{"version":"1.0.0","segments":[{"speaker":"Dimitry Gershenson","startTime":3.995,"endTime":8.871,"body":"Climate change"},{"speaker":"Dimitry Gershenson","startTime":3.995,"endTime":8.871,"body":"presents, maybe the largest economic shift"},{"speaker":"Dimitry Gershenson","startTime":9.192,"endTime":10.812,"body":"we have ever seen, and we'll ever see."},{"speaker":"Dimitry Gershenson","startTime":10.812,"endTime":14.915,"body":"The entire socioeconomic"},{"speaker":"Dimitry Gershenson","startTime":10.812,"endTime":14.915,"body":"structure that we inhabit needs"},{"speaker":"Dimitry Gershenson","startTime":14.915,"endTime":16.835,"body":"to change if we are to survive."},{"speaker":"Dimitry Gershenson","startTime":17.36,"endTime":20.698,"body":"And that means that if we're"},{"speaker":"Dimitry Gershenson","startTime":17.36,"endTime":20.698,"body":"starting at the beginning of that"},{"speaker":"Dimitry Gershenson","startTime":20.698,"endTime":25.807,"body":"process, the economic opportunity"},{"speaker":"Dimitry Gershenson","startTime":20.698,"endTime":25.807,"body":"of that shift is incredible."},{"speaker":"Dimitry Gershenson","startTime":26.147,"endTime":32.363,"body":"And so being the first dedicated"},{"speaker":"Dimitry Gershenson","startTime":26.147,"endTime":32.363,"body":"FinTech lender in climate means it"},{"speaker":"Dimitry Gershenson","startTime":32.363,"endTime":36.86,"body":"gives us a pretty incredible advantage"},{"speaker":"Dimitry Gershenson","startTime":32.363,"endTime":36.86,"body":"to capture a lot of that opportunity"},{"speaker":"Tom Raftery","startTime":37.356,"endTime":39.276,"body":"Good morning,"},{"speaker":"Tom Raftery","startTime":37.356,"endTime":39.276,"body":"good afternoon, or good evening"},{"speaker":"Tom Raftery","startTime":39.276,"endTime":40.746,"body":"wherever you are in the world."},{"speaker":"Tom Raftery","startTime":41.016,"endTime":45.126,"body":"This is the Climate 21 podcast,"},{"speaker":"Tom Raftery","startTime":41.016,"endTime":45.126,"body":"the number one podcast, showcasing"},{"speaker":"Tom Raftery","startTime":45.126,"endTime":49.266,"body":"best practices in climate emissions"},{"speaker":"Tom Raftery","startTime":45.126,"endTime":49.266,"body":"reductions, and I'm your host global"},{"speaker":"Tom Raftery","startTime":49.266,"endTime":51.696,"body":"vice president for SAP, Tom Raftery."},{"speaker":"Tom Raftery","startTime":52.866,"endTime":56.346,"body":"Climate 21 is the name of an"},{"speaker":"Tom Raftery","startTime":52.866,"endTime":56.346,"body":"initiative by SAP to allow our"},{"speaker":"Tom Raftery","startTime":56.346,"endTime":59.646,"body":"customers calculate, report, and"},{"speaker":"Tom Raftery","startTime":56.346,"endTime":59.646,"body":"reduce their greenhouse gas emissions."},{"speaker":"Tom Raftery","startTime":60.786,"endTime":64.806,"body":"In this Climate 21 podcast, I"},{"speaker":"Tom Raftery","startTime":60.786,"endTime":64.806,"body":"will showcase best practices and"},{"speaker":"Tom Raftery","startTime":64.806,"endTime":69.276,"body":"thought leadership by SAP, by our"},{"speaker":"Tom Raftery","startTime":64.806,"endTime":69.276,"body":"customers, by our partners and, by"},{"speaker":"Tom Raftery","startTime":69.276,"endTime":72.906,"body":"our competitors, if they're game,"},{"speaker":"Tom Raftery","startTime":69.276,"endTime":72.906,"body":"in climate emissions reductions."},{"speaker":"Tom Raftery","startTime":73.926,"endTime":78.096,"body":"Don't forget to subscribe to this"},{"speaker":"Tom Raftery","startTime":73.926,"endTime":78.096,"body":"podcast in your podcast app of choice,"},{"speaker":"Tom Raftery","startTime":78.216,"endTime":80.556,"body":"to be sure you don't miss any episodes."},{"speaker":"Tom Raftery","startTime":81.027,"endTime":81.537,"body":"Hi, everyone."},{"speaker":"Tom Raftery","startTime":81.537,"endTime":83.427,"body":"Welcome to the climate 21 podcast."},{"speaker":"Tom Raftery","startTime":83.457,"endTime":87.417,"body":"My name is Tom Raftery with SAP"},{"speaker":"Tom Raftery","startTime":83.457,"endTime":87.417,"body":"and with me on the show today, I"},{"speaker":"Tom Raftery","startTime":87.417,"endTime":91.137,"body":"have my special guests, Dimitri,"},{"speaker":"Tom Raftery","startTime":87.417,"endTime":91.137,"body":"Dimitri, welcome to the podcast."},{"speaker":"Tom Raftery","startTime":91.137,"endTime":92.907,"body":"Would you like to introduce yourself?"},{"speaker":"Dimitry Gershenson","startTime":93.777,"endTime":94.127,"body":"Sure."},{"speaker":"Dimitry Gershenson","startTime":94.127,"endTime":95.237,"body":"Thanks so much, Tom."},{"speaker":"Dimitry Gershenson","startTime":95.927,"endTime":99.527,"body":"I'm I'm Dimitri, I'm the co-founder"},{"speaker":"Dimitry Gershenson","startTime":95.927,"endTime":99.527,"body":"and CEO of Enduring Planet."},{"speaker":"Dimitry Gershenson","startTime":100.177,"endTime":103.907,"body":"Enduring Planet is a FinTech"},{"speaker":"Dimitry Gershenson","startTime":100.177,"endTime":103.907,"body":"lender focused exclusively"},{"speaker":"Dimitry Gershenson","startTime":103.907,"endTime":105.047,"body":"on the new climate economy."},{"speaker":"Dimitry Gershenson","startTime":105.557,"endTime":110.552,"body":"So we provide fast founder"},{"speaker":"Dimitry Gershenson","startTime":105.557,"endTime":110.552,"body":"friendly, debt financing to climate"},{"speaker":"Dimitry Gershenson","startTime":110.552,"endTime":112.112,"body":"entrepreneurs to support their growth."},{"speaker":"Tom Raftery","startTime":113.207,"endTime":114.227,"body":"Okay, cool."},{"speaker":"Tom Raftery","startTime":114.677,"endTime":116.087,"body":"And why?"},{"speaker":"Dimitry Gershenson","startTime":117.557,"endTime":118.307,"body":"Why?"},{"speaker":"Dimitry Gershenson","startTime":119.387,"endTime":120.737,"body":"Oh why?"},{"speaker":"Dimitry Gershenson","startTime":120.792,"endTime":122.852,"body":"The quintessential question."},{"speaker":"Dimitry Gershenson","startTime":122.852,"endTime":131.282,"body":"Well, you know, we, see a few interrelated"},{"speaker":"Dimitry Gershenson","startTime":122.852,"endTime":131.282,"body":"problems in the ecosystem and we've"},{"speaker":"Dimitry Gershenson","startTime":131.282,"endTime":132.692,"body":"seen these throughout our career."},{"speaker":"Dimitry Gershenson","startTime":132.702,"endTime":137.777,"body":"So both my co-founder and I have"},{"speaker":"Dimitry Gershenson","startTime":132.702,"endTime":137.777,"body":"spent over a decade working in at"},{"speaker":"Dimitry Gershenson","startTime":137.777,"endTime":143.357,"body":"the intersection of climate and"},{"speaker":"Dimitry Gershenson","startTime":137.777,"endTime":143.357,"body":"finance and a lot of that work around"},{"speaker":"Dimitry Gershenson","startTime":143.747,"endTime":152.267,"body":"debt specifically, and we sort of"},{"speaker":"Dimitry Gershenson","startTime":143.747,"endTime":152.267,"body":"coalesced around four related problems."},{"speaker":"Dimitry Gershenson","startTime":152.387,"endTime":156.197,"body":"So one there's not enough"},{"speaker":"Dimitry Gershenson","startTime":152.387,"endTime":156.197,"body":"money in climate, period."},{"speaker":"Dimitry Gershenson","startTime":156.807,"endTime":161.602,"body":"You know, we need to see probably a"},{"speaker":"Dimitry Gershenson","startTime":156.807,"endTime":161.602,"body":"seven to 10 X increase in the amount"},{"speaker":"Dimitry Gershenson","startTime":161.602,"endTime":163.942,"body":"of annual investment into the space."},{"speaker":"Dimitry Gershenson","startTime":164.482,"endTime":168.772,"body":"Today we're probably looking at"},{"speaker":"Dimitry Gershenson","startTime":164.482,"endTime":168.772,"body":"around six, 700 billion a year,"},{"speaker":"Dimitry Gershenson","startTime":169.162,"endTime":171.596,"body":"total flowing into climate solutions."},{"speaker":"Dimitry Gershenson","startTime":171.956,"endTime":177.446,"body":"And that number needs to be somewhere"},{"speaker":"Dimitry Gershenson","startTime":171.956,"endTime":177.446,"body":"around four or 5 trillion, according to"},{"speaker":"Dimitry Gershenson","startTime":177.836,"endTime":179.516,"body":"the various models that have been built"},{"speaker":"Tom Raftery","startTime":179.711,"endTime":179.951,"body":"Sure."},{"speaker":"Dimitry Gershenson","startTime":180.896,"endTime":187.361,"body":"To the mix of"},{"speaker":"Dimitry Gershenson","startTime":180.896,"endTime":187.361,"body":"capital that's available to earlier"},{"speaker":"Dimitry Gershenson","startTime":187.361,"endTime":192.011,"body":"stage companies today is very limited"},{"speaker":"Dimitry Gershenson","startTime":187.361,"endTime":192.011,"body":"and does not represent really a"},{"speaker":"Dimitry Gershenson","startTime":192.011,"endTime":195.821,"body":"robust call it capital market."},{"speaker":"Dimitry Gershenson","startTime":196.601,"endTime":200.651,"body":"So there's mostly just venture"},{"speaker":"Dimitry Gershenson","startTime":196.601,"endTime":200.651,"body":"that's available for founders."},{"speaker":"Dimitry Gershenson","startTime":201.131,"endTime":206.711,"body":"And that means that on the one hand"},{"speaker":"Dimitry Gershenson","startTime":201.131,"endTime":206.711,"body":"companies that are venture backable,"},{"speaker":"Dimitry Gershenson","startTime":207.191,"endTime":208.821,"body":"they tend to just raise venture."},{"speaker":"Dimitry Gershenson","startTime":209.246,"endTime":211.716,"body":"Which is a problem because"},{"speaker":"Dimitry Gershenson","startTime":209.246,"endTime":211.716,"body":"it's very dilutive."},{"speaker":"Dimitry Gershenson","startTime":211.736,"endTime":213.296,"body":"It's very expensive capital."},{"speaker":"Dimitry Gershenson","startTime":213.896,"endTime":219.566,"body":"It's also often even if your venture"},{"speaker":"Dimitry Gershenson","startTime":213.896,"endTime":219.566,"body":"backable, but you don't look like me"},{"speaker":"Dimitry Gershenson","startTime":219.686,"endTime":224.396,"body":"and I'm a white guy, that means that"},{"speaker":"Dimitry Gershenson","startTime":219.686,"endTime":224.396,"body":"capital is often not available to you"},{"speaker":"Dimitry Gershenson","startTime":224.396,"endTime":228.446,"body":"because a venture capital ecosystem"},{"speaker":"Dimitry Gershenson","startTime":224.396,"endTime":228.446,"body":"generally just has a lot of bias baked in."},{"speaker":"Dimitry Gershenson","startTime":229.256,"endTime":232.136,"body":"And then for folks that are not"},{"speaker":"Dimitry Gershenson","startTime":229.256,"endTime":232.136,"body":"venture backable, there are really"},{"speaker":"Dimitry Gershenson","startTime":232.136,"endTime":235.826,"body":"aren't any capital options for them"},{"speaker":"Dimitry Gershenson","startTime":232.136,"endTime":235.826,"body":"to grow, to get to a point where they"},{"speaker":"Dimitry Gershenson","startTime":235.826,"endTime":241.886,"body":"could access, call it bank finance or"},{"speaker":"Dimitry Gershenson","startTime":235.826,"endTime":241.886,"body":"other forms of later stage finance."},{"speaker":"Dimitry Gershenson","startTime":243.506,"endTime":247.796,"body":"The third problem is that"},{"speaker":"Dimitry Gershenson","startTime":243.506,"endTime":247.796,"body":"the credit, options that are"},{"speaker":"Dimitry Gershenson","startTime":247.796,"endTime":252.161,"body":"available to entrepreneurs today"},{"speaker":"Dimitry Gershenson","startTime":247.796,"endTime":252.161,"body":"are basically just late stage."},{"speaker":"Dimitry Gershenson","startTime":252.611,"endTime":257.291,"body":"And if they are available early"},{"speaker":"Dimitry Gershenson","startTime":252.611,"endTime":257.291,"body":"they're often, they often have a"},{"speaker":"Dimitry Gershenson","startTime":257.291,"endTime":262.361,"body":"lot of the same kind of exclusionary"},{"speaker":"Dimitry Gershenson","startTime":257.291,"endTime":262.361,"body":"problems because they require personal"},{"speaker":"Dimitry Gershenson","startTime":262.361,"endTime":265.361,"body":"guarantees and a lot of collateral."},{"speaker":"Dimitry Gershenson","startTime":265.421,"endTime":269.677,"body":"And, most founders struggle with"},{"speaker":"Dimitry Gershenson","startTime":265.421,"endTime":269.677,"body":"the idea of like putting their"},{"speaker":"Dimitry Gershenson","startTime":269.677,"endTime":272.437,"body":"house up to back their business."},{"speaker":"Dimitry Gershenson","startTime":273.187,"endTime":276.097,"body":"If they even have a house, you know, a"},{"speaker":"Dimitry Gershenson","startTime":273.187,"endTime":276.097,"body":"lot of founders don't have those kinds of"},{"speaker":"Dimitry Gershenson","startTime":276.097,"endTime":279.517,"body":"resources in their personal asset base."},{"speaker":"Dimitry Gershenson","startTime":280.117,"endTime":285.817,"body":"And then last but not least, there's"},{"speaker":"Dimitry Gershenson","startTime":280.117,"endTime":285.817,"body":"a fairly substantial community"},{"speaker":"Dimitry Gershenson","startTime":285.817,"endTime":290.917,"body":"of institutional investors that"},{"speaker":"Dimitry Gershenson","startTime":285.817,"endTime":290.917,"body":"want to do more in climate, but"},{"speaker":"Dimitry Gershenson","startTime":290.917,"endTime":293.287,"body":"require a fixed income allocation."},{"speaker":"Dimitry Gershenson","startTime":293.347,"endTime":298.687,"body":"So they need to put their money into"},{"speaker":"Dimitry Gershenson","startTime":293.347,"endTime":298.687,"body":"more liquid debt opportunities because"},{"speaker":"Dimitry Gershenson","startTime":298.687,"endTime":301.927,"body":"they've already, let's say committed"},{"speaker":"Dimitry Gershenson","startTime":298.687,"endTime":301.927,"body":"all of their LP capital to VC funds."},{"speaker":"Dimitry Gershenson","startTime":303.217,"endTime":306.227,"body":"Well, if those opportunities don't exist"},{"speaker":"Dimitry Gershenson","startTime":303.217,"endTime":306.227,"body":"and they just won't allocate the money."},{"speaker":"Dimitry Gershenson","startTime":307.402,"endTime":311.332,"body":"And so on the one hand,"},{"speaker":"Dimitry Gershenson","startTime":307.402,"endTime":311.332,"body":"the market has demand."},{"speaker":"Dimitry Gershenson","startTime":312.142,"endTime":316.252,"body":"And on the other hand, there's supply"},{"speaker":"Dimitry Gershenson","startTime":312.142,"endTime":316.252,"body":"and there's nobody in the middle"},{"speaker":"Dimitry Gershenson","startTime":316.582,"endTime":319.072,"body":"serving to enable those two to connect."},{"speaker":"Dimitry Gershenson","startTime":319.792,"endTime":322.582,"body":"And so we said, okay, well, why don't we?"},{"speaker":"Tom Raftery","startTime":323.517,"endTime":323.967,"body":"Okay."},{"speaker":"Tom Raftery","startTime":323.997,"endTime":327.057,"body":"And why climate?"},{"speaker":"Tom Raftery","startTime":327.237,"endTime":331.057,"body":"Why not I dunno, gig economy?"},{"speaker":"Tom Raftery","startTime":331.057,"endTime":333.321,"body":"Why not oil and gas?"},{"speaker":"Tom Raftery","startTime":333.351,"endTime":335.271,"body":"Why not you know, why climate?"},{"speaker":"Dimitry Gershenson","startTime":336.611,"endTime":340.571,"body":"So I think there's a"},{"speaker":"Dimitry Gershenson","startTime":336.611,"endTime":340.571,"body":"personal and a commercial element here."},{"speaker":"Dimitry Gershenson","startTime":341.111,"endTime":344.021,"body":"I've worked in climate my entire career."},{"speaker":"Dimitry Gershenson","startTime":344.741,"endTime":345.971,"body":"So has my co-founder."},{"speaker":"Dimitry Gershenson","startTime":346.691,"endTime":351.961,"body":"It's been the one thing that I"},{"speaker":"Dimitry Gershenson","startTime":346.691,"endTime":351.961,"body":"have either directly worked on or"},{"speaker":"Dimitry Gershenson","startTime":351.961,"endTime":357.631,"body":"come back to since I've started"},{"speaker":"Dimitry Gershenson","startTime":351.961,"endTime":357.631,"body":"working period in call it 2009."},{"speaker":"Dimitry Gershenson","startTime":359.521,"endTime":367.676,"body":"I think beyond that though climate change"},{"speaker":"Dimitry Gershenson","startTime":359.521,"endTime":367.676,"body":"presents, maybe the largest economic shift"},{"speaker":"Dimitry Gershenson","startTime":368.486,"endTime":370.106,"body":"we have ever seen, and we'll ever see."},{"speaker":"Dimitry Gershenson","startTime":370.106,"endTime":374.729,"body":"The entire socioeconomic"},{"speaker":"Dimitry Gershenson","startTime":370.106,"endTime":374.729,"body":"structure that we inhabit needs"},{"speaker":"Dimitry Gershenson","startTime":374.729,"endTime":376.649,"body":"to change if we are to survive."},{"speaker":"Dimitry Gershenson","startTime":377.819,"endTime":383.159,"body":"And that means that if we're starting"},{"speaker":"Dimitry Gershenson","startTime":377.819,"endTime":383.159,"body":"at the beginning of that process,"},{"speaker":"Dimitry Gershenson","startTime":384.029,"endTime":389.449,"body":"the call it economic opportunity"},{"speaker":"Dimitry Gershenson","startTime":384.029,"endTime":389.449,"body":"of that shift is incredible."},{"speaker":"Dimitry Gershenson","startTime":390.419,"endTime":397.859,"body":"And so being call it, the first dedicated"},{"speaker":"Dimitry Gershenson","startTime":390.419,"endTime":397.859,"body":"FinTech lender in climate means it"},{"speaker":"Dimitry Gershenson","startTime":397.859,"endTime":403.019,"body":"gives us a pretty incredible advantage"},{"speaker":"Dimitry Gershenson","startTime":397.859,"endTime":403.019,"body":"to capture a lot of that opportunity."},{"speaker":"Dimitry Gershenson","startTime":404.192,"endTime":404.612,"body":"I don't know."},{"speaker":"Dimitry Gershenson","startTime":404.762,"endTime":405.792,"body":"Does that answer your question?"},{"speaker":"Tom Raftery","startTime":405.792,"endTime":406.112,"body":"Yeah."},{"speaker":"Tom Raftery","startTime":406.112,"endTime":406.687,"body":"Yeah, yeah, yeah."},{"speaker":"Tom Raftery","startTime":406.717,"endTime":412.187,"body":"I mean, what it says to me as well"},{"speaker":"Tom Raftery","startTime":406.717,"endTime":412.187,"body":"though, is that you are market-making,"},{"speaker":"Tom Raftery","startTime":412.187,"endTime":415.997,"body":"which is always a tough place to be"},{"speaker":"Tom Raftery","startTime":412.187,"endTime":415.997,"body":"as opposed to being a fast follower."},{"speaker":"Dimitry Gershenson","startTime":417.502,"endTime":420.592,"body":"So, I don't know"},{"speaker":"Dimitry Gershenson","startTime":417.502,"endTime":420.592,"body":"if I would say we're market making."},{"speaker":"Dimitry Gershenson","startTime":420.592,"endTime":423.262,"body":"I think there's sufficient"},{"speaker":"Dimitry Gershenson","startTime":420.592,"endTime":423.262,"body":"market for us to play in."},{"speaker":"Dimitry Gershenson","startTime":423.412,"endTime":426.622,"body":"I think there's, there's an"},{"speaker":"Dimitry Gershenson","startTime":423.412,"endTime":426.622,"body":"incredible amount of appetite"},{"speaker":"Dimitry Gershenson","startTime":426.622,"endTime":428.212,"body":"for capital in this space."},{"speaker":"Dimitry Gershenson","startTime":429.172,"endTime":434.962,"body":"Maybe the place where we do some call"},{"speaker":"Dimitry Gershenson","startTime":429.172,"endTime":434.962,"body":"it market making work is around founder"},{"speaker":"Dimitry Gershenson","startTime":434.962,"endTime":442.192,"body":"education to help entrepreneurs think"},{"speaker":"Dimitry Gershenson","startTime":434.962,"endTime":442.192,"body":"about a more holistic, comprehensive"},{"speaker":"Dimitry Gershenson","startTime":442.192,"endTime":444.917,"body":"approach to capitalizing their business."},{"speaker":"Dimitry Gershenson","startTime":444.917,"endTime":453.167,"body":"I think there's been a lot of cultural"},{"speaker":"Dimitry Gershenson","startTime":444.917,"endTime":453.167,"body":"pressure, a lot of status quo thinking"},{"speaker":"Dimitry Gershenson","startTime":453.167,"endTime":457.397,"body":"around, well, you know, if you can"},{"speaker":"Dimitry Gershenson","startTime":453.167,"endTime":457.397,"body":"raise venture, why raise anything else?"},{"speaker":"Dimitry Gershenson","startTime":457.397,"endTime":463.787,"body":"Or we actually had a VC recently"},{"speaker":"Dimitry Gershenson","startTime":457.397,"endTime":463.787,"body":"say, well, you know, we sometimes"},{"speaker":"Dimitry Gershenson","startTime":463.787,"endTime":467.207,"body":"think that if our startups raised"},{"speaker":"Dimitry Gershenson","startTime":463.787,"endTime":467.207,"body":"debt, then they're not going to be"},{"speaker":"Dimitry Gershenson","startTime":467.207,"endTime":468.877,"body":"able to raise a follow on round."},{"speaker":"Dimitry Gershenson","startTime":470.237,"endTime":471.767,"body":"And I said, well, that's not true."},{"speaker":"Dimitry Gershenson","startTime":472.447,"endTime":479.627,"body":"Where is that coming from, I don't know,"},{"speaker":"Dimitry Gershenson","startTime":472.447,"endTime":479.627,"body":"a single startup that was venture backable"},{"speaker":"Dimitry Gershenson","startTime":480.407,"endTime":484.697,"body":"that went and raised debt, which is often"},{"speaker":"Dimitry Gershenson","startTime":480.407,"endTime":484.697,"body":"a much more rigorous, challenging process,"},{"speaker":"Dimitry Gershenson","startTime":484.787,"endTime":489.647,"body":"typically not in our case, but typically"},{"speaker":"Dimitry Gershenson","startTime":484.787,"endTime":489.647,"body":"who then was not able to go raise VC."},{"speaker":"Dimitry Gershenson","startTime":489.647,"endTime":494.957,"body":"If anything, it helps VCs because"},{"speaker":"Dimitry Gershenson","startTime":489.647,"endTime":494.957,"body":"now there's, non-dilutive growth"},{"speaker":"Dimitry Gershenson","startTime":494.957,"endTime":497.547,"body":"capital driving that business forward."},{"speaker":"Dimitry Gershenson","startTime":498.342,"endTime":504.009,"body":"And that means that they get, a"},{"speaker":"Dimitry Gershenson","startTime":498.342,"endTime":504.009,"body":"proportionately better deal than"},{"speaker":"Dimitry Gershenson","startTime":504.009,"endTime":507.339,"body":"if that growth had been funded"},{"speaker":"Dimitry Gershenson","startTime":504.009,"endTime":507.339,"body":"with venture makes no sense to me."},{"speaker":"Dimitry Gershenson","startTime":507.399,"endTime":513.339,"body":"So it's that, that education element is"},{"speaker":"Dimitry Gershenson","startTime":507.399,"endTime":513.339,"body":"probably where we call it, do the market"},{"speaker":"Dimitry Gershenson","startTime":513.339,"endTime":517.549,"body":"making work, but otherwise, I mean, it's,"},{"speaker":"Dimitry Gershenson","startTime":513.339,"endTime":517.549,"body":"you know, you talked to, to the founders"},{"speaker":"Dimitry Gershenson","startTime":517.549,"endTime":521.154,"body":"in this space and you say, Hey well,"},{"speaker":"Dimitry Gershenson","startTime":517.549,"endTime":521.154,"body":"You used to think this was your only"},{"speaker":"Dimitry Gershenson","startTime":521.154,"endTime":522.654,"body":"option and now you have these options."},{"speaker":"Dimitry Gershenson","startTime":522.924,"endTime":525.384,"body":"Everybody's like, oh"},{"speaker":"Dimitry Gershenson","startTime":522.924,"endTime":525.384,"body":"man, how do I sign up?"},{"speaker":"Tom Raftery","startTime":527.089,"endTime":531.889,"body":"So tell me about the options"},{"speaker":"Tom Raftery","startTime":527.089,"endTime":531.889,"body":"that let's say I am a founder and I've"},{"speaker":"Tom Raftery","startTime":531.889,"endTime":539.469,"body":"got this great idea for seeding the ocean"},{"speaker":"Tom Raftery","startTime":531.889,"endTime":539.469,"body":"with iron and making tons of money by"},{"speaker":"Tom Raftery","startTime":539.799,"endTime":542.199,"body":"sequestering, carbon and growing fish."},{"speaker":"Dimitry Gershenson","startTime":543.884,"endTime":544.214,"body":"Okay."},{"speaker":"Tom Raftery","startTime":545.089,"endTime":546.369,"body":"What can you do for me?"},{"speaker":"Dimitry Gershenson","startTime":547.959,"endTime":549.549,"body":"Well, it"},{"speaker":"Dimitry Gershenson","startTime":547.959,"endTime":549.549,"body":"depends on where you're at."},{"speaker":"Dimitry Gershenson","startTime":549.849,"endTime":555.879,"body":"So today we offer one product, which"},{"speaker":"Dimitry Gershenson","startTime":549.849,"endTime":555.879,"body":"is a revenue based financing product."},{"speaker":"Dimitry Gershenson","startTime":555.939,"endTime":559.089,"body":"And that means that the companies"},{"speaker":"Dimitry Gershenson","startTime":555.939,"endTime":559.089,"body":"that can raise capital from us have"},{"speaker":"Dimitry Gershenson","startTime":559.089,"endTime":564.189,"body":"to be already generating revenue and"},{"speaker":"Dimitry Gershenson","startTime":559.089,"endTime":564.189,"body":"they need to meet certain baseline"},{"speaker":"Dimitry Gershenson","startTime":564.189,"endTime":569.019,"body":"revenue and growth requirements based"},{"speaker":"Dimitry Gershenson","startTime":564.189,"endTime":569.019,"body":"on our sort of proprietary risk model."},{"speaker":"Dimitry Gershenson","startTime":569.434,"endTime":573.514,"body":"And generally the, the revenue needs to"},{"speaker":"Dimitry Gershenson","startTime":569.434,"endTime":573.514,"body":"be somewhat predictable and consistent."},{"speaker":"Dimitry Gershenson","startTime":573.574,"endTime":580.204,"body":"It doesn't have to be recurring, but we do"},{"speaker":"Dimitry Gershenson","startTime":573.574,"endTime":580.204,"body":"like to see a consistent growing monthly"},{"speaker":"Dimitry Gershenson","startTime":580.204,"endTime":583.594,"body":"revenue, at least over six to 12 months."},{"speaker":"Dimitry Gershenson","startTime":584.374,"endTime":590.374,"body":"And so, in your case, if you were doing"},{"speaker":"Dimitry Gershenson","startTime":584.374,"endTime":590.374,"body":"this already and you had a bunch of"},{"speaker":"Dimitry Gershenson","startTime":590.374,"endTime":597.304,"body":"contracts with, you know, whole foods"},{"speaker":"Dimitry Gershenson","startTime":590.374,"endTime":597.304,"body":"buying your fish and maybe an agreement"},{"speaker":"Dimitry Gershenson","startTime":597.304,"endTime":603.814,"body":"from Stripe or Meta to buy all of your"},{"speaker":"Dimitry Gershenson","startTime":597.304,"endTime":603.814,"body":"offsets  your credits or whatever,"},{"speaker":"Dimitry Gershenson","startTime":603.844,"endTime":605.314,"body":"however, you're registering them."},{"speaker":"Dimitry Gershenson","startTime":605.824,"endTime":610.234,"body":"And then, you know, there could definitely"},{"speaker":"Dimitry Gershenson","startTime":605.824,"endTime":610.234,"body":"be an option here to do some revenue"},{"speaker":"Dimitry Gershenson","startTime":610.234,"endTime":614.614,"body":"based financing and you could then"},{"speaker":"Dimitry Gershenson","startTime":610.234,"endTime":614.614,"body":"use that capital to support marketing"},{"speaker":"Dimitry Gershenson","startTime":614.614,"endTime":618.304,"body":"expenses direct to consumer sales,"},{"speaker":"Dimitry Gershenson","startTime":614.614,"endTime":618.304,"body":"because maybe now you want to start"},{"speaker":"Dimitry Gershenson","startTime":618.304,"endTime":622.939,"body":"shipping your fish through Facebook,"},{"speaker":"Dimitry Gershenson","startTime":618.304,"endTime":622.939,"body":"whatever it is, right, it could work."},{"speaker":"Dimitry Gershenson","startTime":623.329,"endTime":628.249,"body":"Uh, we will be offering other products,"},{"speaker":"Dimitry Gershenson","startTime":623.329,"endTime":628.249,"body":"other instruments, pretty soon."},{"speaker":"Dimitry Gershenson","startTime":628.249,"endTime":632.749,"body":"We've already tested one that I'm"},{"speaker":"Dimitry Gershenson","startTime":628.249,"endTime":632.749,"body":"kind of keeping close to my, keeping"},{"speaker":"Dimitry Gershenson","startTime":632.749,"endTime":634.819,"body":"the cards close to my that's for now."},{"speaker":"Dimitry Gershenson","startTime":634.819,"endTime":643.129,"body":"But, we eventually want to offer climate"},{"speaker":"Dimitry Gershenson","startTime":634.819,"endTime":643.129,"body":"entrepreneurs non-dilutive growth capital"},{"speaker":"Dimitry Gershenson","startTime":643.129,"endTime":650.224,"body":"at any stage of their journey, whether"},{"speaker":"Dimitry Gershenson","startTime":643.129,"endTime":650.224,"body":"they're pre-revenue seed stage late stage."},{"speaker":"Dimitry Gershenson","startTime":650.224,"endTime":650.944,"body":"We don't care."},{"speaker":"Dimitry Gershenson","startTime":651.334,"endTime":656.824,"body":"We want them to be able to come onto"},{"speaker":"Dimitry Gershenson","startTime":651.334,"endTime":656.824,"body":"our platform, apply through a fairly"},{"speaker":"Dimitry Gershenson","startTime":657.214,"endTime":660.634,"body":"simple, quick application process."},{"speaker":"Dimitry Gershenson","startTime":660.634,"endTime":662.584,"body":"Right now, the application"},{"speaker":"Dimitry Gershenson","startTime":660.634,"endTime":662.584,"body":"process for revenue based"},{"speaker":"Dimitry Gershenson","startTime":662.584,"endTime":664.224,"body":"financing takes about 10 minutes."},{"speaker":"Dimitry Gershenson","startTime":665.144,"endTime":667.664,"body":"And then get capital very quickly."},{"speaker":"Dimitry Gershenson","startTime":667.664,"endTime":673.064,"body":"So today it takes us about a week to cut"},{"speaker":"Dimitry Gershenson","startTime":667.664,"endTime":673.064,"body":"a term sheet and about 30 days to fund."},{"speaker":"Dimitry Gershenson","startTime":673.394,"endTime":677.054,"body":"And we'd like to cut that process"},{"speaker":"Dimitry Gershenson","startTime":673.394,"endTime":677.054,"body":"down dramatically so that folks can"},{"speaker":"Dimitry Gershenson","startTime":677.054,"endTime":680.924,"body":"get a term sheet in 24 hours and"},{"speaker":"Dimitry Gershenson","startTime":677.054,"endTime":680.924,"body":"funding ideally in less than a week."},{"speaker":"Dimitry Gershenson","startTime":681.704,"endTime":683.984,"body":"So we'll see how, how long"},{"speaker":"Dimitry Gershenson","startTime":681.704,"endTime":683.984,"body":"it takes us to get there."},{"speaker":"Dimitry Gershenson","startTime":683.984,"endTime":685.904,"body":"But that's the, that's the vision."},{"speaker":"Tom Raftery","startTime":686.079,"endTime":686.449,"body":"Okay."},{"speaker":"Tom Raftery","startTime":686.799,"endTime":690.429,"body":"And for me as the"},{"speaker":"Tom Raftery","startTime":686.799,"endTime":690.429,"body":"entrepreneur, I get that money."},{"speaker":"Tom Raftery","startTime":690.969,"endTime":694.389,"body":"But I'm assuming, there's"},{"speaker":"Tom Raftery","startTime":690.969,"endTime":694.389,"body":"a cost of capital there."},{"speaker":"Tom Raftery","startTime":694.929,"endTime":699.879,"body":"So, so that's how you make your money"},{"speaker":"Tom Raftery","startTime":694.929,"endTime":699.879,"body":"and, you know, that's of course, as you"},{"speaker":"Tom Raftery","startTime":699.879,"endTime":702.219,"body":"say, everyone's in business to make money."},{"speaker":"Tom Raftery","startTime":702.819,"endTime":704.889,"body":"but we're trying to do the"},{"speaker":"Tom Raftery","startTime":702.819,"endTime":704.889,"body":"right thing as well, obviously."},{"speaker":"Tom Raftery","startTime":705.459,"endTime":710.964,"body":"So, what, what kind of cost of"},{"speaker":"Tom Raftery","startTime":705.459,"endTime":710.964,"body":"capital am I looking at for this?"},{"speaker":"Dimitry Gershenson","startTime":711.834,"endTime":712.334,"body":"Sure."},{"speaker":"Dimitry Gershenson","startTime":712.564,"endTime":716.969,"body":"So I think maybe first let's talk a little"},{"speaker":"Dimitry Gershenson","startTime":712.564,"endTime":716.969,"body":"bit about what the process looks like for"},{"speaker":"Dimitry Gershenson","startTime":716.969,"endTime":724.085,"body":"an entrepreneur to apply and kind of go"},{"speaker":"Dimitry Gershenson","startTime":716.969,"endTime":724.085,"body":"through this, underwriting sequencing."},{"speaker":"Dimitry Gershenson","startTime":724.145,"endTime":725.975,"body":"And then we can talk a"},{"speaker":"Dimitry Gershenson","startTime":724.145,"endTime":725.975,"body":"little bit about costs."},{"speaker":"Dimitry Gershenson","startTime":725.975,"endTime":732.965,"body":"So today, if you apply for Enduring"},{"speaker":"Dimitry Gershenson","startTime":725.975,"endTime":732.965,"body":"Planet funding, you go through this form,"},{"speaker":"Dimitry Gershenson","startTime":732.965,"endTime":735.905,"body":"you connect your financials, banking,"},{"speaker":"Dimitry Gershenson","startTime":732.965,"endTime":735.905,"body":"payment, processing, and commerce."},{"speaker":"Dimitry Gershenson","startTime":735.905,"endTime":740.645,"body":"We use this API product called CODA, which"},{"speaker":"Dimitry Gershenson","startTime":735.905,"endTime":740.645,"body":"is super secure and really efficient."},{"speaker":"Dimitry Gershenson","startTime":741.125,"endTime":747.695,"body":"And then we validate that you"},{"speaker":"Dimitry Gershenson","startTime":741.125,"endTime":747.695,"body":"meet baseline lending criteria."},{"speaker":"Dimitry Gershenson","startTime":748.085,"endTime":749.405,"body":"And then we issue a term sheet."},{"speaker":"Dimitry Gershenson","startTime":749.405,"endTime":756.875,"body":"That term sheet is usually somewhere"},{"speaker":"Dimitry Gershenson","startTime":749.405,"endTime":756.875,"body":"between call it one and 10% revenue share."},{"speaker":"Dimitry Gershenson","startTime":756.875,"endTime":763.175,"body":"That's gross cash receipts share over some"},{"speaker":"Dimitry Gershenson","startTime":756.875,"endTime":763.175,"body":"fixed term, typically around two years."},{"speaker":"Tom Raftery","startTime":763.405,"endTime":763.705,"body":"Okay."},{"speaker":"Dimitry Gershenson","startTime":763.985,"endTime":766.595,"body":"And so we"},{"speaker":"Dimitry Gershenson","startTime":763.985,"endTime":766.595,"body":"build a revenue model for you."},{"speaker":"Dimitry Gershenson","startTime":767.66,"endTime":772.01,"body":"Looking forward over those two years,"},{"speaker":"Dimitry Gershenson","startTime":767.66,"endTime":772.01,"body":"and then we offer you capital in exchange"},{"speaker":"Dimitry Gershenson","startTime":772.01,"endTime":773.57,"body":"for a revenue share over that term."},{"speaker":"Dimitry Gershenson","startTime":774.53,"endTime":779.45,"body":"The cost of capital depends on how"},{"speaker":"Dimitry Gershenson","startTime":774.53,"endTime":779.45,"body":"accurate our revenue model truly"},{"speaker":"Dimitry Gershenson","startTime":779.45,"endTime":785.27,"body":"is because if you underperform"},{"speaker":"Dimitry Gershenson","startTime":779.45,"endTime":785.27,"body":"and your cost of capital is lower."},{"speaker":"Dimitry Gershenson","startTime":785.42,"endTime":788.33,"body":"And if you over-perform, your cost"},{"speaker":"Dimitry Gershenson","startTime":785.42,"endTime":788.33,"body":"of capital will be a little higher."},{"speaker":"Dimitry Gershenson","startTime":789.02,"endTime":794.93,"body":"Now we create, we we've created"},{"speaker":"Dimitry Gershenson","startTime":789.02,"endTime":794.93,"body":"a structure whereby if you truly"},{"speaker":"Dimitry Gershenson","startTime":794.93,"endTime":800.0,"body":"over-perform, then the rev share"},{"speaker":"Dimitry Gershenson","startTime":794.93,"endTime":800.0,"body":"kind of comes down a little bit to"},{"speaker":"Dimitry Gershenson","startTime":800.93,"endTime":802.46,"body":"allow you to retain more upside."},{"speaker":"Dimitry Gershenson","startTime":802.7,"endTime":806.81,"body":"And we offer entrepreneurs,"},{"speaker":"Dimitry Gershenson","startTime":802.7,"endTime":806.81,"body":"buyout provisions throughout the"},{"speaker":"Dimitry Gershenson","startTime":806.81,"endTime":811.67,"body":"lifetime of their loan that allows"},{"speaker":"Dimitry Gershenson","startTime":806.81,"endTime":811.67,"body":"them to exit early if they feel"},{"speaker":"Dimitry Gershenson","startTime":811.67,"endTime":813.17,"body":"like it's kind of too expensive."},{"speaker":"Dimitry Gershenson","startTime":813.89,"endTime":818.18,"body":"And so we we've tried to do our best to"},{"speaker":"Dimitry Gershenson","startTime":813.89,"endTime":818.18,"body":"create kind of a more founder friendly"},{"speaker":"Dimitry Gershenson","startTime":818.18,"endTime":821.12,"body":"version of, of revenue based financing."},{"speaker":"Dimitry Gershenson","startTime":821.84,"endTime":825.945,"body":"And we also there's no,"},{"speaker":"Dimitry Gershenson","startTime":821.84,"endTime":825.945,"body":"there's no warrants."},{"speaker":"Dimitry Gershenson","startTime":825.975,"endTime":830.025,"body":"There's no, there's a 1% origination"},{"speaker":"Dimitry Gershenson","startTime":825.975,"endTime":830.025,"body":"fee up front, but there's no other fees."},{"speaker":"Dimitry Gershenson","startTime":830.055,"endTime":831.915,"body":"There's no like success fees."},{"speaker":"Dimitry Gershenson","startTime":831.915,"endTime":835.155,"body":"There's no weirdness that could,"},{"speaker":"Dimitry Gershenson","startTime":831.915,"endTime":835.155,"body":"that makes it even harder to"},{"speaker":"Dimitry Gershenson","startTime":835.155,"endTime":836.535,"body":"understand your cost of capital."},{"speaker":"Dimitry Gershenson","startTime":836.535,"endTime":838.185,"body":"We try to make it really, really simple."},{"speaker":"Dimitry Gershenson","startTime":838.935,"endTime":844.155,"body":"And then also if a company is"},{"speaker":"Dimitry Gershenson","startTime":838.935,"endTime":844.155,"body":"performing well then because we"},{"speaker":"Dimitry Gershenson","startTime":844.185,"endTime":847.165,"body":"kind of created the structure, we're"},{"speaker":"Dimitry Gershenson","startTime":844.185,"endTime":847.165,"body":"actually incentivized to double down."},{"speaker":"Dimitry Gershenson","startTime":847.815,"endTime":855.965,"body":"As often as we can, because if the company"},{"speaker":"Dimitry Gershenson","startTime":847.815,"endTime":855.965,"body":"can just exit by paying us, then, you"},{"speaker":"Dimitry Gershenson","startTime":855.965,"endTime":860.615,"body":"know, while the, the relative return of"},{"speaker":"Dimitry Gershenson","startTime":855.965,"endTime":860.615,"body":"the IRR in that moment might be good."},{"speaker":"Dimitry Gershenson","startTime":860.855,"endTime":862.505,"body":"But the absolute return is pretty small."},{"speaker":"Dimitry Gershenson","startTime":862.97,"endTime":865.4,"body":"And, you know, we still have a"},{"speaker":"Dimitry Gershenson","startTime":862.97,"endTime":865.4,"body":"cost of actually deploying capital."},{"speaker":"Dimitry Gershenson","startTime":865.79,"endTime":868.37,"body":"And so I think coming back to your"},{"speaker":"Dimitry Gershenson","startTime":865.79,"endTime":868.37,"body":"original question, you know, what's"},{"speaker":"Dimitry Gershenson","startTime":868.37,"endTime":871.1,"body":"the sort of IRR, it kind of depends."},{"speaker":"Dimitry Gershenson","startTime":871.1,"endTime":872.57,"body":"It's a contingent loan instrument."},{"speaker":"Dimitry Gershenson","startTime":873.141,"endTime":880.401,"body":"We have a target of around call it 20"},{"speaker":"Dimitry Gershenson","startTime":873.141,"endTime":880.401,"body":"to 25% and that's commensurate with the"},{"speaker":"Dimitry Gershenson","startTime":880.401,"endTime":882.301,"body":"fact that we are an unsecured lender."},{"speaker":"Dimitry Gershenson","startTime":882.371,"endTime":883.761,"body":"So we take no collateral."},{"speaker":"Dimitry Gershenson","startTime":883.761,"endTime":885.351,"body":"There's no personal guarantees."},{"speaker":"Dimitry Gershenson","startTime":885.921,"endTime":886.311,"body":"There's."},{"speaker":"Dimitry Gershenson","startTime":888.281,"endTime":892.001,"body":"if a company's revenue goes to"},{"speaker":"Dimitry Gershenson","startTime":888.281,"endTime":892.001,"body":"zero, we're left holding the bag."},{"speaker":"Tom Raftery","startTime":892.631,"endTime":892.961,"body":"Right."},{"speaker":"Tom Raftery","startTime":893.801,"endTime":894.161,"body":"Okay."},{"speaker":"Dimitry Gershenson","startTime":894.571,"endTime":898.591,"body":"And that cost of"},{"speaker":"Dimitry Gershenson","startTime":894.571,"endTime":898.591,"body":"capital is I would say probably about a"},{"speaker":"Dimitry Gershenson","startTime":898.591,"endTime":905.791,"body":"quarter, if not less of the competitor,"},{"speaker":"Dimitry Gershenson","startTime":898.591,"endTime":905.791,"body":"which is venture at that stage."},{"speaker":"Dimitry Gershenson","startTime":906.541,"endTime":911.591,"body":"And it's a little bit more expensive if"},{"speaker":"Dimitry Gershenson","startTime":906.541,"endTime":911.591,"body":"you're able to get a collateralized loan."},{"speaker":"Dimitry Gershenson","startTime":912.186,"endTime":914.886,"body":"But that typically is guaranteed"},{"speaker":"Dimitry Gershenson","startTime":912.186,"endTime":914.886,"body":"against your personal assets."},{"speaker":"Dimitry Gershenson","startTime":914.886,"endTime":917.796,"body":"And so that's, that's where"},{"speaker":"Dimitry Gershenson","startTime":914.886,"endTime":917.796,"body":"that Delta really comes in."},{"speaker":"Tom Raftery","startTime":918.601,"endTime":918.961,"body":"Okay."},{"speaker":"Tom Raftery","startTime":919.201,"endTime":919.561,"body":"Okay."},{"speaker":"Tom Raftery","startTime":919.921,"endTime":924.441,"body":"And how do you define a climate project."},{"speaker":"Tom Raftery","startTime":924.955,"endTime":931.045,"body":"Let's say I have this great"},{"speaker":"Tom Raftery","startTime":924.955,"endTime":931.045,"body":"idea to burn natural gas because"},{"speaker":"Tom Raftery","startTime":931.615,"endTime":932.935,"body":"natural gas is green right?"},{"speaker":"Dimitry Gershenson","startTime":936.115,"endTime":939.445,"body":"Yeah,"},{"speaker":"Dimitry Gershenson","startTime":936.115,"endTime":939.445,"body":"that's a great example."},{"speaker":"Dimitry Gershenson","startTime":967.0350000000001,"endTime":968.985,"body":"Um, a good edge case to think about."},{"speaker":"Dimitry Gershenson","startTime":969.195,"endTime":973.875,"body":"So today that selection"},{"speaker":"Dimitry Gershenson","startTime":969.195,"endTime":973.875,"body":"is done by consensus."},{"speaker":"Dimitry Gershenson","startTime":973.995,"endTime":976.815,"body":"So we get applications from"},{"speaker":"Dimitry Gershenson","startTime":973.995,"endTime":976.815,"body":"founders all over the country."},{"speaker":"Dimitry Gershenson","startTime":976.815,"endTime":977.0550000000001,"body":"Today."},{"speaker":"Dimitry Gershenson","startTime":977.0550000000001,"endTime":982.7550000000001,"body":"We only invest in the U S and if"},{"speaker":"Dimitry Gershenson","startTime":977.0550000000001,"endTime":982.7550000000001,"body":"it's not obvious, we kind of between"},{"speaker":"Dimitry Gershenson","startTime":982.7550000000001,"endTime":986.495,"body":"the analyst team and the leadership,"},{"speaker":"Dimitry Gershenson","startTime":982.7550000000001,"endTime":986.495,"body":"we say, okay, this company is edge."},{"speaker":"Dimitry Gershenson","startTime":987.085,"endTime":988.1400000000001,"body":"Are they in or are they not?"},{"speaker":"Dimitry Gershenson","startTime":989.1,"endTime":992.97,"body":"Typically we look at how the"},{"speaker":"Dimitry Gershenson","startTime":989.1,"endTime":992.97,"body":"company is framed their mission"},{"speaker":"Dimitry Gershenson","startTime":993.09,"endTime":994.2900000000001,"body":"and their core business."},{"speaker":"Dimitry Gershenson","startTime":994.4100000000001,"endTime":998.22,"body":"Is it in the context of climate or is"},{"speaker":"Dimitry Gershenson","startTime":994.4100000000001,"endTime":998.22,"body":"it in the context of something else?"},{"speaker":"Dimitry Gershenson","startTime":999.0300000000001,"endTime":1002.3000000000001,"body":"but in the case of burning natural"},{"speaker":"Dimitry Gershenson","startTime":999.0300000000001,"endTime":1002.3000000000001,"body":"gas, I think probably we would"},{"speaker":"Dimitry Gershenson","startTime":1002.3000000000001,"endTime":1004.6400000000001,"body":"not consider that in scope."},{"speaker":"Dimitry Gershenson","startTime":1005.2700000000001,"endTime":1009.3800000000001,"body":"We, we've looked at a couple of cases"},{"speaker":"Dimitry Gershenson","startTime":1005.2700000000001,"endTime":1009.3800000000001,"body":"where people like flare methane to create"},{"speaker":"Dimitry Gershenson","startTime":1009.3800000000001,"endTime":1015.4100000000001,"body":"Bitcoin, Not really not really in scope."},{"speaker":"Dimitry Gershenson","startTime":1015.4100000000001,"endTime":1019.37,"body":"I think, uh, although there's a big"},{"speaker":"Dimitry Gershenson","startTime":1015.4100000000001,"endTime":1019.37,"body":"debate in the industry around, okay,"},{"speaker":"Dimitry Gershenson","startTime":1019.37,"endTime":1024.14,"body":"well, if methane isn't flared, you know,"},{"speaker":"Dimitry Gershenson","startTime":1019.37,"endTime":1024.14,"body":"it has greater potential for warming."},{"speaker":"Dimitry Gershenson","startTime":1024.14,"endTime":1028.1,"body":"And so it's better that it's burned"},{"speaker":"Dimitry Gershenson","startTime":1024.14,"endTime":1028.1,"body":"and we're going to make Bitcoin anyway."},{"speaker":"Dimitry Gershenson","startTime":1029.545,"endTime":1031.285,"body":"I think that's a whole separate debate."},{"speaker":"Dimitry Gershenson","startTime":1031.818,"endTime":1037.608,"body":"We, we also, you know, we have, because"},{"speaker":"Dimitry Gershenson","startTime":1031.818,"endTime":1037.608,"body":"we raised outside capital to then lend."},{"speaker":"Dimitry Gershenson","startTime":1037.998,"endTime":1042.588,"body":"We have an obligation to our lenders to"},{"speaker":"Dimitry Gershenson","startTime":1037.998,"endTime":1042.588,"body":"maintain pretty consistent thesis fit."},{"speaker":"Dimitry Gershenson","startTime":1042.708,"endTime":1046.818,"body":"Uh, and we also, you know,"},{"speaker":"Dimitry Gershenson","startTime":1042.708,"endTime":1046.818,"body":"we've entrenched climate in"},{"speaker":"Dimitry Gershenson","startTime":1046.818,"endTime":1048.603,"body":"our corporate governance."},{"speaker":"Dimitry Gershenson","startTime":1048.603,"endTime":1050.223,"body":"So we're a public benefit corporation."},{"speaker":"Dimitry Gershenson","startTime":1050.223,"endTime":1053.683,"body":"We have to work on climate and we have"},{"speaker":"Dimitry Gershenson","startTime":1050.223,"endTime":1053.683,"body":"to work on diversity and inclusion."},{"speaker":"Dimitry Gershenson","startTime":1053.703,"endTime":1057.393,"body":"That's another big piece of our effort is"},{"speaker":"Dimitry Gershenson","startTime":1053.703,"endTime":1057.393,"body":"this support underrepresented founders."},{"speaker":"Dimitry Gershenson","startTime":1058.323,"endTime":1061.713,"body":"And so, you know, for now it's, every"},{"speaker":"Dimitry Gershenson","startTime":1058.323,"endTime":1061.713,"body":"time we just kind of look at it and we"},{"speaker":"Dimitry Gershenson","startTime":1061.713,"endTime":1064.2630000000001,"body":"say, okay, do we, does this feel right?"},{"speaker":"Dimitry Gershenson","startTime":1064.443,"endTime":1067.5030000000002,"body":"And if we have concerns, we can"},{"speaker":"Dimitry Gershenson","startTime":1064.443,"endTime":1067.5030000000002,"body":"reach out to our board who, you know,"},{"speaker":"Dimitry Gershenson","startTime":1067.5030000000002,"endTime":1068.733,"body":"we have an investment committee."},{"speaker":"Dimitry Gershenson","startTime":1069.5130000000001,"endTime":1073.563,"body":"Kind of lots of checks and balances for"},{"speaker":"Dimitry Gershenson","startTime":1069.5130000000001,"endTime":1073.563,"body":"this process, but eventually the goal"},{"speaker":"Dimitry Gershenson","startTime":1073.563,"endTime":1076.143,"body":"is to make that decision automated."},{"speaker":"Dimitry Gershenson","startTime":1076.173,"endTime":1080.853,"body":"And so I think it'll probably involve"},{"speaker":"Dimitry Gershenson","startTime":1076.173,"endTime":1080.853,"body":"some mix of natural language processing,"},{"speaker":"Dimitry Gershenson","startTime":1081.2730000000001,"endTime":1084.873,"body":"looking at secondary data, looking at"},{"speaker":"Dimitry Gershenson","startTime":1081.2730000000001,"endTime":1084.873,"body":"other lists and trying to say, Okay."},{"speaker":"Dimitry Gershenson","startTime":1084.873,"endTime":1088.413,"body":"is this company showing up, you know,"},{"speaker":"Dimitry Gershenson","startTime":1084.873,"endTime":1088.413,"body":"in the diligence of these other folks?"},{"speaker":"Dimitry Gershenson","startTime":1088.413,"endTime":1091.893,"body":"And if it is there then"},{"speaker":"Dimitry Gershenson","startTime":1088.413,"endTime":1091.893,"body":"fine, we'll support them."},{"speaker":"Tom Raftery","startTime":1092.603,"endTime":1092.963,"body":"Okay."},{"speaker":"Tom Raftery","startTime":1093.0230000000001,"endTime":1093.2630000000001,"body":"Cool."},{"speaker":"Tom Raftery","startTime":1094.073,"endTime":1100.223,"body":"Can you speak to any cool projects"},{"speaker":"Tom Raftery","startTime":1094.073,"endTime":1100.223,"body":"that you have invested in?"},{"speaker":"Dimitry Gershenson","startTime":1101.203,"endTime":1101.603,"body":"Sure."},{"speaker":"Dimitry Gershenson","startTime":1101.603,"endTime":1101.843,"body":"Yeah."},{"speaker":"Dimitry Gershenson","startTime":1101.863,"endTime":1107.713,"body":"So we've, um, we've announced our"},{"speaker":"Dimitry Gershenson","startTime":1101.863,"endTime":1107.713,"body":"first two deals in this space,"},{"speaker":"Dimitry Gershenson","startTime":1107.803,"endTime":1111.973,"body":"uh, and to be clear, we're, we're"},{"speaker":"Dimitry Gershenson","startTime":1107.803,"endTime":1111.973,"body":"a corporate finance company."},{"speaker":"Dimitry Gershenson","startTime":1111.973,"endTime":1113.623,"body":"We do not do project finance."},{"speaker":"Dimitry Gershenson","startTime":1113.713,"endTime":1119.083,"body":"So we fund the actual corporate entity and"},{"speaker":"Dimitry Gershenson","startTime":1113.713,"endTime":1119.083,"body":"in a case of our first two transactions,"},{"speaker":"Dimitry Gershenson","startTime":1119.848,"endTime":1122.968,"body":"Number one was with a company called"},{"speaker":"Dimitry Gershenson","startTime":1119.848,"endTime":1122.968,"body":"Newson road and we actually published a"},{"speaker":"Dimitry Gershenson","startTime":1122.968,"endTime":1131.018,"body":"case study on this, on Friday, they do,"},{"speaker":"Dimitry Gershenson","startTime":1122.968,"endTime":1131.018,"body":"they, they produce hardware and a SaaS"},{"speaker":"Dimitry Gershenson","startTime":1131.038,"endTime":1139.568,"body":"product to enable decentralized, renewable"},{"speaker":"Dimitry Gershenson","startTime":1131.038,"endTime":1139.568,"body":"energy system controls and management."},{"speaker":"Dimitry Gershenson","startTime":1140.6480000000001,"endTime":1142.688,"body":"Typically in like remote power systems."},{"speaker":"Dimitry Gershenson","startTime":1142.688,"endTime":1147.9080000000001,"body":"So they work on community micro grids,"},{"speaker":"Dimitry Gershenson","startTime":1142.688,"endTime":1147.9080000000001,"body":"they work on telecom, they work on,"},{"speaker":"Dimitry Gershenson","startTime":1147.968,"endTime":1152.828,"body":"like kind of secondary power systems"},{"speaker":"Dimitry Gershenson","startTime":1147.968,"endTime":1152.828,"body":"that might turn on when there's a"},{"speaker":"Dimitry Gershenson","startTime":1152.828,"endTime":1156.068,"body":"large outage on a, on a bigger grid."},{"speaker":"Dimitry Gershenson","startTime":1156.578,"endTime":1158.468,"body":"Uh they're in 20 countries."},{"speaker":"Dimitry Gershenson","startTime":1158.678,"endTime":1165.728,"body":"And, uh, it's a really incredible"},{"speaker":"Dimitry Gershenson","startTime":1158.678,"endTime":1165.728,"body":"team and they, they have a very"},{"speaker":"Dimitry Gershenson","startTime":1165.758,"endTime":1171.6580000000001,"body":"sharp financial, what do I call it?"},{"speaker":"Dimitry Gershenson","startTime":1171.6580000000001,"endTime":1172.588,"body":"What's the word I'm looking for?"},{"speaker":"Dimitry Gershenson","startTime":1172.588,"endTime":1176.848,"body":"Like their finance team really thinks"},{"speaker":"Dimitry Gershenson","startTime":1172.588,"endTime":1176.848,"body":"about capital efficiency well, and so"},{"speaker":"Dimitry Gershenson","startTime":1177.238,"endTime":1180.718,"body":"when we came on the market, they said,"},{"speaker":"Dimitry Gershenson","startTime":1177.238,"endTime":1180.718,"body":"oh, Hey, we want, we want your product."},{"speaker":"Dimitry Gershenson","startTime":1180.718,"endTime":1184.9180000000001,"body":"And they had actually done some"},{"speaker":"Dimitry Gershenson","startTime":1180.718,"endTime":1184.9180000000001,"body":"kind of similar work before."},{"speaker":"Dimitry Gershenson","startTime":1185.278,"endTime":1191.3980000000001,"body":"And then the second team is, um, A"},{"speaker":"Dimitry Gershenson","startTime":1185.278,"endTime":1191.3980000000001,"body":"company called Aqua Oso out of Colorado."},{"speaker":"Dimitry Gershenson","startTime":1191.3980000000001,"endTime":1197.9080000000001,"body":"They do climate risk modeling"},{"speaker":"Dimitry Gershenson","startTime":1191.3980000000001,"endTime":1197.9080000000001,"body":"for lenders, primarily in the"},{"speaker":"Dimitry Gershenson","startTime":1197.9080000000001,"endTime":1199.318,"body":"agricultural lending space."},{"speaker":"Dimitry Gershenson","startTime":1199.318,"endTime":1206.358,"body":"So like foreign banks and really also"},{"speaker":"Dimitry Gershenson","startTime":1199.318,"endTime":1206.358,"body":"exceptional track record, really awesome"},{"speaker":"Dimitry Gershenson","startTime":1206.358,"endTime":1209.448,"body":"growth, super talented leadership team."},{"speaker":"Dimitry Gershenson","startTime":1209.838,"endTime":1213.948,"body":"And I think a very compelling product,"},{"speaker":"Dimitry Gershenson","startTime":1209.838,"endTime":1213.948,"body":"which is that, you know, obviously as"},{"speaker":"Dimitry Gershenson","startTime":1213.948,"endTime":1221.203,"body":"we transition to this call it like post"},{"speaker":"Dimitry Gershenson","startTime":1213.948,"endTime":1221.203,"body":"climate universe, if farmers want to"},{"speaker":"Dimitry Gershenson","startTime":1221.203,"endTime":1226.363,"body":"access capital, they need to be able"},{"speaker":"Dimitry Gershenson","startTime":1221.203,"endTime":1226.363,"body":"to demonstrate that they're bankable."},{"speaker":"Dimitry Gershenson","startTime":1227.203,"endTime":1230.563,"body":"And today there are very few"},{"speaker":"Dimitry Gershenson","startTime":1227.203,"endTime":1230.563,"body":"systems to allow that to happen."},{"speaker":"Dimitry Gershenson","startTime":1230.563,"endTime":1233.423,"body":"And so there's actually an access"},{"speaker":"Dimitry Gershenson","startTime":1230.563,"endTime":1233.423,"body":"to credit component to this deal."},{"speaker":"Dimitry Gershenson","startTime":1233.443,"endTime":1237.853,"body":"Like there's a social impact story"},{"speaker":"Dimitry Gershenson","startTime":1233.443,"endTime":1237.853,"body":"around financial inclusion as well."},{"speaker":"Dimitry Gershenson","startTime":1238.623,"endTime":1241.5030000000002,"body":"Uh, but also a very strong"},{"speaker":"Dimitry Gershenson","startTime":1238.623,"endTime":1241.5030000000002,"body":"climate alignment around"},{"speaker":"Dimitry Gershenson","startTime":1241.7430000000002,"endTime":1243.153,"body":"adaptation and resilience."},{"speaker":"Tom Raftery","startTime":1243.9080000000001,"endTime":1244.358,"body":"Okay."},{"speaker":"Tom Raftery","startTime":1244.4180000000001,"endTime":1244.8980000000001,"body":"Very good."},{"speaker":"Tom Raftery","startTime":1244.988,"endTime":1245.348,"body":"Very good."},{"speaker":"Tom Raftery","startTime":1246.038,"endTime":1249.9650000000001,"body":"And you're reasonably new to the space."},{"speaker":"Tom Raftery","startTime":1249.9650000000001,"endTime":1255.748,"body":"How long has Enduring Planet been in the"},{"speaker":"Tom Raftery","startTime":1249.9650000000001,"endTime":1255.748,"body":"market offering these, kind of finance?"},{"speaker":"Dimitry Gershenson","startTime":1257.188,"endTime":1260.008,"body":"So we"},{"speaker":"Dimitry Gershenson","startTime":1257.188,"endTime":1260.008,"body":"launched the company last May."},{"speaker":"Dimitry Gershenson","startTime":1260.468,"endTime":1265.808,"body":"We raised our, our pre-seed round"},{"speaker":"Dimitry Gershenson","startTime":1260.468,"endTime":1265.808,"body":"back in December, and that allowed"},{"speaker":"Dimitry Gershenson","startTime":1265.808,"endTime":1268.598,"body":"us to do our first transaction."},{"speaker":"Dimitry Gershenson","startTime":1268.688,"endTime":1273.278,"body":"And then a second one, both were kind of"},{"speaker":"Dimitry Gershenson","startTime":1268.688,"endTime":1273.278,"body":"the initial pilots off our balance sheet."},{"speaker":"Dimitry Gershenson","startTime":1273.728,"endTime":1279.413,"body":"We closed our, we did a first close on our"},{"speaker":"Dimitry Gershenson","startTime":1273.728,"endTime":1279.413,"body":"first debt facility almost a month ago."},{"speaker":"Dimitry Gershenson","startTime":1279.833,"endTime":1284.0330000000001,"body":"And so now we're coming out of"},{"speaker":"Dimitry Gershenson","startTime":1279.833,"endTime":1284.0330000000001,"body":"that first close with quite a"},{"speaker":"Dimitry Gershenson","startTime":1284.0330000000001,"endTime":1289.643,"body":"bit of powder to start deploying"},{"speaker":"Dimitry Gershenson","startTime":1284.0330000000001,"endTime":1289.643,"body":"capital at a faster pace and scale."},{"speaker":"Dimitry Gershenson","startTime":1290.303,"endTime":1292.613,"body":"We're still taking it pretty slow."},{"speaker":"Dimitry Gershenson","startTime":1292.643,"endTime":1299.123,"body":"So the goal is to do about $5 million"},{"speaker":"Dimitry Gershenson","startTime":1292.643,"endTime":1299.123,"body":"worth of lending in this space over"},{"speaker":"Dimitry Gershenson","startTime":1299.123,"endTime":1304.0130000000001,"body":"the next six to 12 months, just"},{"speaker":"Dimitry Gershenson","startTime":1299.123,"endTime":1304.0130000000001,"body":"to really show that there's call"},{"speaker":"Dimitry Gershenson","startTime":1304.0130000000001,"endTime":1307.673,"body":"it product market fit with this"},{"speaker":"Dimitry Gershenson","startTime":1304.0130000000001,"endTime":1307.673,"body":"revenue based financing instrument."},{"speaker":"Dimitry Gershenson","startTime":1308.153,"endTime":1310.463,"body":"We'll also test out a"},{"speaker":"Dimitry Gershenson","startTime":1308.153,"endTime":1310.463,"body":"couple other products."},{"speaker":"Dimitry Gershenson","startTime":1310.463,"endTime":1314.5230000000001,"body":"We also have, a, partnership with"},{"speaker":"Dimitry Gershenson","startTime":1310.463,"endTime":1314.5230000000001,"body":"a fairly large corporate in the US"},{"speaker":"Dimitry Gershenson","startTime":1314.5230000000001,"endTime":1319.383,"body":"clean energy space where we're doing"},{"speaker":"Dimitry Gershenson","startTime":1314.5230000000001,"endTime":1319.383,"body":"some additional experimentation with"},{"speaker":"Dimitry Gershenson","startTime":1319.7730000000001,"endTime":1325.4930000000002,"body":"lending to small businesses around the"},{"speaker":"Dimitry Gershenson","startTime":1319.7730000000001,"endTime":1325.4930000000002,"body":"U S that are in the climate economy."},{"speaker":"Dimitry Gershenson","startTime":1326.063,"endTime":1334.778,"body":"And so between those three major"},{"speaker":"Dimitry Gershenson","startTime":1326.063,"endTime":1334.778,"body":"initiatives, we'll then decide which"},{"speaker":"Dimitry Gershenson","startTime":1335.018,"endTime":1338.948,"body":"kind of move forward, how we layer"},{"speaker":"Dimitry Gershenson","startTime":1335.018,"endTime":1338.948,"body":"that the three instruments together."},{"speaker":"Dimitry Gershenson","startTime":1339.248,"endTime":1343.8680000000002,"body":"What else we add on to the offering as"},{"speaker":"Dimitry Gershenson","startTime":1339.248,"endTime":1343.8680000000002,"body":"we go to raise our next larger fund."},{"speaker":"Tom Raftery","startTime":1344.653,"endTime":1345.0430000000001,"body":"Okay."},{"speaker":"Tom Raftery","startTime":1345.673,"endTime":1346.903,"body":"This, space."},{"speaker":"Tom Raftery","startTime":1347.2630000000001,"endTime":1352.693,"body":"I mean, it's, as you alluded to at the"},{"speaker":"Tom Raftery","startTime":1347.2630000000001,"endTime":1352.693,"body":"start, this is, uh, an interesting space."},{"speaker":"Tom Raftery","startTime":1352.693,"endTime":1359.833,"body":"And it's an interesting time because"},{"speaker":"Tom Raftery","startTime":1352.693,"endTime":1359.833,"body":"if we are going to solve this problem,"},{"speaker":"Tom Raftery","startTime":1361.153,"endTime":1365.653,"body":"I mean, we we've seen reports from"},{"speaker":"Tom Raftery","startTime":1361.153,"endTime":1365.653,"body":"McKinsey, et cetera, saying we'd have to"},{"speaker":"Tom Raftery","startTime":1365.653,"endTime":1373.153,"body":"spend trillions a year on solving this"},{"speaker":"Tom Raftery","startTime":1365.653,"endTime":1373.153,"body":"problem, and as you said there aren't"},{"speaker":"Tom Raftery","startTime":1373.153,"endTime":1375.073,"body":"many people in the space right now."},{"speaker":"Tom Raftery","startTime":1375.073,"endTime":1380.0230000000001,"body":"So I got to think, yeah, you're"},{"speaker":"Tom Raftery","startTime":1375.073,"endTime":1380.0230000000001,"body":"early to the space, but wow."},{"speaker":"Tom Raftery","startTime":1380.233,"endTime":1386.968,"body":"That this space is just going to"},{"speaker":"Tom Raftery","startTime":1380.233,"endTime":1386.968,"body":"explode or if it doesn't we're doomed."},{"speaker":"Tom Raftery","startTime":1388.458,"endTime":1393.958,"body":"I don't want to be a naysayer, but, um, I"},{"speaker":"Tom Raftery","startTime":1388.458,"endTime":1393.958,"body":"mean, I I'm in, in general terms, I'm very"},{"speaker":"Tom Raftery","startTime":1393.958,"endTime":1399.538,"body":"optimistic because I think in general, as"},{"speaker":"Tom Raftery","startTime":1393.958,"endTime":1399.538,"body":"a, as a species, we, we do tend to kind"},{"speaker":"Tom Raftery","startTime":1399.538,"endTime":1401.938,"body":"of procrastinate and then get it right."},{"speaker":"Dimitry Gershenson","startTime":1404.303,"endTime":1404.7530000000002,"body":"Yeah."},{"speaker":"Dimitry Gershenson","startTime":1404.7830000000001,"endTime":1409.343,"body":"It's you don't have this"},{"speaker":"Dimitry Gershenson","startTime":1404.7830000000001,"endTime":1409.343,"body":"conversation a lot with folks around."},{"speaker":"Dimitry Gershenson","startTime":1411.143,"endTime":1413.5130000000001,"body":"How does one maintain optimism?"},{"speaker":"Dimitry Gershenson","startTime":1413.603,"endTime":1417.5030000000002,"body":"How do I sort of think about"},{"speaker":"Dimitry Gershenson","startTime":1413.603,"endTime":1417.5030000000002,"body":"the significance of the problem?"},{"speaker":"Dimitry Gershenson","startTime":1417.863,"endTime":1422.5430000000001,"body":"You know, the one hand, uh, you can't"},{"speaker":"Dimitry Gershenson","startTime":1417.863,"endTime":1422.5430000000001,"body":"get very far if you don't start."},{"speaker":"Dimitry Gershenson","startTime":1423.7430000000002,"endTime":1427.2830000000001,"body":"So just doing it feels right."},{"speaker":"Dimitry Gershenson","startTime":1427.5230000000001,"endTime":1435.7430000000002,"body":"But I think beyond that, I I've, I've"},{"speaker":"Dimitry Gershenson","startTime":1427.5230000000001,"endTime":1435.7430000000002,"body":"always gravitated to the mindset that."},{"speaker":"Dimitry Gershenson","startTime":1437.053,"endTime":1443.383,"body":"In the context of being"},{"speaker":"Dimitry Gershenson","startTime":1437.053,"endTime":1443.383,"body":"totally effed I don't know."},{"speaker":"Dimitry Gershenson","startTime":1443.673,"endTime":1445.393,"body":"Are we allowed to curse on this program?"},{"speaker":"Dimitry Gershenson","startTime":1446.953,"endTime":1447.223,"body":"Yeah."},{"speaker":"Dimitry Gershenson","startTime":1447.223,"endTime":1450.7630000000001,"body":"so, and you know, in the context"},{"speaker":"Dimitry Gershenson","startTime":1447.223,"endTime":1450.7630000000001,"body":"of being pretty proper fucked,"},{"speaker":"Dimitry Gershenson","startTime":1451.0330000000001,"endTime":1452.413,"body":"there's two options, right?"},{"speaker":"Dimitry Gershenson","startTime":1452.413,"endTime":1456.853,"body":"You can kind of crawl into a"},{"speaker":"Dimitry Gershenson","startTime":1452.413,"endTime":1456.853,"body":"physical or metaphorical hole."},{"speaker":"Dimitry Gershenson","startTime":1458.288,"endTime":1461.4080000000001,"body":"And just kind of resolved."},{"speaker":"Dimitry Gershenson","startTime":1461.678,"endTime":1462.038,"body":"Yeah."},{"speaker":"Dimitry Gershenson","startTime":1462.038,"endTime":1464.318,"body":"You just you're like, okay,"},{"speaker":"Dimitry Gershenson","startTime":1462.038,"endTime":1464.318,"body":"well, I can't do anything."},{"speaker":"Dimitry Gershenson","startTime":1464.318,"endTime":1465.1280000000002,"body":"So why bother?"},{"speaker":"Dimitry Gershenson","startTime":1465.518,"endTime":1475.598,"body":"Or you can take that existential dread"},{"speaker":"Dimitry Gershenson","startTime":1465.518,"endTime":1475.598,"body":"and channel it into action, because if"},{"speaker":"Dimitry Gershenson","startTime":1475.598,"endTime":1481.718,"body":"you don't, you'll look back on it 30"},{"speaker":"Dimitry Gershenson","startTime":1475.598,"endTime":1481.718,"body":"years later, 50 years later and say,"},{"speaker":"Dimitry Gershenson","startTime":1481.718,"endTime":1483.848,"body":"my God, I could have done something."},{"speaker":"Dimitry Gershenson","startTime":1484.238,"endTime":1484.8680000000002,"body":"And I didn't."},{"speaker":"Dimitry Gershenson","startTime":1485.708,"endTime":1486.188,"body":"And."},{"speaker":"Dimitry Gershenson","startTime":1487.423,"endTime":1492.0430000000001,"body":"I've sort of oscillated between the"},{"speaker":"Dimitry Gershenson","startTime":1487.423,"endTime":1492.0430000000001,"body":"metaphorical hole and the optimism,"},{"speaker":"Dimitry Gershenson","startTime":1492.0430000000001,"endTime":1496.663,"body":"but I think generally, I'm fortunate"},{"speaker":"Dimitry Gershenson","startTime":1492.0430000000001,"endTime":1496.663,"body":"enough, I'm privileged enough to have the"},{"speaker":"Dimitry Gershenson","startTime":1497.173,"endTime":1503.053,"body":"experience, the resources, the community,"},{"speaker":"Dimitry Gershenson","startTime":1497.173,"endTime":1503.053,"body":"the network, et cetera, to, to really"},{"speaker":"Dimitry Gershenson","startTime":1503.053,"endTime":1505.303,"body":"dive into this problem headfirst and."},{"speaker":"Dimitry Gershenson","startTime":1506.6280000000002,"endTime":1509.568,"body":"I'm really excited to also"},{"speaker":"Dimitry Gershenson","startTime":1506.6280000000002,"endTime":1509.568,"body":"support all of our peers that"},{"speaker":"Dimitry Gershenson","startTime":1509.568,"endTime":1511.248,"body":"are working in adjacent spaces."},{"speaker":"Dimitry Gershenson","startTime":1511.3980000000001,"endTime":1517.818,"body":"This problem will take"},{"speaker":"Dimitry Gershenson","startTime":1511.3980000000001,"endTime":1517.818,"body":"like community action."},{"speaker":"Dimitry Gershenson","startTime":1518.508,"endTime":1521.928,"body":"And so we can't, I, I'm not"},{"speaker":"Dimitry Gershenson","startTime":1518.508,"endTime":1521.928,"body":"really worried about competition."},{"speaker":"Dimitry Gershenson","startTime":1521.928,"endTime":1527.3310000000001,"body":"Like we send deals to other lenders"},{"speaker":"Dimitry Gershenson","startTime":1521.928,"endTime":1527.3310000000001,"body":"that are sort of close, because in the"},{"speaker":"Dimitry Gershenson","startTime":1527.3310000000001,"endTime":1531.9450000000002,"body":"end, if we can't do it, but somebody"},{"speaker":"Dimitry Gershenson","startTime":1527.3310000000001,"endTime":1531.9450000000002,"body":"else can then awesome like We need"},{"speaker":"Dimitry Gershenson","startTime":1531.9750000000001,"endTime":1537.135,"body":"all hands on And so if there's a"},{"speaker":"Dimitry Gershenson","startTime":1531.9750000000001,"endTime":1537.135,"body":"hundred Enduring Planets tomorrow,"},{"speaker":"Dimitry Gershenson","startTime":1537.135,"endTime":1539.625,"body":"like great, the more the merrier."},{"speaker":"Tom Raftery","startTime":1539.915,"endTime":1540.2050000000002,"body":"Yeah."},{"speaker":"Tom Raftery","startTime":1540.595,"endTime":1540.935,"body":"Yeah."},{"speaker":"Tom Raftery","startTime":1541.2050000000002,"endTime":1542.7050000000002,"body":"There's, there's a quote."},{"speaker":"Tom Raftery","startTime":1542.7050000000002,"endTime":1546.625,"body":"I came across from,"},{"speaker":"Tom Raftery","startTime":1542.7050000000002,"endTime":1546.625,"body":"professor Kevin Anderson."},{"speaker":"Tom Raftery","startTime":1547.4950000000001,"endTime":1550.125,"body":"I'm not sure if you're aware of"},{"speaker":"Tom Raftery","startTime":1547.4950000000001,"endTime":1550.125,"body":"him, he's a climate scientist."},{"speaker":"Tom Raftery","startTime":1550.815,"endTime":1551.385,"body":"And he said"},{"speaker":"Dimitry Gershenson","startTime":1551.7050000000002,"endTime":1551.9450000000002,"body":"Yeah."},{"speaker":"Tom Raftery","startTime":1553.185,"endTime":1557.625,"body":"there are"},{"speaker":"Tom Raftery","startTime":1553.185,"endTime":1557.625,"body":"new non radical futures."},{"speaker":"Tom Raftery","startTime":1558.435,"endTime":1558.795,"body":"He said"},{"speaker":"Dimitry Gershenson","startTime":1559.265,"endTime":1559.655,"body":"Um,"},{"speaker":"Tom Raftery","startTime":1559.882,"endTime":1560.7820000000002,"body":"we either."},{"speaker":"Tom Raftery","startTime":1562.627,"endTime":1564.097,"body":"I'm paraphrasing wildly."},{"speaker":"Tom Raftery","startTime":1564.547,"endTime":1567.4270000000001,"body":"We either throw our hands up in"},{"speaker":"Tom Raftery","startTime":1564.547,"endTime":1567.4270000000001,"body":"the air and say, we're doomed."},{"speaker":"Tom Raftery","startTime":1567.457,"endTime":1571.237,"body":"And we reap the consequences"},{"speaker":"Tom Raftery","startTime":1567.457,"endTime":1571.237,"body":"of radical climate change."},{"speaker":"Dimitry Gershenson","startTime":1572.2820000000002,"endTime":1572.582,"body":"Yeah."},{"speaker":"Tom Raftery","startTime":1572.942,"endTime":1577.8970000000002,"body":"Or we decide to do something"},{"speaker":"Tom Raftery","startTime":1572.942,"endTime":1577.8970000000002,"body":"about it and we radically change how we"},{"speaker":"Tom Raftery","startTime":1577.8970000000002,"endTime":1580.6870000000001,"body":"do everything and we fight climate change."},{"speaker":"Tom Raftery","startTime":1581.467,"endTime":1584.4470000000001,"body":"Either way there's no, non-radical future."},{"speaker":"Tom Raftery","startTime":1585.477,"endTime":1591.287,"body":"And, you know, I think we need to"},{"speaker":"Tom Raftery","startTime":1585.477,"endTime":1591.287,"body":"have massive, massive structural"},{"speaker":"Tom Raftery","startTime":1591.287,"endTime":1594.017,"body":"change at every level of the economy."},{"speaker":"Tom Raftery","startTime":1594.6770000000001,"endTime":1599.747,"body":"And I think, you know, that"},{"speaker":"Tom Raftery","startTime":1594.6770000000001,"endTime":1599.747,"body":"will, to your point require a"},{"speaker":"Tom Raftery","startTime":1599.747,"endTime":1602.327,"body":"hundred Enduring Planets or more."},{"speaker":"Tom Raftery","startTime":1602.567,"endTime":1605.327,"body":"So I, you know, kudos, I think"},{"speaker":"Tom Raftery","startTime":1602.567,"endTime":1605.327,"body":"you're in the right place."},{"speaker":"Dimitry Gershenson","startTime":1607.382,"endTime":1607.862,"body":"I hope so."},{"speaker":"Dimitry Gershenson","startTime":1611.587,"endTime":1612.097,"body":"I hope so."},{"speaker":"Dimitry Gershenson","startTime":1612.097,"endTime":1612.9070000000002,"body":"I mean, worst case."},{"speaker":"Dimitry Gershenson","startTime":1612.9070000000002,"endTime":1616.1470000000002,"body":"So we put some money to work in"},{"speaker":"Dimitry Gershenson","startTime":1612.9070000000002,"endTime":1616.1470000000002,"body":"this space and if it doesn't work"},{"speaker":"Dimitry Gershenson","startTime":1616.1470000000002,"endTime":1621.547,"body":"out and then we go and try again,"},{"speaker":"Dimitry Gershenson","startTime":1616.1470000000002,"endTime":1621.547,"body":"cause it, it doesn't end, right?"},{"speaker":"Dimitry Gershenson","startTime":1621.547,"endTime":1626.857,"body":"Like even, even if we correct the"},{"speaker":"Dimitry Gershenson","startTime":1621.547,"endTime":1626.857,"body":"trajectory, which right now seems pretty"},{"speaker":"Dimitry Gershenson","startTime":1626.857,"endTime":1633.727,"body":"improbable to below two degrees, there"},{"speaker":"Dimitry Gershenson","startTime":1626.857,"endTime":1633.727,"body":"will be an incredible amount of suffering"},{"speaker":"Dimitry Gershenson","startTime":1634.357,"endTime":1636.507,"body":"as a result of the path we're on now."},{"speaker":"Dimitry Gershenson","startTime":1637.337,"endTime":1645.5620000000001,"body":"And there's so much work to do"},{"speaker":"Dimitry Gershenson","startTime":1637.337,"endTime":1645.5620000000001,"body":"in adaptation and resilience and"},{"speaker":"Dimitry Gershenson","startTime":1645.5620000000001,"endTime":1651.7720000000002,"body":"removal, even if we get the mitigation"},{"speaker":"Dimitry Gershenson","startTime":1645.5620000000001,"endTime":1651.7720000000002,"body":"piece wrong, even if we can't, you"},{"speaker":"Dimitry Gershenson","startTime":1651.7720000000002,"endTime":1654.112,"body":"know, reduce emissions fast enough."},{"speaker":"Dimitry Gershenson","startTime":1655.492,"endTime":1661.0420000000001,"body":"This problem is I think often"},{"speaker":"Dimitry Gershenson","startTime":1655.492,"endTime":1661.0420000000001,"body":"people really struggle with"},{"speaker":"Dimitry Gershenson","startTime":1661.0720000000001,"endTime":1665.0620000000001,"body":"the scope of the problem."},{"speaker":"Dimitry Gershenson","startTime":1665.0620000000001,"endTime":1668.692,"body":"And I think that's, that makes"},{"speaker":"Dimitry Gershenson","startTime":1665.0620000000001,"endTime":1668.692,"body":"a lot of sense, but for me,"},{"speaker":"Dimitry Gershenson","startTime":1668.692,"endTime":1671.0620000000001,"body":"it's, it's weirdly exciting."},{"speaker":"Dimitry Gershenson","startTime":1671.362,"endTime":1675.742,"body":"I'm like, oh, there's so much,"},{"speaker":"Dimitry Gershenson","startTime":1671.362,"endTime":1675.742,"body":"there's so many cool ideas."},{"speaker":"Dimitry Gershenson","startTime":1675.742,"endTime":1678.2920000000001,"body":"And every day we talk to entrepreneurs"},{"speaker":"Dimitry Gershenson","startTime":1675.742,"endTime":1678.2920000000001,"body":"who are doing something that I,"},{"speaker":"Dimitry Gershenson","startTime":1678.862,"endTime":1681.5620000000001,"body":"my brain has never even touched."},{"speaker":"Dimitry Gershenson","startTime":1682.192,"endTime":1684.832,"body":"And I'm like, oh, Well, that's awesome."},{"speaker":"Dimitry Gershenson","startTime":1685.012,"endTime":1685.972,"body":"How can I help you?"},{"speaker":"Dimitry Gershenson","startTime":1686.5720000000001,"endTime":1690.742,"body":"Can we, we can't lend to you right now,"},{"speaker":"Dimitry Gershenson","startTime":1686.5720000000001,"endTime":1690.742,"body":"but can we introduce you to, to these VCs?"},{"speaker":"Dimitry Gershenson","startTime":1690.742,"endTime":1692.122,"body":"Can we connect you with these partners?"},{"speaker":"Dimitry Gershenson","startTime":1692.122,"endTime":1694.612,"body":"Like, can we help you"},{"speaker":"Dimitry Gershenson","startTime":1692.122,"endTime":1694.612,"body":"get your first customer?"},{"speaker":"Dimitry Gershenson","startTime":1694.612,"endTime":1696.382,"body":"This is the coolest thing I've heard."},{"speaker":"Dimitry Gershenson","startTime":1696.382,"endTime":1699.082,"body":"And then like 20 minutes later,"},{"speaker":"Dimitry Gershenson","startTime":1696.382,"endTime":1699.082,"body":"I have the same conversation."},{"speaker":"Tom Raftery","startTime":1701.137,"endTime":1702.377,"body":"Well, that's"},{"speaker":"Tom Raftery","startTime":1701.137,"endTime":1702.377,"body":"heartening to hear."},{"speaker":"Tom Raftery","startTime":1702.377,"endTime":1702.997,"body":"That's great."},{"speaker":"Tom Raftery","startTime":1703.027,"endTime":1703.507,"body":"That's great."},{"speaker":"Tom Raftery","startTime":1704.107,"endTime":1708.727,"body":"Where to from here, I mean, you mentioned"},{"speaker":"Tom Raftery","startTime":1704.107,"endTime":1708.727,"body":"that there are a couple of products"},{"speaker":"Tom Raftery","startTime":1708.727,"endTime":1712.747,"body":"that you're working on, but, and some"},{"speaker":"Tom Raftery","startTime":1708.727,"endTime":1712.747,"body":"of your keeping close to your chest."},{"speaker":"Tom Raftery","startTime":1712.747,"endTime":1714.3970000000002,"body":"But can you tell us where to from here?"},{"speaker":"Dimitry Gershenson","startTime":1715.237,"endTime":1719.497,"body":"So, you know, we"},{"speaker":"Dimitry Gershenson","startTime":1715.237,"endTime":1719.497,"body":"have, this first fund to put, to work."},{"speaker":"Dimitry Gershenson","startTime":1719.497,"endTime":1722.6470000000002,"body":"We did our first close, so we have a"},{"speaker":"Dimitry Gershenson","startTime":1719.497,"endTime":1722.6470000000002,"body":"second close slated for the summer."},{"speaker":"Dimitry Gershenson","startTime":1722.6470000000002,"endTime":1726.844,"body":"And, that will give us the kind"},{"speaker":"Dimitry Gershenson","startTime":1722.6470000000002,"endTime":1726.844,"body":"of that 5 million number to really"},{"speaker":"Dimitry Gershenson","startTime":1727.354,"endTime":1732.874,"body":"deploy and test and experiment with"},{"speaker":"Dimitry Gershenson","startTime":1727.354,"endTime":1732.874,"body":"the product and experiment with our"},{"speaker":"Dimitry Gershenson","startTime":1732.874,"endTime":1738.3790000000001,"body":"process and refine the application,"},{"speaker":"Dimitry Gershenson","startTime":1732.874,"endTime":1738.3790000000001,"body":"refine the initial underwriting start"},{"speaker":"Dimitry Gershenson","startTime":1738.3990000000001,"endTime":1740.029,"body":"to build that initial automation."},{"speaker":"Dimitry Gershenson","startTime":1740.509,"endTime":1745.6090000000002,"body":"Then we'll go and raise quite a"},{"speaker":"Dimitry Gershenson","startTime":1740.509,"endTime":1745.6090000000002,"body":"bit more money because you know,"},{"speaker":"Dimitry Gershenson","startTime":1745.6090000000002,"endTime":1750.979,"body":"one, the space demands it, but two"},{"speaker":"Dimitry Gershenson","startTime":1745.6090000000002,"endTime":1750.979,"body":"we're also a venture backed company."},{"speaker":"Dimitry Gershenson","startTime":1750.979,"endTime":1753.679,"body":"And so you got to go big always."},{"speaker":"Dimitry Gershenson","startTime":1753.739,"endTime":1758.614,"body":"And so we'll, we'll go pretty big"},{"speaker":"Dimitry Gershenson","startTime":1753.739,"endTime":1758.614,"body":"and then we'll put that money to"},{"speaker":"Dimitry Gershenson","startTime":1758.614,"endTime":1763.834,"body":"work and, you know, we'll probably"},{"speaker":"Dimitry Gershenson","startTime":1758.614,"endTime":1763.834,"body":"launch our second offering another"},{"speaker":"Dimitry Gershenson","startTime":1763.834,"endTime":1771.034,"body":"instrument, in compliment to the RBF"},{"speaker":"Dimitry Gershenson","startTime":1763.834,"endTime":1771.034,"body":"I'm hoping this fall, and then we'll"},{"speaker":"Dimitry Gershenson","startTime":1771.034,"endTime":1773.404,"body":"add a third and a fourth and the fifth."},{"speaker":"Dimitry Gershenson","startTime":1773.434,"endTime":1776.614,"body":"And eventually, you know, the goal"},{"speaker":"Dimitry Gershenson","startTime":1773.434,"endTime":1776.614,"body":"is to have a menu of options for"},{"speaker":"Dimitry Gershenson","startTime":1776.614,"endTime":1781.989,"body":"entrepreneurs to choose from where"},{"speaker":"Dimitry Gershenson","startTime":1776.614,"endTime":1781.989,"body":"they can sort of come to us as early"},{"speaker":"Dimitry Gershenson","startTime":1781.989,"endTime":1785.589,"body":"as they want and as late as they want,"},{"speaker":"Dimitry Gershenson","startTime":1781.989,"endTime":1785.589,"body":"and get a product that works for them."},{"speaker":"Dimitry Gershenson","startTime":1786.459,"endTime":1790.989,"body":"And, you know, eventually we"},{"speaker":"Dimitry Gershenson","startTime":1786.459,"endTime":1790.989,"body":"will also expand beyond the U S."},{"speaker":"Dimitry Gershenson","startTime":1790.989,"endTime":1796.089,"body":"So today we just lend here and"},{"speaker":"Dimitry Gershenson","startTime":1790.989,"endTime":1796.089,"body":"then eventually I'd like to be"},{"speaker":"Dimitry Gershenson","startTime":1796.089,"endTime":1797.8890000000001,"body":"lending in Europe and Canada."},{"speaker":"Dimitry Gershenson","startTime":1798.3990000000001,"endTime":1802.719,"body":"I want to say eventually we'll go"},{"speaker":"Dimitry Gershenson","startTime":1798.3990000000001,"endTime":1802.719,"body":"emerging market because that's where"},{"speaker":"Dimitry Gershenson","startTime":1802.719,"endTime":1805.959,"body":"Aaron and I both built our careers."},{"speaker":"Dimitry Gershenson","startTime":1806.079,"endTime":1808.2540000000001,"body":"but it's a difficult."},{"speaker":"Dimitry Gershenson","startTime":1809.574,"endTime":1813.0240000000001,"body":"I mean, it's many, many environments"},{"speaker":"Dimitry Gershenson","startTime":1809.574,"endTime":1813.0240000000001,"body":"they're all difficult to lend in."},{"speaker":"Dimitry Gershenson","startTime":1813.444,"endTime":1818.124,"body":"And also interestingly enough,"},{"speaker":"Dimitry Gershenson","startTime":1813.444,"endTime":1818.124,"body":"there's actually quite a substantial"},{"speaker":"Dimitry Gershenson","startTime":1818.874,"endTime":1825.4740000000002,"body":"community of lenders for clean tech in"},{"speaker":"Dimitry Gershenson","startTime":1818.874,"endTime":1825.4740000000002,"body":"emerging markets because the venture"},{"speaker":"Dimitry Gershenson","startTime":1825.4740000000002,"endTime":1827.454,"body":"ecosystem is so underdeveloped."},{"speaker":"Dimitry Gershenson","startTime":1828.2340000000002,"endTime":1835.354,"body":"And so there's companies and I supported"},{"speaker":"Dimitry Gershenson","startTime":1828.2340000000002,"endTime":1835.354,"body":"them in a previous life, lendable,"},{"speaker":"Dimitry Gershenson","startTime":1836.074,"endTime":1841.7,"body":"sun funder, SEMA, responsibilities, a"},{"speaker":"Dimitry Gershenson","startTime":1836.074,"endTime":1841.7,"body":"massive institution that I think got"},{"speaker":"Dimitry Gershenson","startTime":1841.7,"endTime":1846.23,"body":"bought by someone last year, but there's"},{"speaker":"Dimitry Gershenson","startTime":1841.7,"endTime":1846.23,"body":"just, there's so many capital providers."},{"speaker":"Dimitry Gershenson","startTime":1846.23,"endTime":1849.53,"body":"And so to some degree, emerging markets"},{"speaker":"Dimitry Gershenson","startTime":1846.23,"endTime":1849.53,"body":"aren't as high a priority because"},{"speaker":"Dimitry Gershenson","startTime":1849.53,"endTime":1851.5700000000002,"body":"there are these alternative options."},{"speaker":"Tom Raftery","startTime":1852.255,"endTime":1852.585,"body":"Okay."},{"speaker":"Tom Raftery","startTime":1852.585,"endTime":1854.565,"body":"Super, super Dimitri."},{"speaker":"Tom Raftery","startTime":1854.565,"endTime":1856.4550000000002,"body":"We're coming towards"},{"speaker":"Tom Raftery","startTime":1854.565,"endTime":1856.4550000000002,"body":"the end of the podcast."},{"speaker":"Tom Raftery","startTime":1856.4550000000002,"endTime":1862.2150000000001,"body":"Now, is there any question I haven't asked"},{"speaker":"Tom Raftery","startTime":1856.4550000000002,"endTime":1862.2150000000001,"body":"that you wish I had, or any aspect of"},{"speaker":"Tom Raftery","startTime":1862.2150000000001,"endTime":1866.255,"body":"this, we've not touched on that you think"},{"speaker":"Tom Raftery","startTime":1862.2150000000001,"endTime":1866.255,"body":"it's important for people to be aware of?"},{"speaker":"Dimitry Gershenson","startTime":1866.9750000000001,"endTime":1872.41,"body":"Yeah, I think"},{"speaker":"Dimitry Gershenson","startTime":1866.9750000000001,"endTime":1872.41,"body":"maybe talking a little bit about the"},{"speaker":"Dimitry Gershenson","startTime":1872.44,"endTime":1879.31,"body":"community of entrepreneurs in climate"},{"speaker":"Dimitry Gershenson","startTime":1872.44,"endTime":1879.31,"body":"that are underserved is important."},{"speaker":"Dimitry Gershenson","startTime":1879.3400000000001,"endTime":1884.71,"body":"So we have a, we prioritize"},{"speaker":"Dimitry Gershenson","startTime":1879.3400000000001,"endTime":1884.71,"body":"lending to underrepresented"},{"speaker":"Dimitry Gershenson","startTime":1884.71,"endTime":1887.38,"body":"founders and diverse teams."},{"speaker":"Dimitry Gershenson","startTime":1888.3700000000001,"endTime":1892.22,"body":"You know, if you look at the"},{"speaker":"Dimitry Gershenson","startTime":1888.3700000000001,"endTime":1892.22,"body":"venture capital ecosystem, women"},{"speaker":"Dimitry Gershenson","startTime":1892.22,"endTime":1894.65,"body":"entrepreneurs, founders of color."},{"speaker":"Dimitry Gershenson","startTime":1895.25,"endTime":1899.27,"body":"Uh, I mean you pick a"},{"speaker":"Dimitry Gershenson","startTime":1895.25,"endTime":1899.27,"body":"sort of a diversity label."},{"speaker":"Dimitry Gershenson","startTime":1899.54,"endTime":1904.1000000000001,"body":"If you're not a privileged white guy, the"},{"speaker":"Dimitry Gershenson","startTime":1899.54,"endTime":1904.1000000000001,"body":"likelihood that you raise capital is, is"},{"speaker":"Dimitry Gershenson","startTime":1904.1000000000001,"endTime":1909.0800000000002,"body":"much, much lower it's disproportionate"},{"speaker":"Dimitry Gershenson","startTime":1904.1000000000001,"endTime":1909.0800000000002,"body":"to the distribution of entrepreneurs."},{"speaker":"Dimitry Gershenson","startTime":1909.92,"endTime":1915.05,"body":"And, you know, obviously that leads to"},{"speaker":"Dimitry Gershenson","startTime":1909.92,"endTime":1915.05,"body":"all sorts of problems in the market."},{"speaker":"Dimitry Gershenson","startTime":1915.77,"endTime":1922.52,"body":"Not only do I call it, I'm going to"},{"speaker":"Dimitry Gershenson","startTime":1915.77,"endTime":1922.52,"body":"use this label even though it's broken,"},{"speaker":"Dimitry Gershenson","startTime":1922.52,"endTime":1927.1200000000001,"body":"but, not only do diverse founders"},{"speaker":"Dimitry Gershenson","startTime":1922.52,"endTime":1927.1200000000001,"body":"tend to perform better on average"},{"speaker":"Dimitry Gershenson","startTime":1927.99,"endTime":1933.99,"body":"than their counterparts but also, uh,"},{"speaker":"Dimitry Gershenson","startTime":1927.99,"endTime":1933.99,"body":"that creates further inequity down"},{"speaker":"Dimitry Gershenson","startTime":1933.99,"endTime":1940.23,"body":"the line because if you have largely"},{"speaker":"Dimitry Gershenson","startTime":1933.99,"endTime":1940.23,"body":"white guy led teams getting capital"},{"speaker":"Dimitry Gershenson","startTime":1940.29,"endTime":1942.78,"body":"they, then hire largely white guys."},{"speaker":"Dimitry Gershenson","startTime":1943.3200000000002,"endTime":1947.3700000000001,"body":"And so you create this like"},{"speaker":"Dimitry Gershenson","startTime":1943.3200000000002,"endTime":1947.3700000000001,"body":"anti diversity cascade."},{"speaker":"Dimitry Gershenson","startTime":1948.27,"endTime":1952.92,"body":"And so, you know, we believe in a"},{"speaker":"Dimitry Gershenson","startTime":1948.27,"endTime":1952.92,"body":"transition to a new climate economy"},{"speaker":"Dimitry Gershenson","startTime":1952.92,"endTime":1955.8300000000002,"body":"that is equitable and inclusive."},{"speaker":"Dimitry Gershenson","startTime":1956.88,"endTime":1962.8500000000001,"body":"And so we've created mechanisms within"},{"speaker":"Dimitry Gershenson","startTime":1956.88,"endTime":1962.8500000000001,"body":"our underwriting, our origination,"},{"speaker":"Dimitry Gershenson","startTime":1962.8500000000001,"endTime":1967.68,"body":"our, our sort of pipeline development"},{"speaker":"Dimitry Gershenson","startTime":1962.8500000000001,"endTime":1967.68,"body":"processes that stack the deck"},{"speaker":"Tom Raftery","startTime":1968.135,"endTime":1968.4950000000001,"body":"Okay."},{"speaker":"Dimitry Gershenson","startTime":1968.88,"endTime":1970.8,"body":"to"},{"speaker":"Dimitry Gershenson","startTime":1968.88,"endTime":1970.8,"body":"create this better balance."},{"speaker":"Dimitry Gershenson","startTime":1971.28,"endTime":1976.24,"body":"But I think this is something that"},{"speaker":"Dimitry Gershenson","startTime":1971.28,"endTime":1976.24,"body":"anybody deploying capital in the space"},{"speaker":"Dimitry Gershenson","startTime":1976.8400000000001,"endTime":1984.7,"body":"should be thinking about, and if you're"},{"speaker":"Dimitry Gershenson","startTime":1976.8400000000001,"endTime":1984.7,"body":"not get to it, it's not that hard."},{"speaker":"Dimitry Gershenson","startTime":1985.21,"endTime":1989.74,"body":"So if you're listening to this"},{"speaker":"Dimitry Gershenson","startTime":1985.21,"endTime":1989.74,"body":"program and you're a VC in this space,"},{"speaker":"Dimitry Gershenson","startTime":1989.8300000000002,"endTime":1993.16,"body":"if you're a lender in this space,"},{"speaker":"Dimitry Gershenson","startTime":1989.8300000000002,"endTime":1993.16,"body":"I don't care what you do, right."},{"speaker":"Dimitry Gershenson","startTime":1993.16,"endTime":1999.46,"body":"If you're deploying capital somehow, and"},{"speaker":"Dimitry Gershenson","startTime":1993.16,"endTime":1999.46,"body":"you are not correcting for the fact that"},{"speaker":"Dimitry Gershenson","startTime":1999.46,"endTime":2001.51,"body":"we live in a deeply inequitable world."},{"speaker":"Dimitry Gershenson","startTime":2002.8,"endTime":2003.935,"body":"Then you're part of the problem."},{"speaker":"Tom Raftery","startTime":2005.91,"endTime":2006.24,"body":"Nice."},{"speaker":"Tom Raftery","startTime":2007.7450000000001,"endTime":2007.9550000000002,"body":"Yep."},{"speaker":"Tom Raftery","startTime":2008.125,"endTime":2008.585,"body":"Makes sense."},{"speaker":"Tom Raftery","startTime":2009.4550000000002,"endTime":2009.875,"body":"Excellent."},{"speaker":"Tom Raftery","startTime":2010.4450000000002,"endTime":2011.885,"body":"Dimitri, that's been fantastic."},{"speaker":"Tom Raftery","startTime":2011.9450000000002,"endTime":2017.255,"body":"If people want to know more about"},{"speaker":"Tom Raftery","startTime":2011.9450000000002,"endTime":2017.255,"body":"yourself or about Enduring Planet"},{"speaker":"Tom Raftery","startTime":2017.525,"endTime":2020.375,"body":"or any of the things we talked"},{"speaker":"Tom Raftery","startTime":2017.525,"endTime":2020.375,"body":"about on the podcast today, where"},{"speaker":"Tom Raftery","startTime":2020.375,"endTime":2021.2450000000001,"body":"would you have me direct them?"},{"speaker":"Dimitry Gershenson","startTime":2022.415,"endTime":2023.655,"body":"Enduring planet.com."},{"speaker":"Dimitry Gershenson","startTime":2024.89,"endTime":2026.0900000000001,"body":"We make it really easy."},{"speaker":"Dimitry Gershenson","startTime":2026.15,"endTime":2026.42,"body":"Yeah."},{"speaker":"Dimitry Gershenson","startTime":2026.45,"endTime":2030.3200000000002,"body":"All of our, we actually, we"},{"speaker":"Dimitry Gershenson","startTime":2026.45,"endTime":2030.3200000000002,"body":"publish our term sheet on our site."},{"speaker":"Dimitry Gershenson","startTime":2030.3500000000001,"endTime":2032.8700000000001,"body":"We publish our funding"},{"speaker":"Dimitry Gershenson","startTime":2030.3500000000001,"endTime":2032.8700000000001,"body":"criteria on our site."},{"speaker":"Dimitry Gershenson","startTime":2033.29,"endTime":2035.9,"body":"We have a pretty comprehensive"},{"speaker":"Dimitry Gershenson","startTime":2033.29,"endTime":2035.9,"body":"Q\u0026A that helps people understand"},{"speaker":"Dimitry Gershenson","startTime":2035.9,"endTime":2037.01,"body":"how the product works."},{"speaker":"Dimitry Gershenson","startTime":2037.01,"endTime":2039.6200000000001,"body":"We have a calculator that"},{"speaker":"Dimitry Gershenson","startTime":2037.01,"endTime":2039.6200000000001,"body":"enables them to estimate how"},{"speaker":"Dimitry Gershenson","startTime":2039.6200000000001,"endTime":2041.0900000000001,"body":"much financing they could raise."},{"speaker":"Dimitry Gershenson","startTime":2041.45,"endTime":2043.64,"body":"We make it really kind of foolproof."},{"speaker":"Dimitry Gershenson","startTime":2043.7,"endTime":2046.1200000000001,"body":"And then if people like what they"},{"speaker":"Dimitry Gershenson","startTime":2043.7,"endTime":2046.1200000000001,"body":"see, they can apply for funding."},{"speaker":"Dimitry Gershenson","startTime":2046.14,"endTime":2047.75,"body":"It's like five to 10 minutes."},{"speaker":"Tom Raftery","startTime":2048.2799999999997,"endTime":2048.5499999999997,"body":"Nice."},{"speaker":"Tom Raftery","startTime":2048.85,"endTime":2049.18,"body":"Nice."},{"speaker":"Tom Raftery","startTime":2049.39,"endTime":2049.75,"body":"Excellent."},{"speaker":"Tom Raftery","startTime":2050.08,"endTime":2051.2799999999997,"body":"Dimitry that's been fascinating."},{"speaker":"Tom Raftery","startTime":2051.31,"endTime":2053.02,"body":"Thanks a million for coming"},{"speaker":"Tom Raftery","startTime":2051.31,"endTime":2053.02,"body":"on the podcast today."},{"speaker":"Dimitry Gershenson","startTime":2054.06,"endTime":2055.5,"body":"Thanks so"},{"speaker":"Dimitry Gershenson","startTime":2054.06,"endTime":2055.5,"body":"much, Tom, it's been a pleasure."},{"speaker":"Tom Raftery","startTime":2057.29,"endTime":2059.0299999999997,"body":"Okay, we've"},{"speaker":"Tom Raftery","startTime":2057.29,"endTime":2059.0299999999997,"body":"come to the end of the show."},{"speaker":"Tom Raftery","startTime":2059.39,"endTime":2060.47,"body":"Thanks everyone for listening."},{"speaker":"Tom Raftery","startTime":2061.16,"endTime":2064.7,"body":"If you'd like to know more about"},{"speaker":"Tom Raftery","startTime":2061.16,"endTime":2064.7,"body":"Climate 21, feel free to drop me an"},{"speaker":"Tom Raftery","startTime":2064.7,"endTime":2069.7999999999997,"body":"email to Tom dot Raftery @ sap.com or"},{"speaker":"Tom Raftery","startTime":2064.7,"endTime":2069.7999999999997,"body":"connect with me on LinkedIn or Twitter."},{"speaker":"Tom Raftery","startTime":2070.61,"endTime":2073.16,"body":"If you liked the show, please don't"},{"speaker":"Tom Raftery","startTime":2070.61,"endTime":2073.16,"body":"forget to subscribe to it in your"},{"speaker":"Tom Raftery","startTime":2073.16,"endTime":2077.15,"body":"podcast application of choice to get new"},{"speaker":"Tom Raftery","startTime":2073.16,"endTime":2077.15,"body":"episodes as soon as they're published."},{"speaker":"Tom Raftery","startTime":2077.81,"endTime":2081.02,"body":"Also, please don't forget to"},{"speaker":"Tom Raftery","startTime":2077.81,"endTime":2081.02,"body":"rate and review the podcast."},{"speaker":"Tom Raftery","startTime":2081.02,"endTime":2083.84,"body":"It really does help new"},{"speaker":"Tom Raftery","startTime":2081.02,"endTime":2083.84,"body":"people to find the show."},{"speaker":"Tom Raftery","startTime":2084.65,"endTime":2086.92,"body":"Thanks catch you all next time."}]}