135: Tipping Point | Oli Cavanagh, Charles Dowd and Strike

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Hey there, I'm Pete Townsend.
And this is money, never sleeps.

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We look inside the minds of
entrepreneurs, in at the

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crossover of startups and
apprise Finance, technology, and

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Life.
As We Know It, This episode of

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money.
Never sleeps is sponsored by Pat

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fintech, the training partner,
demystifies fintech, and digital

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Finance for financial services
professionals.

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On the show this week.
We've got Ali Cavanaugh.

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Hi, I'm Alec Havana, and I'm
co-founder and CEO of strike.

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He and Charles Dowd.
Hi.

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I'm Charles Dad.
I'm co-founder and chief product

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officer at strike.
Sharing their story on strike,

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which is portable personal
payment, Tech designed to make

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tipping, giving and paying
convenient safe and easy for

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all.
In this chat.

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We get into the Confluence of
experiences and ideas that

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brought all Ian.
Charles together to launch

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strike.
Getting a product live in

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raising an angel round in less
than three months.

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The benefit of having done it
before.

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When you need to build a team
swiftly, and the big road ahead

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for strike.
All right, here.

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On money, never sleeps.
We're rolling right into it.

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Ali.
You fly any helicopters lately.

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Hey, no, not in a while.
My license wouldn't be current

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but I do have a private pilot's
license for helicopters for

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which so I got in San Diego in
California when I was over there

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working for a start-up that I
co-founded.

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Did, you know that was still in
your LinkedIn profile?

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No.
I was wondering how on Earth did

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you know that?
It was all there.

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Dude.
It's all there.

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How did that come about?
And what I was living in London

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and I was getting the Tube home
one night after a few drinks and

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office party and it wasn't that
late, but I was reading a

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private eye Magazine and there
was an ad quite simply just

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said, Learn to Fly helicopters
and I always wanted to fly

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helicopters.
And so it's kind of like 67

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years old and I just thought,
hey, I can actually probably do

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this now and I actually called
the number and someone answered.

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This is probably maybe eight or
nine o'clock at night.

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And this lady said, yeah, we'd
love to have you come along and

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Saturday at 10 a.m.
And I went to Denim Airfield,

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which is just inside the M25 and
and I started flying learning

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with this guy called Q Smith who
at the time was the world

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helicopter aerobatic champion,
and he took me up in a

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helicopter and try to freak me
out and did crazy stuff and, you

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know, Loops barrel rolls stuff
that you're not even technically

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supposed to be able to do and
Robinson Helicopters, and it

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tried to fight me and when we
landed he said you like I said,

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I loved it.
He said okay.

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Yeah, you should do this and so
I felt so I started that and

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ended up getting the private
license.

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I planned going commercial at
one point, but I then went down

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a different track which is Snow,
I'm going to try and make some

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money and then just fly for fun.
Yeah.

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Wow, I think we should end the
podcast right there to, you

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know, you can't get any better
than barrel, roll in a

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helicopter.
Right?

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Well, listen, Olli and Charles
great to have you guys here,

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co-founders of strike.
You guys are doing quite well,

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in Ireland, making lots of
noise, and obviously want to see

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that noise continued to grow Ali
as CEO Charles, as Chief product

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officer, but I got to imagine
you guys.

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Were just kind of like, alright,
who's going to take what role?

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I would say to you guys come
together on this as co-founders,

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write and play.
Play to your strengths.

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But let's let's get into that.
Okay.

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So what I'd like you guys to do
is both of you, just take your

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turns and share your back
stories with us and how you got

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to this point of deciding to do
this Ali, with your background

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with your computer science
degrees, aventures mean

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encryption SAS and Mobile sales
leadership roles, and then

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flender.
And then now strike, right?

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And then Charles with your
mathematics degrees.

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I'm going to say the whole So I
don't have to try to say at the

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Irish way, which I still can't
do.

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May seem easy, but I'm not even
going to try to say it.

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You're ten formative years.
As I saw in software development

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R&D and product development for
ventures as an advisor,

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co-founder / executive Facebook
in the middle of the mobile.

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Boom, which must have been
fantastic to be there at that

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point, then plank then clever
cards as on a contract and now

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strike.
Now, obviously, I just kind of

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fast-forwarded through that for
both of you guys, but maybe just

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kind of hit on some of the high
points as you're going.

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Your own stories and then we'll
tease those out a bit more.

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Yeah, Ali do we want to start
with you?

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Okay.
Yes.

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So this is the ninth Tech
startup.

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I've been with six of which I
co-founded the others were there

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kind of early stage.
Some nice, really nice success

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stories changing worlds, which
was a mobile personalization

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company, bright bill, which is a
personalized Building Company

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are your success stories found
in some of the ones that go find

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in myself or in mobile
applications mobile technology,

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space, and then.
Eating to the most of the last

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year have been fantastic.
So I'm going to kind of recent

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to fintech and the last I guess,
five years or so.

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And that's how I came across.
Charles in the context circles

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him being a bit of a star of the
payments tech industry course,

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you would meet him at events and
things.

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So we knew each other, I think,
for whatever, at least four,

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maybe five years before we
decided to kind of hook up

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because we found in master
problem that had an opportunity.

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Just waiting to be done properly
and we figured we could do it

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together and I was strike.
Absolutely.

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Absolutely.
I'm kind of reading a little bit

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more into the story already but
Charles wanted to connect us to

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the story that Ali just shared.
Yeah.

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Yeah.
Yeah.

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So in my career, when you look
at it, you know, and I'm

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LinkedIn it has lots of
different things that I've done,

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but actually what you'll find a
Common Thread is, I'm always

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searching for the next new
thing.

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Yeah.
I'm really interested in solving

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the unsolved problems that are
right in front of us.

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That's my sweet spot of what's
next.

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Yeah.
I spent the first six years of

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my A professional career writing
code for IBM, which was really,

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really interesting, IBM at half
a million employees and it was a

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machine.
But I learned a lot about seeing

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a large organization structures
and what I wanted and what I

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didn't want at IBM, you know,
everything was little micro

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contributions.
So my contribution was, I wrote

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one page of the CUA 91 interface
design guidelines, which I'm

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very proud of at the tender age
of 21, and I got my first first

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taste of startups in 94, which
is when I joined a CRM startup,

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which was the first time
actually, that CRM was ever

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built.
And that was really, really

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interesting.
And ever since it's been

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startups, all the way, except
for one little hiccup in the

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Middle, where I couldn't avoid
the greatest start up the whole

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time, which was Facebook, which
was joining Facebook 2010.

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What a rocket ship did this like
three mbas, you know, six

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engineering degrees and lots of
fun.

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And two countries as well.
So, working hard and then the US

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for Facebook, so it's pretty
cool.

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So, the reason why Ali and I are
connected together to is, this

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is a really cool problem.
Right?

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And I have a particular set of
skills, which can get us out the

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door pretty quickly.
So, I'm able to take ideas

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problems and build them into
really simple products, and get

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them out the door to get
contested with customers really,

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really quickly, and then we
build teams once we cookie

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cutter.
That's it.

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That's how we.
That's why we're working today.

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The last point is really
interesting because, you know, I

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told you how many startups I've
been involved with, but this one

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is really different to any of
them.

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None of them have ever move this
quickly.

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And it's, it's because it was
Charles just said, you know, we

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had the idea and within 24
hours, he was building the

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product and we had an MVP, very,
very quickly.

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We're revenue-generating is
within three months actually,

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which, you know, you both of,
you know, and paid your nose is.

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Yeah.
Yeah, just that's unheard of

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Yeah, and not notice Revenue,
generating all the right.

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So we actually the only reason
why we had to wait three months

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to be revenue-generating was
because we actually, we knew we

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had something really new and we
wanted to protect it.

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So we actually spent the first
three months in stealth

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protecting the technology that
we knew, we'd need to protect to

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actually enter the market.
So yeah, otherwise, we might

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have gone little earlier.
In fact, to revenue generation,

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actually the as well.
We decided we want to Global

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protection.
So, rather than the usual kind

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of finding here, we just went
straight to the US.

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So because that not only does
give Global collection.

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There's also privacy, it's
sealed, you know, for a period.

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So we wanted to use that time to
really get traction and get a

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March out there before.
Anyone would really kind of

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know, what we were up to and in,
in that vein as well.

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We haven't done any PR or
anything.

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Now, I know there's be actually
putting things in the news about

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us recently, but that's our
clients.

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Actually, her to impress.
We haven't done anything.

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We don't know marketing or PR.
We're still trying to get

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traction quietly under the Yeah,
where did the idea come from?

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Like I know obviously you guys
know each other good while but

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where did the concept for us?
How did that conversation even

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cope for my side a year and
three weeks ago, you know, and

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proper lockdown happened.
I just stopped caring cash.

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I actually kind of didn't like
her and Kasia.

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What?
I didn't.

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I almost kind of move that way
anyway, but I literally stopped

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overnight, bang.
No cash, even stop tearing.

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My cars.
No debit cards, credit cards.

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I didn't even stop tearing.
My driver's license actually and

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just went about with my phone
and everything.

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I Apple pay everything set up.
Up on my phone and I just

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thought this brilliant, you
know, the world finally is kind

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of caught up on Sweden.
I think this is the only country

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was really kind of their
thereabouts with the cashless.

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So we were probably at least 10
to 12 years away from research,

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to the cashless society.
And I thought this was great

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initially, but really, really
quickly really quickly within

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another week.
I'd say, after that, I realized

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actually there's been a bunch of
occasions where I wanted to give

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someone money and I couldn't.
And I thought that's kind of

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interesting like, how many
people have gone?

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Totally clashes?
Me and I kind of looked around

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and ask around talk to everyone
unconscious and then I started

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talking to people who worked in
Industry.

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So I spoke to the kind of the
delivery driver lunchtime and

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you know, you have tips in here.
No, no.

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The just eat River on a Friday
night that we would normally

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get.
You know, I'm really sorry.

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I can tip you, you know, and you
know like it's okay, you know,

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no one's tipping her.
And there were loads of

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occasions like this and I kind
of sat down and listened to

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whole bunch of them.
And there was also a car that

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was known to deliver points to
your home or to wherever you

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were and it was the same thing
there.

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You know, they were really
working.

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These are people are kind of
working hard for you know for a

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reward which everyone was giving
them up until just over a year

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ago and that reward went to 0.
So become a huge problem for

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Action free parties as we
discovered one is, you know, all

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of us because we actually want
to reward people and thank

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people in typical.
So it's actually a problem for

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us because we feel embarrassed.
And then the second thing

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course, in its we're helping the
people who relied on that

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portion of their income or
thirdly were really helping

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business owners because
Employees income and morale have

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00:10:39,300 --> 00:10:42,200
plummeted during covid.
And there was very little they

227
00:10:42,200 --> 00:10:44,100
could do about it without
digging deeper into their

228
00:10:44,100 --> 00:10:45,800
pockets, maybe and actually
increase in salary.

229
00:10:45,800 --> 00:10:47,500
So it was a huge pain point for
a lot of business owners.

230
00:10:47,500 --> 00:10:50,000
So we fixed all three of these
things and I was trying to

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00:10:50,000 --> 00:10:54,000
actually in tell us about the
product, tell us what is Strike.

232
00:10:54,200 --> 00:10:57,100
So what people back to kind of
those, some of those examples I

233
00:10:57,100 --> 00:10:58,900
was giving.
So I was thinking in my head,

234
00:10:58,900 --> 00:11:02,000
there's gotta be some way.
Something that these guys can

235
00:11:02,000 --> 00:11:04,100
carry the committee trigger a
payment.

236
00:11:04,100 --> 00:11:09,100
That's secure as your average.
Payment terminal or card machine

237
00:11:09,100 --> 00:11:10,200
that you would see in any shop
or store.

238
00:11:10,200 --> 00:11:13,200
We reckon probably the 60
million people affected by this,

239
00:11:13,200 --> 00:11:14,700
just an English-speaking
countries loan.

240
00:11:14,700 --> 00:11:17,500
Those 60 million, people aren't
going to go out and buy card

241
00:11:17,500 --> 00:11:20,200
machines and, you know, walk
around with clunky card machines

242
00:11:20,200 --> 00:11:23,800
plugged in that are expensive,
but I thought there's got to be

243
00:11:23,808 --> 00:11:26,300
something that we can use to
trigger a payment.

244
00:11:26,300 --> 00:11:29,900
That's just as secure in the one
device that everyone already has

245
00:11:29,900 --> 00:11:32,600
on them, which their phone,
which actually has internet

246
00:11:32,600 --> 00:11:34,200
connection.
It has lots of security built

247
00:11:34,200 --> 00:11:35,000
into it.
It's got Apple.

248
00:11:35,000 --> 00:11:38,900
Pay is got Google pay, it's got
Side, he's got Touch ID is good.

249
00:11:38,900 --> 00:11:41,500
Lots of security.
In fact, it's more secure than

250
00:11:41,500 --> 00:11:45,300
using card a credit card or a
debit card and but no one had

251
00:11:45,300 --> 00:11:49,000
really kind of made it simple
enough and low-cost enough that

252
00:11:49,000 --> 00:11:51,400
it could be something that could
trigger that events.

253
00:11:51,400 --> 00:11:53,100
Like a little people's hard
work, could be produced by the

254
00:11:53,100 --> 00:11:55,700
tens of Millions for all those
people I'm talking about.

255
00:11:55,800 --> 00:11:58,800
So I thought could we use, you
know, some kind of RFID NFC

256
00:11:58,800 --> 00:12:01,700
technology and that's when I
actually reached out to Charles.

257
00:12:02,100 --> 00:12:04,600
So I thought, who is the leading
payments Tech expert, you know,

258
00:12:04,600 --> 00:12:06,900
that I know anyway, you know,
maybe in Ireland, but maybe,

259
00:12:07,000 --> 00:12:09,900
maybe not But certainly in my
circles and I asked him, you

260
00:12:09,900 --> 00:12:13,200
know, is there something that
could be done that actually we

261
00:12:13,200 --> 00:12:16,200
could ship out to 60 million
people and all of a sudden

262
00:12:16,200 --> 00:12:18,400
anyone can just tap them and
give them that secure payment

263
00:12:18,500 --> 00:12:21,900
and we found a way and not only
to find a way.

264
00:12:21,900 --> 00:12:23,900
We find something that was a you
know, Charles said I think this

265
00:12:23,900 --> 00:12:26,400
is actually patentable.
So let's keep it on the Raiders

266
00:12:26,400 --> 00:12:27,000
at.
Build it.

267
00:12:27,000 --> 00:12:28,300
I'm gonna quit my job and join
it.

268
00:12:28,400 --> 00:12:31,200
And that's what we did.
We quit our jobs within three

269
00:12:31,200 --> 00:12:32,700
months were revenue-generating.
All right?

270
00:12:32,900 --> 00:12:36,700
No Charles can see.
I'm all these background

271
00:12:36,700 --> 00:12:38,900
encryption.
Mobile obviously, those are some

272
00:12:38,900 --> 00:12:41,200
key components.
You've got your payments Tech

273
00:12:41,200 --> 00:12:43,900
background or you already
thinking about this before Ali

274
00:12:43,900 --> 00:12:46,200
reached out to you.
Was there something kind of in

275
00:12:46,200 --> 00:12:49,400
the background that might have
been on the Shelf, waiting for a

276
00:12:49,408 --> 00:12:53,200
moment or was this kind of?
Hey, I'm just going to figure

277
00:12:53,200 --> 00:12:56,800
this out the reality.
So I've always been fascinated

278
00:12:56,800 --> 00:13:00,800
by the performance of cash.
I actually think that cash is a

279
00:13:00,800 --> 00:13:05,000
really interesting product and
that digital Solutions have

280
00:13:05,000 --> 00:13:07,400
never quite matched.
What cash can do?

281
00:13:07,500 --> 00:13:11,300
Do cash is really interesting.
It's when you engage with

282
00:13:11,300 --> 00:13:15,100
someone, you hand them a ten
dollar bill or a 5 Euro note.

283
00:13:15,100 --> 00:13:17,700
It's it's a person-to-person
transaction.

284
00:13:17,700 --> 00:13:22,500
It's instant transfer of 100
percent of the value and it's

285
00:13:22,500 --> 00:13:25,700
irreversible and it's quite
interesting because actually

286
00:13:25,700 --> 00:13:28,300
that's really difficult to do on
digital platforms.

287
00:13:28,400 --> 00:13:31,300
And I've tried a number of times
with the number of startups to

288
00:13:31,300 --> 00:13:34,700
actually really try and fix that
problem.

289
00:13:35,000 --> 00:13:38,400
And so this is always been an
underlying, I guess and a number

290
00:13:38,400 --> 00:13:41,500
of things that I've done in my
past and to be honest, the

291
00:13:41,500 --> 00:13:47,100
technology hasn't really moved
where it needs to be until very,

292
00:13:47,100 --> 00:13:48,400
very recently.
Yeah.

293
00:13:48,500 --> 00:13:51,700
So now we have ubiquity of
mobile phones.

294
00:13:52,100 --> 00:13:56,700
NFC is available in almost all
of them cure codes or ubiquitous

295
00:13:56,700 --> 00:13:59,300
specially in Asia.
So now we've got this

296
00:13:59,300 --> 00:14:03,400
culmination of sort of a
technology on the doorstep when

297
00:14:03,400 --> 00:14:07,800
the pizza arrives that actually
matches the I'm that we're

298
00:14:07,800 --> 00:14:10,800
trying to solve so this, so it
was there.

299
00:14:10,800 --> 00:14:12,500
Something on the Shelf ready to
go.

300
00:14:12,500 --> 00:14:17,500
No, but this is like for me it's
been a Fascination since about

301
00:14:17,500 --> 00:14:21,000
2004.
When I actually I was building a

302
00:14:21,000 --> 00:14:25,200
remittance solution from New
Jersey to hazy for a

303
00:14:25,300 --> 00:14:29,900
microfinance organization called
funko's a and that no mobile

304
00:14:29,900 --> 00:14:33,700
phones, no proper internet.
The idea that you could actually

305
00:14:33,700 --> 00:14:37,400
move money, through countenance
was was just you know bizarre.

306
00:14:37,500 --> 00:14:40,100
Right?
And now here we are with a

307
00:14:40,300 --> 00:14:43,600
super, super cool, simple
solution, that allows to people

308
00:14:43,600 --> 00:14:47,900
who don't know each other to
meet for the first time and have

309
00:14:47,900 --> 00:14:53,200
a really simple digital exchange
that replicates that cash

310
00:14:53,200 --> 00:14:57,500
exchange of instant irreversible
and 100 percent of the value.

311
00:14:57,700 --> 00:14:59,400
That's actually really cool.
Yeah.

312
00:14:59,500 --> 00:15:02,500
I'm kind of thinking Charles you
kind of like the Mark Cuban with

313
00:15:02,500 --> 00:15:06,700
broadcast.com, right?
1995 96 whatever, it was the

314
00:15:06,800 --> 00:15:09,800
idea for Netflix to ten years
too early, right?

315
00:15:09,800 --> 00:15:12,400
And he wanted to solve that
problem, and you tried to solve

316
00:15:12,400 --> 00:15:15,500
the problem with dial-up
internet and it builds some

317
00:15:15,500 --> 00:15:17,500
pretty cool Tech but it really
wasn't going to be able to

318
00:15:17,500 --> 00:15:19,800
perform because not everybody
was yet.

319
00:15:19,800 --> 00:15:22,900
Had the technology at their
disposal to make use of it.

320
00:15:22,900 --> 00:15:26,500
Only a few people did, right?
And then he sold it to Yahoo or

321
00:15:26,500 --> 00:15:29,600
something like that.
For a mint made some good money

322
00:15:29,600 --> 00:15:31,300
off of it.
And then, you know, went bought

323
00:15:31,300 --> 00:15:34,500
the Dallas Mavericks or
whatever, but, you know, it if

324
00:15:34,500 --> 00:15:37,300
that, that kind of impetus was
there the whole time.

325
00:15:37,500 --> 00:15:39,900
To do it and then it just took
the rest of the world to catch

326
00:15:39,900 --> 00:15:41,800
up to you, right?
That's pretty cool.

327
00:15:41,800 --> 00:15:45,500
I like that.
Yeah, and so was the pandemic

328
00:15:45,500 --> 00:15:50,000
has accelerated, this need the
it's actually accelerated the

329
00:15:50,000 --> 00:15:53,200
density of the need.
Let's say and I think what it's

330
00:15:53,200 --> 00:15:55,000
done though is it's actually a
Tipping Point.

331
00:15:55,000 --> 00:15:56,900
It's this is not a pandemic
product.

332
00:15:56,900 --> 00:16:01,600
This is actually just happens
that it's a perfect combination

333
00:16:01,600 --> 00:16:03,900
of events that actually was
ready to happen.

334
00:16:04,100 --> 00:16:05,900
And now everyone has embraced
right?

335
00:16:05,900 --> 00:16:09,300
So if that happens sometimes, If
something happens and you know,

336
00:16:09,300 --> 00:16:12,300
we always think about change
happens in this sort of smooth

337
00:16:12,300 --> 00:16:14,200
curve.
It doesn't it tends to happen in

338
00:16:14,200 --> 00:16:17,100
these step changes.
It's like steps on the stairs.

339
00:16:17,500 --> 00:16:21,400
What was you know?
Novelty yesterday is a necessity

340
00:16:21,400 --> 00:16:23,500
today.
Yeah, and I think that's kind of

341
00:16:23,500 --> 00:16:25,100
product.
We built absolutely.

342
00:16:25,200 --> 00:16:26,900
The first wave of launch
customers.

343
00:16:26,900 --> 00:16:32,600
We had were delivery drivers.
And so, we started off with like

344
00:16:32,600 --> 00:16:36,200
a bunch of food delivery places,
and we're rolling out now to

345
00:16:36,300 --> 00:16:38,600
about 700.
Three drivers and but over the

346
00:16:38,600 --> 00:16:42,900
first wave, they the first night
they used it and they were

347
00:16:42,900 --> 00:16:46,900
coming back into the restaurant
or into the takeaway coming

348
00:16:46,900 --> 00:16:48,000
back.
In this time.

349
00:16:48,000 --> 00:16:50,000
We're going back was looking for
sending a chance to check their

350
00:16:50,000 --> 00:16:51,900
phone.
And they will be saying, wow,

351
00:16:52,000 --> 00:16:53,800
this money.
They're like, I just just made

352
00:16:54,200 --> 00:16:56,000
tenure.
And for those last two

353
00:16:56,000 --> 00:16:57,800
deliveries and in the coming
back in and then we can look in

354
00:16:57,800 --> 00:17:00,900
the phone and it was amazing.
You know how quickly that

355
00:17:00,900 --> 00:17:03,500
happened and then we are on
board another place last week

356
00:17:03,500 --> 00:17:07,700
and the time from him actually
being on board at his first Tip

357
00:17:07,700 --> 00:17:10,400
was less than five minutes
because he came in, he got a

358
00:17:10,408 --> 00:17:12,200
strike, like, he went out of his
way.

359
00:17:12,200 --> 00:17:14,300
We chose was actually there
because we were kind of just

360
00:17:14,300 --> 00:17:15,900
observing as well.
We don't need to be there, where

361
00:17:16,200 --> 00:17:18,700
people can hurt themselves.
He was I, but he was on board.

362
00:17:18,700 --> 00:17:21,000
He was gone and his deliver.
It is.

363
00:17:21,000 --> 00:17:23,400
First delivery, actually tipped
him like five year and it was

364
00:17:23,400 --> 00:17:26,500
within five minutes of him.
Having, the product isn't like,

365
00:17:26,700 --> 00:17:28,900
it's mind-boggling C.
Then the stickiness, of course,

366
00:17:28,900 --> 00:17:32,200
is, you know, you can understand
the stickiness of that and, you

367
00:17:32,200 --> 00:17:35,300
know, sort of product Market fit
is all about time to Value.

368
00:17:35,400 --> 00:17:38,200
Right?
So like I tried a I get the

369
00:17:38,200 --> 00:17:41,100
return, I get the, get the
dopamine.

370
00:17:41,300 --> 00:17:43,700
I get it.
I started go back and then call

371
00:17:43,700 --> 00:17:47,100
it.
The magic of can't the delivery

372
00:17:47,100 --> 00:17:50,000
guys because it's like, wow, I
just go out.

373
00:17:50,100 --> 00:17:53,100
I deliver things and we
discovered really interesting

374
00:17:53,100 --> 00:17:55,900
things, like really surprising
things, like we thought.

375
00:17:56,200 --> 00:17:58,500
Oh, yeah, it'd be like it's on
the doorstep.

376
00:17:58,500 --> 00:18:00,800
That's when it would happen.
But on the doorstep is where

377
00:18:00,800 --> 00:18:04,600
the, the idea is introduced, but
actually, we're finding that

378
00:18:04,600 --> 00:18:08,000
there's sort of a tip Now
situation, but the Bellator is

379
00:18:08,000 --> 00:18:10,700
actually really interesting.
So we give we've developed a

380
00:18:10,708 --> 00:18:14,400
solution that allows them to
also receive a tip later.

381
00:18:14,800 --> 00:18:17,800
And it happens after they've
actually eaten or even what

382
00:18:17,800 --> 00:18:20,000
actually happens.
A lot is the next morning, you

383
00:18:20,000 --> 00:18:22,200
know, someone's getting up and
they're actually going.

384
00:18:22,200 --> 00:18:25,200
Oh, I really enjoyed that.
I'm going to go tip that guy who

385
00:18:25,200 --> 00:18:26,900
brought that food to me last
night.

386
00:18:26,900 --> 00:18:29,400
Okay, and that that's that's
really fun.

387
00:18:29,400 --> 00:18:33,500
So surprising to us to actually
see these that this product

388
00:18:33,500 --> 00:18:37,300
appear from customer usage, you
know, it's pretty impossible.

389
00:18:37,500 --> 00:18:39,600
It's such a wonderful feeling
when it happens.

390
00:18:39,600 --> 00:18:40,900
Right?
You see your product being used

391
00:18:40,900 --> 00:18:43,600
and completely unusual ways,
unexpected ways.

392
00:18:43,600 --> 00:18:45,400
I guess.
Do you have that little flux

393
00:18:45,400 --> 00:18:48,000
capacitor that goes up like they
do in curve when you go back in

394
00:18:48,000 --> 00:18:52,100
time.
Of course, I do.

395
00:18:52,300 --> 00:18:54,300
You guys know what I'm talking
about with a product curve.

396
00:18:54,300 --> 00:18:55,200
No.
Yeah.

397
00:18:55,200 --> 00:18:57,700
It's a it's kind of an umbrella
card that sits on top of all

398
00:18:57,700 --> 00:18:59,600
your other cards and they've got
this feature.

399
00:18:59,600 --> 00:19:03,400
That if you direct a paint you
use your curve card either, you

400
00:19:03,400 --> 00:19:05,200
know, Tom yet heard.
Yeah.

401
00:19:05,400 --> 00:19:07,100
Yeah.
Yeah, and then he directed to

402
00:19:07,108 --> 00:19:09,200
your And 26.
No, actually, I meant to use my

403
00:19:09,200 --> 00:19:12,500
revolute for that right.
You can go back in time and

404
00:19:12,500 --> 00:19:15,600
switch it from your end, 26
charged to your revolute,

405
00:19:15,600 --> 00:19:20,100
debiting your Revenue card.
And when you do that step on the

406
00:19:20,100 --> 00:19:24,500
curve app, on your phone, this
little flux capacitor from Back

407
00:19:24,500 --> 00:19:27,400
to the Future pops up on your
phone and it's showing you going

408
00:19:27,400 --> 00:19:29,400
back in time, right?
Yeah.

409
00:19:29,400 --> 00:19:31,700
I love the curve product.
It's a process.

410
00:19:31,900 --> 00:19:36,600
It's very, it's, it's very cool.
It's a, it's entually, you know?

411
00:19:36,700 --> 00:19:39,400
Removing.
Your wallet and turning it into

412
00:19:39,400 --> 00:19:41,800
one card.
You know what, we find that

413
00:19:41,800 --> 00:19:44,700
people aren't even carrying one
card anymore like a caring,

414
00:19:44,700 --> 00:19:47,400
none, you know, they just carry
the phone with them.

415
00:19:47,400 --> 00:19:49,800
That's the only thing they
always have.

416
00:19:49,800 --> 00:19:51,700
Even when they come to the door,
to pick the pizza.

417
00:19:51,700 --> 00:19:53,200
They still have the phone in
their hand.

418
00:19:53,200 --> 00:19:54,900
That yeah, it's quite
fascinating.

419
00:19:58,800 --> 00:20:01,100
This episode of money never
sleeps and sponsored by Pat

420
00:20:01,100 --> 00:20:04,300
fintech demystifying fintech and
digital Finance for financial

421
00:20:04,300 --> 00:20:07,400
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Pat fintech enable Financial

422
00:20:07,400 --> 00:20:09,900
Services professionals to
transform their capabilities

423
00:20:09,900 --> 00:20:12,800
into the digital age with
dedicated virtual training

424
00:20:12,800 --> 00:20:16,200
programs, geared towards those
that can develop deliver and

425
00:20:16,200 --> 00:20:20,000
monitor optimally customized
user experiences, balance by

426
00:20:20,000 --> 00:20:22,400
appropriate, governance, control
and oversight.

427
00:20:22,500 --> 00:20:25,400
To learn more about Pat fintech.
Go to money, never sleeps.

428
00:20:25,400 --> 00:20:28,200
That IE /.
P80 fintech.

429
00:20:36,300 --> 00:20:39,900
Presumably then, and I'm
thinking because I may have used

430
00:20:39,900 --> 00:20:42,700
this example at some point in
time in the last few months, but

431
00:20:43,100 --> 00:20:46,200
it makes me think of square and
their initial rollout and the

432
00:20:46,200 --> 00:20:49,400
adoption of that.
And what that did for small to

433
00:20:49,400 --> 00:20:52,200
medium businesses to cut, how
transformative that was.

434
00:20:52,300 --> 00:20:55,100
Is that kind of where you see as
you know, especially you

435
00:20:55,100 --> 00:20:57,700
compared it to the payment
terminal, you know, people

436
00:20:57,700 --> 00:21:00,100
aren't going to plug in a
Terminal and drive around with

437
00:21:00,100 --> 00:21:02,600
it, but I suppose you've
effectively created a payment

438
00:21:02,600 --> 00:21:05,400
terminal on the phone then
actually what we're doing now on

439
00:21:05,400 --> 00:21:08,300
is kind of interesting.
We're turning any surface into a

440
00:21:08,300 --> 00:21:11,600
payment terminal and so we're
actually rolling out and

441
00:21:11,600 --> 00:21:14,200
probably by the end of the
summer, we'll have close to

442
00:21:14,200 --> 00:21:16,900
8,000 payment Terminals and in
Ireland.

443
00:21:17,000 --> 00:21:19,500
And a lot of those are things
that you wouldn't expect their

444
00:21:19,500 --> 00:21:23,700
protective screens in shops,
protective screens and taxis

445
00:21:23,800 --> 00:21:28,100
wearable devices, fundraising
boxes for Charities, like all

446
00:21:28,100 --> 00:21:29,800
sorts things that live See we
can turn anything.

447
00:21:29,800 --> 00:21:33,500
We can retrofit anything into a
secure payment terminal.

448
00:21:33,800 --> 00:21:34,800
And so that's really
interesting.

449
00:21:34,800 --> 00:21:36,900
And that's not something that
the likes of, you know, Square

450
00:21:36,900 --> 00:21:39,700
as you mentioned is doing but
but they did start off quite

451
00:21:39,700 --> 00:21:42,100
simple and I think that becomes
a bit more complex and companies

452
00:21:42,100 --> 00:21:45,400
like them aren't really
addressing this Market that were

453
00:21:45,400 --> 00:21:47,100
and what they brought out their
first dongle.

454
00:21:47,100 --> 00:21:50,200
It was transformative for those
businesses that wouldn't have

455
00:21:50,200 --> 00:21:52,000
had to payment terminal of all
of a sudden.

456
00:21:52,000 --> 00:21:55,300
They had this Simple Solution.
That's transformed how they're

457
00:21:55,300 --> 00:21:58,100
able to accept payments.
It seems like you're on onto the

458
00:21:58,100 --> 00:22:00,100
same kind of thing.
I mean, terms it up.

459
00:22:00,100 --> 00:22:03,700
Transformative piece.
Yeah, you have to in my mind.

460
00:22:03,700 --> 00:22:07,400
I always like visualize
transformation or innovation as

461
00:22:07,400 --> 00:22:10,600
like a rubber band, right, you
know, you pull it and then

462
00:22:10,600 --> 00:22:13,100
eventually it snaps, right?
And then that's actually when

463
00:22:13,100 --> 00:22:15,000
the, when the, when the change
happens, right?

464
00:22:15,000 --> 00:22:18,000
It's like, oh, yeah, we stretch
it piece of technology as far as

465
00:22:18,000 --> 00:22:19,600
we go.
And then it snaps, right?

466
00:22:19,600 --> 00:22:22,700
And what happened with square in
the beginning was fantastic,

467
00:22:22,700 --> 00:22:24,500
right?
It was like, oh, let's just plug

468
00:22:24,500 --> 00:22:27,600
this little tiny dongle into the
headphone jack on my phone.

469
00:22:27,600 --> 00:22:29,100
Don't have those anymore, right?
Right.

470
00:22:29,300 --> 00:22:32,500
And you can then swipe the card
through the phone jack.

471
00:22:32,500 --> 00:22:36,300
That's because the content or
the mag stripe is actually just

472
00:22:36,300 --> 00:22:38,500
some text.
That's typed into the phone.

473
00:22:38,700 --> 00:22:41,200
You know, when you swipe your
card at the point of sale.

474
00:22:41,400 --> 00:22:44,400
It's actually that's a keyboard
interface is literally typing,

475
00:22:44,400 --> 00:22:48,000
the numbers off the mag stripe.
So it's a that's those to hack,

476
00:22:48,000 --> 00:22:50,100
right?
But what I did was that led

477
00:22:50,100 --> 00:22:53,000
squared to move really quickly.
Super simple.

478
00:22:53,000 --> 00:22:56,200
Dongle off you go.
But actually payments has it

479
00:22:56,200 --> 00:22:59,500
become super mobile have
actually become More and more

480
00:22:59,500 --> 00:23:02,200
and more complex to actually
execute.

481
00:23:02,200 --> 00:23:06,500
And what happened was, all that
functionality was being put into

482
00:23:06,500 --> 00:23:09,000
this dumb piece of plastic,
which they then had to try and

483
00:23:09,000 --> 00:23:11,300
make smart.
But there was a change that

484
00:23:11,300 --> 00:23:14,500
happened a few years ago, right?
With the adoption of Apple pay

485
00:23:14,500 --> 00:23:17,800
and Google pay where the device
that was being used to pay.

486
00:23:17,800 --> 00:23:21,800
The payment instrument was now
super smart, but all the payment

487
00:23:21,800 --> 00:23:25,900
infrastructure wasn't changed to
match this smartness of the

488
00:23:25,900 --> 00:23:28,400
tender type.
Yeah, so that meant do now it is

489
00:23:28,400 --> 00:23:31,900
super A complex system where you
actually need to mobile phones

490
00:23:31,900 --> 00:23:35,500
and a connected device to
actually make a transaction.

491
00:23:35,500 --> 00:23:38,100
If you're a small emergent,
that's like what three thousand

492
00:23:38,100 --> 00:23:40,500
dollars worth of equipment just
to make wooden one payment

493
00:23:40,500 --> 00:23:42,100
transaction.
And so, what we've done is

494
00:23:42,100 --> 00:23:44,800
essentially broken that rubber
band, right?

495
00:23:44,800 --> 00:23:47,800
That to say actually, let's
bring it back to where it's

496
00:23:47,800 --> 00:23:50,600
really simple again.
And now all the smart is

497
00:23:50,600 --> 00:23:54,300
actually in the phone that
essentially is tapping.

498
00:23:54,300 --> 00:23:57,100
It's super dumb terminal and it
sort of turned everything

499
00:23:57,100 --> 00:23:59,300
backwards, but actually that's
the Innovation.

500
00:23:59,300 --> 00:24:02,600
That's let us actually create
this really this terminal from

501
00:24:02,600 --> 00:24:06,200
anywhere people.
Places objects can turn into

502
00:24:06,200 --> 00:24:07,400
payment terminals.
Yeah.

503
00:24:07,400 --> 00:24:09,200
So it's pretty pretty pretty
interesting.

504
00:24:09,200 --> 00:24:13,100
It is and the fact that you've
got patent-pending here is it

505
00:24:13,100 --> 00:24:16,300
was a pretty big deal, right?
And but thinking about the

506
00:24:16,300 --> 00:24:19,500
market, right?
And thinking about yes, Ali like

507
00:24:19,500 --> 00:24:23,100
you said, 60 million people out
there who have some sort of

508
00:24:23,108 --> 00:24:26,500
dependency on the ability to be
tipped, right?

509
00:24:26,500 --> 00:24:28,900
And what you're thinking about?
Out.

510
00:24:28,900 --> 00:24:32,200
Well, what's the total amount
right on an annual basis?

511
00:24:32,400 --> 00:24:34,500
What does that amount to in
dollar terms?

512
00:24:35,200 --> 00:24:37,600
And then how are you guys going
to make money off of that?

513
00:24:37,600 --> 00:24:39,900
Right?
And obviously anything in the

514
00:24:39,900 --> 00:24:43,000
payment space generally tends to
be done as a transaction fee.

515
00:24:43,300 --> 00:24:45,700
But how are you guys doing this?
How did you think about the

516
00:24:45,700 --> 00:24:48,700
market in size the market?
And then come up with business

517
00:24:48,700 --> 00:24:50,000
models?
That you guys can make money

518
00:24:50,000 --> 00:24:51,900
off?
This is so we did research and

519
00:24:51,900 --> 00:24:55,300
kind of the size that market
just in the English-speaking

520
00:24:55,300 --> 00:24:59,100
countries and kind of hide have
been cultures initially just Get

521
00:24:59,100 --> 00:25:01,800
some kind of idea of what the
target market was.

522
00:25:01,900 --> 00:25:06,400
And that number that that you
just said correlates with just

523
00:25:06,400 --> 00:25:10,300
over 40 billion dollars,
annually in top-line volume of

524
00:25:10,300 --> 00:25:12,700
tips.
And there's three ways that we

525
00:25:12,700 --> 00:25:15,300
can make money from that and we
kind of mix and match depending

526
00:25:15,300 --> 00:25:18,000
on, you know, the environment.
But we have what we call strike

527
00:25:18,000 --> 00:25:19,900
tags.
They can be smart stickers.

528
00:25:19,900 --> 00:25:23,500
They can be smart wearables and
smart, whatever with the tech

529
00:25:23,500 --> 00:25:26,700
inside.
And we sell those upfront.

530
00:25:26,700 --> 00:25:28,600
We also have a model where it's
at.

531
00:25:28,800 --> 00:25:31,600
A rental model wearing for a low
monthly fee.

532
00:25:31,700 --> 00:25:33,400
You have the product.
And then, of course, we have

533
00:25:33,400 --> 00:25:36,000
transactional fee, as well.
As you said, which, you know,

534
00:25:36,100 --> 00:25:39,200
obviously fairly standard.
So we on the, on the

535
00:25:39,200 --> 00:25:41,900
transactional side, we've had
some really interesting stats.

536
00:25:41,900 --> 00:25:46,400
Actually, we made the fees
optional so the person tipping

537
00:25:46,600 --> 00:25:48,800
or giving in the case with some
of our Target customers, and

538
00:25:48,808 --> 00:25:51,400
we're working with the three
largest charges in the country.

539
00:25:51,500 --> 00:25:57,000
And so we made that transaction
fee optional, and if it's a

540
00:25:57,400 --> 00:26:01,900
tipping environment, Over 90% of
people will just accept the tips

541
00:26:01,900 --> 00:26:06,600
because if they giving, you know
five or ten books to the, the

542
00:26:06,600 --> 00:26:09,300
person they want them to get the
full amount in over 90%.

543
00:26:09,300 --> 00:26:14,200
They occasions where it's a
charity giving to it's over, 98%

544
00:26:14,200 --> 00:26:18,000
are accepting the phase.
So it becomes almost free to the

545
00:26:18,000 --> 00:26:19,900
recipient in that sense.
Okay.

546
00:26:19,900 --> 00:26:22,900
I'm with you and and when you,
you know, you guys pulled

547
00:26:22,900 --> 00:26:26,200
together, a nice six hundred
twenty-five thousand Euro

548
00:26:26,500 --> 00:26:30,500
precede round and you No, at
that stage with the folks you

549
00:26:30,500 --> 00:26:32,700
were raising that from and I
know Enterprise Ireland were

550
00:26:32,700 --> 00:26:35,900
part of that bag right?
That you know, talking about the

551
00:26:35,900 --> 00:26:38,700
market, in the size of the
market, how important was that

552
00:26:38,700 --> 00:26:40,200
to your investors and thinking
about?

553
00:26:40,200 --> 00:26:43,000
Wow, this could actually take
off and say, you know,

554
00:26:43,100 --> 00:26:45,200
professional investors.
When they look at something like

555
00:26:45,200 --> 00:26:47,400
this.
They have to know that there's a

556
00:26:47,500 --> 00:26:51,100
large enough addressable Market
from a revenue point of view to

557
00:26:51,100 --> 00:26:53,400
generate at least a billion
dollar Revenue business.

558
00:26:53,600 --> 00:26:56,800
We operate like like a B2B SAS
company.

559
00:26:56,800 --> 00:27:00,900
So it's very partner driven.
Go to markets, very cheap for

560
00:27:00,900 --> 00:27:03,900
us.
But we actually look like b2c

561
00:27:03,900 --> 00:27:05,200
company.
Right?

562
00:27:05,200 --> 00:27:08,400
So we actually have the ability
to have sort of winner-takes-all

563
00:27:08,400 --> 00:27:12,500
b2c type outcome.
So we think that, you know, that

564
00:27:12,500 --> 00:27:14,900
the winner in this market will
take about 30 percent of the

565
00:27:14,900 --> 00:27:16,700
market.
And for us, that, you know,

566
00:27:16,700 --> 00:27:18,700
that's just in the
English-speaking Works.

567
00:27:18,700 --> 00:27:21,600
Looking at that a
multibillion-dollar market.

568
00:27:21,700 --> 00:27:23,700
Yeah, and that's just for
tipping.

569
00:27:23,700 --> 00:27:26,700
That's not counting.
The fact that there's a direct

570
00:27:26,700 --> 00:27:31,300
pass crossover into Into small
Merchants payments micropayments

571
00:27:31,300 --> 00:27:34,600
which not many people have been
able to solve at scale

572
00:27:34,600 --> 00:27:37,800
economically and we're already
proving that we can do that.

573
00:27:37,800 --> 00:27:41,300
So, I did those two things
together, you know, make this

574
00:27:41,300 --> 00:27:43,700
really attractive business for
invested.

575
00:27:44,000 --> 00:27:47,500
So we look at the initial Angel
round, that we just did what

576
00:27:47,500 --> 00:27:50,500
they're really looking at is,
who are the founders, do they

577
00:27:50,500 --> 00:27:53,200
have ambition?
Do they have the right ability

578
00:27:53,200 --> 00:27:55,900
to execute?
And that's what they're looking

579
00:27:55,900 --> 00:27:57,600
at.
Yeah, and they say, is there a

580
00:27:57,608 --> 00:27:58,600
big Market here?
Probably?

581
00:27:58,800 --> 00:28:02,500
The but you know do we need to
do a giant Tom analysis or

582
00:28:02,500 --> 00:28:04,000
something to do that?
No, right.

583
00:28:04,000 --> 00:28:06,100
It's like, are you the right
guys to do this?

584
00:28:06,300 --> 00:28:07,600
And are you getting some
traction?

585
00:28:07,600 --> 00:28:10,600
Yes, you are great.
We'd like to back you and make

586
00:28:10,600 --> 00:28:12,700
sure that it really can be
successful.

587
00:28:12,700 --> 00:28:14,700
And that's, that's what this is
about, giving yourself the

588
00:28:14,700 --> 00:28:18,200
runway to make mistakes to build
the product.

589
00:28:18,200 --> 00:28:20,800
So you can be successful.
And in more than one occasion,

590
00:28:20,900 --> 00:28:23,300
actually, people that we'd
approach for partnership.

591
00:28:23,300 --> 00:28:25,800
Were strategically, not even
looking for money, because

592
00:28:25,800 --> 00:28:27,800
Charles not a cell phone in
ourselves that stage.

593
00:28:27,800 --> 00:28:31,200
So, but A couple of people that
we approached, because they were

594
00:28:31,200 --> 00:28:33,700
potential route to Market or a
channel for us, turned it around

595
00:28:33,700 --> 00:28:35,900
and us at us and said, you know,
is there an opportunity to

596
00:28:35,908 --> 00:28:38,500
invest?
And because they saw that, this

597
00:28:38,500 --> 00:28:41,900
is kind of a no-brainer and
there are investors in the

598
00:28:41,900 --> 00:28:44,900
company cool.
Yeah, it's a good way to do it.

599
00:28:44,900 --> 00:28:47,200
And I think it's good point.
That you mentioned just are

600
00:28:47,200 --> 00:28:51,500
Charles, is that when it is
early stage like, you guys, are

601
00:28:51,600 --> 00:28:54,800
that the types of investors that
you're bringing in, aren't the

602
00:28:54,800 --> 00:28:57,800
ones that need you guys to
return a four billion dollar

603
00:28:57,800 --> 00:29:01,100
fund for them?
You know, so they're not looking

604
00:29:01,100 --> 00:29:04,500
for the, like you said, Tam the
hell out of this thing for me,

605
00:29:04,500 --> 00:29:05,700
please.
Right.

606
00:29:05,700 --> 00:29:06,800
They're not, they're not looking
for that.

607
00:29:06,800 --> 00:29:08,300
So that's it.
That's a really good point.

608
00:29:08,300 --> 00:29:11,800
You guys must be already pretty
deep into thinking about your

609
00:29:11,800 --> 00:29:13,700
next round, which I know or at
least.

610
00:29:13,700 --> 00:29:15,800
The Press reported.
You guys were talking about

611
00:29:15,800 --> 00:29:18,400
raising over 6 million for the
next round.

612
00:29:18,500 --> 00:29:19,900
Have you guys kicked that off
yet?

613
00:29:20,000 --> 00:29:23,300
Yes, so we started on that and
that was leaked early by the

614
00:29:23,300 --> 00:29:26,500
way, but still it actually
worked at beneficial because we

615
00:29:26,500 --> 00:29:29,500
had a number of we actually had
an influx of Eople interested is

616
00:29:29,500 --> 00:29:31,900
we already had six names left
over from the first round who in

617
00:29:31,900 --> 00:29:33,200
the ancient world who didn't
make it in.

618
00:29:33,200 --> 00:29:37,000
So then along with a number of
institutional parties know that

619
00:29:37,000 --> 00:29:39,600
we're talking to we have
identified.

620
00:29:39,600 --> 00:29:40,800
What we're going to do is a
two-step.

621
00:29:40,800 --> 00:29:44,800
So off the six-and-a-half, we're
doing one and a half an hour and

622
00:29:44,800 --> 00:29:47,400
towards our series a so, it's
looking good.

623
00:29:47,400 --> 00:29:49,500
Yeah, we're moving on that quite
quickly.

624
00:29:49,500 --> 00:29:53,200
We hope to close that, you know,
before queue for this year.

625
00:29:53,700 --> 00:29:55,600
Okay?
In the vein of what was wanting

626
00:29:55,600 --> 00:29:58,000
to do, new fun, Innovative
things.

627
00:29:58,000 --> 00:30:02,000
So we're Are raising against his
safe, which is a simple

628
00:30:02,000 --> 00:30:05,100
agreement for future equity,
which is really nice, really

629
00:30:05,100 --> 00:30:07,400
nice structure developed by y
combinator.

630
00:30:07,700 --> 00:30:11,300
They're very few of them done
this side of the pond and we

631
00:30:11,300 --> 00:30:15,800
think that it really gives
investors a really simple way to

632
00:30:15,800 --> 00:30:19,800
get in and gives us the ability
to essentially roll close

633
00:30:19,800 --> 00:30:23,600
towards our series a, but with
enough cash to actually maximize

634
00:30:23,600 --> 00:30:25,700
devaluation of the series.
I happened.

635
00:30:26,000 --> 00:30:28,600
Absolutely, but it's a big
amount to go.

636
00:30:28,700 --> 00:30:32,100
Go for but it's not in the grand
scheme of things with the amount

637
00:30:32,100 --> 00:30:35,800
of capital that's available out
there right now the world right

638
00:30:35,900 --> 00:30:38,000
and just the printing money
that's going on and that

639
00:30:38,000 --> 00:30:40,800
printing money is not actually
printing cash money, right?

640
00:30:40,800 --> 00:30:44,900
Obviously as you guys have
stumbled upon thinking about

641
00:30:44,900 --> 00:30:48,200
going live with your first
customer Camille tie, you

642
00:30:48,200 --> 00:30:51,600
already mentioned Charles that
getting some of that early user

643
00:30:51,600 --> 00:30:55,000
feedback that is soon as we kind
of give you the device or give

644
00:30:55,000 --> 00:30:58,600
you the sticker or give you the
ability to accept a tip seeing

645
00:30:58,700 --> 00:31:01,700
At immediate boom, there goes
five bucks into my account.

646
00:31:01,700 --> 00:31:04,100
Any user feedback that came
through in the early days.

647
00:31:04,100 --> 00:31:06,300
It said, well, we got to change
this right away.

648
00:31:06,300 --> 00:31:09,200
We did this won't work.
We're did anything like that?

649
00:31:09,200 --> 00:31:13,500
Come up, you know, so one of the
things that we did was take

650
00:31:13,500 --> 00:31:17,300
ourselves out of that Loop.
So we actually, we actually

651
00:31:17,300 --> 00:31:23,600
employed a independent, third
party to run independent trials

652
00:31:24,000 --> 00:31:28,400
that I will admit that Ali and I
did try to put it in influence.

653
00:31:28,700 --> 00:31:30,900
In the process because we wanted
to, we thought we wanted

654
00:31:30,900 --> 00:31:33,600
influence the outcome, but they
push back on us.

655
00:31:33,600 --> 00:31:36,800
And so we had no influence over
the actual trial itself, except

656
00:31:36,800 --> 00:31:40,700
to deliver the best product we
could into that actual trial and

657
00:31:40,700 --> 00:31:46,200
ran over a four-week period to
staggered weekends with

658
00:31:46,200 --> 00:31:51,100
interviews of business owners,
the recipients and the tippers

659
00:31:51,100 --> 00:31:55,100
themselves with video
recordings, and transcripts and

660
00:31:55,100 --> 00:32:00,200
narratives and we collected, you
know, just Manse of actual data

661
00:32:00,200 --> 00:32:03,100
because it's your first
interaction with customers is

662
00:32:03,100 --> 00:32:05,700
not something to be squandered.
It's a really, really, really

663
00:32:05,700 --> 00:32:09,100
important valuable step.
And so, we went through that

664
00:32:09,100 --> 00:32:12,400
process and the outcome was
product Market fit.

665
00:32:12,500 --> 00:32:15,000
That was, I was actually really
surprising that.

666
00:32:15,000 --> 00:32:18,900
Literally, we came out of the
gate, we built a product that

667
00:32:19,300 --> 00:32:23,000
made the delivery drivers feel
that they were listen to.

668
00:32:23,100 --> 00:32:25,800
This was the first time they had
a product that was built just

669
00:32:25,800 --> 00:32:28,100
for them.
Everything else in their world

670
00:32:28,100 --> 00:32:30,400
is built for Or somebody else.
This is the only thing that was

671
00:32:30,400 --> 00:32:33,300
built just for them to solve a
real problem that they had.

672
00:32:33,300 --> 00:32:35,900
And the end of customer felt
that we had built a product,

673
00:32:35,900 --> 00:32:38,500
just for them because they
wanted a way to show

674
00:32:38,500 --> 00:32:40,700
appreciation.
To these people who are like,

675
00:32:40,700 --> 00:32:43,100
working really hard in the
middle of this pandemic and

676
00:32:43,100 --> 00:32:46,000
delivering their food and they
didn't have a way to reward them

677
00:32:46,000 --> 00:32:49,000
and now they did and like some
of the videos are like, they're

678
00:32:49,000 --> 00:32:52,000
actually emotional.
You actually feel wow.

679
00:32:52,000 --> 00:32:56,000
Here's someone who's they just
feel that this is fantastic and

680
00:32:56,000 --> 00:32:57,300
great?
And then, you know, as they come

681
00:32:57,300 --> 00:33:00,200
out of the gate?
You're finding That as we bring

682
00:33:00,200 --> 00:33:04,100
on new locations, that this
pent-up demand for tipping.

683
00:33:04,300 --> 00:33:07,000
And so someone will bring a
delivery to a place where

684
00:33:07,000 --> 00:33:09,200
they've come a number of times
and they'll give him a 10 euro

685
00:33:09,200 --> 00:33:12,600
tip the first time because they
missed in the last few times.

686
00:33:12,600 --> 00:33:15,600
We didn't have any cash.
And so we're solving quite

687
00:33:15,600 --> 00:33:17,800
emotional problems in a
relationship problems.

688
00:33:17,800 --> 00:33:20,100
You know, I think that that
makes it even more rewarding.

689
00:33:20,100 --> 00:33:23,000
So we actually were really
surprised to find product Market

690
00:33:23,000 --> 00:33:24,800
fit out of the gate.
But to answer your original

691
00:33:24,800 --> 00:33:27,600
question, whether things that we
did that we had to remove.

692
00:33:27,600 --> 00:33:29,800
Yes, you know.
This is what they were doing,

693
00:33:29,800 --> 00:33:33,600
was collecting a message during
the tip process, which, you

694
00:33:33,600 --> 00:33:35,300
know, sounds like a really great
idea.

695
00:33:35,300 --> 00:33:38,700
But sometimes we would type the
amount in there and some people,

696
00:33:38,700 --> 00:33:41,100
you know, weren't really sure
what to do with it or they would

697
00:33:41,100 --> 00:33:44,200
push the play button down.
But yeah, we have responded

698
00:33:44,200 --> 00:33:47,900
pretty quickly too, you know,
the instant feedback and

699
00:33:47,900 --> 00:33:50,000
actually made it happens.
Nothing like getting product

700
00:33:50,000 --> 00:33:51,600
into customers hands really
quickly.

701
00:33:51,600 --> 00:33:54,900
That's that does it?
Yeah, and don't be afraid of it.

702
00:33:54,900 --> 00:33:58,300
Don't be afraid of putting it in
the customers hands because, you

703
00:33:58,300 --> 00:34:01,400
know, be surprised they know
what they want.

704
00:34:01,400 --> 00:34:03,800
Yeah, they make your product
better and we tried lots of

705
00:34:03,800 --> 00:34:06,100
different form factors.
We're still trying lots of

706
00:34:06,108 --> 00:34:09,300
different ones because what
we're doing is so new, you know,

707
00:34:09,300 --> 00:34:11,699
no one's really done it before.
We're not entirely sure.

708
00:34:11,699 --> 00:34:14,800
What work what wouldn't I mean
rewind a year ago.

709
00:34:15,100 --> 00:34:17,000
Actually we were wondering it's
just over a year ago at the end

710
00:34:17,000 --> 00:34:19,600
of the first lock.
Turn my wife and I decided gotta

711
00:34:19,600 --> 00:34:21,900
get out of town.
So we went down to the west of

712
00:34:21,900 --> 00:34:25,000
Ireland to the dunraven Arms
Hotel, you know, it's a nice

713
00:34:25,000 --> 00:34:27,000
hotel down.
The West were allowed to travel

714
00:34:27,000 --> 00:34:30,000
outside our County finally.
We were staying in this.

715
00:34:30,000 --> 00:34:32,699
You know, It's a Lovely Hotel,
two stories.

716
00:34:33,100 --> 00:34:34,699
No left, right?
No elevator.

717
00:34:34,800 --> 00:34:36,699
And so we had bags are also in
arcades.

718
00:34:36,699 --> 00:34:40,000
And the guy, you know, the
bellhop Qaeda bags up to the

719
00:34:40,000 --> 00:34:44,000
second floor and we couldn't tip
the guy and then it was the same

720
00:34:44,000 --> 00:34:45,900
thing.
When we were checking out.

721
00:34:45,908 --> 00:34:48,100
I was like, well, I still didn't
know opportunity to get cash,

722
00:34:48,199 --> 00:34:51,300
couldn't tip the guy.
So I said to him, you know, if

723
00:34:51,300 --> 00:34:53,199
because he was wearing like a
little lapel pin a badge, you

724
00:34:53,207 --> 00:34:55,000
know, you often see in the
uniforms that they were.

725
00:34:55,300 --> 00:34:57,200
I said, you know, if that was
actually top of it or some

726
00:34:57,200 --> 00:35:00,100
collect happen and give you Two,
three, or five years, or

727
00:35:00,100 --> 00:35:01,000
something.
Would you wearing see that?

728
00:35:01,000 --> 00:35:04,100
Absolutely, so that was about,
maybe that's a form factor and

729
00:35:04,100 --> 00:35:06,500
then spoke to Charles.
We thought maybe wristbands

730
00:35:06,500 --> 00:35:09,400
made, people were wristbands
that, you know, people can top

731
00:35:09,500 --> 00:35:11,700
or maybe they were just leave a
card, maybe housekeeping

732
00:35:11,700 --> 00:35:14,800
actually, just leave a card with
a QR code that they could scan,

733
00:35:14,800 --> 00:35:17,500
in the case of the delivery
drivers, that the research

734
00:35:17,500 --> 00:35:20,800
project are just talking about.
We had key fobs, you know, that,

735
00:35:20,800 --> 00:35:22,100
like little kid, keychains
thing.

736
00:35:22,500 --> 00:35:25,700
We had ID cards that were kind
of on extenders that they could

737
00:35:25,700 --> 00:35:28,500
reach out, but we also did,
actually what was quite

738
00:35:28,500 --> 00:35:31,600
successful.
Lynott was reprinted oversized

739
00:35:31,600 --> 00:35:34,700
QR codes on those cards so that
they could be scanned from two

740
00:35:34,700 --> 00:35:36,500
meters away.
So she distant.

741
00:35:36,800 --> 00:35:40,700
So the delivery drivers dropping
off the food, the person can be

742
00:35:40,800 --> 00:35:42,900
quite far away and still scan it
and tip them.

743
00:35:42,900 --> 00:35:44,100
So we tried lots of different
things.

744
00:35:44,100 --> 00:35:46,200
We're continuing to try lots and
lots of different things and

745
00:35:46,200 --> 00:35:48,400
obviously keeping ones that work
and throwing out the ones that

746
00:35:48,400 --> 00:35:50,000
didn't that pretty good.
Yeah.

747
00:35:50,000 --> 00:35:52,000
Big big experiment in A/B
Testing.

748
00:35:52,100 --> 00:35:56,700
Absolutely tell me thinking
about growing this right I saw

749
00:35:56,700 --> 00:36:00,500
in one of the articles that
demand For you know, 50 million

750
00:36:00,600 --> 00:36:02,600
tags that you probably could
ship.

751
00:36:02,600 --> 00:36:07,800
You know, there is the demand
their right and balancing that

752
00:36:07,800 --> 00:36:11,900
with the early stage, love and
attention that you need to give

753
00:36:11,900 --> 00:36:14,800
to your first Partners, right?
That are getting this into users

754
00:36:14,800 --> 00:36:16,400
hands.
How do you balance those two?

755
00:36:16,400 --> 00:36:19,900
Those demands of?
Wow, this thing we're getting so

756
00:36:19,900 --> 00:36:22,900
much interest in this but we
have to do this at the right

757
00:36:22,900 --> 00:36:25,000
pace.
We have to give this love to our

758
00:36:25,000 --> 00:36:26,400
first.
Customers were still a small

759
00:36:26,400 --> 00:36:28,400
business, you know operating
with just a few people.

760
00:36:28,400 --> 00:36:34,600
How do you That patient urgency
collaboration.

761
00:36:34,600 --> 00:36:40,800
Yeah, it ends up being like
products, take, take a little

762
00:36:40,800 --> 00:36:43,600
bit of time to go through a
couple of Loops so that you

763
00:36:43,600 --> 00:36:45,700
actually understand what the
outcome is and what should

764
00:36:45,700 --> 00:36:49,100
actually be delivering.
So in the same way, as you know

765
00:36:49,100 --> 00:36:52,400
loads of people have gone to
early into markets and found

766
00:36:52,400 --> 00:36:55,400
that there were two earlier
technology or whatever and you

767
00:36:55,400 --> 00:36:58,000
know, I've invested too early
and failed, but we're trying to

768
00:36:58,008 --> 00:37:02,700
do Is really find a small number
of engagements that we can

769
00:37:02,700 --> 00:37:05,200
replicate and make sure that
they work.

770
00:37:05,300 --> 00:37:08,600
Yeah, and we've done that over
the last six months.

771
00:37:08,600 --> 00:37:11,000
That's that's really been.
Our focus is find.

772
00:37:11,000 --> 00:37:16,500
The number of instances of use
cases, validate those use cases.

773
00:37:16,800 --> 00:37:20,200
And now we actually put teams
behind each one of those and

774
00:37:20,200 --> 00:37:22,400
say, that's a whole business
line.

775
00:37:22,400 --> 00:37:24,600
That's a whole business line.
That's a whole business plan and

776
00:37:24,600 --> 00:37:26,100
go after it really really
quickly.

777
00:37:26,100 --> 00:37:28,800
Gotcha.
Ya benefit of experience from I

778
00:37:28,800 --> 00:37:32,000
think done this guy's and been
in so many startups and seeing

779
00:37:32,000 --> 00:37:35,200
what works and what doesn't it's
awesome to be in that position

780
00:37:35,200 --> 00:37:38,100
in terms of that those
experiences, right?

781
00:37:38,100 --> 00:37:39,600
You know, what would you guys
say?

782
00:37:39,600 --> 00:37:43,900
Each of you would be kind of top
Lessons Learned From Your Past,

783
00:37:43,900 --> 00:37:46,600
entrepreneurial Ventures that
have enabled.

784
00:37:46,600 --> 00:37:50,800
You to think about strike in the
way that you are thinking about

785
00:37:50,800 --> 00:37:52,500
this in the way that you're
executing on it.

786
00:37:52,500 --> 00:37:56,600
My top one, which is really
relevant in our because so many

787
00:37:56,600 --> 00:37:58,500
people are investors and
customers.

788
00:37:58,700 --> 00:38:00,700
And that are trying to pull us
in all sorts of directions and

789
00:38:00,700 --> 00:38:02,700
go and do lots of different
things that we could do.

790
00:38:02,900 --> 00:38:06,100
As my top one is, do one thing
I'm doing really, really well.

791
00:38:06,100 --> 00:38:10,200
So we're focusing on one
platform that's been used for a

792
00:38:10,200 --> 00:38:11,900
couple different things, but
it's essentially the same thing

793
00:38:11,900 --> 00:38:14,500
and it's just really, really
effective.

794
00:38:14,500 --> 00:38:17,900
Simple, importable payments,
person-to-person payments, and

795
00:38:17,900 --> 00:38:21,500
just do that one thing, and not
get spread out too thin, and

796
00:38:21,500 --> 00:38:24,500
it's a constant struggle just to
keep following those things

797
00:38:24,500 --> 00:38:26,400
down, and just keep those
blinders on.

798
00:38:26,500 --> 00:38:27,500
When, you know, you got
something good.

799
00:38:27,500 --> 00:38:29,900
You gotta just keep pursuing it.
What about you Charles?

800
00:38:30,000 --> 00:38:33,800
Yes, one of the reasons why
we're able to move at a speed

801
00:38:33,800 --> 00:38:38,300
that we're moving is actually
not just our experience, but

802
00:38:38,300 --> 00:38:40,400
actually our experience with
other people.

803
00:38:40,800 --> 00:38:45,200
So almost everybody on the team.
So far has actually worked with

804
00:38:45,200 --> 00:38:48,700
either Ali.
And I are only or I essentially

805
00:38:48,900 --> 00:38:52,400
at some stage in the past on
another venture, not all of them

806
00:38:52,400 --> 00:38:56,200
Successful, by the way, not, you
know, not with people who work

807
00:38:56,200 --> 00:38:59,200
with us in the past and
understand that, we Care about

808
00:38:59,200 --> 00:39:01,400
people, who are really
passionate about driving

809
00:39:01,400 --> 00:39:03,200
product.
We're really passionate about

810
00:39:03,200 --> 00:39:05,000
going to Market and rewarding
people.

811
00:39:05,400 --> 00:39:08,300
And so we've actually had a
great team of people around us

812
00:39:08,600 --> 00:39:13,300
that have reinvested their
commitment in us, right?

813
00:39:13,300 --> 00:39:18,500
Saying, we trust you guys to
actually deliver for us and they

814
00:39:18,500 --> 00:39:20,900
have made all the difference.
They've allowed us to move

815
00:39:20,900 --> 00:39:23,500
really quickly.
There's nothing like being able

816
00:39:23,500 --> 00:39:27,600
to bring a group of people in
that you can, you know, you gel

817
00:39:27,600 --> 00:39:31,200
with you know, you Work with,
you know, how to actually

818
00:39:31,200 --> 00:39:35,300
negotiate the really difficult
times and it's really difficult.

819
00:39:35,300 --> 00:39:37,500
You know, it looks all nice and
cool and swimming on the

820
00:39:37,500 --> 00:39:39,900
outside.
But inside it's hard, hard work,

821
00:39:39,900 --> 00:39:43,300
you know, and that's the the
other learning that I've had

822
00:39:43,300 --> 00:39:47,000
from lots of years of experience
of doing this is that, you know,

823
00:39:47,000 --> 00:39:49,000
you need a huge amount of
resilience.

824
00:39:49,300 --> 00:39:51,700
Yeah.
You need to be resilient to all

825
00:39:51,700 --> 00:39:54,100
the nodes.
You need to be resilient to all

826
00:39:54,100 --> 00:39:58,600
of the failures and they need to
be resilient to the challenge.

827
00:39:58,700 --> 00:40:02,000
Ages of like the fact that you
know, it's we're doing this is

828
00:40:02,000 --> 00:40:04,600
10 p.m.
Right and we probably have

829
00:40:04,600 --> 00:40:07,900
another few hours of work to do
before we start tomorrow.

830
00:40:08,600 --> 00:40:11,900
What do we do it all over again,
you know, and it says not for,

831
00:40:12,000 --> 00:40:13,700
it's not for the faint-hearted.
Yeah.

832
00:40:14,100 --> 00:40:16,700
I know.
I know it's only seven hours

833
00:40:16,700 --> 00:40:20,500
till 5 a.m., You know what
you're saying?

834
00:40:21,600 --> 00:40:24,100
It's one of the things that I
was almost not surprised that

835
00:40:24,100 --> 00:40:26,900
obviously you have an own body
over a few years now, but you

836
00:40:26,900 --> 00:40:30,700
know really well really Fries in
a positive way to see the amount

837
00:40:30,700 --> 00:40:34,400
of people that have kind of come
back to to work on strike and to

838
00:40:34,408 --> 00:40:36,700
be involved in us that you all
would have been involved in the

839
00:40:36,700 --> 00:40:37,800
past.
Like it says a lot.

840
00:40:37,800 --> 00:40:40,200
Obviously about the worst you
guys do, and the relationship

841
00:40:40,200 --> 00:40:42,100
that you have there and it's
very impressive to see.

842
00:40:42,100 --> 00:40:44,800
And again, what I'd like to us
at the stage that you're a shit

843
00:40:44,800 --> 00:40:46,900
to people that you've been in
the trenches with before.

844
00:40:46,900 --> 00:40:48,900
They know what to expect.
You know, nobody's going to be

845
00:40:48,900 --> 00:40:51,600
surprised at the challenges and
how difficult it's going to be,

846
00:40:51,600 --> 00:40:53,900
but it's people that can rely on
each other haven't, had that

847
00:40:53,900 --> 00:40:56,600
experience before and it's
hugely it like it says, it's a

848
00:40:56,600 --> 00:40:58,600
statement told you that he
didn't.

849
00:40:58,700 --> 00:41:00,600
More people because obviously I
know some of the ins and outs of

850
00:41:00,600 --> 00:41:02,900
it but that have come back to
kind of get involved again.

851
00:41:02,900 --> 00:41:06,600
It's great to see ya, we're
delighted and it's amazing and

852
00:41:06,600 --> 00:41:09,400
that's a big factor in how we've
been able to move so quickly

853
00:41:09,400 --> 00:41:12,400
because we're able to sew it,
you know, hiring normally takes

854
00:41:12,400 --> 00:41:15,100
a long time.
We were able to bring in, like

855
00:41:15,100 --> 00:41:19,900
there's 13 people now involved
in strike, six full-time, and

856
00:41:20,100 --> 00:41:23,200
the rest and part-time and
normally it would take a long

857
00:41:23,200 --> 00:41:24,600
time to build up a team like
that.

858
00:41:25,000 --> 00:41:28,200
You know, we've done that.
How many months has it?

859
00:41:28,700 --> 00:41:31,700
Not that long at all and they're
all fantastic.

860
00:41:32,000 --> 00:41:36,000
So we're delighted and I achieve
growth officer and most recent

861
00:41:36,000 --> 00:41:37,700
hire.
We haven't worked with in the

862
00:41:37,700 --> 00:41:40,700
past.
But interestingly we had

863
00:41:40,700 --> 00:41:45,100
actually reached out to her in
her role at Josie because we see

864
00:41:45,100 --> 00:41:48,400
them as a real channel for us
that that is our sweet spot for

865
00:41:48,400 --> 00:41:50,500
customers.
And we had a really great

866
00:41:50,500 --> 00:41:55,400
interaction in that process and
then, you know, she was looking

867
00:41:55,400 --> 00:41:58,500
at had another role and it made
sense to her.

868
00:41:58,700 --> 00:42:01,200
Even after that short
interaction with us, and our

869
00:42:01,200 --> 00:42:04,000
interaction with her.
So, even in that way, you know,

870
00:42:04,000 --> 00:42:08,000
Adele is, is, is kind of not
even entirely new to the team,

871
00:42:08,000 --> 00:42:09,600
right?
So she's had some experience of

872
00:42:09,600 --> 00:42:12,000
working with Ali and I before
she came in the door.

873
00:42:12,300 --> 00:42:15,100
And so she's here with us.
This is her week 3.

874
00:42:15,500 --> 00:42:19,800
And it's, you know, and I hope
that we're delivering on the

875
00:42:20,000 --> 00:42:23,500
autonomy and accountability and,
you know, and the freedom that

876
00:42:23,500 --> 00:42:27,500
we said that we would give her
in order to grow this business.

877
00:42:27,600 --> 00:42:28,500
Yeah.
Yeah.

878
00:42:28,700 --> 00:42:30,900
Two big higher.
It's a big higher when I saw

879
00:42:30,900 --> 00:42:34,200
that and immediately, you know,
that just eat history.

880
00:42:34,200 --> 00:42:35,600
Just made so much sense that
it's not.

881
00:42:35,600 --> 00:42:38,300
Just, just eat, you know, it's
ubereats.

882
00:42:38,400 --> 00:42:41,400
It's all the other players out
there in the market where she

883
00:42:41,400 --> 00:42:44,100
has a pretty good idea around
the business model, right?

884
00:42:44,200 --> 00:42:46,500
So there's a lot there.
That's what I was saying earlier

885
00:42:46,500 --> 00:42:49,300
about our business model.
Our go-to-market business model

886
00:42:49,300 --> 00:42:51,900
is very much focused on on that
sort of.

887
00:42:52,200 --> 00:42:57,000
It's a B2B style go to market
for a b2c style product, from an

888
00:42:57,000 --> 00:43:00,300
end user point of view.
So We have this, like we get the

889
00:43:00,300 --> 00:43:02,800
best of both worlds.
We get to build a great

890
00:43:02,800 --> 00:43:06,400
consumer, Focus product, but
actually bring it to Market like

891
00:43:06,400 --> 00:43:10,000
you would a B2B product.
So it really changes the

892
00:43:10,000 --> 00:43:12,700
acceleration for us.
We can we take chunks of

893
00:43:12,700 --> 00:43:15,900
thousands at a time rather than
one at a time, but we still

894
00:43:15,900 --> 00:43:18,700
deliver a product to one person
at a time.

895
00:43:18,800 --> 00:43:21,200
So it's great for me from a
product development point of

896
00:43:21,200 --> 00:43:23,300
view and from a business
development point of view for

897
00:43:23,300 --> 00:43:26,600
the larger groups as well.
You know, people there 0

898
00:43:26,600 --> 00:43:29,100
integration effort required.
We don't need to Need to, you

899
00:43:29,100 --> 00:43:32,300
know, there a pause or into
their app or anything like that,

900
00:43:32,700 --> 00:43:35,400
you know, we can sit alongside
so we can deploy extremely

901
00:43:35,400 --> 00:43:37,400
quickly.
And in fact, they're using their

902
00:43:37,400 --> 00:43:38,700
employees.
Don't even need a nap.

903
00:43:38,800 --> 00:43:42,500
So we've managed to do this with
no apricot iron at all.

904
00:43:42,500 --> 00:43:45,400
I know integration effort, so,
that's, that's helping us run.

905
00:43:45,400 --> 00:43:46,500
Quickly.
Yeah.

906
00:43:46,500 --> 00:43:48,300
I bet I kind of wouldn't when I
thought about this.

907
00:43:48,300 --> 00:43:53,000
I just imagine you guys turning
up into one of the big food

908
00:43:53,000 --> 00:43:58,500
delivery franchises with a box
of devices and handing them out.

909
00:43:58,600 --> 00:44:00,800
Like you're hanging out Bagels
in the morning to employees,

910
00:44:00,800 --> 00:44:04,100
right?
And saying, just go eat, right?

911
00:44:04,200 --> 00:44:06,300
That's actually exactly what we
do.

912
00:44:06,500 --> 00:44:09,400
Yeah, that is that is, that is a
really good description of the

913
00:44:09,400 --> 00:44:12,200
deployment process and usually
we get some free food back as

914
00:44:12,200 --> 00:44:13,800
well because they're usually
food places.

915
00:44:15,200 --> 00:44:19,800
Yeah, and actually that it's
that process that we've

916
00:44:19,800 --> 00:44:22,100
protected.
So when we actually what we

917
00:44:22,100 --> 00:44:26,000
understood was it's not the
payment that's important.

918
00:44:26,100 --> 00:44:28,500
It's the distribution model and
ago.

919
00:44:28,700 --> 00:44:33,200
Go to market model and the
ability to scale that exactly

920
00:44:33,200 --> 00:44:35,200
that.
That was the thing to protect

921
00:44:35,200 --> 00:44:37,700
and that's actually what we
protected from about the point

922
00:44:37,700 --> 00:44:39,600
of view.
So really different to what

923
00:44:39,600 --> 00:44:41,300
you'd imagine.
We'd actually focus on.

924
00:44:41,400 --> 00:44:47,500
Yeah, but the differentiator is
scale go-to-market scale.

925
00:44:47,800 --> 00:44:50,400
Yeah, how are you at?
It's easy.

926
00:44:50,500 --> 00:44:53,200
Oh, yeah, and what a bubbling
over with excitement here, guys.

927
00:44:53,200 --> 00:44:56,400
Is that, you know, when you
think about stripe one letter

928
00:44:56,400 --> 00:44:58,500
difference, obviously to strike.
I'm not going.

929
00:44:58,600 --> 00:45:02,500
To try to read into that or ask
you guys about that, but they

930
00:45:02,500 --> 00:45:06,700
went to Market in 2011 with an
incredibly simple product, eight

931
00:45:06,700 --> 00:45:09,400
lines of code and said we're
going to get this into users

932
00:45:09,400 --> 00:45:11,900
hands very quickly.
Right now.

933
00:45:11,900 --> 00:45:14,300
We know where they've gone from
being a very simple.

934
00:45:14,300 --> 00:45:17,900
First product to touching so
many different parts of the

935
00:45:17,900 --> 00:45:21,200
lifecycle of small business and
medium-sized business and now

936
00:45:21,200 --> 00:45:23,700
it's a bigger business and
embedded finance.

937
00:45:23,700 --> 00:45:25,300
And there's all these different
buzzwords.

938
00:45:25,300 --> 00:45:28,100
We can throw out that we're
could this all go for you guys.

939
00:45:28,200 --> 00:45:30,800
Look, Missions, very big
obviously, I mean on strike.

940
00:45:30,800 --> 00:45:33,800
By the way, we couldn't have
gotten up and running as quickly

941
00:45:33,800 --> 00:45:38,300
as we did without straight, you
know, so we must a huge favor.

942
00:45:38,300 --> 00:45:41,900
But our ambition is huge.
We've got three billion dollar

943
00:45:41,900 --> 00:45:45,600
opportunities on the table with
the products that we have nerve

944
00:45:45,700 --> 00:45:47,800
in place, you know, single
platform.

945
00:45:47,800 --> 00:45:50,600
So we're still kind of doing one
thing but there's three separate

946
00:45:50,600 --> 00:45:51,900
billion-dollar opportunities.
There.

947
00:45:52,000 --> 00:45:53,400
We do.
You think we can grow it

948
00:45:53,500 --> 00:45:56,500
internationally and you know,
how many months we've been

949
00:45:56,500 --> 00:46:00,400
going, we launched tomorrow in.
In Florida, we launched on

950
00:46:00,400 --> 00:46:03,700
Friday in New York.
And then we're launching in

951
00:46:03,700 --> 00:46:07,100
London in a couple weeks time.
And these are actually with

952
00:46:07,100 --> 00:46:08,800
customers.
So we're actually, you know,

953
00:46:09,100 --> 00:46:12,000
live customers Jesus, you guys
move fast.

954
00:46:12,000 --> 00:46:12,900
Yeah.
Well, this is the thing.

955
00:46:12,900 --> 00:46:15,400
I mean that we have to run what
we're doing is very timely.

956
00:46:15,400 --> 00:46:18,000
I think that's that's why it was
so easy for us to write into the

957
00:46:18,000 --> 00:46:20,800
angel funding because you know,
it wasn't because they thought

958
00:46:20,800 --> 00:46:23,200
you know, that we were so
phenomenal Founders.

959
00:46:23,200 --> 00:46:25,300
You mean obviously?
We got some experience and

960
00:46:25,300 --> 00:46:29,300
pedigree but the timeliness of
the solution is Off the charts

961
00:46:29,400 --> 00:46:31,400
and no one else seemed to be
addressing it.

962
00:46:31,400 --> 00:46:32,900
So we just came with a group of
the right idea.

963
00:46:32,900 --> 00:46:34,900
The right product actually
working product.

964
00:46:34,900 --> 00:46:39,000
It Charles built like can self,
you know, within a month or two

965
00:46:39,500 --> 00:46:41,100
a working product.
Absolutely.

966
00:46:41,100 --> 00:46:43,400
The right time.
So we have to run, quickly, not

967
00:46:43,400 --> 00:46:46,100
with the patent protection.
We have to get out and get

968
00:46:46,100 --> 00:46:48,400
proper traction, you know,
during that period where were

969
00:46:48,400 --> 00:46:49,400
protected.
Gotcha.

970
00:46:49,500 --> 00:46:52,300
While the name is an entirely a
coincidence.

971
00:46:52,300 --> 00:46:55,900
I am very pleased that we would
might be even remotely

972
00:46:56,000 --> 00:46:59,100
considered to be halfway have
halfway as good as Is striped

973
00:46:59,100 --> 00:47:02,400
one of the one of the great
things about stripe was exactly

974
00:47:02,400 --> 00:47:06,300
that they focused on a simple
product but for and known

975
00:47:06,300 --> 00:47:10,200
customer, so for stripe, they
were the first payment company

976
00:47:10,200 --> 00:47:14,000
that actually understood that
the developer experience was the

977
00:47:14,000 --> 00:47:16,700
most important way to get
success.

978
00:47:16,800 --> 00:47:21,500
And what we have understood is
that the actual tipped worker is

979
00:47:21,500 --> 00:47:23,600
the most important customer for
us.

980
00:47:23,700 --> 00:47:26,500
If we can solve their problems,
really.

981
00:47:26,500 --> 00:47:32,400
Simply then of That leads to all
the other relationships to do

982
00:47:32,400 --> 00:47:35,400
with all the gig economy with
all the restaurants with all the

983
00:47:35,400 --> 00:47:39,300
hotels and everything else.
But we start with one person's

984
00:47:39,300 --> 00:47:43,300
problem and actually solve that
really simply and do it.

985
00:47:43,300 --> 00:47:47,000
Well and then all the other
things are laid out in front of

986
00:47:47,000 --> 00:47:49,100
us.
And the other thing that striped

987
00:47:49,100 --> 00:47:53,500
did really well is that the
founders built the product on

988
00:47:53,500 --> 00:47:55,400
day one so they know it
intimately.

989
00:47:55,400 --> 00:47:58,400
They care about it.
They're out there every day.

990
00:47:58,600 --> 00:48:01,900
They thinking about it and and
then beyond that obviously

991
00:48:01,900 --> 00:48:05,700
didn't have built a gigantic and
fantastic machine around them.

992
00:48:05,700 --> 00:48:10,000
But with that same concept of
the developer experience and for

993
00:48:10,000 --> 00:48:12,900
us it's about the tipped worker
experience.

994
00:48:13,100 --> 00:48:15,300
How does that work?
What's great for them?

995
00:48:15,400 --> 00:48:19,500
Transparency honesty, you know,
availability of funds.

996
00:48:19,500 --> 00:48:21,100
This is really, this is really
important.

997
00:48:21,100 --> 00:48:23,900
Part of these people's income
and we need to respect that and

998
00:48:23,900 --> 00:48:25,100
deliver up.
Yeah.

999
00:48:25,400 --> 00:48:26,700
It's fantastic.
It's massive.

1000
00:48:26,700 --> 00:48:28,400
Its massive guys.
Oh, when I think we're at the

1001
00:48:28,400 --> 00:48:29,300
point.
To the podcast.

1002
00:48:29,300 --> 00:48:30,800
We like to ask your favor
question.

1003
00:48:30,800 --> 00:48:31,500
Yeah.
Yeah.

1004
00:48:31,500 --> 00:48:32,700
I know.
I don't know how well he's going

1005
00:48:32,700 --> 00:48:34,600
to top his story from earlier.
So I don't know whether he wants

1006
00:48:34,600 --> 00:48:36,600
to just chopped up it out and
put it at the end.

1007
00:48:37,100 --> 00:48:41,900
Something.
We don't know what it's like.

1008
00:48:42,000 --> 00:48:44,900
Maybe have another something.
Only if, it's if it's on your

1009
00:48:44,900 --> 00:48:49,000
LinkedIn profile, then it, it's
people know about it.

1010
00:48:49,400 --> 00:48:53,800
All right, so--okay.
So in that vein guys, one, each

1011
00:48:53,800 --> 00:48:55,900
suppose, what something people
would not expect to know about

1012
00:48:55,900 --> 00:48:57,900
you, polyester think that
Charles you wanna have a go.

1013
00:48:58,800 --> 00:49:04,800
This is all my own hair.
You look like.

1014
00:49:04,800 --> 00:49:05,500
What's his name?
Tommy?

1015
00:49:05,500 --> 00:49:08,300
Carcetti.
Is that a compliment?

1016
00:49:08,400 --> 00:49:08,900
Yeah.
Yeah.

1017
00:49:08,900 --> 00:49:10,300
I know from The Wire, what's his
name?

1018
00:49:10,300 --> 00:49:12,800
And he's, you know, Aidan,
what's his name Irishman?

1019
00:49:13,000 --> 00:49:15,800
He's in the latest spontaneous
DC Video a hero's death.

1020
00:49:16,000 --> 00:49:18,500
He was in Game of Thrones.
I forget it s named, it's Aiden

1021
00:49:18,500 --> 00:49:22,100
something yellow, Aidan Gillen.
That's right.

1022
00:49:22,100 --> 00:49:25,400
Thank you.
I have a 13 year old daughter

1023
00:49:25,900 --> 00:49:30,200
and I've never seen either
Frozen or As into and I see I

1024
00:49:30,200 --> 00:49:34,200
consider that to be one of my,
one of the great achievements of

1025
00:49:34,200 --> 00:49:35,700
my life and achievements.
Yeah.

1026
00:49:36,100 --> 00:49:39,600
Wow, that.
Yeah, you know, I think I'm just

1027
00:49:39,600 --> 00:49:45,900
going to have to let it go.
Any who thought of something

1028
00:49:45,900 --> 00:49:47,900
else.
My first friend was an orangutan

1029
00:49:47,900 --> 00:49:50,700
that was born in Borneo in
Malaysia.

1030
00:49:50,700 --> 00:49:54,100
And we lived in a place called
Syndicate, which is kind of the,

1031
00:49:54,300 --> 00:49:57,500
on the East Coast there and it's
kind of jungle near and that

1032
00:49:57,500 --> 00:50:00,100
actually the orangutans.
He's living there essentially

1033
00:50:00,300 --> 00:50:03,000
around us.
So there's pictures of us, you

1034
00:50:03,000 --> 00:50:06,000
know, maybe toddling waddling
around with orangutans.

1035
00:50:06,400 --> 00:50:07,700
I was actually going to ask you
that.

1036
00:50:07,700 --> 00:50:11,300
I heard that on the RT business
podcast that you were on Ali and

1037
00:50:11,300 --> 00:50:14,400
I heard you say, Borneo and I
vaguely remember that.

1038
00:50:14,400 --> 00:50:17,400
But I'm like, I was going to ask
you that exact question.

1039
00:50:17,400 --> 00:50:20,300
So that's pretty cool.
I would like to say that my

1040
00:50:20,300 --> 00:50:23,100
first friend is child was an
orangutan as well, but that

1041
00:50:23,100 --> 00:50:26,100
would be an imaginary orangutan.
So that's awesome.

1042
00:50:26,100 --> 00:50:27,900
Okay.
Well, we're pretty good company.

1043
00:50:27,900 --> 00:50:30,000
We've got it.
The guy with a 13 year old

1044
00:50:30,000 --> 00:50:32,000
daughter who's never seen
Frozen.

1045
00:50:32,400 --> 00:50:35,200
And we've got a dude.
Born in Borneo.

1046
00:50:35,400 --> 00:50:37,300
Whose first best friend was an
orangutan.

1047
00:50:37,500 --> 00:50:39,400
We've ever had, either one of
those on the show.

1048
00:50:39,900 --> 00:50:42,500
Awesome, and Perry.
What what's the best way for

1049
00:50:42,500 --> 00:50:45,800
people to learn more about
strike and get in touch with you

1050
00:50:45,800 --> 00:50:47,100
guys?
Well, then go to our website,

1051
00:50:47,100 --> 00:50:50,000
strike pay do Co, you know, go
on the live chat read about us

1052
00:50:50,000 --> 00:50:53,000
there and sign up and we'll keep
them posted on what we're doing

1053
00:50:53,100 --> 00:50:55,800
and they can express their
interesting.

1054
00:50:56,000 --> 00:50:58,400
Any sort of different
environment that they're in that

1055
00:50:58,400 --> 00:51:00,800
we can.
Vide something that they can use

1056
00:51:00,800 --> 00:51:03,000
to accept tips or donations and
the last couple of weeks.

1057
00:51:03,000 --> 00:51:05,400
We get a lot of buskers.
I think it might be because it's

1058
00:51:05,400 --> 00:51:08,900
that time of year, whether
starting to improve, you know,

1059
00:51:09,000 --> 00:51:11,400
buskers haven't been out in a
year and they're just, just

1060
00:51:11,600 --> 00:51:13,900
expecting to be able to get out
on the streets, pretty soon.

1061
00:51:13,900 --> 00:51:17,000
So a lot of them are coming to
us asking, you know, can you

1062
00:51:17,000 --> 00:51:20,000
give me something to the people
can just tap to donate on the

1063
00:51:20,000 --> 00:51:22,000
street?
So, you know, we buskers

1064
00:51:22,100 --> 00:51:25,800
bartenders delivery people.
All sorts of people coming

1065
00:51:25,800 --> 00:51:27,900
through the websites.
Just say who you are.

1066
00:51:28,300 --> 00:51:30,200
What it is.
Is that you do and we will

1067
00:51:30,200 --> 00:51:32,900
provide you something to the
people will be able to instantly

1068
00:51:33,100 --> 00:51:35,800
when they're walking along and
just tap and give you some

1069
00:51:35,800 --> 00:51:38,800
awesome.
We know, we know one friend who

1070
00:51:38,800 --> 00:51:43,700
would really enjoy that having
access to strike as a former

1071
00:51:43,700 --> 00:51:46,200
Busker.
Denial Dennehy from a tech who

1072
00:51:46,200 --> 00:51:48,100
is with us way back in episode
11 or so.

1073
00:51:48,100 --> 00:51:51,300
He loved that and also one of
his investors, Jason calacanis.

1074
00:51:51,300 --> 00:51:53,500
I heard a story about him the
other night, an angel investor

1075
00:51:53,500 --> 00:51:57,700
in the US said he tried to tip a
flight attendant when he was 15

1076
00:51:58,100 --> 00:52:00,200
on his first.
Flight and basically the flight

1077
00:52:00,200 --> 00:52:02,900
attendant to is money back at
him like he's like, I tip

1078
00:52:02,900 --> 00:52:04,700
everybody, you know, what do you
want to do?

1079
00:52:04,700 --> 00:52:06,900
And who listen, guys, it's been
brilliant.

1080
00:52:06,900 --> 00:52:09,200
Having you on the show, and
thank you so much.

1081
00:52:09,300 --> 00:52:12,400
Like I said, just see so much
opportunity ahead of you guys,

1082
00:52:12,500 --> 00:52:14,600
and obviously, we'll be watching
closely.

1083
00:52:14,800 --> 00:52:16,500
Thanks for thanks very much
because really no.

1084
00:52:16,500 --> 00:52:18,000
Thank you on the show, and thank
so.

1085
00:52:18,800 --> 00:52:20,900
It's again.
Thanks, guys.

1086
00:52:21,000 --> 00:52:26,700
Thanks guys.
That does it for this week

1087
00:52:26,700 --> 00:52:28,300
folks.
Thanks to Ali and Charles for

1088
00:52:28,300 --> 00:52:30,400
opening up their minds to help
us figure out why they do what

1089
00:52:30,400 --> 00:52:32,400
they do.
Links are on our website at

1090
00:52:32,400 --> 00:52:34,900
money, never sleeps that IE.
So check us out online and

1091
00:52:34,900 --> 00:52:37,100
subscribe to our money.
Never sleeps newsletter as well.

1092
00:52:37,600 --> 00:52:39,000
Also.
Thanks to Conan Brophy from

1093
00:52:39,000 --> 00:52:42,100
Great Sound for mixing and
editing this episode coning is

1094
00:52:42,100 --> 00:52:44,300
an excellent medium and get in
touch with when you're thinking

1095
00:52:44,300 --> 00:52:45,800
about launching your own
podcast.

1096
00:52:46,100 --> 00:52:47,700
As for me.
I'm the founding partner at

1097
00:52:47,700 --> 00:52:50,600
Nuria Ventures, and I'm an early
stage startup advisor, and

1098
00:52:50,600 --> 00:52:53,000
investor focused on fintech and
digital assets.

1099
00:52:53,300 --> 00:52:54,900
If you like to talk to me about
Your business.

1100
00:52:55,100 --> 00:52:58,400
Drop me a voicemail on money,
never sleeps that I finally till

1101
00:52:58,400 --> 00:52:59,900
next time.
Thanks for listening.

1102
00:52:59,900 --> 00:53:00,300
See you.