How Startups Can Cope with Coronavirus & Economic Recession with Adeo Ressi

Hello everybody, let's get started. My name is Adeo, I'm CEO of the Founder Institute, and we're here today to talk about the coronavirus. And I'm sure, guys, you've heard a lot about the coronavirus, maybe too much about the coronavirus. And what we want to do today is not go through all the doom and gloom, but talk about some of our experiences to help startups with this pandemic. And we've sort of seen the movie before because we operate in 200 cities around the world, and we operate in places like China and Singapore and Hong Kong and Italy and Korea. So the virus has played out in places where we operate, and in fact, it's gone all the way through to the other side. Where we've seen the end results. So, so we operate in 200 cities around the world. We operate where the virus has hit earlier. We've watched what's happened in these cities. And what I'm gonna talk to you today is more of a positive vision and some things that you can do if you're running a company right now plus some ideas that you could build businesses around for the current market environment. So let's get started. All right, so humanity faced an invisible threat around December of 2019. We shared information, were able to identify it as a virus, it was contained, within China, but very quickly humanity took unprecedented action to stop this virus from spreading because it really left China just in January. So that's only a month and a half ago, and schools are being closed, things are happening all around the world, and we're doing all of this to save the weak and the sick, who are the primary victims of this unfortunate virus. And we've done this massive amount of human mobilization in a matter of weeks. And even when people are quarantined or asked to stay home, we have a ton of tools, technologies, automation that allows for supply chains and other things to continue functioning. In such an environment. So, you know, our ability to be awesome is being tested, right? On a human-wide scale, between countries, China, Iran, Italy, South Korea, so many countries, right? Our ability to be awesome is being tested. And, you know, listen, thankfully we're awesome. Right? Like, I'm not saying that things are going well and it's easy right now, but if you look at what we've been able to achieve, it's awesome. I mean, this would have never happened 50 years ago, 20 years ago, I'm not even sure 10 years ago. So we are really testing our ability to be awesome and delivering. So let me talk briefly about our experience Then I'm gonna talk about some things we've observed, and then I'm gonna start up tips and then general ideas. So we started hearing about a virus in China at the Founder Institute in December of 2019. It might be a pandemic. At that point, it was unnamed. It was like a SARS-like thing. It wasn't called a coronavirus, even though it technically is one, because they didn't really know what it was. By January, it started spreading in China and Hong Kong. And that's when we realized, oh boy, this might affect our operations. And we started tracking it biweekly. And we put some informal plans and policies in place really saying, okay, we're gonna cut travel. And we were already starting to cut events and cut different things that people were going to, but it was precautionary. Then in February, Iran exploded on the scene, Italy started growing, big events were being canceled. I had a number of keynotes all around the world, canceled, canceled, canceled. Which was all great. We said we need to start tracking this weekly. We put a formal plan in place, no travel. We were delaying programs in different cities with outbreaks, and we were starting to cancel events. And then obviously now in March, you know, the pandemic is upon us in our headquarters office. It's shelter in, in, at place in where we live. It's been called a pandemic. We're looking at this daily, working on it daily. We've created a new formal process. We've published our policies. We've called people to submit their plans to deal with the virus so we can share these plans out and different startups can use different plans. We launched a portal, founderwellbeing.com, to help founders with things like sharing information and getting best practices, as well as dealing with mental health and wellbeing in this crisis. We moved all of our programs worldwide online. We're, we've announced a public health fellowship so that anyone starting a business, and we'll be talking about a bunch of businesses later, that needs help can enroll in any of our incubation and acceleration programs anywhere around the world. For free, uh, and they're being run virtually now, but eventually they'll move back into, uh, physical presence. And we've actually created a plan so that you can get your own startup plan, uh, for the coronavirus and edit it as you wish. And you don't have to spend 30 hours researching a lot of stuff that you don't really need to know about. So I would say on the whole, we've been pretty good. And the global reality is we've got to plan for the worst and hope for the best. Okay? And we need to be smart, not afraid. And this is particular— all this panic and Elon Musk tweeted 'Coronavirus panic is dumb.' Here's the reality. The coronavirus is not dumb. It's a very serious thing that we really don't know how deadly it is, but it looks to be pretty deadly. And panic, on the other hand, is not wise. This is something we can control, okay? If you want to stop the coronavirus, shelter in place for 3 or so weeks and then employ really good sanitary, sanitary routines. And this is if it's already spreading. If it hasn't spread yet, there are other things you can do. So don't panic, just be smart, and then we can easily get through this versus getting through it in a more hard way. So here's what we've seen happen in the different cities where we operate, where the coronavirus has come and gone or is present. It hits, um, could be 1 case, 10 cases, whatever. Governments do some sort of response. That response has a result. They adapt the response. And then we— it's usually been containment. Now, I can't say what's going on in Iran because we don't operate there due to— oh, there's restrictions for American companies to operate in Iran. But we would love to if the restrictions didn't exist. So I can't speak for what's happening in Iran, but all the other countries where we have operations and people, uh, containment happened or is happening, hopefully in Italy. So from all the research that I've seen and, and people that I've spoke with, you need then to be vigilant, and hopefully we can find vaccines and a cure, right? So that's the future. But there's a hit, a response, a result, You adapt based on the results, and then you can contain. Now, the big questions for startups are, of course, how long will it take and how bad will it be? Look, I can't say. I'm not an expert, so, but I will say what I've seen, and this is, you can, and heard firsthand, from people that I've spoken to on the ground in these cities. And this is what I've seen and heard. So cities and places like Hong Kong and Singapore that took very decisive actions very quickly, their CDCs were alerted when Wuhan was still like, I think there's a weird pneumonia Hong Kong and Singapore equivalent of CDCs were looking at what the situation. And so they were able to contain the epidemic in weeks. And life in Singapore has returned to normal. Life in Hong Kong is a little more restricted. There are less freedoms then, but they had other issues, right? They were rioting and then they got the pandemic. So But Singapore is back to normal. You look at Italy, to some extent South Korea, and the US, the responses have been slower. And so Korea kind of took very similar responses to what we see Italy and America doing. And it's taken them months, but they've kind of gotten over the hump is what the data is showing, and life there too. Is slowly going back to normal. So, I would say you're looking at like a 2- to 3-month period of impact if your city, country, region kind of hits it like a Singapore, Hong Kong, and a few more, maybe 6 to 9 months of impact if you're less responsive like a South Korea, Italy, United States. And it could be much more. Okay, because there's an assumption that we do contain it in this, in these arguments like South Korea seems to have done. But this is what at least the experience that we're seeing and hearing about firsthand tells us. Okay, so this isn't some hopeless zombie apocalypse. Let's talk about startups because many of you are thinking of starting a startup and many of you are running a startup. So what is this 2 or 3 or 6 or 9 months mean to you. We'll talk about people, capital, and impact. Now, people. Your team's gonna have to work remotely if you can support it. One of two things is gonna happen, guys. Either, uh, and it's not gonna happen everywhere, but I would assume most places The government's going to tell you to work remotely. I don't have the coronavirus, if you're wondering, with the cough. Unfortunately, I have 3 children who have a cough, and they'd had it for about 2 weeks, no fever, blah, blah, blah. So it's not great to have a cough during the time of coronavirus, by the way. And I was already working from home before we asked all of our team members to work from home as well. So working from home is gonna be the new reality for a number of weeks and/or months. I would assume anywhere from 3 weeks on the low end to 2 months on the high end. And in some cities and places, this will be mandated by the government. Okay, you could get fined or arrested for going out. So you gotta start thinking about remote work now. If you're not working remotely already, practice, it's coming. Then when you are working together, social distancing, you know, you need to have air filters in rooms where people are working closer together. It's not really understood if it persists in the air or on surfaces and how long. It looks to be quite a while in both, but I'm not gonna speak to the exact science because I've read a number of different studies that differ, but social distancing works, right? That's how the second part of how Hong Kong and Singapore both defeated it, so, or brought it under control, So you might need to rearrange your offices and put filtration systems in place, maybe not leave interior air circulation on, etc. Last but not least, sanitation or sanitization, having, you know, people wipe down their stuff with— and I have others— frequently their hands, washing hands, all this stuff, not picking your nose, These things are important. But beyond people, you're gonna need money. And so you need your people and you need money. Now, if you're break-even or profitable as a startup today, you wanna make sure that you have 3 months of cash on hand as if you had no income, right? Now, of course, that won't happen. There's going to be a dip. Right? But the economy was really strong. We just stopped it when everyone went to go quarantine. So we'll bounce back. So just have 3 months of cash as if you had no revenue on hand, and that will allow you to go through the dip. And then second, I would be looking on top of that to do general expense cuts, okay, and say, hey, um, rent, uh, vendor, I want a 20% discount. It's probably good practice for you to do this anyway, and you know, this extra 20% buys you more time. right? And it's good practice. Now, if you're a startup on who is unprofitable or pre-revenue, I'm gonna say you probably want 6 months of cash on hand and possibly more. And you probably wanna do a harder, like 25% expense cut. And you wanna try and turn on your revenue engine in the next, As soon as possible, but I would say 2 to 4 months. Now, you almost want your initial revenue to be shitty. Let me give you a framework to think about things. If you can get your revenue working when everyone is on a mandated vacation, you're amazing, right? Hats off to you. Your revenue will do great when people are back to work, right? So if you can get your revenue engine started now, it's like a testament to your awesome ability. So get your revenue engine started now. And you know, the 20 to 25% of savings that you're gonna need to ask for, call it the coronavirus discount. You heard it here first, right? You wanna be able to get a discount from your suppliers, from your vendors, and here's what I would say. Be generous, people. Don't fire someone if you can avoid it. Ask for the coronavirus discount, and you know what? When the epidemic passes, bring it back, pay them their proper amount, right? We're all in this together. It's gonna be hard times for everyone. People will take the discount if they know they'll go back to normal. And last but not least, as a startup, think about impact. How can you contribute to the dialogue Are there solutions to the problems that people are facing that you can provide? And how, as you, as your organization, can you improve, right? Because this is, this is a test of our awesomeness, right? So be awesome, improve, do things that you can be proud of. And again, this is an opportunity for all of us to do better. And speaking of opportunities, I'm gonna close and then with some opportunities and then open it up to questions. So I see 3 areas of opportunities, commitment, innovation, and adaptation. So on the commitment front, we need to start thinking about ways to stop the spread. And so AI spread modeling, The big thing right now is the Imperial College in the United Kingdom did a study with AI and basically came to the conclusion that we can stop the virus at a few thousand deaths in a big region, like 2,000, with the containment self-isolation strategy. Great. Well, that's— there must be other ones, right? Why don't we do AI modeling and figure out 50 other ways to stop the virus and try them? Because self-isolation kind of sucks. So, let's model other things and let's model how to stop it in places where it's got out of control, like Iran. And Italy. We need symptom tracking solutions. I'm tracking the symptoms of my children and myself because we have the cough in an Excel spreadsheet. You know, my daughter sneezed, I'm like, oh, sneeze. Of course, productive cough and sneeze are not symptoms of the disease, but God forbid she gets a fever, I'm gonna be worried. A chatbot for diagnostics. I've seen actually 2 or 3 of these come out, they're very good. One is Carbon Health, and there's another one another one. I'll share the link later. But yeah, that would be great. More of them. People tracking so that if— okay, one of my team members is in a— has a child in a preschool and a parent got tested and has the virus. Well, there's no communication line with the sphere of whether the child has the virus, blah, blah, blah, blah, blah. We need tools to make that happen. And then smart corporate policies and, you know, adoption of those policies tracking. So we publish policies that everyone can use. Go to founderwellbeing.com and you can see our policy. Okay. On the innovation front, there's a ton of stuff. What we don't have tools to— so the virus stays on surfaces for a long time, days, and certain kinds of surfaces like metal. And but it's very susceptible to ultraviolet light and other things. Why aren't there infrared tools and ultraviolet light stuff that you can just wave like a wand and sanitize, let's say, airplanes? Health worker protective gear, like getting a mask is like, you know, finding the rare Pokémon. It shouldn't be that hard, right? We need innovation here. Vaccine development, delivery, manufacturing, you know, are we gonna give a billion shots to people? Can people take a vaccine as a pill? We've gotta start, innovating around this stuff, guys, especially if we want to save lots of lives. Standard of care, low-cost ventilators, low-cost oxygen supply, on-demand hospital beds. Like, people are turning hotels into hospitals. Why aren't there pods that are like ER bed pods that you can, you know, and, you know, ER in, in, in a modern world and, and ICU are things that have fluctuating demand. And we're unfortunately in a time of massive climate crisis, so there's more fires, there's more natural disasters, hurricanes, floods. ER beds on demand, probably, uh, and ICU beds on demand are probably, uh, a necessary part of our future until we start fixing the problems of the world. Okay, and then adaptation. I'm working from home, we need Zoom, all these things to make working from home more productive. New Zooms can come, other ideas on how to work from home can come. At-home schooling, my kids are out of school. I am making lesson plans. I assure you as an adult, I am okay at making lesson plans. For startups, I'm great. For kids, okay. Safe food delivery solutions, sanitization best practices, therapy and stress coping, and the list goes on. There are a ton of opportunities today. So as I opened with, and I'm gonna turn it over to questions now, our ability to be awesome is being tested. We can always be more awesome, right? We can always be more awesome. One way you can be awesome right now as a leader in a company, as an individual, stay home, right? Especially if the virus is spreading in your city. Stay home. It makes a big difference. And I'm grateful that we can be together in opportunities like this. And discuss important topics like the coronavirus and still maintain hope for the future, building technologies and other solutions that are needed for this and other things. Okay, so I've got a lot of questions already and I'm gonna start calling people out. Let me see if I can turn this screen off and go, ah, there I am. Hey everybody. Okay, so, uh, there's a fundraising question first, so let me pull it up. Uh, Judy Mann: should we stop fundraising and build traction as no VCs will make an investment until Q4? Hi everyone, I feel big now. Um, no VCs, that's not true. Uh, You know, so first you have to understand how VCs work. VCs have things called limited partners. They are investors in VC funds. And when a VC decides to make an investment in you, they— now sometimes VCs have money sitting in a bank account. I would say 60% of VCs will have some money sitting in a bank account. 40% of VCs will have very little money sitting in a bank account and certainly not enough money to make investments with. So, a lot of times when VCs make an investment, they do what's called a capital call. They usually email, but they call their limited partner and they say, "Hey, I'm making an investment." send me money. And they usually ask for more money than they need so they can do a few investments. And then some spend it all and then they do a capital call and make some more. Now, it was really easy to do capital calls until about 2 weeks ago when the markets went like this or started going like this and then went like that. So, you know, I don't think you can do capital calls right now. I run funds, I would not do a capital call right now. I mean, I wouldn't even do one if I needed one. If I absolutely needed to pay myself, I would say, guys, let's not pay ourselves for the moment. Let's wait. And then we'll do a capital call in like 2 or 3 weeks. Now, VCs eventually will need to do capital calls. And there are VCs that have money sitting around um, that want to do the investments. So here, here's what I would say, um, if a VC— you should look for VCs and ask, do you have capital to make an investment before you even meet? And are you making investments right now? And, you know, they may say no. Now, if they say, "No, we're not doing it right now. We're going to wait," what you can do then is be like, I would pitch them. I'd be like, "Well, listen, great. Can I pitch you and get your feedback? We can do it over Zoom and keep it to 30 minutes." "Sure, great." Now you're learning, but there are VCs that are making investments. So use the ones that are not making investments to practice. They can't make investments because they can't do capital calls. They want to meet companies, so use their time to learn. Find the VCs that are making investment and pitch them. Look, I would say the ones that are making investments are probably not making investments right this very second, because they're like, ah, I have a kid at home, and I'm in quarantine and whatever else. But I would say that they're going to start making investments in a month or two. The other people might wait a little longer to do a capital call, but I would guess that investing from venture capital will start to— you'll get a bunch of deals done in late April and May, and then it stops for the summer everywhere, and it will pick back up in the fall, Q3, late Q3, Q4. Béa Lehmann, what is your recommendation regarding marketing expenses? Uh, out. Good question, Béa. Um, okay, so I'm cutting our marketing expenses right now because, uh, I'm cutting them, I don't know, maybe 25%, 50%. Now there it's— I don't know if I'm a great example, we do a lot of in-person events, and obviously we moved all of our events to digital, uh, like this. And so we're not marketing the same number of in-person events because we're doing a lesser number of virtual events. So by default, we're going to cut, uh, uh, our marketing. And, and right now I'm generally feeling, you know, a 20 to 25% reduction in external vendor expenses for any business is probably the number. And if it's marketing, you can do that without upsetting anyone, right? Because you'd just be like, I'm spending 25, you know, if it's like a vendor, like a consulting vendor or a development vendor, you're gonna have to call someone and tell them, I'm sorry, we're gonna cut some spend. And that might upset someone. But again, when you Google, there's no one on the other side of Google who's like, oh no, this startup cut. Now, Helene, or I think it's Helene Rutledge, was asking, can you comment on how not to be seen as profiteering as you keep focus on growing your revenue? Um, okay, that, that's an interesting question, guys. Uh, this isn't a natural disaster where this is, this is, this is humanity doing the best that we are, right? This is us shining, right? Like, we could go to work, we could do this stuff, but a lot of people would get sick, and particularly old and sick people would die. And we took a decision as human beings to do the right thing here. And so, you know, you know, business is okay, making money is okay, coming up with creative ways to navigate this so that everyone stays safe and people don't suffer hardship is okay. So yeah, make money, spend money, you know. I'm not saying like Cut, fire. I'm just saying, like, the coronavirus discount, 20 to 25%, and, you know, resume to normal business when it's over, right? And, and try not to fire anyone and keep some cash on hand. Like, let's, let's be civilized. So yeah, you know, there's beautiful things that can be done right now, and making money I would say, you know, not only continue to make money, but think about ways that you can do awesome stuff while making money, like helping people, right? And then you can be extra proud, right? I mean, I don't think it— like, the guy who hoarded 17,000 containers of sanitizer donated them, right? That, that was a pretty awesome thing. Harry had a question. Staying home is more than anything a mental challenge to many people, myself included. How could a startup support them in an innovative way? I mean, Harry, you know, that question is near and dear to my heart, and I'm sure like two-thirds of the people, you know, I made cupcakes with my kids last night. That was pretty awesome. I don't know, you know, look, you know, the— okay, Harry, let's go deep a little bit on this. There's a lot of questions I want to get to, so— but I want to just cover this one for a minute. Um, excuse me, no coronavirus. Um, the role of the modern office is changing. We're all going to be doing some form of working at home at some point, you know, everybody. Uber drivers are going to have startups on the side, uh, and e-commerce businesses and blah, blah, blah. Uh, office workers are gonna have a photo blog, uh, and people who It's just going to all— world is changing around us, right? Pretty big. And this idea of this workplace was already kind of changing before the coronavirus hit. So we need to start thinking about productive and enjoyable time that isn't sitting around watching Netflix. I mean, Netflix is great for 5% of your existence, 2% of your existence, and the other 90-some-odd percent of your existence should be with engaging things that can be created now because you have a captive audience. So whatever it is, learning chan— I mean, Udemy is exploding right now, and that's great. It's one of our portfolios. Company. So, Harry, I think there's a lot of need for innovation here, and this isn't just coronavirus. It's a post-coronavirus, post, you know, work from an office world where working from home and doing things, productive things at home, is going to become much more the norm. Okay, Tina on the B2B side was asking, for businesses that are selling services to other businesses, "what's your advice to survive during this period of severely reduced business and marketing spending?" Yeah, I mean, okay. You know, here's what I would do. Guys, it's you're either in front of it or behind it, right? And I can tell you one thing, you don't wanna be behind it. So if you're worried about your business evaporating, then you go and offer the coronavirus discount proactively. Be like, listen, customer, I know you're experiencing hard times. Some companies are doing this, um, Google Voice giving away their— what— or whatever, their Google, um, video conferencing, they're proactively— Box, extra users for free. Slack, extra users for free. Tons of people are doing this already. So find the coronavirus discount that works for your company, money-wise, time-wise, whatever. Go and give it, right? And then instead of losing a customer, they're going to be like, wow, thank you, you were thoughtful, it's a tough time for me too. I hear you're gonna take some pain. Say, look, it's hard for us. We're all gonna take a 25% pay cut and give you a 25% discount for 3 months because we know it's tough for you, but please stick with us. And then you control the size of your hit. Because if you start getting people who just bow out, you're in a lot more trouble forever. Okay, on the retail and consumer size, Yolanita was asking the question, what's the best thing retail startup can deal with in this condition? Our product placed on a public area while there's not a lot of traffic because people are staying at home, other solutions that we can do besides having cash in hand. So basically like, Yeah, I mean, retail is tough. You know, look, retail and travel are in trouble, right? But let's go right to the heart of the matter, guys. Like, if the coronavirus makes something, really worse, like dramatically worse, and it's making some other things dramatically better. It's almost like a future predictor, right? Like travel, like it's, we should travel, but we were doing so much unhappy travel for business. Unfulfilling travel for business. And, you know, look at this. This is a much better way. We can travel for fun and we should travel for fun, but this crazy travel for business made no sense. Retail. Lots of good things about retail, lots of bad things about retail. It's a Coronavirus is sort of accelerating things that need to change. So if you're facing hard time in a place like retail, in a place like travel, there's an opportunity for you to really do some deep reflective thinking. Are you doing the right thing? And if you're not doing the right thing, how can you fix it to do the right thing? And now is the time. Because it's going to get really bad. And the travel industry might go close to zero, right? Because isolation works. And Europe is closing, countries in Europe and Europe itself, it's just like on full lockdown. And so trains, planes, buses, Subways, it's going to be an interesting period. And retail, the same. You take a month or 2 months of a retailer's revenues, and they were already struggling. So, deep, deep, deep, deep thoughts are needed now about what the right way forward is for your line of business. And some of them are going to be booming. Okay? Some of them are gonna be booming and others are gonna be suffering. And it's a little bit of a future predictor. Okay, Samantha was asking, what are some of the most critical steps that a consumer-facing startup has to take right now? I would say, I mean, it really, as I said before, if you're, you know, have cash on hand, make sure your people are safe. Right, or probably people are safe first, cash on hand second, and then see what impact you can have positively. A lot of consumer businesses are going to do really great in this time. People work too much, you know, let's be honest. A lot of us are workaholics. I don't know how, and we don't work on anything that matters. You know how I know? The lights are still fucking on, and I'm in a quarantine zone with Facebook, Google, and all these people. And I see people work like 100-hour weeks, and you know, now they're not, and life exists and continues to go. The internet's flowing, everything's going fine. So a lot of consumer companies, what's going to happen is these Workaholics are gonna come home, have extra time on their hand, and look for things to do, and your consumer product can be waiting for them. Now, think about ways to have a positive impact with your consumer product, but also this could be a great time for growth as we take a pause on our incredible amount of creative energy that we've unleashed into the planet and reflect if we're spending that energy in the right way. Let's be honest, this is like a global holiday facing a really horrible threat. And it's a time really for us to reflect about what matters. And I'll tell you something, we answered a big question. The health and wellbeing of the old and the sick matter to the world. That's a big one. Okay, Danielle is asking, um, should we apply the discount strategy to our consumers too? You know, I would. You know, again, if you know people are suffering and you can help them with a discount. We're doing it, you know, we're with a lot of cities. We've been looking at all of Argentina cities and countries. We're restructuring our pricing for people. We know it's a hard time. We put— we rolled out payment plans everywhere in the world. Yeah, I mean, if you can help people right now, because it will be hard for some, right? The whole thing starts because because we're trying to help people, right? The sick and the old in particular. And, you know, so let's help others, right? Okay, Victoria's asking, so what about us that deal with some kind of manufacturing? We can't just work from home or over the internet. Yes, yes. And you have supply chain issues. So you've got the ultimate double whammy. Not only can you exist, but you can't exist virtually, and also you're relying on supply chains that have been impacted in many cases. Look, you are among those that are hit the worst. So here's what I would recommend. So life goes on in Singapore, even in Wuhan, which, you know, was really, really infected. Like, I, I don't think the virus hit so fast there. I actually think a lot of cases were undetected, a lot of deaths were not reported. It isn't test people, right? So it's okay, like, no judgment, I'm not criticizing. But what I will say is they're back to work, right? So, and they're back to work when they're— and there's some possibility of infection still present. So Sanitization, social distancing, redundant supply chains, and manufacturing businesses can get back to work, even if there's some threat of spread. I would say if you're in the middle of that proverbial wave that's coming or spike in the curve, you want to self-quarantine. But if you're sort of over the wave or over the hump, or the wave hasn't really taken off, just social distancing, sanitization, hygiene, and you should be able to continue operations as you see other countries and places in the world doing right now. Joey asks, address what startups with physical products can do. Well, you know, look, I know what you're doing, Joey. So look, there's the real estate, That's going to be tough right now. Coworking is going to be tough. But again, like, there's some businesses— coworking is a great example. Remember I said if it's tough now, it's probably tough for you in the future? There's some exceptions where it could be tough for you now and actually good for you in the future. And I'll give you, uh, one of my favorite, and that is, um, if it's tough right now with, um, real estate and coworking, right? The reality is people aren't going to go back to work the way that they did before. They're going to go back and not go into a big office, blah, blah, blah. If you're running a coworking space, you're going to take a hit right now, but it may not be bad forever. Uh-oh. So this is, of course, speaking of interesting coronavirus-related things, that is my children. So I'm going to get through a few more questions, and then we're going to— I'm going to check because they're under my care, which means they're in the room over there. So I'll go check in one second. The new twists in the world, beautiful. So back to coworking spaces, coworking spaces are gonna take a hit now, but they're gonna come out of this probably a winner because people are gonna work differently. So you're gonna need to have social distancing to ensure that the people within your coworking space have enough space around them, enough sanitization, enough sanitization of the space. And then those businesses will probably do quite well as people feel the need to not go into an office that might be an hour away, but get out of the house and go somewhere that's 5 minutes away. So, I think there's some businesses that are going to suffer right now, manufacturing, coworking spaces, and the others, and grow later. What I want to leave you with, because this is the third time I'm getting the call, and so I need to go see what they need, is that we have the opportunity to make this work well for everyone and save a lot of lives in the process. And it's because of technology that this has been possible. And so, and it's beautiful that we care. So what I'll say to everyone is, Stay home, please, because, right, especially if you're in the midst of an outbreak, and if you do go out, abide by the best practices. If you need help, we'll do whatever we can to help you. You can email, we have health@fi.co as an email address there. It's monitored. If you need help with your business, help with your mental health, even just some best practices on what to do with your company or ideas on what business to start, we're here to help. So with that said, thank you every— very much everyone. I'm gonna go check on the children under my care, which is the schools being closed and shelter in place. But, We're gonna get through this. It's gonna be okay. Thank you.