Caryn Seidman-Becker

It creates a little bit of a customer experience and security challenge.

So that was the first place.

People are like, why'd you start in Orlando?

I'm like, because they wanted us.

He's launched in 2005.

The economic downturn hit in 2008, which significantly hit business travel.

And also he had debt coming due in 2009 in the middle of a lot of other people being bankrupt and having debt like GM and Chrysler.

Ultimately, the company shut down.

They were sort of before their time from a cost on the tech side, not to mention the economic downturn, not to mention, I think it was probably hard to convince some airports that they wanted biometrics.

And so it shut down.

It went into bankruptcy at the end of that year.

Yeah.

I didn't know much about airports when we started Clear in 2010.

You're right.

There are these really interesting structures.

There's 400 and change in the U.S., but at the end of the day in the world of 80-20, 80% of the traffic goes through the top.

60, 80 airports in the U.S.

There are these houses and within them are municipal employees, airline employees, federal employees with TSA, or if there's custom CBP, local police and fire departments play a role here.

You don't necessarily have all the constituents going in the same direction because everybody has their own stakeholders and their own priorities.

Airports are a really interesting place to do business and they are capacity constrained, both on runways and physical real estate.