00:01so mark thanks again for your time
00:03really appreciate it and thanks for
00:05everything that increase in Horowitz
00:06does to support veterans so we have a
00:08kind of a veteran's program that we
00:09built really supported by injuries and
00:12horowitz that brings together that's in
00:13the valley and so we really appreciate
00:16so you started your career as an
00:18entrepreneur you've found a bunch of
00:20companies and made the decision to
00:21transition to to investing what
00:23motivated that for you yeah so um I'm
00:29trying to figure out a way to say I'm
00:30very honest I figure out how to say
00:31giving back without sounding too nice so
00:34you know it's like a lot of things in
00:36life you do you do things I had my case
00:38I directly started three companies and I
00:39worked with a whole bunch of other
00:40entrepreneurs and at a certain point so
00:43I probably like anything else in life at
00:45a certain point you you you you go
00:46through it enough times so somebody once
00:48said that somebody said was it yeah bad
00:53judgment leads to lots of mistakes which
00:54then leads to good judgment you you you
00:56basically right you end up you end up
00:58fighting all the fights you end up
00:59making all the mistakes and at some
01:00point you come out the other end kind of
01:01knowing what you're doing and so my
01:04partner Ben and I basically you know
01:06thought about five years ago we started
01:08this firm and we thought it would reach
01:09the point where we had learned enough
01:11where we could actually be helpful to
01:13other founders who were starting
01:14companies and so we started the firm
01:17it's a very different experience though
01:19it's it's our entire firm actually
01:21consists of people who were operators
01:23there eight general partners were all
01:25founders or CEOs or both and ran
01:27companies we actually don't have the one
01:29thing we don't have at a firm where any
01:30former professional venture capitalists
01:31we just we decided to just we trained
01:34people from scratch and it's a little
01:36bit disorienting in a sense of you are
01:38used to being a builder and an operator
01:39a founder or CEO a manager you're used
01:42to making the decisions and used to
01:43actually like you know you're
01:44responsible and you're accountable and
01:45you actually get to make the decisions
01:46it's your responsibility to make the
01:48decisions it's disorienting to go into a
01:50role in which your job is to advise and
01:52help and assist and support and be you
01:55know be a sounding board be a you know
01:59be a backstop be a source of support
02:01it's very great I mean I love it it's
02:04it's it's very gratifying it's it's you
02:06know in a lot of ways it's
02:07self-indulgent and that you the trade is
02:09you you have an excuse to then work on
02:11many more things and once you get to
02:12kind of see all these different projects
02:13so you get to work on you know ten or
02:15fifteen or twenty things at a time
02:16instead of just one thing and so that
02:17it's a wonderful job but you do
02:20definitely go into a mode that we're in
02:21now if we're here we're here to help
02:22we're here to support we're here to
02:24backstop so you've talked publicly about
02:28the the way that tech companies are
02:30built has evolved over time and we're in
02:32this third phase of entrepreneur lead
02:34technology companies if you talked a
02:36little bit about that evolution and how
02:38that's influenced your approach here at
02:39Andreessen Horowitz yes so there was
02:42this pattern I got to Silicon Valley and
02:44I'm in 1993 it was kind of right in the
02:46middle of kind of that the last kind of
02:48wave of how companies were built the
02:49valley in the 80s and 90s which was this
02:52view it was very common at the time it
02:54was basically this view that you have
02:55these founders and they're often the
02:56founders are often the tech geniuses and
02:58sort of mad scientists and and these
02:59people and you know they're a little you
03:01know they're a little they're little
03:02nuts you know they're they're a little
03:04you know they're in the lab and they're
03:05working away and they you know they tend
03:07to have what I call the minty green
03:08power of sitting in front of the monitor
03:11they don't necessarily dress all that
03:13well we don't necessarily you know
03:14shower every day and you know and they
03:17build these incredible breakthrough
03:18products and so the valley kind of
03:20really understood and the VC community
03:22really understood the value of these
03:23folks in terms of building the products
03:24the playbook though was then okay you
03:27you you you see they start those people
03:29start the company and then you hire a
03:31professional to run the company and you
03:33know the so-called professional CEO
03:35which in the 90s became known as the
03:37world-class professional CEO and because
03:39in the 90s everybody became world-class
03:41right up right up to the crash when
03:44everything fell apart and so you hire as
03:48professional CEO the professional CEO
03:49would come in usually with a you either
03:52actually generally sales or a finance
03:53background and I would take over the
03:55company and you know you know boy you
03:58know good-looking people you know great
04:01teeth great haircuts
04:02you know very well dressed you know very
04:05presentable people and they would take
04:08over the company and the good news of
04:10what you would get out of that is you
04:12would often get those companies would
04:13often immediately become you know
04:14commercially successful in that you know
04:16you put somebody in charge of the
04:17company who understand sales and they go
04:19out and sell a bunch of stuff and so the
04:20first two years you know often go quite
04:22well the problem is if you've taken the
04:25parodic creator and product innovator
04:27Oh job then you kind of have this you
04:29have kind of this question of like okay
04:31so who's making the decision on what the
04:32next thing is and the thing that all
04:34tech companies have in common is that
04:36the thing you know the product that
04:37we're going to be selling in two years
04:38four years six years is not the product
04:40we have today it's whatever you have
04:41today is going to become obsolete in
04:42short order and so we need to we need
04:46what we're selling the current product
04:48we need to be building the next product
04:49we need to really understand what that
04:50is and so the pattern that we noticed
04:52the started developing was just you just
04:54have this amazing slippage where these
04:55companies would do well for two years
04:57then they would just cave in and
04:57collapse and actually then what would
05:00happen was the other thing was the
05:01professional CEOs after a while figured
05:02this out because it wasn't good for them
05:04either and so then what you would find
05:06is they would they would sell the
05:07company and they would sell the company
05:09basically ideally with perfect timing at
05:11the peak of the last product cycle
05:12before the world figured out that they
05:13didn't have another one and then that
05:16interfered with the mission that we
05:17always had which is how do you build big
05:19and during franchise important you know
05:21are all role models we're always you
05:22know Microsoft and Oracle and Intel and
05:24Cisco and IBM and hewlett-packard and
05:26how do you build companies like that and
05:27if you're just going to do a single
05:28product and they sell the company you're
05:29never going to build a big valuable
05:30enduring company and so so we thought
05:33you know boy this model doesn't actually
05:34work that well and then actually what
05:37actually happened before before we
05:39entered the scene is VCS what happened
05:40was Google took off and Google was
05:42viewed from the outside as
05:43professionally Irish made his
05:45professional CEO but we always felt that
05:46while Eric was very valuable to the
05:48company we always felt that Larry Page
05:49was sort of the secret weapon at the
05:51company so watch that one and then even
05:54more significant Facebook where Mark
05:56Zuckerberg was the founder and CEO and
05:59to put that in context for a second like
06:00Mark Zuckerberg did not have a job
06:02before he started Facebook like his
06:04first job in the world was CEO of
06:06Facebook right well I didn't work over
06:08the summer at McDonald's why nothing
06:10like no experience no nothing I think
06:13people who met him in 2003-2004 I mean
06:16one thing he was like literally 20 right
06:17so like that part of it's just like he
06:18was incredibly young but had no
06:21management experience and so the idea
06:22that somebody like that would still be
06:24the CEO 10 years later was just not
06:26considered a normal thing but Mark had
06:28this sort of these various advantages
06:30and how he set the company up and he
06:31would keep and and then you know people
06:33now think the results are in but turned
06:35into a spectacular scene you know and he
06:37learned the skills and so we started in
06:382009 and basically decided that was
06:41template now what that doesn't mean is
06:44very important it doesn't mean that
06:45sales marketing and finance and all the
06:47other skills are not incredibly
06:48important they're incredibly important
06:49but they need to be part of an
06:51integrated team and we find that the
06:53team that you know generally works
06:55better if the product innovator is the
06:56CEO of the company and in fact the
06:58interesting thing that's happened is the
06:59same people that would have been the
07:00professional CEOs 10 or 15 years ago now
07:02in many cases want to be what I call the
07:04Cheryl right you guys Cheryl this
07:07morning like I tease Cheryl that her
07:08name is now a proper noun right every
07:11company wants a Cheryl right and so
07:13Cheryl could go be CEO of any company in
07:14the plan like Cheryl's gets called to be
07:16CEO of Fortune 500 companies all day
07:17long but she would rather be Mark
07:20Zuckerberg number two and have the
07:22pairing and the team have the kind of
07:24effectiveness that they have as opposed
07:25to her having the ego need to be the
07:27number one person the other thing that
07:29it doesn't mean so the the the team is
07:31important the other thing it doesn't
07:32mean is doesn't mean every founder could
07:34do it I'm describing because many
07:35founders can't and so we do have
07:37companies that are off this pattern and
07:39where you do bring in a CEO and then
07:43there's a whole art and for those of you
07:44who are kind of on that track yourselves
07:45there's a whole art to figuring out how
07:47to be the CEO of a tech company and be
07:51in partnership with the product founder
07:52and the product innovator and not be
07:55threatened and not feel like this person
07:56is gonna be just destabilizing which is
07:58what often happens when this goes wrong
07:59but it's gonna figure out how to be the
08:01ideal partner in with that in with that
08:04product funder and there's a whole kind
08:05of art and science around that so that's
08:06that's the other model fantastic so as
08:08you coach your portfolio companies and
08:11you have a young entrepreneur who has a
08:12lot of talent who needs his or her
08:14Cheryl yeah what are you looking for in
08:16that person like what is the ideal
08:18Cheryl yeah so what we're working on
08:21cloning we haven't we haven't quite
08:24gotten all the way there yet yeah Google
08:27X my lackeys might have an unannounced
08:28you guys might have disclosed you guys
08:29on this they've not told me so so I mean
08:35so I would say probably there's three
08:36things so there's there's a there's a
08:37skill component to it which is the
08:39Cheryl's like generally like you know
08:40there is obviously an incredible art and
08:42science to being a top end operator
08:44being able to build an especially build
08:46a high quality organization under
08:47conditions of hyper growth you know
08:49rapidly hiring people you know it's very
08:51common you hire people at a fast rate
08:52the the organization degrades and so how
08:54do you how do you do it with quality you
08:58you know things go wrong all the time
08:59they're always you know disasters
09:01popping up all over the place how do you
09:02how do you deal with you know multiple
09:04simultaneous crises and then all the
09:07mechanical you know skills although you
09:08know the art of you know how to run a
09:09Salesforce you know how to run customer
09:11support organizations how to do
09:12marketing how to do finance so it's kind
09:14of that whole side of things and you
09:16know and so these people these people
09:17often come up you know they can't come
09:19up through dolphin sales sometimes
09:20finance sometimes marketing sometimes
09:22product management so there's kind of
09:24different tracks where they pick up the
09:25skills along the way that's one second
09:28is I think cultural fit and so and this
09:32goes back to again that what went wrong
09:33in the valley in the 90s if the share
09:36and this was actually this is an issue
09:38kind of every time you bring these
09:39pairing together and there's actually a
09:40it was a question I'm very much in
09:41Mark's mind when actually Cheryl first
09:42came in and into Facebook which was okay
09:44this person is going to show up and I
09:46might nickname for Cheryl the time was
09:48t-rex because you know having met you
09:50eight it's like talk about strong
09:51personalities like so like for example
09:52Cheryl comes into fitness is actually a
09:54true story she'll comes in a Facebook in
09:55the first week she goes around and
09:56introduces herself to every single
09:57employee and mark literally is like what
10:00the hell because like nobody else who
10:03ever joined Facebook everyone around
10:05industry you know typical person who
10:06joins well the old jock right the
10:07extroverted engineer is the engineer who
10:09looks at your shoes while he's talking
10:10to you Facebook is like it is cubicle
10:15right it's like it's like you know and
10:18so Cheryl is just like a social whirling
10:20dervish through the entire organization
10:21and she's instantly everybody's best
10:23friend and and literally it was like
10:24okay is she mounting a hostile takeover
10:25like what the hell's happening and I was
10:27like no like for somebody who's share
10:29out with her skill set like she's a
10:30people person like this is what she does
10:32she manages people like she's gonna go
10:33meet everybody like this is normal and
10:35he's like okay you know this is fine
10:39that was week one so like literally it's
10:43you know it's you know it's it's a it's
10:45a it is a different animal and so
10:48figuring out how to how to have all the
10:49strengths of that person and then
10:50integrate into the culture and these are
10:52you know these tend to be and the best
10:53companies tend to be very engineering
10:55centric and product centric companies
10:56SATA integrated into the culture the the
10:59the the horror story right the the case
11:01study on the other side that went you
11:02know horribly wrong was you know John
11:05you know who came when he came in Apple
11:08you know where it took him about a year
11:09to mount the coup and then you know kind
11:10of you know horrible things happen after
11:12that so you've kind of got the Sheryl on
11:14one side you've got the John Sculley and
11:15if the other side you want to fall much
11:16closer to the to the Sheryl and then and
11:18then third is you know consistent with
11:21that is the specific partnership with
11:22the founder is incredibly important and
11:24it's a you know a merkin Sheryl shared
11:26an office for years you know they sit
11:28right next to each other now it's you
11:30know they talk every day you have to
11:32have an incredibly incredibly close
11:35relationship 50 incredibly high level of
11:37mutual trust obviously it doesn't just
11:38happen it has to be earned over time and
11:41tested yeah you talked a little bit
11:43about your investment philosophy is it
11:45the idea is that the peoples of a
11:47combination of both yes so we like to
11:50pretend so every VC will tell you the
11:51same thing and it is true I mean there's
11:54a reason why everybody says it which is
11:55you're looking for a giant market you're
11:56looking for some kind of fundamental
11:57breakthrough technology and then you're
11:59looking for the team the founder of the
12:00team that can execute against it and and
12:03and as a consequence you're in our job
12:04you sit around and you talk all day long
12:05about the markets and the products and
12:07so we have opinions about everything
12:09from virtual reality to data mining to
12:10this and that robots and like you talk
12:12about this stuff and then you go out and
12:14try to understand the markets and how
12:15you know industries are developing and
12:17you have all these theories and probably
12:19most of that is not very valuable it's
12:22probably most of that as a waste of time
12:24I think that 90% of it and maybe we're
12:28fooling ourselves even with that maybe
12:29it's 99 percent of it as people and in
12:32particular it's these very very special
12:34founders and founding teams and what you
12:36find and this is maybe not surprising
12:38once you get into it but it is
12:39surprising when you when you first
12:40realize it is what you find is the best
12:41founders understand the depth that one
12:43of the things that makes the great
12:44founders great founders is they they
12:45have depth in their domain that's way
12:46beyond what anybody you know what
12:48anybody else anybody else going to have
12:50and certainly outside of what we're
12:51gonna I mean we cover a very broad like
12:53landscape of like different kinds of
12:55products we have a term we use the best
12:58entrepreneurs exhibit this kind of
13:00behavior we call it we call they've gone
13:02through the idea maze which is to say
13:05they don't just like have ideas they've
13:07tested the ideas like they they had an
13:09initial set of ideas and then they went
13:10out and they tried to figure out how to
13:11do it and they discovered all the things
13:12that don't work and then they figured
13:13out other things to do and then they
13:15made other mistakes and they corrected
13:16those and and then they go all the way
13:17through and they kind of come out the
13:18other side and they kind of have this
13:19composite view of how the world works
13:22that you could only get if you had
13:23already if you had gone through the idea
13:24maze and then it turns out the way to
13:26test whether they've gone through the
13:27idea maze is you you know you ask them
13:29questions and you ask them you have some
13:31questions well you have some questions I
13:33expect that the other thing you do
13:34actually is the trick the twist is you
13:36you try to get them to change their mind
13:37during the meeting which is actually any
13:40trick because right the reason they're
13:41here is because they need money there's
13:44no other reason for them to come here
13:45other than that they need the money and
13:46so they are very highly motivated to
13:49tell us what we want to hear so that
13:50they can get the money and so a lot of
13:52entrepreneurs come in here and they you
13:54know they've either they haven't gone
13:55through the idea maze they don't have
13:56strong personalities and we're like well
13:57you know you you know you're you're
13:58selling you know you know whatever
14:00bicycles and should used to be selling
14:01motorcycles instead and they say that's
14:02a great idea we're gonna you know change
14:04what we do like that's a horrible sign
14:05right that's like you know run screaming
14:08in the other direction the ice have been
14:10through the idea maze they're like oh no
14:11no no no no no we you know you don't
14:13understand we thought about motorcycles
14:15and like motorcycles don't make any
14:16sense for the following six reasons and
14:17this is why bicycles make total sense
14:19and then the test I do is then I try one
14:21more time to get them to change their
14:22minds and then they get mad and that's
14:24the positive sign just looking for it I
14:26want this stare I want that you know how
14:29dare you challenge me and so they're
14:32there they're deep and their persistence
14:34and they're stubborn and they're
14:36courageous you know they're you know
14:38some you know obsessive you know it's
14:40not an uncommon thing like you know we
14:42have another term we use it's called we
14:43call founder market fit and it basically
14:46means like you find occasionally you
14:48find somebody where it's just obvious
14:49that this is their life's work like this
14:51is the thing that they are going to do I
14:53think been Silverman's like that
14:53Pinterest is his life's work Mark
14:55Zuckerberg Facebook is his life's work
14:56like if you didn't been someone on out
14:58of Pinterest like I don't even know that
14:59he has any idea what he would do like he
15:01would go sit on the beach for a while
15:02and then probably be like I wish I
15:04was running Pinterest again like it it's
15:05it is this is easily it's who he is it's
15:08the the idea is who he is the company is
15:10the culture is who he is and so you want
15:13to try to get as much of that out as you
15:15can and so and so that's the basic
15:17formula you try to find you know that
15:18level of depth that level of persistence
15:20that level identification with the
15:22odds are what we found is odds are if
15:24you find those things it almost doesn't
15:26matter like I don't know that what we
15:28think about the market or the product or
15:29the technology actually matters that
15:33we have the opportunity place about on
15:35somebody who knows a thousand times more
15:36than we do and I think that's probably
15:37the key to the whole thing I'm sitting
15:40here laughing because I'm as I hear you
15:42talk about that stubborn blank stare I'm
15:45recapping every one on one I have with
15:47Ben so it explains it not make sense
15:50what are some of that we're at Google
15:52acts this morning and they gave you it
15:54gave us a little bit of preview and some
15:55of the forward-looking things that
15:56they're thinking about what are some of
15:57the trends that you're most excited
15:59about where you're seeing really
16:01interesting activity and then maybe
16:02where is an area where you'd love to see
16:04people working to solve really hard
16:05problems yeah so the big I mean this is
16:08a cliche but it's true and it's
16:09incredibly important so the big thing
16:10happened in the world right now is the
16:11smartphone and the significance it's the
16:13smartphone is for the first time in
16:14human history we're gonna get a computer
16:16in everybody's hands and by everybody I
16:18mean everybody on the planet and by
16:19everybody I mean people in countries
16:21where they don't have running water and
16:22electricity they're gonna have one of
16:24these and that's all gonna happen by the
16:26end of the decade and you know
16:29significance of these things this is a
16:30full computer it runs software you know
16:33for like we like to say for real like
16:34this is a natural this isn't a fake
16:36computer you know like the old Nokia
16:38phones this is a real one
16:40and you know runs apps and run software
16:42and then of course connected everybody
16:44as a consequence of that everybody in
16:45the world is gonna be connected online
16:46and if you think about that like we have
16:49never lived in a world where everybody's
16:51connected right we never lived in a
16:52world where everybody has a computer
16:53we've never lived in the world or
16:54everybody can run software and we've
16:55never lived in a world where everybody's
16:56connected which means we've never lived
16:58in a world where everybody can learn
16:59right everybody can learn anything they
17:01want everybody can get any piece of
17:02information they want anybody connect
17:04anybody they want anybody can get access
17:06to any market they want like so and if
17:08you think about that like if you're in
17:10the developer world like we are you
17:11think about that you're like oh my god
17:13the market size like you can now build
17:15products and services like Pinterest or
17:16Facebook or Google and you can like
17:18conceivably have everybody on the planet
17:20be your customer and that's never been
17:21possible number one but number two
17:24everybody else can build right and so
17:25we've never been in a world in which if
17:27you're a you know I always think I grew
17:29up in rural Wisconsin and I was thinking
17:30about the fourteen-year-old in rural
17:31Wisconsin or in rural Indonesia or royl
17:33Argentina or we'll China and the
17:36difference between growing up you know
17:38without one of these and with one of
17:39these and being able to take Khan
17:40Academy courses and be able to get you
17:42know overtime be able to get university
17:43degrees online and be able to start
17:45businesses and be able to access
17:46markets be able to publish be able to
17:48politically organized you know is a huge
17:50you know put these things in people's
17:51hands and you get you know I don't like
17:53I you know I you know Arab Spring this
17:55plus Internet equals Arab Spring like
17:57it's not it was not an accident that
17:58that happened kind of right after
17:59smartphones who went critical mass in
18:01the internet with critical mass in those
18:02countries and so this is the big event
18:05kind of of our time is everybody getting
18:07a getting a smartphone and everybody
18:08becoming connected as a consequence of
18:11that we have this thesis who we call
18:13suffer eats the world which basically
18:14says that if everybody has a computer
18:17then you can kind of take any field of
18:19human activity whether it's media or
18:22education or entertainment or you know
18:25commerce or you know take your
18:27information whatever communication and
18:29you can say well what if we could
18:30basically you know forget how it's done
18:31in the past what if we could do it in
18:33software right what if we could write an
18:34app write a website you know write a
18:36database that would do this thing and if
18:39you apply that to e-commerce you get
18:41Amazon and if you apply that to
18:42communication you get Facebook and if
18:44you apply that to you know looking up
18:45information you know from the card
18:47catalog to Google you know very very big
18:49advance that follows and so I mean one
18:53is we just we fund a lot of companies
18:54that are building them the
18:55infrastructure and kind of the plumbing
18:57for all this but the other thing we do
18:58is now we're going industry by industry
18:59and trying to figure out where are the
19:00opportunities to build incredibly
19:01powerful important companies you know
19:03there's a pair of companies lyft as ours
19:05and then uber which is obviously very
19:06successful you know that I think are
19:08great case study of this right now you
19:10know which is and they they're deceptive
19:12like us you know use lyft or uber for
19:14the first time and it's like it seems
19:15like it's another way to hail a cab or
19:17something which is just not that
19:17interesting and then you realize you
19:19know wait a minute like it's we call
19:21that soft freeze transportation which is
19:23like what if every driver plus every
19:25passenger plus every car were part of a
19:27network through software and what if
19:29everybody knew where everybody else was
19:30what if all the drivers knew where all
19:31the riders were in vice versa so what
19:33everybody knew where all the cars were
19:34and what if you could optimally match
19:35supply and demand between riders and
19:37drivers and routes and vehicles you know
19:39what could you do well you could do a
19:40whole bunch of things like for example
19:42you could give people the ability to go
19:43anywhere they want whatever they want
19:45for less than the cost of owning a car
19:47you could take the utilization of cars
19:49typical car sits I forget the number the
19:51typical car is in motion four percent of
19:54the time some shockingly low number
19:56utilize four percent of the day and then
19:59the road has 1.2 passengers right just
20:02the ironic thing about traffic jam since
20:03you cuz your own traffic jam so you're
20:04saying there's like what a bunch of
20:05 like driving around by
20:07themselves you know and then you're sit
20:09there by yourself like and so what if
20:13you know you start running these thought
20:14experiments to say well if we could if
20:15we could have like a properly clearing
20:17market for drivers and rides and cars
20:18you know what could the average
20:20utilization rate for a car be what could
20:21the average number of occupants for a
20:24car be that's in motion and then and
20:26then you think about the self-driving
20:27car you pull the Google thing into it
20:29and then you say well if you didn't even
20:30need we didn't need the driver then the
20:32car could be a motion all day long right
20:33there's no reason a driverless car can't
20:35be on the road 23 out of 24 hours a day
20:37and then you run the numbers and you say
20:39well then how many cars in the world
20:40would you need and the answer is like a
20:41fourth or a fifth or a tenth the number
20:43of cars you have right per capita and
20:45then you look at things like you know
20:47you global consumption of steel and
20:49rubber and glass and you look at carbon
20:51emissions and you look at all these
20:53things and you're like oh my god like we
20:54can like you know like why invite my
20:57environmentalists are not out on the
20:58street cheering uber and lyft like I
20:59don't like they just haven't figured it
21:00out yet but like it's the lever to use
21:02to go after all these environmental
21:03problems and then you think back where
21:05you started which is an app that just
21:06would made it easy to hail a taxi right
21:08and so so that's the kind of threat that
21:10you pull right and then as a consequence
21:12by the way as a business businesses like
21:13lyft and uber have the potentially far
21:15larger than anybody anticipated and far
21:17larger than the taxi market ever was
21:18because they're unlocking behaviors that
21:20we're never possible without with right
21:22without the software and then they only
21:24work because you know that all the
21:25riders have a smartphone and all the
21:26drivers have a smartphone because if
21:28everybody was still doing this on
21:29desktop you like you know you don't have
21:30desktop PC in the car like it was not
21:32going to work until a smartphone came
21:33along and so that's an example we're
21:36doing software eats real estate which is
21:37Airbnb you know there's a whole series
21:39of these the big ones that we're working
21:42on right now that we've done some work
21:44in that we want to do more in our
21:45education healthcare and financial
21:46services and those are the three really
21:48big ones that we think are up next
21:50fantastic all of that was totally clear
21:52to me the first time I used left yeah I
21:55thought the same thing
22:01so we spent the day visiting visiting
22:04Google visiting Facebook and I I was
22:07reminded today of the first time that I
22:09walked into Google having spent the
22:11beginning part of my career in the
22:12Marines which has a slightly different
22:14corporate culture Silicon Valley is a
22:16really special very different place what
22:20do you love most about the valley and
22:22tech and what do you wish would change
22:24yeah so I mean the creativity I mean
22:26applied creativity it's hard to it's
22:28hard to think of a place and a time in
22:30which you can have these crazy ideas and
22:33frankly these crazy people and then they
22:34can actually like make those ideas of
22:36reality never big impact on the world
22:37and of course Google's you know ground
22:39zero for that and these other companies
22:41are as well and so like that's really
22:43magical and special and by the way one
22:45of the things that you struggle with
22:46with these companies as they grow right
22:47is as they've you know whose companies
22:49grow they become a bureaucratic which is
22:50how do you preserve the creativity as
22:52they grow which is you know one of the
22:53perennial problems so that's on the one
22:56hand on the other hand there is this
22:57fundamental challenge which is you know
22:59a creative idea in a lab somewhere
23:00doesn't doesn't affect the world like it
23:02doesn't change the world the world is a
23:03really uses are kind of standard speech
23:05to the to the founders as the world is a
23:06really big place and for your idea to
23:09actually matter to people's lives you
23:11have to get it out into the world which
23:13means you need to build a company that
23:15is going to be able to have a major
23:16impact which is not going to be a small
23:18company it's not going to be a lean
23:19startup it's not gonna be any of this
23:21stuff it's going to be a real company
23:22it's gonna have sales and it's gonna
23:25have marketing and it's gonna have field
23:26operations and it's gonna have offices
23:27and it's gonna have lobbyists and it's
23:29gonna like it's gonna be a thing and
23:32well we do this thing this is less
23:34common now but for a long time Google
23:36first became successful you know selling
23:37these ads and you can go out on the
23:39Google website and you can even buy
23:40these ads and so this myth developed in
23:42the entrepreneur community that
23:43basically said Google was a hundred
23:45percent of self-service business and so
23:46the myth was all that Google has they
23:48just have engineers and then all the
23:49money just like shows up by magic
23:50because people come to the website and I
23:51plug in their credit card number and the
23:53money just flows and so therefore Google
23:55doesn't need to hire salespeople and
23:56therefore my company will never need to
23:57hire salespeople and so I said well how
23:58many salespeople do you think Google has
23:59say you know none I'm saying no no they
24:02actually haven't Salesforce how many
24:03people in Salesforce oh I don't
24:04200 know the actual answer is 10,000 and
24:07you know the jaw drops right and then
24:09what on earth could 10,000 people
24:12you know do selling ads to which the
24:14answer is the world is a big place and
24:16there are a lot of advertisers and by
24:18the way most of them are not going to
24:19show up on your freaking website with a
24:20free credit card and just like plug it
24:24in like you have to actually guess you
24:26have to go talk to people you have to go
24:29interview in you have to sell you have
24:30to build a sales you have to sell and
24:32there are no short leg there are no
24:33further cuts you actually have to go do
24:34it and you know same thing Facebook you
24:36know usually some big sales force sales
24:38force like you know you have to go do
24:40these things you have to go do all the
24:41other things HR this has become a thing
24:44but this one's less I'm laughing out of
24:46leg pain HR it's like why do we need HR
24:50well because people are people and like
24:53stuff happens and like you should have
24:55somebody in the company who's a
24:55professional who knows how to deal with
24:57people oh we don't need that everybody's
24:58it's a big happy family everything is
25:00fine and then like in it invariably
25:02within six months there's just a
25:03horrible catastrophe right system but
25:05invariably and almost invariably
25:07actually and again this is not I'm not
25:08laughing haha I'm laughing because oh my
25:10god it variably it's a company party
25:12with alcohol right there you know and
25:16then like you know next Tuesday okay
25:18here comes you know and here it comes
25:20and you know the first time you get the
25:22bad behavior the the lawsuit that
25:23whatever it is or the first bad terminer
25:25it's always something bad terminations
25:27it's all these things and and then and
25:30then it's just like shock and horror and
25:32because there's this sense of like
25:33incredible personal betrayal inside the
25:34organization like how could one of our
25:35family members turn on us and then we
25:37start having the conversation of this
25:38isn't as my old boss used to say this is
25:39not a family and I'm not your daddy like
25:41this is a company and like these are
25:43like professional adults with like
25:45expectations for what's going to happen
25:47in their careers and they like expect to
25:48be treated responsibly and like this
25:51stuff matters and then they run the
25:53gauntlet and variably they like at some
25:55point they go okay now I get it and then
25:57you know they come out the other end and
25:58they they hire the HR person and they
26:00kind of figure it all out but it's it's
26:02shocking right now this is our maybe our
26:03biggest issue right now is how many of
26:04these companies have to learn it the
26:05hard way anyway so these companies have
26:08to be open companies have real companies
26:10they have to be scaled companies and
26:12then they have to come out the other end
26:13as high quality companies and so it's
26:15you know the central challenge is always
26:17how do you marry the creative genius and
26:19the great products and the great ideas
26:20and then how do you build the high
26:21quality company out the other side and
26:23then how do you bring together the team
26:25you know to be able to you know because
26:26that's always a team right there's no
26:27individual who can do this the case for
26:29doing it in the valley is that they're
26:31you know just like there is a place in
26:33the world that is a best place to make
26:34movies which is Los Angeles and there's
26:36a place that's the best place in the
26:37world to run an investment bank which is
26:39when I'm probably either New Yorker or
26:41London and there's a place that's the
26:43best place in the world to make red wine
26:45which is France and you know there's
26:47there's you know if there's a place that
26:48makes the best clothes which is Italy
26:49like there's there there are specialists
26:51like there there are their communities
26:53and cultures and bases of talent and
26:55environments in which you just have you
26:58know you have an ecosystem you have an
26:59entire network of people and resources
27:01and support for doing a certain kind of
27:04thing and Silicon Valley for basically
27:06an accident history in tech turned out
27:09to be that place which which again it's
27:10not to say it can't be done so outside
27:12the valley but it does say that the
27:13pattern is best exemplified in the
27:14valley the most predictable place for
27:16doing this in the valley you know the
27:18majority the companies that do get built
27:19that are successful are in the valley
27:20and it's and you just see it it's just
27:22it's at this point it's 40 or 50 years
27:24of history and you just drive up and
27:25down 101 and it's like oh there's Oracle
27:26there's Intel there's Cisco there's you
27:28know Apple and you just and then there's
27:29Facebook and there's Twitter and there's
27:30Google and there's Pinterest and you
27:32just see it and so what's the valley
27:34magic the valley magic it's a bunch of
27:37things but if the core I think of it as
27:38we call it a network effect it's a it's
27:40a virtuous cycle it's a it's a question
27:42of like there's lots of talent outside
27:43the valley but on the margin where did
27:45the best people want to come to like if
27:47they're gonna if they're gonna
27:47voluntarily locate somewhere like out of
27:49college where are they going to come
27:50many of them are gonna go other places
27:52but on the marginal one is going to come
27:53to Silicon Valley you know where are the
27:56you know she want to be a venture
27:57capital if you wanna be a venture
27:58capitalist if you want to be a lawyer
27:59that specializes in tech companies if
28:01you want to be a salesperson who
28:02specializes in tech companies if you
28:03want to be a marketing person who
28:05specializes in tech companies there's a
28:07natural draw and then you have this and
28:10I'm an I'm an import and so I say this
28:12all I can in an admiring way as opposed
28:14to certainly claiming credit for it but
28:16the consequence of that then is there's
28:18a culture there's a very specific
28:19culture which has to do with the
28:22expectation here is that there will be
28:25new tech companies like the expectation
28:27is not that you'll you know like Detroit
28:29that's right the expectation of Detroit
28:30is that 50 years from now the three big
28:32car companies will be Ford GM and
28:33Chrysler right the expectation Silicon
28:35Valley is the opposite like we don't
28:37know who the big three tech companies
28:38they're almost certainly gonna be new
28:39and everybody sitting working away at
28:42Google and Facebook and all these
28:43companies that's thinking that could be
28:44me I could do that right and that's a
28:46reversal of what you find in a lot of
28:47places and so it's a special culture and
28:50then you go through this thing as an
28:52entrepreneur that I went through which
28:53is you poke your head up and you say you
28:54know I want to do this and you know
28:56instead of everybody laughing at you
28:57which would be the case in a lot of
28:59places in the world everybody says oh my
29:01god how can I help like what can I do to
29:02help you know who can I help you meet
29:04you know boy can I come work with you
29:05you know can I give you money and so
29:09this whole kind of system and support
29:10structure kicks in the kind of
29:12turbocharger is the entire thing so Marc
29:15Andreessen Horowitz is five years old
29:17get five years in and and by all
29:20accounts off to a great start as you
29:21reflect on what you've learned over the
29:23course of the first five years what is
29:26the next five years look like and how do
29:28you apply those learnings so the bit so
29:30it's it funny for a tech startup five
29:32years old five years trying to get old
29:34so you'd be like people would be like
29:35well again what are you gonna do gonna
29:36go public like what they're you know
29:37they're gonna fail like what's listen
29:39you know something's going to happen for
29:41a venture capital for a venture capital
29:42firms are longer-lived they give a go
29:44for it when they work they go for 30 40
29:4650 years and the reason for that is like
29:48we make these and we make these
29:49investments you know we're making
29:51investments over time we've made
29:52probably seventy kind of main
29:54investments the significant sized
29:55investments over the last five years you
29:58know we've grown in that period so most
29:59of them have been in the last you know
30:00two and a half years those investments
30:03in total it'll take ten years probably
30:05to find out how well the portfolio does
30:07some of those companies have already
30:08succeeded and if you know we've seen
30:10some cases we sold them and they've got
30:12they've gone public and we've already
30:13gotten the returns in other cases we
30:15like to say in the business the lemons
30:16ripen early and so you know we've had
30:19other companies you know go under and
30:21more on the way we told our Dada
30:25we told them we told our investors we
30:28told our investors when we raised our
30:29first fund we said look we're not in
30:30this to hit singles and doubles we're in
30:32this way they're gonna give you you know
30:33grand slams or strike outs and then I
30:35said to give more to put more of a point
30:36on it we're either going to get to the
30:37moon or we're gonna leave a giant
30:38smoking crater in the ground on every
30:40investment and so every time we have a
30:43company just horribly fail like all the
30:45LPS and I'm like see we're delivering in
30:46our commitment to you
30:48to deliver to deliver the smoking crater
30:51so it just it takes it just takes tight
30:53it takes it takes a little long time
30:55especially across the entire portfolio
30:56and so I sitting here today can't even
30:58tell you like what our returns are gonna
30:59be from the first like three years like
31:01we don't know we don't know yet like
31:02even our first fund we don't know what
31:03the returns are gonna be so one is like
31:06we're still we still feel like we're in
31:07the middle of proving ourselves and so
31:09the next five in I go through all that
31:11because the next five years for us has a
31:12lot to do with proving what we've the
31:14claims that we've made in the first five
31:15years the opportunity for us is we're
31:19establishing and people know who we are
31:23and people know what we stand for one of
31:25the things we've really tried to do is
31:26really we brought we market like we
31:28broadcast we tell people what we big
31:29part of that is we tell people what we
31:31stand for and you can go to our website
31:32or you can go on you know our Twitter
31:34feeds and like you can see that you can
31:35or you can watch our public speeches on
31:37YouTube and it's like it's very clear
31:38like we may be right or wrong but we
31:40have a definite point of view and so we
31:43have an operand in the mind of the
31:46entrepreneur they know what we are and
31:47if there are kind of people that tend to
31:50come talk to us and if they think we're
31:51nuts they tend not to come talk to us
31:52and so it's a kind of a selection
31:55process so we have the opportunity to
31:57work with you know hopefully a
31:59significant percentage of the great
32:00entrepreneurs in the next five years we
32:02have the opportunity to invest in their
32:03companies help them build their
32:04companies I think we have this big
32:06opportunity like I said I think because
32:09of the technology change is happening
32:10now we can do more and more in fields
32:12like health care and education that have
32:14historically been difficult to build new
32:16tech companies in I think it's going to
32:17get easier easier is the wrong term I
32:19think it's we gonna be more possible and
32:21then the payoff is much bigger they
32:22these are becoming much more important
32:24topic so that you can go after a
32:25software so it's a big part what we're
32:27gonna try to do is what only open edit
32:33yep so we argue we argue we have an
32:37almost continuous argument about that
32:40where we come out on it it's so there's
32:44actually a very practical answer to this
32:45so venture capital firms venture capital
32:50firms the best venture capital firms
32:51have a very specific fee structure for
32:54the amount of money that they get paid
32:56and they know the money shows up in a
32:58combination it's what's called
32:59management fees which are kind of an
33:00annual you get it like an annual two or
33:02three percent to in theory in theory we
33:04run the firm most firms the general
33:06partners put in a pocket ticket home and
33:07buy vineyards and yachts in our case it
33:10pays for all this and so you know it
33:13pays to keep the lights on and then the
33:16other side of it is what's called carry
33:17which is participation in the in the
33:19profits which is what we use to recruit
33:20the GPS the the general partners and you
33:24know our GPS are some of the most
33:25successful founders and CEOs in the
33:26valley large dog art and Chris Dixon
33:28people like this so we have to have a
33:30very you know we have to have a certain
33:32profile for what they're gonna be able
33:33to do over 10 or 20 years and so it's
33:36sort of a premium fee thing and so we we
33:38basically will raise will basically
33:40raise as much money as we can and I'll
33:43explain why but we'll raise as much as
33:44we can consistent with being able to
33:46invest it judiciously and then
33:48consistent with being able to maintain
33:49our fee structure so we would not for
33:51example raise twice as much money for
33:53lower percentage fees because that would
33:54be the wrong long-term trade-off the
33:57other thing is I said invest you
33:58judiciously like do we think the
33:59opportunities exist which directly
34:01relates to the fee structure which is if
34:02we if the opportunities don't exist we
34:04shouldn't be making those investments
34:05because then the returns will be lower
34:06and then we'll end up not getting the
34:08cream cheese anyway and so it won't work
34:11and so we kind of like run it kind of
34:13through this process where you kind of
34:14come out the other end and say okay for
34:15this number of venture investments this
34:17number of growth investments at roughly
34:18this pace you know relative to the total
34:21opportunity set with this quality level
34:23you know with this number of GPS we
34:25think we can do this number of deals
34:26that's this much money and then we do
34:28this sort of sniff test of like are
34:30there that many high quality
34:30opportunities and we think the answer is
34:32yes so I kind of dial it in that way you
34:34know it floats it varies
34:38some of the assumptions that you've had
34:40when you started tell me that you
34:43it made me on top of that what are some
34:45of the things now that you're thinking
34:47about experimenting on like maybe we
34:49could do this differently yeah so let's
34:52see a couple things well the big thing
34:54has changes I mean we raise the fund
34:56it's funny the timing matters a lot so
34:58we raise the first fund in March of 2009
35:01which was coincidentally the low point
35:04of the stock market after the financial
35:05crisis after the after the crash so the
35:07the financial crisis the heart attack
35:09right happened and I took number 2008
35:11but the stock market kept falling for
35:13and so we timed it perfectly we
35:16reinvested it right at the bottom which
35:17does not it's in retrospect was a good
35:19thing at the time was just misery right
35:21because like in March of 2009 the last
35:23thing any investor wanted to hear about
35:24was a new venture capital fund like they
35:27could not have been like it was and by
35:29the way the good news is we're the only
35:30people doing it like the only we were
35:33the only investor on the road raising
35:34money because everybody else was hiding
35:36under their desks so Italy we like to
35:38say at least people took meetings
35:39without side of curiosity like these
35:42people out of their freakin minds it was
35:44a 300 million dollar fine like it was a
35:45small fund and so we took us about three
35:48months we were able to do it a big
35:50things just happen is you know between
35:53you know everybody's kind of still in a
35:55bad mood about the economy but like
35:56there has been a recovery and the stock
35:58market has almost tripled and you know a
36:01lot of a lot of America no it's not all
36:04rosy like a lot of people unemployment
36:05rate is still too high and a lot of
36:06people are you know is are not doing as
36:09well as they would want to do but it is
36:11not as bad as it was in 2009 it's not as
36:14horrifying as it was in 2009 and then
36:17along with that like a bunch of the
36:19things a bunch of assumptions that we
36:20had or things that you would have
36:22wondered about have actually come true
36:23right so and again I go right back to it
36:26and like in 2009 like this was still new
36:28and it was still unclear whether this
36:30was a toy for rich people or whether
36:32this was something that everybody's
36:33going to have and now it's totally clear
36:34it's gonna be something that everybody
36:35has you know that we were still up in
36:38the air is there were still fundamental
36:41questions about like you know how big
36:42could ecommerce get there were
36:44fundamental questions you know what
36:45social networking going to work like
36:47there were a lot of skeptics of things
36:48like Facebook and Twitter still in 2009
36:50and so things have just like
36:52you know the economy is recovering some
36:55of the infrastructure layers work better
36:56in a cloud computing works better now
36:57smart phones work you know another I
37:00don't know in the last five years like
37:01another billion people are on the
37:03just in the last five years so like the
37:04the market size is larger for all these
37:06companies and so it it's really funny
37:09cuz like this entire time then there
37:11been people along the way I've been
37:12screaming oh my god it's a new bubble
37:13right and so we've been kind of you know
37:15it was felt to us like like we're making
37:17like the industry is making real
37:19progress in building out you know really
37:22important new capabilities for the world
37:23but against this massive wall of
37:25skepticism and cynicism we think it's
37:29all for real I mean now the other
37:30possibility of course is that I'm full
37:31of it and this is all like just a bunch
37:33of hot air and the like you know it it's
37:35entirely possible this is 1999 all over
37:37again and you're gonna remember this
37:38meeting it's like oh yeah I remember
37:39when Andreessen was going on and on and
37:40on and then everything went to
37:42which is what would have happened if we
37:44had had this meeting in 1999 so that's a
37:47possibility but I don't think so like I
37:49think the stuff is working like I not
37:51everything is working but the things
37:52that are working are working really well
37:53so so it's maybe a evolutionary answer
37:56to the question but it's just we now
37:57know a lot more than we did in 2009 a
37:59lot more the building blocks are in
38:00place to do the really big things that
38:02we want to do so that's one thing the
38:05thing that we're trying to figure out
38:06right now probably this thing we're
38:09trying to figure the single biggest
38:10thing I'm trying to figure out right now
38:11is I just went through and basically
38:13described right I talked about the
38:14criteria and I said it's like 99% or you
38:17know something people is this intangible
38:19thing there is another theory a foot
38:21which is you know the sort of the big
38:24data theory which is you know the other
38:26way to do it would you know in like we
38:28back these companies like we've got
38:30companies and financial services that
38:31are using a big data to do things like
38:32credit scoring so a small business
38:34doesn't need a loan officer to come
38:35inspect it instead you just like look
38:37you you plug into the accounting system
38:38and you analyze the data and you decide
38:39whether to extend credit or we're back
38:41in these companies that do this
38:42so-called quantify itself where instead
38:44of a doctor meeting with you once a year
38:45and saying boy you look sick you know
38:47instead you had you know where the
38:48wristband and it gives you all your
38:49health instrumentation and your pulse
38:50and your blood pressure and you you know
38:51you kind of have all this data
38:53venture-capital has not been affected at
38:55all by this approach the big data
38:57approach and so one question would be
39:00the questioner trying to figure out is
39:01okay like between Google search listings
39:03and Facebook Likes and tweet
39:05and you know ecommerce volumes and app
39:08download charts like there's all these
39:10sources of data that in theory you could
39:12kind of filter and sort through all the
39:13data and you could surface out the other
39:15end of that and say AHA you know the big
39:16unexpected winner is over here and by
39:18the way maybe not in Silicon Valley at
39:19all maybe it's an you know the company
39:22just a big company a company just won
39:23the TechCrunch Disrupt award is from is
39:26from Croatia and so maybe the company is
39:28in Croatia and maybe we would have just
39:30never met it because with her fancy
39:31network in our office and the whole
39:32thing you know they would have never
39:34been able to get here but they built
39:35this thing and it's working and maybe
39:37that's what we should be servicing
39:38companies and so it's kind of a
39:39180-degree different approach from the
39:41one we have now so we have a team on it
39:43we're playing with it we're trying to
39:44figure it out muscles the last question
39:46yeah yeah so let me explain my reference
40:06to Lean Startup so so first of all the
40:08Lean Startup let me give you a couple a
40:10few books if you guys have it so there's
40:11basically three books that you should
40:12read highly recommended and they're all
40:14three friends of mine so the Lean
40:16Startup book by Eric Ries is very very
40:18good and that book should be read front
40:20to back second is Ben Horowitz this book
40:22the hard thing about our things I can't
40:23recommend too highly and the third is
40:26Peter Thiel just wrote a book called
40:27zero to one which is extraordinary and
40:29so if you read those three but those are
40:32the three books that I wish that existed
40:33when I got here like they actually tell
40:35the soap modern Silicon Valley story and
40:36a really fundamental way and by the way
40:40they're about they're actually about
40:41three different parts of the process
40:42Lean Startup is about the raw start from
40:46Ben's book is basically about all the
40:47heavy lifting that takes place and then
40:49Peters book is about the big ideas how
40:51to do the really big things and so
40:52they're they're nicely complementary so
40:54I can't say enough about good things
40:56about the Lean Startup book and I can't
40:58say enough good things about the Lean
40:59Startup theory and then when you start
41:01theory for those of you who haven't been
41:02following it as lean start 3 basically
41:04is fail fast and so one lots of
41:06experiments and then and then if you're
41:09going to fail fail quickly as compared
41:11to basically committing with no data
41:14building up a company and organization
41:16raising money and then discovering you
41:18and fifty people later that it's not
41:20going to work and then you're really in
41:21trouble and that's a great theory and
41:24it's a great tactic it gets translated
41:28by entrepreneurs who are under
41:30tremendous pressure into it literally
41:32gets translated as shocking hell it
41:34sounds crazy it's translated into
41:35failing as almost the goal like you get
41:38it's really weird you get founders come
41:40in here and they're just proud of the
41:41fact they're just thrilled with the fact
41:42that they try for things and they'll
41:43failed and I'm like you realize failure
41:46is not actually the goal like like I
41:48know it says fail fast in the book
41:49that's the tactic not the goal like
41:51that's different like the goal is still
41:52to succeed like there is still the
41:54success thing and by the way the success
41:56thing does not just happen overnight
41:57like it's not like you don't interest is
41:59like agrees fact Ben supplement is
42:01actually on the record is saying had I
42:02originally in startup book I never would
42:04have done Pinterest because it took us
42:05four years to figure it if we had if he
42:07had known about Lean Startup thing he
42:08would have given up at some point in the
42:10four years slog that it took to actually
42:11make this thing work so I think there's
42:13something of the tactic I think that it
42:15can't be used as I see it being used in
42:17the valley as a crutch to not commit and
42:20I believe that that's really important
42:22because I think the really big success
42:23has only come from serious long-term
42:24commitment so it has a role early on but
42:27at some point you you at some point the
42:29founder and the company have to commit
42:31to something and have to really slog it
42:33out and Ben's book talks about this a
42:35lot he talks about what he calls the
42:36struggle which is that you know long and
42:39painful process between we think we have
42:41something you know and then global
42:42domination you know it's the struggle
42:45and it's just it's the uphill climb and
42:47it's the uphill climb in which you're
42:48hitting boulders and falling down the
42:50hill and all kinds of bad things are
42:51inside hailstorms and like all kinds of
42:52bad things are happening and you you you
42:54know you have to decide and you know
42:56it's you have to decide am I gonna quit
42:58you have to decide is this worth it you
42:59know you have to decide like you know
43:01people the way you know not everybody
43:03stays with you you know people like fall
43:04off the trail like people people quit
43:06and go home you know there are crises of
43:08confidence every company I've been a
43:09part of that succeeds there's crisis of
43:11confidence along the way and is there a
43:12core the company that has the commitment
43:14level the determination and the courage
43:15to say no we're not gonna quit you know
43:17screw that you know failure sucks like I
43:19refuse to go home not having made this
43:21thing work and my friends are all off
43:24and this is the thing that happens in
43:25the valley like my friends are all often
43:26it seems like they're all at successful
43:27companies and so why is mine failing god
43:29right and so it's like the pressure is
43:31real and it's intense and so that that's
43:35that's that's why I'm when I make that
43:36reference I make that reference which is
43:37I think I think 90 90 95 99 percent of
43:40it is commitment and determination of
43:42courage mark thank you so much we really
43:44appreciate your time thanks everybody
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