 Good evening everyone. It's great to be here with you at Slush. It's my first time here. Of course there's no Slush outside, but there's lots of excitement inside. I came here today to talk to you about impact. The impact that all of us can have through what we do, helping companies, investing companies, creating companies, and solving the world's problems. If you don't know, if you don't read the headlines, which most of you do, you'd think the world is sailing in great direction, but most people are terrified. My kids are terrified, my partners are terrified, my friends are terrified. And so I thought it would be important to put this all in perspective. Many of you haven't been around quite as long as I have, but in the five decades I've been on the planet, there's been bad news like this very consistently. This is the 60s, of course. This is the 70s. And by the way, remember the U.S. president that's featured there. So these kinds of bad things have happened before. What's interesting though, that's the 80s. But what's interesting is that we've actually been living through the most peaceful time, arguably in human history, and certainly in the last 50 years. This chart just shows you the number of human lives lost in conflict as a percentage of the total world population since World War II. It's also the case and maybe for a related reason that this has been a time of tremendous innovation in the world. It's been an era that's been driven by entrepreneurship more than the corporate research and government funded research that had preceded the 1960s and 1970s when some of the largest venture capital firms in the world were first formed. What might seem funny today, given that those firms all invest billions and billions of dollars, is that the average firm during the 1970s and 80s raised only $17 million a year. And their first funds, often which started in the 60s and 70s, were anywhere from $4 million to $44 million. NEA's first fund was only $16 million. Today, of course, we invest more than $16 million on average in each of our companies and sometimes four or five times that amount. Now, no surprise to anyone here. Today, venture capital is about $100 billion a year just in the U.S. invested in companies. And for example, last year, there were seven firms that raised more than $1 billion each. That seems like a lot of money. But what you might not know is that that's actually a very, very small asset class in the world. It represents about 3% of the money in mutual funds, 16% of the money in hedge funds. And since 1970, on average, the venture capital industry in the U.S. has invested about .3% of U.S. GDP. What's amazing is that if you look at the impact of those venture-backed companies started and funded since 1970, today they represent 20% of the U.S. economy and more than 10% of private sector employment. So that's certainly one really specific and quantifiable measure of the impact that has already happened from entrepreneurship in the last 50 years. These are just some of the companies. You know all of them. But think about the impact that they've had on our lives. They've invented life-saving technologies. They've invented software and systems which transform the way businesses are run around the world. And then, of course, there's the Internet and mobile, which in most of our experience is the most transformative thing in our personal lives during this time. NEA has, I think, an interesting perch from which to view what's going on today. We have probably the largest venture portfolio in the world with over 400 companies. And because we span consumer technology, enterprise technology, and life sciences, we see things from their very earliest stage, much before the general public and even much before some of you in terms of the breadth that we see. So I thought it would be useful in my effort to convince you that the world has not headed straight off a cliff to look for a minute into our portfolio and talk to you about what we see coming around the corner. What I hope you'll come away with is that what we see is happening in so many different areas and is impacting so many different parts of the economy and our lives. I break it down into three categories. You know, a simple paradigm, the atom, the bit, and the gene. Let's start with the atom. This company, Trialpha Energy, which many of you have heard of, but probably not as many as I would expect, was featured on the cover of Time Magazine two years ago. They have a working fusion reactor in Irvine, California, which my 84-year-old Nobel Prize-winning partner, Arno Penzias thinks will be the most transformative technology in his entire lifetime. This company, we invested in this company in 2003, I believe it was, and they expect to commercialize the reactors in 2025. That sounds like a really long time, and of course it does require a lot of patience and a lot of hard work from a lot of people over time, but they're about 25 years ahead of the schedule of the other fusion reactors that we know about. What's even more amazing, this spring they came to give me an update on how they were doing and they mentioned, they said, you know, there's this one other thing we figured out. We've had to invent a lot of stuff in order to make our reactor work and one of the things we had to invent was a slow neutron particle accelerator. I don't know if any of you know exactly what that does. I had to take them in to think about it, but apparently no one had ever invented one of these things before and they needed one and somebody in the company figured out that this was the key technology that could take the Boron 11, which they use as their primary fuel source, and if encapsulated in a drug delivery technology developed by a certain company in China, they could use it to cure cancer. They take the Boron 11, they put it into this drug delivery technology, which highly preferentially matches with cancer cells in your body, and then they irradiate the person with this slow neutron accelerator and then some cases they can cure cancer in two treatments. Pretty amazing stuff, curing cancer and maybe solving the world's energy problems all in one fell swoop. Now we've all been hearing about 3D printing for a long time, but how many of you wondered why this isn't really taken off? The reason is it's been much too expensive and much too difficult to use. So this company Desktop Metal introduced a product this spring, it's about this big, you can see it in the picture, looks like a sizable office laser printer, except that it makes highly precise 3D metal parts. And today those metal parts are useful in applications where there's low volume because it's still a small machine, but next year they introduce a machine which will revolutionize entire product lines, meaning that they'll be able to do high volume manufacturing. So when we think of market size, we like to think of companies that can sell billions of dollars of things. These guys are just disrupting a part of the world's economy, which is measured literally in the trillions of dollars. Now one of my favorite companies just won Time Magazine's award about a month ago or even less for one of the 25 best inventions of the year. What they do is they've reinvented the breast pump. We all know that breast milk is incredibly beneficial to babies, but it's really difficult for working moms and frankly any mom to figure out how to breastfeed using the current devices which are cumbersome and difficult and require a private place and all of that. So Willow has invented a breast pump that's completely self-contained and is discrete and quiet and women can go about doing whatever they're doing and none of the rest of us would even know. Pretty exciting stuff. Let's move on to the bit. In 2010, we backed a company called Cloudflare. Many of you have heard of it. At the time, they set out to make the internet better and that seemed like an almost ridiculous proposition for a little start-up with a few people in San Francisco, but since then, their solution which protects and accelerates websites has been adopted by more than 9 million websites and the traffic that goes through their network is almost 10% of global internet traffic. When people talk about attacks on the internet, no one sees more attacks than Cloudflare. They measure billions of attacks per day against their clients' websites. In addition, now that they're at scale, they have the opportunity literally to take out the piece parts of the internet protocol and replace them when they're within their own network and make the internet better. So they're realizing on their vision in a way that nobody's done before to literally make the internet better. A more recent investment is branch metrics. I'm sure most of you have never heard about branch. We only seeded this company three years ago. They invented a technology called deep linking, which makes the user's experience of moving between mobile applications seamlessly and finding things that they want to find much better and more transparent. And consequently, they're able to help mobile app developers grow their application base with a variety of tools they've developed. The astounding thing about branches, again, this is a free service for the base offering, they have over 10,000 mobile applications that have already deployed and are using their technology and the usage rates are skyrocketing. Now, another one of my favorites is Coursera for two reasons. One, I think it's one of the most impactful companies that I've ever been involved in. And two, it started in my living room. The two founders were Stanford professors and Daphne Kohler had come over for lunch and she told me about this project. This is now six or seven years ago. She and Andrew Ng had decided to launch one of their computer science classes at Stanford online. In fact, they'd launched two of them in span of two weeks with absolutely no advertising and hardly a nickel spent. 200,000 people had signed up from around the world to participate in what today is called a MOOC. And those students, while they didn't get credit for the class, performed almost at an equal level to the Stanford graduate students who were sitting in the classroom. Pretty transformational stuff. They've grown from two classes to 2700 classes from 140 of the 150 top leading universities in the world. Now they're even offering online degrees. University of Illinois has launched a few and they have a pipeline from a number of other universities where students can take classes online and get exactly the same degree that the students on campus are getting for a lot less money. Clearly, this is a big part of the solution that we have to the growing cost of higher education in the United States and around the world and provides access to people who would never get to even apply to or could afford these universities. Now I'm going to move to the gene. This is not my field. We have a fantastic med team which I get to see in action from time to time. And seven years ago, my partner Dave Mott funded this company Tassaro. He funded it before the founders even knew what they were going to do. But they had a better way of developing cancer drugs. And so he gave them a small seed investment. I think it was $18 million. It's a lot of money for two people who have an idea. But Tassaro seven years later has two products in the market and has had four new products approved this year. They're targeting mostly ovarian cancer, which is the fifth largest cause of death for women with cancer. And they're already a public company valued in the billions of dollars. What's exciting to me is that it's not just Tassaro. It's not just one kind of cancer. But the research and the tools available for cancer research have caused an astounding growth in the number of drug approvals. And based on what we see in our own portfolio, this number will only grow as time goes on. Now most of you have probably heard of CRISPR. This is the technology that allows gene editing. It allows you essentially to edit the human genome in ways that are hereditary. So you can solve a genetic defect not only for the individual patient, but for their offspring. This is the sort of thing that is almost hard to believe. But it's working today on certain applications. And we invested in this company as a series A investment a few years ago and they're already public. If that's not interesting enough, this one really blows my mind. Syn logic. It turns out we have about 23,500 genes in the human genome. But as most of you know, we also have this thing called the biome in our gut, which is all the bacteria that live inside us. That's about 6 billion genes. And so Syn logic is applying techniques to change the genetics of the genes that live in your gut to solve problems that you can't solve for yourself. Like dissolving toxic waste and producing metabolic things that some people can't produce for themselves. So this is an entirely new field of medicine, which I also think is quite transformative. So I'm going to end with one last company. This is a new company in our portfolio, one concern. But it's a very topical one because the founders of this company had experienced tragic natural disasters in their own life back in India. And they wanted to create systems which could address this in a much better way than was available. And so they used both human intelligence and machine intelligence to create software not just for the emergency responders, but for all the participants in an ecosystem in an area to be able to predict natural disasters and be able to react to them and manage the responders in real time for better outcomes. It's called one concern because they are only trying to do one thing, which is save lives. I mentioned at the outset that we see an incredible diversity of stuff. My time is up, so I'm going to move on from this slide. But we have companies that are attacking the dark green bars across every industry. And I'll just close by saying that I hope you feel, as I do, that the future actually is pretty bright and that innovation in our lifetime will change the human condition in even more positive ways. I want to wish you luck on your journey as you do that as entrepreneurs and investors and thank you for your time today.