that's how. 1060 00:44:21,913 --> 00:44:27,507 Ali Mackani: I see it, you know, I feel like I'm a 1061 00:44:27,547 --> 00:44:29,374 Ali Mackani: pretty capable person when it comes to 1062 00:44:29,474 --> 00:44:32,178 Ali Mackani: doing the things that I do on a daily basis. 1063 00:44:33,452 --> 00:44:36,795 Ali Mackani: I think that I'm a better person because AI 1064 00:44:36,875 --> 00:44:37,718 Ali Mackani: is there to help me. 1065 00:44:38,791 --> 00:44:40,558 Ali Mackani: It's not replacing me, it's helping me. 1066 00:44:40,870 --> 00:44:43,796 Ali Mackani: I'm able to do more, I'm able to be more 1067 00:44:43,857 --> 00:44:47,051 Ali Mackani: educated, I be more informed, and I believe 1068 00:44:47,392 --> 00:44:52,140 Ali Mackani: that is going to be the factor that's going 1069 00:44:52,520 --> 00:44:56,374 Ali Mackani: to increase productivity. 1070 00:44:57,197 --> 00:45:00,307 Ali Mackani: And it's more underhyped than I wish it was 1071 00:45:00,448 --> 00:45:00,769 Ali Mackani: overhyped. 1072 00:45:00,789 --> 00:45:02,433 Ali Mackani: You know that more people hyped that 1073 00:45:02,534 --> 00:45:05,442 Ali Mackani: opportunity versus AI being hyped itself. 1074 00:45:05,930 --> 00:45:07,475 Rick Spencer: Yeah, I would say two things. 1075 00:45:07,515 --> 00:45:08,720 Rick Spencer: I would agree with the fear. 1076 00:45:09,470 --> 00:45:10,112 Rick Spencer: You know that. 1077 00:45:10,212 --> 00:45:12,499 Rick Spencer: So people are consumed with the fear and 1078 00:45:12,539 --> 00:45:13,101 Rick Spencer: not seeing. 1079 00:45:13,562 --> 00:45:17,013 Rick Spencer: Look, I have 99.9% confidence that AI is 1080 00:45:17,033 --> 00:45:18,719 Rick Spencer: going to drive innovation we've never seen 1081 00:45:18,740 --> 00:45:19,041 Rick Spencer: before. 1082 00:45:19,563 --> 00:45:21,911 Rick Spencer: Now we don't know exactly how, we can't 1083 00:45:21,971 --> 00:45:24,694 Rick Spencer: predict the future, but we know that 1084 00:45:25,435 --> 00:45:28,480 Rick Spencer: everything is in place to drive innovation 1085 00:45:28,500 --> 00:45:30,262 Rick Spencer: that we have not seen before and to 1086 00:45:30,322 --> 00:45:32,986 Rick Spencer: literally shape the future of our world. 1087 00:45:34,352 --> 00:45:36,650 Rick Spencer: So I have ultimate confidence in that, and 1088 00:45:36,690 --> 00:45:40,463 Rick Spencer: I think, again, we talk about, you know, 1089 00:45:40,543 --> 00:45:43,413 Rick Spencer: typical kind of human mindset we're fearful, 1090 00:45:43,654 --> 00:45:45,773 Rick Spencer: fear, uncertainties and doubts, so we let 1091 00:45:45,793 --> 00:45:47,619 Rick Spencer: that consume us versus saying what's next, 1092 00:45:48,451 --> 00:45:49,553 Rick Spencer: what does the future look like? 1093 00:45:49,613 --> 00:45:52,580 Rick Spencer: Let's dream a little bit, right, and so I 1094 00:45:52,621 --> 00:45:55,494 Rick Spencer: think that's a humanity mind shift that's 1095 00:45:55,514 --> 00:45:58,540 Rick Spencer: going to need to take place to truly unlock 1096 00:45:59,082 --> 00:46:00,084 Rick Spencer: the innovation opportunity. 1097 00:46:00,730 --> 00:46:03,699 Rick Spencer: I think on the venture side, we have to 1098 00:46:03,740 --> 00:46:06,528 Rick Spencer: change our mindset too, because for so long, 1099 00:46:06,588 --> 00:46:09,218 Rick Spencer: venture has been about you know you set a 1100 00:46:09,310 --> 00:46:11,595 Rick Spencer: thesis, you have a prediction and you're 1101 00:46:11,615 --> 00:46:12,537 Rick Spencer: kind of married to that. 1102 00:46:13,620 --> 00:46:16,433 Rick Spencer: I don't think the future of venture is who 1103 00:46:16,894 --> 00:46:18,457 Rick Spencer: has the best prediction skills. 1104 00:46:19,159 --> 00:46:20,943 Rick Spencer: I think the future of venture is who's the 1105 00:46:21,003 --> 00:46:21,711 Rick Spencer: most agile. 1106 00:46:22,713 --> 00:46:25,398 Rick Spencer: And that is a big shift right when you say 1107 00:46:26,160 --> 00:46:27,803 Rick Spencer: you know, I can't arbitrarily say we're 1108 00:46:27,823 --> 00:46:29,252 Rick Spencer: going to invest in these kind of companies 1109 00:46:29,793 --> 00:46:32,919 Rick Spencer: with these kind of check sizes and these 1110 00:46:32,939 --> 00:46:33,781 Rick Spencer: kind of stages. 1111 00:46:34,643 --> 00:46:36,454 Rick Spencer: You know, I think you're going to have to 1112 00:46:36,674 --> 00:46:40,444 Rick Spencer: use this data to say look in this month, 1113 00:46:41,246 --> 00:46:44,193 Rick Spencer: based on our pipeline and the markets and 1114 00:46:44,314 --> 00:46:47,280 Rick Spencer: all of these data points, this month, this 1115 00:46:47,340 --> 00:46:49,043 Rick Spencer: is the best investment we can make. 1116 00:46:49,771 --> 00:46:51,073 Rick Spencer: Next month may be different. 1117 00:46:51,434 --> 00:46:54,260 Rick Spencer: And if we can't move that quickly, we don't 1118 00:46:54,280 --> 00:46:56,331 Rick Spencer: have the data to move that quickly, we 1119 00:46:56,371 --> 00:46:58,156 Rick Spencer: don't have the mindset to move that quickly, 1120 00:46:58,517 --> 00:46:59,961 Rick Spencer: we don't have the systems to move that 1121 00:46:59,990 --> 00:47:00,371 Rick Spencer: quickly. 1122 00:47:02,075 --> 00:47:05,342 Rick Spencer: That's where I think there will be a new 1123 00:47:07,527 --> 00:47:11,998 Rick Spencer: class of leaders in venture and the rest 1124 00:47:12,058 --> 00:47:14,774 Rick Spencer: will either have to learn and adapt or will 1125 00:47:14,935 --> 00:47:15,678 Rick Spencer: become obsolete. 1126 00:47:16,531 --> 00:47:17,800 Mark Haney: All right, I'm going to bring this back as 1127 00:47:17,840 --> 00:47:19,391 Mark Haney: we wrap up A couple more questions or a 1128 00:47:19,431 --> 00:47:21,197 Mark Haney: couple more, I guess, topics. 1129 00:47:21,238 --> 00:47:22,453 Mark Haney: If you will, I'm going to bring it back to 1130 00:47:22,494 --> 00:47:23,137 Mark Haney: where I started. 1131 00:47:25,414 --> 00:47:27,381 Mark Haney: You know we're all really patriotic people, 1132 00:47:27,510 --> 00:47:30,033 Mark Haney: we love our country and it's it's talked 1133 00:47:30,053 --> 00:47:32,699 Mark Haney: about a lot that there's this AI arms race 1134 00:47:32,839 --> 00:47:34,262 Mark Haney: out there and in the U? 1135 00:47:34,523 --> 00:47:38,878 Mark Haney: S is doing really well in some areas and 1136 00:47:39,139 --> 00:47:40,862 Mark Haney: probably the leader it's some of this 1137 00:47:40,902 --> 00:47:42,893 Mark Haney: cutting edge stuff, but there's competition. 1138 00:47:42,953 --> 00:47:45,419 Mark Haney: It's happening all over the world and so I 1139 00:47:45,459 --> 00:47:48,475 Mark Haney: think about, like this race that is out 1140 00:47:48,515 --> 00:47:49,971 Mark Haney: there, seems to be out there from a 1141 00:47:50,071 --> 00:47:52,396 Mark Haney: national security standpoint, from a 1142 00:47:52,516 --> 00:47:54,461 Mark Haney: economic security standpoint, which is 1143 00:47:54,521 --> 00:47:58,895 Mark Haney: national security, and what are we doing to 1144 00:47:58,955 --> 00:48:04,864 Mark Haney: position our youth to help drive this over 1145 00:48:04,884 --> 00:48:05,525 Mark Haney: the long haul? 1146 00:48:05,565 --> 00:48:07,352 Mark Haney: So that you know there's going to. 1147 00:48:07,552 --> 00:48:09,035 Mark Haney: You talked about your 14 year old daughter. 1148 00:48:09,075 --> 00:48:11,840 Mark Haney: It's going to be her age and even younger 1149 00:48:12,521 --> 00:48:15,113 Mark Haney: that really drive a lot of these shifts 1150 00:48:15,173 --> 00:48:17,480 Mark Haney: over the coming, you know, five, 10 years. 1151 00:48:17,901 --> 00:48:20,248 Rick Spencer: Yeah, this is becoming a topic in our 1152 00:48:20,309 --> 00:48:23,659 Rick Spencer: community where we're testing this concept 1153 00:48:23,700 --> 00:48:24,944 Rick Spencer: of something called legacy lab. 1154 00:48:25,084 --> 00:48:27,412 Rick Spencer: So we're just in the initial stages of 1155 00:48:27,472 --> 00:48:29,940 Rick Spencer: building something that empowers the youth 1156 00:48:30,151 --> 00:48:33,552 Rick Spencer: to take control of their future right, and 1157 00:48:34,457 --> 00:48:37,493 Rick Spencer: yeah, I mean from our investors to our 1158 00:48:37,553 --> 00:48:38,337 Rick Spencer: community partners. 1159 00:48:38,490 --> 00:48:41,794 Rick Spencer: So many people are concerned that how is 1160 00:48:41,894 --> 00:48:43,881 Rick Spencer: education preparing them for the future? 1161 00:48:44,893 --> 00:48:46,030 Rick Spencer: Is it preparing them for the future? 1162 00:48:46,030 --> 00:48:47,147 Mark Haney: Schools may be a little bit slower in 1163 00:48:47,112 --> 00:48:47,586 Mark Haney: adopting some of this stuff because of the 1164 00:48:47,551 --> 00:48:47,936 Mark Haney: bureaucracy and a lot of reasons. 1165 00:48:47,901 --> 00:48:48,476 Mark Haney: The future Is it preparing them for the 1166 00:48:48,441 --> 00:48:48,625 Mark Haney: future Right? 1167 00:48:48,590 --> 00:48:48,945 Mark Haney: Schools may be a little bit slower in 1168 00:48:48,965 --> 00:48:51,594 Mark Haney: adopting some of this stuff because of the 1169 00:48:51,634 --> 00:48:53,219 Mark Haney: bureaucracy and a lot of reasons. 1170 00:48:53,300 --> 00:48:55,134 Mark Haney: But you got to. 1171 00:48:55,215 --> 00:48:57,160 Mark Haney: As a parent, you got to take matters into 1172 00:48:57,180 --> 00:48:57,742 Mark Haney: your own hands. 1173 00:48:58,050 --> 00:48:59,655 Rick Spencer: Right and I think you know there's. 1174 00:48:59,856 --> 00:49:01,501 Rick Spencer: So there's the intersection of education, 1175 00:49:01,790 --> 00:49:02,171 Rick Spencer: government. 1176 00:49:02,231 --> 00:49:03,473 Rick Spencer: What is government's influence? 1177 00:49:04,014 --> 00:49:06,439 Rick Spencer: Many people in this country feel, oh, I 1178 00:49:06,479 --> 00:49:08,243 Rick Spencer: need to wait till the government tells me 1179 00:49:08,283 --> 00:49:08,724 Rick Spencer: what to do. 1180 00:49:08,844 --> 00:49:11,576 Rick Spencer: And those people are smart and responsible 1181 00:49:11,676 --> 00:49:13,781 Rick Spencer: and so I'll let them lead me Right. 1182 00:49:14,122 --> 00:49:15,794 Rick Spencer: Is that the right mindset to have for 1183 00:49:16,215 --> 00:49:17,560 Rick Spencer: building the future we want? 1184 00:49:18,202 --> 00:49:19,868 Rick Spencer: I mean, you know, you look at China and 1185 00:49:20,189 --> 00:49:21,736 Rick Spencer: they're all rowing in the same direction 1186 00:49:22,077 --> 00:49:23,483 Rick Spencer: because of their structure, and I'm not 1187 00:49:23,503 --> 00:49:24,724 Rick Spencer: saying we moved to that structure, but 1188 00:49:24,775 --> 00:49:26,430 Rick Spencer: they're rowing in the same direction and 1189 00:49:26,482 --> 00:49:27,620 Rick Spencer: they're moving pretty quick, saying we 1190 00:49:27,640 --> 00:49:28,541 Rick Spencer: moved to that structure but they're growing 1191 00:49:28,561 --> 00:49:29,502 Rick Spencer: in the same direction and they're moving 1192 00:49:29,522 --> 00:49:29,943 Rick Spencer: pretty quick, Right. 1193 00:49:29,963 --> 00:49:31,485 Rick Spencer: And so you know how do we empower the youth 1194 00:49:32,066 --> 00:49:33,788 Rick Spencer: to to push past? 1195 00:49:33,968 --> 00:49:35,593 Rick Spencer: You know, oh, I got to wait for someone to 1196 00:49:35,633 --> 00:49:36,395 Rick Spencer: tell me what to do. 1197 00:49:36,937 --> 00:49:37,959 Rick Spencer: I have to wait for that. 1198 00:49:38,401 --> 00:49:40,033 Rick Spencer: And that goes back to the entrepreneurial 1199 00:49:40,053 --> 00:49:43,643 Rick Spencer: story, right Of how do we teach them that 1200 00:49:43,884 --> 00:49:46,391 Rick Spencer: entrepreneurial skills can save their 1201 00:49:46,431 --> 00:49:46,752 Rick Spencer: future. 1202 00:49:47,073 --> 00:49:48,597 Rick Spencer: And I think that's the big mindset for the 1203 00:49:48,637 --> 00:49:54,141 Rick Spencer: youth is they're scared, they don't know 1204 00:49:54,181 --> 00:49:56,052 Rick Spencer: why they should be hopeful in some cases 1205 00:49:57,235 --> 00:49:59,721 Rick Spencer: and they're just confused in many cases. 1206 00:50:00,010 --> 00:50:01,375 Rick Spencer: And that we could talk about all the 1207 00:50:01,435 --> 00:50:01,957 Rick Spencer: reasons why. 1208 00:50:02,770 --> 00:50:05,980 Rick Spencer: But you take that fear, confusion and lack 1209 00:50:06,000 --> 00:50:06,301 Rick Spencer: of hope. 1210 00:50:06,390 --> 00:50:08,516 Rick Spencer: That's dangerous for our future. 1211 00:50:09,418 --> 00:50:11,331 Rick Spencer: And so you know, this is something that 1212 00:50:11,371 --> 00:50:13,517 Rick Spencer: excites me, not only because the you know 1213 00:50:13,577 --> 00:50:16,070 Rick Spencer: connection with with my daughter and my 1214 00:50:16,090 --> 00:50:18,174 Rick Spencer: niece and nephews and friends and family, 1215 00:50:18,756 --> 00:50:22,563 Rick Spencer: um, but you, you started with like where 1216 00:50:22,603 --> 00:50:23,164 Rick Spencer: are we going? 1217 00:50:23,851 --> 00:50:24,852 Rick Spencer: Where's this economy going? 1218 00:50:24,872 --> 00:50:25,854 Rick Spencer: Where's the society going? 1219 00:50:25,894 --> 00:50:28,097 Rick Spencer: I mean, this is like an existential 1220 00:50:28,217 --> 00:50:30,380 Rick Spencer: question that we have to, you know, because 1221 00:50:30,901 --> 00:50:32,743 Rick Spencer: we're going to be part of it, but we're not 1222 00:50:32,763 --> 00:50:34,445 Rick Spencer: going to, we're not going to build the 1223 00:50:34,485 --> 00:50:35,190 Rick Spencer: future, that's right. 1224 00:50:35,210 --> 00:50:37,373 Rick Spencer: Right, we're just helping get it started 1225 00:50:38,474 --> 00:50:39,996 Rick Spencer: and you know the people are going to build 1226 00:50:40,016 --> 00:50:42,638 Rick Spencer: a future your grandkids, your kids, my 1227 00:50:42,698 --> 00:50:43,780 Rick Spencer: daughter, Right. 1228 00:50:44,100 --> 00:50:47,323 Rick Spencer: And so if we're not preparing them for that 1229 00:50:47,704 --> 00:50:50,227 Rick Spencer: opportunity, what does that say about us? 1230 00:50:50,650 --> 00:50:55,918 Ali Mackani: Yeah, yeah, I love that, and you know I 1231 00:50:55,978 --> 00:50:58,241 Ali Mackani: listen to this podcast called Acquired. 1232 00:50:58,261 --> 00:50:59,864 Ali Mackani: I'm not sure if you guys have listened to 1233 00:50:59,904 --> 00:51:01,226 Ali Mackani: it, but highly recommend it. 1234 00:51:02,191 --> 00:51:06,378 Ali Mackani: They go back and, you know, replay and 1235 00:51:06,538 --> 00:51:09,043 Ali Mackani: educate you on a journey of some of the 1236 00:51:09,083 --> 00:51:11,372 Ali Mackani: most well-known companies you know over the 1237 00:51:11,412 --> 00:51:12,716 Ali Mackani: last few hundred years. 1238 00:51:12,776 --> 00:51:16,269 Ali Mackani: Right, the one that, as you were, you know, 1239 00:51:16,309 --> 00:51:19,717 Ali Mackani: sharing this opportunity of our kids and 1240 00:51:19,797 --> 00:51:21,541 Ali Mackani: our next generation is what's going to 1241 00:51:22,062 --> 00:51:22,223 Ali Mackani: build. 1242 00:51:22,270 --> 00:51:25,877 Ali Mackani: So one of the episodes that I was listening 1243 00:51:25,917 --> 00:51:29,764 Ali Mackani: to is about Hermes, the fashion company. 1244 00:51:30,630 --> 00:51:35,560 Ali Mackani: They're now in their eighth generation of 1245 00:51:36,001 --> 00:51:37,644 Ali Mackani: family-ran business. 1246 00:51:38,650 --> 00:51:42,237 Ali Mackani: When was the last time you heard that 1247 00:51:42,657 --> 00:51:45,683 Ali Mackani: someone's kids are taking over their 1248 00:51:45,743 --> 00:51:46,765 Ali Mackani: company's business? 1249 00:51:47,731 --> 00:51:49,618 Ali Mackani: It's becoming less and less right. 1250 00:51:51,531 --> 00:51:55,381 Ali Mackani: So I believe that everything else needs to 1251 00:51:55,421 --> 00:51:55,722 Ali Mackani: happen. 1252 00:51:56,090 --> 00:52:00,111 Ali Mackani: Yeah, education needs to be better, faster, 1253 00:52:00,252 --> 00:52:02,900 Ali Mackani: at a greater level, with more discipline. 1254 00:52:05,113 --> 00:52:08,777 Ali Mackani: That takes time and I think I go back to 1255 00:52:09,313 --> 00:52:11,090 Ali Mackani: you started by talking about entrepreneurs 1256 00:52:11,311 --> 00:52:14,953 Ali Mackani: are the heroes of this country and could 1257 00:52:15,054 --> 00:52:16,459 Ali Mackani: really change the trajectory. 1258 00:52:17,651 --> 00:52:21,521 Ali Mackani: I believe we, as both entrepreneurs and 1259 00:52:21,681 --> 00:52:24,670 Ali Mackani: investors, we should encourage our founders 1260 00:52:25,473 --> 00:52:30,070 Ali Mackani: to involve their kids in their business and 1261 00:52:30,090 --> 00:52:32,395 Ali Mackani: we should encourage them to have them be 1262 00:52:32,475 --> 00:52:35,842 Ali Mackani: part of their build, the building of their 1263 00:52:35,882 --> 00:52:38,831 Ali Mackani: companies, because there's nothing better 1264 00:52:38,931 --> 00:52:44,336 Ali Mackani: than actual hands-on experience and, you 1265 00:52:44,356 --> 00:52:47,939 Ali Mackani: know, watching and watching an 80-year-old 1266 00:52:48,139 --> 00:52:53,144 Ali Mackani: kid today and the language that they use, 1267 00:52:53,304 --> 00:52:56,947 Ali Mackani: the vocabulary that they use it's so 1268 00:52:57,007 --> 00:53:02,181 Ali Mackani: different and we need to close the gap. 1269 00:53:11,750 --> 00:53:12,712 Ali Mackani: Do we bring our experiences closer to our 1270 00:53:12,732 --> 00:53:13,594 Ali Mackani: kids, to our grandkids and the future? 1271 00:53:13,614 --> 00:53:14,636 Ali Mackani: And having them be involved in our venture 1272 00:53:14,657 --> 00:53:16,841 Ali Mackani: building is the way for us to move 1273 00:53:17,744 --> 00:53:18,605 Ali Mackani: entrepreneurship. 1274 00:53:19,708 --> 00:53:21,752 Ali Mackani: So the Legacy Lab, as you mentioned I think 1275 00:53:21,792 --> 00:53:25,960 Ali Mackani: it's a fantastic vision for how we could 1276 00:53:26,401 --> 00:53:29,286 Ali Mackani: educate, but we should encourage more. 1277 00:53:29,567 --> 00:53:32,152 Ali Mackani: We should encourage our founders to get 1278 00:53:32,212 --> 00:53:34,818 Ali Mackani: their kids and families involved. 1279 00:53:35,038 --> 00:53:37,163 Ali Mackani: We should actually incentivize them to say 1280 00:53:37,290 --> 00:53:40,437 Ali Mackani: do you have a teenager that is doing part 1281 00:53:40,497 --> 00:53:40,958 Ali Mackani: of your job? 1282 00:53:40,998 --> 00:53:43,263 Ali Mackani: Maybe we do a grant, maybe we write a check 1283 00:53:43,350 --> 00:53:45,955 Ali Mackani: for them to go get you know for college 1284 00:53:45,995 --> 00:53:46,496 Ali Mackani: education. 1285 00:53:47,577 --> 00:53:49,801 Ali Mackani: That's what we could do to really 1286 00:53:50,282 --> 00:53:52,973 Ali Mackani: accelerate the passing of the 1287 00:53:53,113 --> 00:53:56,502 Ali Mackani: entrepreneurship to the next generation of 1288 00:53:56,562 --> 00:53:57,063 Ali Mackani: entrepreneurs. 1289 00:53:57,230 --> 00:53:58,755 Rick Spencer: Yeah, we need Haneyville to not only be a 1290 00:53:58,815 --> 00:54:00,119 Rick Spencer: beacon of family, but a beacon of 1291 00:54:00,199 --> 00:54:00,741 Rick Spencer: entrepreneurship. 1292 00:54:00,770 --> 00:54:01,331 Rick Spencer: Ooh, I love it. 1293 00:54:01,471 --> 00:54:02,792 Mark Haney: I love it, okay, so I guess I'll just ask 1294 00:54:02,812 --> 00:54:04,273 Mark Haney: you any closing thoughts, or I guess I'll 1295 00:54:04,293 --> 00:54:07,156 Mark Haney: just ask you any closing thoughts or 1296 00:54:07,557 --> 00:54:10,800 Mark Haney: predictions, any bold predictions about the 1297 00:54:10,880 --> 00:54:13,803 Mark Haney: future, whether it be three, five, 10 years 1298 00:54:13,963 --> 00:54:14,103 Mark Haney: out. 1299 00:54:14,703 --> 00:54:17,686 Mark Haney: Any, any bold predictions or any closing 1300 00:54:17,706 --> 00:54:17,987 Mark Haney: thoughts. 1301 00:54:23,130 --> 00:54:23,611 Rick Spencer: Well, I'm not going to. 1302 00:54:23,631 --> 00:54:24,634 Rick Spencer: I'll maybe issue a challenge, and I think 1303 00:54:24,654 --> 00:54:26,439 Rick Spencer: it's for us and the community that we're 1304 00:54:26,459 --> 00:54:28,865 Rick Spencer: building which is holding true to the 1305 00:54:28,905 --> 00:54:29,366 Rick Spencer: values. 1306 00:54:30,289 --> 00:54:32,413 Rick Spencer: So I think you know you talk a lot about, 1307 00:54:32,674 --> 00:54:35,198 Rick Spencer: uh, values, mark of, of commitment, of 1308 00:54:35,259 --> 00:54:38,591 Rick Spencer: character, you know of, you know the things 1309 00:54:38,611 --> 00:54:40,255 Rick Spencer: that it takes to succeed in this life. 1310 00:54:40,957 --> 00:54:45,228 Rick Spencer: I think it's easy, um, to get so focused on 1311 00:54:45,369 --> 00:54:48,097 Rick Spencer: technology and innovation and lose touch 1312 00:54:48,137 --> 00:54:51,117 Rick Spencer: with those, and that is, you know, it's not 1313 00:54:51,137 --> 00:54:52,814 Rick Spencer: a prediction, it's a concern of mine of 1314 00:54:52,854 --> 00:54:55,475 Rick Spencer: that we lose touch with the values and that 1315 00:54:55,515 --> 00:54:56,478 Rick Spencer: we go off the rails. 1316 00:54:57,230 --> 00:55:01,072 Rick Spencer: And so I think we have to, as much as 1317 00:55:01,112 --> 00:55:02,818 Rick Spencer: people get excited about this conversation 1318 00:55:02,950 --> 00:55:04,255 Rick Spencer: and what we're building and how we're 1319 00:55:04,276 --> 00:55:06,877 Rick Spencer: helping and the growth of you know, 1320 00:55:06,997 --> 00:55:10,058 Rick Spencer: companies and the financial success, we 1321 00:55:10,118 --> 00:55:12,156 Rick Spencer: have to say, it starts with the values. 1322 00:55:13,270 --> 00:55:17,059 Rick Spencer: And if we lose sight of those values, even 1323 00:55:17,119 --> 00:55:18,803 Rick Spencer: if we see the most amazing innovation in 1324 00:55:18,823 --> 00:55:20,176 Rick Spencer: the world, what do we really accomplish? 1325 00:55:20,950 --> 00:55:25,201 Rick Spencer: And so, as our chief dreamer, as our chief 1326 00:55:25,281 --> 00:55:27,346 Rick Spencer: evangelistist, I would just challenge you 1327 00:55:27,928 --> 00:55:32,376 Rick Spencer: to make sure that those values stay true to 1328 00:55:32,556 --> 00:55:34,599 Rick Spencer: us and that we never stop talking about 1329 00:55:34,639 --> 00:55:36,722 Rick Spencer: them thank you. 1330 00:55:40,731 --> 00:55:42,113 Ali Mackani: I've learned not to make predictions 1331 00:55:42,193 --> 00:55:50,462 Ali Mackani: anymore, but I think that how we experience 1332 00:55:50,543 --> 00:55:53,366 Ali Mackani: things in life is going to completely 1333 00:55:53,426 --> 00:55:53,766 Ali Mackani: change. 1334 00:55:55,630 --> 00:56:02,798 Ali Mackani: I think AI is going to allow us, as humans, 1335 00:56:03,539 --> 00:56:08,164 Ali Mackani: to experience not only technology, but 1336 00:56:08,224 --> 00:56:10,547 Ali Mackani: experience life differently. 1337 00:56:11,992 --> 00:56:13,939 Ali Mackani: We could get to places much quicker, 1338 00:56:15,050 --> 00:56:18,301 Ali Mackani: physically or through technology. 1339 00:56:18,751 --> 00:56:22,072 Ali Mackani: We could experience things faster than 1340 00:56:22,674 --> 00:56:24,279 Ali Mackani: Amazon same-day delivery. 1341 00:56:26,712 --> 00:56:28,278 Ali Mackani: We take a lot of that stuff for granted. 1342 00:56:28,410 --> 00:56:32,314 Ali Mackani: I just think that the next five years or so, 1343 00:56:33,417 --> 00:56:37,226 Ali Mackani: the on-demand experience is gonna be so 1344 00:56:37,287 --> 00:56:42,722 Ali Mackani: different and I'm I'm fearful of it, but at 1345 00:56:42,762 --> 00:56:44,909 Ali Mackani: the same time, I'm really excited about it. 1346 00:56:45,150 --> 00:56:47,817 Ali Mackani: Right to be able to walk in into a fully 1347 00:56:47,877 --> 00:56:52,799 Ali Mackani: immersive experience and be able to live it, 1348 00:56:52,859 --> 00:56:53,842 Ali Mackani: touch it, feel it. 1349 00:56:57,256 --> 00:56:59,300 Ali Mackani: I'm excited about that and that's what I 1350 00:56:59,340 --> 00:57:01,383 Ali Mackani: would say that five years from now we're 1351 00:57:01,403 --> 00:57:05,557 Ali Mackani: gonna have, we're gonna live in a fully 1352 00:57:05,717 --> 00:57:10,753 Ali Mackani: immersive experiences powered by AI, and we 1353 00:57:10,773 --> 00:57:14,077 Ali Mackani: will experience humans and things in ways 1354 00:57:14,097 --> 00:57:15,129 Ali Mackani: that we've never had before. 1355 00:57:15,451 --> 00:57:16,937 Mark Haney: Yeah, I love it. 1356 00:57:17,671 --> 00:57:20,451 Mark Haney: I'll reiterate my bold prediction, and I 1357 00:57:20,491 --> 00:57:21,917 Mark Haney: haven't really talked about this a lot. 1358 00:57:22,110 --> 00:57:23,315 Mark Haney: I've never talked about it other than with 1359 00:57:23,396 --> 00:57:26,381 Mark Haney: you guys, but this idea that we're gonna 1360 00:57:26,421 --> 00:57:30,050 Mark Haney: print more money as Americans feels almost 1361 00:57:30,150 --> 00:57:31,393 Mark Haney: inevitable at this point. 1362 00:57:32,315 --> 00:57:34,400 Mark Haney: But I wear a shirt a lot of times that says 1363 00:57:34,440 --> 00:57:36,452 Mark Haney: everything is figureoutable and I believe 1364 00:57:37,134 --> 00:57:39,440 Mark Haney: that entrepreneurship and innovation 1365 00:57:39,520 --> 00:57:40,990 Mark Haney: whether it be big companies, small 1366 00:57:41,050 --> 00:57:43,854 Mark Haney: companies, startups they're going to figure 1367 00:57:43,894 --> 00:57:48,340 Mark Haney: out a way to drive enough productivity to 1368 00:57:48,541 --> 00:57:52,326 Mark Haney: outgrow the wasteful spending that we are 1369 00:57:52,430 --> 00:57:55,917 Mark Haney: doing as a society, and everything's going 1370 00:57:55,937 --> 00:57:59,224 Mark Haney: to be okay because entrepreneurs are on the 1371 00:57:59,244 --> 00:57:59,424 Mark Haney: way. 1372 00:58:00,891 --> 00:58:01,918 Ali Mackani: Couldn't agree with it anymore. 1373 00:58:02,301 --> 00:58:02,483 Mark Haney: Amen. 1374 00:58:02,503 --> 00:58:02,664 Ali Mackani: Amen.