NVIDIA黃仁勳的史丹佛課程！給年輕人的成功寶典！【2009年精華版】【邦妮區塊鏈】

I am now officially broke she said why don't you go get a job challenging and painful extraordinarily scary thing to do I am sure Nvidia would be dead today so he says how much money do you have in

your pocket I said $200 and um uh for $200 uh I bought um cashes always came and we your customers it was one of the biggest gambles in our history be honest

to yourself you're just slowly dying Nvidia just took over Apple's market cap and has now become the second largest public company in the US what you're about to see is a video of his

leadership and entrepreneur class at Stanford from April 2009 it is amazing how what he said back then is still consistent with what he says now the logic of success Remains the Same back

then he didn't have to spend that much time introducing the company's products so he had more time to share his personal insights he talked to young people about the problems they might face on their way to success and how to

handle them remember to share this with friends and family who are also working very hard towards their goals and dreams I'm sure this will help them in some magical

ways enjoy got the whole crypto [Music] worlden [Music] ofp it is my extreme pleasure to

introduce Our Guest today we have Jensen Wang who is the co-founder of Nvidia and I want to tell you 18 years ago he was sitting in your seat he was an MS student Master student here in

electrical engineering only only two years after he graduated he founded the company and he has been the president CEO and member of the board of directors since its Inception as he is also the

incredibly generous donor to the School of Engineering the new building that you see going up just outside is going to be named the rank building and he gave $30

million to name that building so hopefully 18 years from now you guys will be doing the same I gave my last last pennies to Jim plumber to build

that building I am now officially broke instead of giving you a uh company presentation today what I thought I would do is just have a conversation

with you a lot of people talk about and write about uh building companies and I can tell you firsthand that building a

company is extraordinarily gratifying it is also incredibly hard and so the things that that um that you want to talk about with respect to the company

building process is rather expansive you could talk about company building processes uh from a lot of different perspectives and so I'm going to try to touch on a few of them that I think are

are particularly uh important in my experience so 16 years ago uh Nvidia had three people three Engineers the Insight that we had uh some people call it Vision vision is an awfully big word to

me vision is an awfully big word to me because I I believe first of all Vision matters let me tell you that Vision matters and I'll help you understand that in a second but I like to use the word perspective because it makes it

possible for anyone to have one when you say Vision it feels like only a few selected Visionaries of the world can have one but everyone has a perspective

and that's in fact All Vision means that you see the world in a way that is either uh different or uh otherwise okay than than somebody else and you see

opportunities that I think are that you believe are particularly important to go in and address our perspective at the time this is 1993 uh you guys won't

won't remember this but the uh the PC was Windows 3.1 CD ROM was uh about to be introduced there were no PCS with

networks Wireless technology the no if you said some if somebody said radio I think you would the word that would come to mind is FM radio and so Wireless

technology didn't exist uh the fastest microprocessor in the world was a 66 MHz 46 dx2 and I don't think any of you would even use it in your tennis shoes

today and we would run our computers with that and uh the PC was was uh becoming used uh for desktop or for office automation our perspective was

that this particular uh device was going to be unique in the sense that it has the ability to run programs and what if uh we uh gave it the benefit of running

3D Graphics programs so that um uh you could explore new worlds play games games you know play games and so we started a a company and and the business

plan basically read something like this we're going to take technology that was available only in the most expensive workstations we're going to try to make it reinvent the technology and make it

inexpensive and um uh the killer app was video games and so I I took this idea to San Hill Road uh and um and they told me there was no video game Market people

don't start companies to play games and and um uh my parents I remember calling my mom and telling her that I'm going to start this company and she says you know what do you what do you guys do and I said we build these things called 3D

Graphics chips and and um uh people would use them to play games and and then she she said why don't you go get a job and so now of course of course games

was was we believe uh going to be a very large part of the marketplace now we had that perspective um for very obvious reasons we grew up in the video game generation I was the video game generation I was the beginning of the

video game generation and so the the entertainment value of video games computer games was very obvious to me and I can imagine how it could be a very large market and a very large industry

for a lot of the people that were older that sensibility didn't exist and so notice I just described to you a perspective about the world that we had that is apparently obviously now true

because video games is the world's largest digital media industry today it is apparently true and yet at the time our Common Sense was unique nobody

would have created the technology nobody would have created a company with the sole purpose of Building Technology to make video games possible one of my favorite favorite uh applications this

happened about um I guess about 5 years ago a small company struggling company here in Silicon Valley called Keyhole they were they created a a 3D virtual

world and it had no application this 3D virtual world and you start out in space you see the Earth you zoom into any location you wanted just by typing in the address I thought it was such a

fabulous way of exploring the world going to places you've never been and they couldn't raise a penny and so I was so excited about the company we put money into the company and I went everywhere and show that demonstration I

would tell people that this is the way we're going to do search someday if you want to search for something and look for an address you would type it in and we would fly you there and satellite images will continue to download and

before you know it you're right there on the street and you might even see some buildings that small company was uh eventually purchased by Google and became Google Earth Google Earth is now

the single largest downloaded most frequently downloaded application in the history of mankind over 200 plus million

downloads that perspective was unique at the time and hard to sell and so we had to go and explain it to venture capitalists who had to figure out whether the technology was going to be

possible how big was the market because it was0 billion dollar at the time so how do you extrapolate how do you Scope the size of a market when its apparent

size was Zero at the time and you look at um analyst reports and uh you study market research and all of it would say approximately zero it would never show

up it's a non-category a non-market you know it's incumbent upon uh the uh the venture capitalist and of course the founders to try to figure out how to inspire each other into doing something

together and so sequa capital and Sutter Hill were our Venture capitalists we got the company going with $2 million many years later sequa Capital came to me and

said you know there's a couple of kids at Stanford and they have this thing and it's a it's an internet thing and you just type in you know what you're

looking for and it shows up you know puts up the web website and um and I said yeah Yellow Pages I mean you know no duh right we use it we and there's a

variety of of versions of it on the web at the time uh we used the internet just like everybody else to to do FTP and also to um uh visit various websites uh and um and they said should we invest in

this company and I said there's no freaking way they're going to make money that stuff is free and so they said well you know we can't figure it out ourselves but it doesn't cost much to give them a million or two and uh and

they invested in a small company called what eventually became Jerry's company called Yahoo notice although I had the perspective about one thing I didn't have the perspective about something else just because you're a Visionary

doesn't mean you're Visionary by everything your perspective stems from your life experiences what's common sensical about you what's interesting to you and uh and so that's important to to

realize that you have perspective too therefore you have Vision too now what's interesting about these websites like to to follow on the Yahoo story if you remember there were several other

searches out there alav Vista at the time excite at the time lyos at the time right and now the question is they're all doing search and they all did a

reasonably good job now comes the question is what was their perspective how was their perspective different from one another one website thought that they were a destination do you guys

remember that we would be a destination kind of like a channel somebody said in fact since we're going to be a destination we would serve up content and therefore the search part of it is a

commodity well Outsource that so all of the search engines which started out as search turned into destinations or portals and they outsourced the search

to someone else which made it possible for Google to start and so notice two companies doing exactly the same thing started with the exact same fundamental

core technology ended up in radically different places because they had different perspectives they saw the world differently so perspective matters now in our industry shortly after we

were started 3D graphics for PCs and and consumer 3D Graphics became the hottest thing and so everybody in Silicon Valley was starting a 3D Graphics Company we

were um in 1993 the only consumer 3D Graphics Company in the world by the end of a couple of years or so 1995 uh there were probably 50 70 startups doing

exactly the same thing we were trying to do over time we competed with about 200 companies Nvidia today is the only surviving computer Graphics Company in

the world and so the question is then what happened competition is intense everybody has smart people everybody has money we competed with IBM we competed

with HP we competed with silicon Graphics comped with Sony 3D effects S3 serus logic big small international local we competed with companies all

over the world so the question is what happened I would argue that that um 300 companies armed with exactly the same technology armed with exactly the same

people the company that wins and let's say they all execute and they did with 300 companies you know 50% of them are going to execute at any given point in time and so the question is why does one

survive well I think that it matters to have perspective and let me give you some examples I always believed that uh you need to understand the reason why your business work what is the essence

of your business what makes it work now the foundation of my business uh at its core is semiconductor technology here in Silicon Valley we we usually like to refer to semiconductor

technology as Moors law mors law is not so much a physical law as it's a law of competition it is a law of um challenging Engineers it's a law almost

of setting pace and Mo's law approximately gives you twice the performance every year or two understanding that the fundamental ingredient of our of our business

improves by a factor of two every year and simultaneously reduces in cost by a factor of two every year the question is what makes a survivable business and so

our first perspective was that 3D Graphics was insatiable it was insatiable that if I made something twice as good every year even if the

customer never asked for it even if the customer told us it was too expensive even if the customer when you went to float that product specification to them told you that they're not interested and

in fact that was the case I took our products back to uh to Dell and HP and IBM and Gateway and they all told me it was too much money you're well outside of the boundaries of what they were

willing to pay for when your customers all tell you not to do something the question is then what do you do in our case because we had this unique perspective that 3D Graphics was

insatiable and Mor's law was our friend therefore we should make our Graphics processors twice as good every year and so for the first 5 years of our company we just turned off our blinders and said

we're going to ignore customers now which one of your of you guys are going to go through your marketing marketing courses and the lesson that it teaches you is ignore your customers well sometimes you have to ignore your

customers and the reason for that is because they don't know the nature of your business and while the industry is being created before there's common sense about the rules of that business

there is no way they can possibly no and so we I I took the last few million dollars of the company's money and uh built a chip that is way way way too big and our customers told us they we were

way out of bounds on cost and they weren't going to buy any until the day we showed up with the processor Innovation is rather dangerous thing on the one hand once you discover a great

idea you rinse and repeat rinse and repeat and you make that idea better and better and better whether it's a laptop computer that you guys have here or a car or a micro processor or in our case

the graphicss processor we made it better and better every year at some point it becomes good enough moris law is a wonderful thing semiconductor

technology enables you to make amazing Leaps and Bounds in technology and at some point it becomes good enough and so in the um this is probably in the late

'90s about 7 years into our company maybe six seven years into our company I came to the conclusion that 3D Graphics

was not going to be sustainable as a accelerator or a fixed function device that renders texture maps and polygons on the screen that we had to change the

company to make the 3D graphics processor programmable so that it could be an artistic medium for expression now this is a weird word we believed unless

we could figure out a way to make the content richer and more interesting and stylistically different from one game developer to another game developer to

you know another uh we would limit the life of our medium and if our medium reached this end we as the the world

leader uh would also uh would also see our end almost every single video game that you guys see today has our fingerprint on it whether it's a Xbox

360 or PS3 or any PC game today you could see elements of what programmable shaders made possible that started a whole new innovation curve for us and

kept our industry vibrant but the Crossing from one generation of technology to the Next Generation almost kill the company and so that process of Reinventing the company the perspective

that led us to a new idea also risks the company in the process when a company gets larger uh you guys are you guys are going to learn that that um as the the founder or as the CEO you have to learn

new things and many of the new things that you'll learn have has to do with um I'm building products at first and I've just talked to you about building products soon you'll be talking about

and learning about building companies and building companies means things that are soft and hard to explain like building a company with a culture what does that mean how does the culture of

one company different from a culture of another company and why is it that this particular culture is better for your company and not for another how do you organize are you functionally organized are you organized in business unit how

do you deal with multiple products and multiple geographies and multiple customers and so that's the company building process people matter personalities matter the most important

thing above that is to realize that um building a when you're building a company and building a product skill matters intellect matters training

matters but it's not enough the part of it that that um that is important to to realize about building companies is that it's a challenging and painful and uh

often times extraordinarily scary thing to do and so unless you have passion unless you really love the process of building the company and what you're trying to do uh it's going to be incredibly incredibly challenging when

you're building a company if you decide to build a company you have to ask yourself what is the purpose that you're building the company for is it that you would like to build a company so that you can sell it make a fortune is it

that you would like to build a company so you can take a public you're just a Serial entrepreneur you want to build something let somebody else run it build something sell it whatever your reason

is be honest to yourself turns out that um in my case I just love the process of building things and I love being part of something you know being part of Nvidia

and being part of a people and being part of a cause that is um uh that's inspiring to me keeps me vibrant and and it's something that I'm willing to do for a very long period of time yes sir

the question is what did our investors say about about us taking the big risk of adding programmable shaders and Reinventing uh Reinventing that product category and Reinventing our company

first of all it's not a it's not a conversation you really have with your with your shareholders but you do have the conversation with your uh your management team first uh your employee

second your board of directors third typically is the way the process that I I take when you're in when you're in high-tech when you're in a technology industry when the technology moves this

fast if you're not Reinventing yourself you're just slowly dying you're just slowly dying unfortunately at at the rate of Mo's law which is the fastest of any rate that we know right the

compounded rate of Mo's law is pretty unbelievable we have a product that's generating a lot of money and it's very successful how do you cannibalize it there is a theory that if you don't cannibalize it someone will and it

surely will be cannibalized and so if you want to be a market leader you have to take the initiative to cannibalize your own products and have your ideas can canalize your own ideas when we when

we um went from a fixed function graphics accelerator a texture mapping engine for games like Quake 3 and doom and those kind of games to a programmable shading architecture our

first chip almost killed the company it was called GeForce effects I don't know if any of you have have ever um owned one of those GeForce effects is a is a

chip is a processor that you know it's a baby only a mother could love I mean it's we uh we we took enormous chance in building GeForce effects but it almost

broke our back but if it if we didn't build that ship I am sure Nvidia would be dead today I am absolutely certain we'd be dead it was one of the one of the biggest gambles in our history some

people are sort of see that gaming is sort of moving more towards consoles and away from PCS yeah is it harder to make profit with you know when you have to negotiate with Sony or Nintendo whoever

big company than it would be when you sell individual cards yeah the economics the economics of it of um building anything ultimately comes down to the

amount of competition you have you don't set the price the competition sets the price the market doesn't set the price the competition does it came down to this for me I think the um uh you have

to realize what is the finite resource what is the scarce resource that you have as a manager the function of a manager

is to allocate resources properly for the best return and so if you think about our resources our resource is the

finite number of extraordinary engineers and how much time they have in a day to pursue whatever opportunities that are out there the number of opportunities that are out there is less than my

supply of Engineers so therefore demand exceeds is less than my Supply then obviously I'm very enthusiastic about it but if it's the other way around then the opportunity to build a game console

at terrible economics or any project at terrible economics is simply not worth it and so I look at it irrespective of competition the competition sets the price but then I get to decide whether I

want to engage in that project or not you are in charge of your own company as the CEO and so we decide whether whether it's economic you have to be thoughtful about what is your critical resource do you have more of it or less of it than

the market demands do you have more opportunity or less opportunity than than your resource can uh support and then what's the appropriate return on that investment thinking about not just your cost but more importantly your

opportunity cost can you tell us a little bit about the culture that you tried to set at Nvidia at the core of our company's uh success is innovation

now a lot of companies say Innovation is important to their company invention is important to their company however I don't believe you can fundamentally say

that you want as a CEO to nurture the spirit of innovation to encourage Innovation unless you have a culture of risk-taking we have to encourage our our

Engineers our marketing people all of our employees to take calculated risks first of all you have to teach them how to do that that's a skill then the second part of it is a matter of Courage

most people hate to fail if you want to be successful I would encourage you to grow a tolerance for failure now when I mean a tolerance for failure I don't

mean G Jensen just told me is sleep in until noon don't do any of my homework flunk out of all my classes because that defines failure right that's not what I

said what I said is what I'm trying to say is that I want you to try things even though it is impossible to calculate precisely that it would lead

to success that your instincts your intuition is something you ought to follow if it wasn't because of following my own instincts or the founders instincts or many of our employes

instincts why would we be where we are today and why would we have invented things that the Market's never had before the world's never had before so you have to have this this culture or

tolerance for risk-taking but the thing about failure is this if you fail often you actually might become a failure and that's different than being successful

how do you teach someone how to fail but fail quickly and to change courses as soon as you know it's a dead end and the way to do that is we call it

intellectual honesty we assess on a per on a continuous basis whether something makes sense or not and if it's the wrong decision let's change our mind and you

know a lot of people say CEOs are always right and they never change their mind that doesn't make any sense at all to me especially when it violates the first principles of what we want the company

to become an Innovative company that invents amazing things that solves problems for the world that it sometimes didn't even know it had if you want to do that then you have to cultivate that

um tolerance for risk-taking and you have to then teach people how to fail but fail quickly and inexpensively um and how to be direct with each other that this is the wrong approach and

what's the better approach and then you know be flexible enough to change courses and quick and so that that type of culture if you will in today's you know if you guys were to start a company

and you were bu building a a website with an internet service of some kind internet based service of some kind with the competition coming from all over the world and it's 24/7 and ideas take no

time to experiment a particular website or particular company could be throwing ideas out into the world 20 a day and so unless you are thoughtful about

risk-taking and being able to change your mind reacting to the market conditions um and being flexible how are you going to stay alive and so you could you could almost see what I just

described in the nature of older companies and the nature of the newer companies I'm sure you guys all go to Google's website almost every single application's in beta form they're

trying all kinds of stuff right they're trying all kinds of stuff if they call it production and it doesn't work well you guys would just be upset at them so they call it beta have you notice they call a beta so that they could try a lot

of things and if it fails take it out if it's bad take it out if it works do more Innovation requires a little bit of experimentation experimentation requires exploration exploration will result in

Failure unless you have a tolerance for failure you would never experiment and if you don't ever experiment you would never innovate if you don't innovate you don't succeed you'll just be a dweeb how did you choose your

co-founders in initial team don't ever don't ever go into business with uh anyone you don't deeply trust and they were two of my two of my closest um closest colleagues and I trust them

completely they're wonderful friends even today as a CEO selecting people is 99% of the job especially in the initial stage how can you find each of your

position in a company and how can you distribute this profit MH okay so her question is um we were friends uh in the beginning uh we're friends now how do we

figure out uh who's the right position and how do we distribute the profits okay all of our pay were identical and we all had identical share in the

company so that's that's U that's just simply fairness now the question becomes governance there's the part of it which is Equity Equity is another way of

saying what's fair right so we all had the same salary all all three of us were making $100,000 a year okay and we all had a percentage of the company equal

percentage now you can't run a company though you can't build a great company when you have three people who has to vote on everything and with equal share of responsibilities you simply can't

that becomes a leadership question that becomes a governance question that becomes a management question right that becomes a question about building a

great company I don't recall exactly exactly um the conversation but I think it kind of went like this all right Jensen you're the CEO right okay that was

done from a personality perspective I'm not particularly outgoing and so uh that's not a necess necessity for being

a good CEO but um as a personality I've always been able to see around the corners if you will I can see around the

fuzzy edges and I think CEOs and um uh leaders need to be comfortable with ambiguity ambiguity meaning that you know what does the future look like well

it's hard to say some people hate that some people just say Jensen tell me what you need to have done and for how with how much resource and by when some

people rather U me tell them that hey look there's this um there's this opportunity out there not sure what it is not not sure how big it is but it kind of feels like this let's go figure it out and let's build a business some

people can are very comfortable with that and so this this ambiguity is is important to uh to to to be comfortable with I guess and I think that all CEOs that are are very successful are

comfortable with ambiguity and I'm very I am very comfortable with ambiguity yes yeah what percentage of your initial investment was yours like uh how do you

get the rest and also like how many times was your proposal for for help with the investment was rejected so I was 30 years old and I had never taken a

single business class and and I've never taken any marketing classes um and and I've never used never used the at the time it wasn't PowerPoint was called

persuasion on the on the Mac it was called persuasion and so I bought a Mac so I could I could use persuasion and um

uh and uh and then I tried to create a a company Pres presentation to take it to venture capitalists the process kind of went like this we uh started my first official day of work was my 30th

birthday February 17th we got the company funded and so once we got started the question is what are we going to do you know how does it all work out how do we start the company and

so um we met every day the three of us in in one of the founders townhouse uh in Fremont and um and we would get together and and there would be nothing

to do I mean what do you do you got three guys get together you just talk you know so so what did you guys do last night uh you know what did you have for dinner I mean so you talk about that for

about 6 months okay and and the big event of the day would be um hey where do you guys want to go to for lunch and so you know Philly cheese steak today or you know Chinese food tomorrow or

whatever that would be like a big deal and then after a while it was like could you put some donuts in the fridge in the morning for when we come I mean so that would be a big deal for a while and so that lasted for a few months just a

three of us like that I know it sounds pathetic but it's it's it's true because at that time I'm reading about books on how to start companies and I'm trying to figure out you know how to go raise

money and you know what's a venture capitalist and how do you incorporate the company and so those kind of things pretty soon uh I met a met a met a lawyer Went to went to a law firm called

godward and um uh they helped us incorporate the company the amount of money that he he says um you know we need we need some money from you so that we could price the shares and also to

incorporate the company so he says how much money do you have in your pocket I said $200 so he says okay give me $200 I gave him $200 and um uh for

$200 uh I bought um uh 15% I think it was 20% of Nvidia so it it was a good deal yeah 20% yeah and then went I went

back to the house and then went back to the condo and and uh they all they both gave me $200 and they both got 20% and that's how it worked literally here's the thing Nvidia I never finished my

business plan I know it I know it that we never finished um a business plan uh never could figure out how to finish a business plan to tell the truth if I if

I would have finished that book and I I went to went to borders and got um Gordon Bell's book how to start a high-tech company it's like this thick if I would have read the whole thing I

would have been dead now we would have run out of money ran out of time and so I I I read I read the first three or four chapters and I you know I I got to go to work and so so I I

um uh Incorporated the company they introduced us to um two Venture capitalists um and I just went to their office and told them what I like to do the thing that that gets the company

funded and when you're uh when you get to that point you just have to remember a few things VCS don't invest in in business plans because business plans are easy to write I couldn't write it

but other people could and so so um they invest in this they invest in great people and so so the question is is do they trust you uh your reputation

matters your history matters because uh because I had done so much work with um Andy bealine which was another graduate of Stanford of Stanford and the founder

of sun uh and the and worked with uh the founders of synopsis and LS logic and the and you know we we we were all very successful and we did good work your

reputation will precede you even if your business plan writing skills are are you know inadequate and the second thing is you need to have a vision that's sufficiently large to invest in because

they their statistics their probability of success is rather low and if they need to put in $10 million if the market it's only $20 million large they'll never get that $10 million back with

with re reasonable return but if it's a $200 billion market then of course is a rather different thing okay so the size of the market and they want to know that

that um at least there is a clever idea that the market has never never done before so they that last part is probably second you know last I said I said it last because also I think is

least important you have to you might have to reinvent yourself over time and if you want to reinvent yourself you need to have great people that's why great people is so important yes sir who were some of the people that you considered to be your mentors when you

were getting started and what was some of the best advice that you got from I I truly believe that if you want to be successful a successful habit is to have the capacity and the willingness to learn from just about anybody you know I

learn from just about anybody and it could be a little thing could be a big thing you know if it wasn't because of my kids I would be I would I would I would miss the whole internet age you

know I would have missed YouTube and Facebook and Twitter and you know I mean without so you need to you need to know that that um uh the world changes and and you want to be able to learn from

just about anybody and so I I'm surrounded with extraordinarily talented Executives and uh Professionals of of all walks of life and so you just have to make sure that you're you're willing

to learn from just about anybody uh some of the some of the great advice uh that I've uh I've had over the years um focus laser beam Focus

you know don't do too much do do a few things well and um do it with an extraordinary intensity uh you know focus focus matters if you look at what I do with my time I wake up in the morning and the first thing of my time

is NVIDIA and the last thing I do is NVIDIA and I do that 24/7 and if I could figure out a way to do that for another 50 years we're going to be a good company so um uh her question is um she started out by saying that that I was a

successful I'm a successful entrepreneur and and uh and what are my biggest challenges now and um considering that I like ambiguity what's my best estimate

of the future for the company or and and for myself the biggest challenge with building a company is the reinvention of the company every successful thing needs

to be torn down at some point and be rebuilt it is unfortunate but true and the reason for that is because the technology either gets good enough and therefore you have to reinvent and

sometimes the invention process is disruptive sometimes it's in fact destructive and it could be it could destroy you could destroy what you have built in the past and so the reinvention

process is very challenging it's gut-wrenching takes a lot of courage and um it really tests your conviction in the technology industry Reinventing the

company every 10 years is almost un necessary thing so that's when I say challenging I don't mean bad challenging I think that's fun challenging I love

the process of reinvention now what my best forecast for our company I think that Nvidia has the opportunity to become one of the most important technology company companies in the

world I hope it I hope that it does and my best forecast for me is that um I am 80 years old and I'm here talking to students and I hope I'm still the CEO so

the gentleman's question is has to do with uh in the beginning uh survival is important cash is King just so that there's no no no ambiguity about this survival is always important cash is

always King and so as the CEO you're either making money saving money or raising money and and if you're not making money raising money and saving money you ought to be doing those three

things it's a simp it's just stay focused on those three things and so when you're during the beginning in the early days I was raising money all the time as soon as I was done raising this rount of money I got to raise more money

you know you're always raising money just maybe maybe there was a weak break in between but I was raising money all the time I was as a startup you're always going out of business right that's the definition of a startup an

Enterprise that is nearly out of business all the time yes ma'am are you prepared for the leadership succession for you well I

want this job until I'm 80 I just said I'm just kidding one of the primary roles of a CEO in order to grow the company in order to make make Nvidia one of the most important technology

companies in the world and make make significant contribution to society in order to do that you have to cultivate new leaders so that they can have new ideas and grow new businesses and and

you know maybe run a different geography run a new new different product line and so I spend most of my time these days most of my time these days sitting with our general managers and sitting with

our leaders and helping them think through strategies and helping them think through challenges and helping them think through product road maps and helping them think through transition and you know team building organization

creation you know how to manage how to how to create processes that that last a test of time uh so so you know these things are are um lessons that that I'm supposed to pass on and I do and I spend

a lot of my time doing that that succession planning by a priori picking out three people that the board should

consider in the case that I get run over by a bus is a toxic toxic process I know that has been it has been um thought of as a a methodology succession planning

um but I think it's just very toxic for the environment because everybody's trying to figure out who got selected and who didn't I think that it's a m much much better process to focus on ultimately developing the next

generation of leaders so that in the case that something happens where I'm not the right CEO anymore there are many choices for the board to choose from including outside hi uh I don't know if

you a good question but it's okay uh what you think that the problem with Latin America any question from from our Latino crowd here is fa I let me see if

I can paraphrase the question uh you know you know friends who have a lot of ideas but they also have a lot of money and so they don't really feel that motivated to do something with those

ideas you know you know first of all uh money I hope that if I if I leave you with anything uh money is the only singular reason not to start the company

because starting companies are it's a very very very unlikely probability for Success if that is your reason for doing it you will likely regret the experience you should start the company and build

the company because you just you so believe in your idea you so you're so passionate about it and you want to build something great the only reason you want to do it just comes along it's

fine I I have I have um plenty of money and uh and and and but but it doesn't motivate me nor does it demotivate um I

would urge you to ask yourself uh and for your friends to ask ask themselves what is the purpose that they want to start a company ideas are a dime a dozen there's so many ideas if you want ideas

you're going to get a lot of ideas in this room and so ideas don't really matter you have to have a a perspective That's Unique that you feel really

strongly about it that you're willing to persevere almost any challenge okay thank you everybody