What drives someone to make their very first investment in a company that becomes a unicorn, and how can others follow suit? In this episode, host Marcia Dawood sits down with Jaclyn Johnson—serial entrepreneur, angel investor, and founder of Cherub—to unpack her journey from building and selling companies to becoming a prolific dealmaker and innovator in the fundraising space. Jaclyn Johnson shares her candid story, beginning with her initial leap into angel investing and continuing through her experience with high-profile exits and the founding of Cherub. The conversation also explores the challenges founders face today in fundraising, why many potential angels remain on the sidelines, and how Cherub is transforming access and simplicity for both founders and investors. This episode is a must-listen if you want to learn how successful angels think, discover what’s changing in startup investing, or get inspired to start your own journey as an investor or founder. It’s packed with practical wisdom and fresh perspectives on how to build a more inclusive and impactful entrepreneurial ecosystem.
What drives someone to make their very first investment in a company that becomes a unicorn, and how can others follow suit? In this episode, host Marcia Dawood sits down with Jaclyn Johnson—serial entrepreneur, angel investor, and founder of Cherub—to unpack her journey from building and selling companies to becoming a prolific dealmaker and innovator in the fundraising space.
Jaclyn Johnson shares her candid story, beginning with her initial leap into angel investing and continuing through her experience with high-profile exits and the founding of Cherub. The conversation also explores the challenges founders face today in fundraising, why many potential angels remain on the sidelines, and how Cherub is transforming access and simplicity for both founders and investors.
This episode is a must-listen if you want to learn how successful angels think, discover what’s changing in startup investing, or get inspired to start your own journey as an investor or founder. It’s packed with practical wisdom and fresh perspectives on how to build a more inclusive and impactful entrepreneurial ecosystem.
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Marcia Dawood:
Jaclyn, welcome to the Angel Next Door podcast.
Jaclyn Johnson:
Thank you. Excited to be here.
Marcia Dawood:
I am so excited to talk to you about what you're building with Cherub fundraising. It is harder than anything. It's broken. We need better ways to do it. We've got to help these founders. So excited to have you on the show today. Talk about that and also talk about your angel journey. Angel Next Door really started because I wanted to talk to people about, like, how did you become an angel? What happened? What's been.
Marcia Dawood:
Some of the outcomes? So start off. Tell us a little bit about your background and how you even got into the angel investing world.
Jaclyn Johnson:
So I've been an entrepreneur for a really long time, since my early twenties, and have been around founders in the ecosystem for a long time. Had no idea about angel investing. Wasn't even on my radar until a friend of mine was founding her first company and had mentioned and was not even asking me for specifically investment, but had mentioned that she was raising from friends and family. I asked, how much are you raising? What is the. What does this kind of look like, what the check size look like? And she was like, $10,000 is what we're looking for. And given her background, I was like, I think I have to write a check. And I really wasn't, at the time accredited. I was definitely.
Jaclyn Johnson:
I was building my first business, but the company had income. And so I was like, I'll invest in the company as a vehicle and obviously support her. And it was a connection I wanted. And that investment was into Jen Rubio, who would let who was founding away. So this was like the very, very early stage. So my first angel investment was actually into a unicorn, which.
Marcia Dawood:
Wow.
Jaclyn Johnson:
Yeah. Which is very rare. And so my assumption was that's how all of them are going to be.
Marcia Dawood:
Oh, my gosh.
Jaclyn Johnson:
But of course not. But yeah. And that was like, in 2000, I want to say, 11 timing. So was early, early days. And that was really my first check. And then the checks after that came later when I was really running Create and Cultivate, which is my second company, which is a platform and events and media company to connect ambitious women. So again, in this founder ecosystem and just really getting access to founders who were starting out and looking for angels that could provide strategic support.
Marcia Dawood:
Nice. Wow. Okay, so wait a minute. We have to talk more about away. All right. So, yeah, your very first check was into away.
Jaclyn Johnson:
Yes. So into a way. It was $12,000, I believe, which I remember so vividly at the time. My mom, who also is a entrepreneur, but was Helping me with my company at the time, you know, saw it on the balance sheet, was like, what is this chat? What are you doing? And I was like, I wrote it into a friend's company. I remember being like, what are you doing? This is crazy. And then of course I ended up selling those shares on the secondary market in 2019. She was like, wait, why didn't I read? Why, why do we write a bigger checkup? Exactly. That's always the things.
Jaclyn Johnson:
But it sold those secondaries for seven figures.
Marcia Dawood:
Wow. Amazing. That's a nice return.
Jaclyn Johnson:
Yeah.
Marcia Dawood:
You definitely believe in angel investing.
Jaclyn Johnson:
Exactly. Yeah. So big fan, but yeah. And then since then, written a lot of checks into a lot of different companies ranging from beauty, cpg, food, Bev, tech, you name it.
Marcia Dawood:
And so then you've had other exits too, because I saw on your LinkedIn you've got quite a exit portfolio.
Jaclyn Johnson:
Yeah, those companies are primarily companies I've built, but I also have had recently another exit through a company called Chill House. I invested in them. They're, they started as a spa brand, like a new age spa and cafe. Then they transitioned into nails and then they launched like this new innovation around press ons. They were just acquired by Kiss, which is great. So another good outcome.
Marcia Dawood:
Nice. Wow. So you've been, what, what do you think is your secret sauce to picking these great companies?
Jaclyn Johnson:
I think it's twofold. One is like the founders obviously. I think that's like always my number one thing as a founder. I think I kind of can like game recognize game in a way.
Marcia Dawood:
Right.
Jaclyn Johnson:
You're like, how dedicated are you to this business? Are you gonna, are you wanting to take this the whole way? And also, what's your unfair advantage? I've invested in a lot of companies that have influencers at the helm or something to that effect. A good example of that is Live Tinted, which is Deepaka Muyala's brand. Deepaka herself has a massive audience online. She went viral through a video she posted on YouTube where she put red lipstick under her eyes and was able to neutralize her dark circles as an Indian woman and it went viral. She ended up creating a whole community around this. And why, like beauty, the beauty industry is not servicing women of color and launched her company with that. So for me, I've known Deepika, I know she has built an audience, she has a unique perspective. And this is also a highly acquirable business.
Jaclyn Johnson:
Right. It is servicing a part of the industry that has not been paid attention to over time. So I look for a few different things like I think founder first. Also, is it a company that I can provide value to? I think that's really important to me, whether it's through my network, my connection, my, my different companies, et cetera. And then also, is this something where I can see an outcome? Right. Is there an. Is there something where I can see an exit in the future? And as someone who's exited two companies, one to private equity, one to a strategic. I've been through the playbook of what it takes to sell a company and get it to the finish line.
Jaclyn Johnson:
And so understanding their businesses helps me better understand if there is a potential.
Marcia Dawood:
Outcome that makes sense. So what were the two businesses that you had that you grew and sold?
Jaclyn Johnson:
Yeah, so my first company was called no Subject. It was a marketing events and influencer agency. In the early dawn of social media. I had that company for seven years. I sold that to a strategic PR firm out of New York. Second company is Create and cultivate largest media events platform for ambitious women. Primarily conferences and events, but also we had licensing deal, podcasts, books, things of that nature. And that was sold to private equity in 2021.
Jaclyn Johnson:
I actually bought that business back in 2023 with a partner. And then lastly is Cherub, and that's the business I'm currently building.
Marcia Dawood:
Wow. Okay, so yes, tell us more about Cherub, because we definitely need Cherub in the world for balance.
Jaclyn Johnson:
Yes. So as you mentioned, obviously early stage fundraising is a nightmare. It is extremely challenging. Obviously as a founder, you're busy trying to build your business and then fundraising becomes a full time job. We've also seen this massive transition around vc who back in the day would invest in early stage. They were the first check in. They were excited about being at the forefront of innovation at these early stage companies. Now I would say not so much.
Jaclyn Johnson:
They really do require some growth. Whether it's like what we're hearing is million ARR is like the entry point into VC as an early stage company, which for most brands is not achievable. Right. Without the capital infusion. So more and more founders are turning to angel investors, family offices, things of that nature. But then the question we all get asked is, where are the angel investors? Like, how do I find these people? And unless you went to Wharton or work at McKinsey or in Silicon Valley, you likely don't have those direct relationships and connections. And so what we really focus on with Cherub is democratizing that system. We're creating the future fundraising OS for both sides of the table.
Jaclyn Johnson:
So for angel investors and for founders and what that looks like is simplifying the process and, and making it better. As someone who's raised from angels and someone who's also angel invested. Currently it's a series of emails, it's a doc send link to a Dropbox link to a Carta link to a, it's a DocuSign to a Canva deck. It's like you're all over the place and you're really trying to organize and keep everything in one location. So we are really that one stop shop. So as a founder you can come onto our platform, you upload your deck, our AI will spray fit and create a beautiful squarespace style data room. So not your typical data room, not your typical deck, but really putting the founder's best foot forward in these investor tested spaces that showcases your top stats, tells your story. Also you're allowed to have video which is nice because oftentimes you're getting forwarded a link of a link and no one knows who this really is.
Jaclyn Johnson:
So creates that personalized touch and you're able to share that out as you would a DocSend link. So we're encouraging founders ditch DocSend. You'll get the same analytics, a better experience when you'll be able to get in front of these investors quicker. From there you're added into if you want our directory as well as our matching algorithm where you can match with angel investors based on interest. So no more cold emailing, none of that. It's really hey, as an investor I can create a profile, say I'm interested in women owned CPG businesses in New York making this up. But I will get matched and surface the best deals based on a percentage that match my criteria. And from there I can look at your data room, I can see if this is interesting to me and then I can opt to connect and it's a double opt in.
Jaclyn Johnson:
So is the founder interest interested? Is the investor interested? So it really creates that warm intro from the get and then from there you're able to chat and then obviously you can do the deal and you can keep in touch through the platform and kind of create that all in one investor update that you everyone dreads doing. But make it easy, you can message all your angels on one platform. On the investor side we're also launching a fit score so we will be able to do personalized due diligence for you based on your current portfolio, your interests and then obviously the market as well. In our proprietary data on Cherubs, you're able to get that really personalized due diligence. So we're trying to cut down the time it takes to fundraise. We're trying to make it easier to have your best foot forward for these investors and create a system that is an all in one place versus a trillion different link.
Marcia Dawood:
Right. Amazing. Okay, you're right about the docs and the. Then if you do want to make an investment, you've got to go through DocuSign and you're looking at a data room which is on Dropbox and there's just all these. These things. Yeah. So how does it actually make the data room off of the deck? Because. And then does the entrepreneur have to put in other things like their articles of incorporation and all those kind of things too?
Jaclyn Johnson:
Yeah. So basically it scrapes the decks for all the key information, like the overview, any key stats, revenue, things like that. And it'll pull all the things that are the obvious things that you need in deck. Then there's room for you to add on. So you can add links, you can add other things that you want, you can make them everything. You can make someone have to enter their email, whatever you want. You can make things private, you can make things public, you can pick and choose what you want to showcase and create, but you can add on, you can enhance like you can do whatever you want. You can also create it yourself if you want it.
Jaclyn Johnson:
We just know time is money. And so uploading your deck makes it a lot easier if all the information is in there and on the investor side and you'll appreciate this. I think what's interesting is like angel investing has become social currency in a way. I think a lot of people who are angel investing for hopefully an outcome, but also for the network. Right. And for those connections. And so there's no place really online where I can say, marsha, what are you invested in? Where. Who are your portfolio companies? So now Cherub is an all in one platform where investors can showcase and show off their investments like a badge.
Jaclyn Johnson:
And I can say, oh, she's in that deal, I'm interested in that. And you're able to see who's invested in what. Eventually we'll be rolling out features like follow buttons where you can follow investors, see what they're invested in. And so therefore it creates that like kind of social engagement that will hopefully get more people excited to write checks.
Marcia Dawood:
Interesting, huh? All right, and then, so then what happens when the legal documents need to come into play?
Jaclyn Johnson:
Yes, as of right now, that happens offline and you're able to do that we are in conversations with partners about opening an API, access to plug in a Carta or a sidecar or whatever it might be so that it is a fully seamless process. Or if they want to acquire us, like we're fine with that as well.
Marcia Dawood:
No, right, I see. That's cool. Okay. And then how many to get it to scale? Like how many investors do you think you need to have on the platform so that the founders will want to come and how many founders need to be on the platform so the investors want to go? Like I feel like that's like always the balance. Yeah, totally.
Jaclyn Johnson:
Yeah. I think it's always great to have 60% founders, 40% investors. Like you want to have more optionality around the investor pool. We're currently sitting around 3,000 people in that 60, 40 range, which we feel like is a good kind of a way to be. We also vet and ask our investors are they currently allocating capital so you can switch on or switch off if you're actively investing. So people know, oh, I'm not going to waste this person's time if they're obviously not actively investing and things like that. But yeah, so that's where we're at. We just opened up earlier this year from our closed beta and it's been like a really good mix.
Jaclyn Johnson:
Obviously founders are easier to come by capital, so getting these angel investors, it's part of our strategy obviously. And then there's people like yourself, like prolific angel investors who have been doing this for a long time. But what we're excited about and what we're seeing is really these first time accredited angels writing checks. With inflation, the accredited investor pool has actually grown significantly. And what we've learned is that only 3% of accredited investors actually invest, which is not a lot.
Marcia Dawood:
No.
Jaclyn Johnson:
And so our question is like why, like why do we think that is? And I think partially probably risk. But I think the other part is they just don't have access to deal flow. They're just like not getting things in their inbox. So when we launched, we did a little beta test with 40 companies and over a million dollars was deployed to those different companies through different angels. Of that million dollars, 40% were first time check writers.
Marcia Dawood:
Wow.
Jaclyn Johnson:
Angels writing checks. So we asked them like, why, what was the impetus for you to write your first check? And they said, I never had access to do this before. So we are like excited to prove and bring in what we're calling baby angels, like new angels into the mix and start converting more people into the get people off the sidelines.
Marcia Dawood:
That is so important. That's what I've been talking about for, like, years now is like, we have an awareness problem. It's not necessarily that there isn't capital to fund these companies, but so many people that I would talk to, they'd be like, oh, I can't be an angel. No, you need to have a finance degree. You need to be rich, you need to be invited. You have to be. In Silicon Valley, there were like a thousand things. You have to own a private plane.
Marcia Dawood:
They get used to what they see on tv. Right.
Jaclyn Johnson:
And then.
Marcia Dawood:
And then people are thinking to themselves, well, how am I? How would I even know where to start? So I love that you have this piece to it. Is there, like, any type of education component or is that something that's coming?
Jaclyn Johnson:
Yeah. So we actually just launched a fundraising masterclass, which is for founders and investors just to learn, get the ropes. Right. Understand the terminology. I think one of the biggest barriers to entry is the language. Right. Fundraising has its own language, and I think for some people, they get very nervous when they hear cap table, safe note, convertible note. All of these things are like, what are you talking about? And that immediately makes them not want to invest.
Jaclyn Johnson:
So we are really breaking that down, giving founders and funders the language that they need to enter the market. We also have a lot of Q&As with investors and founders, a lot of anonymous Q and A to people, like, feel embarrassed to ask the question where they can just get into the game. Right. I think our entry point that we're seeing a lot of people get excited about is, like, with spv, right, Smaller check sizes, you feel like you can get your foot wet in that way. But really, we've done a lot of conversations around portfolio building. What does this look like? And the way I always say, if this is your first check, what I would do is invest in what you know and love. Is this a product you actually use? You're excited about, you understand it, you understand the market. I think that's the first step in, like, making an investment.
Jaclyn Johnson:
You don't want to go into an industry you have no idea about, or you don't want to invest in rocket science as your first investment per se, because it's not going to feel educational to you. Investing in something you love will feel like you're learning along the way. And so we get really excited about that. Seeing people start with, like, SVs and then obviously working their way up into direct investment.
Marcia Dawood:
So do you put SPVs together?
Jaclyn Johnson:
Yeah. So we do put SPVs together as part of our Cherub select program. But also you can just advertise your SPV or host your SPV link on our site. So if you're actively raising through an sbv, you can put in there like we're currently raising through an sv. Our minimum check size is this and you can link to like your sidecar.
Marcia Dawood:
Got it. Yes. Yep, yep. And we've had Sidecar on the podcast before too.
Jaclyn Johnson:
Yeah, we love them. Yeah, we have a great partnership with them. They're awesome.
Marcia Dawood:
Yeah, yeah. Okay, so then what are some of the features that haven't come out yet? You mentioned one, but are there more?
Jaclyn Johnson:
There's so many more. So we actually are rolling out something soon in Q1. It's called Private Room. Yeah. So the private rooms we're really excited about because what has come up for us is that there's a lot of people, for instance, syndicates, influencers, small VP firms, family offices, things of that nature, who have multiple deals that they're working on at a time. And there's a lot of these communities that are popping up as well. So these private rooms allow you to create a community around your investment strategy. So for instance, if you are an angel group, you can create a private room on Cherub, you can white label it or do it through the Cherub platform.
Jaclyn Johnson:
And then you're able to invite your members into this private room. Then you have multiple deals. All the deals will have the same format as a traditional share of data rooms. So that beautiful squares we styled data room, all the information, all the analytics, all the goodies, and you're able to showcase all the things you're currently raising for as well as have events, conversations, like all sorts of things around your community. But the beauty of that is it's an easy way to gauge interest so you can message your community and be like, hey, here's this new deal I've launched. We're closing January 30th. Are you interested or not interested? And immediately. Those who are not interested don't get messaging for that deal.
Jaclyn Johnson:
And the ones who are can get brought into the funnel of. Okay, great. We're doing a live pitch event. Okay, great. Are you still interested? We're now doing this event. So we're creating these like community driven pages because we're seeing more and more the need for these types of activations as people are growing these different angel groups and syndicate.
Marcia Dawood:
Yeah. So would somebody like maybe who is raising a fund want to do that?
Jaclyn Johnson:
Yeah. You could also do it as a Fund. So we've actually had a few people raise and from LPs are looking for LPs on our platform and done so successfully, which has been really exciting.
Marcia Dawood:
Yeah. I was going to say what percent is, is like direct investment. What percent is SPVs and what's funds.
Jaclyn Johnson:
Do you know, it's a good. It's a good question. I would say the largest percentage is direct Investment followed by SPVs followed by Fund.
Marcia Dawood:
That makes sense.
Jaclyn Johnson:
We've had a lot of funds who are like I have five portfolio companies that need like that are doing a $500,000 bridge round. We want angels, we don't want BC and they'll come to us and do their deal on Cherub.
Marcia Dawood:
Oh, I'll say. Okay. And then how does Cherub make money?
Jaclyn Johnson:
So we are one of the only platforms in this space that does not take a percentage of the deal. I think a lot of people are really focused on fund and done. We need you to get your money and then we're going to take a percentage and then you leave us. We're really going beyond that. We just charge a membership fee. So it's just for founders. Angels are currently free. We will be rolling out a pro investor membership with a lot more analytics and diligence, but currently it's free.
Jaclyn Johnson:
So you can. For founders there's two options. One, you can join for free and then you just buy in app for things you can do in app intros, you can buy in app directory placements, you can just do it like a la carte essentially. Or you can join our pro membership and with that you're getting like the full thing, your directory, you're getting intros, you're getting all of the sort of good things that come with Cherub. But the goal is like that you stay on post raise and you use it as your CRM for your investors and your angel investors. That it's all in one place. Yeah, I think where things drop off and I'd like. I have some port codes that's a me amazing update and I have some port codes that are totally quiet and usually that's because they're really busy or they just don't have time.
Jaclyn Johnson:
So this is an easy way to send updates to all of your angels, like in one fell swoop and have all that managed in one place.
Marcia Dawood:
Yeah, that's amazing because I get very frustrated when we only hear from founders when they want more money. Yeah, okay. But we have. We don't even know that you're still in a business because like we've been trying to get a hold of you and you don't send. Yeah, yeah. It's so frustrating. Yeah, that makes sense. So then if you had a founder then who got all of their investors onto Cherub, then they would, it would be easy.
Marcia Dawood:
Just push out one thing and it goes to everybody.
Jaclyn Johnson:
And it's a great flywheel for us. Right. Like the founder wants to get all their investors whether they met them on Cherub or not on the platform. And then it creates this flywheel for us of founders and investors that keeps.
Marcia Dawood:
Going and there's no cost for the investors to come on currently.
Jaclyn Johnson:
No cost for the investors.
Marcia Dawood:
Yeah. And then will. Would there be like a pro model for investors down the road?
Jaclyn Johnson:
Yes. So we'll launch a pro model for investors and with that will be a few different things. One will be that personalized due diligence I talked about so you can input, hey, here's my existing portfolio, here's my risk appetite, here's what I'm looking to invest in. And then I'll get personalized due diligence for the for any company I connect with on share of. Hey, this is like an interesting fit for you but you are over indexed in beauty. So we would just say you might want to diversify things like that. So you'll be. And that gets better and better over time obviously with the machine learning side of things.
Jaclyn Johnson:
So that will be part of it as well as really deep diving analytics and white paper. So one of the most interesting things about running Chair is we have a really specific insight into the early stage market like which deals are getting the most views, what categories are getting the most funded, what are the things that are most clicked on by investors on your page? So we have a lot of this information that people are really excited to learn more about.
Marcia Dawood:
Mm. So here's a question. Could Cherup at some point become a platform for secondary sale?
Jaclyn Johnson:
Yes, definitely. So 100% could be down the line. I think for us like that is really the goal as we keep growing as getting into that side of the business requires finra, broker, dealer, you get some of those licensing and regulations which of course costs money. So I'd be like a series A conversation. But it's definitely something that we can see going the full way.
Marcia Dawood:
Yeah. I am so pro secondary market as I'm sure you are, considering how you got your first. Yes, I that was one of my big exits was the secondary sale. Yeah. And it was basically the series A investors I think it was came in and said hey, we don't want. We don't want the baby angels on the cap table anymore.
Jaclyn Johnson:
No problem. We'll get out.
Marcia Dawood:
Yeah, we'll take it. We'll take your 10x and go away. I don't. I'm good with it.
Jaclyn Johnson:
Oh, it's so true. And it's great for founders too, because it's not as they don't have to give up as much equity.
Marcia Dawood:
That's right. Yeah. And then it does, I think, gets to a point. It doesn't matter what you think the potential of the company is or whatever. If you've been an angel in a company for a while, you do get fatigued and you're just like, hey, I'm ready to move on to something different and I can get a good return out of this. Then let's do that and we'll go help five other companies.
Jaclyn Johnson:
100%.
Marcia Dawood:
Yeah. Right. All right. How do we find Cherub? How do we get people onto it? What's the story?
Jaclyn Johnson:
Yeah, so we're at invest with cherub.com as mentioned, free for investors. And then we have a free and a freemium model for founders. So definitely check that out. We're also on social at Invest with Cherub and we have two really amazing newsletters. We've been a newsletter for founders and a newsletter for funders. One's called Deal Flow, one's called Sweat Equity and they're really amazing. Like our. The girl who does our emails.
Jaclyn Johnson:
It's so awesome. We get the best in the business in terms of what's out there. But it's also just Deal Flow in your inbox, which is nice for an investor. Definitely check that out and sign up.
Marcia Dawood:
Nice. And one last question before I let you go. What are some of the big types of companies you're seeing get investment nowadays?
Jaclyn Johnson:
Yes. So obviously AI, AI, everything is obviously getting invested in. And then another one that I would say is like femtech and healthcare. I think we're seeing a lot of the sort of like at home disruptive kits that are getting a lot of excitement. So I recently just came across my desk with like an ovarian cancer at home test, breast cancer, early screening, those types of things. I think we'll be seeing more and more obviously anything in this sort of GLP1 type activity. We're seeing a lot around peptides and molecules. So I think that's really been like the buzziest industry that I've seen.
Jaclyn Johnson:
And obviously I think food and beauty just chug along and they continue to do well because we keep seeing those headlines. But I would say what's interesting to me and what we're seeing really do well is AI and technology when it comes to healthcare.
Marcia Dawood:
I would agree with you on that. Any predictions for 2026 on angel investing?
Jaclyn Johnson:
I think it'll continue to grow and grow. I think, like, again, for us, like, with the way you're seeing it, is like it's becoming more mainstream. We often liken it to crypto. Like, crypto 10 years ago was super scary and weird and, like, you had to have a dongle to buy bitcoin and it felt crazy. And then Coinbase launches and you're like, oh, I need to connect my PayPal and I can buy bitcoin. That's really where we see the angel investing market go.
Marcia Dawood:
Yeah, that makes a lot of sense, I think. I think what you're doing is great because we need to keep making it easier and easier for people, no matter what their income or interest level is, to be able to get in the game.
Jaclyn Johnson:
I agree.
Marcia Dawood:
All right, well, thank you so much, Jacqueline, for coming on and telling us all about this Cherub and your journey, and we look forward to watching what happens with Cherub in the future.
Jaclyn Johnson:
Amazing. Thanks for having me.