CAPITAL

The insurance float is not just capital. It's patient capital. And patience is the most undervalued asset in finance.

Capital isn't scarce; vision is.

We've burned through nearly $1 billion. Building a bank from scratch is expensive. But being a real bank is worth it.

Going public gave us access to capital that most robotics startups can only dream about. We need it. Robots are expensive.

Access to capital is the great equalizer. Without it, talent and hard work mean nothing.

Cutting your losses is not admitting failure. It is preserving capital for the next fight.

The MTN deal was not the end of our story. It was the capital that let us start the real one.

My biggest regret with Crane Bank was not moving faster to raise more capital when we had the chance. We were growing too fast for our own equity.

If that capital comes with deep understanding and sensitivity towards the human being behind the business and the dream they are pursuing, that is much better.