So without further ado, let me introduce Laurence Latimer, a graduate alum from the class of 011 of the co-founders of the Princeton Alumni angels of Greater New York, barring. Welcome. >> Well, thank you done and thank you to everybody who's attending the session. And there's a lot today and a lot to your interests as entry reunions, fashion. As Don said, I'm a graduate alumnus from 2001, is at the Woodrow Wilson School and cofounder and co-chair of Princeton. Alumni angels of greater New York, which is an angel investment group of France in the Princeton community with two chapters, New York in Northern California. And we serve people all over the world. We actually have some people in Hong Kong and some folks over in London were pretty active. And since 2018, we deployed a little over $3 million across 13 deals in the Princeton startup ecosystem. I mean, I've had about a 20 year career as an entrepreneur, an early stage investor, which I couldn't, makes me just ecstatic about serving as a moderator today. Very, very honored to be able to announce and then lead a discussion amongst the panelists were all legends in their fields. Their Biles would take about ten minutes each to do them any justice. So we aren't going to do that. All the bios are available at the PEC or unions website. And if you want to learn more about any one of them, I do encourage you to go there or to directly to their own websites just as housekeeping will spend, you know, 3035 minutes or so and discussion about 15-20 minutes. >> And Q and a. >> Please put your questions in the Q and a box as you've been doing so now allow me to introduce two different panelists. So Paul Mayer from the great class of 1975 as founder and general partner at Highland Capital wave and has the focus on EdTech robotics, as well as software. Jeff Yang, great, class of 1981, as a partner and co-founder at Red Point Ventures and spends a lot of tempting media, sports, as well as social networks. Mark Ledi is from the great class of 1990 and his Managing Director and Founder at longitude capital and does a lot of work on medical devices and other health and healthcare solutions. And Karen Norman from the great class of 1997 is a partner at upfront Ventures and does a lot on the consumer side is thinking about future work as well as cybersecurity. >> And fifth panelists. If you want to give a little more background, please do so in the context of your remarks and also for the panel. >> Just a little housekeeping. I will direct some questions to you, but please everyone, feel free to jump in. I know we've got a great rapport amongst these folks and that won't be a problem, I suspect. >> So let's dive right in. One of the things that's top of mind for everybody is, you know, we've got this incredible crisis that we're going through. >> But relative to other crises that we've been to, say the.com crash in the late nineties or the great financial crisis in 20082010, or sell it. >> What's the difference this time that you're seeing or you're feeling versus what's the same. >> And let's go in order of the of the classes. So Paul, do you want to lead us often in response to that one? >> Yeah. And I think the biggest difference is that in in two thousand and two thousand eight, we had very much a feeling that we hadn't coming. There had been financial excesses and those are thrown the system entirely out of kilter. And it was gonna take a while for the system to readjust. And Rhea calibrate At a happy medium and a normal, a normal balance. Again, in this case, it's entirely exogenous. It's a meteor that came from outer space, effectively as far as the economy's concern. And so an economy that was doing quite well, we, we were in a year or whatever it is, ten of the Obama recovery is doing extraordinarily well. All of a sudden got throwing off its axis by something very strange. >> People were not allowed to go to work anymore. >> And what's happened is two things. Number one, There have been some winners and losers, and number two, people have adjusted and businesses with it. Fascinating process with some result. >> Jeff, I'd been largely I largely agree with with everything Paul said. I mean, I think 99992 thousand was really all about the internet. And it was for those of us who lived through it, it was brutal. But I'm not sure that brutal for kind of everybody else who wasn't affiliated with it. I think the global financial crisis is a, was a function of asset bubbles and illiquidity, insolvency of a lot of the banks. And I actually think there was a lot that was learned from the global financial crisis that informed this one. In this one, as Paul said, it was the meteor that hit. And it largely thing we learned a lot. I mean, the Central Banks learned a lot and we would never, I think the economies were in pretty good shape. I think the liquidity in the financial system was in pretty good shape. And I think we had swift action by the central banks around the world in a coordinated fashion. And I think, and also you add into kind of a current modern monetary theory. And I think we've never seen that kind of hammer thrown down and try to save the world economies and, and everything else was actually in decent shape. And so in this period, certainly overall economies are going to take a big hiccup and there's going to be a lot of devastation, particularly around GDP unemployment. And we'll see how that recovers with the central bank intervention. But there have been winners and there have been losers. And I'm sure we're going to talk more about that, but I think a lot of the winners have really, it's been an accelerant to throw the winners on. And then for the losers. It's also been an accelerant to destroy certain business models that may never come back. But I think, I think this one is different. And I've been really impressed by how the world central banks have kinda responded to try to solve it. >> Mark carry anything that thought and not a lot to add. >> The only, the only other point I might make is that the internet bubble certainly at times felt like it was really localized in Northern California and obviously across the country. The GFC obviously had a global impact. But I think it was really felt on the financial side of things. And with the number of folks who'd overstretched with homes and, and, and borrowing. I think that what is different here, as Paul said, is this is a meteor from outer space, but it's also exposed. The vulnerability weren't global supply chains. And I think that we've been building towards low-cost global supply chains across a bunch of industries. I think how that It gets exposed not just in terms of what is getting shut down for public health reasons, but also has some sort of geopolitical reasons as well. But has proved to be an enlightening thing that people are going to think about as they sort of get back up and running and think in our world at least about where they're gonna manufactured drugs and devices, where they're going to do clinical trials and those kinds of things. >> Yeah, I jump in and say I was an associate at Battery Ventures in 19992 thousand and I think the biggest, nothing's comparable to that. I think everybody thought they were ready for something and it's just broken all of our mental models and we still, I'll want predictions, but it's hard to get them. I mean, the biggest difference is tech was for venture capitalists. Tech was a teeny little sliver of the world back then. I mean, I remember as an associate going through pain that was probably much different than what some of the guys went through here. But it felt painful to me as well. But none of my friends were I was one of the only people I knew in Tech and it was a teeny part of our GDP or public companies, Internet access was in a totally different place. I mean, all of that and now and now it's the whole world, it's the whole economy. Same thing for 0809. It was felt really strongly in certain segments, the housing bubble. But again, it was sort of a little bit isolated and strangely, and we'll get into this. But the haves and the have-nots of the coming down as a citizen and a human being who lives on the planet, as well as what you do professionally. It's just been so unpredictable. But in a lot of ways, I think what you're seeing and venture is it's accelerated money. Many of the things that would have happened anyway. And so the opportunity adventure is rebounding pretty quickly. Things are changing, but there are other parts of the economy that, that are, are going away that maybe shouldn't just because of our changing behavioral patterns. So I think it just impacting the broader world in a much bigger way and impacting venture and tech in a way that is maybe more favorable candidly than, than a lot of other places in the world, which I think we probably all have a lot of empathy for. Just as human beings. >> I appreciate everybody's comments. And one of the themes that I heard, it was just an incredible amount of uncertainty. There's this sort of incredible dislocation from, as we talked about, this meteorite that just hit out of nowhere first, what do you do? And I wanted to sort of focus on close at home. What are you doing with your own portfolio companies to help them not only weather the storm, but perform well. We've heard that some clear winners and losers. So has your perspective changed from some of those portfolio accompanies? You know, sort of what are you doing there? And they will get a little bit to kinda how you're viewing the market carried. You want to start us off your Yeah, sure. >> I'm happy to. Yeah. So just as context, say I currently sit on ten boards and so in upfront as a firm, you know, probably has a 100 active or so. I think in portfolios of that size, you sort of see all the, all the ups and downs and I'd say a largely fall into kind of two different buckets are two different axes. One is, how are they impacted positively or negatively by Corona? And you're seeing some clear winners and companies kind of emerge. And food tech and tele medicine and therapeutics and cloud in areas like like that. And then you obviously have anything that has to do with transportation, hospitality, physical space, the other extreme, as an example, I'm on the board of the wing and their business model change pretty dramatically overnight. We're also an investor and bird And abilities, scooters and market change pretty dramatically overnight. But what we've done, I mean, I think every VC kinda went through a triads period of looking at both who was impacted, strength and balance sheet. And then argue, we come in typically at the seed or series a stage. Are you in it alone or you and with others? And, and, and kind of moving to set up a plan to, to support the companies that were in our great companies. In a moment in time where something has changed and the place where you have the most, I guess the most concern question hardship is I think where you're alone as the only capital provider and the model change pretty meaningfully or, you know, things have been pretty obviously aggressive in terms evaluations and funding levels. And I'd say the ones that ended up being the tricky, yes, are the ones where we've kind of value demand signals versus actually taking a dollar and turning it into four. And so I think the places where you're alone and the founder is going through a shift as to how they look at their business. That's where I probably ended up spending the most time. The non-obvious places where demands only shifted a little bit. And there it becomes really important just to get on the same page with your founder and have values alignment as to how you're going to spend the cash in the bank or the cash you're going to put in the bank. >> So that's a that's a that's a high level. >> Got it. Mark, How about you? >> Yeah. >> On our end, it's been it's it starts being pretty tactical. We had the irony of having our annual meeting to report to our limited partners the two weeks into into locked him and we chose to to to give it in real time, knowing that things will change. But I think the first things we've been doing are assessing really the operating risks and the, and the financing risks of each company has a lot of along the lines of what Carl was mentioning. So on the operating risks, we think about it from, you know, depending on what stage the company's advocates revenue-generating. And those are thinking about the commercial risks for our rural. The clinical and regulatory risks exhibit in terms of trials and FDA delays that might be happening all the way down to technical risks. If your lab is not open or your, or your engineering facilities not open, you can develop the next thing and then hit the next milestone. So trying to understand that and then trying to translate that into ultimately the timelines and trying to get some sense of do we have enough cash in the bank to get to where we need to be based on sort of base case in upside gaze projections for how long these locked down to these delays are going to last. And then on the financing side, the key for us has been making sure that our companies have at least enough cash to get through mid 21, if not later. And two cars point as well is if the if you're alone in something we spent a lot of time in February, March, and April making sure that either we were not alone anymore or that we that we had the rates indicates in the right balances, so that everybody was ready to sort of carry their water. And Jeff appall anything to add there? >> How are you looking at your your company's? Well, we did the same thing Karen mentioned, did an assessment. And it's been pretty interesting. We're about half enterprise and half consumer software. And our companies fall into three buckets. It's about 3050, 20%, the bottom 20% of the ones karen mentioned that are in travel, hospitality, that kind of stuff, they're in trouble. No question about it. Then the 30% that are benefiting our odd ones. There are companies like Everly. Well, it does home diagnostic testing. Not hard to see why they're doing well freshly It does prepared meals. But there are lots of other companies that were not an, unfortunately investors in that are doing great in that category. For an example, Winnebago dealerships can't get a Winnebago anywhere because nobody can fly. A gym equipment Pilloton killing it because everybody started to work up those little scales that you can weigh food if you're on a diet back ordered like crazy, small, that's the happy 30 and the unhappy 20 in the middle for us is the enterprise software companies that the first two or three weeks were panicking and saying, oh my gosh, our total pipeline disappeared or whole sales process has disrupted. >> Nobody's answering the phone. >> Turns out the reason for that was everybody in IT and major corporations who was helping older employees get setup at home. After a couple of weeks to that, they went back and they're back to normal. The enterprise software companies are selling like they always were. They're just doing it by Zoom. And if anything, their salespeople are going to be quota because I'm not spending all this time running around on silly airplanes. They were being way more efficient with their time. It's been a real tail of many cities. Obviously what we can't forget to mention and think about as a incredible sadness with a 100 thousand people dying. And the incredible disparity among people as to whom this has hit. The upper middle class have gone to their summer houses and the people least able to cope with this who've gotten just pounded, those who are poor, those who are in inner cities, it's been, it's been terrible. But from a financial standpoint, you kind of look at this and say it's accelerated what we all thought would happen anyway, which is a move timeline, a move to digital and move to doing things more efficiently? >> Yeah. I would say if I were to carve up the periods as it relates to kinda portfolio companies. I work with something as little as accompany. I'm starting where it's just a few of us and we're we've raised some seed money all the way to 18 T. And I would say in late February, it was, hey, let's do scenario planning. We don't really know what the magnitude of this might be, but let's look at black swan events. And then, and then you get the locked down, right, and the world completely changes. And it kind of that was so they've been mid-March. The scenario planning stuff that we're kind of doing in a lot of our companies became mandatory Let's think about how bad this could be and what we should do because business as usual is not going to happen. And is it mean, what does it mean for our cast situations, for our employment? If we're gonna do layoffs are and you don't know what's going to happen, but you have to assume that there's no financing in the market. And, and, and this is at a time when it wasn't entirely clear that the financial markets were not going to walk up. And so, you know, where, where everybody's going through these planning of okay. Assuming no more money in 2020 and into mid 21, what are you going to do to survive? Just you go, you're going their survival, survival mode and then apply for government loans, right in mid April. You now, and you can now kind of look, kind of now look like a, you know what it's gonna look like and it's like, okay, what is the new reality looked like? What is the new future look like? These government loans that we've been talking about? Should we actually take them? Even though we've all we've all gotten gotten approval form and ironically, all the ones that we apply for, we didn't take them for a whole variety of reasons. And then the questions of when are things going to one of the things kinda resume and on the ones that are working, how do we put fuel on the fire? But I would say in general, anything that has a physical component in any business setting opponent that had a travel, leisure or hospitality, or a lot of events component where it was and is and for the shape, right? And anything that is mainly digital or working on some of the themes I know we're going to talk about, and some of which Tom Paul just talked about, those are the ones that are basically fine, but but anything with physical component or, or requires people, whether it's, it's production or it's live events or whatever those I have one which isn't live events. Business is basically gotten destroyed. But most of the pure digital things are fine at it. >> You know, you started to tease, I think all of you who have some elements of this, but we want to now focus on not just your pork goes, but thinking about how you're investing going forward, how do you anticipate the pace and size of investments to evolve over 20-20 and maybe even into 2021. And then secondarily, what can an entrepreneurs do to increase their chances of securing and investment from either ourselves or others in your peer group. And I want to focus especially from new investors. >> Alright? >> So not just wrapping with those you currently have, but if I'm an entrepreneur and I want to bring new people into the cap table. >> So Mark, you ought to give us a start. >> F-sharp and so on are in the life sciences space, hasn't really slowed down. It went through a shock and march that kinda looks like a nasdaq chart and then kinda come back once people triaged their portfolios and had a sense of sort of where we're at on the bell curve of in trouble versus, versus, okay, versus thriving. It's been kind of back to normal and in fact, probably even a little bit more productive given that nobody's traveling as much and everyone has more time to talk with their teams and prosecute diligence. As a group, the we've found we've actually closed for deals since the locked down happened and now a lot of those were warehoused. And we're intelligence since the end of 19. And I think that what will be curious to me is I think life sciences takes a little bit longer, probably been taxed sometimes, and especially if we're doing mid and late stage stuff. So we're going to see those deals that were already lived before the locked down, those are getting through and they're getting closed. So it looks like there's a lot of activity. What happens that, that bolus has gotten through this system will be kind of interesting. And then in terms of we can do pretty much everything we need to do online with reading IP and looking at clinical trial results and doing certain things which you can't do as much obviously is the press, the flesh stuff. Getting to know people that you might not know as well. And you know, we have some people who have been, we have some of our team that have gone on, they get their mascot and they've gone on walks with their, with their perspective CEO's and get to know them a little bit socially distanced and obviously spending a lot of time on, on, on, on mediums like zoom. But the, you know, as we look to entrepreneurs that we don't know, I think that's going to be a little bit harder. I think we are finding that some of the deals we've done a bin width, you know, what we call repeat business. And me with CEOs that we've had success with in the past, you know, oftentimes multiple companies, we know them well. It's a concept. We've been talking to them about for a year and a half or two years as they were getting ready to transition from their current, from their prior company to the new one. And so there were no surprises and it was all expected. And there's no element of relationship risk. As we get to new people we don't know that's harder, right? Because we're relegated for the most part to zoom. As for building relationships, I think it's going to take more time and I think certainly probably warm introductions from people that we already know, we're probably going to be pretty Health and super-helpful care. >> How about you? >> Yeah. >> I mean, I'll generally say well, yeah, I issued my first term sheet on Wednesday. It's the first term sheet I've issue probably in ten months. And if you asked me a month or two months ago, I didn't know if or how I would get comfortable with that and I considered as socially distant walk, but I have not done that. I've probably done 20 zooms with the founder. And the diligence, as you mentioned is, is pretty similar. So I guess I guess what I'd say is that we've probably all call ourselves high conviction investors because we all come from firms and backgrounds where you don't spend a lot of time getting to know founders and then sign up for the journey, whether that takes five years or ten years or, you know, I'm guessing some of the guys on this Khalid bin on boards for 20 years and then it takes even longer than you expect. But when you when you when you have that conviction, I guess you can move through it. So so anyway and gt answer it in a broader way. We've been we've been around for about 25 years in a large firm based in LA, but invest nationally and internationally. And we've been on roughly the same case for 25 years. We do about it in a new investment a month as a firm, I think I'm the third partner. That's done. And all Zoom. Term sheet So I guess but we were still on that on that pace. And there may be a difference depending upon how quickly funds have been deployed recently and how much triages in the portfolio versus not. But I think largely speaking, you know, VCs or the market is becoming more and more liquid. I think it's easy. It's a, we see haven't have-nots between industries and where there's more stages, where there's more kind of pricing comfort. I would say sow the seed and series a market is very much there. That B and C market in the growth market is there, at least from my experience right now for enterprise software companies that are working. And then I still say there's just, I sit on the board of sum consumer companies. Some of them are doing quite well. I, we probably wouldn't even think about going to market right now just because there's so much confusion about how to price things. And so probably enterprise software is the place where it's still going to play out in that market may change a little bit and come down. And one of the things I've heard from my friendship who enter at the later stage side, say, huh, how do you write a $100 million check when you've met somebody over Zoom. And how does the founder take that check when it usually has terms that may come back to haunt them, particularly as markets are changing. But I would say from their early-stage side, we're we're kind of a business as usual and you don't get to walk down the hallway and talk to my partners anymore, and I really do miss that. So you have to call people on the extroverts have to call the introverts. And you have to find a way to build rapport. And the strange thing, you know, functional design families we call venture capital firms. >> It's awesome Jeff, about you. >> Well, just to Cares point where we have a we have a growth, a series of funds. And I'll tell you that the hottest companies on the growth side are still really hot. And there's no shortage of people who want to invest in them. And in fact, early on, and like I said to our team, hey, we should make a list of all the companies we wish we were in and then try to in on things we weren't able to get in or maybe get a discount on some of the thing. While it turns out, I guess everybody had that idea and there's a line for that form very quickly on great companies and people who wanted to put more money. And you look at, say, what Silver Lake did with Airbnb or, or some of these other companies, they're writing substantial checks in a really short period of time during the due diligence over the phone or resume. And I think the reason you can do that is because there's an existing business, right? And, and there's stuff to actually evaluate for me at least. And maybe I'm, I'm very old school. I think it's really hard to do an early seed deal with. My my check size is relatively small. Sure, I'll, I'll I'll do that or would zoom. >> But if I'm really going to get married to someone in a Series a or even a Series B. >> I don't really see doing it over telepresence. There's, there's something about looking someone in the eye and also spending time with them outside of a meeting. I'm looking to hire President for a company that we're starting. And we're going to go the other. Founder and I are going to spend multiple hours with the four candidates in a giant room. Because there's so many cues that you just can't get over video on things. I really want to understand someone and what motivates them. And I want to see all the other excuse that I can really only get from being with somebody in person. And I'm not saying I I'll never do it, but I have a hard time seeing myself at least making any meaningful commitment for a long-term marriage with somebody. They have only met over a video conference. >> And thank you about you, Paul? >> Well, I've got somewhat different experience. I agree with Jeff on a lot of what he said. So we we we closed the deal recently that we did fully unzoom and I have really no problem with it. I feel laughter, Zoom meeting. I feel like I've been with people and we're going great. Guns were one of the firms that Jeff mentioned that that thought they could get the jump on everybody and everybody got the jump on everybody else. And so we're back to a pretty active environment. I don't feel like I get a lot of insight by waiting to see if someone's going to order a scrambled or fried eggs at breakfast, it just does my process to be there in person. The thing I'm missing by not being with someone in person is seeing how they interact with others. And zoom could get a little bit better at that. It's really valuable to see of Management, full management teams see who interrupts whom, who lets whom speak, who builds on each other's points, who's coming from left field, that's useful. But in terms of my ability to get to know one person or people singly, I don't view any impediment and all the wasted time that we say more than makes up for for that. As far as I'm concerned, we'll see what our investment results are. But you know, as we all know, this is a somewhat random walk anyway. Truth be told, the actually the biggest effect I've heard is from our CFO who says that she's if if we're not around, she isn't hearing anecdotally what deals were are hot might come. And so she's she's sometimes getting surprised by the need for not for capital calls, that's a bit extreme, but just what's percolating, what's bubbling along and I could solve that the way I believe Karen mentioned having extroverts, which might be me called the introverts. And she's not an introvert, but you can just that deliberately and solve that problem. So I think I personally think we're crazy spending a million dollars a year on real estate. I don't know why we do it. >> I'm not sure we're going to do it anymore. >> And spending $70 thousand per investor a year on airplanes and, and salty food doesn't make sense to me. >> Hey, can I defend that position? >> Close. >> My my worst mistakes in back and CEOs had been ignoring her soft people's OK. There was one guy that Paul and I both know that I backed on great reference checks, telephone reference checks, and I went out to dinner with them the first time at the deal closed and the person got inappropriately drunk at at dinner. Okay. I've got another one where and it turn it this person turn out to be a disaster. I did another one where after the deal closed, went out to dinner with the CEO and I let him basically order the wine. And he ordered the most expensive bottle of wine on the menu, right? And I walked away from that dinner going, oh, and the guy ended up being complete disaster. So I want to, I mean, that in everybody a victim of what their history is, my biggest mistakes in terms of personality flaws was not spending enough soft time outside of meetings with founders that I I back in and now I want to jump in and live in the middle for a second because I agree with almost everything both of you guys said. >> I think it's interesting because every one of us is going to have a different anecdote right now. The thing about venture is everything is anecdotal. And so we all create these rules and we live by the rules. And then we all break our roles. And we break our rules. Often, the best things we ever do break our roles. So just for the founders out there, I think I'd just different, kind of give you a little bit more information. I was Jeff two months ago. I didn't know how I was gonna do it. I'm that person WHO likes to go out with them and their partner, you know, I really love to get that. The founder, who the founder is in our personal connection because I'm usually their first board member. You know, I always say you spend hundreds of hours giving feedback that somebody may or may not take. But really just to build rapport so that one or two times in the entire journey as a minority investor, you can do that. You get that one piece of advice taken. But the team that I, that I gave a term sheet two, came deeply out of one of my networks surrounded by a number of people I know in the founding team had worked together, has worked together for ten years and they've built a lot on a little and we had all the family conversations, et cetera, et cetera. So maybe that's what gave me more comfort as you guys were talking. The flip side is I met a really interesting company and the two founders came together in the time of Corona is really interesting story. But the risk of those, the two founders maybe not working out, I don't think even they know. And so that's where I would be much, much, much more cautious. And I think these are the things you want to be thinking about when you're starting companies. Naps, you physical proximity to pick your co-founder. No, you're going to work together. Read there your soft signals. I think those are things that first-time founders, arrow is a thing, was certainly thing when I was a founder. But those are, those are harder to figure out now. So I just wanted to say, I think you guys are all right. >> Well, there's, there's a solution to this which I've always wanted to implement, which is to take people winter camping. Because after 24 hours of winter camping and they're gonna, if they're ever going to annoy you, they're gonna annoy you in the first 24 hours. And then there'll be crying, they'll be leaving stuff lying around. They'll be so revealing. But of course you can't do it practically, it's not appropriate. So just to summarize, Mark takes a walk with it with the founders. >> Jeff takes in a data. Paul, you taken winter camping, we see kind of duress you want to put your founders under to get to know them. Well, let's sort of look out a little bit further into the future. Now, you talked about, kind of touched on some of the areas that you think are interesting. But if you could summarize that, what are you seeing as the most immediate opportunities that have been created as a result of this dislocation we've been in. And then what sectors are you more bullish on from the mid to long-term that you may not have been 90 days ago. And Jeff, why don't you start us off with this one. >> Okay. I guess the a couple of big things that you're seeing now that's kind of accelerated. I think in many respects what was going to happen in 20-30 has happened in 2020. So in some respects, I think we've accelerated everything by about ten years. You know, all things physical are kinda moving virtual. I think anything that was linear is moving to streaming and, and health and wellness is becoming it's becoming clear that you don't need to do that in physical turns, but the people who are concerned about it generally and about their wellness. And if you look at the categories, I've really gotten accelerated in this period. Education, it's healthcare, and I know Mark and talk about more about that. And it's worked from home. And on the worked from home side, it's basically every column has now become a worksite. Whereas before you accompany may have had, you know, hundreds of worksites and now have tens of thousands of worksites. So you need all these issues about security, resiliency, performance, capacity, and how to deal with the distributed workforce. >> And so those are the things that are actually really changing right now. >> I also think that on the consumer side, what year you're currently seeing is that in this period of time, people retraining kind of what their habits on whether it's worked from home, habits, whether it's educational habits, whether it's health care or habits or more, I think entertainment habits, right? And and I think that your, this is a great time to potentially look at and retrain what people's entertainment habits are. And I think if you can understand that and and connect that to to connect that to what your product and service offering is. I I think there's some real opportunities there. >> Care about you. >> Yeah. So a lot of similar things. So I'll try to say something interesting that Jeff didn't already said. He hit a lot of the interesting. So on the consumer side, I completely agree. I'm on the board of a company called parachute home. And you wouldn't necessarily expect home to be doing well. But home is doing really well on parachute is just building relationships with a whole new set of customers. Now we're advertising spend is very different and everything has moved online in a totally different part of my life. I spent a lot of time on women's soccer and I'm, I'm involved with the EU Islam as national team and the players association. And a bunch of, a bunch of interesting things happening there. But that the NW ASL announced the women's professional league Going to be the first sports team to go back and hold a month long tournament. And there's a lot of opinions around it, but it's being done in a safe way, et cetera. They are they are viewing that I think is an opportunity to go get fans when there's nothing, there's no other sports kind of online. Then I, I'd say on the more technical kind of side of things where, you know, we're an investor for a long time and a company called appeal sciences. And what they do is they, they, they've created a compound to help fruits and vegetables dramatically extend their shelf life. And they just announced a very large round. And they're in Whole Foods and Costco and German grocers. And they're really, we're seeing huge acceleration because food waste is, is only growing as an issue. And then, you know, I mean, things that you wouldn't expect like people tracking. We have a company that does like lasers for people tracking in or without identifiable information. And enterprise is called density that has launched overnight, a product that's called safe by density. That's helping companies figure out how to do capacity planning and reopen. And so I think you'll I think that there's a lot of really obvious areas that everyone is spending time on him. Leishman, we should write, I mean, Princeton might be able to lock down its full campus. And there may be ten or 20 universities that can do that. But a lot of other universities are going to go out of business and it's probably not going to be all online or offline. But it also probably shouldn't heavily be funded by venture. It probably should be public-private, et cetera, et cetera. And so I think the there there just there's there's a lot of areas, sort of the next layer beyond around how people are going to move around, how things are going to move around, how supply chains are going to move around, where the opportunities will continue to show itself. And then on a personal level, I'm spending as much time as humanly possible looking at infrastructure and security for Cloud right now where, where I have a couple of companies and that's maybe has slowed down for some of the later stage companies. But everyone is kind of, everyone is now realizing that cloud is not just happening, but it's happening as fast as it, as fast as we could have predicted it happened. And that's going to just create a whole lot of new opportunities for the companies that are making it secure, safe, resilient, getting you your devices, setting them up properly. As all this, you know, spend moves from the office to the home. And so I think they'll continue to be a lot around that. >> Paul. >> Well, I think any big industry that's gotten blown up and anecdotally has been foot dragging. It represents a big opportunity just mentioned through them. Health care and the, and education. Educate them on the board or to you, which helps universities go online. Their business obviously has seen a lot of inbound from universities around the country. But there's that the university model. I mean, imagine if we stayed online, if we stayed online, why would, why would Princeton have 5 thousand undergraduates? Why wouldn't have 50 thousand undergraduates? Everything with everything changes in this, in this world. And that yields lots of opportunities. Health care in Boston, the two biggest hospitals or each can lose an excess of a billion with a B dollars this year. Huge disruption And the CEOs of those hospitals are telling me that they are able to implement changes in two weeks and they couldn't do two years with with the physician body because of the mark will tell you the promiscuous distribution of IQ veto power that exist both universities. And so they're doing, you know, they're doing centrally directed appointments. >> Oh, my gosh. >> How long did it take us to get reimbursement for telemedicine happened instantly under cobe. It should have happened 20 years ago. They're only there are only two organizations in the world where I still have need for faxing. And that's the IRS and health care. I mean, come on. So that industry is getting seriously disrupted and they're going to be lots of opportunities in healthcare IT. And then the third thing I'd say is any place where you can apply AI. Ai is one of the most exciting technologies to come along and the last 20-30 years. And it's going to have way broader application than not. Then we can even imagine right now some of it pernicious, but mainly beneficial. And we're just starting out in that path. Ok. And Mark, he would've Braess L. >> And we know health care is such a unique animal at all of this. In many ways, it also so broad, we want to bring us all about some of the areas you think are interesting now and then hire your viewpoint may have evolved. >> Yeah, as I've been listening to all this, I think that I mean, I think Paul's point, sir, are spot on and I'm trying to think of a unifying theme as I think about some examples. And at the end of the day, it's really social distancing In a way. You know, if we think about some of the companies that we're most excited about that we've been funding lately. Telemedicine. First and foremost, the ability to take care of a patient and assess a patient in triage. A patient electronically without the need for that patient, especially in elderly one, have to come into a riskier venue like a physician office or a hospital is really key. And I think that we all kind of understand the concept of sort of an online consult, especially for example, we're seeing a lot of that behavioral health as people who had been isolated in primary care. But getting beyond that, we're seeing technologies now where there are your analysis pucks that you can put in your toilet. And at last 30 days and as UP every day, if you're a late stage diabetic patient, that's been a measure of what your, what your urine output looks like. It's going to feed it to the, to the Cloud into a medical record that's going to interrogate whether you're okay or not. I mean, there's a lot of things going on there. We have a little company called merge that's really fastening, that's aggregating data from every manufacturers type of implanted cardiac device. And then triaging those patients to say basically H2s, red light, whose yellow light, whose Greenlight, and allowing folks who are red lights when they are interrogated by the bedside monitor to get those features to a hospital asap. That's worth the risk. But for yellow lights to calmly arrange a medical visit and for the tons of green lights out there, they don't need to go see the doctor and refine based on all the algorithms and all the data that's pouring from those devices. In terms of the elderly, you know, that's, that's a huge at-risk population, especially as we think about those that are economically disadvantage. So we've got a company called Welby health Just focused on letting dual eligible Medicare and Medicaid patients age at home. And we have a program that involves both telemedicine as well as in certain cases, getting them to a local center to make sure that they're tested and taken care of and protected not only medically, but also the things that they might not be able to do, like take their doctor in an environment like this so that we can enable these folks to live at home for longer. And the federal government is trying to keep these people out of nursing homes because those places are super expensive and now we know they're super dangerous. And so, and so I think that those are paying a lot of money to, to allow their companies to go at risk and take care of these patients. So those are just some of the themes on the on the service. I didn't then if you extended to other other firms, we have company in Boston called Rapid micro, which again, in a way a social distancing. This is the robotic assessment of that's of biopharmaceuticals wouldn't be. Vaccines are cancer therapies or what have you to make sure that there's for quality control, that there's no microbial contamination. And that's something that historically at farmer plants all over the world is done by lots of people. Petri dish is literally looking into microscopes and counting the number of microbes that grow over weeks, weeks that can all be automated. We now basically have an ATM or you pick a proprietary Petri dish, you put the media in there, you slide it into the machine, and the machine does everything from there for the next couple of months. >> So there's that but we think there's a lot going on in all those areas. >> And I think it's only going to accelerate and health care desperately needs to get rid of some of those veto versus Hoffman and yes's a vacuum. >> We've got about 510 more minutes. So you have time for maybe just a handful of questions. Essentially, we do have started to get a number of questions in the question and answer box, as I'd encourage everybody to just try to limit it down. We also have a lot of entrepreneurs has a lot on what can we do. Type question C to source capital. But what I thought was really interesting and we can kind of merge a few of them is what are a few non-obvious things that you look for in founders that you back, particularly younger founders. And again, through this lens of digital, excuse me, zoom, or virtual versus not virtual. So some non-obvious things you look for founded, particularly younger founders. And this is open, so you guys, if anybody wants to jump in. If not, I will start pointing at books. >> And it's an undergrad degree. >> Does that count? >> That's one that's usually not obvious. >> That's true. That's true. Actually, we need more of them guys. So I think that's right, right. You know, that's great that we're doing that. I started that book when I think really, why are they doing it? And worthy insight come from? And how long has it been there? And how long it will last and how earned is it? And so we kind of call that I call the Northstar. I also I did my business school at Stanford and I used to call entrepreneurship their disease. And sometimes a good disease, but sometimes a bad disease where you have a lot of people building things because they want to build something, but they don't wanna build that thing and sometimes turn into a really big companies. And again, everyone breaks the rules. But I think the more You're building something that's really authentic to you and some reason why you uniquely have an insight as to why it should be built is really the key thing I'm just on that. >> I think young founders are harder to evaluate because they may not have a long track record that you can kind of look at. And so one of the things I, I try to figure out is try to understand why the founder is compelled to start the company. What I don't like is encouraged is talking about it like you see a bunch of people in business school. It feel like it's the right thing to do. They want to be when they ask, where do you want to do, I want to found, I want to start a company. And I don't think that's really a great answer. What I would like to see is someone who sees an opportunity and they're compelled to do it. They feel like if they don't do it, it's going to kill them because they see this opportunity. They see how they can change the world and they want to change it. It isn't that they think it would look nice on their resume to do their quote, unquote startup. And that's actually a pretty prevalent point of view that I've seen over the last ten years of, uh, certainly people out in Silicon Valley or at Stanford with that point of view. The second thing is, if they don't have a long work history, I look for some, some success in their background and some elements of leadership, even if it isn't necessarily inside a company. But I like, I'm a little bit of a, of a snob that way, but I want to see some track record of success that they've never done anything and they never succeeded in anything, or they never had any leadership positions. That kinda tells me something. But you know, so what you have to do, and it's a young founders, you'd have to kind of extrapolate anecdotally with all these different pieces of data. But I think if someone had doesn't have the right motivations or has never had any tracker direct track record of success. >> It's hard to think that, you know, this is going to be different markup all you want anything add for jump over to can we jumped? An excellent way to tell a little anecdote. I had lunch a long, long time ago with Cam nearly who did the hiring for the Boston Bruins. And I said, Can, what's your favorite interviewing question? And he said, very simple, love to win or hate to lose, I will. What's the right answer? He said hate to lose. He said loving to win is great, but you don't wince. >> Not the end of the world. >> You want to hire people who hate to lose. >> You got to realize these people, it's crazy to start a company. And these people like Jeff Bezos and Steve Jobs, or a fabulously successful out it, Larry Ellison. They're not normal people there. Some of them are not nice people. They're driven in an often dark ways. And starting a company, particularly when you're young, means you're getting into something you have no clue about and you often don't know what you don't know. So I also like to see some degree of gratitude. People who maybe have come from humble beginnings, but in any case, they're grateful for what they had. They appreciate what they have, so they don't take it for granted. They realize. Gotta fight and scrap for every ounce going forward. And those are the people that are going to work with you and ask you for help when they don't know something. So hate to lose and gratitude mark anything or are we good? Agree with all that. >> Just the grain factor. I'm always curious to see how people spend their free time. >> We may have time for one, maybe two more, I think for the folks that focus more or at least have some exposure international, I think Jeff, you and Paul, you may said, how is the world different in Asia or Europe or other areas you're looking at relative to the US. >> And it just thematically top for in-depth, paul Or Geoff, I think you guys actually have some international exposure. >> If anybody wants an answer, if no one does, we can always just move to the next one as well because we've got an affiliate fund in Europe. But I haven't been over there obviously recently and I haven't spoken with him a lot except recently to talk about portfolio company. And I said, How's that company doing? They must be having a hard time. And he said that they're on a ventilator. Other than that, I don't have any real perspective on what's going on. >> One company on a ventilator, I got I can only speak to we have a we have an office and and actually a separate fund that we've raised for China. And it's, it's a different market. I mean, many, many of the things are very similar, I would say. What Similar is the drive of the entrepreneurs and the real desire to win? And it's gotta be more than just about making money. I mean, it's gotta be about you've gotta real passion to see it through. >> And I think those are very similar. >> I'd say that maybe the will, the will to win in China may even exceed Silicon Valley, which is kind of extraordinary. And you know, there's a, there's a common philosophy in China which is you just don't want to, everybody in China wants to kill each other. And you just, and you don't want to go to war against these little, these little companies because they'll do whatever it takes to win. And it's, I would say that there's maybe a little bit more hunger and maybe the, the ingenuity, the creativity here is very strong. >> But China's very close. >> I think Israel has slightly different market. They tend to be, they tend to have very strong technologists and they'll walk though, go through walls to succeed. But, but sometimes they're not as savvy in terms of business model and flexible thinking, but, you know, super-helpful. >> Thank you. Down as it's shown up, do we have time for closing? Like one line for everybody or 1A? >> So one question. >> One, closing lie on a perfect binded for about a minute. So four, It seems like we have a, an entrepreneur heavy crowd, but it's sort of, if there is sort of one thing, one piece of advice you would leave with folks. What would it be? Particularly for the entrepreneurs in the audience? >> Paul Stallworth, you don't stop. >> Keep going faster now than wait, this isn't going to be tenacity will carry the day, Jeff? >> Yeah, I would I would I would recommend that people do real gut check if they really want to start a company and how much they believe in their vision and when, when they do stick to it, right? Because the way these startups work is that everybody says No way, no way, no way. And then all of a sudden people go, yeah, of course, of course, of course. And, and there's that period of time in a startup where you literally have to will it into existence. Nobody else believes it, but you believe it and your co-founders believe it. And you go talk other people into believing it, whether they're finance investors or whether they're employees. And then before you know it, it becomes a reality. But there is that period of time where you just have to will it into existence. And if you show any doubt, it won't happen. So if you really believe so, you gotta do that gut check beforehand. But once you decide to do it, you know, I mean, don't, don't ignore other new information. But once you do it, you gotta decide to do it and you gotta see it through. And you gotta do just whatever it takes. And it's incredibly rewarding on the other side when actually it starts happening and other people start believing in it and it becomes a real care. >> Bring us home, build the world you want to live in and built it now, whatever it is, whether it's starting a company or being, you know, the best version of yourself and your company. I didn't, you know, I think Princeton treated feats, teaches you in some ways to be risk adverse. I didn't start being fearless until my late thirties. And the way I live my life, would I invest in the kind of that we didn't talk about gender equity at all, but there aren't enough senior women. There aren't enough people. I've race, different races other than the one represented on this call from the venture capitalists in the industry. And just build the world you want to live in. And then pick your partner's, Well, the ones that you're going to be stuck with. So be fast to build that world and slow to pick the people who are going to be next to you for a long time because your co-founder, your venture capitalist kinda have tenure. And that, that can be, that can be a lot of pain if it doesn't work out and a lot of, you know, and it can make it, even if it doesn't work out, you've picked well, you'll learn something major. So take risk earlier and just go build your world. >> Thank you. Thank you all, paul, Mark, Jeff care really do appreciate your time and energy today and, you know, happy reunions over to you. >> Yeah. >> And on that point, it reminds me of the conversation. The panel had an advance of this where I believe Paul said each of you could have shared great insights for an hour a piece. >> And we tried to compress that in 55 minutes lines. >> Thanks for calling out so many great insights. >> Perhaps this panel can come back together again, truly post pandemic, perhaps when there is a vaccine and both look back and look forward at that milestone. >> But until then, thanks so much, Paul, Mark, Jeff Cara, and lines