Read this transcript of discussion during class and answer the questions asked below

This is also another massive paint company.

OK, suppose you are amongst a handful of other commodity companies that provide
paints to automakers.
OK, every single automobile needs paint.
And the way it works is procurement departments will every year give out a tender, get
the best quality, get the least price and make sure that all paint companies are always
competing against each other to keep the prices low and quality high as much as
possible.
OK.
So that's what the procurement department within an automaker does.
OK.
It keeps its vendors in perfect competition.
Now Axo and PPG and ten other players are in perfect competition to supply paint to
Toyota, suppose.
OK.
Now suddenly the research lab within Axo comes out with a new kind of paint and it is
an absolutely new kind of paint.
It has a very nice luster, has a very nice quality.
It is so beautiful that anybody can see it on on sort of prototype cars and know that will
influence consumer choice.
Cars which have this new category of paint are going to upsell cars which do not, OK.
Suppose this is very clear to the research lab and the procurement department and the
CEO and everybody knows that this new thing has happened.
A new technology has been discovered which has created something which is going to
impact consumer choice.
And only Axo is the only company of course which has done it because they have
figured out some secret sauce to do it.
OK, so is it diKerentiated?
Yes.
OK.
Suppose this happens and Axo, you are the CEO of Toyota.
Axo makes a presentation.
It takes you to its plant.
It shows you see such nice cars.
Very clear that it is going to impact consumer choice.
We want to do a partnership.
We want to sell you this paint.
This is our price.
What will you do?
Will you buy the paint from Axo?
Yes.
Will you buy?
Yes.
OK.
Anybody here who will not buy?
Yes.
No, nobody is giving you exclusivity.
If Axel sensitive paint, they will send it to Maruti also, they will send it to BMW also, they
will send it to they might buy, so you will lose.
Anything else you can do?
Can you do something else to protect yourself from this threat?
Ask if somebody else can make it, right?
Yeah, how long will it take?
So if Axo builds this paint, you go to PPG and say, hey, can you do it right?
So this is the first thing that they will do.
First they will say Axo, great, brilliant job.
Can I?
I want to buy it.
And I want to buy 1,000,000 barrels and for 1,000,000 barrels, I want exclusivity.
I want that you don't sell to anybody else.
Exclusivity in business relationships is like an M&A.
So fundamentally this is an oKer by Toyota to acquire Axo.
OK, So what will Axo say?
Axo has two options.
If it gets an exclusive exclusivity contract, it has two options.
Either it says that, hey, please buy my entire company, buy everything.
Take it.
Inhouse it.
Let me get out.
Option one.
Option two.
Actually, are you kidding?
I am not going to give you exclusivity because I want to make money.
Exclusivity fundamentally means that I cannot anyway anymore sort of start leaking
your profits.
OK, so you come and you deny exclusivity, let us say.
Then that happens.
The next thing that happens is immediately the procurement department and the CEO
and everybody will go to other paint companies and say this is what we know about it.
This is the inside information that we have.
This is the employee which we have poached.
Work with all this information, try to create this paint again.
Now suppose everybody else goes back, comes back after six months and says we still
have not cracked how to make this paint.
What do you do next?
Will you now go into the contract with Axo?
I mean, OK, fine, fine, that's also possible.
But the next thing that usually people will do is they will go and in house that
department.
They will say, OK, my suppliers are not able to do it.
Chuck everybody out.
I am going to get an in house unit and see if I can do it.
Let's say 6-4 months passed and even your in house department have not been able to
do this.
We now now go see partnership with Axo means you will start leaking your profits.
A fifth component is emerged which is defensible, right?
A fifth defensible component will start to share profits out of your bottom line.
So what do you do?
How do you stop that?
Can you do something else?
If making it in house also fails, what do you do?
The last and most sinister thing you can do is you can just ignore.
Because if you don't buy, you also know that you are not the only specialist in this entire
space.
Everybody is a specialist.
So what will happen?
Everybody will do the exact same math that hey, if I put this paint on my cars, I will leak
profits.
So what do you think is going to happen?
Collusion.
Collusion by default.
You don't even have to collude.
You know that.
Yes, game theory.
Nobody is going to accept this, which means Axel has built beautiful paint.
Consumers would have really benefited.
But consumers will never even see this paint because the automaker doesn't want to
lose profits.
This is why you don't have good customer experience, because nobody cares about
customer experience by design.
Your experience would have been great if this new paint came in, right?
But this is the this is the problem.
This is the definition.
Your experience would have been good and the automaker by its design said no, I don't
care.
The moment cartel breaks is the moment cartel will break completely.
If BMW may be OK, see again edge edge things happen.
But broadly, the moment a cartel breaks is the moment that it breaks completely.
OK, so if it breaks, if it breaks, then you accept, then you don't have an option.
There is a new component which has successfully emerged.
Now you go pay respects, you share profits.
We are not getting the point.
The point is this paint is so good that cars will stop selling if you do not have this paint.
And that is not real reality.
It does not happen that way.
OK, but I am trying to show you how value chains work, how thinking, how strategy
actually works.
OK, and this actually happens for for.
For when something is really diKerentiated, it actually happens.
OK, but I will have to go find some example to show you but.
Not ready, not ready to leak profits, yes.
If they can control leaking profits, they will do it.
If they have to leak profits, they will not do it.
I think that's.
I don't know if that analogy perfectly applies because it's an emergence of an entirely
new.
It's a little diKerent.
OK, there's more collusion and all.
This is not collusion.
This is just the way business is.
OK, so this happens.
OK, Specialists in a value chain tend to become defensibility centric.
Whatever is defensible, wherever they can maintain diKerentiation which matters in
consumers choice, they will only worry about that.
They will only do that.
Everything else will degenerate.
OK.
This is why Toyota does not have good customer experience by design.
They will do something, they will pay some lip service, but they will not really go and fix
that problem because it is not defensible to solve that problem, OK.
This is not just automobile industry, it is any B to B to C chain.
Sorry, any B to B to CS value chain.
OK.
Any place where the interface is not not not direct with the consumer, this happened.
OK, I will give you some examples.
If you if you take any broad supply chain, you can break it down into three parts.
OK.
There is a production component, there is a distribution component and then there is a
consumer interface component.
OK.
And traditionally for most industries, the consumer facing component has not been
defensible.
Defensible.
What has been defensible?
Owning the factory, making the damn thing or distributing the thing.
So those things have been defensible and not the consumer interface itself, which is
why traditionally consumer experience has been bad in B2B2C situations, OK.
So for example, whatever taxi cab, bus service, TV shows.
So in all of these things, the bottleneck was the production itself.
OK, what was defensible was the production of these things itself, not distribution, not
the consumer interface.
OK.
And in situations like book publishing, retail, stockbroking, news publishing, all of these
things, the distribution itself was the bottleneck.
Distribution itself was defensible.
Again, consumer interface was not defensible traditionally.
Which is why you had all these funny things happening.
OK, these are all indications of where defensibility really lies.
If defensibility was not with the production itself, you would not have nepotism.
Why do you have nepotism?
Because again, the gatekeeper decides.
The gatekeeper is on the production side.
The gatekeeper does whatever it wants to do.
Distributors cannot say anything.
Consumers do not have any choice anywhere.
OK, how about these kinds of things?
Newspapers with like 3 page of ad or 10 pages of ads and all that.
Consumers do not want that.
If it was really a consumer centric company, they would not do this.
But they are not consumer centric companies.
They are companies which have defensibility not at the consumer interface but
somewhere else.
OK, maybe there is a license somewhere.
Why does SBI not serve you very well?
Because SBI does not have to serve you very well.
It has a license situation going on.
It has lesser cost of capital than anybody else in the country.
Buy license.
It does not need to serve you any better.
It can do what it wants.
You will still go to it.
OK.
So that is why the CEO can pay lip service to customer centricity.
They are not serious about it because they do not need to be.
Or these examples where brokerages have like 50% Commission on credit stocks and
what not anyway.
Another way of thinking about it is that this is a world.
The traditional world is a world of scarcity.
It is a scarcity of choice.
You will not have choice.
You will only see the movie that is made.
You will only get to deposit your money or use a bank with a branch which exists.
OK, you do not have choice because you do not have choice.
You do not have any any power to demand better terms or better service or better
anything.
OK, Which is why you get what you get.
Now what happens with Internet aggregation is a very beautiful thing.
What happens is that suddenly a new component comes in, a new distribution method,
and this new distribution component has defensibility.
For the first time in the history of mankind, there is now defensibility in the consumer
facing component.
It has never happened before.
And what what does this new technology do suddenly like streaming did?
It changes the nature of the industry itself.
Lot of old components lose power, lot of new components gain power.
OK, so Internet aggregators, they take power away from producers and distributors and
they give more power to consumers.
Consumer gets better service, consumer gets better choices, consumer gets better
products, OK or consumer gets more choice.
The amount of choice consumer has becomes abundant, OK.
And then of course, the entire value chain adjusts things which were scarce earlier.
They become abundant.
Either they are made abundant or they organically become abundant.
Like there was always an artificial restriction on the supply of cabs through licenses, taxi
licenses and what not.
Then Uber and all came in and they got a lot of cabs to start by doing whatever they did
by going against all of these taxi union and taxi aggregation lobbies, sorry, taxi service
lobbies.
And they increase the supply drastically.
And by increasing the supply, they have made supply much less powerful and they have
themselves become more powerful.
But their gaining power is good for you because it also means their power is based on
serving you better.
OK, that might not be true tomorrow, but it is true today.
At least it is true by structure.
OK, this is the true meaning of the words customer centric.
That now you are actually your defensibility lies in serving the customer better.
And if that is the case, then you have better options, better services, better whatever for
consumers.
So in this respect, Internet aggregators are truly good for consumers.
OK.
Structurally they are better for consumers than whatever existed before.
And again, it is a philosophical issue.
So you can come and argue they are not as good etc than three years ago.
Fine, but you are not, you are missing the bigger point.
Which is where the consumer was with taxi unions 10 years ago versus where the
consumer is today.
And these kinds of entities are of course bad for old components which had power.
So when these entities they will start losing power.
Compared to these new aggregators, OK, this I have already answered.
Why did Microsoft forego billions in revenue as it would have leaked from real profits?
Why does Toyota give out dealerships?
Because it is a specialist.
OK, it gets better rose, better internal capital employed by locking contractors capital in
perfect competition.
Why Behemoth cannot get customer experience right?
Because.
They are not designed for consumer experience versus Internet aggregators are
designed for consumer experience.
So what is the core truth, fear and security underlying this now?
Why have you been hearing about customer centricity so much over the past 1015
years?
Why?
Why?
Because now in the traditional industries there is a fear of total obliteration.
They are not just becoming less powerful.
There are cases where they are getting obliterated completely OK and that fear is driving
this at least talk of barrier change.
This is the company which started all of this.
OK.
The threat of this company is what is making everybody talk about customer centricity
without still underlying underlying changes in their business model.
All of the economy is shifting because now the customer interface is finally defensible
for the first time ever.
No, this is entirely about B2C or B2B2C where the consumer interface itself is now
changing.
Whether you do the consumer interface through the Internet or you do the interface
through apps or whatever, finally you try to create an experience, you try to create
something which exceeds on experience and which because of network eKects is now
defensible.
So you try to take power away from traditional powerful components.
OK, if you have to start an Internet aggregator today, if you have to start a consumer
Internet starter today, I'm going to give you a playbook.
OK, so the first and foremost thing that you have to do.
To build a successful or at least start a startup for whatever for doing this, for taking the
interface away from industries where the interface was not powerful, is to provide an
experience which is better for consumers than anything before.
OK.
And when I am giving you this, think of two industries where this has still not happened.
One is healthcare, one is education.
OK.
Whichever you like, think of that industry.
Maybe think of education, colleges and whatnot, OK.
Provide an experience that is better than whatever the incumbent is doing.
For example, take your college or take your school.
Can you imagine an experience which is better for the student and for the parents than
whatever is happening at traditional incumbent organizations?
And how can it be better?
So depending on diKerent so diKerent kinds of aggregators so far have anchored it
diKerently, OK.
Some have improved discovery, some have provided rating and reviews, some have
provided price, entire transparency and succeeded and you keep keep going deeper.
Some have got into transactions, workflow, logistics and final delivery.
OK, so this is the spectrum between being a pure marketplace and being full stack,
which means doing everything yourself.
OK, so doing everything yourself is not aggregation.
Anything before that is aggregation, OK.
For example, the first companies in in the space were companies like Just Dial and
Craigslist.
All they solved for was discovery that OK, you could discover suppliers.
That's all that they solved.
You could fundamentally it's a phone directory where you get to know who else exists in
any space, plumbers, electricians, whatever you want.
OK.
Then the next set of companies started also solving for ratings and reviews, which is
Zomato version one where they will tell you that, hey, so many restaurants exist and you
also get ratings and you can sort by ratings and what not.
OK.
The third wave of companies started to solve for price and tag transparency.
So for example, what is the price at which I will get something?
Again, Zomato also does that.
Zomato actually add menu, so they also do price discovery.
Tag fundamentally means turn around time.
That of course Zomato even did not do.
Then the next set of companies started to do entire transactions on themselves.
For example, India Mart will not do transactions.
Alibaba will not do transactions.
But Alibaba also had a second component, Aliexpress I think which does transactions.
Similarly, Fiverr does transactions.
Then there are separate places where you go even deeper than transaction.
You also get into the workflow itself.
So like book my show.
You actually aggregate for theatre seats and you actually get the seat booked itself, OK
or Pratu similarly.
Then finally you also do logistics, which is we will not just do transaction depending on
the space.
We will take care of logistics also so that you actually get the good that you have
ordered, OK.
And then in diKerent categories, final delivery also not just aggregation, OK.
So any of these things in your space, for example, if your space in healthcare or if you
space in education, find a way of doing customer experience better than incumbents.
And it is not tough by the way.
If you just think of your own life, you'll see here so many places where I had a poor
experience of education or of healthcare.
So these two are sort of independent open items.
Yet it's very tough to do that for retail because retail is a space where Amazon and so
many other companies have done so much that it is tough to.
Beat, beat them.
But education and healthcare, these are open spaces.
Maybe there are other spaces also which are open.
I do not know.
You have to think for yourself.
The second step is to then go to the existing suppliers and to make them to work with
you.
Now this is the diKicult step for education and healthcare.
It is very tough to make existing supplier work with you on your terms.
This is why these things are still open problems.
Because colleges absolutely don't want to work with you.
Schools absolutely don't want to work with you and health care institutions.
Hospitals also don't work with you.
Doctors also don't easily work with you.
OK, which is why at least in India, Tractor and all have suKered very badly because it's
been very tough to aggregate doctors and clinics and hospitals.
Evaluation.
Sorry, I didn't understand your question.
What do you mean by evaluation?
So if I'm looking to make like a discovery or review of schools and budgets, that's very
diKicult, right?
Apart from things like IDI.
OK.
I mean there are diKerent ways of thinking about it.
You can think of it as the sort of the Internet V1 companies, OK, I'll let you discover good
schools, I'll let you discover good colleges.
Or you can think of it as sort of more companies today which are able to sort of OK,
what does education mean?
Can I give you some experience of education right there on on the like or something.
So it depends.
I mean so whole spectrum and definitely is not nowhere near complete.
There are thousands of other parameters that you can find.
Yeah, Shiksha was the was sort of a B1 company trying to discover colleges.
So there are lots of ways of solving this problem, but the problem definitely exists, OK.
And so far they have not been these problems are not solved because usually because
supply has not really worked with demand or with aggregators, yes, OK.
What is easier to do in places where supply doesn't have power, OK, or a regulation
comes up which takes power away from suppliers.
For example, for the longest time banks did not want to work with new banks.
But then some regulation came in the in UK which got which mandated every bank to
work with new banks.
And now that sort of is settling in India as well.
OK.
And sometimes supply is not fragmented, which is why you're not able to work with
them.
For example, hospitals in India, they are decently fragmented.
At least the good ones are decently fragmented.
So it is tough to make them work with you.
That's why they don't work with you.
But it's easier for companies like BookMyShow.
BookMyShow on the other side did not have too much, too much sort of consolidation,
which is why it was able to work with everybody.
But then PVR has now acquired Inox.
Let's see how this thing plays out in the future.
That's what aggregation is.
Then you become full stack and then the problem is that.
No, then you are becoming a vertical aggregator.
Sorry, vertical integrator.
It is fine to become a vertical integrator.
It will be a longer journey, tougher sort of lot more capital required.
You can do all of those things.
You can try to be a vertical integrator.
But this entire story is about how you can become a thin layer, take power away from
existing traditional supply in favor of the customer experience.
Who will shift?
I don't understand.
They have to integrate that aspect into their business model.
They don't do it.
They have two boxes.
The dealership is an outsourced box.
If they are really serious about customer experience, they have to integrate this into their
operations.
They have to go own this model.
They don't do it.
Toyota can do it.
They do not do it because they are stuck in an old model and they frankly do not see
value in this.
They are immune to being aggregated away right now because if you make a website like
Radek or something, even that does not aggregate their power away, right?
You still want the Toyota car.
You don't really, even if it is bad customer experience, you can't do much about it.
You go blame the relationship and come back, right?
That is why they do not do it, OK.
So two things I've said.
First, create new customer experience.
Second, get supply to work with you on your terms.
It's easier to do if the supply is fragmented, supply is small versus the supply is
consolidated.
OK.
The third thing is you have to find a way to create new value for the entire value chain.
OK.
What do I mean by this?
So fundamentally you're not just moving value from one pocket to another.
It's easier.
If you are doing that, it is tougher if if you are moving value from one place to another.
So in the sense that traditional supply chain exists, you are trying to create a new
experience, new component.
If this new component also ends up increasing the market, expanding the market or
something like that, you will have an easier time of doing it.
And of course if you have 0 variable costs, it is good, it helps and when I made this slide
couple of years back.
It meant also the fifth step was don't do things that other aggregators can do.
What does it mean to have new value for the entire value chain?
So first point is market expansion.
OK, for example, take the example of Amazon V1 when they were selling books.
When Amazon existed, OK, it had ended up expanding the market 4-5 times more than
the market earlier was.
Why?
Because people used to go to these stores and buy some books and search was not
available versus when you go to Amazon, you can search for a much larger inventory of
books, so you can end up ordering more, reading more, consuming more.
OK, So the market itself expanded, which made it easier for existing suppliers to work
with Amazon because they were fundamentally opening a market which was not
available to them earlier.
Similarly, Doldash or Swiggy or Zomato V2.
Just because these things exist, people order food much more than they earlier did.
And because of that market expansion nature, it's very easy for existing restaurants to
work with these guys, which otherwise they might not have Uber.
We saw this example with Ola that the market expanded maybe 10 times more than
what it initially was.
Which is why these companies, despite regulatory hurdles and taxi union interference
and what not, were able to succeed because they had expanded the market so much
that it was in everyone's benefit to align with them again and to lose power or to make
other people lose power.
Similarly booking.com or Makemytrip for hotels.
Because these companies exist, people take much more vacation, much more
outbound trips than they otherwise would have.
Which is why it has been easier for these companies to go and aggregate hotels.
First also because hotels are very, very fragmented, as fragmented a supply as possible
and 2nd because they have expanded the market.
Also monster.com or Naukri similar because naukri.com exists, you will switch more
jobs in your career than you would otherwise have.
A second way of creating new value for the entire value chain is to change the cost basis
for the industry.
What do I mean by this?
Let me show you some examples.
Again, with Amazon books.
So before Amazon was selling books, books were sold from retail storefronts.
OK, so it was the cost of rent was baked into the sale itself.
But Amazon sold these books from its warehouse, not from Main Street stores.
So its cost basis for the entire transaction was much less than the cost basis of existing
retail stores.
Again, Swiggy, DoorDash, Tomato.
These guys are able to serve food from dark kitchens, which was not even possible
before.
So because of that, the cost basis for the industry has come down.
Selling food from restaurants which are on the Main Street, inside malls, expensive
retail locations is very expensive versus selling the same food from a dark kitchen could
be just half as expensive.
So the entire cost basis has come down because of Swiggy, Zomato, DoorDash, Uber.
The earlier utilization rates for cabs were very, very low because cabs had to sort of cabs
had to be hailed from the from the road versus now the utilization rates for cabs are
much high because of high utilization rates.
The cost basis for the industry has shifted down.
The 3rd way of adding value to the entire value chain is to add a new charge category.
OK, so charge consumers fundamentally more.
For example, with Amazon Books you could charge a delivery fee which would not have
applied at all.
So it's entirely new category of charge with Door Dash or Swiggy again delivery fee which
should not exist in eating out before.
And finally with Uber surge pricing which is another new sort of charge category to add
value to the entire value chain.
Finally there are also situations where you can bring new supply on board or new
liquidity which should not exist before.
Example is Airbnb actually Amazon also where with Kindle Direct Publishing they are
now able to bring some some authors into Amazon's fold which would not have been
published at all before.
Amazon Marketplace enables D2C brands to exist which would not have existed before.
So it's entirely new supply which would not have existed had Amazon Marketplace not
existed.
Uber with ride sharing of course.
Of an entirely new supply.
So this is not really worked out, but for whatever percentage it is worked out, they are
able to bring out drivers who would not have been drivers or part time drivers.
This did not exist before.
The supply did not exist before.
And finally Airbnb which is bringing homes into the hotel vacation space, which of
course were not were not used for any kind of vacation space before.
Similar example for Etsy.
Let's not do this.
Let's move on.
One final thing I'll talk about in a couple of slides and then we'll end this.
So this is our current banking model, right?
There's a bank, there's a branch.
You go to that branch and then this bank will sell you all of this.
They'll allow you, they'll sell you these deposits.
They will give you loans if you need.
They will also do mutual fund sales.
They will do insurance sales to a business.
A bank will also help with payroll, with treasury, OK and.
All of this is happening, especially if you are an HNI or if you are a business, everything
happens to a customer relationship manager.
So an account manager who will help you do all of this, he will help you book deposits,
he will help you take out loans, he will help you, he will come and sell you mutual funds,
insurance, all of these things.
So this is integrated everything together in one place.
This is the bank's model now.
Suppose this happens.
Suppose you take customer relationship management out of this entire equation and
you do that customer relationship management through a mobile application or through
an Internet website.
And now on this website you can sort of disaggregate all, disintegrate all of these
components.
You can give out deposits from diKerent banks so you know people can choose where
they have most trust, where they get better rates, where they get better terms.
Suppose you aggregate loans again from diKerent providers, just like banks and BFCS,
whatever.
Even with deposits, you give out corporate bonds options, you give out other kind of
deposit options, you give out structured term deposits and what not.
OK, you give the options of diKerent mutual funds, insurance sales, all of these things
OK, but instead of.
The consumer having to choose the deposit from the from SBI, the loan from SBI, the
mutual fund from SBI.
Now they can choose deposit from SBI but perhaps loan from some NBFC, perhaps
mutual fund from IIT Birla.
So what happens is that instead.
So this is basically how a vertically integrated model breaks apart when there's an.
Aggregator which can provide you best of breed products.
So the best FDS, the best loans, the best mutual funds, the best everything instead of
everybody being supplied by one single entity.
And this is not even the coming features already happened.
So this is also disruption that a major value change adjustment has happened because
of new technology.
And this is the weakness of vertically integrated models.
You have to be best at every component always.
Otherwise you are vulnerable to best of breed attacks in whichever component you are
not serving well.
How about colleges?
This is our current model, right?
You come to a college, you get courses, you do projects, you get examinations, you get
to live together, you do extracurriculars, you do networking.
Then you get a certificate which is used for signalling.
OK, And of course there is a brand associated with all of that.
Can somebody think of a model in which this can be broken apart?
What if I take certification and signalling out?
Just certification and signalling out?
If you just take that component out, can we do something better?
How?
Yes, more than first and foremost a CFA kind of setup.
OK, where you first take out certification and signaling.
That's the first thing to take out.
And if you can take certification and signaling out, then you can take everything out and
you can give a best of great solution here.
You can say, hey.
I can get you the best courses from all over the world you choose.
I can get you the best projects where you will have the most fun and the most learning.
I can do examinations separately.
I can customize these examinations to whichever way serves you best.
I can do networking and field trips better than whatever happens in a in a hostel.
OK, I can do whatever, everything.
I can do extracurriculars better.
Would this be the current college experience?
It has.
It has a short right.
Potentially it is possible.
This model has not been tried anywhere yet.
So if you are thinking of doing something in education, do this.
So if the end result is separated from the individual institution, yes.
So, but right now the certification is still residing in the integrated.
The first thing you have to do is take certification out, make your own brand.
Make a large set of the population believe that these three letters CFA have some
meaning and then you aggregate behind it.
I am sure people have tried it, but it is not really popular.
At least I am not aware of a very sort of focused attempt at disaggregating, sorry,
disintegrating this entire region.
Brand and certification.
See, we have a recent success story in India in the name of ISP.
They did create a large brand.
They did start from zero.
It's not very good.
It's not like brand can't be great.
Sorry, what?
Networking is here, networking.
By networking, I mean diKerent.
I mean your ability to network with the batchmans.
I think that's a service that colleges provide.
I am saying that something can be taken out.
No, all colleges right now have this integrated model, right?
I am saying open it up, use the Internet, open this model up.
Imagine this, right?
OK, I am assuming for a second that you have raised enough capital to be able to do
branding and what not and do certification.
If you have done that, then you can have very nice experiences.
You can have the best set of courses from diKerent places.
You can have faculty from all over the world use the Internet.
OK, then you can have the best sort of networking events where you are, I don't know,
doing the most interesting things, most interesting projects, do it in diKerent countries,
decide, make it attractive, do.