00:00.000 --> 00:00.450 Sean Murray: Murray 00:00.480 --> 00:02.040 Johny Fernandez: And I'm Johny Fernandez. Thank you guys for 00:02.040 --> 00:04.620 tuning in with us. We had a little issue with our audio, but 00:04.620 --> 00:06.600 now we're good to go. Hopefully, hopefully, 00:06.630 --> 00:08.070 Sean Murray: We actually don't even know we don't our 00:08.070 --> 00:10.830 production team will let us know if it's not working and start 00:10.830 --> 00:11.340 over again. 00:11.370 --> 00:13.800 Johny Fernandez: Yeah. So like we were saying we're excited 00:13.800 --> 00:17.520 about the topics that are coming up, because it's been an 00:17.520 --> 00:19.740 interesting conversation. Some people have used this 00:19.740 --> 00:22.260 application other people haven't, they've used another 00:22.260 --> 00:25.800 one that it's just a treasure chest of information is what I 00:25.800 --> 00:28.710 like to say, Okay. Okay. So we're going to talk about 00:28.710 --> 00:34.140 DoorDash. And now how DoorDash is getting into the MCA world. 00:34.530 --> 00:37.290 that's mind blowing for me, because I've used or I use 00:37.290 --> 00:42.570 DoorDash. I've used it quite often. But people in our office, 00:42.570 --> 00:45.900 they've used other applications. But I thought 00:45.900 --> 00:47.820 Sean Murray: Applications you make it You make it sound like 00:47.820 --> 00:50.370 it's so like corporate corporate apps. 00:51.180 --> 00:54.900 Johny Fernandez: But I think what's interesting is that I 00:54.900 --> 00:57.630 thought DoorDash was like the original first original like, 00:58.800 --> 01:00.300 player in that space. 01:00.540 --> 01:03.090 Sean Murray: Oh their their last, they came at the end. 01:05.310 --> 01:08.100 Johny Fernandez: I thought DoorDash was superior to like, 01:08.130 --> 01:08.820 UberEATS 01:09.090 --> 01:11.580 Sean Murray: I've never used it. So honestly, I've never used 01:11.790 --> 01:13.350 Uber Eats or DoorDash before. 01:13.380 --> 01:16.230 Johny Fernandez: Okay, I have I paid $16 for chicken nuggets and 01:16.230 --> 01:17.730 fries. Yeah, I'm that guy. 01:18.810 --> 01:21.570 Sean Murray: Okay. All right. So first give give everyone Yeah, 01:21.570 --> 01:23.820 so they're entering the MCA world? Just give us a rundown 01:23.850 --> 01:27.810 what you know, what is DoorDash? As a customer? Okay, what is 01:27.810 --> 01:30.180 DoorDash? What are the DoorDash experience? Like? What do you do 01:30.180 --> 01:31.350 when you want to order to DoorDash? 01:31.380 --> 01:32.670 Johny Fernandez: Alright, so here's the thing. So I'm going 01:32.670 --> 01:34.590 to get my phone out, get my phone out. Like, let's say 01:34.590 --> 01:38.520 McDonald's is usually what I use, what I have used DoorDash 01:38.520 --> 01:39.960 for I'm embarassed to admit that. 01:39.960 --> 01:43.110 Sean Murray: And then you go to the application on your phone 01:43.200 --> 01:45.360 Johny Fernandez: I go to the application, you scroll what you 01:45.360 --> 01:48.600 want, the application will tell you, like, you know, chicken 01:48.600 --> 01:50.580 strips, I love chicken strips from McDonald's and chicken 01:50.580 --> 01:50.760 nuggets 01:50.760 --> 01:51.990 Sean Murray: Are you picking from the restaurant that you 01:51.990 --> 01:53.790 want to order from first? And then you're picking from their 01:53.790 --> 01:54.210 menu. 01:54.270 --> 01:55.860 Johny Fernandez: Correct. All right, and then you know, 01:55.860 --> 01:58.050 they'll give you a breakdown, like, alright, like chicken 01:58.050 --> 02:03.300 strips, fries, McFlurry, a cookie, and a drink, you know, 02:03.300 --> 02:06.630 typically is what I will order and then you know, they'll give 02:06.630 --> 02:11.220 you the total, the charges will just start accumulating little 02:11.220 --> 02:16.050 by little taxes, then like the DoorDash fee, and then like all 02:16.050 --> 02:19.530 the fees come after that. You pay it. And then you know, 02:19.560 --> 02:22.200 they'll give you like an estimated time. And they will 02:22.200 --> 02:26.070 deliver it to you to your house. Which I think is great. Yeah. 02:26.100 --> 02:28.590 But what hurts me is those little fees that accumulate. 02:28.980 --> 02:32.400 Sean Murray: But you but you use DoorDash. And we've since 02:32.400 --> 02:35.190 learned that other people in the office use DoorDash. A lot of 02:35.190 --> 02:37.530 other people around me use DoorDash. And when I say I've 02:37.530 --> 02:39.930 never used them before, it's not because I'm so old fashioned. I 02:39.930 --> 02:42.570 don't know how to use an app to order food. It's because I've 02:42.570 --> 02:46.260 been using an app to order food since 2007. I already been doing 02:46.260 --> 02:49.470 this for 15 years. Okay, so UberEATS and DoorDash. They came 02:49.470 --> 02:52.890 in at the end, I was using the Seamless. Back in back in the 02:52.890 --> 02:57.000 day Seamless came out was invented in like 1999. Wait 02:57.000 --> 03:00.090 what? This is like 23 year old technology that we're talking 03:00.090 --> 03:02.970 about ordering your food online, or whatever is like 23 year old 03:02.970 --> 03:06.240 technology. Don't tell me that this is old I'm literally 03:06.240 --> 03:09.330 finding a way you know, ordering DoorDash and UberEATS think it's 03:09.330 --> 03:11.850 this brand new thing. No, they just rebranded something that's 03:11.850 --> 03:14.700 been around for more than 20 years to trick Gen Z into 03:14.700 --> 03:17.820 thinking this is the new thing. But I'm not Gen Z or Millennials 03:17.820 --> 03:19.830 or whatever. I've been doing this, I've been doing this 03:19.830 --> 03:24.480 forever ordering my food online. And guess what? When I was doing 03:24.480 --> 03:27.120 it, there was no delivery fee. I mean, that's that's not really 03:27.120 --> 03:29.910 what we're here to talk about today but. So DoorDash, I have 03:29.910 --> 03:33.060 come to understand is very popular. It is right. And they 03:33.060 --> 03:35.400 are not the only ones out there. But DoorDash is very, very 03:35.400 --> 03:39.210 popular. And they have this is the thing. They haven't 03:39.240 --> 03:42.060 announced them that they're going into merchant cash 03:42.060 --> 03:45.600 advance, they just kind of have started doing it. Correct. 03:45.630 --> 03:48.840 Johny Fernandez: So let's break that down. So DoorDash has made 03:48.840 --> 03:53.070 its way to the small business financing game capital as the 03:53.070 --> 03:56.430 financing arm is. So they're calling it DoorDash capital, it 03:56.430 --> 04:00.540 claims to provide merchant cash advances to DoorDash partners 04:00.570 --> 04:04.830 against future sales orders placed on the app. So in 04:04.830 --> 04:07.110 hindsight, from what my understanding of that is, 04:07.800 --> 04:09.720 Sean Murray: And we got this from their website, correct. 04:09.720 --> 04:11.670 That wasn't part of like an official announcement. 04:11.730 --> 04:15.180 Johny Fernandez: Cause we did ask, and they said no comment at 04:15.180 --> 04:15.690 the time. 04:15.720 --> 04:18.360 Sean Murray: Yeah, cause we wanted to know you are like, 04:18.360 --> 04:20.940 Hey, you hey, we didn't know you guys are doing this. How did 04:20.940 --> 04:22.800 this work? You know, what can you tell us about it? Yeah, 04:23.040 --> 04:25.470 unfortunately, they weren't. They didn't give us you know, 04:25.470 --> 04:28.890 they weren't, I guess at this time willing or able to speak to 04:28.890 --> 04:29.040 us? 04:29.070 --> 04:30.960 Johny Fernandez: Yeah so we know that they're going to be 04:30.960 --> 04:35.220 processing everything to through Paraffin. It's a Silicon Valley 04:35.310 --> 04:39.570 Valley funder who was started by the former Robin Hood data 04:39.570 --> 04:43.620 scientists and engineers. So there is no interest rate 04:43.620 --> 04:47.940 because an MCA cash advance Merchant Cash Advance is not a 04:47.940 --> 04:52.500 loan. That's all according to the website but there is a fixed 04:52.500 --> 04:55.290 fee stated up front which will be collected together in the 04:55.290 --> 04:59.190 capital advance. So your your your fee will never change after 04:59.190 --> 05:03.150 you accept the offer. So, essentially, from my 05:03.150 --> 05:05.370 understanding, and again, you can definitely chime in and let 05:05.370 --> 05:09.600 me know if this is right is essentially, if you partner up 05:09.600 --> 05:13.110 with them well, like they're gonna take it out of, they're 05:13.110 --> 05:16.230 never gonna charge you, they're gonna just take it out of what 05:16.230 --> 05:20.520 you work for correct? Like, how, what's your understanding? 05:20.610 --> 05:22.860 Sean Murray: So here's my understanding, and it would have 05:22.860 --> 05:26.160 been a lot better if they had if they were willing to speak to 05:26.160 --> 05:30.030 us. So we did, we did ask the opportunity to speak to Eric. So 05:30.030 --> 05:33.690 I'm going off of what I had been able to learn on my own. Adam 05:33.690 --> 05:35.550 was the one Adam here is the one who wrote the story I didn't 05:35.550 --> 05:38.190 write the story. But I have done some of my own individual 05:38.190 --> 05:41.790 research. And one thing I noticed is that when you apply, 05:41.790 --> 05:45.420 it says you have to connect your bank account. So that sets off, 05:46.140 --> 05:48.990 you know, my radar to say this is going to be debited probably 05:48.990 --> 05:52.020 from your bank account. So they're probably going to be 05:52.020 --> 05:57.030 looking at your essentially your DoorDash deposits, right, 05:57.030 --> 05:59.520 whatever, whatever related your deposits you're getting from the 05:59.520 --> 06:03.390 service, and then debiting out a percentage of whatever the 06:03.390 --> 06:04.440 deposits are the 06:04.440 --> 06:08.220 Johny Fernandez: The deposts that of what you've made. Of. 06:08.220 --> 06:10.110 Sean Murray: Yeah, you're DoorDash your DoorDash proceeds. 06:10.560 --> 06:12.510 Okay. Yeah. So take a percentage. So this is a 06:12.510 --> 06:15.900 straight up cash advance. Here's the whole thing, right? A lot of 06:15.900 --> 06:19.200 products we talked about today, from these big name companies. 06:19.440 --> 06:22.770 They come in, and they make announcements, and it's what 06:22.770 --> 06:26.730 they offer is very, very similar to MCA. But sometimes it's a 06:26.730 --> 06:32.190 loan, or it's a, it's a this or that it's not exactly MCA, if 06:32.190 --> 06:37.410 you look at DoorDash capitals, if you go to their website and 06:37.410 --> 06:41.070 look at the DoorDash capital FAQ, they straight up tell you 06:41.220 --> 06:44.160 this is a merchant cash advance. Yeah, they're not dressing it up 06:44.160 --> 06:49.710 as something else it's explained as an MCA it's called an MCA, as 06:49.710 --> 06:53.910 you mentioned, that the funds are brought to you by a company 06:53.910 --> 06:57.000 called Paraffin. So we had to look up who that was. And you 06:57.000 --> 07:01.590 said it's Silicon Valley based Silicon Valley based funder. I 07:01.590 --> 07:05.520 guess, from what I could tell, they really kind of arrived and 07:05.520 --> 07:10.200 around September 2021. So they were written up written up about 07:10.200 --> 07:13.920 in The Wall Street Journal last fall, because they had secured 07:13.920 --> 07:16.470 some type of arrangement with some other company like a 07:16.470 --> 07:19.530 software company called Mind Body. And it just kind of 07:19.530 --> 07:22.050 slipped under our radar, because you know, another company 07:22.050 --> 07:24.420 offering things that we're already familiar with, you know, 07:24.420 --> 07:27.540 didn't really strike a chord I didn't know who Mind Body was. 07:27.810 --> 07:30.420 So I didn't I didn't pay any mind to it. But then you see 07:30.420 --> 07:33.810 them on the DoorDash website. And they're the ones providing 07:33.810 --> 07:38.010 the capital. And it's interesting that Paraffin who we 07:38.160 --> 07:41.820 idn't know is the is the provider of it. Because how many 07:41.820 --> 07:44.490 funding companies do you and I know? Yeah, how many doing now? 07:45.390 --> 07:49.080 Hundreds? 1000s. Right. Got millions and millions? Yeah, 07:49.110 --> 07:51.090 hundreds of 1000s of these companies. 07:51.090 --> 07:53.700 Johny Fernandez: But yeah, I mean, but you know, to go to 07:53.820 --> 07:57.240 your point, there's so much revolve, like it's a revolving 07:57.240 --> 08:00.030 door, like certain things closed, certain things open up. 08:00.030 --> 08:03.330 And it's just so much that we don't, we can't keep track of 08:03.330 --> 08:06.840 everyone that opens 24/7. Yeah, year around, 08:07.020 --> 08:10.650 Sean Murray: Still the fact that the DoorDash cash advance 08:10.650 --> 08:14.910 product isn't coming from anyone from the MCA industry, which has 08:14.910 --> 08:18.510 been around for 20 years. That was kind of a revelation. Yeah. 08:18.690 --> 08:22.410 Because as you mentioned, the Paraffin founders are former 08:22.410 --> 08:25.770 Robin Hood, what was it engineers, data science data 08:25.770 --> 08:29.160 scientists, right? Former Robin Hood data scientists. So this is 08:29.310 --> 08:34.410 classic fin tech Silicon Valley, coming in, swooping in 08:34.440 --> 08:37.080 undercutting every single player that's been in this space for 20 08:37.080 --> 08:39.510 years, getting a nice partnership with a company 08:39.510 --> 08:42.540 called DoorDash, who everyone knows and has used except for 08:42.540 --> 08:46.830 me. And I think it's a, you know, it remains to be seen what 08:46.830 --> 08:49.200 this turned into. Yeah, I think there's a reason they haven't 08:49.440 --> 08:52.470 formally announced it yet or done a lot of press about it is 08:52.470 --> 08:55.170 probably because they're still experimenting, yeah, with the 08:55.170 --> 08:58.620 whole thing. But you know, I would, if I was a company in the 08:58.620 --> 09:01.080 space that's been in it for a while, I would be disappointed 09:01.470 --> 09:03.900 that I wasn't the one that landed such a partnership, at 09:03.900 --> 09:06.870 the same time be thinking, I really should be doing things 09:06.870 --> 09:07.380 like that. 09:07.410 --> 09:09.420 Johny Fernandez: Yeah. Right. So essentially, what you're saying 09:09.420 --> 09:12.480 is, you know, for the companies that aren't involved with 09:12.480 --> 09:15.690 DoorDash, think big picture and see another opportunity similar 09:15.690 --> 09:19.020 to this, and try to jump on it versus having someone from, you 09:19.020 --> 09:22.110 know, Silicon Valley come and pretty much steal it right in 09:22.110 --> 09:25.380 front of your face. Yeah, it's, it's as simple as that. 09:25.410 --> 09:26.940 Sean Murray: Yeah. I mean, imagine, imagine you've been in 09:26.940 --> 09:29.640 this space for say, you know, 10, 15 years or so you're 09:29.640 --> 09:32.550 building up your brand you spent millions of dollars in 09:32.550 --> 09:37.050 marketing, you've gone to all the shows, you know, you put out 09:37.050 --> 09:39.480 reports and statements and you met with this person, that 09:39.480 --> 09:45.690 person and then, you know, some data scientist from wherever 09:45.900 --> 09:49.890 comes in and and landed a huge partnership that you probably 09:49.890 --> 09:52.590 would have loved to have had for a variety of different reasons. 09:53.310 --> 09:56.100 I think I think it's, you know, I would I would take that as a 09:56.100 --> 09:58.470 loss like wow, you know, like, this is something that maybe I 09:58.470 --> 10:00.360 should have been on top on. I didn't know I could even secure 10:00.360 --> 10:03.360 something like that. Or maybe I maybe I did, and I lost it, I 10:03.360 --> 10:06.120 lost it to this other company. That's a different story. But I 10:06.120 --> 10:10.320 think everyone out there should be aware that these types of 10:10.320 --> 10:14.550 partnerships can be had. Yeah. And to pursue them. You might be 10:14.550 --> 10:17.490 thinking like, Oh, that would be cool. If DoorDash did this, 10:17.610 --> 10:20.040 right. Well, have you called DoorDash? And said, Hey, can we 10:20.040 --> 10:22.650 partner? Yeah, you know, like, maybe you should, maybe you 10:22.650 --> 10:25.170 should call UberEATS. Ask if you could partner you should call 10:25.170 --> 10:25.890 the different companies. 10:25.890 --> 10:28.980 Johny Fernandez: So let me ask you this. Do you think going 10:28.980 --> 10:32.790 into, you know, this specific application, the DoorDash 10:32.790 --> 10:40.920 delivery space, do you think we will see similar partnerships 10:40.920 --> 10:45.420 with different do you think this will be repeated with other apps 10:45.420 --> 10:46.830 that are similar to DoorDash? 10:46.860 --> 10:50.220 Sean Murray: 100% yeah, of course. I mean, there's no 10:50.220 --> 10:53.400 reason for any company to to not at least try it out. 10:53.430 --> 10:57.660 Johny Fernandez: Yeah. And so to verify, so now, it, let's say 10:57.660 --> 11:00.870 people watching this, you know, they work for DoorDash, you 11:00.870 --> 11:05.160 know, as a delivery person or whatnot. So they are allowed to 11:05.160 --> 11:08.910 borrow, not borrow, they're allowed to use the MCA, 11:09.120 --> 11:11.640 Sean Murray: Not the delivery guy no delivery. So this is the 11:11.640 --> 11:14.880 restaurant, this isn't the the delivery guy isn't getting the 11:14.880 --> 11:16.470 loan, it's the business it's the business. 11:16.470 --> 11:18.660 Johny Fernandez: So if you're a restaurant that's partnered up 11:18.660 --> 11:23.670 with DoorDash, yeah, you aren't allowed to use this service? 11:24.450 --> 11:26.940 Sean Murray: Well, I, you know, I guess I don't know how their 11:26.940 --> 11:30.720 eligibility works. Right. They may only because it seems like 11:30.720 --> 11:33.300 it's still somewhat in stealth mode. We haven't seen a big 11:33.300 --> 11:37.590 announcement. I don't know who they're rolling it out to just 11:37.590 --> 11:40.770 yet. But they do they do have some information or web on their 11:40.770 --> 11:45.720 website about how do I sign up after you click the checkbox 11:45.720 --> 11:48.240 that allows us to share your business data with our partner 11:48.240 --> 11:51.270 Paraffin. And then click on view offer, you'll be taken to an 11:51.270 --> 11:54.420 offer flow with three steps, select the offer that makes 11:54.420 --> 11:57.240 sense for your business. So they obviously have access to your 11:57.480 --> 12:01.110 your historical sales data, your DoorDash sales data, they're 12:01.110 --> 12:04.590 giving you several offers, it says, verify your linked bank 12:04.590 --> 12:06.390 account. So you're connecting your bank account, which is what 12:06.390 --> 12:09.630 we talked before talked about before. And then you can accept 12:09.630 --> 12:12.390 the offer. Yeah. And it seems like it's very, it's very 12:12.420 --> 12:18.210 automated. And I think that I think that the companies that 12:18.210 --> 12:22.800 are offered it will find that it's probably an interesting 12:22.860 --> 12:26.670 tool. It seems like it seems like every type of software that 12:26.970 --> 12:30.000 retail and foodservice businesses are touching nowadays 12:30.000 --> 12:32.550 has some type of financing button in it. If you use if you 12:32.550 --> 12:35.430 use QuickBooks, there's a financing button, if you use 12:35.430 --> 12:38.880 square theres a financing button, if you use DoorDash. Now 12:38.940 --> 12:41.070 apparently, there's some sort of button. 12:41.100 --> 12:44.370 Johny Fernandez: Yeah and so I mean, I don't know this 12:44.400 --> 12:48.000 information off the top of my head, but paying it back. How 12:48.000 --> 12:53.400 that look like, they're just gonna get it directly from the 12:53.400 --> 12:54.570 revenue of the restuarant. 12:54.600 --> 12:56.490 Sean Murray: That's what it says, I gotta go off of what it 12:56.490 --> 12:59.130 says to take a percentage of sales. They say the straight up 12:59.130 --> 13:03.120 cash advance. And you know, there's okay, there's really not 13:03.120 --> 13:05.940 it doesn't seem like it's overly complex. Just Yeah. Looks like a 13:05.940 --> 13:08.370 straight up MCA deal. Okay, that's what they call it. 13:08.400 --> 13:10.770 Johny Fernandez: Yeah. Interesting. Just straight up. 13:11.910 --> 13:14.130 Even sugar coated, they're like, Hey, this MCA deal and that's 13:14.130 --> 13:14.190 it? 13:14.190 --> 13:15.570 Sean Murray: Yeah, it wasn't like, we read it. We're like, 13:15.600 --> 13:18.810 oh, this kind of sounds like MCA No. They're like, No, this is 13:18.810 --> 13:20.880 the merchant cash advance. What is a merchant cash advance? 13:20.910 --> 13:23.190 Like? Let us define a merchant cash advance for you. How does 13:23.190 --> 13:25.350 it work? It works like a merchant cash advance. All 13:25.350 --> 13:26.700 right, I guess it's the cash advance. 13:26.730 --> 13:30.030 Johny Fernandez: Yeah that's it. Well, I'll be interested to see 13:30.030 --> 13:32.790 if UberEATS jumps on this bandwagon. 13:32.820 --> 13:34.470 Sean Murray: You know, I think we should probably check to see 13:34.470 --> 13:36.870 if they even have. Yeah, that's the whole thing. Right? This 13:36.870 --> 13:39.990 company didn't announce it it's something that, you know, we 13:39.990 --> 13:42.690 just stumbled upon on our own because you know, Square does 13:42.690 --> 13:46.590 it? Square does it we know that we've known about. Yeah. 13:46.650 --> 13:50.310 Johny Fernandez: UberEATS Seamless, do they? They do no? 13:51.030 --> 13:54.300 We should probably check check on that. Yeah, Seamless. And 13:54.480 --> 13:57.690 yeah, so we definitely follow up with them on that one. 13:57.780 --> 13:59.850 Sean Murray: Here's the whole thing, right? If they don't, you 13:59.850 --> 14:02.190 might be thinking to yourself, oh, I could have gotten that. 14:02.220 --> 14:04.590 What is seamless doesn't offer it what if UberEATS doesn't 14:04.590 --> 14:07.080 offer it? Maybe you should give them a call. Maybe they will try 14:07.080 --> 14:09.720 it out with you. If you're a legit legitimate company 14:09.720 --> 14:10.530 company. Yeah. Right. 14:10.590 --> 14:12.930 Johny Fernandez: So you'd never know. It doesn't hurt to ask 14:12.960 --> 14:14.700 doesn't hurt to ask the worst thing that could happen to you 14:14.730 --> 14:15.960 is they say no. 14:16.200 --> 14:18.090 Sean Murray: Yeah. If you've been in this business 10 years, 14:18.120 --> 14:20.130 you shouldn't be losing to someone who just came into the 14:20.160 --> 14:21.510 into the business. You know, yesterday 14:21.510 --> 14:24.540 Johny Fernandez: I'd be so mad. Some guy from Silicon Valley 14:24.540 --> 14:26.130 just comes in some Robin Hood. 14:26.160 --> 14:27.690 Sean Murray: It means you got to get out there and try harder. 14:27.720 --> 14:30.090 I'm not knocking I'm not knocking these Paraffin guys. 14:30.120 --> 14:31.380 Johny Fernandez: I think, you know, they look 14:31.590 --> 14:33.780 Sean Murray: Yeah, you know, they look brilliant, yet. They 14:33.780 --> 14:36.810 seem very smart. What a great opportunity for them. 14:36.840 --> 14:39.450 Congratulations to them. I know this partnership looks like it's 14:39.450 --> 14:42.690 still stealth mode and all that stuff. But you know what a great 14:42.690 --> 14:46.260 idea. I think we'll see more of it. But if you are out there in 14:46.260 --> 14:50.070 the industry already. It should be a wake up call for you. You 14:50.070 --> 14:52.890 shouldn't be getting usurped by Silicon Valley. You know, just 14:52.890 --> 14:55.290 out of the blue. This is supposed to be this your time. 14:55.320 --> 14:57.150 This is yeah, this is supposed to be the things that you should 14:57.150 --> 14:59.400 be thinking about if you're if you're just if you're a funding 14:59.400 --> 15:02.880 company and your trying to get that one deal for one broker and 15:02.910 --> 15:06.960 spending all your time on it. I don't know, maybe if thinking 15:06.960 --> 15:09.150 about long term and scale, or what am I gonna be doing in 10 15:09.180 --> 15:11.040 years? It's not gonna be like that one deal from that one 15:11.040 --> 15:13.440 broker. Yeah, lending a big partnership with a big company 15:13.440 --> 15:14.400 can change the game for you. 15:14.430 --> 15:16.770 Johny Fernandez: Well, I think two things, the big takeaway is, 15:16.800 --> 15:21.270 if you are in a spot where, you know, you kind of see if you 15:21.270 --> 15:24.480 think small, think big. I think that's the big takeaway. 15:24.600 --> 15:27.600 Because, you know, you never know if you can partner up with 15:27.600 --> 15:30.930 someone like this, you know, all you have to do is get organized, 15:30.930 --> 15:34.230 know your stuff, and present and see if it works out. So I think 15:34.260 --> 15:37.470 big picture Think big. I mean, literally, these guys aren't, 15:37.500 --> 15:40.530 they're not even, you know, they're scientists and 15:40.530 --> 15:43.080 engineers. Yeah. And they're able to do it. And then the 15:43.080 --> 15:46.560 second takeaway is that, you know, it doesn't hurt to ask 15:46.590 --> 15:50.880 them to try, you know to see, cause I realized a lot of people 15:50.880 --> 15:54.060 in this industry, think about the one deal that's happening 15:54.060 --> 15:56.550 right now. Yeah, they don't think big picture. I think 15:56.550 --> 15:59.130 that's the one thing that you know, will set you apart and 15:59.160 --> 16:01.200 elevate you is if you think big picture. 16:02.310 --> 16:04.590 Sean Murray: Yeah gotta think big picture. Very important. 16:04.590 --> 16:07.080 Johny Fernandez: Very important. Alright, so for the next thing 16:07.080 --> 16:08.880 we're going to do is we're gonna have lightning round, and we're 16:08.880 --> 16:12.060 going to go ahead, and you know, have lightning round with you, 16:12.060 --> 16:14.880 we have a couple of questions. That, I think, you know, a lot 16:14.880 --> 16:17.220 of people would, we haven't done one of these in a while, we have 16:17.220 --> 16:19.950 not done one of these in a while. But I think it'll be good 16:19.950 --> 16:23.310 we get back into the swing of things, and help people with 16:23.310 --> 16:26.400 some of the questions that they've sent, Okay, so the first 16:26.580 --> 16:30.840 question is going to be, what is an angel investor? 16:32.160 --> 16:35.280 Sean Murray: What is an angel investor, an angel investor is a 16:35.280 --> 16:41.040 very early stage investor, it's kinda like, it's kind of like, 16:41.370 --> 16:44.280 after your friends and family can be like a friend of a 16:44.280 --> 16:47.310 friend. It's basically not, it's basically not your big 16:47.310 --> 16:49.980 institutional investor, you wouldn't call it like your 16:49.980 --> 16:54.270 series, A, it's kind of more of a in between friends and family 16:54.270 --> 16:57.390 and something very formal, some, and it's usually pretty small. 16:57.840 --> 17:01.590 So the angels can be can be an angel, like angels, like they're 17:01.590 --> 17:03.960 like, they're supposed to be basically, you know, they, they 17:03.960 --> 17:06.600 go out, they know that a lot of projects are gonna fail. And 17:06.600 --> 17:09.870 Angel, angel investment can be very small, it could be like, 17:09.900 --> 17:12.900 you know, 10, grand, right? For a startup company. And you might 17:12.900 --> 17:15.870 be like, 10 grand, that's little, but let's just say you 17:15.870 --> 17:21.180 have an idea. Right? You have an idea. You know, you don't 17:21.180 --> 17:24.270 literally have no access to capital. And you can't even get 17:24.270 --> 17:27.360 to the next step. Without that type of help. That's where an 17:27.360 --> 17:29.820 angel investor come in and say, yeah, it makes sense. We'll give 17:29.820 --> 17:32.130 it a try. Give you 10 grand, get a little bit of equity out of 17:32.130 --> 17:36.180 it. That angel investor hoping that it does turn into something 17:36.210 --> 17:38.400 Yeah, that you get a Series A and their investment in your 17:38.400 --> 17:40.440 company, the value of it is going to shoot up. 17:40.500 --> 17:44.460 Johny Fernandez: How do you find an angel investor? Do you know? 17:44.550 --> 17:47.370 Sean Murray: There's websites, theres websites, you can find an 17:47.370 --> 17:50.760 angel investor, sometimes you can just cultivate relationships 17:50.760 --> 17:52.950 they have, like, you can go to like networking shows and meet 17:52.950 --> 17:56.400 them. There's all different types of like, you know, 17:56.400 --> 17:59.370 conferences and meetups where angels try to meet 17:59.370 --> 18:01.500 entrepreneurs. So 18:01.860 --> 18:04.080 Johny Fernandez: That's cool. Yeah, lI ike that. I want to be 18:04.080 --> 18:08.430 an angel investor one day. Yeah. Okay. Yeah. We'll see. All 18:08.430 --> 18:11.700 right, cool. All right. The second thing is, what is venture 18:11.700 --> 18:12.270 capital? 18:13.230 --> 18:17.220 Sean Murray: What is Venture Capital? So Venture Capital is 18:17.250 --> 18:21.660 basically kind of like the next step up from like, angel 18:21.660 --> 18:25.650 investing Venture Capital, are investors who typically invest 18:25.650 --> 18:30.990 in your company, they equity. They might require things like 18:30.990 --> 18:36.120 getting a seat on your board. Hopefully, they offer some help, 18:36.210 --> 18:40.020 you know, advice to your company, so you know how to grow 18:40.020 --> 18:43.410 it, maybe put you in contact with people who can help grow 18:43.410 --> 18:46.230 your company, but venture capital, when we think about 18:46.230 --> 18:49.200 venture capital, we're usually thinking about like, Silicon 18:49.200 --> 18:55.140 Valley, equity investors, who will put their money into a lot 18:55.140 --> 18:58.710 of different projects, maybe like 20, right, and then hope 18:58.710 --> 19:01.680 only like one or two turn into like, a multi billion dollar 19:01.680 --> 19:03.720 idea so that they know that there's gonna be a lot of 19:03.720 --> 19:07.950 failure. Yeah. And they can be tough to work with, because they 19:07.950 --> 19:13.080 can be really strict about what you can or cannot do, once. You 19:13.080 --> 19:15.630 know, they get involved with your company. And they like they 19:15.630 --> 19:19.260 turn down a lot of companies, a lot of entrepreneurs, but 19:19.650 --> 19:22.860 they're based there. Basically, their whole strategy is to find 19:22.860 --> 19:25.650 a company that's going to be the next multi billion dollar idea. 19:25.710 --> 19:29.160 Johny Fernandez: Yeah, that's good. Cool. Alright. The last 19:29.160 --> 19:31.620 one is what is a unicorn company? 19:32.700 --> 19:35.070 Sean Murray: Okay, this kind of feeds on the last question, 19:35.100 --> 19:39.270 actually. What is the unicorn company? Unicorn is basically a 19:39.270 --> 19:45.600 company that has a $1 billion plus valuation. Okay. So, what's 19:45.600 --> 19:50.760 unique about that now, is that there are so many of them. Yeah, 19:50.790 --> 19:53.160 there's more than ever before. There's many unicorns. There's a 19:53.160 --> 19:57.150 lot of unicorns out there. But it used to be like a rare event. 19:57.180 --> 20:00.690 Yeah, to get a billion dollar valuation, especially Pre Pre 20:00.690 --> 20:05.940 IPO right? To get a private private value private valuation 20:05.940 --> 20:09.090 of a billion dollars like that company has a unicorn Yeah. But 20:09.090 --> 20:11.070 now there's so many of them. There's there's all sorts of 20:11.070 --> 20:13.110 charts. And I don't have one here I didn't know you would ask 20:13.110 --> 20:15.930 that question. But there's all sorts of charts you can find 20:15.960 --> 20:20.160 online that will show you that kind of the trajectory of 20:20.160 --> 20:23.040 unicorns, you'll find that there's tons of them. In fact, 20:23.280 --> 20:30.030 at Broker Fair, I think I even asked Slava Rubin who is who is 20:30.030 --> 20:33.480 an investor in companies and in addition to being the founder of 20:33.510 --> 20:37.140 Indiegogo, I asked him about, why are there so many unicorns 20:37.140 --> 20:39.840 now? Like, what's the deal with that? They're just so so easy to 20:39.840 --> 20:44.250 become worth a billion dollars now. And it just, you know, I 20:44.250 --> 20:46.890 don't know if I really got a straight answer. As to that. I 20:46.890 --> 20:50.760 don't think it's easy to become a billion dollar company. But 20:50.850 --> 20:53.400 it's a lot more attainable. For sure. Just by if you just look 20:53.400 --> 20:57.930 at the charts, it's pretty clear that those kind of numbers used 20:57.930 --> 21:00.270 to be unimaginable if we want to feel you know, your company's 21:00.270 --> 21:04.620 worth a billion dollars, right? But if you just look at how many 21:04.620 --> 21:07.680 there are, there's a lot those are called unicorns. 21:07.710 --> 21:12.450 Johny Fernandez: Okay, that's, that was my mining, cause it 21:12.450 --> 21:15.210 makes sense why they use that word unicorn, but 21:16.020 --> 21:18.750 Sean Murray: Because it was such a rare rarity. It's like a, like 21:18.750 --> 21:21.900 a mythical creature. Wow a company. Be worth billion, pre 21:21.900 --> 21:24.420 IPO company being worth a billion dollars now. Everybody's 21:24.450 --> 21:27.600 now. Yeah. And you kind of it's almost like one of those things. 21:27.600 --> 21:30.750 Now it's become commoditized. Where if you're not a unicorn 21:30.750 --> 21:33.510 then what's wrong with it, so your investors putting money 21:33.510 --> 21:36.480 into the company might want to try to give you a billion dollar 21:36.480 --> 21:39.600 valuation? Because it'll up your status, you'll just look better 21:39.600 --> 21:42.240 amongst your peers. Yeah, like, if you're not a unicorn, then 21:42.300 --> 21:44.820 how is this company going IPO? If it's not even worth a billion 21:44.820 --> 21:48.390 dollars. Yeah. Right. So it's kind of like, becomes part of 21:48.390 --> 21:51.300 the part of the rat race, like, like, you have to be, you have 21:51.300 --> 21:53.520 to be worth a billion dollars if you even want to get noticed. 21:53.550 --> 21:58.860 Johny Fernandez: Yeah. Things have changed a lot. So Well, 21:58.890 --> 22:01.710 thanks for your answer, Sean. I know people appreciate it. I've 22:01.710 --> 22:05.010 learned a couple new things today. I am not a unicorn. 22:05.340 --> 22:07.710 Sean Murray: You're not a unicorn? Well, one day, it 22:07.710 --> 22:09.720 sounds like you're gonna be an angel Investor one day one. 22:09.720 --> 22:12.270 Yeah. That would be fun. We could do like a whole segment on 22:12.270 --> 22:14.310 that. Yeah. You could like invest in different companies. 22:14.310 --> 22:15.900 Johny Fernandez: How much money do you think you need to start 22:15.930 --> 22:16.980 being an angel investor? 22:17.010 --> 22:20.070 Sean Murray: Not a lot, you can probably do it with like, you 22:20.070 --> 22:25.530 know, 50 to 100 grand. Okay, but, you know, put little checks 22:25.530 --> 22:27.030 here and there and all that stuff. Okay. 22:27.870 --> 22:31.110 Johny Fernandez: 50 to 100k. Yeah. Okay. All right. 22:31.500 --> 22:33.090 Sean Murray: But you got to make sure that the people you invest 22:33.090 --> 22:36.000 in are not going to screw you over. Yeah, I see. Yeah. Because 22:36.360 --> 22:40.080 if I, if I'm looking for Angel, in, you know, an angel investor, 22:40.080 --> 22:42.180 there's a good chance that my idea is not going to pan out. 22:42.480 --> 22:46.980 And I'm gonna I'm gonna gauge Yeah, how smart you are, as an 22:46.980 --> 22:49.230 investor. Yeah. Right, and how savvy you are and how 22:49.230 --> 22:51.600 experienced you are. And if I think you're just like, you're 22:51.600 --> 22:54.060 just blown away by my idea, and you're just willing to write me 22:54.060 --> 22:55.950 a check. And I don't have to really prove anything, I can 22:55.950 --> 22:59.790 just walk away with the money. If it fails, you know, I might 22:59.790 --> 23:03.240 take advantage of you. So it's not easy to be an angel 23:03.240 --> 23:06.630 investor. Because you have to realize that some people, the 23:06.630 --> 23:09.240 entrepreneurs are also very savvy. Yeah. And they're looking 23:09.240 --> 23:11.460 for the right investor, potentially for the for the 23:11.460 --> 23:13.770 wrong reasons. As much as the right ones. 23:14.130 --> 23:17.430 Johny Fernandez: Alright. Good to know. I'm excited. Alright. 23:17.460 --> 23:21.300 So and a couple of other things to touch base on Miami, we've 23:21.300 --> 23:24.480 been talking about Miami deBanked Never. 23:24.600 --> 23:26.250 Sean Murray: I feel like what is You know what's weird about this 23:26.250 --> 23:29.340 whole thing? It's deja vu. People are gonna pick who just 23:29.340 --> 23:33.150 replaying the same clip. Like we finished our segment and then it 23:33.150 --> 23:36.420 goes to you a clip of you being like, not knowing the name of 23:36.420 --> 23:40.260 the event. And then laughing about it and then literally and 23:40.260 --> 23:42.990 then literally that happened then you asked me to say take it 23:42.990 --> 23:46.080 away. This is literally deja vu. How many times have we gone 23:46.080 --> 23:49.860 through this exact scenario? Like a handful of time deBanked 23:49.860 --> 23:50.820 Connect Miami 23:51.420 --> 23:54.960 Johny Fernandez: deBanked Miami deBanked Connect Miami. So March 23:54.960 --> 23:59.160 24 It's going to be at the JW Marriott Marquis be there get 23:59.160 --> 24:01.500 your ticket we're going to be there going to hang out with us 24:01.590 --> 24:04.320 it's a networking event and so obviously it's not going to be 24:04.380 --> 24:07.860 it's not Broker Fair Miami that's not what it is. This is 24:07.860 --> 24:11.460 completely different. So for more information you can go 24:11.460 --> 24:14.010 online the website it's 24:14.550 --> 24:16.620 Sean Murray: deBanked Miami.com 24:16.650 --> 24:19.170 Johny Fernandez: deBankedmiami.com And obviously we did mention 24:19.170 --> 24:22.620 this before we will not be giving away tickets the day of 24:23.340 --> 24:27.540 you know purchase your ticket beforehand. So you can be there 24:27.540 --> 24:34.230 and not miss out so yeah in my mind, it's like deBanked Miami 24:34.230 --> 24:34.590 Connect 24:38.910 --> 24:42.270 Sean Murray: You know, we can just play the play the same clip 24:42.720 --> 24:45.930 every time we can just do like a hand signal and the producer in 24:45.930 --> 24:50.730 the back room will just play play at play last week's segment 24:50.730 --> 24:51.780 all over again. Yeah, 24:52.200 --> 24:54.450 Johny Fernandez: I get I get nervous because every time I'm 24:54.450 --> 24:56.340 gonna get it right. I'm gonna get right I'm gonna get right 24:56.430 --> 24:57.120 like I got her. 24:57.900 --> 24:59.760 Sean Murray: At least you got the JW Marriott Marquis part. 25:01.590 --> 25:04.140 Johny Fernandez: I literally I'm like I will make sure to like 25:04.170 --> 25:04.830 knock down that part 25:04.830 --> 25:06.870 Sean Murray: I forget, that's when I get wrong. That's why I 25:06.870 --> 25:09.330 don't even bring it up. Because I was like, I don't know, I'm 25:09.330 --> 25:10.860 like, don't mention the hotel, don't mention the hotel, don't 25:10.860 --> 25:12.360 mention the hotel, I'll forget a part. 25:12.390 --> 25:13.860 Johny Fernandez: I've like drained that in my brain, I 25:13.860 --> 25:16.020 think I'm not gonna mess up the hotel because that's gonna be 25:16.050 --> 25:18.300 Sean Murray: You come in, you come in guns blazing, knowing 25:18.300 --> 25:20.820 the hotel inside and out, I come out here saying, you know, maybe 25:20.820 --> 25:22.710 I shouldn't shouldn't mention the hotel in case, I leave out 25:22.710 --> 25:26.160 part of the name. Oh, here's what's gonna happen in the 25:26.160 --> 25:29.760 future. You're in charge of the hotel name, you're in charge of 25:29.760 --> 25:32.580 the event name. And we'll just bounce off each other. That's 25:32.580 --> 25:35.880 it. I feel like so I'm so. You can ask me what it's called. And 25:35.880 --> 25:37.830 then I'll ask you, where it's at 25:37.860 --> 25:40.230 Johny Fernandez: There you go. Oh, let me ask you this, Sean. 25:40.260 --> 25:43.650 What can people expect at this event, and then go, 25:43.830 --> 25:45.630 Sean Murray: They can expect a lot of networking. So this is a 25:45.630 --> 25:48.300 networking focused event. We will have some speakers but it's 25:48.300 --> 25:51.780 not like Broker Fair. This isn't like a nine to six sessions with 25:51.780 --> 25:54.690 panels and all this stuff all day long. We will have some of 25:54.690 --> 25:58.260 that. But the networking is the core part of the show. There's 25:58.260 --> 26:00.930 nothing any different from any of the previous Miami events 26:00.930 --> 26:03.420 we've done. So we're not changing the format of our Miami 26:03.420 --> 26:07.380 show. This is the fourth Miami show we've done. If you were at 26:07.380 --> 26:11.760 deBanked Connect Miami 2020. It will be like that, except it 26:11.760 --> 26:15.360 will be in downtown Miami, not in Miami Beach. And that's 26:15.360 --> 26:18.750 because Miami's mayor is being so friendly and accommodating to 26:18.750 --> 26:21.330 the alternative finance and fintech world, small business 26:21.330 --> 26:24.360 lenders, MCA companies, all these people, he wants them in 26:24.360 --> 26:28.620 his city. So how can we not be in Miami? Yeah, that's where 26:28.620 --> 26:32.880 it's at. So we're happy to be down there. And yeah, just join 26:32.880 --> 26:35.580 us on March 24, deBankedmiami.com? 26:35.610 --> 26:39.390 Johny Fernandez: Yeah, I'm excited. And then again, if you 26:39.390 --> 26:42.660 do not purchase the ticket, what's gonna happen? 26:44.250 --> 26:45.420 Sean Murray: If you don't purchase the ticket, you don't 26:45.420 --> 26:46.200 get in. Yeah. 26:46.860 --> 26:48.330 Johny Fernandez: Cause the reason I say that. And I keep 26:48.330 --> 26:51.660 emphasizing that is because I've met people, literally the day of 26:51.660 --> 26:55.290 the event, they're like, hey, we flew across across the country, 26:55.470 --> 26:58.500 we don't have a ticket, can we buy one? No. And we're giving 26:58.500 --> 27:01.590 you guys a lot of notice. And again, this is something you 27:01.590 --> 27:04.710 mentioned last time, we were on air, that this is an event that 27:04.740 --> 27:07.230 it's a networking, it's networking, so you're gonna get 27:07.230 --> 27:09.510 to meet a lot of different people. If you're not there, 27:09.510 --> 27:12.120 you're hanging out at the bar without a ticket trying to, you 27:12.120 --> 27:16.410 know, network and be cool. It's like, why would we work with 27:16.410 --> 27:19.050 you, if you can't even pay money to go into an event like this? 27:19.050 --> 27:22.140 That is literally just somebody might think it's sole focus is 27:22.440 --> 27:26.520 to network with people from the industry. So I'm just saying, 27:26.550 --> 27:31.530 get your ticket. And literally, we're giving you two months of 27:31.530 --> 27:34.020 notice. January, February 27:34.020 --> 27:37.260 Sean Murray: Yeah. It's it's kind of funny too that we're 27:37.260 --> 27:39.750 like giving, you know, giving people notice, but it just 27:39.750 --> 27:42.240 happened at every event. Yeah, we do have people show up the 27:42.240 --> 27:45.060 day. After sometimes sometimes we'll advertise an event for 27:45.060 --> 27:48.690 like a year. And we'll get a sob story at the door. About I've 27:48.690 --> 27:50.700 seen it how about how they tried to go on the website that one 27:50.700 --> 27:53.310 time and it didn't work. And so I had to five the a ticket after 27:53.310 --> 27:56.580 they flew across the country. I've seen it firsthand. So it's, 27:57.060 --> 27:58.770 it's painful to kind of watch. 27:59.430 --> 28:01.410 Johny Fernandez: So don't miss out. I think overall, just don't 28:01.410 --> 28:04.860 miss out. It's gonna be a fun event. Yeah, so get that going 28:04.860 --> 28:08.400 on. And then obviously, follow us follow us follow us on social 28:08.400 --> 28:12.030 media, on our platforms and obviously on deBanked.com where 28:12.030 --> 28:15.150 we can see previous where you can see previous videos, and 28:15.150 --> 28:18.000 also, you know, stories of what's going on in the industry 28:18.000 --> 28:22.140 and also on Daily Funder. So don't want to miss out on that. 28:22.560 --> 28:23.910 Great, great stuff on there. 28:24.360 --> 28:26.190 Sean Murray: You know what, I'm hungry. Let's order DoorDash. 28:26.220 --> 28:27.930 Johny Fernandez: Alright, let's do it. Alright, you guys. Well, 28:27.930 --> 28:30.510 we're gonna go under DoorDash for Sean. So from all of us 28:30.510 --> 28:33.090 here, I'm Johnny Fernandez, I'm Sean Murray. And we'll see you 28:33.090 --> 28:33.810 guys next time.