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`1:18:50`

They get better and better and better at the fundamental skill you need to have ultimately to run a successful business, which is to make money. If you don't have to do that from the start, you're just not practicing that. You're practicing spending money. Getting good at spending money is not a valuable…

`1:19:38`

You need constraints. When you have just loads of money, you basically have very few constraints. That's what tends to lead to slop. Versus like, "Hey, if we don't figure this out, we can't make payroll next week or next month." You just start to figure things out. One of the best stories I…

`1:20:23`

Go, sell." Versus all the things you could possibly do. "Go sell some bars." It's just such great advice and it just cuts through all the crap. I like that scrappiness, and you don't get scrappiness from having large S. You just don't. It's just too easy not to have to do anything…

`1:21:11`

Money's harder to find, it's harder to get. Even companies who've raised money, investors are not necessarily putting in additional rounds. There's deep cuts happening, layoffs, pain and suffering. It's hard to switch from having a lot to not having enough, and then having to work as if you know what to…

`1:21:56`

If you don't have the experience, how are you going to know? I'm the same way with the newsletter and the podcast. There's no way I can grow this thing with money, really. I've tried a bunch of little experiments and nothing really does anything. It actually comes back to, let me find…

`1:22:42`

It's not, aim for an exit. It's not, be on the cover of whatever. It's not many of those things. Maybe it's the Midwesterness in me, growing up in Chicago. I don't know. It's just that. The best business advice I ever got, I got from my dad. It's just…

`1:23:28`

And then, I think you guys are announcing the actual first product within this umbrella? Yeah. The idea behind ONCE is, David and I feel like, we're probably a bit early here, but we feel like there's going to be a bit of a turn back towards the way things were. Pendulums always swing. And…

`1:24:13`

So that's new. I'm paying for new weekly or monthly, okay, that makes sense. I mean, I know there's new stuff that comes out in software products but let's face it, the core of the thing that you're using, 90% of the time is the thing you've been paying for four…

`1:25:02`

And so we're going to launch the first one shortly here and then we plan on doing, hopefully, maybe three more next year. And the beauty of these things is that what we're basically doing is we're going out in the market and looking at it, although we already know it because we've…

`1:25:49`

So we're out there looking for commodities that are still charging luxury prices that we can create really beautifully tight, simple, essential generics of very high quality that don't do everything that the other products do, but get the core of it right, the 80-20, we get that right at a high degree of…

`1:26:36`

Yeah, sure. The first product we're going to be launching is basically an old product that we made way, way, way back when. So years and years and years ago, 2006, we launched a product called Campfire, which was- Oh, of course.... a group chat tool. How could you not remember Campfire? Well, some people are…

`1:27:22`

There are a million ways to chat with people now, and in the business realm, they're all still quite expensive and they're all month to month to month. You got Slack, you got Teams, and you've got a few others and it's like, you know what... And there are some open-source alternatives…

`1:28:07`

just get to this alternative point of view, is that these don't necessarily need to replace things. They can be in addition to. You might still run Slack at your company but you want to back up for when Slack goes down, or you want a special air-gapped chat for your executive team that cannot…

`1:28:53`

The other thing we're doing with Once product is that you get the code. And so if you're a product team and you're curious to see how this product was built, and we've gone to great lengths to make it exceptionally well-built for this purpose, this is a book, essentially, of how…

`1:29:39`

There's some other really cool stuff. I'll tell you, one more quick thing about it is that we're trying to make this first prompt especially have as few words as possible, maybe 30 words. So we're picking tools that are... or picking categories that people already know how to use, and so we…

`1:30:27`

that work in Brazil and they need the Portuguese version. So you can see all the different languages for certain words when we use them, which is a really novel thing. We're kind of playing, this is the whole thing like, these tools give us a chance to play and explore new realms and new ideas…

`1:31:13`

Yeah, that was fun. And we're still going to do Basecamp in here. So we're still doing SaaS. I still believe in SaaS. This is not going to replace SaaS but there should be an alternative. People should be able to buy what they need versus rent what they need. I think this is going…

`1:31:59`

to work. It's the same approach, which is like, you'll get all the 1.X updates for free. And you'll be able to decide if you want to update yours or not. So we'll say, hey, 1.1 is out and here are the new things and you get to decide if you…

`1:32:44`

Maybe you get half off because you're a previous customer or something like that. So we don't know but that's the plan. I think it's also important for people to remember your target is not to replace Slack at big tech companies, like your market is the Fortune 5 million as you described…

`1:33:30`

I won't tell you exactly where, but we're trying to find a price point where it's kind of becomes a no-brainer, like, you know what? We should buy this, we should have, this should be in our toolkit, and we should use this in certain parts of our business even if we don…