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(PEOPLE CHATTERING)
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(DRAMATIC MUSIC PLAYING)
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Ooh, fuck. Yeah, it doesn't matter.
4
00:00:20,480 --> 00:00:22,244
Whoa. You okay there, Richard?
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00:00:22,360 --> 00:00:24,203
Uh... Yeah, I'm fine.
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Sorry, I can't really throw it any slower.
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Give it another cut, Richard.
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No, I'm fine. I don't want to.
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Maybe someone else wants to. Who's next?
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If someone has to go, I'll go,
but it seems very frightening.
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You sure? You got us for the whole hour.
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- Anyone?
- Would it hurt your feelings if no one went?
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MAN: (ON PA.) Ladies and gentlemen,
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welcome to the annual
Stern Taylor Fall Classic.
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I'd like to start by making a toast
to our very special guest tonight,
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- Richard Hendricks.
- (APPLAUSE)
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Richard, after your perfect game
at TechCrunch Disrupt a few weeks ago,
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we fell in love with you and your tech.
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Look, we know everyone
in the Valley is after you,
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and we know that you're probably
going to go with Peter Gregory,
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but we'd love to have you
come play on our team.
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Let Stern Taylor Capital Fund in
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on your Series A financing,
because together, Richard,
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we'd be
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a home run!
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(ORGAN PLAYS CHARGE)
(APPLAUSE)
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- Oh, fight.
- What do you say, Richard?
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I'll do what I can.
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All right. Have fun, everybody.
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(INDISTINCT CONVERSATIONS)
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I don't know, man.
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It's starting to feel weird
letting all these firms suck up to us,
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even though we're not gonna
take their money.
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Richard, Peter Gregory hasn't officially
given us the term sheet yet.
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Yes, but he will tomorrow when he gets back.
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If you can't enjoy this many people
kissing our ass at this level,
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then I feel sorry for you.
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Would you just relax
and take it in for a second?
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I mean, we are getting our dicks sucked
at the AT&T Park.
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We're standing on the field of
the World Series champions.
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It's totally lost on me.
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Yeah, I don't give a shit, either.
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Hey! I'm Nicole Stein.
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I lead the Growth Team at Stern Taylor.
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- Oh. I'm Dinesh.
- I'm Gilfoyle.
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I love it. So what do you two do at Pied Piper?
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I'm the CTO.
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Ah, he's joking. I'm the CTO.
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Fuck you, I'm joking.
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00:02:23,400 --> 00:02:25,607
Okay, how could you be
the Chief Technology Officer?
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I get it. You hear the word "chief,"
and you think "lndian Chief."
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But you're the other kind of Indian.
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Okay. One, fuck you. I'm Pakistani.
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And two, how could you be CTO of anything?
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You have to be able to organize,
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you have to be able to delegate,
you have to be...
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I delegate you to go get me a fucking beer
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while I talk to Nicole.
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00:02:44,320 --> 00:02:47,244
George Silver,
operating partner at Stern Taylor.
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So, what do you do at Pied Piper?
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He's the CTO.
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(JAZZ MUSIC PLAYING)
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ERLICH: That's Drew Houston.
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We've been circling each other
for the last 20 minutes.
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Ooh!
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The Winklevoss twins.
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00:03:03,760 --> 00:03:06,809
Look at them. They're like
two genetically enhanced Ken dolls.
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Do you know
how much Bitcoin they're worth?
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Oh, shit, they're splitting up.
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Cameron's the left dominant one, right?
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- I can't tell them apart.
- I'm gonna come at him from the right side,
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try and herd them back together
without spooking them.
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Watch this.
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Cameron! Cameron!
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- Okay.
- JAVEED: Well, well, well,
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look who's the big swinging dick.
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Hey, Javeed, everything okay at Goolybib?
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You gotta ask them. They canned me.
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- What?
- Yeah.
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Our investors got spooked
by a possible down round,
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00:03:37,640 --> 00:03:39,608
so they shoved
an acquisition down my throat.
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00:03:39,680 --> 00:03:42,889
Yeah, an acquisition of $200 million, right?
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00:03:42,960 --> 00:03:46,965
Yeah, they all made out.
I had a reverse vest with no triggers,
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00:03:47,320 --> 00:03:49,687
then I lost all my shares when they fired me.
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I blew my whole signing bonus
renting that house.
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I'm looking into suing 'em.
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Jeez.
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Look, all I can say is,
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don't get fucked, all right?
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00:04:01,120 --> 00:04:04,442
You take money from the wrong dudes,
and you'll get smoked as bad as I did.
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00:04:05,160 --> 00:04:06,446
Just be careful.
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Everyone is watching you now.
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Yeah. Totally. I know. Thanks, Javeed.
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No. I mean, they're watching you right now.
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(ORGAN PLAYS CHARGE)
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- Yeah.
- (APPLAUSE)
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Damn it. Where is that camera?
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(THEME MUSIC PLAYING)
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DINESH: I can't believe
how many gifts we're getting.
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GILFOYLE: Gifts I'm getting.
That Oculus rig is addressed to the CTO.
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00:04:38,320 --> 00:04:39,970
DINESH: No, I'm the CTO.
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As your superior,
I order you to give me that Oculus.
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You can't make me do stuff.
You're not the boss of me.
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- Actually, I am the boss of you.
- Okay.
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GILFOYLEI Richard, tell him I'm CTO.
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DINESH: No, you already told that fat guy
that I'm the CTO.
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Stop, stop, stop. Please stop.
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I have a ton of work to do.
You have work to do.
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Maybe let's do the work instead of that.
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Jared, we were supposed
to get a term sheet today.
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- Have we heard from Peter Gregory?
- (KEYBOARD CLICKING)
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Peter Gregory is dead.
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What?
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(KEYBOARD CLICKING)
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Holy shit.
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MONICA: He was the smartest,
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shrewdest, (SCOFFS)
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strangest man I've ever known.
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I can't believe that he's gone.
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(CLEARS THROAT) Can I ask what happened?
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Yeah. Um...
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He was in the Serengeti on safari...
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- Ah.
-...and he had just gone into his tent
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when a hippo wandered into the camp.
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Oh, wow.
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He was attacked by a hippo?
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No. No.
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I guess the hippo started to charge
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when the guide grabbed his rifle
and shot at it,
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but his aim was off, and...
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And he shot Peter Gregory by accident?
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- Yeah.
- No, he missed...
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But I guess the sound of the gun
startled Peter,
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who ran out of his tent and...
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Ran right into the hippo?
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No, the hippo was also startled by the noise
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and had run off prior to Peter exiting his tent.
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So, what happened to Peter?
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He hadn't run in a long time,
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maybe ever, and you know, he just...
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That was it.
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- Uh.
- Uh.
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- That is so very strange.
- (CLEARS THROAT)
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- Very sad and tragic. Wow.
- Very sad and strange.
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See you.
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Man, that is so weird.
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I mean, one minute Peter Gregory is here,
the next, he's just gone.
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ERLICH: Jared, it's Erlich.
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I need you to set up
all the other VC meetings, ASAP.
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Line 'em up nuts to butts.
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Erlich, what are you doing?
Monica just said they're still gonna fund us.
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We should just sit tight.
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Look, I loved Peter Gregory
maybe even more than he loved me,
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but there's something
you need to know here,
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something that Monica
isn't exactly volunteering up,
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and that's that all of these one-man firms
have a key-man clause.
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- Do you know what that means?
- No.
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It means that now that Peter Gregory is gone,
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all the Raviga investors
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have the contractual right
to cash out and walk away,
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which means that by the end of the day,
there may not be a Raviga.
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00:07:50,080 --> 00:07:52,651
- Seriously?
- Yes, so we have to prepare for that.
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Now, I know that it makes me
sound like a terrible person,
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but we have a company to run.
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And do you know who
the first person to agree with me would be?
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Peter Gregory.
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(DRAMATIC MUSIC PLAYING)
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And that is the very first spot
in our new campaign
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heralding the upcoming release of Nucleus
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00:08:15,480 --> 00:08:17,164
this January at CES.
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- Any questions?
- I have a question.
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That was horrible.
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I just got humiliated
by a fucking teenager at TechCrunch Disrupt,
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and you give me this tampon ad?
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A girl with diabetes on a swing?
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- I think she has cancer.
- MAN: Yeah.
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At least that's how I read it.
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I don't care what kind of disease she had!
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All I care about is that
Nucleus is better than Pied Piper.
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Hendricks just left us all in the dust.
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If we get this wrong,
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we could blow
the business opportunity of a lifetime!
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Data creation is exploding.
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With all the selfies and useless files
people refuse to delete on the cloud,
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92% of the world's data
was created in the last two years alone.
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At the current rate,
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00:09:01,120 --> 00:09:05,170
the world's data storage capacity
will be overtaken by next spring.
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It will be nothing short of a catastrophe.
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Data shortages, data rationing,
data black markets.
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Someone's compression
will save the world from data-geddon,
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and it sure as hell better be Nucleus
and not goddamn Pied Piper!
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I don't know about you people,
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but I don't wanna live in a world
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where someone else makes the world
a better place better than we do.
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00:09:33,480 --> 00:09:37,405
"Data-geddon." Is he married to that, or...
196
00:09:37,480 --> 00:09:39,687
There's just been a lot of "geddons" lately.
197
00:09:39,760 --> 00:09:42,411
That's true.
"Snow-mageddon," "car-mageddon."
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There's that movie Armageddon.
199
00:09:49,640 --> 00:09:51,688
Laurie, you wanted to see me?
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00:09:51,760 --> 00:09:53,808
Monica, come in, come in.
I'm sure you've heard by now
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00:09:53,880 --> 00:09:55,723
that I've been named
our new managing partner.
202
00:09:55,800 --> 00:09:57,529
MONICA: Yes. Congratulations.
203
00:09:57,600 --> 00:10:00,763
Did the limited partners tell you
how they made their decision?
204
00:10:01,200 --> 00:10:03,168
Oh. They looked at the portfolio performances
205
00:10:03,240 --> 00:10:05,481
of each of the senior partners
over the last several funds,
206
00:10:05,560 --> 00:10:08,086
and my numbers were,
objectively, the most favorable.
207
00:10:08,160 --> 00:10:09,764
Therefore, I was selected.
208
00:10:09,840 --> 00:10:14,482
Yeah, it's just managing partner
is all about meeting with people
209
00:10:14,560 --> 00:10:16,369
and interacting with people.
210
00:10:16,440 --> 00:10:18,329
You can sit down if you want to.
Do you want to?
211
00:10:18,400 --> 00:10:20,050
- Oh...
- Or should we stand?
212
00:10:20,280 --> 00:10:21,964
Uh... I... Whatever...
213
00:10:22,040 --> 00:10:23,041
- I'm standing...
- Okay.
214
00:10:23,120 --> 00:10:24,281
But you don't have to.
215
00:10:24,880 --> 00:10:27,770
- Okay.
- Would it make you feel awkward to sit?
216
00:10:27,840 --> 00:10:29,251
I'm okay to stand.
217
00:10:30,640 --> 00:10:33,086
- Monica...
- Of course.
218
00:10:33,440 --> 00:10:35,090
Peter Gregory is dead.
219
00:10:36,040 --> 00:10:37,804
Yes, I know.
220
00:10:37,880 --> 00:10:42,169
On a personal note, his death is very sad.
221
00:10:42,240 --> 00:10:45,084
But on a professional level, it's untenable.
222
00:10:45,160 --> 00:10:46,321
I've been reviewing his files.
223
00:10:46,400 --> 00:10:48,880
He was pursuing a number
of extremely dubious positions.
224
00:10:49,000 --> 00:10:53,642
Are you aware that we own
a $30 million ostrich farm in Morocco,
225
00:10:53,720 --> 00:10:56,644
or that we are the majority stakeholders
226
00:10:56,920 --> 00:10:59,400
in three companies that
specialize in invisibility?
227
00:10:59,560 --> 00:11:04,282
This box is filled with napkins covered
with notes detailing Peter's conviction
228
00:11:04,400 --> 00:11:08,291
that genetically-modified cranberry fungus
would become the next cotton.
229
00:11:08,400 --> 00:11:10,448
- That... That one I remember.
- Yes.
230
00:11:11,560 --> 00:11:12,971
- Monica.
- Mmm-hmm.
231
00:11:13,920 --> 00:11:15,570
Peter Gregory is dead.
232
00:11:16,880 --> 00:11:18,530
- Yes.
- We need to seem competitive,
233
00:11:18,600 --> 00:11:20,011
now more than ever,
234
00:11:20,080 --> 00:11:23,289
to our investors as well
as to the industry at large.
235
00:11:23,360 --> 00:11:24,361
Well, I mean,
236
00:11:24,440 --> 00:11:28,411
Pied Piper is probably the hottest
early investment in town right now,
237
00:11:28,480 --> 00:11:29,720
and we have them.
238
00:11:29,800 --> 00:11:31,450
Do we?
239
00:11:32,200 --> 00:11:35,568
But why then are they speaking to other firms
about investing in their Series A?
240
00:11:35,640 --> 00:11:38,450
No, no.
I just told them to sit tight for a day or two
241
00:11:38,520 --> 00:11:39,760
until we sorted things out.
242
00:11:39,840 --> 00:11:44,050
It seems that that advanced
a sense of uncertainty,
243
00:11:44,120 --> 00:11:46,327
and now we're at risk of losing their round.
244
00:11:46,400 --> 00:11:48,846
This could jeopardize the firm
245
00:11:48,920 --> 00:11:51,890
and, by extension, your career here, Monica,
246
00:11:51,960 --> 00:11:53,450
as an associate partner.
247
00:11:53,520 --> 00:11:56,205
Well, I guess I was just kind of in shock.
248
00:11:56,280 --> 00:11:57,361
Monica...
249
00:11:57,440 --> 00:11:58,441
(SIGHS)
250
00:12:00,520 --> 00:12:02,329
Peter Gregory is dead.
251
00:12:04,800 --> 00:12:07,201
Yes. I know.
252
00:12:08,960 --> 00:12:10,200
ERLICHI This is great.
253
00:12:10,280 --> 00:12:12,726
I mean, do you know how many times
I've gone into these rooms
254
00:12:12,800 --> 00:12:15,770
with nothing but a half of an ass in my hand?
255
00:12:15,880 --> 00:12:20,647
We're walking in there with 3-foot cocks
covered in Elvis dust.
256
00:12:20,760 --> 00:12:21,761
(PHONE RINGING)
257
00:12:21,840 --> 00:12:24,491
- Really?
- Richard Hendricks? They're ready for you.
258
00:12:25,320 --> 00:12:27,971
- This is a fucking layup, guys.
- RICHARD: Okay, let's do this.
259
00:12:29,640 --> 00:12:31,130
ERLICH: Not you, Jared.
260
00:12:31,840 --> 00:12:33,763
Now, with proper funding,
261
00:12:33,840 --> 00:12:38,607
we should be able to put together
a functioning beta in time for CES
262
00:12:38,680 --> 00:12:43,049
and compress Nucleus out of the marketplace.
263
00:12:43,120 --> 00:12:44,451
(BOTH CHUCKLE)
264
00:12:46,240 --> 00:12:47,810
Yeah.
265
00:12:47,880 --> 00:12:48,927
I don't know.
266
00:12:49,960 --> 00:12:51,450
You don't... What?
267
00:12:52,080 --> 00:12:54,048
It just doesn't seem worked out to me.
268
00:12:54,880 --> 00:12:59,363
Well, I mean, it was worked out enough
to win TechCrunch Disrupt.
269
00:12:59,440 --> 00:13:02,284
Yes, and congratulations, you won 50 grand,
270
00:13:02,360 --> 00:13:05,807
but you're asking us for 200 times that.
271
00:13:05,880 --> 00:13:10,681
Richard, look, we all know
about your amazing compression rate,
272
00:13:10,760 --> 00:13:12,888
but let's not be naive here.
273
00:13:12,960 --> 00:13:16,043
You can't expect to just
throw money at an algorithm
274
00:13:16,120 --> 00:13:19,966
and beat one of the largest
tech companies in the world.
275
00:13:20,040 --> 00:13:21,690
So why don't you rework this a little
276
00:13:21,760 --> 00:13:24,491
and come back in with a little more?
277
00:13:24,560 --> 00:13:26,210
Maybe next week?
278
00:13:28,160 --> 00:13:29,207
And?
279
00:13:29,600 --> 00:13:31,682
That was really weird.
280
00:13:31,760 --> 00:13:34,730
I guess we don't have
as much Elvis dust on us as I thought.
281
00:13:34,800 --> 00:13:37,485
You see?
This is why I wanted to go with Peter Gregory.
282
00:13:37,560 --> 00:13:38,607
This is bullshit.
283
00:13:38,680 --> 00:13:42,321
I mean, that guy throws this huge party for us
and then acts like he doesn't even want us?
284
00:13:42,400 --> 00:13:43,925
I mean, I fucking hate parties.
285
00:13:44,000 --> 00:13:45,889
And then he says, "Come back next week
when you have more."
286
00:13:45,960 --> 00:13:48,691
More? More than 5.2 on Weissman? (SCOFFS)
287
00:13:48,760 --> 00:13:50,444
No. No.
288
00:13:50,520 --> 00:13:53,729
Fuck that guy. Fuck this place.
Fuck this whole place.
289
00:13:54,240 --> 00:13:56,322
- Watch me fuck this place.
- No, wait! Wait, wait!
290
00:13:57,960 --> 00:14:01,362
Hey. You remember when you told me
to come back when I had more?
291
00:14:01,440 --> 00:14:03,010
And then I said I would?
292
00:14:03,080 --> 00:14:06,687
Well, I'm not going to. Ever.
This doesn't count. Okay.
293
00:14:06,760 --> 00:14:09,366
I'm covered in dust. I'm a 3-foot dick,
294
00:14:09,440 --> 00:14:11,966
and I've got half an ass
to go to some other company
295
00:14:12,080 --> 00:14:15,050
who's never gonna put me on a Jumbotron
or throw balls at me.
296
00:14:18,520 --> 00:14:19,760
Bye.
297
00:14:27,200 --> 00:14:29,885
Are you feeling unwell?
Do you need protein?
298
00:14:29,960 --> 00:14:31,325
I don't know what happened.
299
00:14:31,400 --> 00:14:34,688
Between Peter dying
and Raviga maybe being gone, I just...
300
00:14:34,760 --> 00:14:36,762
I just wanna get funded and build Pied Piper.
301
00:14:36,840 --> 00:14:38,205
I hate this part.
302
00:14:38,960 --> 00:14:40,883
- ERLICH: Well, if one thing is for sure...
- (CELL PHONE CHIMES)
303
00:14:40,960 --> 00:14:44,203
...if we're gonna get any traction,
I need to step up my game.
304
00:14:44,320 --> 00:14:46,004
It's an email from Ron LaFlamme.
305
00:14:47,320 --> 00:14:49,721
"Just got a term sheet from Stern Taylor.
306
00:14:49,800 --> 00:14:53,964
"They offered $5 million
at $25 million post-money valuation.
307
00:14:54,080 --> 00:14:55,320
"More than I thought."
308
00:14:55,400 --> 00:14:56,890
Shit. They were negging us.
309
00:14:57,000 --> 00:14:58,968
- Negging?
"Neggifig is going negative.
310
00:14:59,040 --> 00:15:02,442
It's a manipulative sex strategy
used by lonely chauvinists.
311
00:15:02,520 --> 00:15:03,726
ERLICH: See, everybody wants us.
312
00:15:03,840 --> 00:15:08,084
But, by shitting all over us,
they try and bring our price down.
313
00:15:08,160 --> 00:15:12,085
But you shitting all over them
counteracted their shitting all over us.
314
00:15:12,160 --> 00:15:15,403
You negged a neg.
Richard, this could be good.
315
00:15:15,480 --> 00:15:17,847
- Where do we have next?
- Ross Loma Capital.
316
00:15:17,920 --> 00:15:19,410
Should I keep doing it?
Should I keep negging?
317
00:15:19,520 --> 00:15:20,965
No, no, I'll handle this.
318
00:15:21,040 --> 00:15:23,691
If they want to negotiate
using hostility and rudeness,
319
00:15:24,960 --> 00:15:26,689
well, they picked the wrong guy.
320
00:15:27,520 --> 00:15:30,330
Well, you see, our main concern
321
00:15:30,400 --> 00:15:33,688
is how you're going to achieve
escape velocity on your growth rate.
322
00:15:33,760 --> 00:15:35,364
- (CHUCKLING)
-if critical mass...
323
00:15:36,840 --> 00:15:39,002
I'm sorry. What's funny?
324
00:15:39,080 --> 00:15:41,242
It's just that painting behind you.
325
00:15:41,320 --> 00:15:43,049
It's awful.
326
00:15:43,120 --> 00:15:46,761
It looks like harlequin Kama-sutra
done poorly.
327
00:15:47,400 --> 00:15:49,801
So, I agree,
328
00:15:49,880 --> 00:15:51,723
bad culture fit.
329
00:15:51,800 --> 00:15:53,643
I think we all just move on.
330
00:15:53,720 --> 00:15:55,131
Look, I didn't say anything about a culture fit.
331
00:15:55,200 --> 00:15:56,725
No, I did.
332
00:15:57,320 --> 00:15:59,971
Okay. Well,
333
00:16:00,040 --> 00:16:01,326
thank you for meeting with us.
334
00:16:01,400 --> 00:16:03,289
We have a bunch of these things to go to,
335
00:16:03,360 --> 00:16:06,091
hopefully with more tasteful artwork.
336
00:16:06,160 --> 00:16:09,642
And your logo looks like a sideways vagina.
337
00:16:09,720 --> 00:16:12,291
I find that to be racist, don't you?
338
00:16:15,800 --> 00:16:16,961
Okay, here's my concern...
339
00:16:17,080 --> 00:16:20,801
Here's my concern.
Who the hell picked out that shirt for you?
340
00:16:20,880 --> 00:16:22,041
What?
341
00:16:23,080 --> 00:16:25,321
Oh, I see. With the pants.
342
00:16:25,400 --> 00:16:28,085
So I guess it's a whole thing.
343
00:16:28,160 --> 00:16:29,730
My wife picked these out.
344
00:16:29,840 --> 00:16:31,171
Then you married poorly.
345
00:16:31,440 --> 00:16:34,330
Do you care about Pied Piper?
346
00:16:34,400 --> 00:16:37,290
Do I care about Pied Piper? Well, of course.
347
00:16:37,360 --> 00:16:39,681
Cause if you do, I'm not seeing it.
348
00:16:39,880 --> 00:16:44,647
In fact, what I think I'm seeing
is the human equivalent of a flaccid penis.
349
00:16:45,760 --> 00:16:48,411
"Flak-sid." It's actually pronounced "flak-sid."
350
00:16:48,480 --> 00:16:49,891
Not a lot of people know that.
351
00:16:49,960 --> 00:16:51,769
Well, we are definitely interested,
352
00:16:51,840 --> 00:16:54,366
but I think we need to...
353
00:16:54,440 --> 00:16:56,568
I'm sorry. ls something wrong?
354
00:16:56,800 --> 00:16:59,531
No, this is all wrong.
355
00:16:59,600 --> 00:17:01,887
I am sensing a general lack of vision.
356
00:17:03,120 --> 00:17:04,690
Your muffins smell like shit.
357
00:17:04,760 --> 00:17:06,444
So do your ideas.
358
00:17:07,160 --> 00:17:10,050
One of you is the least attractive person
I've ever seen,
359
00:17:10,120 --> 00:17:12,009
and I'm not gonna say who.
360
00:17:13,480 --> 00:17:15,881
Should we leave or should you?
361
00:17:15,960 --> 00:17:19,328
We just got offered eight at 40.
362
00:17:19,400 --> 00:17:20,970
We're five for five, gentlemen.
363
00:17:21,040 --> 00:17:23,646
And Galveston Capital Fund
and Yountville Ventures called.
364
00:17:23,720 --> 00:17:25,882
They want to move their meetings up
before everyone else.
365
00:17:25,960 --> 00:17:28,725
Hey, let me try.
I want to be rude at this next one.
366
00:17:28,800 --> 00:17:30,040
Go for it.
367
00:17:30,120 --> 00:17:31,406
So, with some proper funding,
368
00:17:31,480 --> 00:17:34,165
we should be able to get
a functioning beta in time for CES.
369
00:17:35,240 --> 00:17:37,527
And if you don't fund us,
370
00:17:37,600 --> 00:17:39,728
you're a fucking slut.
371
00:17:42,920 --> 00:17:44,160
(SNIFFING) Oh...
372
00:17:44,240 --> 00:17:46,766
What's that smell? Is that a fart?
373
00:17:47,760 --> 00:17:49,000
Are you a farter?
374
00:17:50,000 --> 00:17:54,050
Now, can I have a pastry?
Or are you guys gonna eat 'em all?
375
00:17:55,400 --> 00:17:57,323
'Cause you're gonna get fat.
376
00:17:59,840 --> 00:18:03,970
It's not your fault, Richard.
This is just something that can't be taught,
377
00:18:04,040 --> 00:18:07,567
so leave the next one to me.
I can feel a big one coming on.
378
00:18:07,640 --> 00:18:08,641
What are you gonna do?
379
00:18:09,200 --> 00:18:11,362
I'm not sure yet, but give me room.
380
00:18:11,440 --> 00:18:13,966
There's something inside of me
that has to come out,
381
00:18:14,040 --> 00:18:15,565
and who am I to stop it?
382
00:18:16,600 --> 00:18:17,601
(COMPUTER BEEPS)
383
00:18:18,000 --> 00:18:19,161
His balls?
384
00:18:19,640 --> 00:18:21,404
He put his balls on the table?
385
00:18:21,480 --> 00:18:23,608
- Right on the table.
- On purpose?
386
00:18:23,680 --> 00:18:26,206
I don't see how it could be by accident.
387
00:18:26,280 --> 00:18:29,443
Richard, I just got an email
from the guys at Midland-Oak.
388
00:18:29,520 --> 00:18:31,887
Apparently, there is a line, and I crossed it...
389
00:18:32,880 --> 00:18:36,805
The line between $12 and $15 million!
390
00:18:37,040 --> 00:18:38,246
Ba-bam!
391
00:18:38,320 --> 00:18:39,970
Midland-Oak's offerjust came in.
392
00:18:40,040 --> 00:18:44,443
Gentlemen, we are valued at 75 million,
fully diluted.
393
00:18:44,560 --> 00:18:45,721
Are you shitting me?
394
00:18:45,800 --> 00:18:47,404
Take a look at these term sheets.
395
00:18:47,520 --> 00:18:49,602
There is a linear correlation
396
00:18:49,680 --> 00:18:51,330
between how intolerable I was...
397
00:18:51,440 --> 00:18:53,044
- (KNOCKING)
-...and the height of valuation.
398
00:18:53,720 --> 00:18:56,041
Hey, YOU guys. Um...
399
00:18:56,120 --> 00:18:59,124
This is Laurie Bream,
the new managing partner at Raviga.
400
00:18:59,240 --> 00:19:02,483
Oh, uh... Hi. I'm Richard Hendricks.
401
00:19:02,560 --> 00:19:05,404
Yes. I recognize you from your photograph.
402
00:19:05,480 --> 00:19:08,529
- It's very nice to meet you in person.
- Yeah.
403
00:19:08,600 --> 00:19:09,681
Okay, so we did that.
404
00:19:09,760 --> 00:19:12,047
Gentlemen, I am aware
of the degree of interest
405
00:19:12,120 --> 00:19:13,246
you are receiving from other firms.
406
00:19:13,320 --> 00:19:17,450
I am aware that participation in your Series A
will require a very competitive offer,
407
00:19:17,520 --> 00:19:20,444
but for numerous reasons,
I believe it to be the prudent decision.
408
00:19:21,000 --> 00:19:25,130
Now I am presenting you with this.
409
00:19:25,760 --> 00:19:29,810
$20 million at $100 million valuation?
410
00:19:29,880 --> 00:19:31,689
I don't... Uh...
411
00:19:31,760 --> 00:19:34,366
This is way more than any other offer.
412
00:19:34,440 --> 00:19:35,521
Correct.
413
00:19:36,760 --> 00:19:38,000
That is very much intentional.
414
00:19:38,400 --> 00:19:41,210
So, I believe that satisfies your requirements?
415
00:19:41,280 --> 00:19:43,681
Monica will arrange a time
to formalize the details.
416
00:19:43,760 --> 00:19:45,330
Thank you. Have a good day.
417
00:19:46,160 --> 00:19:47,400
Uh, thank you.
418
00:19:48,920 --> 00:19:49,921
Yes.
419
00:19:53,000 --> 00:19:55,765
Congratulations, guys. I am so glad...
420
00:19:55,880 --> 00:19:56,881
(ENGINE STARTS)
421
00:19:56,960 --> 00:19:59,645
Oh, shit! She's my ride home.
I'll call you, Richard.
422
00:19:59,760 --> 00:20:01,205
Uh, yeah, okay.
423
00:20:01,800 --> 00:20:04,326
- Thanks for stopping...
- MONICA: Wait! Laurie, hold on!
424
00:20:04,880 --> 00:20:06,041
(LAUGHS)
425
00:20:06,120 --> 00:20:08,122
Guys, I think we're funded.
426
00:20:08,200 --> 00:20:10,567
- Yes! Richie!
- Yeah!
427
00:20:12,480 --> 00:20:13,481
(SIGHS)
428
00:20:14,680 --> 00:20:17,650
ERLICH: So, I push my dick to the side,
unbutton the bottom two buttons and...
429
00:20:17,720 --> 00:20:18,721
Bam!
430
00:20:20,320 --> 00:20:21,446
Ah!
431
00:20:21,520 --> 00:20:23,249
- What are you doing?
- Shit. Sorry, sorry. Sorry.
432
00:20:24,680 --> 00:20:26,842
(STAMMERS)
Meet me on the side of the house.
433
00:20:26,920 --> 00:20:28,888
-L... Okay.
- Okay. Okay. Go.
434
00:20:30,320 --> 00:20:32,243
- Hey.
- Hey, what's up?
435
00:20:32,320 --> 00:20:35,722
If anyone finds out that I came back here,
I will get fired, okay?
436
00:20:35,800 --> 00:20:37,484
Okay.
437
00:20:37,560 --> 00:20:40,404
- Don't take this deal.
- What?
438
00:20:40,480 --> 00:20:43,051
You are worth half that at best.
439
00:20:43,520 --> 00:20:45,568
Oh, wow. Thanks for the compliment.
440
00:20:45,680 --> 00:20:48,126
No. The credit to you guys.
You negotiated your asses off,
441
00:20:48,200 --> 00:20:50,567
but this is a classic runaway valuation.
442
00:20:51,400 --> 00:20:53,050
What's wrong with that?
443
00:20:53,120 --> 00:20:58,206
Pied Piper will be tied to this crazy valuation
that you will never be able to live up to.
444
00:20:58,840 --> 00:21:02,128
If you don't keep increasing
in value in the next round,
445
00:21:02,200 --> 00:21:04,521
if you have a down round, you are fucked.
446
00:21:04,600 --> 00:21:07,604
It is the kiss of death for a young CEO.
447
00:21:07,680 --> 00:21:11,366
You want to start with a realistic valuation
and grow at a reasonable pace.
448
00:21:11,440 --> 00:21:15,968
Okay, well, if it's such a shitty deal,
then why did your boss offer it to us?
449
00:21:16,040 --> 00:21:18,088
Because she's competitive as hell.
450
00:21:18,160 --> 00:21:20,970
She needs Pied Piper
to keep Raviga afloat, Richard.
451
00:21:21,040 --> 00:21:22,690
- Okay.
- Look, I respect Laurie,
452
00:21:23,120 --> 00:21:25,805
but this is the exact type of thing
Peter never did.
453
00:21:27,080 --> 00:21:29,128
Richard, come on. I own shares in Pied Piper.
454
00:21:29,200 --> 00:21:31,282
If this high evaluation
was good in the long-term,
455
00:21:31,360 --> 00:21:33,249
would I be standing here, risking my job?
456
00:21:34,480 --> 00:21:35,561
Don't take our offer.
457
00:21:35,640 --> 00:21:38,007
Maybe go with the lowest offer you got.
458
00:21:38,080 --> 00:21:39,809
Even that might be too high.
459
00:21:39,880 --> 00:21:42,804
(SCOFFS) Again,
thank you for the compliment.
460
00:21:43,600 --> 00:21:47,924
Also, I didn't see anything in there.
461
00:21:48,000 --> 00:21:50,002
No. Yeah, thank you.
462
00:21:50,120 --> 00:21:52,407
I was gonna say if you had,
you'd have to show me yours, too.
463
00:21:52,480 --> 00:21:53,527
(CHUCKLES)
464
00:21:55,160 --> 00:21:56,764
- Um...
- (CLEARS THROAT)
465
00:21:56,840 --> 00:21:59,923
- Okay.
- Okay. Thanks for the...
466
00:22:00,000 --> 00:22:01,001
Okay.
467
00:22:15,960 --> 00:22:17,371
Yeah, sorry about that party.
468
00:22:18,240 --> 00:22:19,969
I was in kind of a bad way that night.
469
00:22:20,040 --> 00:22:23,442
And truth is, I'm actually doing okay.
470
00:22:23,880 --> 00:22:26,167
- Good. That's great.
- Yeah.
471
00:22:26,280 --> 00:22:29,170
I mean, I could run the scenarios
about what happened all I want,
472
00:22:29,600 --> 00:22:33,491
(SIGHING) but I finallyjust realized
there's just nothing I can do, you know?
473
00:22:33,560 --> 00:22:34,846
Yeah.
474
00:22:34,920 --> 00:22:37,685
So, I'm at peace with it all.
475
00:22:37,760 --> 00:22:40,081
I was thinking, actually, um,
476
00:22:40,160 --> 00:22:42,766
what if you had asked for less?
477
00:22:44,240 --> 00:22:45,287
What?
478
00:22:45,400 --> 00:22:47,448
Well, what if you could've gone to someone
479
00:22:47,520 --> 00:22:50,126
and asked for less than
what they offered that first round?
480
00:22:50,440 --> 00:22:52,602
Like, you mean, negotiating them down?
481
00:22:53,240 --> 00:22:55,049
- Yeah.
- Can you even do that?
482
00:22:55,120 --> 00:22:58,090
- Well, yeah. I mean, why not?
- Yeah, but...
483
00:22:59,800 --> 00:23:03,202
I mean, I guess, technically, I could have.
484
00:23:03,280 --> 00:23:04,327
Mmm...
485
00:23:04,440 --> 00:23:05,646
Huh.
486
00:23:05,720 --> 00:23:09,486
Yeah, I suppose you could argue
that it might've been easier
487
00:23:09,560 --> 00:23:13,281
to hit more realistic benchmarks
488
00:23:13,640 --> 00:23:14,846
and reach cash flow break-even.
489
00:23:14,920 --> 00:23:16,285
Yeah, that's what I'm saying.
490
00:23:17,280 --> 00:23:21,763
And then, (SIGHS)
we wouldn't have faced that down round.
491
00:23:23,560 --> 00:23:25,005
And...
492
00:23:26,640 --> 00:23:28,847
We wouldn't have
had to settle for acquisition.
493
00:23:30,480 --> 00:23:31,766
All that money
494
00:23:32,720 --> 00:23:33,767
fucked me.
495
00:23:33,840 --> 00:23:35,888
Wow. I mean, I don't know about...
496
00:23:35,960 --> 00:23:37,610
- Shit!
- Maybe.
497
00:23:37,680 --> 00:23:41,730
- Look... Hey...
- No, no, no. We could've done a legit Series B.
498
00:23:41,800 --> 00:23:43,450
Right? I'd still be CEO.
499
00:23:43,520 --> 00:23:46,000
I'd have my job,
500
00:23:46,080 --> 00:23:47,445
my kick-ass house.
501
00:23:47,520 --> 00:23:49,648
I'd probably still have my girlfriend...
502
00:23:52,040 --> 00:23:54,566
- Fuck!
- Okay.
503
00:23:54,640 --> 00:23:57,689
Why the fuck didn't anyone tell me
I could take less?
504
00:23:57,840 --> 00:23:59,842
I don't know. I don't know.
505
00:24:01,000 --> 00:24:02,126
Ideas come up and then...
506
00:24:02,200 --> 00:24:03,611
Fuck!
507
00:24:03,680 --> 00:24:06,206
I'll take a cab, so I'll leave you to it.
508
00:24:06,280 --> 00:24:07,520
Thanks for meeting me here.
509
00:24:08,160 --> 00:24:09,161
Fuck!
510
00:24:16,520 --> 00:24:17,806
Richard.
511
00:24:18,880 --> 00:24:21,724
Richard, I'm Laurie Bream.
I was inside your home yesterday.
512
00:24:21,800 --> 00:24:23,723
Have you made a decision
regarding our proposal?
513
00:24:23,800 --> 00:24:29,045
Yeah, yeah, we'll go with you guys,
but we need to renegotiate the terms.
514
00:24:29,120 --> 00:24:32,169
I'm afraid that's untenable.
We're offering as much money as we can.
515
00:24:32,280 --> 00:24:35,443
Uh, no, no, we wanna go lower.
We want less... A lot less, actually.
516
00:24:36,400 --> 00:24:37,367
We'll go with Raviga
517
00:24:37,440 --> 00:24:41,286
if you guys do $10 million
at a $50 million valuation,
518
00:24:41,360 --> 00:24:42,771
not 20 at 100.
519
00:24:43,320 --> 00:24:44,845
I think this is more reasonable,
520
00:24:44,960 --> 00:24:48,681
and it's my final offer. Take it or leave it.
521
00:24:48,760 --> 00:24:50,000
I was not anticipating this,
522
00:24:50,080 --> 00:24:52,924
but I think it will be workable from our end.
523
00:24:54,760 --> 00:24:57,843
And one more thing,
Monica votes for Raviga's board seat.
524
00:24:59,280 --> 00:25:01,521
Certainly that seems unimportant.
525
00:25:02,160 --> 00:25:05,448
I will telephone your lawyer tomorrow,
and we can speak about the relevant details.
526
00:25:05,520 --> 00:25:06,726
Good.
527
00:25:08,680 --> 00:25:10,444
(BLUES MUSIC PLAYING)
528
00:25:15,280 --> 00:25:19,046
Peter was one of the few
who genuinely took action
529
00:25:19,160 --> 00:25:22,209
to use technology to help humanity thrive.
530
00:25:22,280 --> 00:25:24,203
But how exactly can we quantify
531
00:25:24,280 --> 00:25:26,760
another human's contributions to mankind?
532
00:25:28,280 --> 00:25:30,726
Let's break it down into
its three component elements.
533
00:25:31,240 --> 00:25:32,241
(CLICKING)
534
00:25:36,040 --> 00:25:40,762
I met Peter when he was thinking about
investing in my company, Zettasphere,
535
00:25:40,840 --> 00:25:42,444
although I think he was hesitant
536
00:25:42,560 --> 00:25:45,530
after his disappointing
initial return from Snapchat.
537
00:25:45,600 --> 00:25:50,003
He came on board, anyway,
and every month we would meet.
538
00:25:50,240 --> 00:25:51,969
Peter was always an honest man,
539
00:25:52,200 --> 00:25:54,726
and I know that
if Peter were here with us today,
540
00:25:54,800 --> 00:25:57,121
he would say that
he was not disappointed in Snapchat.
541
00:25:57,640 --> 00:26:01,201
And he would forgive you, Lev,
for your misunderstanding.
542
00:26:01,280 --> 00:26:03,521
That's just the kind of guy that Peter was,
543
00:26:03,600 --> 00:26:06,080
warm, generous,
544
00:26:06,160 --> 00:26:09,050
and not disappointed in Snapchat.
545
00:26:13,960 --> 00:26:14,961
(CLEARS THROAT)
546
00:26:15,760 --> 00:26:19,162
I'll never forget the first time I met Peter.
547
00:26:19,240 --> 00:26:22,483
It was in his mom's garage,
where we started our first business together
548
00:26:22,600 --> 00:26:25,604
manufacturing VGA graphics cards
for IBM clones.
549
00:26:26,880 --> 00:26:28,006
We never looked back.
550
00:26:28,080 --> 00:26:29,809
And you know, the last time I saw him,
551
00:26:29,880 --> 00:26:33,168
it was at a restaurant,
not a half-mile away from that same garage.
552
00:26:33,240 --> 00:26:34,810
We talked, as old friends do,
553
00:26:34,880 --> 00:26:37,531
he asked me about Jackson Hole,
554
00:26:37,600 --> 00:26:40,683
I asked him about Pilates.
555
00:26:41,200 --> 00:26:43,851
And yet, something was wrong.
556
00:26:44,840 --> 00:26:48,845
Underneath it all,
there was an unmistakable tension.
557
00:26:49,520 --> 00:26:51,522
A tension I will forever regret.
558
00:26:52,040 --> 00:26:54,486
It's no secret Peter and I had our differences.
559
00:26:55,280 --> 00:26:57,282
We let business get between us.
560
00:26:57,360 --> 00:26:59,089
NOW?
561
00:26:59,160 --> 00:27:01,447
Now I wish I could say I'm sorry for that.
562
00:27:01,520 --> 00:27:03,727
Now it's too late. He's gone.
563
00:27:04,480 --> 00:27:08,087
And it makes me realize
the importance of forgiveness,
564
00:27:08,160 --> 00:27:11,687
of doing things with love
and compassion in your heart,
565
00:27:11,760 --> 00:27:13,888
and not vengeance and competition.
566
00:27:15,160 --> 00:27:18,323
I mean, we owe that to each other, don't we?
567
00:27:18,400 --> 00:27:19,447
And to him?
568
00:27:20,280 --> 00:27:23,489
After all, this valley is the place
Peter himself helped build.
569
00:27:23,920 --> 00:27:26,844
Where we come together as dreamers,
570
00:27:26,920 --> 00:27:28,251
all of us,
571
00:27:28,320 --> 00:27:31,051
to truly make the world a better place.
572
00:27:32,360 --> 00:27:35,330
This is Florence during the Renaissance.
573
00:27:35,400 --> 00:27:37,004
This is Camelot.
574
00:27:37,520 --> 00:27:41,730
This is the place Peter himself called
"the cradle of innovation."
575
00:27:44,680 --> 00:27:45,681
(SIGHS)
576
00:27:45,760 --> 00:27:47,410
I will miss my friend.
577
00:27:50,200 --> 00:27:51,850
Bye, Pete.
578
00:27:55,000 --> 00:27:56,968
Maybe he is a human, after all.
579
00:27:57,960 --> 00:27:59,371
(CELL PHONE CHIMES)
580
00:28:00,760 --> 00:28:02,285
I'm sorry.
581
00:28:02,640 --> 00:28:04,165
It's from Ron LaFlamme.
582
00:28:05,560 --> 00:28:07,324
"Gavin Belson is suing you.
583
00:28:07,400 --> 00:28:09,767
"Filed claims today that
you stole Pied Piper from Hooli."
584
00:28:10,560 --> 00:28:11,800
Shit.
585
00:28:19,280 --> 00:28:21,248
Gavin Belson is suing us.