Hi there, Welcome to Shared Lunch. My name's Later Robertson, the co founder and co CEO at Shareses. We've got a really exciting episode for you today because I'm on site in Auckland at rocket Lab with Sir Peter Beck. But as always, before we get started, here's some important information.
Investing involves risk you might lose the money you start with. We recommend talking to a licensed financial advisor. We also recommend reading product disclosure documents before deciding to invest. Everything you're about to see and here is current at the time of recording.
Well, thanks so much for joining us again, Peter, always a pleasure, fantastic to be here in your space as well. It's probably the coolest place that I've ever filmed a podcast for, that's for sure. Firstly, though, it's the first time we've spoken to you, that Sir Peter beank, So how does that feel? And is it being the official ceremony you had the sword on the shoulder?
Oh no, that that's to come very unusual old.
Yeah, I mean I'm just just a Southern board trying to build some rockets.
So it's yeah, it's very cool and congratulations and it's great to have someone in our entrepreneurial community, in particular with the profile and just doing these podcasts as well. Over the last couple days, I've been watching a bunch and I see how many you've been doing with some quite random people. Actually they're invest in the retail network. Is that a real focus of yours or something that you're really quite deliberate about.
Yeah, I mean, so we have a wide investor base and we have a reasonable sized retail base as well. So you know, we do a lot of views with analysts and you know, your normal kind of Wall Street folks, but no, I like, I think it's important, you know, to.
Talk to all investors.
Yeah, fantastic. So you've just had the biggest quarter in company history, Q two twenty twenty four. Can you give us a little bit of an outline of those earnings?
Yeah, so, I mean i'll convert it on the fly to New Zealand dollars being a usentity, But so about one hundred and seventy million New Zealand dollars quarter, which, as you point out, it's our biggest quarter you know, to date, and you know that that represents, you know, on a year to date kind of basis of seventy one percent year over year and increase in revenue, which is which which we're very happy about, and you know, in about a fifteen percent increased quarter on quarter, so
you know, really really good solid earnings and great to you know, tack over one hundred million us D mark per quarter.
Yeah, fantastic, some really big numbers there. What's driving that year on your growth?
Primarily it's across all sectors, so it's not just you know, launches standout or Space systems a standouts, it's everything.
Really.
You know, our backlog is also increased, and you know, we're sitting at round about one point six billion mzd in backlog and the majority of that backlog sits in our Space System's division. But you know, both launch and space Systems has just been growing really really strongly.
Great. And then the other one I noted was certainly that gap between the revenue and the lost number are starting to get much closer. And is that a focus and what's the sort of plan introductory from there?
Yeah, so that'll move around because obviously we're investing a tremendous amount of Neutron. I mean, new Neutron is our large rocket and you know it is it's consuming, you know, it is the big consumer of cash for the business. Absent that, then you know, the business looks very profitable. But you know, we're strategically investing in that for the future. You know, what we're trying to build here is an
end to end space company. And what that really means is like customers can come to us or governments can come to us, and we just provide the entire solution.
Yeah. Nice, Well that sort of brings me nicely into the question because the earnings report did focus a bit on that and interesting how that looks like, particularly that the data and services and stuff, and how a miniment I suppose and that strategy is for Rockabed to be moving into that.
Yeah, I think if you look at all of the large space companies of the future, they're not going to look like a launch company. They're not going to look like a satellite company. They're going to look like an infrastructure company. And you know, we're accelerating as fast as we can to get to that point. And really the last piece in that puzzle for us is Neutron having you know, a multi ton capability to lift orbit is really the only piece of the puzzle that's missing.
Yeah, nice and multi ton How many tons are we talking? This can be a thirteen thirteen yeah.
Right, And it's always good to put that in context. You know, Electron our current rocket lifvets three hundred and twenty kgs, so you know, you're lifting thirteen thousand cage and.
I'm looking at those out behind us and they're still very big.
You know, it's huge. Yeah, it's absolutely huge.
And in fact, you know, we just we're just announced today and put out some details of our large automatic five placement machine, which is a technical way of saying like the world's biggest carbon composite three D printer, you know, is massive machine, seventy five ton machine that makes the tanks.
Yeah, credible, And that's that you mentioned. Is the going to be the competitor for the Falcon the SpaceX Yeah.
Yeah, yeah, So, I mean there is kind of unashamably a kind of monopoly and medium launch right now, and you know, our friends over at spaces have done very well with the Falcon nine, but there does need to be some balance restored in that market with a competitor.
So that's the intention with Neutron.
Yeah. Great, So I mean, where are we at with Neutron then it was i think originally targeted for the end of this year now into twenty twenty five, with how's the progress going on there?
Yeah, So I mean we always kind of at any launch date with it's a rocket program, and you know, I think if you looked at some of the earnings and you look at the development timelines of our vehicles, crazy short compared to any other launch vehicle. I mean, Electron was brought to market from announcement in like two point eight years. Contrasts that with more traditional programs and they're measured in eight to ten.
Years or more.
So you know, Neutron is on task to be delivered in sort of four and a half years, which is faster than anybody's ever delivered a medium launch viewvehicle. So so yeah, the plans to try and get this to the pad by Miller next year and get the first run away. But you know, it is a rocket program, and you know it is there's there's just a huge amount of things that all have to come together.
Yeah, And just like on that coming back to that competitors space, the sort of cost per kilo aiming for still on track for that as well.
Yeah so, so cost pequilo is is a is a lovely metric that everybody can understand, but it's absolutely useless because nobody ever buys a rocket on a cost perkilo basis by those electrons behind us. A customer will come to us, and one customer might have a one hundred kg payload, one customer might have a two hundred and fifty kg payload.
The price is no different.
You buy the rocket at the fixed price of buying the rocket. So a cost pekilo metric is a nice metric that's easily can kind of consumable, but it's not how rockets are sold. But nevertheless on a cost pekillo gram basis, yes, of course it's it's competitive with with the the other options out there.
Yeah. Great, So between now and Neutron, the electron remains the main revenue stream for.
The launch it does.
Yeah so, space systems accounts for over two thirds of the revenue for the company, but you know, for launch here, electron remains.
Can you break down some of those other revenue streams just quickly that two thirds?
Yeah, so, you know, we don't know typically break down into into various categories. Of space systems, but you know it's spread across our components businesses, so you know, we sell a tremendous amount of components into other people's platforms. In fact, last year, thirty eight percent of everything that went to orbit had a Rocket Lab blogo on it globally, so you.
Know, whether it's a reaction.
We're a solar panel, you know, we sell a lot of those components in and then and then spacecraft as well, so you know we have over forty five spacecraft and backlog representing over seven hundred million US dollars of revenue in the future. So so yeah, it's we cover a wide spectrum of spacecraft.
Yeah, so you collect the majority of cash on there, so ninety percent I think.
Before launch for yeah, so on the launch business model, you know, everybody always focuses on how many launches did you get off in the quarter, which is yeah, you know, it's a good metric to track, but actually from a cash collection standpoint.
It's totally irrelevant.
So you know, as you kind of point out, when it comes to launch day, we have collected ninety percent of all of the contract value. So you know, our business model with Electron is our customers fly with us because we can tailor the mission and we can tailor the timelines. So it's not uncommon for a customer to delay a launch because their spacecraft isn't ready or they want to optimize their orbit or those kinds of things.
And of course that can play havoc with our quarters because you know, it shifts a launch from one quarter to the other. And I guess what we're trying to try to explain to people there is that, well, don't get too worried. It doesn't actually matter because we would have probably elected up to ninety percent of the cash collections against that contract. And the contracts never go away, they just sort of move around in the quarters. And
that's actually a value proposition. That's why people come fly with us. So one one side of the equation, you know, we don't want to be penalized by the street for moving a thing between quarters because that's actually their business model.
And I mean, what happens if the if something goes wrong with the launch, if you already clicked the ninety percent weeks.
Now, that is that is that is the way launch contracts are written. So you know, once we intention intentionally ignite the engines. That is one hundred percent of the contract complete. Generally, occasionally there is there's some some kind of extra extra things on the contract, but that's the vast majority of all launch contracts on intentional ignition, all the you are your service is complete.
I mentioned that I was chatting with you to my overdriver yesterday when I say, driving to the airport, any one of his question for you or through me, it was how you insure rockets and which is sort of quite relevant after that, and I said, I'm not sure if that would be if if as many insurance companies lighting up, but I said, I got the opportunity I'd ask you.
So absolutely, there is no there's a whole there's a whole insurance market. Yep, there's absolutely a whole insurance market. And you know, customers ensure their spacecraft for the replacement of their spacecraft, they can insure them for the replacement of the spacecraft and another launch. They can even insure them for those things. Plus if it does blow up a loss in revenue in the future.
And there was a.
Quite a famous you know, insurance claim a few years ago from I think it was like a UAE satellite where it was lost in a launch failure, and they made an insurance claim that actually for the future generation of the revenue off that spacecraft, and it was the largest insurance claim in the space industry's history. Insurance got a lot more expensive after that one, But no, there's a there's a vibrant insurance market for it.
I think if there's many other businesses where revenue is you know, contract is delivered at ignite point, you know that's that. I don't know, it's be quite unique, I think, but it makes complete sense.
Well, I mean, this is this is the reality of the businesses. It's is extraordinarily difficult, and you know that that that.
Is It's just it's just the nature of the business.
Correct. Maybe just the overall'd be really interesting in your view on the overall health of the space industry at the moment. It's been a huge amount of check. We were just talking about one before. After I've watched the documentary World Wilde Space, which was fantastic Rock Lab. I thought, so, what's your feeling of the space industry at the moment and where it's heading.
So the space industry is generally relatively insulated from kind of macroeconomic things in a general sense only because a lot of the space programs or the space infrastructure programs are measured in five or more years of you know,
of deployment. So if you're going to put a constellation of Earth observation spacecraft on all, but it could be something like a five to seven year timeline, so you can have a whole economic cycle during that, and generally these programs are funded for that duration, so in some respects, on the large programs, they're relatively insulated from any kind of major environmental or economic and things. And sometimes some
really perverse things happened. I think there was there was a bit of a boom in the space industry during some of the some of the other downturns, simply because there's a whole lot of unemployed people at home watching TV and they were all their TV was coming through satellites, so they had to launch a whole lot more satellites to you to actually suffice that demand. So sometimes there's
some perverse outcomes. But I would say that definitely though from an entrepreneurial standpoint, the space industry was at its frothiest in sort of twenty twenty twenty twenty one.
There was crazy world.
Probably, Yeah, much of the world like just crazy stuff done and large amounts of capital put it work into some pretty suspect business models, and you're seeing that kind of thrash out now and you're seeing, you know, who are the real people in this industry and who are the less real people in this industry.
Perhaps a little bit of consolidation happening after that, but.
Well that consolidation creates opportunities too, because you know, for us, we're able to pick up, you know, a competitor that failed Virgin Orbit and we're able to pick up you know, all of their assets for sixteen cents on the dollar, which are now hard at work producing neutron engines.
Topical at the moment. But the Boeing situation that's happening currently astronauts stuck on the International Space Station due to some technical issues. So it's just worrying if you had any thoughts or views on that happening or sorry on what's happening with that.
Yeah, well I think it highlights the fact that it's always good to have too, right, and you know, kind of to our point with neutron as well, it's like you can't have one dominant or just one x one kind of primary access to space. You need multiple So you know, the space industry is super hard. This is not easy stuff. So you know, I think it really speaks to the importance of having more than one supply.
You recently built two spacecraft heading to Mars, the Blue and Gold. Is any more developments in that space.
Yeah, so they're actually shipping as we as we speak to head to Cape Canaveral to be launched. So, you know, super exciting mission. It's not very often you get to work on a planetary mission, and you know, it's just super cool for the team. And I would say the unique thing about that though, is that typically if you look at the logos that are orbiting Mars right now, they're all the logos that you would expect from the
very large defense in space primes. When those two spacecraft from rocket LABL arrive, twenty percent of everything orbiting Mars will have a Rocket Lab logo on it. And so that's cool in its own right. But the thing is that generally those programs have a billion dollar price tag attached to it, and you know a decade of time attached to it. I mean, we built two spacecraft in three and a half years for tens of millions of dollars. So I mean that that, to me is a bigger
accomplishment than actually even going to Mars. And why that's important is that that that is that is incredibly disruptive to the space industry, incredibly disruptive to interplanetary science. But I think people are looking at that and thinking, well, you know, if you can go to Mars for some tens of millions of dollars, then that totally changes the paradigm of interplanetary research and interplanetary work.
How long is the journey there?
Yeah, it's a multi multi year mission, so you know, the journey to get to Mars is quite long. I mean there's a transit window to Mars that happens every couple of years, so I know that that that the ends and sort of the end of September or thereabouts, and you know, and then then they spend in a long time in a cruise state. The spacecraft themselves have tremendous amount of propulsion on board. The mission is very
very difficult. It's not you know, we don't just put the spacecraft to sleep for a couple of years and arrive at Mars where there's active maneuvering all the way, and then when they get there, we have to capture Mars's gravitational field and go into orbit. And then once we're in orbit, we have to do a whole bunch of maneuvers for the science. So very difficult mission not certainly no respects.
And that maneuvering is still largely human driven. It's sort of not set beforehand.
With there's certainly nobody's on a joystick because there's like a twenty minute delay, but there's all pre pre programmed.
Maneuvers and speaking into planetary a couple of years ago, maybe I think it's first sort of mentioned the idea of finding aliens in venus. What's any progress there or thoughts?
Yeah, yeah, so you know that is that is the nights and a weekend's kind of you know, philanthropic project. Nobody's paying for that, so you know, we just kind of take orbits and put them together and do stuff and nights and weekends.
So you know, the probe is coming on really well. So the probe probe.
Manufacturing is almost complete, the instrument manufacturing is complete, and you know we're just we're just waiting for the right time to get that away. We're too busy with real work right back.
Yeah, what a cool sideline project day Venus A bit closer to home, there's been some speculation I've been read about the Internet that SpaceX might end up with a spot in Australia. I don't know how true that is, but if that word happens, that impact rocket lappen anyway or no.
I mean, they're going to need spots all around the world because with the fully reusable orbital kind of concept is you know you're in orbit and the Earth is processing processing under underneath you.
So you can't just take off and.
Land back where you started because you know it's processed and you're you're in a different spot now. So they're going to have to land in different countries and then you know, once you land.
In Australia, you have to then ship the vehicle back to the United States and all the rest of it.
And I guess, you know, some of that is what drove us when if you look at the architecture of Neutron, there's there's kind of two schools here, right like fully reusable or like largely reusable. If you look at a rocket, the first stage represents seventy percent of all of the cost of the rocket traditionally. Now if you can make that seventy percent, eighty or ninety percent, then the kind of expendable upper stage equation from a business standpoint makes great sense, and that's.
What we've really focused on.
If you look at the upper stage of Neutron, you know, it's a giant carbon composite tank, but it's just it's wayfer thin. I mean that whole tank. It's five meters in diame and a five meters tall weighs the same as a Harley Davidson motorcycle. So if it doesn't weigh much, you're not using much material, it doesn't cost much. So if you look at the architecture of Neutron, it is you know, it's it's a giantly outsized first stage for a tiny little second stage.
But the first stage is the bit that we keep back and we keep reusing again and again.
So the economics become a little bit blurry when you've got to, you know, ship giant rockets all around the world and all the rest of it, and you know, who knows what they end up turning up actually being. But you know, we are for sure certain in the economics of the neutron approach.
Anyway, just going to move into the world Wild Space movie that we touched on before. I'm not sure if you're at the point of sick of hearing it at year or not. But like I said, did I learned a lot in it? I think, but Rocket Lab came out really glowing, has to do and it I'm just interested if there's any takeaways for you in that process or anything that you learned in the film that came out or was it sort of all just things that you're in your on screen in the end.
But well, I mean, I look, I was a reluctant participant so in that whole thing, and you know, compared to the excess that that others gave the you know, the documentary makers, you know, we we didn't. We didn't provide as much access. It's you know, it's not it wasn't wasn't as critical for us as perhaps others. But I think what you see on the documentary is is what it is. I mean, that's that's how we operate, and you know, we we take what we.
Do very seriously.
And what I think it highlights is that you know, in the space industry, there is there is a tremendous number.
Of folks trying to do great stuff.
And one the one great thing about the space industry is you can have a very grand idea and you can go and raise a lot of money less so now, but you used to be able to go and raise a lot of money against a grand idea, and you know, that was a wonderful thing about the space industry. But it's also kind of the downside of the space industry because you know, if you're a good salesman, you've got a way out idea, you can go and raise some money and then you know, quickly literally set fire to
it all. And a lot of people in the space industry have a cool idea and then try and build a business around a cool idea. And that's just never been our go I mean, we look for honest to god, real holes in the market that we can plug then
and then build a product to meet those. And you know, as we're talking before, like twenty twenty, twenty twenty one, it was like peak frothiness within the industry and there was just just cubic dollars got put at work and kubic dollars got lost, and that's kind of part of the challenge for us, is that a lot of investors put a lot of money into the space industry and
it wasn't successful. And you know, we kind of Adam Spiced, my CFO and I often joke together it's like we've got the best house in a really bad neighborhood because everybody burned their house down and there's dead cars on the lawn. So but you know, these the markets are very efficient and in time these things, these things.
Kind of correct.
But certainly the space industry is you know, in that frosty period did a lot of capital.
I was thinking while you were talking there, because one of the quotes I think you made in the early on in that documentary was about you need to understand what the business is behind it. It's not just building rockets, it's people. And I'm wondering at what point in your journey you started to really observe some of those business opportunities and how you continue to evolve that thinking.
Yeah, well, look, we're hustlers, so we're always looking for, you know, the next opportunity that we think we can either disrupt or displace.
Or compete.
And you know, you've seen we're not a static company. You know, we bought the Electron product to market and it is the permanent leader in small launch. Electron alone accounts for sixty four percent of all United States launch, third most frequently launched rocket in the world now, So so you.
Know, market opportunity plugged it.
Likewise with Space Systems, as we saw a real opportunity there, you know, to you know, to scale and provide different alternatives, and you know, we bought a whole bunch of businesses and then we scale the heck.
Out of them.
And you know, as we talked about before, now we're a big supply there. And then same with Neutron is like there is a huge launch kind of demand that's not being met by one provider. So and you even you just can't have one provider. So we made the big call and it was a big call to go and invest in Neutron. But the one thing that I would say is that you know, we're all kind of
engineers here, so we're all pretty conservative folks. So you never see Rocket Lab kind of push all the chips into the center of the table on one particular idea or opportunity. We're always very methodical in the way that we build the business.
At what point, like, you know, ten years a decade ago, did you realize that did you realize then that it would be the almost an infrastructure play that you were building or the how's that evolved?
Yes?
Yeah, So we often asked this question.
It's like rocket Lab pivoted into building satellites as well as rockets are like, no, we never pivoted. I mean this second Neutron electrons sorry, rocket that we ever launched on the kickstage, which is the top of the rocket that goes into orbit, had recesses all round that keckstage for solar panels to turn that into a satellite that was on flight two. So but once again going back to the point, I'm never going to push all the
chips into the center. We needed to establish Electron as a market leader first, and I like to finish one thing before I start the next. And you know, once Electron was kind of dialed, and then then we announced our space system's programmed and then started to grow that and grow that, and then you know, when the right time to bring Neutron into the mix, we did that as well. So you know, once space system is established and everything, we bring neutron into them.
That's such a familiar entrepreneurial sort of tail all that stuff that the entrepreneurial drug where that comes in because we've got a case that cheesy at the moments, well, we're sort of doing a lot more in the B to B space and quite weird to set our sharehold. I mean, one of the common questions are you pivoting into businesses more? It's like, no, if you rewind seven years ago to where one of our first pitch decks
this this was yah, Yeah, that's right. That wasn't That was a bit that wasn't captured in the story, you know, But.
And you find that that, you know, all companies have a larger vision and and you just have to keep working towards that vision. And sometimes you know the direction changes a bit or how you get there, but but you know, there is there is always a grander, grander goal.
Yeah. One of the other things that the documentary showcased was the pressure around that launch. And I think you said it was your least favorite time of it. But I was wondering if if there's any particularly enjoyable ones that you have reflected on or particularly challenging ones.
Yeah.
I mean for me personally, one of the one of the most satisfying ones was you know, a first flight for for NASA, because when I before I started rocket Lab, you know, my plan at school was was always to go and work Vanasa. That was the goal, right, And I quickly found out that you know, a foreign national with no Universe degree is very challenging to go and work for FANASA. So not not you know, not to be not to be outdone with that is the easiest solution was just to go and start rocket Lab and
you know, launching, I think it's like four launching. You know, it's dedicated group of payloads. Fanasa just felt you.
Know, full circle. Of course, in Heed at the moment, you're never think any of this.
But it's often that, you know, the drive home after a successful launcher go huh that actually happened and that was that was super cool.
Yeah. Yeah, that's one of the things I have to ask. But how relevant is the countdown these days? It seems like it's been in movies forever, it's still happening in all of them. But it just seems to me that surely there's a computer bitter place, but not for the overall drama of it, but.
Well so, so you know, the computer actually takes control of not only the launch vehicle but also the launch site and all the infrastructure at t minus ten minutes. So when we enter auto sequence, that's when we hand over control to the rocketing.
You know, the rocket is also controlling the.
Ground systems and it's and it's just you know, we can interrupt that auto sequence, but from that point onwards until the spacecraft is deployed, it's all on the rocket. But the countdown is you know, it's it's kind of important because you want to know when stuff is supposed to happen, and you know that it's going to have would be pretty weird to just sort of sit there and just watch a rocket launch.
Without I absolutely love watching that. It's just yeah, just watching that thing, just that the stress in those moments as you're about to ignite something that could literally blow up.
But well, it's it's it's the bizarrest thing to say.
But for the first few launches, I was doing the team count rights, doing the final countdown, and there's so much going on and you're concentrating so much that it's actually really hard to count.
Backwards, right.
You wouldn't you wouldn't think it, right, But you're sitting there and you have to actually go in your head, well, jeap like seven is before.
Eight, and.
There's just so much going on that you think there were be a super easy task, but actually it's more difficult.
Than you think.
You mentioned that, you know, you didn't have the degree, and what's of stuff? What's the plausibility of someone being able to work at rocket Lab, for example, without having that degree and getting a job here now.
I mean, you know, look, you get a CV and they all look the same, and I don't know who's telling you know, which careers advisor university telling people to write cvs, but they're all the same, and it's impossible to distinguish, you know, the kind of Rocket Lab person that we like. So the first question we ask is, okay, this is great, put it to one side. Tell me what you actually do in your own spare time, Tell me what you built. And those are the people that
we actually want. The people that do well here are people who are like in an engineering sense, are born engineers. So they'll go to university and they'll do an engineering degree or not. But then after that they'll go home and they'll be working on their car, or they'll be building a quad copter, or they'll be there'll be you know, the whole life revolves around engineering, and those are the people that you really really want.
I remember maybe it was an earlier podcast we talked about you mentioned that you would never go into space yourself. You don't see that as a thing, but I have noticed on another YouTube thing or something else watching where you did used to ride your early rockets. Is that just is it the space factor or is it like or is you just your risk appetite changed in general.
No, I've got a fairly healthy risk appetite.
No, It's just one of those things that the more you know about something, the more you know, the more you realize you don't know. And also, you know, look, I have I have all of the all of the engineering insight, but in that sense, none of the courage to climb on board a rocket because I understand all of the things that have to go right too well.
And I have tremendous admiration for an astronaut because a lot of those guys are engineers as well, and they have a full understanding as well, And I think it just takes a special kind of person to do that. And you know, I think I think i'm maybe if if I'm kind of old and and you know, all your kids are grown up and all those kinds of but if you've actually got responsibilities to to to people and to other things, I think it's it's a pretty tough thing to do to take that level of risk.
Yeah, you mentioned the healthy ep type for risk, right, Where where is that line?
Then?
What is what are the things that you like doing that?
Yeah?
So I think I think I'm paid to take relatively large amount of risk and then mitigrate, mitigate it to an extreme level such that it doesn't occur. That's that's that is basically the definition.
Of a rocket CEO.
So you know, heavy to heavy to take take risk. But but you can't take risk unless you fully understand you all the consequences and how you mitigate them. So I think there's a big difference between perceived risk and actual risk.
You brought up the rocket.
Bike, right, So if someone standing on the outside putting a leg either side of a rocket bike probably looks very very risky, but the actual risk of that is you know, the particular engine on that was was incredibly robust. The chances of that thing, you know, detonating almost zero, and you know, the stability of the vehicle was really really solid, and I had heaps of safety gear on and all the rest of it. So worst case scenario
probably skid along the ground, No big deal. So the difference, the difference there is like, yes, there is there is. There is actual risk if you didn't mitigate it through through kind of making things safe. And there's a lot of perceived risk that that isn't actually even there.
Just maybe outside of rocket layer. I know, you do, you do invest in a few companies. What are the things that you're normally looking for when you're selecting companies.
Yeah, so it's kind of like, you know, as being CEO of a publicly traded company, there's you know, you lose some of that kind of entrepreneurial kind of you know abilities. So I need to get my hit and I get my hat through you know, supporting other early stage companies. And you know, I sit on an investment committee for outseet and invest in companies as you point out, and I guess the things that I'm invested in all things that I think could be billion dollar entities in
New Zealand. Those are the things that I get really excited about. I've always viewed that it's the same amount of work to build a ten million dollar company as a ten billion dollar company, So why would you bother building a ten million dollar company. I mean, there's nothing the matter with a ten million dollar Then it's great. There's lots of those, and it's super important. But for me, if I'm going to use my time on this planet,
I want to have the maximum impact possible. So those are the companies that I look to, you know, to kind of support and help in New Zealand. And you know there's a bunch of those, which is super exciting.
Well, that's great note to finish on. Thanks so much for again giving your time to our shareholders and chess so and you know, look forward to see what happens over the next year and hopefully checking again soon. And yeah, this is a very cool new aspirations for cheesies off us. Thanks for joining us today. Everyone. If you want to see more of us on Shared Lunch, then check us out on YouTube or wherever you get your podcasts. And
today we've got a special giveaway. Rocket Lamb were giving us some bottles and if you want to enter the drawer then check it out and the link below with some instructions. Otherwise, have a fantastic.
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