and implement. Hi, we are René and Lasse from Implement. And today you should just think of us as the receptionist. We're here to set the scene for two cool customers that we have worked with. And it's Paul and Simon from Cytiva and Anton from Scania. Together these two companies have more than 70,000 employees worldwide. And together these three gentlemen have decades of experience with corporate entrepreneurship. And we've worked with them for so long that we don't really consider them as customers anymore, but more like like-minded partners. And to us they represent the best of the best when it comes to strategic innovation, corporate entrepreneurship, and thinking and doing in a corporate context. But before we leave the floor to these guys, we will just quickly tee up today's theme, how to unleash corporate entrepreneurship. No doubt that we live in times of extreme uncertainty. According to a recent study by Implement, where we have asked 100 CEOs about the current economic environment, very few executives actually answer that they're ready to face the challenges that they see coming. And this is probably also where most of us will turn to a classic tool to kind of de-risk the future and try to predict the future. And that is forecasting. But we might have to bear that approach because very often our predictions, they turn out to be wrong. So what is the alternative and who's actually pretty good at dealing with uncertainty? This is where we think we can learn a lot from entrepreneurs and how they actually deal with uncertainty. Entrepreneurs are probably the ones that are most comfortable being uncomfortable of all of us in the business world. They constantly de-risk investors' money, their own time, their own reputation. This is basically what they do for a living. They run high-paced, low-cost experiments to validate potential future outcomes, and they are awesome at it. But the question is, from the devil's advocate, that is this only applicable to the corporate or the entrepreneurial world, or will this actually also work in the corporate world? Maybe we practice this. I was hoping for a question like that. This is a quote from a big, big leader of a huge corporation. And he's saying something about a muscle that Amazon must master. And it's not from a toolbox discussion. It's on an investor call with all the important investors. Mr. Bezos says, our success at Amazon is a function of how many experiments we do per year, per month, per week, per day. We coined this muscle, experimental excellence. Sounds cool, right? Maybe a little bit buzzwordy, but still like something you might need. It's still fluffy at this point, but we would like you to reflect on the question. What if experimental excellence could become your unbeatable competitive advantage? Still a little bit fluffy? Well, it's lucky that we teamed up with a bunch of big corporations to turn that question into a corporate-friendly concept that we call the internal innovation accelerator. And what is the internal innovation accelerator about? Basically, as we have said a couple of times, it's about de-risking investments while still accelerating cool new business ideas. And at the same time, trying to foster corporate entrepreneurship, not only to retain talent, but also to attract talent, maybe even from the entrepreneur, the third world. It's also about building and boosting a diverse portfolio where you balance new growth opportunities with more operational innovation, maybe even radical cost-cutting innovation. And finally, and very importantly, it's about combining strategic thinking and doing and really try to supplement the classic top-down strategic thinking with a bottom-up exploration approach. Right. And that's also why the three major steps of the innovation accelerator is all about finding the right teams with the right ideas, figure out who to invest in, and then finally, help the teams that you invest in find a place inside your corporation and help them realize and scale your impact. This is now actually a battle-tested concept. Over the last five years, we've worked with many of these great companies to design it, implement it, and obviously iterate upon it again and again and again. And today, we're super lucky that two of these companies have agreed to share their hard-earned learnings with you guys. So now the receptionist will shut up and leave the room for the stars of the show. And we had a little issue with our connection to China, where one of our speakers are at. So we just want to quickly check if Anton, can you hear us and can you say something? Do you hear us, Anton? No. No. So we'll take the other great customer first, which is a company that have doubled in size in the last three years, which is pretty amazing, right? They're from a company called Cytiva, and it's Paul and Simon. And we just want to say before leaving the floor to Paul that it's been such a pleasure for us to be able to share with you guys. And we're going to be a part of that journey year after year, running one innovation accelerator batch after the other. And then I'm going to skip a few slides here past the Scania slides and then over to you, Paul. There you go. Thanks so much, Lasse and then to you, Rene. We're not quite seeing the slides up yet, but those who are not familiar with Cytiva, we are nearly 10,000 employees in more than 40 countries. And I keenly focus on helping researchers, biopharma companies and drug manufacturers to advance and to accelerate therapeutics for people that ultimately need them. So that's a statement that we've already shared in terms of getting comfortable with being uncomfortable. That's an extremely important narrative. To be able to deal with the level of uncertainty and the rate of change that is accelerating, that I'm sure we can all agree and recognise right now. Certainly what we've learned is the need for both a discover and a deliver mindset. With this being a continuum to ensure we build a stronger innovation funnel for pipeline delivery. We have learned it is vitally important to take this much more ambidextrous approach and truly understand the environment and the level of uncertainty we are operating within. So on the deliver side, which we see here, we have an innovation pipeline, which is very good at sustaining to drive incremental innovation. In this environment, knowing drives action, we develop plans for sequential and process driven execution. Activities in this area are very predictable and controlled well defined needs, which typically support the existing business model. We believe in this deliver end, we believe in this deliver end, it is more important to take a top down approach. Certainly led by the few, which include senior leaders and subject matter experts. And this works extremely well in markets we know well, including our customers. For example, this would be the case where we are developing next generation products to maximize the revenue opportunities of our existing portfolios. An environment with relatively low risk and uncertainty. But what we quickly recognised was we needed to have a greater focus on the discover end in terms of our level of transformational innovation, where this is an environment where learning drives action with experimentation, as Lassie said, that is able to quickly deal with the high levels of uncertainty. Because in this environment, you are searching for needs and new business models. And we came to the belief that in order to be successful in discover end, you need to work differently with your people. Still guided by your strategy, but with more test and learn culture while adapting your process and organization around it. So we believe in the discover end, it is important to take a more bottom up approach with top down leadership review. In many ways, a startup approach led by all the organization, which we call the crowd and engaging employees across all functions and all levels for all types of innovation. Driving that experimentation to learning new and emerging markets that we don't know so well, where we have to manage those much higher levels of risk and uncertainty. And next slide. And next slide. You've got it there. So. Previous slide, please. We ultimately drive better smart risk taking. We found that it's best managed by investing inversely proportional to this higher level of uncertainty, something that we call metered funding. And in this approach, we are effectively exploiting risk rather than taking a risk averse. approach because we believe this is where potential big growth and reward opportunities lie. So with our innovation accelerator, we have created an environment to drive these behaviors. And we are very much taking a systems approach to validate early stage business opportunities and their predicted value to quickly increase our level of confidence in making a better bet for scaled investment in deliver. Engaging and connecting our employees in the future direction of the company. With a venture captains like leadership to accelerate material value for the business. So in summary, it is important to behave differently in discovery environments to be able to be flexible to deal with these higher levels of uncertainty and apply the test and learn approach with your people. The culture, the process and the organization. And you have to constantly reinforce the discover mindset. So you don't revert back to what we do most of the time in the deliver execution mode. And what I would finally say is that we have successfully partnered with implement on our innovation journey to develop this much more balanced portfolio approach. Because certainly what we've learned is that it's not always easy to be a profit in your own land. So I'll now hand over to Simon and the next slide, please. Good morning, everyone. Good morning, everyone. Yeah, so just to reinforce what Paul said there. The innovation accelerator that we've developed has four main aims. We wanted to connect our associates personally with the future direction of Cytiva. We wanted to inspire engagement in all types of innovation. So not just new product development. We wanted to develop this on top of the next slide. We wanted to create an entrepreneurial mindset. We wanted to create an entrepreneurial mindset and really stress test our discover based approaches. And finally, we wanted to accelerate ideas to material business impact. That's the main aim, of course, of any innovation accelerators to create business impact. So we employed a systems approach. Without every aspect of the system, we've learned that this doesn't work. And there were four main principles that we needed throughout the process. The first was to make sure that we have personal ownership from the people that submitted ideas into the system. We wanted to constrain people and the teams throughout the system. And as Paul said, we constrain teams with metered funds, but we also constrain teams with time. Equally, we wanted to drive to rapid business viability and use commercial experimentation. They were the four principles that we worked by. So the process itself is six months long. And as I said, driving engagement is really important throughout this process. So we involve our associates right throughout the process, even in the early stages in different stages of the process. We're defining the challenge. We always work on a focused challenge. We always work on a focused challenge area that's strategically aligned. Generally, it's aligned to a more uncertain part of our strategy. Ultimately, we get our associates involved in that process. And then our leadership choose a particular challenge area to focus the accelerator on for that year. During February, we collect ideas from our associates. In March, there's an assessment period, there's an assessment period, a period of review and triaging of the ideas. And that is populated with cross-functional membership. Importantly, it's cross-functional, cross-geography. It's a diverse review team of about 30 people from across our organization. We then select 10 teams on average to take into a an innovation boot camp. And I'll go into a little bit more detail in that in a minute. But the whole process culminates in what is effectively a live event, an investment panel with four of our leaders. And they effectively act like venture capitalists and choose whether or not to invest in the teams that have gone through boot camp. And a few metrics that are going through an open-line rulemente. A few metrics that we use to measure our progress throughout this. So I think associate engagement, I've mentioned many times, so did Paul, we have about 16000 associates in our organization. And over the past three years, 7248 of those have been involved in this process in some way, shape or form. We've had 344 ideas. We've taken 225 of our associates in 29 teams through boot camp and 18 of those teams have received metered funding. Again, really important to point out that not all teams get funding and most teams get partial funding or metered funding. They may go up and ask for $500,000. They might only get $50,000. Next slide, please. So boot camp is a 10-week process where we align the teams around what their vision is, their problem, the customer that they're solving the problem for. We define their solution roadmap. But ultimately, what we're after is identifying the leap of faith assumptions that those teams are making. We build an experimental plan to test those assumptions. And then the team has four weeks in which to get out of the building and actually carry out that experimental plan and test those assumptions. They then come back into the room after that process. They work on what they've learned from that process of testing their ideas with customers, et cetera, et cetera, and building and executing that experimental plan. They develop an investment proposal and they go up to this investment panel. And really the aim of boot camp is to increase the quality of their investment proposal and provide evidence to the investors that it is a good proposal. And with that, I hand back to Lassie. Thanks so much, Paul and Simon, for sharing all your hard earned learnings. Now we will try to get a line through to China. Yeah. Let's quickly check. Anton, does it work? Do you hear us? I can hear you. Finally, perfectly. We're all good. Let me quickly introduce you. Anton, you are our Swedish trucker friend. You are a Swedish trucker friend, right? Representing Scania, but today battling the internet connection from China to Denmark. And you're representing Scania, which we all know basically for trucks and stuff like that. But maybe some of the participants don't know that Scania is actually more than 55,000 people worldwide. And maybe also you didn't know that exactly 11 years from now, Scania will be able to celebrate a 100-year-old year anniversary of consecutive profitability. And that's probably also why the Volkswagen Group is a happy owner of Scania. Over to you, Anton. Yeah, thank you. Thank you so much. Exactly. If things go as planned, but that means that we will need to cope with a new time of competition. So those coming 11 years will probably be the most difficult ones to succeed in. And I would like to tell you why here in the introduction slide. So as the introduction said, Scania is a global leader in transport solutions today, but the industry is shifting. And this shift is driven by social trends like sustainability and urbanization, but it's also driven by technology trends like electrification, autonomy and connectivity. And when these three technologies will act together, they will completely change what we see in the industry. There will be a new set of transport solutions basically coexisting in an ecosystem of services. And in this ecosystem, we will see both new core businesses arising, but also complementary new ones that didn't even exist today. And as well as future core business then. And it's not only Scania sees this change in the transport, of course. Actually, I would argue for that the transport and mobility industry as such is one of the most sought after for venture capitalists. According to McKinsey, venture capitalists and private equity firms are actually responsible for about 90% of the investment in the mobility space. So that's the future competitiveness of the future ecosystem. And about 50% of the mobility industry revenues is likely to be in disrupted areas in about 2030. So given that Scania's purpose is to drive the shift towards a new sustainable transport system and being purpose driven, we could also look for new positions in the future to drive the shift towards a new sustainable transport system. And also look for new positions in this ecosystem that will enhance and support our core business, but also strengthen our competitive and form this ecosystem and while doing that also earn new revenue streams. So from an outside in perspective, there is a business potential here that we should try to tap into. So then taking a more inside out perspective, as a corporate, you can approach this change in multiple ways. Right? You can create a new business unit, right? You can create a new business unit. You can also work with corporate entrepreneurship that might in the end lead you to a decision of starting a new business unit. So working with innovative and new value proposition comes with uncertainty, as you know, and as the introduction has said. This uncertainty will of course be challenging for the project execution itself, but it will also put challenges on your organizational capability and from an organization point of view, you also need to adapt to this uncertain environment. So looking at this and for me, there are four fundamental aspects to balance when you're designing organizational prerequisites for executing on those strategic bets. First, you have the synergies with existing business areas. And you need to ask yourself, are they clear for this business that we would like to develop? If not, it might not make sense to put too much in alignment with the business. So in alignment with those resources in alignment with those resources established in existing business units. The second one is lock-in effects. So by setting up a business units from the start, you will, you know, that will of course come with some benefits in terms of focus. But if you think there will be deviations going forward, if you think you might change the business model next week, you might not know exactly what you're doing. Exactly what your end game will be. Then it might not be the most efficient to set up all admin and organizational shards from the start. That might not really help you in the initial phase. And the third thing is business KPIs. If you're uncertain about the market maturity or might not even know what the market is yet, putting yourself in a governance structure to compete on resources with existing business units will also give you a very and the fourth. And the fourth thing. And the fourth thing is connected to the corporate immune system that we sometimes don't want to admit that we have, but I sure think that exists in all of our companies in one way of another. So taking a too big ask and potentially cannibalizing on some other profits will of course create a friction and that will slow you down. So altogether, this aspect guide at least me towards an ambition to create a safe and more flexible structure for early phase exploration to not get false negatives. That is voting down great ideas, not because of the potential is bad, but because you can't take the risk or this is short term benefit issue. So then it's better to have a program designed to be a repeatable structure way. The risk those ideas and make them more mature enough to play in this big corporate landscape. And as you know, the first idea is selling the best one YouTube was a dating app before they go into video platform. So you need to prioritize speed and agility in the beginning. That's the fundamental reason for working with the structure of corporate entrepreneurship approach from my side from the inside of perspective. So what about Scania then? We have our innovation factory, a corporate entrepreneurship program built on three key and equally important objectives. They are saying that all interdependent and jointly should drive us towards our vision. So those three objectives are, as you see here to the left, create an entrepreneurial pathway through the company that drives innovation faster with less risk. That's the organizational prerequisite basically that I just talked about. And then it's about developing our employees in entrepreneurial ways of working. And then it's the develop of new business models and create new revenue streams. So this means that we need to build the organization prerequisites. And then in order to tap into the full potential of the company, meaning all potential ideas coming from various parts of the company, we also need to support the employees to be able to drive those ideas forward. And for that, they need this entrepreneurial toolbox. And then of course, those two together with a business mindset should guide us towards new business models and revenue streams. And my work and everyone else working in the innovation factory, will have one mission and one mission only. And that is to accelerate the process of de-risking those new innovative ideas. Can take the next slide. Thank you. So how do we do that? We need to think big, but then also act small. You have heard that before, but I'll give you my context here. Applying the experimental approach that was introduced earlier in the presentation, but also align in our management model to take that mindset all the way and make it the way of working thrive in the teams. So what do I mean with that? Well, on the left-hand side here, you see Scania's general thinking model. The thinking model when it comes to management for all our operations. And to the right, you see the entrepreneurial thinking model. And basically what we need to do is to match those. The entrepreneurial approach is about taking a holistic view on your business development, taking all dimensions in consideration, feasibility, desirability, viability, et cetera. And you need to be able to pivot in all of these dimensions in the teams. So this put a lot of pressure. So this put a lot of pressure in how you are able to be able to take decisions, et cetera. Basically take the whole business ownership. And to be able to support such an approach, you need to have decision makers with the same mindset, principles that guide that mindset. You need to have teams that are set with the right tools and processes in the end that support, for example, metering funding, searching for new customers, and so on the right tools, et cetera. So the internal investors need to be aligned. They need to be asking the right questions at the right time. And the design of the investment itself needs to be right. And of course, if you have innovation coaches, they also need to guide those teams with methods that help them to deliver on those targets for the investments. And attitude and attitude and attitude and the teams need to be aligned with this. If we have all of these things in place, if we have core values, principles and methods that are adopted to this experimental entrepreneurial way of working, then we have the prerequisites for autonomy. And that is, for me, the most important thing in the operating model. Because then we can delegate decision making to the team. And that would be the only way for us to gain the highest speed and flexibility in the execution. That can only happen in the team. So we need to trust the process. We need to trust the methods. We need to trust the principle that they are all guiding us to taking efficient decision making and doing this rapid experimentation. That's where the value is created, right? So in fact, that is also for me, the most value driven way to work. Since it also means that you will have the decision making as close to the customers as possible. So how have we managed to do this? And what are our outcomes? We've been working with this now for, yeah, it's about five years. And you see some figures here. We both track how many employees are going through this program. The quality of the ideas, the volume of the ideas, how the employees that have been through the program are acting as ambassadors in the rest of the organization to spread this mindset, et cetera. In the end, I think, et cetera. And in the end, I think, you know, it's one thing to point out some KPIs here. And for sure, by looking at them, you can see that there is a short-term impact in the sense that, yes, we have been able to develop some relevant business models. And for sure, we have had a fairly good amount of employees that have gone through this program. But it's not really that that counts. For me, it's the long-term perspective, seeing that if you're doing this continuously, you will be able to have an effect on the culture. You will have examples of employees that shows what is possible and kind of push that barrier all the time. So the quality of the ideas and the mindset of the employees entering the process will also get more and more, you know, inspired by previous cases. So in the end, what you want to do is to build a movement. Now, we have been on this for five years and we have had a COVID situation and whatnot in the middle. So I wouldn't say that we have had that long-term culture impact yet. I think it would take a couple of years more. I'm happy to revisit that maybe in five years from now. But I want to point out that that should actually be your mindset to think long-term. Still, of course, following up on short-term results. But in the end, we want to create a company that is able to reinvent itself. Right. And then this mindset and the possibility need to be known in the whole organization. And that takes time. So with that said, I will hand over to our facilitators again. And I think we are ready for a Q&A. Thank you. Thank you so much, Anton. And also thank you so much to you, Paul and Simon. Great presentations. And even though you were fighting connectivity, Anton, I think the sound came through pretty clear. Thank you for that. As we have written in the chat, you can actually ask questions to Paul and Simon and Anton. And we already have two questions that we can start with. Yeah, it's pretty cool. So Ian kindly asked a cool question here that the methodology obviously works great for new products, services, entering new territories or new markets, right? But do we have any experience with applying this on more operational excellence? And I think we'll hand that question over to you, Paul. Yes, certainly. So this is applicable for all types of innovation. And we are very supportive of the 10 types of innovation. And that does include process efficiency. But typically what we found, and Anton referred to it, this corporate immune system, where a process is particularly pertinent and provides a lot of revenue to the business, there is a risk aversion, sometimes to take time to take time to take time to take time to take time out to sharpen the saw, as Stephen Covey used to say. Because fundamentally, if it's not broken, you don't fix it. But what we have shown, we've applied this mindset and methodology to process efficiency and delivered significant revenue impact, despite that initial risk aversion mindset. And those people who are familiar with the Horizon 1 to 2 to 3 model, you can apply this to Horizon 1 to 2 to 3 model. Thank you, Paul. Anton, is it the same for Scania? Yeah, I also played out the honesty that we have things as corporate immune systems at Scania. In the end, I would say that this methodology is to de-risk any type of idea. So if you have operational excellence challenge, for sure, it can help you execute on that more efficiently. So in the end, if you see that there's uncertainty in that task. So in the end, it's about having employees thinking in ways of assumption, being aware about their own biases, and collectively through gathering insights and facts to drive decision making, and do that in well-balanced chunks of sprint. And that will make your operations. That will make your operation more efficiently, either if it's about finding revenue streams or improve your operations. Cool. Thank you for a great question and some cool answers. We will jump to the next question. This is from Mitch. And this is for Paul and Simon. Question for Sativa. When encouraging innovation at Sativa. When encouraging innovation at Sativa, did you nudge to be more aligned with existing Sativa key initiatives, or did you keep it open? It's, yeah, I'll take that one. Paul, basically, our challenges are focused every year, as I said. So I think the challenge that you're referring to in the link there, in the first year of our innovation accelerator, our challenge was focused on sustainability. And so we deliberately asked our associates to put in ideas to create a sustainable strategy for Sativa. So a lot of our ideas were about building the business, but also protecting the environment. And that was the challenge that we're about building the business, and that was the challenge that we posed to our organization. It was very much the paradox. A lot of the activities that we tend to carry or think about when we talk about sustainability incur a lot of cost. And so we were posing that paradox to our organization and saying, look, are there opportunities here to be much more corporate responsible, and also to actually profit from that, and so that was the challenge, and so that was the challenge, and that was where some of those ideas that you're referring to in the link came from. And to answer the earlier question from Ian, that actually was a process improvement project as well that's referred to in the link there. Great. Thank you, Simon. We have a question from Matthias. This is also to Paul and Simon, but obviously, Anton, feel free to answer it as well. You stated that you work with culture and processes as key success factors when going from the innovation funnel into the pipeline. Can you elaborate upon how you manage to change the culture towards a more entrepreneurial mindset? So, as I was highlighting in the talk, there's a recognition from leadership to all our associates on the need for this ambidextrous mindset. So, you need to understand what type of environment you're working in. Are you working in an environment of low uncertainty, where there's low risk, you move forward with a high degree of confidence. And that's where you typically are in that execution mode, where you mainly focus on, are you delivering on time to budget to quality? But when you're dealing in environments of high uncertainty, where there's high levels of risk, you have to take that more test and learn approach, metered funding and experimentation. And so through a lot of coaching and a lot of continuous reinforcement, you have to make people aware of the environment that they're working in. And if it's an environment of high uncertainty, then you have to coach that test and learn approach. And we probably didn't highlight it enough, but post deal day, there's a 12 month seed validation phase, where we constantly reinforce that test and learn approach through three month court reviews with our four investors. And two of those four investors are the CEO, and the chief financial operating officer. And what we've learned is that you have to have ring fence budget for early phase high uncertainty projects. And that funding is metered over these three monthly cycles up to a period of 12, possibly 18 months, depending on how early the opportunity is. But at each one of those three month reviews, the investors are looking for recommendation and customer evidence to continue continue the project and continue funding. And then after pre-edulved that 12 to 18 months, the decision is made where there's enough validation to scale this as a business opportunity into the business unit. So a lot of coaching, a lot of VC-like mindset from the leaders, metered funding and constant reinforcement, because it's so easy for teams to fall back into that execution mindset. Thank you so much, Paul. Thank you so much, Paul. Too many great questions to pick from here, but we'll try. And so here's one for you, Anton. Paolo asks how your overall employee engagement and or entrepreneurship index, however you want to interpret that, changed in your company since you started. I know, I know, I know, I know, I know, I saw one of the LinkedIn posts recently that you had to disprove a statement that was given to you five years ago or something like that about entrepreneurs. Yeah. Yeah. Not being sort of criticism to my old organization, but I mean, being an old industrial company with the profitability for so long, and within more or less, which is not being an old company. And within more or less the same business model, of course, will have an effect on the culture and the mindset of what success means. And I think when we stepped in five years ago, trying to put this corporate entrepreneurship on the table, maybe not everyone has fully grasped the change that the industry will head into. into in the come 10 to 15 years from them. But for sure, I think, and that's not only because of us, but because of all the signals and the work that is done throughout the company. But for sure, I think the structure that we have set have made us quite efficiently share new updates to make this cultural mindset shift more tangible. And I think that's something that you need to work with actively. So first, you need to prepare for that. And we have a steering group with quite high, you know, top management involvement. And then we have an investor group representing various parts of the company. And then we have coaches and advisors also from different parts. So all in all, together with, of course, the people that come from the program as ambassadors form, so to speak, your total mass of change management effect, so to speak. And together with this group of stakeholders, you need to package learnings about new customers, business models, whatever you experiment with in the program, and also the individual learnings and how they experience the new way of working package that well, package that well, make sure that they go out and present and share the learnings. And the more that happen, and the more people coming back and enjoy the community that we build, the more effect, of course, we will have. But that said, I mean, it's multiple also initiatives in the company that formed the whole movement toward the future state that we are part of. Thanks, Anton. And we have time for one final question. And it's going to be one about the most, or surprisingly, the most important things about in Corporate Innovation Accelerator, and its funding. We have a question about that. It looks like we have a six month decision making process, and one about what we mean about metered funding. Simon, could you speak a little bit to, you know, how many funding decisions you have throughout this Innovation Accelerator, and how's that related to metered funding? Yeah, as Paul said, I think, post the deal day, which is the process where we go through this venture capitalist approach to giving the team some funds to do more experiments. The whole point is that the difference between a traditional toll gate, and this kind of approach really is that teams are going up to ask for further funds at three months, ... y'knowят ... We believe that we should now do this and we need X amount of funds to do that. That's the approach here. The difference there between the metered funding approach and a venture capitalist like investment versus a traditional licensed funding approach where teams get a year to execute. It is fundamentally different in approach, I would say. I don't know, Paul, Anton, whether you see something similar, but that would be my response to that question. And I think that's the difference as well with Waterfall is this whole concept of licensing a team to execute versus actually intervening every three months and saying, did you get the result you expected? If not, what are you going to do about it? Because you're not going to get any more money unless you can tell me why I should invest even more money in this idea. Thank you so much, Simon, for that answer. We do not have more time. And there are so many great questions. So we are all corporate entrepreneurship nerds on this panel here. So you are more than welcome to reach out to any of us afterwards to talk more about this topic and to get some of the questions that you post answered. Thank you so much for dialing in. It's been a true pleasure. Despite some of the technical difficulties, we'll share a recording afterwards so you can consume it again at your convenience. Have a fantastic day.