Unvalidated Learnings

I’m still here: back online after a year without the internet | The Verge

martinibianco — Thu, 02 May 2013 12:10:34 +0100

I’m still here: back online after a year without the internet | The Verge:

I’m feeling out of sync with the human race.

Some people decide to spend a year travelling around the world to discover their “true self”. Paul decided instead to leave the Internet. With the same disappointing results: there is no true self to discover because there is no pre-existing individual essence to what we do and how it impacts people around us.

But beside the metaphysical aspect of Paul’s experiment, his warning against the addictive nature of the Internet is a topic that is not going away anytime soon. Just talk to any social game developer and you’ll understand the lengths they’ll go to to make sure you keep coming back and wanting more.

Digital detox clinics are popping up everywhere, and I expect the movement to grow well beyond the most extreme cases - how much we let technology impact our lives and social communication is a question we all ask ourselves.

I personnally try (and usually manage to although my girlfriend will disagree on that statement) to turn my phone off from 8pm to 8am, at least one day of the week-end, and most of my holidays.

How do you guys deal with digital burnout?

Startups, life, learning and happiness: Expert of nothing

martinibianco — Thu, 14 Feb 2013 13:55:59 +0000

Startups, life, learning and happiness: Expert of nothing:

joelgascoigne:

One of the most interesting and simultaneously challenging realizations I’ve had is that as a founder, especially the CEO, you essentially have chosen to never become an expert of anything. Oh, and if you don’t embrace that reality, it’s probably going to affect your likelihood of success.

Not sure where those numbers are coming from (which is a shame...

martinibianco — Tue, 22 Jan 2013 20:44:29 +0000

Not sure where those numbers are coming from (which is a shame from a website promoting scientific education) but they feel about right to anyone who has ever tried to hire tech talent.

"Reinventing The Calendar". Or Why Ideas Are Not Unique, Execution Is

martinibianco — Tue, 22 Jan 2013 20:00:00 +0000

“Right now, 100 people are already working on your idea.”

This is the story I will tell every entrepreneur who doesn’t want to give me details about her idea, or asks me to sign an NDA before she will even give me her name:

9 months ago, I took part in my first Startup Weekend in London (you can read about it here: Startup Weekend London: “It’s the team, stupid”). I pitched a very simple idea, which actually took the form of a question: “If we were inventing the calendar today, what would it look like?”.

I didn’t have the answer but it sounded pretty safe to bet that it wouldn’t look like the terrible, grid-based, paper-inspired apps featuring on the home screen of every single smartphone around the world. Look at your calendar app. Then look at Path. Then look at your calendar app again. And now you know that something needs to happen. That something is going to happen.

This is the presentation we gave:

Calendar. Reinvented. from Martin Mignot

Indeed, at that very moment, two teams (that I know of today) were starting to work on the exact same problem - Cue in San Francisco and Sunrise in NYC - and have now released the first version of their apps. Which no doubt will become really amazing after a few iterations. Proving once again that no idea, especially one as simple, obvious and universal as this one, is unique, and that only its execution can be.

This may be stressful for entrepreneurs but it’s a blessing for consumers: it means that, at any given time, tens of teams around the globe are working on solving your most pressing needs (assuming they are big and universal enough. But if people are building purpose-built rings for thumb wrestling competitions, they will build everything).

"More than 1,000 people worldwide are earning at least $100,000 per year just from YouTube..."

martinibianco — Wed, 16 Jan 2013 08:28:04 +0000

“More than 1,000 people worldwide are earning at least $100,000 per year just from YouTube advertising revenues and a million YouTube users are earning money from their videos - a greater number than are employed in the US television industry.
Eight years ago, YouTube didn’t exist.”

- Wired UK Feb 2013, How YouTube reinvented the entertainment business

"So that’s it then: HMV has finally gone into administration, the latest, most tragic victim of..."

martinibianco — Tue, 15 Jan 2013 20:28:00 +0000

“So that’s it then: HMV has finally gone into administration, the latest, most tragic victim of the revolution that is sweeping away erstwhile giants. This comes just days after Jessops, the camera firm, was liquidated, and after the demise of Comet, the electrical retailer.
So who’s responsible? Quite simply, all of us. Consumers are all-powerful, and shifting tastes and technologies mean that fewer of us had chosen to shop in these stores. We are the masters, and the capitalists our servants. It’s become easier to buy goods online, or pick them up (or arrange for them to be delivered) from a supermarket - and of course music is now primarily digital, with films following suit thanks to the likes of Amazon’s Lovefilm. […]
That’s capitalism and the process of creative destruction: it ensures ruthlessly that we get what we want, and that resources that cease to be used in an economically rational manner are reallocated swiftly. New models have emerged, they have displaced the incumbents by providing goods and services more conveniently and cheaply. Those who moan at HMV’s demise should look at themselves in the mirror.”

- Allister Heath’s Editor’s Letter in City Am, Tuesday 15th January 2013

Ça ressemble à quoi un ascenseur social?

martinibianco — Fri, 11 Jan 2013 12:47:00 +0000

Certaines rencontres en disent plus long sur notre société que n’importe quel rapport ou discours politique.

C’est le cas de ma rencontre avec Paul, un garçon de 22 ans avec qui j’ai petit-dejeuné ce matin.

Le fils du forgeron

Originaire d’une famille modeste, père forgeron et mère au foyer, il ne brille pas par ses résultats scolaires. Un bac (moyen) en poche, il décide de suivre des études de “Media Management”, un cursus généraliste censé lui apprendre des notions de gestion et des connaissances sur l’industrie des médias. Se rendant vite compte que ce qu’on lui enseigne ne sera jamais de la moindre utilité à quelque employeur que ce soit, il ne termine pas sa première année, et se retrouve, comme tant de gens de notre génération, sans emploi, sans expérience professionnelle, et sans diplôme sérieux.

Et pourtant, ce matin, trois ans après l’arrêt de ses études, ce n’est pas dans la file d’attente du Job Center que j’ai rencontré Paul, mais bien à la table d’un des cafés branchés de Shoreditch. Et s’il m’a demandé de petit déjeuner avec lui, ce n’est pas pour que je l’aide à trouver un boulot, mais pour que je lui donne mon avis sur lequel refuser.

En effet, Paul hésite aujourd’hui entre 5 startups établies qui lui offrent des salaires supérieurs à £40k par an, ainsi que de généreuses stock-options, représentant potentiellement plusieurs centaines de milliers de £ (voire de millions, s’il a la chance et le flair de rejoindre le prochain Facebook). Mais l’argent ne faisant pas tout, il veut trouver le meilleur environnement de travail et un produit qui le passionne vraiment. Car il a le luxe inouï de pouvoir choisir.

Chômage? Quel chômage?

Quel est donc le secret de Paul? De quel pouvoir magique est-il le détenteur pour ensorceler tant de potentiels employeurs? La réponse tient en un mot, qui n’a rien d’ésotérique: Paul est front-end développer. Il maitrise plusieurs langages web essentiels: HTML, CSS, Javascript, JQuery. Comment les a-t-il appris? Ses parents lui ont-ils payé des écoles spécialisées hors de prix? Non. Il est tombé dedans à 16 ans, en essayant de customiser son profile MySpace pour impressionner les filles. Et il a tout appris par lui-même, en faisant, et en utilisant les milliers de ressources gratuites disponibles sur Internet.

Le secteur dans lequel je travaille, les startups Internet, ne connait pas le chômage: il connait la pénurie de talents. Si Paul a cinq offres d’emploi c’est que nos startups n’arrivent pas à trouver suffisamment de gens motivés qui possèdent ses compétences. Et si, dans le même temps, des millions de gens ne trouvent pas de boulot, ce n’est pas simplement qu’il n’y en a pas assez pour eux, mais aussi qu’ils n’ont pas les compétences dont les entreprises ont besoin. C’est une évidence, mais on la mentionne rarement. Les boites avec lesquelles je bosse se foutent pas mal que leurs employés aient Bac+10 ou, comme Paul, Bac+0. Elles veulent juste qu’ils soient capables de faire ce qu’elles leur demandent. De créer une sublime Web application par exemple.

L’ascenseur social est en panne…: J’ai pris mon clavier!

C’est en cela que le mythe des études secondaires et du diplôme est fondamentalement pervers. Faire croire à des millions de jeunes qu’il leur suffit d’additionner le plus grand nombre de chiffres derrière leur bac pour avoir le boulot de leur rêve est au mieux inconscient, au pire criminel. Dans la vraie vie, celle des entreprises privées qui paient des impôts et doivent être profitables pour exister, on ne recrute pas des années d’études, on recrute des compétences.

Et c’est grâce à cela que des gens comme Paul, qui n’ont pas fait d’études, qui n’ont pas de capital de départ - ni culturel, ni social, ni financier - peuvent trouver le boulot de leurs rêves. Un boulot qu’ils aiment et qui les rémunère suffisamment pour vivre bien, voire même pour les mettre à l’abri du besoin pour le restant de leurs jours. Il n’a eu besoin ni de pistons, ni de contrats aidés. Il s’est fait tout seul, dans sa chambre, grâce à son travail et son intelligence. Et grâce à Internet.

Car Internet est le grand égalisateur. Tout le monde est égal derrière son ordinateur. Tout le monde a accès aux mêmes ressources et aux mêmes outils. Il n’y a ni âge, ni genre, ni race, ni religion, ni classe. Les matheux peuvent coder, les artistes peuvent designer, les littéraires peuvent écrire. Et les pauvres peuvent devenir riches. Par leur travail et leur intelligence.

Ça ressemble à ça un ascenseur social.

The case for forgetting your way to the office (and taking long breaks)

martinibianco — Tue, 08 Jan 2013 08:48:00 +0000

Since I joined Index three years ago, I’ve been getting to work by bike pretty much every single day. That’s how I realised it actually wasn’t raining that much in London. Or maybe I just stopped caring about it.

If you asked me what the best part about riding a bike to work is, I wouldn’t say the fresh air, the exercise, or the freedom, I would actually tell you it’s the predictability. The entire London transportation system may drown under a tsunami, I would still arrive at the office between 15 and 20 minutes after I left home.

The price to pay for this predictability is that I gave up any creativity. After two weeks of trial and error, I had identified (what I thought was) the optimal route and stuck to it for the next three years. 600 rides or so following exactly the same streets, the same right and left turns, uphill, downhill, in the same order.

But although I thought it was optimal, I still didn’t find that journey perfect. Three blocks after my flat, there would be a dangerous junction, in a small, quiet, hidden street, where large trucks park on both sides, hence obstructing any visibility. Every day for three years I would moan and curse, and threaten to write a letter to my local MP, convinced I would one day get hit at that very location.

It lasted until Wednesday, last week, when, completely inadvertently, I took a right turn one street before the junction, which led me straight past the trucks and safely onto the next leg of my journey. I didn’t do it because I wanted to solve that particular junction problem, but simply because I had been away from London for over a month, and had forgotten about the “optimal” route.

This may be a trivial example but it shows what those long breaks are amazing for: they break the routine and allow you to see and do things differently, in your work, but also in your life in general. I wish Index would let me have more of them!

"Sweating the assets" - the Bharti Infratel / Indus case study

martinibianco — Thu, 03 Jan 2013 10:01:00 +0000

As I was travelling to India last month, I came across the news that Bharti Infratel had just IPOed at a $7 billion valuation. The company is a spin-off from the Bharti Airtel telecom operator, set up to independently manage all of their tower infrastructure.

This reminded me of my time at UBS where I spent a year working on a couple of similar projects for African operators, to no avail unfortunately. These deals, especially when they attempt to pool assets from multiple operators together (as is the case with Indus Towers, which owns and manages towers previously owned by Bharti, Vodafone and Idea) are hard to put together (it’s not easy to value a portfolio of thousands of towers across a large area) but incredibly appealing in economic terms.

It is a win-win-win situation:

the tower company can optimise the occupancy rate of its assets by having more than one operator on each tower (thereby “sweating the assets”)
the operators can transfer large capex to smaller, more flexible opex. They can also get a faster and broader geographical coverage.
the public and the environment benefit from less towers being built and cheaper rates if operators decide to pass on their savings

We, at Index, have invested in many consumer-focused “sweating the assets” type of companies: Housetrip and OneFineStay for homes, Voiturelib for cars - but the Bharti Infratel / Indus case study shows that the B2B opportunity can be very large too.

Les Jeunes Pousses – Index Ventures

martinibianco — Fri, 28 Dec 2012 13:37:20 +0000

Les Jeunes Pousses – Index Ventures:

Pour marquer le coup du retour de Berlusconi en politique, je me suis moi aussi fait interviewer par un media que j’avais prealablement cree ;)

"Mais il arrivait pourtant que Pascal [Xavier Niel] se perde. A la recherche d’une entreprise..."

martinibianco — Fri, 28 Dec 2012 12:52:00 +0000

“Mais il arrivait pourtant que Pascal [Xavier Niel] se perde. A la recherche d’une entreprise introuvable, il parcourait alors au ralenti les geoglyphes des lotissements-dortoirs. Il distinguait assez vite cinq ou six types de pavillons differents, qui se singularisaient surtout par la position de leurs entrees de garage. Pascal les imaginait, vus d’avions, comme des petites alveoles sages ou vivaient obscurement les ouvriers de la grande civilisation marchande, a la fois producteurs et consommateurs. Leur mode de vie remarquablement discret etait devenu la plus grande force de l’histoire, et l’unique fondement des grandes fortunes a venir. Tout objet qui penetrait ce marche se voyait aussitot demultiplie: ce fut le cas de l’automobile, de la television et du magnetoscope. Tout desir qui parvenait a s’implanter ici prenait aussitot, comme l’avait montre l’experience du Minitel rose, des proportions industrielles.
Pascal, des qu’il eut relance Minicom, societe positionnee sur le marche des services aux entreprises, se mit donc a rechercher en priorite des societes positionnees sur le marche des services aux particuliers, pour faire d’Ithaque [Iliad] un acteur generaliste de la telematique.”

- La theorie de l’information, Aurelien Bellanger

Google, Facebook, Skype, Vente Privee,… quelques dizaines d’entreprises ont reussi, a l’instar de Free, a penetrer ce marche et atteindre une echelle industrielle. Mais Apple reste le meilleur exemple d’un produit haut de gamme s’imposant dans l’immense classe moyenne. Il suffisait de voir le sourire de mon petit cousin decouvrant un iphone sous le sapin a Noel, tenu comme chaque annee dans notre pavillon dijonnais, pour en saisir la force d’attraction.

Against all odds, I'm still bullish on French startups

martinibianco — Mon, 29 Oct 2012 15:59:14 +0000

The 3 days I just spent in Paris last week left me extremely impressed with the quality of the tech ecosystem there and the progress it has made recently.

Leaner, meaner

I met with over 20 key people from the community (entrepreneurs, VCs, linchpins) and can now name 10 new startups with outstanding teams, users and/or revenue traction, and a clear path to profitability. All milestones achieved on very little capital invested. A few of them also had impressive tech chops, fluently using big data and mathematical algorithms to create highly scalable businesses. This will come to no surprise to anyone who’s been on a trading floor in London: a few French engineering schools are training a large contingent of top financial engineers - and what they can apply to finance, they can apply to other verticals too.

It feels like there is a perfect storm brewing in France at the moment: a world-class scientific and business education (in a very limited number of Grandes Ecoles, but still) + a shitty job market that makes entrepreneurship the most viable option for top graduates + a vibrant early stage funding scene that makes it relatively easy to raise the first rounds. Things get much tougher later on, making scaling hard, but getting started is relatively straightforward.

As happy as Woody Allen in Paris

I’m unashamedly biased here: I’m French, and love France even more so that I have been living away from it for many years now, and therefore truly appreciate its uniqueness whenever I get back. But, still, the people I met and the numbers I saw are no pies in the sky, but clear evidence of serious entrepreneurs busy with building large and profitable businesses.

There is a public sector elephant in the room

Don’t get me wrong, the macro situation there is dire. The public sector has become so big (7 million employees or over 25% of the active workforce, and the electoral weight that comes with it) that it seems to have taken a life of its own and be impossible to reform. Even worse, the dominant ideology (shared by most politicians and media outlets) is hostile to wealth creation and obsesses over redistribution.

In its latest outburst of economic insanity, the ruling socialist government is about to kill this young and fragile ecosystem with its budget for 2013, which intends to tax entrepreneurs and investors to death (or, rather, to exile). I can already name 10s of successful entrepreneurs who have set up their businesses in NYC, SF, London or Berlin - this new law will only make things worse. Attracting foreign investors and entrepreneurs is an even more remote eventuality: who would be crazy enough to set up shop in France if they weren’t born and raised there?

Go #geonpi

Everyone I met in Paris was up in arms against the new law (the so called PLF2013), and felt very very angry, and painfully betrayed by their own country, a place they love and feel they are massively contributing to. The one and only merit of this toxic political move has hence been to strongly unite the community and make it come to the realisation that the French market alone was no longer sufficient, and that, be it for customers, staff or capital, they would have to look abroad to succeed.

But if (and it’s a big if) the tech scene manages to remain united and keep big government in check (and prevents the PLF2013 from turning into reality), I’m confident we’re about to see many more successful French startups emerge.

Which is why I will keep spending a fair amount of my time in France, to make sure I have the chance to work with these teams and help them grow and succeed globally.

Living with entrepreneurs

martinibianco — Sat, 13 Oct 2012 15:45:00 +0100

Living with entrepreneurs from Martin Mignot

I got invited to give a keynote speech for the launch of Imperial College Business School’s Entrepreneur Club (or some name along this line, the point is: the room was full with super smart budding entrepreneurs).

I didn’t have any guidance on what to talk about so I just decided to draw from my experience being surrounded by entrepreneurs (my dad, my girlfriend, my friends, the CEOs I meet and work with on a daily basis) and my own endeavours, to convey a few general messages:

everybody can be an entrepreneur - my friend Anne was an intellectual property lawyer and I suspect she had never seen a P&L in her life when she decided to launch her business - that’s the beauty of it
it is a great time to be one
the sooner the better - as a general rule: the less you have to lose and the less financial responsibility you have (mortgages, kids, etc.) the easier
but competition is fiercer than ever too, so you will need to be smarter and find an angle
the point of launching a business is not to raise money: it is first and foremost to build something you can be proud of and replace an existing or potential salary job by a self-made one, which makes enough money (ie. profit) to take care of your family. 99.9% of businesses will never raise VC money, so betting your success on a big VC round is akin to playing Russian roulette with 5.994 bullets in a 6-bullet cylinder
But if you happen to have a business that’s in the 0.01% bracket - ie. able to reach $100m of revenues (or more) over a few years - then we should talk right away!
And lastly, entrepreneurship is a mindset above all. You can work in a big corporate and be an entrepreneur. Eze Vidra is the example I took there: he may be on Google’s payroll but Google Campus is his own startup. When he organised TechBikers, he didn’t do it because it was part of his job description, but because he thought it would be fun, serving a good cause, and contributing to cement the tech community in London. He put his money, reputation and time into it, and just made it happen - as any entrepreneur would.

Jean-Daniel Guyot: Projet de loi de finances 2013

martinibianco — Thu, 04 Oct 2012 10:15:00 +0100

Jean-Daniel Guyot: Projet de loi de finances 2013:

jdguyot:

J’ai hésité quelques jours à apporter ma pierre à la discussion sur le projet de loi de finances 2013 et ses conséquences sur les créations d’entreprises. Je suis moi-même créateur d’une start-up et je vois surgir depuis quelques jours des arguments qui n’ont rien à voir avec les vraies…

Meet France's unsung heroes. #RejoignezUneStartup

martinibianco — Wed, 19 Sep 2012 11:55:44 +0100

As my partner Saul Klein said in his recent speech at the European Pirate Summit in Cologne, it feels like Europe is screwed. And France is no exception. But, as he soon pointed out, it doesn’t mean we should be discouraged, but rather, take inspiration from the countless examples of people who have managed to exploit uncertainty and crisis to innovate, challenge the status quo, and build massive businesses in the process.

And, all over Europe, more and more people are doing just that. Investing all of their hard-earned savings (and often their friends and families’) into daring ideas, at a time of almost unprecedented economic uncertainty. Chasing seemingly impossible dreams, much bigger than the wealth they could create for themselves if they happened to succeed. To prove to the world that they are not crazy: that their vision is reasonable and can be achieved, that change is possible.

Who’s got the guts?

That requires guts. The ability to withstand the pressure and the stress of seeing your bank account edge back to zero, and your professional life back to square one. To bear the weight of guilt that comes with losing your investors, your friends and families’ money. To forget about the flat you could have bought, or the great wedding reception you could have given. Those of you who have ever experienced these feelings of cold rocks in your throat and acid in your stomach that come with it will know what I’m talking about.

How many among us are ready to take that kind of life-changing risk? Very few. And those who do should be handsomely rewarded when they succeed, cheered up when they fail, and cherished all the way. And the morons who call them parasites or selfish, while living off the taxes they and the jobs they’ve created are paying (French readers will know who I am talking about), deserve nothing else than a cream pie in the face.

Let’s join them

If you want to see what these entrepreneurs look like, more than 50 of them will be holding a big job fair in Paris on Saturday (the 22nd September). Together, their companies will be offering 140 full-time, well-paid jobs, to over 500 candidates. They didn’t wait for anyone’s permission or money: they just decided to get together and do it, within their limited self-sufficient means. Because this is what they do: they put things in motion.

So, if you are a developer or a designer and want to work with the best in the business, while taking a decisive part in these incredible individual and collective adventures, you should apply here: www.rejoignezunestartup.com.

Let’s thank them

Not all of these startups will succeed. Actually most of them will fail. And most of these entrepreneurs will lose a lot: savings, years of hard work without a salary, and, maybe worst of all, the opportunity to realise their dreams. They know it, and still, they are brave and crazy enough to give it a go, and give everything they’ve got. To create services and products they think will make their customers’ life better, creating jobs for themselves and hundreds of others in the process.

It is all too easy to forget the risk they first took once they have succeeded. To bash them for being selfish when they claim they don’t own their success to anything or anyone but to their hard work, intelligence, and nerves of steel. This may not be entirely true, but they are entitled to think that without their self-starting energy, nothing that we built would exist today.

Successful or not, those entrepreneurs are heroes, and should be praised as such.

The Dangerous Seduction of the Lifetime Value (LTV) Formula « abovethecrowd.com

martinibianco — Wed, 05 Sep 2012 14:55:28 +0100

The Dangerous Seduction of the Lifetime Value (LTV) Formula « abovethecrowd.com:

Excellent analysis of the unintended consequences of relying too much on the LTV formula. I’ve seen it being used a lot by the German copycat factory, among others. It works fine until your backers start getting nervous and ask to see the promised intrinsic profitability…

Mercenaries vs. Missionaries: John Doerr Sees Two Kinds of Internet Entrepreneurs - Knowledge@Wharton

martinibianco — Wed, 05 Sep 2012 10:04:16 +0100

Mercenaries vs. Missionaries: John Doerr Sees Two Kinds of Internet Entrepreneurs - Knowledge@Wharton:

Written 12 years ago and still more accurate than ever.

““The old economy was about people acquiring a single skill for life; the new economy is about life-long learning,” says Doerr. “The old economy was about monopolies; the new economy is about competition. The old economy was about job preservation; the new economy is about job creation. The old economy was about wages; the new economy is about ownership. The old economy got its value from plant equipment; the new economy gets its value from intellectual property. The old economy was like sumo wrestling; the new one is like the 100 meter dash; the old economy emphasized standardization; the new one stresses choice. The old economy sued; the new economy invests.”

Anatomy of an (un)fundable startup - Venture Hacks

martinibianco — Fri, 24 Aug 2012 11:53:46 +0100

Anatomy of an (un)fundable startup - Venture Hacks:

A classic preso that any fundraising entrepreneur should have watched, at least once.

VC Evolution: Physician, Scale Thyself. | Dave McClure

martinibianco — Tue, 21 Aug 2012 08:54:07 +0100

VC Evolution: Physician, Scale Thyself. | Dave McClure:

A must-read piece on the evolution of the VC landscape over the last 10 years. Hats off to @davemcclure, the Master of 500 Hats

Amazoned

martinibianco — Tue, 07 Aug 2012 12:23:55 +0100

Reading the Credit Suisse note on Amazon titled “The Sum of Many Parts”, it’s impossible not to be amazed by how this company has managed to grow from its original business over a very short period of time.

As shown in the chart above, since it started as a first party book selling website in 1995, it has successfully expanded into new categories (Electronics & General Merchandise), but also grown a strong third party business, launched the Kindle eReaders and tablets with the concomitant transition to digital, and developed Amazon Web Services, the cloud platform which is powering the large majority of today’s startups.

What’s especially impressive, is that these new business lines are not there for the show but are already by fair the biggest contributors to the company’s profits.

Source: Credit Suisse estimates, Company data

The company didn’t even have to reinvent itself, it kept its core business, expanded it, and used it smartly as a base to venture into adjacent sectors, using its scale to become a leader/major player in every one of them. And all of that in less than 15 years… Hugely impressive.