1 00:00:02,200 --> 00:00:05,000 And welcome everyone to another Smart Money Circle episode. 2 00:00:05,000 --> 00:00:07,600 I'm Adam Sarhan. With me today is Carlos Marrera, 3 00:00:07,600 --> 00:00:13,120 who's the founder and CEO of Seal SQ Ticker symbol is LAES. 4 00:00:13,360 --> 00:00:15,880 Carlos, thank you so much for taking the time and welcome to 5 00:00:15,880 --> 00:00:18,440 the Smart Money Circle. Thank you, Adam. 6 00:00:18,440 --> 00:00:20,520 Pleasure to meet you. Likewise. 7 00:00:20,520 --> 00:00:22,120 So Carlos, I always like to begin. 8 00:00:22,120 --> 00:00:24,160 Can you please tell us your story and how you got to where 9 00:00:24,160 --> 00:00:26,120 you are today? Yeah. 10 00:00:26,120 --> 00:00:30,920 So I am from Switzerland, Geneva and I was the Chief Security 11 00:00:30,920 --> 00:00:32,920 Officer of the UN. So my background is 12 00:00:32,920 --> 00:00:36,560 cybersecurity on protecting very critical infrastructures. 13 00:00:36,560 --> 00:00:42,400 And in 1999 I, I went out of the UN and create a start up which 14 00:00:42,400 --> 00:00:44,680 should become a listed company and the NASDAQ. 15 00:00:45,040 --> 00:00:48,440 And since then, I had been working a lot of different 16 00:00:48,440 --> 00:00:52,000 technology segments like a space, cybersecurity and now 17 00:00:52,000 --> 00:00:54,680 post quantum, which is the focus of our discussion today. 18 00:00:55,520 --> 00:00:56,920 Got it. And then let's talk about your 19 00:00:56,920 --> 00:00:59,120 business. Please tell us what you do and 20 00:00:59,120 --> 00:01:00,400 some of your competitive advantages. 21 00:01:01,200 --> 00:01:06,880 So quantum technology is coming. This is a three to five years 22 00:01:06,880 --> 00:01:10,440 issue where quantum computer companies like Rigetti, like IU 23 00:01:10,440 --> 00:01:13,960 and Q, they are developing very sophisticated computers that 24 00:01:13,960 --> 00:01:16,960 will basically break RSA triple Des. 25 00:01:17,320 --> 00:01:18,680 So with that they will break everything. 26 00:01:18,680 --> 00:01:21,000 They will break cryptocurrencies, they will 27 00:01:21,000 --> 00:01:24,960 break a smart card transactions, they will break access control 28 00:01:24,960 --> 00:01:27,760 into report. So everything is compromisable. 29 00:01:28,160 --> 00:01:32,600 So we develop a solution which is based on semiconductors which 30 00:01:32,600 --> 00:01:36,400 is CLSQ, which is basically defense a quantum attack. 31 00:01:36,600 --> 00:01:40,600 So once the quantum computer attacks anything, if they have 32 00:01:40,600 --> 00:01:44,200 that chip which is the chip we are launching this week in Las 33 00:01:44,200 --> 00:01:47,800 Vegas here, that chip will defend a quantum attack. 34 00:01:48,040 --> 00:01:53,360 So the US government has issued new directive, we call that the 35 00:01:54,520 --> 00:02:00,320 CNSA 2.0 that says the United States before the year 2027, all 36 00:02:00,320 --> 00:02:04,000 the public and federal agencies needs to be quantum resilient 37 00:02:04,400 --> 00:02:06,040 means that they need this technology. 38 00:02:06,400 --> 00:02:08,039 So this is technology's booming now. 39 00:02:08,039 --> 00:02:10,600 That's one of the reasons the company went to $1 billion 40 00:02:10,600 --> 00:02:15,320 markup a few weeks ago because there is a need to defend 41 00:02:15,320 --> 00:02:18,120 critical infrastructure. Otherwise we will have serious 42 00:02:18,120 --> 00:02:20,560 problem in the next 5 to 5 to 6 years. 43 00:02:21,360 --> 00:02:23,000 So I, I love that. And by the way, this is the 44 00:02:23,000 --> 00:02:24,920 first I'm hearing of that. So it's kind of like 45 00:02:24,920 --> 00:02:29,720 cybersecurity 10 years ago, 20 years ago and that proliferate 46 00:02:29,720 --> 00:02:32,200 into a massive multibillion dollar business. 47 00:02:32,480 --> 00:02:34,920 And you're saying now there's a new potential threat, which is a 48 00:02:34,920 --> 00:02:38,520 quantum computing breaking through and you need security 49 00:02:38,520 --> 00:02:40,240 there and you're able to step up and do that. 50 00:02:40,240 --> 00:02:42,280 Is that a good? One, yeah, the, the legacy, the 51 00:02:42,280 --> 00:02:46,520 legacy security and I have been working on my career is the RSA, 52 00:02:46,520 --> 00:02:51,200 which was invented 50 years ago by MIT or triple that. 53 00:02:51,200 --> 00:02:54,000 So the entire wall infrastructure is secure by 54 00:02:54,000 --> 00:02:57,360 those algorithms. The new algorithm they had being 55 00:02:57,960 --> 00:03:01,840 published by NIS, NIST, which is the US government, those are 56 00:03:01,840 --> 00:03:04,640 quantum algorithms and they're going to replace those old 57 00:03:04,640 --> 00:03:06,480 algorithms. So this is what you put on the 58 00:03:06,480 --> 00:03:08,840 chips right there. There's a new generation of 59 00:03:08,840 --> 00:03:12,800 crypto algorithms that basically defend a quantum attack because 60 00:03:12,800 --> 00:03:16,440 the quantum computer will not be able to break that specific 61 00:03:16,440 --> 00:03:18,520 algorithm. The old ones will be vulnerable. 62 00:03:18,520 --> 00:03:22,560 It will take few seconds for a quantum computer to break RSA in 63 00:03:22,560 --> 00:03:25,200 few years time. So quantum computers are also 64 00:03:25,200 --> 00:03:27,520 expanding. We don't have yet that computer 65 00:03:27,560 --> 00:03:30,280 computational capability. This is something will take 66 00:03:30,280 --> 00:03:32,600 three to five years. There was a big debate at the 67 00:03:32,600 --> 00:03:34,800 beginning of the year with NVIDIA CEO say, oh, this is 68 00:03:34,800 --> 00:03:38,160 going to be 30 years and then the Microsoft say no, actually 69 00:03:38,160 --> 00:03:41,160 this is going to be faster. And now the consensus is 70 00:03:41,160 --> 00:03:44,040 internationally this is between 3:00 and five years. 71 00:03:44,440 --> 00:03:46,760 So we have to get ready now. And This is why the company is 72 00:03:46,760 --> 00:03:50,080 growing so fast and and the the attention is so big on house 73 00:03:50,400 --> 00:03:53,120 because you have to put those algorithm at the silicon level. 74 00:03:53,120 --> 00:03:56,760 And this is very complicated to put that type of the fan on the 75 00:03:56,760 --> 00:03:59,240 microchip on the chip. Then you will use to secure your 76 00:03:59,240 --> 00:04:03,720 car, to secure your house, to secure your alarm system and 77 00:04:03,720 --> 00:04:06,800 your cameras. All that will be compromisable 78 00:04:06,800 --> 00:04:08,280 if you don't have that type of chips. 79 00:04:09,160 --> 00:04:11,720 Wow, I love that. OK, so let's talk about that for 80 00:04:11,720 --> 00:04:14,160 a little bit and then we'll go into the timeless advice stuff 81 00:04:14,160 --> 00:04:15,240 because this is really interesting. 82 00:04:15,400 --> 00:04:18,399 So you're saying that computing power, quantum computing power 83 00:04:18,399 --> 00:04:20,959 has Inc is going to increase substantially. 84 00:04:21,200 --> 00:04:24,760 Therefore, the defense mechanisms that we used before, 85 00:04:24,880 --> 00:04:26,920 almost like bow and arrows, we had before. 86 00:04:26,920 --> 00:04:28,880 So you can protect against bow and arrows, but once you have a 87 00:04:28,880 --> 00:04:31,640 cannon shooting at you, you got to upgrade the defense system. 88 00:04:31,640 --> 00:04:33,480 Is that what you're saying here? We have to upgrade. 89 00:04:33,480 --> 00:04:37,760 Exactly, exactly that analogy is the cybersecurity analog 90 00:04:37,760 --> 00:04:41,760 analogy, you know, from the Roman time with the Greek Romans 91 00:04:41,760 --> 00:04:44,840 develop a material that was able to break into the Greek 92 00:04:45,240 --> 00:04:46,760 protection. So yeah, we are in the same 93 00:04:46,760 --> 00:04:48,800 cycle. But this one is actually special 94 00:04:49,080 --> 00:04:52,360 because due to the computational capability of Quantum 1 quantum 95 00:04:52,360 --> 00:04:56,400 computer is equal to several hundreds of thousands of 96 00:04:56,400 --> 00:05:00,520 supercomputers. So 1 quantum computer has 97 00:05:00,520 --> 00:05:03,680 unlimited capability. And the reason is that we are 98 00:05:03,680 --> 00:05:09,040 moving away from the from the one and 0 constructions that we 99 00:05:09,040 --> 00:05:11,960 have on concurrent, you know, analog technology. 100 00:05:12,200 --> 00:05:15,280 Now in quantum computer, these one and zeros can be 101 00:05:15,280 --> 00:05:17,400 extrapolated in many different places. 102 00:05:17,560 --> 00:05:21,120 So it's not only like it is in the in the current technology 103 00:05:21,120 --> 00:05:23,240 which is 1 and 0 in the same place. 104 00:05:23,440 --> 00:05:26,880 Now we are coming into one and 0 in multiple places at the same 105 00:05:26,880 --> 00:05:29,000 time. So that is what feeds the 106 00:05:29,000 --> 00:05:31,240 computational power of a quantum computer. 107 00:05:31,640 --> 00:05:34,760 So, So yeah. So what happened is that it's 108 00:05:34,760 --> 00:05:38,120 very similar to what happened in a virus environment when Covic 109 00:05:38,120 --> 00:05:40,320 arrived. People develop vaccines, right, 110 00:05:40,320 --> 00:05:43,120 to protect against the risk. So we are in this kind of 111 00:05:43,120 --> 00:05:47,040 analogy but in the digital world and something very bad is coming 112 00:05:47,520 --> 00:05:49,400 and obviously that needs to be defended. 113 00:05:49,640 --> 00:05:52,040 Doesn't mean that quantum computer is bad because quantum 114 00:05:52,040 --> 00:05:55,120 computer will also accelerate many processes like you will 115 00:05:55,120 --> 00:05:59,680 find the new drugs for cure cancer or you will be able to 116 00:05:59,680 --> 00:06:05,080 solve many of the sustainability issues like finding a new 117 00:06:05,080 --> 00:06:07,560 solution for climate change from quantum computer. 118 00:06:07,560 --> 00:06:10,640 Computational will be actually an asset will be a tool. 119 00:06:10,840 --> 00:06:12,920 But as we know technology is not good or bad. 120 00:06:12,920 --> 00:06:15,520 It's actually the people behind technology which is good or bad, 121 00:06:15,520 --> 00:06:17,760 right? So if that quantum computer gets 122 00:06:17,760 --> 00:06:22,120 in the hands of a rogue country or a terrorist group or somebody 123 00:06:22,120 --> 00:06:25,440 that will have other kind of intentions, that will create a 124 00:06:25,440 --> 00:06:28,760 huge, huge violation possibility on critical infrastructure. 125 00:06:28,920 --> 00:06:31,200 So people will die. I mean, This is why, you know, 126 00:06:31,360 --> 00:06:34,640 the car manufacturing industry is so concerned because imagine 127 00:06:34,640 --> 00:06:37,640 that you can break a car navigation system and crash the 128 00:06:37,640 --> 00:06:40,360 car, right? So, so that will now you can do 129 00:06:40,360 --> 00:06:42,360 that with one car. When the quantum computer is 130 00:06:42,360 --> 00:06:44,680 here, you will do with all the cars at the same time. 131 00:06:45,200 --> 00:06:49,600 So it is obviously consumers are not yet aware of this. 132 00:06:49,840 --> 00:06:53,120 This is happening now at at very high level government level. 133 00:06:53,360 --> 00:06:55,440 But the good news in the United States is the government has 134 00:06:55,440 --> 00:06:58,560 moved very fast by publishing those guidelines which are 135 00:06:58,560 --> 00:07:01,200 basically used now by private sector companies to develop 136 00:07:01,200 --> 00:07:03,760 solutions. Before was kind of evangelizing. 137 00:07:03,760 --> 00:07:06,000 You have to explain people why they need to invest in this 138 00:07:06,000 --> 00:07:08,880 technology was not easy. Now it's much easier because you 139 00:07:08,880 --> 00:07:11,880 have a government framework already designed around this. 140 00:07:12,760 --> 00:07:14,880 Yeah, I find it fascinating. Not just consumers, I'm sure 141 00:07:14,880 --> 00:07:16,960 investors don't quite understand it yet either. 142 00:07:17,160 --> 00:07:19,120 So thank you for sharing your story here. 143 00:07:19,320 --> 00:07:21,000 Let's talk about risk management, Carlos. 144 00:07:21,000 --> 00:07:23,360 How do you handle risk and what are some mistakes you see people 145 00:07:23,360 --> 00:07:24,920 make with respect to risk management? 146 00:07:26,160 --> 00:07:31,840 So the in, in, in companies like like CLSQ you grow very fast, 147 00:07:31,840 --> 00:07:33,880 right. You move from being a start up 148 00:07:33,880 --> 00:07:38,360 to be a one, one or $2 billion company in this sector. 149 00:07:38,360 --> 00:07:41,640 Quantum computers company do not have a lot of revenue. 150 00:07:41,640 --> 00:07:44,960 Actually we have much more revenue on the defense side that 151 00:07:44,960 --> 00:07:47,880 they quantum players and they are developing quantum computers 152 00:07:47,880 --> 00:07:52,160 have by just building a computer we get the INQD wave. 153 00:07:52,160 --> 00:07:54,960 They they are announcing very small amount of revenue and huge 154 00:07:54,960 --> 00:07:58,200 amount of losses investment. So you have to mitigate that 155 00:07:58,200 --> 00:08:00,000 risk. You know, our, our view is that 156 00:08:00,160 --> 00:08:03,680 while we want to get there, we're going to get from an angle 157 00:08:03,680 --> 00:08:06,960 where you can start to create revenue now versus creating 158 00:08:06,960 --> 00:08:10,320 revenue in five years time. And that's why we put focus on 159 00:08:10,320 --> 00:08:13,440 the security aspect. You know, quantum security is 160 00:08:13,440 --> 00:08:17,280 now revenue coming today because you're buying the chips versus a 161 00:08:17,280 --> 00:08:19,440 quantum computer. If you are an investor, you you 162 00:08:19,440 --> 00:08:22,760 need basically to say, OK, maybe this is going to work in five 163 00:08:22,760 --> 00:08:26,080 years time and quantum computer company evaluations are massive, 164 00:08:26,200 --> 00:08:30,320 but we are talking about 10, fifteen, $20 billion markup for 165 00:08:30,320 --> 00:08:34,039 companies like Rigetti and Q and other or valuations are are 166 00:08:34,039 --> 00:08:36,120 smaller. We are we are between you 167 00:08:36,120 --> 00:08:38,240 mentioned 600. Actually this is in the last 168 00:08:38,240 --> 00:08:42,520 week because the entire AI issues the divesting from the 169 00:08:42,520 --> 00:08:45,160 start, but quantum is is is not AI. 170 00:08:45,320 --> 00:08:49,320 Actually quantum is much more mature technology than AI in the 171 00:08:49,320 --> 00:08:52,280 sense that is a physical thing. Then you can see, then you can 172 00:08:52,280 --> 00:08:56,080 touch, you can play with it with AI in it's, it's, it's a lot of 173 00:08:56,520 --> 00:08:58,480 bluff going around AI in our days. 174 00:08:58,800 --> 00:09:02,160 So, so this industry for investors, if you are a short 175 00:09:02,160 --> 00:09:04,680 term investor, you rather invest in quantum security. 176 00:09:04,920 --> 00:09:07,760 If you are a long term investor, then you can offer obviously 177 00:09:07,760 --> 00:09:10,960 invest in quantum computer and you can also invest in both. 178 00:09:10,960 --> 00:09:13,920 You know, I think the consensus is then quantum security 179 00:09:13,920 --> 00:09:17,200 companies and quantum computer companies will merge in the 180 00:09:17,200 --> 00:09:20,560 future into one company. So that means a quantum, a 181 00:09:20,560 --> 00:09:23,840 quantum computer needs security, you know, and currently quantum 182 00:09:23,840 --> 00:09:26,440 computer companies do not have security. 183 00:09:26,840 --> 00:09:30,840 So that means that it is another risk of a quantum computer 184 00:09:31,280 --> 00:09:33,640 attacking another quantum computer because they that 185 00:09:33,640 --> 00:09:35,080 quantum computer doesn't have security. 186 00:09:35,360 --> 00:09:39,640 So that hybrid model is actually consensus in the industry that 187 00:09:39,640 --> 00:09:41,520 is getting together. And in the future, you will have 188 00:09:41,520 --> 00:09:45,360 both assets into one company, which is a great opportunity for 189 00:09:45,360 --> 00:09:49,000 us because we can go from 1 billion to 25 billion, which is 190 00:09:49,000 --> 00:09:51,360 what the quantum computers are having now. 191 00:09:52,160 --> 00:09:54,480 Yeah, it's tremendous growth and there's clearly a lot of value 192 00:09:54,480 --> 00:09:57,160 that'll be generated for decades to come. 193 00:09:57,160 --> 00:09:59,320 To your point, there's also revenue growth, there's earnings 194 00:09:59,320 --> 00:10:01,200 growth, there's valuation growth. 195 00:10:01,200 --> 00:10:03,800 So there's a tremendous amount of quantum growth, pardon the 196 00:10:03,800 --> 00:10:07,680 pun, ahead here for you. Congrats on being there. 197 00:10:07,680 --> 00:10:10,560 So let's talk about timeless lessons, Carlos, you've learned 198 00:10:10,560 --> 00:10:12,360 along the way that you'd like to share with the audience. 199 00:10:12,360 --> 00:10:13,840 You've been doing this for decades now. 200 00:10:14,680 --> 00:10:17,520 You're founder and CEO of a very successful startup. 201 00:10:17,520 --> 00:10:18,720 You've got your finger on the pulse. 202 00:10:18,960 --> 00:10:21,080 What are some timeless lessons you've learned along the way 203 00:10:21,080 --> 00:10:23,040 about life, business, relationships? 204 00:10:23,040 --> 00:10:27,280 Anywhere you want to go, please. So I think you need to be 205 00:10:27,280 --> 00:10:31,280 focused on something. I think, you know, I live in 206 00:10:31,280 --> 00:10:32,800 Geneva. When the World Wide Web was 207 00:10:32,800 --> 00:10:37,160 invented, there was invented in Geneva and at that time that was 208 00:10:37,160 --> 00:10:40,360 kind of naive vision that everybody will connect and 209 00:10:40,360 --> 00:10:43,440 everybody will be happy and sharing and friendly. 210 00:10:44,280 --> 00:10:49,040 Obviously that last few years and then the Web 2.0 arrive with 211 00:10:49,600 --> 00:10:52,480 social media and companies taking your data and taking your 212 00:10:52,480 --> 00:10:56,920 identity and developing very addictive models which basically 213 00:10:56,920 --> 00:10:59,680 contradicted the original vision of the web. 214 00:10:59,680 --> 00:11:01,480 You know what was invented by Timus Lee. 215 00:11:01,800 --> 00:11:06,960 So now we are in the Web 3.0, which is a correct of the abuses 216 00:11:06,960 --> 00:11:11,040 of the Web 2.0, which is again decentralizing the power of the 217 00:11:11,040 --> 00:11:13,560 technology to the person, to the human. 218 00:11:13,960 --> 00:11:16,440 And and this is it goes against the business models. 219 00:11:16,440 --> 00:11:18,320 So very big companies. So it's going to be a fight, 220 00:11:18,320 --> 00:11:20,200 right? Because a lot of companies have 221 00:11:20,200 --> 00:11:23,440 been making a lot of money by just data mining data and 222 00:11:23,440 --> 00:11:27,240 collecting identities and making captive the users to those 223 00:11:27,240 --> 00:11:30,160 platforms. The web 3.0, which is also the 224 00:11:30,160 --> 00:11:33,480 web that uses Quantum, it's a decentralized web. 225 00:11:33,480 --> 00:11:36,800 So we are not only connecting billions of people, but we are 226 00:11:36,800 --> 00:11:38,800 not connecting trillions of objects. 227 00:11:39,000 --> 00:11:40,560 So this is the big opportunity, right? 228 00:11:40,560 --> 00:11:44,600 Well, if you have a company and you develop a solution like 229 00:11:44,960 --> 00:11:48,560 address to protecting people, you have a very small ecosystem 230 00:11:48,560 --> 00:11:51,360 available to you. When you do that for objects, 231 00:11:51,960 --> 00:11:56,600 then this ecosystem is very big. Yesterday, the Amazon founder 232 00:11:56,760 --> 00:12:00,360 just launched an AI which will be for the physical world. 233 00:12:00,360 --> 00:12:01,840 And that's a very interesting concept. 234 00:12:01,840 --> 00:12:05,800 The physical world is your house, is your car, is your 235 00:12:05,800 --> 00:12:10,480 airport, is your city, is your hospital, is your facility. 236 00:12:10,480 --> 00:12:13,800 So all that needs to be secure, and this was not secure before. 237 00:12:14,080 --> 00:12:16,680 So in a journey of entrepreneurs, you need to be 238 00:12:16,680 --> 00:12:20,240 very focused on a vision, on a problem that you want to solve. 239 00:12:21,160 --> 00:12:25,320 But I always say that money follows ideas and no ideas 240 00:12:25,320 --> 00:12:28,160 following money, right? So, so that means that if you 241 00:12:28,160 --> 00:12:31,120 have a very clear vision of a problem that you want to solve, 242 00:12:31,120 --> 00:12:34,800 like quantum security, you're going to get a very successful 243 00:12:34,800 --> 00:12:38,280 company because so you will need to be very focused on delivering 244 00:12:38,480 --> 00:12:41,280 milestone in that journey. At the beginning it will be very 245 00:12:41,280 --> 00:12:45,240 difficult eventually, but if you're with perseverance and 246 00:12:45,240 --> 00:12:48,320 hard work, you're going to make it happen sooner or late. 247 00:12:49,120 --> 00:12:50,680 We absolutely love it. Well, OK, let's talk about the 248 00:12:50,680 --> 00:12:52,240 flip side of that. This timeless lessons. 249 00:12:52,240 --> 00:12:54,960 How about timeless mistakes? What are some that either you've 250 00:12:54,960 --> 00:12:56,200 made, you've seen other people make? 251 00:12:56,200 --> 00:12:58,240 How do you learn from them so you avoid them or don't repeat 252 00:12:58,240 --> 00:13:01,640 them? So I think the concept of 253 00:13:01,640 --> 00:13:06,440 mistake when you're working on tech, it's actually a different 254 00:13:06,440 --> 00:13:10,440 concept than when you're working in in normal life activities, 255 00:13:10,880 --> 00:13:14,120 because a mistake is the component of a learning curve. 256 00:13:15,400 --> 00:13:18,280 All technologies based on trials, you know, you try 257 00:13:18,280 --> 00:13:20,720 something, sometimes it works, doesn't work, but that 258 00:13:20,760 --> 00:13:23,720 information is actually aggregated. 259 00:13:23,840 --> 00:13:26,800 This is the same way you are training AI, by the way, AI is 260 00:13:26,800 --> 00:13:29,320 being trained the same way. It's always to optimize in 261 00:13:29,320 --> 00:13:31,400 something, then doesn't work well. 262 00:13:31,400 --> 00:13:33,720 So it can work better with the help of AI. 263 00:13:34,240 --> 00:13:39,440 So the, the, the important thing on, on failure is to break the 264 00:13:39,440 --> 00:13:44,080 failure into blocks. You know, so you decompose what 265 00:13:44,080 --> 00:13:47,600 a failure is and you're trying to get the good things of it and 266 00:13:47,600 --> 00:13:50,560 you incorporate that into your learning process. 267 00:13:50,800 --> 00:13:53,440 And then you're trying to improve on the things that you 268 00:13:53,440 --> 00:13:55,480 actually make a very big mistake. 269 00:13:55,480 --> 00:13:58,840 And, and those things are, if they are identifiable in a 270 00:13:58,840 --> 00:14:01,520 different way from the block, you can solve that much easier. 271 00:14:01,840 --> 00:14:05,760 So the traditional failures of companies is like you start to 272 00:14:05,760 --> 00:14:10,680 strong, you get excited because suddenly like I did this year, I 273 00:14:10,680 --> 00:14:13,720 raised $450 million. So you wanna use that money 274 00:14:13,720 --> 00:14:15,760 immediately to make acquisitions. 275 00:14:16,120 --> 00:14:20,800 You then have a problem of managing that growth mixing 276 00:14:20,800 --> 00:14:23,240 culture when you buy a company. I just bought three companies 277 00:14:23,240 --> 00:14:26,400 this year and one of the major issues we had is, is feeding the 278 00:14:26,400 --> 00:14:29,840 culture right So people can work together and then they are not 279 00:14:29,840 --> 00:14:33,240 being used to work together. So the human aspect of it is 280 00:14:33,240 --> 00:14:35,960 always the more complex thing. Technology is much easier to 281 00:14:35,960 --> 00:14:37,680 integrate the human interactions. 282 00:14:38,120 --> 00:14:40,800 And this is the the thing entrepreneurs need to be very 283 00:14:40,800 --> 00:14:45,680 careful when they go into a very high exponential growth path not 284 00:14:45,680 --> 00:14:49,680 to make those mistakes. They're obviously situations 285 00:14:49,680 --> 00:14:52,800 where you don't care if you don't make those mistakes 286 00:14:52,800 --> 00:14:56,560 because the end game is so big. Like open AI, right, To develop 287 00:14:56,560 --> 00:14:59,040 an EGI. They are making a huge amount of 288 00:14:59,040 --> 00:15:01,320 mistakes every day. They make a huge amount of 289 00:15:01,320 --> 00:15:03,200 mistakes, but the end goal is so big. 290 00:15:03,680 --> 00:15:07,840 The benefit of that is so high, so, so rich that that you don't 291 00:15:07,840 --> 00:15:11,640 mind and those mistake be made. So the same thing applies in 292 00:15:11,640 --> 00:15:13,320 quantum. I mean, the quantum computer is 293 00:15:13,320 --> 00:15:16,560 a new generational Internet generation. 294 00:15:16,560 --> 00:15:20,680 Basically, we are moving from things that we normally do with 295 00:15:20,680 --> 00:15:24,600 traditional security to an extrapolation of power and 296 00:15:24,600 --> 00:15:26,440 security. And that needs a different type 297 00:15:26,440 --> 00:15:30,000 of mindset. You're going to have super 298 00:15:30,000 --> 00:15:35,320 intelligent devices that will be fed by unlimited computational 299 00:15:35,320 --> 00:15:38,560 power that they are gonna make decisions for you, like AI 300 00:15:38,720 --> 00:15:43,800 agents. And those AI agents, now imagine 301 00:15:43,800 --> 00:15:46,280 they're really very performing now with a very low 302 00:15:46,280 --> 00:15:49,160 computational power. Imagine that when it gets 303 00:15:49,400 --> 00:15:53,640 extrapolated in unlimited computational capabilities, so 304 00:15:54,080 --> 00:15:58,160 quantum computer will accelerate AI to EGI and there we are 305 00:15:58,160 --> 00:16:02,240 entering into a total different paradigm shift around where we 306 00:16:02,240 --> 00:16:05,600 are not any more in control for first time in the evolution of 307 00:16:05,600 --> 00:16:08,520 human you have something which is more intelligent than we are 308 00:16:08,800 --> 00:16:10,280 and and we are not used to have that. 309 00:16:10,760 --> 00:16:14,680 So, so that will that will require a huge risk assessment 310 00:16:14,680 --> 00:16:17,600 and and put the right the right recommendation or regulations to 311 00:16:17,600 --> 00:16:19,680 avoid that this becomes uncontrollable. 312 00:16:20,320 --> 00:16:22,640 Yeah, I love what you just said. There were mistakes or part of 313 00:16:22,640 --> 00:16:24,960 the learning curve. It's brilliant, absolutely 314 00:16:24,960 --> 00:16:26,720 brilliant. So thank you for that. 315 00:16:27,080 --> 00:16:28,880 All right, next question for you, Carlos. 316 00:16:28,880 --> 00:16:31,360 Let's talk about leadership. What makes a great leader? 317 00:16:31,360 --> 00:16:33,320 What are some lessons you've learned about leadership? 318 00:16:33,320 --> 00:16:35,560 Anything else you want to share with about leadership please? 319 00:16:36,640 --> 00:16:39,280 Yeah. So, so I mean, I would say the, 320 00:16:39,360 --> 00:16:42,080 the, the best leader is the, is the one that serves better, 321 00:16:42,080 --> 00:16:45,320 right. So leadership means that you 322 00:16:45,320 --> 00:16:48,360 need to be very accessible to the talent pool that you are 323 00:16:48,360 --> 00:16:51,600 able to collect because they trust you as a leader because 324 00:16:51,600 --> 00:16:54,680 they, you know, they, they, they see your vision and they see 325 00:16:54,680 --> 00:16:56,560 then you are executing on that vision. 326 00:16:56,920 --> 00:17:01,840 But that should be return back to them by empowering them. 327 00:17:01,840 --> 00:17:06,079 I always say that you know human has an amazing unleashed 328 00:17:06,079 --> 00:17:11,200 capability that can be unleashed with the right leadership 329 00:17:11,200 --> 00:17:13,640 process. So if you are like we are in our 330 00:17:13,640 --> 00:17:17,319 companies, you know, we don't have those vertical structure. 331 00:17:17,319 --> 00:17:20,560 We are very, I always say that regardless the number of 332 00:17:20,560 --> 00:17:24,079 employees that we have, let's maintain the startup spirit. 333 00:17:24,359 --> 00:17:28,240 Let's let's not create verticalization or silos or 334 00:17:28,240 --> 00:17:33,160 power blocks, then avoid the data and the knowledge to 335 00:17:33,160 --> 00:17:36,560 circulate. So we always see like, like your 336 00:17:36,560 --> 00:17:40,000 human body, you know, you have cells, you have organs, you have 337 00:17:40,440 --> 00:17:42,800 so many things and they are controlled by your brain, but 338 00:17:42,800 --> 00:17:44,920 you don't even realize that you are doing that on daily. 339 00:17:45,080 --> 00:17:47,840 Basically, there's not a permissional process in, in the 340 00:17:47,840 --> 00:17:50,280 human nature, right? Or in the, in the nature itself. 341 00:17:50,520 --> 00:17:53,080 So if you, we copy that and we apply that to companies, we 342 00:17:53,080 --> 00:17:56,280 create very successful, very large companies without falling 343 00:17:56,280 --> 00:17:59,160 in the mistakes or those multinationals. 344 00:17:59,160 --> 00:18:03,400 Then they become too heavy, too slow and too easy to, to, to 345 00:18:03,560 --> 00:18:06,600 basically bring them into the legacy wall because they cannot 346 00:18:06,600 --> 00:18:09,520 move fast enough. The companies on the future and 347 00:18:09,520 --> 00:18:11,920 the leadership of the future will not necessarily be only 348 00:18:11,920 --> 00:18:14,440 judged by the money you make, but but by the good that you 349 00:18:14,440 --> 00:18:17,560 create. The goodness is an asset that 350 00:18:17,560 --> 00:18:21,640 has not been properly, this is an intangible asset, right. 351 00:18:21,960 --> 00:18:24,040 But in the future that intangible asset is going to 352 00:18:24,040 --> 00:18:27,560 become a tangible asset because we, we going to have, we are 353 00:18:27,560 --> 00:18:29,800 going to be in a situation where we're going to have more time, 354 00:18:30,040 --> 00:18:34,200 more resources, more software behind host, more computational 355 00:18:34,200 --> 00:18:37,880 capability to solve very serious problems that we were not able 356 00:18:37,880 --> 00:18:41,000 to solve until now. And that will create another 357 00:18:41,000 --> 00:18:44,080 type of leadership structure. I mean leaders will then be 358 00:18:44,080 --> 00:18:47,640 judged by the efficiency on solving those problems than just 359 00:18:47,640 --> 00:18:50,120 by making a lot of money and have a good quarter on the stock 360 00:18:50,120 --> 00:18:52,800 market, right. So that that's going to be the 361 00:18:52,800 --> 00:18:55,080 the shift in the future. I love that. 362 00:18:55,080 --> 00:18:58,200 So thank you very much for that overview about leadership. 363 00:18:58,200 --> 00:19:00,360 Let's talk about adversity being successful. 364 00:19:00,360 --> 00:19:02,320 You have to learn how to overcome adversity and 365 00:19:02,320 --> 00:19:04,320 obstacles. How do you handle adversity and 366 00:19:04,320 --> 00:19:05,840 what are some obstacles you had to overcome? 367 00:19:07,040 --> 00:19:11,000 So when when you create a company, you are alone at the 368 00:19:11,000 --> 00:19:14,000 beginning, then you have to bring a person, another person, 369 00:19:14,000 --> 00:19:18,200 a five person, a ten person, 100 persons and and basically you 370 00:19:18,200 --> 00:19:20,960 are expanding the problem solving capability. 371 00:19:20,960 --> 00:19:23,920 Then you will have first by solving your own problem. 372 00:19:23,920 --> 00:19:26,560 I mean, when I when I say leaders, then they they try to 373 00:19:26,560 --> 00:19:28,680 solve somebody else problem before solving their own 374 00:19:28,680 --> 00:19:30,520 problem. It's actually very difficult, 375 00:19:30,520 --> 00:19:32,360 right? Because that that will that will 376 00:19:32,360 --> 00:19:34,880 bring you down sooner or late. I mean, you're you, you have to 377 00:19:34,880 --> 00:19:40,120 be a very kind of wise person if we're going to call that word 378 00:19:40,120 --> 00:19:44,400 like a person that is able to solve all the major challenges, 379 00:19:44,400 --> 00:19:47,560 life, my, my, my present to you and convert them into into 380 00:19:47,560 --> 00:19:50,120 solution. And then as you move forward, 381 00:19:50,600 --> 00:19:54,000 you will be able with that example on that leadership, help 382 00:19:54,000 --> 00:19:56,080 others to integrate into that motion. 383 00:19:56,080 --> 00:20:02,520 I mean, I think although we need to look into things that can go 384 00:20:02,520 --> 00:20:06,400 wrong, I think the forces should be on things can go right 385 00:20:06,840 --> 00:20:10,160 because by thinking of where can go wrong, you are actually 386 00:20:10,160 --> 00:20:14,280 focusing on the wrong issues. By focusing on things where it 387 00:20:14,280 --> 00:20:18,120 can go right, it will create a situation where you will be more 388 00:20:18,120 --> 00:20:20,480 effective on solving things than can go wrong. 389 00:20:20,880 --> 00:20:22,480 But obviously the things can go wrong. 390 00:20:22,480 --> 00:20:26,080 As I mentioned before, is scaling too fast is having a 391 00:20:26,080 --> 00:20:29,520 situation where your ego takes over and you think you are the 392 00:20:29,520 --> 00:20:32,960 master of the universe when you're the knowledge comes from 393 00:20:33,000 --> 00:20:35,960 a combination of talent and you are able to bring into your 394 00:20:35,960 --> 00:20:40,280 company to be following money all the time, funding, 395 00:20:40,320 --> 00:20:43,120 fundraising all the time versus focusing on developing your 396 00:20:43,120 --> 00:20:46,280 product. And and as I said before, money 397 00:20:46,280 --> 00:20:48,840 follows idea. Money's aware of your idea 398 00:20:48,840 --> 00:20:52,240 already and the money would knows that this idea could 399 00:20:52,240 --> 00:20:54,920 eventually become very profitable for that money 400 00:20:54,920 --> 00:20:57,440 source. So you don't have to necessarily 401 00:20:58,080 --> 00:21:00,560 focus too much on that. You have to focus on developing 402 00:21:00,560 --> 00:21:04,400 products then solve concrete problems and not products that 403 00:21:04,600 --> 00:21:07,400 that incentive A shareholders or investor to invest in your 404 00:21:07,400 --> 00:21:11,720 company, which is in many cases the the reason why people create 405 00:21:11,720 --> 00:21:15,680 company just to raise money. So, so if you go into that road 406 00:21:15,680 --> 00:21:19,600 map, you will be very successful and you will be able to transfer 407 00:21:19,600 --> 00:21:22,080 that model of their leadership inside your organization. 408 00:21:22,920 --> 00:21:24,280 Absolutely love it. Well, thank you for that. 409 00:21:24,280 --> 00:21:26,560 Final question for you today, Carlos, What is the best piece 410 00:21:26,560 --> 00:21:29,280 of advice you'd like to give the audience or your 30 year old 411 00:21:29,280 --> 00:21:31,920 self? So never give up. 412 00:21:32,400 --> 00:21:34,800 That's the, it's like an athlete, right? 413 00:21:34,800 --> 00:21:38,080 I mean, an athlete before it gets into the Olympic game, it 414 00:21:38,080 --> 00:21:41,200 has to do go into, into many, many steps. 415 00:21:41,200 --> 00:21:43,840 Going into the NASA is like joining the Olympic Games of 416 00:21:43,880 --> 00:21:46,560 finance, right? You're going to be there 417 00:21:46,560 --> 00:21:49,080 together with many other champions that have done the 418 00:21:49,080 --> 00:21:51,760 same. But before that, you, you have 419 00:21:51,760 --> 00:21:54,760 to maintain that spirit the day. Then you, you do the bell 420 00:21:54,760 --> 00:21:57,080 ceremony, which I did it several times already. 421 00:21:57,400 --> 00:22:01,560 It's actually a day where all the collective forces and, and 422 00:22:01,760 --> 00:22:05,160 goodwill of the company comes together into a celebration. 423 00:22:05,320 --> 00:22:07,200 So I think that should be the inspiration, all of it. 424 00:22:07,200 --> 00:22:10,720 Any leader is to keep, keep training. 425 00:22:10,720 --> 00:22:13,000 You're not going to be immediately able to compete in 426 00:22:13,000 --> 00:22:14,520 the Olympic Games. You're going to have to go 427 00:22:14,520 --> 00:22:16,440 through a lot of fight before getting there. 428 00:22:16,440 --> 00:22:20,400 A lot of training, a lot of hard work, a lot of sacrifices, but 429 00:22:20,400 --> 00:22:23,400 the good news is that one day you're going to be also able to 430 00:22:23,440 --> 00:22:25,760 ring the bell. Absolutely love it. 431 00:22:25,760 --> 00:22:27,600 Well, Carlos, thank you so much for taking the time. 432 00:22:27,600 --> 00:22:30,240 Thank you for what you're doing. A lot of good here helping us 433 00:22:30,240 --> 00:22:33,600 protect about future risks with quantum computing security, and 434 00:22:33,600 --> 00:22:34,760 hopefully we'll have you on again soon. 435 00:22:34,760 --> 00:22:37,560 This is absolutely fantastic. Thank you very much, Adam for 436 00:22:37,560 --> 00:22:39,560 your time as well. Look forward to continue 437 00:22:39,560 --> 00:22:40,760 discussing with you in the future.