01:34:01 · Steven Schwartz, Jordi Hays, John Coogan
[01:34:01] S9: Our mission is definitely not to save you money. It's definitely to make you money. And you know, businesses on our platform, they grow an average of 300% after the first year. And that is very much our goal. We try not to deal in any anything less than a 100 bips of growth for businesses on the platform. And, yeah, I think we we're not... We're probably... There's a lot of low hanging fruit for distribution in other apps. We we have not... We have we have 10,000 people trying to make businesses... Creating businesses each day, and many many many more tens of thousands of users signing up to buy things. So we have our our hands full with our existing customers before I think we turn on some more pipes for for for extended distribution. So not quite yet, but the the neobank stuff is pretty pretty fascinating. I think, again, like our goal is to to bring a lot of competition to traditionally very difficult to enter markets. And we have a crazy cool stablecoin infrastructure that allows people to do things that they previously haven't really been able to do from a fintech stack standpoint. So, yeah, we're really excited about all that. [01:35:14] S0: Yeah. It was funny. When I was starting my entrepreneurial journey, I always thought it was funny that like my business didn't have a home. Like if you weren't building an e commerce store, like, and you could just go to... Like Shopify is the home for your business. [01:35:26] S1: Sure. Sure.
01:35:26 · John Coogan, Jordi Hays
[01:35:26] S1: Sure. Sure. [01:35:26] S0: Sure. Like that is like, that's where your business is happening. But for so many other types of businesses, it's like what is your business, your email? [01:35:32] S1: Or your
01:35:32 · John Coogan, Jordi Hays, Tyler
[01:35:32] S1: Or your [01:35:33] S0: website account? Or Is it Stripe Atlas or LegalZoom? It's like totally homeless. Totally. Right? It's just like sitting across all these different service areas. Yeah. And it feels like just it's like very very obvious now. But like, WAP being just the home for your business, if it's like anything beyond eke, like the the the sort of Shopify, you know, SMB to enterprise. Yep. It's gonna intuitively make so much sense for the younger generation that's like, yeah, my company like should have a home. It should be like one place that I go and it connects to these other services and it gives me that. Like, I think the thing that's really powerful is there's so many people that wanna start a business. They maybe have a idea, maybe that idea evolves, but they don't have someone in their life that's telling them like the next thing to do. And if you just scale up that like we're telling you the next thing to do on your journey, if it's like, okay, now it's time to do advertising and then helping them do the next step, I think that it can start to snowball into these, you know, once somebody's snowballing and they're like, they make their first dollar and then they make their second sale or whatever it is, it can snowball and then people figure it out over time. But, you know, having that home and then that sort of guidance I think is gonna be super powerful. Yeah, it's gonna be a golden era. Ken Griffin this week called it the golden... [01:36:52] S1: He did? [01:36:53] S2: It's gonna
01:36:53 · Tyler, Jordi Hays, John Coogan, Steven Schwartz
[01:36:53] S2: It's gonna [01:36:53] S0: be a new golden era for entrepreneurship. Not talking about WAP, but he was just saying... [01:36:57] S1: I thought he was so blackmailed on everything, saying it's a bubble and stuff most recently. [01:37:01] S0: No. People were pulling out the super bearish headlines, but the overall take was it's gonna be a period of intense disruption. He's like every major transformation has come with some sort of bubble. Love it. But ultimately, he said it'd be a golden era for entrepreneurship and was really pushing this, like, it's a weird time to be white collar worker, it's a weird time to be a big corporate, but it's a great time to be on WAP. That's what he said. No. He just said it's a great time to lean in and learn these markets. [01:37:35] S1: Yeah, be adaptable, flexible. [01:37:37] S0: Yeah, when you're an individual or just a couple of people, it's like you have ultimate flexibility. You can literally do anything. You're not dealing with the baggage of how do we adapt to this new paradigm. [01:37:45] S1: Yeah. I have one last question. Have you ever gotten a root canal without Novocaine? [01:37:52] S9: We going to plan on doing that before our next board meeting. We have it... That's the that's the plan of attack. Okay. I'll let you know how it goes once [01:38:01] S0: Why not do the board meeting while getting a root canal without Novocaine? Like, just literally do it all. Why you need... You're so busy, dude. You need to combine all this into one meeting. Yeah.
01:38:01 · Jordi Hays, John Coogan
[01:38:01] S0: Why not do the board meeting while getting a root canal without Novocaine? Like, just literally do it all. Why you need... You're so busy, dude. You need to combine all this into one meeting. Yeah. [01:38:11] S1: What what what is what is the the the story with, Doug Leone from Sequoia, your relationship with him, how you met? Take us through sort of the journey because, I mean, what a legend to have on the board. As... Nova Cain aside, obviously, one of the greatest investors of all time and a real testament to the quality of the business that he would join.
01:38:35 · Steven Schwartz
[01:38:35] S9: Yeah. So, I think we've been really lucky to have some awesome investors supporting us since we began. I think that the story of this financing was that we really wanted to learn from someone who we like to spend a lot of time with. And we've gotten to know the Sequoia crew over the last few years and have seriously nothing but amazing things to say about the entire team. They're nothing short of brilliant, and Justin Matine introduced us to Doug, and Doug actually said, he's like, we can't meet. We already passed on this, and we're not really interested. Too many detractors in market, and we hashed it out a little bit, and I think it became pretty obvious that the market we serve is one of the largest markets in the world and should likely be one of the last to be commoditized by anything related to AI. And we hit it off with Doug. I think Doug is one of the most authentic, humble people that I've met in this world. And that's having the track record that he has, and I think we really, really enjoyed speaking with him. And I think a lot of people in Venture and Valley are much more consensus thinkers, and he is the... An original thinker and not afraid to be blunt, which we really appreciate. So I think we kinda just... We hit it off, and we're... Could not be more excited to be in business with with he and the rest of the Sequoia team.