Venturing into Fintech: Sheel Mohnot on Navigating Early-Stage Investments and the Future of Wearable Tech

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Hey everybody, welcome to another episode of Artificially Intelligent.
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I'm your perpetual intern, Sam Mau le, one of your co-hosts.
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And I'm Maia Bittner, your other co-host.
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You know, S sam, I just opened my front door and checked my packages and I got to tell you I feel like I've finally made it.
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I got a free sparkling water sample today.
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Ooh, uh-huh.
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What list did you get on?
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I know it was like totally unprompted, no memo free.
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Six-pack variety pack of sparkling water that's.
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That's how you know you're living large and becoming a celebrity in this space, which it's just the worst way ever.
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Yeah, this is my worst segue ever to get our guest on because we're talking about.
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I love doing this mic, so it makes me laugh.
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I'm talking about one of the og we're talking about a man who cannot keep his shirt on on Twitter.
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It's embarrassing A man who loves tacos as much as I do.
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I'm great.
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I'm just thinking about things that I've gotten for free in the mail.
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And it's like it's, it's not not that much stuff, although once I tweeted that my feet hurt and I got four different pairs of shoes in the mail wow, which was pretty awesome it's a lot of shoes.
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I wore those for a long time, um, but what else I?
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I uh tweeted about robin hood.
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A lot of people think that I get paid for these things.
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Like I don't get paid for anything.
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I tweeted that I am excited about Robinhood's new 3% cashback card and some other stuff about Robinhood.
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So the CEO reached out to me and was like, hey, we'd like to send you something.
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And I was like, oh, I'm going to get something awesome.
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And then I got it was stickers and a hat that says market cap and a key chain stickers.
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Man, right and you're like.
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By the way, I'm Sheel M Shilmanot.
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I have like 100,000 followers on Twitter.
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I am the guy in fintech.
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I literally just raved about your newly launched consumer card and drove like tons of high quality traffic.
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Thank you for the key chain.
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Literally a key chain.
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Like I know, fintech customer acquisition costs.
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Like that's a valuable tweet.
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Yeah Well for those that don't know we're talking about S shield.
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Um, he's one of the gps at better tomorrow ventures.
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Um.
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Did it with his co-founder, jake gibson and I love jake too.
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Founder of nerd wallet.
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God, who doesn't love nerd wallet?
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I love nerd wallet.
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Maia, you love nerd wallet love nerd wallet -should love J jake, but you and I do, and that's what matters.
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You know I love I learned so much from there.
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Yeah, he's great when did you first meet jake?
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I don't even know that yeah, yeah.
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So I met jake in 2016.
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I was running a different fund 500 fintech with an accelerator and um was a big fan of nerd wallet, like you two and um they actually they had an office in the same building as our office, so it just like was top of mind all the time because I could see them in the elevator.
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And then a friend of a friend or a friend was like, hey, I know Jake, one of the co-founders, and I said, oh, put me in touch.
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And then he got in touch, or we got in touch.
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He came in to mentor Accelerator, ended up investing in a bunch of companies in Accelerator, and then later on we had an event it was called Pre-Money this big conference for venture capitalists and Jake sent me a note saying, hey, any way I can get a free ticket.
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And I was like, hmm, I know a way you can get a free ticket.
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And I was like Hmm, I, I know a way you can get a free ticket.
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You can become an EIR with me and you'll get a free ticket.
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See, everyone's just looking for free shit, just looking for free shit, like all of us.
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Like all of us, a lot of stickers, a lot of stickers, a lot of free stuff, sparkling water sparkling water.
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Yeah, here we are, years later.
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You know that free ticket led to us working together and then deepening our relationship, sort of end of 2019, when we started btv, that's fantastic.
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I think of you as having just started better tomorrow, but I think I know the pandemic time warp.
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It was actually totally five, four or five years ago.
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Yeah, four and a half years ago.
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Yeah, and I totally agree it feels brand new.
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But we're actually, you know, we're on fun two.
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We'll probably have fun three later this year, so it still feels new, but I guess it's sort of old.
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And now Sam's calling me an OG, which means that I'm old.
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You got gray on the beard.
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You're like me.
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I got a lot of gray.
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We got a lot of gray.
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And do you want to give us the 30 second pitch for Better Tomorrow?
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What kinds of stuff do you invest in?
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What checks?
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do you?
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write what stage.
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Totally so.
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We are pre-seed and seed investors in FinTech.
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So everything we invest in is FinTech or FinTech adjacent.
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And when I say FinTech adjacent, that could be vertical SaaS that's going to have a big FinTech component, or B2B marketplaces that are, which is a $150 million fund.
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We also have a follow-on vehicle that's under $75 million and our check sizes range between a half million at the lower end and up to about $4 million at the high end for a first check.
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And and the half million dollar checks are usually pre seed investments that we do out of an accelerator called the mint, where companies come here, work out of our office, work super closely with us, and we invest a half million, as I said, and then you know, larger checks tend to be a little bit further along into our sort of seed bucket.
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Yeah, it's something I don't know, so I'm curious.
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You know, when you're in startup life, I'm back in startup life everybody if you didn't know it, congratulations.
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So yeah, I'm at the Series B company, so when you're in startup life it's it's almost like being a politician right.
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It's all about oh God, what's the raise I got?
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I got to do a raise.
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What's the next raise?
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What is it?
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I got to get to do that, well what's it like?
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Raising a fund.
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I mean, that's gotta be just as painful, isn't it?
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Yeah.
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So I've done it three times now.
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First time was really painful, second time was a little less painful and the third time we just got really lucky on timing.
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So I can tell you a little bit about each of them.
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So the first one it was my first fund 500 FinTech ended up being $15 million.
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Originally I was masquerading as having a fund and I was actually investing my own capital and did a bunch of investments out of my own capital, sort of masqueraded as 500 fintech.
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And I did that not because I wanted to or because I had so much money, but because I had to because no one would give me money and so I faked.
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What year was this?
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Because I feel like yeah, yeah, yeah, this was started investing in January 2016.
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Cool, Okay, so we started investing in January 2016.
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And every investment I made until May 2017 was out of my own pocket and it was a 0% interest loan to the fund yeah.
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So your wife really loves you.
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I'm just gonna go ahead and say that she really loves you yeah, so it was.
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It was a lot, it was, and it was a significant part of my net worth, to be frank, um, and but I knew that I was gonna do whatever I had to do to have a fund and that was part of it and eventually, you know, we just record an episode on ftx and sbf and one of the things I was saying is I really think there's some like this fake it till you make it right is is on a continuum with fraud.
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Yeah.
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Do you?
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know what I mean and, like you, invest in your own money.
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like it's not like nobody can follow.
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It's like that's awesome, Like it's such like you know, like obviously not fraud.
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It's like incredible and you had to do what you had to do to make it work and like now you're the shamanaut.
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You know SPF right, okay, like misappropriated you know, like I think it exists on a continuum and, like you, kind of hustle to make it like tech.
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It's like this is kind of one of the biggest games in the world.
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It's very competitive, like people are very ambitious or trying and like you know you got to give it all, you got well you know what I find fascinating, and I'm you know we died laughing recording that last episode.
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When we're talking about this, because there's this is part of a persona right when you look at svf.
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Right, it's a persona of well man I mean.
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There's a million different ways you could take that, but but you've got the same thing right.
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I mean, if there was like a the same thing medium you're always laughing, you're always happy.
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You're doing, you're doing metal verse, freaking wedding nonsense.
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That's who you are, but I know behind the scenes sbf has with the playing video games games during the pitch.
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You know it's like that's the lore she'll get married at Taco.
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Bell it's true.
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I'm not saying the word because I don't know how to pronounce it, but is it hutzpah?
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What's the word?
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hutzpah, hutzpah, yeah, yeah yeah, okay.
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So back to raising the funds.
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So fund one, so fund zero.
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We call it 500 fintech.
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It was really hard.
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Then fund fund um, btv one, um.
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So I had jake as a partner and it was also took a while.
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So the first like, we raised million.
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The first 20 were fairly easy to raise.
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Like I had raised 15 million before.
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Most of those folks are almost all those folks came back in and we had some other friends, um, we had a little bit of a track record.
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People liked us, people knew us, um, so the first 20 was easy.
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And then it was tough, um, it was also the beginning of the pandemic we were hoping to.
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We did a first close december 2019 and we had to do that close because we had committed to leading our first deal, which was unit.
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We had committed to it in like august or september and we were like we promise we have the money or we'll come up with the money.
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And so they waited a few months and we wired them the money for their seed round and that first 20 million that we raised was enough to do that.
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And then we were like, okay, we're going to do another close March 30th 2020.
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We were like, okay, we're going to do another close March 30th 2020.
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And obviously March 2020 did not pan out as we expected.
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We did our first ever, actually first and only to date ever trip that Jake and I went on for fundraising was like the first or second week of March.
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We went out to the East Coast and everything was normal when we went out, and then, like two days after we got there, like the NBA shut down, like everything shut down, all of these meetings we had planned, everyone was just canceling, and so we ended up being in New York for a few days doing meetings in Zoom.
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Anyway, I think we were sharing a hotel room at like a courtyard Marriott.
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Is this a fund that was lucky with timing, or is that a different fund?
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No, that's not the fund that was lucky with time, although although, to be honest, like look so.
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That was really tough in March and we kind of paused fundraising for a couple of months figuring the world had to figure itself out.
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But then, you know, the money printer started going.
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The economy was booming that summer.
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Everything was-.
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Yeah, interest rates were zero.
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So actually, like, a bunch of folks that had told us no earlier came back and said, hey, actually we're interested in you guys.
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So then we had raised our money.
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We actually had only planned to raise 60 and we raised 75 by that August.
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So it was easier to raise than the 500 FinTech, but still it wasn't easy.
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And then the last fundraise, we got super lucky on timing.
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It was December of 2021 and it was peak market.
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Our fund was looking great, fintech was looking great.
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Fintech was really hot yeah, fintech was really hot.
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So everything conspired to be like, okay, people could not give us.
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It felt like people were throwing money at us.
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They would commit an amount and then increase their commitment before we closed and we had to turn people away.
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We had to cut their commitments.
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It was super interesting because I think never in my life actually not, I think I know for sure Never in my life before then had somebody been giving me money and I said, no, I can't take your money.
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Well, I actually, yeah, tell me why you did that right?
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I've heard like is it because you didn't think you could deploy it?
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Like your fund strategy didn't make sense?
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Yeah, there's this saying your fund size is your strategy, and it's true, right, I think the larger your fund goes, the more you your fund goes, the more you you know.
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We feel like 150 is a great size for our, our team, um, but beyond that it becomes like you end up getting pushed and doing things you don't want to do.
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You have to own more of a company or or you know we already feel like we have to own a lot of our company at a 150, but um you, you start to write larger checks and this is not what we enjoy.
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We love helping companies at the earliest stages precedence seed, and so growing more didn't really make sense, and we are not in this business to get rich off management fees.
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When Jake and I went into this business together, one of the core principles was we don't care about management fees.
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Together, like, one of the core principles was we don't care about management fees, so we we actually pay ourselves less than um than you would expect from a fund of our size, because we want to reinvest into the fund and we only want to make money if our companies do well and we want to make money through carry and raising a larger fund is actually kind of at odds with that.
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Right.
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Where do you think that?
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comes from that, that commitment to you know pre-seed and seed rounds, and yeah, Kind of make your next billion.
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I think it's just more fun.
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I think like we could easily.
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We would be richer if we went down a different path, but it wouldn't be as fulfilling.
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I think there's nothing like being the first person to believe in a founder and like that stays with you.
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That is a great quote.
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And it's like these, I tell you like right now.
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So I ran Accelerator 2016 to 2018.
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And those founders like now I'm running Accelerator now and those founders you know that are successful like anything I ask them for, like they're flying in from around the country to mentor these companies Because they're like, hey, you gave me a chance.
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I want to pay it forward to these guys and it's just a great feeling and I love being in the same room with people building something, helping in any way I can, just jumping on a whiteboard when they have a problem to solve, and that's what I love doing.
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The earlier you go, the more you are investing in people and helping sort of people in a dream, and the later you go, the more you're investing in a spreadsheet and I'm more a people in a dream kind of investor.
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Have you ever invested in a founder where you hated the idea?
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Yeah.
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Multiple times.
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Multiple times.
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Yeah, putting a bet on a person.
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I'll give you just the first example that came to mind.
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I think it's a company you know, Maia, the company's, albert albertcom, and they started out as a personal finance manager, and this is in 2016.
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It was one of the first companies I invested in January 2016.
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And there were a lot of personal finance managers and none of them really were successful.
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Mint had a decent outcome at the time I think it was 170 million or something like that and then a lot of other people said, hey, we can do this better.
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Plaid comes along, makes it super easy, and it's so easy that everybody does it.
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Everybody tries to build a personal finance manager and Yinon was a founder who was doing that.
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But he really compelled me.
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You know, I think I was like not that sure I was into it.
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He was based in LA.
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He actually flew out to San Francisco and said, hey, why don't we get breakfast?
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I'll convince you, and he did.
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He was just like you know.
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I had the feeling that he was going to do whatever it took to make this company successful and in that case, it turned out to be right, like it was totally the right call.
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He, you know, he expanded beyond personal finance management, kept on adding more and more features.
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Now you know it's a nine figure revenue business and if I did my math right in the hundreds of millions of revenue counting zeros over here.
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Yeah, um and um, and it's really a testament to the founder, like it's really.
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It's that first business wasn't the right business but he kept pivoting, micro pivoting his way into something that made sense.
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And another.
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Another great story about him actually is at the at the post post pandemic sort of like 22 interest rates go up, world changes.
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He's burning a ton of money I won't say how much, but like a lot of money and he just gets the memo quicker than anyone turns the business around and he's like hey, listen, I'm not going to raise any more money, this is it.
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I don't want to have to raise money, I'm going to get cashflow positive.
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And I literally laughed on the phone.
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I was like, dude, you're burning X millions of dollars per month.
00:19:51.736 --> 00:19:52.116
And he did it.
00:19:52.116 --> 00:19:52.598
He made it happen.
00:19:52.618 --> 00:19:55.386
I think within six months of that conversation he was cashflow positive.
00:19:55.386 --> 00:19:58.115
Now he's got tons of EBITDA and so it was really a founder bet.
00:19:58.115 --> 00:20:03.298
But I didn't like the business he originally presented and that continues to be the case today.
00:20:03.298 --> 00:20:17.190
It happens from time to time and because of those early examples I have with him and a few other companies, I'm willing to make those bets, but you have to make those bets at the earliest stages.
00:20:17.190 --> 00:20:27.690
So you have to make that bet at pre-seed accelerator stage, because the longer things go on, the more chance, the more set you are in the business that you're building.
00:20:27.690 --> 00:20:37.912
So at pre-seed I'm willing to invest in a founder in a business that I might hate might hate.
00:20:37.951 --> 00:20:47.721
So I went on Twitter about an hour before we did this and just went ahead and said if you've got a question for Shiel, ask me and I'll make sure I'll ask him.
00:20:47.721 --> 00:20:50.644
So I've got to do this now and I'm going to slaughter names.
00:20:50.644 --> 00:20:59.501
So, everybody, when I say your name, come on, just you know, be nice to me.
00:20:59.501 --> 00:21:02.518
So Sashi Belumkanda asked all right, you already said that you invest in pre-seed and seed fintech.
00:21:02.518 --> 00:21:04.474
What would you do outside of fintech?
00:21:06.480 --> 00:21:08.367
For investments, any verticals you look at yeah.
00:21:09.873 --> 00:21:15.604
Yeah, I think I really like investing in vertical SaaS too.
00:21:15.604 --> 00:21:22.022
I like thinking about the problems that an SMB has in trying to solve them.
00:21:22.022 --> 00:21:38.756
Where we've invested for the most part has been at the intersection of FinTech and vertical SaaS, and so, as an example, companies like Unit that sell a banking product into vertical SaaS that's embedded banking.
00:21:38.756 --> 00:21:44.558
We have a company called Salsa that sells embedded payroll and then we have a company called Layer that's embedded accounting.
00:21:44.558 --> 00:21:52.999
They're all sort of of a similar thesis that these vertical SaaS companies will become fintech companies by plugging in these various services.
00:21:52.999 --> 00:21:56.277
But I'd also like to invest in those vertical SaaS companies directly.
00:21:56.277 --> 00:22:08.202
We've done a couple, but not as many as I'd like, and I think the reason is we have built a brand and reputation around FinTech.
00:22:08.589 --> 00:22:13.111
I was going to say people don't send you their hot vertical SaaS founders, they don't think of you.
00:22:13.111 --> 00:22:14.894
Yeah, you don't have that reputation.
00:22:16.298 --> 00:22:17.721
Exactly, that's exactly it.
00:22:18.070 --> 00:22:19.596
You get all the best fintech deals.
00:22:21.711 --> 00:22:28.712
So, yeah, I think we have some ideas on how we can build more of a brand in vertical SaaS, but right now we don't have it.
00:22:28.712 --> 00:22:30.297
But that's sort of the space.
00:22:30.297 --> 00:22:42.862
I would go into A couple of things there that the listener might find interesting is there are really vertical SaaS companies being built in every category and like the nichiest categories.
00:22:42.862 --> 00:23:00.894
You'll see one moving companies, golf clubs, what else, like lawn services, businesses and while I want to invest in these categories, in vertical SaaS as a category, I do think some of these are too small.
00:23:00.894 --> 00:23:15.471
Some of these will lead to $200 million business, $300 million, $500 million business, which, for a $150 million fund, unfortunately, an exit of that size doesn't move the needle for me.
00:23:15.471 --> 00:23:25.996
I'm still interested in the category, but it has to be one where I think there's an opportunity to build a billion-dollar-plus business.
00:23:28.111 --> 00:23:28.994
All right, the next one.
00:23:28.994 --> 00:23:30.616
This is for Maia and Sheel.
00:23:31.010 --> 00:23:32.296
This one comes from our friend Jesse.
00:23:32.336 --> 00:23:35.106
Padel who doesn't know Jesse Talking about Pittsburgh.
00:23:35.106 --> 00:23:42.083
He said look, I'd like to know both Maia and Sheel's perspective on consumer, fintech and non-bank financial providers.
00:23:42.670 --> 00:23:43.313
Where is the growth and?
00:23:43.353 --> 00:23:44.477
expansion going to come from?
00:23:44.477 --> 00:23:45.815
Should there be more neobanks?
00:23:45.815 --> 00:23:48.757
And Maia's smiling at me.
00:23:50.352 --> 00:23:53.175
Maia, you go first I could go first.
00:23:54.750 --> 00:23:58.655
So I'm excited about consumer fintech.
00:23:58.655 --> 00:24:04.884
I think it is really hard to build a billion-dollar business in consumer fintech.
00:24:04.884 --> 00:24:14.444
Like Sheel was saying, it's like you've got to build something big and it's really tricky to find the business model that's going to make sense there.
00:24:14.444 --> 00:24:28.410
In terms of neobanks, I think there could be more neobanks, but you've got to be really precise about the customer that you're serving and why your solution is going to be better than what's out there.
00:24:28.410 --> 00:24:32.258
We've talked on this podcast before about chase.
00:24:32.258 --> 00:24:35.503
Chase does a damn good job at credit cards.
00:24:35.503 --> 00:24:36.613
They do a great.
00:24:36.613 --> 00:24:38.538
Their atms are incredibly cool.
00:24:38.538 --> 00:24:41.704
Have you seen the like blinky lights and you can scan?
00:24:41.724 --> 00:24:42.209
I like their ATMs.
00:24:42.630 --> 00:24:43.151
That's what I'm saying.
00:24:43.151 --> 00:24:49.733
Their ATMs are great, like Chase does a great job at consumer banking the middle class and their app.
00:24:49.733 --> 00:24:50.978
I don't know if you use the Chase app.
00:24:50.978 --> 00:24:54.095
It's great, it's easy to use, transfer your money, do your thing.
00:24:54.095 --> 00:24:57.102
It's got my mortgage and my credit cards in one place.
00:24:57.102 --> 00:25:00.852
So I think you know.
00:25:00.852 --> 00:25:09.863
I'm not saying there's not room for more neobanks, but you got to find the customer segment that is not, that is not getting what they need from Chase today or all the other like.
00:25:09.863 --> 00:25:11.829
There's just a lot of options, really crowded space.
00:25:11.829 --> 00:25:12.852
That's my answer.
00:25:12.872 --> 00:25:15.075
All right, shiel, you're up, okay.
00:25:15.075 --> 00:25:16.316
I tend to agree with Maia.
00:25:16.316 --> 00:25:23.971
So I would say I think there are verticals where you can make it work.
00:25:23.971 --> 00:25:25.353
It's really hard.
00:25:25.353 --> 00:25:31.832
I think a couple of reasons why it might be more exciting than it was in the past.
00:25:31.951 --> 00:25:55.354
We didn't, during the like golden age of neobanks sort of like 2020 and 2021, when every single neobank was getting funded you know the neobank I used to joke that there would be a neobank for pets and then I literally saw a neobank for pet owners and you know, while all those were getting funded, we mostly stayed on the sidelines.
00:25:55.354 --> 00:25:56.659
We did a couple.
00:25:56.659 --> 00:26:00.191
We did a company called Relay that's an SMB focused neobank.
00:26:00.191 --> 00:26:22.746
It's doing very well, and then we did a company called Charlie that is a neobank plus plus for seniors, and we felt like that one was an underserved market and a founder that we really liked, but we stayed away from the bulk of them.
00:26:22.746 --> 00:26:24.532
Now why?
00:26:24.532 --> 00:26:28.480
I think now could be a better time than it was then.
00:26:28.480 --> 00:26:34.795
If you find the right vertical, the right niche to go after is one.
00:26:34.795 --> 00:27:03.090
Actually, these companies won't be overfunded and part of the problem was overfunding in the sector, not to say that a neobank for pet owners is what I would invest in, but some sort of consumer app that was interesting and innovative could totally work, and not having too much money is actually a superpower.
00:27:03.330 --> 00:27:12.164
I think the overfunding led to sort of not getting to product market fit soon enough.
00:27:12.164 --> 00:27:21.317
It led to long payback periods, stuff like that, and having less money might mean a more efficient business to start with.
00:27:21.317 --> 00:27:27.178
And then I actually think customer acquisition has gotten a little bit better.
00:27:27.178 --> 00:27:45.476
I think it isn't much talked about, but meta has made a lot of strides with AI and some of those have been better ad targeting, so you actually can do paid a little bit better In consumer fintech.
00:27:45.476 --> 00:27:51.413
I generally think, generally speaking, you have to start out with paid marketing.
00:27:51.413 --> 00:27:58.053
There are some businesses that have some other way to do it, but generally, paid is part of it.
00:27:58.053 --> 00:28:05.997
So you are, generally speaking, shoveling some money to Facebook and Google, and the fact that they've gotten a little bit better is a good thing.
00:28:05.997 --> 00:28:19.382
This is a personal question, this one's for me, because I'm like I think I already know Maia maya's position on this, because you're talking about M meta and I've I've had issues with the company in the past.
00:28:19.382 --> 00:28:32.128
Just yeah, you know, let's be frank, but what they've done in this partnership with R rayban, I'm beyond impressed, dude, I feel like she'll, she'll wearing them.
00:28:32.170 --> 00:28:34.132
Sheel and I are biggest fans.
00:28:34.874 --> 00:28:36.155
Yeah, I'm impressed.
00:28:36.155 --> 00:28:38.587
I didn't see that coming, really slick.
00:28:39.781 --> 00:28:49.048
It's a great product and I think it's it's interesting Like I've had these since December now and I've literally only seen a couple other people.
00:28:49.048 --> 00:28:52.588
I actually just I think I've only seen one other person wearing them.
00:28:53.480 --> 00:28:57.846
There are all these AI products out there, you're in San Francisco, right, I'm in San Francisco exactly.
00:28:57.846 --> 00:29:00.987
They tell you how good it is.
00:29:01.519 --> 00:29:02.826
We have done this entire podcast.
00:29:02.826 --> 00:29:05.709
We've been talking for 29 minutes and I just now figured out you're wearing them.
00:29:05.709 --> 00:29:08.007
They actually look.
00:29:08.007 --> 00:29:08.990
That's the confidence.
00:29:09.619 --> 00:29:16.202
They're just my everyday glasses Shooting video, video, video, audio.
00:29:16.202 --> 00:29:22.323
Um, video, photo audio are the most useful things, but actually I'm starting to use the ai thing more.
00:29:22.323 --> 00:29:34.709
Um, and it's just like you know, meta, ai, um, whatever they use in these glasses, it feels you know reasonably good um, as goodGPT, but the answers are pretty short.
00:29:34.709 --> 00:29:43.127
So, better, yeah, nice, and so I really like it.
00:29:43.127 --> 00:29:45.686
And, sam, you should get them.
00:29:45.686 --> 00:29:54.163
Anybody who wears glasses already it feels like if you wear glasses and you like technology, you're okay trying a V2 product.
00:29:54.163 --> 00:29:56.446
It's a pretty slick V2 product.
00:29:56.446 --> 00:29:58.892
So, yeah, I'm a big fan.
00:29:58.892 --> 00:30:10.211
And in general, meta, I think you know I think so, a like caveat, my wife works there, but B and I'm a stockholder.
00:30:10.211 --> 00:30:22.788
But yeah, I think the year of efficiency was really good for them and they did have too many people, but they're working on really cool stuff.
00:30:22.788 --> 00:30:24.265
They're investing a lot in AI.
00:30:24.265 --> 00:30:50.634
They're building products like this that are great, like this that are great and um, I think zuck said he thinks the future of the mobile phone might be glasses like these and, um, the future laptop might be your vr goggles, like the meta quest or apple vision pro I made maya convince me.
00:30:50.954 --> 00:30:54.568
I've been following Maia on Twitter and her interactions using it with her kids.
00:30:54.568 --> 00:30:56.967
It just makes all the sense in the world to me.
00:30:57.079 --> 00:30:58.326
It's really cool for kids.
00:30:58.326 --> 00:31:01.688
Sheel, have you tried the Soul Reader?
00:31:03.000 --> 00:31:03.542
I haven't.
00:31:03.542 --> 00:31:08.445
People talk about it and seem to love it To read books right.
00:31:09.384 --> 00:31:10.092
Yeah, to read books.
00:31:10.092 --> 00:31:11.240
I just bought one.
00:31:11.240 --> 00:31:12.805
Don't have it yet.
00:31:14.009 --> 00:31:17.186
I know it's super hype Like there's like a waiting list to get one or something.
00:31:17.628 --> 00:31:21.188
Yeah, well, I mean, anybody can have a waiting list.
00:31:21.188 --> 00:31:25.046
You know, yeah, yeah, yeah, but it is hype.
00:31:25.046 --> 00:31:26.048
I'm excited.
00:31:26.048 --> 00:31:34.964
I mean, a Kindle is pretty light and easy to hold, but people say it's a great reading experience.
00:31:34.964 --> 00:31:39.933
I just I have to say I really didn't expect that glasses would be like the new human computer interface standard.
00:31:41.181 --> 00:31:45.392
Yeah, I feel now, for the first time, fortunate for my poor eyesight.
00:31:47.140 --> 00:31:49.044
Yeah, well, that that and again.
00:31:49.044 --> 00:31:52.892
I mean, you know, as a former Googler, remember when Google Glass came out?
00:31:52.892 --> 00:31:56.083
Yeah, I had that, yeah, so it's the whole.
00:31:56.083 --> 00:31:58.470
You know there'll be a glass hole and that whole effect.
00:31:58.470 --> 00:32:03.385
And, like I said, we've been talking for 30 minutes and until you turned your head I didn't realize you were wearing them.
00:32:03.385 --> 00:32:06.260
You know, Until I saw the Ray-Bans logo, I was like holy cow.
00:32:06.382 --> 00:32:12.977
I actually think Like so I think the world has changed in the.
00:32:12.977 --> 00:32:14.119
What has it been?
00:32:14.119 --> 00:32:24.786
It's been 12 years since Google Glass launched and you know there were the people kicked out of the restaurant in San Francisco for wearing it or whatever back then.
00:32:24.786 --> 00:32:26.506
But the world has changed.
00:32:26.506 --> 00:32:30.502
Like, everybody has smartphones, everybody's taking photos all the time.
00:32:30.502 --> 00:32:31.625
Everybody has smartphones.
00:32:31.625 --> 00:32:33.507
Everybody's taking photos all the time.
00:32:33.507 --> 00:32:47.299
I don't think the perception of being photographed is the same as it was 12 years ago, so the privacy issues, I think, are much less than they were then.
00:32:47.859 --> 00:32:49.743
I do have people like, whenever I post something from it, like I posted something today.
00:32:49.743 --> 00:33:00.182
I was in New Orleans yesterday at Jazz Fest and I posted a short video of, like, walking down the street Cause it's something where, like, I didn't want to have my phone out, I just want to enjoy the moment, but pressing a button and recording was really fun.
00:33:00.182 --> 00:33:02.712
And somebody is like, oh well, did you get?
00:33:02.712 --> 00:33:06.602
Did you get sign off from all those people that you took video from from your glasses?
00:33:06.602 --> 00:33:11.146
It's like no, but like there's a bunch of people out there with phones out and they didn't either.
00:33:11.146 --> 00:33:16.271
And, by the way, if you're in a parade, a TV station is taking a video and they're not like.
00:33:16.271 --> 00:33:23.708
Every time I post something, somebody is like talking about the privacy concerns, but it doesn't make any sense to me whatsoever.
00:33:23.708 --> 00:33:25.666
That's not a rule we have in this country.
00:33:26.161 --> 00:33:29.605
It also you're allowed to take people on the streets Blinking light on it.
00:33:29.705 --> 00:33:34.888
It has a blinking light, true, yeah, exactly, yeah, it kind of shows you.
00:33:34.888 --> 00:33:36.022
I'm taking a video right now.
00:33:36.022 --> 00:33:36.885
You can see the light.
00:33:37.942 --> 00:33:42.523
It looks electronic, it looks like you're doing something, even if you didn't know, that meant you were taking a video.
00:33:42.523 --> 00:33:49.748
I feel like it's more in your face than if somebody's like oh, it looks like they're texting on their phone and they're actually recording totally, totally.
00:33:49.788 --> 00:33:50.809
This is a form factor.
00:33:50.809 --> 00:33:51.411
Makes sense to me.
00:33:51.411 --> 00:33:53.394
You know the iphone or the android order.
00:33:53.394 --> 00:33:54.276
They have this brick.
00:33:54.276 --> 00:33:56.980
It's been around now for forever and a day.
00:33:56.980 --> 00:34:00.689
You know, we're almost coming up on 20 years and what is the next thing?
00:34:00.689 --> 00:34:18.333
And I gotta say I was watching one in miami over the weekend and at the start, and all the people with their phones out recording, I thought, man, it just makes much more sense for the glasses you know to be in the moment to do both to record and all that, but to be in the moment and actually not looking through.
00:34:18.619 --> 00:34:27.347
You know this handheld device that was the first time where I went uh-oh, I think I'm starting to see maybe a paradigm shift, you know it is funny.
00:34:27.407 --> 00:34:33.603
You go to a concert and people like everybody has their phones out and is basically looking at the concert through their phone.
00:34:33.603 --> 00:34:35.887
It's just like kind of weird.
00:34:35.887 --> 00:34:38.092
Um, I do, I don't, you know.
00:34:38.092 --> 00:34:44.943
I haven't figured out what people who don't wear glasses already are going to do, though, like this makes sense if you already wear glasses.
00:34:44.943 --> 00:34:49.922
If you don't, are you going to start wearing glasses with clear, clear lenses?
00:34:49.922 --> 00:34:52.987
Um, maybe I?
00:34:52.987 --> 00:34:53.469
I don't.
00:34:53.889 --> 00:34:56.782
Yeah, it'll be curious to see how the adoption goes for it.
00:34:57.103 --> 00:35:04.545
So, Shiel, you're recording this podcast for us, and I noticed that you're wearing your glasses and your AirPods.
00:35:04.545 --> 00:35:11.190
I'm curious if you thought about just having the sound through your glasses and if you ever do that?
00:35:11.210 --> 00:35:13.780
yeah, yeah, yeah, okay, great question.
00:35:13.780 --> 00:35:22.760
So I um, I don't use the audio from my glasses for my laptop it's not, I use it on my phone.
00:35:23.121 --> 00:35:25.384
Okay, well, and I could use.
00:35:25.483 --> 00:35:32.052
I could do it, but the handoff is not, so I only use the glasses.
00:35:32.052 --> 00:35:42.367
Audio for my phone Okay, and I think the audio quality is probably a little bit better on the AirPods, but it's pretty good on the glasses.
00:35:42.367 --> 00:35:48.309
Like when I'm talking to people on the phone, most of the time I'm using my glasses.
00:35:48.309 --> 00:35:50.253
And like when I'm walking or biking around the city, I usually use my glasses.
00:35:50.253 --> 00:35:54.146
Okay, I I'm walking or biking around the city, I usually use my glasses.
00:35:54.527 --> 00:36:01.032
Okay, I was just curious, right, if it was your all-day Zoom meeting setup or not.
00:36:01.032 --> 00:36:02.543
That makes sense.
00:36:03.244 --> 00:36:03.846
Okay, Sam, you can go.
00:36:03.846 --> 00:36:05.090
You got another one for him.
00:36:05.110 --> 00:36:05.811
Yeah, back to you.
00:36:07.282 --> 00:36:11.844
I should have done this whole thing on this man dude.
00:36:11.844 --> 00:36:13.088
I really didn't realize.
00:36:13.088 --> 00:36:14.744
Rachel, you edit all this out.
00:36:14.900 --> 00:36:16.697
I really have no clue.
00:36:16.697 --> 00:36:21.231
And I don't wear glasses and I love the metal glasses.
00:36:21.480 --> 00:36:22.583
Yeah, I know you do.
00:36:22.583 --> 00:36:23.085
I mean.
00:36:23.146 --> 00:36:23.507
I did?
00:36:23.567 --> 00:36:24.188
I got laser eyes.
00:36:25.240 --> 00:36:28.856
All right, one last question, so do you wear the sunglasses or do you wear transition?
00:36:28.856 --> 00:36:29.239
What do you do?
00:36:29.701 --> 00:36:31.186
So I got the transition ones.
00:36:31.186 --> 00:36:34.125
Sunglasses, or do you wear transition, what do you?
00:36:34.125 --> 00:36:34.728
So I got the transition ones.
00:36:34.728 --> 00:36:36.072
I kind of regret it, um, because transitions are, they're like.
00:36:36.072 --> 00:36:37.358
They're just, I feel like they're kind of lame.
00:36:37.358 --> 00:36:39.282
They don't get like as dark as I want.
00:36:39.282 --> 00:36:43.952
They're not as clear like it's too slow yeah, I don't do that.
00:36:44.413 --> 00:36:45.280
Yeah, I talk to.
00:36:45.280 --> 00:36:50.231
I've worn glasses my whole life and I put on I put on well, I need my phone.
00:36:50.231 --> 00:36:53.666
I put on prescription glasses, sunglasses, ray-bans, of all things.
00:36:53.666 --> 00:36:56.253
When I go out, I just switch them around.
00:36:56.739 --> 00:36:57.943
I'm thinking so the medical glasses.
00:36:57.943 --> 00:37:09.612
I think they're like sold out and there's a wait list, so I was thinking about selling mine on eBay or something and buying two of them clear ones and sunglass ones because the transitions bother me that much.
00:37:09.612 --> 00:37:16.865
Or maybe even just sunglass ones, because the transitions bother me that much, I but, or maybe even just sunglass ones, um, I'm not sure.
00:37:16.905 --> 00:37:30.186
the thing is, I love talking on the phone with them because I feel like I can hear everything around me, they're just the best way to do phone calls and, like sometimes, I'm just in my house and I don't want to be wearing sunglasses in my house to take a phone call.
00:37:30.748 --> 00:37:31.730
Yeah, or any of the big.
00:37:35.239 --> 00:37:38.507
No, I think I think it's.
00:37:38.507 --> 00:37:41.922
It's just with with Ray-Ban, I think.
00:37:41.922 --> 00:37:48.034
I think actually what happened was Ray-Ban hired people.
00:37:48.034 --> 00:38:10.440
So there were these Bose Bose sunglasseslass, sunglasses with audio and then I remember those, yeah, yeah they didn't really take off, but if I think, ray ban hired some people from that team yeah and so they were building something already, and then they teamed up with meta to do the smart stuff.
00:38:10.440 --> 00:38:11.262
There, you, go.
00:38:11.362 --> 00:38:12.304
Okay, that makes sense.
00:38:12.304 --> 00:38:16.032
Okay, sorry, rachel, that was just selfish because I had to know.
00:38:16.032 --> 00:38:23.760
Okay, last question this is coming from andrew morris, um, and this is actually a pretty interesting question.
00:38:23.760 --> 00:38:30.724
So, shiel, what's the best thing you've ever said on stage at industry event and what's the worst thing you've ever said on stage?
00:38:30.744 --> 00:38:41.900
that is a great question best thing you've said on stage worst thing you've said on stage oh man, I I can think of the worst thing I've said on stage.
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Probably I think I was, um, I was skeptical that this is probably 2016 or something around then and I think I probably I shared my skepticism around wealth front being a big business and I think you know I was just like they make a small margin.
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You know it's kind of race to the bottom on fees, costs a lot to acquire customers and it's tough, and I think all those things are true, but they've done better than I expected.
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You know they had that whatever $1.4 billion acquisition that didn't end up going through, but I think now they're doing better.
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So, you know, worst thing I did was was doubt Wealthfront.
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Best thing I've said, I don't know, I think.
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I think I think around that same time I probably said, probably had some like negative thoughts on lending that most of these lenders should not be, are not venture businesses, and the reason that I believe that is, as venture capitalists, we invest in growth and it's easy to grow giving out money and it's hard to get that money back sometimes, or or sometimes an event happens where it's hard, where things change, and so I kind of said, oh no, guys, here's, here's a downside of these glasses.
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I just touched the side of my glasses and now can you hear what?
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Can you hear what's happening?
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And it's playing your podcast artificially intelligent.
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That's actually crazy.
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Okay, meta use case yeah, sorry, okay, so um what I was saying?
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Okay, lending, um.
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So I think the smartest thing I said was you know, pure play, lending is not a venture scale business I love that.
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Both your best and worst were skepticisms of businesses and their business models.
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That's.
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That's what happens when you're an OG.
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So, folks, we got, we got to have to wrap.
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We could do this for hours.
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Yeah, this is fun guys.
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It is, you guys are fun conversationalists.
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What's the best place for folks to learn more about you and learn more about the club?
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Probably Twitter at pit.
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They see p-i-t-d-e-s-i I.
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I actually did a.
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Somebody asked me to review the glasses, so I like recorded myself walking around for six minutes with them so you can find that on there, um, but yeah, and from there you can find my website and other stuff too.
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I'm 100 per se.
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Yeah, I will say if you really want to have a lot of fun, follow MaiaB on Twitter.
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File show on Twitter.
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I do both.
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I think it's funny as hell, but you also learn a lot.
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So there's my recommendation For me LinkedIn or Twitter.
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Just ping me If you have ideas for a show let us know.
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We'd love to hear them Also give us a review, five stars, of course, anything else, go write another podcast.
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Thanks for listening everybody.
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We love having you here.
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Send me an email Good review, bad review - Screw, you Don't do it.