Former UK Prime Minister Liz Truss Joins Roundtable Management for Investor Webinar on October 5 at 2:00 PM ET

Welcome, everyone, to this Roundtable shareholder webinar. My name is Aly Madhavji, co-founder and CFO of Roundtable, and I'm thrilled to be here. And it's great to see so many friends and supporters of the company on the line today. If you have questions, please continue to ask them in the community section at RTB.io and in the Q&A section of your Zoom panel under More. As you may remember, my fund, Blockchain Founders Fund, made Roundtable our largest investment in the fund.

And I'm thrilled to have James Heckman, founder and CEO of Roundtable, Eyal Hertzog, co-founder and CTO, and former Prime Minister of the United Kingdom and Roundtable director Liz Truss here today to share more transformative news and progress.

Welcome, everybody, to this update on progress for the company. I really appreciate Eyal calling in from Israel. As most of you know, our core engineering team is in Tel Aviv. We have Liz Truss on the line. We'll be hearing from her shortly. She's helping us expand in Europe. And I would say primarily today is about that expansion out of North America. But for those of you who've not been here before, I want to do a bit of an overview of how we're doing and who we are and also give some clarity to our recent transaction that we signed and announced last week related to Arena and that 10-year, $1 billion contract.

So to kick it off, a lot of investors and advisors know that the company Arena—they've had a recent name change—was built by the team that is leading Roundtable. The technology was built back in 2016 and 2017. And under our leadership, we quickly architected the company to grow to nearly $200 million within two years of completing the platform, 250 major brands and an operation that connected with thousands of bidding advertisers and created a marketplace that is vastly superior to most media companies who don't have the scale or the technical expertise.

A lot of those operations and a lot of those technologies were something that would be an incredible boost to Roundtable. This is my 11th major media platform since partnering with SoftBank back in the mid-90s with the first network platform. And we wanted to accelerate our growth. The hard part when you look at digital media investments is the classic term that people call chicken and the egg. And so you have great technology.

But if you don't have enough media companies signed up on the demand side or on the supply side, and then on the demand side, if you don't have a marketplace of advertisers, you kind of have very little choice. You can pay your media partners artificially, because you don't have a marketplace and that dilutes the heck out of your shareholders. Or you can do a significant deal, putting partners together a little bit like we did at Hulu, a little bit like I did at Rivals, putting together 3,000 sports sites, all at once, including NFL and college.

A little bit like I did at 5to1, putting together AOL, Microsoft, Yahoo, Fox, and Disney before turning it over to Yahoo. We have a method of the 11 networks that we've successfully built over the last three and a half decades. And the method is build the technology first, but don't have a sales team. Don't harm your investors by building sellers who are selling nothing, which is really common with, I would say, young CEOs in Silicon Valley.

The next step is to put together a strategic partnership with some major clients. And that's really been the secret to our success and why all 11 networks that I've launched since 1990, before the internet, have been successful because they all come with a major strategic partnership. The first one with Ted Turner, the second one with the NFL. And so what we decided to do is to do a transaction. We spent a lot of time, more than two years, working as we were finishing our technology with a company called Arena, A-R-E-N.

And what we were able to do is sign this contract where, number one, we're paying for a perpetual, royalty-free, modifiable license of all the software that our team originally designed to have access to that marketplace and take over the technical and sales and distribution operations of 21 major brands with nearly 100 million users. So to kind of repeat what this was about, and I think there was some confusion in the marketplace thinking we were buying the company, and we're not.

This is just like any other deal that we've done with the 3,600 clients that my team's had since 1990, and that is distribution, syndication, technical ad sales, operations, hosting, streaming, all the things that major media companies need to do, except content. We don't do content. We're not a media company. We're just a technology company and have been for a long, long time. And so the agreement is that… And what that does is bring us on the demand side, the advertising side, a huge ecosystem that we then, for our primary focus of our business, which is to engage with more than 10,000 premium media companies, so they can come right into the marketplace.

So we're not wasting investor money. We'll have market value pricing. And it's been the great technique that we've used over these decades to make sure that we sign clients that can make money, right? So we basically are taking care of the chicken and egg. So just to give you an idea, okay, well, who are your clients? Essentially the premium marketplace is everything that's not social or commerce. There are at least 10,000 major media brands that, by themselves, don't have the technology or the scale to compete in the marketplace.

And so, most of the technology that they're using was designed around 2001 and 2002. Silicon Valley hasn't shown up with a solution. Silicon Valley has ad serving and they have data hosting and CDN, but all the mechanisms for syndication, streaming and all these things are not at a level that is competitive for advertisers and for consumers. The good news is that this market is $200 billion. And so a lot of people think everything's on Instagram and YouTube.

That's a market we don't compete against. We respect that over $500 billion marketplace, but we don't wish to compete with TikTok and X and YouTube and the like. What we're doing is we're providing shared technology in the areas that we talked about, syndication, advertising, hosting, et cetera, ad serving, for major media. And all of these logos, which are samples, so you understand the marketplace, each one of them has its own duplicative infrastructure.

It's crazy, right? That would be as if Instagram, every single one of those pages had to have their own web serving and hosting and sales. But no, they have it on a single infrastructure. So we offer that to our customers. And so there are customers we're talking with, and in fact, the one that we just signed is saving tens of millions of dollars by choosing to work, take on vastly superior technology and then joining a large consortium for big scale.

And that's been the model we've had for years. But now, with Eyal Hertzog's DeWeb, which we merged with out of Tel Aviv, he's utilizing DeFi, so incredible smart wallet reporting, a media liquidity pool from Coinbase, making sure that our companies can get funded immediately and financed immediately because with perfect smart wallets we know exactly how much money they're making, so they're a collateralized asset. AI to make sure that there's no fake traffic, invasion, spamming, Chinese bots, fake registrations.

And so Eyal's done a tremendous job technically giving infrastructure that no major media company could afford and would not have the technical capabilities. The fact that it's shared makes it very affordable for us. And then the savings per brand, big ones, some cases in the tens of millions, sometimes up to 50 million. So I just wanted to reset the stage, the marketplace that we're going into. There are about 10,000 premium media channels out there that we're pursuing today.

And about $200 billion is the marketplace and growing. So some people have gotten confused thinking, hey, we're going to acquire Arena and run that business. We're not acquiring that business. They're just a customer, a long-term customer, and doing no different than what we've been doing for a long time and what we're in market selling successfully, brands, every day. Now, I want to pause and then I'll come back to Eyal. He can deliver on the need in the marketplace.

But I'm honored to introduce Liz Truss, former Prime Minister of the UK, former foreign minister and interior minister as well of the UK. She's a highly respected government leader with friends on all sides of the aisle, very important in the news for the last 15, 20 years. And she has joined our board, which we announced last week as well, and is really leading our effort of putting a coalition together of European brands. And maybe, Aly, you could move to that slide again to give kind of an idea of what we're doing over in Europe.

But Liz, I'd love for you to share, number one, why do you think this is a need in Europe? And frankly, we've been traveling together and talking to these media companies. And so in general, what is the need? Number two, what are we offering these media companies that you think is resonating? And then three, how do you feel the reception is? We've had two or three tours in the UK. I'd love to get your feedback, as would investors.

Well, thank you, James. I mean, we've been meeting media companies in the UK including broadcasters, newspaper, online companies, sports companies and what they are all finding is they're struggling with the new environment. These are premium brands. They've got a proud history in the United Kingdom. Often they're global brands that reach far into the United States and other markets. But with the advent of AI, they found their intellectual property has been stolen.

They're facing difficulties with their business model due to falling advertising revenues, but also traffic. And traffic is essentially being poached from their site. And what these media companies want to maintain more than anything else is their sovereignty, the ability to own their own data, to own their own audience. And that's what they're losing at the moment. And we've had a series of dinners, lunches, meetings, a lot of follow-up calls.

And there's been a lot of interest from the companies we've talked to because they are looking for a way forward. And I think the British market is at quite a critical stage at the moment. We've seen a lot of takeovers. We've seen a lot of different companies emerging. And this is a really great time for Roundtable to be putting its offer forward. We've already signed contracts with some companies. With others, we're in the final stages of discussions, and what they are absolutely blown away with is the level of technology that's being offered.

These are companies with, I believe, technology that's often older than their US counterparts. They have numerous contracts with different suppliers that are difficult to manage. And what Roundtable is offering is something that is totally new. And I've seen, as James presents to them, really the sort of scales drop from their eyes as they realize what is actually being proposed. And I don't think any of the single companies we've met haven't wanted to take the discussion further, haven't wanted to understand what's on offer because they are looking for a way of managing their business into the future, whereas currently the pathway is simply not clear.

I think we've had a whole, I think three separate visits by James to Britain. We've had Eyal in the meeting talking about the technology. It's something that the British market just really hasn't seen before and they're extremely excited about it. And we're struggling to keep up, frankly, with the number of follow-up calls, the number of people who want to take this further.

It's been, again, an honor to see someone who, looking at the competition going on in the UK and maybe the divisiveness, it's really been a pleasure to see you bring us on both sides of the aisle. I think about our last meeting, probably every publication was liberal and the reception seemed to be—well, the respect for you when you walked in the room was just wonderful to view. And so I've really enjoyed that. Also enjoyed bringing in the—I think we've already signed fifteen to twenty sports sites that are legendary over there.

And I think the first introduction, several television stations, Liz, I think we're very close to… We have a verbal agreement from a fine gentleman who's a legend in the industry. We'll save that announcement. But the momentum seems to be going in the right direction.

Absolutely, and we're talking to sports websites, sports publications and also celebrity as well is very big in Britain. And I think an important element of what we're able to offer and linking all of those things up. And as I said, there are lots of different operators; there are conglomerates and groups, but they're all struggling with the same issue and they've been looking for a way of dealing with it. We've come in, Roundtable have come in with something that delivers them immediate benefits, but also shows them the future, which I think is so important.

Some people have asked without kind of finishing in North America, hey, why are you building an outpost in the UK? Why is that important? Why wouldn't you do that in the next year? And I think the strategy that we had ended up being fulfilled. My view as somebody who's been in the media industry since 1990, these are legendary brands. This seems to be a lot of pride. They don't want to submit to just being bribed by AI to deliver their content.

It's the birthplace of free speech. It's exciting, honestly. We're bringing these American executives over to London. I think that the reception has been good because we're bringing great technology that I don't think exists there. But we're very honored to be with these legendary brands and Coinbase's head of corporate strategy has joined us for these dinners. And I think one of the exciting things, while cash flow is very tight, would love to let investors know we did announce we're live with Coinbase.

And so right now the media industry, their costs are high, their distribution's down, their technology is 20, 25 years old. And I don't know if you know this, but the media companies, they don't get paid for 90 days because reporting is so difficult. I would love Eyal, who's on the line, to give a brief description of how we're able to turn a 90-day wait into a collateralized asset on the spot in real time so that we were able to get this liquidity for media companies from Coinbase.

Eyal, are you checking in from Tel Aviv?

Yeah. So, basically, it's been really exciting to work with Coinbase because they have an asset that really allows taking the technology of stablecoins on blockchain to the next level because their infrastructure is integrated with banks all over the world. So someone that is not a crypto guy, just a regular reporter, gets paid in a stablecoin in crypto, one click of a button and instantly that is in his bank account. So that's been very exciting.

But I would say that additionally, the most thrilling thing that we did here is that we use the fact that we're sitting on this junction that, on one hand, we are connected to all the ad systems and the back office that shows us how much revenue is generated on each page on each site in our network. And on the other side, we are working with Coinbase who was willing to allow us cash advances for those writers within something we call the media liquidity pool.

And we can show the writers how much revenue they generated in real time. And if they want to cash out, since we know how much revenue is generated, we don't need to wait for the money to get to us from the ad network. We actually can allow them to withdraw the money instantly and benefit from it. So literally, you can have a great story today that's gone viral and then go cash out some money tomorrow and buy a new pair of shoes.

Eyal, some people may not know, but I think you're one of the most celebrated inventors in both blockchain and digital media. So some of you think that YouTube was the first video social network. He actually invented the first Metacafe with, I think, 40, 50 million users before YouTube and invented that personalized feed, went on to be a rock star in the crypto space. If you've traded on Coinbase or Kraken or the idea of automated market making and liquidity pool, humanless trading of assets.

He is the patent holder and inventor of decentralized finance, and then somehow came up with the idea of DeWeb, which we've merged and is part of Roundtable now. We really do have, I think, the best engineering team in the world for digital media. I don't think there's anybody even thinking about the features that you've built over the last six years, and we're very thankful for that. And Aly, you unfortunately have been on the receiving end.

It turned out that our several hundred journalists that have been trying this system, when you say they can get their money immediately, they actually do that. I understand you get pinged every time somebody wants money. You don't have to do anything, but is that right? How's that working? And how's the integration with Coinbase?

No, it's incredible, right? So it takes about eight seconds, which is the block confirmation time once you click that cash out button to get the money instantly into your wallet. And every time that this happens, I'm getting an email notification right now just to make sure that everything's working smoothly. There haven't been any issues. And so I'm getting actually hundreds and hundreds and hundreds of these throughout the day as any of our publishers are clicking that cash out button, which is really exciting to see it working.

At some point I will have to turn off these notifications because I'm not sure how long I can go with a few hundred notifications per day cashing out and as it grows we'll have thousands or tens of thousands of those. But it is exciting.

Well, I think for investors, tech investors, and also the blockchain investors out there, a lot of people don't know Aly's background. He runs one of the most important crypto funds in the world. We're his biggest investment. He's taking a sabbatical to be our CFO. Two hundred crypto infrastructure investments. I think that's right, Aly. Is that about the right number? Correct. Six hundred LPs around the world and a little bit like the old Gillette commercial, he liked it so much he ended up joining the company.

And I think we're very proud to have him leading with Eyal because blockchain has been so far people trading meme coins, but the reality is very few companies are actually using smart contracts, decentralized finance, liquidity pools, stablecoins, and AI. We do all of this. There's not a company in the world that's doing anything at the technical level that we're doing from the inventor of DeFi. Our COO is not on the line, but he's built eleven global networks, including lead engineering for MSN, the first to integrate email with online, integrated with their hardware.

This crew has been doing this for decades. As I said, Eyal started 30 years ago building the first social video platform. You can look at my track record in the same space, but what's really exciting is that this Coinbase partnership is not a press release, right? It's transformational for the world. Because if you're a reporter covering Ukraine with no banks around and are in hope that some company is going to send you money, it's just not going to happen and you're going to have to wait ninety days.

You literally could be in a foxhole hiding from drones, go on your app with a video that just made a bunch of money, press it, and download that money in your Bank of America, Chase, or whatever the global bank is. Nobody's even thinking about technology like that because there are so many components and expertise. And then even if they were, to be able to integrate with an incredible company like Coinbase, this was like almost a year of integration, negotiation, and working, and only when they had the confidence in our technology were they allowing instant settlement with these media brands.

But think about this. DeFi, I honestly think it's not a big deal that sure you can wire money 24 hours a day or get money 24 hours of DeFi, but that's not changing the world. In our platform, every video, every story, every reporter, every publisher is a separate dynamic while trillions of bids are happening on those pages multiplied by the number of ads on the page. If somebody wants to do the math of those transactions and then we claimed and succeeded telling the world we actually could figure out in real time and pay people how much money they're making within eight seconds of the transaction.

Again, there's no media company ever thinking about that, but we're essentially providing finance accurate to the nanosecond.

I mean, initially we built that for kind of consumers. That's before we met. So we had, like, many, many thousands of publishers that were getting compensated according to the impressions that they were able to generate. And we've been doing that. We started actually in 2019, when I realized that blockchain technology has become so advanced that I can go back to my passion, which has always been social media and think about all those products, consumer products on the blockchain was only possible at that stage.

And this is when we started to work on the DeWeb platform.

Yeah, so the headline is you started with gamification with meme coins effectively. That technology ended up rising up to being possible for interacting with actual ad agencies, premium media partners, and having to be perfectly reporting for major media companies that need to make sure that they're making what the advertising agencies would be paying them, and then be able to integrate within a licensed commercial bank with crypto capabilities with Coinbase.

I think we've known each other since 2001 when you were kind of mid social gamification and have grown this to this incredible platform. So again, not just a press release. We announced two weeks ago that the Coinbase platform is integrated with Roundtable platform and so we're able to pay these publishers in real time and we've learned they like to get paid instantly. Okay, so I really appreciate that, Eyal.

Often.

And often. That's right. So I think I want to give kind of an outlook for everybody. I kind of go back to where if you look, we actually did an 8-K of a forecast. I think it's unusual for a young company, but this is an unusual young company that uses a technique of putting together partnerships in advance of launch, like we've done at the Arena. And maybe, Aly, you could kind of give a little bit of a pipeline view. The pipeline's not a forecast.

This is really for investors to understand the business. Okay. And so in our beta year, last year, we were able to pull together around $10 million in revenue and growing, and that's in that kind of high-risk area. And now we're starting to bring on major media clients, as I said, nine television stations in the UK and sports publishers around the world. And then the signed agreement with Arena brings on 21 brands and nearly, our forecast, not theirs, 100 million, being conservative.

We're deep in discussions with definitely 100 million additional users right now. A lot of you guys understand how sales forecasting works, typically 90, 50, 10, and then signed. So we feel very confident that we've got on top of our forecast that we will do, we are going to hit that forecast, assuming closure of the Arena agreement, which everyone knows is mid-banking. And then, very large pipeline around the world that are engaged.

And so a typical sales team would put that as 50-50. Anything that's not 100%, I want to tell investors, is not forecasted, is not promised. But for those of you who look at kind of the SaaS model of providing infrastructure for clients, that sales method is the way we do. So a lot of people are also asking, what do you do? Who are you? How should we think about you? Right. And the first thing is don't think about us as a media company.

We would never buy a media company. We would never be a media company. We've never been a media company. We have always, my team since the early '90s, provided infrastructure, technical sales, distribution, syndication, hosting, content management, yield management for media companies. We don't do content, we never will, nor do we ever want to buy media brands. So we're not a media company, but a media infrastructure company. And this time by the use of very complex AI, which we just discussed with you and how we can do real-time reporting.

We also are able to completely duplicate an entire media company's portfolio. We worked with one the other day with 200 years of content. We're able to republish, reformat, analyze the page, the video, inject metadata, create a structural database, and completely revolutionize the way that the media company does business and our track record causes more engagement and more traffic. And by putting it on a single platform, it's much easier for advertising or cloud hosting companies or ad operations instead of working with hundreds or thousands of clients, it'd be very expensive for AWS or Google Cloud to work with all these clients, which are pretty much operating very non-professional, 20-year-old platforms that nobody appreciates.

And so a single platform operating third parties' content. So if you think about Figure, single platform working with mortgage companies. So there are mortgage companies doing the work, but they're using the single platform. Coinbase, again, it's a platform. There are a lot of crypto companies and a lot of stock companies and exchanges that are using the Coinbase platform. That's almost a direct comp, real-time transactions happening and trading on a single shared platform and with independent companies using that platform.

Kraken, obviously, the same thing. Shopify, single platform with third parties using the platform, AWS, third-party media companies using the platform, Netflix, single platform media companies using that on a revenue-share basis. So those are the exact comps. Our technology is far more complex than any of these companies, because we have to do so much of the food chain. But certainly single platform with third parties, operating, leveraging our platform.

The other final thing for making sure we don't have any confusion, unlike social companies where if you go on X or if you go on YouTube, you're using their brand, youtube.com/NFL. We don't do that. We stay behind the curtain. We don't disrupt or in any way compete with the brands of our clients. We're just… you should never see Roundtable. It's just technology, sales, syndication, operations. Okay, so I wanted, as investors and especially crypto investors out there to understand they especially understand modern infrastructure benefits of blockchain, stablecoins and liquidity pools and often adding AI to make sure that it all runs without having to have huge overhead.

All in all, most of these media companies have 17 vendors, and as a result, we're able to eliminate all those costs. We don't actually charge for the infrastructure, we just do revenue share. So I hope that is helpful. If you were to do the math, we have a forecast of $100 million based on the signed agreement with Arena, which we've made clear is not closed yet. It's signed. We've not yet completed financing. And so, make sure that that is not stated or is stated.

And after that, we'd look at what is the mean multiple against revenue, and it's about 13.9. We're not promising that, we're not forecasting that. All we're doing is pointing out the industry that we are in blockchain-based, AI-fortified, single platform for third-party media companies. Okay. So I think we've covered who we are, what we do, what our strategy is to go out into the marketplace, why there's a need, the special components of our technology, the receptiveness, we are signing people every week on average.

And then what does it mean we get to the other side when we are a nine-figure business, at scale, what does this mean for investors? And we think typically this kind of business is a multiple of revenue for high-growth companies like this. Okay. I'll pause. Aly, are there some questions for Liz and Eyal, you and I, that you'd like to bring up that we could answer?

We actually have a live question from Naor Baruch. Naor, are you on the line? 

I'd like to introduce Naor. A lot of you know that we acquired DeWeb from Eyal Hertzog. He actually merged his company in with us in Tel Aviv. And we really were looking for someone to work with Middle East, Far East investors, and because that's way out of our territory, and Eyal is certainly famous, not only in the US, but very famous out there in that region of the country. And so, Naor, glad to have you here. You've been out there speaking with investors in that part of the world, but would love to field a question from you.

So first thing, I'm very happy to be here and Liz, thank you for being here. We met in London, and I have a very big and important question. How do you think RTB can make a positive impact on the world, and how can it help bring the Israeli perspective and stories that are often overlooked by mainstream media to a global audience?

That's a great question, Naor. I think I would love Liz to address the idea we're certainly not taking sides in media, but how do you think that this open platform would impact free speech in the media industry given we are independent and not taking sides?

What I think this platform allows is for quality journalism to reach its customers. What's happening at present is it's being bastardized by AI, by content traveling off-platform and being used elsewhere. And what this does is it connects the consumer to the journalist. And therefore I think it's a way of making sure that the public are able to access the truth. And that is a priority for me. It's one of the reasons that I joined Roundtable because I think that journalism, the great history we've had in Britain of the free press, James mentioned it started here, but it was in 1695 that we invented the free press.

That is worth protecting and preserving. The blockchain technology essentially allows that to happen without, en route, it being stolen, plagiarized, and all the things we've seen in recent years that have essentially diverted revenue away from genuine journalism into fake versions of it.

Hey, Liz, I'd like to ask you, I think, Naor, that's such a great question. How can we have an impact to the world? And I think as there's been pressure on media companies because the technology has become so important, it used to be the news would just plug into broadcast or plug into cable. The complexity, the cost, the competition with social media, I kind of feel that it's tempted the press to have, I would call, some clickbait, some competition.

It feels like the media's at war. Do you think there's an opportunity for media to start kind of circling the wagons again and becoming its own combined asset? I noticed when President Trump pulled press credentials of CNN, Fox actually jumped in to their aid. What's your view of what possibly we could do by forming a coalition?

What it does is it enables publishers to focus on quality and focus on what the consumer wants. Whereas at the moment they're fighting a war against new technology, which is essentially stealing their products. That's what is, I think, very exciting about the Roundtable platform is allowing media companies to have sovereignty again. And the other point which James made earlier is they are basically trying to be technology companies now.

They're both trying to produce content, but also spending their time on load balancing, advertising, building infrastructure, rather than delivering quality content to the consumer. And they recognize this. They recognize they can't really compete with Google or whoever else, which is why I think this is an opportunity for media companies. It's an opportunity for journalists who want to do journalism. And the other point is that the truth can be reported when journalists can be paid directly.

Hence why instant payment is also so important. Because what we've seen is essentially a sort of blob emerge between the media and the consumer. And what this is about is about creating that direct link again where people can hear the truth. That's not to say there will never be fake news, but another aspect of Roundtable is the fact it will be premium media brands with decent standards.

I've really enjoyed the introductions that you've made, Liz. And I have to say, you probably introduced us to more people on the left than the right. I was very impressed with how much respect you're receiving as we travel around and it just shows your focus on the free press, no matter what. And I think the quality of journalism has been your focus. I'm very excited about that. And I think just for investors out there. And this is a self-serving comment, but just to follow up on what you said about media companies trying to play technology executive, it's a little comical.

I think, perhaps not their fault because nobody's been paying attention to them, but people aren't quitting Google and Microsoft and NVIDIA to go work for a print magazine. And so we have people that are smart in the media industry, but not qualified to build an infrastructure, that even if they were perfect, they're too small to have a gigantic marketplace, an OPEC-like marketplace. And so the bid density's low. And the cost is ridiculous relative to their scale.

And so what we're offering the market is zero-cost infrastructure, world-class technologies from people who did work at NVIDIA and Microsoft and Google and supreme inventors like Eyal Hertzog. So it really is a symbiotic relationship where we don't get into their business of media and content. I love how you haven't been judging left, right, center, whatever, but quality and professionalism. And then they really shouldn't be in the business that we've been doing for thirty-five years.

And we hope that momentum continues. But, to kind of go back to your question, Naor, we think the world-changing opportunity is to fund them, give them distribution, create a global coalition so they can actually be their own entity, not slaves to, maybe a political party or anything like that that they can self-sustain.