IONA Drone: Etienne Louvet with Jenny Fielding
Etienne Louvet, founder and CEO of IONA chats with Jenny Fielding, GP of Everywhere Ventures on episode 109: IONA Drone.
In episode 109 of Venture Everywhere, Jenny Fielding, co-founder and managing partner at Everywhere Ventures, talks with Etienne Louvet, founder and CEO of Iona Drones — a drone logistics company reimagining delivery for the world’s most remote and underserved communities. Etienne shares how COVID lockdowns in rural Brittany, watching his elderly grandmother unable to access basic goods without a car, led him to uncover a massive gap in the global logistics system. He discusses how Iona challenges the industry consensus that light cargo delivery must rely on traditional vans, instead building a tilt-rotor drone from scratch and delivering shipments of 20 parcels or fewer faster and more cost-efficiently than existing solutions.
In this episode, you will hear:
Building a tilt-rotor drone optimized for light cargo delivery in remote and underserved communities.
Delivering strong results with a lean funding base.
Creating a new logistics category for shipments of 20 parcels or fewer.
Leveraging energy efficiency as a core competitive advantage over traditional delivery vans.
Expanding into the US market with a proven drone platform and regulatory certifications already in hand.
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TRANSCRIPT
00:00:04 VO: Everywhere Podcast Network.
00:00:14 Jenny Fielding: Hi, and welcome to The Everywhere Podcast. We’re a global community of founders and operators who’ve come together to support the next generation of builders. So the premise of the podcast is just that founders interviewing other founders about the trials and tribulations of building a company. Hope you enjoy the episode.
00:00:33 Jenny: Welcome, everyone, to Venture Everywhere where we speak with amazing founders from across our ecosystem. Today we are very lucky to have Etienne, who’s the founder and CEO of Iona Drones, a company that’s reimagining logistics for the world’s most remote and underserved communities. So welcome.
00:00:50 Etienne: Thank you very much and it’s a pleasure to speak about what we do a bit more, especially as we’re opening the US.
00:00:56 Jenny: Amazing. Well, good timing all around. Let’s go back a little bit. Tell us, before you were thinking about startups, what was your background and how did you even get interested in robotics and drone technology? People usually have a good story around that. So why don’t you give us your background a bit?
00:01:16 Etienne: I was always a bit of a geek, so mixing that with a slight sense of business. As long as I remember I was thinking about startups. It’s just that it was not necessarily the startup wording in my head but I was looking at the cool companies when I was 10, 12, 13.
00:01:32 Etienne: I think over time. I started to develop more and more of an interest in autonomous systems. We’re talking about systemic analysis, we’re talking about the environment, we’re talking about in general, how do we make innovation progress and not only just reinventing the wheel for the sake of reinventing the wheel.
00:01:50 Etienne: So, looking at this, autonomous systems have a tremendous potential. There is a bit of a punchline that I use very often, but it’s autonomous systems have a marginal cost that tends towards the marginal cost of energy because you remove the other labor aspect and also the CapEx is amortized over a much better period of time.
00:02:12 Etienne: When you say that it seems a bit barbaric at first, but what it means is theoretically you have a journey or a ride that will go towards just $1, $2, $3 maybe, and that completely changes the unit economics for a number of industries.
00:02:29 Etienne: What we do specifically at Iona, it’s about the autonomous systems. When I explain this energy efficiency aspect, what it means is that energy efficiency is not only to be sustainable, it’s to be competitive. The more energy efficient a system is, the better you’re gonna be able to amortize, the more competitive you’re gonna be.
00:02:47 Etienne: And on that, road vehicles on a number of use cases are actually very suboptimal because you need to move a person which is 70 kilos or 120 pounds, maybe 40, or just a few parcels, and it doesn’t really make sense for a number of use cases.
00:03:06 Etienne: That said, drones are a great way to complement a fleet of delivery van or trucks with something more granular, something that will help you transport very fast something, so emergency medical. Transport things in less dense places.
00:03:24 Etienne: If you use a delivery van, you will need 400 parcels, minimum. If you want something that is for 20 parcels in that case drones can be a very good alternative. Long story short, but this is what we started to build in 2021.
00:03:38 Jenny: Okay, we’re gonna get there, but I wanted to start at the beginning. You were a geek growing up, and then what happened? I imagine from your name you are French, but I also hear some British accent. Tell me where did you grow up and then what led you in your path.
00:03:54 Etienne: Definitely French, a hundred percent actually. Went in the UK for almost six years now.
00:03:59 Jenny: You’re picking up some of the accent.
00:04:03 Etienne: Yeah, great joy actually. I don’t want to be only French, so it’s amazing. I’ve been in the UK for six years now. I created a company there after London Business school. I was working at Verizon before I worked also as a strategy consultant on a number of autonomous systems.
00:04:19 Etienne: And then, I needed to create something on my own. I think it’s always this delusion also from any entrepreneurs. I was likely skeptic about some of the technologies out there. I saw that we were maybe paying too much attention to the flying cars and the things that we dream about because we’re still kids inside? But sometimes they are very, very good use cases that are underlooked. And Iona was definitely one of those.
00:04:44 Jenny: That’s the inspiration that you wanted to look at underserved markets, not necessarily just the flying cars. And then what was that moment where you’re like, oh, this is the idea? I feel like that’s always a really interesting moment for an entrepreneur.
00:04:58 Etienne: It was a mix, but I would say that something that played a major role is COVID. I went back to live with my family in the west of France, to Brittany. I was very lucky for the COVID lockdown, to be honest, because I had access to the outside and it was a nice environment.
00:05:15 Etienne: The difficult aspect is that it’s very rural, very, very rural. The village is about 800 inhabitants. Everything is car dependent for anything so any grocery or shopping, anything like that is dependent on your car. It made me acutely aware that thankfully we were cousins and family around to also help my late grandmother then. Because it’s just impossible and a number of people in those villages and places are quite old and she couldn’t drive.
00:05:43 Etienne: It just made me aware. For a time, I was working on a number of autonomous systems and optimizing what already works to make it work slightly and marginally better.
00:05:53 Etienne: Maybe there is a very good economic and societal impact that I could have if I can make things work for things that are actually not working at all, at the moment. The alternatives are, you have to drive and that’s it. You don’t have Deliveroo, Uber, all the services that we got used to in most big cities now.
00:06:15 Jenny: Well, I love that Grandma was the inspiration. More entrepreneurs need to have that inspiration. I think that’s really cool. Okay. So you realized your grandma can’t get her groceries. You’re lucky ‘cause you guys are nearby, but you take this moment to think like, okay. There’s gotta be a better way for many people and for society. So tell us about V1 of Iona and maybe some of the ideas you had at the beginning that were proved out either way.
00:06:43 Etienne: 2021, one of the first realization, and that was the V1, is that we had to build the hardware. I’m not an aerospace engineer by background. I love to fly things around, and I’m a civilian skydiver, so of course I have a slight interest in anything that is in the air, but nothing specifically around drones.
00:07:04 Etienne: And the reason for that is there is this amazing regulatory framework that is released in 2021 in Europe, which is a good thing, even if regulations are scary for many industries because it gives us certainty. It gives us what we need to build a product.
00:07:20 Etienne: And so we build a product based on that regulatory framework. That framework, if you want to pass the marketing stunt, like the, oh, we flew a drone from there to there and it’s cool, you need repeatable operations. The only way to get there, without getting too much in the jargon, it’s called an LUC in Europe and it’s called an OC in the US.
00:07:43 Etienne: And when you need to do that, you need a full stack. You need the end-to-end encapsulation of the risk, to demonstrate to the aviation authority because we have to comply with a extremely high level of safety, that we’re doing things the right way and that it’s completely safe and that you can use it.
00:08:01 Etienne: We had to go into hardware. The question is what type of hardware? A number of drones that people may think about are multicopters, the stereotypical propellers facing up, pushing off the ground, DGI style. That really doesn’t work past the short range.
00:08:19 Etienne: We built a very specific aircraft called a tilt rotter. Again, sorry for the jargon. But it takes off vertically for the convenience because unfortunately, not everyone has an airstrip at home and it transitions to horizontal flight, so the propellers are switching, and then it becomes a plane.
00:08:36 Etienne: The reason for that, even if it’s a bit more complex, is that it’s much more energy efficient and much more modular. We don’t have any dead weight, so we can stay quite light, which reduces the risk. But we also increase the performance and the capacity of the drone.
00:08:52 Etienne: And so over time we have this energy efficiency advantage where first, a better density of battery is gonna benefit us more than the others because we’re gonna use the kilowatt better. But on top of that, we’re reducing the cost because we can use lighter components. We’re reducing the maintenance cost and so on and so forth. So it’s a very positive flywheel. And we had a number of iterations.
00:09:16 Jenny: Surprise, surprise, surprise. Hardware, many iterations. Love it.
00:09:20 Etienne: Like many startups, we started from a perspective of if it’s completely novel, it has to be groundbreaking and everything, and we iterated on a number of designs. I’m the person doing the safety and ground checks, because does it make sense? Is it cool looking? Yes. Great. But it makes sense.
00:09:38 Etienne: And a number of designs and engineers, getting excited, were very, very efficient on one very specific use case, but it wasn’t covering everything. So the novel aspect was a tilt. We have probably 25 patents in the pipe and granted and so on. So quite deep tech.
00:09:55 Etienne: We did that with less than 5 million in fundings when some companies had raised a hundred million for tilt routers and never achieved it. We were really, really proud of this. But we had to be very specific on what was the use case and the use case was light cargo.
00:10:12 Etienne: Every aspect of the product was based on this. Does it make sense for light cargo? Light cargo is also something that we invented. Actually, it’s not an official segment in logistics. Light cargo is whenever you have 20 parcels or less. People at the moment sometimes refer to that as last mile but it’s much more than this.
00:10:30 Etienne: Because last mile is indeed when you end up with less than 20 parcels, but it also happens in reverse logistics when you return a product, which is 30% of the deliveries at the moment, and any other emergency medical and so on.
00:10:43 Etienne: Light cargo is the fastest growing segment with e-commerce. It’s also gonna grow even more because people expect same day, next day delivery and everything. But it’s also the most difficult to operate.
00:10:55 Jenny: In New York, they expect 15 minute delivery.
00:11:00 Etienne: We realized the traditional logistics system was based on something that was a century old and the way we are expecting our parcels and deliveries nowadays, it has nothing to do with what we were doing a hundred years ago.
00:11:13 Etienne: We have to change the system, and this is the positive aspect. The vision for the company is what if we could move things around unrestricted. And in that case, it changes everything for the economy and society.
00:11:25 Jenny: Going from V1to V2, was that just a natural evolution or was it a pivot where you’re like, oh, wow. We actually think that this opportunity is going to be a faster path to market, or we learned this? What was the moment where you go from one iteration to the next?
00:11:42 Etienne: Not a surprise also, but as a startup, we lived a number of difficult times. This was one of the first. What really made us switch is realizing that we had just a few months to demonstrate a lot. I started to have the feeling that we were going in the wrong direction. I like this analogy of one-way door, two-way doors. That was a one-way.
00:12:06 Etienne: We had to be extremely sure about this. We had a tail sitter design. It’s a drone that sits on its back, so it takes off vertically as well, but the wing are facing up and then it transitions and everything. It’s clever but it doesn’t scale. It doesn’t scale past a few parcels. So it’s something that works for a light aircraft but as you get into the regulations, it’s more and more difficult.
00:12:29 Etienne: I didn’t want to be blind with that. So we had some very difficult conversations with the team. Same with a document on a Word or anything like that, sometimes you just need to start from scratch. And we had worked for two or three months on the previous one.
00:12:45 Etienne: We knew that we had roughly another three months if we wanted to demonstrate something tangible and interesting. It was just a better solution just to accept that we were going in the wrong direction and to go with the new learning and this new understanding much faster in the other way. And this is what we did.
00:13:05 Jenny: Nice. So then what happens? I know hardware takes a lot of money, takes a pretty experienced team. Talk to me a little bit about what happens next. I’ve invested in a lot of hardware companies and it’s never just a linear journey of up until the right.
00:13:19 Jenny: There’s a lot of ups and downs. And even when things are going up, there’s bumps along the road or there’s things you need to negotiate because it’s physical product. I always find the timing for raising money, bringing the right team on, everything is this perfect storm. What happens after 2021?
00:13:36 Etienne: I really hope that no one in your audience thinks about starting a hardware startup, because I might be very discouraging. Anyway, the first two years and a half of Iona were really difficult. Really, really difficult.
00:13:52 Etienne: First, because I had the brilliant idea of starting a company in the middle of a startup downturn, which was not exactly the best timing, especially if you’re doing hardware. For the first two years and a half, we were raising on a few months of runway, a few weeks of runway sometimes.
00:14:08 Etienne: I was sending an investor update every week. Just as a way to say like, I promised that last week. We did that and let’s move on. And this is also what made us very strong as a team. Because clearly the people were not there for the cool salary or the cool name on the door because we had very little, so it built a very, very strong team.
00:14:27 Etienne: We had to demonstrate everything, matching small grants. And we were in the UK so unfortunately we didn’t have access to the SBIR and things like that in the US. So we were getting 20K from the University of Nottingham and then we were matching that with another 5, 10K check from an angel.
00:14:45 Etienne: We were using that to get a month and a half of runway building a prototype basically. This is what we did. Up to the point that we had a prototype and a working prototype and we were starting to demonstrate more and we got accepted to Techstars LA.
00:15:02 Etienne: And for us, it was a way to really achieve something because at the pace at which we were going, we had so many cost opportunities, so many delays due to the fact that we were mostly trying to survive and then this remaining 30% percent of the time, we could actually work. So it was insanely hard.
00:15:19 Etienne: And using Techstars LA, it was a way to get into the US, understand a bit better the network there, raise a bit more money and then get things going and deal with less than this. Long story short, in hardware you always have this problem. You have more money. But at the end of the day, you still have this problem but for the next step.
00:15:37 Etienne: We raised a bit more. We developed the full V1 of the drone. We now demonstrated the full V1 of the drone with customers. We have a number of patents, patents in the pipe, but granted ones as well. And in a way, it’s going very well.
00:15:52 Etienne: But to any entrepreneurs listening or future entrepreneur listening, it’s actually good to have lived this trade off for that long, in the journey because I think it made us extremely cost efficient. I see a number of friends and founders that are struggling sometimes to let go someone, to cut costs on something that is not a super high priority because it’s just an uncomfortable situation you have. And we’re really not like that.
00:16:19 Etienne: And we’re not like that not because I’m a dictator and doing crazy things all the time, but just because the entire team understands that and it’s in our DNA now. I have people sometimes coming back to me just to save a few bucks on the component or something like that.
00:16:33 Etienne: We’re still dealing with minimum order quantity on a number of things because what we built is carbon fiber, quite complex. I have people in my team practically reaching out saying like, Hey, if we do that this way, it’s gonna save us 50 quids. Yeah, that’s good.
00:16:47 Jenny: Love it. So now tell us about scaling into the US. That’s obviously a big step. You’ve been running the company in the UK, but I imagine you have people around the world that are helping you, supporting you, investors around the world. Tell us about this moment, ‘cause that sounds pretty big.
00:17:04 Etienne: It is. After Techstars LA, we did another round of funding. We flipped the company to the US. We have a Delaware C Corp. I have a UK branch and an Irish branch. Software and manufacturing, and a bit of operation is in Ireland and the rest is in the UK, so aerospace and robotics mostly.
00:17:23 Etienne: The reason for that is a bit what we call the R&D cycles and iterative machine. It’s a bit similar to what Stripe did and they regulated in Ireland first because it’s just a faster turnaround time for any paperwork, exercise, or anything like that.
00:17:37 Etienne: This is exactly what we have in Ireland. So we’re guaranteed 30 days on a number of documents that we have to submit with the aviation authority instead of sometimes six months in the US or in some countries in Europe. So very useful.
00:17:55 Etienne: That gives us the R&D aspects. The market is, of course, in the US because it’s much faster and the market is opening up because Part 108, which is the equivalent of the framework that we’re using in Europe, was drafted last year. The draft was released and it’s implemented this year. The timing is very good.
00:18:12 Etienne: I just got my own Visa. I actually wear the hoodie of Extraordinary, the agency that did that. We’re gonna really push the US in the coming months because we know the timing is right and we know that we have this unique technology that we demonstrated already, and it gives us a headstart.
00:18:29 Etienne: And if we want to achieve this ambition and this ambition that the team has to become a global leader and to really make an impact, we have to be in the US. So to anyone listening, I’m going to travel around the US in the next months. I have a few trips already planned for Texas, Oklahoma, potentially Maine, Montana.
00:18:51 Etienne: If you’re in the area, you just tell me. Keen to grab a coffee to meet people. It’s super exciting in general because I really think that we’re starting to see that society overall is starting to understand the impact and the potential of autonomous systems like drones.
00:19:07 Jenny: Well, welcome. We’re lucky to have you spending time here and we’re glad that the current environment has not dissuaded you in any way because we need amazing entrepreneurs like you, always, to be coming to the US and not feeling dissuaded by anything that you’re hearing or any of the policies, because that really is our future. So that is exciting.
00:19:29 Jenny: Just looking inwards for a minute as we get towards the end of this, you grew up in a small town in Brittany. I’ve actually spent a fair amount of time in Brittany, bizarrely, and you get yourself to the London Business School and now you’re getting yourself to the US. So I’d love to know where does that inner drive come from?
00:19:46 Jenny: I imagine not a lot of your family members are charting the same path as you. So where did that inspiration, that encouragement, all of that come from? Because it’s very unique and it’s impressive.
00:19:57 Etienne: That’s a bit more deep. I spent a lot of time in Paris as well. My family is in between so I had access to this more globalized and international world. But I didn’t really fit in this either. A lot of people I met over the years, especially founders and entrepreneurs, we tend to think that we want to achieve something because we want to understand society better and we want to be part of it.
00:20:21 Etienne: I have this feeling that now it’s much easier for me. And of course, I’m living amazing adventures and I meet amazing people all the time. But I think the drive, to answer your question, is likely coming from trying to fit in, trying to understand this world around me.
00:20:39 Etienne: This is also what strategy is about, trying to understand what’s going on around me, trying to understand why the world works this way, where could I play a part. A striking example, when I was in Paris, because I probably didn’t fit in reality with some of the people I was hanging out with.
00:20:54 Etienne: But potentially not exactly the same background, same financial means also. And so you feel slightly disconnected. You feel that there is a world that you don’t understand. And this world that I didn’t understand was especially international people, because I didn’t have three passports. I didn’t speak three languages natively at home and everything. It was fascinating.
00:21:15 Etienne: I had a few of my friends that were binational that were multicultural in many aspects. The first thing I wanted to do as soon as I graduated from high school was travel the world as much as possible.
00:21:27 Etienne: I chose my Bachelor because this was a very specific track. It was also sponsored, so I had a scholarship. And on top of that, I was traveling the world, spending over four years, one year in each country. I lived in Singapore, Morocco and everything. And I really wanted to discover the world this way.
00:21:46 Etienne: Curiosity is the main drive. And then, from curiosity, you start to connect the dots and you start to realize that like, oh, there is a lot of value if you connect that dot to that dot. And this is potentially what an entrepreneur is doing.
00:21:59 Jenny: So great. I love that story and definitely resonates with me. I have a similar story, although I did grow up in New York City. A lot of my friends and my family, everyone was here, and I was very curious about the world beyond. And so I’ve spent the last 20 years just trekking around the world and have built communities, friends, entrepreneurs around the world, sharing a similar sentiment to you of like, wow. There’s so much to explore and learn.
00:22:24 Jenny: All right, so we’re gonna wrap it up in a few minutes, but any person along the way, you don’t have to say their name, or any group or something that really supported you? I mean, you’re building hardware, even if you’re living in London. Wasn’t a huge community when you started.
00:22:40 Jenny: So who are the support systems that you leaned on? Because a lot of folks in the audience are entrepreneurs. And they’re thinking about doing things a little bit against the grain and trying to get support. Obviously if you live in Silicon Valley, it’s a lot easier, but when you’re building hardware in a place like the UK, maybe a little bit harder. So where did you get that support?
00:23:01 Etienne: I think the first lesson, it works especially well when you’re in a country that you don’t have any connections to, try to build a network. Techstars also learned that, during the first two weeks of the Mentor Madness, it was really about meeting as many people as possible. You end up with like 14, 16 meetings per day pitching to random people.
00:23:20 Etienne: You don’t even remember your name at the end of the day, but it works. It’s not a perfect strategy. You have to put yourself where it happens. So I think location and geography and creating opportunities is really important. And the only way to do that is just to take the shot every time you can.
00:23:37 Etienne: So the first thing is, especially when I started, so in the UK, I was meeting everyone all the time, never declined a meeting which happens to me now. But never declined a meeting. Went to random places in the UK. I think I know rural England much better than France.
00:23:57 Etienne: I ended up living amazing experience because I was in a Scottish festival in Aviemore with 30 people dancing on a Scottish dance that I never heard about before. I created connections and friends there that told me about their struggles here and there and everything. So I think it’s really about creating the opportunity.
00:24:16 Etienne: And then when you do that more specifically and potentially in a more tangible way, we got supported by some universities. So I mentioned the University of Nottingham that had aerospace UP.
00:24:28 Etienne: I think with AI nowadays, every entrepreneur that is starting should look online what are the universities, what are the talent pool, what are the research hubs in the area that I could potentially access. The academia, they’re much more accessible than the famous entrepreneur or the famous investor when you don’t have a network to start with.
00:24:46 Etienne: I leaned on connections like the universities, Cranfield University, Nottingham, Coventry University. We did some work with the National Composite Center in Bristol. We did also some work with the University of Heriot-Watt in Edinburgh, and all of them had very specific expertise.
00:25:05 Etienne: In Scotland for instance, it was robotics and the composites in Bristol and so on. And the people are really keen to speak with people thinking about new ideas, startup, iterated, everything. So it’s a great resource.
00:25:19 Etienne: And then sometimes they tell you about this small grant, small opportunities. You have to make yourself visible. A number of small tickets and grants that saved us are coming from people who like shot an email saying like, you should maybe apply and this is the way it works.
00:25:37 Etienne: And then over time it gets more specialized. Something that I think not that many people do is things like the forwardable. I realized that even for the people that are actually quite experienced now, many people don’t have a forwardable. They don’t offer to just like, can you connect me with three people in New York that I should meet with?
00:25:55 Etienne: Sometimes people don’t have time and it’s okay, but if they do connect you with at least one person, and that every time you’re going somewhere, you meet with a few interesting people, it makes a massive difference over time. It’s a compounding effect.
00:26:09 Jenny: I love that. All right, we’re gonna wrap up just with a little speed round. So what’s a favorite book or podcast or show or something that you’re enjoying right now?
00:26:18 Etienne: My favorite book of all time is Viktor Frankl, Man Search for Meaning. It’s about, again, in a very difficult time, of course, because it was the Holocaust. But the research of meaning and the research curiosity driving the people, what drives, at the end of the day, humans on earth. I think that’s fascinating.
00:26:36 Etienne: More specifically recently, I’m fascinated by where is the value gonna be created in technology now that software is becoming a commodity. So it turns out that one of my best friends is also an investor at CAROLINE, in B2B SaaS.
00:26:53 Jenny: Lots of discussions there.
00:26:55 Etienne: A number of interesting thoughts on that. For instance, another all time, top three books in my life is [The Almanack of] Naval Ravikant. I guess I’m not the only one.
00:27:05 Etienne: But he’s talking already about what is technology. Technology is when it doesn’t really work. So it’s a sliding definition and you’re going to the next frontier and the next frontier and everything. So really like that.
00:27:17 Jenny: That’s good. If you could live anywhere in the world for just one year, where would it be? That’s an exciting question to ask you ‘cause you have traveled pretty extensively.
00:27:26 Etienne: I ticked a few of the boxes already. I would say New York but New York I would stay probably more than a year. If it was just for one year, actually I would pick Australia.
00:27:35 Jenny: Nice. Good pick. Favorite productivity hack?
00:27:40 Etienne: Wispr Flow and AI agents. So Wispr Flow, which is encapsulating the Wispr model from open AI so speech to text. And then you have that when you prompt agents and LLMs so that you give much more context.
00:27:57 Etienne: You switch everything to deep sync, deep search and everything, syncing mode extended. And you always use the goal role warning context method on prompting. And then in context, you brain dump everything that you have in your head by just creating a vocal note of it, which gives maximum context to the task, and the outcome is amazing.
00:28:22 Jenny: All right. I love it. Final question. Where can listeners find you?
00:28:26 Etienne: On a plane at the moment.
00:28:28 Jenny: Well, how can they reach you? Is it best LinkedIn, Twitter, email?
00:28:35 Etienne: LinkedIn. LinkedIn is probably the best.
00:28:37 Jenny: LinkedIn. Okay, great. All right, well this was super fun. Always great to learn about different journeys, especially yours. Very unique and thanks so much for joining us.
00:28:46 Etienne: Thank you. It was a pleasure.
00:28:50 Scott Hartley: Thanks for joining us and hope you enjoyed today’s episode. For those of you listening, you might also be interested to learn more about everywhere. We’re a first check pre-seed fund that does exactly that, invests everywhere. We’re a community of five founders and operators, and we’ve invested in over 250 companies around the globe. Find us at our website everywhere.vc, on LinkedIn, and through our regular founder spotlights on Substack. Be sure to subscribe and we’ll catch you on the next episode.
Read more from Etienne Louvet in Founders Everywhere.