Эпизоды
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The interview with Alex Lee, CEO of Truewind, explores how his company uses artificial intelligence to streamline accounting processes for accounting firms. Truewind is presented as a "digital staff accountant" that utilizes AI to perform accounting tasks with greater efficiency and predictability.
Lee's background is in aerospace engineering, having worked at Boeing on the 777X program. He transitioned to venture capital after obtaining an MBA. His experience supporting portfolio companies exposed him to the inefficiencies in finance and reporting, which led him to start two technology companies, including Truewind.
Inefficiencies exist across the entire accounting stack, from basic journal entries to reporting and analytics. Truewind focuses on the foundation of this pyramid by addressing manual journal entries.
Truewind operates on a monthly subscription model, positioning itself as a digital staff accountant. Customers view Truewind as a labor solution rather than a software expense. Truewind serves various clients, including top 50 accounting firms, regional firms, solo practitioners, and fractional CFO firms.
Truewind integrates with existing general ledgers like QuickBooks, Xero, NetSuite, and Sage Intacct. It enhances the work that human accountants do, such as classifying transactions, ensuring documentation, and reconciling sub-ledgers. Truewind's document system reads PDFs and matches them to transactions, which helps with audits.
The goal is not to replace accountants but to make them more efficient and allow them to upskill. The ultimate value of accountants is trust, which AI cannot replace. AI can assist with lower-value tasks and free up accountants for advanced analysis and client engagement.
Addressing the risk of AI "hallucination," Lee views the non-deterministic nature of AI as a feature that allows it to handle complex nuances in accounting. Human review remains essential.
Truewind prioritizes product engineering and go-to-market strategies with its capital. They focus on reliability, accuracy, user experience, and a streamlined sales process. Truewind is metrics-driven and uses its software internally.
Key takeaways from the interview that are particularly relevant for entrepreneurs:
1. Solve fundamental problems within an industry using AI, but recognize the enduring value of human expertise. Truewind focuses on the foundational inefficiencies in accounting, like manual journal entries, rather than superficial issues. This approach highlights the importance of identifying core problems that AI can address while recognizing that AI will not replace human accountants, whose value lies in building trust and providing complex analysis .
2. Industry-Specific AI Requires Nuanced Training and a Human-in-the-Loop Approach Developing AI solutions for specific industries, such as accounting, demands careful training to understand industry nuances. Truewind invests in training its AI model to recognize the differences between industries, indicating the need for tailored AI solutions. Lee emphasizes the importance of a "human-in-the-loop" approach, where AI suggestions are reviewed by humans, ensuring accuracy and trust.
3. Prioritize Product Development, User Experience, and a Streamlined Go-to-Market Strategy For early-stage companies, disciplined capital allocation is crucial . Truewind prioritizes product engineering, reliability, user experience, and a streamlined sales process tailored to accountants' busy schedules . Recognizing the user and meeting their needs is of utmost importance.
Chapter Summary
(00:01:04) Introduction and Background: Introduction of Alex Lee, founder and CEO of Truewind, his background, and how Truewind is a digital staff accountant using AI. Lee's career journey from aerospace engineering at Boeing to venture capital and starting Truewind is discussed.
(00:03:17) Addressing Inefficiencies and Market Opportunity: Discussion of the inefficiencies in accounting that Truewind addresses by focusing on the foundational level of journal entries. Truewind's business model as a monthly subscription fee is mentioned. The market opportunity is huge due to the shortage of accountants, and the accounting industry welcomes AI to enhance practices.
(00:08:08) AI and the Role of Accountants: Truewind integrates with general ledger software and enhances the work done by human accountants. AI will not replace accountants but will make them more efficient. The value of accountants lies in building trust, and AI's role is to assist and allow them to upskill. The need for accuracy in accounting is emphasized.
(00:16:33) AI's Nature, Lee's Investment Experience, and Truewind's Priorities: AI's non-deterministic nature is viewed as a feature, and human review remains essential. Lee's prior experience as an investor was helpful during fundraising and in sales. Truewind prioritizes product engineering and go-to-market strategies with its capital.
(00:22:50) Internal Operations, AI Usage and Motivation: The focus is on reliability, accuracy, user experience, and a streamlined sales process. Truewind uses its own software internally and is metrics-driven. AI is used in various business processes, and the team is encouraged to experiment with it. Lee shares book recommendations and discusses motivating his team by leading by example, building a strong team, and providing clear direction.
Books Mentioned in this Episode
Red Notice by Bill Browder
https://www.amazon.com/Red-Notice-Finance-Murder-Justice/dp/1476755744
Pachinko by Min Jin Lee
https://www.amazon.com/Pachinko-National-Book-Award-Finalist/dp/1455563927
The Outsiders by William N. Thorndike Jr.
https://www.amazon.com/Outsiders-Unconventional-Radically-Rational-Blueprint/dp/1422162672
Resources:
https://www.truewind.ai/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocm
Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Nate Helbach, founder and CEO of Neutral, discusses his company's mission to redefine real estate development through sustainable practices and a focus on tenant wellness. Neutral aims to construct mixed-use and multifamily developments that achieve carbon neutrality.
Inspiration and Background: Nate was inspired to start Neutral by the lack of differentiation and sustainability in typical multifamily projects. He saw a need for buildings that prioritize wellness, longevity, and environmental responsibility. Neutral is vertically integrated, with development, construction, and architectural arms.
Neutral's Strategy and Projects: Neutral focuses on creating unique living experiences with a holistic approach, incorporating wellness packages, community-building amenities, and high-quality design. The company starts with a base-case financial model and then evaluates sustainability features based on cost-benefit analysis, ensuring that increased costs are offset by increased income or long-term value. Nate highlights the importance of community in tenant retention, emphasizing the creation of environments where residents form relationships . Current projects include Baker's Place in Wisconsin, with plans to expand into Arkansas and San Francisco.
Financing and Capital: Neutral utilizes various methods for raising capital, including wealth advisors, wealthy individuals, and an investor portal. The company has established relationships with banks like Bank Ozk and Pro market for debt financing.
Competition and Vision: Neutral differentiates itself by being a "first mover" , bringing a holistic, differentiated experience to the market, combining sustainable features, wellness programs and community focus .
Key Takeaways
1. Differentiate your product: Identify gaps in the market and offer unique value propositions that go beyond the ordinary. Neutral's focus is on sustainability, wellness, and community in real estate development.
2. Implement a holistic cost-benefit analysis when considering sustainable features . Balance increased costs with potential increases in income, government credits, and long-term valuation.
3. Build community to foster loyalty: Creating a sense of community can significantly improve renewal rates.
4. Diversify capital raising strategies: Explore various avenues, including wealth advisors, individual investors, and online portals, to secure funding.
5. Be flexible and adaptable: Being a "first mover" allows for quick implementation of innovative ideas, giving a competitive edge against larger, more entrenched companies.
Chapter Summary
(00:01:05) Introduction
(00:01:30) Neutral's Mission: Nate explains Neutral's core competency in ground-up multifamily construction and its mission to provide a differentiated product focused on carbon reduction, tenant experience, wellness, and longevity.
(00:03:16) Wisconsin Roots and Expansion: Nate discusses starting in Wisconsin due to it being his home state, while also having a San Francisco office and expanding into Arkansas.
(00:08:02) Inspiration and Vision: Nate shares his inspiration for starting Neutral, driven by a desire to move away from ordinary projects and create sustainable buildings focused on wellness.
(00:17:37) Balancing Sustainability and Financials: Nate explains how Neutral balances sustainable features with financial metrics by using a cost-benefit analysis to ensure costs are offset by income.
(00:25:18) Creating Differentiated Living Experiences: Nate details Neutral's strategy to create differentiated living experiences with holistic wellness packages, high-end interior design, and community-building amenities.
(00:34:58) Competing with Larger Companies: Nate describes how Neutral competes as a "first mover" by being flexible, revolutionary, and delivering a holistic experience that larger companies struggle to replicate due to being entrenched in their ideals.
(00:37:48) Book Recommendation and conclusion
Mastering The Market Cycle: Getting the Odds on Your Side by Howard Marks
https://www.amazon.com/Mastering-Market-Cycle-Getting-Odds/dp/1328479250
Resources:
https://www.neutral.us/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Пропущенные эпизоды?
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In this episode of Value Drivers, we welcome Dan Hilton, the CFO of BluMetric (Ticker: BLM), a Canadian environmental consulting and water technology company. Dan shares his extensive experience spanning over 30 years in both startup and established technology firms. He discusses his varied career, which includes serving on both public and private company boards, involvement in the Canadian artificial heart program, running the Conservative Party of Canada, and numerous successful M&A transactions. Dan delves into the role of a strategic CFO, emphasizing a balance between risk-taking and financial prudence, the importance of understanding and storytelling in finance, and managing organizational growth while maintaining culture. Additionally, Dan provides insights into BluMetric’s business model and their work in water and wastewater solutions, as well as his thoughts on the future of work and the impact of AI in finance.
Key Takeaways
1. Risk Management and Strategic Boundaries: Understand the operational boundaries, assess risks, and understand potential outcomes to set a baseline for the organization.
2. Catalyst for Growth: A successful CFO should encourage calculated risk-taking and foster creativity within the organization to fuel growth.
3. Deep Business Understanding and Storytelling: Develop a deep understanding of the business to make informed decisions and communicate effectively with the market. Effective storytelling is rooted in a deep understanding of the business.
4. Prioritizing Culture and People in M&A: In M&A, prioritize culture and people over financial metrics. Forcing an acquisition without considering culture can lead to loss of talent and value destruction.
5. Building Trust in M&A: Building trust with the seller is important in M&A. Spend the time to get to know the people on the other side of the table .
6. Continuous Learning: Embrace continuous learning , and don't be afraid to explore opportunities outside your comfort zone .
Chapter Summary
(01:00) Introduction of Special Guest Dan Hilton
(05:30) The Role of a Strategic CFO
(12:16) Understanding BluMetric
(17:54) Managing Company Growth and Culture
(25:23) Insights on M&A Transactions
(34:22) Final Thoughts and Book Recommendations
Book Mentioned in this Episode
Thinking, Fast and Slow by Daniel Kahneman
https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555
Resources:
https://www.BluMetric.ca/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocm
Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Anatoly (“Toly”) Kvitnitsky, founder and CEO of AI or Not, an AI detection startup, was interviewed on the Value Drivers podcast. Kvitnitsky's background includes a decade in fraud and KYC protection, followed by a stint as a VC at a major financial institution, which ultimately led him to start AI or Not in late 2023. His motivation stemmed from the realization that generative AI, while beneficial, could be exploited by bad actors. He felt there wasn't enough being done to protect individuals and companies from these risks and wanted to help people enjoy AI while maintaining safety and trust. Kvitnitsky notes his career has moved from M&A to startup to investment and back to startup, which gives him a unique perspective.
The interview highlighted the rapid advancements in AI and the potential dangers, especially from open source models. The emergence of DeepSeek, a Chinese open-source model that rivals the performance of models like ChatGPT at a fraction of the cost, has shown how quickly models can evolve and be adopted. Open-source models are particularly risky because they lack the safeguards of closed-source models, allowing bad actors to "jailbreak" them for malicious purposes like creating phishing emails and catfishing scams. Kvitnitsky points out that criminals are combining open-source tools to create fraud at scale, utilizing multiple modalities.
AI or Not is focused on detecting AI-generated content across different modalities, including video and audio. They provide tools for both consumers and businesses, offering a free tier for individual use and API integrations for businesses. The company believes that the problem of AI-generated content is both a B2B and consumer issue, and they are developing a multi-tiered product approach to address that. The company's focus is on identifying AI-generated content from both closed and open source models, as that is where the most risk exists. AI or Not is targeting risk and fraud groups, compliance teams, and companies that are vulnerable to AI-generated fraud, such as financial institutions, dating apps, and even medical insurance. They have even seen use cases involving fake x-rays for insurance claims .
Kvitnitsky also discussed the potential of AI to democratize content creation, allowing for high-quality content to be created at lower costs. However, he also expressed concern about the potential for the internet experience to become dominated by AI-generated content, which could create a poor experience for users . He predicted that AI-generated content will soon exceed human-generated content and emphasized the need to distinguish between real and AI-generated content. To stay ahead, AI or Not has a team of AI researchers focused on keeping up with new models and training their detection tools. They have a real-time daily checker to find new content and train their models .
AI or Not raised a $5 million seed funding round, led by Foundation Capital with participation from Plug and Play and GTM Fund . The investors knew Kvitnitsky from his previous roles, which helped the funding come together quickly. The funding is used to expand the company's efforts to keep up with the rapidly changing AI landscape. A key performance indicator for the company is usage on a per client basis, which shows whether the company is providing value.
The most challenging aspects of running his startup are hiring talent in the competitive AI space, and balancing the product roadmap with immediate customer needs.
Key Takeaways
· Focus on a clear problem: Kvitnitsky's motivation for starting AI or Not stemmed from a clear problem, which is the potential misuse of generative AI by bad actors and the lack of sufficient protection against it. A well-defined problem helps define your company's mission and attract investors.
· Be aware of emerging technologies and their risks: The discussion about DeepSeek highlights the importance of keeping up with rapidly evolving technologies and understanding their implications, particularly with open-source models.
· Integrate with existing systems: AI or Not's strategy of integrating its technology into existing workflows shows an understanding of business needs and a practical approach to implementation. Make it easy for customers to adopt your solution.
· Stay ahead of the curve: The company’s focus on constant research and training to keep up with new models demonstrates the importance of staying nimble and adaptable in the face of rapid technological advancements.
· Key metrics matter: Focusing on usage per client as a key performance indicator shows that the company is laser focused on whether they are providing value. Track key metrics to understand if you are providing value.
· Relationships matter: Kvitnitsky's ability to quickly secure funding was partly due to the pre-existing relationships he had with investors. Build and nurture professional connections.
Chapter Summary
(00:01:05) Introduction and Background
(00:01:42) Kvitnitsky's Journey; Kvitnitsky discusses his background in fraud and KYC and his motivation for starting AI or Not. He was concerned about the potential for misuse of generative AI.
(00:03:27) AI Landscape and Risks; The discussion covers the rapid advancements in AI, especially the risks of open source models like DeepSeek.
(00:09:51) AI or Not's Approach; Kvitnitsky explains how AI or Not addresses the risks of AI, particularly with multimodal and open source models.
(00:12:53) Product Approach; The company’s multi-tiered product approach for both consumers and businesses is described.
(00:15:04) Target Industries; AI or Not targets risk, fraud, and compliance teams.
(00:17:31) Volume of AI Content; The interview addresses the increasing volume of AI-generated content and how AI or Not keeps up with the pace of innovation. Kvitnitsky predicts AI generated content will soon exceed human content.
(00:19:41) Seed Funding; A discussion of AI or Not's recent $5 million seed funding round.
(00:22:42) Key Performance Indicators; The interview covers key performance indicators for the company, such as usage per client.
(00:26:07) Democratization of Content Creation; The potential of AI to democratize content creation is discussed along with the risks of AI generated content becoming too prevalent online.
(00:29:53) Book Recommendations; Kvitnitsky recommends Rework and Amp It Up.
(00:32:49) Challenges of Running a Startup; Kvitnitsky shares his current challenges, such as hiring and balancing product roadmaps.
(00:36:14) Contact Information; The interview ends with how to contact him if interested in working at AI or Not.
Books Mentioned in this Episode
Rework by Jason Fried and David Heinemeier Hansson
https://www.amazon.com/Rework-Jason-Fried/dp/0307463745
Amp It Up: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity by Frank Slootman
https://www.amazon.com/Amp-Unlocking-Hypergrowth-Expectations-Intensity/dp/1119836115
Resources:
https://www.aiornot.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocm
Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Dr. James Min, founder and CEO of Cleerly, is interviewed about his journey from a medical background to entrepreneurship. Dr. Min, a cardiologist by training, spent 15 years at New York Presbyterian Hospital and Cornell Medical College. He discusses the development of the coronary CT angiogram, a tool that allowed his team to learn about vascular biology and the causes of heart attacks. This led to a clinical program called Heart Health, which, through a personalized approach to disease evaluation using imaging, saw no heart attacks in its patients over several years. Dr. Min realized that scaling this approach would require computational methods, which led to the founding of Cleerly. He notes that he was an "unlikely entrepreneur," being more focused on clinical trials and research previously.
The interview highlights the limitations of traditional cardiology, which often equates symptoms with risk of heart attack. Dr. Min explains that many people who have heart attacks never experience symptoms beforehand. He stresses the importance of diagnosing heart conditions earlier through precision detection. Traditional stress tests, he notes, miss the majority of people with heart disease and can produce false negatives. Cleerly's approach involves advanced 3D imaging with high resolution, coupled with a care management platform. This platform aims to educate primary care physicians, general cardiologists, and patients on how to understand and act on the imaging data. The goal is to provide a comprehensive approach including evaluation, treatment, and tracking of changes over time. While there are competitors in the space, Cleerly takes a different approach by focusing on identifying risk of heart attacks in all patients, whether they are symptomatic or not. Dr. Min also notes that Cleerly uses an AI-enabled approach.
The discussion covers the market opportunity, noting that there are millions of non-invasive coronary artery imaging tests performed yearly. Because most heart attack patients don't have symptoms before their events, Dr. Min suggests that the total addressable market could include every adult. To prove the value of Cleerly's approach, the company is conducting a large randomized control trial with asymptomatic patients to compare standard care with Cleerly-guided care. Dr. Min discusses a recent funding round of $106 million, which will be used for commercial growth and scaling, as well as to support the ongoing clinical trial. He emphasizes the importance of demonstrating that their technology is effective for both symptomatic and asymptomatic patients. He also highlights Cleerly's exploration of value-based care models. Dr. Min believes that earlier diagnosis and prevention are key to reducing healthcare costs.
Dr. Min discusses his view of the future of medicine, particularly the role of AI. He believes that AI will replace the majority of doctors’ admin activities, especially menial tasks, such as entering data into electronic health records. He thinks that doctors will be more involved in patient interaction and integrating different forms of data to make clinically actionable insights. He advises medical students to focus on the humanity of taking care of people and on the science and clinical data that helps them to do that. He also expresses optimism about the future of medicine. While acknowledging the slow pace of technology adoption due to regulation, he is hopeful that healthcare will improve dramatically over the next 10 years. He states that Cleerly has a team of about 200 people. He describes Cleerly's operating philosophy, which includes a 3-year strategic plan, annual operating plans, company-wide objectives, and key results, with a strong emphasis on data-driven decisions. Dr. Min's mission is for Cleerly to help create a world without heart attacks.
Key Takeaways
· Identify a genuine problem: Dr. Min's journey began with a clear clinical problem: the inadequacy of traditional methods in predicting heart attacks. He didn't start with technology; he started with a need to solve an issue in cardiology . For entrepreneurs, this highlights the importance of starting with a problem that has a significant impact, rather than creating a solution and then searching for a problem.
· Deep domain expertise matters: Dr. Min’s background as a cardiologist and researcher provided him with the necessary insights and credibility in the medical field. His deep understanding of vascular biology and the shortcomings of existing methods allowed him to develop an effective and innovative approach. This emphasizes that entrepreneurs should seek a deep understanding of the domain they intend to disrupt.
· Validate with evidence: Dr. Min and his team conducted large-scale clinical trials to validate their findings and support their approach. In highly regulated industries like healthcare, clinical evidence is paramount for adoption. This highlights the importance of investing in research and development to validate the effectiveness and safety of a product.
· Focus on scalability: After experiencing the success of the Heart Health program, Dr. Min realized that it was not scalable in its initial form. This led him to develop computational approaches using machine learning and AI. Entrepreneurs need to think early about how to scale their solutions and should seek innovative methods to make it happen.
· Build a comprehensive solution: Cleerly's platform doesn't just focus on image analysis, but also on a care management platform that educates and empowers various stakeholders. This illustrates the value of building a holistic solution that goes beyond the core technology and addresses other needs of the end users.
· Patience and Long-Term Vision: Dr. Min highlights the importance of building relationships with investors, as he did with Insight Partners. Cleerly's approach to the market is a long term vision, with a need for clinical trials and education for medical professionals . This is a good reminder that in healthcare, building trust takes time, and a long-term perspective is necessary for success.
Chapter Summary
(00:01:04) Introduction - Dr. Min's background and the founding of Cleerly are introduced.
(00:01:29) From Research to Clinical Program - Heart Health program success using personalized imaging is described.
(00:03:17) Need for Scalable Solution - Computational approaches were needed to scale the program.
(00:05:03) Problems with Traditional Cardiology - Symptom-based risk assessment is inadequate; many are asymptomatic.
(00:06:11) Cleerly's Approach - Precision detection with 3D imaging and care management platform.
(00:11:20) Market Opportunity & Growth - Large market, and recent funding to commercialize the product.
(00:20:44) AI and the Future of Medicine - AI will transform medicine and the role of doctors.
(00:35:37) Cleerly's Mission - Cleerly aims to create a world without heart attacks.
Book Mentioned in this Episode
Die With Zero: Getting All You Can from Your Money by Bill Perkins
https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358099765
Resources:
https://cleerlyhealth.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocm
Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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This interview with Brodie Sutherland, CEO of Tocvan Ventures (Ticker: TOC), provides insights into the company's operations, the mining industry, and Sutherland's leadership philosophy. Tocvan Ventures is a publicly traded natural resource company focused on the acquisition, exploration, and development of mineral properties. Sutherland, a geologist by training, shares his journey from a field geologist to leading an exploration company. His career has taken him around the world, giving him experience with various mineralized systems. This experience has given him insight into what makes a project go from exploration to production.
A key takeaway from the interview is the importance of mining for societal advancement. Sutherland emphasizes that the metals his company seeks are essential for technological progress. He notes that many investors overlook the fact that modern technology relies on mined materials. He believes the mining industry is underappreciated and sees potential for more investment in the sector.
Tocvan Ventures is currently focused on gold and silver exploration in Sonora, Mexico. Sutherland explains that Sonora offers a number of advantages including great infrastructure, a low cost of operation, and a fast permitting timeline. He contrasts this with Canada, where permitting can take over a decade. Sonora also benefits from a long history of mining and a local community that understands and appreciates the industry. The local community and talent base are a key part of Tocvan's success, according to Sutherland.
Sutherland describes two main phases of value creation for shareholders: the discovery phase and the mining/production phase. He explains that the company has already achieved significant growth through successful discoveries. He has set his sights on developing projects into producing mines. He notes that Tocvan is also exploring the possibility of a test mine to generate cash and move towards production.
Sutherland’s leadership philosophy is characterized by several key aspects:
Emphasis on local expertise and community involvement: He stresses the importance of building a team from the local community in Mexico. He believes that outside teams often fail because they don’t understand local conditions and stakeholders. He values the skills and experience of the people of Sonora. He notes that many of the company's employees come from a local village with a long history of mining. He is also focused on educating local people about geology to further improve the workforce.
Focus on creating value: He notes that the company's core purpose is to create value for shareholders. He aims to move the company from a 25-million-dollar valuation to over 250 million.
Transparent communication and investor relations: Sutherland states he spends significant time engaging with current and potential investors. He notes the importance of educating investors, especially those who are not familiar with the mining sector. He also observes the historical disconnect between commodity prices and the valuation of mining equities and sees opportunity for growth.
Sutherland acknowledges that the company's current challenges include prioritizing exploration targets and effectively communicating the value of mining to a broader audience. He also observes that the mining industry often suffers from misconceptions, where the public imagines it to be like "Discovery Channel" style operations. Despite these challenges, he is optimistic about the future of the company and the mining sector.
Chapter Summary
(00:01:03) Introduction and Background
(00:01:45) Global Exploration Experience
(00:03:11) Transition to Leadership
(00:07:23) Mining's Importance and Investment
(00:08:33) Focus on Sonora, Mexico
(00:13:01) Value Creation and Growth
(00:19:11) Leadership and Team Building
(00:28:05) Investor Relations and Industry Outlook
Book Mentioned in this Episode
Never Rest on Your Ores: Building a Mining Company, One Stone at a Time by Norman B. Keevil
https://www.amazon.com/Never-Rest-Your-Ores-Footprints/dp/0773551557
Resources:
https://tocvan.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocm
Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice. -
The podcast features a conversation with Praful Saklani, the CEO of Pramata, a company focused on simplifying contract management using AI. Saklani shares his extensive entrepreneurial journey, beginning with his early involvement in the internet world in the mid-1990s after graduating from Swarthmore College with a degree in Economics and Political Science. He describes how he saw the potential of the internet and became a consultant and then an entrepreneur, starting a travel technology company in 1998. He then engaged in impact investing, working on water purification in the Philippines and India. Saklani founded Pramata in 2006 after identifying a need for better contract management solutions, inspired by his experience of seeing lawyers and financial professionals manually reviewing contracts.
Saklani explains that Pramata is focused on helping mid-size to large B2B companies that negotiate contracts extensively, targeting those with revenues from $50 million to over $200 billion. He notes that many companies, even large ones, struggle to keep track of their contracts and the commercial terms within them.
The core of Pramata's approach is to treat contract management as a data problem. Saklani explains that while standardizing contracts is helpful, businesses will always need to negotiate custom deals, meaning that keeping track of the specifics is crucial. Pramata uses AI to create a "contract AI knowledge base", which involves identifying and organizing contracts, extracting key data, and establishing relationships between documents. This knowledge base then powers AI agents that help with contract drafting, risk management, and negotiation, providing insights for sales, legal, and procurement teams. Saklani distinguishes Pramata by its focus on providing enterprise-grade AI that is reliable, accurate, scalable, and secure. He uses the analogy of a microwave, where if you put junk in, you get warm junk out.
Saklani discusses how the accessibility and usability of AI have changed, with people now expecting AI to be easy to use. He points out that while tools like ChatGPT have raised expectations, there's a need for "data grounding," which is ensuring that AI is built on accurate, verified data. He emphasizes that this is particularly important for enterprise clients, where the tolerance for errors is minimal, and that Pramata's focus on accurate data sets the context for more accurate AI-driven results.
When asked about leadership lessons, Saklani stressed the importance of getting ideas in front of customers early and often, viewing the process as an iterative cycle of feedback and adjustment rather than trying to outsmart the market. In addition, he notes the importance of understanding key metrics like net ARR growth, gross retention, net retention, and unit economics . He believes that a focus on these metrics helps companies maintain alignment and understand their performance.
Key Takeaways
• Observe and Identify Real Problems: Saklani's journey began by identifying inefficiencies in contract management during a sale. He recognized a broader pain point, which led to the founding of Pramata.
• Solve Meaningful Problems: Saklani focused on solving a real B2B problem: managing complex contracts and addressing revenue leakage.
• Prioritize Customer Feedback: Saklani emphasizes the importance of early and continuous customer feedback in product development. He believes that entrepreneurs should not "outsmart the market" but rather "collide with the market" and get feedback from actual users.
• Data is Crucial: Saklani learned that accurate and accessible data is at the heart of effective contract management. He views it as a data problem, not just a workflow issue and uses the "garbage in, garbage out" analogy when discussing AI.
• Embrace Non-Linear Growth: Saklani understands that progress is not always linear, and that it is important to embrace the pain of failure to achieve long-term success.
• Long-Term Vision is Important: Saklani recognizes that advancements in AI will likely change everything and urges companies to consider how new technologies will change the way things are done . He also states that companies should be flexible and adapt to change .
Chapter Summary
(00:01:04) Introduction
(00:01:44) Saklani's Background
(00:03:24) Founding of Pramata
(00:08:22) Pramata's Target Customers
(00:11:30) Pramata's Differentiation and AI
(00:22:28) The Importance of Data Grounding
(00:24:41) Leadership and Strategy
(00:29:13) Key Metrics
(00:32:09) Customer Success
(00:35:29) Recommended Reading
(00:40:01) Challenges and Future of AI
(00:44:51) Conclusion
Book Recommendation
Enlightenment Now: The Case for Reason, Science, Humanism, and Progress by Steven Pinker
https://www.amazon.com/Enlightenment-Now-Science-Humanism-Progress/dp/0525427570
Resources:https://www.pramata.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Piotr Tomasik, co-founder and COO of TensorWave, was interviewed on Value Drivers. Tomasik discusses his journey into AI, his entrepreneurial background, and the founding of TensorWave. He grew up in the Bay Area, and moved to Las Vegas to attend UNLV for computer science. He was drawn into the startup world after being recruited by a professor into a green energy company. He then worked for a prepaid debit card processor before co-founding a social media startup called Activeside. He also co-founded a company called Influential, a social media influencer marketing platform, which was sold to Publicis for $500 million. Tomasik's entry into AI came when he received a cold email from someone at IBM Watson.
In 2021, Tomasik started a nonprofit called Startup Vegas to connect investors with entrepreneurs. At one of the events, he met Jeff who became one of his co-founders at TensorWave. They began discussing the AI ecosystem, including Nvidia's supply constraints. His co-founders had prior experience deploying FPGAs in the cloud. Together, they recognized a gap in the market for AI compute, especially for startups that were having difficulty sourcing the necessary resources. They decided to partner with AMD, becoming a launch partner on the MI300X in December 2023.
TensorWave aims to make AI compute more accessible by providing an alternative to Nvidia . They chose to work with AMD because of differentiators in their product line, particularly the amount of memory per chip . The AMD MI300X has two times the amount of onboard memory as the Nvidia H100, which allows for better unit economics . For example, a full Llama model can fit on one MI300X, whereas it would take two and a half H100s . The company seeks to provide better total cost of ownership and more options for workloads, particularly those with large memory components such as video, long documents, and long-context workloads . Tomasik notes that while Nvidia has a dominant position and strong software ecosystem, AMD is also a strong competitor and has a history of consistent execution .
TensorWave raised $43 million in safe funding, one of the largest in Las Vegas history . This funding was necessary because the servers they use cost as much as a house, approximately $250,000 or more, each containing 8 data center GPUs . The company is using the funds primarily for hardware . Tomasik also discussed the importance of the US leading the AI revolution .
Key Takeaways
Identify and Capitalize on Market Gaps
A key lesson from Tomasik's story is the importance of identifying gaps in the market and developing solutions to fill those gaps. Tomasik and his co-founders at TensorWave recognized that there were supply constraints and a lack of accessibility in the AI compute space. Rather than becoming "the 30th Nvidia cloud," they chose to partner with AMD to offer an alternative. They saw that AMD's technology, particularly the increased memory capacity of the MI 300X chips, could provide a competitive edge . This approach demonstrates the importance of strategic thinking and not just following the crowd.
Strategic Partnerships and Long-Term Vision Are Essential
Tomasik emphasizes the significance of strategic partnerships, and the importance of a long-term vision, particularly in capital intensive industries. TensorWave's partnership with AMD is central to its strategy, providing a strong differentiation in the market from those using Nvidia GPUs. He also seeks customers who are willing to commit to longer term contracts, which provides the company with more financeable revenue streams. Tomasik's focus on building a team of trusted colleagues also reveals the importance of building a core group of reliable people to work with.
Chapter Summary
(00:01:05) Introduction to Peter Tomasik
(00:01:39) Moved to Las Vegas for computer science at UNLV, previously from the Bay Area
(00:02:32) Early Startup Experiences & Founding Influential
(00:05:01) Entry into AI & Transition to TensorWave
(00:06:53) Started Startup Vegas to connect investors and entrepreneurs
(00:07:43) Met a co-founder of TensorWave and identified a gap in the market for AI compute
(00:09:05) TensorWave partnered with AMD on the MI300X in December 2023
(00:12:21) TensorWave's Partnership with AMD
(00:18:06) Funding and Business Strategy
(00:18:06) Raised $43 million in safe funding
(00:23:30) Ideal customers commit to long-term contracts
(00:25:27) Company Culture & Challenges
(00:33:21) Closing Thoughts
Books Recommendations
What You Do Is Who You Are: How to Create Your Business by Ben Horowitz
https://www.amazon.com/What-You-Do-Who-Are/dp/0062871331
Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork by Reeves Wiedeman
https://www.amazon.com/Billion-Dollar-Loser-Spectacular-Neumann/dp/0316461334
Bad Blood: Secrets and Lies in a Silicon Valley Startup by John Carreyrou
https://www.amazon.com/Bad-Blood-Secrets-Silicon-Startup/dp/0525431993
Resources:https://www.tensorwave.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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In this episode of Value Drivers, Peter Ho sits down with Andy Hamilton, a serial entrepreneur and the CEO and co-Founder of When, a company revolutionizing the employee offboarding experience. Andy shares his journey from real estate tech to founding When after personally experiencing the challenges of navigating health insurance and limited support during a layoff from Expedia.
The conversation explores When's approach to offboarding, highlighting the company's use of AI and concierge support to help exiting employees find affordable alternatives to COBRA and access essential resources like outplacement services and 401k rollover guidance. Andy discusses the financial benefits for employers, including reduced claims and improved brand reputation through a positive offboarding experience.
He also delves into his experiences as a serial entrepreneur, offering insights on fundraising, building a market for a novel solution, and the importance of finding the right investor partners who provide more than just capital.
Key Takeaways
Offboarding is a crucial stage of the employee lifecycle that is often overlooked. Andy's personal experience with a subpar offboarding process after his layoff from Expedia ignited the idea for When, a company dedicated to improving the employee exit experience.
When's B2B model focuses on providing employers with a technology-driven offboarding solution that benefits both the company and the exiting employee. The platform seamlessly integrates with existing HR systems to offer personalized support, including health insurance guidance, access to outplacement services, and financial planning assistance.
COBRA is often the most expensive health insurance option for both employers and employees. When helps employees explore alternative and more affordable health insurance plans through the ACA marketplace and private options, leveraging AI and a concierge team to guide them through the decision-making process.
When's ROI model demonstrates significant cost savings for employers by mitigating claims and reducing dependence on COBRA. The company conducts upfront ROI analysis for potential clients and tracks claims data year over year to showcase the financial benefits of their solution.
A positive offboarding experience can protect an employer's brand reputation and foster goodwill with departing employees. When prioritizes employee satisfaction through exit surveys and strives to make the transition as smooth as possible, recognizing that former employees can become brand ambassadors, future clients, or even boomerang employees.
Building a market for a novel solution requires patience and persistence. Andy acknowledges the challenges of creating awareness for the importance of offboarding and convincing companies to adopt a new approach. He emphasizes the need to be patient with sales cycles and tailor the message to resonate with decision-makers.
Finding the right investor partners is crucial for startup success. Andy values partners who offer guidance, support, and network connections beyond financial investment. He highlights the role of VCs as mentors and advisors who can help navigate the challenges of building and scaling a business.
Chapter Summary
(00:00:53) Chapter 1: Introduction
(00:01:45) Chapter 2: Entrepreneurial Journey and the Birth of "When"
(00:03:60) Chapter 3: When's Business Model and Value Proposition
(00:07:28) Chapter 4: Partnerships and the Competitive Landscape
(00:13:28) Chapter 5: Leveraging AI to Simplify Healthcare Decisions
(00:16:47) Chapter 6: Funding, Growth, and Key Performance Indicators
(00:23:17) Chapter 7: Overcoming the Sales Challenge
(00:37:06) Chapter 8: The Future of Offboarding and When's Vision
Book/Podcast Recommendations
Grant by Ron Chernow
https://www.amazon.com/Grant-Ron-Chernow/dp/159420487X
How I Built This with Guy Raz
https://podcasts.apple.com/us/podcast/how-i-built-this-with-guy-raz/id1150510297
Resources:https://www.forwhen.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Welcome to Value Drivers, the podcast exploring the forces driving value creation in today’s business landscape. Today’s guest is David Cohen, CFO of Tour24, a proptech company transforming the multifamily rental market with its self-guided tour platform.
About David Cohen:
David Cohen has over 35 years of experience in finance and investment. Before Tour24, he held leadership positions in investment banking, private equity, and public market investing.
David leads the finance team at Tour24, Inc, a growing proptech company serving the multifamily residential real estate market. He joined Tour24 in late 2022 after being introduced by two friends and board members.
In this episode, David shares insights on:
· How Tour24's self-guided tours solve these challenges for renters and property managers.
· The role of technology, including AI, in driving efficiency and user experience.
· Tour24's growth strategy, capital allocation priorities, and competitive landscape.
· Building a scalable financial infrastructure for a rapidly growing company.
Key Takeaways:
Self-guided tours are reshaping the multifamily rental market. Tour24's platform extends leasing office hours without adding staff, catering to busy renters and saving property managers money.
Technology delivers a seamless and personalized experience. Tour24 integrates with property management systems, includes audio guides, and uses AI for lead nurturing and automation.
Solid financial foundation is essential for sustainable growth. Tour24 invests in scalable systems like lockbox solutions and evaluates financial software to support future expansion.
Chapter Summary
(00:01:04) Introduction and David Cohen’s Background
(00:04:30) Identifying the Problem and Tour24’s Solution
(00:08:43) Meeting the Needs of Modern Renters
(00:10:06) Target Customers and Customization
(00:14:47) The Role of Data and AI
(00:19:32) Funding, Growth, and Competition
(00:25:08) Scaling Sustainably and Future Outlook
Resources:
Empire of Pain: The Secret History of the Sackler by Patrick Radden Keefe
https://www.amazon.com/Empire-Pain-History-Sackler-Dynasty/dp/0385545681
Charlie Hustle: The Rise and Fall of Pete Rose, and the Last Glory Days of Baseball by Keith O'Brien
https://www.amazon.com/Charlie-Hustle-Rise-Glory-Baseball/dp/0593317378
Connect with David Cohen:
Email: [email protected]
https://www.tour24.io/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Sam Miller, founder and CEO of Kasheesh, shared his entrepreneurial journey and insights into the company's payment solution. After studying economics at the University of Maryland, Miller embarked on a career path in the startup world. Miller has a rich history of success in the startup world, having founded and exited two companies before taking a position at Dreamit Ventures. His experience at Dreamit provided him with insights into the investment landscape, which would prove crucial in his later endeavors. This experience laid the groundwork for Kasheesh, a company born out of a simple observation - the difficulty a friend's fiance faced when trying to split a payment between her credit and debit cards.
Recognizing an unmet need in the market, Miller co-founded Kasheesh with Kevin Kim, a seasoned technologist with experience at companies like Apple, Tutor, and Blackrock. Together, they created a platform that allows consumers to split payments across multiple debit and credit cards, both online and in-person. Kasheesh distinguishes itself from other alternative payment solutions, particularly Buy Now, Pay Later (BNPL) services. Miller argues that while BNPL offers a new payment method, it often comes with high-interest rates and can negatively impact consumers’ financial well-being. Kasheesh, on the other hand, leverages consumers’ existing credit lines, empowering them to manage their finances more effectively.
Kasheesh's revenue model is based on interchange fees and a 2% transaction fee, with plans to introduce a card-linked offers program in the future to generate affiliate revenue. The company raised $5.5 million from a diverse group of investors, including prominent figures like Odell Beckham Jr. This strategic decision to engage celebrity investors was driven by the desire to build brand awareness, establish trust, and reduce customer acquisition costs in a competitive market.
The company has assembled a team of over 20 employees, primarily based in New York City. Following the successful fundraising round, Kasheesh has prioritized its resources toward driving consumer awareness, refining its product offerings, and expanding corporate partnerships. Miller stresses that Kasheesh is a data-driven company and constantly monitors key performance indicators (KPIs) related to product usage, customer acquisition, and financial health. This analytical approach ensures the company remains agile and responsive to market demands while maintaining sustainable growth.
Chapter Summary
(00:01:00) Introduction and Background
(00:03:07) The Genesis of Kasheesh and Its Unique Value Proposition
(00:05:28) Kasheesh's Business Model and Competitive Landscape
(00:08:56) Revenue Streams and Fundraising Journey
(00:11:46) Strategic Fundraising and Celebrity Endorsements
(00:15:17) Overcoming Fundraising Challenges and Lessons Learned
(00:18:39) Team Structure, Resource Allocation, and Key Performance Indicators
(00:22:56) The Role of AI in Kasheesh’s Strategy
(00:26:50) Adaptability to Economic Fluctuations, Recommended Resources, and Challenges of Entrepreneurship
(00:31:00) Conclusion
Resources
How Not to Be Wrong: The Power of Mathematical Thinking by Jordan Ellenberg
https://www.amazon.com/How-Not-Be-Wrong-Mathematical/dp/0143127535
Kasheesh URL
https://www.kasheesh.co
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Vlad Panchenko, the founder of Portal AI, joins Peter Ho this week and shares his journey from his roots in Ukraine to the heart of Silicon Valley, highlighting his four companies and his evolving entrepreneurial vision. The discussion explores Panchenko's entrepreneurial journey, the evolution of the gaming industry, the impact of AI on businesses, and the vision behind Portal AI.
Panchenko's Entrepreneurial Journey
From Ukraine to Silicon Valley: Panchenko details his journey from founding his first two companies in Ukraine, both in the video game industry, to his third company, DMarket, which he built and sold in Los Angeles. He emphasizes the unique opportunities Silicon Valley offers, including access to talent and capital, and the ability to connect with key players in the tech industry.
Embracing AI's potential: Panchenko recounts his early fascination with AI and how ChatGPT's third release sparked a realization of its potential for three-dimensional thinking, leading him to co-found Portal AI.
The importance of mentors: Panchenko acknowledges the impact of his mentors who introduced him to the Silicon Valley ecosystem and helped him understand its potential.
From digital distribution to NFTs: Panchenko's career mirrors the evolution of the gaming industry, from early digital game distribution with his first company to pioneering the trading of in-game items with DMarket, years before NFTs became mainstream.
The power of vision: Panchenko highlights the importance of vision in his ventures, particularly with DMarket, where he faced skepticism but ultimately proved his prediction that in-game items would become highly valuable.
Impact of AI on Businesses
AI's increasing capabilities: The discussion touches on AI's rapidly evolving capabilities and its potential to transform various fields, from finance to healthcare. Ho notes his use of AI for summarizing content and exploring business ideas, but acknowledges limitations in areas requiring high accuracy, like financial analysis.
Human-AI collaboration: Panchenko believes AI will augment human talent rather than replace it. He sees the opportunity for AI to amplify creativity and free entrepreneurs from mundane tasks, allowing them to focus on their passions.
Ethical considerations: Panchenko emphasizes the need for ethical considerations as AI becomes more powerful.
Leveling the playing field for SMBs: Panchenko's motivation for founding Portal AI stems from his desire to empower SMBs. He highlights the daunting statistics of SMB failure rates and attributes this to their lack of resources compared to larger enterprises.
Fundraising for Portal AI: Panchenko contrasts his fundraising experiences with Portal AI to those of his previous company. He now focuses on securing investments from partners who share his vision and ethical principles, rather than solely pursuing financial backing.
Panchenko's Advice for Entrepreneurs
The importance of diversity: Panchenko encourages founders to build diverse teams, recognizing the value of diverse perspectives in fostering a successful product.
Adapting to cultural differences: He advises founders to be mindful of cultural differences and adjust their communication styles to encourage open feedback and contributions from all team members.
Chapter Summary
(00:01:00) Introduction and Vlad's Background
(00:07:36) Comparing Ukraine and Silicon Valley
(00:12:24) The Genesis of Portal AI
(00:21:53) Portal AI's Mission and Vision
(00:30:27) Fundraising and the Importance of Choosing the Right Partners
(00:36:46) Team and Global Operations
(00:39:27) Advice for Entrepreneurs
(00:43:40) Conclusion
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Conor Tierney, CFO of AEye, a lidar sensor company, discusses his career journey, the lidar technology and market opportunity, AEye’s business model and financial strategy, and his advice for those starting their careers.
Originally from Ireland, Tierney began his career working for PwC in the Silicon Valley during the early 2000s. He gained valuable experience working on IPOs, carve-outs, and financial due diligence for private equity companies. He credits his time at Big 4 accounting firms for providing him with a solid foundation and accelerating his learning trajectory.
Tierney joined Glu Mobile, a mobile gaming company, where he witnessed the company’s struggles and eventual success with the launch of the Kim Kardashian game. He later joined Alphabet’s X division to spin out their drone delivery business, Wing Aviation. At Wing, he was involved in setting up the company's structure, working on the marketplace platform, and overseeing business intelligence.
Tierney then joined AEye, a company that develops and manufactures lidar sensors used for 3D vision in vehicles and machines.
He explains that AEye’s lidar technology addresses the problem of road safety, citing the increasing number of pedestrian fatalities and accidents globally. AEye’s lidar technology aims to improve upon existing camera and radar systems by providing higher resolution and reliable performance in all lighting conditions.
The company's business model involves partnering with Tier 1 automotive suppliers to manufacture and distribute their lidar sensors. This capital-light approach allows AEye to focus on developing their technology while leveraging the existing infrastructure of established partners.
Several key elements of Conor Tierney's approach to financial management:
Prioritize Cash Management: As CFO of AEye (NASDAQ: LIDR), a company operating in the capital-intensive and evolving automotive lidar market, Tierney places significant importance on cash management. A recurring theme in the podcast, Tierney highlights the need to "manage burn rate" and maintain a "balancing act" between investing in the product and managing runway.
Focus on Strategic ROI: Tierney emphasizes the CFO's role as a business partner, actively participating in strategic decision-making. He focuses on evaluating investment opportunities and ensuring resources are allocated to areas with the highest potential return on investment. This includes challenging the business to think through ROI on product development, carefully assessing market opportunities, and understanding the payback period for various investments.
Embrace Lean Operations and Creative Solutions: Tierney advocates for a lean approach to operations. At AEye, the finance team operates with a small core team, supplemented by temporary resources and consultants as needed. This demonstrates a willingness to embrace creative solutions to manage costs and maximize investment in R&D and product development.
Build a Strong Governance Framework: Drawing on his experience in public accounting and various corporate roles, Tierney prioritizes building a robust governance framework. This includes implementing necessary systems and controls to ensure financial reporting accuracy and compliance, which he believes is crucial for establishing credibility with the market and stakeholders.
Maintain Financial Discipline and Flexibility: While acknowledging the importance of supporting growth, Tierney emphasizes the need for financial discipline, particularly in volatile markets. He stresses the importance of being able to "dial up and dial down" investment levels as needed, adapting to changing market conditions while maintaining a stable baseline.
Chapter Summary
(00:01:00) Introduction and Background
(00:10:35) AEye and the Lidar Market Opportunity
(00:15:47) AEye's Business Model and Financial Strategy
(00:22:38) Leadership and Team Building
(00:26:19) The Evolving Role of the CFO and Technology's Impact
(00:29:09) Career Advice and Personal Reflections
(00:34:27) Book and Podcast Recommendations
(00:36:32) Saying No and Conclusion
Books and Podcast Recommendations
Essentialism: The Disciplined Pursuit of Less by Greg McKeown
https://www.amazon.com/Essentialism-Disciplined-Pursuit-Greg-McKeown/dp/0804137382
Measure What Matters: How Google, Bono, and the Gates Foundation Rock the World with OKRs by John Doerr
https://www.amazon.com/Measure-What-Matters-Google-Foundation/dp/0525536221
Diary of a CEO hosted by Steven Bartlett
https://stevenbartlett.com/doac/
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In this episode, we speak with Itzik Cohen, CEO of PayZen, a fintech company transforming healthcare affordability. Drawing on his experience as a professional basketball player, Cohen shares how teamwork, leadership, and focus are central to both sports and business. PayZen’s mission is to make healthcare more accessible and affordable for patients while solving revenue challenges for healthcare providers.
Key Themes:
Shifting Payment Responsibility in Healthcare
Over the last two decades, healthcare costs have increasingly fallen on patients due to rising deductibles and out-of-pocket expenses. Cohen highlights this shift, describing how patient financial responsibility has grown from 5% to over 20% of a provider’s revenue. This consumerization of healthcare places a heavy burden on families, often limiting access to necessary care.
Healthcare Providers and Financial Strain
As patient payments become a larger portion of healthcare revenue, providers face new challenges in collecting payments. Cohen explains how PayZen helps healthcare organizations address this, automating payment plans and easing administrative burdens.
PayZen's Solutions
PayZen leverages fintech to create patient-friendly payment options. The platform uses data to underwrite patients and offer automated, personalized payment plans—sometimes extending up to five years. This has led to significant increase in patients fulfilling their obligations.
Key features include:
Patient Care Card, Financial Assistance Automation, AI Integration
Responsible Growth and Financial Discipline
Cohen emphasizes the importance of careful financial management. PayZen raises funds only when necessary and focuses on financial sustainability. This disciplined approach ensures that PayZen can grow while maintaining operational excellence.
Focus and Execution
Cohen believes in doing one thing exceptionally well. For PayZen, that means focusing on healthcare affordability and payment solutions. This principle guides the company’s product development and overall strategy.
Notable Quotes:
"Many families with jobs and insurance still can't afford their deductibles. The financial load is just too much."
"We say yes to everyone. No fees, no interest."
"30% of healthcare costs are due to administrative overhead. We're automating that process."
"We only raise money when we need to—not before or after. It’s all about disciplined growth."
Chapter Summary:
(01:00) – Introduction to Itzik Cohen and his background, including his career in professional basketball and his experience with companies like Webex and Prosper Marketplace.
(04:00) – The consumerization of healthcare and PayZen’s solutions for alleviating the financial burden on patients and providers.
(15:00) – Expansion into financial assistance and PayZen's no-interest, no-fee model for extended payment plans.
(22:00) – PayZen's use of AI to optimize payment plans and automate patient interactions.
(29:00) – Cohen discusses PayZen's disciplined approach to growth and financial planning, ensuring sustainability in a challenging market.
(35:00) – Reflections on leadership, team culture, and hiring for curiosity and impact at PayZen.
Podcasts Recommended by Itzik Cohen:
All In: A podcast covering the economy, venture capital, and the tech industry with a blend of humor and insight.
This Week in Startups: Hosted by Jason Calacanis, it features interviews with entrepreneurs and offers valuable lessons on problem-solving and business strategy.
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Episode Summary
In this episode, Daniel Beck, founder and CEO of 401Go, discusses his approach to simplifying retirement planning for small businesses. Drawing on his diverse experience across industries, Daniel explains how 401Go automates 401(k) plan setup, making it easier for small businesses to manage compliance and offer competitive employee benefits. The conversation highlights how automation can help small businesses reduce administrative burdens and remain competitive in attracting talent.
Daniel also shares insights into scaling 401Go, focusing on investor relationships, in-house product development, and building a strong company culture. He reflects on balancing the challenges of running a growing company with personal and family priorities. This episode offers a practical look at the future of retirement planning and leadership in fintech.
Daniel Beck’s Financial Management Philosophy
Daniel Beck's financial management approach emphasizes strategic resource allocation, a sustainable revenue model, and long-term growth. He applies his understanding of the 401(k) market to guide 401Go's financial strategy. Key elements include:
Prioritizing Engineering and Development: 401Go allocates a significant portion of resources to enhance its technological platform, focusing on functionality and user experience to stand out in the SMB market. Hybrid Revenue Model: 401Go employs a mix of SaaS fees and asset-based fees. While SaaS fees currently dominate revenue, Beck anticipates a shift as assets under management grow, balancing short-term and long-term financial goals. Partner-Based Distribution: 401Go partners with payroll companies, CPAs, and financial advisors to tap into established trust networks, ensuring cost-effective and sustainable growth without heavy investment in direct sales. Long-Term Vision: Guided by a five-year strategic plan, 401Go revisits its goals quarterly and maintains agility through regular town hall meetings and executive offsites to align teams and adapt to market changes. Focus on Profitability: While prioritizing growth, Beck keeps a close eye on profitability, carefully managing expenses and exploring new revenue streams like technology licensing to ensure financial stability.Episode Chapters
(0:01:00) - Streamlining 401(k) Administration for Small Businesses
Daniel Beck shares how 401Go automates 401(k) plans, simplifying compliance and services for small businesses.(0:16:22) - Small Business Growth and Funding
The growth strategy for 401Go, including its focus on small market segments, investor relationships, and resource allocation for product development.(0:30:30) - Cultivating People and Culture in Business
Daniel discusses the importance of leadership, company culture, and aligning hires with company values.Book Recommendations by Daniel Beck
Leadership and Self-Deception by The Arbinger Institute
https://www.amazon.com/Leadership-Self-Deception-Getting-Out-Box/dp/1576750949
Anatomy of Peace by The Arbinger Institute
https://www.amazon.com/Anatomy-Peace-Resolving-Heart-Conflict/dp/1576753344
Resources:
https://401go.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.com
Follow our host:
Peter Ho
https://linkedin.com/in/peterhocm
Please note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Patricia Sagastume, the head of Finance at Limble, shares her entrepreneurial journey with us. Rooted in a family of entrepreneurs, Patricia’s story is one of grit and growth, as she recalls her early days at a software escrow company that prepped her for greater ventures. Alongside her brother, she co-founded Limble, a computerized maintenance management software powerhouse that has grown from a bootstrapped startup to an industry contender.
Patricia unpacks the financial evolution of startup life. From bootstrapping to building structured financial systems, she offers insights on managing cash flow, budgeting, and forecasting. With a dual role in finance and HR at Limble, she highlights the importance of clear planning processes and alignment across executive teams. Through her insights, listeners gain a deeper understanding of how finance teams drive key business decisions and resource allocation at various stages of growth.
As we look ahead, Patricia paints a picture of Limble's strategic planning for future growth, whether that involves an IPO or acquisition. She emphasizes maintaining healthy cash flow and ensuring compliance readiness, with an eye on system upgrades and the potential of AI tools to enhance efficiency.
Chapter Summary
(0:01:01) - Entrepreneurial Journey and Limble's Success
Patricia Sagastume's entrepreneurial journey to co-founding Limble, a CMMS company with a $8 billion market potential and recent Series B funding.
(0:14:25) - Financial Evolution in Startups
Strategic evolution of finance in a startup, emphasizing cash flow management, budgeting, and forecasting, and the role of the finance team.
(0:22:52) - Financial Strategy and Growth Planning
Strategic financial operations, healthy cash flow, building FP&A team, compliance and audit readiness, system upgrades, and AI tools for efficiency.
(0:37:39) - Connecting With Limble
Connecting with Tricia and exploring opportunities at Limble, using LinkedIn and Limble's careers page, and inviting her to keep us updated on Limble's progress.
Key Quotes:
On the evolving role of finance: "As the company grows, it's less hustle and muscle, and more your value is your ability to predict the future and bring about financial models into the company as early as possible."
On the importance of cash flow: "Number one thing through this journey was keeping the company in a healthy cash flow position, and I was able to do that with days to collect."
On the potential of AI: "I think we're really far off on the AI side. I think the best AI on the finance is just the better rules creation and then like, much better recall on like reporting and querying data."
On the importance of strong financial frameworks: "The best frameworks still live in the minds of great financial professionals, and hopefully, that involves time, and they build out and share those great models."
Recommendations:
Explore the potential of Mosaic.tech for implementing financial frameworks and tracking SaaS metrics.
Investigate Cube software as a more affordable alternative to Snowflake and Tableau for data visualization and reporting.
Stay informed about emerging AI tools but approach their implementation with a critical eye, focusing on accuracy and integration capabilities.
Resources mentioned:
Lex Fridman podcast
https://lexfridman.com/podcast/
Limble CMMS
https://limblecmms.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Join us for a conversation with Kjirstin Breure, the President and CEO of Hydrograph, as she takes us through the journey of Hydrograph from its early phase at Kansas State University to becoming a publicly traded entity with operations in the US and UK. Kjirstin shares her path from working in various tech startups to becoming the founding team member at Hydrograph. She elaborates on the properties of graphene, discovered in 2004, and its diverse applications in semiconductors, composites, lubricants, and energy storage devices, emphasizing its potential to enhance material properties and promote sustainability.
Listen in as we explore the performance and scalability of Hydrograph's graphene technology. Kjirstin explains how their product outperforms competitors, offering significant improvements in conductivity and mechanical properties with minimal amounts of graphene. We also address scalability challenges and Hydrograph's strategies for rapidly increasing production while maintaining cost and performance benefits. Kjirstin provides insights into the difficulties of communicating value propositions to customers and investors as an early-stage publicly traded company and shares the team's enthusiasm for the market potential.
Finally, Kjirstin discusses the critical elements that make Hydrograph thrive, focusing on the importance of adaptability, problem-solving abilities, and the right attitude in team members. She highlights the value of a collaborative and non-hierarchical culture, where honest and effective communication is key. We also touch on how Hydrograph measures its R&D productivity, balances rapid scale-up with financial prudence, and avoids manufacturing bottlenecks.
Chapters
(0:01:00) - Graphene Applications and Business Model
Nature's graphene applications and market potential are discussed by Hydrograph's CEO, Kjirstin Breure.
(0:16:28) - Hydrograph's Performance and Scalability
Hydrograph's graphene technology offers better performance, scalability, and potential for market growth as an early-stage, publicly traded company.
(0:27:52) - Challenges of R&D Progress and Hiring
R&D productivity at Hydrograph, balancing scale-up and financial prudence, recruitment priorities for intellect and scientific backgrounds.
(0:33:08) - Building Company Culture in Startups
Adaptability, problem-solving, and a collaborative culture drive Hydrograph's success, as highlighted by Kjirstin in discussing the startup's journey.
Resources mentioned in the podcast
Chip War: The Fight for the World's Most Critical Technology by Chris Miller
https://www.amazon.com/Chip-War-Worlds-Critical-Technology/dp/1982172002
Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger by Peter D. Kaufman, Ed Wexler and Charles T. Munger
https://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018
URL to Hydrograph
https://hydrograph.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Jessica Gomez, the founder and CEO of Rogue Valley Micro Devices, takes us on a journey from Long Island to Southern Oregon, where she and her husband carved out a niche in the competitive semiconductor industry. We unpack the world of MEMS (Micro Electro Mechanical Systems) and their broad applications in consumer electronics, automotive, and defense sectors. Jessica sheds light on what it means to be a pure play MEMS foundry and shares how Rogue Valley integrates seamlessly into the local community, making it a cornerstone of their business model.
Navigating the complexities of federal grant applications, Jessica shares the behind-the-scenes process that led to securing a $6.7 million funding award for Rogue Valley Micro Devices. From workforce incentives to a 3D interactive financial model, Jessica details the meticulous steps involved and the rigorous scrutiny the company faced. We also discuss the innovative inclusion of an on-site childcare facility, reflecting Jessica's commitment to supporting young parents in the workforce.
Finally, we explore the broader impact of the CHIPS Act on the semiconductor industry and the strategic importance of continuous innovation. Jessica offers invaluable insights into effective business metrics and financial strategies that have propelled Rogue Valley Micro Devices forward.
Chapter Summary
(0:00:50) - MEMS Manufacturing and the CHIPS Act
Jessica Gomez shares her journey of founding Rogue Valley Micro Devices, a pure play MEMS foundry, and the importance of legislative support for the semiconductor industry.
(0:14:15) - Semiconductor Grant Application and Expansion
The federal grant process involves workforce incentives, financial modeling, compliance, and a focus on supporting young parents.
(0:30:51) - CHIPS Act Impact and Business Strategy
The CHIPS Act boosts investment in US semiconductor industry, revitalizes R&D, and emphasizes continuous innovation and effective business metrics.
(0:41:37) - Building Connections and Future Opportunities
Jessica Gomez's achievements, CHIPS Act award, Rogue Valley Microdevices' progress
Resources mentioned in the podcast
All the Colors of the Dark by Chris Whitaker
https://www.amazon.com/All-Colors-Dark-Chris-Whitaker/dp/0593798872
Rogue Valley Micro Devices
https://roguevalleymicrodevices.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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Ernest Popescu, the founder and CEO of Metrobloks, shares his career trajectory from the worlds of automotive and aerospace to pivotal roles at AWS and Facebook. Ernest's expertise in data center development offers invaluable insights into capacity planning and the drive behind Metrobloks. Metrobloks is on a mission to revolutionize urban, underserved markets by delivering scalable and standardized computing solutions where tech giants like AWS, Google, and Microsoft have yet to venture.
We unpack the strategic intricacies of data center development, from securing prime land and power sources to meeting stringent conditions such as proximity to airports and labor markets. Ernest explains the process involved in land control, permit acquisition, and customer acquisition—steps essential to mitigating investment risks. The discussion also highlights the challenges of remote data center locations versus the thriving potential of urban metro markets, enriched by recent experiences from Metrobloks' seed funding round.
Securing investment for a startup focused on data center development is no small feat. Ernest underscores the resilience required to face investor rejections and the value of finding partners aligned with the nature of real estate investment market. We explore the methodical approach to identifying and securing data center sites, the importance of future-proof design, and assembling a stellar team. The conversation also touches on the shift from initial site acquisition to design, customer engagement, and operational phases.
Chapter Summary
(0:00:50) - Data Center Development and Metrobloks
Founder of Metrobloks shares background in data center development, focus on urban markets, and aim to address gap in market for enterprise customers.
(0:17:08) - Strategic Approach to Data Center Development
Securing land and power for data center development in urban markets, challenges of remote locations, and experiences during seed funding round.
(0:22:16) - Building Resilient Data Center Business
Nature's challenges and strategies for securing investment in data center development, including site selection, future-proof design, and team building.
(0:34:56) - Strategic Challenges in Data Center Investment
Recommended books, long-term nature of data centers, securing institutional capital, connecting on LinkedIn for engagement with Metrobloks.
Books mentioned in this episode
The Name of the Wind Mass Market by Patrick Rothfuss
https://www.amazon.com/Name-Wind-Patrick-Rothfuss/dp/0756404746
The Score Takes Care of Itself: My Philosophy of Leadership by Bill Walsh, Steve Jamison and Craig Walsh
https://www.amazon.com/Score-Takes-Care-Itself-Philosophy/dp/1591843472
Resources:
https://www.metrobloks.com/
https://www.linkedin.com/in/ernestpopescu/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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What drives someone to leave the corporate world and embrace the uncertainty of startups? Hear Fran Brzyski 's story from his days at JP Morgan, where he felt boxed in, to his thrilling adventures across multiple startups like Rocket Trip. Fran shares the highs and lows of founding Hark, a platform transforming customer engagement with asynchronous video and audio communication, drawing inspiration from the success of Instagram and TikTok. Expect an honest discussion on betting everything, including taking a second mortgage, and the intricate dance of raising venture capital.
Shifting gears, we tackle the complexities of the fundraising journey with Fran. Uncover how Hark utilizes AI to turn fragmented customer feedback into actionable insights, fostering better internal collaboration. Fran opens up about the critical transition from simply seeking funds to providing undeniable value to investors. He reflects on the unexpected camaraderie within the founder community and the paramount importance of transparency and trust in building investor relationships that can withstand the trials of entrepreneurship.
Lastly, we explore the art and science of building and leading a global team at Hark. Fran details early pre-seed challenges and the vital role of finding investors aligned with the company's vision. Learn about the significance of a resilient and trust-based team, the advantages of a hybrid global workforce, and the importance of key performance indicators. Fran also shares valuable leadership insights, stressing the importance of humility, collective success, and fostering an open environment for innovation. Don’t miss out on his strategies for resource allocation and decision-making that have propelled Hark’s growth.
Chapter Summary
(0:00:50) - Customer Engagement Platform
Fran Brzyski’s journey from corporate to startup world, founding Hark, and its innovative business model revolutionizing customer engagement.
(0:12:08) - Navigating the Fundraising Journey
AI technology consolidates customer feedback for actionable insights, while building transparent relationships with investors for capital raising.
(0:19:54) - Building and Leading a Global Team
Resilience, trust, and team building are crucial for raising a pre-seed. KPIs and user feedback drive growth and innovation in Hark's globally-distributed team.
(0:29:12) - Strategic Resource Allocation in Scaling
Real-time resource allocation, adapting playbooks, customer feedback, LinkedIn, and Hark's journey are discussed in this chapter.
Resources:
Breath: The New Science of a Lost Art by James Nestor
https://www.amazon.com/Breath-New-Science-Lost-Art/dp/0735213615
Acquired Podcast
https://www.acquired.fm/
URL to Hark
https://www.sendhark.com/
Stay Updated:
Please visit Brio360 on other episodes and resources on driving value creation
https://brio360.comFollow our host:
Peter Ho
https://linkedin.com/in/peterhocmPlease note that information provided in the podcast is for informational and educational purposes only and is not a recommendation to take any particular action, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Brio360 does not provide legal or tax advice.
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