This podcast is brought to you by LMU Munich. Thank you very much to the organizers for inviting me here. I'm delighted to be here. I'm going to talk in English if it's okay. That's what was agreed before. And I also want to congratulate the organizer for well-timing the conference. They probably had the good four sites that Germans would play later today against the French. And in that sense, we can see that academics sometimes have good four sites on some of the important events in life. I was asked to talk about after-crowd investing or life after-crowd investing, and particularly what happens when after the campaign is over, potential issues that can arise. I'm not going to talk that much about regulation, only a bit on the end. Lars has talked a lot about this, especially the reforms already, so I'm only going to touch upon a few aspects. What I'm going to do is more discuss a few items in particular in terms of second rounds, exit strategy, and in particular the anti-delusion provisions, so the delusion provisions that do exist, and the potential impact it may have. Lars mentioned briefly why crowd investing is particularly interesting, or important to look at from a regular perspective, and that is a very distinct type of crowdfunding than other forms. This slide is actually supposed to say similar things that he already said in English. The interesting thing is that a few years ago when crowdfunding, crowdinvesting started, there were very few platforms present, and most of the time people opened just a platform and did it on their own. There was a lot of variation across the different campaigns. Platforms have standardized this, and I think that has also contributed to the professionalization. Still there are a number of differences, so I'm showing here the different forms of crowdfunding, donation, reward-based, so reward-based would be Kickstarter, profit-sharing-based, which would be like Sandau, you may know, so this is a Belgian platform on comic books, Belgians like comic books, so there you can sponsor a specific comic book, and if it gets commercialized then you participate in the profits with the author at a certain fixed percentage up to four or five years, so it's a bit different type of crowdfunding than what we're looking at today. Then you have the lending ones and then the securities ones, and there are at least three different reasons why crowdinvesting, so the securities-based crowdfunding is important to look at. First is because the risk involved is much greater, so these are investments in startups, innovative, and with promises on future cash flows. This is very different from donation-based where you don't expect anything, or reward-based where the worst that could happen is that you don't get the product back, or that with a lower quality or delayed. The amounts involved are much larger also. On Kickstarter, Indiegogo, the average amount is something like between $10,000 and $15,000. Here it's well above $100,000, the average that you see in Germany, but also in France and elsewhere, so the amounts that are involved are much larger, also the tickets are much larger, and the other part is the complexity of contracts. The contracts are much more sophisticated, more detailed in securities-based crowdfunding than the other forms. Not sure I need to spend a lot of time on this slide, but it's a slide that Lars and I have done for a working paper, so essentially the portals are there to intermediate. You have on the left-hand side, which is also on your side. On the right-hand side is the issuer, the company that either has a prospectus or not. On the right-hand side you have the investors, which are the crowd, and you have the crowd-investing portal at intermediates. Most of the money transfer is handled outside due to avoid specific regulations, and the portal proposes a template for the contract, which is then finalized with the issuer. This offer is a take-it-or-leave-it offer, so the crowd can take it or leave it, but there is no negotiation as you have in venture capitalists and business angels. The business model of the platforms is that most of the revenue they generate is a success fees. We already have a couple of success stories. One that I like to tell since I work in France is Atabio. Atabio did a 300,000 euro campaign in 2010. This is a biotech company that works for drugs that treats specific bacteria, and the exit took place about two years later, and there was a return of 44% over the two years. The exit took place through the buyout by angels. Then you also have a couple of them that have already a second and third financing round. On seed match, a nice example is Front Row Society that just closed, I think, the last third round. You have some of them that also get even larger and larger numbers, with Protonet who recently raised 3 million euros. This is exceptional. Even in France, there are no cases above 1 million euro yet, but in Germany the numbers are quite impressive. Another nice example, which is not crowd investing but crowd funding through the Kickstarter that we discussed this morning at the other conference, is Oculus Rift. Oculus Rift raised 2.5 million dollars on Kickstarter to sell its first product, and it was eventually bought 1.5 years later by Facebook for 2 billion dollars. These are nice success stories and showing that there is potential, but of course there are also failures that we already have seen, a few in Germany, a few in France that shows that of course these are risky investments. The current default rates are certainly not representative of the market because the market still needs to mature and we'll see in a few years what is the true default rate in that market. Before talking about anti-delusion protection and stage financing, let me perhaps just here very quickly mention that crowd investing is in many respects not so different from venture capital and business angel deals, and that should also highlight how risky they are, and I truly hope that the crowd understands the risk that it involves, but it also shows that many of the difficulties about anti-delusion, stage financing are exactly the same as venture capitalists, so the problems that some of the companies today face are not specific to crowd investing, they are just for the type of companies that are being financed, just that VCs and business angels tend to be knowledgeable and experienced in dealing with these problems. So first of all these are risky investments in innovative, often high-growth firms. Some fail, many fails perhaps, we don't know, only a few really succeed and we hope that they make up for the losses and that these big successes which are a few of them make a big multiple to cover the rest. So it's a bit like superstars economic where you try to, not like lottery games, but you try to pick up some successes or some very promising one, but you know that there will be many of them who fail. Most of the gain accrue at the end, so essentially after a few years at the exit, that's very important because it means that the distribution of the return comes much later and therefore the current revenues these companies have at the time of investment is just not representative. These investments are liquid, so investors need to be very impatient and also the exit stage will become very crucial and this is certainly something that will come up the next one or two years in some of these companies. Also they require special care when drafting contracts since these are young innovative start-up with a lot of uncertainty and venture capital business angel have developed contracts that allow to solve or to mitigate much of the agency problems and information assembly problems. Funding occurs in rounds, very important. Funding by stages has a number of advantages. I'll come back to this in a few minutes, but the main reason is also that it allows to minimize risk. So you start with a small amount. You see what the entrepreneur can produce and if it goes well, you finance the next round. This limits very much the risk. There are also, of course, differences. One of the main differences is the types of securities. Venture capital, so far I know, don't buy Partial, or other types of participating notes. They buy convertible preferred shares or if they buy common shares, they bundle it with some other types of securities like warrants that allow them to get a lot of voting rights and participate in the upside but also get some protection on the downside. Essentially with preferred shares, you get to have a higher priority over the entrepreneur and if things go well, you get the upside. A few platforms offer this kind of security, which is actually convertible bonds, which I think are very promising because they solve a number of problems that we have in other securities, such as potentially those used in Germany. Also, the difference are the extent of the diligence, negotiation, and the provision of expertise beyond the investment. So this leads to one of the first main topics I would like to discuss, which are anti-delusion provisions, which has been quite contentious and a hot debate in the crowd investing arena to see to which extent the crowd should get these kind of provisions. So what is the main concern? Well, the main concern is, as I write, what happens if the firm, so the entrepreneurial firm needs to raise extra capital in the future but the firm is worth less than it is... In the future, it was less than it is worth today. So essentially, they're selling securities in the future that are at lower price than today. So the valuation did not go up in contrast to expectation but the company's worth much less than today. So this means that the investors in the first round will have paid much more for the shares than the new shareholders in the second round that come in. This, of course, makes investors in the first round very unhappy, not just because they lost money but they got highly diluted. There's, by the way, a different distinction, of course, between economic delusion and percentage delusion. So percentage delusion will always happen because if you issue new shares on the follow-up round, percentage-wise, first-round investors must be diluted. This is just by the principle of stage financing. What we talk more here is the economic delusion. So the shares that I bought in the first round at a certain price give me a certain value for my holding and the question is, is this holding worth the same thing in the next round or not? If it's worth less, then it's due to the fact that the value of the company went down. So early investors often request delusion protections. And, of course, this only makes sense if there's what we call a down-round. So the valuation went down. If the company went well, there's no reason to compensate or to give extra shares or compensation to early investors. It's only if there was a bad event that happened what we call a down-round. And then depending on the kind of securities like venture capital that they would have convertible preferred, they would get just extra shares or the conversion price would be changed so that eventually they get more shares and therefore have a larger equity stake in the firm. And they would get this in the course of the anti-delusion provision. There are a number of benefits of having these anti-delusion provisions. So let me focus on the two most important ones. One is, of course, to limit the risk of the securities holder. So this means that if things don't go as expected, they are protected, they get extra shares, so they suddenly get a larger fraction of the value. Of course, this comes at the expense of those who do not have the anti-delusion provisions. Typically, these are the founders. It's a zero-sum game, these anti-delusion provisions. It's value that is transferred from the founders who do not have such kind of protection that goes to the securities holders who have anti-delusion provisions. So the crowd holding that would benefit of it, but the one who pays for it, who bears the risk, is the founder. The other reason that makes fully sense to use anti-delusion provision is because often there are informational problems, information asymmetries, as I mentioned before, or you may just have disagreements about valuations. So very often you can see, especially in venture capital, because that's where you have negotiation. Crowd investing has no real negotiation, but you have a disagreement on the valuation. The entrepreneur may think his company is worth 10 million euros, while the investor says, well, you know, let's start with something more reasonable with 5 million. Part of this is, of course, due to the bargaining that takes place, but at the end of the day, then still there may be substantial differences in beliefs about the true potential, either because the entrepreneur has better information, better knowledge, or because they just have different beliefs. So in typical situation, you would just have no investment because they cannot agree on the valuation. And if they cannot agree on the valuation, they don't agree on the price. And if you don't agree on the price, well, you know, you feel that you're not getting what you deserve. So then anti-delusion provision are useful because they help investors to still make an investment, although they disagree in valuation. To give you just a very simple example, so this is not with Partziar, Shinaha and Dalin, but just shares to make the point very simple. Suppose you have a first investment round for 1 million euro, and there is a first round investment, but investors and entrepreneurs don't agree on the valuation. The entrepreneur thinks his company is worth 10 million, okay, post-money valuation, and the investor truly believes it's just worth half of it, 5 million. It still makes sense to strike a deal if you give the investor anti-delusion provision because anti-delusion provision is a mechanism that allows you to expose, make adjustments. Here's the example. So when the company started, it incorporated the entrepreneur, of course, which is 100%, so this is a seed stage. In the first round, then they need to decide how much to give to the investor. The investor can say, okay, let's work with your valuation. You're an entrepreneur, you believe really it's 10 million. Let's work with this. Then if it's worth 10 million post-money valuation, investors should get 10%. This is the 10% you have here, and the entrepreneur 90%. Then let's suppose that the investor gets the anti-delusion protection. So later on, the next round, we know whether it was 10 or 5 million because new information was revealed and you can put this valuation based on the second round, the financing. So if it really turns out that the companies were 10 million, then the investor got what he deserves. 10% of 10 million is 1 million, he ejected 1 million, he gets value for 1 million. The entrepreneur gets the rest, which is 90%, so 9 million. If, however, the entrepreneur is wrong and it's only worth 5 million, then the anti-delusion provision would enter into play and would increase the percentage share of the investor and particularly should be such a way that he again gets 1 million, which just corrects for the fact that if in the first place they would have started to work with 5 million, he should have at the beginning got 20%. So the anti-delusion provision allows you to correct exposed based on the new information that comes out and give extra shares, extra percentage to the investor so that eventually he gets 20%, 20% of 5 million is 1 million. So he gets his fair value and it's therefore a mechanism to expose just correct for the disagreement. So it typically also helps or to avoid entrepreneurs to inflate too much their valuation. Investors like to have anti-delusion provisions as a way to protect against over-optimistic entrepreneurs and it can in crowd investing also help make sure that the valuation that they are proposed by entrepreneurs on the platform to first avoid that the entrepreneur exaggerates and second that if it's wrong or it has been inflated that the crowd becomes, gets protected. The cost as I mentioned is of course excessive delusion of those who do not have such a provision and particularly it's the founder who is the person who needs to work actually. Investors are just waiting for their money. So there may be some issues about incentives in the future if there is excessive delusion. It's also going to affect the terms under which follow-up funding can be raised. Giving too much anti-delusion protection to early investors will make it much more difficult to raise funds in the future because you've got very generous term in the first round. One way that investors often introduce the anti-delusion protection venture capital and business engine that I haven't seen for crowd investing yet but that I think could be an interesting way to do it is also to link it to a pay-to-play provision. So the pay-to-play provision says that if the investor wants to have his extra shares from the anti-delusion provision in case of a down-round he needs to invest in an offer. He needs to participate in the follow-up round. By forcing the crowd to invest in the follow-up round then the crowd gives a signal that they still believe in the project and offer a strong certification of the project in later rounds. Also in terms of covenants I haven't seen much going on but exit is very important because most of the revenue comes at the exit period and I wouldn't be surprised that entrepreneurs in many of these startups will be reluctant to offer an exit venue to existing investors so quickly. One is that the most important exit route very often is the sale of the company itself. Inventure capital is the most, the two most important exit routes are IPOs, so public listing in which case all the shares are listed and investors can gradually sell their own shares. That's percentage-wise the most important one is a trade sale so the company is being sold to another competitor or a larger group. Entrepreneurs may be reluctant to sell their baby, their company and therefore not be so prone in pushing for exit and therefore giving exit possibilities to the crowd or those who invested is clearly important. I list here a number of covenants on exits but I think I'm not going to have much time discussing them but I think that's clearly something important and that in crowd investing contracts still needs to be solved is giving enough right for exits to the investors, crowd investors in the future. In terms of stage financing and that comes back to what Lars said before so stage financing here when you have a very low threshold like 100,000 euro can potentially become problematic. So again, stage financing has the nice thing is that you inject a certain amount of money that's relatively small you let the entrepreneur work and then show some progress before follow up fundraising is provided and in this graph here you can see there are some blue and green arrows so the green one is as the company evolves technological market risk goes down so that's the green one and the blue one are the stages of development of the company and the product and as you move on these stage of development typically the capital requirements go up in the case of crowd funding they invest at the very beginning which is completely here at the right which is when risk is the highest but also the capital requirements are lowest but this means the crowd takes enormous amount of risk more than follow up investors Lars mentioned before that one benefit of increasing the threshold for the exemption from 100,000 is that it allows firms to raise large amounts of money and not inefficiently low ones the other obvious benefit of increasing it is that if you increase it so you push the red line more to the right you also allow into the crowd investing platforms more advanced more developed companies companies that already solve some of its risk and you offer to the crowd investment opportunities in a bit more developed companies who require more capital but also have lower risk so it's likely by increasing the threshold that you're going to have a different composition of companies also and overall less risky I know how much time I have left but ten, no, okay, good in terms of stage financing some potential issues is also that as the funds are injected gradually new decisions need to be taken and one thing that makes venture capitalists make profit is because they are willing hopefully to pull the plug relatively early so what it means is that if they make a first round and they're not convinced they just stop can the crowd also pull the plug if needed, will they do it given that some of them make decisions that go beyond financial reasons alternatively you can also see that financing rounds taking place where the first round investors finance the second one outside investors willing to provide extra money because the company made some progress but not as much as they would have wanted so no new investor wants to come in so existing investors needs to finance it there you can again ask the question can the crowd coordinate injecting the extra funds if no new investors will want to come this is no obvious question because typically you also see venture capital deals when there are too many venture capitalists they may want to free ride and let the others provide the funding for this company that didn't do so well but that is still worth continuing the bigger the crowd the more likely some will want to free ride on the others the other part that makes a stage financing difficult for the crowd is that every stage there is a new shareholder agreement that needs to be signed and not only is this more difficult if you have a lot of people around the table but it also alters the allocation of power and control rights over time business agents often understand that they may get some control rights in the first round but in later rounds they have to give it up last mentioned and that goes back to my main topic is investor protection last mentioned a number of regulatory needs and I must say I'm very much in favor of the same initiatives but I think also that a lot of it must come from the platforms themselves so self-regulation of platforms that will affect investor protection will certainly also be very beneficial to promoting crowd investing so some form that platforms already do is for instance enforce high minimum tickets to restrict the investor access some platforms allow you to invest start investing with one or five euros but others you need to invest a minimum of a few thousand thousand euros so that eventually platform to avoid having regular crowd decides to put a very high ticket so that they only work with wealth individuals and we have actually looked last empirically on some of these platforms the composition of the crowd and clearly this is not a homogeneous group you have some regular crowds but then you have also very wealthy individuals who provide a large fraction of the deal one of the platforms I know stylized this very nicely he said on my platform 50% of the money comes from 5% of the investors so it means that 95% of the investors are so small he provides small tickets so that they only add up to 50% of the money and then you have a small 5% of individuals who provide half of it and they can provide very large tickets and many often platforms depend very much on these few wealthy individuals to make the campaign successful another self-regulation or restructuring that becomes more and more common not so much in Germany but in other countries is pooling of investments so it means that the crowd doesn't invest anymore directly in the start-up but the platform sets up a pool a company and the crowd invests in that company and the company then invests in the start-up so from the start-up perspective there's only one shareholder coming in and these can take different forms and SIMBED in the Netherlands these are cooperative that is built every time on Kampanisto it's a game Bihar which is actually a single one for all of them while on SIMBED for each separate deal there's a different cooperative on YC it's a Société Action Simplifier so a relatively simple company and on my micro-invest in Brussels it's a Société Anonyme so it must be a AG so it's a kind of company that you can also bring on the stock market also more and more there's internal selection of candidates to improve due diligence some of them have members vote so that members can vote and if they get enough votes it can become get on the platforms others build up investment committees to improve the due diligence not just for the crowd but also the platform themselves others also improve the information disclosure beyond regulation by proposing templates I think this is important because first the templates helps to improve transparency because the comparability across investment opportunities is then easier but it can also potentially reduce information as symmetry so that the crowd can make better investment opportunities from the platform perspective this is also important because if there's a lot of information as symmetry going on then good candidates good companies don't want to go to these platforms because they don't want to be bundled together with less good firms so it's also in the benefit of platforms to reduce as much as possible information as symmetry an interesting case is the case of my micro-investing in Belgium they actually mix both pooling and this due diligence improving they offer the crowd co-investment scheme where at the first step business angels commit to make part of the investment so it can be 30, 40, 50% of the amount and when the company goes to start the campaign they already say we already have commitment for x% of the money from business angels who do the due diligence on us and they're willing to invest and then the crowd then provides the rest and the rest is essentially pooled in a society anonym which is called my micro-invest finance this slide is essentially very similar as Laut just mentioned I think a small offer exemption threshold at €100,000 is potentially problematic because you're limiting the access to the most risky startups and you see that in some platforms especially in Germany that platforms end up offering securities like this Partiales, that they may not have offered in the first place if they were in an unconstrained case in France we have been pushing for light documentation so the regulation or the consultation document proposes a clear list of items that must be included and I think this will improve for the transparency and comparability further challenges for platforms but certainly also for regulators before I conclude I think there are a number of also upcoming trends that are important to consider and that are likely to impact investor protection one is that crowd investing campaigns are likely to impact also business engine networks it's quite likely that some of the business angels will migrate to platforms they may precisely be the wealthy individuals these 5% that also participate in crowd investing platforms and provide a large amounts from discussion with some of these business angel networks I know that some of them are concerned that at the end of the day crowd investing platforms offer larger deal flow than their own network and that business angel potentially need to find new services to differentiate them from crowd investing market fragmentation in Europe also currently market fragmentation is important because prospectus regulation is implemented differently but the fact that each regulation each member state in the European Union is so different as last has evidenced French regulate the platforms as well as the issuers Italians, the companies the startups others do it in a very different way in Belgium it's only the crowd this is potentially going to reinforce or even further push the market fragmentation because it will become even more difficult to make an issuance cross-border because when you go cross-border you also need to comply with their requirements another trend that I think will happen is cross-border activities some platforms are setting up to become pan-European platforms I think Campanisto has this objective but some UK platforms clearly started to do that an interesting case that I like to say since I live in Belgium and work in France is that recently two French startups rather than raising their money in France they started to raise in Belgium in Brussels so they avoided the French platforms they just raised it on the Belgian platforms so there may be an issue of startups themselves trading off the different platforms depending on their just discs and where they are and the UK several platforms have raised quite a lot of amounts of money to develop their cross-border activities finally create viable exit opportunities are very important so I think I went over time but again just to summarize this I think for Germany regulation currently does not allow my view much flexibility in the contract due to restrictive perspectives exemption and some more flexibility for platforms maybe certainly worthwhile that could be done on these exemptions however in terms of investor protection I think many of the solution will need to come from platforms themselves not just from regulation I think self-regulation is also extremely important in that area because if it gets highly regulated as much as banks or any other securities issuance there is no differentiation between banks or traditional securities issuance and this one and crowd investing can only work if it can differentiate itself and this calls for a scalable regulation that is currently also being implemented in different countries ok thanks


This day just in time to celebrate Thanksgiving one of one of the best holidays ever invented a great holiday because what's Thanksgiving really about it's about giving thanks for what's important in life and it's about giving thanks to our ability to to live as well as we do to it's it's it's to give thanks to the incredible incredible wealth we all have you know as individuals and you know and I include here even relatively poor people because of the great producers of the world you know we have electricity we have running water you know we have we have TVs in which you know we can go watch the football game or the basketball game or the latest movie or the like but more than that you it's actually you can stream anything you want so what a what a world we live in what a world of great innovation and progress and and productive wealth and it really is worth celebrating because if you think about Thanksgiving what were they celebrating harvest and and their ability to you know they're living well and they're eating finally right the pilgrims they have to suffering and and and after you know crops that didn't really yield anything they finally finally now are producing and this is really Thanksgiving I know and called Thanksgiving the producers holiday this is the time we celebrate our ability to produce our ability to put food on the table but more than food to put Netflix on the television to to you know to be online to to to create all the wonderful things that are in our world and celebrate at and really to live the good life to live the good life and Thanksgiving is a is a time to celebrate and to cherish really the the you know the how much how much we have but you know we have around us the wealth we have around us the it's it's stunning it's it's good to sit back and think just 250 years ago we were all subsistence farmers and most of us were most of us were dying of starvation and most of our kids died before they each they reached age 10 and we lived on what three dollars a day or less most of us lived on less than three dollars a day so to me Thanksgiving at the end of the day is really a celebration of the great producers of the people who made the modern world possible who made us as wealthy as rich as as you know as as successful at life as as we are today and and this the the the wealth of opportunities that each one of us has today is just inconceivable to people a hundred years ago even 50 years ago suddenly 250 years ago before the industrial revolution so I'm thankful to all that wealth and really thankful to the people who made that wealth possible because I don't take it for granted you see one of the things one of the things that that that people do is they take it for granted so the things I am really thankful for is really our ability to live the kind of life we live today and and and that is so dependent on all the great heroes known and unknown of production over the last 200 years you know all the all the all the people who made modern life possible who invented indoor plumbing who created a modern sewage system who created you know Thomas Edison who discovered what you could do with electricity but then tried to commercialize it and then there's all the people who actually succeeded in commercializing electricity in spite of government's attempts to block it over and over and over again all the time and then there's all the engineers and the scientists who you know worked unbelievable hours and under unbelievable conditions in order to increase human knowledge so that ultimately entrepreneurs could take that human knowledge and apply it to I don't know building the internet let's say or building such companies today that again you just just seem to just exist like Facebook and Twitter and well Twitter I don't know but but you know Amazon and Google well what would life be like I mean we love to hate Google but what would life be like without Google without say gay brin and and and his co-founders who created this amazing amazing company so I'm thankful to all those entrepreneurs and inventors and creators and engineers and scientists the people who build the world and notice I have not mentioned politicians because I'm not thankful to them because all they do is try to get in the way the last politicians I'm really thankful to the last politicians I'm really thankful to other founding fathers because they're the last worthy politicians all right what are you thankful for what are you


President Volodymyr Zelenskyy told Ukrainians on December 6 that Kiev would defeat Russia and win a fair peace against all the odds, as the future of vital military and financial aid from Washington appeared to be hanging by a thread Zelenskyy delivered the defiant message in an unusual, early morning video in which he was shown walking through the streets of Kiev on his way to pay his respects to soldiers, killed fighting, as Ukraine marks the day of its armed forces.in his video on Wednesday. Zelenskyy greeted people as he walked down the slippery winter streets of Kiev city center at around 0700 in the morning dot he said that Ukraine had no alternative except to liberate its territories occupied by Russia. He was later shown paying his respects at a wall of remembrance created in 2014 to commemorate victims of Russia's war against Ukraine. Moscow seized the peninsula of Crimea from Ukraine in 2014 and backed a militant insurgency in the east. While the original panels were neatly structured with orderly military pictures, that changed after the start of the Russian invasion in February 2022. Breathing families placed hundreds of personal photos there.


so the first exercise will be to show you how to create the very easy validation rules we are going into here you can see here then you type maintenance after typing maintenance where you are in the maintenance app all of you are seeing this validation button I hope all of you are seeing this validation button then we click on validation and once on the validation here the first button that is where we can click on validation rule so there is you can start scrolling and see what is there or you can go directly and create a new rule in this exercise we have to create a rule we have to create a very simple rule of hiv let's say we take dpt hepatitis those given should be less or equal to dpt those used but I think this will be a little bit complicated it will require some calculation let us take a very simple one which will be please your screen is not showing okay let me let me share my screen so we want to take like the example we used yesterday we're seeing my screen so we are here we want to create hiv we remember the the the exercise we were reviewing now so we want to create the same but for everyone has to do the same then maybe we can move on and try to do more exercise so you hit on the plus button after clicking on the plus button as I said you can go directly where you are here on the validation you can click this plus button it is the same button as if you can click here and you go directly there or you can decide to review what is already there and click on the plus button here so after clicking on the plus button here you go here you put the name of the validation rule you remember yesterday yesterday session was like we have to put a name which is meaningful and because all of us are working in the same instance we are going to use our initial to differentiate the validation rule we create between like me the validation rule I create to be differentiated with the validation rule Bashir created so I have to put my initial like for me like this then I put under scroll and we are going to create a validation rule for hiv I'll type hiv test positive male plus hiv test positive female should be less or equal to hiv test perform male plus hiv test performed female so this it is you remember yesterday we talked about the meaningful of the validation rule I can take the same and put it here on the short name but let me try to reduce it because it is too long then if you have too many role it is also a good a good practice to put a code so that maybe you can document them and you say like in hiv I have this and this but that is not mandatory another one it is the description here in the description you just write what the validation rule will be doing like this validation rule it is about comparing the hiv test positive for male plus the hiv test positive for female you compare them against all the test performed for male and all the test performed for female then here in the instruction you put the instruction so it is like whenever there is an error you call the data manager as we were suggesting data data manager of the facility and ask him or her to correct the data so here again you can put the importance depending of how is the how the program is configured so you can put it there is three type of importance you there is three type of importance you can make it high priority medium priority or low priority you are the one who knows how your program works and how critical this rule can be on your reporting either you can put it high if you find it very critical medium or low let us get remain with the medium the proposed medium and here also you have a reporting type the reporting type it is recommended that it is matching with the reporting period of reporting form so if you are doing this rule against the reporting form which is a monthly reporting form it is better to have this rule run on a monthly basis if it is a quarterly it is better on a quarterly if it is a weekly it is better so it is recommended to keep the same reporting then we have here as you if you remember the three side or the three part of the validation rules we have the left side we have the operator and the right side so we click on the left side once we are on the left side you you have here on the top you have first you can play size if you can skip if any value the data elements you're going to choose here if any of the data elements you are going to choose here any value is missing you can say that you can choose to skip whenever a value is missing or to skip even if all those values are missing or you can be very critical and say never skip if there is a value missing you can have a top up an alert which will pop up and show you that there is a missing value then we are going here on the title there we can have hiv you remember what we put on the left side it is hiv test performed a test positive hiv test positive male plus hiv test positive female this is what will be on the left side then we are going this is the title after putting writing down the title we choose the data element which will be the component of this left side so here we have that element whereby we can choose that element we have programs you remember yesterday we said this validation rule can be run against a data entry form an aggregate data entry form an event capture data entry form and a tracker capture form so if you want to use a program event program or tracker capture you can go to program you can also run them again organize organization units or constant or reporting grades but most of the time people use the validation rules against these two like to check the error on the entered data the two it is this is for aggregate and this is for event and tracker capture program it is also advisable on the data element to choose the disaggregated the disaggregated data element what does that mean that means that here we have hiv test positive which has been disaggregated into male and female so it is advisable when we are picking the data element you pick the disaggregated one the male and the female not the total one because sometimes you may find that the total are not like when doing some calculation you may find some differences so it is advisable to take the disaggregated data element so for here I will write down hiv test I have here hiv test positive male I don't know if all of you are seeing my screen I hope so yes we can see then class hiv test for female and I can see here the description you know here it is kind of code and if you want to see what does this means in our normal language this is here where you can see hiv test positive for male hiv test positive for female and after doing this you save here we are saving the left side now we are going to choose the operator which will be in the middle we have all we have like this one two three four five six seven eight eight like default value whereby you can choose the operator you can have equal to not equal to greater than greater than or equal to less than less than or equal to compulsory pair and exclusive pair so you can choose depending of the condition you want to put there you can choose what condition you take so for us it will be less less less than or equal to we take less than then we go for the right side we can choose right side and we use the same never skip we put the title the description of what will be the data element be down here on this right side we will have hiv test perform male plus hiv test perform performed female the same way we click down here and we go here on that element to choose the data element to put here the same where we choose for the left side we choose disaggregated data element so we will say test performed this will help us to filter because we have a lot of because we have a lot of of data element if you are typing here in this search but search area it will help us to filter the data element instead of searching our data element among a thousand data elements we will filter and search the data element very quickly so we have here the male we double click then plus we choose also hiv test performed for female and we can check if everyone is everything is well and we have hiv test performed male plus hiv test performed female then we go for save we save for this right side then we can go here the other spot is organization unit level we can it is also advisable here also to choose the facility so we run this validation rules against against a facility because you remember this is a validation rules most of the time we are comparing logical rule within a form so the data which has been entered within a reporting form and the reporting form are linked to the facility that's why we are looking we are choosing a facility and send it on there they are from left side to right side then we can we can if you don't skip this from from before you save now sorry before you save this is a participant wants you to start again from the left side from the left side okay so they may maybe delete this and start again this is a quick one so we just go in there a little bit quicker and we start from from scratch so you remember from the analy from the dashboard most of you have reached on the dashboard then you go here on this but this the place where there is all the module or all the apps you choose maintenance app after maintenance app you go directly to the validation button after clicking on the validation button there is this plus button you click on plus button and you have the place where you start creating your validation rules as I explained to you put the validation rule there but before to differentiate in this exercise not in the normal life in the normal life you will put directly the validation rules but in this exercise because we want us to differentiate our validation rules we'll start by putting our initial like for me my initial is r and n a and n then the name of the validation rules the name of what the validation rules for us it is HIV test positive plus for male plus HIV test positive for female which has to be less or equal to less than or equal to HIV test performed for male plus HIV test performed for female this is will be the title of the validation rules remember we said the title have to be meaningful so that people who will see the validation rules maybe notification will understand and they will notice where the problem where the alert is and where they have to go and fix so we put also a short name I said if you have too many validation rules you can make a code and make a list so following them one by one but it is not mandatory we cannot it is also good and advisable to be to put a description of the validation rules what is the purpose of this validation rule what the validation rule will help to do so I just put the title here the name of the validation rule but if you want to put more details you can put more details here also on the instruction you have to put the action if this validation rule is violated what will be the action so we can put an instruction we like call the data manager of the facility and ask him or her to fix data related issue so then we are going here on the importance depending of the critical of your reporting form of your data you may decide if this is very critical and you put it high medium and low so depending of how you are the owner or you are the emini you are the one who knows how this can be critical or how this can be medium so you put the priority for based on the reality in your project or underground there we just keep medium and here we have also the reporting period we have on the reporting period we have monthly we have the same reporting period as the same we are using on the reporting form it is recommended to keep the same reporting period as the reporting form you again you are running this validation rule so if this validation rule is running again within a reporting form of a month you put you choose the report reporting period a monthly if it is a quarterly you put here you choose a quote a quarter or you can choose a weekly depending of the same period your reporting form has then here we are on the place where you have to put the condition or we have to select the variable which will be which will be part of our validation rules so we have the left side we have the operator and we have the right side on the left side when you are clicking on the left side I explained to he here that we can we have these three options where we can skip even if one of the variable is missing we skip we skip it or if all the variable are missing we skip them or here never skips meaning like whenever there is a problem you specify you the validation rule has to tell you and on the description we put the name of what will be the variable on the left side so there be Ibrahim I can can I please suggest something maybe we just put this and we have a question and the answer session maybe that's we can discuss more because if we start interrupting unless if you don't get the voice that's when you can ask if you don't hear the voice or you don't see the the screen but please we will be having a session of question question and answer that will be an open session and will give the flow to everyone so Ibrahim is it something related to the sound or related to if not can you keep it please can you keep it please for a few minutes later on the question and the answer session okay okay thank you thank you too so we'll put here HIV test performed test positive male plus HIV test positive female then I explained that this is the component against which are make which can be part of the left side we have that element we have programs we are all the unit counts we have constant we have reporting rates so the most used component it they are that element and program that element it is where we take the value or the variable we want to to be part of our validation rules and program also is where we choose the program and in the data element it is advisable to use the desecrated data element not use the aggregated one like for here our example it is advisable to keep the male data element and the female data element instead of putting HIV positive test positive so for us I put HIV then this is an area whereby you can filter because we have many data element that's why we are typing the first letters of the data element to filter and the system will display only data element starting whose name that's the name starting only with HIV and it will be easier for us to get the data element so we have we want tests so this is the aggregated one but it is advisable to use the desecrated one if I want to take this male plus this female and I can check if the rule is well written if there is an error most of the time down here you can see an error but for us the rule is well written and we just save then we go to the type of operator which the system have preloaded so you can choose within this eight type of operator the one the one meets your conditions so like we have equal to not equal to greater than greater than or equal to less than less than or equal to compulsory pair and exclusive pair for us the condition is less than or equal to then we go to we go to the right side whereby also we have the same logic we put here the name the name of the variable which will be part of this right side then we go here the same way as we did for the left side we choose the test performed for male double click plus the test performed for female double click we can check if it is well written we can see down here if the name corresponds to what we want and then we save again we are going a little bit down here this validation rule we wanted to be to run against facility it is advisable to put facility because we remember the validation rules they are being run to check the consistency within a reporting form and the reporting form are linked to the facility that's why it is advisable most of the time to choose for facility then here we can put skip validation rules if we don't validation rule to be when we are clicking on complete if you don't want it to be like displayed if it can keep it and allow people to continue the data entry or if you want it to show up when people are doing the other entry so we can it is better also because we did the validation rule to show the person that we need we need this validation rule to show him that there is an error and to correct the error before like the error being saved and maybe compromise the quality of the data we want the person to save it on time then it is not advisable to click here so you just save the validation rules and we can check this validation rules if it is respected yes or not so you remember the method of checking the validation rules we have then after creating the validation rule it is also advisable if you have too many programs you are running so like you have running you are running or you are following data for hiv program for immunization program for maybe tb to create these validation rules and put them into groups so that you can have a group for hiv you can have a group for tb you can have a group for immunization and it will help you to easy search them and reach to them when you want to revise them or when to you want to run the data validation analysis so the validation rule we created I have to go here on the second part and create a group the same way I'll put my initial and put the validation rules I can put a description if I want but it is not mandatory and here I choose the validation rule which will be the member of the group I have just created then I save the group then the the following will be to go to the data entry and to check if the validation rule is running correctly or to check it via the data quality app let me use the data entry for it was the hiv I want to choose a period then when I click on run validations should be showing me the validation rules which are you can see the instruction here down here and the rule which has been the rule which has been violated so I think for this first exercise everyone of you can do it before we go for a second exercise mania if you are back you can take over no I think thank you hamza for that I don't know what happened to my microphone it just stopped working but I'm grateful you've done it very well in a very slow manner that I think everybody is in a position to practice I think now for now is just to allow them to go to the exercises and we they go slowly by slowly exercise by exercise let me hello so we we have now the validation rules in the module so we need to go and we are in day three we are going to use the learner's guide so this is this is what we've been going through all along and actually we've done live demo and now we want us to do the activity so we need to finish this at least I don't know whether they need a small break or they can still manage to at least try to work on before they take a break so so that is that's where we are starting from activity one create a validation rule for HIV it is a the instruction clear we just go one by one you go just the way it's written and then you when you are making the name put the initial to you the first with your initial it is a n or a something and just create it's very straightforward actually and the way hamza has taken it I think he has even given you the free max so I think if there is no any other question from the participants I would like us to go to this and start creating it create the validation rule HIV test positive exactly the way it has been done I think I will leave it at this until we give it a few minutes maybe 15 20 minutes then we will have a small break and then we can continue the exercise this is the main exercise for today it's more mostly on yourself learning how to do it let me see if there are any questions


Welcome to the Tick-Mill Update, I'm Kiana Danielle, the founder of the Investiva Movement. On Thursday, we found out that the US retail sales rose for a third straight month in December, with households buying a range of goods, even as they cut back on purchase of motor vehicles. Also, the cost of imports rose 0.3% in December to mark the biggest advance in nine months. In the UK, Bank of England Credit Condition Survey for 2009 and Q4 showed that demand for lending decreased broadly, and in China, its credit growth held up in December. Today, I'm looking at the dollar, YenPair, which bounced off the daily HMCloud last week with a big bang and was finally able to break above the key 61% Fibonacci tradesman level of 109.47 beginning of this week. The pair had struggled to break above this level since May of 2019, so this is a big deal and may have opened doors for further gains towards 110 and 112 resistance levels respectively. Now, what do you think about the recent gains in dollar Yen? Do you think the bullish momentum will keep going in the medium term? Let me know down in the comments. Of course, trading the financial markets involves a risk of loss and you should only trade the money that you can afford to lose. If you like this video, give it a thumbs up and subscribe to the Tick-Mill YouTube channel. I'll get back to you with more updates next week.


Rundle has 1481 passing yards this year, 12 touchdowns, left-hander, and he goes deep on the first play, and he's got a man! It smothers! Smothers at the 30! Smothers is going to take it in! 79 yards on the first play for the Stevenson Munstangs! Nice play design there.  Take a look here. What a nice touch from Sedgwick. Just dropped it right in there. And then Smothers does the rest. That is a season-long and probably a career-long 79 yard reception for Smothers for the touchdown. Mark it at the 17 yard line. Joppe the loan back with Sedgwick. He's got time. Nice clean pocket. Throws complete! Touchdown! This one to Little John! And the Mustangs convert on a huge touchdown late in the first half. Absolutely. Great protection. Nice job by Sedgwick. Stepping off the bead patient. Little John. Anticipating a punt into the wind here from Solona. And they run into the kicker. The punt is down at the 22 yard line. No flag. Do you see a flag? No, he may have gotten blocked into it. Yeah, no flag. They shank. They went out of bounds. They wanted to shank out of bounds. Averaging 177 yards per game on the ground. It's been limited to 45. But Tristan Harris, their quarterback, 224 yards in the air. Two touchdowns. He's been mostly on target. But the Stevenson D with good pressure! Here's the pass intercepted! At the 30 yard line, the pass was intended for, I believe, either Glenn. And this puts the Mustangs in great field position. Last drive started after a block punt on the Widener 22. This one starting at the 30. Sedgwick has a man. He's open. Did he stay in? He did! Touchdown! Stevenson! Nice call. It had to be some kind of a blown coverage. You don't get guys that wide open if it's not a blown coverage. It's Corey Jones! And let the camera stay with him! Not only can he score, he can dance! Good for him. Nice catch. Nice play. Tremendous call. And Sedgwick delivered 30 yards. And Stevenson takes the lead. Let's watch it again. Oh, he's in! Hooper picks up 32 in the first down. So it's first and goal. Widener from the 5 yard line. Looks like he got a power left situation happening. And they go the other way as Harris takes it across the line. Oh, ball, ball, ball! And it's picked up by Stevenson! And run out to about the 13 yard line! A big turnover here for the Mustang! Sedgwick for a man. He's got it! Oh, he caught it! On the end zone. It's a safety. Yep. Could be the game winning safety. Now they're in the end zone! They got him! Safety. They trapped him in there! A safety! Well, we have seen just about all now. This is the craziest game I've ever seen! Rush 3, pocket breaks down. Harris goes down! And the Stevenson defense holds!


Welcome to Spotlight. I'm Liz Wade. And I'm Joshua Leo. Spotlight uses a special English method of broadcasting. It is easier for people to understand no matter where in the world they live. The clock counts down. Days, hours, minutes, seconds. But what is it counting? It is counting down your life. It is the death clock. Have you ever wondered, when am I going to die? Well, there is a website that helps people answer that question. It is called the death clock.  But it also uses information about your attitude. The website asks you whether you have a positive, negative, or neutral view of life. Based on your answers, the website creates a clock. The clock shows the time left in the website visitor's life. The website is just for fun. Of course, it cannot really tell the length of a person's life. But it does encourage people to think about death. Today's spotlight is about two people who prepared for death in unusual ways. It is not unusual for people to prepare for death. Many people prepare by making a will. This legal document explains how to share a person's possessions after their death. Other people prepare by writing letters to family and friends. They share words of encouragement and love that will last long after death. Some people also think about and plan their funeral ceremony. Many people think about what will happen after they die. What will happen to their possessions? How will people remember them? In 1905, Louis Montt thought about these same questions. But he answered them in a very surprising way. For more than 100 years, Louis Montt's house sat empty and alone. No one entered its doors. No one looked out of its windows. Everything in the house waited. Nothing changed. The people from the nearby village wondered about the house. But today, they do not have to wonder. Finally, the house of Louis Montt is open again. Louis Montt is no longer alive. But his house remains in Moulin, France. Montt was born in Moulin in 1851. When he was 42, his father died and left him a lot of money. Montt stopped working. Instead, he began to build his house. He filled it with beautiful art. He paid workers to create wooden carvings and statues. He also built places in his home for historic collections, including old keys and locks. Ancient lights and objects from the far away country of Egypt. Montt never married, and he did not have children. But he wanted his great home and collections to survive. So he left directions for after his death. In his will, he gave his home and everything in it to the city of Moulin. He said that after 100 years, the city should open the house as a museum. People could then visit his home. And it would show the life of a wealthy man from the 1800s. After Montt's death in 1905, the city followed his directions. The house was closed. For 100 years, no one entered. It was almost forgotten. But Montt's family and his city remembered. After 100 years, they carefully cleaned and restored the house. They fixed broken things and made them like new. Today, everything looks just as it did when Montt died. Visitors can see his collections and learn about life in the past just as Montt had hoped. And of course, they remember Louis Montt and his unusual gift. James Bedford is another man that prepared for death in a very different way. In fact, he hoped to avoid death completely. Bedford did this by freezing his body at a very cold temperature. This process is called cryonics. There are only around 200 people in the world who have actually done this. They hope that freezing their bodies soon after death will keep their bodies from breaking down or decaying. They also hope that in the future medical technology will cure many diseases and even cure death. Their ultimate hope is that one day their bodies can be unfrozen and then doctors can bring them back to life, maybe even to live forever. James Bedford was the first person to be cryogenically frozen. During his life, he taught at the University of California in the United States. He was a very intelligent man. He published several books about his work, but he was not well known until his death in 1967. Bedford died from cancer that doctors could not cure. But he believed that in the future doctors could find a cure for cancer. So before he died, Bedford contacted a cryonics group. At that time, this group was mainly interested in developing methods for the future. They did not have a good way to freeze bodies yet, but they decided to try it anyway. They believed that they were saving Bedford's future life. Today, a group called Alcor continues to care for and keep Bedford's body frozen. In 1991, they examined his body and claimed that it was still in very good condition. Bedford was the first cryonics patient. But today, there are about 200 other people around the world frozen like he is. Will doctors be able to save them in the future? This is a difficult question to answer. There is no evidence that this will be possible. In fact, freezing bodies this way causes terrible damage to the cells and tissue of the body. But people who believe in cryonics believe that future scientists will be able to cure this damage. At this time, none of this is possible. Scientists still cannot cure many cancers. They cannot cure death, and they cannot cure the damage caused by freezing bodies. Many people think it is unlikely that they ever will. So the bodies of the cryonics patients continue to wait. Louis Montt and James Bedford prepared for death in very extreme ways. There are few people who prepare for death like they did. However, the ideas behind their preparations are common to many people. Montt hoped that people would forever remember him and his life. Bedford hoped for a time when there would be no more death. Both men shared a common hope for something beyond death. Their preparations may have been unusual.  What do you think about the preparations of Montt and Bedford? How do you prepare for death? Share your ideas on our website at www.radio.english.net. The writer of this program was Christy Van Aragon. The producer was Michio Ozaki. The voices were from the United States. This program is called Preparing for Death. We hope you can join us again for the next Spotlight Program. Goodbye.


Senusha has recorded a total of 27 confirmed COVID-19 cases to date. Presently, there are no active cases of COVID-19 on Ireland. The last case has been repatriated to the United States for treatment and care. Senusha has recorded zero COVID-19 deaths. A total of 7,945 tests have been conducted to date. We continue daily testing for COVID-19 at the various sites. The five respiratory clinics remain open to facilitate anyone with respiratory signs and symptoms or concerns. The 311 hotline is also available where concerns and questions can be addressed. As we continue to open the various sectors, the public is advised to take personal responsibility to protect themselves, their family and colleagues by ensuring responsible behavior at all times and in all locations. We continue to increase our surveillance to reduce risks such as illegal entry at the borders, breaches to home quarantine and non-adherence to protocols. We advise on safe mass crowd gatherings by adhering to the established guidelines. The public is also advised that new sectors open with all protocols in place. These also include the use of face masks in public places and also to maintain safe physical distance from others. We appeal to everyone to continue supporting our national effort to minimize the threat of COVID-19 on our island.


From Boston, Massachusetts, it's theCUBE. Covering Cloud Foundry Summit 2018. Brought to you by the Cloud Foundry Foundation. Hi, I'm Stu Miniman, and this is theCUBE's coverage of Cloud Foundry Summit 2018 in Boston, Massachusetts. Happy to welcome to the program another one of the keynote speakers here at the show, Johann Den Hahn, who is the CTO of Mendix, company that handles, is in the low code space, I had a nice demo that you did yesterday. Thanks for joining me. Yeah, great, great to be here. Thanks for having me. Yeah, Johann, first of all, tell us a little bit about your background, the company. We're here in Boston. There's connections of Boston for the company. Definitely, our headquarters is here in Boston. So if you look at Mendix as a company, so we founded the company a while back for the sole reason of to solve the problem that application development in enterprise is still very hard and error prone. I mean, I don't know if you think about the statistics around enterprise software development, I think still most of the projects just fail because it's not fast enough, not aligned with the business, things like that. So what we do as a company is help other companies thrive in a software-driven world to make sure that they can build software from initial idea to a working application with speed, so as quickly as possible, in collaboration, because if you build something, you want to involve business people, NIT people, and let them collaborate on creating the right software solution, but also in control because we're doing it for an enterprise, so you want to make sure you can control the entire process and do it in a way that helps enterprises. All right, so Johann, I think back to times in my career, when you talk about kind of a software rollout, it's like, oh, we're going to do this big initiative, let's bring in the consultants, we're going to spend 12 to 18 months, which turns into 24 months, and we're going to spend a ton of money and we're going to bring this application that's, you know, for the enterprise and going to do things great. Now I talk to some companies and they're like, oh, hey, I'm doing my ERP rollout, I thought it was going to take me six months, I did it in three months because I spun it up in the cloud, that's kind of the infrastructure piece, but from the application side, you know, there's this trend, Mendex, I see low code in there, maybe, I think some people hear it, there's low code, there's a more controversial term, no code out there, what does this really mean? Because at the end of the day, you know, I still have my application, I have my data, you know, what am I building or am I just taking components, you know, help us understand this trend and how it fits for Mendex a little. Maybe start with the infrastructure side as you started there, and if you look at infrastructure, what we've done there is basically abstraction and automation, we moved up in the stack and then automated all the things underneath, which is valuable, but it's only a small piece of the application life cycle. And if you think about delivering an entire application, it's much more than that, and then in the development part of the life cycle, you can do the same thing. You can also do abstraction and automation because if you think about applications, then a lot of the elements are the same across applications. If you think about an information system, you need to have data, UI, logic, of course, and the basics, and what you can do is abstract your way to a higher level, maybe a visual level, that's what Mendex does, having visual models to define your data, your logic, the business processes, as well as the UI, dragging and dropping widgets, creating user interfaces across channels, so mobile web, and then turn these models into a working application automatically. But you don't have to worry about all the technical details, like if I hit this button in my UI, will it actually properly call my backend and trigger an action and store something in the database? These are all things that can be automated. That's not what the difference is across different applications. Johan, how does this relate to microservices architectures? That's a good question because in a lot of cases, if you hear people talk about low code or it's basically came from the whole model-driven development movement, then people think that using visual models, you abstract from details, so you have less control, so you can only build simple toy applications. But that's not where we are nowadays. This is really a next generation of using models to drive software development, where you can have complex applications with the underlying architecture to your needs. So instead of targeting a simple client server application, we target a microservices architecture. So you can quickly build these different microservices, easily reuse data across these services, but all in a visual way. So instead of having to be an architect and building all the cloud-native elements in your microservices, you can just focus on the business functionality. And if you hit the button, it will generate this cloud-native microservice for you that can scale on, as we are on Cloud Foundry Summit, on Cloud Foundry, for example. Great, maybe we might help if you kind of walk us through, I know it's tough to say a typical customer, maybe give me a customer example or two, as to kind of the problem they were having and how this helped them move faster, I'm assuming it's part of the outcome that they're looking for. Yeah, so let's start with a small example. So just to go through all the steps of creating an application. So one of our customers is this airline company. And they had an issue with productivity because the main thing for them is if you maintain an airplane, to get it back in the air as soon as possible. Because if it's on the ground, it costs you money and if it's up in the air, it can bring you money, right? So one of the mechanics in this company came up with an idea for an application that could help him be much more productive. And that's, I think, also a core element of ALO Code Platform is that this collaboration that we bring with the Mendix application platform is that you can involve these people in actually being part of the application delivery team. So this mechanic teamed up with somebody who knew Mendix and said, well, my main problem is where I lose time is that I don't know where my equipment is because you have these large areas where they maintain these planes. And you have all these things, specific equipment that you need for different parts of maintenance. So the very simple thing that is what, they tagged the equipment with IoT beacons and then they built a simple app that listens to all the locations, projected it on the screen. So what they did was build a simple data model. So added some entities visually, like I have my equipment and there's a location to it and then build a UI on top of that.  So in just six days, they've gone through this entire process, iterating quickly, and then they had the app and it saved them, I think on average, half an hour per day per mechanic. So if you have a couple of hundred of mechanics, that's some real money on the table with just six days of development. But the key is that it's not somebody in the head office thought about how to solve the issue of maintainability and the efficiency, but it was just somebody on the floor, came up with a creative idea and had the tools to quickly experiment and get us into production. Great, so we're here at the Cloud Foundry Summit. Can you explain how Mendex fits with Cloud Foundry and then what other solutions do you have out there? It's a big, you know, Cloud Native's a rather big environment these days, so. Yeah, so if you look back, Mendex joined the Cloud Foundry Foundation as one of the early movers. And the reason for that is that when you start to look at this application lifecycle and make that, have a speed collaboration and control, do that fast, then you start with development, but that's also just one piece. So in the early days, we had the customer that was building a workflow application. So automating a certain workflow for publishing magazines. And they were struggling in .NET for six months already and they didn't have any tangible thing yet. So we came in, we were an early startup, so it's by a relation, so they were like, oh, you can try it. So six weeks later, we had this entire workflow automated. And then they said, well, we have to take this in production because this will save us money on a daily basis. And then, okay, go talk with IT. And they said, well, Mendix, we don't know what it is. And by the way, how do we run this? And we need to order hardware. And that was the moment that we realized it's not just about development. It's about the delivery of the entire application. So we started to, it was called Cloud then. It was back in 2007, I think, when we had this. So we started to host application. So it made that, do the same thing there. So one click deployment to solve that issue as well because you have the same thing that you have, you need expertise to run applications. And instead of that, we abstract away from the details and we just run it in the cloud. And then in 2014, I think Cloud Foundry came up and we realized we should replace our homegrown pass layer that we created with an open source foundation so that we are completely portable because we want to offer our customers the freedom to deploy anywhere. Whether it's on their private cloud running on one of the distributions of Cloud Foundry, on the IBM cloud, the SAP cloud. But I think it's a really happy marriage between Mendix was completely complementary to Cloud Foundry, but both with the same philosophy about automating things, abstracting away from the details and making it much more productive to develop application on the one hand, but also to deploy and operate them. Yeah, it sounds like a good fit for Cloud Foundry to handle certain things, the lower level in the stack and while you're handling the upper level in the stack. Is only Cloud Foundry, is Mendix supported on just other cloud solutions or, you know, beyond Cloud Foundry? No, our strategy is to be completely agnostic to underlying infrastructure. So we also run on any Docker-based system, so Kubernetes, but also ECS from Amazon, for example. So yeah, wherever we can run a Docker container, you can run Mendix and we can scale out because of our cloud-native architecture. Who's the typical person that your company is working with? Is it the developer side? And just curious the business, because it's always, well, developers oftentimes do things but don't have the budget for them. And you mentioned some of the developer-operator challenges. I'm curious that Mendix is dynamic with companies. That's a great question because it's, if you look at the developer landscape, it's kind of widening because you don't have just a professional developer that is able to build software, but with low-code you have more business-oriented people that can join these teams as well. So if you look at the typical team that's building applications using the Mendix platform, I would call them BIS DevOps teams. You have DevOps joining operation development, but this is also joining the business into this same cross-functional team. So a typical team building software using Mendix is like, if you have five people in a team, you often have one professional developer, but four people with a business background. They are tech savvy. They maybe have a background in as a BI consultant or an SAP consultant or these kind of roles, but they don't have a computer science background, but they are involved in building the software. And the great advantage, of course, is that they are domain experts in the area they are building the software for. So you can be really enabling the business and bringing value to the business. Last question. Could you just, the company itself, how many employees, how many customers, just give us kind of a thumbnail of the company? Yeah, so we have around a thousand enterprise customers. Company size currently is north of 350 people growing fast. It's crazy in hiring all the people that we need to scale up because the market is really hot. If you look at low-code, it's becoming kind of the, I think it's really the next generation of application development becoming a mainstream option that any enterprise needs to have to deliver the applications they need. And slightly tied to your previous question, it's also solving the talent gap. Have you seen all these rallying cries around everybody needs to learn to code to solve the problem that we need more software than we can build? I think, don't think that is the solution. We will never have so many people that can develop software. We need a paradigm shift. And that paradigm shift will enable us to build software faster, so 10 times faster than you're used to with traditional programming languages, but also with a much broader group of people, more business oriented people. So the group of people that can use a low-code platform is minimally 10 times bigger than the professional developer group. And that's what we need to solve this problem in the software-driven world that we live in. Johan Denhan, CTO of Mendix, thanks so much for joining me. I'm Stu Miniman, this is theCUBE, Cloud Foundry Summit 2018.


Our next caller is Jonathan from Colorado. Hey, what's up Jonathan? How can we help you? Not much. Thanks. I appreciate you guys taking my question here So I just had a question about how do I overcome burnout? I'm a little bit of history with that I started taking my health pretty seriously when I was 27 28 I had reached three hundred and fifteen pounds and it was just kind of affecting my relationships my personal life You know as I know you guys can probably you probably know that but I started out with Doing the beach body programs there they're hit training and got really into that lost a bunch of weight lost about 90 pounds in a little over a year And after about a year like I just I got tired I felt like I had I either had to increase or I needed a break and took a break from that and that break turned into You know almost six months to a year of not working out And then starting to get down myself again and decided to try weight training And I was definitely the new guy at the gym that forgot to clip the bar and would drop the weights And you know eventually got my bearings there in the gym and fell in love with that. But again after about a year I Started to get fatigued I stalled out and like I thought to myself either I have to increase myself to increase my time in the gym to about two hours You know almost every workout, which I don't have the time for so I took a break again And then again about a year later decided to try CrossFit when I skip over that because I know how you guys feel about that Again did CrossFit for about a year started to get burnt out took a break And then joined a strength and conditioning gym and kind of the common theme is just that you know every year or so I just seem to hit that wall and Take a break and then lose a lot of the progress that I've made and so I was just wondering what kind of advice or You know guidance you would give for somebody overcoming burnout. There's another common theme going on here Yeah, you tended you tend to get attracted to all the wrong programs. Yeah. Yeah, you did beach body CrossFit the strength and conditioning hit program is all the things opposite of what I'd have you do if you were a client of mine Yeah, you know also Jonathan You sound a little down on yourself by the way You're talking about you know how you've handled things in the past the way you gained weight How you fell how you lost weight how you gave up? Yeah, so I would say the root issue of what's happening here Is you're entering into fitness With a negative mindset and I don't mean negative like I can't do this I mean negative about yourself which is pushing you to choose workouts that beat you up So this is actually without you realizing it. You're punishing yourself physically through exercise and your answer to Stalled progress is to beat yourself up more So what you're gonna have to do is you're gonna have to enter into fitness with a completely different attitude Which is I'm gonna take care of myself through exercise and exercise is a way to improve my quality of life Okay, so that means it's gonna mold and shape Based upon the context of your life as it currently is that means sometimes you'll work out harder Sometimes you'll work out not as hard sometimes you'll work out more and sometimes you'll work out less Because you're going into it to improve the current state of the quality of your life So if you're going real hard and you hit a wall and you feel burnt out The answer then would be to work out less or to train in a way that allows your body to feel better Not necessarily feel like you have to throw more intensity at it or give up all together because by the way This is very similar to when people go into diets with the same mentality because at some point Jonathan You get sick of hating yourself, which is probably why you quit you probably get to the point You're like, you know what forget it. I just want to enjoy my life I'm not gonna do this anymore and then the cycle repeats. This is a very hard conversation a lot of times people don't realize There's multiple gears, you know that you can apply that'll get you to your destination and Just always kind of throwing it in and redlining your way there inevitably You know, you're gonna you're gonna hit a wall You're gonna get to that point where you just can't take it anymore But it's true that there's this little sort of Virgin of yourself you're punishing you're trying to trying to kind of change yourself and force yourself to get there when Listening to your body and and kind of weaving through all these different challenges in front of you is a much better approach and To come in with a completely different attitude is gonna shape everything for you I want to make sure that we tell you though that this is actually extremely common. Yeah, this is this is the number one reason Why people stop? Yeah, it's right. And this is like 80% of my clients like when you when they first hire you so yeah, it's really common that And if we just had it we actually just had a live call right before you And afterwards we were talking about her and one of these things that we tend to do with fitness is we think that The more we do the harder we do the more results that we get and that's that's that applies to a lot of things in life You work harder you make more money you study more for a test You're probably gonna do better at it the thing with losing body fat in building muscle It doesn't work that way the more and the harder you go at it does not equal more results The right amount is what will equal the most amount of results and finding what that sweet spot is for you is key And it won't almost everybody does is they make the decision on the program They're gonna do or train the way they're gonna do based off their current state Oh, I'm down on myself like Sal saying like I don't like the way I feel I don't like the way I look I'm gonna go in there and get after this or it's a New Year's resolution I'm gonna go in and get after this and then they throw the whole kitchen sink at their body now Now temporarily they see results So of course if I took somebody who was sitting on the couch eating bad food not moving And I put them on a hit hit program or throw them on CrossFit for the next six months like and you stay consistent for six months You'll probably lose weight the problem is you went from one extreme to the other extreme and that's not realistic Probably for you or any most other people So the strategy with someone like you and if you were a client of mine and I got you right now I'd actually start you really really low one to two days a week One to two days a week an hour routine like a maps anabolic we and we would build on that I would make you come to me begging for more time in the gym before I would give it to you I would say listen, let's make sure this is realistic with the balance of your life Let's focus more on building muscle right now. Let's not try and burn a ton of calories and lose a lot of body Let's build this metabolism up so it's working for you and focus on building strength And that's hard to get somebody who is wanting to lose 50 100 pounds They want to drop a bunch of body fat to get them to reframe how they approach the training to hey I want to build muscle and build your metabolism right now and only train one or two days a week That seems so counter of what they want to do or think they should do but in reality It's the most beneficial direction for someone like you is to train like that and then over time We will slowly build up the amount of time that you're spinning the gym You do it that way and you will never get burnt out You're always looking to do more and and you're keeping yourself held back. I'll give you some guidelines John You got to feel better after your workout than you do before So you got to feel good yet your energy should be higher You should feel like you're contributing to the quality of her life when that stops happening something's wrong Okay, so think of it that way. That's the way. I also noticed that you said that you went on TRT recently Yeah, how is that experience bit? So you went through MP hormones calm? I'm assuming you went through Dr. Rans team So I'm actually in Denver, Colorado. So I I look for a local TRT clinic out here But so I found one in Denver tech center so it's revive MD But yeah, when I when I first started so yeah when I was looking for a health and fitness podcast to listen to I Did a bunch of research and looked at a bunch of review websites and you guys were at the top of almost every single list And I really thank God for leading me to you guys because I think the first episode I listened to was the one with Dr. Ran and just kind of hit home on on a lot of what I you know No focus no real motivation to do anything just kind of I mean, I remember I would sleep on the weekends I'd get you know, 16 hours in bed, you know Saturday and Sunday and still feel completely exhausted So after I listen that website or that podcast I I reached out to somebody that I respect out here He's a lot like you guys knows the science behind why not just why or what to do But about Darni I reached out to him every 23 athletics and he referred me to revive I went and got tested and My my testosterone came back at 214. I think it was yeah And yeah, they recommended that I get on it. So I finished one month with them And the next time I got tested I was up at around 800 And I'm in middle of my my third month So definitely starting to feel a lot better starting to get that that motivation and drive back Which is really why I submitted this question is because I want to get back into it the right way good now Here's a warning. Okay. You're now your testosterone levels are set in the normal high You're gonna feel a lot more energy. This is not an excuse to beat yourself up That's right and overtrain you could still very easily. I know look I know guys on Bodybuilder levels of anabolic not TRT But you know thousands of times higher than that who overtrain and talk about all the same symptoms that you were talking about So you're not overtrained proof now because your testosterone levels are optimized Okay, so all the advice we're giving is exactly the same advice Even though now you're on, you know testosterone for for TRT So you got to do this in a way to where you're taking care of yourself if you go into it the wrong attitude You will quit again. You will go into the same cycle again. I promise you oh in one more Let's let's send him over maps in a ball Jonathan. Do you have maps in a ball yet or no? Yeah, I got the the starter pack. So I have the Intuitive a nutrition the anabolic and I think the prime. Oh, you're so beautiful beautiful and literally Follow anabolic to a T That's a do not try and go above and beyond or add more because you think you can do more That's not the strategy right now. In fact, I want to do one more thing too Could you throw Jonathan in our forum too? Okay, I'm gonna throw you in our our private forum So you can stay with us and give us updates how you're going because I really want to make sure that you follow anabolic to a T and Focus actually on building muscle right now, especially since you're on TRT Your body's gonna respond nice to building muscle. There's a great time to speed that metabolism up But you follow that that whole program for three months. I guarantee halfway through it.  So yeah, you guys nailed it on You deserve to be taking you deserve to take care of yourself, brother. Yeah. Yeah. All right. Appreciate it. Thank you so much. No problem Yeah, that's good I wanted to bring up the you know The fact that he was on because in his lot of listeners don't know but we get their questions ahead of time And so I saw that he had said he was on testosterone replacement therapy and one of the hurdles that you know because we work now with a Great TRT facility by the way, which is you can do this. I think country-wide. I think they can ship anywhere Which you can go to mpformones.com and they're the best ones. We've you know, we've gone through a lot of them They're the best ones, but one of the hurdles that people run into is they're like, oh Now I feel great testosterone is optimized Now I'm gonna go do that crazy routine and my body's gonna respond great No, it's not you're not a superhero. You don't have like this unlimited recovery ability You still will run into the same problems You still all the same principles apply and I wanted to say that because if someone's listening Who did who went down that path and they may think well, you know Working out like crazy didn't work before but now it will work probably not you're probably still gonna overturn Well, or even worse. It does work a little bit. I mean that's I would I'm glad you brought that up because I mean this was common in the competitive space. I saw lots of guys dieting terrible training terrible But yet had great physiques.  So he pulls himself right out of balance again That's right. Yeah, but remember trt is not like the competitive. Yeah 800 versus no bringing back to healthy levels My point though of bringing up the the competitors is just that You can you can be taking these this testosterone and still be making bad food and exercise choices for yourself And see some results. That's the point of bringing that up. Not that it's the same or anything like that But he that's the I think that's the danger of trt for someone who doesn't like if you just think that that's the answer right like you go Oh, like I have super low levels. So now I'm just going to add trt. Do everything else the same No, it's not ideal and even if you do see some results You got to be careful that those new results aren't because oh all I just need to do is fix my trt I have all these other things that I'm doing wrong But because in spite like you said you still see some results because the trt was so helpful I mean his his pattern was super. I mean, you know beach body. Most of the workouts are yeah Just all these like beat the crap out of yourself and and by the way I mean another I know we've this is kind of a dead horse for a lot of people I've been listening for a long time But if you're new to listening and have heard us talk about crossfit and we throw jabs every once in a while This is the reason why because he represents a majority of the people I train in my career And I would think you you guys also. Oh, yeah, he's very very similar to the general pop And the worst thing this guy can do is go train that way Well, I had to have these conversations so many times and I think that's why it sounds like I'm this big hater or something I'm not a big hater. It's just that I've had to have so many conversations to help people get You know restore their body again and like take them back through the process of finding that right dose because they were so extreme By the way, I want I do want to say this Working hard doesn't guarantee results on anything no and anything not just your body.  You could do this with anything.  I'm not going to get very far versus using a shovel or a backhoe So, you know, I know you were saying it works for the things I think what happens is people progress in spite of the fact that they're doing things wrong because they keep pushing The same button which is harder, but smarter is better than harder always so and especially when it comes to your body Hey, if you enjoyed that clip you can find the full episode here or you can find other clips over here and be sure to subscribe