We have left this building we are at the top of the skyscraper of the promenade building the brown glass building at fourteenth Street where at the very top overlooking Georgia Tech now it's kind of fun we live in the sky. I was so honored and excited that when two years ago I got approached by a good friend of mine named guardian Kong who is a rock star he is a Stanford engineer who came to do to get his master's and by medical engineering and his medical degree and his Ph D. all of the top of his class and he had he and I had become friends because he was a partner at inner south which is one of the Southeastern largest most successful healthcare are investors based in North Carolina and Gar hang had been recruited to the big leagues he left or south and it moved to a a big fund call so if you know out on the west coast out in the park and gardening head help them raise their last half of the billion dollar fund let's get half a B. and they were looking at and they were investing that very actively But he discovered they are investing entirely in biotech and biopharmaceutical you know the pharma industry has been outsourcing all of the development of their products to entrepreneurs I mean it's interesting they would much prefer to acquire a product after it's been approved by the regulatory process rather than that themselves and as a result there's a lot of companies that are being split out of the pharmaceutical industry into makes companies where they're then developing those products getting in through the F.D.A. and then reselling them back in so they create a company and then they sell it back in so. Guarding saw the opportunity that there was a lot of areas that were under served. There was a particularly with the Affordable Care Act otherwise known as the mama care we can't just create more expensive especially small pharmaceutical companies I mean we it's going to be more and more difficult over time to have a drug that costs one hundred twenty thousand dollars a year for a patient. Even if it is saving a patient's life it's going to be difficult to make a return on those investments and yet there's huge opportunities in diagnostics where we can with better diagnostics pinpoint exactly what people need and what drug they need whether it should be personalized medicine or just a less expensive way of doing traditional diagnostics there's a lot of opportunity in medical devices and I know a lot of you hear a lot working on medical devices and if they hear more about those sorts of things. There also are opportunities around consumer healthcare and we're seeing a lot of transition for taking technologies that have been used in the consumer space and bringing them into health care to provide efficiencies or whatever. And also health care I.T. and that's a broad thing in healthcare I.T. there's a lot of opportunity in just making things more efficient how can we make health care more efficient so I was honored to be part of a new team that he formed called Health Quest we went to the market a year and a half ago talking to a lot of foundations and high net worth individuals and family offices and with the intent of raising a fifty million dollars first round fund focused largely on under-served areas primarily in the southeast was our regional goal but also to look at places that where there is less capital and there there are lots of entrepreneurs and ideas like Cleveland Ohio Indianapolis Houston Texas Atlanta Georgia. Florida places like that. I'm pleased to say that we overshot our goal telling the story about the fact that we're going to make health care more efficient. And that we would be investing in things that are at commercial stage that are ready to be launched into the marketplace as opposed to discovery stage so I must tell you there's a bit of a mismatch between where most of you are and what kinds of deals we can invest in so I want to make sure that we're looking for products that are ready to hit the market or are hitting the market but we were able to raise one hundred ten. Million dollars So we went instead of we raised our goal twice from fifty up to one hundred ten and we're now actively investing Yeah. It have we're looking for revenue stage you don't even have to have launch the product yet but we want you to be able to enter the marketplace. And that was just because that's you know every venture fund sets up its story as to what they're going to do and and the limited partners the investors in our funds actually look at our state statements as to what we're going to do and they want to make sure we're actually doing what we say so we're not doing international investing or we're not doing investing in small molecules or biologics and we're not investing in companies that don't don't have a commercially ready product so that's sort of what our goal is. We see gardening as our leader. We are all partners we work together closely I'm delighted also to work with David Kappa coffee was the guy who invented the original P.S.A. test at Harvard tech and also as a scientist the dipstick pregnancy test these are sort of monoclonal antibody based assays that he developed Randy Scott is in Gainesville Florida and actually guarding Randian are connected through the Southeast bio network Randi had a pitch that he gave to us that he got on the main stage and gardening made investment he was part of a company that was making the material that makes sort of sense of the toothpaste you know makes your teeth wider less sensitive creates better bonds on your tooth enamel and and he is also is a consumer health care guy you can see from his Lens Crafters background in Procter and Gamble the which I talked about and then we the great thing that makes our fund work is that we're able to use the back offices of the biotech fund of so if you know of a which has you know one point five billion under management so we can actually use their limited partner relationships their marketing group six that are so therefore working together so that's just a background of where I've gotten and where I am. I and when I originally was coming to talk to you today I was thinking that we're going to talk a little bit more about human capital about what we're going to do in terms of building a team when you have no money which is sort of what I was thinking about but I'm happy to to talk a little bit more and talk more broadly about where you stand and make this is interactive as you can because I think the other thing that I might be useful to you is to talk about when we do our deal flow and we're looking at deals what are we examining what are we looking at it what are we looking to do and so on but let me start by saying. I am assuming all of you are founders or how many people are starting their own company or are looking at starting their own company is that a majority Yeah I thought so. How I say that the biggest challenge for a founder is to know that I self and I always love to put Bill Gates up there because. He is the exception and not the rule it rarely is there somebody who. He didn't create the technology realize he stole the technology or he appropriate the technology inside to deal with I.B.M. which got Microsoft started so it wasn't necessarily that he was such a great inventor but he was able to take an idea as a dropout from Harvard and partner with Steve Balmer and a few other key people and become a huge company and ride the ride all the way up to the C.E.O. through all the public offerings still into a huge chunk of the company all the way through which we have why he is one of the richest men in the world but very few people are able to be both the technologist the founding scientists and read all the way through the C.E.O. to retirement to the foundation so. Most of the time there is different points within a lifecycle of a company that different types of people have different skill sets and so I always suggest to folks that you have to sort of think about what role do I play in my company and what role do I want to play where my strengths and what do I need to do to supplement those things. You know it's interesting. How many people do medical devices and how many you know. Pretty much who by doing pharmaceuticals are working in pharmaceuticals about health care of so so this program you know it's interesting. I was thinking one of our challenges working in the health care space Well first of all the great event is working in health care spaces you can feel like you're doing good I mean you know you can create a profitable business you can create a very successful high margin business but at the same time we're improving people's lives I mean by and large we are there's there's all sorts of challenges but I think that by and large we can do well while we're doing good. I compare and contrast it to sort of those investors that break down into sort of information technology companies are high tech versus bio pharmaceuticals or medical devices you know were on parallel pathways competing for power for similar dollars I mean people are going after those types of pools of capital but when we when we work in the medical space you know you have to start with the idea and I know most of you are starting with an idea right and then we have to test that idea and make sure that there's a market and I'm sure you've found early on that intellectual property is probably the most important thing at least the freedom to operate process to make sure that you can actually do what you think you can do in that you can control that marketplace the nice thing about that is unlike a lot of software other things you can actually build a barrier to entry early on in an area that you're interested in. But then after you've tested that you figured out where the marketplace is we have the great challenge of actually developing the product and getting the product to the point where we actually prove that there's a proof of principle that we can get that on that's a slow process if you're doing a biotech a small molecule it takes a long time to get to that area. If you're doing a medical device you can do prototyping much more quickly if you're doing software doing health care I.T. you can do it is about as fast as I teach space when I compare it to the I.T. side we are seeing so many different companies in the health care I.T. space that are being developed so rapidly and so quickly because they can emit light was already been done in the Consumer Healthcare side but at the same time they they lack the same barriers to entry I mean we have a problem in that it's hard for us to distinguish between this handheld device and that and help device. So my comment is you're probably one of those people you're probably somebody who knows how to do regulatory affairs or knows how to do inventions or knows how to do general management but you're always going to need to add. Other people so I always suggest the first thing you have to do is ask some key questions about yourself you know what am I best at and I think that's really the fundamental question when you're starting a company. What do I do is that the data analysis or am I better vision you know do I like to do the financial engineering or operations and then where are my weaknesses or blind spots. And then finally this is the hardest thing is who can I really trust to give me the real answers. When you surround yourself with people who are blind believers in what you are personally doing then frequently you'll end up getting answers that are not truthful the biggest challenge we have when we look at a business plan and we asked people you know who are your competitors and they say there are nine you know we are the first to ever have accomplished that that immediately lets us know that you don't know your marketplace because we have seen since our fund has been opened four hundred fifty deals and I promise you we've seen probably someone in your space doing something like what you propose. In fact our favorite thing we do is because we have to. Companies in fact were doing a bake off and two companies both of them are in scopic technology so they're looking at people's knees and shoulders and stuff and they're have two for two different price points two different analogies one has higher definition one is lower definition one has a cheaper disposable one has a more expensive technology but it's better. So we can ask them both the same questions you know. Who are your competitors and what does what do physicians prefer and who are your key thought leaders and by having those two companies in the same space and evaluating them together in parallel we can actually really dissect out what's going on and trying to figure out space so I think that's probably an important part for you to know. My second comment would be and I'm just looking at somebody who has an idea and has a a business plan or a slide deck who started and has Scott and some freedom to operate kind of opinion so I'm assuming we're at that sort of stage I think the next most important thing to do after you thought about who you are is to find a mentor to find somebody who can you can depend on you can be credible with. Ideally these are the characteristics that I would suggest you look for and this is before you talk to venture capital gapless this is before you're starting to see funding this is just shaping your idea now this program I know is great you're learning a lot and you're getting a lot of the mechanics of putting a plan together and thinking about it but the best mentors are somebody who already is successful hopefully in your space so if you are looking at going into my friend you know Randy Scott was going into dentists' space whatever he had to find somebody who was in material science who probably worked in companies he he plumbed Procter and Gamble Glaxo Smith Kline these other companies and found people who could help him think through the technology the company and the opportunity. The second bullet I really think is important is to make sure that this person has some time you know if you have there's two types of mentors there's the luminary mentor who flies in and out on their plane and as is of it occasionally available what you really want is to find somebody who has some time on their hand and can actually invest the time with you to look at your idea. A perfect angel a purpose are a perfect mentor is somebody who also has a little capital and I know everybody is sitting here starving for capital and trying to find out how to get past the valley of death and if you find the right mentor and they have been successful and they believe enough in your idea that they're willing to put capital into your plan that goes a long way and it speaks volumes when you're prejudiced catalyst. But they also need to bring you hopefully networks within your industry and archaeology and says when you are trying to test your idea you want to approach Emory about a concept or approach. A hospital or somebody nationally around whether your idea is valuable having somebody who can open that door for you and get you to the right place is probably as important as anything. And then finally the an important goal hopefully for you is that this mentor yours is looking for intellectual stimulation and not necessarily financial remuneration and I say that because you know star you need to find somebody who enjoys the start of the game really wants to play in the game and is feeling like gosh you know you're somebody that I'm willing to bet on and help with and because these things are risky you're putting your heart and soul into it if you have an angel investor who is expecting a valuation that's extremely high in your next round of financing you might find yourself so handcuffed you need to make sure they learn how to live with you and make things that go on because it makes sense but these are sort of no I say no to that. But do you disagree with. Them but. In terms of when to get a mentor. This is the debris company formation and this is just that yeah I mean you're right this bullet is I'm sorry. I. Don't mean a good job. You know I think that even as you're testing out an idea. Finding somebody who has some experience in that space. Has taken it into a product is probably a useful thing I mean if I go two steps back it might even be a scientific mentor maybe somebody who understands the technology and could be useful to you. Tell me what stage your company's are at I mean give me some ideas I mean explain to me a little bit so are is everybody just exploring an idea. Or. Concepts. Or. Right. These are just. OK. So what would be the most useful. Discussion we could have I guess because because there is one of the biggest challenges is to find capital to explore an idea beyond the concept and how do we take it from. A concept to something that could be a proof of principle at least or at least show an indication that there's an opportunity I mean yeah. Sure. Her. Well you know we've talked about it a lot particularly in Georgia because in other markets where there has been a series of entrepreneurs particular in the life sciences space and they've gone through integrations and cycles. We're investing in a company right now a company called We have invested in a company called Castle Bio Sciences which is a diagnostics company formed out of some technology out of N B N or soon founded by a guy who used to be in marketing and business development amylin pharmaceuticals so he knows nothing about diagnostics but. What he does have is he has to reach angels the you know Dan Bradbury who is the C.E.O. of amylin pharmaceuticals Of course they got sold off and they're doing very well and Joe could Jr who is a national based entrepreneur and also was the chairman of the board of M. and pharmaceutical So when he came up with his concept he went back to his former bosses and said This is what I'm thinking about doing it because they knew him enough they allowed him to have their own capital to start a company and I think that's the biggest challenge that Georgia doesn't have this is the San Diego based activity that the funding came from a steady base that we don't have the series of serial entrepreneurs who have enough capital generated on their own that they can go and invest. With a few exceptions and the few exceptions are. Medicinal chemists out of Emory are very wealthy these days as a result of their success with and have oral drugs and they have to try to see particularly and we have a series of medical device entrepreneurs who have cashed out and done very well and that I was having a cup of coffee with from cardiograms downstairs before I came up here those guys are interested in new companies and new technologies and actually are so very supportive of the youngest comes getting started but it usually is an individual or two and to some degree it might be this mentor who. Just approach as a soft pitch to discuss your idea and see whether or not there were it would be a group there is Atlanta technology Angels which is. A which is working on a health care focused activity I must say it's not really that active yet GA Bio the biotech association here is starting an angels fund network which we're trying to get started up which is another activity that will be new and different starting in the future years but it is a real challenge is more of an individual's game. Then it is an organized spot so. I mean that's the biggest challenge I would suggest. The universities are amazingly supportive though I'm just surprised at how much in terms of resources even funding sources if you have a key faculty member who is attached to your idea because the university tech transfer offices are highly focused on being supportive of there and then a faculty because. Not even just the Jerry faculty members but also just the standard faculty members you know part of the university's mission now is to help them supplement. Their commercially oriented research in other ways that they can do and U.G.A. has been very active in that as of course Georgia Tech has a bunch of. Grants from the federal government and stuff for military applications which is useful so let me stop you just ask what the problems are going to give me some questions that we can help with because I want to make sure that this is useful to you if you have a question right. You know well that's right we're going to talk was about that's what we were starting have a discussion about me. Yeah so I have I made a list of the things I know that we can find for free first in the state you know that we can do. I've always been impressed by. In the formation of a company. There is a lot of room three resources from the professional community first and that's what helped form things law firms particularly intellectual property there's usually a lot of interest in early stage financial accounting and venture capital will give you advice I mean I would suggest it's not too early to just talk to somebody like me or so some others who are out there just to say I have an idea you know you may want an indie in place just to make sure that you don't get shopped around whatever and we have our own N.D.A. will sign will offer you ours to make sure you know we won't use your ideas but. It may be useful to get networked let me see if. I. Was just giving a case is not very useful to you so I'm sorry I'm just trying to figure out. The mentors the first free person that I was trying to find that was what I was thinking that your first opportunity to do the second is if you could find that entrepreneur who is interested in doing the second company with you frequently you could find talent that's available on a part time basis to come in the system. You're looking for more of an engine earing talent or product development talent or. You know I've always discovered that through a combination of of Google and Linked In that you can likely find you know five or seven people who are well connected in an area that you're specifically targeted interested in the other. The surprising thing is that those individuals typically will take your telephone call in and be able to have a conversation with you you might frame it as I'm speaking as a council of advisors that I want to treat to dinner and have a discussion just as a first round to see what you can get out of them the right people will get interested and will be of of use to early on with expectations the compensation will follow later. It's the chicken or egg game how do what how do I hire people when I have no capital how do I raise capital when I have no people right so you create a phantom company with the individuals designated that you're going to hire and use right with their backgrounds you and you make sure you have permission to use their names in the discussions and then you go and approach a high net worth individuals or angels and say here's my plan here's the team here's my budget and of course typically your salaries are going to be half what market is with the idea that their equity is going to be the other half at least as you get started in to you Chief I'm Austan that you're setting out to achieve with that management team and you project from that direction that is be my suggestion to start. One of my very dear good friends. Started a company and found a very high net worth individual who absolutely believed in the his new cancer drug would be fantastic and he raised a single check of five million dollars to get his company off the ground and started valuing the company however at twenty million dollars of post money of twenty five million dollars on the on the development of a single drug or Single Platform molecules so. It is friends and family are wonderful I one hand you know can raise capital with just an idea and get people involved however you can imagine what happened so he staffed up he built a research laboratory they went after the discovery platform there was lots of great intellectual property generated and then all of a sudden you needed to do some preclinical work and development of that product and you were down to your last five hundred thousand dollars and so he went to the traditional venture community with a company that had a post money as we call it of twenty five million dollars because he'd accepted five million but out of twenty million so he's post money twenty five and of course every venture capitalist value the company and about five billion dollars maybe three you know whatever whatever the value of the intellectual property they've been generated and so unfortunately he has to go back to this very high net worth person who was had made his huge asset off of telecom in and of course his his stock was decreasing over time because his company was not doing so well and he could not put another dollar in the door and the value but he could not also if you did not want to accept being the largest shareholder a lower valuation then the twenty five million which he had been sold and so the company went through a financing crisis and crashed so the that's a long story to say one of the greatest challenges is how to value your company. To the point where you can attract capital for at the very early stages but at the same time not prevent yourself from getting funding and subsequent rounds of funding frequently people use a convertible notes which is exactly what we would as investors suggest. You know. I'm sitting in now about bigger fund and I am surprised at how generous we are we are we are not trying to screw you you know on the front in financing because either is going to work or says not going to work anywhere and that first round of financing you know if you are less than five million dollars in terms of pretty money valuation will probably make a living you know either it's going to be big enough you've got to be the big deal or not when I guess career on that yeah. Right. Yeah I mean I think that I. AM People tend to load up our if they have access they end up loading up on folks that are talented in from the largest companies and they've never done anything but rise through the ranks carrying a bag managing a team do their sales force and they've never seen anything where they didn't have a secretary you know they'd have an administrative assistant. I would suggest that we're looking at the management teams we. We hope to see a pedigree of big company experience so they understand how the company they're going to sell to thinks but we expect them to have done early stage smaller company kind of experiences with really return on investment I mean that you know that's bottom line is if you are a first time C.E.O. find somebody who is not. Here. And had as a scrappy guy for five years built his company up from the Ground Zero and was doing well and that was why we were interested in that as an example Yeah. You know we always in our thought process. It has to be a really large market I mean it has to be a market that is of substance that somebody can get to be you know an exit of you know three hundred million dollars or something like that as sort of one of our first party so it's really market size and then secondly is this solution in our solutions tend to be says really for revenue stage companies tend to be services plus product so it's usually you know some invention but it's some inventions attached to a service or a delivery system or something to that effect. And then it's all about the management team and we never see a complete set we never see you know the C.E.O. had a product development ahead of regulatory head of clinical and whatever all put together usually it's by hook or by crook by consultant you know there's usually the C.E.O. and the chief finance. A lot of us are and then probably everybody else is somebody else or you know something like that but but those two characters are the most important for us to to depend upon and in weakness in either of those is hard to supplant because usually those two people the C.E.O. particularly have such a large equity stake that we can't go in and say well we're going to replace you you know that's not typical it doesn't work we end up having a wrestling match if that happens well another thing we've done a lot with our portfolio companies is to add to the board you know take. A senior executive from Johnson and Johnson for instance who is retired or who just or somebody who is an entrepreneur who is successfully sold their company who doesn't want to a managing operational role but would be interested in serving on a board for an equity stake and put them on the board seat and so then we bring in domain expertise market expertise on to the board where they can sit and spend some time with the C.E.O. So why do. We call them independent. You know we we're not pushing anybody we're adding value to the board. But what we are it would be an independent board city not our board seat. We typically take a board seat in an Observer right seat to usually on the other deals we're doing there so early. I have got to tell you either said. Now. We have not shared with them it would be obvious in stupid if they did not think about that because they're both in the market fund raising they both are going after the same area they're both working with a lot of the same thought leaders and we made phone calls to the same he thought leaders and asked for them to back off. For us the two different technologies. So it's a common thing now. You know I have looked at a lot of business plans for companies that have a great solution that could be developed relatively inexpensively and then produce revenue stream I mean all these health care I.T. companies I keep saying with yourself I mean if you if you create a recurring revenue stream that. Can generate you know I don't know a couple million dollars a year and free flow free cash you know then why not put your family foundation in that and call it a day and go do something else you know whatever so there are other solutions other than that. The other thing that happens is is. Larger companies that are interested in innovation will invest alongside with you and valuations that maybe the venture community will not invest because they're interested keeping watch on it so you can set up an exit strategy that has sort of a milestone base that was original so that when you achieve this will fund you to the clinic and when you finish the clinic will acquire the product at this point and I must say a man's in Jay's company St Jude did that basically they did an equity investment that allowed them to complete the clinical trials that they needed and get the F.D.A. approval of their little part monitor which should be their blood pressure monitor device and the day that it got approved by the F.D.A. that they closed two days later and were acquired part of Sanjay so you can set up a a model like that as well it may tap your upside but it may be a way to get funded. It's the financing C.F.O. not the operational So there's sort of a couple of flavors of controller types if I was managing the day to day cash flow operations and stuff like that the see if I'm sort of describing that function is usually the person who is helping you develop the model instead and stand by the numbers and is able to do the pitch and talk about your kept able and and what the ramifications are and how your exits going to look me the C.E.O. You may be qualified to do that but frequently the C.E.O. is the guy who has the great idea and has got the vision and is going to push it forward but he needs to have the financial wizard next to him to talk through the term sheet are they going to that's that's the see if I'm thinking of. Yeah so if you're able to guess the reason why you would like to take capital in is if your idea could be expanded more rapidly and you could therefore get larger and therefore by getting larger your growth curve is like this so the acquisition price or the I.P.O. price could be higher so your valuation of your enterprise could be larger. That would be the only reason if you're profitable company and you don't need to grow more rapidly or you don't need to diversify the different product portfolio you know there's no need to take capital. But rarely is that true I mean I think you would find most often if you are in a market and the market is growing rapidly there's somebody else who's coming into that market and you probably need to grow faster to be the dominant player to create the greatest value now. It all depends on how the the team is built what the rules are. So you're the engineers and the technicians the scientists. So you're still a project right you're still a project not a company. All right so what you want I would suggest now is to find sort of a mentor in a c kind of fashion to help you think about the formation of the company and how it might be funded and then after the company is formed and you're starting to prepare to pitch you need to have you know a designated C.F.O. even if you haven't heard them so you could tell them that we're not just a group of engineers we actually have management and a financial officer who's going to help protect your capital to give you a return on your investment will be the plan. But you don't have to hire them is a death it is it is I would consider finding the designated person as opposed to actually hiring them because. You know within the business schools in both tack and Emory are our. Students who are to have been in industries that they've already done that they're coming back to get their M.B.A. after having been in the workforce and those people might be available to you to talk about your idea or shape it or think about it and spend some time with you on this just for their own intellectual interest not really for their job of playing because they're looking for opportunities themselves now. But. So I guess one of the biggest challenges the chicken or egg. You know when is my company I guess when when is my project ready to be shaped into a company and then if it is a company how do I fund it or what do I do about it so I think that's that's the question so how many of you are at at just company are at the formation of a company or have formed a company many people so tell me a little bit about your company then and tell me what are you doing about it in terms of funding the first step. As we are. By. Right. Now that's actually what. I. Want to do. That. I like. That. It's. So are you keeping track of it I think one of the biggest challenges and what you're doing is your cap table will become complicated right. It must be I can imagine. Just. Right has anybody tried it tried crowdsourcing or crowd funding and I done that pathway because we actually didn't invest in a deal and then that company went back and did crowdfunding and found a hundred thousand dollars and were able to get started I thought it was kind of interesting to say we'll probably. As a been successful or. You're. Right. A. Very person. You're. Not a. Number of media on T.V. or you yes my lady. Are you. Buying it is a group. Based. Organization that was here this year. With their. Belief. That. There's. A HUGE. Killer with. More and more of it and the state would just. Say. Well and it also. Is expensive here. Here and there. But there also is a business like fishing. Village. Where we. Look at that. Where you get access to. That you know what they call you get there they allow they have the. Last five. Years. They get a. Fish that is very very. Good you'll. Say this. So you really. Are typically we really knew. That was. Going to. Be. A. Really good. One. Here. So we saw that. We recently that. You. Were really. Right. We. Were right there was a. Free. Lunch. You. Know. If you. Like. What. Was. Right. Then why do you all. Want. It all of. My. Life. Where you live. Your. Life. Where. You have. Yours right. Here. Right here but. What. You really. Did you set. On the. Floor of. His way. Home. He says with a very very. Funny but. I'll tell you what it reveals. A life. Where. We can be materialistic it's a great. And fun it's. Really really great or is it. Fine. So those people that you actually want to talk to somebody a few of those people just heard there is that. We are going to. Get. Rich right. This is. Just great people. For years but they don't get it great. We love you guys got. Their way or the results like. What you. Got it was. Late in the day period. Forty two they got forty cents. To be a dollar or it was never really works. Every year. He's right. About this point some of you guys expect done for you. So that you can get your fight with Larry but. I think you have a great experience if you're in a. Place. Like. I was when I learned how are you going to go you know what I look like. This. Week. He said Right years wait. Wait. Wait. Wait you're getting a. Little. More. Careful what. You. Say. I think we have one more question yet. Which. I think is very likely going to hit me a lot right there on the. Right reason you feel really very very very worried but it was. Really. Really. It was it was. Really. Fun thank you so very. Much.