Ep. #841 - A New Retail Concept

00:01.40
Andrew Morgans
What’s up, Hustlers! Welcome back! Andrew Morgans here, founder of Marknology, covering all things e-commerce, entrepreneurship, and today, even a little real estate. It’s gonna be awesome!
I want to tie in our stories of both me and my guest today. You know we have eCommerce background and Airbnb background or short-term rental. I guess I should say so. We’re going to get into some of the similarities there and really get to share a fun story with you today. We’re talking about a new retail concept focused on short-term rentals.
But before we get started today’s episode of Startup Hustle is sponsored by Canva, where you go to collaborate and create amazing graphic design for free. Whether it’s a presentation to share an idea, a video to launch your business, or social posts to start a conversation. With Canva, you can design anything and discover the magic of visual communication. Canva helps you create a lasting impact today. Visit http://canva.com to learn more.
Thankful for our sponsors. They really help us promote the show and help us do everything that we do. We try to bring all of our content for free to everyone. And really, just drop as much value content, and knowledge as we can. But without further ado, Mark Hostofsky, welcome to the show!
01:06.40
Marc
Nailed it. Thanks, good to be here.
01:40.72
Andrew Morgans
Let’s talk. Let’s get to know you a little bit and get our listeners to know you a little bit. You started in eCommerce. But does it start before that? When did you know you’re going to be an entrepreneur or that entrepreneurship was for you?
02:07.44
Marc
Oh, that’s a good question. I’ve always admired entrepreneurs. I love how I built this. This was like fuel for me. I love listening.
02:20.62
Andrew Morgans
Canvas Episode have you listened to that one? Okay, yeah, that on how I built this. It was a great one.
02:27.41
Marc
I love these stories of people. You know these incredible stories of people overcoming adversity and building something. So I always loved it. I don’t know if I ever thought I had what it took to be honest. It was always aspirational for me.
02:33.77
Andrew Morgans
Yeah.
02:46.27
Marc
And I had started a few businesses like when I was you know I sold I was like a decent I was decent at drawing when I was a kid and so I remember selling like pictures for like thirty five-fifty cents you know um yeah so then I enjoyed that.
02:53.56
Andrew Morgans
Yeah, hustling what I didn’t know I was going to be an entrepreneur either kind of just like fell into it. It was more like solving a problem then I guess I was like okay I got a business I didn’t even know how to spell the word much in us pronounce it probably.
03:04.32
Marc
Yeah.
03:13.40
Andrew Morgans
Um, but no so okay, let’s talk about just like you know coming up like did you were you just gonna be a businessman like what was your goals I guess initially or where you find yourself? okay.
03:22.26
Marc
Yeah, so I grew up outside of Boston in a town called ah Medfield nice town. My mom’s a teacher. My dad works for the state. He’s a sign language interpreter I’m a coda actually so I don’t know if you see it in the movie but my mom’s deaf my mom. My sister both deaf. So i.
03:32.18
Andrew Morgans
Okay, that’s okay. Okay, that’s super cool. My best friend’s mom is my best. My best friend’s mom signs at school. So we yeah use. My first friend America we’ve been best friends ever since and his mom you know so I was I’ve been over there a lot.
03:40.81
Marc
I Know sign language that was a big part of my life. I don’t think I really knew oh really.
03:57.98
Andrew Morgans
And she’d have kids over and things like that. So wasn’t something in my family but I did grow up. Um, yeah I did.
04:00.30
Marc
You got exposure to it. Yeah, yeah, it’s an incredible language. It’s like I love it? Um, but yeah, growing up, I didn’t really know what I wanted to do. My parents were like anti-business. You know, like they weren’t my mom was a teacher. My dad…
04:19.93
Marc
Again work for the state of Massachusetts he’s an interpreter and so I remember like when I was going to college. Yeah, my dad’s like you don’t want to go. You know you don’t want to go be in business because they have these perspectives of businessmen like for business people. You know they’re greedy and it’s like cutthroat.
04:34.33
Andrew Morgans
Well, I do think I I heard this recently just add a couple of cents to that like I heard this recently that um you know our parents feel that way because ah big business at the time there was very few businesses that were getting seen or marketed from radio to Tv like you just heard from the very big corpse.
04:51.77
Marc
Yeah.
04:53.78
Andrew Morgans
And those corporations blanketed everything else. And they were corrupt. And so it was easy to draw and I’m simplifying a very complex thing, right? But it was very easy to draw a straight line to like money is evil because there wasn’t a lot of press outside of that or what they seemed to know and they were selling.
05:04.80
Marc
Yeah.
05:12.48
Andrew Morgans
You know they were selling stuff that was a hoax. And so it just became like don’t get sold to and money is the root of all evil. I grew up a missionary kid. My parents taught English overseas. So till I was 16 I knew that business wasn’t my thing. I did music.
05:21.57
Marc
Yeah, yeah.
05:30.97
Andrew Morgans
For free almost you know it was like money doesn’t matter. I don’t need money to be happy. And even now in my thirties I deal with believing that those things aren’t for me at times. That’s why business wasn’t something I ever thought of. I was always cause-based and that’s why I love building.
05:49.60
Andrew Morgans
Businesses and helping others, I think it is kind of mirrors; those too. I think we’re gonna get into that. So I’m setting you up on a T ball there. Ah no, but no I get it. Like having parents like that. I think a lot of us can relate to that just being like money isn’t everything.
06:04.32
Marc
I got to college, I loved economics. It was just so interesting to me like, really understanding like productivity and value creation. And where supply meets demand and so that sort of like got me. This is cool. This is interesting how this whole system works. And then fresh out of college I took a sales job. I was basically cold calling and learned to appreciate sales and getting those getting people to say yes.
06:38.59
Andrew Morgans
Um, yeah.
06:39.10
Marc
Turning a no into a yes, someone’s like I don’t know if I this is for me and being like well like that was such an adrenaline rush and then obviously you know eventually and if you’re good at sales you’re in a sales job commission base like you end up making the good amount of money so like I remember when I was like the year I turned 25.
06:53.40
Andrew Morgans
Yep.
06:58.17
Marc
Remember I was like Wow shit I’m making like more money significantly more than both my parents combined you know, um and if it was a weird feeling for me because I I didn’t really feel like you know my parents worked really hard and I was like it felt weird I was like it’s It’s like this easy to make this much money. But.
07:05.99
Andrew Morgans
Ah.
07:15.70
Andrew Morgans
Yep.
07:17.86
Marc
But I definitely started to fall in love with sales and I think as a result of business I then ah I had this job at a company called cev now actually purchased by Gartner now. That’s where I was in my sales job I was selling research to banks basically and a friend of mine. Had reached out and said hey I just joined this company called http://jet.com they’re looking for salespeople you be interested I was like ah, probably not. You know like I’m doing pretty well here like now at this point I was in Washington dc I’d gone down there for work and then Jet was in Hoboken.
07:46.56
Andrew Morgans
Were you still in Boston at the time?
07:57.17
Marc
New Jersey um and so I was like I’m not really interested but I loved entrepreneurship so was like it was like I got to interview with chief revenue officer Scott Hilton and a lot of I was like oh go I want to like yeah I want to talk to these people and. I walked into like an lpq in New York I was there meeting with like banks I think as part of my day job and I went ah and I met down I sat down talked to the team at jet and you know basically they were like hey Amazon’s great Amazon’s an incredible company. But Amazon’s entire ecosystem is designed around getting you one package as quickly as possible and that’s expensive. There’s no way around it shipping one-off items and getting them to you quickly. It’s expensive and like and if you were to build a different type of ecosystem. Was really optimized around getting people to order 3 4 5 six seven items you know and you rewarded them if they waited for 3 to five days you know you paid you they saved, even more, you’re like you could build something really really big and suddenly you have this pretty significant cost advantage. Over the biggest player in the industry and yeah I was like on and I’m like paraphrasing but just this like the fascinating concept and I was there for 30 minutes flew by like before I knew it I was like shit I got to like get to this meeting. Um, and I remember walking away and being like how could I possibly.
09:22.76
Marc
Go back to selling research to banks when I know there’s this awesome company. That’s like working on something big and there you know they’re going after it and yeah, that was it I.
09:35.30
Andrew Morgans
It’s looking backward versus looking forward just by default of the job right? 1 is like research and data, and you know you’re pulling that together and saying look what’s happened in the past you know, um and the other one is like innovation and creation and growth and.
09:38.51
Marc
Yeah.
09:51.41
Andrew Morgans
Just feels like a difference in positive versus negative you know? Regardless um I like leaving I like leaning into that positive side. Regardless, you know there’s money to be made on both sides sure. But if I have to choose one. It’s like I like thinking about growth and innovation.
09:53.55
Marc
Um, yeah.
10:07.50
Andrew Morgans
And honestly, I’d never heard that from jet before as far as like that was kind of their value or their offer prop. Um, I remember being a new marketplace I remember like so you know submitting brands to be launched and we were applying those techniques on Amazon for brands like you know that’s what we do as far as like Marknology and my company. Never trying to sell it that much but like we know it was working with brands to be like we’re gonna need a 3 or 4 pack you know of items and it was like kidding items and creating combos in order to get any kind of profitability and so instead of 3 or 4 picks. Yeah, exactly those are the things we do to get profitable. Um, so.
10:32.22
Marc
Yeah, yeah, again, those unit economics right? exactly? yeah.
10:44.72
Andrew Morgans
For Jet to offer that is like that was the brains around what they were doing for lack of a better word. That’s pretty cool I didn’t know that.
10:50.83
Marc
Yeah, and that’s when you know going back to the first question you asked? That’s when I saw you know incredible operators like Mark Laurie like Scott Hilton like Liza Landsman who are all now doing other crazy things. Seeing them run the show and get stuff done. Um was what really inspired me to want to be an entrepreneur and just seeing you know when you’re part of a journey where you see a company that doesn’t exist yet. You know I joined prelaunch and then seeing it go from that to doing 80000000 in revenue or GMV within a ten-month period, I didn’t even know that was possible but when you’re inside it and you see it happen. You’re like wow, and that was when I think.
11:36.97
Andrew Morgans
That was awesome.
11:43.68
Marc
When I went from being just like an entrepreneur like an aspiring entrepreneur I was like oh this would be so cool if I could Romeo business to sort of like and like I think I can I think I have what it takes I think I can do this on my own and so when I had the idea from Minoan and it sort of gave me that confidence I was like I I know how to like set things up I know how to grow.
11:54.20
Andrew Morgans
Um, yeah.
12:03.45
Marc
And how to manage a business I know how to manage a team. You know I know how to pitch and how to sell and yeah, just went from there. Oh yeah.
12:07.58
Andrew Morgans
I think knowing how to sell is the number one skill because you can have an amazing offering or an amazing product if you don’t know how to sell it. You know you’re dead in the water so I was a bartender. Um.
12:19.36
Marc
Yeah.
12:24.26
Andrew Morgans
I don’t you know I don’t love selling stuff I’m more like a passive seller like I would just rather show you my stuff’s really good and it works you know, kind of person, and then here’s 3 case studies already did it like he should get on board. You know versus like the knock on doors and tell them they need Christ kind of thing you know, ah and it works both of them work. You know, but.
12:28.61
Marc
Yeah.
12:33.97
Marc
Yeah.
12:41.40
Marc
Both work. Yeah.
12:43.88
Andrew Morgans
But I do think like selling or being able to at least get out there and say hey I have something great and I give me 2 minutes and let me sell it to you like that’s a skill that every entrepreneur has and I’m glad that you sought out that answer for you know, kind of where you got the bug or where you first thought like that could be a thing. I think making mental notes of those big moments in general like you know as Minoan continues to grow. Whatever at least I um have found so much value in being able to look back and being like that was that moment that was ah you know or maybe you meet that you get that one employee or that partner or that team member that like changes. Everything.
13:18.73
Marc
Yeah.
13:20.13
Andrew Morgans
And you know you get them on your team and you’re like that’s when we just launched. Okay, so we haven’t talked about Minoan yet. But you’re part of the jet team they scaled at 80000000 in ten nine-ten months. Where do we go from there?
13:33.35
Marc
Yeah, so the founders sold that business to Walmart in August 2016 for 3.3 billion that was like ten months I think like a year.
13:40.10
Andrew Morgans
So how long were they a business?
13:52.30
Marc
Yeah, so I mean live. So there’s a year ahead of April 2014 when it was like napkin day. I think that was when Mark had the idea for jet on like a napkin. So that’s when the idea originated but then you know within a year of that there are already like 50 of us. And then three months after that, I think we launched. Then like a year after that, the business was sold. Well, it happened very quickly.
14:22.18
Andrew Morgans
That’s cool. Well, we sell brands on Walmart so I guess essentially I’m on the jet platform now. Eventually, Walmart was dead in the water until they bought jet so I had tried Walmart. And you know something, you notice and we’re gonna talk about as we talking getting to Minoan but is.
14:27.50
Marc
Yeah, yeah, yeah, you are.
14:40.15
Andrew Morgans
The different marketplaces and how they’re making decisions on what to have in retail. It’s just changing so much that you know http://walmart.com, http://amazon.com, these http://homedepot.com for example, are becoming these marketplaces are becoming the place where the buyers go to look. Say hey what products are selling well these are what we want to keep in the store, and you know just it’s just a crazy time watching it all change and you know how brands are adapting to keep it authentic to keep it real to keep it like you know, personalized. So boom boom you’re there then you’re like part of something. Absolutely amazing. I’m honestly even just trying to wrap my head around a startup that goes to eighty million and ten months as someone is you know shot and built my own business and it’s felt like it’s taken a lifetime almost you get here.
15:27.86
Marc
Yeah, jet was not bootstrap. They raised a ridiculous you know lot of money, so it’s an incredible feat. But yeah, certainly easier if you’re if you have a few 0 behind you. But yeah, it was still crazy.
15:34.77
Andrew Morgans
Um, I know it’s different.
15:42.23
Andrew Morgans
But what a lesson. What? Not even a lesson. What an experience for you to be a part of that. Not really the one pulling the strings, but like you said, you know getting the confidence of seeing these great people around you inspiration. Be like doing it and being like I want to take a swing at that.
16:01.20
Marc
Yeah, now well jet as part of the deal. You know a lot of jet people moved over to the Walmart side. But I mean it was one of the reasons Walmart bought jet is because there’s the incredible talent there I mean it was like.
16:01.96
Andrew Morgans
Jet cells to Walmart you don’t stay with them.
16:16.73
Andrew Morgans
Um.
16:20.43
Marc
Also inspiring for me to just be surrounded by so many smart people doing all sorts of stuff. The best engineers, the best marketers, the best salespeople, the best product managers, the best accountants. But that was part of the reason why we’re bought Jet they wanted all those people and so I took over. Pretty large P and L at Walmart it’s about $400000000 P and L Walmart was moving towards on the channel ownership.
So historically, like the e-commerce team was managed separately from the stores’ team, they were moving towards you know can we get centralized ownership and you know have someone manage both sides of that. So I obviously spent a ton of time managing the eCommerce side. But I also spent a lot of time in Bentonville working with the stores team doing walkthroughs looking at the mod I even did a trip to shanghai basically for walkthroughs to look at all the manufacturers and stuff there and um, yeah, just at this moment.
17:06.72
Andrew Morgans
Cool.
17:15.11
Marc
Kind of comparing like the experience we got to have with the products as the buyers versus like what our customers actually experience and so like as a buyer like you’re having these very rich interactions with these products So when we were getting fitness equipment like we’re getting samples and then we’re testing it. Functionality Durability programming is comfortable. How much space does it take up like really putting these things through the wringer and you’re like yo This is great. This our customers are gonna love this. Let’s bring it into inventory. But then by the time your customers are experiencing that product like that very rich interaction that the buyer has now that’s distilled down.
17:53.40
Andrew Morgans
Um.
17:53.37
Marc
Basically images and copy. So. It’s either images and copy on the eCommerce site, or you’re scrolling through images and reading inscription, or it’s images and copy printed on a cardboard box. You know that’s on a shelf. Just couldn’t get over that because I felt like it was tough to really communicate. What made the product so special. You can do a lot with images and copy. But some things you can’t do just in images and coffee. You know like and the and the clear example is like you can’t really explain how a scented candle Smells. You know if you’re buying a candle online in particular, you’re kind of like okay like.
18:20.31
Andrew Morgans
Yep.
18:32.19
Marc
Burnt citrus, I like the sound of that that could smell good I think yeah, you just you have to connect the dots and so I became really focused on what we now call native retail which is like let’s just put products in places where people can actually use them. You know you can hop on the peloton bike you can sleep on the mattress. You can use the Apple Tv you can use the coffee machine you can cook with you know the pots in the pants and make those environments shoppable you know and see what happens and so um, that’s that’s sort of what inspired. No, and because I was like well man if you’re going to make that stuff shop like where do you put them and so the thought was well, look at all these massive short-term rental markets. And think about the moments being created between people and products in those spaces. Yeah.
19:17.82
Andrew Morgans
Let’s talk about your stay at a short-term rental and your personal experience I think that that kind of brings it to life there.
19:23.58
Marc
Yeah, so I was I had there are 2 things going on. One is the native retail concept had been floating around in my head for a while. And it was one of those ideas that when it gets in your head it would get in my head before I’d go to bed and I’d be like…
19:35.96
Andrew Morgans
You like this idea is amazing and sticking with you. You’re just like this would be so cool.
19:39.96
Marc
Yeah, and I’m like checking my phone, I can’t fall asleep. It’s like 1 in the morning. I’m putting notes on my phone. How would you solve this? I was just obsessed with it. I really enjoyed it. But I couldn’t figure out where how does it come together.
And so it wasn’t until my fiance and I stayed at a short term rental in Upstate New York at the Catskills. Basically, we woke up. I woke up. We looked at each other it was like we never sleep through the night like that. What is this thing? We ripped the sheets off. What is this sort of Simmons. What? What is this mattress? Yeah, we were looking for tags on the linens. There’s all sorts of stuff that was done really? Well, we were living in New York City at the time in like a tiny place. We had no counter space and this area was small. And they didn’t have a lot of counter space. But they did such a good job of like wall mounting the knife set and mounting the appliances and they have everything here. But you still have all this counter space. You know the cutting boards had their own little spot that they slide into.
And yeah, so we emailed the host. We’re like we want to buy all this stuff. Where did you get it? And she sent us a bunch of links. And again, I’d been working in retail. I love retail. I’m like retail geek. And so I was looking at I was like wait a minute these aren’t even affiliate links. Like you guys aren’t going to make any money on this. You have created a moment of inspiration where I now want to buy these products that is super valuable to these brands. You got to make money off that and they’re like well yeah, we have our hands full running the property and we would love to do that. But it’s a lot of work and we don’t have the time for that. Well, do you get these requests often? She was like every week we had people emailing us asking about stuff and I just had this epiphany where it’s just so funny. Brands are spending billions of dollars to drive clicks and ads on Facebook and Google to get attention. You know, the attention economy…
21:29.94
Andrew Morgans
Attention.
21:35.30
Marc
Right? Those moments last (the Facebook and Google) about one second. I think the I think 96% of online digital impressions in ads last less than 2 seconds. So I was like that’s how much that market’s worth and yet there are these incredibly rich moments. Between people and products having in these spaces. And these hosts aren’t getting credit for them and I mean there’s 2 things. One, a lot of the hosts I was talking to were buying stuff at full retail. So I was like, wait a minute, you’re buying this stuff from creating barrel full retail putting it in your property like what? Got to change this.
You’re not a customer of create and barrel anymore. You’re a marketing partner, and that is a different sort of economic relationship. And so what we did is we built a platform that really stems from this core belief that moments that happen between people and products in these short-term rentals in any really native environment are incredibly valuable.
22:33.13
Marc
So if you believe that you need to also believe that the people who are bringing the products into those spaces should get a really good discount. You know, whatever they’re bringing in, and you also should believe that they should make money if guests come in and they fall in love with. Cookies that are part of the welcome gift or whatever. I mean there’s one two-bedroom room Airbnb from scratch that has 160 items in it when we’re helping them furnish it. There’s a ton of stuff in there.
So you think about all those engagements that are occurring. It’s super valuable, and that’s what inspired us to start Minoan. What we’ve built basically is a platform where hosts can log in they can buy from nearly 200 brands. It’s deep discount. So we have Creighton Brothers. We have Westow. We have Industry West. we have Pottery Barn. We work with wayfare walker Edison, which is a brand that sells a lot on amazon. And you know we get really good pricing with them.
23:31.52
Marc
Ah, caraway public goods. We got everything main soaps, shampoos, furniture, decor, appliances… and so you can save like 30% basically on the stuff you’re already buying. And then you can earn commissions.
23:40.40
Andrew Morgans
No brainer for everyone that’s complaining about supply changes real quick. Real quick. Everyone complaining about paying too much in the supply chain. It’s a no brainer to go save 30 and you know so I’m doing this on the supply chain side in my warehouse. Joining a company similar to Minoan in some ways in that it’s on the shipping price side and essentially aggregating. You know all of the different um basically like the numbers from multiple warehouses to get bigger discounts and things like that on rates and it’s like the way that you just have to get creative as Costco inflation rises.
24:00.62
Marc
Um, yeah.
24:11.87
Marc
Yeah.
24:15.73
Andrew Morgans
You know wages raise supply to Amazon raise fees 5% to all my listeners on that side. You know Airbnb will raise them. You gotta figure things out. Um and and thinking smarter like by how can I get group discounts or how can I buy all this stuff. Um.
24:17.74
Marc
And I saw that.
24:31.30
Andrew Morgans
Is a way to go you just said 30% is like a lot honestly, you know even vets get like 5 or 10% with a veteran discount. That’s probably as good as it gets.
24:32.96
Marc
Yeah. Yeah, well, it’s funny. We talked to hosts who are like yeah I’m hawking Yeah know I’m hawking these websites. Yeah like I waited till I got a 15% off code and I was like what do you 15% off we get 40% off with them. What are you doing? We’re really passionate about that cause there’s a lot of hosts. Short term mental market’s an incredible asset class. A lot of your listeners are entrepreneurs and hustlers when you look at the returns in that space. It’s crazy.
24:57.14
Andrew Morgans
Um, yeah.
25:10.79
Marc
You know it’s attracting right now a lot of institutional money so you got Marriott’s got their home in villas program. You have these big financial institutions that are putting a lot of money. So so we have some groups we’re talking to that I can’t speak to publicly but like big banks who are pouring a lot of money into this market because they’re seeing. They’re basically seeing how profitable if they’re run well and managed well. Like how much cash these things can generate.
25:33.46
Andrew Morgans
No it’s incredible and honestly, um, honest I want to share something. I want to go into the next portion of the show as a host. A lot of my listeners know that I have a lot of AirBnb here in the city. Scaling them has been fun. You know I’ve taken a lot of my E-commerce strength.
25:41.42
Marc
Yeah, yeah.
25:53.20
Andrew Morgans
Over to that and I think a lot of businesses look at short-term rentals because they’re ran online and you have so much data and all those things. [They’re] ust as attractive as boutique hotels but also like e-commerce businesses in some way as well. Depending on the market because you’re also just.
26:09.76
Marc
Yet.
26:12.33
Andrew Morgans
You know you’re also build it. You have a business inside the real estate game as well. Which is just like really incredible you know and it was is a lifeline for a lot of people. Um, you know whether they’re entrepreneurs or not a lot. You know Airbnb is also something that can you can need it and then not need it. Um.
26:16.58
Marc
Yeah.
26:28.59
Andrew Morgans
So before we get into that, I want to give a reminder that today’s episode of Startup Hustle is sponsored by Canva. With Canva, you can design your ideas with ease. Get inspired with 500000 free templates in a rich content library that help you and your team achieve your goals. Sign up and start designing for free at canva com.
Okay, so I wanted to approach this next part is like I need to know about Mano and how’s it work like you know a host I’m sitting in a tiny home right now I have a um container home in my backyard that has turned into my office more. So my podcast studio used to be an Airbnb pre pandemicdemic.
26:59.66
Marc
And that’s awesome.
27:04.11
Andrew Morgans
So I know what you’re talking about when you’re talking about that space savings and trying to make the most and hanging your utensils on the wall and making it kind of cool. We label anything, we label everything.
Anyway, while it’s a little bit aesthetically, it’s also like people don’t have to ask questions. They know exactly where things are and like you can get creative with tags or Qr codes. Or all kinds of things we’ve seen it done and I do go to a lot of Airbnb as a host market research, right? A lot like those buyers so to speak and just being like I want to see what some of the best in the industry are doing and…
27:21.70
Marc
Um, yeah.
27:31.73
Marc
Yeah.
27:39.38
Andrew Morgans
Um, how can we level up? You know our game and whether that’s like discounts to the local dog park or the dog bar. Um you know and coordinating with those for all of our guests or being listed on a http://finefightdog.com you know and having like a little dog park in our backyards. You know we’re always trying to be creative and something like this just sounds absolutely original. So I don’t say that lightly. I think it sounds awesome. Tell me how it works. I’m a host, I’m interested. How’s it work?
28:08.12
Marc
Yeah, you’d go to http://minoanexperience.com. We have a join us flow so you can apply there. We’re moving through. You know it’s not like there’s a pretty bad back backlog at Jet. I remember ours is not quite as bad but we’re working through it. Reviewing hosts because we’re really looking for hosts that are that are creating unique sort of like properties. You know there’s a whole spectrum. There’s sort of like crash pads which is a business. I mean if you look at like choice hotels. The massive hotel company has comfort in and stuff. Yeah, it’s low opening price point they have a…
28:33.59
Andrew Morgans
Um, yeah.
28:47.10
Marc
Big business and then there’s like the Marriotts and Hiltons who focus on. We’re really looking for the Airbnb that are really more in that maybe Hilton or Marriott just like investing into their property thinking about designing nice experiences and hire ADR. You know they’re like because they’re. Really nice properties. They’re charging. Yeah, they’re charging 200-300 a night whatever because exactly and so yeah, yeah, we’re a few pieces exactly you know like you know most there’s sort of we when we talk to hosts. We’re like.
29:07.12
Andrew Morgans
They have guests that might buy extra stuff right? So or just let’s say they have a west element set of Ikea you know as far as like maybe how they’re designing. Their place is out.
29:24.48
Marc
There’s certain areas we’re spending on certain areas where it’s just like get whatever’s cheap. You know Holly is on our team. She’s an interior designer. She’s like anything where you would eat, sit or sleep; those areas you invest in. That’s where you want people to be comfortable, and she’s sort of like everything else. You know if you want to get stuff from Ikea that’s okay, but really invest in the staple pieces. But invest in people who are basically on their Airbnb. They’re not trying to compete on being the cheap price, they’re competing on aesthetic.
29:48.29
Andrew Morgans
Couldn’t agree more. Great advice.
30:01.69
Marc
Cause that’s really what’s important to us because we’re gonna make it shoppable and do a co-branded thing. We want to make sure it’s up to nice standards so they can apply on the site. Ah, we usually do a kickoff call or a demo just to get to. To know people like where are you have you already furnished where is it? What are you interested in if all goes well then we set them up in the portal which basically they can log in. There are like 175 brands in there now. All sorts of discounts on tons of brands that you would recognize. We have a crook.
30:35.30
Andrew Morgans
Question. An outside-the-box question. I hope I don’t catch you off guard here. So I own an Apparel brand. Let’s say, okay I also like am very involved in Kansas City, so we do a lot of like trying to buy from our local vendors.
30:37.93
Marc
Yeah, no, it’s all good.
30:52.25
Andrew Morgans
Some of it’s very high-end, right? Just depending on. Maybe you’re getting a big map on the wall, or you’re getting the Kansas City gear. Or we’ve got the Casey monarchs which is the league’s original baseball team. You know we just have like cool stuff like that cool partnerships.
31:02.39
Marc
Now. Ah.
31:08.19
Andrew Morgans
Can you bring those vendors to the table and like make intros and say, hey would they love to join the program.
31:11.89
Marc
Oh 100%. That’s what I’m more passionate about I mean I love ah, we have great part I love the William Sonoma folks cra and barrel but I’m really passionate about sort of like the local you know the candle pour in st Louis the local crafts. The people who sell Etsy because those are the people who it’s like they don’t have a ton of money to throw it like google plas or to get set up and but they make great products. They’re just having a tough time getting them in front of people on it. That’s what’s exciting to us is like well let’s get you in front of people in these homes and tell your story at this moment that actually matters. So.
31:47.40
Andrew Morgans
No, it’s really cool.
31:49.65
Marc
You know what comes with that though. We’ve learned. You know we work with people who make like ceramics all sorts of stuff. It’s easier for us certainly to work with like a west you know they’re a machine they’re pumping these things up, you know, sometimes we have you know we work again. I mentioned we work with someone who’s a ceramicist or makes like. Awesome plates and mugs, and we had a guest who was like I love this stuff that we want to buy it and we yeah we went to go route the order and email the artist. He’s like I’m surfing for the next two weeks we’re like ah crap. Okay, like then we got to go back to the guest and be like hey this is probably not gonna get to you. Artist is surfing probably gonna work on this and two weeks probably wouldn’t get to you for four weeks you cool with that. You know, yeah and sometimes you know most of the time we’re like this is what happens when you work with um, mean individual artist that’s reality sometimes they’re like now I’m you know I’m good and whatever and that yeah, that sucks. But yeah.
32:26.81
Andrew Morgans
That was an awkward conversation.
32:37.33
Andrew Morgans
We do it with a lot of our artwork. So like we have murals in some of our properties. And it was basically my connections to the art community here for different reasons and being able to get some of this amazing stuff in my properties and Kansas City’s already just big about that. So it’s like being on-brand by being in Kansas City to do things like that. But whether it’s art on the walls or little price tags, little QR codes where they can contact the artists. So a little bit different model. Just for curiosity’s sake of…
33:04.16
Marc
Yeah, that’s great.
33:13.93
Andrew Morgans
You know how it could work how to bring to the table obviously understand on the maybe the custom makes. That’s super cool and we’ll have to talk online about even just like a few companies, not just here in KC, but that I’ve worked with along through the years that might be a perfect fit for you guys.
33:18.66
Marc
Yeah.
33:30.43
Marc
Yeah,we of the 160 or 170. So we’re adding a bunch every week. So I don’t know what the final numbers right now. But ah we have a bunch of big national brands. But we also do have like these smaller boutiques and smaller cri and on the platform and we want to help you know we we get a lot of joy.
33:32.24
Andrew Morgans
Ah, be fine I won’t.
33:49.78
Marc
You know, helping them break in. You know, buy-sell into these Airbnbs and then sell to guests. So we just have to build. You know we’re a young company and I think we have to build better technology to interface the technology that you need to interface with the larger more sophisticated companies is something. It’s a bit easier candidly. You can do it.
33:53.20
Andrew Morgans
Um, not super cool.
34:08.92
Marc
EDI or API and stuff like when you when you’re working with these small creators. You have to build systems that are just easier for them. Otherwise, you’re bughead. And so that’s something we’re focused on in the next phase, like making it a lot easier but I’m much more passionate about that side of it.
34:19.76
Andrew Morgans
Yeah, and maybe yeah I’ll be interested just to see how it works myself as I dig into how it’s connecting. As someone connects to API and EDI that makes sense to me. But even Etsy and Amazon affiliates and those kinds of things. We do a lot of that on my end just on the podcast side or you know as an influencer you’re just linking to everything all the time. Okay, so I’m sorry to derail this a little bit. I just had curiosity as a host there right? So okay, so let’s say that you get approved.
34:40.55
Marc
Yeah, yeah.
34:49.34
Marc
I’ll talk good.
34:53.40
Andrew Morgans
Um, let’s just say you get through the queue you’re approved. You’re a great fit. What’s next?
34:57.17
Marc
So then you get access to the portal where you can shop from all these brands. We basically have a Chrome extension that you go and browse on the actual brand’s website. So like we’re not like showing you West Elm’s full catalog or Articles’ full catalog. It’d be overwhelming. So the brand’s websites are designed to merchandise these products they’re going to do a better job of really giving you the details you need. So we send you to Crate & Barrel for example, and then there’s a Chrome extension. Minoan Chrome extension will pop up when you land on a product you really like on Crate & Barrel’s website. You click “add to cart”, it grabs the product information from the URL and the screen, and then it ports that information back to your Minoan ordering portal. And so you can repeat that from Crate & Barrel public goods industry.
We just signed a company that’s really cool called Blueland that makes cleaning supplies which is like an awesome brand. So you can shop from all these different websites. But you’re putting it all in 1 centralized cart. You would click request quote once you’re like okay I got like 9-10 things that I like. You click request quote we do the math on. Okay.
So, what’s the discount? How much will this cost in shipping because these are coming from different places sales tax. And then we return the quote and say okay this is like $2000 with the stuff through Minoan. And we can get it to you for fifteen hundred bucks. Shipping is going to be 150 because public goods is going to charge you ten bucks and Industry West will charge you 100, but you know you’re across the free shipping for these 2 grand.
Once they click check out. Okay, that quote looks good. Check out that you just sit back and relax. We route the order. We manage the support. We get all the orders delivered to the destination we provide tracking again. It’s like instead of tracking stuff across. 5 different websites or logins is installed in 1 place. Ah, and then we can port that into a shoppable experience so that all the stuff you purchased now is in like yeah, you’ve been think of like a temporized Shopify store where the modules are like it’s like you know it’s like. Pictures of your property pictures of your living room pictures of your bathroom and then all the products are sort of underneath and people can click in and like I love this soap and shampoo. Yeah, and so that’s how we make it easy.
37:14.25
Andrew Morgans
Shoppable. Who takes that who takes the images is that like you know are those images kind of ported in by you know the host whenever they sign up. Okay.
37:25.80
Marc
Yeah, so we would take whatever Imagery you know, whatever you’re using on Airbnb We don’t We don’t yet we would use that imagery because we’re like if this is the imagery you’re using to advertise your property on Airbnb you know it’s probably the best imagery of the space you got.
37:38.10
Andrew Morgans
Just thinking thinking about it like this. Okay so like let’s say I guess these are the challenges I was thinking of as a host was like I have a property. Um, maybe there’s like shoppable products in there already. Maybe I’m buying some off the site. You know, just different or different variations of that process.
37:49.71
Marc
View.
37:57.98
Andrew Morgans
Um, and then being like okay I got more items, or you know I want to make these shoppable you guys out of these brands now you added 50 more brands and now a couple of my brands are in there and they want to retroactively add things um, have you guys solved for that yet or is it.
38:11.11
Marc
Yeah, not yet so we’re working that’s the dream I mean it’s just harder whenever someone buys something through us. It’s easy to port that information over but we’re looking at ways where someone could just in the portal be like boom boom boom but here are 20 URLs you know would we want host doing item.
38:20.54
Andrew Morgans
Caught it.
38:30.44
Marc
Set up where it’s like put in the product title put in you know the stuff that you do on Amazon I don’t know because I don’t think that’s gonna I don’t think they’ll do it. But if they can just give us the Url and we can use the Url to grab product imagery and stuff like that then I think it’s frictionless enough, but that requires, you know, unique scraping technology and that’s why you know smarter.
38:46.64
Andrew Morgans
Obviously, leave it to me to come up with one of those questions. No, but I was just.
38:49.45
Marc
People than me are all over that. My co-founder showbiz. The tech you know the tech side of the equation and that’s what he does better than anybody.
38:57.17
Andrew Morgans
No, I’m just thinking about honestly like how do I get we call ours is called a KcCo abbreviation for a Kansas city company and I’m like how do I get started. How do I get plugged in? Okay, I’ve already got photos do I need to retake photos you know which properties to be a good fit is you know what we have.
39:07.48
Marc
Um, yeah.
39:15.39
Andrew Morgans
Properties running in the gambit. So we have some that are kind of set up like hostels I’m looking to buy a crash pad and in Texas and and start one there we’re about to launch another one. So I’m like okay that won’t be a great one to start with just kind of what you know those are the questions that come to my mind when I’m like oh how do I get it? Yeah, I’m excited how do I get plugged in you know.
39:22.31
Marc
Yep.
39:32.17
Marc
Um, yeah, yeah I Love it.
39:35.16
Andrew Morgans
Um, so no, those are all really helpful things. Um, and you know it’s good to refresh your photos anyway. So you know that’s something that’s on our plate. Yeah.
39:40.87
Marc
I mean that’s where you’re selling. It’s the same thing with E-commerce right? Like it’s an Abstraction. You know in E-commerce you’re you’re representing something abstractly. That’s actually physically sitting in a warehouse somewhere, and so it’s it’s the same thing with Airbnb you’re you’re. Doing an abstraction of of the product and so you’re selling the Imagery The imagery is what’s helping people make their purchase decision. So It’s incredibly yeah, incredibly Important. So It is good. You know good to refresh that. Yeah, good to invest in that too like that’s.
40:11.21
Andrew Morgans
And super important. That’s how you tell the story of the house like you know, um.
40:18.44
Marc
You could do it obviously with your iPhone but that’s one of those investments where I’m like just get you know if you have a good camera use that or just pay someone to take nicer pictures because it makes the biggest make so just a big difference in Bookings you know.
40:29.16
Andrew Morgans
I think I think we have great photos and I think that even evaluating kind of just like you know, maybe they were taking a year ago and you just see competitors. You see people evolve cameras get better on the iPhone 13 pro max you know like you know, just everything is getting better. Ah, you know we have um.
40:41.77
Marc
Yeah, yeah, yeah, it’s true.
40:49.30
Andrew Morgans
We’ve had photographers. We’re real estate photographers. You know it’s a little bit different I’m seeing some of the different style and strategy come out to be more like specific to the items and real up close and so we’re even evaluating like okay what do we want our next set you know our next round of photos to be and on Amazon. I know I’ve been in that space 11 years and can tell you 1000% how important the photography. Ah, the photography is so I can only imagine um, well let’s talk about you know, kind of what’s next for knowing and you know how things are going right now to like okay, we’ve got this figured out and this is kind of our roadmap for.
41:07.15
Marc
Oh yeah.
41:26.64
Andrew Morgans
For growth over the next couple of years. What’s getting you excited.
41:27.95
Marc
Yeah, what’s gonna be excited is that we’re doubling pretty much every 3 to 4 months so not quite you know and I’m not quite on the jet zero to eighty million in ten months but yeah yeah but we’re growing at a really nice clip and what gets me excited is.
41:39.75
Andrew Morgans
That’s okay, that would scare the crap out of me personally. So.
41:46.56
Marc
It’s really validating to have a host be like, “this is great.” They used to track this in Google Sheets and it’s like all over the place. And it’s so nice to just order in 1 place and not have to worry about all this stuff shown up. You know that’s really validating and nice. And then we’re hearing a lot of stuff from hosts are like could you add in like financing. We we want to manage cash flow. Like it’s expensive to invest in all these products now. Could we have rental income coming in? Could we just break the payments out?
It’s like oh interesting like you know we’re not going to do that but we can go find a partner. You know or people asking about 3 P’s you know they’re like, “Hey, I’m worried about porch pirates. Could I ship it to a warehouse nearby and then have 1 truck bring everything over. Or could you do integration with handy or something? That’s the stuff that gets us really excited.
And also just you know, our vision is to be the everywhere store. So the way I see this story playing out is Minoan has hundreds, thousands, millions of retail stores of shoppable experiences all over the country. And we’re creating hundreds of millions billions of very rich, intimate moments between people and products all the time and we have no leases.
That’s a problem with Walmart I learned like in the store like you got to cover those fixed costs. That’s why you got to do dollar per square foot. You’re really optimizing around a dollar per square foot. It’s not optimizing around the customer because you have to. And so that’s what I get excited about is building.
We believe that native if we do a good job. Hopefully, people will hear the term native retail just as often as they hear e-commerce or brick and mortar. But um, yeah, we gotta. Hell of a lot to prove. We’re on like chapter 2 of 20000 in this in this journey and that’s what’s yeah, it’s it’s it’s what’s fun. It’s also the most intimidating. How do we get it? How do we accomplish that? What is fun is also sort of like what gets here. Heart pumping. But I love it. I mean this is what now you know early on I didn’t I wasn’t sure if I had what it takes I’m like man these people really go through a lot and they just keep going like it’s crazy. You hear these stories of like ah the Ceo of peloton like cat early exercising is four zero one k to like. I don’t know if I could do that stuff. I still don’t know if I could do that but you sort of learn what you’re made of once you get out there and start doing stuff. You learn that you can handle a lot more than you think. And I think a lot of people underestimate themselves and what they’re capable of so.
44:36.94
Andrew Morgans
I couldn’t agree more Ah, one of the things that has always been a struggle for me is just setting that ceiling. You know it’s It’s still up here when I think about it and then I’m there and I’m like Wow I guess I didn’t set that high enough for you know and the imposter syndrome’s really everything.
44:48.60
Marc
Yeah.
44:54.78
Andrew Morgans
Nothing goes away. It’s just essentially your muscles your wrist tolerance your fear tolerance your courage gets stronger. That’s it. You know the fear is still there. You know you’re just like oh I did that before well I’ve won I believed in myself the last 3 times, and it worked or it didn’t work last time but I’m still here and…
45:00.22
Marc
That’s exactly right.
45:13.60
Andrew Morgans
And you know that’s where you just get bigger muscles. You know? Ah.
45:14.60
Marc
Yeah I mean you when you get backed into a corner over and over and over again, you start to realize that there’s like there’s always a way past it. There’s always a way out. There’s always a way to get through it and once you get.
45:24.60
Andrew Morgans
But the art of the pivot right? The art of the pivot.
45:31.11
Marc
Once you see that it’s like reinforces you’re like man this is okay I don’t know how to ah solve for this problem. That’s directly in front of me but I didn’t know how to solve those other 10 and now those are behind me and so you know you build confidence, you’re exactly right? The fear you learn how to sort of tame it and grow callouses and that’s why entrepreneurship is like.
45:45.75
Andrew Morgans
It only gets so loud right.
45:50.82
Marc
Incredible I think it’s it’s you know beyond the money. It’s the personal development that comes from being in these sorts of environments and situations, not just for the founder. But for anyone who’s part of a small you know company is trying to grow. It’s like It’s really ah I cherish it. It’s incredible. And yeah I don’t want to go paddle them I don’t think I’m going back to as much as I loved you know Walmart. I really did and Jet. Once you see what this feels like. Like hard to do it any other way. So.
46:30.41
Andrew Morgans
Traumatic pause because you need to turn those into some micro clips and make some content with that because that was fire that was absolute fire I’m not even joking. You know I feel exactly the same way and I’m so thankful for entrepreneurship I’m thankful for Amazon’m thankful for everything that’s been a part of my journey.
46:43.89
Marc
Um, yeah.
46:47.27
Andrew Morgans
Um, because it’s made me a better person through and through like know if fans are about it and like I think the inspiration or like the competitive drive to want to win and problem solve because I’m a problem solver at the end of the day um has been like okay I want to solve this problem bad enough that whether it was family. Finances or you know any number of things like this Amazon Puzzle did a lot of other things for me. It was like I’m gonna solve this I’m I’m creating value while I go I’m helping other people solving problems for myself and others. But more importantly, it was like drive. To fix some areas in my life that really needed attention or really needed growth. You know and so you wanting to win or um, like you’re responsible for other people as you build your team. It becomes like I’m I’m going to get through these Andrew roadblocks, you know, um, because other people are counting on me.
47:31.93
Marc
Um, yeah.
47:40.77
Andrew Morgans
And this like you know now you’ve got the vendors and you got all the businesses that are making money through min Minoan and you know everything you’re doing. You’re like oh ever you know all the hosts are winning and you’re like okay that becomes your responsibility at a certain point to be like let me just make this thing even better for everyone. You know it’s.
47:52.44
Marc
Ah, oh yeah, absolutely I mean that’s something I Oh yeah I You know when I started an own and I knew as a risk like I was kind of like that I believe in it but like you know good.
47:58.47
Andrew Morgans
It’s ah motivating like nothing else.
48:08.84
Marc
Good businesses. Fail Good entrepreneurs with good Businesses. Still fail like you know that that’s going out on your own it. It’s super risky but I could live with that you know it was like well yeah I believe in myself I could figure out you know Now. Like I was more tolerant of it now I’m like now we cannot you know for the employees for the hosts. Um, you’re yeah, you’re absolutely right? It’s like yeah, but that’s I think that it’s ah it’s Good. It’s Good. It’s a good type of.
48:29.21
Andrew Morgans
Exactly exactly.
48:45.18
Marc
Pressure. You know pressure is a privilege as Jesse Eitzler would say. And I obviously could get wax on poetically about this stuff all day. But yeah, every time I talk to someone who’s talking about like should I do it should I not like okay well like.
49:01.37
Andrew Morgans
Do it.
49:03.25
Marc
What’s your financial situation like who’s dependent on you. It’s like what’s your idea. It’s like I mean 90% of the time. I’m like just do it because even if you fail you won’t regret it because you just like you grow so much you know growth is on the other side of fear and doing something like this is like yeah it’s the.
49:12.22
Andrew Morgans
You learned something? yeah.
49:18.67
Andrew Morgans
Man.
49:23.11
Marc
The scariest things you know, professionally it’s a scary thing.
49:23.18
Andrew Morgans
I think I think also you’re um, you’re out in front you know um you’re out in front native retail right um you’re trailblazing and industry and what I can say is someone that was like probably too early. In regards to like being a service-based business service-based business to help brands on Amazon now, I’m positioned great. You know everyone and their mom needs help on Amazon for manufacturers all around the world to brands of all shapes and sizes but in the early days you know it was a lot harder. Um.
49:49.21
Marc
Yeah. Oh yeah.
50:02.92
Andrew Morgans
Small brands needed just as much work as the big brands like you know the level of work was was whether they could afford us or not was still the same and there wasn’t a lot of other people doing it. There weren’t a lot of people to emulate or copy or you know it just feels like you’re out there on an island. So um I say that just to say like you know what you’re doing is a. Very original and at least like here in Kansas City I haven’t heard too much about it. You know I’ve seen it I see it like we went to a dinner last night with a client and I saw you know the paintings were for sale and different things. But like you know you see some of that like but not not the scope. Not this level and I think.
50:32.56
Marc
Um, yeah.
50:40.86
Andrew Morgans
Short term rentals are a lot like Bezos is books probably as far as a starting point for you guys know what you guys will be doing.
50:44.69
Marc
Oh yeah, we do some tests with restaurants where we sell. Yeah not like the table wearing flatware. But even you know like oh you really like this whiskey sour. Okay, well this is Angels Envy Whiskey It’s this type of bitters. It says you can buy all this stuff and make it at home. You know it’s any experience that happens in the real world. That’s a sensory experience that inspires you you’re like I want this again, you know and so you’re absolutely right I mean short Termmentals. It’s our testing Ground. We’re learning a lot and but certainly, we think it applies. Yeah anywhere.
51:21.22
Andrew Morgans
And you’re selling to people that are already open-minded in regards to like you know, creative ways to make money, so that’s great because I’m sure they’re embracing the platform at that in that level there. They have no problem giving feedback I’m sure ah hosts love to talk about. Ah.
51:22.88
Marc
Just really believe in sort of.
51:27.35
Marc
Um, right and they give us great feedback. That’s what’s great like you know they I love it. Yeah.
51:40.81
Andrew Morgans
Other people’s like you know things improve because I think on the host side. You just get a lot of customers telling you ways to be better all the time you know so it’s like I say at another Airbnb I’m like so ready to just be like here’s some tips you know wherever I’m staying not in a pretentious way just in like ah I’m.
51:51.44
Marc
Yeah, that’s helpful here.
51:59.60
Andrew Morgans
Um, ah yeah, a helpful way I’m also a host and here’s some things you know, but I had 1 more question like around. Um, so this didn’t make sense to me right away, and let’s say I’m a guest and do I need to ask the host if this is buyable. How do I as a guest know that it’s a buyable property.
52:15.91
Marc
Yeah, so listeners won’t be able to see this, but I’ll show you so we have this nice like these powder code it stands that this says found something you like you know, scanned this code to shop the space and so we’ll provide sort of physical signage.
52:18.90
Andrew Morgans
Or Shoppable property. Okay.
52:33.10
Marc
You know we don’t want to Nascar the space. We don’t want price tags hanging from everything we don’t want brand yeah’s like we want to be present but not overwhelming. So it’s just one really clear sort of call to action, and then generally we’re also including links to the shoppable experience in like pres stay and post day communication. So press day would be like we put a tremendous amount of thought into each and every element of stay.
52:33.13
Andrew Morgans
Right.
52:46.23
Andrew Morgans
Got it.
52:52.68
Marc
If you want to sneak preview of the things that are waiting for you, click here, and then post day would be like you know missing us already. You can take the best parts home with you click here to shop the space. Yeah yeah, yeah.
52:59.75
Andrew Morgans
Did you love the sheets and now your sheets don’t feel the same I Love it. Ah no, this is Incredible. We definitely have to connect I rarely like get sold on my own podcast, but I’m sold So This is gonna be a lot of fun just learning with you? Um, Thanks. So much for sharing your story. It’s the one that I am excited to Follow. Um and am grateful to have you on the show and sharing with you so early in the process because I know it’s gonna be something absolutely Big. So we’re getting it Early. We’re getting it early I feel like it’s like ah.
53:30.45
Marc
Yeah I’ll have to do this again in like 5 years and look back. Yeah yeah.
53:35.55
Andrew Morgans
Well, you might hopefully you last longer than ten months at your last one. You know what? I mean ah it was bang-bang. So but if it exits that well then we know you’re doing something great guys.
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Native retail I think it’s going to be something that we hear a lot more of and super excited to be introduced to it. Um through you Mark. So thanks for being on the show. Connect soon. Have you back on the show to recap exactly you know your guys is path forward I think it’s going to change drastically really really fast so that will be a lot of fun see you later hustlers.
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Marc
Perfect. Sounds good. Thanks, Drew.