David Friedberg

run rating into nine figures already, working on a three, $400 million deal, okay?

Not a single dollar comes from a private equity firm, although we spent initially a lot of time trying to sell it, trying to sell our software factory and trying to sell work into them.

It's really hard.

And it's what you said before, Friedberg, which is the people incentives at these businesses are misaligned to the AI outcome.

And you can't fire these people.

And I don't think the right answer is to fire them.

So I don't know what the right answer is.

This is why I think private equity is very challenging.

Well, I think Josh is smart, so I think Josh will figure it out no matter what.

What I'm saying is, if I can show you

20, 30 customers, a ton of revenue, all these white papers that show upside, and I still can't get it done inside one of these companies.

I think it's not us, it's them.

Right.

I think if this works well, two of our biggest customers are individual deca billionaires who own businesses and they're like, you're doing this.

So to the extent that Josh looks more like that, which is an owner of 100% of the business where it's like, you're going to do it.

then I think it can work.

So I think the owner-operated model is the only way the AI transformation really works.

And then the other end of the spectrum, it's the public's market CEO who realizes that they have to do something real because they'll otherwise lose their job or they'll be disrupted.

Those are the two cohorts that I feel today are on their forward foot.

Everybody else is like sticking their head in the sand.