David Skok

There's really no major established player there other than ADP, and ADP is an easy target.

I think you're probably familiar with what I've seen, which is I haven't yet met a happy ADP customer.

Yes, to reinforce your thing, we do care a lot about category leaders if you can find them.

Oftentimes, you have to take a bet on something different to that.

And one of the key things that we will take a bet on is the quality of the entrepreneur themselves.

We really deeply believe in looking at the person, trying to figure out, do we think that this person is the best placed person to come up with the right kind of ideas and to sell their ideas to hire a great team behind them, be able to raise capital, etc.

And we'll back that person, even if it's not that clear how

category leading their idea might be.

And that's proven to be very successful for us because those kind of key entrepreneurs just do amazing things.

Yes.

I think the answer is it's a very dangerous phenomenon.

If you are on the wrong end of it, you're going to get damaged by it.

Because when you look at Didi and Uber, they threw just tons of money at dominating the market in the early days.

They effectively bought riders and they bought drivers.

In China.

In China, yeah.

And also in the US, actually.

I think it's probably now.

factor that's gone from this market because they've focused on profitability here.

But in the early days, it was certainly a case of, you know, if you were in a competitive environment, you needed to buy riders and you need to buy drivers as fast as you could do.