Keys To A Successful Startup and How To Change The World Through Entrepreneurship | Gordon Daugherty

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In this episode of Investing On Purpose, JP sits down with Capital Factory cofounder Gordon Daugherty to discuss the basics of Entrepreneurship and where he sees the future of business going.


[00:00:00] JP: Hi, this is JP Newman on Investing in Purpose. On today’s episode, we have Gordon Doherty, the co founder of Capital Factory, which is the number one tech incubator in Texas. Gordon is one of the most prolific entrepreneurs I’ve ever met with a really special talent. Gordon has now taken two companies public and as a venture capital firm, he’s invested in over 400 companies over his 30 year career.

[00:00:25] JP: And talk about insight, intelligence of working with so many entrepreneurs, being on boards of advisors and mentoring so many entrepreneurs and seeing the do’s and don’ts, what works, what fails. And what was really interesting about this episode. Is a, you’re going to learn how to save 50, 000 by avoiding, uh, by getting a business school education without having to go to business school.

[00:00:46] JP: I think that’s pretty cool. And more importantly, how Gordon’s journey has gone from basically one of he’s a devout curious learner and then how he’s taken that learning into teaching and what he’s created from that. Essentially, it’s an Academy, a [00:01:00] Founders Entrepreneurial Academy, where in a couple days and through education, young or older business people can truly become the most sophisticated business owners, creating their own businesses.

[00:01:10] JP: And every question you might have, I have a resource for you that will answer your biggest questions that you’re having right in your business. I think you’re really going to enjoy this episode. Hi, this is J. P. Newman from Investing On Purpose. And today I am so excited to have Gordon Doherty with us.

[00:01:25] JP: Gordon is a new friend of mine here at the Capitol Factory in Austin, Texas, but I am a long time, feel like I’m a family member of Capitol. I’ve known Josh for quite some time and many, many events here, whether I’m mentoring or just so many of the great events that happen here at the Capitol Factory.

[00:01:40] JP: And Gordon, you’ve been my secret. Like I, you know. I always knew of Josh, but I just recently got to meet you as the co founder of Capital Factory, and, uh, it’s just been such a pleasure to get to know you, and really understand, kind of like my partnership at Thrive, there’s a yin to my yan, um. I see your [00:02:00] groundedness.

[00:02:00] JP: I just can see the years of your amazing experience. And I think, um, for today’s show, um, you guys are in for a huge, huge treat because Gordon brings how many years of experience and how many companies now are we talking about

[00:02:13] Gordon Daugherty: eight or nine companies, about. 30 years, I guess, I started my career 35 years ago.

[00:02:18] JP: Yes, and how many companies did you take public? Was it two or three, if

[00:02:22] Gordon Daugherty: I remember? I was at a company that we took public in the late 90s. There was another IPO where I served as a founding advisor for the startup and was with them for their first couple of years, and they went on to do an IPO on the NASDAQ in

[00:02:33] JP: 2009.

[00:02:34] JP: Amazing. And I think that you’ve now invested in over 400, just besides advisor, you’ve invested in over 400 of your own companies that you’ve either advised or invested in. Through Capital

[00:02:43] Gordon Daugherty: Factory, I have made about 18 investments into 14 companies as an angel investor. That was my money. Yes. And then more than 400.

[00:02:50] Gordon Daugherty: Investments through capital factory where Josh and a couple others and I invested other people’s money. So I’d

[00:02:55] JP: say it’s fair to say you might know a thing or two about business. Uh,

[00:02:58] Gordon Daugherty: I hope so. [00:03:00] Including a bunch of mistakes and things not to do, which

[00:03:03] JP: was so great. So I feel like if you guys want to say the best value for your buck for any podcast, Episode I’ve done today, I’m going to offer you an alternative to spending 50, 000 on business school and thinking that really, I was very fortunate, uh, Gordon, at one of your three day courses, uh, and your shockwave website, which I really think are masterful at explaining business.

[00:03:26] JP: And I had the, uh, fortune, my 17 year old wanted to hear what you had to say and I brought him with me recently. And he said, At the end of your course, he goes, Dad, I’m so blown away. I feel like I don’t, I feel like I just got business school in three days hearing Gordon for two hours a day. Thank you. And I was there, and what really amazed me, and I’ve actually been recommending both your resources, is that where business schools can make things so complicated, I think because you have so much experience, you just cut right to the brass tacks.

[00:03:54] JP: Like, you get out of theory, and you really help people with the most. Basic questions [00:04:00] to the most sophisticated questions of how to actually do business. And, um, so one more thing I’m going to ask you a question is that I actually left. Your three day course after hearing it. And here’s what I said to my son.

[00:04:14] JP: I said, what I’m realizing about business is that it’s kind of like music. And once you know how to compose, once you know how to compose and someone teaches you instructions of the notes and how it all works, you can compose anything. You can compose any business. That’s all the same. And I really came.

[00:04:30] JP: to that conclusion after hearing, you know, your total area, Sam’s and the Tam’s and total area, you know, all the things you were talking about. It’s musical notes and it’s applicable to everything. So I would say in this episode, if you are thinking of starting a business, if you have a business and you’re wondering how to grow your business, or wherever you are in the cycle, Gordon, I feel like your resources just today, really, don’t waste your time in education of an institution if you don’t need to, unless you like campuses, because I [00:05:00] think there’s so many resources you’re going to hear today.

[00:05:02] JP: So let’s just start with a question, I guess, about You do it differently than everyone else. How did you come to this idea of like, I really want to help. I’ve done a lot of businesses. I kind of get, there’s a, it feels like there’s a cadence that you know about. Like, what is that cadence? Does that resonate with you when I say it feels like a musical composition or how do you see it from your standpoint?

[00:05:22] JP: It

[00:05:22] Gordon Daugherty: does. Um, I think I’ve learned. Over the years and through helping a lot of startup founders, I have identified a foundational set of things that every entrepreneur or founder needs to know. And what you experienced in what we call Founders Academy. It’s a quarterly three day lunch and learn boot camp that we run at Capital Factory.

[00:05:43] Gordon Daugherty: It’s called Founders Academy. I selected 10 or 11 lectures that I thought were foundational. Um, now I’ve got about 50 or 55 total lectures, but after That foundational set, it might branch a little bit more where a B2B startup might care about certain [00:06:00] things whereas a consumer facing startup might not or there might be variations.

[00:06:05] Gordon Daugherty: And that’s been fun to try and decide and educate the foundational versus the specific. The foundational is so foundational that I’m no longer surprised when… Founders of consumer packaged goods startups show up. Or founders of service business, even a flower shop or something that would be just a traditional small business services, small business.

[00:06:27] Gordon Daugherty: Those founders attend the boot camp and I ask them why they’re there. I say everything that I teach, I’m intending to teach to a… Technology Startup Founder. And they say, Gordon, it’s all the same basic stuff that even creating a flower shop or a marketing consultancy, you still need to know most of this stuff.

[00:06:44] Gordon Daugherty: Yeah.

[00:06:45] JP: You know, I think Founders Academy should be like required in every school across America, because, you know, when you think about books like Rich Dad, Poor Dad, that talk about how, you know, rich dads, in other words, kids who get financial literacy from their parents because they don’t offer it in institutions or schools is an [00:07:00] unfair or it’s an advantage.

[00:07:01] JP: I feel like you could easily level that playing field out by just getting that, as you described, foundational education.

[00:07:08] Gordon Daugherty: I find a lot of university administrators, um, have the wrong idea of entrepreneurship. I have this content that you’ve been exposed to, both written and video and even compiled into online courses that are free.

[00:07:21] Gordon Daugherty: When I talk to university administrators… They have this feeling that you have to teach entrepreneurship a certain way in undergrad and only when you’re in grad school could you actually learn the real things to create a startup. And I look them in the eye and say, I could teach the same stuff to a high schooler.

[00:07:39] Gordon Daugherty: I mean, the basics, if you have someone that is entrepreneurial in their thinking, the concepts that I teach are not rocket science. I mean, a motivated high schooler can learn these concepts just like a college kid, just like a 40 year old. So, I think it applies to just about anybody that’s

[00:07:55] JP: interested.

[00:07:56] JP: Well, my 16 year old felt that way. You know, it’s interesting, Gordon, last week I went [00:08:00] to, um, my 17 year old Zach, who you met, is actually an intern here. Um, we were going to colleges, undergrad colleges. We were in North Carolina last week. And, uh, he wants to be a business major. And I think partly going to your course, cause I’m not steering him.

[00:08:13] JP: I’m letting him steer his own thing. And I think he’s, I actually think you might’ve made it a really nice indelible imprint as did a lot of, a lot. And I think it’s doing the same thing here. Incredible. I think he’s, he’s getting the spark in his eye to be an entrepreneur. But I was amazed that when we did three orientations in North Carolina, that already, like they were.

[00:08:31] JP: So far away from someone who wants to be a business major, so far away from teaching anything about business. One of them was really impressive in their business school. I really, I actually saw the social impact in, built in, and it felt like they were actually teaching. The other two felt like, it felt really institutional.

[00:08:47] JP: The building was already 50 years old. It just, the energy, like you come to Capital Factory, there’s great energy, the lighting, everything about this place. The other places felt like an institutional, felt like a public library that was built. The same fluorescent lights, the same walls. [00:09:00] Yep. Everything that was so theoretical that had absolutely nothing to do.

[00:09:03] JP: So as a parent, I’m like, I didn’t want to spend the money. I don’t, I don’t want to invest in that for my kid. I didn’t tell him that, but, but he actually came to the same conclusion. Interesting. So Gordon, if you, I mean, I’m going to really encourage people to check out Shockwave, which is your website.

[00:09:17] JP: Shockwave

[00:09:17] Gordon Daugherty: Innovations.

[00:09:18] JP: Yeah. Shockwave Innovations. If you guys just want to get right to it, just go to Shockwave Innovations. The resources there are incredible. You’re going to, you’re going to thank me. Don’t even listen to another minute of this podcast. You’ve done good. Thank you. You obviously have your book, Startup Success, another great, great manual to, to look at.

[00:09:33] JP: And then of course the Founders Academy as well. Um, do you have like, as you put these together, I know there’s, I know there’s no simple answer for like foundational business. But if somebody was next to you and they were saying they’re, they’re starting a business and can you just give me like Start steering me in the right direction.

[00:09:52] JP: I mean, I know it’s not that simple There’s a lot more but there’s some basic basics that you’ve learned through the through the years with that there are

[00:09:59] Gordon Daugherty: of course, there [00:10:00] are a handful of basics one that I would strongly encourage is Focus for a while on the problem that’s being solved and really answering the question, Is this a problem that needs to be solved?

[00:10:11] Gordon Daugherty: There’s a lot of problems in the world that could be solved. A subset of those are of the nature that people would actually pay money. To have the problem solved, um, I find a lot of founders discover a problem, but it’s not quite enough of a problem. There’s, you know, uh, I’ve taught my three daughters the difference between, uh, nice to have, you know, needs and wants, basically, right?

[00:10:35] Gordon Daugherty: There’s things you need, things you want, and it’s best if we are solving problems that somebody desperately needs to solve. Because that’s where they’ll spend their energy. That’s where they’ll spend their money. Another concept that I teach is, in the very, very early days, recognize that your first business plan is a huge list of assumptions.

[00:10:53] Gordon Daugherty: So, if you’re making a whole bunch of assumptions about the problem you’re solving, the market you’re serving, the competition, [00:11:00] how you’ll make money, how you’ll acquire customers, how you’ll support customers, the culture, all of these things, uh, write them

down. Just make a, write down a very long list of assumptions, and you can just start those assumptions with statements that say, I believe that, or if you’re with a co founder, we believe, and just finish those statements.

[00:11:18] Gordon Daugherty: The list should be very long, 50, 80, 100, because this will give, like, playbook then to execute to try and validate the most critical of those assumptions as early as possible.

[00:11:29] JP: It makes a lot of sense. I think I’ve seen it a lot, Gordon, where people fall in love with their idea, and it’s almost at that point, then you get really attached, and then you don’t want to fail, and then you can spend a lot of time and resources chasing the right things because you’re not really…

[00:11:42] JP: Willing to ask the hard questions that you’re talking about like really identify your assumptions rather than falling in love with your concept, correct?

[00:11:49] Gordon Daugherty: And pivot as soon as you need to. Almost, almost always we discover one or more assumptions that turn out not to be true or not to be enough true and many of those discoveries, [00:12:00] um, enable a pivot.

[00:12:01] Gordon Daugherty: Uh, adapting one aspect of your business plan to the extent it’s still something worth pursuing. The quicker you can invalidate an assumption, the quicker you can pivot and the quicker you pivot the less funding you will waste and the higher the odds of building a sustainable company.

[00:12:17] JP: It’s really cool.

[00:12:18] JP: And again, I think the big separation here is where most people just fall in love. The idea that you can actually follow a structure. This is a musical composition. And I noticed that in your course, like, every time there’s step by step, and then you go left or you go right. Like, if this, if this assumption goes here, then go right.

[00:12:33] JP: If you’re still stuck here, go left. It’s like, it’s really, really systematic.

[00:12:38] Gordon Daugherty: It’s one of the things I’ve learned that I’m good at, but also had to learn to get better and better at, is A, explaining complex

topics simply, uh, there’s an art and a science to that, uh, and the second one is describe it in a way that is actionable.

[00:12:57] Gordon Daugherty: So there, there’s, when we get educated on [00:13:00] things, we might learn a concept, but then we, in many cases, in the case of business or entrepreneurship, we need to put it into action. So I think what I’m trying to find is this balance of explaining things simply and so that they can be actionable. And it’s one of those things I’ll never get perfect at.

[00:13:17] Gordon Daugherty: I can always get better and better, but it’s something I’ve told that’s been helpful about my content. Yeah.

[00:13:22] JP: Again, one of the reasons why I was really excited about today is because I’ve… I’ve had so many people, you know, I’ve mentored a lot of young entrepreneurs myself, and they’re always asking for resources, and so when I came across your resources, I actually just think they’re the best.

[00:13:34] JP: Thank you. I recently did tell someone, like, who’s had a whole business school plan, like, just watch Gordon’s stuff first, go to Founders Academy, then decide. Then you can make your next decision. So do you think of business, like, when I talk about music and composition, as far as the way you’re describing business structures, do you think of business as an art?

[00:13:54] Gordon Daugherty: I, I like to think of it as a combination of art and science, and I use that analogy quite often, even [00:14:00] aspects of fundraising. It’s part art and part science. Um, a function like sales and marketing is part art and part science. The art is kind of the nuance. The art is the piece that’s hard to learn. The art part, I think, is exercised after doing it and doing it and doing it.

[00:14:18] Gordon Daugherty: One of the advantages you and I have… Uh, with years under our belt is mistakes and things we’ve seen that worked out well, didn’t work out well. And it informs us. We refer to it as instinct, or we might refer to it as wisdom. It’s so hard to teach because I could explain to a founder something, uh, that is over on this art side.

[00:14:41] Gordon Daugherty: And If they, if they haven’t experienced it, they don’t quite understand it, right? Until you touch the hot burning pan on the stove, your parent can tell you, you know, what it’s like, but you don’t really know. So that’s, that’s a challenge for me. I try to accomplish that mostly through storytelling. When founders ask me questions, [00:15:00] they often want me to just give them the answer.

[00:15:02] Gordon Daugherty: They think I’d have the answer, even if I think I have the answer. I resist giving what I think is the answer. I answer their questions with questions, or I answer their questions with stories that I think are relevant, hoping that they can come to their own answer, because they’re the one that’s accountable for it in the first

[00:15:18] JP: place.

[00:15:19] JP: I have a funny quick story, kind of, with what you’re saying. You’re invited to the Capital Factory. I forget, what is it when you have the, you have some UT students here that are forming businesses, and this is the… Longhorn Startup, probably. I was asked to mentor a Longhorn Startup recently. And I made the mistake.

[00:15:34] JP: I put my foot in the mud, Gordon, so I, um, there was a group, and to be honest, I didn’t think their idea, I didn’t think, to your point, I don’t think it was really solving it. I don’t think their problem was big enough to solve. Yes. But I quickly, my mind, turned it around and figured out how you could pivot, because I’m an entrepreneur.

[00:15:48] JP: Yeah. I love doing this stuff. And like you said about the artist, I’ve done this once or twice. I immediately, like, took their business, and I think I could have made it, it had blockchain, it had NFL sports, and it had a whole knee that has not been touched [00:16:00] yet. And it was funny, because Instead of me just asking more questions, I went right to the answer, which is terrible.

[00:16:05] JP: My wife says I do that sometimes too. And they totally didn’t get it. I fell silent. And I knew it was like, I knew I had 10x to their idea, and they were excited for a minute. But again, it wasn’t their idea and it wasn’t their thing. And so what I learned from that evening was… I’m even now talking to you as I really sometimes as mentors we need to add you can’t you can’t directly apply the wisdom You just got to like correct you can ask the right question try to guide them But it’s not my it’s not my journey.

[00:16:31] JP: It was very clearly not my journey. It’s their journey.

[00:16:34] Gordon Daugherty: I believe that so much That it’s this is one of the personal challenges that makes mentoring still fun for me. I don’t know how many Several thousands of advisory sessions I’ve done over the last decade. It’s still really fun for me because one of my personal challenges is how do I not answer this question?

[00:16:55] Gordon Daugherty: With an answer. Yeah. What, what are the next two questions I could ask [00:17:00] this founder so that she will come up with the best answer for her company. And as, as we’re talking, my brain is really just trying to think about what question am I gonna ask? What story might I tell? So it’s challenging for me in that way.

[00:17:14] Gordon Daugherty: Yeah. And I, I have evolved as a mentor. By getting better and better at that.

[00:17:19] JP: I’ve gotten better because I’ve been married for 20 years, so I’ve gotten… I’ve become a better listener. There are parallels, aren’t there? But apparently I’ve got some more work to do. So if somebody was interested right now to really, again, either start a business or just…

[00:17:34] JP: Get to the next step anything. I mean, I was even thinking as you’re talking. I’m still like I’m kind of growing my company I’m looking to double my size in the next real estate cycle And I’ve already seen new challenges that I’ve never come across and a sales marketing funnel never done a funnel this way So I even even as an experienced You know, guy in business, you still come across these challenges, but if you were to, to give someone advice who wanted to go further, between your resources, like, is there a certain chain [00:18:00] between your book, between your website and Founders Academy, is there a certain cadence that you recommend to people on how to dive into this?

[00:18:07] JP: Thank

[00:18:07] Gordon Daugherty: you. Uh, one of the reasons I did the book and one of the reasons I created the online courses is I had amassed. A hundred maybe 120 articles on my site. I had a founder that sat down for office hours with me and she had a big grin on her face and I said, what’s up Pamela? And she said, I binge read your whole blog this weekend.

[00:18:27] Gordon Daugherty: Oh my gosh. And I said, all 118 articles? She goes, yes, there was so much great stuff there. She said, but I realized I didn’t know what order to read the articles, so I just kind of read everything. Have you ever thought about putting that into a book? She was kind of saying it was great, but it’d be nice if it was more structured.

[00:18:46] Gordon Daugherty: So when I wrote Startup Success, the first volume is funding the early stages. It’s the fundraising content from my blog. And I did. I organized the content in a certain way that it was the logical way that you should learn [00:19:00] how to fundraise. And of course I, I didn’t, I hadn’t written all of the content needed for the book.

[00:19:04] Gordon Daugherty: Maybe a third of the content was written. I had to write the other two thirds. Yeah. But it was the same for the online courses is um, my content between articles, resources, I have assignments, uh, things like that. Um, I organized them to make it easy. So I have three courses, Launching Your Venture, Growing Your Venture.

[00:19:25] Gordon Daugherty: Funding the early stages. Yeah. So I find that most founders when they land on my courses page, one of those is jumping out at them because they’re in the formation, they’re in the early days, how do I build a team, how do I compensate someone with equity? Oh, that’s launching your venture. Right. When they got paying customers and they’re trying to crank up their customer acquisition machine, ah, growing your venture might be interesting and then of course fundraising is obvious.

[00:19:47] Gordon Daugherty: Right. So that was the motivation for kinda structuring all that. So

[00:19:50] JP: maybe if someone wanted to start, maybe start with the book.

[00:19:52] Gordon Daugherty: The book, if it’s fundraising, and the thing about fundraising is, you know, you don’t want to learn about fundraising the moment you need to launch your [00:20:00] fundraising campaign because the best practice in fundraising is always developing relationships with the next stage of investor for your business.

[00:20:07] Gordon Daugherty: Right. So you’ve got to be way out. Someone that’s raised a friends and family around. And their next round would be, uh, what we might refer to as an angel round, maybe a half a million dollars from angels. They should start building relationships with angels. So they kind of need to educate themselves, maybe with my book, to figure out how and go do that.

[00:20:24] Gordon Daugherty: So yeah, uh, the funding is a very popular one. That’s why I wrote the fundraising book first. It’s what most founders think that funding solves all their

[00:20:29] JP: problems. It’s also most people get stuck there. They, you know, how many people have great ideas? Yeah. Plan on the best business plan, but you’ve got no money.

[00:20:37] JP: Exactly. ’cause you didn know how to raise it. And it’s not just, and again, I think a lot of people oversimplify and think, well, if I raised the money I did well. Mm-Hmm. what you and I both know. That’s so nuanced. How did you raise the money? That’s right. It’s very easy to raise the money and at the end have nothing in success because you either raised the money wrong structurally you gave away too much too early.

[00:20:53] JP: Yeah. It really wasn’t. Your heart is the founder. You actually, you know, Brett Hurt, talks about this a lot. This you really need to know early [00:21:00] on if you’re one that wants to like, grow a company for a lifetime. Yeah. Or if you’re building a company from the beginning to sell it. True. ’cause it’s, it’s very, very different from day one.

[00:21:07] JP: Mm-Hmm. The first dollar you accept, it’s different money to accept depending it’s, this is just it. And you know, like with Brett, who’s a serial entrepreneur. Yes. You know, Brett loves, you know, he knows it’s going to be a sale and on to the next thing. And that’s, he just loves, that’s his version of it, where I’ve been a serial entrepreneur with one company for over 20 years and I love growing it and figuring out this has just been my, that’s been my thing.

[00:21:28] JP: But again, the first dollar you take, you should know just kind of based on, have some idea of, of. What you’re doing with that. For sure. It’s true. Yeah. Do you have any other, I know, I know that they need to read your book, but if there was some simple things around fundraising, do you have a couple of tips, kind of handy tips on

[00:21:43] Gordon Daugherty: fundraising?

[00:21:44] Gordon Daugherty: One of my most favorite things that I preach, including in Founders Academy, day three of Founders Academy is all about fundraising. Um, I talk about how investors write checks for outcomes, not activities. What it means is the fundraising founder is usually [00:22:00] thinking about raising money So that they can do things.

[00:22:03] Gordon Daugherty: I need to raise money so I can hire two more engineers and so I can start spending money on marketing and I can rent a small office at Capital Factory, right? They’re thinking with how they’re going to spend the money. The investors want to know what outcomes are going to be accomplished after the money is spent.

[00:22:19] Gordon Daugherty: Right. So I encourage founders to first think about what are those needed outcomes. You need outcomes in the future that get the next stage of investor excited. So if your next round of funding is a Series A… You need to get outcomes, you need to accomplish with your seed funding the things that get Series A investors excited.

[00:22:39] Gordon Daugherty: How do you know what gets Series A investors excited? You go talk to them way before you need to raise the Series A. So when I ask a seed stage fundraising founder Why 1. 5 million is the right amount of money to raise for this round? Let’s say she just told me 1. 5 is what I’m raising. Great! Why is that the right amount?

[00:22:58] Gordon Daugherty: I want her to tell me, [00:23:00] Gordon, that’s because it will enable me to reach 1. 5 million in ARR, get my customer acquisition costs down under 100, so we can have a lifetime value of… Whatever. Yeah. And launch a second version of our product at twice the price. Yeah. Wow. That sounds pretty good. Yeah. Right. So investors write checks for those outcomes, not the activities that enable the

[00:23:21] JP: outcomes.

[00:23:22] JP: I really appreciate you saying that. I feel like I’ve read a lot of business plans where it’s not like, it’s so exciting to the idea, but they’re not that clear what the outcome is going to be. Gordon, when you and I met, um, uh, you know, I don’t do a lot of series A investing, a lot of startup, although I’m going to do one with you, which I’m excited about.

[00:23:37] JP: Tells me my, my just again, I know you can’t guarantee any results. These are all startups, , but my faith in the structure at least sound structure is all you can hope for as an investor. Yes. But, but I even got that I think when, when we were talking about it. That’s what actually I think it’s a great idea.

[00:23:50] JP: Mm-Hmm. . But the structure behind it. Mm-Hmm. Means a lot. Mm-Hmm. . Because I can’t tell you how many business plans I’ve read with that. Doesn’t clearly state the outcome. And then we all know, like, if you go deep down the rabbit hole [00:24:00] of Series A versus Series B, as an investor, you gotta be really beware of valuations.

[00:24:04] JP: Because valuations people, um, you know, valuations are just guessing. Just a guess. And typically as a Series A, if it actually works, you can get… Totally diluted in future rounds, so if there isn’t that map there as an

investor, I’m always weary of people who aren’t clear, like, I’ll always ask the question, like, do you think it’ll be done at Series A?

[00:24:23] JP: Do you think it’ll be done at Series B? You know, what kind of dilution to even see would even make sense, because ultimately as an investor too, what am I really thinking? I’m taking great risk. Great risk as a Series A investor. Hopefully I’m chasing a great reward. Now in real estate, you know, cashflow real estate, I’m happy earning between, you know, 8 and 20 percent if I do good.

[00:24:41] JP: And that’s my day job. So I’m really used to like lower returns, not swinging for the fences, singles, singles and doubles. I’m very comfortable with that, but I really love, um, I love storytelling. I love new businesses. I love the energy of entrepreneurship. So whenever I can put, for me, it’s a, for me, I’m conservative, so it’s a smaller poker chip, but putting a poker chip into a [00:25:00] new idea, it’s great.

[00:25:00] JP: But again, the difference between, the difference between great ideas, great ideas are a dime a dozen. How many great ideas have you heard that will never become anything? Yep. Lots. Lots. In fact, you even, um. We were at lunch the first time and this is I think with your track record. I said to you, Gordon, can you help me be a better Series A investor?

[00:25:20] JP: I don’t want to invest much. I’m a real estate guy, but give me a little bit of an idea. And you said to me, JP, just put small amounts of money in 10 or 20 and if you’re lucky, one will hit. Maybe two if you really smacked out of it. So about a 10 percent win rate. Yeah. Assume nine are going to fail, but assume that the one’s going to hit.

[00:25:36] JP: It’s gonna out the act, the multiple on that will be so big that you, you know, and that’s the game you need to play. That’s right. And that really stood with me. And so just know that the rate of business failure on a startup is going to be really, really high. That’s right. How many people do you know, like, maybe they didn’t hit with the first one, but they were tenacious and it was the second or third one.

[00:25:53] JP: Like, do you, do you see

[00:25:54] Gordon Daugherty: that a lot? That is a thing. You know, it’s uh, the spidey senses that you develop the first time you’ve gone [00:26:00] through it. A first time founder is facing so many new things. I think, even if they have

five or ten years of business experience, they still haven’t been exposed to all the things a founder needs to run a company.

[00:26:12] Gordon Daugherty: So, yeah, when, when it doesn’t work out, when the venture fails, we don’t necessarily see the founder as a personal failure. Right? There’s a difference between the mission failed. But the individual is not a failure. So I often just use the words, it didn’t work out and then immediately tell the founder, let us know when you decide to launch your next gig because we want to support you on that one.

[00:26:32] Gordon Daugherty: Deep down inside, I know the odds are considerably better that the second one is going to work out better than the first

[00:26:37] JP: one. Because they’ve had that experience. Exactly. Do you find, I’m going to circle back to the business school, do you find that entrepreneurs with business school experience If you were to guess of winners versus losers, do you think statistically they have a huge advantage over people who didn’t go to business

[00:26:51] Gordon Daugherty: school?

[00:26:52] Gordon Daugherty: I don’t. I don’t. I don’t know what the statistics say. Right. It is possible that the statistics say that. If they do, my [00:27:00] guess is it would be pretty slight, I think.

[00:27:03] JP: Yeah. What do you think in characteristics and personality? O obviously your idea has to be good, but I’m sure you kind of see what characteristics make the difference of the 10% that are gonna succeed and the 90% are gonna fail.

[00:27:14] JP: Mm-Hmm mm-Hmm. failure. What have, what have you seen through the years when you kind of look at someone and say, I’d probably bet on that person. I’m willing to take some of my time. Yes. And mentor that person. What, what are you looking for? What do you see or feel?

[00:27:25] Gordon Daugherty: It’s mostly personality related. I’m assuming all of these that I’m choosing between are smart or really smart, so let’s take that out of the equation.

[00:27:34] Gordon Daugherty: Uh, there’s a level of drive and optimism that’s required. Certain people, when they’re passionate about the problem they’re solving, they inherit A drive and an optimism that enables them to power

through a lot of negative energy. Being a founder, there’s a lot of negative energy. You get told no a lot.

[00:27:55] Gordon Daugherty: Constant

[00:27:55] JP: obstacles.

[00:27:56] Gordon Daugherty: Potential customers, potential employees you’re trying to hire [00:28:00] and I can’t afford to pay you cash. Can I give you some equity as your payment? No. You know, investors, no. Lots of no’s. And so there’s just a personality trait that is able to kind of absorb those no’s and keep moving on.

[00:28:13] Gordon Daugherty: And, and one yes out of. 50. So 49 no’s and one yes. There’s a certain personality that it’s that one out of 50 that, that drives them through the next 50. And that’s really, really important. And it’s why the problem they’re solving, they need to have some personal passion for, because if they’re just turning over rocks, looking for potential problems they could solve, if what they’re trying to solve for is, Hey, I want to be a startup founder.

[00:28:37] Gordon Daugherty: So I’m just going to look around for some ideas. Once I find a problem I could solve, I’m going to just grab that and I’m going to go build a great business. No, you’re not. Yeah, you’re gonna give up after the 85th No, because it’s just not very fun getting a bunch of no’s for a business. You’re not personally passionate

[00:28:53] JP: about Makes a lot of sense.

[00:28:54] JP: Yeah, you know, I think sometimes not often I notice as I go to a lot of conferences I was at TED and I’m doing these conferences. [00:29:00] I do think that the word entrepreneur is actually the word It’s a very sexy word, entrepreneur, it’s very sexy and the truth is it’s being overused and over glamorized because it is a tough slog.

[00:29:12] JP: I have, um, one of my partners right now has decided to really help on the operations of the company and I, I warned him, I told him about two years ago, I said, don’t even take the title of operations, you don’t want it, trust me, it’s going to be, and I said, give yourself like a better title. That’s a lot more glamorous because you’re going to see like entrepreneur is gritty.

[00:29:31] JP: It’s gutty. It’s really not glamorous. It’s everyone likes to talk about their money or you see these videos where people are showing their

Ferraris if they made it the one in the hundred that made it. But the real truth is that it is hard. It’s a lot of nos. I a lot of times tell the story, Gordon, that, um, I started out at like my first job is out of UCLA where I thought I, I thought I was owed something because I had a UCLA degree and I was making cold calls like for insurance and I was making.

[00:29:54] JP: Cold Calls to Sell Advertising in a Supermarket. And I, back then, we actually had to, [00:30:00] you know, put money in the phone. And it was all no’s, it was all day no’s. And I couldn’t leave, like, if I was, like, on the supermarket advertising, I’d drive to a city and I couldn’t leave until I sold 20 ads that day. Oh my gosh.

[00:30:11] JP: And I’d be on the phone for hours. Yeah. And everyone’s just telling me no. Yeah. And it was horrible. And I didn’t want to do, like, every day I’d wake up and didn’t want to do it. And I did it every day. Because A, I needed the money. Yeah. And B, it’s like, there’s something I can’t explain it, but it was like, um, well, first of all, that my sales guy had a 300ZX, he had a new sports car, and I’m like, I want one of those.

[00:30:32] JP: I don’t know how you did that, but I want one of those. But it was so humbling thinking that my college degree was actually owed me something. And then I got into like the school of hard knocks and realized that like, oh my God, sales is tough. Everyone’s hanging up on you, telling you why it’s not going to work.

[00:30:47] JP: But I got better at it. I quickly learned how to prevent a hang up or the right. 10 words I needed to say, and you talk about this a lot, actually, in the elevator pitch. Um, I had this experience at Sonya because I used to, I used to, uh, [00:31:00] head up the, uh, animation division. And I’d say, if you can’t explain it to me in the first three sentences, you’ve lost me for the next 20 minutes.

[00:31:07] JP: And I know you say that in your course as well. And so you learn, after all those no’s, you learn how to craft your message. Even to this day, I can tell you guys, I, you know, I raise money every day of my life. I, you know, I’m in investment sales at, you know, my, my real estate company. After many, many years of doing this, you kind of know the words and the energy where people don’t feel like they’re put on the spot.

[00:31:28] JP: But generally, I actually lead with my styles. I lead with a question and it’s usually a question about them or about their life, not about what I need. Because it’s not really important, and nobody really cares what you

need or what you’re looking for. It’s, and you talk about this in your course. Yeah, yeah.

[00:31:43] JP: Like, what is an intriguing question or sentence, one sentence or intriguing thing that you have a pretty good idea is going to be something relevant to them, as opposed to relevant to you. Interesting. Do you find that, like, you talked about a variation, I know you don’t exactly explain it that way. That might be the JP mentality of

[00:31:59] Gordon Daugherty: how [00:32:00] we do it.

[00:32:00] Gordon Daugherty: It’s a, it’s a interesting technique, um, and is probably one of the best practices in sales. I started my career at IBM as an enterprise salesman and they put me through a year of training and there’s a lot of fundamental things about sales. Especially realizing sales is really just a transfer of enthusiasm from salesperson to customer.

[00:32:20] Gordon Daugherty: That’s a really good way to put it. Sales is a transfer of enthusiasm, and I often say, fundraising is also a transfer of enthusiasm from founder to investor. Amazing. And so there are, what you’re doing, I think, when you’re asking a question, you’re asking a question to try and set things in a motion, uh, with this other person.

[00:32:41] Gordon Daugherty: So that you can transfer enthusiasm. Your method, instead of starting with an elegant one or two sentence exciting elevator pitch that might cause them to ask a question, that’s a common method, you have found a way when you’re engaging someone to first Introduce a question to them. And you even said it’s kind of a personal question.

[00:32:59] Gordon Daugherty: One [00:33:00] of the best practices in sales is to get the other person talking. Right.

[00:33:04] JP: Absolutely. I find that so many times the person who’s trying to present is over talking and they use too many words. And also when they’ve got the person intrigued they continue talking. They don’t know when to stop. That’s true too.

[00:33:15] JP: And this is the art. Yes it is. This is what you’re talking about. The art of like knowing Feeling the energy and knowing when to stop. And also reading the energy in the room, like I’ve had this several times in the last few months where I could tell the person wasn’t present. And so to start with

something that you, you know, that you want to offer when you know the person’s not present is a waste of time.

[00:33:34] JP: You got to get them engaged. You have to get them engaged or just stop and actually say, Hey, you know, it’s in a way where it’s not too, you know, you don’t want to get too deep. You’re not completely calling them out, but maybe you stop and you tell a story about your vacation. Maybe you start with somewhere else.

[00:33:46] JP: You know, you know, there’s a cadence of when you’ll get there. I had a recent, um, lunch where it really was more of a business thing. And ultimately I have a new opportunity right now and, um, the energy wasn’t there. And the funny, here’s the funny [00:34:00] thing. It was the last minute of a hour and a half lunch.

[00:34:03] JP: That I just kind of just soft dropped it because I just felt the energy was like a soft drop. Hey, there was an opportunity and that person invested the next day. No kidding. I mean, and again, that is just, I guess, being older, maybe wiser. I’m not saying it was so great. It just, I just, I just could feel it.

[00:34:18] JP: There was nothing to do earlier than that. It wasn’t there. You have a

[00:34:21] Gordon Daugherty: spidey sense, you know, you, you’ve probably done it a million times and your brain can’t help but compare. How things went when it worked out favorably versus not favorably, and there’s this little artificial intelligence machine learning going on in your head, you know.

[00:34:37] JP: AI will probably figure it out in 10 seconds, but it’s taken me a little longer than that to figure this out, but who knows. So I want to ask you a question. Obviously, you’ve had great success in your career. Um, amazing. You’ve done, and it’s also like, again, you’ve been more like Brett Hurt. You’ve done many things very well.

[00:34:53] JP: Uh, videoconferencing. I mean, you’ve hit a lot of different areas. A zigged and zagged, I call it, yeah. You zagged. [00:35:00] Um, what drives you? Like, what’s your, what’s your why, personally? Why you continue, like, why you’ve done it? And then why do you continue to work? You work a pretty hard schedule, and you don’t have to.

[00:35:08] JP: What is, what is it that drives you?

[00:35:10] Gordon Daugherty: Uh, it’s learning, to be honest with you. I, I discovered… About a decade, maybe 15 years ago, that my number one strength is learner. I’m driven by the learner in me. This is actually why I zigged and zagged. When I felt like I had somewhat perfected a certain role or skill, I would start, I would lose interest and then I would zig to something completely different.

[00:35:35] Gordon Daugherty: It was scary, but it fed the learner in me. So, size of company, role, those kind of things.

[00:35:41] JP: Is learner the same as curiosity or is it different?

[00:35:44] Gordon Daugherty: I, it’s a good question. Uh, Learners are curious. It’s possible that those are synonymous or they, they go together. It’s, that’s totally possible. Um, but there’s something about the learner in me that then flipped and turned [00:36:00] into teacher.

[00:36:01] Gordon Daugherty: I don’t know if this is often the case that learners often, uh, also enjoy teaching. I didn’t discover that, but the, uh, twinkle in an eye of someone that I’ve delivered, you know, some education to, uh, what I call aha moments. It really, it drives me. So there’s this circular loop for me that is learner and teacher.

[00:36:26] Gordon Daugherty: The board assignments, the board of director assignments that I take, I have to feel like I can deliver a lot of value to the company. If I’m sitting on the board, I need to know something about the industry, the product, the technology, the business model. There has to be something that I don’t know that I can learn from.

[00:36:44] Gordon Daugherty: Say I spent eight years in the video conferencing industry, I would not sit on the board of directors of a video conferencing company because I’m nervous. There wouldn’t really be much for me to learn. I can always learn, but I like it best when there’s something really exciting that I can learn. I get that.

[00:36:58] Gordon Daugherty: I get to teach and I get to learn at the same

[00:36:59] JP: [00:37:00] time. That’s so cool. Let me ask you, um, Obviously, there’s lots of companies that are purpose driven companies, ESG companies, social impact that’s happening, you know, a lot of my podcast is really, you know, like ThriveFP, the ideas of adopting, you know, conscious capitalism, that making sure the stakeholders win, in this world of a lot of Political turmoil.

[00:37:19] JP: I, you know, I’ve had, I’ve had so many young people say they just don’t want to bring kids into the world. It’s actually made me sad, but I’ve had a lot of conversations recently with people. They just don’t necessarily trust that the world is going to be better, which I’m an optimist. So I don’t, I actually don’t, I don’t see that, but I, I hear it.

[00:37:34] JP: So where do you think purpose driven sustainable businesses, conscious, what do you call it? Where does that fit in into today’s, um, business venture and what does it mean to you personally as you teach?

[00:37:44] Gordon Daugherty: Yeah. Well, for the two sides of that, I think there’s a whole generation or generations that do care about it.

[00:37:51] Gordon Daugherty: So I find now that innovation and innovation through the lens of early stage tech startups are pointed in directions that we [00:38:00] would refer to as social impact. And a lot of it is because there is a demand for it. You know, 20 years ago there just wasn’t enough societal demand. But now, and increasingly through people that are the ages of my daughter and my daughters and maybe slightly older, my daughters are mid twenties to mid thirties, They really care about it.

[00:38:17] Gordon Daugherty: So you’re seeing that in demand for offerings that Uh, meet a certain set of values. And so since there’s a demand, then there would be avenue for a supply. And then you find that the entrepreneurs that are building companies also care about it. So that’s, it’s really exciting for me personally, I’d say one of the missions that That drives me is women entrepreneurs.

[00:38:40] Gordon Daugherty: Having raised three girls, been their mentor through college, and now kind of let’s say a business and professional mentor as they’re grown, married, grandkids, all of that, I find that I have a personal passion for helping, you know, women founders. They do face up her battles and unconscious bias with [00:39:00] Customers and investors and all these things that I, I’ll never fully understand and appreciate, but I find myself wanting to lean in, uh, to help the next generation of, of women entrepreneurs.

[00:39:11] Gordon Daugherty: Incredible.

[00:39:12] JP: Yeah. So for you, um, legacy wise, what does legacy mean to you as far as like, if you think about both personally and maybe where you’d like to see business, if we were having this podcast in 10 years from now. Yeah. Where would you like to see your own personal, like, what would have

happened, or maybe it’s just exactly what you’re doing, because what you’re doing is so powerful.

[00:39:30] JP: And then, either a, maybe a prediction of where you think business might be. We’ll say five years, ten years is a long time. Five years from now, where you’ll be, and then just where you think business might, some of the trends that you think we’ll see in business.

[00:39:42] Gordon Daugherty: Yeah. For me personally, I, uh, I can see doing what I’m doing for a long time.

[00:39:49] Gordon Daugherty: It’s one of the things that has me very calm at the moment, meaning I don’t stress out. Uh, I believe that for quite a while I can keep [00:40:00] advising founders. You know, there will be a day that they look at me. I’m just so old, maybe my advice will be irrelevant. I think that’s a ways off. I think it’s a ways, ways off.

[00:40:09] Gordon Daugherty: I’m in my mid fifties. So I think I get to do this, um, for a long time. Which is really, really fun. You know, I’d love, I’d love my tombstone or equivalent to say he made a difference. Yeah. You know, I love the creed of help as many as you can, as often as you can, for as long as you can. Yeah. Um, I have directed that to founders in ways that I think I can be most helpful.

[00:40:31] Gordon Daugherty: So that’s how I’ve chosen to kind of direct that energy. And we are at a point here that because of my age, uh, I am old enough to have gone through The huge transformation that the internet provided us, right? I was right in the kind of, I was 10 years into my career or something as that became a really big deal.

[00:40:51] Gordon Daugherty: Yeah, me too,

[00:40:51] JP: by the way. Yeah. I definitely got to experience that. And I got, and I jumped in early. I actually started a business that failed. Yeah. But I started a website before there was even [00:41:00] like Netscape.

[00:41:00] Gordon Daugherty: Yeah. So the before Netscape and then just to see the 10 and 20 year evolution of something that dramatic.

[00:41:08] Gordon Daugherty: Uh, I’m going to get to do that again with AI. And just like the internet introduced a lot of positive innovations, there are negative things that happen because of the internet. Every, every innovative

technology has, you know, the good side and the bad side, let’s say, and that kind of comes to an extreme with artificial intelligence, no doubt about it.

[00:41:27] Gordon Daugherty: So I do worry about some things, but I’m also an optimist. And so I just get so giddy with excitement about being able to watch the next two decades of what AI is going to do. For society and for business. Do

[00:41:41] JP: you think people will have jobs? I know so many people are worried that the AI will destroy jobs and there will be no jobs to replace them.

[00:41:47] JP: How do you think that will play out?

[00:41:49] Gordon Daugherty: I can’t, I can’t see into the distant enough future to have any strong prediction. Um, I told my daughters that AI is not going to take their [00:42:00] job. But somebody that knows how to leverage AI could take their job. So those that build skills that we will associate with AI, whatever that means right now, kind of being a prompt engineer for generative AI, you know, like having that skill is very, very desirable.

[00:42:16] Gordon Daugherty: So that’ll morph into a whole bunch of things. And yeah, those that don’t learn how to leverage AI. AI in various ways, or leverage the AI feature sets in the tools and systems that they use, they, they will have a problem. I don’t know that it creates a scenario in 10 or 20 years where there just aren’t jobs because it’s all done with software and humanoid robots.

[00:42:38] Gordon Daugherty: That’s harder for me to

[00:42:39] JP: see. You have a good, you have a good, uh, investment right now in a robot company. Yeah, I’m

[00:42:42] Gordon Daugherty: involved in a humanoid robot company and we think a lot about the ethics and we think about how to keep it pointed in a direction that it’s beneficial to society. Yeah. Um, but there are…

[00:42:53] Gordon Daugherty: People and countries and ways of thinking that aren’t aligned with either the way I think or our country [00:43:00] thinks or whatever. But it’s

[00:43:00] JP: always been there. It’s been there since we’ve had nuclear weapons. It has. Another great

[00:43:04] Gordon Daugherty: example. So as a, as a global society, we’re going to have to deal with it, but boy, it unlocks such great potential.

[00:43:11] Gordon Daugherty: I’m excited to.

[00:43:13] JP: Awesome. My last question for you is, so at this point, obviously you can pick and choose who you want to mentor. I’m sure there’d be a line of people, um, that would love to just get 10 minutes of your time. How much is it that, as you talked about the, um, We call it maybe the glimmer in the eye that the tenacity, I think, is maybe how that you best display it.

[00:43:33] JP: And how much is the product like, because I know you mentioned you’re a learner, curiosity. So when you’re looking, like, if I was to say to you, how much is it is the person and their, their tenacity, how much of it is, how much can I learn from it? And then how much would be the actual product? Is it serving humanity?

[00:43:46] JP: Does it really have an impact thing? Am I, am I doing a better pencil? Am I really doing something that has? Impact that could really serve or help humanity. And that equation or other equations, how do you decide, who do you vote for and how do you decide [00:44:00] internally? Good

[00:44:00] Gordon Daugherty: question. Yeah, I, I have a litmus test, um, that I apply before I’ll take on an equity compensated advisory gig or joining a board of directors.

[00:44:10] Gordon Daugherty: And the team is very important. I have to respect the team. The team needs to be coachable. Even if they have a lot of experience, um, I won’t work with cocky founders. You know, now my capital factory role and I have office hours and they’re posted online. We do have some cocky founders and I’m going to do my best to help them.

[00:44:28] Gordon Daugherty: But for me to personally attach and, and want to get phone calls at eight o’clock at night from a founder or on the weekend, um, I have to respect the, the team and there needs to be a level of coachability there. And then the other part, the learner in me is usually focused on industry.

[00:44:49] Gordon Daugherty: There are industries that I haven’t had a chance to learn a lot about, and I have curiosity. So healthcare was one that in my professional career, I never got that [00:45:00] involved, I never sold into hospital systems or anything like that, but I was on the board of directors of a

telemedicine company. The perfect thing there was, I knew video conferencing, which is telemedicine.

[00:45:09] Gordon Daugherty: Their go to market model was very familiar to me, but I didn’t know anything about selling into physician offices and healthcare practices, so I got to learn that. Now I’m on the board of directors of a software as a medical device startup, so that will sell into the healthcare industry. But it’s AI software and it’s medical device.

[00:45:26] Gordon Daugherty: So I’m learning things about going down the FDA path and learning about medical devices, but I can help this startup. So

[00:45:34] JP: there’s something about it for you about that company. You are learning about that

[00:45:37] Gordon Daugherty: one. Yes. So something about industry or product slash tech. That is the other thing that usually gets me jazzed up.

[00:45:44] Gordon Daugherty: Then there might be an X Factor, if it’s a, if it’s a company led by women, that’s a big bonus for me. If there is a social impact, especially in the clean energy area, probably I, you know, that would be another

[00:45:56] JP: bonus for me. You know, one of the reasons why I just, like, [00:46:00] when I have been doing my investments the way you told me to, my small chips on, is I actually, like, I think of the company that you’re doing now, this medical device with AI, as a social impact company.

[00:46:08] JP: It is. Um, because the amount of suffering it can alleviate for humanity. Mental health. It’s all about mental health. So I know it’s easy to say social impact means climate. I actually don’t see it that way. I’m investing in another startup where they are tackling the, uh, getting rid of plastics. They’ve actually maybe found a way to actually finally help with our plastics problem, which is more environmental.

[00:46:27] JP: But I think there’s a lot of ways. I look at it like. Are we making a new pencil? Is there any way we’re going to help alleviate suffering? Are we

[00:46:32] Gordon Daugherty: helping General Electric make an extra five cents per share earnings? Or are we helping and then fill in your

[00:46:38] JP: blank? Yes, I think social impact can be a lot greater than that.

[00:46:40] JP: Like, and I really, it’s part of my enthusiasm is, is I think it solves a big problem. Yes. For humanity. Yep. Uh, Gordon, I appreciate your time. Before we, before we end this thing, uh, do you have any other resources? If someone’s a budding, hungry, curious, any other resources or, or drops pearls of wisdom before we, uh, end the

[00:46:58] Gordon Daugherty: show?

[00:46:58] Gordon Daugherty: Well, for those that are in [00:47:00] Texas, you know, Capital Factory is the center of gravity for entrepreneurs in Texas. So we’ve got boots on the ground in Dallas and Houston and Austin and San Antonio. So for Texas entrepreneurs, especially tech founders, just plug into Capital Factory. It’s easy to do. It doesn’t mean you have to have a work membership.

[00:47:14] Gordon Daugherty: There’s lots of ways of tapping the resources. For those outside of Texas, including around the world, the Founders Academy that I run once every quarter, it’s… It’s broadcasted, it’s live streamed, we have about 250 attendees each time and a majority of those are somewhere elsewhere in the country or around the world.

[00:47:32] Gordon Daugherty: And that’s 50, 000 to do that? It’s not 50, 000. How much is it? It’s zero.

[00:47:36] JP: Oh, it’s free. It’s free. Which means you just say 50, 000. I told you this would be a valuable episode. Thank

[00:47:41] Gordon Daugherty: you. Yeah, and that eventbrite is at foundersacademy. eventbrite. com and I do

[00:47:45] JP: it once a quarter. It’s amazing. You can come in live or you can do it on the streaming.

[00:47:49] JP: Correct. Highly, highly recommend it. Gordon, I so appreciate your generosity of your time. I’m really enjoying our budding friendship and just, just thank you so much. You’re very welcome. Thank you. [00:48:00] Hi, this is JP again. I hope you enjoyed that episode with Gordon. I mean, talked about an amazing man and hopefully you created a lot of value in giving you two or three new ideas about what you can do for your company.

[00:48:10] JP: Hey, if you’re enjoying these episodes, I would love to have you look at, we have. Amazing, amazing guests on these shows, Instagram, Tik Tok,

YouTube. Just go to at investing on purpose and enjoy the episodes. Of course, liking and subscribing this growing community is a great honor to me. Thanks so much.