 Investors are people who invest in people and it's about building a relationship. One investor told me once and I think it's a very good way to do it. Investors like to invest in lines and not in dots. What does it mean by this? They want to see progress. They don't want someone to come and say, here is my idea, sign here or bye bye. Now they want to say, here is what I'm working on. What should I do next? How do you think I should develop? Here is what I plan to do after three months to show progress to grow the U-Pub to show that you can actually execute. And that's what I do a lot of the time. So I meet with investors and I ask for their advice. Everyone wants to give advice and it's better than asking for their money. If you get the advice enough time, when you get them to spend enough time with you, money will follow. And that's the best way to approach an investor. Ask them for advice. Let's look how it looks from the side of the investor. I hope you agree with this. There are four steps for the sales pipeline of an investor. I'm an investor, I'm a venture capital. I get leads, introductions, business plans. Then I decide who I want to meet and I meet them a few times. I have 12. Now usually not 12 is going to be here. Then after one or two meetings, the investor decides, I want to do due diligence. Due diligence is to better understand, to deep dive into the business. Look into talking to their clients. Looking on their financials. Understanding what they actually do. Meeting other people, meeting the entire team. Small things, bigger. Really getting into understanding what they do. And then there is the deal. Actually it's not a deal, it's for the term sheet. When the investor is coming and suggesting, I want to invest this. And of course then the negotiation starts. Not all of them are coming deals, but let's simplify it. And this is kind of average numbers. So for out of, let's say a typical venture capital gets 1,200 leads and business plans a year. Yes? I didn't count. You didn't count. Out of this they will have, again, mid-sized, depending on the fund, around 500 meetings. It can be a Skype board, it can be a meeting. Of which 50 of them they'll decide to do due diligence, to actually really investigate. 50 out of the 500 that they've met. And they're only going to make a proposal and give a term sheet to 10 businesses a year. So if you think that they're doing, you know, they've done just 10 deals a year. Actually 10 is a lot. Let's say in five years a year they are doing nothing. No, right? They have the 1,200 to look at. But what are your chances? Why chances to raise money? Meeting just one venture capital, one investor is not going to be enough, right? Because they had 1,199 like this. They need to stand out, need to make sure how they also need some luck and they need to manage it as many meeting and pitching to enough investors. What's important for that is to remember that no one accounts the knows. It doesn't matter if all the investors, almost all the investors in the world, told you know, if one said yes, that's all you need. And you're going to hear lots of knows if you decide to build the companies. You hear knows from suppliers, knows from clients, knows from investors, knows from employees that you wanted to hire. Oh, that's how we do it. We're going to hear lots of knows and if you can't handle it, don't even start. It's a painful place to live. But you need to be focused on this. In my case, I wasn't planning to share it, but in the last funding round, I had 59 know before ideas. Meetings, not even just, not at this stage, at this stage. A few went to this stage. Actually, very similar. Like everything in sales, it's a numbers game. You need to make sure you build enough to try and talk to a lot less. All right, these are my slides. And happy to talk about the questions. What do you think about programs like Kickstarter? What do you think about programs like Kickstarter? I think Kickstarter is a great way to raise money if you can. Because you don't need to give any equity. It's much better, right? If you can raise money on Kickstarter, why not? Build a TV to build a product and deliver on that, but if you can, I think it's a great way to raise money. To build a business without any investors. The other area of Kickstarter is crowdfunding. They actually do take care of it. How do you feel about companies that are coming to you in the round of play? The deal is quick. We didn't see the scenario in the crowdfunding process. Is this a facility? In the UK, I wasn't very familiar with crowdfunding. Okay, believe me. In the past, investors looked at it as quite a negative thing. So crowdfunding now is okay. But Kickstarter is not crowdfunding. So you can raise money. That's the best validation, right? Because you get traction. You get revenues. You don't need to be able to deliver on Kickstarter. There are cases where you can't raise money. I mean, they have a data side of it, right? If you want to raise millions, they have a data side of it. Did you already have traction when you went for the sheet drawing? Yes, after this one, you sit around and you will already make enough money to pay for it. You raise money without, but it's just hard. Any other questions? So we asked before how many people want to raise money one day? How many now? Less. Okay. Not even two. You need what? Money. Why do you need this? It's based on image processing technology. It's an instant plain recognition service with the follow-up services to gardeners and snow agriculture. Essentially, it's expressed as a mobile app. It's cloud-based. You scan the plant. The algorithm recognizes the plant, returns it to the name, gives you basic information on plant care, and directs you to sellers. If you want to. If you sell yourself a plant and grow in the middle. Do you have already someone who did it? What are the programs? Essentially, the product is ready. Now it has been developed and tested. We still need some funding to populate the image. So the challenge of investors is that they are not necessarily understanding this industry as well as you do. So they don't know if it will work or not. You need to reduce that risk in their mind. That's why they want to see paying customers, because that's their own pay. Someone who is actually an expert in this is not paying. That's going to be a good validation. But you can find also other validations. Show them, look, this works very well in one market. And we have them do it in this market. That's also a validation. It doesn't have to be. Or to find an expert in there in this field, we'll understand what you're doing. That's all that will be a validation. So we've spoken to producers. There is interest. There are some benchmarking programs in this category and in other categories. More just like Shazam, for example, for music. This serves the same purpose. We have a pretty good feeling about it. But the thing is that, indeed, as you mentioned, when you're pitching to the people, they are usually not really close to this area. So I have trouble getting the scope of the program. So one of the things that needs to be shared is to get first to practice the pitch. And I'm doing the same presentation. Each presentation is about 100 times in 3 months. So I've done thousands of times. I've heard any question that is possible. I've answered every question that is possible. If you ever think that you're doing something the same over and over, I am there. Yeah, good. So that's how you get better first. And the second thing is to simplify the story. I told you a little bit about what we do. I didn't even touch 1% of the complexity. And when I talk to investors, I don't touch much of the complexity. I stay on this level and keep it for the next few weeks. It works for me. What do you think works in that? When it's a complicated business, how does it work? That's important to look at. Very concise, relatively concise presentations. We can do many mail-downs, very short, and then we expand on the questions. But Vacha has been following us about talking to you. Oh, you're one? That's a lot of human formulation of the music. So we have been talking quite a few times. And that's the time to start early, right? And then to show you the relationship and not ask for advice. Okay, we are going to stay here for a bit more from our talkers, Dima and the team and me. Thank you very much.