00:00:42
in chif First's beginning it was very
00:00:45
hard for us to get any kind of
00:00:47
investment it was mostly run on fumes on
00:00:49
personal savings by my family and
00:00:52
friends even in situations where we had
00:00:54
weeks of money left in the bank I
00:00:56
insisted on the people who worked here
00:00:59
to make plans and think about products
00:01:02
that we needed a year later it's really
00:01:04
really hard to have his discipline but
00:01:07
that's what made the
00:01:08
difference so this company honestly it
00:01:10
almost happened by
00:01:12
accident when I came to Canada I picked
00:01:14
up the hobby of snowboarding and
00:01:17
eventually me and a few friends
00:01:20
decided hey it wouldn't be cool to start
00:01:22
an online business selling
00:01:24
snowboards and that idea just stuck with
00:01:28
us so we decided to do it and we ended
00:01:31
up calling it snow
00:01:33
devil I imagined setting up the online
00:01:38
store was going to be the smallest
00:01:39
problem in the business and it just
00:01:41
became this exercise in pure frustration
00:01:44
the entire industry was set up to
00:01:46
service existing businesses that have
00:01:48
gotten to a certain kind of scale even
00:01:51
though you know we talking 2004 it was
00:01:54
clear that no one has really thought
00:01:56
about people starting new businesses
00:01:59
online
00:02:01
he eventually I said like enough is
00:02:03
enough
00:02:04
and sat down and started programming and
00:02:07
out came a software which ran the store
00:02:10
the way I wanted I had a lot of late
00:02:12
nights and it it was really coming
00:02:15
together
00:02:17
and I sort of took a step back and said
00:02:19
you know what I I think I got it I I I I
00:02:22
think this is it I think I've um
00:02:27
written the last line of code and I I
00:02:30
remember like shaking before hitting
00:02:33
enter it was just like it it it really
00:02:36
felt there was just so much energy which
00:02:38
was going to go into this one command
00:02:42
which might just change my life aren
00:02:46
space- a t space do space snow devil
00:02:55
[Music]
00:02:58
colon and then came summer and and and
00:03:02
and we I I remembered very well we sat
00:03:07
down for a cup of coffee and at a local
00:03:10
coffee shop and we were
00:03:12
saying what is it going to be is it
00:03:15
going to be surfboards that we going to
00:03:16
sell the summer is it going to be
00:03:18
skateboards or should we turn this into
00:03:20
a software
00:03:22
company they call it Shopify and
00:03:25
launched it in 2006 a Canadian
00:03:28
e-commerce startup is making shoer
00:03:29
retailers and Tech investors sit up and
00:03:31
take notice Shopify made an aim for
00:03:34
itself helping Merchants launch company
00:03:36
in Ottawa all of this means what in
00:03:39
terms
00:03:39
[Music]
00:03:43
ofon we've done really well we've built
00:03:45
a really really good company to this
00:03:47
point but I don't think we are through
00:03:49
yet there's a ton more for us and a ton
00:03:52
more that we need to and want to
00:03:53
accomplish and I want shifi to be one of
00:03:55
History's great companies it's been
00:03:56
amazing how many more people are able to
00:03:58
see what I do because of Shopify we
00:04:01
tried multiple Solutions nothing was
00:04:02
working and to be very honest with you
00:04:04
Shopify just saved our ass Canadian
00:04:05
e-commerce software company Shopify is
00:04:07
going public the startup plans to list
00:04:09
on both Toronto and New York Shopify
00:04:12
technology is used by thousand what
00:04:14
Shopify has on a more macro level
00:04:16
fundamentally accomplished is that we
00:04:18
took a very complex thing and wrapped it
00:04:22
into a single well-crafted easy to
00:04:27
understand
00:04:28
product when sign up for Shopify you're
00:04:30
just getting a lot you're getting the 10
00:04:33
years of hard work by this entire
00:04:35
company working to make you look great
00:04:37
as a merchant the sophistication of
00:04:41
business that we created right now that
00:04:44
use Shopify vastly outstrip the
00:04:47
capabilities of very established
00:04:50
business that might have been around for
00:04:52
100 years at some points this is
00:04:54
something that Walmart and others have
00:04:57
built for themselves for Millions
00:05:00
probably hundreds of millions of R&D
00:05:03
dollars they' have gotten to the point
00:05:05
where they have data warehouses that can
00:05:07
give them single views into everything
00:05:09
that's going on in these large
00:05:11
operations which we're giving to people
00:05:13
world starting out this sort of
00:05:15
consumation of Enterprise quality
00:05:17
software is powerful and it's moving and
00:05:20
it's getting faster and it's everywhere
00:05:23
and Shopify is doing this for comments
00:05:31
so in 1876 a guy named John W maker
00:05:34
created W Maker's department
00:05:36
[Music]
00:05:38
stores it actually was the first store
00:05:41
in America that had electricity and had
00:05:42
a telephone in there this was the first
00:05:45
department store meaning it was the
00:05:46
first time a bunch of different brands
00:05:47
were all being sold Under One
00:05:50
Roof my opinion is that retail has been
00:05:52
pretty boring ever since John Waker
00:05:54
created Wanamaker's department store and
00:05:57
that for the first time in about 130
00:05:59
years or so things are getting pretty
00:06:01
exciting again I think the next 5 or 10
00:06:03
years are going to be the most exciting
00:06:04
times of retail and of Commerce of the
00:06:06
last 130 years and I think what's
00:06:08
driving it is technology technology is
00:06:11
making it easier for anyone to build an
00:06:13
online store technolog is making it
00:06:14
easier to connect all these different
00:06:16
pieces our mission is to take the
00:06:19
concept of Commerce and redistribute it
00:06:22
amongst all of people not just give it
00:06:26
to the department stores or the the
00:06:30
businesses you think that Commerce is
00:06:33
something massively participatory
00:06:36
something that everyone has a voice in
00:06:38
and something that everyone should
00:06:39
engage
00:06:42
in we both kind of dabbled in a bunch of
00:06:45
other different types of careers myself
00:06:48
particularly I was in technology for a
00:06:50
number of years and I just kind of found
00:06:53
that to become increasingly less
00:06:56
fulfilling and wanted to put my time and
00:07:00
effort into something that was really
00:07:01
meaningful to me when it came time to
00:07:03
make a big move we kind of just decided
00:07:05
to do what was in front of us to do
00:07:08
which was kind of follow our dreams and
00:07:10
uh three Fish Studios was born from
00:07:12
that when we started the business three
00:07:15
fish studios.com we got the website and
00:07:16
that was one of my first orders of
00:07:18
business was to put some type of
00:07:20
e-commerce engine onto it Shopify uh
00:07:22
came onto my radar and it
00:07:26
extremely clean easy to use interface
00:07:29
that kind kind of fell out of the box
00:07:31
and so we moved over to Shopify about I
00:07:33
don't know about four or 5 years ago and
00:07:36
it has uh been great for us so we've
00:07:39
been very happy with it it's really
00:07:40
helped us grow our
00:07:43
business I think if you go back in time
00:07:46
and you look at sort of the the building
00:07:47
blocks of what you need to be a
00:07:48
successful entrepreneur one of the
00:07:50
biggest was Capital we needed money in
00:07:53
fact you needed money um to the extent
00:07:55
that it actually caused you to be quite
00:07:56
risk adverse because even if you raised
00:07:58
money you borrowed money you really only
00:08:00
had one shot of it what's really nice
00:08:02
about today is that I think what you
00:08:03
need now the most important thing you
00:08:04
need now is creativity not capital and
00:08:07
the fact that we've shifted away from
00:08:08
Capital towards creativity is really
00:08:10
great you don't necessarily need a lot
00:08:11
of money to start a Shopify store if you
00:08:13
have a product and you have an idea and
00:08:15
you have some passion around that you
00:08:17
can build a store for $29 a month and
00:08:19
that store can grow to be a $100 million
00:08:21
company that was not possible 10 years
00:08:24
[Music]
00:08:26
ago we started mind in 2006 mind ey
00:08:30
wasn't always a shop it was a Blog
00:08:32
before and we met some great artists
00:08:34
along the way I wanted to do something
00:08:36
that really helped that creative world
00:08:38
so we started up mind ey creative
00:08:40
shop we wanted to sell something awesome
00:08:43
and sell something creative so we
00:08:44
started to pick toys so design of toys
00:08:47
was just this awesome thing that we
00:08:48
started to get into last year we started
00:08:51
to think about how to do a website so we
00:08:53
started to look around for a e-commerce
00:08:56
platform that was flexible enough for me
00:08:59
that thought about mobile first and and
00:09:02
then we ended up choosing
00:09:04
Shopify I think the best thing about
00:09:06
Shopify is that it's made me not have to
00:09:08
worry about anything that has to do with
00:09:11
the e-commerce portion when I received
00:09:13
my first order online I remember the
00:09:16
exact moment that someone bought
00:09:17
something and I remember it was it was
00:09:18
only like a $30 item that I was just so
00:09:21
excited just it was validating all my
00:09:23
thoughts validating everything that was
00:09:26
like the best in the world
00:09:29
[Applause]
00:09:31
the most important thing that you have
00:09:33
to do is to have faith in yourself if
00:09:37
you try to make everything as perfect as
00:09:39
you can it's really going to show in
00:09:41
your end product and I think a lot of
00:09:43
people will appreciate that in the end
00:09:45
Shopify is really helping people who
00:09:48
don't necessarily have the web
00:09:49
development skills to connect directly
00:09:51
to Consumers I mean that's really an
00:09:53
incredible shift in what the
00:09:55
opportunities are we uh I mean we
00:09:57
started in my living room there was no
00:10:00
equipment there was no Factory there was
00:10:02
there was nothing like that and now we
00:10:04
have a 10,000 ft Factory we have about
00:10:07
20 employees which I would never have
00:10:09
imagined would have been something that
00:10:12
was possible 2 years ago I'm grateful
00:10:14
for Shopify for enabling and I think
00:10:17
there's a lot of examples of other
00:10:20
makers out there who have figured out
00:10:22
hey this is uh you know we can make
00:10:25
something and sell directly to Consumers
00:10:27
through services like shop
00:10:33
a lot of people say that they're
00:10:34
business catalysts right this is really
00:10:36
business Catalyst we help people build
00:10:38
businesses here I was a merchant first
00:10:41
before I joined this company and and I
00:10:43
joined because I saw what the potential
00:10:45
was and it was it was guys like Toby I
00:10:47
was inspired by his vision to change all
00:10:49
of this to take retail to take a
00:10:51
sledgehammer to the traditional retail
00:10:53
model and Chang it and I wanted to help
00:10:55
spread the word that you don't have to
00:10:57
have a rich daddy anymore you don't have
00:10:59
to have you know famous last name if you
00:11:01
have a product and passion you can build
00:11:03
an incredible business because of
00:11:07
[Music]
00:11:18
Shopify I'm Liz and I'm going to show
00:11:20
you how easy it is to open a Shopify
00:11:22
store just head on over to shopify.com
00:11:25
plug in a few details and hit create
00:11:27
your store once you create a store
00:11:30
you'll see the Shopify dashboard it's
00:11:32
the home base for your business you'll
00:11:34
see things like traffic sales and all
00:11:36
your latest activity now that you're in
00:11:39
your shop Let's Start by adding a
00:11:41
product I sell ceramic bulldogs and you
00:11:44
can too maybe not Bulldogs but something
00:11:47
the first thing we're going to do is hit
00:11:49
add product put in a title add some
00:11:52
product details snap a photo upload it
00:11:56
add the price and hit save product now
00:12:00
that you've added products let's make
00:12:02
your shop look really good the best part
00:12:04
is you don't need to be a designer or a
00:12:06
developer we have a wide range of themes
00:12:09
that you can pick from from our theme
00:12:10
store all you need to do is add a theme
00:12:13
and start customizing it add a logo
00:12:16
change the colors make it fit your brand
00:12:18
just right now that you've set up your
00:12:21
store it's time to start selling it's
00:12:23
the best part anytime you make a sale
00:12:26
you'll be notified no matter where you
00:12:28
are after you made a sale ship your
00:12:30
product and mark the order as complete
00:12:33
people don't only want to shop online
00:12:35
they might want to buy from you offline
00:12:38
you can sell to them in person using
00:12:39
Shopify POS in a retail store at a
00:12:42
farmers market or even a pop-up shop
00:12:46
Shopify allows you to take credit card
00:12:48
gift cards or even Bitcoin you can sell
00:12:50
on channels like Facebook or anywhere
00:12:53
you like and the orders will appear
00:12:55
right in your Shopify dashboard Shopify
00:12:58
gives you access to to customer reports
00:13:00
so you can make the right choices for
00:13:02
your business and if you have any
00:13:04
questions along the way there's a
00:13:05
Shopify Guru available 24/7 to lend a
00:13:08
hand shopify's core offering does what
00:13:11
most people need most of the time and
00:13:13
we're very disciplined about that we
00:13:14
don't want to bulk up Shopify with every
00:13:16
feature under the sun because that's not
00:13:18
what most people need most of the time
00:13:20
we've created an ecosystem whereby app
00:13:22
developers are building apps for Shopify
00:13:24
theme designers are making themes for us
00:13:26
and agencies and Freelancers from all
00:13:28
over the world are referring new
00:13:29
Merchants to Shopify what we've done is
00:13:31
we've created a set of apis and gone out
00:13:34
to third parties some big companies like
00:13:36
Inuit for example or MailChimp for
00:13:38
example or Conant contact and we've
00:13:40
encouraged them to build applications
00:13:41
for the Shopify App Store whereby our
00:13:44
Merchants can use those applications in
00:13:46
other cases we have these really really
00:13:48
cool groups of Engineers like buold apps
00:13:50
and Winnipeg all they do all day long
00:13:52
these 50 people are build new
00:13:54
functionality new apps new extensions
00:13:56
for Shopify so B is a an e-commerce we
00:13:59
specialize primarily in apps but we also
00:14:02
do e-commerce solutions for small mpw
00:14:06
e-commerce stores all the way up to
00:14:07
Fortune 500 companies like Time Life C
00:14:09
to slay but it's all centered around
00:14:12
e-commerce in one way or another Shopify
00:14:15
is a Commerce platform so if someone
00:14:17
just join Shopify it's really easy to
00:14:19
get started you don't need any of the
00:14:21
apps you can just sell or there's apps
00:14:24
and there's Shopify Partners doing
00:14:26
development for it that you can go to
00:14:27
and get the custom work done because of
00:14:29
that API we have 14 live now in the App
00:14:32
Store four in production as we speak one
00:14:35
in testing our goal actually for the
00:14:37
next year is to release an app a month
00:14:39
and I think we're going to pass that so
00:14:41
watching bold apps sort of grow from
00:14:43
these four entrepreneurs to being a team
00:14:44
of over 50 people that gave me
00:14:46
goosebumps the fact that we not only had
00:14:48
this great team building new
00:14:50
functionality for us but we helped them
00:14:52
create their own multi-million dollar
00:14:54
business that was awesome for me and so
00:14:57
in a similar way to how we have this app
00:14:59
ecosystem at this very moment we have
00:15:01
designers all over the world thinking
00:15:03
about how to make Shopify storefronts
00:15:05
look better and thinking about what
00:15:07
merchants may require in terms of the
00:15:09
front-end design and again that theme is
00:15:12
really important right because that's
00:15:13
the first thing that a customer sees
00:15:15
when they come to your online store most
00:15:17
companies that have a theme store kind
00:15:19
of create these very generic looking
00:15:21
themes a white theme Black theme
00:15:23
something that kind of looks artsy or
00:15:25
hipster others that are a little more
00:15:26
professional I'm taking a very very
00:15:28
different approach we've actually
00:15:30
created a theme program or a theme store
00:15:32
whereby some of the best designers
00:15:34
around the world can build themes for
00:15:36
Shopify and these designers are thinking
00:15:38
about all the different verticals that
00:15:40
Merchants are selling on so for example
00:15:43
we have theme designers that have built
00:15:44
themes for Shopify that are particularly
00:15:46
suited for selling children's clothing
00:15:49
so if you want to build a store and
00:15:50
Shopify to sell children's clothing we
00:15:51
have themes that were built with
00:15:52
children's clothing in mind if you want
00:15:54
to sell tires for a racing car we have
00:15:57
themes that that appeal to that
00:15:58
particular demographic trffic and so to
00:16:00
have a very unique theme that you can
00:16:02
also customize Beyond just the templated
00:16:04
theme settings it allows you as the
00:16:06
merchant to tailor your online store the
00:16:08
way you want it to look like as opposed
00:16:10
to the way we think it should look and
00:16:12
we've worked with some of the most
00:16:13
incredible web designers some of the
00:16:14
most famous web designers in the world
00:16:16
to build new themes for Shopify and many
00:16:18
of them are free what's interesting is
00:16:20
that that partner ecosystem can use to
00:16:21
grow and grow they're building new apps
00:16:23
for us they're making new themes for us
00:16:25
they're referring new customers to us
00:16:27
small Partners become much larger larger
00:16:29
partners and we become the most
00:16:30
important tool in our partners
00:16:32
businesses in a similar way that we're
00:16:34
the most important piece of software
00:16:35
that our Merchants use we're very much
00:16:37
the most important tool that many of our
00:16:39
partners use as
00:16:41
[Music]
00:16:44
well what makes Shopify special in terms
00:16:47
of engineering and the core platform is
00:16:49
our focus on on quality of what we
00:16:51
deliver and building for the long term
00:16:54
so not cutting Corners making sure that
00:16:56
things are going to scale we have the
00:16:58
tools and and systems in place to know
00:17:00
you know when things are going right and
00:17:02
when they're going wrong we make sure
00:17:04
that we exercise the full limits of the
00:17:06
platform regularly we don't want to
00:17:08
leave anything to chance
00:17:10
[Music]
00:17:29
he
00:17:31
[Music]
00:17:40
[Music]
00:17:41
[Applause]
00:17:45
[Music]
00:18:02
I joined chopi just over four years ago
00:18:05
and the sort of the Catalyst for that is
00:18:08
when Toby was doing the series a
00:18:10
financing one of the investors said we
00:18:13
want you to take some of this money and
00:18:14
hire yourself a CFO and so shortly after
00:18:18
that I met up with Toby and we've been
00:18:20
working together ever since one of the
00:18:23
most impressive things about chafi has
00:18:25
been our growth if you look over the
00:18:27
last three years we've grown at more
00:18:29
than 100% each of those years and that
00:18:32
growth has continued into q1
00:18:35
2015 where again our growth was roughly
00:18:38
100% there's two major elements to our
00:18:40
business one is what we call
00:18:42
subscription Solutions which is the SAS
00:18:45
base predictable part which has been
00:18:48
growing uh nicely throughout this period
00:18:50
of time and the other which has becoming
00:18:52
a bigger part of the business which is
00:18:54
Merchant Solutions and that's the
00:18:56
success-based part of the business and
00:18:59
on that what we're trying to do is
00:19:01
really take things that a lot of times
00:19:03
the merchant would have to get on their
00:19:05
own we brought it within the platform to
00:19:08
better understand the subscription
00:19:11
solution part of the business uh the way
00:19:13
that we look at that is through our key
00:19:15
metric called the monthly recurring
00:19:18
revenue and in terms of that it's very
00:19:20
simple it just takes the number of
00:19:22
merchants on the platform at the end of
00:19:25
any month multiplies it by the plan that
00:19:27
they're on and that combination you can
00:19:30
see over time has grown by approximately
00:19:33
89% on a compounded basis for 13 quars
00:19:37
in a row for the merchant solution
00:19:41
component of our Revenue the best way to
00:19:43
look at that is through the gross
00:19:45
merchandise volume in
00:19:47
2012 that number was 700 million in
00:19:51
2014 that number is grown to $3.8
00:19:54
billion we've now processed over8
00:19:56
billion worth of orders on shopy
00:19:59
platform which is exciting in terms of
00:20:01
both it shows the scalability of
00:20:03
platform as well as the success
00:20:04
Merchants are having using it to fully
00:20:07
appreciate the power of the shop fight
00:20:08
business model the best way to look at
00:20:11
this is through cohort analysis every
00:20:13
year Builds on the prior cohorts and
00:20:17
overall any Merchant loss is largely
00:20:19
offset by the remaining Merchants
00:20:21
upgrading plans selling more on the
00:20:24
platform or purchasing some of the many
00:20:25
other services that we're making
00:20:27
available for their success
00:20:29
when Toby was starting out with a few
00:20:32
guys in a coffee shop coding the
00:20:35
platform cash management was critical to
00:20:39
them their
00:20:40
longevity that view on cash and making
00:20:44
sure that you manage it effectively
00:20:46
something that's been ingrained in the
00:20:47
culture of shopi which as a CFO
00:20:50
certainly makes my life easier and the
00:20:52
result of that is since Inception the
00:20:55
company has earned less than $30
00:20:56
millionar of cash
00:20:59
and its operating cash performance over
00:21:01
the 13th quarter has been a positive
00:21:04
$6.6 million now that doesn't mean that
00:21:07
we don't spend money it just means that
00:21:09
we're very scientific in how we spend
00:21:12
the money and what we spend it on so
00:21:13
we're always looking to get the best
00:21:15
bang for the buck or the highest return
00:21:17
on that amount and if you look at an
00:21:20
operating expenses as a percentage of
00:21:22
Revenue that has declined from 84% back
00:21:25
in 2012 to 62% in the most recent
00:21:29
quarter and that again will lead to a
00:21:32
company that can stay in business and
00:21:34
grow for the long
00:21:37
[Music]
00:21:39
term and what do you think happens to
00:21:44
retail I mean we have a we have a
00:21:47
massive implosion of malls in the United
00:21:49
States right which is going to be a
00:21:53
problem because well it's the problem
00:21:56
for people who own the malls
00:21:58
for society you think that is this A
00:22:00
continuing Trend but the big thing the
00:22:02
malls exploded on the backs of a
00:22:05
department store and I'm operating under
00:22:08
the sort of assumption that if like
00:22:11
department store started like in 1860
00:22:14
under John one maker um
00:22:18
and like Vi at Shopify operate on the
00:22:20
assumption that the department store is
00:22:22
a dead branch of the larger history of
00:22:25
of of of retail Commerce is going to
00:22:27
change significantly it's going to be
00:22:29
nothing like it is right now how is it
00:22:30
going to change in your mind what do you
00:22:31
think the big changes we'll see in our
00:22:33
lifetime in a lifetime I I I bet you at
00:22:37
some point probably in this decade you
00:22:39
you're going to walk into a store you're
00:22:41
going to buy a product and they are
00:22:43
going to give you the products and then
00:22:45
you're going to be annoyed at them
00:22:46
because now you have to carry it
00:22:48
home we've seen this happen so much in
00:22:51
the past 10 20 years where technology
00:22:54
has has radicalized Industries you saw
00:22:56
it first with things like block Buster
00:22:59
disappeared overnight with the Advent of
00:23:00
Netflix you see it now with with taxis
00:23:03
that are being supplanted by Uber and so
00:23:07
I think when the time is right when
00:23:09
everything lines up and consumers really
00:23:12
buy into these Concepts the the adoption
00:23:15
by consumers will happen and it'll
00:23:17
happen fast but to me that's really just
00:23:18
the beginning of all this right this is
00:23:20
just sort of day one of the the great
00:23:22
change that's going to happen uh and I
00:23:25
think that those that can't adapt can't
00:23:27
evolve can't innovate will
00:23:30
[Music]
00:23:31
die now more than ever the expectations
00:23:35
that consumers have are acting as a
00:23:37
catalyst for this retail Revolution
00:23:39
that's happening and so technology is
00:23:42
going to drive it companies like Shopify
00:23:44
are going to power it but ultimately
00:23:46
it's the retailers who have to
00:23:47
understand that the future of retail
00:23:49
isn't online versus offline it's not one
00:23:51
or the other it's retail everywhere and
00:23:53
Shopify will power retail everywhere
00:23:57
[Music]
00:24:04
we think that in the future many many
00:24:07
many more people become the source of
00:24:11
Commerce people will always create
00:24:14
products people will always enhance
00:24:17
products through stories and people will
00:24:19
always try to find an
00:24:21
audience the exchange of goods is so
00:24:24
fundamental to The Human Condition
00:24:27
entrepreneurship in general and building
00:24:28
businesses it's just such a pure form of
00:24:32
human
00:24:33
self-expression we're not trying to
00:24:35
build a company for the next two years
00:24:36
we want to BU able to come for the next
00:24:37
100 years and that takes an incredible
00:24:39
amount of discipline you know if I look
00:24:41
back in the last 10 years of this
00:24:42
business I think we've done that I think
00:24:45
Shopify as a company but us as
00:24:48
individuals we constantly getting more
00:24:50
comfortable with being uncomfortable
00:24:52
we're constantly challenging ourselves
00:24:54
we're constantly throwing out past
00:24:56
assumptions based on new points we're
00:24:59
trying to build products for the future
00:25:00
of retail for the future of Commerce and
00:25:02
in some cases it hasn't actually
00:25:04
happened yet but we believe that's where
00:25:06
it's going
00:25:09
[Music]
