Dan Gould
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Transcript of Dan Gould
![Page 1: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/1.jpg)
the startup process
(img cc flickr user karlequin)
dan gouldvp, technologyfox interactive media
![Page 2: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/2.jpg)
you
![Page 3: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/3.jpg)
here
![Page 4: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/4.jpg)
startup
![Page 5: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/5.jpg)
change the world
![Page 6: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/6.jpg)
build something
![Page 7: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/7.jpg)
make money
![Page 8: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/8.jpg)
(lots of easier ways)
![Page 9: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/9.jpg)
![Page 10: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/10.jpg)
(img cc flickr user noelleandmike)
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(img cc flickr user casasroger)
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need you
![Page 13: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/13.jpg)
![Page 14: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/14.jpg)
value
![Page 15: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/15.jpg)
about:me
![Page 16: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/16.jpg)
entrepreneur
![Page 17: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/17.jpg)
![Page 18: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/18.jpg)
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corridor
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failed
![Page 21: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/21.jpg)
good
![Page 22: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/22.jpg)
social interfacesmachine learning
![Page 23: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/23.jpg)
do
![Page 24: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/24.jpg)
something
![Page 25: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/25.jpg)
![Page 26: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/26.jpg)
janitorial functions
engineering
marketing
people
$$$
resources
idea
![Page 27: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/27.jpg)
why?
![Page 28: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/28.jpg)
metric: do you know your goal?
(boolean)
![Page 29: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/29.jpg)
idea
![Page 30: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/30.jpg)
matters? yes
![Page 31: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/31.jpg)
> execution? no
![Page 32: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/32.jpg)
100% * 100% = 100% 90% * 90% = 81%100% * 0% = 0%
![Page 33: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/33.jpg)
cc flickr user cayusa
![Page 34: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/34.jpg)
people with problems
![Page 35: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/35.jpg)
nichenichenichenicheniche
nichenicheniche
niche
![Page 36: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/36.jpg)
metric: can you show me your ideal user?
![Page 37: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/37.jpg)
mission
![Page 38: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/38.jpg)
dumb
"To scout pro!table growth opportunities in relationships, both internally and externally, in emerging, mission inclusive markets, and explore new paradigms and then !lter and communicate and evangelize the !ndings."
"To serve the world's most engaged community." (AOL 2006)
![Page 39: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/39.jpg)
A Computer on Every Desk and in Every Home
(1975)
![Page 40: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/40.jpg)
![Page 41: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/41.jpg)
The World On Time
![Page 42: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/42.jpg)
![Page 43: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/43.jpg)
Organize All the World’s Information
![Page 44: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/44.jpg)
![Page 45: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/45.jpg)
people
![Page 46: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/46.jpg)
!rst 5-10==
![Page 47: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/47.jpg)
don’t compromise
![Page 48: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/48.jpg)
a -> ab->cc->d
![Page 49: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/49.jpg)
metric: did i hire someone better than myself?
![Page 50: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/50.jpg)
incentivize
![Page 51: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/51.jpg)
options
![Page 52: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/52.jpg)
rough post-Series A
CEO 5-10%
COO 2-5%
VP 1-2%
(Ind) Board .5-1.5%
Director 0.3-1.2%
Lead Eng 0.5-1%
5+ exp Eng .33-.66%
Mgr, Jr Eng 0.1-0.33%
![Page 53: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/53.jpg)
vesting
+ acceleration, etc
![Page 54: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/54.jpg)
founders too
![Page 55: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/55.jpg)
milestones
![Page 56: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/56.jpg)
come up with a series of milestones and
break down tasks to get there
e.g.,product design done!rst customer test
beta ready
![Page 57: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/57.jpg)
prioritize relentlessly
![Page 58: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/58.jpg)
![Page 59: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/59.jpg)
types
![Page 60: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/60.jpg)
right
![Page 61: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/61.jpg)
consulting
![Page 62: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/62.jpg)
lifestyle
![Page 63: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/63.jpg)
cash"ow
![Page 64: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/64.jpg)
50% of $1Mor
5% of $20M
![Page 65: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/65.jpg)
venture-backed
![Page 66: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/66.jpg)
![Page 67: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/67.jpg)
![Page 68: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/68.jpg)
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(img cc flickr user omnidirectional)
![Page 70: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/70.jpg)
(img cc flickr user willie_901)
![Page 71: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/71.jpg)
for most:VC==wrong
(but it’s what I’m going to talk about)
![Page 72: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/72.jpg)
fundraising
![Page 73: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/73.jpg)
sex
![Page 74: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/74.jpg)
(img cc flickr user irlandainquieta)
![Page 75: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/75.jpg)
self ?3Fs 10-100K
angel 200K-1Mvc (series a) 1-8Mvc (series b) 5-25M
mezz 25+MIPO $lots
(some typical amounts)
![Page 76: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/76.jpg)
friends & family
![Page 77: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/77.jpg)
(img cc flickr user martin_hartland)
![Page 78: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/78.jpg)
angels
![Page 79: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/79.jpg)
successful entrepreneursretired execs
professional angels“trailblazers”angel groups
![Page 80: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/80.jpg)
sophisticated
![Page 81: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/81.jpg)
risk / reward
![Page 82: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/82.jpg)
equity
![Page 83: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/83.jpg)
$500K per engineer -$250K per MBA
Guy Kawasaki’s rule of thumb:
(said for series a in a better market)
![Page 84: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/84.jpg)
convertible
disappearing in this marketdisappeared
![Page 85: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/85.jpg)
75% warrant coverage
50% discount
10% per month warrant coverage
(last deals i saw for conv angel roundsw/1st-time entrepreneurs in this market
before they stopped)
20-30% discount in good market
![Page 86: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/86.jpg)
vc
![Page 87: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/87.jpg)
pensions, endowments
carry
![Page 88: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/88.jpg)
“sure bets”
![Page 89: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/89.jpg)
success:20 investments
13 "op/sideways5 2-3X2 10X
![Page 90: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/90.jpg)
10Xes pay
![Page 91: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/91.jpg)
only 10X potential
![Page 92: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/92.jpg)
1000 plans250 initial pitches12 due dilligence6 investments
![Page 93: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/93.jpg)
(img cc flickr user protoflux)
![Page 94: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/94.jpg)
(img cc flickr user bargas)
![Page 95: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/95.jpg)
angelportfolio
entrepreneuradvisorlawyer
CS profs
![Page 96: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/96.jpg)
advisors
![Page 97: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/97.jpg)
advice <-> $
![Page 98: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/98.jpg)
pitch
![Page 99: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/99.jpg)
practice
![Page 100: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/100.jpg)
10
![Page 101: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/101.jpg)
1 hour:20 mins - VC late20 mins - pitch20 mins - questions
![Page 102: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/102.jpg)
team
![Page 103: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/103.jpg)
elevator pitch
![Page 104: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/104.jpg)
revenue model
![Page 105: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/105.jpg)
customer acquisition
![Page 106: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/106.jpg)
competition/barriers
![Page 107: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/107.jpg)
amount
![Page 108: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/108.jpg)
milestones
![Page 109: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/109.jpg)
customer traction
![Page 110: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/110.jpg)
1-page exec sum
![Page 111: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/111.jpg)
deal
![Page 112: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/112.jpg)
Company Value
$2M
![Page 113: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/113.jpg)
![Page 114: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/114.jpg)
Company Value
$2M
Cash in the bank
$1M
![Page 115: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/115.jpg)
Company Value
$2M
Cash in the bank
$1M
}$3M
![Page 116: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/116.jpg)
100%
Your Share
before
= $2M
![Page 117: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/117.jpg)
33%
67%
Your Share VC Share
after
= $2M
(but you did give up a bunch of rights)
![Page 118: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/118.jpg)
eventual sizediscounted for time,
risk, dilution
![Page 119: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/119.jpg)
people riskmarket risk
execution riskcompetition risktechnology riskfinancing risk
![Page 120: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/120.jpg)
competition
![Page 121: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/121.jpg)
(img cc flickr user ohadby)
![Page 122: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/122.jpg)
preferred sharesvetoes over sales/stock iss
liquidation preferencesboard seats
protective provisionsratchetsetc.
![Page 123: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/123.jpg)
(img cc flickr user millzero)
![Page 124: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/124.jpg)
!nancing = work
![Page 125: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/125.jpg)
success!=!nancing
![Page 126: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/126.jpg)
success=pro!ts
![Page 127: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/127.jpg)
pro!tsproducts & sales
![Page 128: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/128.jpg)
cc flickr user davestfu
![Page 129: Dan Gould](https://reader030.fdocuments.us/reader030/viewer/2022012900/54b48f154a795994408b457b/html5/thumbnails/129.jpg)