What is Entrepreneur DNA? Insights from 15 Years of Social Science Research

Think about what an entrepreneur has to face on, um, in a typical day, right? They have to conjure something out of nothing. They have to inspire people to believe in their vision, um, of a world that doesn't yet exist, inspire people, people to, in a lot of cases, work for them, not right, not for a salary, um, you know, but for equity in something that's worth exactly zero right now. Hey everybody, welcome to this Founder Institute webinar. My name is Jonathan Gritchen, co-founder and CEO of the Founder Institute. Thank you everybody for joining today. Sorry, we are a, a minute late here, but I do see that we have a good amount of people in the audience. So if you are joining in, tell us where you're joining in from. We are expecting a very large and international audience today. So it's always great to see where people are checking in from. And if you are joining us, please use this event as an opportunity to connect with other people in the chat. Okay? One of the biggest advantages, and, and I think one of the biggest reasons why some webinars these days just aren't as useful as they, as they should be is that, you know, these webinars, you can go on YouTube and you can watch, learn about anything. Right? These webinars are live. These webinars bring audiences together, so please do use the chat, use some of the interactive features that we have here on this platform to, to meet other people and hopefully to find people that can help you bring your startup business to reality. Okay, so with that being said, we are here today to talk about the the entrepreneur DNA. All right, and entrepreneur DNA is something that we've been pretty focused on here at the Founder Institute for many, many years, and we're going to share some of the insights that we have on entrepreneur DNA with you today, and hopefully you can use it to further your career, help you build a great team, help identify entrepreneurs if you're an organization that does that. You know, there's a lot of different use cases here. And just to give a little bit of background at first on, you know, kind of how we came about trying to find out what entrepreneur DNA is, is the Founder Institute. We are a global pre-seed startup accelerator, and we are an accelerator that started because my co-founder and I, honestly, we got screwed over by a bunch of venture investors back in the 2000s. This was an online gaming company in New York. We had investors that threw clipboards in board meetings. We had investors that kicked off Elon Musk from our board and replaced him with his own son, right? Not, not the best, not the best investors that we had at that point. So we launched a website called thefunded.com, and this was a website where people that were raising venture capital could get reviews and provide ratings and reviews on venture investors, right? Now, the problem was is that, you know, with a lot of online review sites and online rating sites is that things quickly turn super negative, and most investors have to say no to like 99% of the people that pitch them, right? So we did not want to just have a website where people were bashing investors. That wouldn't have been useful for anybody. So we were literally reviewing every single application that came in to this website to make sure that the person who was applying was either in the process of raising venture capital, had raised venture capital in the past, or was prepared to start the process of raising venture capital for the first time. And we were literally rejecting something like 80 to 90% of the people applying to this website because they just had an idea or they had no traction, they had no metrics, they had no business trying to go out there and raise venture capital. They thought that, you know, just having an idea, now the next step was to raise funding. Like they didn't realize that they were literally on like step 2 of, you know, like a 900-step process, right? So we built something called the Funded Founder Institute back then. Now it's called Founder Institute. We, it was a little bit wordy, right? But literally that first program was just, to solve this problem that we saw, this gap in the market where a lot of people wanted to start a startup and build a great company. They just didn't understand the process. They weren't empowered with the expertise and the structure and all of these things to, you know, get to the point where they were ready to go out and raise venture capital. So this presented a pretty big problem for us as a business, right? Because we were working with organizations much earlier than a typical accelerator or incubator would work with an organization. And we were trying to do this at scale, right? So how can you possibly try to evaluate a business and a founder and just an idea, so to speak, without having data, right? Even angel investors, even the earliest venture investors, they have some form of data on a company. We were trying to take people that in some cases just had ideas and trying to put them through a structured process to build something of value and get to the point where they were ready to raise funding. And what we quickly realized, and I think this is something that everybody should probably realize when it comes to startups and entrepreneurship, is that trying to evaluate ideas at the idea stage is not the way. Okay, that is pretty much a fool's errand. Ideas in themselves have no value. And if you look at all the successful startups that are out there that have become big businesses, even ones that, you know, have just become, you know, medium or decent-sized businesses, they are almost never the exact idea that they started with, right? Those ideas change over time. Startup building is a messy, nonlinear journey. It's not this like, hey, I got this lightning bolt. You know, like light bulb in my head, and now I'm, I've created a successful business, right? It is a long, oftentimes grueling journey. That idea itself just kind of kicks the journey off. Then you put some things out in the market, you get feedback, you iterate, you put some things out in the market, you get feedback, you iterate, right? That's where all the value is created. All the value of a startup idea is created in the evolution and the execution of that idea over time, in some cases over, you know, dozens of years even, in response to that customer market feedback. So again, back to the original question. Okay, so if the idea at this stage when we're working with people super early, if that's not a good way to evaluate them, then how do you evaluate them? And again, think about what an entrepreneur has to face. On, um, in a typical day, right? They have to conjure something out of nothing. They have to inspire people to believe in their vision, um, of a world that doesn't yet exist, inspire people, people to, in a lot of cases, work for them, not, right, not for a salary, um, you know, but for equity in something that's worth exactly zero right now. Founders and entrepreneurs have to do a ton of tasks they have zero formal training on. Or even tasks that they want to do, right? Hate looking at contracts? Doesn't matter. Hate doing math and doing spreadsheets? Doesn't matter. You got to do it. They have to do that. They have to not let the company die, staring into the abyss at all times, so to speak. And they have to do all of this with little to no resources and at the same time being told no and your idea is stupid and all this stuff everywhere they look, right? Negative reinforcement. Every single step of the way. At the same time, what I think is the biggest challenge that entrepreneurs face, and I sense that a lot of people in the audience today are probably going to get some resonance here, right, is something that we call the entrepreneurial wall. And this is something that every entrepreneur faces, uh, this entrepreneurial wall. And some people are able to scale this wall and get over it, and some people are not. And the really fun part is, is that you face this entrepreneurial wall like constantly. Right? You face it, it's not you get over the first one and then you're okay. No, like, you're gonna face it with challenges like every month almost in some cases, right? But the first time a founder hits this entrepreneurial wall, it's kind of the sudden shock. And literally, this is what separates a lot of people from starting a business, um, and people that don't, okay? It's basically a filter. And the entrepreneurial wall is essentially at its core, it's a chicken and egg problem. Right. And it goes something like this is how can I possibly like, okay, you're telling me that I have to do this in order to move forward. Right. But I'm telling you that, you know, how can I possibly achieve that goal that you're telling me to achieve without this thing that I need to achieve that goal? Right. So in some cases, this is you'll talk to a founder maybe that is looking for a technical co-founder. Right. Or looking to recruit a great team. And we tell them, hey, all right, well, you want to recruit great team members to your team and inspire them to follow you, then you need to show progress, right? You need to put something out there. You need to show customer demand. And they'll say, okay, well, how am I supposed to show customer demand without building a product, right? I'm a non-technical founder. How am I supposed to do that? And we flip it and say, well, you're not going to recruit a really good co-founder or a really good technical co-founder until you show that demand, right? Similarly, we'll see this with investment. Right? We tell them investors don't invest in ideas. They invest in things that show a little bit of traction. Right? Investors want— they have gasoline, fire that they want to put onto like this little Kindle that you have. Right? So we tell people, and this is true, if you want to raise an investment, you have to show some form of traction. You have to show progress. And again, then they'll tell us what they'll say. All right, well, this is the chicken and egg. How am I supposed to show traction and progress without money to hire the people or build or do whatever I need to do to show that traction and progress, right? This is the entrepreneurial wall. And this is, again, this is the entrepreneurial wall that as an entrepreneur, you're gonna be greeted with this very, very frequently. But it's that first time that you're greeted with this is what keeps most people from starting a business, okay? It's the first time they see that wall and they can't figure out how to go get around it. All right, and I'm not saying it's easy, right? It requires a lot of creativity. It requires a lot of just being resourceful, right? Relentlessly resourceful is what a lot of people use as a term for someone who's a really good entrepreneur. But this wall is what keeps people from starting a business. And I think, you know, in addition to all of these things that we talked about as an entrepreneur, It's these, these are the things that really define what is a great entrepreneur. And again, taking all the other things that I put into context, right? The ideas aren't that valuable. So you know what, being like a great idea person, not super valuable to be an entrepreneur, right? The entrepreneur is the one who is able to take an idea, a seed, build that idea over time in response to customer and market feedback, get over those entrepreneurial walls, right, and build something valuable. The founder is the greatest variable in the success or failure of any early-stage startup, right? So literally, that's where we're the Founder Institute, right? That's what we called it. Now again, that's saying, all right, well, we've started to distill it down, or if we're not going to try to judge ideas, now we're going to try to judge founders, right? Because we believe the founder is the greatest variable in the success or failure of any company. And the idea then was to say, okay, well, what if we can create a test, right? There's a whole social science community out there. This is a very big discipline in the research community. And we even used a version, you know, with a very well-known social scientist, we started using a version of a personality test back at this online gaming company that we worked at. In the mid to late 2000s. And the reason why we created this social science test was because this was a really hard-charging, fast-growing New York City startup, and we were just hiring not the right people. So we went to a social scientist and we said, hey, like, is there a way we could do some kind of online test to really find people that would thrive in this really fast-growth environment? So that helped us hire a lot. So then when we started Founder Institute, went back to the same guy and said, hey, um, you know, that helped us find people that were a good fit as employees at a fast growth company. How can we take those learnings and build something that will identify the right people to found a fast growth technology company? Right? And if we could do this, right, it was not something easy. And still to this day, we get so many naysayers, right? Like, oh, there's no way you can figure that out. There's so many variables that go into, into building a great startup. And, and look, there are— there's a trillion variables, literally. Um, but we contend that the one person who controls those variables, the one person or people, right, the founding team, that are the ones that are interpreting those variables and acting off all those variables, are the founders. So literally, if you're going to single out one thing, it is the founder, right? It's the people. So if we could, if we could figure it out, you can quantify this variable, you can evaluate founders at scale, which is something we've always been about, about launching programs all around the world. You can operate across borders and cultures, and you can remove bias in that entire process. So we launched something when we launched Founder Institute in 2009 called the Entrepreneur DNA Assessment. And essentially, it puts applications in our program, and it's the main criteria that we use for applications in the Founder Institute program since day one. Um, it puts them through an online personality and aptitude assessment. It's been translated into a number of different languages. Then we take that data, right? It's essentially quantifying people down to a set of metrics. Um, we take that data and, and people get accepted or, or rejected to Founder Institute. And look, again, it's not the only thing that we use, to, in our admissions process, it is the predominant thing, but it's not the only thing, right? It's just a data point. And then throughout the Pre-Seed Accelerator that we run, otherwise known as the FI Core Program, we're collecting data all the time, feeding that back into the system. After they graduate Founder Institute, we're tracking their performance in the real world, track, feeding that back into the system. And again, we are constantly checking and doing regression analyses to see what are the traits that are correlating with being a really strong entrepreneur in the marketplace, right? And look, when we first started the assessment, the version in 2009 was 3 hours long. I don't know how we convinced anybody to take that test, but we did. Now, luckily, it's only about 30 to 40 minutes. That test included a lot of different things. It included IQ. We basically threw the kitchen sink of everything that you could judge from a social science perspective online at that point. And, you know, luckily now we haven't found a lot of correlation on a lot of those things, so we removed them. We were able to cut pieces out where there was zero correlation, right? But over time, we've just continued to make this assessment. More and more accurate. And this is basically what the test looks like. Okay. There are two different types of questions. Number one, these are— there are these personality questions. And again, those are finding out your— the personality traits that really define you as a professional. And then number two, we are showing these puzzles. So this is a very— this is the easiest puzzle that I put down here. Okay, this is the one that we use to, in kind of the tutorial when you're first starting to take the assessment, just so that you understand the rules. But essentially this puzzle is looking for, I mean, quite literally it's showing you a dataset, right? It's showing you the solution or it's showing you a rule set and then asking you, okay, we just gave you this rule set, you just saw this rule set, just learned this rule set, Now here's a novel problem. Apply that rule set to this problem. Right? So if you think about in the real world, literally what that is judging is your ability to think on the fly. It's something called fluid intelligence. It's very different than IQ, which is more like raw computing power. Right? Fluid intelligence is your ability to learn super, super quickly and react and move super, super quickly. Obviously something. That's very important for entrepreneurs. So these are the types of questions that our people get on the assessment. And again, once we take, you take that test, we get a whole bunch of data points. And then over time, we are collecting a lot of data, not just in the Founder Institute program itself, right, where you're being, it's a combination of qualitative and quantitative data, right? You're being judged every week by mentors, you're being rated and reviewed by these mentors. But even after the program, then our alumni Success team is rating and reviewing these founders over time to see how they do in the quote-unquote real world, right, with their business, amount of money raised, amount of growth, all of that kind of stuff. And altogether, since 2009, the Founder Institute has run programs in over 100 countries around the world. We have over 7,000 alumni companies in the Founder Institute now. So this is something that's crossing borders, cultures, languages, you name it. All types of technology business, we're technology agnostic. Over 175,000 people have now taken the assessment. To be honest, we haven't updated that number in a while. I'm guessing it's probably crossed 200,000 right now, but it should be very close to it. And again, this is all qualitative and quantitative data across the outset. So if you do want to see the assessment and see how you stack up, right, all of this data now we've put into this assessment, fed it back. We tell people when they take it, what are the personality traits that you have that correlate with entrepreneurship the most, right? What are sort of your superpowers, so to speak? And what are ways that you can then take those traits to be better at your entrepreneurial work, right? We very strongly believe that, you know, nobody's perfect. So, but what you should be doing is trying to identify the strong traits that you do have and then doubling down on them. Those, right? Trying to really push those to the limit so that you can really just get as much value from your strong traits. And then at the same time, we're showing you what are some of the weak traits that you have and giving you, you know, some or at least some methods and strategies for how to mitigate some of those traits so that they don't impede you in the long run from your entrepreneurial potential. And then finally, for each of the profiles that you can identify as when you take the test, we give you these action plans, which again, you know, are really just trying to give you additional content to strengthen your strengths, so to speak, and really just try to leverage those as much as possible and minimize your weaknesses. So check out the test, dna.fi.co. There's a bunch of profiles on there that you can see. There's a bunch of sample reports that you can see as well. And within this test, all right, so over this 15-plus years now, of research that we've done from all of this data and all of the regression analyses that we've done, literally just seeing, okay, these founders were successful, built great companies, these founders did not. What did their tests look like? What did their scores in the program look like? Right? Just tons and tons of data that much smarter people than me were the ones analyzing. And we broke it down right now into 26 traits. Right? So these are the traits, and we score these all differently, right? So it's not each of these traits— sometimes being really high on a trait is bad, sometimes being really low on a trait is good, right? So it's different levels that we look at for all these traits, and we kind of distill them down into an overall score. But these are the different traits that we look at. And, you know, just to highlight a few of them, let me talk about some of the traits that we've actually seen a ceiling effect on. So a ceiling effect is a term in social science where basically, or any research really, we're basically, uh, it's when too large, like too much of a percentage of people, of the subjects that you have for this research, score so high on these questions, or in this case on a trait, that it kind of throws off the entire rating system that you have, and you kind of have to like rejigger your rating system to account for it, right? So in other words, like, they're off the charts. So you have to go back to the drawing board a little bit and redesign your test because these are so off the charts that your ability to kind of measure, okay, like, all these people are super high, but, but, you know, you have to start to grade it on the curve, right, to really understand the differences. And the 3 traits are curiosity, perseverance, curiosity, and self-reliance, right? So these were 3 that really, really stuck out. People that had these traits, literally, it was hard to break them down within being a strong entrepreneur because this trait was so high amongst the people that were strong, right? And if you look at this, so what is curiosity? Curiosity are intellectually curious people. They love learning new skills. Right. And again, I kind of mentioned this before, as an entrepreneur, you're learning new skills every day. You're going to have to learn how to read contracts. You're going to have to learn how to do some basic accounting, right? You're going to have to find sort of this founder's proficiency is what we call it across a whole gamut of skills, because it's not like you have departments and teams to assign to these different challenges, right? It's all going to fall on you. So you have to sort of be naturally curious. You have to be resourceful. You have to value the input of others, right? You have to basically be empathetic to build businesses and products that are really geared towards the customers that you want to pay and use your products. And I just put on the side here a couple of the different cities that we've shown to be highest in this trade. And across the world, we have seen that Latin America in particular really, really shines when it comes to that particular trade. Perseverance is another one. This one probably a little bit more self-explanatory, right? As an entrepreneur, you have to persevere. You have to be able to sort of push this boulder up a hill, so to speak, as you can see on this image. And then here again, we saw Latin America really drive forward and take a lead across all the global cities here. And I thought it was interesting, Detroit was, I believe, the only one in North America And if anybody knows, you know, kind of the components of Detroit City here in the US, you know, it's a pretty hard-nosed city, you know, that's been through a lot. So I think it's not surprising that that one would really show up in terms of being a high perseverance score. And then the third one is self-reliance, right? Somebody who's not going to make excuses, somebody who's going to be sort of relentlessly resourceful. They're going to be making decisions really, really quickly, and they're going to live with those decisions. They're not going to second-guess those decisions, right? They're just going to make those decisions, and they're not going to push blame on others, going to be super, super accountable for everything that we're seeing. This one, we did see, you know, a high prevalence in the United States. But again, you know, you see these traits kind of show themselves in different ways. All over the world. So I talked before about ceiling effect traits, right? So on the other side of the, of the equation is what we would call a floor effect trait. So it's the same thing I said about, okay, people score so off the chart in a good way, um, or at least high score, I should say, that you have to recalibrate. A floor effect is the opposite, is that the people, um, in our case, the, the most entrepreneurial people are scoring so low impatience that we had to recalibrate, right? And it's pretty funny when I shared this, you know, we found this data, you know, several years back, but I remember when I shared it with my wife, she was my fiancée at the time, but when I shared it with her, she just laughed because she's like, yeah, well, you're probably the most impatient person I've ever met. So that makes sense. Right? So patience is something that is not super prevalent in entrepreneurs. And honestly, it kind of makes sense, right? You have to move quickly. You have to be moving faster than other people. You have to be accountable, right? All of these things, you have to be solving problems. You have to be learning new things. All of these things run a little bit counter to patience in some ways. So with these tests too, and this is something that you find out when you take the assessment, we broke them down into 9 different personality profiles, right? So what we said was like, hey, we have all this data, it's kind of hard to show people and kind of make sense of it, right? 'Cause when you're working with PhDs, like we have on this test, you know, they give you all this data and we try to then translate that data into something that your average person can understand and put to use. So one of the ways that we did that was to say, okay, well, of all the successful entrepreneurs that are taking this test, what are kind of the personality buckets, right? The combinations of personality traits and scores that we have seen that are correlating with success, right? And they came back to us and they were my 9 main personality trait buckets, right? And then we took them and said, okay, well, you know what? This sounds like this. This sounds like this. This, right? So the hustler, for example, was somebody that was super outgoing, you know, super confident, really good at sales, right? That was the person we're like, yeah, you know what, that sounds like the hard-charging salesperson who's gonna bust through a wall to make sales, right? And then you had people like the strategist. The strategist, somebody who's super creative, super tactical, somebody who's going to plan things really, really, really, really well. It's gonna be super efficient, right? The kind of person that, unlike the hustler who's out there selling, is going to be the one who's really doing the strategy, managing the operations, and getting things done, right? And that was the strategist. So we came up with 9 of these different profiles. If you take the assessment, you'll see which profile you fit into. But as, as I'm sure you can probably tell here, right, is that none of these profiles are necessarily better than the other, right? These are all just the different combinations that we need, and typically a great team is going to combine a couple of these different profiles. From the data, we were also able to then compare, okay, well, what are the types of entrepreneurs that do really well at the start, right, at the idea stage, at kind of the inception stage, and how can you compare that to ones that are able to take the businesses that really scale and, and go far over time, right? Um, at the start, at the idea stage, it really was, you know, being proactive, super high competitiveness, super high risk tolerance, and decisiveness were the ones that we saw that people were able to bring something to fruition really, really quickly, add a value, inspire a team, do all of those things, have a great vision, have a great story, and get the thing off the ground, right? Then we saw, you know, things start to change a little bit. All right, well, they're able to get it off the ground. Now how do they get it to a point where they're raising funding from professional investors? And if you see here, then some of the traits start to change a little bit, right? Then it's the combination of high autonomy, the fluid intelligence, and emotional control, which really stuck a nerve with me, right? Correlates with founders that are able to raise this institutional funding, right? So not angel funding. Now we're talking about from venture investors, right? So typically like a large seed round or a Series A, You're sort of getting into the big leagues, so to speak, of venture investment. That emotional control struck a nerve with me because, and this is something that we tell our founders all the time, like to raise money, you're gonna have to hear probably 100 nos before you start to get yeses, right? And we say that and they're like, oh yeah, I'm ready. But if you think about the emotional toll getting 100 nos takes, I mean, it's a serious emotional toll. Right? So the emotions are super extreme. So we definitely saw a correlation that people that had high emotional control were the ones that were really able to get to those stages. And then some of the ones later on, again, this is some different traits, right? You know, people that had a little bit low adaptability and curiosity. Because if you think about it, at that point, it's less about building new things. It's more about scaling what you have. And then this is where we saw high patience, right? Right. So the patience thing sort of flips. In the beginning, it's like we're looking for people with super, super low patience. Now, a little bit later on, the people that are high patience. Right. And this kind of, you know, in a lot of ways does support the theories and just the ideas that, hey, you know, as a business grows, you know, leadership needs to evolve as well. Right. In some cases, the founders are able to evolve, but in some cases it just means bringing some new blood in. Right, but these are some of the different traits that we have seen across those different stages. The other thing that we've looked at is what is it, how does this feed into team dynamics, right? Well, looking at different teams, and this is some of the research that we're doing right now that I'm super excited to be releasing in the next couple of months, you know, and adding new features to our assessment, you know, is first we said, let's look at who are the good team members, right? Who are the people that are most commonly showing up on teams that are successful. And these were the traits that we found, right? People, high trust, high self-reliance, achievement, dependability, high emotional control, right? Again, just kind of jumping onto that trait, definitely something that can help a team over time get over some of those hurdles, right? And if you also just kind of look here at the different, buckets of traits that I showed you before, we also started to find that, you know what, teams that you can kind of see if you're, if you're strong on one of these buckets or if you're weak on one of these buckets, you need to be strong in some of the other places, right? And you sort of need to have some components of these buckets on your team in some way, shape, or form if you really want to be setting yourself up for success. So, you know, if you do have very low scores on any of these individual categories, right, so let's say in communication, if you have people that have very low and very low trust and low agreeableness scores and low collaboration scores, then you really need to have other people on the team that are counteracting those things. Otherwise, your team is going to be really, really bad at communication and that's a pretty negative indicator and predictor of your long-term performance, right? And the same goes for all of these other categories here as well. Something else, and this is something that's pretty well popularized in social sciences, is a term called psychological safety, right? These traits, you know, ideally among several team members, but again, certainly they need to be present in some way, shape, or form on high-performing teams. Are really, really important. And it's called psychological safety because basically the presence of these kinds of traits make people feel safe in the context of a team going out on a limb, sharing their ideas, right? They're not holding things back because for fear of ridicule or being judged or things like that, right? It creates a safe, open space for people to be sharing ideas, exchanging information. It's okay to disagree, right? All of those kinds of things are just components of a, of a well-functioning team. And then finally, we also are looking at the profile combinations, right? So again, as I mentioned before, we have these 9 different entrepreneurial personality profiles. You know, it's not necessarily you want to have, you know, 5 Achievers on your team, right? You need to have those different components. So we see here there are a lot of personality profiles that straight up contradict each other. There are a lot of personality profiles that are really great complements to each other, right? You can kind of see on this, you know, obviously oversimplified chart what some of the traits look like, you know, in compared to others and how you can start to put together different traits to make an optimal team. So, you know, as I said, we're building out this co-founder assessment right now. We're getting all the data sort of ready, uh, but you know, it says Q2, Q3. At this point, it's probably more realistically Q3, but we'll be releasing a lot of these resources for you, and it'll allow people to take the test. And anybody who's taken the test in the past to then opt in and say, hey, you know, would you like to use a lot of the data that you've already given us to provide some matches of potential good team members for you and good entrepreneurs, um, that you think might potentially a good co-founder, right? But also it could be an opportunity if you already have a team to start doing gap analysis and things like that. So, you know, stay tuned for some of those things that we're going to be releasing soon. The last thing that I'll go through here, and this is usually a hit whenever I give it to any audience, is that, you know, in taking some of this data, we can start to then look across the gamut of all of the cities and locales and cultures that we're in. And we can start to see some traits that trend and kind of looking to see like what a profile, so to speak, right, of strong entrepreneurs are in these regions. Right. And I think, you know, as you can see, guys, there's not one formula here. We're using 26 different traits and we're using those in all different levels of magnitude and scoring them in all kinds of different ways. Like there really are great entrepreneurs everywhere. It's just that you see the traits come out in a different way, shape, or form in different places. So for example, in Australia, we see they have super high adaptability, super high autonomy. Something that's pretty low there was collaboration. And I gave a talk last year in Australia and I shared this with them and they informed me of something that's called the Tall Poppy Syndrome in Australia, which really, really brought home this concept of low collaboration there. It's just a social science concept they have there, kind of goes into the nation being isolated and just how, in some cases, yeah, there could be this low collaborative spirit. Right. Again, it's no one's perfect. Right. There's different traits in different places. In across Asia, we see competitiveness to be super, super high. We see emotional control to be high. We see kind of these management skills to be super high. Risk tolerance, not so high. Right. And that's something where that can impede a lot of entrepreneurs in that region if they're not able to bring in skill sets to help counteract that. That. In the Middle East, super high competitiveness, very autonomous. Again, risk tolerance even lower than what we've seen across Asia. In Africa, we've seen amazing emotional control, amazing sense of achievement and motivation, a little bit less on the decisiveness scale. And Latin America has, in contrast, very high risk tolerance. They're very good at reflection, very good at learning from mistakes and trying to see, you know, what, just kind of being more empathetic to users and things like that. A little bit low on the autonomy scores from what we've seen. Across Europe, super decisive, super proactive, great social skills and intuition, a little bit less on the motivation scores. So yeah, you kind of see these traits all over the place. And again, it's— nobody's perfect, right? There's great entrepreneurs everywhere. They just have, um, and they show those traits in different ways, right? And this really just goes into our mission at the Founder Institute of empowering these great entrepreneurs everywhere. Great businesses can be built everywhere, right, is what our data tells us. Um, what also our data tells us in this society something that I really don't see enough people take to heart is that, you know, these, the team building, you have to bring in the soft skills, not just the hard skills. And unfortunately, when you look at startups, you know, they are very often, they fall into this paradigm. It's, you know, there's something known as hacker, hipster, hustler, right? It's like saying, okay, from an investor's perspective, they wanna see somebody who, you know, is the hacker, right? Somebody who can build. They want to see the hustler, somebody who can sell and raise money. And then they want to see the hipster, right, so to speak, somebody who can design great customer experiences and really be empathetic to the customer. Right now, again, those 3 things are really just super, super skills-based, right? Hard skills. You got a salesperson, you got a technical person, right? They're not looking at a lot of these soft skills. And we think that that's an amazing opportunity. It's a deficit right now. Now. But it's an amazing opportunity because again, guys, the, the greatest variable in the success or failure of entrepreneurs are really, if you think about any kind of innovative product project that you're taking from zero and trying to get it to 1, 2, 3, and beyond, right? It's, it's those founders, it's those initial people, it's their skill sets. And the skill set is soft skills and hard skills. Uh, so if you're not quantifying that stuff and if you're not using that information to build great teams and trying to get the best performance out of the teams and people that you work with, you're going to get left behind, right? There's this Moneyball kind of concept that's being driven, you know, across every single business you can think of, right? Whether it's sports and using analytics to increase performance, or, you know, finance and Wall Street, right? And just, you know, doing trades, you know, milliseconds and all that kind stuff, for whatever reason, the importance and the utility and just the adoption of using those same concepts for humans, right, for us to build great teams with all the imperfections and different qualities and different data points that we have as humans has been left behind. And we think that that's something that is certainly going to be changing, right? I think it's just something that people need to get a little bit more and more comfortable with. But, you know, for us, it's sort of mind-boggling that other people haven't been doing what we've been doing. And, you know, it doesn't just go for people that are trying to quantify entrepreneurs, whether it's a university or a venture fund or an accelerator or a government or whomever, right? But even as an entrepreneur yourself, you should be using this kind of data. Maybe you're not making people take a test, Right? But at the end of the day, being able to work with people, being able to hire great people, being able to put people in a position for them to succeed and accentuate their skills rather than focusing on their weaknesses, that is something that has always been important. And I think with social science data, it gives us the ability to really do that at a much better way and a much greater scale. So thank you very much, everybody, for listening to me today. As I mentioned, you can learn more about Entrepreneur DNA at dna.fi.co. If you check out that website, you can see some sample reports and, you know, all the entrepreneur profiles that I mentioned. You can kind of see a lot of the methodology that we've used, right, if you really want to go into the scientific component of it, right? You know, the Cliff Notes of that is we have over 175,000 people who have taken this test now. We've been tracking this data since 2009, tracking over 7,000 companies in the real world. You know, we're talking millions and millions of data points. To be honest with you, more data than we even know what to do with. You sort of have this mountain of data and we're just slowly, slowly going through it. I guess it's a good problem to have, but a problem nonetheless. But yeah, if you, if you want to learn more about your entrepreneur DNA, check out dna.fi.co. The assessment only takes about 30 minutes for people to check out and to get through. And yeah, if you want to learn more, check out that website. And I hope this was helpful for you. If you are an organization that are interested in utilizing some of this data to help you know, find the most entrepreneurial people in your population, whatever it may be, you know, check out the website as well, and there's a way to contact us there. All right, thank you, everybody. Thank you for joining. I hope you all have a great day. We're going to be breaking off into some networking rooms now as well. So as I mentioned on the front end, we got people joining from all over the world. Use this opportunity to try to connect with other people. Right? Try to find other people that are interested in what you're doing. Find other people that maybe have the same problems that you're trying to address. And what I always tell people on any of these online events is try to find— just try to get feedback on your ideas. As an entrepreneur, you need to be getting as much feedback as possible. Wipe away any notion that you shouldn't be sharing your idea because somebody's going to steal it and build a billion-dollar business. Let me, let me, you know, break the news to you right now, not gonna happen. You should be sharing it with as many people as you possibly can because it's giving you more data, giving you more feedback to take into account as you build the business. And again, that's where that value of the founder comes in, right? It's gathering all of that market and customer feedback and then adjusting whatever idea that it is that you started with and having it iterate over time and hopefully become something valuable over time. All right, thanks again everybody. Have a good day, and I hope I'll see you again soon, and hope you take the test and learn more. And we'll share a lot of that co-founder information, a new co-founder assessment tools and matching tools and things like that when we have it. All right, take care.