Caryn Seidman-Becker

and Apple and Amazon speak for themselves.

And I saw unconventional leaders as sort of the old GE leadership.

When unconventional leaders delight consumers, innovate, do really smart acquisitions and capital allocation,

and create these platforms of which they could build multiple verticals on top of.

And so when I looked at Clear, which was bankrupt, I saw the same thing.

I saw this identity platform.

Travel was where it died and where we brought it back.

And I thought where security, identity, and customer experience absolutely collided

but that you could use it in so many other places and connect you to all the things that make you you.

Identity is completely contextual.

I'm always Karen, but when I check in at the doctor's office, I'm Karen with UnitedHealth with an ex-copay with a medical record that, by the way, I should own and have access to and be able to share anywhere I want.

I go into a building.

I'm Karen, I'm an employee and I have access to the 10th floor or I'm Karen and I'm a visitor and I'm going to the 48th floor today from noon to three.

But I'm always Karen, but I'm having to do all these things.

My favorite is when they take your picture, they give you a sticker.

This is useless.

So this concept of a secure identity platform was definitively modeled off what I experienced as an investor.

Here's how I look at it.

I like analogies and I would look at American Express as a vertically integrated financial service company.

They have the customer, they have the merchants, they have the bank.