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Garlic candy... garlic soda... garlic ice cream... American garlic farmers are lovin’ the new tariffs against China.
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The Hustle
</a>
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Sponsored by
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<strong>
Great bulbs o’ garlic! Tariffs hurt most farmers... but they’re great for garlic growers
</strong>
</h2>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Tariffs have become a multibillion-dollar dilemma for most American farmers, who recently lost most of their foreign business in the ongoing trade dispute (the USDA’s
<a style="color: #ed4d1f; text-decoration: none;">
$5B apology note
</a>
likely won’t fix things).
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
But for American garlic growers, this escalating trade battle is just a short chapter in a 25-year-long global garlic war -- and these recent tariffs are the long-awaited answer to their garlicky grievances.
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
Land of the free, home of the bulb
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Americans’ passion for garlic fries makes the US the largest importer of garlic in the world -- spending
<a style="color: #ed4d1f; text-decoration: none;">
$306m
</a>
on 339m pounds of fresh and dried garlic last year.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Most of America’s garlic comes from China, the world’s greatest garlic grower -- producing
<a style="color: #ed4d1f; text-decoration: none;">
80%
</a>
of the world’s garlic supply.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
But it wasn’t always like this: America grew most of its own garlic until the mid-’90s, and only became a net importer of garlic in 1998. So, what happened to America’s garlic glory days?
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
The Great Garlic War
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Between 1992 and 2000, China’s garlic exports
<a style="color: #ed4d1f; text-decoration: none;">
tripled
</a>
, flooding global markets and undercutting US growers. To protect American farmers, the government imposed a 377% tax on Chinese garlic imports in 1994.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
But, garlic grifters found ways around the tax (through third countries and “like” shipments) -- and Chinese imports continued to increase.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Over the past 20 years, illegal Chinese garlic has decimated the American garlic industry, cutting the number of major producers from 12 down to 3. But farmers expect the new 10% tariff to finally weed out the grimy garlic.
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
What does this mean for your spice cabinet?
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Today, a 30-pound carton of Chinese garlic sells for
<a style="color: #ed4d1f; text-decoration: none;">
$38
</a>
-- while its American alternative costs $68.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
While the tariffs will benefit garlic farmers, it will also make garlic more expensive for Americans -- who consume, on average, 2 pounds of the stanky spice every year.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
But don’t feel too bad for Chinese garlic growers: The average garlic guzzler in China (the world’s largest consumer of garlic)
<a style="color: #ed4d1f; text-decoration: none;">
eats
</a>
<em>
31.5 pounds
</em>
of the savory bulb in a year.
</p>
</td>
</tr>
<!-- START SHARING -->
<tr>
<td align="center" id="link" style="font-family: 'Courier New',courier,monospace; font-size: 26px; line-height: 120%; padding: 15px 0; text-align: center;">
Stanky Spice, our favorite Spice Girl
</td>
</tr>
<tr>
<td>
<table style="text-align: center; width: 100%;">
<tbody>
<tr>
<td align="center" style="display: inline-block; padding: 5px 0; text-align: center;">
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</a>
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</a>
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</td>
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<!-- END SHARE ME NOW BRIEF -->
<!-- START BRIEF -->
<tr id="news1">
<td>
<h2 style="font-family: arial, sans-serif; font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
<strong>
Longtime Square CFO leaves to be CEO of Nextdoor
</strong>
</h2>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Square’s CFO Sarah Friar is
<a style="color: #ed4d1f; text-decoration: none;">
stepping down
</a>
to become the CEO of Nextdoor, a social media platform for neighbors -- and shares were down more than
<a style="color: #ed4d1f; text-decoration: none;">
8%
</a>
in aftermarket trading following the news.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
In a
<a style="color: #ed4d1f; text-decoration: none;">
statement
</a>
, Square CEO Jack Dorsey said Friar “steered us through an IPO and helped build a growing ecosystem of businesses that will scale into the future.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Now, the question is what she has in mind for the fast-growing Nextdoor.
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
Word on the street is, they’re leveling up
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The hire is a brilliant get for the made-for-local-gossip social network, which has been waiting for the right person to take Nextdoor “to the next level” since their current CEO Nirav Tolia announced his planned departure 3 months ago.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
And Friar, Dorsey’s number 2 at Square, seems like just the person to do it: The Northern Ireland native studied engineering at Oxford and received her MBA at Stanford before spending a decade with Goldman Sachs, leaving the banking giant as a managing director.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
She also spent a year with Salesforce as an SVP before joining Square in 2012 (plus, she sits on the boards of both Slack and Walmart).
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
Nextdoor ain’t no slouch, either
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The San Francisco-based company has raised $285m from investors over its 8-plus years, but needs to generate more revenue to move into IPO territory -- something the ex-CFO of Square knows a thing or two about.
</p>
</td>
</tr>
<!-- START LINK -->
<tr>
<td id="link" style="border-bottom-color: #dddddd; border-bottom-style: solid; border-bottom-width: 1px; padding: 10px 0 40px;">
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<tbody>
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»
</span>
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Match made Nextdoor
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<!-- END LINK -->
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<!-- START BRIEF -->
<tr id="news1">
<td>
<h2 style="font-family: arial, sans-serif; font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
<strong>
Investors debate whether tech stocks are done sliding after their worst day since 2011
</strong>
</h2>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Just weeks after Apple and Amazon made history by breaking the $1T valuation barrier, their stocks are headed back to earth in the
<a style="color: #ed4d1f; text-decoration: none;">
worst day
</a>
for tech stockholders since 2011.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Poor performances across the tech sector dragged the entire market down: Tech stocks in the S&P 500
<a style="color: #ed4d1f; text-decoration: none;">
fell
</a>
4.85%, and the Nasdaq fell 4.1%. But analysts can’t agree on whether the downturn is over or just beginning.
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
Hitting a bump in the road, or driving off a cliff?
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Tech analyst and venture capitalist Gene Munster
<a style="color: #ed4d1f; text-decoration: none;">
told
</a>
<em>
CNBC
</em>
that he expects stock of tech giants such as Netflix, Amazon, and Facebook to fall at least another 5%. But other investors think the market will rebound.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
“We look at this as a buying opportunity,” wealth-management executive Dryden Pence
<a style="color: #ed4d1f; text-decoration: none;">
told
</a>
<em>
CNBC
</em>
. “I would have my shopping cart out there.”
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
But Bezos and his buddies aren’t laughing
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Amazon’s slump erased more than
<a style="color: #ed4d1f; text-decoration: none;">
$10B
</a>
from Jeff Bezos’ personal fortune in less than 24 hours (we forbid you to feel bad for him, he’s still got another $142B to spare).
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The rest of the tech sector got hit just as hard:
<a style="color: #ed4d1f; text-decoration: none;">
80%
</a>
of the S&P 500’s information and tech stocks have slumped.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
In the past week, Netflix
<a style="color: #ed4d1f; text-decoration: none;">
fell
</a>
11%, Amazon fell about 10%, Alphabet fell 7%, and Facebook, Apple, Twitter, and Microsoft all fell about 4%.
</p>
</td>
</tr>
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<td id="link" style="border-bottom-color: #dddddd; border-bottom-style: solid; border-bottom-width: 1px; padding: 10px 0 40px;">
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»
</span>
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<a style="color: #000000; font-size: 12px; font-weight: bold; line-height: 21px; text-decoration: none;">
How low, low can you go?
</a>
</td>
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</table>
</td>
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<tr id="news1">
<td>
<h2 style="font-family: arial, sans-serif; font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
<strong>
Tencent has lost more than $250B in market value this year
</strong>
</h2>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Before the new year, Tencent was
<em>
killing
</em>
it: By January, the Chinese tech firm’s share price hit a record high with a market valuation of more than
<a style="color: #ed4d1f; text-decoration: none;">
$500B
</a>
to become one of Asia’s largest companies.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
But the rocket ship credited for creating many popular video games and WeChat has plummeted for the last 261(ish) days, losing more than $250B in market value.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Even worse? The 44% decline in share price means that Tencent is no longer one of the
<a style="color: #ed4d1f; text-decoration: none;">
world’s 10 largest companies
</a>
.
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
The Chinese government giveth and taketh away
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
One big reason for the slash-fest is that, since March, the Chinese government put a hold on new video game releases amid rising concern of video game addiction in kids.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The move hit Tencent hard, costing China’s largest gaming company (in the world’s largest gaming market) $1.5B in Q2 sales, and
<a style="color: #ed4d1f; text-decoration: none;">
$160B
</a>
in market cap since the beginning 2018.
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
How to lose a billion in 10 days
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Of course, it’s also a bad time for tech shares (see above story). The Chinese internet giant is feelin’ it like all the others, closing
<a style="color: #ed4d1f; text-decoration: none;">
6.8%
</a>
lower in Hong Kong on Thursday -- its second-worst day in 7 years.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Tencent lost nearly 20% of its market share in the last 10 days alone.
</p>
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More like ten cents...
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<tr>
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SPONSORED
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<h2 style="font-family: arial, sans-serif; font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
<strong>
Allow us to reintroduce this Google-integrated CRM, its name is —
</strong>
</h2>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
5 years ago, ProsperWorks set out to build software that would let any business get up and running fast, with the tools they were already using -- namely, Google.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Now, on the march to $100m in annual recurring revenue, they’ve rebranded to make their name as fresh as their software:
<a style="color: #ed4d1f; text-decoration: none;">
Copper
</a>
.
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
It’s contact and sales management with zero learning curve…
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
<em>
Especially
</em>
if you’re already livin’ the G Suite life.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
<a style="color: #ed4d1f; text-decoration: none;">
Copper
</a>
features email tracking, sales pipeline visualization, automated data entry and integration with Gmail, Google Calendar, Docs, and more -- all with the same look and feel of these apps.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
That means no toggling between apps and no month-long onboarding for your team.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Now, Copper serves
<a style="color: #ed4d1f; text-decoration: none;">
over 12k businesses
</a>
, ranging from the garage-sized to behemoths like Booking.com -- and, of course, Google.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Sign up for a demo to see how Copper fits with your team, or start
<a style="color: #ed4d1f; text-decoration: none;">
a free trial
</a>
and get your hands dirty ASAP.
</p>
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<td align="center" style="padding: 20px 0 40px; text-align: center; width: 100%;">
<a style="background: #ffffff; border: 2px solid #000000; border-radius: 3px; color: #000000; font-family: 'Courier New',courier,monospace; font-weight: bold; letter-spacing: -0.5px; padding: 10px 15px; text-decoration: none;">
Copper and close →
</a>
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<tr>
<td style="padding-bottom: 60px;">
</td>
</tr>
<!-- END NATIVE -->
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shower thoughts
</td>
</tr>
<tr id="shower">
<td bgcolor="#ffffff" style="padding-bottom: 50px; padding-top: 10px;" valign="top">
<ol style="font-size: 16px;">
<li style="line-height: 120%; padding: 4px 0;">
An RV lets you feel like you’re at home outside. VR lets you feel like you’re outside at home.
</li>
<li style="line-height: 120%; padding: 4px 0;">
Social media is the only place where you get excited that a stranger is following you.
</li>
<li style="line-height: 120%; padding: 4px 0;">
Acting is just pretending to not be acting.
</li>
<li style="line-height: 120%; padding: 4px 0;">
The nearest thing in front of you is the farthest thing behind you.
</li>
<li style="line-height: 120%; padding: 4px 0;">
Typing "Minimum" on a keyboard is like playing a really crap game of ping pong.
</li>
<li style="font-style: italic; line-height: 120%; list-style: none; padding: 4px 0;">
via
<a style="color: #ed4d1f; text-decoration: none;">
Reddit
</a>
</li>
</ol>
</td>
</tr>
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<tr>
<td align="left" bgcolor="#000000" style="background: #000000; color: #ffffff; font-family: 'Courier',monospace; font-size: 16px; font-weight: bold; letter-spacing: 1px; padding: 8px 10px; text-align: left; width: 100%;">
</td>
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<tr>
<td>
<h2 style="font-family: arial, sans-serif; font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
<strong>
Things we’ve learned along the way
</strong>
</h2>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
To celebrate The Hustle hitting 1,000,000 subscribers, each day this week our founders Sam Parr and John Havel will share a few things they’ve learned along the way. Read the full list with
<a style="color: #ed4d1f; text-decoration: none;">
previous days’ lessons here
</a>
.
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
It’s about surviving, not winning
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
A
<a style="color: #ed4d1f; text-decoration: none;">
mentor
</a>
once told me that the early stage of a startup isn’t about beating your competitors, but outlasting them. I’ve taken that to heart.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
My mindset is about being a cockroach. If everything crumbles, I want our company to be strong enough to keep on chugging. Most companies in Silicon Valley are shortsighted. I think that’s a huge mistake. Having a 10, 20, or 50-year horizon gives a company a competitive advantage, as there are few competitors who are willing to go that long.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
And it’s not just about The Hustle. It applies to my personal life too.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
If everything crashes, how can I set myself up so that I’m comfortable with the consequences and am able to push through? Once the downside is protected, any accomplishment slightly above that is a win. That mindset makes it incredibly easy to go on the offense and take risks.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
-- Sam
</p>
<h4 style="font-family: arial, sans-serif; font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
Creating a company is about the people, not the product
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Everyone talks about product-market fit, revenue models, and growth projections. Those are all important in creating a
<em>
business
</em>
but don’t really scratch the surface when it comes to creating a
<em>
company
</em>
.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
We’ve gone from 2 to 20+ people in the past few years and I’ve realized that finding the right person for the right job is more of an art than a science. Half of it is finding the correct skill set and resumé experience, the other half is finding people who can adapt, learn, and contribute to the larger mission.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
If you’re a young company and have the best idea ever, but no one to get it started, see it through, and maintain it over the long run, what’s the point?
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
-- John
</p>
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6 years, 12 months ago - news@thehustle.co
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