Kevin Hale - How to Pitch Your Startup

Summary

This talk explains how startup founders can better present their ideas to investors. The key is to clearly and concisely communicate the core hypothesis - the problem, solution, and unique insight - rather than overselling or being vague. Avoid ambiguity, complexity, mystery, jargon and other pitfalls. Lead with nouns - what you're making, the problem, the customer - so investors can easily picture and evaluate the opportunity. Well-crafted brevity shows deep understanding and efficiency. The goal is a reproducible idea that anyone can grasp, facilitating organic growth through word of mouth.

Takeaways

• 😀 A good startup idea is a hypothesis for rapid growth based on identifying a big problem, an effective solution, and an insight for unfair advantage
• 👍🏻 Investors evaluate ideas by imagining how they could become big successes, so founders should focus on communicating clearly over selling
• 🗣 Startups need a clear, concise explanation of their product for organic growth through word-of-mouth
• ❌ Avoid ambiguity, complexity, mystery, jargon, suggestions without specifics, and ignorable marketing speak when explaining an idea
• 🤝 Explain ideas conversationally, as if to your mom, using reproducible nouns so listeners can picture what you make
• 📝 Lead with what you're building, not why or how—save that complexity for later when listeners are already curious
• ⏱ Be extremely concise to show deep understanding and efficiency
• 🗒 Always clearly define the core nouns: the product, the problem, the customer
• ✂️ Cut everything from your explanation that doesn't directly make listeners excited
• 😊 Help investors easily understand and get excited about your idea through clarity and conciseness

Q & A

What is the main point of the two talks mentioned?

The main point is to explain to founders how investors evaluate startup ideas so founders can better understand, develop and present their own ideas and opportunities.

What are the three key components of a startup hypothesis?

The three key components are: the problem, the solution, and the insight.

What should founders avoid when describing their startup idea?

Founders should avoid ambiguity, complexity, mystery, jargon, fake details, ignorable content, and lack of reproducibility in their descriptions.

What three nouns should a founder communicate when describing their startup?

Founders should communicate what they are making, what problem it solves, and who the target customer is.

How can founders make their ideas easy to understand?

By making their ideas legible, simple, obvious, conversational, avoiding jargon, getting straight to the point, and using reproducible descriptions.

Why is word-of-mouth important for startups?

Word-of-mouth allows startups to grow organically at scale rather than relying solely on expensive marketing and advertising.

What is the goal of the YC application questions?

The goal is to evaluate whether the partners understand, are excited by, and want to work with the startup team.

How can founders write concise descriptions?

By only using the essential nouns, focusing on the core offering, and removing unnecessary details or buzzwords.

Why is concision important?

Concision shows investors that founders have deeply thought through their idea, are efficient with their thoughts and actions, and know what's most important.

What is the best way for founders to help investors understand their idea?

The best way is for founders to be as clear and concise as possible when describing their idea.

Outlines

00:00

😊 Recap of evaluating startup ideas as an investor lens

This is a recap from a previous talk on evaluating startup ideas from an investor's perspective to help founders understand how investors think. Key points: a startup hypothesis explains why a company will grow quickly and has 3 parts - problem, solution, insight. The problem should be big and pervasive. The solution should not start with technology but the problem. The insight is your unfair advantage that makes you unique.

05:01

😀 How to clearly express your startup idea

The key is to express your idea clearly, as a unclear idea hinders growth. Clear ideas spread by word of mouth - people easily remember and share what you do. Avoid ambiguity, complexity, mystery, jargon that makes ideas hard to understand. Instead, be conversational, avoid preamble, and be reproducible - use nouns so people can picture your company.

10:02

😉 Examples of good and bad startup descriptions

Good startup descriptions quickly allow the reader to understand what you're making and the market. They build curiosity so the reader asks further questions. Bad descriptions use abstract concepts rather than concrete nouns, force the reader to make inferences, use pretentious language, or markup.

15:03

🙂 Tips for using the X for Y formulation

The X for Y formulation works well if X is a household name billion dollar company, it's clear why Y wants X, and Y is a huge market. But don't use smaller analogies as the X or small niche markets as Y, as it seems like small thinking.

20:06

😃 How to write a concise startup description

Concise startup descriptions showcase deep thinking about your idea and efficiency. Seek to include just enough to convey the core nouns - what you're making, the problem, the customer. Resist premises or defensive padding. Concision signals strong founder qualities to investors.

25:08

💡 Summary - be clear and concise to help investors evaluate you

The best way to help investors evaluate you is to communicate your idea clearly and concisely. Lead with what you're making, not why or how. Help investors easily understand and get excited about you by being efficient with their attention.

Keywords

💡hypothesis

A hypothesis refers to an idea or assumption that a startup founder makes about why their company will grow quickly. It brings together the problem, solution, and insight. The speaker stresses formulating a clear, compelling hypothesis as crucial for convincing investors.

💡problem

The problem refers to an issue or need faced by a large market or customer segment. Identifying and articulating the problem is the first step in developing a startup idea hypothesis.

💡solution

The solution refers to the product, technology or innovation a startup will create to address the identified problem. The speaker emphasizes beginning with the problem rather than the solution.

💡insight

The insight refers to the unfair advantage or special sauce that will enable a startup to grow faster than competitors. Five types of unfair advantages are discussed.

💡legibility

Legibility means presenting ideas in a clear, straightforward way that can be easily understood even by a naive audience. This enables organic growth through word of mouth.

💡reproducibility

Reproducibility means describing a startup idea in concrete terms so the listener can picture building the company themselves. Key nouns like the product, problem and customer should be clear.

💡concision

Concision refers to using as few words as possible to convey the essence of a startup idea. This signals efficiency of thought and priorities to investors.

💡pitch

A pitch refers to a presentation of a business idea, often made to potential investors. Much of the video focuses on crafting a compelling, legible startup pitch.

💡growth

Rapid growth potential is the characteristic investors look for in a promising startup idea or hypothesis. Organic, viral growth is emphasized as ideal.

💡investor

Investors are people or firms who provide capital to a startup in exchange for partial ownership. Tailoring a pitch to excite investors is discussed.

Highlights

A startup idea is a hypothesis for why your company is going to grow really quickly

The problem you're solving should be big, pervasive, and affect many people

Don't start with a technology, start with identifying a problem

You need an insight that shows why your company can grow faster than others

A clear idea that people understand is the foundation for organic, word-of-mouth growth

Be clear, don't try to sell the investors - let them imagine the potential on their own

Avoid ambiguity, complexity, mystery, jargon, fake details that make your idea hard to understand

Be conversational, avoid marketing speak or MBA buzzwords

Lead with what you're making, not why or how - avoid winding descriptions

Concise descriptions show deep thinking about your idea and efficient communication

Understand the core nouns - what you're making, the problem, the customer

"X for Y" descriptions work if X is a household name, Y wants X, and Y is a huge market

Don't use small companies or ambiguous nouns as the X in "X for Y"

Lead with the core nouns, avoid unnecessary modifiers that don't contribute

It's okay to put your complex idea in a clear, concise box - investors know businesses are complex

Transcripts

this is gonna be part two of a talk i

gave at the very beginning

of startup school on evaluating startup

ideas

and the thing to know about both of

these talks is we've

been talking about them from the point

of view of the investor

basically it was helpful

i thought to explain to founders how

investors evaluate startup ideas

and looking at that structure so that

they can better

understand their own ideas opportunities

and then

in this presentation present them better

to the people that they want to get

excited so a quick

recap in the first part i basically say

a startup idea is a hypothesis

for why your company is going to grow

really quickly that hypothesis must

compose of three different parts

the problem the solution and the insight

and the basic parts is

your problem should be pretty big pretty

pervasive

have a lot of these characteristics to

make it feel like there's a very big

market that a lot of people have the

problem

the only thing you need to know about

the solution is that you should not

start with a technology

you should start with a problem and

lastly

you're looking to have something that's

going to make your company

unique and have some kind of unfair

advantage

what that we call an insight that

will show why your company will grow

faster than other companies

i talked about five different types of

unfair advantages that your company can

have and kind of what are the benchmarks

for meeting them

now the thing to keep in mind

about understanding and creating this

startup idea

is that i don't need you to do all the

work

to lay all of that out in detail that's

stuff that you'll kind of want to know

or keep in mind but a really good

investor

will do that on their own they'll hear

what you're talking about

and extrapolate and so what

i'm going to cover in this presentation

is how do you package up that hypothesis

how do you take all the things that you

understand about your company and your

startup idea

and how i present it to an investor so

that they can make a

decision that's in your favor this is

the yc startup application

and basically this is the application

all the questions that we asked that yc

partners will use to evaluate your

startup

so down here when you're filling out the

yc application

we actually link to a couple of things

and one of them is how to apply

successfully i can't tell

because i read so many applications but

it feels like

founders are not reading that essay

uh it was written by paul graham in 2009

and almost everything in there still

holds to this day and people still make

mistakes from it so i'm just going to

like

point out some stuff and really like

punch it in here

while i have your attention so here's a

quote from that essay

basically we believe for every company

that we will interview

at yc we bet there's probably another

company

that's just as good as them out there

but

they messed up on the application and we

didn't realize it we didn't invite them

and basically the reason is

because they didn't express their idea

clearly

that's it like you might think oh i

didn't show off all that complex stuff

about my startup idea

and that's why they didn't pick me and i

want you to know

that's not true and so the first thing i

want you to keep in mind

is i do not need you to sell me

as a yc partner right a good investor so

average investor what they do is they

talk to you when you tell them about

your idea and it feels like they're

poking holes all the questions asked

about what's all the reasons why this

could go wrong

a good investor does it the other way

around they hear what you say

and they imagine and they use their

optimism

and they use knowing that some kind of

rare event has to happen for you to

become a billion dollar company and they

try to imagine all those rare events

that could possibly happen to you

and then they pitch that path back to

you

and so we are really good at selling

ourselves

so you don't need to do that and the

thing is

you guys are kind of bad at selling

things in the beginning right

and what i need you to understand is

that i'm trying to evaluate

these three statements when i'm hearing

your idea

do i understand it am i excited by it do

i like the team and do i want to work

with them

surprise in your weekly updates

when you do your group sessions these

are the questions that we ask you to ask

one another

it's basically the questions that we're

trying to figure out for ourselves

and we're hoping that every week when

you talk with other companies you are

practicing

getting feedback and understanding

whether you're able to instill this

in other people so your goal is just to

be clear

i will do everything else so

back to the application these are the

only two things we're going to focus on

today

what do i put in the what's my company

going to make how do i describe my

company

in a very efficient manner the first way

to do this

is to be clear the reason we focus on

this is because a clear

idea is a foundation for growth and what

i mean by that

is that the best companies in yc or

around the world

grow organically they grow by word of

mouth

what does word of mouth look like it

looks like this it's basically

i talk about your company what you're

doing making etc

and i'm the most interesting person at

the dinner table and i tell it to other

people

and those people want to tell other

people that's it

word of mouth is something where i

remember what you do

i talk about it enthusiastic and it

spreads on its own

marketing and advertising it's a tax i

believe companies pay because they did

not make

something remarkable now before anyone

can remember at the dinner table

what you do they have to understand and

so i have

very simple rules for how to make things

easy to understand

this will sound familiar if you're

familiar with an essay i wrote on how to

design

a better pitch deck and i'm going to

focus

on basically saying that the way i talk

about designing a pitch deck

actually works for ideas and lots of

other things and so the way i make

things easy to understand on a pitch

deck or a slide

is to make it legible i make it simple

and i make it obvious

in today's presentation we're just going

to focus on making

your idea legible which is going to

sound interesting

right for clarity now in my essay

i talked about how at demo day

when our startups are presenting to a

room full of a thousand investors

it's kind of an interesting audience

number one the audience is filled with

really old people

they tend to not have very good eyesight

as a result

they all can't sit in the front row like

you lovely people

some of them have to sit in the way back

and stand up

and that means if you create a legible

slide they have to be ones that even

old people in the back row with bad

eyesight can read

now how does that apply to a legible

idea

well basically you are designing a slide

that democratizes

the idea right and so people who are

blind or people who are ignorant

you're basically designing something for

everyone in the room

not just the ones in the first row so a

legible idea

can be understood by people who know

nothing about

your business that will make things very

clear to the widest possible audience

now this is super important because you

will

talk about your company more than

anything else

it is actually the thing that we are

really great at

at y combinator we have our companies

constantly

practice talking about their startup

startup school

curriculum is designed around helping

you constantly

practice talking about your startup and

this is because

you are going to need a lot of people if

you're going to

become a billion dollar company so you

are trying to find a co-founder you have

to have a way of talking about your

company clearly

whether you're getting users or

investors or employees or shareholders

you have to get really good at this and

you have to be able to do it

quickly and efficiently here are things

to avoid

that makes things not clear that makes

your idea muddy

the first is ambiguity right

so that's like obviously the opposite of

clear

or straightforward something's a little

abstract something can be interpreted in

two ways and therefore

it might take a question to understand

what you do

complexity so i have a very specific

definition of complexity

and so if you look at the root word

simple and complex

come from the same root and having to do

with twists or braids

things that are simple are ones that

have one braid

and things that are complex have

multiple braids they're intertwined with

one another a simple idea is one idea

that does not fold a complex idea are

ideas that are intertwined

so simplicity means you are not trying

to mix a bunch of things

in your description mystery

um so this is an odd one but what i mean

is

anything where it's like i'm not gonna

understand

what is going on when you're talking

about your company jargon is one

obviously any words that i don't

understand anything that's fake like

indefinite pronouns

so if you just use this etc and you

don't describe what those nouns are

and then things that you just suggest

but aren't explicit about

and the last is ignorable and so what i

mean by that is there is some language

that we will just ignore so

in ux design people will create a sort

of blindness

to things that they don't want to look

at or they don't find to be of important

value

so for example ad blindness is a big one

that people sort of understand and the

thing is when you're talking about ideas

there's a way of using language that is

also easily ignorable

things that just won't stick in your

head things like marketing speak

there's probably lots of stuff that you

heard about that mba speak

we're kind of like puff yourself up

talk that doesn't give any extra

information

and then buzzwords and so when you say

certain types of words that as an

investor i've heard over and over again

or i will equate with zero

information or value then i will ignore

them and the result is

parts of your pitch will end up being

not even heard by me

and therefore i will not remember them

what you want to do

is be conversational a great pitch is

one where you can tell it to your mom

and she gets it

she's proud of you right

she's not going to shake her head and

that means it's got to be conversational

and that's really good for word of mouth

because we

talk in normal conversational speak we

don't talk

like an mba we don't talk like ceos all

the time

so it's best to talk conversationally

again avoid jargon words that are only

you

understood or used by your industry no

preamble

we'll have some examples of this but

if you want to be clear let's go

straight to what you want to talk about

let's not have a winding path to

eventually getting there

and the last one this one's a big one

it's being reproducible

so when i hear your idea can i imagine

it in my mind

can i see

what i would have to build to create

your company

if i don't have that then i have no

picture in my head about what your

company does

and until i have that picture i can't

ask any of the questions that helps me

understand if i'm

excited about you or understand other

nuances of your business

to make things reproducible i need to

know nouns

i need to have objects that i'm going to

imagine in my head and there's three

types of nouns that i should understand

from your startup idea first one is what

are you making

i should be really clear what is the

problem

and then who is the customer the two are

kind of related to the market

right but i should have these kind of

three nouns

in my head so let's go through some

examples

this is says we are going to transform

the relationship

between individuals and information

that sucks the thing is we see this all

the time

number one all the nouns that you have

see see down here

are abstract they're ideas i can't

reproduce based off of this

as zero informational value i still have

to ask questions

to answer the three nouns that i need to

have this is a bad description for a

company

we will see stuff that starts like this

when we ask describe what your company

is going to make

i don't even want to read it but

basically it starts talking about the

story

of the company or basically it's like in

the beginning

there was this problem and we're gonna

go through this issue

right and then there's these bad guys

and they showed up but then who's gonna

save

us we're finally here to save and you're

like i have to read another thousand

applications

that's not gonna work for me

this is the description on the actual

application that airbnb

put to yc airbnb is the first online

marketplace

that lets travelers book rooms with

locals instead of hotels

it's concise it's descriptive i

understand

what they're building i have a sense for

what they're making and then i can start

thinking about my other two ideas of

whether i'm excited about it

and then am i going to like this team

here's dropbox synchronizes files across

your

or your team's computers

the thing about this is it's refreshing

but also

there's no pretense they don't

they aren't playing defense i see a lot

of company descriptions

where they're like i'm worried about

this or i've gotten this kind of

feedback and so they give up clarity

to make themselves look bigger and blow

themselves up

or make themselves try to look more

interesting they're trying to

protect themselves against something

away ahead of time and the whole problem

is usually what it ends up doing

is it brings me farther away from you

all that padding that you've put on

yourself

here's a description from a company in

the current batch lumini is building

x-ray vision

for soldiers and first responders

we don't have to go deep into the

details i don't need to understand

how they exactly do this etc

this creates a foundation for my

curiosity

now i will start from here to try to

figure out oh how

do you do this is this the right team to

do this

how far along are they do they have

traction do they have customers i start

going down the route of asking all the

right questions based off this one

description this is a good one

here's another one so vahan in the

current patch is building linkedin

for the next billion internet users

so doesn't

perfectly connect me to what they're

sort of making

but i'm intrigued i'm excited about

someone building into linkedin

and i know it's some kind of social

network for business people and so now

i'm curious about how

i don't need you to answer how in the

description but i understand what you're

doing

and then now i can start making

questions in my head about like how

would i evaluate whether this is

working or successful or promising or

not are this is the right team

do they have a certain amount of

traction etc it gets me on the right

track

now the reason i've used this example is

because we have a lot of companies who

try to use the

x for y and what i mean by that is like

linkedin for whatever or uber for blank

or airbnb

for blank and so that x for y is super

useful

because it allows you to shortcut

business model

and some kind of complex behavior right

and then attach it to some other

vertical or something that you're trying

to

make work x or y

is okay but most people abuse it or do

it incorrectly so i'm gonna give you

some tips

first should you use x for y uh sorry

for your legibility

number one is x a household name this

should be like a billion dollar company

right you can't use uh your

uncle's like pet shoe store as the x for

this

because people don't know your uncle's

pet shoe store and they don't know if

it's successful or not

right so everyone as many people should

know about this as possible

and for an investor it should be clear

that it's a billion dollar company

opportunity everyone has to agree

that it is successful so you could have

a really big x everyone knows about it

but it's infamous

right so the people don't think it's

successful so be careful of that

does y want x so is it

really clear why the

target that you're going after wants

this kind of

model applied to it this kind of

solution

applied to it whether it's airbnb 4 or

airbnb

or uber 4 etc it should be really clear

that that's a segment that's either

missing it

it's not being served well by the other

one and also that those people

want to have that kind of model

and then the third one is y should be a

huge market

so if you're building

uh x for y and the last part

doesn't sound like a really big business

that's not going to work well for you

right because what we want because

you're essentially saying that

you are something but that's a subset

and what we want to make sure is that

subset feels like it could be really

really big

if you choose a subset that sounds like

it's going to be really really small

investors won't be as interested it

doesn't me it means that i'm worried

that you will not have

enough potential headroom to grow to

become a billion dollar company

so here's an example that doesn't work

so we had a company in the batch that

started off by describing themselves as

buffer for snapchat buffer is a nice

company

but definitely smaller than snapchat

so don't want to do that all right

so basic summary for this section

lead with what not why or how

you don't need all that other stuff that

stuff gets in the way of your clarity

for the most part

i'll read like a thousand applications

every single batch

and it's a really hard thing to do

basically even though it's my job

it's really really difficult to have

that much focused attention

across all these different applications

so i need some empathy i need you to

help me out

and what we want is that when i bring up

your application and i'm looking at it

let's make our intimate time

really pleasurable right let's make the

time that i spend on an idea

very efficient i'll look at it i'll

understand really clearly

i'll move around your application and be

like oh i'm kind of excited maybe

there's going to have this and i'll look

at that part i'm like oh they do have it

that sounds awesome

oh what about this oh that sounds

awesome too

what we don't want is media to go like i

don't know what

what are they talking about then i have

to like go to your website i'm like

don't know what they're talking about i

don't know how this sort of works i go

back to it i try to figure something

else out

i try to see if like some other partner

might understand what you're doing

etc super inefficient

is there going to be room for me to get

excited as a result

so to be efficient we need to be concise

concise

the best way i want to keep this in mind

is to use some examples

and so here's some things i need you to

keep in mind

yes i want you to be concise use as few

words as possible

and what i want you to understand is the

concision

is actually gives me secondary

information

about you as a team it lets me

one know that you have thought deeply

about your idea

because you thought so deeply about it

and because you've practiced talking

about it so much

and you've gotten really good at getting

people excited and understanding

everything really quickly

you probably have figured out how to do

it in a short amount of time

so it lets me know that this is a

founder that has thought deeply about

the idea

the other thing about being concise it

shows me that you are efficient

and if you are efficient with your words

then you're probably efficient with your

thoughts

that means you're probably also

efficient with your actions

and what that means is that i will start

to believe that you understand what is

most important about your business

you understand how to communicate it

clearly and you might actually

know how to always figure out the most

important part of what to do about your

company to make it grow

to make it work etc so

there's a minimum stuff that we want to

have even though we're trying to be as

concise as possible

again i want to understand the nouns so

if we're so concise

that i can't understand these then

your concision is too much the other is

i

want to get to this point when i read

the concision

or this short version of whatever it is

you're talking about because again i

know there's like a hundred thousand

reasons why your company is great

but when i'm reading your application

i'm only going to maybe remember

two to three of them and so we have to

try to make sure

those most important ones come up to the

top

this is a real startup school company

description

it's an online e-commerce store

i can picture what it is but again it's

not a description that helps me get

excited about it

it doesn't help me lead to all the other

things i have to do now more work

to understand why this is fast growing

and his potential

i also don't know based on this some

nouns i don't know exactly who the

customer is

is it people that they're selling stuff

to or are they making an e-commerce

store for other shop owners

just ambiguity security services

this is most of the descriptions that we

see on startup school

it makes it really hard for us to

understand it

a meritocratic decision support system

the thing is i want to know for what

for whom i don't even understand what

the problem is that they're solving

based off of this

and so is it for

is it because a lot of people have

non-merit basically i have to ask so

many questions in my head to figure out

why

did they get to this sort of description

learn and sharing knowledge about data

science and artificial intelligence

sounds more like a mission i can't tell

what the product is

and how they're so we're going to go

about it like i couldn't reproduce this

if i had 10

companies build based off this

description you'd have

10 very different products the other

thing that's odd about company

descriptions is you guys tend to

capitalize and make proper nouns very

weird

words and phrases you should not do that

it's not like a magazine title

um and it makes me think sometimes

you're emphasizing the wrong things like

you're thinking the data science and

artificial intelligence is the thing

that's going to make me excited

and the thing is like those are the

buzzwords those are the solutions

and it makes me worried that you haven't

started with a problem

let's give an example of like how to

adjust

a description so here's a much longer

one so our company will make

low-cost and low-power consumption

medical devices based on artificial

intelligence

and iot suitable for sub-saharan

communities

now relatively clear i can understand it

reading it

but it's not the most concise form of

this and i feel like there's a lot of

things get in the way

and so when i work with companies to

help shrink and reduce

and improve their descriptions so that i

will get the most out of it

um i want to talk through the process

the first thing i want to do is just

figure out what are the nouns in the

description

here we go our company medical devices

for sub-saharan communities oh

we're almost done

right everything else that gets added on

here

whatever verb adjectives or average you

want you want to be really careful

you want to know like is it giving

maximum punch for this

right and so really

the verb is going to be usually just

you're making something

etc um but usually it's going to be

whatever the product like the verb is

like

the thing that we're making if we're

thinking about this in an

active voice structure the subject the

verb

and then the object the customer the

market the people we're going after

everything else if we add anything back

to this i really want to be really

careful about

why we're going to add back to it is

that going to be the stuff that makes

me excited so the artificial

intelligence and iot suitable stuff

that's like how they're one gathering

the technology and i'm more worried that

they're wanting to use buzzwords to

describe it

right hopefully that's like a secret

weapon that you have but i bet it's not

the defining characteristics

of whether this company is successful or

not and then up here i see two

modifiers for medical devices low cost

low power consumption

so low cost i can definitely see that's

super interesting if you make a low-cost

device

in sub-saharan community then i'm like

oh that's interest that's really

interesting because that's like it's

hard just to make something

you know for developing countries but to

make it so it's

actually affordable for them that'd be

interesting the low power consumption

i can give or take there i'd have to

know more about the company to know

whether that's actually crucial

to understanding whether this company

has an unfair advantage

or not so if i was to redo this

we come out to we create affordable

medical devices for sub-saharan africa

some people are going to be very

screamish about this a lot of founders

are worried it's like you're putting me

in a box man

it's too reductive my business is

complex

i do a lot of things and a lot of things

make me great i want to tell you all of

them

and the thing is like you don't have

time and i know it

as an investor there's no investor that

thinks any business

is like simple and easy i just don't

think that from the default so you

shouldn't

be worried that i'm going to think

something small of it

and again you want to be careful of the

defense on here

once i get to this then i'll start

asking the other questions

it creates that foundation for curiosity

all right we're pretty much here at the

end the best way to help

me and i would love for you to help me

is to be clear and concise

thank you very much

you