John Beadle

That's a much better way to say it than I just did.

No, no.

And so I think you hit on that in the question.

So I think it really comes down to what particular challenge is being solved.

Because ultimately, when you look at, you know, what do incumbents have versus what do startups have from a starting from the perspective of just, you know, starting out?

Incumbents have trust.

They have access to customers.

They have capital.

They have all these advantages over startups.

And startups are able to develop new AI-native tech stacks.

They can move a lot more quickly.

They have less inertia, et cetera.

And so our perspective is...

Where there's places that incumbents are able to form partnerships with startups or are able to acquire startups or build new business units internally that can enable them to behave in a much more agile fashion like startups can, those are places where they're probably going to win over startups.

But where there's a lot of areas where I think the technology is so novel, where the challenges associated with operating in a completely different way are so significant that startups are going to be able to come in and completely displace those incumbents.

And so I think it really comes down to the particular set of workflows that you're addressing.

And in many cases, you know, I think what is ultimately going to happen is, you know, the incumbents that are already either delivering care at scale or that already have, you know, the largest surface area in terms of software that they're already selling.

In many cases, I think the ones that are able to transform themselves are going to be the smartest bets that you can make.

And in places where, you know, we're launching companies, we have a pretty strong perspective that there's a need for a new AI native solution in that space.

And I think, you know, you mentioned Epic.