– Hi Gary. – Hey Gary, it’s Dave. Cofounder of YNOME in Zurich. I’m here with the team. We’re interested about the
future of finance and FinTech. It’s been getting
a lot of VC money and interest from the media. You talk about investing in
money as an entrepreneur. Would really hear your view on what is the future of
banking and finance. Thanks a lot. – That’s a great
question, David. Thank you and team. I think FinTech has been hot for
a very long time and continues to be and through Web 1.0 and
Web 2.0 and social web and today FinTech is always
an opportunity. There’s so much
SaaS opportunity. There’s so much inefficiency in
the banking and financial worlds based on people at scale
and I think technology, look, I think of FinTech the same
way think of everything else. Uber, Airbnb, Amazon they are the absolute previews,
not anomalies. They happen to get to the book
industry, the black car service and hoteling, so
what do I think? I think Venmo or Mint or all
these things have been chipping away and creating billion-dollar
exit opportunities within FinTech and because finance
and money transferring and our personal
relationships with money, FinTech is incredible place. It’s been a place that
I’ve never been very passionate about. I never really gone after that.
I tend to like consumer behaviors that are more kind
of just not around money, I guess really. Escapism, entertainment,
communication, not around finances but I think it’s an
extremely fertile ground in one of the core pillars of who we
are as human beings and I think that like everything in the
world technology will eat it up. Change it, spit it out, create
billionaires, crush fortunes, create new ones and I think the financial sector
is no exception. Especially when you take it to
the most macro levels which is a crypto currency. They’re just like, that’s
arbitraging the money itself. Enormous opportunity in FinTech. Just ironically the reason you
don’t hear much for me is I’m not deeply educated in it
because I haven’t spent time paying attention to it just
not one of the areas that I’m passionate about but the thesis
of opportunity is enormous.

bite the bullet and accept investor
funding ATP this is a tough question for everybody every situation is different
this is why I struggle with third because the truth is I can’t give you an
answer without really knowing your business from knowing you everyone of
you that think they’re deciding between do I take on investment or do I continue
to bootstrap has so many other variables where are your personal relationship how
sick and tired of you are a new of bootstrapping you know how big of a
business you have way too many of you are taking on investment when your
business can only be worth three to five million dollars and then you’re giving
up such a big percentage in your patience over 35 years would mean you a
lot more money than you getting a percentage of the only 325 million in
revenue business so you know the truth is that every business has its own
variables what I will tell you is that I think money will get tight soon I think
the living at fairly good times even the most people don’t realize that’s pushing
startup culture though the mass economics in America are ok the startup
culture the people that are building businesses in the ship in an environment
that would watch a show like this have had a pretty good friend and I think
that I think that will dry up shortly and so I think that I think that if you
need the money you should go get it immediately if you don’t need the money
and it’s more about it to accelerate or do I keep grinding I
think that comes down to the individual and their situations at home life their
level of patients how much they enjoy the process a kind of alluded to like
almost sabotaging myself on daily be the other day cuz I love the process so much
so I hold off on gratification Kevin asked how crucial do you think an
absolute truth product and really good

– [Voiceover] Niall asks, “Ideas
alone can only get you far, but “once you gotten off the ground,
what does an investor need to “see to investment in a startup? – Well I think investors
all act very differently. There some black-and-white
binary investors who are looking for math to add up, right? Here are your sales, here’s your
cost of acquisition your monthly burn just pure financial
decisions and then other investors are betting
on the hypergrowth. You’ve gone from 0 to 50,000
users in two minutes, I predict that you’re going
to go to 5 million users. You’re not making any money but
you’re going to grow faster and you’re going to hit a home run
and I’m okay with the burn and the financial issues ’cause
you’re going to raise more money as you get bigger and bigger
so you’re betting on hard-core financial principles or
you’re betting on the anticipation of hypergrowth. I think one thing to keep in
mind is once you’re off the ground people have
something to judge. So I think a lot of people get
away with getting investors just on ideas which I think
is a vulnerability to the whole ecosystem. But it’s funny I’ve always been
fascinated by companies that are making money and have a year’s
worth of data often times aren’t as sexy as the idea because
investors get romanced in the upside without any practical
data versus well I already know you’ve done for a year and so I
think a lot of youngsters have been crafty in getting
investment before they have a product which I think has led to
a much higher return of failures which I think people need to
become more practical and so I think, just for everybody and
for you, once you have some data be prepared to be grilled a
little bit more because people have something to judge. I think that’s great and
healthy and needs to be more the standard. – [Sam] Cool.
Next video submission.

Really quick question, you and
other VCs see a ton of deals come across your plate. My question is what are two
or three things that makes one pitch stand out from
all the other ones? Thanks Gary. – You got it. It’s gonna be a good episode. We haven’t done a
lot of startup stuff. It’s been very entrepreneurial.
This will be good. Ace what stands out ironically
is the way I just set up you and this question, for me the jockey
the she and he that are pitching me are normally
80% of the equation. So many of you have heard that
the classic story of basically I knew I was going to marry
my wife five minutes in. If I’m willing to make my
biggest life decision predicated on my intuition, I’m definitely
going to let it do something so secondary like investing. The same way I hire.
I’m a funny hirer. Everybody used want to
actually watch this Alex, Alex. This is ironic timing.
This is Alex Klein. Alex get in here. You’re making an appearance
on the #AskGaryVee show. – Alright. – This is literally
crazy timing. – Okay. – Because I was about to say
something that is a story that involves you. Alex Klein, my brother-in-law,
Lizzie’s brother who happens to do a ton of recruiting from his
own firm for Vayner is this true or false because we got to go
fast here I don’t want you to like I feel like you
would take up too much time. – True or false– – True or false, did you Alex
remember had a recruiting firm that would make a commission
if we were to place somebody. Got it that’s of
his business works. True or false you liked it
better when I interviewed people because I almost hired
everybody versus everybody else at VaynerMedia? – True. And false. – Okay go ahead. Because? – Well, I think it
works out better. Long term for everybody, I think
it works out better with this kind of process
that’s in place now– – Instead of me just
shooting from the hip? – Yeah. – Let’s get to
actually my point. Is it true that I’d be more
likely to hire somebody after a seven minute meeting
and just make a decision. – 100%
– Okay, cool. That’s it. Thanks, brother.
– Later. – See you later.
– Bye. Big Mets loss
opening day, sorry. – Tough David Wright.
We’ll see. – The funny thing is he
happened to be walking by. Love the serendipity
of all that. That’s the punchline,
I hire in four seconds. I make decisions based on my
intuition but a startup has to have an idea in a
genre that I like. If you’re doing E-sports,
if you’re doing VR B-to-B, if you’re doing fully integrated
brand direct consumer consumer package goods, if you doing
things I believe in and I like your style, very quickly then
that something I’m going to be open up to. If you have those same things
and I don’t like your style, I’m definitely out. And if you have something that’s
not in my wheelhouse that I believe is going to make money
but I’m in love with your style I can be intrigued
and sold into you. The ones I get my deals are
usually genres I like and I liked the jockey the CEO,
I believe that she and he can navigate even changing it along
the way because that’s what happens in startups
that’s my intuition. Some people that get my money is
I don’t know this much about the space or passionate about it
but I think you’re a superstar. You have to be better
than the first group. The things that don’t get are
the things I don’t like or don’t like that genre and definitely
I don’t like the individual. I don’t think they’re
going to see it through. Thanks Ace. Let’s keep it, Alex Klein
making an appearance.

the evil said now you know because of course bro how are you sure
they keep that mentality so when they get to this point in life they keep the
power mentality to ensure success thanks so much for the question also lot more
clearly a branding genus you said power broke so many times and i think im gonna
say power broke 50 more times in like if you keep saying it just becomes real you
know why I actually think it’s impossible to do I think it’s very hard
to teach broke I don’t know how to instill I mean I’m forget about all my
investments I’m scared of having the teach my kids that because they’re going
to be in the power of rich that’s right missions and call you out your soft so
you know i mean look i mean it’s very hard to instill those virtues and i dont
know that I’ve been successful as an entrepreneur who’s become an investor in
stealing that into my investment investments at all I think what I’ve
done well it is I’ve recognized what they may be good at all you’re not the
power of hostile and broken all that but you know what you are you came from a
rich family you are seriously educated and I think you really understand
operations and your number two looks like they’re pretty hungry and broke
away like I really haven’t I don’t think it’s fair to to think that we can
instill the power broke in the same way that I don’t think anybody can instill
into me the hashtag power prep school right like like it’s just not part of
that DNA and so i think i think i think that’s a challenge as a matter of fact I
don’t read though I’d tried an audio book on my vacation at a bad time speed
it was pretty cool so I’m really interested in how you approach this with
the book and like how much like how do you how you instill hostile
or things of that nature has been interesting as outside investing it’s
been very hard for me internally I do you think you can do it
I’ve been very in the same way probably mom and dad EJ probably instill that in
to us right cause they work hard good in the same way do you think he’s also been
so hard he doesn’t let you doing so in the same way they think my parents
showed me work ethic and it was instilled in me I definitely see why I
think India works harder today get captured at run into you truly think
that you work harder forget about smarter do you think you work harder
because you’ve been so close to the bomb the son of hustle right after the son of
what what what do you think do you think you work harder because of it yeah I don’t use it rubs off from 100%
power broke all day I do so I think as an investor and I’ve empathy I know what
you do it’s on TV again it like it’s hard to do that from afar close in the
same way I think I’ll be able to pull it off my kids I think I think as an
organization for a lot of you that have 3479 12 employees I do think you can
still it and it’s a very funny way you do it by doing it only actions actions
actions the only way that you can do it is by you the leader of a company acting
a short way people can spend enough time with your investments and I think one of
the ways that are you crazy I actually have figured out a weird way to do it
but called daily be I had multiple people that are investments of my email
me about the first three episodes just 13 episodes billion like you might be
working harder to me and I haven’t made it yet and I’ve got like so actions released two subpar product or service
if so why did you learn from it tons of

– [Voiceover] Eric wants
to know, “What makes a “company more investable,
millions of active users “consuming free content or
millions in actual profit?” – Millions in actual profit. – Next question, alright.

“with vulturous, unethical investors? “Would you put ’em on blast?” – Yeah, I mean, if they’re truly vulturous or unethical investors, I’m more than willing
to put them on blast, but something about this question makes me also wanna say make sure that is true. The level of thin skinness in young, first-time business people, let me just say this for the record. The audacity that is running rampant in startup land, that you’re a 22 to 24
year old entrepreneur with zero proven record, and
you’re going to the world, and you want them to give
you one million dollars at a six million dollar
valuation on your idea pisses me the fuck off, and so the answer is yes to both. I would equally put an entrepreneur that is out of their goddamn mind that has not contextualized the insanity of the
marketplace that we live in as I would as an investor
who is being vulturous or unethical and doing the wrong thing, but please recognize sitting
in this ecosystem as I am, I have had a lot of
kids come to me and say, “Can you believe this other investor “that’s part of our deal?” And when I look at it, it is very normal. I would even say, 10 years
ago, soft negotiating, but by the thin skinness
of our society right now feels aggressive to this
23-year-old idea Ricky, and so I would say absolutely,
I would put them on blast, but boy would I double check that I don’t look like an
asshole five years from now for crying about somebody
just business negotiating, and I didn’t like it
because I’ve been so used to the world giving me eighth place trophies and Mom doing my homework and having no repercussions for anything for the first 22 years of my life.

– [Voiceover] Kamil asks,
“How would you raise money “for a college business club? “We’d love to bring more members “to a New York City competition.” – Kamil I think raising
money is all about asking. I would, let’s pretend
Steve and I were partners. Steve we need to raise more money. – Okay. – Who do you know? Do you have a rich uncle? – Yeah actually I do. – (laughs) Weird, let’s call him. And so that’s basically, that was funny, that was basically what we would do. You’d have to, what I think you need to do is you need to map the 1,000
people that you could ask. All the way from and you
know I said when uncle to hey, that kid in our school looks like he dresses extremely
well, he might have some money. Like, I’m not kidding. Raising money is called asking for money so you have to get into the
behavior of asking for money. So you map on piece a paper, hand written, you know collect the data, who
are you gonna ask for money? You start with your mother and the people that you’re closest to or for
me one of the biggest things I do in business is I start
with, you know I could think of three or four executives who I know that I could ask anything for ’cause I brought them so much value. Remember why I like jab so much? When you really need
it, it’s nice to be like hey Rick, I need a million bucks. And when Rick knows that
I’ve disproportionately put 8 million in his
pocket, he still may say no and remember if you ever read
the article I’m still okay with that but it’s nice
to know that Rick would be at the top of the list
along with Uncle Milford.

alongside a United States
senator Mark Warner. You’ve been a prolific investor in some of the coolest
companies in mobile and Uber. Twitter, Resy, and my in
my humble opinion Button. Tell everybody a little bit
about why you’re speaking at TAP and what you hope to get out of it. – So this is an interesting question. Really nice right hook
by one of my investments. Jaconi nice job. I’m speaking at TAP because
I feel obligated to you. Because I invested in your company. And what I’m hoping to get out of it is the realization from other people that are involved with me in business is that I’m a supporter
of the things that I back. It’s actually very black and white. There’s no PR answer to this question. It’s when you invest in
somebody else’s company, it’s not just the money
that you’re deploying. It’s the energy, it’s
the thought leadership. There’s an arbitrage in having me there. I’m going to give the best
talk at the conference. People are going to think
your conference was good. They’re going to think
your product is better. They’re going to see that I’m
invested into your company in a world where I have
hundreds of investments. And in two years I’m going
to be competing for a deal and that person’s going to say “I don’t know Gary, maybe you, “maybe this other person, why you?” I’m going to say “Well you know what? “Hit up the Button CEO, and ask him “what kind of investor I am. “It’s not just the
money, it’s smart money. “It’s not just the money,
it’s money that sweats.” So that’s what I’m
trying to get out of it. Delivering on my promise,
deploying effort, and most of all continuing
to paint a narrative of what kind of individual
I am as an investor, as a business man, and as a dude.

– [Gary] My quarterback. – I wanted to ask you about franchises. Specifically, fast food
chains and the pros and cons of getting involved with that business. And the second part of that question, how much money does Chick-fil-A lose in being closed on Sundays? Thanks. Look forward to your response. – Fitz, super excited for
the starting quarterback to start off this tremendous show. First of all, epic beard. I mean, geez Louise. I thought I was bringing
it a couple months ago. That thing is a beast. Super excited. A little quick shout out to
my brother-in-law, Alex Klein. I’d yelled at him
profusely in 2009 and ’10, telling him Fitzpatrick was
better than our quarterback. And, so, now I get my
chance five years later to have Fitz QB this team up. I’m excited to see you Sunday, Fitz. Great question, you know. You’d expect that from a Harvard grad. I think the QSR business
is really intriguing. Once dominated by McDonald’s, Burger King, couple of other players,
Wendy’s, Pizza Hut, things of that nature. What we’re seeing now is fast casual and a whole revolution. Whether it’s Shake Shack, Chipotle, different things of that nature. And then a bunch of sub
brands popping up everywhere. So many of my entrepreneurial friends are jumping into the space higher quality food,
different marketing tactics. I think we’re gonna see
the biggest shift in quick serve restaurants that we’ve seen in the last 50 years
happen over the next 20. And, so, for entrepreneurs out there I think it’s a very
intriguing business model. It’s a tough business. The restaurant business
is a tough business, but when it hits, it hits for real. And, so, I’m a big fan of the industry. I’ve been looking at it. I’ve been looking, and
poking, and prodding into is there any opportunities
for me to get involved in it? Here a little fun fact,
and if you in Jersey know, Wine Library sits right
next to a Taco Bell. Dad and I just bought that
Taco Bell a couple months ago. It’s sitting empty for extra parking. I’ve been thinking about coming up– Staphon, get in here. I’ve been thinking about
creating some brand from scratch. I’ve been thinking about
creating some brand from scratch. So, I’m looking for any
chef partners out there that have always wanted
to do premium hotdogs or some other random idea. I’m open for business. So, Fitz, I think it’s
an interesting industry with a lot of opportunity, with the biggest shift
in it’s opportunities in maybe a half a century coming up. As for Chick-fil-A, they lose
a ton of business on Sundays. But I think, for the people
that know that business and the family that runs it, they’re more passionate about the reasons they’re closed for that. And I respect that
everybody’s got the things that matter to them most. For example, the Jets matter to me most. If, during Sunday’s game at 1:00 o’clock, at 1:47 I get 8,000 texts
emergency, emergency, and I look, and I’m told by friends and family that the liquor industry and the internet have been shut down forever, I could care less. All I want to make sure is that the Jets are whipping the Browns’ faces. So, everybody’s got their own religion. That’s my answer.