New Money Ventures, Jaclyn Johnson steps us through her framework for investing in entrepreneurs
Yoohoo. It’s Doone here, your host and hype girl, welcome back to the female startup club podcast! We’re just days away from the launch of Majic so if you’ve been hearing me talk about this pop your name on the waitlist for when we launch next week at femalestartupclub.com/waitlist and if you have no idea what I’m talking about scroll back a few weeks and find the episode on all things Majic so I can introduce you properly.
On the show today we are learning from Jaclyn Johnson who you might recognise as the founder of Create & Cultivate but is here to talk about her latest venture; New Money Ventures in addition to her first incubated brand; Maie Wines.
New Money Ventures is a venture capital fund with a mission to launch, build and scale early-stage, women-led startups. And this is so interesting because she steps us through how she invests in different founders, what the red flags are when founders are trying to raise VC money, the industries that are piping hot right now, how her fund works and a few tips to get you better at pitching your biz! There are so many gems in here, if you’ve got plans to raise this is a MUST LISTEN.
If you learn something in this episode please do share it with someone who will benefit from hearing Jaclyn’s advice or shout about it on social media - we love It when you do that!
Please note, this transcript has been copy pasted without the lovely touch of a human editor. Please expect some typos!
Hi, welcome to the female startup club podcast. Thank you for having me excited to be here. I'm excited to learn from you today. How's your day going? Have you had any wins or Oh ship moments that you're wanting to share. Get off your chest today has actually been really mellow. I've had a lot of meetings and things like that, but I think everyone's a little bit in like the post holiday slump here where they're like sort of getting into the mode of like, let's talk about that after the holidays type thing. So it's been pretty mellow. I've noticed that everyone is starting to do the whole like, can we just chat next year? Like I'm, I'm done. Black friday was massive thingsj. Still crazy. I need a break. Yeah, I feel that I feel like most people probably know you as Jaclyn, founder of create cultivate, but maybe a little less as Jacqueline founder of New Money Ventures. So I'd like to get you to give us a little bit of an introduction of how you introduce yourself these days? Yeah, it's, it's complicated but it's actually it's actually quite fun. There's a lot going on. But yeah, so I am the founder of create and cultivate, which is a modern media company for women looking to create and cultivate the career of their dreams and you know, built that company and recently last year sold a majority stake to private equity and we have a new ceo on board with that business, but I'm still act involved and then I in january of this year launched new money ventures, which is a $20 million consumer fund focused on funding the next generation of female led female run businesses. And I also recently just launched a wine line called May wines. Um and I mentor people, I coach people, I do a lot of different things these days, which is exactly how I like it. I love that for you so much going on Holy moly, I'd love to dig into new money ventures. I feel like we have a lot of entrepreneurs listening to the show who would love to understand the process, how things really work and kind of answer those nitty gritty questions that everyone's asking, how do you like to kind of like start your story in terms of where the light bulb came for new money ventures, what what made you shift to that? Yeah, absolutely. So with create and cultivate, obviously I had access to conversations with millions of women across, you know, the country across the globe about, you know, what was there, you know, what we're wins, what were going well in their business? What were the struggles? Right? And almost at every creating cultural event, this statistic is start out of like only 2% of venture funding goes to women, right, Even less for women of color. And it's a really depressing statistic that actually has not changed much in the last Five years. Um, and so that was really startling. And then I started looking into, you know, venture as a whole. I actually never raised venture capital for any of my companies. So it was an interesting and kind of new world for me. And when I looked into it, what I realized was I found another step that was even more shocking. And that was that only 5% of venture capital firms are actually run by women, meaning that the women are in the capital deployment, you know, seat, you know, where they can actually deploy the capital. Um, and that was really into for me because it made a lot of sense, right? Because venture capital is a business built on deal flow and deal flow is where you're getting your deals from. It's based on your network. Right? So if the majority of venture capitalists or older white men, their network and the people around them are gonna look a lot like them and therefore they're not going to get access to the type of deals that I would get access to, you know, for instance, and so I've been angel investing for many years and absolutely loved it and found out I was like mentoring a lot of the women that I had also angel invested in Them. And I knew in my next step, you know, after being the ceo of create and cultivate was I wanted to provide mentorship first and foremost, but also money, right? Because I know that capital is so crucial for businesses and it's so challenging for women to get. So I wanted to be able to kind of like make a dent in that 5% and create something where women would be able to have more access to capital, if not through me through other people I know and the access that I might have as well. And so did you have to go out and raise that $20 million dollars or you put that money in or you found some partners? Like how did that actually work? And how do you do that? So yeah, it's really interesting. So when you launch a fund, it's like you essentially have to go raise your own money, right? Get your own capital for that fund. And so, um I have a partner in the, and we went out and were able to raise capital for the fund itself. So we raised $20 million with different LPS or limited partners, um, that provided, you know, capital, So that's typically how it works. Um, I personally didn't have to put money into it, but I still oftentimes will co invest on deals that we do through the fun, got it. And so let's talk about like right now, who are you looking at, who are you, what are the kinds of businesses you like to invest in? Where are your interests or where is the market showing you that we should be, you know, investing in those spaces? Yeah, absolutely. So some funds have very clear mandates of like the types of businesses that they can invest in, you know, some so specific, some like our, like we invest in plant based meats, you know, like there's these really specific funds were actually much more fluid. We invest again, our biggest mandate is female lead or female run businesses. Um, and then we look, you know, primarily in different categories are first, you know, sort of phase of funding was around CPG specifically to direct to consumer or retail driven businesses. So we invested in the dough, good for you, cookie dough case, Skin Winnie Harlow skincare line, crown affair, which is an amazing hair care brand. We're pretty much category agnostic. And what we're really looking for is a few different things is one first and foremost. We're founder first. Like we want to make sure that we believe in the founder, We have a great report with the founder and we also feel like we can help the founder in some way, shape or form, you know, through our own expertise to two is the category. We want to find categories that are disruptive or brands that are disruptive within those categories. Um, so that means like, what are you doing differently than everyone else? Like if you have a beauty brand, what makes this beauty brand different than everyone else? Um, so that's number two. And then three is really like the model itself. How is the business performing? How are you thinking about, you know, revenue, profitability, your margins, all these different things sort of play into like what we're looking for when we invest in the business. Mm hmm. And when you find those people that you do invest in. Do you invest like at a certain stage or any stage, What kind of checks do you sign for? Yeah, absolutely. So we initially were investing in pre seed and seed stage businesses and we did a lot of investments in those categories. Now, we're really focused on series a investments. Um, so we invest, We're pretty much stage agnostic as well. But we're right now focusing on series A and that changes over time based on the mix of investments that we have to have some newer, you know, like smaller companies and you have like bigger, more well established brands. And we want to have a good mix in our portfolio of all of those as well. So we typically in the seed pre seed stage will invest anywhere between 250,000 up to 500,000. Anything in the series a stage 500,000 to 1.5 million. Depending obviously on the business, around the size, all of those things. Mm And for you, like how many people do you speak to on a weekly or a monthly basis? Versus like how many investments do you actually make or have you forecasted to make, you know, in your first year? So I speak to, I wanna say 50 brands a week. Holy, that's a lot. It's a lot. I get pitched all the time and I think that's symptomatic of a few different things. One is I typically like to be very clear if it's not fit for us right now. So I get pitched a lot of seed stage businesses currently. But I want to take those calls because when they get to their series a and we have a good rapport or we liked each other or there was a good fit there. I want to be the first person they call when they're going out for that round. Right? So you kind of are constantly having conversations with a ton of different people that you're nurturing because either you want to stay on the radar for a future raise or oftentimes we can invest in them now or I can help them because I know a fund that's actually looking for exactly what they are. Right. So a lot of times like through the process, I have a great network of female VCS and non female Vcs that I'm happy to like make introductions to if I know what they're looking for. So we, you know, everyone has their own mandates and what they're sort of seeking out. But we all want to help each other with deal flow that were top of mind when someone comes to them and they're like actually knew many ventures would be great for you. So that's how a lot of deals get done in that way. Do you invest only in U. S. Brands or are you global? So we are currently only investing in US brands. We're hoping to do more global investments in the future. But currently just based on like, you know, obviously what we signed our LPS on board, they are us based brands. I want to dig into like what it actually looks like when you're having a conversation with a founder, like they're coming to you, they're telling you the story, they're telling you the numbers and everything about their business. What are you asking them specifically to kind of pull out to figure out whether that's something that's got magic in it for you? Yeah, absolutely. So when everyone's pitching obviously they're giving you all the good news, right? So you have to figure out what the bad news is, like, what is the bad news here? And so you, and that really requires you to kind of really dig deep into their business. So one of the questions I always like to ask when I'm getting pitched is what is your biggest challenge right now? And I think sometimes if I get the answer like, oh, we really aren't having any challenges. It's just amazing. I liked him immediately. Like it's a no for me because the reality is if you're running a business, there are always challenges and being honest about those challenges up front, especially to a potential investor I think is really important because one, it could be something where I can really help you with that. You know, it's a supply chain issue, it's a hiring issue. It's a whatever issue, knowing what you have and knowing if I can be a help for that or also knowing someone that could also help you for that is a really good in to have. Um, so that's everyone. Number two is also making sure that you're diving into the nitty gritty of the numbers. Right? So a good example is, I was getting pitched this brand and they were talking about how, you know, they're year three of their business and they are doing 30 million in revenue, 30 million in revenue, Year three and I'm like, this is incredible. Like this is so amazing. This is unheard of. And then when I went into their deeper spreadsheet of the data, I realized that they were spending 15 and marketing so that immediately is a red flag, you know, as an investor to say like, well no wonder you're doing 30 million rand. You're spending 50 million in marketing to get to that 30 million and read a lot of these, you know, customers are one and done. They're not repeat customers, which is something that you want to see, you know, repeat customers are way more valuable than one and done. And so it's about like kind of like looking at the numbers and figuring out the story that they're telling to make sure that you're aligned on the same page with that founder wow. And so for that particular example, like were you like, oh, it's an immediate no or were you like, I'm still interested but we need to change the model to figure out how you can grow to be more profitable. Yes. So we, we went back and forth with that particular company for a while and I really liked, they checked a lot of boxes in terms of like they were extremely disruptive category, which I really liked. They had a good path to acquisition because they were really one of the few in their category. But the founders were very young and not experienced and I, I felt that the way that they viewed venture and spending money that they were gonna have, they were gonna raise and raise and raise and raise and raise until like they couldn't raise anymore. And that was their mentality, right? It was like growth at all costs, right? And that is a strategy you can take, but it's not a strategy that I'm gonna be able to give you good support on because I am a real believer in running a very lean profitable business and only raising when you need that cash for specific, you know, items, whether it's inventory or team or whatever. So I felt like I wouldn't be a good fit as an investor for that specific company, whereas other VCS might be, so we ended up passing on that specific one. What are some of the other red flags that you see obviously like the numbers. That's a, that's a clear one. What else are the things that come up that are often common issues or problems for founders? I think one of the things that I think it's really important to have a competitive matrix in your deck of some, you know, kind, especially if you're in a really crowded industry. I think founders that don't bring up specific competition and their edge over that competition is a red flag to me because as an investor, I'm already gonna do the diligence on your business in the category. Right. So I'm gonna know who's, who's playing in the category, Who's doing really well, who's not doing whatever. So if you just kind of brush over for that in general, that's a red flag to me versus diving straight away in and saying like, hey, actually here's a full on comparison. Yes, they're getting way more press than us, but our margins are way better than theirs or like we're getting this or we have this that the other, we have an edge because, you know, they launched six years ahead of us and so we're able to, you know, take the learnings from them, whatever it is, like creating, you know, that story in that narrative, because I think that's really important is to be able to talk about the competitive landscape as well. Oh, that's a good one. I like that and I like the whole, they launched ahead of us, so therefore we can take the blueprint of what they've done, we can figure out how to do it better faster, you know, more innovative. I love that. That's so interesting. What are there, like, tips for pitching? Like what's a good pitch for a founder who's listening right now, who's like, oh, I don't know where to start. I don't know like how to get my best message across. What are your best tips? Yeah. So in your pitch deck, obviously you have to have some sort of presentation that goes along with it. I would say the number one thing to kind of get across is why this business needs to exist in the world, why you're the right person to run it and what is unique or differentiated about the comedy that you want to build that? That's those are the three things you want to get across Obviously depending on what state you're at, you have to share financials and not the other, but what you really want to do is get people excited about the vision of your business and why you are the best possible person to bring this vision to life. And I think that's really comes down to storytelling and also understanding market opportunity and really showcasing why this is a product of business, a service that is missing in the world and how you plan to grow it at scale. Because venture at the end of the day, like doesn't really invest in small businesses, right? They invest in companies where they can see exponential large scale growth or an exit opportunity. So when you're talking to venture versus angels or other types of, you know, investing vehicles, you want to be talking about the biggest possible picture of where this could go. Something I often hear like when I'm talking to small business owners and founders is, you know, they're in the beauty space for example, or whatever industry that they're in that's crowded and they're saturated and they're like, I can't like tell you in a summary why I'm different. I just know that I have this thing, I've got that magic, but they can't necessarily pinpoint yet what it is because it is a saturated space. How do people like dig in to find their unique selling point? I feel like people often think it has to be some like world first innovative, never seen before, but that's not the case obviously. How do people kind of dig deeper to find their unique edge? Yeah, I mean the differentiators could be a few different things, like one on like the larger scale could be a specific innovative products, something that's patented, something that's unique to your formula. Um, you know, something that you're kind of creating in an interesting way. A good example of this is actually K skin. So that's Winnie Harlow skin care line. So Winnie Harlow is famous because she has Video Iago disease where she is obviously has both dark and light skin tones, which is a very unique thing. But what happened was she had a unique experience where she was putting on getting put, you know, white sunscreen on her and it was really giving this like gross kind of white, you know, residue. Um, it didn't make her skin look good and like was just really bad. So she was like, why isn't there a sun care line that is also built with skincare and mind and shows like enhances the look of your skin versus just like trying to protect it from the sun. And so she developed case skin over years to create this specific formula that is like this if you've ever tried it, but it's like golden brown like when it comes out, but it looks great on my skin tone, her skin tone anyone's skin tone. So it's like really for everyone, right? So that's like a unique, interesting value and it makes Winnie a unique person to launch the product. So there's like a lot of unique factors that go into that. Another thing could be, it's not unique at all, but it's the same exact product as this product product, a but it's $5 cheaper and they're gonna be on the shelf together. And like that's what differentiates us is like we can get on the shelves and we can be cheaper and better or whatever brand can play a huge role in that. You know, what's the brand ethos, what's look and feel like how does that sort of enhance what you're doing? You know, obviously you've seen a massive push into sustainability. Um, and you know, refillable beauty, things like that. There's so many things that you can create and have an edge in the market and it doesn't have to be some groundbreaking scientific formula, right? It can just be as simple as like a price situation, a brand situation and unique story and point of view. I love that and I think that's such important, like such an important message to share for people listening who have that problem of being like, well I didn't invent something that's never been done before. Like I'm out here just building this thing that I know is amazing, but it is that price difference, it is that brand piece difference and I think yeah, that's amazing to share, thank you so much. Gosh, when you're like looking at you know, the next kind of 12 months, what else do you want to expand into? Where are you going now? What are you looking for? Who do you want to be knocking on your door? Yeah, so currently we're really focused on creator economy specific businesses. So for like, good examples of this are like a Patreon, a cameo intro, anything that is a platform where creators can monetize their business, right? We've seen a ton of these crop up in the last year um and a lot of them are not female lead. So we're looking for female lead creator economy specific businesses as well as tech businesses, so things focus on female healthcare, technology, apps, etcetera. So we're looking in those two categories specifically for right now. Amazing. So anyone listening in those spaces come knocking on your door? Yes, please do. Let's talk a little bit about May wines. Why did you decide to go into that? What was the research that led you to the wine industry and what makes it different totally. So my partner and I are a huge wine enthusiasts were both like level two psalms, like we're really into wine in general and we knew we wanted to invest in the wine category, like immediately we're like, we can't wait, we're so excited and we met with so many incredible female lead wine businesses and what we found was one either they were too far along in their stage, you know, there were series B series C, they were raising a ton of money um and like we wouldn't really make a dent in what they were doing and two was, majority of what we saw was canned wine being launched and we just didn't love the experience of canned wine and we thought there has to be an elevated single serve um you know, sort of glass bottle situation or something really cool and unique and we started doing our research on it and like literally could not find anything and we're like, this is so fascinating because one of the issues that we had always kind of voice between the two of us was one post pandemic, where I mean during the pandemic, I was drinking a ton of wine. Sometimes I would just waste, Yeah, all of us. I joined a ton of wine clubs and basically I get these really nice bottles of wine, I'd open it up, I'd have a glass, put it back in my fridge, forget about it and then end up like pouring it out or cooking with it and it was like a really nice bottle and secondly, I'm a white drinker, my partner's a red drinker, if she came over it would be wasting two bottles. And so we kind of were like, this is a real problem to solve single service, obviously the, the best solution, but we don't love the canned experience. And so May Wind was kind of born out of that. We researched and found this amazing bottler that does these like beautiful mini glass bottles. We have a female winemaker, everything's California made that. We did a ton of research into like one of the most popular varietals amongst millennials. And so May Wind was really born and it's part of our affiliate, which is part of our fun, which means we invest and build our own brands through that. So that's how we sort of launched May as part of the fun, I love that. And for you with marketing, like what's shifting the needle in these early stages and I know you're someone who you already said you love to grow brands before kind of dumping a lot of money into advertising and things like that. So I imagine you have quite a scrappy grassroots approach to launching what's working for you. Yeah, it's so fascinating. I hate paid marketing so much. I just think it's so odd. Um, and it's like, it's just so cost ineffective essentially in a lot of ways. So for us we've been noticing a few different things. One is influencers are performing extremely well for us and once we work with influencers and paid and unpaid capacities, we leverage their content through whitelisting and boosting and use their content as ads versus creating our own ads, which has worked extremely well. Obviously Tiktok is a great platform. Unfortunately you cannot advertise alcohol and I know that I did not know this either. This is a fun fact, not doing yet, even though they just, they just launched aged verification. So I think we'll start to see that feature rollout, but we can promote it through influencers on Tiktok, you just cannot put ads through it. So we've been doing a ton in the Tiktok space, which has been really fun. Obviously podcasts have performed extremely well for us and we love doing podcasts. Um, and seating just like seating the product to friends, family, obviously that we've created over the years, but I would say like the best converter for us and as is usual with food and Bev is sampling to consumers. So we've been popping up at different events. Obviously we were at creating cultivate in the fall. Um, we've done a ton of dinners, we were kind of, we just did a pop up with lisa says, gah in Echo Park and getting the product in the hands of the consumers. People love the wine, but they also love the bottle, they get excited and then obviously hopefully they convert on our side as well. Oh my gosh, that's so cool. And being like a brand that you've obviously incubated under new money ventures, Are you gonna continue to do that like at scale or is there kind of like, we're gonna do them here here and when we see there is the opportunity. Yeah. So really see and where there is the opportunity and we will be raising more capital against these from outside investors as well as we grow and build the different companies. Obviously like we won't be running them, but we'll put in the right people to like run those businesses as well. But the end goal is to really create a large scale direct to consumer holding business in certain categories that we like, similar to like a food 52 or a pattern brands or something of that nature. Mm That's amazing how exciting. Gosh, yeah. We recently had Daniella Pearson on the show talking about mental health and mental fitness and so that's something really front and center for me right now. Looking at someone like you, you're so busy, you've got all this going on. You're balancing work family, multiple businesses. How do you take care of your mental health and your soul? Yeah, I mean, it's a great question. I mean, first and foremost, I'm on the board of a nonprofit called half the story, which I really love basically. It's a nonprofit focused on um, studying the relationship and effects of social media, specifically on the youth. Um, and how it can really affect their self esteem, the way they interact, socializing, etcetera, all that stuff. So I'm very passionate about that because, um it really is half the story that is social media, you're getting the highlight reel of everyone's lives. Um and I've definitely, you know, suffered from that as well as comparing myself to other people, not thinking I'm doing enough all those things, but I think it really comes down to being in touch with your own barometer for stress and knowing when to stop and take breaks and be able to really let go of, you know, kind of that intense pressure to be successful all the time. And that's something I've gotten better, better at with age obviously, but I just think it's really important to have, you know, really be in touch with that internal clock and know when you're like, okay, time's up for me, I need to like take a b, I need to take a mental health day, I need to go on vacation, like whatever it is versus trying to keep pushing through because that's when you burn out. Absolutely. Have you experienced burnout? Oh my God. Yeah, 100%. I mean, when I was running great and cold today, I tell everyone this, like, I had no work life balance. I was like, all work all the time and I was loving it honestly for a lot of it's not like I regret any of it, but I don't think I realized the level I was burning at and running at until I got, you know, really until covid. Um, and really was like forced to like stay still for a little bit, which was a good reflection for me in a good way to kind of say, okay, this is interesting, like it's, I don't want to go back to what it was, you know, and I want to be more mindful of like the things that make me feel good outside of work. Absolutely take that breath definitely. Before we jump into the six quick questions part of the episode, which we wrap up with, what does the future look like? What do you want people to know right now? What do you want to shout about? Yeah, no, I'm really loving obviously the venture side of things. So for me, I think like, you know, continuing continuing building the legacy around supporting female entrepreneurs with both money, mentorship and you know, anything I can do to really help women has been something that I'm really fundamentally behind And excited about. So that's something I'm really excited about. Also, I'm on intro, which is really fun app where you can book me for a little 15 minute sessions, it's been like the highlight of my year. I've met so many cool people um and a percentage of the proceeds goes to half the stories, which is always fun as well. Oh my God, that's so cool. I love that. I haven't heard of that, I'm going to check that out immediately. Very cool. And what's your best piece of advice for founders right now? I would say the best piece of advice I have for founders right now is stay the course. I think right now it's a very weird time. We're in a recession, there's a lot of uncertainty, there's IOS updates. Um and I think people who stay the Of course and really keep pushing will come out on top. You know, even during these difficult times I think sometimes it's really hard. Like obviously running a business in 2020 was extremely hard. All these things can be really hard but the people who kept going I think ended up on top. It's the long game play, the long game.
Question # one, What's your why? Why do you get up every day and put your energy towards all these ventures? I think my y is really to support and provide real talk advice to female entrepreneurs. Um It was something that I was missing, which is why I went out and created it. So I feel very passionate about helping the next generation and the current generation of women succeed in business Question # two is across all your businesses. What has been your favorite marketing moment so far? Oh, I mean I definitely love our create and cultivate 100 list. Um we do it every year. We highlight 100 women making waves in 10 different categories. We launched the first one in 2017. It was so scrappy. Like we shot it in like this little like back alley studio and now it's grown into this massive powerhouse list of women and it's still one of my favorite events of the year. Um and the best way to kind of highlight all the amazing work that these women are doing. So fun. Question # three is what's your go to business resource right now, if you had to recommend a book or a newsletter or something like that. Oh, um I would say I'm really loving the information, it's a media site. Um they do just really strong coverage. I feel like on the technology space, the start of space in the venture space. I haven't heard of that one before. I'm gonna link it in the show notes for anyone who wants to check it out. Question number four, how do you win the day? What are your AM and PM rituals or habits that keep you feeling happy and successful and motivated? I would say m is definitely like taking my dog on a walk and PM is like ending the day with a glass of may. I love that. I'm the same. My dog cuddles in the morning are like the best question number five, what's been your worst money mistakes in business and how much did it cost you? Oh, that's a really good one. Worst money mistake in business. I mean, I wouldn't say, I, I actually don't know how much it cost me probably a lot, but I would say is not increasing my salary, um, at creating cultivate, you know, I was like eight years in making the same what I made your one. Um, and I wish I would have um, increase that sooner, if that makes sense. Yeah, that's a good learning. They're very good, very important one. Yes. It makes sense to not make sense to not pay yourself a lot at the beginning, but when you're like that far in maybe then totally. And we've heard this on the show before actually, I can't remember who said it, but basic they went through a situation where their business overnight. You know, basically shut down because of Covid and in that moment before the kind of like sorting everything out, She was like, I haven't paid myself for 10 years, like properly. And so if everything shuts down tomorrow, you need to know that you actually haven't like taken nothing from your business. It's a really important one. Question. Number six. Last question, What is just a crazy story from the journey of building your business is good, bad or ugly? Oh God. I mean there's truly so many, but I would say, I think the best story is was from our san created called the San Francisco Conference 2019. It was our largest conference we've ever done. I think we had like 85 sponsors, thousands of attendees, all these things and we were setting up at this like massive venue and my assistant calls me and goes, hey, you need to come down to the second floor. Um, uh, they're putting out a fire and I was like, well I'm putting out a fire up here thinking it's like putting out a fire and she goes, no, there's like a real fire. What? I ran down the stairs and one of our papa booze had caught on fire. Like a guy was putting on a decal and there was this pompous grass installation lit completely on fire. Thank God there was a volunteer firefighter on site who like jumped into action and like, you know, whatever. But also the fire marshal was there. And basically the fire marshal, thank God cause he could have shut down the entire event, basically said I'm gonna pretend like I didn't see anything but you have to fireproof all of your pop ups and installations and what that means is you have to spray them with this specific fire over top gel. So it's like eight p.m. The night before the event. We're trying to source people who can spray fire retardant. Genel on things. We finally get someone, we have to spray everything, everything stopping wet. It was ended up being fine the next day was great. It was a total success but it was the most stressful 24 hours in my entire life leading up to it. Oh my God that is so crazy. Holy wow! Amazing. I'm glad you got it sorted. Love a last minute pressure. Yeah. Love to problem solve that. Jacqueline, thank you so much for coming on the show and sharing all of your insights and your journey and everything that you've been up to. I'm so excited for you.