185: Diamonds Dancing | Your Diamonds | Tim Goodman

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Hey, there on Pete Townsend, and
this is money, never sleeps.

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We look inside the minds of
entrepreneurs, and at the

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crossover of startups,
Enterprise Finance, technology

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and Life.
As We Know It, This episode of

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money never sleeps is sponsored
by Phillip Lee one of Ireland's

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fastest growing corporate law
firms and expert advisors at the

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heart of the Dublin and London
startup fintech and crypto

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communities.
On the show this week, we've got

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I'm Tim Goodman and I'm the
founder and CEO of your

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diamonds.com, your timings the
platform, enabling the diamond

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industry to solve old world
problems through digital

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Technologies and web three.
Your diamonds are the eighth of

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the founding teams forming the
launch pool with three textures,

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accelerator class of 2020 to
that we've got on the show of

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the next month.
In this episode.

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I talk to Tim about having
diamonds flowing through his

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veins scaling by surrounding
yourself with smart people cash.

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Flo finances a problem to solve
in the diamond industry.

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Pairing.
N ftes is digital twins of

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real-world assets with smart
contracts and letting nature

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take its course to work out the
ups and downs.

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The crypto markets, all right
here on money.

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Never sleeps.
Tim, listen, I've been to

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Australia.
Did I tell you that before?

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No, yes I spent a month in
Australia back in February 2006.

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Traveling from Sydney up to
Townsville incorrupt near

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Karen's and then off to Alice
Springs and back down to Sydney

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through Melbourne.
And and then took off for

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Singapore after that.
But I did stop in your place of

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residence Byron Bay for a couple
of nights.

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Yeah, great.
I think it's It's wonderful that

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you did that.
You'd have a little bit of

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knowledge about the Australian
culture.

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Absolutely.
Absolutely.

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And having you on this program
for the last couple of months

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Tim has brought it all back.
So thank you.

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But just to get started, why
don't you bring us through your

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back story and how you got to
this point where we're sitting

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here today?
Having this chat will play it.

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I've got diamonds Flying through
my veins.

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I come from a family, that
founded a jewelry business in

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colonial Sydney, in 1864 and my
uncle was the last diamond.

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He died about 15 years ago.
I started sweeping the floors

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and cleaning the lavatories in
an auction business in a in

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Sydney.
And I guess I took about 30

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years, but I ended up owning and
operating the largest Art &

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Jewelry auction Enterprise in
the southern hemisphere

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encompassing Brands, like
celebes, Australia, bottoms and

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Goodman and the license
agreements with their head

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offices.
And, and I think that at the

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jewelry business was something
that I was always focused on.

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I am employed other people to do
art, collectors cars, coin

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stamps, music memorabilia Etc.
But I was always very closely

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associated with the jewelry
business as that had been my

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Heritage, all right?
And what brought you to the

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point of saying, hey we're going
to get your diamonds going and

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off the ground.
What was it that happened?

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Over the last few years where
you said, we're going to get

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this.
Look after doing numerous

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mergers and Acquisitions and the
establishment of new businesses.

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I sold all my auction houses to
management buyouts and I took

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some time off and then I
couldn't wait to disrupt the

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hell out of the business that
I've been in all my life.

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And that led me to online
auction products, and services

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way back about 10 years ago and
I've been involved with the

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launch And operation of numerous
online businesses.

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Originally with art I had a
couple of failures due to

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technology issues failures that
I learned a lot out of and in

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recent years, I realized that if
I gathered a really good team

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around me like I did back in the
day when I have the auction

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businesses, then I would
succeed.

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And so the last 12 months, we've
raised some seed capital and

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we've built five really cool
apps for the die.

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Need to Street all around.
Diamond pricing benchmarks, and

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measurements of Market
sentiment, providing

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information.
Basically for the the Diamond

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industry, very good.
And you said just there that

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building your team around, you
was one of the big Lessons

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Learned From the different
Ventures that you've been

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through in the past.
Maybe talk a little bit about

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that and how you've assembled
your team here.

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Look.
The thing that I learned in my

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last career was in order to
scale, you must surround

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yourself with very good people.
You can't be great at

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everything, we all know that.
So if you're go to scale and

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launch into areas to take market
share from your competitors, you

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must surround yourself with the
very best and these people have

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been absolutely vital to get
your diamonds to where it is

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today.
And you've got this, like you

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said, it's collection of fintech
apps.

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But can you tell us a bit about
your diamonds as a decentralized

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finance platform?
And where that's all headed?

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Look, I must say the most
exciting Venture that I've ever

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launched or been involved with
is the concept of decentralized

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Finance in the diamond industry.
There is a massive problem at

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the moment in the diamond
industry, or it's not just the

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moments been evolving over some
years.

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In that cash flow Finance is
very difficult to obtain the

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traditional banks have reduced
their exposure to the diamond

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industry from Sixteen billion to
8 billion per annum in recent

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years and the mid a supply chain
operators of which there are

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many thousands are finding it
very difficult to fund their

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cash flows.
So we have conceived a concept

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whereby the borrower A diamond
Merchant can use the very thing

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that the borrower is borrowing.
The money to acquire.

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That is to say a diamond as
collateral for a loan.

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I mean, it just makes common
sense.

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It's like, a dive at all garage
and I have struggled for about

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18 months to work out how to do
this and then at a moment, did I

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think it was October last year,
I suddenly, by chance came

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across some editorial in some
me.

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Media about blockchain
technology and suddenly I

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realized I had the answer to all
my problems.

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This blockchain technology was
going to solve the problem and

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and and I just became totally
immersed in the whole concept

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like to learn fast.
I'm still learning.

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Thank you, two textures to, as
to how we can make this work.

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And I'm glad to say that we've
when And we my colleagues and I

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have have really Advanced a lot
in the last four to five weeks

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on the techstars program.
One of the problems has been

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that all the tech that's out
there at the moment, all the

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projects, the technology that's
out there at the moment is

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lacking in a couple of things
that all the tech and projects

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out there with regard to the
digitalization of Assets in

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preparation for trading them,
they lack valuation engines.

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They also lack an understanding
of the, the valuation and sale

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of second-hand Goods secondhand
valuable assets.

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And, and so lucky me, they're
the things that I understand

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because of my 40 year career.
And so, I'm applying my

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experience to the this Tech that
Available and I cannot tell you

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how exciting is because it just
solves all these problems that I

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used to have in my previous
career and I'm being helped with

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some of the some really good
people that I mean, for example,

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I discovered a blockchain
developer, I'd been searching

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the globe.
I did a Google search, I gave

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up.
I did a Google search.

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A guy came up who was really
interesting And anyway, we

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started communicating turns out,
he lives down the road.

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Unbelievable, and so, he has
been a great addition to the

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team.
Yeah, shout out to span.

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I chatted with him as well as
good guy.

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I can hear it, in your voice,
Tim your conviction with this,

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and it reminds me of founder.
I know, well, here in Dublin,

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shout out to Greg Chu from qbq.
Greg started his vision in 2002

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or what he wanted to build, and
the Wasn't available.

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Blockchain wasn't a thing in
2002.

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He spent 2002 to 2004, trying to
figure this out, and then packed

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it away, mothballed it for 10
years, 12 years even, and then

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when he saw a certain
incantation of blockchain, take

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hold, and I think it was 2017
when he was looking at one of

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the protocols specifically that
he saw.

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Wait a second.
This might do the trick.

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That's where he went all in and
has been pursuing the qbq vision

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of his with conviction for the
last number of years.

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And you know, the conviction in
your voice is is it a similar

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thing?
And that this was a problem.

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You always wanted to solve this
liquidity Gap in the market when

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it comes to financing, this
period between the auction and

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the actual retail sale.
A diamond is something you

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always wanted to solve and was
just killing you as a problem.

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And then finally, the technology
was there that you you came

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across Ross.
Yeah.

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Look plate by Family lent money
for Generations, using jewelry

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as collateral.
I used to do it, when I had my

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auction house, it was called a
cash advance Sotheby's and

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Christie's.
Do it, I'd have done it for

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years.
However, this concept is not

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scalable, it's all manual.
And so what blockchain has done

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its enabled you to create a
digital twin of the asset and

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because the block And related
process is I enabled this to be

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automated and when you have
automation you get scalability.

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So that's the difference and and
and I find it very exciting

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because I'm going to mention
non-functional tokens, non

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fungible tokens misconceive
died.

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The moment the world thinks
non-functional tokens are these

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mad things and supply and demand
has gone crazy and they fetching

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big money.
I call that the Tulip boom of

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Amsterdam in the the it was the
17th century in the 1600s those.

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N FTS have no value, except that
collectors want to buy them and

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they bring a lot of money.
The true value of an NF T is the

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ability to create a digital twin
of any asset.

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Now, that enables people to
actually trade that physical

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asset with all sorts of good
things, one of them is The

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history of that asset, you know,
it's track and Trace its

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history.
The second thing is that you can

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attach that NFC to a Smart
contract and and then the world

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is over ends up with so many
options.

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It's it's fantastic.
That's the future of the nft

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and, you know, you and I are old
enough to remember our fathers

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and grandfathers would say where
they did a deal, they'd say it

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goes with the original
paperwork, you buy a car

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painting.
You buy a piece of jewelry, it

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comes with the original
paperwork, well, the nft is the

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original paperwork of the old
day.

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And and so that's, yeah, that's
where I see it going.

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Hey, everyone, this is Pete.
Let me tell you about the folks

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at Phillip.
Lee few years ago is that my

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first Venture Capital industry
dinner in Dublin and honestly I

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felt a bit lost.
I bumped into Andrews is Ali.

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One of the partners at Phillip
Lee.

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You bought me a pint.
Introduced me to the team and

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they took me under their wing.
That take you under their wing

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approach has been what I've
heard consistently from fintech.

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And crypto startups who I know
have worked with Phillip Lee and

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Dublin in London to help them
wrap the right legal framework

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around their business,
fundraising and Regulatory

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needs, and I can't recommend
them enough, get in touch with a

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team at Philip lead.
IE or on money.

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Never sleeps.
That IE /, Phillip Lee to learn

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more.
You can see up on this wall

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behind me, that's an old map of
Boston from.

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I think, definitely the 19th
century, and I have stored

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behind that frame that you see
up on the wall.

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There, there is an envelope and
inside that envelope is the

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original paperwork, fantastic.
But we'll do.

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When we start, you will be able
to ask us to create an NFC of

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all the original paperwork that
you You can attach to the

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ownership of that map and
whatever you sell it.

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You can save.
It comes with the original.

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Paperwork is the nft.
Where do you want it?

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Yep.
Absolutely.

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And big question, how do you
solve that link?

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How do you, how do you create
that indelible link between the

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physical asset and the nft as of
right now?

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If I lose that envelope I've got
a problem but you know that that

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to prove When that envelope
becomes an mft digital work

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rather than paperwork, right.
How do I make sure that that n

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00:14:08,600 --> 00:14:11,700
of T and that map that antique
map up on the wall behind me

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00:14:11,700 --> 00:14:13,300
that those two are connected
forever.

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00:14:14,500 --> 00:14:18,900
So it looks really good.
Comment paperwork, the original

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00:14:18,900 --> 00:14:22,700
paperwork naughty, the state of
the time gets lost and then has

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00:14:22,700 --> 00:14:26,100
a detrimental effect to the
value of the object with regard

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00:14:26,100 --> 00:14:28,900
to your map.
If a 10 ft is created, it sits

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00:14:28,900 --> 00:14:31,900
in your way.
Wallet or perhaps, there are

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00:14:31,900 --> 00:14:36,200
circumstances where you have
your a map collector and you've

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00:14:36,200 --> 00:14:38,900
got a deal of that.
You buy your maps from you, may

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00:14:38,900 --> 00:14:45,300
wish to ask your dealer to keep
your nft in the wallet and so if

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00:14:45,300 --> 00:14:48,200
you've got it in your wallet
well then you can't lose it

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00:14:48,200 --> 00:14:51,900
which obviously possible and we
all know that things can happen

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00:14:51,900 --> 00:14:54,300
with regard to wallets and
access to them.

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00:14:54,300 --> 00:14:59,200
But generally speaking you can
you know the that when you die

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00:14:59,300 --> 00:15:03,800
and Children go g.
That map's worth a lot of money.

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00:15:04,400 --> 00:15:08,300
Then hope you in your will
you've given them access to your

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00:15:08,300 --> 00:15:10,600
wallet?
They can then provide the

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00:15:10,600 --> 00:15:14,700
auction house, whoever it is
that sells it with that nft.

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00:15:15,300 --> 00:15:17,600
Absolutely.
And let's move to the collateral

247
00:15:17,600 --> 00:15:20,200
side and think about all this as
collateral rate.

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How does the lender have faith?
That that nft that they're using

249
00:15:25,100 --> 00:15:30,000
to secure the loan is actually
linked to a quantity of Diamonds

250
00:15:30,700 --> 00:15:32,800
or I will.
Look at this is I could speak

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00:15:32,800 --> 00:15:34,600
for now.
This, but I'll give you a three

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00:15:34,600 --> 00:15:38,600
minute summary.
So you've got a borrower and

253
00:15:38,600 --> 00:15:41,600
you've got people that have
assets and they want to lend.

254
00:15:41,900 --> 00:15:44,400
They want to get a return on
their assets and the moment

255
00:15:44,400 --> 00:15:46,500
they're not getting one.
You're getting a pool one.

256
00:15:47,800 --> 00:15:51,300
The borrower is a diamond
Merchant and he has diamonds in

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00:15:51,300 --> 00:15:54,400
his safe or he wants to buy a
diamond from the third party.

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00:15:54,900 --> 00:16:00,200
So we're creating a place where
lenders and borrowers can

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00:16:00,300 --> 00:16:03,700
negotiate a deal.
They'll be the, the terms of the

260
00:16:04,000 --> 00:16:08,400
loan will be negotiated, so
it'll be like a stock market

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00:16:08,400 --> 00:16:11,600
book, you know, buy/sell book,
and once once there's agreement

262
00:16:12,000 --> 00:16:13,800
then, that tree is a bunch of
stuff.

263
00:16:13,800 --> 00:16:17,500
Firstly, it triggers, the
lender, all all lenders.

264
00:16:18,900 --> 00:16:22,800
Two steak stable coin into a
liquidity pool.

265
00:16:23,700 --> 00:16:29,000
Secondly, the an auditor so
human audits takes possession of

266
00:16:29,000 --> 00:16:33,400
the diamond and checks it out.
And there's KYB on the parties,

267
00:16:34,000 --> 00:16:37,400
thirdly, an insurer enters, The
Fray Lloyd's of London, a

268
00:16:37,400 --> 00:16:42,200
species, insurer provides
insurance against default once

269
00:16:42,300 --> 00:16:49,100
the auditor checks, all aspects
of the borrower, As required by

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00:16:49,100 --> 00:16:53,600
the diamond, collateralized loan
protocol, then funds, the loan

271
00:16:53,600 --> 00:16:59,500
funds are transferred to the
borrower and the the nft is

272
00:16:59,500 --> 00:17:02,800
attached to the smart contract,
which has been agreed.

273
00:17:02,800 --> 00:17:06,700
And completed the goods, are
then handed over to the

274
00:17:06,700 --> 00:17:14,099
borrower, and the nft is in the
name of the lender until the

275
00:17:14,099 --> 00:17:16,500
completion of the smart
contract.

276
00:17:16,599 --> 00:17:20,900
So the lender has Has title to
the goods until such time, that

277
00:17:20,900 --> 00:17:23,700
the lender completes the
contract in the event.

278
00:17:23,700 --> 00:17:28,400
The lender defaults, then the
species Insurance provides, the

279
00:17:28,400 --> 00:17:32,900
lender with cover against the
lender not being able to recover

280
00:17:33,100 --> 00:17:36,600
the collateral.
If the borrower has defaulted

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00:17:37,700 --> 00:17:41,200
I'm with you, I'm with you and
the walkthrough of all of this

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00:17:41,200 --> 00:17:45,600
10 points to the fact that
behind the scenes decentralised

283
00:17:45,600 --> 00:17:50,100
Finance can be very complicated.
But the key is that you are

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00:17:50,400 --> 00:17:53,600
abstracting that away from the
End customer and that all the

285
00:17:53,608 --> 00:17:56,400
customers sees is and and
experience that.

286
00:17:56,700 --> 00:17:58,800
Hopefully, they're delighted
with bright.

287
00:17:59,300 --> 00:18:01,500
That's I think that's the target
of what you're aiming for you.

288
00:18:02,200 --> 00:18:05,400
Yeah.
Look, the the borrower is a

289
00:18:05,400 --> 00:18:09,000
middle-aged Mark in the The
diamond industry he or she

290
00:18:09,500 --> 00:18:13,900
unfortunately mostly he in this
business he just wants the money

291
00:18:13,900 --> 00:18:16,900
equally W Fiat and so that's no
problem.

292
00:18:17,000 --> 00:18:20,200
You know, the stable coins are
converted to Fiat.

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00:18:20,300 --> 00:18:26,000
So he just gets his money.
The lender is as cash or crypto,

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00:18:26,100 --> 00:18:28,600
and they convert the stable coin
and put the liquid equal.

295
00:18:28,800 --> 00:18:31,400
We can have several liquidity
pills for different lending

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00:18:31,400 --> 00:18:33,700
appetites.
So the three components of the

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00:18:33,700 --> 00:18:38,300
liner debt-to-equity, ratio,
interest rate, and And and so

298
00:18:38,300 --> 00:18:41,100
they'll be different pools for
different scenarios.

299
00:18:41,100 --> 00:18:44,400
Some, some pools will be fixed.
Some pools will be variable.

300
00:18:44,900 --> 00:18:50,500
I mean, he, it is just a classic
beautiful blockchain version of

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00:18:50,500 --> 00:18:54,300
what happens in the old world,
the old world, I keep calling it

302
00:18:54,300 --> 00:18:58,300
a Nazi idea to foundational.
Technology to be able to bring

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00:18:58,300 --> 00:19:01,100
the old world into into the
digital world.

304
00:19:01,100 --> 00:19:02,600
Is what I'm hearing.
Yeah.

305
00:19:03,300 --> 00:19:04,600
Yes.
Very good.

306
00:19:05,000 --> 00:19:07,800
What does this all look like?
Look at scale.

307
00:19:07,800 --> 00:19:12,300
Tim, what does this look like
when there's a critical mass of

308
00:19:12,300 --> 00:19:14,700
real-world acid, starting with
diamonds, right?

309
00:19:14,700 --> 00:19:19,200
That are financed through a defy
platform, like your diamonds.

310
00:19:19,200 --> 00:19:21,300
What does this look like?
When it's when it's really big.

311
00:19:21,900 --> 00:19:25,000
Okay, so that the line that the
markets are bad eyesight and a

312
00:19:25,008 --> 00:19:28,000
half billion weight is we're
going to disrupt that market but

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00:19:28,000 --> 00:19:31,700
I believe we can take 10% very
quickly and my colleagues agree.

314
00:19:32,100 --> 00:19:38,000
So one of the problems is that
the That needs to be human.

315
00:19:38,100 --> 00:19:42,400
And so how do we scale this?
So we need to have hundreds if

316
00:19:42,400 --> 00:19:47,300
not thousands of Auditors will
already in discussions with some

317
00:19:47,500 --> 00:19:53,300
major Enterprises who have
massive databases of diamonds

318
00:19:53,900 --> 00:19:58,300
including some of the big luxury
Brands who have got hundreds, if

319
00:19:58,300 --> 00:20:01,600
not thousands of outlets.
And we're going to we're going

320
00:20:01,600 --> 00:20:06,700
to talk about creating the
Outlets of some of the luxury.

321
00:20:06,800 --> 00:20:11,700
Brands to be Auditors, under a
strict protocol, they will be

322
00:20:11,700 --> 00:20:16,900
able to use our system, to
create an NF T but diamonds and

323
00:20:16,900 --> 00:20:19,900
luxury goods that they sell over
the counter.

324
00:20:20,400 --> 00:20:23,700
So when you buy a diamond or a
luxury good over a counter, you

325
00:20:23,700 --> 00:20:27,500
get an invoice and in many cases
you get a valuation.

326
00:20:27,800 --> 00:20:32,900
Well, now, you'll be able to get
an mft and the nft will be given

327
00:20:32,900 --> 00:20:36,400
to the buyer into their wallet
if they don't have a wallet,

328
00:20:36,400 --> 00:20:38,300
they go.
I got no idea what all that is,

329
00:20:38,600 --> 00:20:44,500
then the nft could be stored by
the auditor rate, the retail

330
00:20:44,500 --> 00:20:49,200
outlet auditor and in their
wallet, which will help them

331
00:20:49,200 --> 00:20:52,900
maintain a relationship going
forward with their customer.

332
00:20:53,600 --> 00:20:59,800
So the scalability is it's very
big in that we believe will be

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00:20:59,800 --> 00:21:03,500
able to do about a billion to
one and a half billion within a

334
00:21:03,500 --> 00:21:06,700
very short period of time.
Eric gents is heading up the

335
00:21:06,800 --> 00:21:12,800
execution of this with me as the
former head of diamond industry

336
00:21:13,100 --> 00:21:17,800
and jewelry lending at ABN, Amro
the biggest Traditional Bank

337
00:21:17,800 --> 00:21:20,100
lender in this space, in the
world, to billion a year.

338
00:21:20,100 --> 00:21:23,500
And so we believe that we'll be
able to achieve those numbers.

339
00:21:23,900 --> 00:21:28,500
Now, the that there is an
extraordinary opportunity to

340
00:21:28,500 --> 00:21:32,300
apply this to many other assets
and many other Industries.

341
00:21:32,800 --> 00:21:36,700
There is no reason why we can't
apply this to collectors car.

342
00:21:36,800 --> 00:21:41,700
Cars, wide coin stabs art and
and other weird things like

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00:21:42,300 --> 00:21:45,900
water rights.
A carbon credits providing there

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00:21:45,900 --> 00:21:49,000
is a Marketplace for that asset.
Whether it be a spot Market or

345
00:21:49,000 --> 00:21:52,600
at 70 spot market and the
ability for us to create a

346
00:21:52,600 --> 00:21:57,900
valuation engine based on those
markets, then this concept could

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00:21:57,900 --> 00:22:02,000
apply to them.
Well, and yes, it's just Bloods

348
00:22:02,000 --> 00:22:06,500
of petroleum, shiploads of gas.
I mean, it anything that

349
00:22:06,500 --> 00:22:10,800
somebody needs to borrow money
against buy, or to trade, or

350
00:22:10,808 --> 00:22:13,300
whatever this can be applied to
them.

351
00:22:14,400 --> 00:22:16,500
Yeah, I get it.
I mean like, like we're talking

352
00:22:16,500 --> 00:22:20,000
about digitalizing assets,
creating this, digital twin, and

353
00:22:20,000 --> 00:22:23,700
then using that to have this
provenance between the actual

354
00:22:23,700 --> 00:22:27,400
physical asset and its digital
twin, so that you can increase

355
00:22:27,400 --> 00:22:31,000
the velocity of that asset.
The Orkut and you know,

356
00:22:31,000 --> 00:22:33,500
obviously totally get it for
Diamond Market liquidity.

357
00:22:33,500 --> 00:22:35,800
But when you start thinking
about the process of how that is

358
00:22:35,900 --> 00:22:39,100
applied in the diamond market
and obviously with your

359
00:22:39,100 --> 00:22:42,200
expertise in that space, then
yeah.

360
00:22:42,200 --> 00:22:44,500
Clearly you can see it
transferring to other asset

361
00:22:44,500 --> 00:22:46,500
classes as well.
We'll play it.

362
00:22:46,500 --> 00:22:51,800
It not only does it give you
Providence and traceability but

363
00:22:51,800 --> 00:22:55,900
it gives the lender the ability
to obtain security digital

364
00:22:55,900 --> 00:23:01,100
security because the the nft is
H to the smart contract, you

365
00:23:01,100 --> 00:23:05,100
can't walk into a court with an
NF T and say to the judge.

366
00:23:05,100 --> 00:23:09,500
I want to enforce my rights to
go and collect these Goods

367
00:23:09,500 --> 00:23:12,700
because the borough has
defaulted, but you can walk in

368
00:23:13,000 --> 00:23:16,900
the smart contract and an NFC is
basically a smart contract

369
00:23:16,900 --> 00:23:20,700
anyone, but it's not it's you
can't print it out and go into a

370
00:23:20,700 --> 00:23:23,900
good say hey judge I've got a
smart, I've got an area of tea,

371
00:23:24,100 --> 00:23:26,800
you've got to have a an
old-fashioned contract and the

372
00:23:26,800 --> 00:23:30,900
nft simply provides all the You
know, information in the old

373
00:23:30,900 --> 00:23:34,800
days it was called an ex-cia A
and XU be an exigency all the

374
00:23:34,800 --> 00:23:37,200
info.
So actually that's good.

375
00:23:37,300 --> 00:23:41,900
The nft is like a next year to
the smart contract in Old legal

376
00:23:41,900 --> 00:23:45,100
speak and in nature.
Yes, I haven't heard that word

377
00:23:45,100 --> 00:23:48,700
in a while.
If very good, bring it back to

378
00:23:48,700 --> 00:23:50,200
the Here.
And Now Tim, what is the biggest

379
00:23:50,200 --> 00:23:54,400
challenge for 2022?
Okay, so the number one

380
00:23:54,400 --> 00:23:59,100
challenge is funding, I've got
to get funding because when we

381
00:23:59,100 --> 00:24:02,500
launched this, we have to scale
up really fast.

382
00:24:02,900 --> 00:24:08,200
I want this launched and scaled
up very big by the middle of

383
00:24:08,200 --> 00:24:11,400
next year.
The Second Challenge is to build

384
00:24:11,400 --> 00:24:14,100
a technology.
Now, I've had three guys at

385
00:24:14,108 --> 00:24:16,600
Building Technology, the first
two father, lost a million

386
00:24:16,600 --> 00:24:19,900
dollars, the third one.
When I realized that I needed to

387
00:24:19,900 --> 00:24:22,800
surround yourself with people
that are a lot smarter than Than

388
00:24:22,800 --> 00:24:26,300
me as worked.
We've built five, really

389
00:24:26,300 --> 00:24:30,900
fabulous apps and with the
digital marketing testing we're

390
00:24:30,900 --> 00:24:33,000
doing at the moment.
We're getting a really good

391
00:24:33,000 --> 00:24:37,100
response.
So I am currently surrounding

392
00:24:37,100 --> 00:24:40,500
myself with the best people.
I can find that process will

393
00:24:40,500 --> 00:24:42,500
continue.
So I have confidence that we're

394
00:24:42,500 --> 00:24:47,200
going to be able to build it the
tech but we are we are getting

395
00:24:47,300 --> 00:24:51,800
into areas that you know others
have not we're treating the road

396
00:24:51,800 --> 00:24:55,000
in the forest.
It's Place trodden on and then

397
00:24:55,000 --> 00:24:58,100
say it so it's but I love that I
get off on it.

398
00:24:58,100 --> 00:25:02,100
I love it but it is risky and it
worries me.

399
00:25:02,200 --> 00:25:03,600
Okay.
Do you feel like this is work

400
00:25:03,600 --> 00:25:06,000
for you?
I have an obsessive personality,

401
00:25:06,000 --> 00:25:09,400
which some people my ex-wife,
for example would argue that.

402
00:25:09,400 --> 00:25:11,400
That's not a particularly good
trade.

403
00:25:11,800 --> 00:25:15,700
However in order to succeed with
any Enterprise.

404
00:25:16,900 --> 00:25:19,500
Really will, you've got to be
obsessed?

405
00:25:19,600 --> 00:25:21,400
You've got to be totally
obsessed.

406
00:25:21,900 --> 00:25:25,100
I work seven days a week.
I love what I do.

407
00:25:25,800 --> 00:25:31,300
I think it was Confucius once
said that if you choose a job

408
00:25:31,700 --> 00:25:35,200
that you really love, you'll
never have to do another day's

409
00:25:35,200 --> 00:25:37,400
work in your life.
I love it.

410
00:25:37,500 --> 00:25:39,900
I think it was him.
And and so I do that every day.

411
00:25:39,900 --> 00:25:41,200
I work.
Seven days a week.

412
00:25:41,200 --> 00:25:45,300
I punctuated with a surf I do.
But it's surfing diving, but

413
00:25:45,300 --> 00:25:46,800
even that gets in the way.
Why?

414
00:25:46,800 --> 00:25:51,800
So, yeah, it's, it's full-on.
And I'm 69 years old, but I feel

415
00:25:51,800 --> 00:25:55,300
like I'm 29 years old and it's
just, it makes me happy.

416
00:25:56,000 --> 00:26:00,900
Yeah, you're a young. 69 Tim.
Absolutely to get last question

417
00:26:00,900 --> 00:26:02,900
that we asked everybody on this
podcast.

418
00:26:03,000 --> 00:26:05,600
What is one thing that people
wouldn't expect to know about?

419
00:26:05,600 --> 00:26:08,000
You don't tell me you're a
dancer.

420
00:26:11,300 --> 00:26:16,200
Well, look, when I was a young
man, I was a party animal, we

421
00:26:16,200 --> 00:26:19,800
were all You know, we're all
young at some stage but you

422
00:26:19,800 --> 00:26:23,300
know, young at heart young, it
mind, it's all relevant.

423
00:26:24,000 --> 00:26:26,300
Hey, Dolly did a treehouse in
Sydney.

424
00:26:26,300 --> 00:26:29,800
I will looking Sydney Harbor.
When I was in my 20s, it was not

425
00:26:29,800 --> 00:26:33,700
as the party house.
And in those days, I wasn't

426
00:26:33,700 --> 00:26:36,600
obsessed with my job.
I was obsessed with other

427
00:26:36,600 --> 00:26:39,000
things, which I don't want to go
into now.

428
00:26:39,000 --> 00:26:41,600
Banned in that was a different
era, but as I came to the end of

429
00:26:41,600 --> 00:26:44,500
that decade, I fell in love with
business.

430
00:26:44,600 --> 00:26:48,500
I connected with my Family and
my uncle who was Diamond

431
00:26:48,500 --> 00:26:52,000
merchants and that's when
everything changed.

432
00:26:52,000 --> 00:26:56,200
So, you know, it was sort of 30
that I really and at and it took

433
00:26:56,200 --> 00:27:01,000
me pretty well from the day I
started work sweeping the floors

434
00:27:01,500 --> 00:27:05,400
and auction house in Sydney, it
took me 30 years to build that

435
00:27:05,400 --> 00:27:10,700
company up and I had to be
obsessed to do it but it was a

436
00:27:10,700 --> 00:27:14,700
very successful Venture so I
don't know, look, people would

437
00:27:14,700 --> 00:27:18,300
know about me.
I I happiest when I'm fly

438
00:27:18,300 --> 00:27:21,500
fishing or diving.
And in Australia, unfortunately,

439
00:27:21,500 --> 00:27:24,800
diving means then confronted by
sharks there.

440
00:27:25,000 --> 00:27:27,600
That's about from being obsessed
with business.

441
00:27:28,000 --> 00:27:30,500
That's my second, most enjoyable
Pastime.

442
00:27:31,500 --> 00:27:34,100
Absolutely, yeah.
Now I do a bit of scuba diving,

443
00:27:34,100 --> 00:27:37,200
myself and snorkeling, but it's
been a long time.

444
00:27:37,300 --> 00:27:40,100
And the waters here in Ireland
aren't very friendly to that

445
00:27:40,100 --> 00:27:42,800
although there are scuba diving
clubs and snorkeling clubs.

446
00:27:42,800 --> 00:27:46,100
But the biggest first thing is
to get yourself adjusted to the

447
00:27:46,100 --> 00:27:47,700
to the Of water, which I've
done.

448
00:27:48,400 --> 00:27:51,900
But yeah, I think the return to
scuba is next for me here.

449
00:27:52,200 --> 00:27:54,400
Did you ever let a Jew as a
Dawes in Australia?

450
00:27:54,500 --> 00:27:56,900
Yes.
On the Great Barrier Reef and I

451
00:27:56,900 --> 00:27:59,600
did see a shark.
It was amazing.

452
00:27:59,600 --> 00:28:01,500
It was amazing.
It was my wife's first time

453
00:28:01,600 --> 00:28:04,100
doing scuba.
She had done snorkeling before

454
00:28:04,100 --> 00:28:06,300
when we lived in Bermuda.
So, she did just kind of like a

455
00:28:06,308 --> 00:28:10,000
beginner class and stayed pretty
close to the surface.

456
00:28:10,000 --> 00:28:14,700
I went down, you know, a good.
What 90 100 feet and that was

457
00:28:14,700 --> 00:28:18,500
pretty cool being down there and
You know, I think we all know

458
00:28:18,700 --> 00:28:20,000
where this planet in the way it
is.

459
00:28:20,000 --> 00:28:21,400
That thing won't be there
forever.

460
00:28:21,800 --> 00:28:23,700
So I'm glad that I did see it
when it was still there.

461
00:28:23,800 --> 00:28:26,700
Well, the ously I'm of the view
that Coral will adjust to the

462
00:28:27,600 --> 00:28:29,700
side sat there that suggested at
will.

463
00:28:30,300 --> 00:28:33,200
Yeah, I mean that's that's the
other thing.

464
00:28:33,200 --> 00:28:36,200
My religion is nature.
Everything I do is governed by

465
00:28:36,200 --> 00:28:39,200
Nature what's happening.
Now the world with the crypto

466
00:28:39,200 --> 00:28:43,600
crash, the re-evaluation of
Technology businesses, it's all

467
00:28:43,600 --> 00:28:46,700
nature, it's all predictable.
Well, I predicted this, I Ooh

468
00:28:46,700 --> 00:28:50,300
was going to happen and but it
will come down and then things

469
00:28:50,300 --> 00:28:53,200
will sort itself out.
Nature will provide it's just

470
00:28:53,200 --> 00:28:55,000
like the bush.
It'll all be okay.

471
00:28:55,900 --> 00:28:58,200
Yep.
Yep it all works out in the long

472
00:28:58,200 --> 00:28:59,700
run.
One of the number one rules and

473
00:28:59,700 --> 00:29:01,400
my family's.
Don't worry until something bad

474
00:29:01,400 --> 00:29:03,800
happens, right?
Yeah.

475
00:29:03,800 --> 00:29:09,200
Well, even then, when something
bad happens you can say Well it

476
00:29:09,200 --> 00:29:12,500
can't get much better so it can
only get better.

477
00:29:13,100 --> 00:29:16,500
That's that's the way to deal
with bad eyes.

478
00:29:16,600 --> 00:29:18,300
Awesome, awesome.
We'll listen to him.

479
00:29:18,300 --> 00:29:20,100
It's been awesome.
Having you on the show, it's

480
00:29:20,100 --> 00:29:21,400
been great having you on the
show.

481
00:29:21,800 --> 00:29:24,300
Thank you so much for joining,
really, looking forward to

482
00:29:24,308 --> 00:29:27,800
seeing you back here in Dublin
in less, than two weeks time,

483
00:29:27,900 --> 00:29:30,100
which is going to be amazing for
the last two weeks to finish the

484
00:29:30,108 --> 00:29:32,200
program.
So looking forward to that and

485
00:29:32,200 --> 00:29:33,800
we will be chatting to you very
soon.

486
00:29:34,700 --> 00:29:36,600
It's a spade and saves to take
Stars.

487
00:29:36,600 --> 00:29:38,600
It's been the most extraordinary
experience.

488
00:29:39,000 --> 00:29:40,400
Awesome.
Love to hear that Tim.

489
00:29:40,600 --> 00:29:47,800
Thanks so much.
That does it for this week,

490
00:29:47,800 --> 00:29:49,200
folks.
Thanks to Tim Goodman for

491
00:29:49,200 --> 00:29:51,300
opening up his mind.
Help us figure out why he does

492
00:29:51,300 --> 00:29:53,400
what he does.
Let's get in touch with Tim and

493
00:29:53,400 --> 00:29:55,600
learn more about your diamonds.
Are in the show notes on our

494
00:29:55,600 --> 00:29:57,300
website money, never sleeps that
I eat.

495
00:29:57,500 --> 00:30:00,000
So, check us out online.
Also, thanks to Conan Brophy,

496
00:30:00,000 --> 00:30:01,700
from create sound for mixing and
editing.

497
00:30:01,700 --> 00:30:04,500
This episode Conan is an
excellent medium and to get in

498
00:30:04,500 --> 00:30:06,100
touch with when you're thinking
about launching your own

499
00:30:06,100 --> 00:30:08,700
podcast.
As for me, I'm an early stage,

500
00:30:08,700 --> 00:30:11,300
startup investor and advisor
focused on where fintech meets

501
00:30:11,300 --> 00:30:14,400
crypto and crypto meets web 3.
Like to talk to you about your

502
00:30:14,400 --> 00:30:16,200
business, drop me a line on info
at money.

503
00:30:16,200 --> 00:30:18,800
Never sleeps that I eat finally
till next time.

504
00:30:18,800 --> 00:30:20,200
Thanks for listening.
See you