tech | growth | venture | Perspectives from an operator turned VC in an underserved market
0
home,blog,paged,paged-4,ajax_fade,page_not_loaded,,qode-title-hidden,qode-theme-ver-17.0,qode-theme-bridge,wpb-js-composer js-comp-ver-5.5.5,vc_responsive

A few days ago Hunter Walk (quickly becoming one of my favorite VC blogs to read) posted a blog on the new reality that is non-tech firms being more frequent acquirers of startups than tech companies.

Yesterday, CB Insights did the same putting the spotlight on several of the companies that exited to traditional companies with the graph below to highlight the change over the last few years.

buyersnontechvc

 

As a result of more traditional firms getting into the M&A fray, I believe 2017 is the year we’ll see more startups try to build more sustainable, or close to profitable businesses. Sure, there will still be a few outliers like Jet and Cruise who were likely not operating even close to profitability but Dollar Shave Club appears to have been on its way before being acquired.

There are a few reasons for my thinking:

  1. Over the last year or so, growth rounds (B and beyond) have required tougher metrics for funding and good valuation meaning that companies need to have some optionality in the event they cannot raise capital at the valuation they want or because of internal growth metrics.  This squeeze will put the focus on sustainable business models.
  2. Traditional companies like businesses with economics that make sense when synergies and adjusted revenue are applied.  Hunter’s post had amazing insights on the different levels of acquisition but my particular favorites were levels 3 and 4. Non-tech companies are looking to prevent themselves from the same fate as their peers in retail since Amazon arrived on the scene, which gives reasoning behind level 4.  But I would argue that most of the M&A activity will occur in level 3 where startups with decent unit economics have the chance to provide a real product line or new acquisition channel to a non-tech company where the economics get better with synergy from a bigger firm.

An example of this thinking is Seventh Generation v. The Honest Company.  Two very similar companies but with different business models.  Seventh Generation, while older built itself like a real business, gained profitability after year 10 and took $100M in funding along the way.  Unilever acquired SG for 600-700M in 2016.

The Honest Company, by contrast, has taken the “growth” approach raising $228M in 5 years, has 3X more staff, and the same level of sales.  Fortune highlighted the comparison in December and reports that The Honest Company is restructuring to build higher margins after being snubbed in acquisition talks by Unilever before the SG transaction.

Though the exit horizon for SG was much too long for VC,  the business model contrast with Honest highlights an important point.  In some industries, especially those that non-tech firms are interested in, margins and sustainability matter greatly.

One particular industry that I believe will see this happen is FinTech, banks are slowly being disintermediated from their consumers and Bitcoin is picking up a lot of steam as of late.   As a result, we’ll see more formal institutions create partnerships and acquire FinTech companies focusing on security and payments, digital currency, and customer engagement.

Earnest, SoFi and Student Loan Genius, all of whom are re-thinking the way lending, credit and payments work, are prime examples of acquisition targets for banks that want to engage young, educated consumers who are likely to use their other products like home loans, credit cards, and investment vehicles.  These startups represent a chance to acquire new customers while pre-empting an existential threat on the chance that new loan processes leak into traditional bank products such as mortgages.

With all of the capital raised in 2016 and prices coming back into alignment, it is almost certain we will see increased M&A activity in 2017.  The most interesting question will be if these acquisitions accelerate the pivot of startups building for sustainability instead of growth.

A few days ago I read M.G. Siegler’s Medium post on his 2016 Homescreen which provoked me to think about the apps I use on a daily basis.  Siegler does a really great job explaining not only how his workflows have changed but how the changes in tech are affecting his daily app usage.  I thought it would be a good idea to do something similar but instead look at the apps with which I’d like to interact more over the coming year based on my goals.  Below is my list, which is primarily focused on reading more efficiently, interacting with a new, evolving platform, and contributing content to both my personal and professional networks.

  1. Kindle I’ve always preferred real books to e-books but this year I am looking to read more on my iPad.   Depending on how much I enjoy a particular book I’ll still purchase a hard copy and transfer my notes there to have a permanent record.  This should give me a second chance to digest important content as well. Audible was an option I considered here but I love to take notes and while I could increase my throughput of content I’m not sure the quality of consumption would be the same.
  2. Alexa – I’ve had an Echo Dot in my kitchen for about 6 months now and still only use it for music.  Like most, I see voice becoming a more prominent AI in 2017 and it’ll be important to get a sense of what third-party apps are doing particularly well on Echo and Google Home.
  3. SoundCloud As a frequent podcast listener I’ve always struggled to find an app that syncs across multiple devices.  Despite a lackluster mobile UI and search, SoundCloud works seamlessly across multiple devices and operating systems.   There’s also a social and discovery component to SoundCloud I really enjoy and want to interact with more.
  4. Evernote / Bear- These are two notetaking apps that I already use almost as much as any app on my mobile devices but I plan on writing more in the coming year.  Each of these apps serves a unique purpose, Evernote is great for collecting and organizing information / ideas while Bear is a clean, distraction-free writing app.  Additionally, this is an app category that has always interested me.  Between these two apps, Wunderlist, To-Doist, Trello, etc… there is still not one app that serves every function I’m looking for in a great productivity app.  The perfect combo for me would be Evernote’s organization with Wunderlist’s to-do list structure combined with a word processor similar to Bear. Instead, I’ll live with all three apps on my phone for now.
  5. Instagram- Here’s another app that I already use almost daily but only for keeping up with my friends and family without much engagement.   My goal is to share a bit more and begin to generate more personal and professional content across multiple platforms.  Instagram will be my primary mode of sharing with my family and friends much in the way I plan on using Twitter and Medium to distribute content relating to my professional interests.

There you have it, the apps I plan on engaging with more in the coming year.  This is something I plan on revisiting yearly to hold myself accountable and also to see the evolution in tech much the way Siegler has over the last three years.

 

This past week, our CRO John Tough provoked a conversation over email about our success at Choose Energy and he’d noted a change in our culture over the last few months.

Culture is something which had always been top of mind for us, but lately something had been clicking. As any good leader does, John often pushes me to think deeper about trends within the business and asked me to think about why “culture” never comes up in our conversations anymore, was it overrated or was it now engrained in our company?
I am a huge believer in culture, mission, and values as a company so my answer as the latter. Below are a few quick thoughts what makes for a quick transformation from average / non-existant culture to great culture.

Early hiring is crucial and eliminate bad culture swiftly and ruthlessly

Great culture begins with the very first hire. I know you’ve likely read this cliche over and over again but there’s a reason. Think about this, your first hire likely hires 3–7 people, those 3–7 people hire at least 1–2 people and so on. If the first hire poisons the well, it could be poisoned until the very last person on that hiring tree is let go. Which leads me to this, hiring early is CRUCIAL.

If early and new hires do not exhibit core values and dedication to the mission they must be let go quickly, if no action is taken it’s likely one of two things will happen: 1)since bad culture is evident, the employee is promoted because they “have been there the longest” putting them in position to influence other employees and their new hires, and setting the expectation that time = value, 2) the employee isn’t promoted but believes they should be only based on their “time served” and begins to spread the word inside the company that “hard-work” isn’t appreciated or rewarded. Both terrible outcomes that compound an initial mistake. Take action, remove bad apples as it is likely they are just as unhappy at work as you are with their performance.

If you are constantly talking about culture, it’s likely because you believe it’s not there

Think about your goals as an individual. Do think about your big core values and mission everyday? Or is it a subconscious effort to take action based on them? For me, it’s the latter, I know the values and goals that drive my decision making are but I don’t repeat them to everyone I know over and over. Instead, I work on taking action towards them then evaluate periodically for progress.

Companies should be very similar, core values are great but if you are hiring people who truly believe in them they are not something that must be repeated everyday. Instead, those people will set quarterly goals that are set in your mission and act on them accordingly.

Establish one main, clear goal and march towards it with every action, rather than words

Speaking of action, it is ALWAYS the number one driver of company culture. It’s easy to hang a poster that lists something like “we put customers first, be relentless, be resourceful, have a sense of humor” etc… But what actions are your leaders taking to show employees they live these values?

Establishing one clear goal can help companies with culture problems begin to build one they can be proud of. For example, if you set a goal of profitability as some startups have been lately, pick a metric that you believe drives towards that goal. We’ve done something similar with conversion on our product team because it lowers CPC and improves revenue both leading to better unit economics.

We took action immediately on this goal, posting a real-time metrics board in the center of the office where anyone walking by must face the reality of our performance. Lately, performance has been amazing, so we added a gong to celebrate wins throughout the day. These little things might seem silly but the impact on camaraderie has been immeasurable.

You have to lead by example, culture is set by leadership and there are no short cuts

Similar to taking action, leadership leads by example. This not only applies to the values of the company but also the common traits of leadership. Leaders are almost always curious, relentless in work-ethic, good listeners, and ambitious in goal setting. Good leaders have most, if not all of these qualities, if not it’s unlikely they can spearhead or drive the company mission.

Leaders who aren’t relentless in problem solving, listening to the employees on the front lines, and must have things done their way are unprepared to lead a company to the results needed to fortify great culture.

There are a multitude of paths to creating great company culture.  No matter where your company is on the growth curve, remember culture starts early (there’s no bigger reward than setting the foundation for a successful business) and it must be LIVED not just spoken about or hung on a wall in the office.

This year, I’ve attended two weddings and both were of mixed religion. First, I was lucky enough to attend a wedding between a Jewish bride and one of my best friends. Their ceremony incorporated both traditions and combined two families of different religious backgrounds into one. Those two families embraced their differences and came together to create a stronger bond.

Fast forward to this weekend, I attended yet another mixed wedding this time between a Hindu and his Muslim bride. To my surprise, I was asked to participate in a small part of one of the Hindu ceremonies with a stranger I’d never met. My reaction, to pick the man up with a big hug and welcome him to our family. These two religions have fought for centuries but again, two families came together over commonalities.

Finally, as I approach my two year anniversary with my Muslim bride, I know that she and her family are some of the most generous, caring, kind, and accepting people I have ever met and I’m proud to call them my family. When my Christian grandfather passed away, they showed up to a Christian ceremony to support me in my time of need. There has never been a day where I have felt like I am an outcast or that they love me any less than their own flesh and blood. I speak from experience that most Muslims are this way.

Extremists don’t hate a single religion, in fact, ISIS has killed many many more Muslims than Christians since their inception. What they hate is the picture I painted above. They hate when people are free to choose what God they worship, when people are free to educate themselves the way they see fit, when people are free to marry who they want. We’ve built our country on these freedoms and it’s what makes us different than other parts of the world.

When things go wrong in other parts of the world, division ensues, war breaks out. Here we debate and we vote. But lately, I fear that our country falls into hate as a default reaction to these events because its easy. What is difficult is stepping outside your comfort zone, finding what you have in common with people who don’t look like you, think the same way you do, or believe what you believe, and using that bond to create a whole that is better than its individual parts. This is true in all facets of life rather it be politics, business or relationships.

This is the last I will say about the issue as I know that no Facebook post will change the way people feel nor do I enjoy arguing politics in public with people who have become complete strangers. I will leave with this Abraham Lincoln quote:

“America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.”

Recently on the “This Week in Startups” podcast Silicon Valley investor and CEO of Vayner Media, Gary Vaynerchuk was the featured guest and one of his insights added a unique dimension to the way I think about product development.  Gary asserted that all great products are actually in the time business; meaning they all give us back a resource of which we have a finite amount.

The specific example he used was Uber.  He explained that Uber is not selling car rides but instead focused on getting people where they need to go quicker and we are even willing to pay a surcharge to preserve our time.  Another example was Amazon which is the master of this technique dating back to the development of one-click ordering to one-hour delivery to the most recent Amazon Dash.

As I thought about ways this might apply to the industries in which I am particularly interested I turned my attention to the concept of the “smart” home. Over the last 5 years several companies have emerged as leaders in this field and all are marketing themselves with different value propositions but the one thing they are all offering their consumer is: more time.

Nest is far and away the most recognized product in this category and its primary marketing message is that it “pays for itself.”  I would certainly advocate that all homes should have a smart thermostat for efficiency reasons but the main feature of Nest is its ability to learn user occupancy habits.  While we may not spend more than 1-2 min a day setting our thermostat this time adds up over the course of a year to about 12 hours.  The future of these occupancy sensors have enormous potential.  Imagine 10 years from now if deliveries, home repairs, etc… are scheduled automatically based on when you are home according to the sensor in your thermostat or light bulbs.

Speaking of light bulbs, what Nest did for the thermostat several companies are attempting to do for the light bulb.   There is no clear winner in this space as of yet, but Phillips Hue, WeMo, Lifx, and Stack are all vying for poll position.  Again, all of these companies have different value propositions for the consumer but all are selling time savings in the form of not worrying about flipping a light switch, forgetting rather or not you turned off the lights, or in the case of Stack helping you rest better and wake up in a way that helps us be more productive with the limited time we have during the day.

These products combined with smart meter data being rolled out in some states present an exciting future where homeowners can make informed decisions about big purchases.  For instance, thermostat, light, and smart meter data could be used to let homeowners know which appliances they should upgrade, if they should install a rooftop solar system or new more efficient windows. Once a decision has been reached, the project would be scheduled automatically from the sensors placed in the thermostat or light bulbs.  This kind of possibility explains why so many companies from different industries (AT&T, Direct Energy, Comcast, and NRG) are vying to “own” the home.

While our society can sometimes seem “anti-technology” as evidenced by books and movies focused on dystopia via innovation the smart home presents an opportunity for us to live our lives more efficiently in terms of both time and money.

In a blog that is going to be focused mostly on energy, tech, startups, and similar topics at the outset, I couldn’t help but write about Jordan Spieth’s Masters victory for my first post.  I found several aspects of Spieth’s road to victory to be relatable to the business world.  In particular, 5 things stood out as particularly relevant to help leaders shape their organizations and careers.

1.  Set Goals

Jordan was featured in a local news story on WFAA in Dallas at 14 (video) in the feature he states his ultimate goal is to win the Masters someday.  Fast forward 7 years and he is now being fitted for the green jacket.  It’s extremely easy to get caught up in the fast paced environment of today’s business world where short term accomplishments can be more valued than long-term goals but don’t forget to set goals and stick to them.  A fake study attributed to Harvard in 1979 stated those who write down their goals earn up to 97% more than their counterparts who do not. Rather this is true or not, the effect of goal setting on long-term success is undeniable.

2. Sometimes its better to value “fit” over skills

Eight years ago, Jordan’s caddy Michael Greller attended a USGA amateur golf tournament near his home when he noticed a competitor carrying his own bags, struggling to compete, and offered to caddy for him for free. (Bonus Tip: Always be kind, you never know where your relationships might take you.)  Three years after that Greller would find himself on Spieth’s bag for the first time and a bond was formed.  You can read the full story on WSJ.

When Spieth’s star began to rise, more qualified caddies began to vie for the position on Spieth’s bag.  Jordan stuck with Greller and the relationship has blossomed ever since.  This is an important lesson for business leaders.  When hiring or promoting it’s not always about a candidate’s skillset.  More often than not chemistry and cultural fit are just as important as any list of qualifications.

3. Always Give Back

Inspired by his sister Ellie who has a neurological condition similar to Autism, Jordan and his family started The Jordan Spieth Family Foundation in 2014 to support special needs children and their family.  It’s not uncommon for professional athletes to start charities and give back but Spieth was quick to establish his charity with which he has a deeply personal connection.

Regardless of the amount of success we have, parts of our accomplishments are owed to the help of others.  Charity can take place in many different forms, rather it’s donating money to a cause that is close to your heart or your time to mentor someone who needs your help, always give back to those who aren’t as fortunate as you or are striving to better their lives.  No one becomes their best-self alone.

4. Stay Humble and Thank Those Who Support You

Much like Tiger and Earl Woods in 1997 it’s clear that Jordan and his dad have a special bond.  The aspect of their post victory embrace that garnered the majority of my attention was Spieth’s dad telling him to thank the crowd for their encouragement.  Not only did Jordan immediately return to the 18th green to thank his supporters but he also thanked the food and beverage servers in his ceremonial press conference.  I’m not sure I’ve ever seen this much humility from a 21 year old.

Good leaders recognize their accomplishments would not be possible with out the support of their team and all of those who work with them.  No matter the title or position it is always important to recognize those who help you achieve your goals and support you in your pursuit of them.

5. Learn from Your Mistakes and Be Aggressive

Last year Jordan finished runner-up to Bubba Watson after surrendering a 2 stroke lead during the last 9 holes.  Spieth stopped playing his game and became overly cautious resulting in the second place finish at his first ever Masters.  This year was a different story.  Spieth recounted last year’s let down and played aggressively until the very end.  Instead of choosing to play it safe on the par 3 12th, Jordan attacked the pin where just the year before he’d found Rae’s Creek.  This trend continued for the rest of the round where Spieth kept hitting driver and woods instead of irons.

“If you’re going to eat shit, don’t nibble” – Ben Horrowitz

Don’t lay-up when chasing your dreams, stay aggressive and learn from your previous mistakes.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli, but the Little Blind Text didn’t listen.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli, but the Little Blind Text didn’t listen.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli, but the Little Blind Text didn’t listen.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli, but the Little Blind Text didn’t listen.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli, but the Little Blind Text didn’t listen.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli, but the Little Blind Text didn’t listen.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli, but the Little Blind Text didn’t listen.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli, but the Little Blind Text didn’t listen.