 We're here in San Francisco at the third annual convening of the social capital markets also known as Socap 11 and this is a real treat because we're here with Bob Batillo who is an iconic class, the trailblazer and a leader in the space of the social capital market. Can you spell that? I think I could spell it. I've written it out one or two times. From the south. It's easier than entrepreneur. I still spell that wrong all the time. But Bob is the founder of Grey Matters Capital and in turn Grey Ghost Ventures, First Light Ventures is an incredible entrepreneur himself and today we're just going to jump in deep. Bob you know what I'd love to start is you have been notoriously and continue to be a trend setter and I'm curious as to what you believe are the trends in the social capital markets, where this is moving and maybe also where the gaps still remain. We see big breakthroughs in ed tech, education technology in ag tech. We see there's a company called Carago that has it's like a clinic in a box in Nairobi and you would be amazed at the quality of the care that people are getting for a 75 cent visit. There's a whole conversation about whether these investments, whether you have to trade off, whether you have to forsake financial return for social impact and I don't believe you do. I don't believe you do. Now I'm one of the few that think the two actually can reinforce each other, right? And where do you think are the biggest gaps in this burgeoning market of social capital? The whole power structure of investment is mass awkward, it really is. It encourages a whole promotion mentality of investment dance, you know. And so why would I want to tell you about what I'm really need help with, you know. I want to tell you what I'm super good at, right? So I paint this picture of invincibility to you as an investor. You buy into that, it's destined for struggle. Companies are really created, they're not born. So you have to go through an iterative process and try stuff, you know. That's where boldness comes from and it won't always work. And so you have to be able to be agile and change. I would really like to be part of spiritualizing capitalism. Social capital is a tool that can be used to benefit mankind, but it does require building on solid relationships, building on care, building on trust, building on your loyalty as an entrepreneur, your imagination and doing this together. Yeah. Recently I was just thinking about this, that entrepreneurship embedded it, ingrained it is this idea of the iterative process of innovation, but when we look at investment venture capital, we're typically using the same tools we have been for 50 years in terms of the terms. Are you starting to see new term sheets develop or different ways of placing capital when the exits aren't as clear? I see three opportunities for exit that are a little unusual for early stage companies. First you are seeing conventional VCs. There are probably 300 solid impact investment funds by our account, maybe three and a half billion dollars in these funds and they're a little bit constipated. They're waiting for the first mover. It's not flowing through. They complain about pipelines. Pipelines there. So if we can demonstrate a few effective models, I believe some of that money will come down and start a little earlier or go invest a little earlier or provide some capital which can provide some exits. The third is corporates. I've been stunned. We were involved with a company called Selbazar. They were acquired by Telenoor, the fourth largest telecom company in the world out of Norway and they put it in their annual report. A little $5 million acquisition and I don't know how many billions of dollars in revenue that they've got but this is T90 and they've got a full page in their annual report. This is absolutely crucial to who this company is and this way it's a grassroots way to move the needle, to move the big stakeholders, the big capitalists, the big pension funds by almost like a Trojan horse because if they hold to their word and grow that little inner, they're probably going to find out, hey, this is good business and our customers like it, our investors like it. The nurses that have their pensions with CIA craft or the teachers or the artists, they're happy that we are helping do something good in the world. So I am seeing some corporate provide some exit money. Is this a 20 year or a 10 year or I'm terrible with timing. So I may be hanging on to these and nursing them along, wind, please. At the same time it may just happen. Leave room for grace. That's right. This thing might tip a little bit. Bob, thank you so much. That was really, really a treat. Thank you, Daniel. You're a good man. I look forward to hanging out with you again real soon.