# Peachscore Pitch Practice Session 27

**Channel:** Peachscore
**Source:** https://www.youtube.com/watch?v=QxXWuaFVP3k
**Transcript page:** https://www.withtranscript.ai/video/QxXWuaFVP3k

## Chapters

- 0:00 — Opening Remarks and Mentor Introductions
- 2:14 — Jonathan Carroll Presents X9 Intelligence
- 6:48 — Feedback on Referral Intelligence Pitch
- 13:55 — Clarifying Market Position and Founder Story
- 28:39 — Kelsey Introduces Ari Rewards
- 39:25 — Travel Concierge Pitch Feedback
- 58:25 — Michelle Introduces Papilio X
- 1:03:59 — Understanding the Dory Product
- 1:12:00 — Cancer Care Data and Go-To-Market
- 1:27:36 — Transition to the Final Founder
- 1:28:11 — Morne Presents Cogniate AI
- 1:35:16 — Course Creation Pitch Critique
- 1:42:36 — Valuation, Compliance, and Product Detail
- 1:46:57 — Traction Story and Presentation Style
- 1:57:12 — Target Market and Compliance Focus
- 2:06:34 — Closing Thanks and Farewell

## Transcript

**[0:00] Speaker A:** Foreign.

**[0:10] Speaker B:** As always, start these sessions. Good morning, good afternoon, good evening to our global cohort of startups from everywhere. Today is our monthly pitch practice session. We're very grateful to have two amazing mentors with us, advisors, investors to give feedback to our four founders that are pitching for for everybody in the room. Please note that the four founders have been pre selected.

**[0:34] Speaker B:** Please don't message me about trying to pitch today. If you'd like to pitch in a future session, sign up as our team posted on the accelerator channel. To begin with, let me do introductions. David, I see you front and center in my screen, so let me start with you please, David, for a quick intro and then we'll go to Mac and we'll get started with the pitch.

**[0:53] Speaker C:** Yeah. Hi, I'm David Friedman, I'm a former tech executive, been with TCA Venture Group for about 18 years. Was the former chairman, former president of TCA Orange County. I'm currently on the Angel Capital association board. I actually am an advisor to Peet Score as well as some other companies. I'm also part of the Small Business Development center helping startups with the funding.

**[1:24] Speaker B:** Amazing. Thank you so much. David Mack, please.

**[1:27] Speaker D:** Yes, hi. I've done a number of startups.

**[1:32] Speaker D:** I was on the founding team of what's now called upwork. I've also been involved in the raising of investment for different ventures. I've done internal startups at larger publicly traded companies, mainly media companies. And I'm currently working on doing my own project, my own startup right now in fact. So it's a pleasure to meet you all and look forward to hearing your pitches.

**[2:02] Speaker B:** Amazing. Thank you so much. Okay, so Les, we have four founders pitching today. Our standard format of five minutes and then we have ample time after each pitch for feedback from our two amazing mentors.

**[2:14] Speaker B:** Let me start out with Mr. Jonathan Carroll as our first presenter, please.

**[2:20] Speaker B:** Morning.

**[2:20] Speaker E:** Afternoon everyone. Good morning everyone. Good morning. Good afternoon.

**[2:25] Speaker E:** My name is Jonathan Carroll, founder and CEO of X9 Intelligence Referral Intelligence for personal care professionals. The problem? Personal care professionals have no simple way to measure, manage or increase referrals. 51% manage referrals manually or forget entirely. 78% have no system for measuring where referrals come from.

**[2:47] Speaker E:** And 65% want easier tools to grow their business through customer referrals. And these stats is data we have discovered from our own personal discovery which has been supported by industry newsletters and reports. Our solution, Our AI software helps professionals grow by turning word of mouth referrals into measurable and repeatable business activity based on industry benchmarks we expect our application to deliver 30% more referrals, 20% better marketing ROI and a 15% lift in client retention. The Product Meet Our Product Special X the referral intelligence platform built to help personal care professionals grow through measurable word of mouth marketing. Our application will allow our clients to know exactly where every new client comes from, see which people, campaigns and partnerships generate the most referrals and turn referral insights into smarter marketing, marketing and sustainable growth.

**[3:56] Speaker E:** We have validated our product through customer discovery and direct engagement with personal care professionals. We have established a focus group of 50 personal care professionals and we have confirmed the referral gap and the referral tracking vacation is requested. Our TAM SAM Sum for our market opportunity. Our TAM is 90.9 billion, our SAM is 12.1 billion and our SAM is 71 million. Our business model is a recurring business to business SAM subscription revenue from independent personal care professionals.

**[4:34] Speaker E:** We have two pricing models for our special X Pro which is $19 a month and our special X Pro plus $49 a month. Our financial projection over the period over the five year period of 2027 through 2031 we expect to increase revenues from $500,000 to $44 million. Our go to market strategy over the period of 20 from 2027 to 2031 as will be influen show events, zone advertisements, strategic industry partnerships, national expansion and adjacent verticals. Our competitive landscape Our direct or our Indirect Major competitors are Gloss, Genius, Virago and Square Appointments. Our application is the only application that focuses exclusively on referral intelligence.

**[5:35] Speaker E:** Our team once again myself Jonathan Curl, Founder and CEO. I'm a three time serial entrepreneur. I've had one successful exit. Our CMO Dwayne Robinson's former senior account Business manager for Verison and he has delivered over 20% sales increase for the CTO. Kenneth Rogers a former ITA supervisor at FDA.gov and he has scale systems for 15 million users and that's on a monthly basis.

**[6:06] Speaker E:** Our client support specialist Ms. Shakur Wallace Baltimore City Comm Specialist and she has improved tracking or improved a system for tracking city initiatives by 15%. Our acts we are raising $800,000 precede via SAFE and 4.5 million pre money valuation cap for Runway. Our distribution for funds 40% for marketing and sales 20% for operations 35 for product development 5% for reserves. I thank everyone for their time. Again my name is Jonathan Carroll and we are supported by Peat Score. Thank you.

**[6:48] Speaker B:** Thanks Jonathan. Let me go with Mac to start out with.

**[6:51] Speaker D:** Okay great job. Seems like an interesting business Certainly there's seems to be a lot of opportunity in the small business marketing plus AI space.

**[7:03] Speaker D:** I, I think that, you know, that's a good, it's a good presentation. Just some things that jumped out at me. You're. I guess so. I, I guess I preference my feedback as for this one as well as all of them as saying, you know, I think anyone who's giving feedback is, is sort of giving some idiosyncratic feedback or it's based on whatever their own internal model is.

**[7:29] Speaker D:** So, so this is to some degree represents mine. But I think, you know, when you're pitching, even if, even if it doesn't work out with a particular group, I would definitely encourage you to seek feedback so you can try to get a sense for the models that are being applied to your, to your deck by the various people you're. You're talking to. So I'll just give you my feeling is, you know, I think one of the things if I'm interested in a vertical or in an area and I'm, you know, your seems interesting. It's not necessarily an area that I know a lot about.

**[8:02] Speaker D:** So personally I might not, you know, it might not be something that I would personally pursue, but that's simply because my internal model would say, oh, only do things that you know a lot about or only invest in things you know a lot about.

**[8:17] Speaker E:** Yes, sir. Yes, sir. Yes.

**[8:18] Speaker D:** Right.

**[8:19] Speaker D:** Yes. Right. So I'm so. But just looking generically, you know, you sort of hung your hat a little bit on. I think it was your referral iq or there was some, there was some piece. You said it was your sort of product moat. I think it was the referral iq. So it'd be helpful to know if that's sort of a key feature. And I think you also referenced it in your opening. I guess I would want to know a little bit more about it. You know, I'd want to be made more excited about it. Besides the fact that you have a feature, you know, is this really innovative? Is this really a moat? Is it really something to perk my interest? Maybe I actually know something about that piece, you know, so if I had a little bit more detail on it.

**[9:05] Speaker D:** The other thing is, you know, one of the things I'm looking to would be always looking to do is reduce my risk. You know, I don't want to take a lot of risks. So, you know, I'm looking for things that de. Risk an opportunity for me. That's my model.

**[9:24] Speaker F:** Right.

**[9:24] Speaker D:** So, you know, someone who's got a founder Experience that's, that's helpful. But then I would want to know, well, is it relevant to what you're doing now? So you said you're three pack fodder. I guess I'd want to know a little bit more if it's relevant to what you're doing now to say, oh, I've done this, that and the other thing. And then also what, what, what did the best one of those exits look like? You know, that, you know, that, that sort of stuff. And the same thing for any of your, your team, you know, and to the degree that your team is building confidence, I would, you know, certainly give that, give that information. And to the degree that it may be neutral or, or not adding, then I would spend less time on it.

**[10:09] Speaker D:** The, the other piece of feedback I

**[10:12] Speaker B:** had was,

**[10:15] Speaker D:** yeah, when you're talking about the moat, I'm also looking for a moat that's not just product feature, you know, because anyone can do features. Especially if, if there's no particular technological hurdle to implementing a feature. Once you see the feature, you could easily do the feature. So, you know, some people may not do it because their whole business model just doesn't work that way. So, you know, I guess for moat, the more you can make it beyond, oh, we have, we checked these boxes, but they didn't check that box.

**[10:47] Speaker D:** You know, well, maybe they could just check that box. You know, what's a bigger picture, you know, version of that? Because I think certainly using AI to sort of make more advanced marketing capabilities available to smaller businesses seems to be a theme, you know, like that. It's already a theme that's out there. So I'm not sure you listed four competitors. Those are probably people specifically in your space. But you know, it's almost like a viral theme where it's, oh, this guy took use AI to look at Google Maps and find pictures of people's roofs and you know, automatically email those who had, you know, broken roofs. You know, those are. I, it's a terrible example, but I guess the point is it's a theme. So yeah, I would want to know that you guys are really well positioned to attack.

**[11:43] Speaker E:** Yes, sir.

**[11:46] Speaker D:** So that's really, I think that's probably it for me. I guess on the, on the use of funds. I think it's helpful to know at this money goes into that category and this money goes into that category. But, but really it ends up being a little bit generic. So I would really want to know why you really need the money. You know, like, like, hey, we are. We, we have the product. But you know, we want to do this kind of marketing. We've already done test marketing on it and we want to pump it up or what, you know, whatever it is, versus we're just putting it into these buckets.

**[12:20] Speaker D:** Like do you really, is it really essential? And, and you know, why now? Do you, do you. Are you seeking that money? You know, is, is it going just. Are these all just operational expenses and you're just burning, you know, like I would want to more feel like you're ready to take something that's working and blow it up because it seems you already have a product. I don't know. That would be something to clarify, I guess. And you know, I guess on that note, whenever you see revenue that's always exciting and, or customers. So I was a little unclear as to whether your current projection of like 1700 users or something was actual.

**[12:56] Speaker D:** Like you, you intended to achieve that this year based on the people you already have. Like you had these test users. So I don't know if those are, are rolling over into paid users or you're still sort of in pre launch, like alpha, you know, just test

**[13:13] Speaker G:** pretty much.

**[13:16] Speaker E:** Yes, sir.

**[13:17] Speaker D:** Yeah. So a little more clarity on that and really a little more color on how you're going to get that 1700. If it's just speculative, you know, and more, more so in an encouraging way like, oh, we have these 60 users already.

**[13:31] Speaker D:** They're each on average referring us to three users. We think we'll hit our number even with zero marketing by January or whatever. Here's how we're pacing. So I think that's really it for me. Anything you can do to build confidence in your business already being viable. In other words, that it's already kind of achieving some kind of liftoff if. In case that. If in fact that is the case.

**[13:55] Speaker D:** So that's it.

**[13:56] Speaker E:** Okay, Mark, I have a question. So you. One of the, one of the key things I, I want to ask you and just address real quick, you reference about myself and as a serial entrepreneur, how do I relate to this project? So in terms of.

**[14:19] Speaker D:** Go ahead.

**[14:19] Speaker E:** Yes, I'm lift. Oh, I'm listening to you. If you want to go, you can.

**[14:23] Speaker D:** No, no, go ahead, finish right here.

**[14:25] Speaker E:** So what's. I use Paul Mitchell Systems logo, but I didn't list it as a bullet point. However, we were contracted by Paul Mitchell Systems to head a national marketing campaign and we successfully achieved the milestone which was they wanted to get deeper penetration into the African American community. So we did that and we made that Happen and how my relationship to Paul Mitchell Systems is the media company that I was running at the time. We were producing fashion shows and covering the broadcasting needs and the communication needs for a lot of the national recognized fashion promoters and platforms, one of which is the Atlanta Bronner Brothers hair convention supermodel Washington D.C. and you know, platforms of that nature.

**[15:29] Speaker E:** And we were the people that that supported the infrastructure side of it. So with our marketing on in place, Paul Mitchell Systems through the agency came to us and we put that that marketing plan in place and we have like a relationship with Comcast cable. That's how I learned about zone ads. So I know the tools and the channels to use to effectively put together a campaign to deliver results. So during the doing my team slide, are you saying to me that would be a good moment to highlight that?

**[16:07] Speaker D:** Yeah, I think just overall to the. Because you're sort of telling a story, not just going through that individual slides. So if you feel that you, you know, like you mentioned African, you're like a specializing in marketing to African Americans for this company. And I don't know are you tar are the small businesses you targeting primarily initially African American? Like is that relevant?

**[16:34] Speaker D:** And if it is, if it's a confidence builder saying I actually already know how to market this kind of business, then I would hit it at the appropriate points. You know, even if it's just like a quick phrase in your presentation, you know, we're gonna be targeting these small businesses. No one's targeting these ones. No one knows how to reach them. But I know how to reach them.

**[16:55] Speaker D:** You know, I did. I'm a three time founder. The last one I did, we marketed to this exact same group. I'm just making it up. You know I got you the framework.

**[17:03] Speaker E:** Yes sir.

**[17:04] Speaker D:** Yeah. So you just want to weave that in and tell your overall story that you know how to do this. You've done it. You actually sold a company that was adjacent to this for X Dollars.

**[17:17] Speaker D:** I think all of that is about us having confidence in you as a founder and also your ability to execute anything you can do. Like I said to just de risk who you are and what you're doing for someone that's going to give you money. And my model is helpful.

**[17:36] Speaker E:** Yes sir. Thank you.

**[17:37] Speaker E:** And thank you pa because payment put that out in his article on LinkedIn and I've read about de Risking. So thank you for. Thank you and thank you Mark for coming in and adding another bolt to what he shared. Thank you.

**[17:53] Speaker B:** Thank you. Max, Let me go to David, please.

**[17:58] Speaker C:** Yeah. So I'm gonna echo what Max said, but I'm going to be a lot more pointed and you can tell by my accent and attitude it's a New York attitude. So it's going to be pretty direct but hopefully helpful. I understand. And I think the last point that Mac raised was real critical. If your target market of black enterprises, I think because of your leadership team and potentially which I did not see your advisory board, I think that gives you an edge, that it becomes part of your moat. You didn't do that. But there are other problems in the structure. When I look at a deal, I want to see at least in a 5 minute pitch, 10 minute pitch, do I want to hear more?

**[18:46] Speaker C:** And I'm not sure I really would want to hear more. And I'll tell you why. Number one, you mentioned, and I'm going to go in herky jerky fashion. You mentioned you had a focus group of 50 or 60 people. You didn't tell me the results of it. What did it really show that's going to drive your business? What did it show regarding your brand, where you're going to, you know, I, I don't get it. You know, so you, you kind of lost an opportunity there. But the fundamental is really what I'm going to tell you right now when I listen to a pitch. I'm not an expert like you are or whoever else is on your team, but I need, I'm fairly smart and I know a lot about a lot of different businesses. So I need to understand context and analogy. So what I wanted to hear, and I'll pick up some of Max themes as well, I wanted to Hear something like X9 Intelligence is an AI platform using a combination.

**[19:46] Speaker C:** I'm making this shit up. By the way. That's a technical term that uses a hybrid AI platform combining existing LLMs with specialized knowledge that we have gained over the years from working with black service businesses. Our target market are the black service companies or the minority service. Come take your choice. Or the eight A service companies that are providing services in these areas. So you're going to narrow it down. That'll get to your song.

**[20:20] Speaker C:** And then I would do and. And then you have to say why. It's what the underlying technology is in addition to just saying AI. AI doesn't mean anything today. It's like that in 2000 when I was doing business then and it was like I buy pet food and it would say and a and dot com. Who cares? I don't really care and I don't really know, I don't know what AI is. Is it an algorithm or is it really true AI? Is it agentic or, you know, a generational, you know, generated. Excuse me, Dave.

**[20:54] Speaker E:** Yes? Excuse me. I just had a power outage. There's a electrical storm that's occurring now in Baltimore. So I'm just getting back online.

**[21:04] Speaker E:** My wi fi is also. I'm using.

**[21:06] Speaker C:** Well, the good news is you'll have the opportunity. It's being recorded, so you can go through it.

**[21:11] Speaker E:** Okay, thank you.

**[21:14] Speaker C:** I don't know, I don't know who else is on your team online, but I mean, they may have heard it too. But what I'm saying early on, I'll just repeat it very quickly. You need an elevated pitch that basically says here's the target market, here's the underlying technology, and here's why it's different in the benefits to the target market you're serving. I don't think you did a good enough job on that. And I think what max point was focusing on the minority.

**[21:39] Speaker C:** If that's where you're going, you have credibility given your leadership team and maybe your advisory board. I don't know. The second part of that elevator pitch is why you're different than what's out there today. Eventually you showed a competitive chart which you flashed for about five seconds. I'm a pretty fast reader. I couldn't figure out, I couldn't get past your first column. But I really want to understand why you're different. My impression, given what you said, is that you're what we call an execution play. And if it's an execution play versus a transformational play, I want to understand how you're going to execute. So I thought your go to market plan was extraordinarily too generic. I didn't get it. No. Wouldn't you know, I just think it wasn't really well thought out. I really need to understand what you're doing, how you're doing it in the time make it what we call a smart goal.

**[22:29] Speaker C:** You had some high level. This is what my strategy is, but you didn't give me enough understanding of what you're going to do. You also mentioned during your. You may want to show a diagram of what you do vis a vis what's out there today. I'm a. I'm an engineer by training. I actually like to see diagrams. I like to understand a reference point. Since I'm not in your business, but I've been a CMO for several companies. I kind of understand marketing pretty well, but I don't know your marketing because I may have a different insight or I may be thinking something different. You got to bring me along in your thinking versus what my thinking is. It goes back to Max earlier point.

**[23:15] Speaker C:** He doesn't know what he's going to give you his perspective based upon his background. I'm doing the same, but I would like to be able to think broader if you told me a little more. I think you need to be able to clearly spell out what your motives, understanding and having what they call customer intimacy with your target market is really good. What else do you provide? Is it just that or is it a combination of things?

**[23:41] Speaker C:** Did you develop the unique AI or that you tested it with service businesses already and it's really unique because it offers something different than what's out there today. Maybe it offers behavioral versus statistical. I don't know. I mean, so I don't know who you're really going after. I don't know how you're doing it.

**[24:03] Speaker C:** So it's kind of not really generating a lot of interest. I'm saying it's an execution play with something that's in a very competitive space. And then I put it in context. You're going to go, your financials say you need. You had positive ebitda in the first year.

**[24:19] Speaker C:** Why do you need money? Number two, you had $70 million some in the fifth year. How are you going to get there? So you left me cold in a lot of these things. I'm being very harsh, but this is a practice pitch, so I want to be very pointed so that you can go back with your team and make this really a good strong presentation.

**[24:43] Speaker C:** So what I want to see is context, a really good understanding of what it does, how it works, why it's different. Want to understand the competitive differentiation. If it's an execution play, which I believe it is, I'm about 99 and 99% certain. How are you going to execute on the plan? And if you're going to execute on a plan where there's competition, are you building it from a green field? If you are, how for what? Or are you going to do share shift? And if you are, how and why, and then you need the, then you need the exit. Because frankly, most of us deal with we want to get our money back and make a return. I'm not convinced that I can get a good return.

**[25:23] Speaker C:** But the good news is I'll give you a couple of positive points. Large market valuation. I like the team. It's just missing elements that would make me, you Know, jump up and down and say, yeah, I want to learn more because frankly, my plate's very busy and I see a lot of these deals. So you need to be able to bring me along on your ride better.

**[25:46] Speaker C:** Sorry for being that harsh, but hopefully this will help you.

**[25:49] Speaker E:** That's good, David. Thank you. Promoter in and out of New York City, Universal Music Group. So I know how to pitch in like two seconds and take harsh criticism about records and, you know, the whole nine yards. So I'm with you on that. But so, and just one point that I want to clarify is our product is not targeted specifically to the African American community. It's. I decided to cited that to show my. My relationship and what we did for Paul Mitchell Systems because that was their goal. It wasn't our goal. It was their goal.

**[26:27] Speaker C:** So, so, so, so if it's not at. That's fine. What's your target market? Is it hairdressers? Is it beauty salons? I think you basically said professional personal care professionals, so I would assume it's hair care. I didn't know if it was massage,

**[26:48] Speaker E:** right? No, sir. In the personal hair care barber or hair care space. So hair stylist.

**[26:55] Speaker C:** So you may want to. Okay, again, you may want to fine tune the words you use.

**[27:01] Speaker C:** You know, again. And that's. And what I would do if it's. If it's extensible to other markets, what I would do is say our. Be. Use the terms. Our beachhead market is professional hair care, but it's extensible to other personal services businesses. See, because what I want to also do is buy into a company that has breadth and has a product portfolio that can be leveraged or the technology that can be leveraged and grow it. So maybe the next VC or the PE firm says, you know, I can see how it fits into my other parts of the portfolio.

**[27:39] Speaker E:** Yes, sir. Thank you. And I just want to share on that note, that's something that Payment did share with me to say when we first started developing this about identifying or sharing that this is our beach here, Mark, and we have room for.

**[27:52] Speaker C:** Well, use the words. I mean, remember, words are very powerful. You got to use the words that trigger a response by the people you are selling to. It's a sales business you're in. You're selling to me, a person who's a buyer. So I need to make sure. You need to make sure you convey what's important to me as a buyer. And each of our angel groups are different. We invest differently. We have different theses. Different, we invent, we have different, you know, expectations on return on market segments. So just an FYI for you, it's not. We're not across the board, not homogeneous.

**[28:32] Speaker D:** Yes.

**[28:33] Speaker B:** All right.

**[28:34] Speaker A:** Yes.

**[28:34] Speaker E:** Thank you.

**[28:36] Speaker C:** The best.

**[28:37] Speaker B:** Good job. Thank you. Thank you, David.

**[28:39] Speaker D:** Thank you, Mac.

**[28:39] Speaker B:** Let's go to our next presenter, which is Kelsey.

**[28:45] Speaker A:** All right.

**[28:46] Speaker F:** Hi, Payman. Hello, everyone. Thank you so much for the introduction. Awesome.

**[28:53] Speaker F:** All right. Hi, I'm the founder of. I'm Kelsey. I'm the founder of Ari Rewards, which is an AI travel concierge recommendation booking engine to maximize travel.

**[29:04] Speaker F:** So what is the problem? I'm sure you've heard of online travel agencies like A Kayak, Expedia, all these competitors. We at Ari Rewards are combining the value proposition of rewards tracking and optimization with the nostalgic feel of booking and customer service. We maximize and use Sunny AI, which in Award Wallet, we have a very robust backend. But I say that to say we combine all these elements to give you nostalgia in the booking experience with human customer service and.

**[29:39] Speaker F:** And also like the traditional experience of booking. So what is the problem? We max, there's a maximum travel rewards reduction. You can't really, on these tools, enter any rewards via SSO login, get an analysis of how to book with your current points. And you also can do this effectively for business travel, specifically B2B conferences.

**[30:02] Speaker F:** And I'll get into that later in the next slide. Also, the travel selectivity is lower. So if you're trying to book custom preferences like a window seat, if you're trying to get a special cabin, you usually have to sift through each unified, each dashboard, whether that's a flight or hotel. You have to go to each, you know, airline, you have to go to each hotel option, whether that's IHG or Hilton Honors or Marriott Bonvoy, and you have to select that manually. So there's a lot of manual work, which makes it high, a lot of time in that and then you have a higher travel expenses and risk.

**[30:36] Speaker F:** So let's just say you did find this awesome travel for this B2B conference. And at the recommended hotel that they had and you still didn't get that ideal room, you know, your partner couldn't take the kids for the weekend, so now you have to take the kids for the weekend and you need to cancel the reservation. We would have human agents that would handle that problem for you.

**[31:00] Speaker F:** So for the solution, ARI rewards via B2B option, we would have an increase in maximum value by using someone who's been there and done that. I think in our engineering we didn't reinvent the wheel. We have a direct connection to the CEO of Award Wallet, which is a competitor in the space, but also a partner with us to lend us their read only dashboard for points. So I think in terms of maximum value, we've utilized an existing technology into our platform to create the recommendation, not just AI for travel selectivity. It's not just the recommendation that you're getting, you're also getting end to end booking services without the enterprise licensing contract.

**[31:45] Speaker F:** So I think whereas like for a web summit that's a conference we were invited to as alpha startup, you would have to use Expedia and kind of do your own booking. We would handle that selectivity for you via the AI recommendation and have a customer service agent make those connections for you. The travel expenses, while the number isn't lower, it's really just making avoiding that mistake. We do this by combining technology but really factoring in the human experience. So there's a lot of like human centered design involved where we're having our customer service agents.

**[32:18] Speaker F:** You know, if you're saying yeah, I want, I want a garden view room or I want an ocean view room or I really need a hotel that has, you know, a low cost for pets because I need to take my pet on this travel or trip, we factor in those preferences so that everyone can be accommodated for the product. As I mentioned, we're not reinventing the wheel, we're using existing partners to even build an online travel agency. I don't know if anyone's aware, but you have to have a lot of buy in from your partners for manufacturing flights and stays smoat. US Technologies are currently closed for API usage. So with maximizing loyalty and creating that unified experience, easing the comparisons and the fragmentation in the dashboard process and planning your trip in minutes with Sunny, we are, we're committed to, I guess not just creating a platform and allowing B2B customers while we're making this available to the public.

**[33:17] Speaker F:** And we plan to leverage our notoriety from B2B contracts to gain that B2C trust and buy in for the market opportunity.

**[33:31] Speaker F:** So I mentioned earlier that I'd get a little bit more into how we're going to procure those contracts. We're using a third party B2B I guess like superstar Nordic Nexus who has a really firm history in setting up 15 calls via LinkedIn sales navigator for in regions like US, Canada, EU. We're targeting specifically health and fintech and IT conferences in southern California as that's where I'm most connected and also decision makers have more of a presence there in terms of having one on office established, but two knowing how to route the call for divisions that handle procurement exclusively. But with that, the numbers are 1.2 trillion. The SAM is 30 billion and the SOM is 269 million. And again, that's conferences that flow through either Southern California or just businesses that have annual reoccurring conferences in that area. And again, our partner sifts through Billington Sales Navigator to set up 15 calls per month.

**[34:39] Speaker F:** And yeah, I'll get into that in the next slide though.

**[34:47] Speaker F:** For our business model, we have a freemium. We have a couple different ways we make money. So Sunny AI Chats is one of the ways we make money. Our commission is 10% for each flight and stay. So if you had a domestic flight of $800, we would make $80 from that transaction.

**[35:04] Speaker F:** And that goes for a hotel booking of like maybe $1,800. We'd make 180. In terms of sunny AI chats, we have a three tier model so you can try it before you buy it, but it's like 10, 20 and 30 dollars. And then we have the marketplace, which is where you can buy travel essentials. And those contracts range from 5 to 40% commission on like nail polish, skincare, hair care, travel kits, those kind of things.

**[35:26] Speaker F:** And again, we're not really focusing on B2C as we're new and emerging startups, so our capacity to handle these streams are limited. So we plan to leverage our B2B direct sales through procuring contracts for health IT or finance conferences, as these are reoccurring things that happen throughout the year. For our financial model, just to give you a snapshot of what this would look like, let's just say the average for midsize and large scale companies, the average participants are about 5,000 to 10,000 people. The conference number is about 3,000 to 5,000 people. So if the average booking price for one person was 180 and you had 3,000 participants for one conference, that would be about 900,000 in revenue.

**[36:16] Speaker F:** So how do we plan to hit 18 million by 2027? We just launched in July on both app stores and became publicly available to have paying customers. So that's why the projection starts. Then we're giving ourselves the Runway to procure the clients in the space. But we're out of 15 calls. We're just trying to do 10 contracts in a year, which would amount to about 100,000 customers in the year, which is why these projections are so high? Right? Because if you're taking an average booking price, which again the sliding scale is 1200-2500 for business travel, that's how we got that number and that's why the projections are high for the five year impact. And of course in 2030 you see a dip at 53 million. Just in case, you know, a customer comes and goes, there's turnover, those kind of things for the our go to market.

**[37:08] Speaker F:** Again I mentioned LinkedIn, sales navigator. I really in my customer validation I also did a lot of like business validation. How are companies in the travel space going about procuring business and they're using like a Nordic or another company to, to kind of do the initial sifting to see who's open to taking on a new vendor to procure contracts for conference bookings. Because usually that's handled internally on both sides. So in the scenario they would gauge interest and from there 15 calls would be generated per month and I would have to close as a goal like one to two.

**[37:44] Speaker F:** But again because the volume is high based on participants, you know, the revenue is also high too.

**[37:52] Speaker B:** Kelsey. Right, nine minutes please. Wrap it up.

**[37:54] Speaker F:** Okay. Our competitive land. Sorry, our competitive landscape. Why would you go for an Ari Rewards over Hopper Kayak or Word Wallet? Essentially these companies have been around a little longer. They're not always looking for an innovative way to to find solutions. But also enterprise licensing can be very expensive. So as I mentioned, like with Expedia and Web Summit, it's getting more and more expensive to kind of do this space, especially B2B. Our team, this is the initial team we had to build this product and again I mentioned we had to have a lot of buy in to build. So again I'm an Ivy League graduate, I've been billable in consulting, so done a lot of procurement and project management myself. But I'm being advised by the CEO of Award Wallet who has been in the space since 2002 and has had a business in this space for a while and he works very closely with me on this.

**[38:51] Speaker F:** For our raise we're doing 250k on a pre seed save 3 million post money cap for 18 month Runway. And again even procuring one of these contracts within half of a year would make back that investment. But our goal is mostly going to be towards marketing sales as that's our leading way. We're going to use the money the product's already built so not so much on the product development side. It's mostly going to be maintenance and facilitating the transaction successfully in customer service.

**[39:22] Speaker F:** And if you have any questions, let me know.

**[39:23] Speaker H:** Thank you.

**[39:25] Speaker B:** David, please.

**[39:36] Speaker C:** Want me to kick it off or.

**[39:38] Speaker B:** Yeah, yeah, go ahead. No, no, go ahead. I said, David. Sorry, I thought you heard me. Go ahead.

**[39:42] Speaker C:** First of all, you had me. I'm a graduate of Columbia, so you, you know, so that's a positive. I'm also very famous. I also had some friends at Booze, so you have me there, so that's a positive thing.

**[39:56] Speaker C:** I. I'm a little. I'm not sure what you really do. I mean, I thought I understood it, but I'm not sure I really do. And the reason why I'm saying that. There was one comment you made.

**[40:10] Speaker C:** Maximize Rewards and Unified points across travel were very appealing. I just went through doing this myself, and the thing that I would want is a combination of online with human people. So I actually have a travel agent that I kind of work together, so I'm doing online and travel. I would love to have that all bundled together. But then you talk about only going at IT Health and fintech conferences, and that tells me that you're doing a B2B play somehow with them. I don't get how you're going to do that, since most of these conferences, from what I remember, and it may be totally wrong. You know, basically in the conference brochures, say, you know, here's our, you know, call this for our travel plan. Are you going to become the travel person that's going to be hard to break through because you're competing against a variety of different agents, and a lot of people make their own reservations, as you point out.

**[41:10] Speaker C:** So I would really like to understand how all these pieces fit together and work correctly. Because if you can make it easy with a combination of online as well as, you know, human touch with an underpinning technology, I can really buy into that because I just went through it developing several trips, including the one I'm still working on to Japan.

**[41:40] Speaker C:** So I know that it's a pain in the ass, and I know that I've been trying to maximize my. My reward points, but it's a B2C play, not a B2B play. And when I look at your competitive chart, I don't quite look at Kayak, which is a little different, or Hopper as being competitive to what you're offering. I think if you're offering, I think you use the word concierge, so they're not in that same vein. So I'm getting confused again.

**[42:15] Speaker C:** So I'm really not sure the Clarity. It goes back to what I suggested to Jonathan. Start off with a good strong elevator pitch that tells me the context and gives me some, you know, analog. And the reason why I'm saying that I'd like to understand if you're competing against A or B or you're competing against the fact that you're real. There is you're. You're competing against a DIY person that has to maximize each leg or each part of the trip versus having it under one through a reward wallet or something else that you've defined. So maybe it would be ideal. I'll give you all my points. You figure out the best way to use them.

**[42:59] Speaker A:** Yes.

**[42:59] Speaker F:** So that's exactly right. And I think you really touched on something unique, which was why we built the value proposition towards rewards. It's just too time consuming and Most, most people, B2C or B2B don't really have time to do it. As a point of.

**[43:12] Speaker C:** Has a different problem though. When I was working in the B2B, you know, in the corporate world, they wouldn't let you use the points. I mean, a lot of these companies won't let you accumulate points on an airline because what was happening, the people who used to work for me would get a higher price ticket, not necessarily do the right thing because they wanted the points. And that's really problematic. It's a waste of money. It's a drainage.

**[43:40] Speaker C:** But notwithstanding that, the other. Let me go a few other comments and then turn it over to Mac will straighten me out, I would assume. I'm looking at your financials. And as your financials, you. You said Your Psalm is 269 million, yet that usually the Psalm relates to the 5th year revenue and yours was like 70 million.

**[44:03] Speaker C:** So I would assume your sum, when you summed it out there, you did a sum total across the board, correct?

**[44:10] Speaker F:** Yeah, yeah. That number can be adjusted to the fourth year.

**[44:13] Speaker C:** Consistency would be really good with what you mean by the psalm. It's usually in fifth year. That's the revenue, which is fine. But the question then, is it gross revenue or is it net commission?

**[44:26] Speaker F:** It would be net commission. So that is.

**[44:29] Speaker A:** That is.

**[44:29] Speaker C:** Yes, you're going to have 75, 79 million net commission. That's a lot of things. In five years, if we were, well,

**[44:38] Speaker F:** based on 300,000 participants. I think the confusing part for most people is we're not really competing against a reward point optimization platform because you can book.

**[44:51] Speaker F:** And we're not only competing against an Expedia or Hopper because they don't have the concierge. So we are truly a new hybrid where we have customer agents who will work with you on end to end customer service.

**[45:04] Speaker C:** What I would do is then your positioning early on in your elevator pitch where a combination were a hybrid, you know, AI based, you know concierge and online system providing the best of both worlds, enabling the tourists or the company to maximize their reward points. Unlike other systems like Hopper or Expedia which focus in one area or a disjointed or or a do it yourself which requires you to have an inordinate amount of time, we save you time energy and maximize your points as well as reducing your cost. Then you show how it's done.

**[45:42] Speaker C:** That's what I would say up front would be really cool. But you have to figure out what you would want. I also suggest given the market, even though it's large, I think Your valuation post money 3 million is great. I don't think you should ask for only 250. You should go to 500.

**[46:02] Speaker C:** Okay, you can do 250. But I would do, maybe I would actually think about this. Do a friends and family at 100 or do, if you have that already done, do 500. Because when I look at your financials, you had net profit as a positive which raises the question Mac raised the last time and that is you're already positive. What do you need my money for?

**[46:24] Speaker F:** I agree and I would say 500 is appropriate. I would also say the return on investment. I have a mixed bag. So this is like I've done other like kind of pitches and some investors are saying, well if you go B2B you guarantee that you'll have the booking capacity, the volume. If you go B2C you have that up chance of a viral element. And also it's just a bigger need because no one really has booked with us. We're on, we're available for bookings but no one's really knows us as a brand. I kind of want to leverage the trust of V2B, leverage that on social media and allow customers to come to us saying oh do it, do it

**[47:01] Speaker C:** as $500,000 in two tranches with a different with with the first tranche of 250 including 20 warrant coverage.

**[47:10] Speaker F:** Yeah, exactly.

**[47:12] Speaker C:** I'd also eventually when you get into it, look at 116 Ventures. You know who they are?

**[47:18] Speaker F:** I don't but I would love to know more.

**[47:20] Speaker C:** You know what 116 is, right?

**[47:22] Speaker F:** 116 in Broadway, Columbia.

**[47:25] Speaker C:** Columbia. It's Columbia. It's the Columbia Startup, you know, grouping.

**[47:30] Speaker H:** Wow.

**[47:30] Speaker F:** Okay.

**[47:31] Speaker C:** I will just remember 116 Ventures might be useful for you. Might as well tap into your, you know, your alumni. But anyway, as a Columbia person in the wrong era, unfortunately, I still will support you.

**[47:45] Speaker F:** Yes, it's a hard sell these days to. To say how special it truly is, but it is a special place. And thanks for mentioning that. Yeah.

**[47:53] Speaker C:** Best wishes to you.

**[47:55] Speaker F:** Thank you.

**[47:56] Speaker B:** Thank you, David. Mac.

**[47:59] Speaker D:** Okay. Yeah. I agreed overall with David's comments, and I wrote down his quote here that he wanted to know how the pieces fit and to know that they're working correctly. And I think that was my biggest.

**[48:20] Speaker D:** I guess that would be my biggest stumbling block for your. For your pitch because, you know, eons ago, I had some involved, aside from just having done corporate travel, you know, and also personal travel. And in fact, I think David said he's headed for Japan. I actually just got back from Japan, like a few days ago. Yeah, I can give you a lot of advice. Yeah. But, yeah, so we actually had a number of the problems that you're talking about, but as you know, I was dragging my family along, so, you know, putting in frequent flyer points and all that stuff, or frequent flyer numbers.

**[49:01] Speaker F:** Yeah.

**[49:02] Speaker D:** No changing tickets and everything. So.

**[49:07] Speaker D:** So I guess I know that I'm not getting it when I start to imagine what it is as opposed to listening to what it is, because I'm an imaginative person and when I hear something interesting or an interesting space, I immediately think, oh, this is what I do. And soon as what my thoughts of what I would do are the only thing in my head. I know I didn't understand what you're planning to do. And I think that the confusion was probably similar to what David referenced, which is you're sort of talking about this as a retailer B2C product, but then saying that it's actually a B2B product. Like, it doesn't smell like a B2B product, and none of your slides speak to it like a B2B product, except that you're saying it's a B2B product.

**[49:56] Speaker D:** Like, a lot may have changed since I had any exposure to this, to the travel industry, but, you know, it's a relatively complex, you know, vertical. And these travel departments have, you know, tons of rules and purchasing requirements. And breaking in is like, you know, like getting into Fort Knox sometimes, you know, and. And having been involved also in enterprise software sales in my life, it's quite difficult. Getting that first customer is incredibly hard.

**[50:30] Speaker D:** The site sales cycle is very long, you know, so it's a very high risk place to be. You can get traction B2C much quicker unless you have an in. But I didn't see an in your pitch.

**[50:45] Speaker F:** Yeah, we're very early in that process. And I don't mind B2C initially, I don't mind B2C.

**[50:52] Speaker F:** The thing is it's available publicly, available on the App Store. So, you know, if I advertise online and someone's like, oh, I want to do booking, they really can.

**[51:01] Speaker F:** Again, I. Based on the digital era, I also traveled for work and consulting. Some conferences now that are a little larger, like Web Summit essentially doesn't do that kind of conference. But maybe Deloitte, they will host the conference in San Diego. But then they'll say, but you're on for some levels, Director or below, you're on your own for booking.

**[51:25] Speaker F:** Like, you'll hear the discount code if you want to book here, but you know, It'll be from September 26th to the 28th and go for it. So I've heard you can use LinkedIn Sales Navigator, but to your point, we can actually go B2C much quicker. But we have to build a trust and I think that pipeline kind of needs a little more ironing out. And I think in terms of return on investment, I really want to make sure that we can keep up with that volume. People have done it. It just may take time to do that. We got to do more work there, right?

**[52:02] Speaker D:** I mean, if we were to spend an hour talking about it, I guess I would come to a point of view as to which direction is better. But just speaking about your deck or reacting to it as a pseudo investor or as the person standing in for the investor, I feel like you don't know which one you're really doing and that you made the deck for One Direction and then ended up sort of changing it and just sort of talking to it a little bit. But it.

**[52:26] Speaker D:** I would be worried that you would be spending my money figuring out what you are and that you don't know yet and that once you figure out what B2B is, you're actually going to discover there's a whole lot of. Or once you decide on B2B for sure you're going to discover there's a whole lot of things you didn't think about and or know about that you're something going to run into. Yeah, I think even if the individual traveler can book, they're probably still subject to some rules and. Or if it was me, you know, I'd be like, I Don't know if I can use this. I have to call the travel department.

**[52:55] Speaker D:** They would say, we don't know if you could use it. Just use the normal website that we ask you to use. You know, so, you know, maybe that's not true, but you certainly have to know it and you certainly have to say, we think we can bypass the purchasing departments, the travel desks, by going directly to corporate travelers and here's why they would use us, and we know this and we understand it and blah, blah, blah. And, and to that point, I think your psalm is quite a big number. Even if at first I thought that was like, oh, we're going to have 270 million in travel bookings flowing through us, of which we're going to take 10% or whatever, 27 million. But you're saying no, that's, you're actually, your commission is 270. And sometimes that can actually hurt you. Especially I mean, throwing out a number like that if in fact the rest of your deck doesn't support that.

**[53:46] Speaker F:** Yeah, yeah.

**[53:47] Speaker D:** That you've mastered this. And I don't think the deck shows that you have mastered this vertical. So that, you know, like I, in another presentation, someone was doing an insurance company and I actually have a friend that's doing an insurance startup and they worked for like 20 years in, you know, these big insurance companies, B2B Insurance. And so of course they know it like the back of their hand, you know, and you, you know that instantly when you read the deck. Here's the pain point. We know it. We've already got 40 customers because we know, you know, we know they know you know, I know the pain point. I know who they are, they know who I am. And now they're already signed up. So I would believe that pitch because I can see he knows that space backwards and forwards. And in fact, he's got customers already because he does know it backwards and forwards.

**[54:37] Speaker D:** So I would, I would, I would, I would say like your deck reads a little bit like you're looking from the outside in and I, I would want you looking from the inside out.

**[54:46] Speaker F:** Inside out. Yeah. Okay, that's fair.

**[54:49] Speaker D:** Yeah. So, and, and on that note, I think your whole lead in that risk losing me, because I think it's suffering from this problem of you don't know who you want to be yet, your problem, solution, etc, etc, that just needs to be a much finer point and you're probably your product and your solution need to be the same thing and it needs to be much more specific and really Hit it hard and show, you know, like these are like, you know, like the, I think the travel. Travel. What do you call it? You know, your points, your, your rewards accounts. You hit on that and that resonated because we all know what that is. And it's also very specific.

**[55:28] Speaker F:** Yes, yes. And the reason, yes, even more of a reason, I think if I can cultivate the relationship via LinkedIn sales navigator, like I, I believe it would be a better starting point only because people in B2C, the younger kids, while they're more open, the market research shows, are more open to adopting a new tool like you mentioned, but for a points kind of a thing, you know, 30, most 30 year olds who haven't been in the corporate space don't have those kind of points.

**[55:57] Speaker E:** Right.

**[55:57] Speaker D:** So, yeah. So again, I, I mean the particulars are beyond me over my head, but I would just. When you're doing the deck, I'd want to know, hey, this sounds like a B2B business if that's who you're actually targeting and. Or it's a B2C business by targeting people in their business capacity. But it looks like a B2C in terms of how we're going to market it. You know, like I actually wrote down when you started pitching rocket money for travel points, you know.

**[56:22] Speaker F:** Ah, that's a cool one.

**[56:25] Speaker D:** Yeah. But I wasn't sure then by the end of the pitch, that's what you're trying to do. And that's where I'm like, oh, that's just me. That's just what I would do, you know, so maybe you do want to do that. You're welcome to it, but I would just think it through and understand the B2B market.

**[56:41] Speaker F:** Yeah.

**[56:41] Speaker D:** Demonstrate a. Really. I mean, because if you're going to break that market, you have to show you are really the expert in it.

**[56:49] Speaker F:** Yeah, that's fair. Yeah, that's fair. Yeah.

**[56:51] Speaker D:** So that, that's kind of it for me, I guess.

**[56:53] Speaker B:** All right, thank you. So, Kelsey, let me add a couple of points here. Just watching your deck. We've talked a lot through your pitch deck. This is the first time I actually heard you pitch it. I highly recommend go back when the recording is available.

**[57:04] Speaker B:** Watch yourself. Pitch. I think part of the confusion that both Mac and David ran into, it kind of seemed, I might be wrong in this. It seemed like you were looking at the slide, thinking what to say as you saw the slide. Instead of having a pre script that was already put together for the slide, which you practice, you were 2x the time limit.

**[57:26] Speaker B:** Now, in terms of if this was an actual competition or setting like that, they stop you. Well, why. On the. On your third slide, you would have been done. So you just. This really comes from practice. Is a practice session. That's what it is. But I. Watch yourself pitch in the recording, you will actually see your facial expression. It's. You look like you're thinking about what to say, you know, and that comes across and I. Some of the confusion. I think you saw this slide, you're like, well, let me say this. And then all of a sudden, the direction of what you were talking about pitch. Because some of the stuff you actually mentioned during your pitch, I haven't heard you say before. So that, that's. So you just write the script down, practice it, make sure you can stick with the timing and it.

**[58:10] Speaker B:** You also can control the messaging a lot better when you do that. So. And it just comes with practice. I think you do that. But anyhow, Mac, David, thank you so much. Good job. Kelsey, let's go to Michelle.

**[58:25] Speaker A:** Sure. Thank you.

**[58:27] Speaker C:** Yeah. Don't get worried because we've been bitchy about two people already, so don't get too nervous.

**[58:36] Speaker B:** So Michelle wasn't even supposed to paste it, so she. She. She took on the mantle for CEO. So go for it, Michelle.

**[58:43] Speaker C:** Yeah, perfect.

**[58:45] Speaker B:** Go for it.

**[58:45] Speaker A:** All right. Thank you very much for the opportunity to. To be here today. My name is Michelle Wong. I'm the co founder and CTO of Papilio X.

**[58:53] Speaker A:** Like Taemin said, I'm stepping in for my co founder, Dr. David Jeong. Today we're building a Dory, an AI infrastructure for continuous care that remembers, learns and adapts to each patient over time. In cancer care, more than 95% of patients time happens outside of the clinic where care teams have very limited visibility. Today, continuity of care still depends heavily on manual follow up, which doesn't really scale delays, intervention and drives avoidable costs. Cancer center needs a better way to stay connected between visits.

**[59:32] Speaker A:** We develop an AI power infrastructure that extend the care beyond the clinic. It continuously monitors patients, automates routine follow ups and surface changes that actually need clinical attention. That gives Care Team 247 visibility while expanding patients coverage without proportionally expanding the staff. So Dory is our product. Dory is an integrable SaaS infrastructure built around both the patient and the care team.

**[1:00:00] Speaker A:** For patients, it acts as a proactive companion that learns, adapts and turns new health information into personalized actions. At the same time, those interactions create structured longitudinal patient generated health data capturing what happens between visits and that's the traditional clinical data often misses that creates a continuous learning loop between engagement, care and data.

**[1:00:30] Speaker A:** We sit at an intersection of three large oncology market digital care, real world evidence and clinical development representing a 42 billion global market and approximately 15 billion in the U.S. our initial five year plan targets about 50 million in annual revenue and Oncology is our initial beachhead dory infrastructure is designed to expand across additional diseases and care pathways. We monetize through two complementary B2B channels. Cancer centers pay annual SAS subscription based on treatment capacities ranging from 50,000 for large standalone cancer centers to 125,000 for enterprise networks. As a clinical footprint growth we create a second revenue streams through life science evidence programs and govern data partnerships and that creates so so that creates two engines of growth recurrent cancer center SAS revenue and higher value life science programs. We project revenue growth from roughly half a million dollars in 2027 to approximately 50 million by 2031.

**[1:01:45] Speaker A:** As our deployed cancer center footprint expands from five to 90 centers across the following five years, our Go to market is network driven. We start with academic cancer centers and oncology networks, expand through key opinion leaders, relationships and leverage our existing academic and industry networks to reach biotech and pharmaceutical partners. Mo's existing solutions solve only part of the problem episodic monitoring, predefined surveys, navigation or existing clinical data. Dorius is designed differently. It sets continuously engage, adapts to each partner patients over time and creates a really rich longitudinal patient generated health data that currently does not exist.

**[1:02:34] Speaker A:** Our team combines the capabilities need to build and commercialize. This favor brings clinical operations, workflow adoptions and experience scaling a multimillion dollar clinical business.

**[1:02:48] Speaker A:** I'm the ctr. I'm former UCSF Assistant professor and FDA scientist with deep expertise in AI, clinical informatics, real world data and drug development. Our advisor extends that expertise across oncology, health systems and commercialization.

**[1:03:05] Speaker A:** We're raising 750,000 on a post monetization a post money Safe with a 10 million million valuation cap. This give us approximately 14 months of Runway primarily to complete product development, achieve clinical readiness and execute our initial cancer center and life science deployment deployment. The objective of this round is really reach C with validated product, real clinical traction and demonstrate our commercial pathways. We're starting in oncology where the need for continuous care is really immediate and the value for longitudinal patient data is enormous. But our vision is bigger. We make dory the intelligent layer that enables AI to understand, remembers and continuously support health over time. Thank you.

**[1:03:59] Speaker B:** We'd love to take any question Mark, did you want to start this time?

**[1:04:04] Speaker D:** Okay, sure. Actually you went fast in a good way, but I didn't have time to write notes. So could you just go back to your first slide? In fact, I was writing down your name and then you're already on the second slide. So I didn't even. I missed the first slide.

**[1:04:23] Speaker A:** All right, first slide.

**[1:04:24] Speaker D:** Okay, so. Okay. So yeah, I think just overall in the deck.

**[1:04:29] Speaker C:** Great.

**[1:04:29] Speaker D:** You know, great. Seems like a very interesting opportunity. I would like to know a bit more about what specifically it is as opposed to what it does you. You met. I don't know if you say what it is as opposed to what. What it does.

**[1:04:48] Speaker A:** Yeah, exactly. I think. Thank you very much for that question. The.

**[1:04:52] Speaker A:** The dory is quite a bit. So I'm the cto, so I'm going to give you a little bit more detail about Dory. We actually built this adaptive systems to allow this agent to really interact with patient in an intelligent way to understand their longitudinal context. Because that longitudinal context is really what's needed and what's missing in current healthcare system. And that allows clinical team to really gain that visibility to what's happening to patients outside of its visits.

**[1:05:22] Speaker A:** And that longitudinal context can then really feed back to help patients on their day to day health management as well as supporting clinical team to really understand when potential intervention is needed and what's actually happening outside of the clinic. And that longitudinal context can then also is going to become highly valuable data moat for life science partners because those are the highly valuable real world data that's been increasingly a lot the larger ecosystem is relying on to really advance precision medicine, personalized care and drug development.

**[1:06:00] Speaker D:** So is it a wearable or is it an app on your phone? Or how is it collecting data and interacting with the patient?

**[1:06:07] Speaker A:** It's an app.

**[1:06:09] Speaker D:** Okay. And are they like chatting with it? Is that how it's collecting data or how is it connected to monitoring systems or.

**[1:06:17] Speaker A:** Yeah, currently.

**[1:06:20] Speaker B:** Michelle, can you go to your product page?

**[1:06:22] Speaker A:** Okay. Currently it proactively interacts with the user through the. Through the app. So it talks to the user.

**[1:06:30] Speaker D:** Okay. Yeah, I saw the companion that made me think it could be a wearable, I guess. But it's an app and so there. But it says proactively engages. So how does. I'm just interested to know.

**[1:06:41] Speaker A:** Yeah, so. So just to just to give you a very, very I guess concrete idea, it sort of sends the notification to you say hey, how are you doing today? You mentioned that you started this oncology treatment. Have you developed any side Effect toxicity that we should be monitoring. And it does that, you know, depending on what the patients say.

**[1:07:02] Speaker A:** And so because it's adaptive system, it's not. It's not based on any predefined defined survey. So it's adaptive. So it depends on what the patients say. It really focus on getting that clinically important information without really, without becoming too annoying to the patient.

**[1:07:19] Speaker D:** So does it then like take all the data that it's collecting because the patient's just telling it stuff, like talking to it, and then is it like structuring that information in some way? Like, how's that turning that into something usable by the clinic?

**[1:07:35] Speaker A:** Yeah, exactly. Thank you so much. So it does.

**[1:07:38] Speaker A:** It does a couple of things. First, identifies that important, clinically. Clinically important information to really reach out to patient, to dig out information. And then it generates a representation of the patient in a structured way so that structured data can then easily feedback to clinical team to really help them understand. We can create a dashboard or figures or trends or things like that to help them keep an eye on the patient to make sure that they're on track.

**[1:08:10] Speaker D:** Okay, yeah, I guess that would be one of my pieces of feedback, which is just because this slide is kind of a what it does slide, but I think it's a theme for all the presentations to drill in more specifically onto what it actually is and or how that that is of it. The isness of it is, you know, is compelling and. Or tied to why this will work as a business. You know, like, I would think that if I'm a hospital, getting a bunch of structured daily data is a good thing. But I guess I would want to know that, you know, in your presentation that they would actually consume this data, you know, or they might say, no, our patients already hooked up to like five different medical devices.

**[1:09:04] Speaker D:** You know, this is, you know, is this like, you know, priority three data or is it priority one data? You know, like, I would just want to know more about. Oh, we're going to be engaging with the user. Okay, great. But no, that the number one gap that hospitals say is there's no qualitative data about the patient. And we're filling that, you know, and so every hospital we talk to has no other solution for qualitative data, and that's us, you know, whatever that is. I think you need to close the loop on those level of specifics. I mean, if it was me, again, I don't know, somebody else might just like to be at this high level, but I think it's too high A level for me to intelligently evaluate it and also really like, what we're really evaluating is would anyone buy this and.

**[1:09:53] Speaker D:** Or subscribe to it? So we need to know something about their point of view and. Or what you've heard from the market and. Or what you know about the holes and the data they're already getting more specifically, you know, because I think you said there are holes, but it's too generic for me to really believe it. I mean, I did believe it because I trust you, but I didn't believe it because I, I was convinced by the information you presented.

**[1:10:18] Speaker A:** Got it.

**[1:10:20] Speaker D:** And then.

**[1:10:22] Speaker D:** Oh, then I. This is just generic feedback I give everybody. But on your slide about your growth, where I think you have five, you're in five deployments. The one like every. The farther out you get into the future, the more speculative it gets.

**[1:10:38] Speaker D:** But the first year is out should be the one that you could really defend. You know, like, we know we can get five, and here's how we already know it because we're already in four and we already need one more and we're already talking to them or whatever that is, because that's also a great selling point. If you're already in four. I don't, I don't know if you are, but I, I want to know how you're getting five. If you're at zero and if you already got part of the five, that's even better, then I would wanna, you know, I would want to know that. I would want to know you're already in five or you're already signing contracts to start with five in next year. So that's like critical information. Either you already got five or you're about to get five, or you don't have any idea how you're going to get five.

**[1:11:20] Speaker D:** Okay?

**[1:11:24] Speaker D:** And so I think without going through the individual slides, I, I don't critique your speed. It's just. I didn't have time to take notes. So those were the two things that really hit me though was more on the is. Is of it.

**[1:11:38] Speaker D:** And, and what, you know, that there really is a hole. You know, by convincing me by specifics and that in fact you, I think based on your team and also the fact that your deck looks like every health and medical science deck I've ever seen says that you guys are in this space and you know what you're doing. But I would, I would want to see that information.

**[1:12:00] Speaker F:** Okay.

**[1:12:02] Speaker D:** And then, yeah, more, More color, more.

**[1:12:05] Speaker D:** Convince me more that you're going to get the five.

**[1:12:08] Speaker A:** Okay.

**[1:12:09] Speaker D:** Yeah. But otherwise, you know, it. It seems encouraging, I think.

**[1:12:14] Speaker D:** Now I have this thing that David said earlier about execution play, and this also seems that way. So. But maybe it isn't, you know, if it. If there is some kind of new tech that you guys are developing and. Or your mode is actually in some specialized tech that no one could quickly do, then I guess it'd be good to know that. But otherwise it'd be good to know more about how you're going to get these customers, because that's really okay, because you're first, because, you know, you have the contacts. Because we already worked with five of these places, you know that that's speaking to that execution piece. So that's really it.

**[1:12:50] Speaker A:** Okay.

**[1:12:50] Speaker B:** Thank you, Mac. David?

**[1:12:52] Speaker C:** Yeah. So I'm very interested in this whole health field. TCA does about 47%. Pretty accurate number, actually, of our investments in health tech, life sciences. I've invested personally in many healthcare companies that deal in cancer, cancer therapy, diagnostics and the like. We have a group called Medical Monday. I'll point that out for you. Payment, because that's something Michelle should eventually present to. It's a group of about 65 people, including Chalk, including Hoag Hospital, when you get a little further along, perhaps. But it's something that I would be interested. So when you started your discussion, I was already prejudiced for saying, why would I want to continue with this? Because when I look at a deal, I'm trying to figure out, do I want to learn more? And you kind of set it up right. So I would, you know, you did a lot of the right things.

**[1:13:59] Speaker C:** I agree with Mac. I speed read and I'm pretty fast with the pen. But, Ben, you made the guy from the Federal Express commercials look like he was in molasses. I mean, it was a lot of it was. It was blistering out.

**[1:14:15] Speaker C:** The positive news, Michelle, a lot of energy. The concern is I needed to. You know, there are certain slides like the one Mac pointed out with the product. You needed to tell me more about that. Remember, I'm a techie.

**[1:14:29] Speaker C:** I want to understand the techie. So let me go through a few of the other points that'll make it stronger and hopefully this will make sense. Number one, early on, your business model said you charge the people, the cancer centers 50 to 125K and the life science evidence programs. You have a licensing fee. And I would have assumed that your revenue would be heavily weighted towards the left side, but when I look at your financials, it's weighted to the right side.

**[1:15:06] Speaker C:** That's a disconnect for me. I'm looking for the ability of your app to help me on post clinical evaluation and treatment so that I can integrate it with the clinical results as well as the EHR and as well as a mechanism on the oncologist desk or the RN or the RA or the PA or whoever you want to do it that would enable that person to get a response back. I didn't hear that, but that's what I was looking for. So that was a disconnect for me. I'm not sure the relevance of the life science evidence programs. I'm not even sure what you mean by it versus what my brain is thinking about it, but I would have thought the heavy weighting would be on the left number two, when I look at your financials, I don't think they're egregious. I mean they make sense.

**[1:15:57] Speaker C:** But I agree with Mac. How are you going to get to the 5? How are you going to get to the 10?

**[1:16:02] Speaker C:** I think you need to have a lot more specificity on your go to market strategies. Way too generic for me. It's like, eh, you know, it's just like something, you know.

**[1:16:13] Speaker B:** David, let me pause you for a second. Michelle, go back to your business model slide.

**[1:16:18] Speaker A:** Yeah.

**[1:16:19] Speaker B:** So David, what they're looking at in terms of their company is this data play. The cancer center is the way to be able to get to get the data pulled into their system, then be able to leverage that data from a licensing standpoint. And that's where they see their exa. In the data.

**[1:16:37] Speaker B:** What's your thought?

**[1:16:38] Speaker C:** If that were the case, payment, I'm less interested.

**[1:16:41] Speaker B:** Well, yeah, because you want to help people, you understand?

**[1:16:45] Speaker C:** Well, because I've never seen a real good data play yet.

**[1:16:49] Speaker B:** Okay.

**[1:16:51] Speaker B:** That's why I'm asking. What do you think from a strategic standpoint? What's your thought around this? This is why this is built this way.

**[1:16:59] Speaker A:** Can I ask, can I add just one quick point?

**[1:17:03] Speaker A:** Yeah. So the way we built about this, that our company have a larger goal of creating this new data foundation to support human health. We really want to enable that scalable precision medicine to everyone. So you know, when we think about what's needed for cancer care, oncology or even the broader chronic care, chronic diseases or complex diseases, we really want to build something that's really supporting patients and the clinical team to help them, support them to make better, better clinical decisions. Right.

**[1:17:40] Speaker A:** That's why we wanted to make our annual subscription price very low. Just enough so that it still Has a good roi. Hospitals can afford that. So that we build up our footprint for large and expansive patient coverage, population coverage, so that we can really learn about what is the treatment trajectory, what is the disease trajectory outside of clinic. Because those are the information that is really missing in healthcare right now.

**[1:18:16] Speaker A:** We only see snapshots of what's happening to. To, to at the clinic encounter base. We. We have large number of EHR data and all that.

**[1:18:26] Speaker C:** But so, so, so, so here's what I would think.

**[1:18:29] Speaker C:** What would benefit me, I get the data, I'd have all these. You know, they would pay for the ability to have their patients provide information via the app. I'm getting a whole bunch of information that I can put into my hybrid LLM. Okay. Now your AI can.

**[1:18:47] Speaker C:** Can act on that to try to discern what can be improved either in your process methodology and. Or your treatment. Okay. And you can aggregate this across multiple hospitals, which makes the data play interesting because. Not because it's a data play that you're selling the data, but you're using the data to help the hospitals do better and the patients do better.

**[1:19:12] Speaker A:** Exactly.

**[1:19:13] Speaker C:** So I would assume that would feed into the light the. The evidence programs, but I'm not sure what you really mean by it. So, so clarity in that would make sense.

**[1:19:22] Speaker A:** Yes. The evidence program and the data licensing is really building this currently missing data foundation. And then we built intelligence on top of that to really drive the precision medicine.

**[1:19:35] Speaker C:** Well, regardless of what it is, I would really like to understand what this really means, how it operates, how it works, and on a technical scale on that product slide or something else.

**[1:19:49] Speaker F:** Okay.

**[1:19:50] Speaker C:** Getting involved with the. Showing how the technology works. Okay, Makes sense. How are you using AI? Are you using it to. Is it agentic AI or is it, you know, just normal AI where I put a lot of data and say, give me some analysis of what this means.

**[1:20:08] Speaker C:** Did you develop any unique AI? I like the fact that you're using an AI app. I just don't understand what you're really doing and how you're doing it. I make an assumption in my brain.

**[1:20:19] Speaker A:** Yeah. So for the user, you will feel like you're talking to an AI. Right. But behind that, we build an entire adaptive system.

**[1:20:27] Speaker C:** I want to understand behind it, not the fact that I'm talking to an AI system.

**[1:20:31] Speaker H:** Okay.

**[1:20:32] Speaker C:** That doesn't look. I mean, that's been around for. I talked to Alexa. Alexa talks back to me, My car talks back to me, my wife talks back to me. I don't care. I just want to know what's behind it so I can understand if it's going to improve my workflow, the process or the treatment or something.

**[1:20:48] Speaker A:** Yeah, so. So behind it we build a multi system, multi component adaptive system that's current, that's that we've been with some benefits.

**[1:20:56] Speaker C:** That's something. Yeah. So if you can somehow tee that up and then when you get into more substantive discussion and due diligence, that's exploration. The question also is that adaptive system patentable?

**[1:21:09] Speaker A:** Yeah.

**[1:21:10] Speaker C:** Well, I didn't hear that. So I mean it would have been nice to hear. I may have missed it. Here's some other quick points I don't want to use a lot of time. Number one, I think your ask at 750 is too low. Look at what your net EBITDA is. You're going to need at least one or two more rounds of financing and that's something that we look at. If you're asking for investments early on on a pre seed round, I'm looking at dilution. I would rather get a better handle on. You know what you're doing. The ten million dollar value cap I make, it rolls my eyes because every single life science deal is minimally committed. 10, 15 or 20 just for the hell of it, no one really cares. They just throw out the number. And I don't really know if that's really the right value cap, but it just seems by rote.

**[1:21:59] Speaker C:** So I. But I do think your, your 750 ask, given what I believe is needed, is going to be way low because I'm going to need additional funding. I would really like to minimize successive rounds of funding because I don't want the dilution unless you're going to somehow protect me on that or give me warrants or something.

**[1:22:18] Speaker C:** A couple of other points. You need something of an exit slide Number two, you need to tell me about your unique moat. You said the back end AI system. Explain it. Patents help. They're not. It's ne. Maybe necessary, not sufficient. The I like to understand the AI, how it's used, where it's used. I want to understand you use the term longitudinal content.

**[1:22:45] Speaker C:** Not sure what that really means. The other couple of points that I want to point out, your CEO, you're giving it as a cto. I would really. No offense to you, you did a great job. But I'd rather hear the CEO and Wyatt and you're talking about cancer care. He's a dentist. That's a disconnect in my mind. Now you have an advisor. I'm trying to now Understand who is really your operational team and who's on your advisory team. Do you have somebody from, you know, the American Cancer association on your advisory team? Do you have somebody from Sternberg or Steinberg Cancer Care Admission, you know, health. Do you have somebody at the, you know, Cancer Care Centers of America who is there to help you go back to max point, make these introductions. So I can see that five different entities will be, you know, lining up for you.

**[1:23:42] Speaker C:** I mean, I think so. You have a lot of the fundamentals, but you're kind of missing it. And by going so fast, it really. I may miss some points. I think Mac pointed that out too. So slow down a little. Make sure you cover the points.

**[1:24:01] Speaker C:** Even if you have to reduce the amount of stuff on a slide, because you use the slide, it goes back to payments earlier. Comment on something else. Use the slide as a pointer and explain by talking.

**[1:24:16] Speaker A:** Okay.

**[1:24:17] Speaker C:** Okay.

**[1:24:18] Speaker C:** And, you know, and. And just for, just for the hell of it, number your slides. Because it's always nice to say, you know, if you have a long presentation, I wouldn't know what it is. But, you know, but number slides, echoes for everybody. It just makes it easy. But I thought you did a good job. I'd be interested because I'm interested in this business.

**[1:24:39] Speaker H:** Yeah.

**[1:24:39] Speaker A:** Yeah. Thank you so much. And I'll just add just one very small thing. David is our CEO and he has extensive experiences in clinical operations. And we're also working with Dr. Krishna Komandary, who is the chief of Cancer center at ucsf. We're in the process of bringing him on board as our clinical advisor.

**[1:25:00] Speaker C:** Yeah. So things like that would make it a lot more. A lot more persuasive to me.

**[1:25:08] Speaker B:** Mac, did you have a comment?

**[1:25:09] Speaker D:** Yeah, I agree with all those points and they just sparked my just thinking further, which is I just realized so because we're going fast, for some reason I thought I read cfo, not cto. So I presume you're like the inventor of the technology.

**[1:25:26] Speaker D:** You're leading. You're leading this. So especially because in this case it's you presenting and maybe here to us. But I guess if you're pitching, it would be a CEO, but maybe he should turn it over to you at some point because if this is in fact innovation play. I didn't get that at all.

**[1:25:45] Speaker D:** You know, like you're inventing something here that's going to take this chat data, this unstructured data, and structure it and turn it into a database that presumably you could sell, I guess, is that. Are you Doing something there that's interesting. You know, I would want to get some passion and. Or be impressed by you as a technologist, you know, because that's what I

**[1:26:09] Speaker C:** got, a couple of doctorates. That's pretty impressive too.

**[1:26:12] Speaker B:** Yeah, yeah.

**[1:26:13] Speaker D:** But I mean, just in the way you talk about it, you know, the way you're able to talk about what you're doing, you know that I would need that level. You know, some people are better at doing than talking, you know, and maybe. And often they're not the same person.

**[1:26:29] Speaker D:** So, you know, with that, with that caveat, I'd still want to feel something from you about what? You know, some energy on that.

**[1:26:37] Speaker H:** Yeah.

**[1:26:38] Speaker C:** Do me a favor, Michelle, or payment. You know, you guys work together.

**[1:26:43] Speaker C:** When you guys get a good deck together that makes sense for a 12 minute presentation, you fine tune it using some of our comments or ignoring all the comments, whichever you decide to do. Send it over. I'll put it over to our medical Monday group and see if they're interested in pursuing it or at least listening to it.

**[1:27:02] Speaker B:** Yeah, yeah, I've made a note of that. Thanks, David.

**[1:27:05] Speaker A:** Well, thank you so much.

**[1:27:06] Speaker D:** Yep, that's great. And also, I guess I would be prepared. I wouldn't necessarily put it in your deck, but I would definitely be prepared for questions about your use of the data because I have myself multiple questions about that if I were considering this. You know, if you're actually saying that's the bulk of your revenue and the data is the real win here, then I would have a lot of questions about that.

**[1:27:27] Speaker F:** Okay.

**[1:27:27] Speaker D:** Especially, you know, just legal questions and other questions. So I guess I would be ready to answer those kind of questions. Okay, that's it for me.

**[1:27:36] Speaker A:** Thank you so much. I really appreciate all the feedback.

**[1:27:39] Speaker B:** All right, Michelle, your David's gonna owe you for today.

**[1:27:43] Speaker A:** You owe me a big meal.

**[1:27:46] Speaker D:** There you go.

**[1:27:47] Speaker C:** David gave the presentation. We'd probably be a lot bitchier.

**[1:27:51] Speaker D:** That's true.

**[1:27:53] Speaker C:** All right.

**[1:27:53] Speaker D:** I would just say we're not doing our job if we're not. No, this is good. Being a little too critical.

**[1:27:58] Speaker B:** This is actually why I only have four founders presenting, so there's plenty of time for the feedback. This is very important. All right, let's move on. Let's travel all the way to Australia.

**[1:28:07] Speaker B:** Where is Mourn? Good job, Michelle. See you.

**[1:28:11] Speaker B:** Where is More? Are you with us?

**[1:28:15] Speaker G:** I'm here.

**[1:28:16] Speaker B:** There you are. Good to see you.

**[1:28:18] Speaker G:** I'm here. Good to see you guys.

**[1:28:20] Speaker G:** All right, it's go time. Hi, everybody. My name is Morne. I'm the founder and CEO of Cogniate where anyone can build an enterprise ready course in under an hour.

**[1:28:31] Speaker H:** Hi, my name is Jana and I am the co founder and cdo.

**[1:28:38] Speaker G:** The problem that we're solving today is that corporate upskilling is slow expensive to build and the results just don't stick. For example, it takes on average 184 hours to build one hour of learning and the training is expensive, insanely expensive. Over $350 billion per annum gets wasted because only 12% of that learning is ever used.

**[1:29:03] Speaker H:** Well the solution is an AI native platform that collapses the process at a fraction of the cost under one hour instead of 184 and it will lead to 90% reduction in the cost. And every course is personalized to the learner because the relevance is what makes training stick and this is the platform we built live today. You gave Lyra a brief and she co authors with you and the course is personalized and engaging. It publishes anywhere with Amit Publish and it's always current with automated update. Most Importantly it has four full governance engine and it's compliant and audible on the web. 3.

**[1:30:00] Speaker G:** We have really strong demand on our early traction. We launched our beta only last week and already we have secured three strategic partners giving us access to over 100 million subscribers. That's reachable. We've also secured one channel partner covering EMEA UK and Africa specializing in targeting our core ICPs with with with over 10,000. Our current enterprise B2B pipeline already sits at $630,000 and we are supported by a range of well known enterprise businesses.

**[1:30:41] Speaker H:** So the first market associated here is authoring software that is 6.4 billion today and quickly increasing to 20 billion by 2035. That really understates it. The software is only 6% of what companies spend building courses and the other 94% is manual labor and the labor is over market. By 2030 we will capture 290 million of that market built on the number of creators on our platform.

**[1:31:18] Speaker G:** Our business model is well known and proven recurring SARS model with a per seat expansion.

**[1:31:30] Speaker H:** We are projecting the 600k AR by the end of 2026. 2026? That's quite aggressive but and with that we actually will bring us to 290 million by 2030 at 88% gross margin. The number that matters to our next Milestone is the 3,000 paying subscribers with 5% conversion on the 60,000 freemium traffic our partners are sending to us.

**[1:32:05] Speaker G:** Algotamarket has a two motion parallel strategy. The past eight months we've focused on securing our foundations, getting our channel and strategic partners in place, mobilizing our beta platform as well as our operational establishment. Currently we are working on our enterprise anchor customers and converting our 13 site Lois before we move to our creative PLG and expanding our creative partner network. That sets us up for early next year for the next 12 months to establish our sustainability and our growth at scale, activating our revenue, moving from three ICPs to nine, covering the online sector and deploying our marketplace and data telemetry. This gives us our beach head from online creators to multiple online learning contribution.

**[1:32:57] Speaker G:** We have already secured and filed 10 patents worth $16.4 million.

**[1:33:07] Speaker H:** And for all our other competitor, everyone here is raising to build the AI on and one or two are actually getting closer and speed on the speed and the price and the difference between Kanye and other competitor is that everyone that we have we are AI native. With learning engine governance and accessibility already built in and full IP ownership with 15 plus LMS export.

**[1:33:40] Speaker G:** Our founding team as you can see are quite strong. Myself I've founded UI Skills Foundry worth over 500 million doll. I've got 20 years in Fortune 500 experiences.

**[1:33:51] Speaker G:** Yana herself has got a PhD in electrical engineering as well as in Data Science. She's X72 in Greyhound and a capital AI lead. And Selena has worked for SensePark which is exited early this year and she's built their growth engine. We are supported by an experienced advisory panel such as Braden Dixon who was the oceania chair for EY, Jason Butcher and Roman Quidlovic, Dr. Vker Kubler and Thomas Frey with operational partners.

**[1:34:24] Speaker H:** Currently we are raising 1.5 million to precede on a save at 10 million post and of that 349,000 is already committed by the founders and advisors. The remaining 1.15 million buys 15 month of Runway that will carry us to 11,000 paying subscribers by the end of 2027 and that's roughly the 7.7.6 million AR which will take us cash positive without a bridge.

**[1:35:02] Speaker G:** Thank you very much. We are cognate and like Canva we are creating a new sector to unblock the knowledge upskilling constraint. And like databricks we are building the infrastructure for the future of learning, think, teach and cogni8. Thank you very much for your time.

**[1:35:16] Speaker B:** Thank you both.

**[1:35:17] Speaker D:** David, you want to kick us off please?

**[1:35:19] Speaker E:** Yeah.

**[1:35:21] Speaker C:** First of all your timing is really interesting Mornay, because I would like to see how you can help the Angel Capital association with its content and create enterprise type content. So notwithstanding this Payment. Let's set up a separate discussion. I want to see if you're operational. I want to put you in touch with one of our board members. Notwithstanding that, I don't know if it'll work or not, but that would be an interesting test. You can either, you know, absolutely. Or really, you know, eff it up, as they say in New York. But, you know, I don't know what you want to do.

**[1:36:04] Speaker G:** Just. Just FYI, we just signed our first accelerator payment. Payment in the team has signed up to us as well, just yesterday, as he should.

**[1:36:13] Speaker C:** I mean, you know, as an advisor to Payment, I highly recommend it.

**[1:36:17] Speaker C:** But let me give you some perspective. Number one, I think that I like where you're going with it. And given what you said, it becomes a execution play. There are platforms available. And one of the things that you did which, which absolutely drove me nuts, it goes back to the same comment we had from Born Michelle.

**[1:36:41] Speaker C:** You went really fast. You threw. You put up on this, the scheme business model. I got the 29 per creator and then it went. It went away. I didn't know. I'm trying to. It's important for me as I as an investor to understand the business model and how that relates to financials. And you go to market strategy. You go to market strategy, unfortunately, in an execution play was basically goals and end games versus what you're actually doing to go to market.

**[1:37:12] Speaker C:** So I didn't see a really good, smart, tactical plan. So it was kind of like that's a big negative. The.

**[1:37:22] Speaker C:** It's hard for me when I look at the financials, to buy into your growth from 48 to 145 to 290. I don't care if it's Australian dollars or American American dollars. I also would like to know where you're located. Are you Australian only or are you Australian with US subsidiary? It makes a difference in whether or not we invest in you or not. We invest in North American companies at this time. We don't invest in Australia. But how many companies? This is a question you don't answer. How many companies go from $0 to $100 million in five years in revenue?

**[1:38:07] Speaker G:** Well, I don't.

**[1:38:09] Speaker C:** I'm not asking for an answer. I'm just saying not very many. You're at 290. Your growth doesn't jive with my brain.

**[1:38:18] Speaker C:** I just think it's an unrealistic, untenable growth that I can't see and you didn't show it to me or prove it. Now, if you had a whole bunch of these entities all lined up in letters of intent. I would say, wow, this is great. But just like prior presenters said, here's my Lois, I have these in the background. I have this money sitting there. I have all these people lined up for, you know, lots of deals. It's not convincing to me. It gives me a little bit of a concern. You put in, for example, you're asking for one and a half million on a 10 million post safe. You put in according to what Jana said, I think $350,000.

**[1:39:06] Speaker C:** Are you pre revenue now?

**[1:39:09] Speaker H:** Yes.

**[1:39:10] Speaker C:** I don't see at this point even close to $10 million valuation. It makes no logical sense in my brain. I would think given what you are, you haven't convinced me that there's something unique in technology that's.

**[1:39:24] Speaker C:** You may have patents but I don't know the strength of the patent. In my opinion you're going to not like me for this. But I'll still introduce you to aca, but I believe you're at a less than. You're at a five million dollar rate at most. And that gives you on your investment, you know, a 15x return which is kind of like ludicrous to begin with with no revenue.

**[1:39:46] Speaker C:** So you have to show me that you're really worth it. I don't buy it at this point. So it's already a concern when you say your product may be good, but when we look at a deal, I'm looking at the business and I'm looking at the investability. Your business may be great but the investability doesn't jive in my brain. That's a big concern.

**[1:40:07] Speaker C:** I also don't know the exit. As we mentioned before, I begin with the end in mind. What is the end in mind number. And finally I'll go back maybe other finally but you know, I go back to setting up that elevator pitch. You know.

**[1:40:26] Speaker C:** Cogniate is an AI based platform that focuses on providing co authoring platforms for companies in the technology space that want to educate their existing employees. Or it's going to be used by third tier universities, not Columbia. So we'll leave them them off. But we'll, you know, used by third rate, you know, universities and community colleges to develop coursework that they can turn into profit. Very lucrative by the way. I mean I can see Westcliffe University, which I'm associated with doing it or you know, New Hampshire and what is it? NHSU or somebody Apollo or somebody like that, that. But I don't know who your real target is. If it's enterprise Great. Specify is it or beachhead. Great. So I and I'd really like to understand that. I do like the fact that you basically made this into the lens crafter of co authoring by having it under enterprise courses in under an hour.

**[1:41:32] Speaker C:** That was extremely appealing to me. But I really suggest.

**[1:41:36] Speaker C:** And if that's the case, it's wonderful. But I'd really suggest coming up with a better tagline for your business because I think your promise, given the technology that you're coming up with, in the end solution can be a lot stronger. So I think you've lost something on that. So if I were looking at this going forward other than if I didn't have a need right now, it just came up in a board meeting this morning. I would say, you know, but because I have that need, timing is always better.

**[1:42:08] Speaker C:** Luck is more important than anything else. So I'd be interested in seeing if we can get you in front of the ACA people and maybe you can help them out. Then I'd be more interested. But right now I would put in my mind a yellow flag or a yellow dot and basically say I need more credible evidence that you're going to be able to perform. So hopefully that's.

**[1:42:31] Speaker C:** But I'll try to help you with the ACA and you know, again, nice job.

**[1:42:36] Speaker G:** Thank you. Payment. Can I respond now? Shall I wait after Mac?

**[1:42:43] Speaker G:** Thanks David, thank you so much for your feedback. The first one, I would like to just clarify. You mentioned the US we already we're a US based company. Delaware C Corp is set up. I just happen to be in Australia because I don't.

**[1:42:58] Speaker G:** My O1 visa hasn't been finalized yet which is part of why we're raising the money. The 350k. The thanks for your valuation. We'd really like to get some clarity for you from the payment. Might be something we need to catch up on. But when we did the evaluation we compared with like for example what a Y Combinator would pay and what their typical exit or accelerators look at. So we did a comparative analysis to

**[1:43:30] Speaker C:** all current Y Combinator would allow you to put up what they put upwards of 150,000 for 7% of the company. That's very low valuation

**[1:43:45] Speaker G:** and but what we also did is we used benchmarking of companies similar to us where they were at the same stage as well as the ability to attract clients.

**[1:43:55] Speaker C:** Show me in your stuff. I'm going to go come back.

**[1:43:57] Speaker G:** Yep. No, no.

**[1:43:58] Speaker C:** Show me where a company at the same stage, I. E. Pre revenue or low revenue is at a 10 million dollar valuation.

**[1:44:08] Speaker C:** Show me that. It has to be relative to, you know, your team, your technology, your processes or something or your Lois, because okay, I'm telling you what will be reasonable. I'm looking at what the end game is on this. You showed competition, so this is a negotiation in the end result. But I really believe in my heart of hearts I would think that all my colleagues would say 10 million is way too much.

**[1:44:36] Speaker B:** So more real quick, I have a document in the platform in week seven that has different valuation types for early stage valuations. Take a look at it. If you are looking at comparables as a method, everything Dave says, spot on. The other thing to keep in mind is timing. You may go and look at like pre Covid and say here's a pre revenue company that was value added. This.

**[1:44:59] Speaker C:** Yeah. The valuations would double or what they should really be.

**[1:45:04] Speaker B:** The timing is different. Just because something was valued at pre revenue really high back then doesn't mean that today it's a good comparable timing. Okay.

**[1:45:12] Speaker G:** That's good coaching as well.

**[1:45:13] Speaker B:** Take a look at that document there. There's a lot of things and you know, keep in mind, you're asking investors to give you money. They want to know what the company is worth today, not what its potential is. You know, the potentiality of it five, ten years down the line that the exit value is important, but the cost of money today is really important. What's the money going to cost me today if I'm going to invest.

**[1:45:36] Speaker C:** Oh, one, one final point by the way, and it goes to this slide that's up there right now. If I want to develop a course.

**[1:45:46] Speaker G:** Yes.

**[1:45:46] Speaker C:** What do, how long does it take and what do you need from me in terms of providing data that's going to turn it into a course that makes sense. Do you want a data dump? Do I have to put in, you know, 100 pages of garbage? So it would take me 45 hours to put this stuff in, but you can turn it in an hour or are you going to do a Vulcan mind meld? You're going to put something on my brain and all of a sudden it's going to suck it out. And which would be great. And if you had that, I'd buy into it in a heartbeat.

**[1:46:19] Speaker B:** Hear me?

**[1:46:19] Speaker F:** Both.

**[1:46:22] Speaker C:** So I'm being semi facetious, but I'm. But you know, the, the way you implement it and how long it takes is part of the equation. On the timing.

**[1:46:33] Speaker G:** Yeah. Okay. And then on your last point on the ip, we actually do have unique ip. That is good. Yeah. So. So actually Catherine, that used to be head of the IP Patent Office, and she's wrote all of our patents as well and submitted it and. And she's given us a certificate as well.

**[1:46:49] Speaker C:** Yeah. So I trust Yana with the ip.

**[1:46:57] Speaker D:** All right, let's go to Matt.

**[1:46:58] Speaker C:** I trust you as much, but I trust her.

**[1:47:01] Speaker G:** Thank you. Thank you.

**[1:47:03] Speaker D:** I do too.

**[1:47:04] Speaker B:** Matt, go for it.

**[1:47:05] Speaker D:** Yeah, sure. I think I had sort of got not caught on a couple of the same areas, but maybe from slightly different angles. One is, yeah, definitely there was a lot of information to absorb. I like, I like the faster paces in general, but it does mean that you have to be very, very clear with your story and cut away stuff that's like less, that's not really that relevant, but slightly clouding up the picture.

**[1:47:35] Speaker D:** And I'll touch on some examples of that, but I think just to connect now I'm going to contradict. So I guess just the one piece of feedback on that I had was just idiosyncratically or just my personal, I guess, reaction was switch. You know, the fact that you are moving quickly and dumping a lot of information, plus I'm adjusting between two people's presentation styles and speaking styles is making it that much more difficult for me to absorb all this information very quickly. And I actually feel like I almost would need to go through this two or three times before I get. If it was exactly the way it was, I probably wouldn't know as much as some of the other presentations I got on one go through.

**[1:48:19] Speaker D:** I probably need three go throughs on this to retain as much, you know, as I would on somebody else's. So I think that's something you guys got to think about, whether maybe you divide it up differently, half and half instead of every other slide or. I think that's just something you got to think about how much information you're giving and who's. How much you're switching off and just all those factors.

**[1:48:39] Speaker B:** Let me jump in for a second more and I want to talk to you both about this.

**[1:48:43] Speaker B:** Typically when this is done, it usually doesn't work well. It's tough to do this and have it work well. The one time I've seen it work well, which was a founder, co founder, husband and wife that were sitting literally next to each other and they could read each other's minds, you know, and then the other thing is just the style of speaking, the style, the how you present what it does, it causes distraction for the investor because what you're doing to us, as, as we're listening is we have to shift and, and think, okay, now, now, what's going on? So you, if you, if Yana did it from the beginning to the end, it will come on. If you did it from beginning, it would be just fine.

**[1:49:26] Speaker B:** When you mix the two together and the styles are so different, it's jarring for your listener, and they have to keep readjusting their mind to pay attention to the pacing, to the word. I mean, how things are done. It's tough to do, especially when you guys aren't sitting together, because on my screen, one of you guys is, you know, in the east coast, one of you guys is in the west coast, and you keep popping up here and there. So something to really consider. It's tough to do this and do it well when you're not sitting together and when you're speaking styles.

**[1:49:56] Speaker B:** And your natural tendency, how you present are so different. But, you know, at the end.

**[1:50:01] Speaker G:** Good coaching, no good coaching.

**[1:50:03] Speaker D:** I actually did it. We were in the same room, but I did do a pitch once where we were, me and my partner were trading off, and it not only affected their listening, but it affected our speaking. Like, we were both less good as a result. Okay. So then jumping from that, I guess, since the last thing David talked about was product. Yeah, I guess if a product exists and especially like a product like this, part of your mode is like, and, and also like, whether it's actually going to work is, is it fun and. Or is it easy and. Or is it something people would actually do, or is it tedious and a pain and, you know, like, I think ChatGPT itself, you know, one of the reasons it took off, it was just so easy to use. And, and like, you know, early Google AI products were not.

**[1:50:50] Speaker D:** And no one was talking about them or using them. So I think in your case, I was like, if the product already exists and it's amazing visually, or it's, oh, I just tap this button and look, I have this presentation. Isn't that amazing?

**[1:51:05] Speaker D:** If there's some way to show people that. But of course, it takes a lot of time and you probably got to make a video. But I would just think about just that overall point that David also made, which is showing rather than telling, especially, the product already exists. How do you do that without screwing up your whole presentation? It's not easy.

**[1:51:24] Speaker D:** So. And then. But my, my biggest question really was I got, I got kind of excited because I thought you guys had traction and because of all the issues we talked about with My not being able to retain all the information, I'm not actually sure if you do have traction. So. And that touches on the valuation because I thought I was picking up on these slides that you already had 600 or 630,000 committed revenue.

**[1:51:49] Speaker D:** Is that, is that the case or not the case?

**[1:51:51] Speaker G:** It's in our pipeline. Yes. And we've got 13 LOIs. And we are about to integrate Canva, the Canva connector getting. Giving us access to over 100 million subscribers as well. So with all of those discussions is being finalized, it's just not completed. Yeah.

**[1:52:09] Speaker D:** Okay. Yeah, because I think you had 600k for your first year revenue. And Yana said that would be, that was an aggressive projection. But I'm like, but they already have 630 committed, so how's 600 an aggressive projection?

**[1:52:22] Speaker G:** We do assume some of that will drop off. Yeah, might not eventually. Yeah.

**[1:52:27] Speaker D:** Right. So but then you're saying 6:30.

**[1:52:29] Speaker D:** So somehow this, it just like there seems to be something there. But it also seemed like, because sometimes people will just throw logos and other things in and they hope that there's enough of it. You'll see there's an Amazon logo on the page and yeah, 130k and you won't really ask any questions about it. You'll just kind of get an impression that cool things are happening. But for me, I would rather have a much clearer state of the state, you know, outline that, you know, oh, we have 630 in the pipeline. We expect to close 500k and we want 600k. That leaves 100k unspoken for. But you know, suddenly 600k, if you're talking valuation and you actually had that booked, that starts to speak to the valuation question, you know, but you really can't speak to it because it's very fuzzy the way it is right now.

**[1:53:26] Speaker D:** And now it's on these two slides where you've got this 630k on one side and then you're revenue growth projections on several slides later. And they don't really connect to me. They didn't connect to me.

**[1:53:39] Speaker G:** Okay.

**[1:53:40] Speaker D:** Yeah. So if you have traction, I wouldn't, I wouldn't. Any traction you have is good.

**[1:53:48] Speaker D:** I mean most people don't have traction. So when suddenly somebody comes in and they have traction, everybody gets excited. You know, they, if they're interested, if you've already interested them in the product, then people are going to sit up. So to the degree you have it, you should tell as clear a story as possible. As clear and as simple and as Unclouded a version of that as possible.

**[1:54:07] Speaker D:** Like, I think you mentioned that you're, you know, you have like there's a bunch of logos on a page supported. I didn't know what that meant. Like Amazon is supporting you. Does that, what does that mean?

**[1:54:23] Speaker G:** Well, we've so Amazon, Google, OpenAI, we've got the, we got their startup credits applied to us and we've got the.

**[1:54:35] Speaker G:** And then. Yeah, that's right.

**[1:54:38] Speaker B:** Yeah.

**[1:54:38] Speaker D:** So that's on your. Right. So to me, that's not exactly traction, but that might be validation. You know, it's my Validation and traction may are two different things. Attraction says, hey, we're in the market, we're already moving forward. And you could actually this enters a financial discussion. You know, this is to the valuation discussion and whereas having credits with Amazon's really not to the valuation discussion, it's to the validation discussion.

**[1:55:03] Speaker D:** So. Okay, yeah, so if you, if you have business already or a pipeline, that, that's, that is the valuation discussion. So I would want that to be carved out, simple, very clear, no questions, you know, and then you can also talk about that. You know, we've, we presented to 20 companies and we signed letters intent with 15 of them. Wow, three quarters. That's pretty good. You know, we're, we're, we're three days away from signing two of them, you know, and if you can say who they are, all the best. Like that kind of detail is what builds confidence. But if you're just skirting through it and throwing lots of logos on the page, then my, my, like suspicions go up, you know, like because, not because of you personally, but it's just, I'm sure everyone's seen millions of decks where people just throw logos out to try to do the validation, but it's not okay, but it's not necessarily real or it's only, you know, it's unquantifiable is what I should say.

**[1:56:03] Speaker D:** Okay, but, but if you have quantifiable information that's.

**[1:56:08] Speaker D:** You want people to sit up when you do the traction story. Not, not like say, there's a lot of stuff here, something might be happening, you know, because again, you don't have a lot of time. So someone, and then people might be annoyed that they have to ask the questions to get to see that out of you. Then it looks like, oh, what is he not telling me? Because I didn't get. Okay, you know, because that's like, that, that's like you're the accountant when you're talking about traction. You got to think like, like I can't mess around with these numbers. I gotta, you know, be really clear about what I'm doing, what my traction is, what the state of it is. Because this is the ballgame really. I mean, once people are saying, yes, I'm interested in this vertical, yes sounds like an acceptable product, I would really need to use it and play with it and understand it better to know if this is a real product.

**[1:56:56] Speaker D:** But you can never do all that in a presentation. So you're just sort of saying, here's the space we're in and this generally how it works. But then when you get to traction, you can do that in a presentation. So. Okay, that you.

**[1:57:08] Speaker G:** Thank you.

**[1:57:08] Speaker D:** I think you really got to know that that was really my reaction. That's why I spent.

**[1:57:12] Speaker C:** I have a couple of other quick comments if I might question. What segments are you going after?

**[1:57:20] Speaker C:** Here's the reason why I'm asking. If you're going after finance or if you're going after health or if you're going after pharma, or are you going after some other regulated entity, there's a governance and a compliance issue and then that's part of it. And then how do you make sure that your system is updated if the underlying documents are needing to be updated?

**[1:57:47] Speaker G:** Okay, that's a really good comment, David. I mean, is this something we need to cover in the pitch deck or is this something that we'll be able to cover in the follow up conversation?

**[1:57:56] Speaker C:** Well, it makes a difference if you say, I'm going to develop courses across the board. Board. It's great. What I would probably wind up doing is saying our beachhead is, you know, corporate product development or I T or you know, general business. You can say that in the future we're developing a unique technology that incorporates governance and compliance in these other markets that could be on your product roadmap. That makes it a lot more persuasive. But it just occurred to me that there may be a problem because I remember doing something and they said, you're not allowed to do that because I don't hold a series license. And you got to be a little careful here.

**[1:58:41] Speaker G:** Yeah.

**[1:58:42] Speaker C:** Writing to me at Allentown. That's a jail, by the way. Federal penitentiary.

**[1:58:47] Speaker D:** Yeah, sure. Okay. Yeah. To me that speaks to. I think that is a theme with any B2B presentation, including some of the ones today, which is if you know that space, if you know that presentation education space, you, you might know that compliance is a key thing. And so you want to walk, talk the Talk, you know, like in case someone in the audience knows about this stuff. If you're not saying what the number one concern of you know, these course people is, if it happens to be compliance, you better probably say it.

**[1:59:17] Speaker C:** You know, preciseness is a critical thing in this business.

**[1:59:21] Speaker C:** Yeah.

**[1:59:21] Speaker D:** Because it shows you know the space. You're not just an outsider and knowing the space. And B2B, you have to know the space otherwise you're going to be banging your head for a year until you do know the space.

**[1:59:32] Speaker G:** Yeah.

**[1:59:33] Speaker G:** Was the, was the comment that YANA made in slide 3 not sufficient by saying we we've covered for the governance and compliance regulation?

**[1:59:42] Speaker C:** Well, it, the answer is yes, but that'll raise the issue of what, you know, if I'm saying I'm, look, I'm part of ubs, just for argument's sake, I don't want to develop courses. Are you in compliance with the SEC rules or any of the, you know, anti money laundering rules? Yeah, I mean again, I think it goes to again what your target market is, your beachhead and the potential for expansion. I think it's a better story to say this is where we're focusing, but the growth, you know, and the opportunity is also in this other area and YANA has developed or will develop the compliance governance structure to do that, which no one else has.

**[2:00:23] Speaker C:** It also depending on who you go after for what co authoring will tell you. I just did some quick research will give you a whole bunch of different competitors than those which you listed. So it is the different subsets of the population you're competing against. So precision in this case makes a lot of sense. I think you're on to something if you can execute, but it's an execution play in a specific target with, with unique product features and a technology moat that you have to be able to codify.

**[2:01:02] Speaker D:** Okay, I think that.

**[2:01:05] Speaker G:** Sorry, yes.

**[2:01:06] Speaker D:** Oh, I just think that gets your traction story too because if you're getting that feedback from these people signing letters of intent and you know what their requirements are, you're able to speak to that, to say yeah, because we are the only one with compliance. Because, you know, and I actually I, I didn't want to get into the product too much, but I did write down that, you know, I mean AI authored content is somewhat controversial. Right. But I think with corporations that want, want education plans, they, they don't care. They don't care that an AI wrote it from the standpoint of like, like it being inhuman or it's not some, the proper way to do art or whatever it is. But they probably do have other concerns about AI generated content like compliance or accuracy or other things. And those are probably coming up in your conversation.

**[2:01:56] Speaker D:** So you would, you would want to reference those in your traction discussion or in your product discussion, which again is a twofold.

**[2:02:08] Speaker D:** It's really showing that you know this. It's building confidence in you that you know the space and that you've actually talked to real people. You know, those are all confidence building things, not just saying really everything to me. In all presentations, including ones that I've done and failed at as well, you know, you're trying to show that. You're trying to show that you know what you're doing and that people want this because, you know, at the end of the day, like, are we going to get into your code and look, oh, they did these, they did their database wrong? You know, we don't, we don't know. We just know that you sound like you know what you're doing and other people that want to buy from you think you know what you're doing and it sounds plausible. And then of course there'll be the, the digging in.

**[2:02:55] Speaker D:** But the digging in at the end of the day, a lot of times is, well, do you have, what's the customer reaction? And is there any obvious tells that you do or don't know that you've missed something or not missed something? And I think some of these top concerns, being able to speak to top concerns, like compliance really is a tell that you do know and not talking about it, if it is, in fact top concern, is a tell that you may not know the space.

**[2:03:24] Speaker D:** Yeah, because obviously also these companies are kind of, you know, paranoid about this stuff too. They don't want to get sued. They don't want to see their name in the paper because they signed up a course and the course was telling everybody to do something illegal or wrong. You know, so they're going to have a lot of due diligence themselves.

**[2:03:46] Speaker E:** Yep.

**[2:03:47] Speaker D:** And so I guess, yeah, when you're doing B2B, it's kind of a different vibe than B2C. Like from the presentation standpoint that it's. You do almost have to be more specific and detailed because B2C is a marketing excitement. Isn't this cool play? And B2B is a whole lot of other concerns, I think, you know, trust, trust being high among them, I think.

**[2:04:18] Speaker D:** I don't know, I'm just spitballing now, but, but yeah, I thought, I thought your presentation looked great. And the fact that you do have traction. I. Potentially. I, I mean it seemed like you did, but you know, I would want to know more about that.

**[2:04:33] Speaker G:** You know that we, we have real traction in all with the big four companies as well. Like I said, I have developed some. The, The. The product during COVID skills foundry worth 500 million. And so I've, I've done this before. We are just doing it better. But I would like to invite you guys to sign up and try it for yourself. Like Mac David, sign up to cognate AI. You can try it and you'll see.

**[2:04:58] Speaker C:** Yeah, I want to get you over to the people at aca, let them screw around with it. I don't have the time.

**[2:05:04] Speaker E:** Yeah,

**[2:05:06] Speaker D:** that'll be great. So. But yeah, I think over again it's like, like I think we're being very direct and or critical sounding, but it's just in the interest of trying to help you. And I think, you know, there's a book, there's an investing book called the Biggest Loser Wins. I don't know if you ever heard of that. But it's all about how lose. Being able to take a loss. The way you take a loss is how you're actually going to win. And if someone, I guess being criticized feels like a loss, but, but in fact how you react to that is how you win. So hopefully we're helping. I don't know.

**[2:05:43] Speaker C:** That was Jillian Michaels on the Biggest Loser. You had me at Jillian, you know.

**[2:05:49] Speaker B:** Okay.

**[2:05:50] Speaker D:** All right, folks, not Biggest Loser. Sorry. I think it's Best Loser.

**[2:05:55] Speaker C:** Okay.

**[2:05:57] Speaker C:** That makes the sense.

**[2:05:58] Speaker D:** Yeah, yeah, yeah. Sorry, I always. Whatever. I think that TV show got in my head. But Best Loser Wins. So it's how, you know. Anyway, I say that to my kids all the time when they miss something and I'm just like, you got to know how to lose.

**[2:06:13] Speaker B:** Yeah.

**[2:06:15] Speaker B:** All right, folks. Mariana, good job. Mac, David, thank you so much for your time. We're well over two hours. Really appreciate all the insights and everything you shared. And folks, the, the recording, our team will have it added to the platform probably next week. You can check with Sarah if you have a question on that. Thank you all again, really appreciate it.

**[2:06:34] Speaker B:** And again, David Mack, thank you so much for your time.

**[2:06:37] Speaker D:** Okay, thank you.

**[2:06:39] Speaker C:** You all did well. Don't let us dissuade. I mean, you have to have the emotional intelligence, the business intelligence. You all have the IQ to succeed. Just keep, keep pushing ahead because this is your dream. And you know, your perseverance will certainly get you on the COVID of Forbes magazine, even if you have to invent it by using AI, Think about it that way.

**[2:07:04] Speaker D:** Yeah. And really, just amazing accomplishments by everyone.

**[2:07:08] Speaker A:** Yes.

**[2:07:10] Speaker D:** Really impressive. Yeah.

**[2:07:11] Speaker C:** Yeah. Very impressive. Thank you to all of you.

**[2:07:14] Speaker B:** Much appreciate it, everyone. Have a great rest of your day. Thanks so much.

**[2:07:17] Speaker G:** Thank you. Bye, everyone.

**[2:07:19] Speaker D:** Thanks.

**[2:07:20] Speaker F:** Bye.

**[2:07:21] Speaker E:** Bye.