Viral fundraising tactics with Rewind AI’s Dan Siroker + How to build a strong brand | E1745

0:00You know, my first advice would be not to fixate too much on valuation. I know you've asked a lot of questions on that. It was actually not really the critical thing I was focused on here. It was really around the firm and partnership. Sure. You've also focused on the next one or two years. I'm thinking much longer time horizon. And that's one of the reasons I chose NEA. Their fund structure is very unique. They have a 15-year fund, not a 10-year fund. They're very often buying at the IPO, not selling. So that horizon is kind of what I was really looking for as somebody who wants to be doing this with me for a while.

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1:27hey everybody welcome back to the program we've got an interesting interview lined up for you today i'm joined by dan sirocco he is the co-founder and ceo of rewind ai it's been viral for a tweet about how he raised his last round of capital dan welcome to the program explain how you raised money for your startup. This is the most innovative thing I've seen in a long time. And I've been around a long time. Thank you. Well, thanks for having me, Jason. We did something a little unconventional, which is we put our investor presentation out publicly. And the reason to do that was inspired by a couple of factors.

2:06One was that AI is hot right now. I And we've been getting inundated by investors who want to meet. And I realized that instead of just meeting with folks and repeating myself, it'd be much more efficient to share what we've been doing. The biggest reason we thought that would make sense was because it would really build a lot of trust with customers. As we'll talk about, my product really requires customers to trust us. We take a very privacy-first approach to how we solve the problem. and by sharing our metrics, our deck publicly, we thought at minimum, it would build some customer trust. Turns out it also got us a great outcome in terms of the fundraise as well.

2:48Got it. So you raised a couple hundred million dollars in your career. You're not a first-time founder and you put the pitch out publicly. You got viewed 1.7 million times on Twitter. You received over 1 ,000 preliminary offers to invest. and that led to 170 committed offers uh what's the definition of a committed offer basically but you know i i uh i told them this is binding uh so i may make sure okay yes handshake protocol yeah exactly or a term sheet one or the other yeah got it uh and you did spend back to back meetings getting to know the investors finding the right fit that's what you should do you did reference checks that's what you should do you did diligence well that's great stuff you did your homework um and now you turn down offers from 61 investors who offered valuations over 350 million dollars uh for your startup your startup has how many employees and how much revenue i think you disclosed this yeah we have 15 employees and uh about 700 000 in annual recurring revenue okay so if we rounded that up to a million this was like a or so it would be a 400x which is absurd valuation you got offered 400 times not bottom line but top line revenue the public markets are trading at two three four five times top line and maybe at 12 multiple on pe so how do you justify such an outrageous valuation yeah i mean part of it is just the growth rate i mean we we launched uh just you know november of last year publicly end of december so we got to about a million in just a few months.

4:31Our market is massive to you know, we serve basically all knowledge workers. And, you know, the way we've priced our product, we feel like we can have a ultimately a$32 billion ARR market. So in the grand scheme of things, yeah, you're right, the multiple is pretty high today. But the rate of growth we have the huge opportunity to it's absurd. It's unprecedented. And just to be clear, we're not we didn't take the highest offer either. I mean, we definitely had the highest off, we had over 20 offers over a billion um oh my god so so a thousand x revenue right yeah and so was this for like legitimate firms well i mean yeah these are all legitimate folks you know part of it they just wanted to be you know they they believed in the you know and the thing that encouraged me most is most of the higher prices came from active users of the product so i think that that really uh reflected well i hope on the value they see we're creating and what we're doing is very new You know, it's not, it's not something people are familiar with.

5:27It's not a known category. Um, so. And you went with Eddie A, great firm, new enterprise associates. They are a legendary firm that's been around for probably three or four decades. I think they're, they're, they're a legit, legit firm. So how long did this whole fundraising process take? Yeah, it took about, um, about three weeks between, um, the first public pitch and signing a term sheet. So that was pretty fast. In my experience, even when things are going well, it usually doesn't go that fast. That's another major benefit of doing it all in public is you can sequence it all. I even tweeted out my calendar for a week there.

6:04It was pretty crazy. And the good news about also doing it in public is that most of those meetings are actually really productive. They're not just me repeating myself. They're really getting to know the investor. I want to be doing what I'm doing now for the rest of my life. So the relationship I build in this round will be one I have for decades. How much is your risk? 12 million is what nea is investing oh great yeah are you gonna with all these other folks are you going to selectively include people you think would be accretive to the cap table absolutely yeah yeah we are doing that we're doing a using a angel list roll-up vehicle so it makes it very easy to do uh yeah we are going to have some uh well you know several folks obviously feel really good that you know they offered a valuation much higher and we're going to let them in at 350 we think that's the fair thing to do fantastic and uh you know our hope is to make them all look really good.

6:50And while today, that may be a high valuation, I hope in the grand scheme of things, this will be the best time to get in on the deal. You're going to need to grow into that valuation. What do you think your revenue needs to be to justify that valuation? Well, it's a combination of revenue and growth rate. I think if we sustain the growth rate we have, frankly, if we keep growing the way we've been growing, we'll be bigger than Apple soon. So at some point, I mean, that's hilarious. Yeah, I know. insane and deranged but uh if you were you expect to 10x year over year your revenue i think so i think that's reasonable you know we have two major launches 10x randomly is that the actual expectation in the target what do you plan to do year over year yeah i mean so so today we've only launched on apple silicon so max that are the newest version that you can buy sure later this year we're launching on iphone and windows and the much rumored apple glasses uh and so those will be platforms that i think will dramatically increase the market size today we're kind of a niche product for tech enthusiasts who's got the latest and greatest once you move to those do you actually have a number you want to hit in 2024 that you shared in the deck we don't no we have not given the uncertainty on how those platforms how you know how that could you know windows for example today we got more people trying to download our product on windows than on mac we don't even have a windows product so we know that will at least double our uh our you know income and growth so 10 times uh would be 7 million 7 million uh 350 uh you're still at 50 times revenue rent so top 50 times top line and so if you did if then you tripled which you know when you get bigger numbers it's harder so then if you tripled and you hit 21 or you know even if you let's give you a 5x you get to 35 and now you'll be 10 times revenue in 2025 so they'll be giving you credit for two extraordinary years of growth in my mind i think 10 times revenue is the reasonable number in the startup that's what i see uh doing this for a living 10 times is what i'm seeing so normally your startup valuation would be 7 to 15 in a logical world without a an ai bump like this or incredible speed um so this is um you gotta thread the needle here you better 10x that or else you're gonna have the most traumatic down round in history and now you've set yourself up for complete and utter scrutiny.

9:08Closing big enterprise deals is never easy. The last thing you want to do is slow down your sales team because of a lack of integrations in your product. And you know, B2B buyers, they expect integrations. You're a startup founder, you're building B2B software, they expect people management tools to work seamlessly with the payroll provider to work with your CRM to work with the accounting software, all this stuff has to be integrated in 2023 and going forward. And if it doesn't, it's a huge problem, you're probably going to lose the customer, right? But integrations, as you know, they're brutal to implement, and they take a long time, and you have to maintain them.

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10:20You only pay for what you use, or I should say, what your customers use. So they're going to give you three linked accounts for free today at merge.dev slash twist. Again, you get three linked accounts for free already at merge.dev slash twist. Check it out. It is a game changer. For founders who are listening, what is your caution for them in terms of because you must have people saying like, Oh, I should do this too. Do you have any as a seasoned founder cautions or guardrails here in terms of because you didn't take the billion dollar valuation. So you left two thirds on the table, you diluted yourself two thirds more than you could have.

10:58So you're trying to be reasonably thoughtful about this as extraordinary and insane as this valuation is. So what's your advice to startup founders who want to copy? Yeah, well, the first thing is, you know, I, I do think I have a pretty good clear sense of the market, given the data points. So oftentimes, you do these private fundraisers, you meet with a handful of folks, you really don't get a sense of where the market is. So in that sense, I do think today, as I mentioned, a lot of folks are willing to invest at a higher price. Will they want to do that in a year or two years when we've got more data that we have to prove?

11:26I don't know. But at least I know today what the market looks like. My first advice would be not to fixate too much on valuation. I know you've asked a lot of questions on that. It was actually not really the critical thing I was focused on here. It was really around the firm and partnership. Sure. You've also focused on the next one or two years. I'm thinking much longer time horizon. And that's one of the reasons I chose NEA. Their fund structure is very unique. They have a 15-year fund, not a 10-year fund, they're very often buying at the IPO, not selling. So that horizon is kind of what I was really looking for as somebody who wants to be doing this with me for a while.

11:59While I hope we achieve all our aspirations in the next few years, I also know I've done this before. My last company grew to about$120 million in ARR. And there's a lot of bumps along the way. I guarantee you that between now and when people look at our valuation and say, okay, that makes sense mathematically, there will be bumps along the way. And so that's why I also chose a partner. That'd be my advice is choose a partner firm that's going to be there and thick and thin, you know, and they're also, they've done their diligence. They know the risks, they know the chance, you know, what our odds are of success are, and they'll still jump in willingly.

12:30so i think that's very thoughtful dan um i think you always want to pick the right partner because you're going into a marriage and here you're saying hey you're thinking in decades they're thinking in a decade and a half for their venture fund typically a venture fund is a 10-year you know when people expect it to dribble on you know 11 12 13 while you clean up maybe some stragglers good and bad where you can have stragglers in either direction uh zombie companies or just extraordinary companies like uber or airbnb that took their time going public um and uh you do have to fill in that valuation you have enough money to run for 18 months 24 months how long will the capital last you in your projections well so that's another factor too and we actually prior to raising we had about three years of runway this will extend that pretty significantly so this is not about adding runway to the company uh this is really about um you know building a war chest to go out and win and build you know this market we think is huge um so because you have only 15 employees you said before 20 or something yeah right yeah so you are experiencing what AI is providing in the world, which is massive, massive gains in efficiency with your own team.

13:36Is that correct? Absolutely. Yeah, yeah. It blows my mind every day to see the ways that our team is using AI to build a better product and just shows you why things are moving so quickly. It's this exponential math of everything we're doing today is better because of the AI of the past. We're building an AI for the future and the people who use our product will be better and more productive. And we're right in that sweet spot. And of course, I would be completely hypocritical if uh i didn't mention that i'm doing the exact same thing that you did with my venture fund so if you go to watch.co slash memo they'll throw it up on the screen here for a second i literally took our deal memo and i was like you know what i'm going to raise 506c which is a sec designation for raising publicly i mentioned it on the all-in podcast i mentioned here on the speaking startups and i tweeted it over a thousand people uh showed interest and came to webinars with me i did webinars and then i was like well screw it i'll just share the deal memo here's our strategy for a fun four if you do have a reputation if you do have a track record like you and i have and why not cast a wide net and then this also acts as marketing for your product your company which will then dan in your case get you better employees more employees more press mission accomplished and employees and press that all leads to better product and that all leads to more customers right so that is your uh i mean absolutely and even the customers alone that part has been totally worth it you know you could argue the downside is more scrutiny and what may potentially invite some competitors but we felt so good about where we've been and the product we built and you know i don't think the risks are definitely nearly as bad as people worry.

15:17And one analogy here, and I wonder if you agree with this, is this may be the future of what once was considered weird, online dating. You think about online dating, why wouldn't you just go meet somebody down at a bar? I mean, that's how people have been raising money before. You go to the five or 10 firms that everyone tells you to go to. And yeah, if it works, it doesn't. But cast a wide net. Certainly, there's a lot of people out there that are great value-add investors, believe in your mission. And even if you don't have a great reputation, you know, people find love every day on online dating.

15:46I think you can do the same with raising money for your company or for your fund. People say it's a numbers game in dating, in sales, and in raising money for your startup. You got to, I think the other phrase is kiss a lot of frogs to find your Prince charming. Don't know if we should be using that phrase anymore. I might get canceled for it, but there was this phrase that existed for a long time. So you got to kiss a lot of frogs. So tell us about your company. What is it that you do? Yeah. So the name of the company is Rewind. It is a co-pilot for your mind. It was inspired by my experience going deaf in my 20s.

16:22I tried a hearing aid at the age of 30, and it was magical. To lose a sense and gain it back again feels like gaining a superpower. And ever since that moment, I have been on a hunt for ways that technology can augment human capabilities and give us superpowers. That led me to memory. memory, just like hearing gradually gets worse as we get older. Typically, people forget about 90 % of what happens after just one week. And so the question that started this company was really if there's a hearing aid for hearing, which I which I wear, and I can hear great, and glasses for vision, what's the equivalent for memory.

16:55So our vision is to give humans perfect memory. And the product for building does that it is a macOS app today soon will be on Windows and iPhone that captures everything you see, say, and hear. It makes it searchable. It stores it all locally. So for your privacy, it's all stored on your Mac. We don't have access to it. Your employer doesn't have access to it. And recently, we've integrated with GPT-4. So you can actually ask questions of anything you've seen, said, or heard. You can ask, rewind, write me an email, investor update, write me an email to somebody I know. And it uses all of the context of your past to actually achieve that goal.

17:29So that's why we call it a co-pilot for your mind. it's a great idea and a great vision obviously it's super creepy when you first come up with it oh my god it's in the system tray it's recording everything if i were to look at a website about pop culture and i'm on tmz maybe i don't want people thinking i'm clicking on certain celebrities or worse if you had an incognito window film blanks yada yada um so it's recording everything you do on your desktop and it's in the system tray so it's not a chrome and it's pretty interesting there was a company that ideolab did and i think you're of the age that you might know this there's a company called x which um uh it came out of ideolab and it was x1 i think and it was called desktop search what it did was it searched it indexed your entire hard drive and made the pitch was it's Google for your desktop.

18:23So what you're doing is essentially a search index, but then you can put a logic layer on it with a language model to actually do productive stuff, not just find stuff. Correct? Exactly. Yeah. And it's not files. That's a distinction I want to make, which is it's really memories. It's things you've seen, things you've heard, things you've said. And just that distinction alone dramatically improves search. A good example is Twitter search. You know, Twitter search sucks. And a big reason it sucks is that when you search, it searches every tweet in the history of Twitter, when really most of the time what you want is actually a tweet you've recently seen.

18:56And so just that lens alone of restricting the things to the things you've seen said or heard can make the experience of the product much better. Listen, we work with super early stage companies at my investment firm launch, you know, pre series A, maybe got a couple of $1 ,000 a month in revenue, you've raised a couple of$100 ,000, maybe$1 ,000 ,000, right? It's the early days, year one or two of a startup. And I'll be honest, a lot of times startups, they don't have their insurance. They haven't set that up yet. They haven't set up their accounting properly. They're getting things cleaned up.

19:29In fact, I was recently had a great startup, but they didn't have D &O insurance. That basically protects your directors and officers. That's the D, directors, people on the board, officers, the people who work at the company, right? Directors and officers insurance is super important. So what do we do? We send them right to in broker our friends over in broker are a business insurance company that's built specifically for startups you just fill out a simple application right and then startups get four quotes for four lines of coverage in 15 minutes four quotes four lines of coverage 15 minutes easy breezy lemon squeezy that's right they connect you with one of their expert brokers for unmatched service that goes beyond your policy and listen you might think oh it's too early to have insurance it's not that expensive.

20:12It's not that complicated, because in broker makes it easy. So here's what I want you to do. Try and broker today with the code twist. And you'll get 10 % off their startup package at in broker.com slash twist. That's in broker.com slash twist. We love in broker, I use in broker, they're an amazing team. They do a great job for startups, whether you're in year one or year five, go use in broker.com slash twist. I'm happy to give you a demo if you want to see. Yeah, yeah let's do it let's do it great so let me actually uh share my screen and i'll show you my my memories um the way you can get dangerous quick i mean you can you can see i was very busy waiting for you to join the meeting here yeah um so you can you open rewind you just hit you know command shift scroll and now you're scrolling through time so this is our conversation uh this is everything uh you know you're there's a transcript of this everything we're seeing saying hearing i can scroll back in time you know the beginning of this meeting um you can see i was looking up on your Twitter, looking you up on Wikipedia.

21:10So you can see that very easy to go back and forth in time. You've got this timeline at the bottom. So this is a movie of your desktop you've created. Exactly. And not only is it a still image movie, but it's something you can select text from. You can take any piece of text you've previously seen. You can copy and paste it. So it's this amazing repository where you can go back and turn anything you've seen instead or heard basically into action. Make sense so far? Totally. So let me show you the integration of GPT-4. So here is using my rewind data, I'm asking it to write an email to Sam Altman, one of our first investors, asking him to catch up.

21:44It uses all the context of our past, our first introduction by Paul Graham in 2010. This new feature that I'm showing you, this GPT-4 integration, and this thing I saw about AGI on Reddit. it. It combines all of those moments of my past in a very privacy sensitive way just takes the text of those moments, sends it to GPT for GPT for produces this email, and it uses sources to actually verify that this data is or this, this email is accurate, this prevents you from having hallucinations, because you can go directly to these moments in your past. I'll just click on this first one here. This is an introduction to Sam Altman back in 2010 by Paul Graham, and we were doing that for my last company.

22:19And so you have this amazing ability to sort of combine these moments, these emails in the past, but things you've read on Reddit, and synthesize that into an email. That's just exactly what we mean by co pilot for your minds taking work that you'd otherwise have to do and doing it for you. Make sense so far? Yep. So I'll show you another quick example. Here's one where it takes things I've done in the past, I asked, what did I do last week? It says I participate in a company wide slack conversation received notifications on linear checks, you know, some some data analysis. And to my point earlier on Twitter, the last thing, this, the summary of my week says, Hey, I posted a tweet, discussing how recent advances in AI could eliminate jobs.

22:57And here's some examples. So let's click on that source. And I go directly to that tweet. So again, really quickly, and certainly for I'm sure your context switching all the time, going from meeting to meeting, if you ever want to just pull up, what was that thing? You've ever had this tip of that tongue feeling? What was that? Yeah, like I just did with x1. Yeah, I'm like, Ah, what is that a search engine? I know it was ideal lab. And I was in hex desktop search ideal lab i found it yeah exactly it's that here it would search a movie recording of my desktop for the last 30 years ideally yeah if you have to run that long that's that's that's the hope is that you're able to anytime you've had this desire to go back and synthesize information we can we can do it for you and make it much easier last example i'll show you sort of shows the power of gpt4 is i can ask it you know what's our founding story envision uh and it knows what our means it means rewind the company i founded it talks about what i mentioned earlier, losing my hearing in my 20s, our vision to give humans a perfect memory, and it synthesizes that all down into a simple paragraph.

23:55We didn't have to tell GPT-4 what is our, what is founding. It knew from the context of my past, you know, it's heard me say this now a couple times in meetings, which by the way, we transcribe meetings, so that's another source of data. So it makes it super easy to take data of anything you've seen, said, or heard, and turn it into action. In Hiduru, a William Gibson novel, he had a little Zeppelin. and I think it was called God's Machine or something. It was a little balloon that floated above everybody's head, recorded everything in their life. Not a quadcopter. He made it a balloon for some reason with little propellers on it.

24:31Anyway, it recorded everything. And so everybody had a little thing following them around, like a little drone, and it recorded everything. And you could then, with your glasses, AR, whatever, rewind your entire life. So if we had Matt in person, he would be like, oh you've been in person and let me replay this for you real quick a summary of that time and it would have a dvr of your life and what you've created is a dvr of your desktop and you put that analysis on top of it um how so you keep this video recording locally of everything i've ever done over my desktop that's right and a key technical breakthrough that we had to achieve was storing this in a way that doesn't hog your drive or your storage so we compress the data about 3000 times smaller, to be able to basically indefinitely store data for many, many years on your local hard drive, that enables it to be all private, it's locally encrypted, you don't have to worry about, you know, what happens if this is up in the cloud.

25:25And, and that doing that imperceptibly was another huge technical feat. Like, how do you do that in the background? Another reason we started with Apple Silicon, you know, how do you do that without it feeling heavy without it feeling like the it's hogging resources? So without breaking the law too, because if you were to record a conversation in california with this one uh zoom and the other party was not known you'd be breaking law and then if you were searching for stuff and then it got subpoenaed in a lawsuit and you had the software running it would all be uh something that could be subpoenaed as we've seen with people's conversations on email and text being subpoenaed over time so how do you deal with these two legal issues yeah so so consent is super important so we have a few things that we make really easy one is at any point uh you know in this being assumed you assumed we'd be recording it you're recording it well is it public yes but the conversation we had at the beginning wasn't i didn't know you were recording it and depending on if you're in a two-party consent state and you would be breaking the law or not yeah one thing is we recommend folks doing this a little banner on the on the screen saying hey recording with rewind uh that's one way to sort of disclose it publicly it's it's a little less ominous than the big loud red dot.

26:31But this is, from a legal perspective, all it really takes is reducing this presumption of privacy. We also tell folks to add to their calendar invite ahead of time a little phrase that says, hey, I'm going to record this meeting with rewinds. It's going to help me be more present. It stores all the data locally on my Mac. Let me know if you have any issues. So that's another sort of more subtle, more comfortable social dynamic where people can do this without making it awkward at the beginning of a meeting. So those are just two things that we recommend. At the end of the day, it is, you know, it's great power comes great responsibility.

27:00This is, you know, we ask our users to do this. And this tool makes it easier for them to record. But most of the folks who use this, you know, they tell the folks they meet with, especially if they're meeting with a lot of people. What about being subpoenaed? And like, you see all the research. So if you were researching competitors, and then a competitor sues you for stealing features, or they believe you did, or you had a conversation with somebody who was an employee of that company who you were interviewing and they disclosed some information you didn't ask for it to be disclosed and they told you something that was proprietary data and now you go to court that you you're using rewind man they just pull everything up and they're like here's your conversation with this person this employee of x1 or google you know spilled the beans and now you've got an actual recording of your desktop with you looking stuff up and you've basically given a you know at opposing counsel a buffet of stuff to misinterpret yeah so a couple points on that one is um we don't have access to it as a company so we we could never be subpoenaed and handed over but the person could be subpoenaed yeah exactly uh number two is you know ray dalio has been recording meetings at bridgewater associates for decades now and he gets this question all the time and he says more often than not the recordings help the company not hurt the company you can actually use the data you know for example wrongful termination lawsuit as soon as the party that might be trying to sue them knows that the meetings have been recorded, they immediately drop their charges because they know, hey, there's there's substantive to actually defend ourselves.

28:21So that's Ray Dalio has been public about the legal benefits. You know, there's this perceived concern. The third thing I'll say is we give you a lot of control over what gets captured, what doesn't, I'll just quickly show you in the app, you can actually choose, you know, which apps get recorded, you can exclude specific apps, you mentioned earlier, incognito windows, by default, we do not record any incognito browsers. Yeah. So that's just checked by default. And similarly, with audio, you can choose what gets recorded, what doesn't, and you can delete anything. So it's, you know, really designed to give you control.

28:51It's not meant to be, you know, all or nothing, you can selectively choose, hey, exclude all my zoom meetings, you know, I don't want those there. Hey, you know, we had a zoom meeting, I didn't, you know, probably shouldn't have a record of that. We can do that. Last thing is, this is a big one for data retention, you can just control how long stuff sticks around, you know, my point earlier is most people forget 90 % of things after a week. So usually what you're looking for in rewind is on the order of a few weeks ago so you can just say hey i only want to have data for the last week store month three months etc so those are all features that we've enabled to make it easier for folks um you know to control what gets captured and what doesn't you are the most fascinating guest i've had on in a long time this is absolutely extraordinary both your execution of your fundraising and product i am terrified and intrigued uh which like most great technology innovations is uh sometimes you know what uh you're looking for here i'm totally comfortable using self-driving for powers and end i am totally uncomfortable using your technology uh right now but i might be absolutely uh converted so i'm gonna definitely try it at some point uh and i really appreciate you coming on the pod and being super uh transparent about it what do you do you charge 50 bucks a month for this or something it is uh a very generous of uh 50 rewind uh free trial so it's a usage-based free trial uh our hope is you know because by the way what you're describing is not atypical a lot of people look at this and they're like this is weird would i use this weird i mean it's it's challenging but in some ways actually the it's weird in the in went in a very similar analogy to would you have imagined the 15 years ago getting into the car of random stranger you're matched with on the internet.

30:36Yeah, probably Airbnb, all the stuff. Yeah. So it's weird in that same class of things. I hope we will be as successful as those companies. Where you know, at first blush, you're like, how would I use this? Why would I use this? You know, and then all the cases, the reason we give this 50 day 50 rewind free trials, what we find is people try it, they install it. And then all of a sudden, they'll have a magical moment, it will be likely, yeah, initially, it'll be like a tab crashes, or they hit discard on an email instead of send. And they'll have this pit in the stomach oh my gosh i just lost everything 50 days to me feels like what i would try or 30 days what does it cost well it's so it's it's the free free trials 50 rewind so it's usage based as much as you want then it's ten dollars per month for the basic plan and 30 a month for the pro plan and you have an enterprise here so you could record everybody's desktop in your organization and if everybody uses their business laptop for compliance reasons anybody who's in finance or health care already has everything recorded so there's a multiplayer version here that would be extraordinary for people in finance where i could search all of my employees desktops as crazy as that is and look at all of them by the way in customer support and in finance this already exists so for people who are like whoa that's creepy if you're doing finance every phone call on the desk is recorded every desktop action is recorded every message every email so there's going to be a compliance big brother version of this for those companies I take it?

31:58Well, not really. We don't view ourselves as a surveillance tool. And today, we actually don't have those enterprise capabilities. Right now, it's really an individual... Are you going to make an enterprise version? We will eventually, but it won't be surveillance. It won't be letting your boss see what you've recorded. It will be giving them control over what gets shared, maybe some data retention controls, like I showed you earlier. Maybe a company, if they're buying this software for you, they can say everything after six months automatically gets deleted. But we'll never let your employer see the recordings.